Vantagepoint Funds N-CSRS Certified semi-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: 12/31/14

Date of reporting period: 01/01/14 - 06/30/14

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

Shareholder Expenses

As a shareholder of a Vantagepoint Fund, you incur ongoing expenses, such as advisory fees and other fund expenses. The following example is intended to help you understand your ongoing expenses (in dollars and cents) of investing in a fund and to compare these expenses with the ongoing expenses of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2014 to June 30, 2014.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

ACTUAL									HYPOTHETICAL
Beginning Account Value 1/01/14	Ending Account Value 6/30/14		2014 Annualized Expense Ratio(a)		Expenses Paid During Period*			Vantagepoint Funds	Beginning Account Value 1/01/14		Ending Account Value 6/30/14		Annualized Expense Ratio 2014		Expenses Paid During Period*
$1,000.00	$	1,008.10		0.63%	$	3.14		Low Duration Bond Investor Shares	$	1,000.00	$	1,021.67		0.63%	$	3.16
$1,000.00	$	1,009.30		0.38%	$	1.89		Low Duration Bond T Shares	$	1,000.00	$	1,022.91		0.38%	$	1.91
$1,000.00	$	1,055.10		0.64%	$	3.26		Inflation Focused Investor Shares	$	1,000.00	$	1,021.62		0.64%	$	3.21
$1,000.00	$	1,056.40		0.39%	$	1.99		Inflation Focused T Shares	$	1,000.00	$	1,022.86		0.39%	$	1.96
$1,000.00	$	1,008.30		0.98%	$	1.64	(b)	High Yield T Shares	$	1,000.00	$	1,019.83		0.98%	$	4.91
$1,000.00	$	1,073.90		0.79%	$	4.06		Equity Income Investor Shares	$	1,000.00	$	1,020.88		0.79%	$	3.96
$1,000.00	$	1,075.70		0.54%	$	2.78		Equity Income T Shares	$	1,000.00	$	1,022.12		0.54%	$	2.71
$1,000.00	$	1,065.80		0.77%	$	3.94		Growth & Income Investor Shares	$	1,000.00	$	1,020.98		0.77%	$	3.86
$1,000.00	$	1,067.30		0.52%	$	2.67		Growth & Income T Shares	$	1,000.00	$	1,022.22		0.52%	$	2.61
$1,000.00	$	1,042.50		0.78%	$	3.95		Growth Investor Shares	$	1,000.00	$	1,020.93		0.78%	$	3.91
$1,000.00	$	1,043.30		0.53%	$	2.69		Growth T Shares	$	1,000.00	$	1,022.17		0.53%	$	2.66
$1,000.00	$	1,065.30		0.98%	$	5.02		Select Value Investor Shares	$	1,000.00	$	1,019.93		0.98%	$	4.91
$1,000.00	$	1,066.00		0.73%	$	3.74		Select Value T Shares	$	1,000.00	$	1,021.17		0.73%	$	3.66
$1,000.00	$	1,045.10		0.83%	$	4.21		Aggressive Opportunities Investor Shares	$	1,000.00	$	1,020.68		0.83%	$	4.16
$1,000.00	$	1,046.70		0.58%	$	2.94		Aggressive Opportunities T Shares	$	1,000.00	$	1,021.92		0.58%	$	2.91
$1,000.00	$	1,058.00		0.95%	$	4.85		Discovery Investor Shares	$	1,000.00	$	1,020.08		0.95%	$	4.76
$1,000.00	$	1,059.90		0.70%	$	3.58		Discovery T Shares	$	1,000.00	$	1,021.32		0.70%	$	3.51
$1,000.00	$	1,064.10		0.98%	$	5.02		International Investor Shares	$	1,000.00	$	1,019.93		0.98%	$	4.91
$1,000.00	$	1,064.90		0.73%	$	3.74		International T Shares	$	1,000.00	$	1,021.17		0.73%	$	3.66
$1,000.00	$	1,042.20		0.53%	$	2.68		Diversifying Strategies T Shares	$	1,000.00	$	1,022.17		0.53%	$	2.66
$1,000.00	$	1,037.40		0.42%	$	2.12		Core Bond Index Class I	$	1,000.00	$	1,022.71		0.42%	$	2.11
$1,000.00	$	1,038.20		0.22%	$	1.11		Core Bond Index Class II	$	1,000.00	$	1,023.70		0.22%	$	1.10
$1,000.00	$	1,038.70		0.17%	$	0.86		Core Bond Index T Shares	$	1,000.00	$	1,023.95		0.17%	$	0.85
$1,000.00	$	1,069.60		0.41%	$	2.10		500 Stock Index Class I	$	1,000.00	$	1,022.76		0.41%	$	2.06
$1,000.00	$	1,069.60		0.21%	$	1.08		500 Stock Index Class II	$	1,000.00	$	1,023.75		0.21%	$	1.05
$1,000.00	$	1,070.20		0.16%	$	0.82		500 Stock Index T Shares	$	1,000.00	$	1,024.00		0.16%	$	0.80
$1,000.00	$	1,067.60		0.41%	$	2.10		Broad Market Index Class I	$	1,000.00	$	1,022.76		0.41%	$	2.06

(continued)

1

ACTUAL								HYPOTHETICAL
Beginning Account Value 1/01/14	Ending Account Value 6/30/14		2014 Annualized Expense Ratio(a)		Expenses Paid During Period*		Vantagepoint Funds	Beginning Account Value 1/01/14		Ending Account Value 6/30/14		Annualized Expense Ratio 2014		Expenses Paid During Period*
$1,000.00	$	1,068.80		0.21%	$	1.08	Broad Market Index Class II	$	1,000.00	$	1,023.75		0.21%	$	1.05
$1,000.00	$	1,068.10		0.16%	$	0.82	Broad Market Index T Shares	$	1,000.00	$	1,024.00		0.16%	$	0.80
$1,000.00	$	1,057.70		0.41%	$	2.09	Mid/Small Company Index Class I	$	1,000.00	$	1,022.76		0.41%	$	2.06
$1,000.00	$	1,058.80		0.21%	$	1.07	Mid/Small Company Index Class II	$	1,000.00	$	1,023.75		0.21%	$	1.05
$1,000.00	$	1,058.70		0.16%	$	0.82	Mid/Small Company Index T Shares	$	1,000.00	$	1,024.00		0.16%	$	0.80
$1,000.00	$	1,046.90		0.54%	$	2.74	Overseas Equity Index Class I	$	1,000.00	$	1,022.12		0.54%	$	2.71
$1,000.00	$	1,047.70		0.34%	$	1.73	Overseas Equity Index Class II	$	1,000.00	$	1,023.11		0.34%	$	1.71
$1,000.00	$	1,046.80		0.29%	$	1.47	Overseas Equity Index T Shares	$	1,000.00	$	1,023.36		0.29%	$	1.45
$1,000.00	$	1,036.20		0.89%	$	4.49	Model Portfolio Conservative Growth Investor M Shares**	$	1,000.00	$	1,020.38		0.89%	$	4.46
$1,000.00	$	1,037.30		0.64%	$	3.23	Model Portfolio Conservative Growth TM Shares**	$	1,000.00	$	1,021.62		0.64%	$	3.21
$1,000.00	$	1,045.50		0.88%	$	4.46	Model Portfolio Traditional Growth Investor M Shares**	$	1,000.00	$	1,020.43		0.88%	$	4.41
$1,000.00	$	1,047.00		0.63%	$	3.20	Model Portfolio Traditional Growth TM Shares**	$	1,000.00	$	1,021.67		0.63%	$	3.16
$1,000.00	$	1,053.30		0.91%	$	4.63	Model Portfolio Long-Term Growth Investor M Shares**	$	1,000.00	$	1,020.28		0.91%	$	4.56
$1,000.00	$	1,054.50		0.66%	$	3.36	Model Portfolio Long-Term Growth TM Shares**	$	1,000.00	$	1,021.52		0.66%	$	3.31
$1,000.00	$	1,059.20		0.96%	$	4.90	Model Portfolio All-Equity Growth Investor M Shares**	$	1,000.00	$	1,020.03		0.96%	$	4.81
$1,000.00	$	1,060.30		0.71%	$	3.63	Model Portfolio All-Equity Growth TM Shares**	$	1,000.00	$	1,021.27		0.71%	$	3.56
$1,000.00	$	1,038.50		0.85%	$	4.30	Milestone Retirement Income Investor M Shares**	$	1,000.00	$	1,020.58		0.85%	$	4.26
$1,000.00	$	1,038.50		0.60%	$	3.03	Milestone Retirement Income TM Shares**	$	1,000.00	$	1,021.82		0.60%	$	3.01
$1,000.00	$	1,042.40		0.88%	$	4.46	Milestone 2010 Investor M Shares**	$	1,000.00	$	1,020.43		0.88%	$	4.41
$1,000.00	$	1,042.30		0.63%	$	3.19	Milestone 2010 TM Shares**	$	1,000.00	$	1,021.67		0.63%	$	3.16
$1,000.00	$	1,044.50		0.88%	$	4.46	Milestone 2015 Investor M Shares**	$	1,000.00	$	1,020.43		0.88%	$	4.41
$1,000.00	$	1,046.10		0.63%	$	3.20	Milestone 2015 TM Shares**	$	1,000.00	$	1,021.67		0.63%	$	3.16
$1,000.00	$	1,046.20		0.86%	$	4.36	Milestone 2020 Investor M Shares**	$	1,000.00	$	1,020.53		0.86%	$	4.31
$1,000.00	$	1,047.90		0.61%	$	3.10	Milestone 2020 TM Shares**	$	1,000.00	$	1,021.77		0.61%	$	3.06
$1,000.00	$	1,050.00		0.87%	$	4.42	Milestone 2025 Investor M Shares**	$	1,000.00	$	1,020.48		0.87%	$	4.36
$1,000.00	$	1,050.70		0.62%	$	3.15	Milestone 2025 TM Shares**	$	1,000.00	$	1,021.72		0.62%	$	3.11
$1,000.00	$	1,053.00		0.88%	$	4.48	Milestone 2030 Investor M Shares**	$	1,000.00	$	1,020.43		0.88%	$	4.41
$1,000.00	$	1,053.70		0.63%	$	3.21	Milestone 2030 TM Shares**	$	1,000.00	$	1,021.67		0.63%	$	3.16
$1,000.00	$	1,055.20		0.88%	$	4.48	Milestone 2035 Investor M Shares**	$	1,000.00	$	1,020.43		0.88%	$	4.41
$1,000.00	$	1,056.70		0.63%	$	3.21	Milestone 2035 TM Shares**	$	1,000.00	$	1,021.67		0.63%	$	3.16
$1,000.00	$	1,057.80		0.88%	$	4.49	Milestone 2040 Investor M Shares**	$	1,000.00	$	1,020.43		0.88%	$	4.41
$1,000.00	$	1,059.30		0.63%	$	3.22	Milestone 2040 TM Shares**	$	1,000.00	$	1,021.67		0.63%	$	3.16
$1,000.00	$	1,059.20		0.97%	$	4.95	Milestone 2045 Investor M Shares**	$	1,000.00	$	1,019.98		0.97%	$	4.86
$1,000.00	$	1,060.60		0.72%	$	3.68	Milestone 2045 TM Shares**	$	1,000.00	$	1,021.22		0.72%	$	3.61
$1,000.00	$	1,058.10		1.10%	$	5.61	Milestone 2050 Investor M Shares**	$	1,000.00	$	1,019.34		1.10%	$	5.51
$1,000.00	$	1,060.40		0.85%	$	4.34	Milestone 2050 TM Shares**	$	1,000.00	$	1,020.58		0.85%	$	4.26

(a) Net of waivers, if any.

(b) The High Yield Fund commenced operations on May 1, 2014. Expenses are calculated using the 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., 61/365] (to reflect the period since commencement of operations).

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

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

2

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

June 30, 2014 (Unaudited)

	Low Duration Bond			Inflation Focused(1)			High Yield			Equity Income
ASSETS:
Investment in securities, at value†	$	784,363,435		$	524,554,664		$	383,740,458		$	2,441,071,096
Cash		49,142			800			—			121,329
Cash denominated in foreign currencies		—			215,902			5,303,064			—
Receivables:
Dividends		1,828			2,063			5,872			2,399,237
Interest		2,954,119			2,142,736			4,624,989			—
Security lending income		2,367			—			6,590			43,203
Investments sold		1,115,926			2,976,468			—			53,445,151
Fund shares sold		1,621,466			1,856,068			1,384,148			878,045
Recoverable foreign taxes		—			—			—			59,336
Due from broker—swap agreements collateral		—			10,000			—			—
Swap agreements, at value (Premium $0, $18,641, $0 and $0)		—			252,425			—			—
Total Assets		790,108,283			532,011,126			395,065,121			2,498,017,397
LIABILITIES:
Payables:
Investments purchased		7,227,672			9,263,478			371,575			56,662,558
Distributions		696,458			1,444,187			878,857			—
Fund shares redeemed		5,324			7,445			—			407,896
Variation margin on futures contracts		7,988			69,282			—			—
Variation margin on centrally cleared swaps		—			58,272			—			—
Collateral for securities loaned		13,081,190			—			31,497,398			33,993,761
Swap agreements, at value (Premium $0, $54,201, $0 and $0)		—			187,262			—			—
Unrealized depreciation on forward foreign currency exchange contracts		26,243			—			47,013			—
Accrued Expenses:
Advisory fees		62,495			42,157			82,623			195,040
Subadviser fees		259,071			197,832			250,628			1,887,081
Fund services fees		72,027			47,574			29,509			208,092
Administration fees		2,756			2,756			428			2,756
Directors’ fees and expenses		935			867			1,098			3,686
Other accrued expenses		46,332			75,280			43,931			158,217
Total Liabilities		21,488,491			11,396,392			33,203,060			93,519,087
					��
NET ASSETS	$	768,619,792		$	520,614,734		$	361,862,061		$	2,404,498,310
NET ASSETS REPRESENTED BY:
Paid-in capital	$	761,387,831		$	511,817,228		$	360,560,400		$	1,546,288,942
Undistributed net investment income (loss)		(84,356	)		96,034			34,724			22,703,947
Accumulated net realized gain (loss) on investments, futures contracts, foreign currency transactions, written options and swap agreements		1,066,968			(4,121,131	)		(1,948	)		302,169,939
Net unrealized appreciation on investments, futures contracts, foreign currency transactions and swap agreements		6,249,349			12,822,603			1,268,885			533,335,482
NET ASSETS	$	768,619,792		$	520,614,734		$	361,862,061		$	2,404,498,310
CAPITAL SHARES:
Net Assets—Investor Shares	$	46,441,651		$	26,554,567		$	—		$	64,147,533
Shares Outstanding—Investor Shares		4,576,698			2,424,844			—			5,381,891
Net Asset Value—Investor Shares offering and redemption price per share (net assets divided by shares outstanding)	$	10 .15		$	10 .95		$	—		$	11 .92
Net Assets—T Shares	$	722,178,141		$	494,060,167		$	361,862,061		$	2,340,350,777
Shares Outstanding—T Shares		71,159,767			45,095,142			36,012,371			196,077,349
Net Asset Value—T Shares offering and redemption price per share (net assets divided by shares outstanding)	$	10 .15		$	10 .96		$	10 .05		$	11 .94
Cost of investments	$	778,040,452		$	511,236,761		$	382,481,377		$	1,907,737,168
Cost of cash denominated in foreign currencies	$	—		$	212,417		$	5,246,327		$	—
†   Includes securities on loan with values of (Note 7):	$	12,817,123		$	—		$	30,904,395		$	33,277,768

(1) Formerly Inflation Protected Securities Fund.

See Notes to Financial Statements

9

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

June 30, 2014 (Unaudited)

	Growth & Income		Growth			Select Value		Aggressive Opportunities
ASSETS:
Investment in securities, at value†	$	1,701,708,621	$	2,333,932,006		$	494,999,505	$	1,173,919,624
Cash		811		—			—		—
Receivables:
Dividends		1,504,413		1,122,341			814,858		348,149
Security lending income		3,905		6,820			4,432		36,359
Investments sold		1,383,439		—			1,828,127		74,228,965
Fund shares sold		110,718		114,739			11,047		5,556
Recoverable foreign taxes		690		—			—		—
Total Assets		1,704,712,597		2,335,175,906			497,657,969		1,248,538,653
LIABILITIES:
Payables:
Investments purchased		2,264,445		5,101,458			1,807,155		72,375,736
Fund shares redeemed		807,072		610,022			734,595		432,612
Collateral for securities loaned		10,291,002		35,000,669			20,558,819		33,745,959
Accrued Expenses:
Advisory fees		137,292		186,656			38,795		92,477
Subadviser fees		1,258,803		1,662,548			586,682		972,625
Fund services fees		145,958		193,150			40,756		99,266
Administration fees		2,756		2,747			2,756		2,756
Directors’ fees and expenses		2,611		3,500			719		1,863
Other accrued expenses		134,012		193,605			60,840		106,452
Total Liabilities		15,043,951		42,954,355			23,831,117		107,829,746
NET ASSETS	$	1,689,668,646	$	2,292,221,551		$	473,826,852	$	1,140,708,907
NET ASSETS REPRESENTED BY:
Paid-in capital	$	1,054,050,289	$	1,717,433,459		$	329,687,937	$	748,124,695
Undistributed net investment income		15,571,114		5,366,652			3,793,874		6,671,372
Accumulated net realized gain (loss) on investments and foreign currency transactions		134,732,306		(34,841,610	)		44,313,007		119,661,087
Net unrealized appreciation on investments and foreign currency transactions		485,314,937		604,263,050			96,032,034		266,251,753
NET ASSETS	$	1,689,668,646	$	2,292,221,551		$	473,826,852	$	1,140,708,907
CAPITAL SHARES:
Net Assets—Investor Shares	$	42,702,264	$	31,595,466		$	9,563,652	$	33,582,108
Shares Outstanding—Investor Shares		3,031,717		2,386,439			698,174		2,501,039
Net Asset Value—Investor Shares offering and redemption price per share (net assets divided by shares outstanding)	$	14 .09	$	13 .24		$	13 .70	$	13 .43
Net Assets—T Shares	$	1,646,966,382	$	2,260,626,085		$	464,263,200	$	1,107,126,799
Shares Outstanding—T Shares		116,764,284		170,491,249			33,837,485		82,332,901
Net Asset Value—T Shares offering and redemption price per share (net assets divided by shares outstanding)	$	14 .11	$	13 .26		$	13 .72	$	13 .45
Cost of investments	$	1,216,393,718	$	1,729,668,956		$	398,967,471	$	907,667,872
†   Includes securities on loan with values of (Note 7):	$	10,144,636	$	34,451,961		$	20,180,854	$	33,270,188

See Notes to Financial Statements

10

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

June 30, 2014 (Unaudited)

	Discovery		International			Diversifying Strategies(1)
ASSETS:
Investment in securities, at value†	$	310,417,894	$	1,571,411,721		$	1,079,478,428
Cash		—		866,110			56,679
Cash denominated in foreign currencies		35		2,760,069			—
Receivables:
Dividends		119,728		3,619,089			148,433
Interest		405,110		—			3,481,721
Security lending income		35,118		84,014			—
Investments sold		586,055		16,789,475			2,504,101
Fund shares sold		9,774		629,416			297,721
Recoverable foreign taxes		—		1,424,974			62,550
Variation margin on futures contracts		1,010,027		—			2,301,966
Unrealized appreciation on forward foreign currency exchange contracts		10,761		—			—
Total Assets		312,594,502		1,597,584,868			1,088,331,599
LIABILITIES:
Payables:
Investments purchased		1,103,986		12,296,001			8,904,499
Fund shares redeemed		490,867		268,349			67,306
Variation margin on centrally cleared swaps		—		—			—
Foreign taxes		—		38,442			—
Collateral for securities loaned		20,174,319		37,947,452			—
Unrealized depreciation on forward foreign currency exchange contracts		10,797		15,397			29,119
Accrued Expenses:
Advisory fees		23,605		125,527			87,389
Subadviser fees		286,721		1,750,666			810,623
Fund services fees		24,796		129,190			87,392
Administration fees		2,755		2,756			2,756
Directors’ fees and expenses		414		2,125			1,697
Other accrued expenses		59,577		272,823			87,014
Total Liabilities		22,177,837		52,848,728			10,077,795
NET ASSETS	$	290,416,665	$	1,544,736,140		$	1,078,253,804
NET ASSETS REPRESENTED BY:
Paid-in capital	$	229,622,111	$	1,259,458,730		$	991,100,435
Undistributed net investment income		1,130,141		39,516,104			3,125,908
Accumulated net realized gain (loss) on investments, futures contracts, foreign currency transactions, purchased options on Euro-Bund Futures and written options		26,609,416		(21,239,256	)		44,695,467
Net unrealized appreciation on investments, futures contracts and foreign currency transactions		33,054,997		267,000,562			39,331,994
NET ASSETS	$	290,416,665	$	1,544,736,140		$	1,078,253,804
CAPITAL SHARES:
Net Assets—Investor Shares	$	5,855,019	$	17,817,344		$	—
Shares Outstanding—Investor Shares		509,415		1,510,831			—
Net Asset Value—Investor Shares offering and redemption price per share (net assets divided by shares outstanding)	$	11 .49	$	11 .79		$	—
Net Assets—T Shares	$	284,561,646	$	1,526,918,796		$	1,078,253,804
Shares Outstanding—T Shares		24,722,438		129,305,977			99,237,296
Net Asset Value—T Shares offering and redemption price per share (net assets divided by shares outstanding)	$	11 .51	$	11 .81		$	10 .87
Cost of investments	$	280,833,000	$	1,304,431,450		$	1,047,649,961
Cost of cash denominated in foreign currencies	$	35	$	2,760,447		$	—
†  Includes securities on loan with values of (Note 7):	$	19,476,514	$	36,191,368		$	—

(1) Formerly Diversified Assets Fund.

See Notes to Financial Statements

11

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

June 30, 2014 (Unaudited)

	Core Bond Index			500 Stock Index		Broad Market Index		Mid/Small Company Index		Overseas Equity Index
ASSETS:
Investment in securities, at value†	$	1,856,123,560		$	698,227,057	$	862,511,204	$	805,437,249	$	336,049,058
Cash		—			—		1,236		1,938		6,687
Cash denominated in foreign currencies		—			—		—		—		1,146,246
Receivables:
Dividends		13,509			706,179		882,018		781,868		662,406
Interest		9,231,366			—		—		—		—
Security lending income		5,445			1,847		20,254		88,256		18,103
Investments sold		47,587,951			—		13,016,650		35,703,168		30,882
Fund shares sold		6,433,160			1,112,176		501,660		1,133,737		534,325
Due from investment adviser		64,565			26,341		31,892		28,215		12,542
Recoverable foreign taxes		—			—		—		—		307,009
Variation margin on futures contracts		—			6,040		18,997		48,929		4,009
Unrealized appreciation on forward foreign currency exchange contracts		—			—		—		—		110,124
Total Assets		1,919,459,556			700,079,640		876,983,911		843,223,360		338,881,391
LIABILITIES:
Payables:
Investments purchased		245,456,732			559,368		13,160,215		44,351,335		5,872,724
Distributions		3,486,860			—		—		—		—
Fund shares redeemed		4,260			14,307		72,758		14,777		3,748
Collateral for securities loaned		22,401,413			5,419,809		20,441,348		56,194,607		8,417,319
Unrealized depreciation on forward foreign currency exchange contracts		—			—		—		—		32,258
AccruedExpenses:
Advisory fees		66,612			27,979		34,274		29,723		13,198
Subadviser fees		37,907			16,528		33,558		25,740		30,594
Fund services fees		136,926			62,053		75,303		64,472		28,441
Administration fees		2,756			2,756		2,756		2,756		2,756
Directors’ fees and expenses		1,947			991		1,203		1,103		444
Other accrued expenses		143,038			80,769		72,473		60,162		133,083
Total Liabilities		271,738,451			6,184,560		33,893,888		100,744,675		14,534,565
NET ASSETS	$	1,647,721,105		$	693,895,080	$	843,090,023	$	742,478,685	$	324,346,826
NET ASSETS REPRESENTED BY:
Paid-in capital	$	1,627,028,367		$	373,133,567	$	441,069,568	$	493,848,916	$	279,531,543
Undistributed net investment income (loss)		(2,930,946	)		6,469,091		13,383,788		7,414,560		6,235,493
Accumulated net realized gain (loss) on investments, futures contracts and foreign currency transactions		(17,581,550	)		14,085,306		6,884,993		28,130,923		(4,917,903	)
Net unrealized appreciation on investments, futures contracts and foreign currency transactions		41,205,234			300,207,116		381,751,674		213,084,286		43,497,693
NET ASSETS	$	1,647,721,105		$	693,895,080	$	843,090,023	$	742,478,685	$	324,346,299
CAPITAL SHARES:
Net Assets—Class I	$	22,734,992		$	37,576,180	$	41,834,283	$	31,618,201	$	12,744,659
Shares Outstanding—Class I		2,217,112			2,396,812		2,473,760		1,513,646		967,235
Net Asset Value—Class I offering and redemption price per share (net assets divided by shares outstanding)	$	10 .25		$	15 .68	$	16 .91	$	20 .89	$	13 .18
Net Assets—Class II	$	27,752,103		$	2,869,049	$	17,038,298	$	6,440,342	$	3,560,117
Shares Outstanding—Class II		2,690,489			194,335		1,075,949		328,304		289,278
Net Asset Value—Class II offering and redemption price per share (net assets divided by shares outstanding)	$	10 .31		$	14 .76	$	15 .84	$	19 .62	$	12 .31
Net Assets—T Shares	$	1,597,234,010		$	653,449,851	$	784,217,442	$	704,420,142	$	308,042,049
Shares Outstanding—T Shares		155,824,600			41,615,898		46,314,869		33,668,938		23,346,664
Net Asset Value—T Shares offering and redemption price per share (net assets divided by shares outstanding)	$	10 .25		$	15 .70	$	16 .93	$	20 .92	$	13 .19
Cost of investments	$	1,814,918,326		$	398,182,564	$	480,877,962	$	592,490,024	$	292,655,147
Cost of cash denominated in foreign currencies	$	—		$	—	$	—	$	—	$	1,144,127
† Includes securities on loan with values of (Note 7):	$	21,979,628		$	5,298,511	$	20,196,486	$	54,778,457	$	8,036,515

See Notes to Financial Statements

12

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

June 30, 2014 (Unaudited)

	Model Portfolio Funds
	Conservative Growth		Traditional Growth		Long-Term Growth		All-Equity Growth
ASSETS:
Investment in securities, at value	$	6,283,132	$	28,153,907	$	46,980,639	$	28,950,487
Investments in securities of affiliated Mutual Funds, at value(a)		668,695,360		1,720,322,466		2,249,021,675		941,555,761
Receivables:
Dividends		700,486		1,106,101		736,109		26
Investments sold		37,312		694,931		—		700,929
Fund shares sold		36,504		1,280		402,832		219,171
Total Assets		675,752,794		1,750,278,685		2,297,141,255		971,426,374
LIABILITIES:
Payables:
Investments purchased		830,880		1,173,739		950,808		369,562
Fund shares redeemed		73,815		697,550		318,635		929,400
Accrued Expenses:
Advisory fees		53,591		126,247		161,639		74,967
Fund services fees		21,571		27,294		23,965		10,648
Administration fees		2,562		2,562		2,562		2,562
Directors’ fees and expenses		920		2,357		3,105		1,322
Other accrued expenses		57,383		113,471		171,238		74,422
Total Liabilities		1,040,722		2,143,220		1,631,952		1,462,883
NET ASSETS	$	674,712,072	$	1,748,135,465	$	2,295,509,303	$	969,963,491
NET ASSETS REPRESENTED BY:
Paid-in capital	$	563,551,859	$	1,379,972,710	$	1,722,332,190	$	689,517,344
Undistributed net investment income		2,499,708		4,457,105		3,364,720		1,037,198
Accumulated net realized gain on investments		40,719,306		62,081,784		96,443,862		39,644,758
Net unrealized appreciation on investments		67,941,199		301,623,866		473,368,531		239,764,191
NET ASSETS	$	674,712,072	$	1,748,135,465	$	2,295,509,303	$	969,963,491
CAPITAL SHARES:
Net Assets—Investor M Shares	$	106,883,748	$	134,997,485	$	118,495,532	$	52,662,278
Shares Outstanding—Investor M Shares		3,848,075		4,894,170		4,316,785		1,851,809
Net Asset Value—Investor M Shares offering and redemption price per share (net assets divided by shares outstanding)	$	27 .78	$	27 .58	$	27 .45	$	28 .44
Net Assets—TM Shares	$	567,828,324	$	1,613,137,980	$	2,177,013,771	$	917,301,213
Shares Outstanding—TM Shares		20,415,549		58,400,591		79,195,914		32,207,514
Net Asset Value—TM Shares offering and redemption price per share (net assets divided by shares outstanding)	$	27 .81	$	27 .62	$	27 .49	$	28 .48
Cost of investments	$	6,162,505	$	27,650,812	$	46,622,972	$	28,466,072
Cost of securities of affiliated Mutual Funds	$	600,874,788	$	1,419,201,695	$	1,776,010,811	$	702,275,985

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

See Notes to Financial Statements

13

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

June 30, 2014 (Unaudited)

	Milestone Funds
	Milestone Retirement Income		Milestone 2010		Milestone 2015		Milestone 2020		Milestone 2025
ASSETS:
Investment in securities, at value	$	4,305,996	$	4,250,110	$	10,466,610	$	14,949,438	$	15,422,955
Investments in securities of affiliated Mutual Funds, at value(a)		333,635,306		296,081,530		572,111,116		704,393,073		588,607,446
Receivables:
Dividends		372,019		303,209		482,863		507,425		322,437
Fund shares sold		461,410		253,621		357,694		1,336,119		454,318
Total Assets		338,774,731		300,888,470		583,418,283		721,186,055		604,807,156
LIABILITIES:
Payables:
Investments purchased		753,330		504,271		753,563		1,750,801		770,100
Fund shares redeemed		61,340		39,465		60,211		—		15,988
Accrued Expenses:
Advisory fees		27,419		24,357		47,295		58,079		48,593
Fund services fees		18,237		15,117		23,056		22,806		19,720
Administration fees		2,562		2,562		2,562		2,562		2,562
Directors’ fees and expenses		466		413		821		989		824
Other accrued expenses		30,996		34,439		60,195		64,709		50,448
Total Liabilities		894,350		620,624		947,703		1,899,946		908,235
NET ASSETS	$	337,880,381	$	300,267,846	$	582,470,580	$	719,286,109	$	603,898,921
NET ASSETS REPRESENTED BY:
Paid-in capital	$	310,318,511	$	260,464,834	$	487,644,087	$	591,189,511	$	481,672,110
Undistributed net investment income		1,408,182		970,673		1,599,512		1,741,498		1,146,788
Accumulated net realized gain on investments		10,400,673		17,227,754		36,697,062		37,623,236		36,210,843
Net unrealized appreciation on investments		15,753,015		21,604,585		56,529,919		88,731,864		84,869,180
NET ASSETS	$	337,880,381	$	300,267,846	$	582,470,580	$	719,286,109	$	603,898,921
CAPITAL SHARES:
Net Assets—Investor M Shares	$	89,391,604	$	73,975,637	$	112,976,825	$	113,026,505	$	97,558,131
Shares Outstanding—Investor M Shares		7,898,552		6,265,413		9,075,215		8,759,650		7,370,454
Net Asset Value—Investor M Shares offering and redemption price per share (net assets divided by shares outstanding)	$	11 .32	$	11 .81	$	12 .45	$	12 .90	$	13 .24
Net Assets—TM Shares	$	248,488,777	$	226,292,209	$	469,493,755	$	606,259,604	$	506,340,790
Shares Outstanding—TM Shares		21,925,583		19,138,994		37,664,070		46,919,549		38,196,596
Net Asset Value—TM Shares offering and redemption price per share (net assets divided by shares outstanding)	$	11 .33	$	11 .82	$	12 .47	$	12 .92	$	13 .26
Cost of investments	$	4,232,857	$	4,177,749	$	10,315,528	$	14,654,637	$	15,092,558
Cost of securities of affiliated Mutual Funds	$	317,955,430	$	274,549,306	$	515,732,279	$	615,956,010	$	504,068,663

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

See Notes to Financial Statements

14

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

June 30, 2014 (Unaudited)

	Milestone Funds
	Milestone 2030		Milestone 2035		Milestone 2040		Milestone 2045			Milestone 2050
ASSETS:
Investment in securities, at value	$	14,520,741	$	11,322,026	$	11,813,841	$	4,536,513		$	1,261,467
Investments in securities of affiliated Mutual Funds, at value(a)		481,362,882		334,235,614		324,117,118		115,585,584			31,665,345
Receivables:
Dividends		198,360		82,585		30,546		2,920			806
Fund shares sold		317,802		248,678		120,877		151,478			44,421
Due from investment adviser		—		—		—		—			4,861
Total Assets		496,399,785		345,888,903		336,082,382		120,276,495			32,976,900
LIABILITIES:
Payables:
Investments purchased		548,198		304,017		282,091		186,181			70,879
Fund shares redeemed		16,434		—		35,381		—			9,793
Accrued Expenses:
Advisory fees		40,046		27,889		27,039		9,609			2,592
Fund services fees		17,735		13,382		12,558		5,912			1,809
Administration fees		2,562		2,562		2,562		2,485			5,948
Directors’ fees and expenses		677		468		455		157			54
Other accrued expenses		42,418		35,110		36,165		30,026			25,756
Total Liabilities		668,070		383,428		396,251		234,370			116,831
NET ASSETS	$	495,731,715	$	345,505,475	$	335,686,131	$	120,042,125		$	32,860,069
NET ASSETS REPRESENTED BY:
Paid-in capital	$	384,484,927	$	262,974,150	$	248,171,723	$	95,536,200		$	28,608,330
Undistributed net investment income (loss)		633,941		199,755		33,217		(33,210	)		(26,149	)
Accumulated net realized gain on investments		34,591,716		24,613,351		25,706,176		8,165,496			1,720,902
Net unrealized appreciation on investments		76,021,131		57,718,219		61,775,015		16,373,639			2,556,986
NET ASSETS	$	495,731,715	$	345,505,475	$	335,686,131	$	120,042,125		$	32,860,069
CAPITAL SHARES:
Net Assets—Investor M Shares	$	87,681,498	$	66,142,670	$	62,269,497	$	29,357,937		$	9,068,834
Shares Outstanding—Investor M Shares		6,395,701		4,741,019		4,360,392		1,908,415			672,666
Net Asset Value—Investor M Shares offering and redemption price per share (net assets divided by shares outstanding)	$	13 .71	$	13 .95	$	14 .28	$	15 .38		$	13 .48
Net Assets—TM Shares	$	408,050,217	$	279,362,805	$	273,416,634	$	90,684,188		$	23,791,235
Shares Outstanding—TM Shares		29,716,690		19,993,856		19,116,419		5,885,358			1,761,624
Net Asset Value—TM Shares offering and redemption price per share (net assets divided by shares outstanding)	$	13 .73	$	13 .97	$	14 .30	$	15 .41		$	13 .51
Cost of investments	$	14,187,573	$	11,087,355	$	11,547,676	$	4,383,568		$	1,209,417
Cost of securities of affiliated Mutual Funds	$	405,674,919	$	276,752,066	$	262,608,268	$	99,364,890		$	29,160,409

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

See Notes to Financial Statements

15

THE VANTAGEPOINT FUNDS

Statements of Operations

For the period from January 1, 2014 to June 30, 2014 (Unaudited)

	Low Duration Bond			Inflation Focused(1)			High Yield			Equity Income
INVESTMENT INCOME:
Dividends	$	9,648		$	8,691		$	15,637		$	29,026,904
Interest		5,443,047			7,722,590			1,673,551			—
Security lending income		13,080			88			6,590			183,226
Foreign taxes withheld on dividends		—			—			—			(243,664	)
Total investment income		5,465,775			7,731,369			1,695,778			28,966,466
EXPENSES:
Advisory (Note 4)		330,701			285,055			140,351			1,200,864
Subadviser		461,721			422,240			250,628			3,765,385
Fund services Investor Shares		81,893			46,627			—			105,292
Fund services T Shares		307,315			271,744			50,127			1,170,824
Custodian		17,187			16,542			11,611			20,985
Administration		8,923			8,923			428			8,923
Fund accounting		15,052			15,052			534			41,398
Legal		25,469			22,543			22,282			102,000
Audit		13,561			13,561			7,594			13,566
Directors		4,077			3,838			1,098			16,044
State license fees and memberships		14,002			21,976			2,440			35,220
Other expenses		28,282			16,503			3,640			73,929
Total expenses		1,308,183			1,144,604			490,733			6,554,430
Less waivers (Note 4)		—			—			—			(49,269	)
Net Expenses		1,308,183			1,144,604			490,733			6,505,161
NET INVESTMENT INCOME		4,157,592			6,586,765			1,205,045			22,461,305
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		692,653			3,286,078			17,386			311,434,488
Forward contracts and foreign currency transactions		(69,495	)		—			(19,334	)		(15,046	)
Futures contracts		(16,656	)		(1,521,782	)		—			—
Written options		—			269,871			—			—
Swap agreements		—			(268,231	)		—			—
Net realized gain (loss)		606,502			1,765,936			(1,948	)		311,419,442
Net change in unrealized appreciation (depreciation) on:
Investments		1,502,295			23,185,173			1,259,081			(160,154,786	)
Forward contracts and foreign currency transactions		29,356			3,586			9,804			(1,343	)
Futures contracts		(150,914	)		(274,577	)		—			—
Written options		—			(176,722	)		—			—
Swap agreements		—			199,255			—			—
Net change in unrealized appreciation (depreciation)		1,380,737			22,936,715			1,268,885			(160,156,129	)
NET GAIN		1,987,239			24,702,651			1,266,937			151,263,313
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,144,831		$	31,289,416		$	2,471,982		$	173,724,618

(1) Formerly Inflation Protected Securities Fund.

See Notes to Financial Statements

16

THE VANTAGEPOINT FUNDS

Statements of Operations

For the period from January 1, 2014 to June 30, 2014 (Unaudited)

	Growth & Income			Growth			Select Value			Aggressive Opportunities
INVESTMENT INCOME:
Dividends	$	19,943,815		$	10,855,549		$	4,840,720		$	6,303,582
Security lending income		80,704			21,940			20,321			255,315
Foreign taxes withheld on dividends		(128,462	)		(68,568	)		(4,608	)		(42,592	)
Total investment income		19,896,057			10,808,921			4,856,433			6,516,305
EXPENSES:
Advisory (Note 4)		839,791			1,122,193			235,336			587,054
Subadviser		2,481,034			3,369,710			1,125,351			2,026,788
Fund services Investor Shares		70,448			54,074			16,107			56,280
Fund services T Shares		819,694			1,106,784			230,742			570,993
Custodian		35,895			23,858			15,934			10,200
Administration		8,923			8,923			8,923			8,923
Fund accounting		24,696			52,682			14,900			18,100
Legal		74,634			97,345			20,228			51,383
Audit		13,561			13,561			13,561			13,561
Directors		11,323			15,188			3,127			8,047
State license fees and memberships		20,423			24,175			12,621			28,814
Other expenses		68,005			68,793			22,096			37,699
Total expenses		4,468,427			5,957,286			1,718,926			3,417,842
Less waivers (Note 4)		(31,756	)		—			—			—
Net Expenses		4,436,671			5,957,286			1,718,926			3,417,842
NET INVESTMENT INCOME		15,459,386			4,851,635			3,137,507			3,098,463
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		124,542,032			144,850,480			35,961,025			98,355,764
Forward contracts and foreign currency transactions		(1,300	)		—			—			(4,606	)
Net realized gain		124,540,732			144,850,480			35,961,025			98,351,158
Net change in unrealized appreciation (depreciation) on:
Investments		(31,756,398	)		(54,722,343	)		(8,783,200	)		(52,310,219	)
Forward contracts and foreign currency transactions		5			—			—			(68	)
Net change in unrealized depreciation		(31,756,393	)		(54,722,343	)		(8,783,200	)		(52,310,287	)
NET GAIN		92,784,339			90,128,137			27,177,825			46,040,871
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	108,243,725		$	94,979,772		$	30,315,332		$	49,139,334

See Notes to Financial Statements

17

THE VANTAGEPOINT FUNDS

Statements of Operations

For the period from January 1, 2014 to June 30, 2014 (Unaudited)

	Discovery			International			Diversifying Strategies(1)
INVESTMENT INCOME:
Dividends	$	763,516		$	34,823,679		$	924,075
Interest		888,663			—			8,436,064
Security lending income		307,624			445,546			—
Foreign taxes withheld on dividends		(9,756	)		(2,561,206	)		(2,289	)
Total investment income		1,950,047			32,708,019			9,357,850
EXPENSES:
Advisory (Note 4)		137,348			725,498			546,249
Subadviser		597,528			3,471,136			1,794,688
Fund services Investor Shares		8,853			29,285			—
Fund services T Shares		134,824			717,156			546,269
Custodian		11,616			229,660			67,951
Administration		8,923			8,923			8,923
Fund accounting		14,719			23,530			21,720
Legal		11,736			58,193			47,049
Audit		14,082			13,561			14,082
Directors		1,798			9,264			7,390
State license fees and memberships		11,600			18,791			5,340
Other expenses		12,520			40,238			46,917
Total expenses		965,547			5,345,235			3,106,578
Less waivers (Note 4)		—			(21,644	)		(217,462	)
Net Expenses		965,547			5,323,591			2,889,116
NET INVESTMENT INCOME		984,500			27,384,428			6,468,734
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		13,537,980			42,651,507			27,928,356
Forward contracts and foreign currency transactions		(34,528	)		(580,286	)		(66,959	)
Futures contracts		4,618,131			—			10,114,921
Written options		—			—			(387,866	)
Purchased options on Euro Bond futures contracts		—			—			(317,968	)
Net realized gain		18,121,583			42,071,221			37,270,484
Net change in unrealized appreciation (depreciation) on:
Investments		(2,790,534	)		25,459,449	(a)		(4,999,170	)
Forward contracts and foreign currency transactions		(2,497	)		19,528			(255,055	)
Futures contracts		(11,861	)		—			4,921,844
Written options		—			—			246,160
Purchased options on Euro-Bund futures contracts		—			—			13,223
Net change in unrealized appreciation (depreciation)		(2,804,892	)		25,478,977			(72,998	)
NET GAIN		15,316,691			67,550,198			37,197,486
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	16,301,191		$	94,934,626		$	43,666,220

(1) Formerly Diversified Assets Fund.

(a) Net of decrease in deferred foreign tax of $15,863.

See Notes to Financial Statements

18

THE VANTAGEPOINT FUNDS

Statements of Operations

For the period from January 1, 2014 to June 30, 2014 (Unaudited)

	Core Bond Index			500 Stock Index				Broad Market Index			Mid/Small Company Index			Overseas Equity Index
INVESTMENT INCOME:
Dividends	$	55,996		$	6,555,750			$	7,716,712		$	5,871,372		$	8,271,386
Interest		17,005,587			134				176			70			60
Security lending income		24,172			10,266				128,694			489,295			132,800
Foreign taxes withheld on dividends		—			(681	)			(2,044	)		(1,748	)		(636,145	)
Total investment income		17,085,755			6,565,469				7,843,538			6,358,989			7,768,101
EXPENSES:
Advisory (Note 4)		349,771			161,231				197,795			178,238			73,816
Subadviser		69,868			32,248				54,434			50,533			59,155
Fund services Class I		32,529			50,123				56,879			43,250			16,953
Fund services Class II		13,389			1,270				8,012			2,894			1,675
Fund services T Shares		675,311			304,482				368,616			339,166			140,306
Custodian		224,964			1,484				19,613			15,970			78,244
Administration		8,923			8,923				8,923			8,923			8,923
Fund accounting		18,100			15,052				15,052			15,052			15,052
Legal		52,460			28,253				35,145			32,333			12,551
Audit		13,561			13,561				13,561			13,561			13,561
Directors		8,551			4,324				5,204			4,788			1,928
State license fees and memberships		28,027			69,911				40,596			23,638			56,090
Other expenses		52,830			27,771				31,212			37,326			27,916
Total expenses		1,548,284			718,633				855,042			765,672			506,170
Less waivers (Note 4)		(337,655	)		(152,241	)	��		(184,308	)		(169,583	)		(70,153	)
Net Expenses		1,210,629			566,392				670,734			596,089			436,017
NET INVESTMENT INCOME		15,875,126			5,999,077				7,172,804			5,762,900			7,332,084
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		6,316,582			16,347,367				8,084,235			26,125,741			652,155
Forward contracts and foreign currency transactions		—			—				—			—			84,890
Futures contracts		—			1,525,042				1,444,772			1,221,290			331,464
Purchased options on Euro Bond futures contracts		—			—				—			—			—
Net realized gain		6,316,582			17,872,409				9,529,007			27,347,031			1,068,509
Net change in unrealized appreciation (depreciation) on:
Investments		31,040,955			21,055,055				37,685,954			7,913,856			5,685,463
Forward contracts and foreign currency transactions		—			—				—			—			89,118
Futures contracts		—			(245,782	)			(250,453	)		(336,119	)		(60,782	)
Net change in unrealized appreciation		31,040,955			20,809,273				37,435,501			7,577,737			5,713,799
NET GAIN		37,357,537			38,681,682				46,964,508			34,924,768			6,782,308
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	53,232,663		$	44,680,759			$	54,137,312		$	40,687,668		$	14,114,392

See Notes to Financial Statements

19

THE VANTAGEPOINT FUNDS

Statements of Operations

For the period from January 1, 2014 to June 30, 2014 (Unaudited)

	Model Portfolio Funds
	Conservative Growth			Traditional Growth			Long-Term Growth			All-Equity Growth
INVESTMENT INCOME:
Dividend income from affiliated mutual funds(a)	$	2,956,103		$	5,068,766		$	3,937,970		$	—
Dividend income from non-affiliates		74,926			308,863			561,097			342,496
Total investment income		3,031,029			5,377,629			4,499,067			342,496
EXPENSES:
Advisory (Note 4)		320,074			745,960			951,652			438,159
Fund services Class Investor M Shares		127,114			157,389			137,983			61,741
Custodian		1,086			1,086			1,086			1,086
Administration		7,656			7,656			7,656			7,656
Fund accounting		9,336			18,900			45,372			11,268
Legal		26,127			68,397			90,376			39,484
Audit		10,240			10,240			10,240			10,240
Directors		4,287			10,983			14,385			6,078
State license fees and memberships		14,129			20,355			23,383			15,648
Other expenses		20,705			50,239			64,810			31,724
Total expenses		540,754			1,091,205			1,346,943			623,084
NET INVESTMENT INCOME (LOSS)		2,490,275			4,286,424			3,152,124			(280,588	)
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments with non-affiliates		(68,423	)		(58,962	)		(229,945	)		(359,148	)
Investments with affiliates		40,576,931			46,229,077			41,403,923			18,851,975
Net realized gain		40,508,508			46,170,115			41,173,978			18,492,827
Net change in unrealized appreciation (depreciation) on:
Investments with non-affiliates		359,851			1,168,891			2,430,243			1,741,656
Investments with affiliates		(19,142,055	)		26,712,436			71,739,221			35,108,962
Net change in unrealized appreciation (depreciation) on investments		(18,782,204	)		27,881,327			74,169,464			36,850,618
NET GAIN		21,726,304			74,051,442			115,343,442			55,343,445
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	24,216,579		$	78,337,866		$	118,495,566		$	55,062,857

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

See Notes to Financial Statements

20

THE VANTAGEPOINT FUNDS

Statements of Operations

For the period from January 1, 2014 to June 30, 2014 (Unaudited)

	Milestone Funds
	Milestone Retirement Income			Milestone 2010			Milestone 2015			Milestone 2020			Milestone 2025
INVESTMENT INCOME:
Dividend income from affiliated mutual funds(a)	$	1,700,515		$	1,220,493		$	2,003,328		$	2,159,361		$	1,462,632
Dividend income from non-affiliates		48,628			47,365			117,410			171,812			174,179
Total investment income		1,749,143			1,267,858			2,120,738			2,331,173			1,636,811
EXPENSES:
Advisory (Note 4)		161,497			144,056			278,785			334,909			278,157
Fund services Class Investor M Shares		107,711			89,278			135,144			131,170			112,571
Custodian		631			565			376			479			665
Administration		7,656			7,656			7,656			7,656			7,656
Fund accounting		6,330			6,330			21,720			23,530			11,765
Legal		13,363			11,813			23,484			28,981			24,326
Audit		10,240			10,240			10,240			10,240			10,240
Directors		2,132			1,895			3,682			4,375			3,635
State license fees and memberships		11,714			11,534			13,511			14,018			12,845
Other expenses		19,687			13,818			26,628			34,317			28,163
Total expenses		340,961			297,185			521,226			589,675			490,023
NET INVESTMENT INCOME		1,408,182			970,673			1,599,512			1,741,498			1,146,788
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments with non-affiliates		(16,934	)		(15,568	)		(74,423	)		(68,028	)		(42,904	)
Investments with affiliates		7,067,634			12,924,297			34,804,037			34,388,446			31,457,766
Net realized gain		7,050,700			12,908,729			34,729,614			34,320,418			31,414,862
Net change in unrealized appreciation (depreciation) on:
Investments with non-affiliates		195,843			186,650			488,864			788,882			721,131
Investments with affiliates		3,883,123			(1,781,427	)		(11,554,312	)		(4,543,489	)		(4,795,699	)
Net change in unrealized appreciation (depreciation) on investments		4,078,966			(1,594,777	)		(11,065,448	)		(3,754,607	)		(4,074,568	)
NET GAIN		11,129,666			11,313,952			23,664,166			30,565,811			27,340,294
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	12,537,848		$	12,284,625		$	25,263,678		$	32,307,309		$	28,487,082

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

See Notes to Financial Statements

21

THE VANTAGEPOINT FUNDS

Statements of Operations

For the period from January 1, 2014 to June 30, 2014 (Unaudited)

	Milestone Funds
	Milestone 2030			Milestone 2035			Milestone 2040			Milestone 2045			Milestone 2050
INVESTMENT INCOME:
Dividend income from affiliated mutual funds(a)	$	888,457		$	373,618		$	191,435		$	51,543		$	12,794
Dividend income from non-affiliates		158,603			128,903			133,373			49,807			13,401
Total investment income		1,047,060			502,521			324,808			101,350			26,195
EXPENSES:
Advisory (Note 4)		227,984			157,714			152,920			52,983			13,338
Fund services Class Investor M Shares		101,358			76,107			70,627			32,673			9,544
Custodian		1,404			747			863			349			1,712
Administration		7,656			7,656			7,656			7,439			8,874
Fund accounting		6,330			6,330			6,330			6,275			7,380
Legal		20,158			13,957			13,643			4,943			1,869
Audit		10,240			10,240			10,240			10,240			10,240
Directors		2,981			2,049			1,999			685			192
State license fees and memberships		12,334			11,619			11,577			10,573			10,183
Other expenses		22,962			16,348			15,736			8,400			4,460
Total expenses		413,407			302,767			291,591			134,560			67,792
Less reimbursements/waivers (Note 4)		—			—			—			—			(15,448	)
Net Expenses		413,407			302,767			291,591			134,560			52,344
NET INVESTMENT INCOME (LOSS)		633,653			199,754			33,217			(33,210	)		(26,149	)
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments with non-affiliates		(37,991	)		(64,566	)		(59,960	)		(17,783	)		873
Investments with affiliates		29,630,828			20,384,478			21,787,384			4,887,931	��		928,803
Net realized gain		29,592,837			20,319,912			21,727,424			4,870,148			929,676
Net change in unrealized appreciation (depreciation) on:
Investments with non-affiliates		649,619			574,706			594,651			223,117			54,952
Investments with affiliates		(5,847,555	)		(2,798,687	)		(3,863,117	)		1,666,407			803,959
Net change in unrealized appreciation (depreciation) on investments		(5,197,936	)		(2,223,981	)		(3,268,466	)		1,889,524			858,911
NET GAIN		24,394,901			18,095,931			18,458,958			6,759,672			1,788,587
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	25,028,554		$	18,295,685		$	18,492,175		$	6,726,462		$	1,762,438

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

See Notes to Financial Statements

22

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Low Duration Bond						Inflation Focused(1)
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31, 2013			For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31, 2013
Increase (decrease) in net assets resulting from operations:
Net investment income	$	4,157,592		$	8,155,630		$	6,586,765		$	3,172,198
Net realized gain		606,502			1,861,813			1,765,936			6,846,715
Net change in unrealized appreciation (depreciation)		1,380,737			(4,634,675	)		22,936,715			(66,006,189	)
Net increase (decrease) in net assets resulting from operations		6,144,831			5,382,768			31,289,416			(55,987,276	)
Distributions to shareholders from:
Net investment income—Investor Shares		(239,030	)		(1,663,838	)		(285,464	)		(221,562	)
Net investment income—T Shares		(3,929,851	)		(5,940,188	)		(6,205,267	)		(4,325,100	)
Net realized gain—Investor Shares		—			(150,290	)		—			(623,505	)
Net realized gain—T Shares		—			(1,748,177	)		—			(11,975,515	)
Total distributions		(4,168,881	)		(9,502,493	)		(6,490,731	)		(17,145,682	)
Capital share transactions:
Proceeds from sale of shares—Investor Shares		2,999,607			40,565,488	(a)		1,240,493			26,955,242	(a)
Proceeds from sale of shares—T Shares		187,452,299			659,825,940	(b)		90,005,120			737,014,517	(b)
Reinvestment of distributions—Investor Shares		239,030			1,814,128	(a)		285,464			845,067	(a)
Reinvestment of distributions—T Shares		3,929,851			7,688,365	(b)		6,205,267			16,300,599	(b)
Value of shares redeemed—Investor Shares		(4,647,532	)		(587,049,907	)(a)		(4,572,165	)		(660,016,790	)(a)
Value of shares redeemed—T Shares		(25,585,754	)		(108,729,626	)(b)		(180,166,672	)		(134,483,013	)(b)
Net increase (decrease) from capital share transactions		164,387,501			14,114,388			(87,002,493	)		(13,384,378	)
Total increase (decrease) in net assets		166,363,451			9,994,663			(62,203,808	)		(86,517,336	)
NET ASSETS at beginning of period		602,256,341			592,261,678			582,818,542			669,335,878
NET ASSETS at end of period	$	768,619,792		$	602,256,341		$	520,614,734		$	582,818,542
Accumulated net investment income (loss) included in net assets at end of period	$	(84,356	)	$	(73,067	)	$	96,034		$	—
SHARE TRANSACTIONS:
Number of shares sold—Investor Shares		295,813			3,985,435	(a)		115,234			2,298,837	(a)
Number of shares issued through reinvestment of dividends and distributions—Investor Shares		23,568			178,277	(a)		26,194			78,875	(a)
Number of shares redeemed—Investor Shares		(458,308	)		(57,568,197	)(a)		(427,144	)		(56,096,884	)(a)
Net decrease in shares outstanding—Investor Shares		(138,927	)		(53,404,485	)		(285,716	)		(53,719,172	)
Number of shares sold—T Shares		18,475,793			64,728,519	(b)		8,344,978			63,122,487	(b)
Number of shares issued through reinvestment of dividends and distributions—T Shares		387,442			758,360	(b)		569,940			1,522,013	(b)
Number of shares redeemed—T Shares		(2,521,189	)		(10,669,158	)(b)		(16,631,200	)		(11,833,076	)(b)
Net increase (decrease) in shares outstanding—T Shares		16,342,046			54,817,721			(7,716,282	)		52,811,424

(1) Formerly Inflation Protected Securities Fund.

(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

23

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	High Yield			Equity Income
	For the Period from May 1, 2014* to June 30, 2014 (Unaudited)			For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31, 2013
Increase (decrease) in net assets resulting from operations:
Net investment income	$	1,205,045		$	22,461,305		$	32,748,850
Net realized gain (loss)		(1,948	)		311,419,442			125,236,365
Net change in unrealized appreciation (depreciation)		1,268,885			(160,156,129	)		451,645,427
Net increase in net assets resulting from operations		2,471,982			173,724,618			609,630,642
Distributions to shareholders from:
Net investment income—Investor Shares		—			—			(737,715	)
Net investment income—T Shares		(1,170,321	)		—			(33,945,922	)
Net realized gain—Investor Shares		—			—			(2,872,559	)
Net realized gain—T Shares		—			—			(114,400,246	)
Total distributions		(1,170,321	)		—			(151,956,442	)
Capital share transactions:
Proceeds from sale of shares—Investor Shares		—			2,533,262			15,231,439	(a)
Proceeds from sale of shares—T Shares		360,240,919			162,120,371			2,201,358,047	(b)
Reinvestment of distributions—Investor Shares		—			—			3,608,020	(a)
Reinvestment of distributions—T Shares		1,170,321			—			148,346,169	(b)
Value of shares redeemed—Investor Shares		—			(3,381,275	)		(2,123,810,070	)(a)
Value of shares redeemed—T Shares		(850,840	)		(417,941,020	)		(235,269,955	)(b)
Net increase (decrease) from capital share transactions		360,560,400			(256,668,662	)		9,463,650
Total increase (decrease) in net assets		361,862,061			(82,944,044	)		467,137,850
NET ASSETS at beginning of period		—			2,487,442,354			2,020,304,504
NET ASSETS at end of period	$	361,862,061		$	2,404,498,310		$	2,487,442,354
Accumulated net investment income included in net assets at end of period	$	34,724		$	22,703,947		$	242,642
SHARE TRANSACTIONS:
Number of shares sold—Investor Shares		—			224,352			1,541,223	(a)
Number of shares issued through reinvestment of dividends and distributions—Investor Shares		—			—			330,405	(a)
Number of shares redeemed—Investor Shares		—			(302,837	)		(220,690,078	)(a)
Net decrease in shares outstanding—Investor Shares		—			(78,485	)		(218,818,450	)
Number of shares sold—T Shares		35,980,749			14,371,218			227,428,866	(b)
Number of shares issued through reinvestment of dividends and distributions—T Shares		116,537			—			13,584,814	(b)
Number of shares redeemed—T Shares		(84,915	)		(36,870,442	)		(22,437,107	)(b)
Net increase (decrease) in shares outstanding—T Shares		36,012,371			(22,499,224	)		218,576,573

* Commencement of operations

(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

24

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Growth & Income							Growth
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31, 2013				For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31, 2013
Increase (decrease) in net assets resulting from operations:
Net investment income	$	15,459,386		$	16,884,494			$	4,851,635		$	11,691,334
Net realized gain		124,540,732			141,012,660				144,850,480			191,835,786
Net change in unrealized appreciation (depreciation)		(31,756,393	)		275,905,302				(54,722,343	)		411,408,786
Net increase in net assets resulting from operations		108,243,725			433,802,456				94,979,772			614,935,906
Distributions to shareholders from:
Net investment income—Investor Shares		—			(366,671	)			—			(103,933	)
Net investment income—T Shares		—			(18,622,686	)			—			(11,657,940	)
Net realized gain—Investor Shares		—			(2,734,608	)			—			—
Net realized gain—T Shares		—			(115,428,501	)			—			—
Total distributions		—			(137,152,466	)			—			(11,761,873	)
Capital share transactions:
Proceeds from sale of shares—Investor Shares		2,478,013			15,028,134	(a)	��		1,153,391			10,947,178	(a)
Proceeds from sale of shares—T Shares		163,730,237			1,513,212,382	(b)			72,621,511			2,006,555,579	(b)
Reinvestment of distributions—Investor Shares		—			3,098,476	(a)			—			103,933	(a)
Reinvestment of distributions—T Shares		—			134,051,187	(b)			—			11,657,940	(b)
Value of shares redeemed—Investor Shares		(2,351,926	)		(1,377,006,631	)(a)			(2,005,758	)		(1,974,576,991	)(a)
Value of shares redeemed—T Shares		(318,497,439	)		(154,471,604	)(b)			(200,007,095	)		(213,310,811	)(b)
Net increase (decrease) from capital share transactions		(154,641,115	)		133,911,944				(128,237,951	)		(158,623,172	)
Total increase (decrease) in net assets		(46,397,390	)		430,561,934				(33,258,179	)		444,550,861
NET ASSETS at beginning of period		1,736,066,036			1,305,504,102				2,325,479,730			1,880,928,869
NET ASSETS at end of period	$	1,689,668,646		$	1,736,066,036			$	2,292,221,551		$	2,325,479,730
Accumulated net investment income included in net assets at end of period	$	15,571,114		$	111,728			$	5,366,652		$	515,017
SHARE TRANSACTIONS:
Number of shares sold—Investor Shares		185,511			1,280,956	(a)			90,798			1,068,641	(a)
Number of shares issued through reinvestment of dividends and distributions—Investor Shares		—			238,711	(a)			—			8,278	(a)
Number of shares redeemed—Investor Shares		(176,263	)		(120,341,046	)(a)			(156,851	)		(195,986,441	)(a)
Net increase (decrease) in shares outstanding—Investor Shares		9,248			(118,821,379	)			(66,053	)		(194,909,522	)
Number of shares sold—T Shares		12,040,914			130,400,734	(b)			5,733,220			198,573,974	(b)
Number of shares issued through reinvestment of dividends and distributions—T Shares		—			10,327,518	(b)			—			928,935	(b)
Number of shares redeemed—T Shares		(23,587,141	)		(12,417,741	)(b)			(15,761,361	)		(18,983,519	)(b)
Net increase (decrease) in shares outstanding—T Shares		(11,546,227	)		128,310,511				(10,028,141	)		180,519,390

(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

25

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Select Value						Aggressive Opportunities
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31, 2013			For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31, 2013
Increase (decrease) in net assets resulting from operations:
Net investment income	$	3,137,507		$	5,270,060		$	3,098,463		$	3,819,807
Net realized gain		35,961,025			65,520,186			98,351,158			124,685,874
Net change in unrealized appreciation (depreciation)		(8,783,200	)		52,501,065			(52,310,287	)		235,361,814
Net increase in net assets resulting from operations		30,315,332			123,291,311			49,139,334			363,867,495
Distributions to shareholders from:
Net investment income—Investor Shares		—			(80,138	)		—			(102,553	)
Net investment income—T Shares		—			(4,823,744	)		—			(5,981,960	)
Net realized gain—Investor Shares		—			(1,063,558	)		—			(2,784,111	)
Net realized gain—T Shares		—			(54,180,973	)		—			(103,621,112	)
Total distributions		—			(60,148,413	)		—			(112,489,736	)
Capital share transactions:
Proceeds from sale of shares—Investor Shares		1,252,568			9,493,907	(a)		1,805,943			7,008,302	(a)
Proceeds from sale of shares—T Shares		54,439,166			448,840,305	(b)		53,048,944			1,075,216,812	(b)
Reinvestment of distributions—Investor Shares		—			1,143,696	(a)		—			2,886,664	(a)
Reinvestment of distributions—T Shares		—			59,004,717	(b)		—			109,603,072	(b)
Value of shares redeemed—Investor Shares		(1,405,324	)		(391,615,933	)(a)		(2,167,892	)		(1,057,021,153	)(a)
Value of shares redeemed—T Shares		(87,510,449	)		(68,864,249	)(b)		(203,833,023	)		(140,084,683	)(b)
Net increase (decrease) from capital share transactions		(33,224,039	)		58,002,443			(151,146,028	)		(2,390,986	)
Total increase (decrease) in net assets		(2,908,707	)		121,145,341			(102,006,694	)		248,986,773
NET ASSETS at beginning of period		476,735,559			355,590,218			1,242,715,601			993,728,828
NET ASSETS at end of period	$	473,826,852		$	476,735,559		$	1,140,708,907		$	1,242,715,601
Accumulated net investment income included in net assets at end of period	$	3,793,874		$	656,367		$	6,671,372		$	3,572,909
SHARE TRANSACTIONS:
Number of shares sold—Investor Shares		97,082			766,624	(a)		140,357			610,544	(a)
Number of shares issued through reinvestment of dividends and distributions—Investor Shares		—			90,268	(a)		—			228,737	(a)
Number of shares redeemed—Investor Shares		(107,808	)		(32,626,490	)(a)		(169,875	)		(95,752,156	)(a)
Net decrease in shares outstanding—Investor Shares		(10,726	)		(31,769,598	)		(29,518	)		(94,912,875	)
Number of shares sold—T Shares		4,197,017			36,926,297	(b)		4,147,955			96,959,354	(b)
Number of shares issued through reinvestment of dividends and distributions—T Shares		—			4,653,369	(b)		—			8,684,871	(b)
Number of shares redeemed—T Shares		(6,690,491	)		(5,248,707	)(b)		(15,981,136	)		(11,478,143	)(b)
Net increase (decrease) in shares outstanding—T Shares		(2,493,474	)		36,330,959			(11,833,181	)		94,166,082

(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

26

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Discovery						International
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31, 2013			For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31, 2013
Increase (decrease) in net assets resulting from operations:
Net investment income	$	984,500		$	2,340,660		$	27,384,428		$	27,512,209
Net realized gain		18,121,583			53,232,618			42,071,221			96,055,895
Net change in unrealized appreciation (depreciation)		(2,804,892	)		25,148,156			25,478,977			99,261,424
Net increase in net assets resulting from operations		16,301,191			80,721,434			94,934,626			222,829,528
Distributions to shareholders from:
Net investment income—Investor Shares		—			(24,674	)		—			(324,174	)
Net investment income—T Shares		—			(2,278,117	)		—			(30,641,649	)
Net realized gain—Investor Shares		—			(623,318	)		—			—
Net realized gain—T Shares		—			(45,897,970	)		—			—
Total distributions		—			(48,824,079	)		—			(30,965,823	)
Capital share transactions:
Proceeds from sale of shares—Investor Shares		3,054,796			6,437,198	(a)		1,246,023			33,149,320	(a)
Proceeds from sale of shares—T Shares		61,983,929			247,226,760	(b)		148,370,113			1,484,852,766	(b)
Reinvestment of distributions—Investor Shares		—			647,992	(a)		—			324,174	(a)
Reinvestment of distributions—T Shares		—			48,176,087	(b)		—			30,641,649	(b)
Value of shares redeemed—Investor Shares		(1,244,793	)		(234,034,688	)(a)		(950,618	)		(1,354,343,436	)(a)
Value of shares redeemed—T Shares		(68,528,435	)		(34,373,522	)(b)		(134,299,439	)		(256,562,888	)(b)
Net increase (decrease) from capital share transactions		(4,734,503	)		34,079,827			14,366,079			(61,938,415	)
Total increase in net assets		11,566,688			65,977,182			109,300,705			129,925,290
NET ASSETS at beginning of period		278,849,977			212,872,795			1,435,435,435			1,305,510,145
NET ASSETS at end of period	$	290,416,665		$	278,849,977		$	1,544,736,140		$	1,435,435,435
Accumulated net investment income included in net assets at end of period	$	1,130,141		$	145,641		$	39,516,104		$	12,131,676
SHARE TRANSACTIONS:
Number of shares sold—Investor Shares		278,699			621,093	(a)		111,615			3,349,541	(a)
Number of shares issued through reinvestment of dividends and distributions—Investor Shares		—			60,673	(a)		—			29,923	(a)
Number of shares redeemed—Investor Shares		(114,000	)		(22,791,895	)(a)		(83,856	)		(137,437,695	)(a)
Net increase (decrease) in shares outstanding—Investor Shares		164,699			(22,110,129	)		27,759			(134,058,231	)
Number of shares sold—T Shares		5,752,354			23,883,843	(b)		13,010,889			149,658,231	(b)
Number of shares issued through reinvestment of dividends and distributions—T Shares		—			4,510,870	(b)		—			2,828,496	(b)
Number of shares redeemed—T Shares		(6,361,593	)		(3,063,036	)(b)		(11,694,094	)		(24,497,545	)(b)
Net increase (decrease) in shares outstanding—T Shares		(609,239	)		25,331,677			1,316,795			127,989,182

(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

27

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Diversifying Strategies(1)						Core Bond Index
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31, 2013			For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31, 2013
Increase (decrease) in net assets resulting from operations:
Net investment income	$	6,468,734		$	12,217,795		$	15,875,126		$	28,138,919
Net realized gain		37,270,484			28,742,383			6,316,582			917,714
Net change in unrealized appreciation (depreciation)		(72,998	)		16,908,582			31,040,955			(59,225,189	)
Net increase (decrease) in net assets resulting from operations		43,666,220			57,868,760			53,232,663			(30,168,556	)
Distributions to shareholders from:
Net investment income—Class I		—			—			(262,451	)		(4,513,580	)
Net investment income—Class II		—			—			(348,992	)		(2,139,819	)
Net investment income—T Shares		—			(19,309,467	)		(18,200,428	)		(29,373,097	)
Net realized gain—T Shares		—			(12,954,725	)		—			—
Total distributions		—			(32,264,192	)		(18,811,871	)		(36,026,496	)
Capital share transactions:
Proceeds from sale of shares—Class I		—			—			1,956,608			38,640,943
Proceeds from sale of shares—Class II		—			—			1,039,261			16,454,467
Proceeds from sale of shares—T Shares		194,729,781			158,059,115	(a)		408,309,033			1,368,035,424	(b)
Reinvestment of distributions—Class I		—			—			262,451			4,513,580
Reinvestment of distributions—Class II		—			—			348,992			2,139,819
Reinvestment of distributions—T Shares		—			32,264,192	(a)		18,200,428			29,373,097	(b)
Value of shares redeemed—Class I		—			—			(2,086,262	)		(919,028,097	)
Value of shares redeemed—Class II		—			—			(800,437	)		(326,228,097	)
Value of shares redeemed—T Shares		(253,731,569	)		(87,112,245	)(a)		(93,474,619	)		(111,286,830	)(b)
Net increase (decrease) from capital share transactions		(59,001,788	)		103,211,062			333,755,455			102,614,306
Total increase (decrease) in net assets		(15,335,568	)		128,815,630			368,176,247			36,419,254
NET ASSETS at beginning of period		1,093,589,372			964,773,742			1,279,544,858			1,243,125,604
NET ASSETS at end of period	$	1,078,253,804		$	1,093,589,372		$	1,647,721,105		$	1,279,544,858
Accumulated net investment income (loss) included in net assets at end of period	$	3,125,908		$	(3,342,826	)	$	(2,930,946	)	$	5,799
SHARE TRANSACTIONS:
Number of shares sold—Class I		—			—			191,962			3,697,944
Number of shares issued through reinvestment of dividends and distributions—Class I		—			—			25,774			433,197
Number of shares redeemed—Class I		—			—			(205,786	)		(87,871,264	)
Net increase (decrease) in shares outstanding—Class I		—			—			11,950			(83,740,123	)
Number of shares sold—Class II		—			—			101,302			1,579,374
Number of shares issued through reinvestment of dividends and distributions—Class II		—			—			34,074			205,027
Number of shares redeemed—Class II		—			—			(78,165	)		(31,008,363	)
Net increase (decrease) in shares outstanding—Class II		—			—			57,211			(29,223,962	)
Number of shares sold—T Shares		18,591,685			15,219,041	(a)		40,112,809			131,110,998	(b)
Number of shares issued through reinvestment of dividends and distributions—T Shares		—			3,111,301	(a)		1,787,181			2,884,304	(b)
Number of shares redeemed—T Shares		(24,210,567	)		(8,441,046	)(a)		(9,203,614	)		(10,867,078	)(b)
Net increase (decrease) in shares outstanding—T Shares		(5,618,882	)		9,889,296			32,696,376			123,128,224

(1) Formerly Diversified Assets Fund.

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

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

See Notes to Financial Statements

28

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	500 Stock Index						Broad Market Index
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31, 2013			For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31, 2013
Increase (decrease) in net assets resulting from operations:
Net investment income	$	5,999,077		$	10,862,338		$	7,172,804		$	12,041,497
Net realized gain		17,872,409			21,955,245			9,529,007			17,570,471
Net change in unrealized appreciation		20,809,273			121,033,076			37,435,501			155,398,491
Net increase in net assets resulting from operations		44,680,759			153,850,659			54,137,312			185,010,459
Distributions to shareholders from:
Net investment income—Class I		—			(461,525	)		—			(470,033	)
Net investment income—Class II		—			(38,570	)		—			(257,019	)
Net investment income—T Shares		—			(10,123,159	)		—			(10,904,466	)
Net realized gain—Class I		—			(82,039	)		—			(468,022	)
Net realized gain—Class II		—			(6,159	)		—			(223,484	)
Net realized gain—T Shares		—			(1,610,120	)		—			(9,439,615	)
Total distributions		—			(12,321,572	)		—			(21,762,639	)
Capital share transactions:
Proceeds from sale of shares—Class I		5,240,675			10,246,532			5,380,204			14,150,568
Proceeds from sale of shares—Class II		499,164			7,762,420			363,179			15,290,639
Proceeds from sale of shares—T Shares		37,052,738			568,091,459	(a)		132,350,259			663,654,017	(a)
Reinvestment of distributions—Class I		—			542,591			—			938,055
Reinvestment of distributions—Class II		—			44,729			—			480,503
Reinvestment of distributions—T Shares		—			11,733,279	(a)		—			20,344,081	(a)
Value of shares redeemed—Class I		(1,955,513	)		(102,782,107	)		(2,229,510	)		(120,738,735	)
Value of shares redeemed—Class II		(87,535	)		(369,855,589	)		(303,374	)		(458,360,911	)
Value of shares redeemed—T Shares		(53,322,639	)		(58,506,142	)(a)		(126,689,198	)		(73,226,360	)(a)
Net increase (decrease) from capital share transactions		(12,573,110	)		67,277,172			8,871,560			62,531,857
Total increase in net assets		32,107,649			208,806,259			63,008,872			225,779,677
NET ASSETS at beginning of period		661,787,431			452,981,172			780,081,151			554,301,474
NET ASSETS at end of period	$	693,895,080		$	661,787,431		$	843,090,023		$	780,081,151
Accumulated net investment income included in net assets at end of period	$	6,469,091		$	470,014		$	13,383,788		$	6,210,984
SHARE TRANSACTIONS:
Number of shares sold—Class I		351,296			794,249			335,091			1,008,725
Number of shares issued through reinvestment of dividends and distributions—Class I		—			37,628			—			60,209
Number of shares redeemed—Class I		(131,269	)		(8,499,916	)		(138,276	)		(9,162,704	)
Net increase (decrease) in shares outstanding—Class I		220,027			(7,668,039	)		196,815			(8,093,770	)
Number of shares sold—Class II		35,967			681,224			24,014			1,190,627
Number of shares issued through reinvestment of dividends and distributions—Class II		—			3,298			—			32,979
Number of shares redeemed—Class II		(6,243	)		(32,577,371	)		(19,932	)		(37,439,109	)
Net increase (decrease) in shares outstanding—Class II		29,724			(31,892,849	)		4,082			(36,215,503	)
Number of shares sold—T Shares		2,456,847			46,268,985	(a)		7,966,265			49,665,300	(a)
Number of shares issued through reinvestment of dividends and distributions—T Shares		—			813,681	(a)		—			1,305,782	(a)
Number of shares redeemed—T Shares		(3,628,355	)		(4,295,260	)(a)		(7,603,811	)		(5,018,667	)(a)
Net increase (decrease) in shares outstanding—T Shares		(1,171,508	)		42,787,406			362,454			45,952,415

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

See Notes to Financial Statements

29

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Mid/Small Company Index						Overseas Equity Index
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31, 2013			For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31, 2013
Increase (decrease) in net assets resulting from operations:
Net investment income	$	5,762,900		$	9,270,609		$	7,332,084		$	6,679,041
Net realized gain		27,347,031			51,397,045			1,068,509			2,507,732
Net change in unrealized appreciation		7,577,737			126,672,664			5,713,799			41,702,484
Net increase in net assets resulting from operations		40,687,668			187,340,318			14,114,392			50,889,257
Distributions to shareholders from:
Net investment income—Class I		—			(293,878	)		—			(240,007	)
Net investment income—Class II		—			(70,206	)		—			(82,655	)
Net investment income—T Shares		—			(8,292,024	)		—			(6,648,183	)
Net realized gain—Class I		—			(1,955,310	)		—			—
Net realized gain—Class II		—			(407,156	)		—			—
Net realized gain—T Shares		—			(47,372,342	)		—			—
Total distributions		—			(58,390,916	)		—			(6,970,845	)
Capital share transactions:
Proceeds from sale of shares—Class I		4,206,275			10,979,689			1,798,974			1,940,484
Proceeds from sale of shares—Class II		700,679			8,884,721			154,344			2,707,121
Proceeds from sale of shares—T Shares		117,200,912			594,343,313	(a)		29,074,005			256,960,991	(a)
Reinvestment of distributions—Class I		—			2,247,341			—			240,007
Reinvestment of distributions—Class II		—			477,362			—			82,655
Reinvestment of distributions—T Shares		—			55,664,366	(a)		—			6,648,183	(a)
Value of shares redeemed—Class I		(2,631,855	)		(308,904,404	)		(681,607	)		(49,421,053	)
Value of shares redeemed—Class II		(147,105	)		(214,664,650	)		(80,119	)		(178,163,745	)
Value of shares redeemed—T Shares		(138,384,430	)		(49,283,497	)(a)		(16,944,726	)		(16,690,596	)(a)
Net increase (decrease) from capital share transactions		(19,055,524	)		99,744,241			13,320,871			24,304,047
Total increase in net assets		21,632,144			228,693,643			27,435,263			68,222,459
NET ASSETS at beginning of period		720,846,541			492,152,898			296,911,563			228,689,104
NET ASSETS at end of period	$	742,478,685		$	720,846,541		$	324,346,826		$	296,911,563
Accumulated net investment income (loss) included in net assets at end of period	$	7,414,560		$	1,651,660		$	6,235,493		$	(1,096,591	)
SHARE TRANSACTIONS:
Number of shares sold—Class I		210,073			608,104			140,197			166,440
Number of shares issued through reinvestment of dividends and distributions—Class I		—			115,783			—			19,576
Number of shares redeemed—Class I		(132,789	)		(18,261,777	)		(54,659	)		(4,520,876	)
Net increase (decrease) in shares outstanding—Class I		77,284			(17,537,890	)		85,538			(4,334,860	)
Number of shares sold—Class II		37,123			550,752			12,978			258,290
Number of shares issued through reinvestment of dividends and distributions—Class II		—			26,214			—			7,225
Number of shares redeemed—Class II		(7,895	)		(13,459,569	)		(6,820	)		(17,470,108	)
Net increase (decrease) in shares outstanding—Class II		29,228			(12,882,603	)		6,158			(17,204,593	)
Number of shares sold—T Shares		5,938,330			34,488,614	(a)		2,274,823			23,280,767	(a)
Number of shares issued through reinvestment of dividends and distributions—T Shares		—			2,866,342	(a)		—			542,266	(a)
Number of shares redeemed—T Shares		(7,039,538	)		(2,584,810	)(a)		(1,356,013	)		(1,395,179	)(a)
Net increase (decrease) in shares outstanding—T Shares		(1,101,208	)		34,770,146			918,810			22,427,854

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

See Notes to Financial Statements

30

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

		Model Portfolio Funds
		Conservative Growth						Traditional Growth
		For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31, 2013			For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31, 2013
Increase (decrease) in net assets resulting from operations:
Net investment income		$	2,490,275		$	8,839,847		$	4,286,424		$	22,628,571
Net realized gain			40,508,508			20,018,851			46,170,115			72,255,751
Net change in unrealized appreciation (depreciation)			(18,782,204	)		38,899,309			27,881,327			167,367,076
Net increase in net assets resulting from operations			24,216,579			67,758,007			78,337,866			262,251,398
Distributions to shareholders from:
Net investment income—Investor M Shares			—			(1,271,018	)		—			(1,468,448	)
Net investment income—TM Shares			—			(7,985,806	)		—			(21,410,541	)
Net realized gain—Investor M Shares			—			(1,802,655	)		—			(3,051,680	)
Net realized gain—TM Shares			—			(9,776,908	)		—			(38,342,555	)
Total distributions			—			(20,836,387	)		—			(64,273,224	)
Capital share transactions:
Proceeds from sale of shares—Investor M Shares			5,765,228			32,223,906	(a)		8,253,626			32,466,818	(a)
Proceeds from sale of shares—TM Shares			23,584,001			587,736,769	(b)		43,235,332			1,525,232,391	(b)
Reinvestment of distributions—Investor M Shares			—			3,073,673	(a)		—			4,512,090	(a)
Reinvestment of distributions—TM Shares			—			17,762,714	(b)		—			59,753,096	(b)
Value of shares redeemed—Investor M Shares			(5,399,401	)		(560,219,752	)(a)		(3,407,710	)		(1,472,696,770	)(a)
Value of shares redeemed—TM Shares			(34,885,193	)		(73,879,778	)(b)		(68,369,780	)		(150,837,906	)(b)
Net increase (decrease) from capital share transactions			(10,935,365	)		6,697,532			(20,288,532	)		(1,570,281	)
Total increase in net assets			13,281,214			53,619,152			58,049,334			196,407,893
NET ASSETS at beginning of period			661,430,858			607,811,706			1,690,086,131			1,493,678,238
NET ASSETS at end of period		$	674,712,072		$	661,430,858		$	1,748,135,465		$	1,690,086,131
Accumulated net investment income included in net assets at end of period		$	2,499,708		$	9,433		$	4,457,105		$	170,681
SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares	��		211,932			1,247,752	(a)		308,654			1,318,544	(a)
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares			—			114,646	(a)		—			171,042	(a)
Number of shares redeemed—Investor M Shares			(200,567	)		(21,946,062	)(a)		(128,481	)		(61,033,131	)(a)
Net increase (decrease) in shares outstanding—Investor M Shares			11,365			(20,583,664	)		180,173			(59,543,545	)
Number of shares sold—TM Shares			870,838			22,968,407	(b)		1,616,260			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			(1,286,634	)		(2,799,603	)(b)		(2,561,240	)		(5,953,514	)(b)
Net increase (decrease) in shares outstanding—TM Shares			(415,796	)		20,831,345			(944,980	)		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

31

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Model Portfolio Funds
	Long-Term Growth						All-Equity Growth
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31, 2013			For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31, 2013
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)	$	3,152,124		$	29,484,392		$	(280,588	)	$	9,828,619
Net realized gain		41,173,978			119,479,594			18,492,827			48,988,386
Net change in unrealized appreciation		74,169,464			270,698,264			36,850,618			157,733,925
Net increase in net assets resulting from operations		118,495,566			419,662,250			55,062,857			216,550,930
Distributions to shareholders from:
Net investment income—Investor M Shares		—			(1,254,788	)		—			(580,022	)
Net investment income—TM Shares		—			(28,295,742	)		—			(11,900,690	)
Net realized gain—Investor M Shares		—			(3,310,194	)		—			(1,131,430	)
Net realized gain—TM Shares		—			(64,147,553	)		—			(20,134,028	)
Total distributions		—			(97,008,277	)		—			(33,746,170	)
Capital share transactions:
Proceeds from sale of shares—Investor M Shares		6,646,734			21,355,292	(a)		2,728,572			15,102,545	(a)
Proceeds from sale of shares—TM Shares		49,132,722			1,982,361,477	(b)		30,063,278			780,616,173	(b)
Reinvestment of distributions—Investor M Shares		—			4,564,982	(a)		—			1,711,452	(a)
Reinvestment of distributions—TM Shares		—			92,443,295	(b)		—			32,034,718	(b)
Value of shares redeemed—Investor M Shares		(2,460,384	)		(1,914,940,449	)(a)		(2,165,101	)		(728,190,049	)(a)
Value of shares redeemed—TM Shares		(88,445,208	)		(193,110,980	)(b)		(41,793,667	)		(67,341,878	)(b)
Net increase (decrease) from capital share transactions		(35,126,136	)		(7,326,383	)		(11,166,918	)		33,932,961
Total increase in net assets		83,369,430			315,327,590			43,895,939			216,737,721
NET ASSETS at beginning of period		2,212,139,873			1,896,812,283			926,067,552			709,329,831
NET ASESTS at end of period	$	2,295,509,303		$	2,212,139,873		$	969,963,491		$	926,067,552
Accumulated net investment income included in net assets at end of period	$	3,364,720		$	212,596		$	1,037,198		$	1,317,786
SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		252,998			900,020	(a)		101,067			645,327	(a)
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		—			175,172	(a)		—			63,741	(a)
Number of shares redeemed—Investor M Shares		(93,721	)		(82,345,030	)(a)		(80,370	)		(32,117,940	)(a)
Net increase (decrease) in shares outstanding—Investor M Shares		159,277			(81,269,838	)		20,697			(31,408,872	)
Number of shares sold—TM Shares		1,849,334			84,934,039	(b)		1,107,954			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		(3,350,073	)		(7,783,350	)(b)		(1,543,840	)		(2,692,933	)(b)
Net increase (decrease) in shares outstanding—TM Shares		(1,500,739	)		80,696,653			(435,886	)		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

32

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone Retirement Income						Milestone 2010
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31, 2013			For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31, 2013
Increase (decrease) in net assets resulting from operations:
Net investment income	$	1,408,182		$	4,170,586		$	970,673		$	3,566,038
Net realized gain		7,050,700			10,154,214			12,908,729			14,606,391
Net change in unrealized appreciation (depreciation)		4,078,966			3,478,362			(1,594,777	)		10,573,495
Net increase in net assets resulting from operations		12,537,848			17,803,162			12,284,625			28,745,924
Distributions to shareholders from:
Net investment income—Investor M Shares		—			(1,011,400	)		—			(796,931	)
Net investment income—TM Shares		—			(3,250,401	)		—			(2,849,079	)
Net realized gain—Investor M Shares		—			(1,508,016	)		—			(2,260,305	)
Net realized gain—TM Shares		—			(4,162,737	)		—			(6,857,425	)
Total distributions		—			(9,932,554	)		—			(12,763,740	)
Capital share transactions:
Proceeds from sale of shares—Investor M Shares		3,974,490			45,005,846	(a)		3,275,763			12,834,084	(a)
Proceeds from sale of shares—TM Shares		21,976,793			261,724,284	(b)		15,774,784			231,362,185	(b)
Reinvestment of distributions—Investor M Shares		—			2,519,416	(a)		—			3,057,236	(a)
Reinvestment of distributions—TM Shares		—			7,413,138	(b)		—			9,706,504	(b)
Value of shares redeemed—Investor M Shares		(3,898,270	)		(204,305,240	)(a)		(4,082,469	)		(186,522,600	)(a)
Value of shares redeemed—TM Shares		(20,342,741	)		(34,753,717	)(b)		(17,037,418	)		(30,389,825	)(b)
Net increase (decrease) from capital share transactions		1,710,272			77,603,727			(2,069,340	)		40,047,584
Total increase in net assets		14,248,120			85,474,335			10,215,285			56,029,768
NET ASSETS at beginning of period		323,632,261			238,157,926			290,052,561			234,022,793
NET ASSETS at end of period	$	337,880,381		$	323,632,261		$	300,267,846		$	290,052,561
Accumulated net investment income included in net assets at end of period	$	1,408,182		$	—		$	970,673		$	—
SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		360,559			4,148,859	(a)		287,044			1,154,028	(a)
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		—			231,139	(a)		—			269,835	(a)
Number of shares redeemed—Investor M Shares		(353,895	)		(18,998,384	)(a)		(357,357	)		(17,069,520	)(a)
Net increase (decrease) in shares outstanding—Investor M Shares		6,664			(14,618,386	)		(70,313	)		(15,645,657	)
Number of shares sold—TM Shares		1,986,595			24,267,945	(b)		1,371,303			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		(1,847,147	)		(3,161,291	)(b)		(1,486,193	)		(2,670,824	)(b)
Net increase (decrease) in shares outstanding—TM Shares		139,448			21,786,135			(114,890	)		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

33

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone 2015						Milestone 2020
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31, 2013			For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31, 2013
Increase (decrease) in net assets resulting from operations:
Net investment income	$	1,599,512		$	7,127,471		$	1,741,498		$	8,911,913
Net realized gain		34,729,614			23,118,811			34,320,418			25,404,038
Net change in unrealized appreciation (depreciation)		(11,065,448	)		34,821,119			(3,754,607	)		53,389,352
Net increase in net assets resulting from operations		25,263,678			65,067,401			32,307,309			87,705,303
Distributions to shareholders from:
Net investment income—Investor M Shares		—			(1,216,906	)		—			(1,235,710	)
Net investment income—TM Shares		—			(6,029,907	)		—			(7,723,260	)
Net realized gain—Investor M Shares		—			(2,597,739	)		—			(2,326,410	)
Net realized gain—TM Shares		—			(10,980,203	)		—			(12,586,031	)
Total distributions		—			(20,824,755	)		—			(23,871,411	)
Capital share transactions:
Proceeds from sale of shares—Investor M Shares		6,031,247			26,550,128	(a)		9,117,895			33,566,002	(a)
Proceeds from sale of shares—TM Shares		29,583,229			448,531,568	(b)		52,634,693			520,272,956	(b)
Reinvestment of distributions—Investor M Shares		—			3,814,645	(a)		—			3,562,120	(a)
Reinvestment of distributions—TM Shares		—			17,010,110	(b)		—			20,309,291	(b)
Value of shares redeemed—Investor M Shares		(4,149,166	)		(378,073,874	)(a)		(2,122,884	)		(431,264,028	)(a)
Value of shares redeemed—TM Shares		(30,414,917	)		(40,556,891	)(b)		(21,757,446	)		(31,837,937	)(b)
Net increase from capital share transactions		1,050,393			77,275,686			37,872,258			114,608,404
Total increase in net assets		26,314,071			121,518,332			70,179,567			178,442,296
NET ASSETS at beginning of period		556,156,509			434,638,177			649,106,542			470,664,246
NET ASESTS at end of period	$	582,470,580		$	556,156,509		$	719,286,109		$	649,106,542
Accumulated net investment income included in net assets at end of period	$	1,599,512		$	—		$	1,741,498		$	—
SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		503,398			2,339,923	(a)		732,841			2,898,947	(a)
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		—			320,020	(a)		—			288,899	(a)
Number of shares redeemed—Investor M Shares		(345,063	)		(33,711,861	)(a)		(169,929	)		(38,014,893	)(a)
Net increase (decrease) in shares outstanding—Investor M Shares		158,335			(31,051,918	)		562,912			(34,827,047	)
Number of shares sold—TM Shares		2,450,643			39,748,654	(b)		4,225,613			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		(2,525,229	)		(3,437,021	)(b)		(1,748,583	)		(2,621,580	)(b)
Net increase (decrease) in shares outstanding—TM Shares		(74,586	)		37,738,656			2,477,030			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

34

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone 2025						Milestone 2030
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31, 2013			For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31, 2013
Increase (decrease) in net assets resulting from operations:
Net investment income	$	1,146,788		$	7,646,533		$	633,653		$	5,973,228
Net realized gain		31,414,862			20,760,859			29,592,837			18,297,139
Net change in unrealized appreciation (depreciation)		(4,074,568	)		54,928,530			(5,197,936	)		50,102,743
Net increase in net assets resulting from operations		28,487,082			83,335,922			25,028,554			74,373,110
Distributions to shareholders from:
Net investment income—Investor M Shares		—			(1,095,217	)		—			(954,213	)
Net investment income—TM Shares		—			(6,549,444	)		—			(5,017,660	)
Net realized gain—Investor M Shares		—			(1,789,541	)		—			(1,789,614	)
Net realized gain—TM Shares		—			(9,353,028	)		—			(8,236,717	)
Total distributions		—			(18,787,230	)		—			(15,998,204	)
Capital share transactions:
Proceeds from sale of shares—Investor M Shares		7,840,875			27,965,467	(a)		6,370,706			26,713,652	(a)
Proceeds from sale of shares—TM Shares		48,932,192			422,682,368	(b)		40,953,467			328,832,656	(b)
Reinvestment of distributions—Investor M Shares		—			2,884,757	(a)		—			2,743,826	(a)
Reinvestment of distributions—TM Shares		—			15,902,473	(b)		—			13,254,378	(b)
Value of shares redeemed—Investor M Shares		(1,574,404	)		(351,116,315	)(a)		(1,349,637	)		(277,940,491	)(a)
Value of shares redeemed—TM Shares		(20,819,661	)		(25,280,797	)(b)		(14,571,470	)		(17,756,010	)(b)
Net increase from capital share transactions		34,379,002			93,037,953			31,403,066			75,848,011
Total increase in net assets		62,866,084			157,586,645			56,431,620			134,222,917
NET ASSETS at beginning of period		541,032,837			383,446,192			439,300,095			305,077,178
NET ASSETS at end of period	$	603,898,921		$	541,032,837		$	495,731,715		$	439,300,095
Accumulated net investment income included in net assets at end of period	$	1,146,788		$	—		$	633,941		$	288
SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		616,582			2,405,905	(a)		486,543			2,226,363	(a)
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		—			228,767	(a)		—			210,739	(a)
Number of shares redeemed—Investor M Shares		(124,227	)		(30,933,961	)(a)		(103,165	)		(24,077,206	)(a)
Net increase (decrease) in shares outstanding—Investor M Shares		492,355			(28,299,289	)		383,378			(21,640,104	)
Number of shares sold—TM Shares		3,834,637			36,785,148	(b)		3,115,177			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		(1,638,215	)		(2,045,075	)(b)		(1,109,760	)		(1,409,427	)(b)
Net increase in shares outstanding—TM Shares		2,196,422			36,000,174			2,005,417			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

35

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone 2035						Milestone 2040
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31, 2013			For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31, 2013
Increase (decrease) in net assets resulting from operations:
Net investment income	$	199,754		$	3,911,705		$	33,217		$	3,699,969
Net realized gain		20,319,912			14,473,416			21,727,424			17,513,662
Net change in unrealized appreciation (depreciation)		(2,223,981	)		37,330,071			(3,268,466	)		37,211,720
Net increase in net assets resulting from operations		18,295,685			55,715,192			18,492,175			58,425,351
Distributions to shareholders from:
Net investment income—Investor M Shares		—			(673,540	)		—			(590,736	)
Net investment income—TM Shares		—			(3,237,669	)		—			(3,051,767	)
Net realized gain—Investor M Shares		—			(1,538,095	)		—			(2,020,014	)
Net realized gain—TM Shares		—			(6,422,227	)		—			(8,994,803	)
Total distributions		—			(11,871,531	)		—			(14,657,320	)
Capital share transactions:
Proceeds from sale of shares—Investor M Shares		4,699,328			17,844,578	(a)		5,793,296			16,621,561	(a)
Proceeds from sale of shares—TM Shares		30,679,196			218,318,139	(b)		25,682,092			215,609,580	(b)
Reinvestment of distributions—Investor M Shares		—			2,211,635	(a)		—			2,610,752	(a)
Reinvestment of distributions—TM Shares		—			9,659,896	(b)		—			12,046,568	(b)
Value of shares redeemed—Investor M Shares		(622,419	)		(180,867,654	)(a)		(905,413	)		(179,518,922	)(a)
Value of shares redeemed—TM Shares		(10,788,479	)		(10,416,698	)(b)		(8,158,775	)		(13,731,164	)(b)
Net increase from capital share transactions		23,967,626			56,749,896			22,411,200			53,638,375
Total increase in net assets		42,263,311			100,593,557			40,903,375			97,406,406
NET ASSETS at beginning of period		303,242,164			202,648,607			294,782,756			197,376,350
NET ASSETS at end of period	$	345,505,475		$	303,242,164		$	335,686,131		$	294,782,756
Accumulated net investment income included in net assets at end of period	$	199,755		$	1		$	33,217		$	—
SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		353,922			1,476,728	(a)		428,348			1,351,686	(a)
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		—			167,295	(a)		—			193,389	(a)
Number of shares redeemed—Investor M Shares		(46,577	)		(15,647,615	)(a)		(66,669	)		(15,234,060	)(a)
Net increase (decrease) in shares outstanding—Investor M Shares		307,345			(14,003,592	)		361,679			(13,688,985	)
Number of shares sold—TM Shares		2,300,847			18,583,828	(b)		1,882,672			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		(807,948	)		(813,574	)(b)		(602,049	)		(1,038,499	)(b)
Net increase in shares outstanding—TM Shares		1,492,899			18,500,957			1,280,623			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

36

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone 2045						Milestone 2050
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31, 2013			For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31, 2013
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)	$	(33,210	)	$	1,136,581		$	(26,149	)	$	235,827
Net realized gain		4,870,148			5,056,758			929,676			1,085,495
Net change in unrealized appreciation		1,889,524			11,659,178			858,911			1,709,130
Net increase in net assets resulting from operations		6,726,462			17,852,517			1,762,438			3,030,452
Distributions to shareholders from:
Net investment income—Investor M Shares		—			(252,470	)		—			(65,323	)
Net investment income—TM Shares		—			(883,710	)		—			(170,449	)
Net realized gain—Investor M Shares		—			(1,004,404	)		—			(92,986	)
Net realized gain—TM Shares		—			(3,032,750	)		—			(209,304	)
Total distributions		—			(5,173,334	)		—			(538,062	)
Capital share transactions:
Proceeds from sale of shares—Investor M Shares		3,706,132			11,376,091	(a)		1,947,712			5,197,749	(a)
Proceeds from sale of shares—TM Shares		17,289,212			67,433,261	(b)		10,677,907			15,741,828	(b)
Reinvestment of distributions—Investor M Shares		—			1,256,876	(a)		—			158,309	(a)
Reinvestment of distributions—TM Shares		—			3,916,458	(b)		—			379,753	(b)
Value of shares redeemed—Investor M Shares		(366,456	)		(47,604,661	)(a)		(210,423	)		(6,466,841	)(a)
Value of shares redeemed—TM Shares		(5,508,911	)		(4,685,630	)(b)		(3,607,460	)		(1,982,228	)(b)
Net increase from capital share transactions		15,119,977			31,692,395			8,807,736			13,028,570
Total increase in net assets		21,846,439			44,371,578			10,570,174			15,520,960
NET ASSETS at beginning of period		98,195,686			53,824,108			22,289,895			6,768,935
NET ASSETS at end of period	$	120,042,125		$	98,195,686		$	32,860,069		$	22,289,895
Accumulated net investment loss included in net assets at end of period	$	(33,210	)	$	—		$	(26,149	)	$	—
SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		253,755			857,877	(a)		151,560			458,283	(a)
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		—			86,562	(a)		—			12,426	(a)
Number of shares redeemed—Investor M Shares		(24,726	)		(3,753,550	)(a)		(16,573	)		(593,250	)(a)
Net increase (decrease) in shares outstanding—Investor M Shares		229,029			(2,809,111	)		134,987			(122,541	)
Number of shares sold—TM Shares		1,183,042			5,150,114	(b)		833,557			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		(377,535	)		(339,806	)(b)		(283,768	)		(166,800	)(b)
Net increase in shares outstanding—TM Shares		805,507			5,079,851			549,789			1,211,835

(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

37

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Low Duration Bond Investor Shares
	For the Period January 1, 2014 to June 30,  2014 (Unaudited)			For the Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	10.12		$	10.19		$	9.96		$	10.04		$	9.95		$	9.28
Income from investment operations:
Net investment income		0.05			0.13	^		0.16			0.19			0.25			0.32
Net realized and unrealized gain (loss)		0.03			(0.06	)		0.23			(0.08	)		0.10			0.65
Total from investment operations		0.08			0.07			0.39			0.11			0.35			0.97
Less distributions:
Net investment income		(0.05	)		(0.11	)		(0.16	)		(0.19	)		(0.26	)		(0.30	)
Realized gains		—			(0.03	)		—			—			—			—
Total distributions		(0.05	)		(0.14	)		(0.16	)		(0.19	)		(0.26	)		(0.30	)
Net Asset Value, end of period	$	10.15		$	10.12		$	10.19		$	9.96		$	10.04		$	9.95
Total return		0.81	%††		0.75	%		3.97	%		1.14	%		3.58	%		10.63	%
Ratios to Average Net Assets:
Expenses		0.63	%†		0.63	%		0.63	%		0.62	%		0.64	%		0.66	%
Net investment income		1.04	%†		1.30	%		1.55	%		1.93	%		2.51	%		3.27	%
Supplemental Data:
Net assets, end of period (000)	$	46,442		$	47,700		$	592,262		$	524,463		$	537,709		$	517,659
Portfolio turnover		30	%††		64	%		63	%		66	%		70	%		63	%
	Low Duration Bond T Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	10.12		$	10.20
Income from investment operations:
Net investment income		0.06			0.12	^
Net realized and unrealized gain (loss)		0.03			(0.06	)
Total from investment operations		0.09			0.06
Less distributions:
Net investment income		(0.06	)		(0.11	)
Realized gains		—			(0.03	)
Total distributions		(0.06	)		(0.14	)
Net Asset Value, end of period	$	10.15		$	10.12
Total return		0.93	%††		0.65	%††
Ratios to Average Net Assets:
Expenses		0.38	%†		0.39	%†
Net investment income		1.27	%†		1.43	%†
Supplemental Data:
Net assets, end of period (000)	$	722,178		$	554,556
Portfolio turnover		30	%††		64	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

^ Calculated based upon average shares outstanding.

† Annualized

†† Not annualized

See Notes to Financial Statements

38

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Inflation Focused Investor Shares(1)
	For the Period January 1, 2014 to June 30,  2014 (Unaudited)			For the Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	10.49		$	11.86		$	11.68		$	10.99		$	10.72		$	9.88
Income from investment operations:
Net investment income (loss)		(0.05	)		(0.31	)^		0.17			0.34			0.19			0.11
Net realized and unrealized gain (loss)		0.63			(0.76	)		0.62			0.91			0.44			0.85
Total from investment operations		0.58			(1.07	)		0.79			1.25			0.63			0.96
Less distributions:
Net investment income		(0.12	)		(0.07	)		(0.17	)		(0.36	)		(0.19	)		(0.12	)
Realized gains		—			(0.23	)		(0.44	)		(0.20	)		(0.17	)		—
Total distributions		(0.12	)		(0.30	)		(0.61	)		(0.56	)		(0.36	)		(0.12	)
Net Asset Value, end of period	$	10.95		$	10.49		$	11.86		$	11.68		$	10.99		$	10.72
Total return		5.51	%††		(9.05	)%		6.84	%		11.53	%		5.95	%		9.75	%
Ratios to Average Net Assets:
Expenses		0.64	%†		0.64	%		0.63	%		0.64	%		0.65	%		0.67	%
Net investment income (loss)		2.10	%†		(2.67	)%		1.39	%		2.94	%		1.73	%		1.13	%
Supplemental Data:
Net assets, end of period (000)	$	26,555		$	28,441		$	669,336		$	584,191		$	492,002		$	338,790
Portfolio turnover		35	%††		57	%		73	%		109	%		97	%		105	%
	Inflation Focused T Shares(1)
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	10.50		$	11.78
Income from investment operations:
Net investment income		0.15			0.14	^
Net realized and unrealized gain (loss)		0.44			(1.10	)
Total from investment operations		0.59			(0.96	)
Less distributions:
Net investment income		(0.13	)		(0.09	)
Realized gains		—			(0.23	)
Total distributions		(0.13	)		(0.32	)
Net Asset Value, end of period	$	10.96		$	10.50
Total return		5.64	%††		(8.19	)%††
Ratios to Average Net Assets:
Expenses		0.39	%†		0.40	%†
Net investment income		2.32	%†		1.46	%†
Supplemental Data:
Net assets, end of period (000)	$	494,060		$	554,377
Portfolio turnover		35	%††		57	%††

(1) Formerly Inflation Protected Securities Fund.

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

39

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	High Yield T Shares
	For the Period from May 1, 2014* to June 30, 2014 (Unaudited)
Net Asset Value, beginning of period	$	10.00
Income from investment operations:
Net investment income		0.03
Net realized and unrealized gain		0.05
Total from investment operations		0.08
Less distributions:
Net investment income		(0.03	)
Realized gains		—
Total distributions		(0.03	)
Net Asset Value, end of period	$	10.05
Total return		0.83	%††
Ratios to Average Net Assets:
Expenses		0.98	%†
Net investment income		2.40	%†
Supplemental Data:
Net assets, end of period (000)	$	361,862
Portfolio turnover		1	%††

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

40

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Equity Income Investor Shares
	For the Period January 1, 2014 to June 30,  2014 (Unaudited)			For the Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	11.10		$	9.01		$	8.27		$	8.64		$	7.70		$	5.79
Income from investment operations:
Net investment income		0.11			0.16	^		0.15			0.12			0.08			0.09
Net realized and unrealized gain (loss)		0.71			2.63			1.03			(0.13	)		0.94			1.95
Total from investment operations		0.82			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 period	$	11.92		$	11.10		$	9.01		$	8.27		$	8.64		$	7.70
Total return		7.39	%††		31.11	%		14.33	%		0.04	%		13.28	%		35.28	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.79	%†		0.81	%		0.82	%		0.84	%		0.85	%		0.88	%
Expenses net of reimbursements/waivers, if any		0.79	%†		0.81	%		0.82	%		0.83	%		0.85	%		0.88	%
Net Investment Income before reimbursements/waivers		1.63	%†		1.69	%		1.64	%		1.32	%		1.19	%		1.49	%
Net Investment Income net of reimbursements/waivers, if any		1.63	%†		1.69	%		1.64	%		1.32	%		1.19	%		1.49	%
Supplemental Data:
Net assets, end of period (000)	$	64,148		$	60,614		$	2,020,305		$	1,817,557		$	1,867,505		$	1,516,199
Portfolio turnover		44	%††		18	%		15	%		18	%		18	%		22	%
	Equity Income T Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	11.10		$	9.62
Income from investment operations:
Net investment income		0.11			0.13	^
Net realized and unrealized gain		0.73			2.08
Total from investment operations		0.84			2.21
Less distributions:
Net investment income		—			(0.17	)
Realized gains		—			(0.56	)
Total distributions		—			(0.73	)
Net Asset Value, end of period	$	11.94		$	11.10
Total return		7.57	%††		23.03	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.54	%†		0.57	%†
Expenses net of reimbursements/waivers, if any		0.54	%†		0.57	%†
Net Investment Income before reimbursements/waivers		1.87	%†		1.41	%†
Net Investment Income net of reimbursements/waivers, if any		1.88	%†		1.41	%†
Supplemental Data:
Net assets, end of period (000)	$	2,340,351		$	2,426,828
Portfolio turnover		44	%††		18	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

41

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Growth & Income Investor Shares
	For the Period January 1, 2014 to June 30,  2014 (Unaudited)			For the Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	13.22		$	10.71		$	9.49		$	9.67		$	8.49		$	6.43
Income from investment operations:
Net investment income		0.10			0.11	^		0.14			0.11			0.08			0.10
Net realized and unrealized gain (loss)		0.77			3.51			1.42			(0.18	)		1.18			2.06
Total from investment operations		0.87			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 period	$	14.09		$	13.22		$	10.71		$	9.49		$	9.67		$	8.49
Total return		6.58	%††		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	%		0.78	%		0.79	%		0.82	%
Expenses net of reimbursements/waivers, if any		0.77	%†		0.78	%		0.78	%		0.78	%		0.79	%		0.81	%
Net Investment Income before reimbursements/waivers		1.58	%†		0.93	%		1.32	%		1.12	%		0.91	%		1.39	%
Net Investment Income net of reimbursements/waivers, if any		1.59	%†		0.93	%		1.32	%		1.12	%		0.91	%		1.39	%
Supplemental Data:
Net assets, end of period (000)	$	42,702		$	39,944		$	1,305,504		$	1,162,482		$	1,228,122		$	1,023,636
Portfolio turnover		14	%††		35	%		25	%		40	%		46	%		111	%
	Growth & Income T Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	13.22		$	11.44
Income from investment operations:
Net investment income		0.13			0.13	^
Net realized and unrealized gain		0.76			2.79
Total from investment operations		0.89			2.92
Less distributions:
Net investment income		—			(0.16	)
Realized gains		—			(0.98	)
Total distributions		—			(1.14	)
Net Asset Value, end of period	$	14.11		$	13.22
Total return		6.73	%††		25.69	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.53	%†		0.54	%†
Expenses net of reimbursements/waivers, if any		0.52	%†		0.53	%†
Net Investment Income before reimbursements/waivers		1.84	%†		1.18	%†
Net Investment Income net of reimbursements/waivers, if any		1.85	%†		1.18	%†
Supplemental Data:
Net assets, end of period (000)	$	1,646,966		$	1,696,122
Portfolio turnover		14	%††		35	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

42

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Growth Investor Shares
	For the Period January 1, 2014 to June 30,  2014 (Unaudited)			For the Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	12.70	**	$	9.53		$	8.36		$	8.78		$	7.70		$	5.91
Income from investment operations:
Net investment income		0.03			0.03	^		0.05			0.04			0.05			0.04
Net realized and unrealized gain (loss)		0.51			3.18			1.18			(0.42	)		1.09			1.79
Total from investment operations		0.54			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 period	$	13.24		$	12.70	**	$	9.53		$	8.36		$	8.78		$	7.70
Total return		4.25	%††		33.71	%**		14.67	%		(4.27	)%		14.76	%		31.02	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.78	%†		0.77	%		0.78	%		0.83	%		0.86	%		0.86	%
Expenses net of reimbursements/waivers, if any		0.78	%†		0.77	%		0.78	%		0.81	%		0.84	%		0.84	%
Net Investment Income before reimbursements/waivers		0.19	%†		0.33	%		0.57	%		0.47	%		0.64	%		0.64	%
Net Investment Income net of reimbursements/waivers, if any		0.19	%†		0.33	%		0.57	%		0.49	%		0.66	%		0.66	%
Supplemental Data:
Net assets, end of period (000)	$	31,595		$	31,157		$	1,880,929		$	1,751,075		$	1,971,807		$	1,814,533
Portfolio turnover		24	%††		53	%		87	%		70	%		117	%		89	%
	Growth T Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	12.71		$	10.07
Income from investment operations:
Net investment income		0.03			0.06	^
Net realized and unrealized gain		0.52			2.64
Total from investment operations		0.55			2.70
Less distributions:
Net investment income		—			(0.06	)
Realized gains		—			—
Total distributions		—			(0.06	)
Net Asset Value, end of period	$	13.26		$	12.71
Total return		4.33	%††		26.87	%††
Ratios to Average Net Assets:
Expenses		0.53	%†		0.53	%†
Net investment income		0.44	%†		0.60	%†
Supplemental Data:
Net assets, end of period (000)	$	2,260,626		$	2,294,323
Portfolio turnover		24	%††		53	%††

** 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).

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

43

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Select Value Investor Shares
	For the Period January 1, 2014 to June 30,  2014 (Unaudited)			For the Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	12.86		$	10.95		$	9.73		$	9.84		$	8.25		$	6.07
Income from investment operations:
Net investment income		0.10			0.10	^		0.19			0.10			0.09			0.10
Net realized and unrealized gain (loss)		0.74			3.67			1.42			(0.12	)		1.59			2.14
Total from investment operations		0.84			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 period	$	13.70		$	12.86		$	10.95		$	9.73		$	9.84		$	8.25
Total return		6.53	%††		34.65	%		16.55	%		(0.16	)%		20.34	%		36.99	%
Ratios to Average Net Assets:
Expenses		0.98	%†		0.98	%		0.99	%		0.99	%		1.00	%		1.04	%
Net investment income		1.11	%†		0.84	%		1.73	%		0.96	%		1.01	%		1.42	%
Supplemental Data:
Net assets, end of period (000)	$	9,564		$	9,120		$	355,590		$	320,019		$	338,336		$	295,800
Portfolio turnover		37	%††		77	%		51	%		60	%		68	%		85	%
	Select Value T Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	12.87		$	12.00
Income from investment operations:
Net investment income		0.09			0.15	^
Net realized and unrealized gain		0.76			2.60
Total from investment operations		0.85			2.75
Less distributions:
Net investment income		—			(0.15	)
Realized gains		—			(1.73	)
Total distributions		—			(1.88	)
Net Asset Value, end of period	$	13.72		$	12.87
Total return		6.60	%††		23.15	%††
Ratios to Average Net Assets:
Expenses		0.73	%†		0.73	%†
Net investment income		1.34	%†		1.34	%†
Supplemental Data:
Net assets, end of period (000)	$	464,263		$	467,616
Portfolio turnover		37	%††		77	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

44

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Aggressive Opportunities Investor Shares
	For the Period January 1, 2014 to June 30,  2014 (Unaudited)			For the Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	12.85		$	10.20		$	9.26		$	11.34		$	9.52		$	6.32
Income from investment operations:
Net investment income		0.04			0.00	#^		0.07			0.03			0.01			0.00	#
Net realized and unrealized gain (loss)		0.54			3.90			1.35			(1.23	)		1.81			3.22
Total from investment operations		0.58			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 period	$	13.43		$	12.85		$	10.20		$	9.26		$	11.34		$	9.52
Total return		4.51	%††		38.53	%		15.44	%		(10.42	)%		19.12	%		50.95	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.83	%†		0.82	%		0.90	%		0.91	%		0.93	%		0.99	%
Expenses net of reimbursements/waivers, if any		0.83	%†		0.82	%		0.90	%		0.91	%		0.93	%		0.98	%
Net Investment income (loss) before reimbursements/waivers		0.30	%†		0.00	%		0.61	%		0.21	%		0.05	%		(0.02	)%
Net Investment Income (Loss) net of reimbursements/waivers, if any		0.30	%†		0.00	%**		0.61	%		0.21	%		0.05	%		(0.02	)%
Supplemental Data:
Net assets, end of period (000)	$	33,582		$	32,513		$	993,729		$	957,271		$	1,147,570		$	1,010,098
Portfolio turnover		26	%††		51	%		94	%		53	%		96	%		53	%
	Aggressive Opportunities T Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	12.85		$	11.04
Income from investment operations:
Net investment income		0.03			0.04	^
Net realized and unrealized gain		0.57			3.05
Total from investment operations		0.60			3.09
Less distributions:
Net investment income		—			(0.07	)
Realized gains		—			(1.21	)
Total distributions		—			(1.28	)
Net Asset Value, end of period	$	13.45		$	12.85
Total return		4.67	%††		28.23	%††
Ratios to Average Net Assets:
Expenses		0.58	%†		0.59	%†
Net investment income		0.53	%†		0.42	%†
Supplemental Data:
Net assets, end of period (000)	$	1,107,127		$	1,210,202
Portfolio turnover		26	%††		51	%††

# Rounds to less than $0.01

^ Calculated based upon average shares outstanding.

** Rounds to less than 0.01%

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

45

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Discovery Investor Shares
	For the Period January 1, 2014 to June 30,  2014 (Unaudited)			For the Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	10.86		$	9.48		$	8.74		$	9.42		$	7.54		$	5.46
Income from investment operations:
Net investment income		0.34			0.08	^		0.12			0.10			0.08			0.08
Net realized and unrealized gain (loss)		0.29			3.61			1.25			(0.68	)		1.89			2.07
Total from investment operations		0.63			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 period	$	11.49		$	10.86		$	9.48		$	8.74		$	9.42		$	7.54
Total return		5.80	%††		39.34	%		15.74	%		(6.15	)%		26.08	%		39.32	%
Ratios to Average Net Assets:
Expenses		0.95	%†		0.97	%		0.97	%		0.95	%		0.98	%		0.99	%
Net investment income		0.47	%†		0.79	%		1.25	%		1.05	%		0.97	%		1.35	%
Supplemental Data:
Net assets, end of period (000)	$	5,855		$	3,742		$	212,873		$	193,872		$	212,770		$	178,174
Portfolio turnover		56	%††		77	%		81	%		86	%		73	%		85	%
	Discovery T Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	10.86		$	10.27
Income from investment operations:
Net investment income		0.04			0.10	^
Net realized and unrealized gain		0.61			2.82
Total from investment operations		0.65			2.92
Less distributions:
Net investment income		—			(0.11	)
Realized gains		—			(2.22	)
Total distributions		—			(2.33	)
Net Asset Value, end of period	$	11.51		$	10.86
Total return		5.99	%††		28.84	%††
Ratios to Average Net Assets:
Expenses		0.70	%†		0.71	%†
Net investment income		0.72	%†		1.00	%†
Supplemental Data:
Net assets, end of period (000)	$	284,562		$	275,107
Portfolio turnover		56	%††		77	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

46

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	International Investor Shares
	For the Period January 1, 2014 to June 30,  2014 (Unaudited)			For the Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	11.08	**	$	9.63		$	8.32		$	9.34		$	8.85		$	6.94
Income from investment operations:
Net investment income		0.02			0.06	^		0.22			0.20			0.15			0.12
Net realized and unrealized gain (loss)		0.69			1.61			1.32			(1.01	)		0.52			1.96
Total from investment operations		0.71			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 period	$	11.79		$	11.08	**	$	9.63		$	8.32		$	9.34		$	8.85
Total return		6.41	%††		17.43	%**		18.57	%		(8.57	)%		7.61	%		29.97	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.98	%†		0.97	%		0.98	%		0.97	%		0.98	%		1.05	%
Expenses net of reimbursements/waivers, if any		0.98	%†		0.97	%		0.98	%		0.95	%		0.98	%		1.05	%
Net Investment Income before reimbursements/waivers		3.54	%†		0.61	%		2.32	%		2.25	%		1.95	%		1.70	%
Net Investment Income net of reimbursements/waivers, if any		3.54	%†		0.61	%		2.32	%		2.26	%		1.95	%		1.70	%
Supplemental Data:
Net assets, end of period (000)	$	17,817		$	16,440		$	1,305,510		$	1,139,964		$	1,218,763		$	1,015,627
Portfolio turnover		18	%††		51	%		49	%		50	%		53	%		164	%
	International T Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	11.09		$	9.85
Income from investment operations:
Net investment income		0.21			0.21	^
Net realized and unrealized gain		0.51			1.28
Total from investment operations		0.72			1.49
Less distributions:
Net investment income		—			(0.25	)
Realized gains		—			—
Total distributions		—			(0.25	)
Net Asset Value, end of period	$	11.81		$	11.09
Total return		6.49	%††		15.14	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.73	%†		0.75	%†
Expenses net of reimbursements/waivers, if any		0.73	%†		0.75	%†
Net Investment Income before reimbursements/waivers		3.77	%†		2.38	%†
Net Investment Income net of reimbursements/waivers, if any		3.78	%†		2.38	%†
Supplemental Data:
Net assets, end of period (000)	$	1,526,919		$	1,418,996
Portfolio turnover		18	%††		51	%††

** 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).

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

See Notes to Financial Statements

47

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Diversifying Strategies T Shares(1)
	For the Period January 1, 2014 to June 30,  2014 (Unaudited)			For the Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	10.43		$	10.16		$	10.01		$	10.16		$	9.85		$	9.28
Income from investment operations:
Net investment income		0.06			0.12	^		0.12			0.10			0.06			0.09
Net realized and unrealized gain (loss)		0.38			0.47			0.23			(0.09	)		0.44			0.53
Total from investment operations		0.44			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 period	$	10.87		$	10.43		$	10.16		$	10.01		$	10.16		$	9.85
Total return		4.22	%††		5.81	%		3.53	%		0.10	%		5.04	%		6.64	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.57	%†		0.66	%		0.89	%		0.91	%		0.91	%		0.96	%
Expenses net of reimbursements/waivers, if any		0.53	%†		0.59	%		0.80	%		0.85	%		0.91	%		0.95	%
Net Investment Income before reimbursements/waivers		1.14	%†		1.13	%		1.04	%		0.93	%		1.06	%		1.05	%
Net Investment Income net of reimbursements/waivers, if any		1.18	%†		1.19	%		1.12	%		1.00	%		1.06	%		1.06	%
Supplemental Data:
Net assets, end of period (000)	$	1,078,254		$	1,093,589		$	964,774		$	849,777		$	870,591		$	453,196
Portfolio turnover		69	%††		70	%		71	%		73	%		63	%		129	%

^ Calculated based upon average shares outstanding.

(1) Formerly Diversified Assets Fund.

† Annualized

†† Not annualized

See Notes to Financial Statements

48

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Core Bond Index Class I
	For the Period January 1, 2014 to June 30,  2014 (Unaudited)			For the Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	10.00		$	10.54		$	10.47		$	10.10		$	9.89		$	9.81
Income from investment operations:
Net investment income		0.11			0.23	^		0.25			0.31			0.34			0.40
Net realized and unrealized gain (loss)		0.26			(0.50	)		0.14			0.42			0.26			0.13
Total from investment operations		0.37			(0.27	)		0.39			0.73			0.60			0.53
Less distributions:
Net investment income		(0.12	)		(0.27	)		(0.32	)		(0.36	)		(0.39	)		(0.45	)
Realized gains		—			—			—			—			—			—
Total distributions		(0.12	)		(0.27	)		(0.32	)		(0.36	)		(0.39	)		(0.45	)
Net Asset Value, end of period	$	10.25		$	10.00		$	10.54		$	10.47		$	10.10		$	9.89
Total return		3.74	%††		(2.62	)%		3.80	%		7.41	%		6.13	%		5.57	%
Ratios to Average Net Assets:
Expenses		0.42	%†		0.40	%		0.41	%		0.41	%		0.42	%		0.42	%
Net investment income		2.03	%†		2.23	%		2.38	%		3.00	%		3.31	%		3.99	%
Supplemental Data:
Net assets, end of period (000)	$	22,735		$	22,055		$	905,486		$	813,431		$	824,963		$	857,504
Portfolio turnover		83	%††		120	%		64	%		57	%		85	%		60	%
	Core Bond Index Class II
	For the Period January 1, 2014 to June 30,  2014 (Unaudited)			For the Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	10.06		$	10.60		$	10.53		$	10.16		$	9.94		$	9.86
Income from investment operations:
Net investment income		0.11			0.25	^		0.27			0.33			0.36			0.42
Net realized and unrealized gain (loss)		0.27			(0.50	)		0.14			0.43			0.27			0.13
Total from investment operations		0.38			(0.25	)		0.41			0.76			0.63			0.55
Less distributions:
Net investment income		(0.13	)		(0.29	)		(0.34	)		(0.39	)		(0.41	)		(0.47	)
Realized gains		—			—			—			—			—			—
Total distributions		(0.13	)		(0.29	)		(0.34	)		(0.39	)		(0.41	)		(0.47	)
Net Asset Value, end of period	$	10.31		$	10.06		$	10.60		$	10.53		$	10.16		$	9.94
Total return		3.82	%††		(2.38	)%		3.98	%		7.57	%		6.41	%		5.74	%
Ratios to Average Net Assets:
Expenses		0.22	%†		0.20	%		0.21	%		0.21	%		0.22	%		0.22	%
Net investment income		2.23	%†		2.40	%		2.59	%		3.15	%		3.51	%		4.21	%
Supplemental Data:
Net assets, end of period (000)	$	27,752		$	26,490		$	337,639		$	320,809		$	282,359		$	238,193
Portfolio turnover		83	%††		120	%		64	%		57	%		85	%		60	%

^ Calculated based upon average shares outstanding.

† Annualized

†† Not annualized

See Notes to Financial Statements

49

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Core Bond Index T Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	10.00		$	10.46
Income from investment operations:
Net investment income		0.12			0.19	^
Net realized and unrealized gain (loss)		0.26			(0.40	)
Total from investment operations		0.38			(0.21	)
Less distributions:
Net investment income		(0.13	)		(0.25	)
Realized gains		—			—
Total distributions		(0.13	)		(0.25	)
Net Asset Value, end of period	$	10.25		$	10.00
Total return		3.87	%††		(2.06	)%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.22	%†		0.21	%†
Expenses net of reimbursements/waivers, if any		0.17	%†		0.16	%†
Net Investment Income before reimbursements/waivers		2.22	%†		2.17	%†
Net Investment Income net of reimbursements/waivers, if any		2.27	%†		2.22	%†
Supplemental Data:
Net assets, end of period (000)	$	1,597,234		$	1,231,000
Portfolio turnover		83	%††		120	%††

* Commencement of Operations.

^ Calculated based upon average shares outstanding.

† Annualized

†† Not annualized

See Notes to Financial Statements

50

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	500 Stock Index Class I
	For the Period January 1, 2014 to June 30,  2014 (Unaudited)			For the Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	14.66		$	11.32		$	9.96		$	9.95		$	8.81		$	7.12
Income from investment operations:
Net investment income		0.09			0.23	^		0.20			0.17			0.15			0.16
Net realized and unrealized gain		0.93			3.36			1.36			0.00	#		1.13			1.70
Total from investment operations		1.02			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 period	$	15.68		$	14.66		$	11.32		$	9.96		$	9.95		$	8.81
Total return		6.96	%††		31.78	%		15.62	%		1.72	%		14.56	%		26.13	%
Ratios to Average Net Assets:
Expenses		0.41	%†		0.41	%		0.42	%		0.42	%		0.43	%		0.44	%
Net investment income		1.63	%†		1.78	%		1.89	%		1.65	%		1.63	%		2.19	%
Supplemental Data:
Net assets, end of period (000)	$	37,576		$	31,916		$	111,410		$	94,197		$	102,642		$	85,772
Portfolio turnover		2	%††		8	%		3	%		3	%		3	%		15	%
	500 Stock Index Class II
	For the Period January 1, 2014 to June 30,  2014 (Unaudited)			For the Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	13.80	**	$	10.65	***	$	9.39		$	9.39		$	8.32		$	6.73
Income from investment operations:
Net investment income (loss)		(1.18	)		0.24	^		0.22			0.18			0.16			0.19
Net realized and unrealized gain		2.14			3.19			1.26			0.00	#		1.07			1.58
Total from investment operations		0.96			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 period	$	14.76		$	13.80	**	$	10.65	***	$	9.39		$	9.39		$	8.32
Total return		6.96	%††		32.23	%**		15.74	%***		1.97	%		14.78	%		26.35	%
Ratios to Average Net Assets:
Expenses		0.21	%†		0.21	%		0.22	%		0.22	%		0.23	%		0.24	%
Net investment income		1.83	%†		2.12	%		2.09	%		1.86	%		1.84	%		2.40	%
Supplemental Data:
Net assets, end of period (000)	$	2,869		$	2,271		$	341,571		$	287,072		$	281,443		$	237,743
Portfolio turnover		2	%††		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).

† Annualized

†† Not annualized

See Notes to Financial Statements

51

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	500 Stock Index T Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	14.67		$	12.06
Income from investment operations:
Net investment income		0.14			0.22	^
Net realized and unrealized gain		0.89			2.67
Total from investment operations		1.03			2.89
Less distributions:
Net investment income		—			(0.24	)
Realized gains		—			(0.04	)
Total distributions		—			(0.28	)
Net Asset Value, end of period	$	15.70		$	14.67
Total return		7.02	%††		23.99	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.21	%†		0.21	%†
Expenses net of reimbursements/waivers, if any		0.16	%†		0.16	%†
Net Investment Income before reimbursements/waivers		1.82	%†		1.86	%†
Net Investment Income net of reimbursements/waivers, if any		1.87	%†		1.91	%†
Supplemental Data:
Net assets, end of period (000)	$	653,450		$	627,600
Portfolio turnover		2	%††		8	%††

^ Calculated based upon average shares outstanding.

† Annualized

†† Not annualized

See Notes to Financial Statements

52

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Broad Market Index Class I
	For the Period January 1, 2014 to June 30,  2014 (Unaudited)			For the Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	15.84		$	12.23		$	10.85		$	10.92		$	9.47		$	7.53
Income from investment operations:
Net investment income		0.06			0.23	^		0.24			0.20			0.16			0.17
Net realized and unrealized gain (loss)		1.01			3.80			1.45			(0.11	)		1.43			1.92
Total from investment operations		1.07			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 period	$	16.91		$	15.84		$	12.23		$	10.85		$	10.92		$	9.47
Total return		6.76	%††		33.04	%		15.64	%		0.85	%		16.84	%		27.78	%
Ratios to Average Net Assets:
Expenses		0.41	%†		0.40	%		0.42	%		0.41	%		0.42	%		0.43	%
Net investment income		1.58	%†		1.68	%		1.89	%		1.56	%		1.55	%		2.05	%
Supplemental Data:
Net assets, end of period (000)	$	41,834		$	36,076		$	126,835		$	114,674		$	131,673		$	119,777
Portfolio turnover		2	%††		9	%		3	%		1	%		6	%		7	%
	Broad Market Index Class II
	For the Period January 1, 2014 to June 30,  2014 (Unaudited)			For the Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	14.82		$	11.46		$	10.19		$	10.27		$	8.91		$	7.09
Income from investment operations:
Net investment income		0.11			0.24	^		0.24			0.19			0.16			0.18
Net realized and unrealized gain (loss)		0.91			3.57			1.37			(0.09	)		1.36			1.81
Total from investment operations		1.02			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 period	$	15.84		$	14.82		$	11.46		$	10.19		$	10.27		$	8.91
Total return		6.88	%††		33.36	%		15.82	%		1.07	%		17.12	%		28.04	%
Ratios to Average Net Assets:
Expenses		0.21	%†		0.20	%		0.22	%		0.21	%		0.22	%		0.23	%
Net investment income		1.78	%†		1.97	%		2.09	%		1.77	%		1.75	%		2.26	%
Supplemental Data:
Net assets, end of period (000)	$	17,038		$	15,887		$	427,467		$	389,031		$	406,029		$	358,250
Portfolio turnover		2	%††		9	%		3	%		1	%		6	%		7	%

^ Calculated based upon average shares outstanding.

† Annualized

†† Not annualized

See Notes to Financial Statements

53

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Broad Market Index T Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	15.85	**	$	13.05
Income from investment operations:
Net investment income		0.15			0.23	^
Net realized and unrealized gain		0.93			3.02
Total from investment operations		1.08			3.25
Less distributions:
Net investment income		—			(0.24	)
Realized gains		—			(0.21	)
Total distributions		—			(0.45	)
Net Asset Value, end of period	$	16.93		$	15.85	**
Total return		6.81	%††		25.01	%**††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.21	%†		0.21	%†
Expenses net of reimbursements/waivers, if any		0.16	%†		0.16	%†
Net Investment Income before reimbursements/waivers		1.78	%†		1.81	%†
Net Investment Income net of reimbursements/waivers, if any		1.83	%†		1.86	%†
Supplemental Data:
Net assets, end of period (000)	$	784,217		$	728,118
Portfolio turnover		2	%††		9	%††

* 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 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).

^ Calculated based upon average shares outstanding.

† Annualized

†† Not annualized

See Notes to Financial Statements

54

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Mid/Small Company Index Class I
	For the Period January 1,  2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	19.75		$	15.67		$	14.02		$	15.39		$	12.35		$	9.17
Income from investment operations:
Net investment income		0.08			0.19	^		0.28			0.16			0.13			0.13
Net realized and unrealized gain (loss)		1.06			5.60			2.21			(0.78	)		3.31			3.19
Total from investment operations		1.14			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 period	$	20.89		$	19.75		$	15.67		$	14.02		$	15.39		$	12.35
Total return		5.77	%††		37.19	%		17.89	%		(3.91	)%		27.93	%		36.19	%
Ratios to Average Net Assets:
Expenses		0.41	%†		0.41	%		0.43	%		0.43	%		0.45	%		0.48	%
Net investment income		1.39	%†		1.10	%		1.87	%		1.11	%		1.16	%		1.46	%
Supplemental Data:
Net assets, end of period (000)	$	31,618		$	28,367		$	297,378		$	247,732		$	243,794		$	134,165
Portfolio turnover		9	%††		37	%		14	%		15	%		14	%		25	%
	Mid/Small Company Index Class II
	For the Period January 1, 2014 to June 30,  2014 (Unaudited)			For the Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	18.53		$	14.78		$	13.26		$	14.60		$	11.73		$	8.71
Income from investment operations:
Net investment income (loss)		(0.14	)		0.20	^		0.30			0.19			0.15			0.17
Net realized and unrealized gain (loss)		1.23			5.30			2.09			(0.76	)		3.14			3.00
Total from investment operations		1.09			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 period	$	19.62		$	18.53		$	14.78		$	13.26		$	14.60		$	11.73
Total return		5.88	%††		37.42	%		18.17	%		(3.70	)%		28.15	%		36.47	%
Ratios to Average Net Assets:
Expenses		0.21	%†		0.21	%		0.23	%		0.23	%		0.25	%		0.28	%
Net investment income		1.59	%†		1.23	%		2.07	%		1.30	%		1.35	%		1.66	%
Supplemental Data:
Net assets, end of period (000)	$	6,440		$	5,541		$	194,775		$	160,710		$	161,178		$	97,453
Portfolio turnover		9	%††		37	%		14	%		15	%		14	%		25	%

^ Calculated based upon average shares outstanding.

† Annualized

†† Not annualized

See Notes to Financial Statements

55

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Mid/Small Company Index T Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	19.76		$	16.91
Income from investment operations:
Net investment income		0.16			0.26	^
Net realized and unrealized gain		1.00			4.34
Total from investment operations		1.16			4.60
Less distributions:
Net investment income		—			(0.26	)
Realized gains		—			(1.49	)
Total distributions		—			(1.75	)
Net Asset Value, end of period	$	20.92		$	19.76
Total return		5.87	%††		27.41	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.21	%†		0.22	%†
Expenses net of reimbursements/waivers, if any		0.16	%†		0.17	%†
Net Investment Income before reimbursements/waivers		1.58	%†		1.59	%†
Net Investment Income net of reimbursements/waivers, if any		1.63	%†		1.64	%†
Supplemental Data:
Net assets, end of period (000)	$	704,420		$	686,939
Portfolio turnover		9	%††		37	%††

* Commencement of Operations.

^ Calculated based upon average shares outstanding.

† Annualized

†† Not annualized

See Notes to Financial Statements

56

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Overseas Equity Index Class I
	For the Period January 1, 2014 to June 30,  2014 (Unaudited)			For the Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	12.59		$	10.61		$	9.19		$	10.82		$	10.30		$	8.20
Income from investment operations:
Net investment income		0.25			0.22	^		0.29			0.33			0.23			0.22
Net realized and unrealized gain (loss)		0.34			2.04			1.41			(1.68	)		0.52			2.12
Total from investment operations		0.59			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 period	$	13.18		$	12.59		$	10.61		$	9.19		$	10.82		$	10.30
Total return		4.69	%††		21.35	%		18.51	%		(12.42	)%		7.37	%		28.63	%
Ratios to Average Net Assets:
Expenses		0.54	%†		0.54	%		0.55	%		0.54	%		0.56	%		0.59	%
Net investment income		4.71	%†		1.91	%		2.92	%		2.93	%		2.27	%		2.61	%
Supplemental Data:
Net assets, end of period (000)	$	12,745		$	11,103		$	55,335		$	44,911		$	57,649		$	52,937
Portfolio turnover		4	%††		11	%		6	%		2	%		2	%		5	%
	Overseas Equity Index Class II
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	11.75		$	9.91		$	8.60		$	10.16		$	9.69		$	7.72
Income from investment operations:
Net investment income		0.33			0.15	^		0.29			0.31			0.23			0.23
Net realized and unrealized gain (loss)		0.23			1.99			1.32			(1.57	)		0.50			2.00
Total from investment operations		0.56			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 period	$	12.31		$	11.75		$	9.91		$	8.60		$	10.16		$	9.69
Total return		4.77	%††		21.68	%		18.74	%		(12.28	)%		7.54	%		28.94	%
Ratios to Average Net Assets:
Expenses		0.34	%†		0.34	%		0.35	%		0.34	%		0.36	%		0.39	%
Net investment income		4.94	%†		1.49	%		3.10	%		3.11	%		2.45	%		2.83	%
Supplemental Data:
Net assets, end of period (000)	$	3,560		$	3,327		$	173,354		$	132,873		$	149,208		$	128,002
Portfolio turnover		4	%††		11	%		6	%		2	%		2	%		5	%

^ Calculated based upon average shares outstanding.

† Annualized

†† Not annualized

See Notes to Financial Statements

57

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Overseas Equity Index T Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	12.60		$	10.91
Income from investment operations:
Net investment income		0.30			0.28	^
Net realized and unrealized gain		0.29			1.71
Total from investment operations		0.59			1.99
Less distributions:
Net investment income		—			(0.30	)
Realized gains		—			—
Total distributions		—			(0.30	)
Net Asset Value, end of period	$	13.19		$	12.60
Total return		4.68	%††		18.34	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.34	%†		0.35	%†
Expenses net of reimbursements/waivers, if any		0.29	%†		0.30	%†
Net Investment Income before reimbursements/waivers		4.93	%†		2.78	%†
Net Investment Income net of reimbursements/waivers, if any		4.98	%†		2.83	%†
Supplemental Data:
Net assets, end of period (000)	$	308,042		$	282,482
Portfolio turnover		4	%††		11	%††

* Commencement of Operations.

^ Calculated based upon average shares outstanding.

† Annualized

†† Not annualized

See Notes to Financial Statements

58

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Model Portfolio Conservative Growth Investor M Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	26.81		$	24.89		$	23.46		$	23.62		$	22.13		$	19.04
Income from investment operations:
Net investment income		0.07			0.22	^		0.46			0.43			0.40			0.44
Net realized and unrealized gain (loss)		0.90			2.52			1.62			(0.16	)		1.50			3.08
Total from investment operations		0.97			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 period	$	27.78		$	26.81		$	24.89		$	23.46		$	23.62		$	22.13
Total return		3.62	%††		11.03	%		8.88	%		1.15	%		8.60	%		18.50	%
Ratios to Average Net Assets:
Expenses		0.38	%†		0.24	%		0.13	%		0.12	%		0.13	%		0.15	%
Net investment income		0.55	%†		0.86	%		1.66	%		1.67	%		1.80	%		2.20	%
Supplemental Data:
Net assets, end of period (000)	$	106,884		$	102,862		$	607,812		$	556,164		$	586,912		$	528,183
Portfolio turnover		28	%††		11	%		7	%		14	%		23	%		13	%
	Model Portfolio Conservative Growth TM Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	26.81		$	25.52
Income from investment operations:
Net investment income		0.11			0.35	^
Net realized and unrealized gain		0.89			1.82
Total from investment operations		1.00			2.17
Less distributions:
Net investment income		—			(0.40	)
Realized gains		—			(0.48	)
Total distributions		—			(0.88	)
Net Asset Value, end of period	$	27.81		$	26.81
Total return		3.73	%††		8.50	%††
Ratios to Average Net Assets:
Expenses		0.13	%†		0.13	%†
Net investment income		0.80	%†		1.59	%†
Supplemental Data:
Net assets, end of period (000)	$	567,828		$	558,569
Portfolio turnover		28	%††		11	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

59

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Model Portfolio Traditional Growth Investor M Shares
	For the Period January 1,  2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	26.38		$	23.25		$	21.52		$	22.17		$	20.28		$	16.65
Income from investment operations:
Net investment income		0.03			0.16	^		0.42			0.38			0.33			0.33
Net realized and unrealized gain (loss)		1.17			3.96			1.99			(0.50	)		1.89			3.62
Total from investment operations		1.20			4.12			2.41			(0.12	)		2.22			3.95
Less distributions:
Net investment income		—			(0.53	)		(0.42	)		(0.48	)		(0.33	)		(0.30	)
Realized gains		—			(0.46	)		(0.26	)		(0.05	)		—			(0.02	)
Total distributions		—			(0.99	)		(0.68	)		(0.53	)		(0.33	)		(0.32	)
Net Asset Value, end of period	$	27.58		$	26.38		$	23.25		$	21.52		$	22.17		$	20.28
Total return		4.55	%††		17.74	%		11.20	%		(0.56	)%		10.95	%		23.72	%
Ratios to Average Net Assets:
Expenses		0.36	%†		0.18	%		0.11	%		0.11	%		0.12	%		0.13	%
Net investment income		0.29	%†		0.64	%		1.66	%		1.52	%		1.57	%		1.86	%
Supplemental Data:
Net assets, end of period (000)	$	134,997		$	124,346		$	1,493,678		$	1,366,108		$	1,495,757		$	1,353,050
Portfolio turnover		14	%††		9	%		7	%		13	%		15	%		8	%
	Model Portfolio Traditional Growth TM Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	26.38		$	24.12
Income from investment operations:
Net investment income		0.07			0.35	^
Net realized and unrealized gain		1.17			2.96
Total from investment operations		1.24			3 .31
Less distributions:
Net investment income		—			(0.38	)
Realized gains		—			(0.67	)
Total distributions		—			(1.05	)
Net Asset Value, end of period	$	27.62		$	26.38
Total return		4.70	%††		13.71	%††
Ratios to Average Net Assets:
Expenses		0.11	%†		0.12	%†
Net investment income		0.53	%†		1.64	%†
Supplemental Data:
Net assets, end of period (000)	$	1,613,138		$	1,565,740
Portfolio turnover		14	%††		9	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

60

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Model Portfolio Long-Term Growth Investor M Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	26.06		$	22.20		$	20.32		$	21.41		$	19.30		$	15.35
Income from investment operations:
Net investment income		0.00	#		0.11	^		0.38			0.35			0.27			0.26
Net realized and unrealized gain (loss)		1.39			4.90			2.24			(0.77	)		2.15			3.99
Total from investment operations		1.39			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 period	$	27.45		$	26.06		$	22.20		$	20.32		$	21.41		$	19.30
Total return		5.33	%††		22.55	%		12.93	%		(1.98	)%		12.54	%		27.67	%
Ratios to Average Net Assets:
Expenses		0.36	%†		0.16	%		0.11	%		0.11	%		0.12	%		0.13	%
Net investment income		0.05	%†		0.48	%		1.65	%		1.42	%		1.40	%		1.63	%
Supplemental Data:
Net assets, end of period (000)	$	118,496		$	108,362		$	1,896,812		$	1,712,228		$	1,848,430		$	1,621,102
Portfolio turnover		10	%††		10	%		7	%		11	%		10	%		5	%
	Model Portfolio Long-Term Growth TM Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	26.07		$	23.25
Income from investment operations:
Net investment income		0.04			0.35	^
Net realized and unrealized gain		1.38			3.67
Total from investment operations		1.42			4.02
Less distributions:
Net investment income		—			(0.37	)
Realized gains		—			(0.83	)
Total distributions		—			(1.20	)
Net Asset Value, end of period	$	27.49		$	26.07
Total return		5.45	%††		17.28	%††
Ratios to Average Net Assets:
Expenses		0.11	%†		0.11	%†
Net investment income		0.30	%†		1.67	%†
Supplemental Data:
Net assets, end of period (000)	$	2,177,014		$	2,103,778
Portfolio turnover		10	%††		10	%††

# Rounds to less than $0.01

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

61

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Model Portfolio All-Equity Growth Investor M Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	26.85		$	21.34		$	18.69		$	19.81		$	17.38		$	13.07
Income from investment operations:
Net investment income (loss)		(0.04	)		0.05	^		0.32			0.28			0.16			0.18
Net realized and unrealized gain (loss)		1.63			6.43			2.67			(1.12	)		2.43			4.41
Total from investment operations		1.59			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 period	$	28.44		$	26.85		$	21.34		$	18.69		$	19.81		$	17.38
Total return		5.92	%††		30.36	%		16.00	%		(4.23	)%		14.93	%		35.07	%
Ratios to Average Net Assets:
Expenses		0.37	%†		0.17	%		0.12	%		0.12	%		0.13	%		0.14	%
Net investment income (loss)		(0.30	)%†		0.20	%		1.37	%		1.24	%		0.95	%		1.30	%
Supplemental Data:
Net assets, end of period (000)	$	52,662		$	49,174		$	709,330		$	649,826		$	715,090		$	591,533
Portfolio turnover		8	%††		8	%		9	%		9	%		6	%		3	%
	Model Portfolio All-Equity Growth TM Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	26.86		$	22.67
Income from investment operations:
Net investment income (loss)		(0.01	)		0.30	^
Net realized and unrealized gain		1.63			4.91
Total from investment operations		1.62			5.21
Less distributions:
Net investment income		—			(0.79	)
Realized gains		—			(0.23	)
Total distributions		—			(1.02	)
Net Asset Value, end of period	$	28.48		$	26.86
Total return		6.03	%††		22.98	%††
Ratios to Average Net Assets:
Expenses		0.12	%†		0.12	%†
Net investment income (loss)		(0.05	)%†		1.45	%†
Supplemental Data:
Net assets, end of period (000)	$	917,301		$	876,894
Portfolio turnover		8	%††		8	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

62

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone Retirement Income Investor M Shares
	For the Period January 1,  2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	10.90		$	10.58		$	10.18		$	10.33		$	9.81		$	8.56
Income from investment operations:
Net investment income		0.04			0.11	^		0.20			0.20			0.12			0.16
Net realized and unrealized gain		0.38			0.54			0.53			0.05			0.56			1.26
Total from investment operations		0.42			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 period	$	11.32		$	10.90		$	10.58		$	10.18		$	10.33		$	9.81
Total return		3.85	%††		6.14	%		7.18	%		2.37	%		6.93	%		16.53	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.39	%†		0.30	%		0.14	%		0.15	%		0.18	%		0.25	%
Expenses net of reimbursements/waivers, if any		0.39	%†		0.30	%		0.14	%		0.15	%		0.18	%		0.20	%
Net investment income before reimbursements/waivers		0.69	%†		1.04	%		1.66	%		1.79	%		2.49	%		2.29	%
Net investment income net of reimbursements/waivers, if any		0.69	%†		1.04	%		1.66	%		1.79	%		2.49	%		2.34	%
Supplemental Data:
Net assets, end of period (000)	$	89,392		$	86,048		$	238,158		$	220,063		$	215,961		$	76,683
Portfolio turnover		32	%††		10	%		8	%		19	%		25	%		14	%
	Milestone Retirement Income TM Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	10.91		$	10.75
Income from investment operations:
Net investment income		0.05			0.14	^
Net realized and unrealized gain		0.37			0.37
Total from investment operations		0.42			0.51
Less distributions:
Net investment income		—			(0.15	)
Realized gains		—			(0.20	)
Total distributions		—			(0.35	)
Net Asset Value, end of period	$	11.33		$	10.91
Total return		3.85	%††		4.76	%††
Ratios to Average Net Assets:
Expenses		0.14	%†		0.14	%†
Net investment income		0.94	%†		1.56	%†
Supplemental Data:
Net assets, end of period (000)	$	248,489		$	237,584
Portfolio turnover		32	%††		10	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

63

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2010 Investor M Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	11.33		$	10.65		$	10.10		$	10.24		$	9.56		$	8.27
Income from investment operations:
Net investment income		0.03			0.10	^		0.20			0.19			0.10			0.18
Net realized and unrealized gain (loss)		0.45			1.08			0.76			(0.04	)		0.71			1.29
Total from investment operations		0.48			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 period	$	11.81		$	11.33		$	10.65		$	10.10		$	10.24		$	9.56
Total return		4.24	%††		11.12	%		9.53	%		1.41	%		8.51	%		17.71	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.39	%†		0.29	%		0.14	%		0.15	%		0.18	%		0.22	%
Expenses net of reimbursements/waivers, if any		0.39	%†		0.29	%		0.14	%		0.15	%		0.18	%		0.19	%
Net investment income before reimbursements/waivers		0.48	%†		0.88	%		1.58	%		1.75	%		2.11	%		2.15	%
Net investment income net of reimbursements/waivers, if any		0.48	%†		0.88	%		1.58	%		1.75	%		2.11	%		2.17	%
Supplemental Data:
Net assets, end of period (000)	$	73,976		$	71,804		$	234,023		$	222,275		$	217,770		$	90,790
Portfolio turnover		32	%††		15	%		11	%		22	%		33	%		20	%
	Milestone 2010 TM Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	11.34		$	10.92
Income from investment operations:
Net investment income		0.04			0.15	^
Net realized and unrealized gain		0.44			0.79
Total from investment operations		0.48			0.94
Less distributions:
Net investment income		—			(0.15	)
Realized gains		—			(0.37	)
Total distributions		—			(0.52	)
Net Asset Value, end of period	$	11.82		$	11.34
Total return		4.23	%††		8.68	%††
Ratios to Average Net Assets:
Expenses		0.14	%†		0.14	%†
Net investment income		0.74	%†		1.54	%†
Supplemental Data:
Net assets, end of period (000)	$	226,292		$	218,248
Portfolio turnover		32	%††		15	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

64

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2015 Investor M Shares
	For the Period January 1, 2014 to June 30,  2014 (Unaudited)			For the Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	11.92		$	10.87		$	10.16		$	10.35		$	9.53		$	7.96
Income from investment operations:
Net investment income		0.02			0.10	^		0.20			0.18			0.12			0.16
Net realized and unrealized gain (loss)		0.51			1.39			0.84			(0.10	)		0.85			1.58
Total from investment operations		0.53			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 period	$	12.45		$	11.92		$	10.87		$	10.16		$	10.35		$	9.53
Total return		4.45	%††		13.75	%		10.25	%		0.70	%		10.20	%		21.84	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.39	%†		0.26	%		0.13	%		0.14	%		0.15	%		0.18	%
Expenses net of reimbursements/waivers, if any		0.39	%†		0.26	%		0.13	%		0.14	%		0.15	%		0.17	%
Net investment income before reimbursements/waivers		0.37	%†		0.86	%		1.68	%		1.72	%		1.96	%		2.06	%
Net investment income net of reimbursements/waivers, if any		0.37	%†		0.86	%		1.68	%		1.72	%		1.96	%		2.07	%
Supplemental Data:
Net assets, end of period (000)	$	112,977		$	106,285		$	434,638		$	381,855		$	363,144		$	185,989
Portfolio turnover		30	%††		11	%		8	%		20	%		15	%		12	%
	Milestone 2015 TM Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	11.92		$	11.21
Income from investment operations:
Net investment income		0.04			0.16	^
Net realized and unrealized gain		0.51			1.02
Total from investment operations		0.55			1.18
Less distributions:
Net investment income		—			(0.17	)
Realized gains		—			(0.30	)
Total distributions		—			(0.47	)
Net Asset Value, end of period	$	12.47		$	11.92
Total return		4.61	%††		10.51	%††
Ratios to Average Net Assets:
Expenses		0.14	%†		0.13	%†
Net investment income		0.62	%†		1.65	%†
Supplemental Data:
Net assets, end of period (000)	$	469,494		$	449,872
Portfolio turnover		30	%††		11	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

65

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2020 Investor M Shares
	For the Period January 1, 2014 to June 30,  2014 (Unaudited)			For the Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	12.33		$	10.94		$	10.10		$	10.34		$	9.43		$	7.83
Income from investment operations:
Net investment income		0.02			0.11	^		0.21			0.18			0.14			0.16
Net realized and unrealized gain (loss)		0.55			1.73			0.92			(0.20	)		0.92			1.68
Total from investment operations		0.57			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 period	$	12.90		$	12.33		$	10.94		$	10.10		$	10.34		$	9.43
Total return		4.62	%††		16.83	%		11.25	%		(0.26	)%		11.27	%		23.43	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.39	%†		0.25	%		0.13	%		0.13	%		0.15	%		0.18	%
Expenses net of reimbursements/waivers, if any		0.39	%†		0.25	%		0.13	%		0.13	%		0.15	%		0.17	%
Net investment income before reimbursements/waivers		0.31	%†		0.92	%		1.81	%		1.73	%		1.93	%		2.16	%
Net investment income net of reimbursements/waivers, if any		0.31	%†		0.92	%		1.81	%		1.73	%		1.93	%		2.17	%
Supplemental Data:
Net assets, end of period (000)	$	113,027		$	101,059		$	470,664		$	386,327		$	344,033		$	186,148
Portfolio turnover		18	%††		9	%		7	%		16	%		10	%		7	%
	Milestone 2020 TM Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	12.33		$	11.33
Income from investment operations:
Net investment income		0.03			0.18	^
Net realized and unrealized gain		0.56			1.29
Total from investment operations		0.59			1.47
Less distributions:
Net investment income		—			(0.18	)
Realized gains		—			(0.29	)
Total distributions		—			(0.47	)
Net Asset Value, end of period	$	12.92		$	12.33
Total return		4.79	%††		13.02	%††
Ratios to Average Net Assets:
Expenses		0.14	%†		0.13	%†
Net investment income		0.56	%†		1.83	%†
Supplemental Data:
Net assets, end of period (000)	$	606,260		$	548,048
Portfolio turnover		18	%††		9	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

66

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2025 Investor M Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	12.61		$	10.90		$	9.97		$	10.27		$	9.28		$	7.58
Income from investment operations:
Net investment income		0.01			0.11	^		0.20			0.17			0.13			0.14
Net realized and unrealized gain (loss)		0.62			2.03			1.02			(0.26	)		1.00			1.78
Total from investment operations		0.63			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 period	$	13.24		$	12.61		$	10.90		$	9.97		$	10.27		$	9.28
Total return		5.00	%††		19.67	%		12.24	%		(0.85	)%		12.25	%		25.40	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.39	%†		0.26	%		0.14	%		0.14	%		0.16	%		0.19	%
Expenses net of reimbursements/waivers, if any		0.39	%†		0.26	%		0.14	%		0.14	%		0.16	%		0.18	%
Net investment income before reimbursements/waivers		0.20	%†		0.97	%		1.85	%		1.71	%		1.77	%		2.03	%
Net investment income net of reimbursements/waivers, if any		0.20	%†		0.97	%		1.85	%		1.71	%		1.77	%		2.04	%
Supplemental Data:
Net assets, end of period (000)	$	97,558		$	86,764		$	383,446		$	301,275		$	267,155		$	146,397
Portfolio turnover		15	%††		8	%		5	%		15	%		7	%		5	%
	Milestone 2025 TM Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	12.62		$	11.35
Income from investment operations:
Net investment income		0.03			0.19	^
Net realized and unrealized gain		0.61			1.54
Total from investment operations		0.64			1.73
Less distributions:
Net investment income		—			(0.19	)
Realized gains		—			(0.27	)
Total distributions		—			(0.46	)
Net Asset Value, end of period	$	13.26		$	12.62
Total return		5.07	%††		15.23	%††
Ratios to Average Net Assets:
Expenses		0.14	%†		0.13	%†
Net investment income		0.45	%†		1.91	%†
Supplemental Data:
Net assets, end of period (000)	$	506,341		$	454,269
Portfolio turnover		15	%††		8	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

67

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2030 Investor M Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	13.02		$	11.03		$	10.00		$	10.34		$	9.26		$	7.45
Income from investment operations:
Net investment income		0.00	#		0.11	^		0.20			0.17			0.12			0.13
Net realized and unrealized gain (loss)		0.69			2.35			1.13			(0.32	)		1.09			1.90
Total from investment operations		0.69			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 period	$	13.71		$	13.02		$	11.03		$	10.00		$	10.34		$	9.26
Total return		5.30	%††		22.33	%		13.28	%		(1.46	)%		13.11	%		27.33	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.39	%†		0.27	%		0.14	%		0.15	%		0.16	%		0.20	%
Expenses net of reimbursements/waivers, if any		0.39	%†		0.27	%		0.14	%		0.15	%		0.16	%		0.19	%
Net investment income before reimbursements/waivers		0.07	%†		0.95	%		1.81	%		1.65	%		1.53	%		1.89	%
Net investment income net of reimbursements/waivers, if any		0.07	%†		0.95	%		1.81	%		1.65	%		1.53	%		1.90	%
Supplemental Data:
Net assets, end of period (000)	$	87,681		$	78,295		$	305,077		$	236,452		$	211,155		$	121,219
Portfolio turnover		17	%††		8	%		5	%		14	%		7	%		4	%
	Milestone 2030 TM Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	13.03		$	11.54
Income from investment operations:
Net investment income		0.02			0.20	^
Net realized and unrealized gain		0.68			1.79
Total from investment operations		0.70			1.99
Less distributions:
Net investment income		—			(0.19	)
Realized gains		—			(0.31	)
Total distributions		—			(0.50	)
Net Asset Value, end of period	$	13.73		$	13.03
Total return		5.37	%††		17.22	%††
Ratios to Average Net Assets:
Expenses		0.14	%†		0.14	%†
Net investment income		0.32	%†		1.88	%†
Supplemental Data:
Net assets, end of period (000)	$	408,050		$	361,005
Portfolio turnover		17	%††		8	%††

# Rounds to less than $0.01

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

68

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2035 Investor M Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	13.22		$	10.99		$	9.86		$	10.28		$	9.10		$	7.21
Income from investment operations:
Net investment income		0.00	#		0.11	^		0.20			0.16			0.10			0.13
Net realized and unrealized gain (loss)		0.73			2.64			1.23			(0.39	)		1.20			1.98
Total from investment operations		0.73			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 period	$	13.95		$	13.22		$	10.99		$	9.86		$	10.28		$	9.10
Total return		5.52	%††		25.02	%		14.47	%		(2.24	)%		14.33	%		29.22	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.39	%†		0.29	%		0.15	%		0.17	%		0.19	%		0.25	%
Expenses net of reimbursements/waivers, if any		0.39	%†		0.29	%		0.15	%		0.17	%		0.19	%		0.22	%
Net investment income (loss) before reimbursements/waivers		(0.08	)%†		0.90	%		1.78	%		1.62	%		1.35	%		1.92	%
Net investment income (loss) net of reimbursements/waivers, if any		(0.08	)%†		0.90	%		1.78	%		1.62	%		1.35	%		1.95	%
Supplemental Data:
Net assets, end of period (000)	$	66,143		$	58,607		$	202,649		$	150,472		$	133,121		$	76,875
Portfolio turnover		18	%††		8	%		5	%		13	%		7	%		4	%
	Milestone 2035 TM Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	13.22		$	11.55
Income from investment operations:
Net investment income		0.01			0.20	^
Net realized and unrealized gain		0.74			2.01
Total from investment operations		0.75			2.21
Less distributions:
Net investment income		—			(0.18	)
Realized gains		—			(0.36	)
Total distributions		—			(0.54	)
Net Asset Value, end of period	$	13.97		$	13.22
Total return		5.67	%††		19.17	%††
Ratios to Average Net Assets:
Expenses		0.14	%†		0.14	%†
Net investment income		0.18	%†		1.85	%†
Supplemental Data:
Net assets, end of period (000)	$	279,363		$	244,635
Portfolio turnover		18	%††		8	%††

# Rounds to less than $0.01

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

69

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2040 Investor M Shares
	For the Period January 1, 2014 to June 30,  2014 (Unaudited)			For the Year Ended December 31,
				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	13.50		$	11.16		$	9.86		$	10.30		$	9.07		$	7.10
Income from investment operations:
Net investment income (loss)		(0.01	)		0.10	^		0.20			0.17			0.10			0.13
Net realized and unrealized gain (loss)		0.79			2.93			1.31			(0.44	)		1.25			2.05
Total from investment operations		0.78			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 period	$	14.28		$	13.50		$	11.16		$	9.86		$	10.30		$	9.07
Total return		5.78	%††		27.12	%		15.33	%		(2.61	)%		14.91	%		30.70	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.39	%†		0.28	%		0.16	%		0.17	%		0.18	%		0.23	%
Expenses net of reimbursements/waivers, if any		0.39	%†		0.28	%		0.16	%		0.17	%		0.18	%		0.21	%
Net investment income (loss) before reimbursements/waivers		(0.18	)%†		0.82	%		1.77	%		1.67	%		1.20	%		2.05	%
Net investment income (loss) net of reimbursements/waivers, if any		(0.18	)%†		0.82	%		1.77	%		1.67	%		1.20	%		2.06	%
Supplemental Data:
Net assets, end of period (000)	$	62,269		$	53,970		$	197,376		$	146,032		$	132,306		$	91,348
Portfolio turnover		20	%††		8	%		4	%		14	%		21	%		4	%
	Milestone 2040 TM Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	13.50		$	11.77
Income from investment operations:
Net investment income		0.00	#		0.20	^
Net realized and unrealized gain		0.80			2.24
Total from investment operations		0.80			2.44
Less distributions:
Net investment income		—			(0.18	)
Realized gains		—			(0.53	)
Total distributions		—			(0.71	)
Net Asset Value, end of period	$	14.30		$	13.50
Total return		5.93	%††		20.74	%††
Ratios to Average Net Assets:
Expenses		0.14	%†		0.14	%†
Net investment income		0.07	%†		1.80	%†
Supplemental Data:
Net assets, end of period (000)	$	273,417		$	240,813
Portfolio turnover		20	%††		8	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

# Rounds to less than $0.01

† Annualized

†† Not annualized

See Notes to Financial Statements

70

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2045 Investor M Shares
	For the Period January 1, 2014 to June 30,  2014 (Unaudited)			For the Year Ended December 31,									For the Period from January 4, 2010* to December 31, 2010
				2013			2012			2011
Net Asset Value, beginning of period	$	14.52		$	11.99		$	10.71		$	11.33		$	10.00
Income from investment operations:
Net investment income (loss)		(0.02	)		0.13	^		0.22			0.17			0.10
Net realized and unrealized gain (loss)		0.88			3.19			1.43			(0.49	)		1.36
Total from investment operations		0.86			3.32			1.65			(0.32	)		1.46
Less distributions:
Net investment income		—			(0.21	)		(0.22	)		(0.17	)		(0.10	)
Realized gains		—			(0.58	)		(0.15	)		(0.13	)		(0.03	)
Total distributions		—			(0.79	)		(0.37	)		(0.30	)		(0.13	)
Net Asset Value, end of period	$	15.38		$	14.52		$	11.99		$	10.71		$	11.33
Total return		5.92	%††		27.69	%		15.49	%		(2.81	)%		14.62	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.44	%†		0.39	%		0.25	%		0.36	%		0.87	%†
Expenses net of reimbursements/waivers, if any		0.44	%†		0.39	%		0.25	%		0.35	%		0.34	%†
Net investment income (loss) before reimbursements/waivers		(0.25	)%†		0.95	%		1.91	%		1.68	%		1.67	%†
Net investment income (loss) net of reimbursements/waivers, if any		(0.25	)%†		0.95	%		1.91	%		1.69	%		2.19	%†
Supplemental Data:
Net assets, end of period (000)	$	29,358		$	24,388		$	53,824		$	33,434		$	22,363
Portfolio turnover		24	%††		9	%		18	%		14	%		8	%††
	Milestone 2045 TM Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	14.53		$	12.66
Income from investment operations:
Net investment income		0.00	#		0.22	^
Net realized and unrealized gain		0.88			2.47
Total from investment operations		0.88			2.69
Less distributions:
Net investment income		—			(0.24	)
Realized gains		—			(0.58	)
Total distributions		—			(0.82	)
Net Asset Value, end of period	$	15.41		$	14.53
Total return		6.06	%††		21.21	%††
Ratios to Average Net Assets:
Expenses		0.19	%†		0.21	%†
Net investment income		0.00	%**†		1.87	%†
Supplemental Data:
Net assets, end of period (000)	$	90,684		$	73,807
Portfolio turnover		24	%††		9	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

# Rounds to less than $0.01

** Rounds to less than 0.01%

† Annualized

†† Not annualized

See Notes to Financial Statements

71

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2050 Investor M Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Year Ended December 31, 2013			For the Period from September 10, 2012* to December 31, 2012
Net Asset Value, beginning of period	$	12.74		$	10.25		$	10.00
Income from investment operations:
Net investment income (loss)		(0.02	)		0.13	^		0.02
Net realized and unrealized gain		0.76			2.66			0.25
Total from investment operations		0.74			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 period	$	13.48		$	12.74		$	10.25
Total return		5.81	%††		27.24	%		2.66	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.69	%†		1.05	%		9.98	%†
Expenses net of reimbursements/waivers, if any		0.57	%†		0.56	%		0.36	%†
Net investment income (loss) before reimbursements/waivers		(0.49	)%†		0.65	%		(6.43	)%†
Net investment income (loss) net of reimbursements/waivers, if any		(0.38	)%†		1.14	%		3.19	%†
Supplemental Data:
Net assets, end of period (000)	$	9,069		$	6,848		$	6,769
Portfolio turnover		27	%††		24	%		1	%††
	Milestone 2050 TM Shares
	For the Period January 1, 2014 to June 30, 2014 (Unaudited)			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	12.74		$	10.83
Income from investment operations:
Net investment income (loss)		(0.01	)		0.24	^
Net realized and unrealized gain		0.78			1.99
Total from investment operations		0.77			2.23
Less distributions:
Net investment income		—			(0.14	)
Realized gains		—			(0.18	)
Total distributions		—			(0.32	)
Net Asset Value, end of period	$	13.51		$	12.74
Total return		6.04	%††		20.61	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.44	%†		0.78	%†
Expenses net of reimbursements/waivers, if any		0.32	%†		0.37	%†
Net investment income (loss) before reimbursements/waivers		(0.24	)%†		1.95	%†
Net investment income (loss) net of reimbursements/waivers, if any		(0.12	)%†		2.36	%†
Supplemental Data:
Net assets, end of period (000)	$	23,791		$	15,442
Portfolio turnover		27	%††		24	%††

* Commencement of operations

^ Calculated based upon average shares outstanding.

† Annualized

†† Not annualized

See Notes to Financial Statements

72

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. Organization

The Vantagepoint Funds (the “Company”) was organized as a Delaware statutory trust on July 28, 1998 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company consisted of the following series on June 30, 2014:

The “Actively Managed Funds”:	The “Index Funds”:
Low Duration Bond Fund	Core Bond Index Fund
Inflation Focused Fund	500 Stock Index Fund
High Yield Fund	Broad Market Index Fund
Equity Income Fund	Mid/Small Company Index Fund
Growth & Income Fund	Overseas Equity Index Fund
Growth 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

The Actively Managed Funds (other than the Diversifying Strategies Fund and High Yield Fund) each offer two classes of shares: Investor Shares and T Shares. The Diversifying Strategies Fund and High Yield Fund (which commenced operations on May 1, 2014) each offer only one class of shares: T Shares. The Index Funds each offer three classes of shares: Class I Shares, Class II Shares, and T Shares. Lastly, the Model Portfolio Funds and Milestone Funds each offer two classes of shares: Investor M Shares and TM Shares.

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 among various underlying funds in differing allocations. The underlying funds of each Model Portfolio Fund and the target investment allocation to each underlying fund as of June 30, 2014 were as follows:

	Conservative Growth			Traditional Growth			Long- Term Growth			All-Equity Growth
Fixed Income—%
Low Duration Bond		27.55	%		9.70	%		0.00	%		0.00	%
Core Bond Index		16.30	%		16.05	%		12.00	%		0.00	%
Inflation Focused		7.50	%		3.40	%		0.00	%		0.00	%
High Yield		9.65	%		4.85	%		3.00	%		0.00	%
Total Fixed Income—%		61.00	%		34.00	%		15.00	%		0.00	%

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THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

	Conservative Growth			Traditional Growth			Long- Term Growth			All-Equity Growth
Equity—%
Equity Income		7.30	%		11.00	%		14.70	%		23.00	%
Growth & Income		5.25	%		11.25	%		14.55	%		17.25	%
Growth		4.80	%		8.90	%		10.95	%		14.00	%
Select Value		2.55	%		4.50	%		6.85	%		10.25	%
Aggressive Opportunities		1.40	%		3.05	%		5.00	%		9.25	%
Discovery		1.40	%		2.60	%		3.70	%		6.25	%
International		6.35	%		11.05	%		14.15	%		17.00	%
Third Party Emerging Markets ETF		0.95	%		1.65	%		2.10	%		3.00	%
Total Equity—%		30.00	%		54.00	%		72.00	%		100.00	%
Multi-Strategy—%
Diversifying Strategies		9.00	%		12.00	%		13.00	%		0.00	%
Total Multi-Strategy—%		9.00	%		12.00	%		13.00	%		0.00	%
Total—%		100.00	%		100.00	%		100.00	%		100.00	%

The Model Portfolio Funds invest 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 in differing allocations. The underlying funds of each Milestone Fund and the target investment allocation to each underlying fund as of June 30, 2014, were as follows:

	Milestone Funds
	Retirement Income			2010			2015			2020			2025
Fixed Income—%
Low Duration Bond		26.30	%		18.54	%		16.16	%		10.37	%		7.45	%
Core Bond Index		20.60	%		21.12	%		18.84	%		18.85	%		15.34	%
Inflation Focused		10.50	%		9.47	%		6.24	%		3.98	%		1.49	%
High Yield		5.60	%		5.53	%		4.65	%		4.24	%		4.17	%
Total Fixed Income—%		63.00	%		54.66	%		45.89	%		37.44	%		28.45	%
Equity—%
Equity Income		7.35	%		8.63	%		10.10	%		12.27	%		14.63	%
Growth & Income		7.35	%		7.01	%		7.67	%		9.36	%		10.16	%
Growth		2.75	%		5.31	%		6.41	%		7.34	%		8.74	%
Select Value		0.35	%		0.27	%		0.50	%		0.60	%		0.67	%
Mid/Small Company Index		3.90	%		4.81	%		5.23	%		6.32	%		7.03	%

74

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

	Milestone Funds
	Retirement Income			2010			2015			2020			2025
Aggressive Opportunities		0.35	%		0.27	%		0.50	%		0.60	%		0.67	%
Discovery		0.35	%		0.27	%		0.50	%		0.60	%		0.67	%
International		6.30	%		7.31	%		8.87	%		10.35	%		11.76	%
Third Party Emerging Markets ETF		1.30	%		1.44	%		1.83	%		2.12	%		2.62	%
Total Equity—%		30.00	%		35.32	%		41.61	%		49.56	%		56.95	%
Multi-Strategy—%
Diversifying Strategies		7.00	%		10.02	%		12.50	%		13.00	%		14.60	%
Total Multi-Strategy—%		7.00	%		10.02	%		12.50	%		13.00	%		14.60	%
Total—%		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%

	Milestone Funds
	2030			2035			2040			2045			2050
Fixed Income—%
Low Duration Bond		2.94	%		0.38	%		0.00	%		0.00	%		0.00	%
Core Bond Index		13.16	%		8.70	%		2.97	%		0.00	%		0.00	%
Inflation Focused		0.58	%		0.10	%		0.00	%		0.00	%		0.00	%
High Yield		3.23	%		1.99	%		1.15	%		1.00	%		1.00	%
Total Fixed Income—%		19.91	%		11.17	%		4.12	%		1.00	%		1.00	%
Equity—%
Equity Income		16.63	%		19.56	%		22.44	%		24.00	%		24.00	%
Growth & Income		10.46	%		11.94	%		12.45	%		11.45	%		11.45	%
Growth		10.68	%		11.46	%		12.40	%		13.90	%		13.90	%
Select		0.79	%		0.89	%		0.97	%		1.00	%		1.00	%
Mid/Small Company Index		8.30	%		9.32	%		10.16	%		10.45	%		10.45	%
Aggressive Opportunities		0.79	%		0.89	%		0.97	%		1.00	%		1.00	%
Discovery		0.79	%		0.89	%		0.97	%		1.00	%		1.00	%
International		13.69	%		15.57	%		16.99	%		17.45	%		17.45	%
Third Party Emerging Markets ETF		2.96	%		3.31	%		3.53	%		3.75	%		3.75	%
Total Equity—%		65.09	%		73.83	%		80.88	%		84.00	%		84.00	%
Multi-Strategy—%
Diversifying Strategies		15.00	%		15.00	%		15.00	%		15.00	%		15.00	%
Total Multi-Strategy—%		15.00	%		15.00	%		15.00	%		15.00	%		15.00	%
Total—%		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%

The Milestone Funds invest in the T Shares of the underlying Vantagepoint Funds.

Since the Model Portfolio Funds and Milestone Funds invested entirely in underlying funds during the six month period ended June 30, 2014 period, investment earnings for this period are composed of:

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

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

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

75

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Subadviser Changes from January 1, 2014 to June 30, 2014

At a meeting held on June 20, 2014, VIA recommended, and the Board approved, the appointment of Western Asset Management Company as a subadviser to the High Yield Fund. This change was effective on August 1, 2014.

2. Significant Accounting Policies

The Company’s significant accounting policies are consistently applied in the preparation of its financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Management makes estimates and assumptions in the preparation of financial statements that affect the reported amounts of assets and liabilities, including the disclosure of contingent assets and liabilities at the date of the financial statements as well as changes in net assets resulting from operations during the reporting period. Actual results could differ from those estimates and those differences could be material.

Fair Value Measurements

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

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

76

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

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

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

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

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

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

Level 1	—	quoted prices in active markets for identical investments
Level 2	—	other significant observable inputs (including quoted prices for similar investments in active markets, interest rates and yield curves, prepayment speeds, credit risks, etc.)
Level 3	—	significant unobservable inputs (including the fund’s own assumptions about the assumptions that market participants would use in determining the fair value of investments)

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

Investment Policy and Security Valuation

All equity securities that are traded on a national securities exchange (other than NASDAQ Global/Global Select and Capital Market securities traded primarily on the Nasdaq Stock Market, Inc. exchange (“NASDAQ”)) held by each fund normally will be valued at the last reported sale price or official close price (if available) on the exchange on 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

77

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

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 value pricing service approved by the Board, the securities may be priced at the average of two or more independent broker-dealer quotations or at the fair value of the security in accordance with the Company’s Valuation Procedures and are generally categorized as Level 2 or Level 3 in the fair value hierarchy.

The valuation techniques used by the funds to measure fair value during the six month period ended June 30, 2014 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.

78

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

The following is a summary of the inputs used as of June 30, 2014, 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	$	—		$	391,067,048		$	—	$	391,067,048
Floating Rate Loans		—			5,113,920			—		5,113,920
Mortgage-Backed Securities		—			35,716,511			—		35,716,511
U.S. Treasury Obligations		—			174,346,325			—		174,346,325
Government Related Obligations		—			25,507,911			—		25,507,911
Asset-Backed Securities		—			111,024,620			—		111,024,620
Money Market Funds		41,587,100			—			—		41,587,100
						��
Total Investments in Securities	$	41,587,100		$	742,776,335		$	—	$	784,363,435
Derivative Instruments:
Liabilities:
Futures		(47,393	)		—			—		(47,393	)
Forward Currency Contracts		—			(26,243	)		—		(26,243	)
Total Liabilities	$	(47,393	)	$	(26,243	)	$	—	$	(73,636	)
Total Derivative Instruments	$	(47,393	)	$	(26,243	)	$	—	$	(73,636	)
Inflation Focused Fund
Investments in Securities:
Corporate Obligations	$	—		$	10,956,351		$	—	$	10,956,351
Mortgage-Backed Securities		—			2,956,875			—		2,956,875
U.S. Treasury Obligations		—			463,477,165			—		463,477,165
Government Related Obligations		—			14,733,873			—		14,733,873
Asset-Backed Securities		—			2,843,745			—		2,843,745
Certificates of Deposit		—			1,000,062			—		1,000,062
Money Market Funds		28,586,593			—			—		28,586,593
Total Investments in Securities	$	28,586,593		$	495,968,071		$	—	$	524,554,664
Derivative Instruments:
Assets:
Futures		65,678			—			—		65,678
Swap Agreements		—			310,673			—		310,673
Total Assets	$	65,678		$	310,673		$	—	$	376,351
Liabilities:
Futures		(175,572	)		—			—		(175,572	)
Swap Agreements		—			(699,564	)		—		(699,564	)
Total Liabilities	$	(175,572	)	$	(699,564	)	$	—	$	(875,136	)
Total Derivative Instruments	$	(109,894	)	$	(388,891	)	$	—	$	(498,785	)

79

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Investment Type	Level 1		Level 2			Level 3		Total
High Yield Fund
Investments in Securities:
Corporate Obligations	$	—	$	310,238,828		$	—	$	310,238,828
U.S. Treasury Obligations		—		24,875,975			—		24,875,975
Money Market Funds		48,625,655		—			—		48,625,655
Total Investments in Securities	$	48,625,655	$	335,114,803		$	—	$	383,740,458
Derivative Instruments:
Liabilities:
Forward Currency Contracts		—		(47,013	)		—		(47,013	)
Total Liabilities	$	—	$	(47,013	)	$	—	$	(47,013	)
Total Derivative Instruments	$	—	$	(47,013	)	$	—	$	(47,013	)
Equity Income Fund
Investments in Securities:
Common Stocks	$	2,234,698,915	$	55,986,916		$	—	$	2,290,685,831
Money Market Funds		150,385,265		—			—		150,385,265
Total Investments in Securities	$	2,385,084,180	$	55,986,916		$	—	$	2,441,071,096
Growth & Income Fund
Investments in Securities:
Common Stocks	$	1,521,305,380	$	90,272,201		$	—	$	1,611,577,581
Money Market Funds		90,131,040		—			—		90,131,040
Total Investments in Securities	$	1,611,436,420	$	90,272,201		$	—	$	1,701,708,621
Growth Fund
Investments in Securities:
Common Stocks	$	2,231,149,138	$	—		$	—	$	2,231,149,138
Money Market Funds		102,782,868		—			—		102,782,868
Total Investments in Securities	$	2,333,932,006	$	—		$	—	$	2,333,932,006
Select Value Fund
Investments in Securities:
Common Stocks	$	452,798,488	$	—		$	—	$	452,798,488
Money Market Funds		42,201,017		—			—		42,201,017
Total Investments in Securities	$	494,999,505	$	—		$	—	$	494,999,505
Aggressive Opportunities Fund
Investments in Securities:
Common Stocks	$	1,083,467,893	$	12,051,776		$	—	$	1,095,519,669
Money Market Funds		78,399,955		—			—		78,399,955
Total Investments in Securities	$	1,161,867,848	$	12,051,776		$	—	$	1,173,919,624

80

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Investment Type	Level 1			Level 2			Level 3		Total
Discovery Fund
Investments in Securities:
Common Stocks	$	140,142,257		$	3,322,815		$	—	$	143,465,072
Corporate Obligations		—			63,905,500			—		63,905,500
Mortgage-Backed Securities		—			10,129,595			—		10,129,595
U.S. Treasury Obligations		—			50,587,200			—		50,587,200
Government Related Obligations		—			4,860,253			—		4,860,253
Asset-Backed Securities		—			11,428,236			—		11,428,236
Warrants		—			17,291			—		17,291
Money Market Funds		26,024,747			—			—		26,024,747
Total Investments in Securities	$	166,167,004		$	144,250,890		$	—	$	310,417,894
Derivative Instruments:
Assets:
Futures		3,470,253			—			—		3,470,253
Forward Currency Contracts		—			10,761			—		10,761
Total Assets	$	3,470,253		$	10,761		$	—	$	3,481,014
Liabilities:
Futures		(147	)		—			—		(147	)
Forward Currency Contracts		—			(10,797	)		—		(10,797	)
Total Liabilities	$	(147	)	$	(10,797	)	$	—	$	(10,944	)
Total Derivative Instruments	$	3,470,106		$	(36	)	$	—	$	3,470,070
International Fund
Investments in Securities:
Common Stocks	$	154,474,123		$	1,347,063,425		$	—	$	1,501,537,548
Preferred Stocks		—			9,162,979			—		9,162,979
Money Market Funds		60,711,194			—			—		60,711,194
Total Investments in Securities	$	215,185,317		$	1,356,226,404		$	—	$	1,571,411,721
Derivative Instruments:
Liabilities:
Forward Currency Contracts		—			(15,397	)		—		(15,397	)
Total Liabilities	$	—		$	(15,397	)	$	—	$	(15,397	)
Total Derivative Instruments	$	—		$	(15,397	)	$	—	$	(15,397	)

81

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Investment Type	Level 1			Level 2			Level 3		Total
Diversifying Strategies Fund
Investments in Securities:
Common Stocks	$	53,447,497		$	—		$	—	$	53,447,497
Convertible Preferred Stocks		4,182,920			15,662,710			—		19,845,630
Corporate Obligations		—			332,745,645			—		332,745,645
Floating Rate Loans		—			4,265,087			—		4,265,087
Mortgage-Backed Securities		—			61,274,999			—		61,274,999
Convertible Debt Obligations		—			388,105,058			—		388,105,058
U.S. Treasury Obligations		—			132,498,464			—		132,498,464
Government Related Obligations		—			9,436,644			—		9,436,644
Asset-Backed Securities		—			51,690,974			—		51,690,974
Money Market Funds		26,168,430			—			—		26,168,430
Total Investments in Securities	$	83,798,847		$	995,679,581		$	—	$	1,079,478,428
Derivative Instruments:
Assets:
Futures		7,559,921			—			—		7,559,921
Total Assets	$	7,559,921		$	—		$	—	$	7,559,921
Liabilities:
Futures		(30,714	)		—			—		(30,714	)
Forward Currency Contracts		—			(29,119	)		—		(29,119	)
Total Liabilities	$	(30,714	)	$	(29,119	)	$	—	$	(59,833	)
Total Derivative Instruments	$	7,529,207		$	(29,119	)	$	—	$	7,500,088
Core Bond Index Fund
Investments in Securities:
Corporate Obligations	$	—		$	399,392,317		$	—	$	399,392,317
Mortgage-Backed Securities		—			508,873,504			—		508,873,504
U.S. Treasury Obligations		—			566,601,666			—		566,601,666
Government Related Obligations		—			153,500,718			—		153,500,718
Asset-Backed Securities		—			6,736,068			—		6,736,068
Money Market Funds		221,019,287			—			—		221,019,287
Total Investments in Securities	$	221,019,287		$	1,635,104,273		$	—	$	1,856,123,560
500 Stock Index Fund
Investments in Securities:
Common Stocks	$	663,136,621		$	—		$	—	$	663,136,621
U.S. Treasury Obligations		—			1,309,960			—		1,309,960
Money Market Funds		33,780,476			—			—		33,780,476
Total Investments in Securities	$	696,917,097		$	1,309,960		$	—	$	698,227,057
Derivative Instruments:
Assets:
Futures		162,623			—			—		162,623
Total Assets	$	162,623		$	—		$	—	$	162,623
Total Derivative Instruments	$	162,623		$	—		$	—	$	162,623

82

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Investment Type	Level 1		Level 2		Level 3		Total
Broad Market Index Fund
Investments in Securities:
Common Stocks	$	827,800,122	$	8,349	$	—	$	827,808,471
U.S. Treasury Obligations		—		659,980		—		659,980
Rights		—		—		—		—
Warrants		—		1,589		—		1,589
Money Market Funds		34,041,164		—		—		34,041,164
Total Investments in Securities	$	861,841,286	$	669,918	$	—	$	862,511,204
Derivative Instruments:
Assets:
Futures		118,432		—		—		118,432
Total Assets	$	118,432	$	—	$	—	$	118,432
Total Derivative Instruments	$	118,432	$	—	$	—	$	118,432
Mid/Small Company Index Fund
Investments in Securities:
Common Stocks	$	732,526,408	$	25,801	$	—	$	732,552,209
U.S. Treasury Obligations		—		739,978		—		739,978
Rights		—		—		—		—
Warrants		—		4,867		—		4,867
Money Market Funds		72,140,195		—		—		72,140,195
Total Investments in Securities	$	804,666,603	$	770,646	$	—	$	805,437,249
Derivative Instruments:
Assets:
Futures		137,061		—		—		137,061
Total Assets	$	137,061	$	—	$	—	$	137,061
Total Derivative Instruments	$	137,061	$	—	$	—	$	137,061
Overseas Equity Index Fund
Investments in Securities:
Common Stocks	$	—	$	316,683,423	$	—	$	316,683,423
Preferred Stocks		—		2,054,379		—		2,054,379
U.S. Treasury Obligations		—		274,992		—		274,992
Rights		—		17,158		—		17,158
Money Market Funds		17,019,106		—		—		17,019,106
Total Investments in Securities	$	17,019,106	$	319,029,952	$	—	$	336,049,058
Derivative Instruments:
Assets:
Futures		21,107		—		—		21,107
Forward Currency Contracts		—		110,124		—		110,124
Total Assets	$	21,107	$	110,124	$	—	$	131,231

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THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Investment Type	Level 1			Level 2			Level 3		Total
Liabilities:
Futures	$	(14,517	)	$	—		$	—	$	(14,517	)
Forward Currency Contracts		—			(32,258	)		—		(32,258	)
Total Liabilities	$	(14,517	)	$	(32,258	)	$	—	$	(46,775	)
Total Derivative Instruments	$	6,590		$	77,866		$	—	$	84,456

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

As of June 30, 2014 the funds did not hold significant investments in Level 3. During the six month period ended June 30, 2014, the Equity Income Fund, Growth & Income Fund, Aggressive Opportunities Fund, International Fund, Broad Market Index Fund, Mid/Small Company Index Fund and Overseas Equity Index Fund had securities transferred from Level 1 to Level 2 with a total market value of $33,798,142, $71,442,163, $3,890,701, $17,684,846, $235,888, $943,689 and $859,599 or 1.4%, 4.2%, 0.3%, 1.1%, 0.0%, 0.1% and 0.7% of the net assets of each respective 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.

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	USD	— U.S. Dollar
EUR	— European Monetary Unit
GBP	— British Pound

84

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

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.

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	NYF	— New York Futures Exchange
CME	— Chicago Mercantile Exchange	OSE	— Osaka Securities Exchange
EUX	— Eurex Deutschland Exchange	SFE	— Sydney Futures Exchange
LIF	— Liffe Exchange

Forward Currency Contracts

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

Interest Rate Swaps and Inflation Swaps

Interest rate and inflation swaps normally will be priced based on the applicable swap valuation model (i.e., interest rate or inflation) which incorporates a snapshot of the relevant swap curve (interest rate curve or inflation rate curve, as applicable). Such prices will be provided by a pricing service. In the event a pricing service is unable to provide a price for a particular swap, the swap will be priced at its fair value in accordance with the Valuation Procedures and generally such swaps are categorized as Level 2 in the hierarchy.

Interest Rate Swaptions

Interest rate swaptions normally will be priced based on a snapshot taken of the relevant swap curve, deriving an implied volatility surface from actual and/or indicative broker-dealer swaption prices, and combining them in a swaption valuation model. Such prices will be provided by a pricing service. In the event a pricing service is unable to provide a price for a particular swaption, the swaption will be priced at its fair value in accordance with the Valuation Procedures and generally such swaptions are categorized as Level 2 in the hierarchy.

85

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Total Return Swaps

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

86

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Federal Income Taxes

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

The FASB issued Interpretation ASC 740, “Income Taxes,” (“ASC 740”) which establishes guidelines for recognizing, measuring, and disclosing tax return positions in financial statements. Management has evaluated the Company’s tax positions and determined that the application of ASC 740 had no material impact on the Company’s financial statements. Accordingly, no adjustments for unrecognized tax benefits or related interest or penalties were required as of June 30, 2014. 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.

3. Investments in Derivative Instruments

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

	Low Duration Bond Fund		Inflation Focused Fund		High Yield Fund		Discovery Fund
Futures Contracts:
Average Notional Balance Long	$	9,735,078	$	19,017,982	$	—	$	138,475,555
Average Notional Balance Short		11,911,357		32,802,297				4,393,044
Forward Foreign Currency Exchange Contracts:
Average Settlement Value—Deliver USD	$	1,908,060	$	—	$	—	$	171,337
Average Settlement Value—Receive USD		3,040,786		—		3,403,487		451,804
Exchange-Traded Options:
Average Market Value Purchased	$	—	$	5,518	$	—	$	—
Average Market Value Written		—		—		—		—
Swaptions:
Average Notional Balance Purchased	$	—	$	22,185,714	$	—	$	—
Average Notional Balance Written		—		—		—		—
Inflation Linked Swaps
Average Notional Balance—Pays Fixed Rate	$	—	$	46,928,571	$	—	$	—
Average Notional Balance—Receives Fixed Rate		—		—		—		—

87

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

	Low Duration Bond Fund		Inflation Focused Fund		High Yield Fund		Discovery Fund
Interest Rate Swaps:
Average Notional Balance—Pays Fixed Rate	$	—	$	5,528,571	$	—	$	—
Average Notional Balance—Receives Fixed Rate		—		20,757,143		—		—

	Diversifying Strategies Fund		500 Stock Index Fund		Broad Market Index Fund		Mid/Small Company Index Fund
Futures Contracts:
Average Notional Balance Long	$	168,334,071	$	14,668,956	$	13,501,431	$	14,561,104
Average Notional Balance Short		77,890,733		—		—		—
Forward Foreign Currency Exchange Contracts:
Average Settlement Value—Deliver USD	$	31,134,105	$	—	$	—	$	—
Average Settlement Value—Receive USD		32,748,435		—		—		—
Exchange-Traded Options:
Average Market Value Purchased	$	315,531	$	—	$	—	$	—
Average Market Value Purchased Options on Euro-Bund futures		374,391		—		—		—
Over the Counter Options:
Average Market Value Purchased	$	36,393	$	—	$	—	$	—
Average Market Value Written		235,312		—		—		—

	Overseas Equity Index Fund		International Fund
Futures Contracts:
Average Notional Balance Long	$	5,549,471	$	—
Average Notional Balance Short		—		—
Forward Foreign Currency Exchange Contracts:
Average Settlement Value—Deliver USD	$	12,884,427	$	—
Average Settlement Value—Receive USD		9,137,387		8,425,225

Futures Contracts (“Futures”)

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

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

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

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 Focused

*

*

*

*

*

High Yield

*

*

*

*

*

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 six month period ended June 30, 2014, the following funds purchased and/or sold futures contracts: Low Duration Bond Fund, Inflation Focused Fund, Discovery Fund, Diversifying Strategies Fund, 500 Stock Index Fund, Broad Market Index Fund, Mid/Small Company Index Fund, and Overseas Equity Index Fund.

As of June 30, 2014, the following funds had open futures contracts outstanding:

Low Duration Bond Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Depreciation
	Purchased
	39	CBT	U.S. 2 Year Treasury Note	September 2014	$	8,564,156	$	(2,565	)

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Depreciation
	Sold
	131	CBT	U.S. 5 Year Treasury Note	September 2014	$	15,649,383	$	(44,828	)
							$	(47,393	)

Inflation Focused Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
	Purchased
	65	CBT	U.S. 10 Year Treasury Note	September 2014	$	8,136,172	$	37,570
	44	CBT	U.S. 5 Year Treasury Note	September 2014		5,256,281		12,448
							$	50,018
	Sold
	81	CBT	U.S. 2 Year Treasury Note	September 2014	$	17,787,094	$	(5,059	)
	132	CBT	U.S. Long Bond	September 2014		18,108,750		(170,513	)
	53	CBT	U.S. Ultra Bond	September 2014		7,946,687		15,660
							$	(159,912	)
							$	(109,894	)

Discovery Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
	Purchased
	1,218	NYF	E-MINI Russell 2000 Index	September 2014	$	144,978,540	$	3,470,253
	Sold
	13	CBT	U.S. 5 Year Treasury Note	September 2014	$	1,552,992	$	(147	)
							$	3,470,106

Diversifying Strategies Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
	Purchased
	2,784	NYF	E-MINI Russell 2000 Index	September 2014	$	331,379,520	$	7,553,518
	60	CBT	U.S. 2 Year Treasury Note	September 2014		13,175,625		6,403
							$	7,559,921
	Sold
	98	CBT	U.S. 5 Year Treasury Note	September 2014	$	11,707,172	$	(30,714	)
							$	7,529,207

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

500 Stock Index Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation
	Purchased
	307	CME	E-MINI S&P 500 Index	September 2014	$	29,969,340	$	162,623

Broad Market Index Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation
	Purchased
	12	NYF	E-MINI Russell 2000 Index	September 2014	$	1,428,360	$	29,978
	120	CME	E-MINI S&P 500 Index	September 2014		11,714,400		65,153
	10	CME	E-MINI S&P MidCap 400 Index	September 2014		1,429,300		23,301
							$	118,432

Mid/Small Company Index Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation
	Purchased
	38	NYF	E-MINI Russell 2000 Index	September 2014	$	4,523,140	$	79,209
	28	CME	E-MINI S&P MidCap 400 Index	September 2014		4,002,040		57,852
							$	137,061

Overseas Equity Index Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
	Purchased
	36	EUX	DJ Euro STOXX 50	September 2014	$	1,593,208	$	(14,517	)
	14	LIF	FTSE 100 Index	September 2014		1,607,929		629
	4	SFE	SPI 200 Index	September 2014		504,855		833
	8	OSE	TOPIX Index	September 2014		996,989		19,645
							$	6,590

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

91

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

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 Focused		*		*
High Yield		*		*
Equity Income		*
Growth & Income		*
Growth		*
Select Value		*
Aggressive Opportunities		*
Discovery		*		*
International		*		*
Diversifying Strategies		*		*
Overseas Equity Index		*

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

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

During the six month period ended June 30, 2014, the following funds purchased and/or sold forward foreign currency exchange contracts: Low Duration Bond Fund, High Yield Fund, Discovery Fund, International Fund, Diversifying Strategies Fund, and Overseas Equity Index Fund.

As of June 30, 2014, the following funds had open forward currency contracts outstanding:

Low Duration Bond Fund

Contract Type

Counterparty

Currency to Deliver

In Exchange For

Exchange Date

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

U.S. Dollar Value at June 30, 2014

Net Unrealized Depreciation

Sale

HSBC Bank plc

GBP

USD

07/09/2014

$

1,171,671

$

1,197,914

$

(26,243

)

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

High Yield Fund

Contract Type

Counterparty

Currency to Deliver

In Exchange For

Exchange Date

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

U.S. Dollar Value at June 30, 2014

Net Unrealized Depreciation

Sale

JPMorgan Chase Bank NA

EUR

USD

07/03/2014

$

6,806,973

$

6,853,986

$

(47,013

)

Discovery Fund

Contract Type	Counterparty		Currency to Deliver	In Exchange For		Exchange Date		Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at June 30, 2014		Net Unrealized Appreciation/ (Depreciation)
Purchase	Barclays Bank plc	��	USD		BRL		07/16/2014	$	452,521	$	463,282	$	10,761
Sale	Barclays Bank plc		BRL		USD		07/16/2014	$	452,485	$	463,282	$	(10,797	)
												$	(36	)

International Fund

Contract Type

Counterparty

Currency to Deliver

In Exchange For

Exchange Date

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

U.S. Dollar Value at June 30, 2014

Net Unrealized Depreciation

Sale

JPMorgan Chase Bank NA

AUD

USD

07/31/2014

$

8,694,472

$

8,709,869

$

(15,397

)

Diversifying Strategies Fund

Contract Type

Counterparty

Currency to Deliver

In Exchange For

Exchange Date

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

U.S. Dollar Value at June 30, 2014

Net Unrealized Depreciation

Sale

JPMorgan Chase Bank NA

EUR

USD

07/09/2014

$

4,473,288

$

4,502,407

$

(29,119

)

Overseas Equity Index Fund

Contract Type

Counterparty

Currency to Deliver

In Exchange For

Exchange Date

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

U.S. Dollar Value at June 30, 2014

Net Unrealized Appreciation/ (Depreciation)

Purchase

Bank of America NA

USD

AUD

09/17/2014

$

588,611

$

592,920

$

4,309

Purchase

Royal Bank of Canada

USD

AUD

09/17/2014

252,216

253,928

1,712

Purchase

Bank of America NA

USD

EUR

09/17/2014

390,073

392,319

2,246

Purchase

Barclays Bank plc

USD

EUR

09/17/2014

1,954,829

1,976,287

21,458

Purchase

Citibank NA

USD

EUR

09/17/2014

222,342

224,084

1,742

Purchase

Goldman Sachs International

USD

EUR

09/17/2014

492,259

497,339

5,080

Purchase

Royal Bank of Canada

USD

EUR

09/17/2014

133,654

135,190

1,536

93

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Contract Type	Counterparty	Currency to Deliver	In Exchange For		Exchange Date		Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at June 30, 2014		Net Unrealized Appreciation/ (Depreciation)
Purchase	Barclays Bank plc	USD		GBP		09/17/2014	$	572,654	$	580,817	$	8,163
Purchase	Citibank NA	USD		GBP		09/17/2014		461,071		467,253		6,182
Purchase	Royal Bank of Canada	USD		GBP		09/17/2014		115,274		116,129		855
Purchase	UBS AG	USD		GBP		09/17/2014		1,828,027		1,866,883		38,856
Purchase	Bank of America NA	USD		JPY		09/17/2014		152,140		152,254		114
Purchase	Barclays Bank plc	USD		JPY		09/17/2014		1,755,709		1,770,452		14,743
Purchase	Citibank NA	USD		JPY		09/17/2014		124,955		125,485		530
Purchase	Royal Bank of Canada	USD		JPY		09/17/2014		361,114		363,712		2,598
											$	110,124
Sale	Citibank NA	AUD		USD		09/17/2014	$	555,358	$	557,102	$	(1,744	)
Sale	Goldman Sachs International	EUR		USD		09/17/2014		89,747		90,401		(654	)
Sale	Citibank NA	EUR		USD		09/17/2014		1,802,909		1,816,681		(13,772	)
Sale	Citibank NA	GBP		USD		09/17/2014		1,938,567		1,950,875		(12,308	)
Sale	Citibank NA	JPY		USD		09/17/2014		1,497,061		1,500,841		(3,780	)
											$	(32,258	)
											$	77,866

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 Focused		*		*			*		*		*

94

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

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

High Yield

*

*

*

*

Equity Income

*

*

Growth & Income

*

*

Growth

*

*

Select Value

*

*

Aggressive Opportunities

*

*

Discovery

*

*

*

*

*

*

International

*

*

*

*

Diversifying Strategies

*

*

*

*

*

*

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

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

A risk in writing (selling) a call option is that the fund gives up the opportunity for profit if the market price of the security increases to or above the strike price and the option is exercised. A risk in writing (selling) a call option on a futures contract, including a Euro-Bund futures contract, is that the fund may incur a loss if the market value of the underlying futures contract increases and the option is exercised. A risk in writing a put option is that the fund may incur a loss if the market price of the security, or futures contract including a Euro-Bund futures contract, decreases and the option is exercised. A risk in buying an option, including an option on a Euro-Bund futures contract, is that the fund pays a premium whether or not the option is exercised. The use of over-the-counter option contracts may also include counterparty risk, which is the risk that the other party to the contract may not fulfill its obligations.

During the six month period ended June 30, 2014, the following funds purchased and/or sold put and/or call options: Inflation Focused Fund and Diversifying Strategies Fund.

95

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Written option activity for the six month period ended June 30, 2014 was as follows:

	Call Options						Put Options				Total
Diversifying Strategies Fund	Number of Contracts			Premium			Number of Contracts		Premium		Number of Contracts			Premium
Beginning balance as of 12/31/2013		910		$	178,401			—	$	—		910		$	178,401
Written		780			124,898			—		—		780			124,898
Closed		(1,690	)		(303,299	)		—		—		(1,690	)		(303,299	)
Expired		—			—			—		—		—			—
Ending balance as of 06/30/2014		—		$	—			—	$	—		—		$	—

As of June 30, 2014, the funds had no open written option contracts.

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. Bilateral swap agreements are two-party contracts entered into primarily by institutional investors. The swap counterparty is typically a brokerage firm, bank, or other financial institution. Certain standardized swaps are subject to mandatory central clearing (cleared swaps). Cleared swaps are transacted through futures commission merchants that are members of central clearinghouses with the clearinghouse serving as central counterparty. A Fund posts initial and variation margin to support its obligations under cleared swaps. In a cleared swap, a fund’s ultimate counterparty is the central clearinghouse. In a typical “swap” transaction, two parties agree to exchange one or more payments based, for example, on 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.

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 Focused	*	*	*	*
High Yield	*	*	*	*

96

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

	Manage Risk:			Obtain or Adjust Investment Exposure:
Fund	Interest Rate Risk	Credit Risk	Foreign Currency Risk	To Certain Assets or Asset Classes
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 six month period ended June 30, 2014, the Inflation Focused Fund participated in interest rate and inflation linked swaps.

As of June 30, 2014 the following swaps were outstanding:

Inflation Focused Fund

Centrally Cleared Interest Rate Swaps
Rates Exchanged					Net Unrealized Appreciation (Depreciation)
Payments Made By The Fund	Payments Received By The Fund	Termination Date	Notional Amount	Premium
2.75%	3 Month Libor	06/19/2043	USD 1,000,000	$117,550	$  (13,435)
3.50%	3 Month Libor	12/18/2043	USD 3,800,000	245,152	(395,101)
3.75%	3 Month Libor	06/18/2044	USD    700,000	(29,050)	(32,572)
3 Month Libor	1.25%	09/05/2018	USD 4,300,000	—	(16,993)
3 Month Libor	1.40%	09/05/2018	USD 1,300,000	—	3,459
3 Month Libor	1.45%	09/05/2018	USD 3,900,000	—	18,975
3 Month Libor	2.00%	12/18/2018	USD 1,600,000	16,315	17,173
				$349,967	$(418,494)

Inflation Linked Swaps
	Rates Exchanged										Net Unrealized
Swap Counterparty	Payments Made By The Fund	Payments Received By The Fund		Termination Date		Notional Amount		Premium			Appreciation/ (Depreciation)
BNP Paribas SA	1.83%		CPI Urban Consumers NSA		11/29/2016		USD 1,100,000	$	(245	)	$	11,886
BNP Paribas SA	2.25%		CPI Urban Consumers NSA		07/15/2017		USD 5,100,000		6,020			(76,480	)
BNP Paribas SA	2.50%		CPI Urban Consumers NSA		07/15/2022		USD 2,900,000		42,218			(92,350	)
Deutsche Bank AG	1.80%		CPI Urban Consumers NSA		01/17/2016		USD 1,200,000		(440	)		12,400
Deutsche Bank AG	1.83%		CPI Urban Consumers NSA		11/29/2016		USD 2,400,000		(706	)		26,047
Deutsche Bank AG	1.85%		CPI Urban Consumers NSA		11/29/2016		USD 3,600,000		—			35,804
Deutsche Bank AG	1.86%		CPI Urban Consumers NSA		11/05/2016		USD 2,000,000		—			18,271
Deutsche Bank AG	1.93%		CPI Urban Consumers NSA		02/10/2017		USD 2,900,000		—			32,320
Deutsche Bank AG	2.17%		CPI Urban Consumers NSA		11/01/2018		USD 1,300,000		—			5,395

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Inflation Linked Swaps
	Rates Exchanged										Net Unrealized
Swap Counterparty	Payments Made By The Fund	Payments Received By The Fund		Termination Date		Notional Amount		Premium			Appreciation/ (Depreciation)
Deutsche Bank AG	2.50%		CPI Urban Consumers NSA		07/15/2022		USD 500,000	$	3,650		$	(12,294	)
Goldman Sachs Bank USA	1.73%		CPI Urban Consumers NSA		04/15/2016		USD 7,900,000		(14,005	)		70,629
Goldman Sachs Bank USA	2.21%		CPI Urban Consumers NSA		10/11/2018		USD 5,200,000		—			11,042
Royal Bank of Scotland plc	1.93%		CPI Urban Consumers NSA		10/31/2016		USD 5,300,000		—			36,671
Royal Bank of Scotland plc	1.94%		CPI Urban Consumers NSA		10/23/2016		USD 1,100,000		(3,245	)		10,601
Royal Bank of Scotland plc	2.25%		CPI Urban Consumers NSA		07/15/2017		USD 4,200,000		2,313			(60,339	)
								$	35,560		$	29,603

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 Focused		*		*		*
High Yield		*		*		*
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.

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Funds may also purchase put and call swaptions. Purchasing put or call swaptions tends to increase the fund’s potential opportunity to benefit from favorable market value changes in the underlying swap without obligating the fund to participate in unfavorable market changes that may occur. The fund pays a premium that is included on the fund’s Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the swaption. Premiums paid for purchasing swaptions that expire are treated as realized losses. Certain swaptions may be purchased with premiums to be determined on a future date. The premiums for these swaptions are based upon implied volatility parameters at specified terms. When a fund enters into a closing sale transaction, the fund will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the cost of the swaption. When a fund exercises a put swaption, it will realize a gain or loss from the underlying swap and the proceeds will be decreased by the premium originally paid. When a fund exercises a call swaption, the cost of the swap that the fund purchases upon exercise will be increased by the premium originally paid. Swaptions written are reported as a liability in a fund’s Statement of Assets and Liabilities. Gains and losses are reported in a fund’s Statement of Operations.

During the six month period ended June 30, 2014, the Inflation Focused Fund participated in interest rate swaptions.

Written swaption activity for the six month period ended June 30, 2014 was as follows:

	Call Swaptions						Put Swaptions						Total
Inflation Focused Fund	Notional Amount			Premium			Notional Amount			Premium			Notional Amount			Premium
Beginning balance as of 12/31/2013	$	14,200,000		$	85,003		$	48,500,000		$	167,890		$	62,700,000		$	252,893
Written		3,900,000			9,457			12,100,000			24,403			16,000,000			33,860
Closed		(17,200,000	)		(91,175	)		(24,600,000	)		(154,709	)		(41,800,000	)		(245,884	)
Expired		(900,000	)		(3,285	)		(36,000,000	)		(37,584	)		(36,900,000	)		(40,869	)
Ending balance as of 06/30/2014	$	—		$	—		$	—		$	—		$	—		$	—

As of June 30, 2014, the funds had no open written swaption contracts.

Derivative Risk Exposure

In April 2009, the Company adopted FASB ASC 815 “Disclosure about Derivative Instruments and Hedging Activities” (“ASC 815”), which requires enhanced disclosures about the funds’ derivatives and hedging activities. The following tables reflect the value of the funds’ derivative contracts by certain risk exposure types (primary risks to which a fund is exposed as a result of holding the derivative contract) as of June 30, 2014. Note that the risk exposure listed below are not indicative of the intended purpose of the related derivative (e.g., managing risk or obtaining or adjusting investment exposure, as discussed elsewhere in this report).

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets and Liabilities Location	Value		Statement of Assets and Liabilities Location	Value
Low Duration Bond Fund
Interest rate	Receivable for variation margin on futures contracts	$	—	Payable for variation margin on futures contracts	$	47,393	*
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts		—	Unrealized depreciation on forward foreign currency exchange contracts		26,243
Total		$	—		$	73,636

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

	Asset Derivatives				Liability Derivatives
Risk Exposure	Statement of Assets and Liabilities Location	Value			Statement of Assets and Liabilities Location	Value
Inflation Focused Fund
Interest rate	Swap agreements, at value and receivable for variation margin on futures contracts(a)	$	357,710	*	Swap agreements, at value and payable for variation margin on futures contracts(a)	$	820,935	*
Total		$	357,710			$	820,935
High Yield Fund
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts	$	—		Unrealized depreciation on forward foreign currency exchange contracts	$	47,013
Total		$	—			$	47,013
Discovery Fund
Interest rate	Receivable for variation margin on futures contracts	$	—		Payable for variation margin on futures contracts	$	147	*
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts		10,761		Unrealized depreciation on forward foreign currency exchange contracts		10,797
Stock market	Receivable for variation margin on futures contracts		3,470,253	*	Payable for variation margin on futures contracts		—
Total		$	3,481,014			$	10,944
International Fund
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts	$	—		Unrealized depreciation on forward foreign currency exchange contracts	$	15,397
Total		$	—			$	15,397
Diversifying Strategies Fund
Interest rate	Receivable for variation margin on futures contracts	$	6,403	*	Payable for variation margin on futures contracts	$	30,714	*
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts		—		Unrealized depreciation on forward foreign currency exchange contracts		29,119
Stock market	Receivable for variation margin on futures contracts		7,553,518	*	Payable for variation margin on futures contracts		—
Total		$	7,559,921			$	59,833
500 Stock Index Fund
Stock market	Receivable for variation margin on futures contracts	$	162,623	*	Payable for variation margin on futures contracts	$	—
Total		$	162,623			$	—

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

	Asset Derivatives				Liability Derivatives
Risk Exposure	Statement of Assets and Liabilities Location	Value			Statement of Assets and Liabilities Location	Value
Broad Market Index Fund
Stock market	Receivable for variation margin on futures contracts	$	118,432	*	Payable for variation margin on futures contracts	$	—
Total		$	118,432			$	—
Mid/Small Company Index Fund
Stock market	Receivable for variation margin on futures contracts	$	137,061	*	Payable for variation margin on futures contracts	$	—
Total		$	137,061			$	—

Overseas Equity Index Fund
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts	$	110,124		Unrealized depreciation on forward foreign currency exchange contracts	$	32,258
Stock market	Receivable for variation margin on futures contracts		21,107	*	Payable for variation margin on futures contracts		14,517	*
Total		$	131,231			$	46,775

(a) Swaps contracts are included in the table at value, with the exception of centrally cleared swaps which are included in the table at unrealized appreciation (depreciation). Only the current day’s variation margin is reported within the asset and liability sections of the Statement of Assets and Liabilities for the centrally cleared swaps.

* 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.

The following tables reflect the funds’ gains (losses) related to derivative activities by certain risk exposure types (primary risks to which a fund is exposed as a result of holding the derivative contract) for the six month period ended June 30, 2014, 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	$	—	$	(16,656	)	$	—		$	—	$	(16,656	)
Foreign currency		—		—			(69,771	)		—		(69,771	)
Total	$	—	$	(16,656	)	$	(69,771	)	$	—	$	(86,427	)
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	—	$	(150,914	)	$	—		$	—	$	(150,914	)
Foreign currency		—		—			29,413			—		29,413
Total	$	—	$	(150,914	)	$	29,413		$	—	$	(121,501	)

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Inflation Focused Fund2
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	223,982	**	$	(1,521,782	)	$	—		$	(268,231	)	$	(1,566,031	)
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	(176,722	)**	$	(274,577	)	$	—		$	199,255		$	(252,044	)
High Yield Fund3
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Foreign currency	$	—		$	—		$	(47,013	)	$	—		$	(47,013	)
Discovery Fund4
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	—		$	(4,239	)	$	—		$	—		$	(4,239	)
Foreign currency		—			—			(40,420	)		—			(40,420	)
Stock market		—			4,622,370			—			—			4,622,370
Total	$	—		$	4,618,131		$	(40,420	)	$	—		$	4,577,711
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	—		$	(39,075	)	$	—		$	—		$	(39,075	)
Foreign currency		—			—			(2,305	)		—			(2,305	)
Stock market		—			27,214			—			—			27,214
Total	$	—		$	(11,861	)	$	(2,305	)	$	—		$	(14,166	)
International Fund5
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Foreign currency	$	—		$	—		$	(657,018	)	$	—		$	(657,018	)
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Foreign currency		—			—			6,202			—			6,202

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Diversifying Strategies Fund6
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	(237,938	)**	$	(923,617	)	$	—		$	—	$	(1,161,555	)
Foreign currency		—			—			(369,693	)		—		(369,693	)
Stock market		(689,817	)**		11,038,538			—			—		10,348,721
Total	$	(927,755	)**	$	10,114,921		$	(369,693	)	$	—	$	8,817,473
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	18,235	**	$	(1,202,377	)	$	—		$	—	$	(1,184,142	)
Foreign currency		—			—			(239,003	)		—		(239,003	)
Stock market		335,156	**		6,124,221			—			—		6,459,377
Total	$	353,391	**	$	4,921,844		$	(239,003	)	$	—	$	5,036,232
500 Stock Index Fund7
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—		$	1,525,042		$	—		$	—	$	1,525,042
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—		$	(245,782	)	$	—		$	—	$	(245,782	)
Broad Market Index Fund8
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—		$	1,444,772		$	—		$	—	$	1,444,772
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—		$	(250,453	)	$	—		$	—	$	(250,453	)
Mid/Small Company Index Fund9
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—		$	1,221,290		$	—		$	—	$	1,221,290
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—		$	(336,119	)	$	—		$	—	$	(336,119	)

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Overseas Equity Index Fund10
Realized Gain (Loss)
Risk Exposure	Options		Futures			Forward Currency Contracts		Swap Agreements		Total
Foreign currency	$	—	$	—		$	105,074	$	—	$	105,074
Stock market		—		331,464			—		—		331,464
Total	$	—	$	331,464		$	105,074	$	—	$	436,538
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options		Futures			Forward Currency Contracts		Swap Agreements		Total
Foreign currency	$	—	$	—		$	88,052	$	—	$	88,052
Stock market		—		(60,782	)		—		—		(60,782	)
Total	$	—	$	(60,782	)	$	88,052	$	—	$	27,270

** 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 Focused 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 High Yield Fund used forward currency contracts to manage foreign currency risk inherent in the fund’s foreign securities.

(4) 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.

(5) 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.

(6) 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.

(7) 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.

(8) 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.

(9) 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.

(10) 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.

104

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (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	$	—	$	(47,393	)	$	—	$	47,393	$	—
Forward Foreign Currency Contracts		—		(26,243	)		—		—		(26,243	)
Total derivatives subject to a master netting arrangement or similar arrangement		—		(26,243	)		—		—		(26,243	)
Total derivatives not subject to a master netting arrangement or similar arrangement		—		(47,393	)		—		47,393		—
Total derivatives	$	—	$	(73,636	)	$	—	$	47,393	$	(26,243	)

(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 $89,631.

Inflation Focused
						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	$	65,678	$	(175,572	)	$	—	$	109,894	$	—
Swap agreements		252,425		(187,262	)		—		—		65,163
Total derivatives subject to a master netting arrangement or similar arrangement		252,425		(187,262	)		—		—		65,163
Total derivatives not subject to a master netting arrangement or similar arrangement		65,678		(175,572	)		—		109,894		—
Total derivatives	$	318,103	$	(362,834	)	$	—	$	109,894	$	65,163

(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 $605,677. Total collateral received was $10,000.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

High Yield
						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	$	—	$	(47,013	)	$	—	$	—	$	(47,013	)
Total derivatives subject to a master netting arrangement or similar arrangement		—		(47,013	)		—		—		(47,013	)
Total derivatives	$	—	$	(47,013	)	$	—	$	—	$	(47,013	)

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

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	$	3,470,253	$	(147	)	$	—	$	—	$	3,470,106
Forward Foreign Currency Contracts		10,761		(10,797	)		—		—		(36	)
Total derivatives subject to a master netting arrangement or similar arrangement		10,761		(10,797	)		—		—		(36	)
Total derivatives not subject to a master netting arrangement or similar arrangement		3,470,253		(147	)		—		—		3,470,106
Total derivatives	$	3,481,014	$	(10,944	)	$	—	$	—	$	3,470,070

(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	$	—	$	(15,397	)	$	—	$	—	$	(15,397	)
Total derivatives subject to a master netting arrangement or similar arrangement		—		(15,397	)		—		—		(15,397	)
Total derivatives	$	—	$	(15,397	)	$	—	$	—	$	(15,397	)

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

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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	$	7,559,921	$	(30,714	)	$	—	$	—	$	7,529,207
Forward Foreign Currency Contracts		—		(29,119	)		—		—		(29,119	)
Total derivatives subject to a master netting arrangement or similar arrangement		—		(29,119	)		—		—		(29,119	)
Total derivatives not subject to a master netting arrangement or similar arrangement		7,559,921		(30,714	)		—		—		7,529,207
Total derivatives	$	7,559,921	$	(59,833	)	$	—	$	—	$	7,500,088

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

500 Stock Index
					Gross Amounts Not Offset in the Statement of Assets & Liabilities
Description	Gross Amounts of Recognized Assets		Gross Amounts of Recognized Liabilities		Financial Instruments		Collateral Pledged(a)		Net Amount
Futures Contracts	$	163,623	$	—	$	—	$	—	$	163,623
Total derivatives not subject to a master netting arrangement or similar arrangement		163,623		—		—		—		163,623
Total derivatives	$	163,623	$	—	$	—	$	—	$	163,623

(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	$	118,432	$	—	$	—	$	—	$	118,432
Total derivatives not subject to a master netting arrangement or similar arrangement		118,432		—		—		—		118,432
Total derivatives	$	118,432	$	—	$	—	$	—	$	118,432

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

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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	$	137,061	$	—	$	—	$	—	$	137,061
Total derivatives not subject to a master netting arrangement or similar arrangement		137,061		—		—		—		137,061
Total derivatives	$	137,061	$	—	$	—	$	—	$	137,061

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

Overseas Equity Index
						Gross Amounts Not Offset in the Statement of Assets & Liabilities
Description	Gross Amounts of Recognized Assets		Gross Amounts of Recognized Liabilities			Financial Instruments		Collateral Pledged(a)		Net Amount
Futures Contracts	$	21,107	$	(14,517	)	$	—	$	—	$	6,590
Forward Foreign Currency Contracts		110,124		(32,258	)		—		—		77,866
Total derivatives subject to a master netting arrangement or similar arrangement		110,124		(32,258	)		—		—		77,866
Total derivatives not subject to a master netting arrangement or similar arrangement		21,107		(14,517	)		—		—		6,590
Total derivatives	$	131,231	$	(46,775	)	$	—	$	—	$	84,456

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

4. Agreements and Other Transactions with Affiliates

VIA, a wholly owned subsidiary of ICMA Retirement Corporation (“ICMA-RC”), provides investment advisor 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 other than the High Yield Fund and each 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. Pursuant to the Master Advisory Agreement, VIA is entitled to receive 0.28% of the average daily net assets of the High Yield Fund. For these services, VIA earned $11,319,227 in the aggregate for the six month period ended June 30, 2014.

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

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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 $9,763,059 in the aggregate for the six month period ended June 30, 2014.

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. The fee structure for many of the Subadvisers provides for a range of fees so that as average net assets under management increases the rate of fee paid to the Subadviser decreases. Other Subadvisers charge one fee no matter what amount of assets they have under management. Additional information about each Subadviser’s fee is presented in the Company’s prospectus and statement of additional information. Fees paid by each fund to Subadvisers during the six month period ended June 30, 2014 are presented in the “Additional Information” section of these Notes. The Subadviser’s fees during the six month period ended June 30, 2014 are shown here as an annual percentage of average net assets under management.

Fund	Subadviser	Actual Fee as a Percentage of Average Daily Net Assets (net of any  subadviser fee waivers)
Low Duration Bond	Payden & Rygel		0.09	%
	Schroder Investment Management North America Inc.		0.17	%
Inflation Focused	Pacific Investment Management Company, LLC (2)		0.20	%
	BlackRock Financial Management, Inc.		0.10	%
High Yield	Oaktree Capital Management, L.P. (1)		0.50	%
Equity Income	Barrow, Hanley, Mewhinney & Strauss, LLC		0.21	%
	T. Rowe Price Associates, Inc.		0.30	%
	Southeastern Asset Management, Inc.		0.52	%
	SSgA Funds Management, Inc. (2).		0.03	%
	Wellington Management Company, LLP (2)		0.25	%
Growth & Income	Fiduciary Management, Inc.		0.29	%
	T. Rowe Price Associates, Inc.		0.38	%
	Wellington Management Company, LLP (3)		0.25	%
Growth	Atlanta Capital Management Company, LLC		0.30	%
	Columbus Circle Investors		0.33	%
	Victory Capital Management, Inc.		0.26	%
	Westfield Capital Management Company, L.P.		0.32	%
Select Value	Artisan Partners Limited Partnership		0.55	%
	Systematic Financial Management, L.P.		0.40	%
	WEDGE Capital Management LLP		0.49	%
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	%

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Fund	Subadviser	Actual Fee as a Percentage of Average Daily Net Assets (net of any  subadviser fee waivers)
International	Artisan Partners Limited Partnership		0.64	%
	GlobeFlex Capital, LP		0.40	%
	Mondrian Investment Partners Limited		0.43	%
	Walter Scott & Partners Limited (4)		0.52	%
Diversifying Strategies	Calamos Advisers LLC (5)		0.53	%
	Mellon Capital Management Corporation		0.33	%
	Oaktree Capital Management, L.P. (5)		0.50	%
	Payden & Rygel (Enhanced Cash) (6)		0.10	%
	Payden & Rygel (Enhanced Equity) (6)		0.15	%
	Payden & Rygel (Low Duration-Plus Fixed Income)		0.10	%
	Shenkman Capital Management, Inc.		0.38	%
	SSgA Funds Management, Inc. (6)		0.03	%
Core Bond Index	Mellon Capital Management Corporation		0.01	%
500 Stock Index	Mellon Capital Management Corporation		0.01	%
Broad Market Index	Mellon Capital Management Corporation		0.01	%
Mid/Small Company Index	Mellon Capital Management Corporation		0.01	%
Overseas Equity Index	Mellon Capital Management Corporation		0.04	%

(1) Effective May 1, 2014, Oaktree Capital Management, L.P. became a subadviser to the High Yield Fund.

(2) Effective February 4, 2014, Barrow Hanley Mewhinney & Strauss, LLC ceased serving as a subadviser to the Equity Income Fund and SSgA Funds Management, Inc. and Wellington Management Company, LLP became subadvisers to the Equity Income Fund.

(3) Effective February 5, 2014, the fee schedule charged by Wellington Management Company, LLP to the Growth & Income Fund was amended and the percentage shown above represents a blended rate of the previous fee schedule and the new fee schedule.

(4) Effective June 20, 2014, the fee schedule charged by Walter Scott & Partners Limited to the International Fund was amended and the percentage shown above represents a blended rate of the previous fee schedule and the new fee schedule.

(5) Effective February 4, 2014, Calamos Advisers, LLC ceased serving as a subadviser and Oaktree Capital Management, L.P. became a subadviser to the Diversifying Strategies Fund.

(6) Effective May 1, 2014, Mellon Capital Management ceased serving as a subadviser to the Diversifying Strategies Fund SSgA Funds Management, Inc. became a subadviser to the Diversifying Strategies Fund and Payden & Rygel began managing the enhanced equity strategy for the Diversifying Strategies Fund. Effective that date, Payden & Rygel also ceased managing the enhanced cash strategy for the Diversifying Strategies Fund.

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

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Growth Fund to exceed 0.54% as a result of subadvisory changes. This commitment will continue until such time as shareholders approve an increase in this limit. For the six month period ended June 30, 2014 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 six month period ended June 30, 2014, the waiver or reimbursement was $15,448.

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, 2015. For the six month period ended June 30, 2014 the amount of this waiver for the Core Bond Index Fund was $337,665, 500 Stock Index Fund was $152,241, Broad Market index Fund $184,308 Mid/Small Company Index Fund was $169,583, and Overseas Equity Index Fund $70,153.

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 six month period ended June 30, 2014, the fee waiver for the Growth & Income Fund totaled $31,756 and the fee waiver for the Equity Income Fund totaled $49,269.

Walter Scott voluntarily reduced its subadvisory fee from April 1, 2014 through June 20, 2014 so that its fee for the International Fund is a flat 0.50% of the average daily market value of the assets managed in the International Fund. This waiver totaled $21,644 for six month period ended June 30, 2014. 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 $217,462 for six month period ended June 30, 2014.

5. Investment Portfolio Transactions

Purchases and sales of investments, exclusive of short-term securities, for each fund for the six month period ended June 30, 2014 were as follows:

	U.S. Government Obligations				Other Securities
Fund	Purchases at Cost		Sales Proceeds		Purchases at Cost		Sales Proceeds
Low Duration Bond	$	175,053,281	$	91,666,871	$	185,051,204	$	103,467,265
Inflation Focused		20,405,447		20,399,068		167,969,378		284,611,353
High Yield		24,714,844		—		311,267,381		1,945,038
Equity Income		—		—		1,017,711,977		1,198,164,586
Growth & Income		—		—		227,202,483		366,712,981
Growth		—		—		519,020,582		645,014,027
Select Value		—		—		168,010,802		192,561,905
Aggressive Opportunities		—		—		296,670,630		440,429,381
Discovery		66,438,047		67,062,411		88,352,752		83,243,222
International		—		—		299,509,729		262,241,463
Diversifying Strategies		244,269,561		212,314,287		483,608,982		496,482,446
Core Bond Index		438,244,663		330,145,410		1,062,068,059		836,697,081
500 Stock Index		—		—		9,611,712		32,269,747
Broad Market Index		—		—		33,711,558		18,534,978
Mid/Small Company Index		—		—		66,122,149		72,716,561
Overseas Equity Index		—		—		31,612,053		12,596,741
Model Portfolio Conservative Growth		—		—		183,829,033		191,627,508
Model Portfolio Traditional Growth		—		—		238,323,048		253,332,235

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	U.S. Government Obligations				Other Securities
Fund	Purchases at Cost		Sales Proceeds		Purchases at Cost		Sales Proceeds
Model Portfolio Long-Term Growth	$	—	$	—	$	228,148,067	$	259,973,314
Model Portfolio All-Equity Growth		—		—		70,966,114		82,263,550
Milestone Retirement Income		—		—		108,500,807		105,152,404
Milestone 2010		—		—		93,336,299		94,102,600
Milestone 2015		—		—		171,821,527		168,771,158
Milestone 2020		—		—		163,254,197		122,951,668
Milestone 2025		—		—		122,669,551		86,765,923
Milestone 2030		—		—		109,303,617		76,901,086
Milestone 2035		—		—		81,333,641		57,040,693
Milestone 2040		—		—		83,899,226		61,353,478
Milestone 2045		—		—		41,538,714		26,109,905
Milestone 2050		—		—		16,110,090		7,317,954

6. Tax Basis Unrealized Appreciation (Depreciation)

As of June 30, 2014, 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	$	778,107,237	$	6,946,165	$	689,967	$	6,256,198
Inflation Focused		514,572,332		13,320,976		3,338,644		9,982,332
High Yield		382,481,377		2,031,151		772,070		1,259,081
Equity Income		1,932,509,505		522,184,002		13,622,411		508,561,591
Growth & Income		1,224,031,561		484,901,881		7,224,821		477,677,060
Growth		1,733,836,899		611,355,987		11,260,880		600,095,107
Select Value		399,967,555		100,320,712		5,288,762		95,031,950
Aggressive Opportunities		911,026,585		273,078,139		10,185,100		262,893,039
Discovery		281,378,041		33,192,768		4,152,915		29,039,853
International		1,314,732,107		290,802,956		34,123,342		256,679,614
Diversifying Strategies		1,048,199,053		35,102,824		3,823,449		31,279,375
Core Bond Index		1,824,707,182		42,170,944		10,754,566		31,416,378
500 Stock Index		402,727,656		300,097,873		4,598,472		295,499,401
Broad Market Index		482,725,242		400,603,506		20,817,544		379,785,962
Mid/Small Company Index		591,332,980		233,282,932		19,178,663		214,104,269
Overseas Equity Index		295,535,107		61,537,060		21,023,109		40,513,951
Model Portfolio Conservative Growth		616,521,294		59,722,263		1,265,065		58,457,198
Model Portfolio Traditional Growth		1,473,892,479		274,857,242		273,348		274,583,894
Model Portfolio Long-Term Growth		1,841,704,357		454,297,957		—		454,297,957
Model Portfolio All-Equity Growth		745,644,437		224,861,811		—		224,861,811
Milestone Retirement Income		324,461,124		15,185,828		1,705,650		13,480,178
Milestone 2010		280,540,544		21,147,982		1,356,886		19,791,096
Milestone 2015		534,694,731		48,450,791		567,796		47,882,995
Milestone 2020		641,051,423		78,787,311		496,223		78,291,088
Milestone 2025		527,280,667		76,843,910		94,176		76,749,734
Milestone 2030		426,525,989		69,405,541		47,907		69,357,634
Milestone 2035		292,471,629		53,117,079		31,068		53,086,011
Milestone 2040		279,209,619		56,772,833		51,493		56,721,340
Milestone 2045		103,800,137		16,321,960		—		16,321,960
Milestone 2050		30,388,138		2,538,674		—		2,538,674

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7. Portfolio Securities Loaned

Certain funds lend securities to approved borrowers to seek to earn additional income. As of June 30, 2014 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.

The market value of the securities on loan and the value of the related collateral as of June 30, 2014, were as follows:

Fund	Securities on Loan		Collateral		Collateralization
Low Duration Bond	$	12,817,123	$	13,081,190		102	%
High Yield Fund		30,904,395		31,497,398		102	%
Equity Income		33,277,768		33,993,761		102	%
Growth & Income		10,144,636		10,291,002		101	%
Growth		34,451,961		35,000,669		102	%
Select Value		20,180,854		20,558,819		102	%
Aggressive Opportunities		33,270,188		33,745,959		101	%
Discovery		19,476,514		20,174,319		104	%
International		36,191,368		37,947,452		105	%
Core Bond Index		21,979,628		22,401,413		102	%
500 Stock Index		5,298,511		5,419,809		102	%
Broad Market Index		20,196,486		20,441,348		101	%
Mid/Small Company Index		54,778,457		56,194,607		103	%
Overseas Equity Index		8,036,515		8,417,319		105	%

8. Transactions with Affiliated Funds

As of June 30, 2014, the Model Portfolio Funds and Milestone Funds held investments in a number of the other Vantagepoint Funds. The figures presented below represent the percentages of shares outstanding in each of the underlying funds owned by the Model Portfolio and Milestone Funds on June 30, 2014:

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		24.01	%		21.60	%		0.00	%		0.00	%		11.47	%
Inflation Focused		9.70	%		11.26	%		0.00	%		0.00	%		6.79	%

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Vantagepoint Fund	Model Portfolio Conservative Growth			Model Portfolio Traditional Growth			Model Portfolio Long-Term Growth			Model Portfolio All-Equity Growth			Milestone Retirement Income
High Yield		17.90	%		23.18	%		18.65	%		0.00	%		5.20	%
Equity Income		2.07	%		8.08	%		14.12	%		9.28	%		1.04	%
Growth & Income		2.12	%		11.79	%		19.93	%		9.91	%		1.48	%
Growth		1.43	%		6.89	%		11.07	%		5.93	%		0.41	%
Select Value		3.68	%		16.79	%		33.31	%		20.99	%		0.25	%
Aggressive Opportunities		0.84	%		4.73	%		10.10	%		7.89	%		0.11	%
Discovery		3.35	%		16.17	%		29.91	%		21.01	%		0.42	%
International		2.78	%		12.49	%		20.91	%		10.65	%		1.38	%
Diversifying Strategies		5.67	%		19.53	%		27.69	%		0.00	%		2.20	%
Core Bond Index		6.65	%		16.75	%		16.36	%		0.00	%		4.20	%
Mid/Small Index		0.00	%		0.00	%		0.00	%		0.00	%		1.84	%
Vantagepoint Fund	Milestone 2010			Milestone 2015			Milestone 2020			Milestone 2025			Milestone 2030
Low Duration Bond		7.17	%		12.12	%		9.67	%		5.82	%		1.89	%
Inflation Focused		5.43	%		6.96	%		5.49	%		1.73	%		0.55	%
High Yield		4.56	%		7.40	%		8.40	%		6.90	%		4.41	%
Equity Income		1.09	%		2.46	%		3.67	%		3.67	%		3.42	%
Growth & Income		1.26	%		2.67	%		3.98	%		3.63	%		3.06	%
Growth		0.70	%		1.64	%		2.31	%		2.31	%		2.31	%
Select Value		0.17	%		0.62	%		0.92	%		0.88	%		0.83	%
Aggressive Opportunities		0.07	%		0.26	%		0.39	%		0.36	%		0.35	%
Discovery		0.29	%		1.03	%		1.54	%		1.44	%		1.38	%
International		1.42	%		3.35	%		4.81	%		4.58	%		4.38	%
Diversifying Strategies		2.80	%		6.78	%		8.66	%		8.17	%		6.89	%
Core Bond Index		3.83	%		6.62	%		8.21	%		5.60	%		3.96	%
Mid/Small Index		2.01	%		4.19	%		6.22	%		5.85	%		5.61	%
Vantagepoint Fund	Milestone 2035			Milestone 2040			Milestone 2045			Milestone 2050
Low Duration Bond		0.17	%		0.00	%		0.00	%		0.00	%
Inflation Focused		0.07	%		0.00	%		0.00	%		0.00	%
High Yield		1.90	%		1.06	%		0.33	%		0.09	%
Equity Income		2.81	%		3.13	%		1.20	%		0.33	%
Growth & Income		2.44	%		2.47	%		0.81	%		0.22	%
Growth		1.73	%		1.82	%		0.73	%		0.20	%
Select Value		0.65	%		0.69	%		0.25	%		0.07	%
Aggressive
Opportunities		0.27	%		0.29	%		0.11	%		0.03	%
Discovery		1.08	%		1.14	%		0.41	%		0.11	%
International		3.48	%		3.69	%		1.35	%		0.37	%
Diversifying Strategies		4.80	%		4.67	%		1.67	%		0.46	%
Core Bond Index		1.82	%		0.61	%		0.00	%		0.00	%
Mid/Small Index		4.38	%		4.63	%		1.69	%		0.46	%

9. Control Persons and Principal Holders of Securities

A majority of the voting shares of each fund are held either directly, or indirectly through the Model Portfolio Funds and the Milestone Funds, by VantageTrust, a group trust sponsored and maintained by VantageTrust Company, 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

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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 June 30, 2014:

Fund	% owned by VantageTrust
Low Duration Bond		78.49	%
Inflation Focused		79.92	%
High Yield		86.58	%
Equity Income		90.84	%
Growth & Income		86.00	%
Growth		94.32	%
Select Value		92.24	%
Aggressive Opportunities		95.19	%
Discovery		91.86	%
International		86.72	%
Diversifying Strategies		87.34	%
Core Bond Index		87.05	%
500 Stock Index		94.14	%
Broad Market Index		81.70	%
Mid/Small Company Index		87.86	%
Overseas Equity Index		94.89	%
Model Portfolio Conservative Growth		84.14	%
Model Portfolio Traditional Growth		92.27	%
Model Portfolio Long-Term Growth		94.83	%
Model Portfolio All-Equity Growth		94.56	%
Milestone Retirement Income		73.52	%
Milestone 2010		75.34	%
Milestone 2015		80.58	%
Milestone 2020		84.27	%
Milestone 2025		83.83	%
Milestone 2030		82.29	%
Milestone 2035		80.83	%
Milestone 2040		81.43	%
Milestone 2045		75.51	%
Milestone 2050		72.37	%

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Principal Holders. Below are the names, addresses, and percentage of ownership of each person (or entity) that owns of record or is known to own beneficially 5% or more of any class of any Fund’s outstanding shares as of June 30, 2014:

Name	Address	Fund and Class	Percentage Owned
VantageTrust	777 N. Capitol Street, NE Washington, DC 20002	Low Duration Bond Fund—T Shares	83.54%
		Inflation Focused Fund—T Shares	84.21%
		High Yield Fund—T Shares	86.58%
		Equity Income Fund—T Shares	93.33%
		Growth & Income Fund—T Shares	88.23%
		Growth Fund—T Shares	95.64%
		Select Value Fund—T Shares	94.14%
		Aggressive Opportunities Fund—T Shares	98.08%
		Discovery Fund—T Shares	93.75%
		International Fund—T Shares	87.74%
		Diversifying Strategies Fund—T Shares	87.34%
		Core Bond Index Fund—T Shares	89.79%
		500 Stock Index Fund—T Shares	100.00%
		Broad Market Index Fund—T Shares	87.96%
		Mid/Small Company Index Fund—T Shares	92.66%
		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 Growth Fund—Investor Shares Growth & Income Fund—Investor Shares Equity Income Fund—Investor Shares Broad Market Index Fund—Class II Core Bond Index Fund—Class II	7.33% 12.39% 9.16% 6.10% 15.31% 37.63%
State College Borough Police Pension Plan	243 South Allen Street State College, PA 16801	International Fund—Investor Shares Growth Fund—Investor Shares Growth & Income Fund—Investor Shares Equity Income Fund—Investor Shares Broad Market Index Fund—Class II Core Bond Index Fund—Class II	8.30% 14.04% 10.39% 6.92% 17.36% 42.66%

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Name	Address	Fund and Class	Percentage Owned
ICMA Retirement Corporation	777 N. Capitol Street, NE Washington, DC 20002	Milestone 2050 Fund—Investor M Shares	7.62%
Prudential Retirement & Annuity	One Commercial Plaza 280 Trumbull Street Hartford, CT 06103-3599	Broad Market Index Fund—T Shares Inflation Focused Fund—T Shares	12.04% 7.20%
New York Life Trust Company	169 Lackawanna Ave Parsippany, NJ 07054-1007	Aggressive Opportunities Fund—Investor Shares International Fund—Investor Shares Growth & Income Fund—Investor Shares Equity Income Fund—Investor Shares Broad Market Index Fund—Class I Inflation Focused Fund—Investor Shares Discovery Fund—Investor Shares Select Value Fund—Investor Shares Milestone 2040 Fund—Investor M Shares	8.64% 11.19% 6.76% 6.99% 11.66% 9.99% 13.77% 17.73% 5.27%
County of Sacramento	700 H Street Suite 4667 Sacramento, CA 95814	Milestone 2020 Fund—Investor M Shares Milestone 2025 Fund—Investor M Shares Milestone 2030 Fund—Investor M Shares Milestone 2035 Fund—Investor M Shares Milestone 2040 Fund—Investor M Shares Milestone 2045 Fund—Investor M Shares Mid/Small Company Index Fund—Class II 500 Stock Index Fund—Class II Overseas Equity Index Fund—Class II	7.11% 10.14% 11.79% 15.35% 14.20% 24.79% 12.39% 14.09% 10.46%
County of Orange	333 NW. Santa Anna Blvd. 2nd Floor Santa Ana, CA 92701	Select Value Fund—Investor Shares Discovery 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 2035 Fund—Investor M Shares Milestone 2040 Fund—Investor M Shares	6.86% 12.27% 5.52% 16.29% 39.20% 56.06% 5.06% 6.37% 6.08% 6.14% 6.06%
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	5.67% 65.17% 25.45% 27.58%
City of St. Charles	200 North Second Street St. Charles, MO 63301	Core Bond Index Fund—Class II	7.12%
City of San Ramon	2226 Camino Ramon San Ramon, CA 94582	Model Portfolio Conservative Growth Fund— Investor M Shares Model Portfolio Long-Term Growth Fund— Investor M Shares	7.92% 8.80%
City of San Pablo	1 Alvarado Square San Pablo, CA 94086	Model Portfolio Long-Term Growth Fund— Investor M Shares	6.12%

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Name	Address	Fund and Class	Percentage Owned
Delta Charter Township	7710 W. Saginaw Hwy Lansing, MI 48917	Model Portfolio Conservative Growth Fund— Investor M Shares	7.92%
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	6.25% 29.77%
City of Glendale—Management	141North Glendale Suite 346 Glendale, CA 91206	500 Stock Index Fund—Class II	12.75%
City of Glendale— Fire	141North Glendale Suite 346 Glendale, CA 91206	500 Stock Index Fund—Class II	9.23%
Town of Concord	P.O. Box 535 Concord, MA 01742	Milestone 2030 Fund—Investor M Shares	6.58%
City of Mill Valley	26 Corte Madera Avenue MillValley, CA 94941	Model Portfolio Conservative Growth Fund Investor M Shares	5.37%
City of Gaithersburg	31 South Summit Avenue Gaithersburg, MD 20877	Model Portfolio Long-Term Growth Fund Investor M Shares	5.35%

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 six month period ended June 30, 2014, the funds recaptured the following amounts of brokerage commissions:

Fund	Recaptured Brokerage Commissions
Equity Income	$	9,604
Growth & Income		53,744
Growth		108,167
Select Value		41,785
Aggressive Opportunities		45,698
Discovery		12,427
International		94,758

11. Subsequent Events

Management has evaluated events or transactions that may have occurred since June 30, 2014, that would merit recognition or disclosure in the financial statements. Subsequent events occurring after the date of this report have been evaluated for potential impact to this report through the date the financial statements were issued. There were no subsequent events that required disclosure.

12. Capital Stock Authorization

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

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13. Tax Disclosure

The Company received updated information concerning the tax character of distributions made by certain issuers during 2013, 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, 2013, as follows:

Fund	Long Term Capital Gain Dividend
Equity Income	$	106,487,039
Growth & Income		111,871,011
Mid/Small Company Index		44,765,925
All-Equity Growth		7,618,003
Conservative Growth		9,532,600
Long-Term Growth Fund		44,657,887
Traditional Growth Fund		28,998,490
Milestone 2010 Fund		8,517,077
Milestone 2015 Fund		12,368,623
Milestone 2020 Fund		13,472,977
Milestone 2025 Fund		9,905,891
Milestone 2030 Fund		8,909,547
Milestone 2035 Fund		7,101,650
Milestone 2040 Fund		10,050,465
Milestone 2045 Fund		3,731,849
Milestone Retirement Income Fund		5,076,434

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Additional Information (Unaudited)

A. Subadviser Fees

Presented below are the fees paid by each fund to subadvisers during the six month period ended June 30, 2014. Fees are shown as an annual percentage of average net assets under management. The total dollars below represent amounts paid to subadvisers for services performed during the period July 1, 2013 through March 31, 2014.

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		0.09%	$	144,949
	Schroder Investment Management North America Inc.		0.17%		268,992
Inflation Focused	Pacific Investment Management Company, LLC		0.20%		292,340
	BlackRock Financial Management, Inc.		0.10%		146,462
High Yield	Oaktree Capital Management, L.P. (1)		0.50%		—
Equity Income	Barrow, Hanley, Mewhinney & Strauss, LLC		0.21%		571,706
	T. Rowe Price Associates, Inc.		0.30%		1,219,906
	Southeastern Asset Management, Inc.		0.52%		1,874,163
	SSgA Funds Management, Inc. (2)		0.03%		16,180
	Wellington Management Company, LLP (2)		0.25%		222,110
Growth & Income	Fiduciary Management, Inc.		0.29%		797,227
	T. Rowe Price Associates, Inc.		0.38%		787,622
	Wellington Management Company, LLP (3)		0.25%		894,002
Growth	Atlanta Capital Management Company, LLC		0.30%		662,552
	Columbus Circle Investors		0.33%		926,495
	Victory Capital Management, Inc.		0.26%		726,431
	Westfield Capital Management Company, L.P.		0.32%		1,100,845
Select Value	Artisan Partners Limited Partnership		0.55%		415,368
	Systematic Financial Management, L.P		0.40%		307,435
	WEDGE Capital Management LLP		0.49%		380,685
Aggressive Opportunities	Southeastern Asset Management, Inc.		0.58%		506,070
	SSgA Funds Management, Inc.		0.03%		59,209
	TimesSquare Capital Management, LLC		0.50%		890,291
	Wells Capital Management Inc.		0.43%		647,181
Discovery	Payden & Rygel		0.15%		98,334
	Wellington Management Company, LLP		0.73%		489,791
International	Artisan Partners Limited Partnership		0.64%		779,923
	GlobeFlex Capital, LP		0.40%		782,344
	Mondrian Investment Partners Limited		0.43%		1,012,122
	Walter Scott & Partners Limited (4)		0.52%		758,177
Diversifying Strategies	Calamos Advisers LLC (5)		0.53%		377,388
	Mellon Capital Management Corporation (6)		0.33%		323,157
	Oaktree Capital Management, L.P. (5)		0.50%		163,904
	Payden & Rygel (Enhanced Cash) (6)		0.10%		85,342
	Payden & Rygel (Enhanced Equity) (6)		0.15%		—
	Payden & Rygel (Low Duration-Plus Fixed Income)		0.10%		183,805
	Shenkman Capital Management, Inc.		0.38%		534,229
	SSgA Funds Management, Inc. (6)		0.03%		—

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Additional Information (Unaudited) — (Continued)

Fund	Subadviser	Actual Fee as a Percentage of Average Daily Net Assets (net of any subadviser fee waivers)		Dollars Paid
Core Bond Index	Mellon Capital Management Corporation		0.01%	$	64,601
500 Stock Index	Mellon Capital Management Corporation		0.01%		31,864
Broad Market Index	Mellon Capital Management Corporation		0.01%		52,301
Mid/Small Company Index	Mellon Capital Management Corporation		0.01%		49,700
Overseas Equity Index	Mellon Capital Management Corporation		0.04%		58,181

(1) Effective May 1, 2014, Oaktree Capital Management, L.P. became a subadviser to the High Yield Fund.

(2) Effective February 4, 2014, Barrow Hanley Mewhinney & Strauss, LLC ceased serving as a subadviser to the Equity Income Fund and SSgA Funds Management, Inc. and Wellington Management Company, LLP became subadvisers to the Equity Income Fund.

(3) Effective February 5, 2014, the fee schedule charged by Wellington Management Company, LLP to the Growth & Income Fund was amended and the percentage shown above represents a blended rate of the previous fee schedule and the new fee schedule.

(4) Effective June 20, 2014, the fee schedule charged by Walter Scott & Partners Limited to the International Fund was amended and the percentage shown above represents a blended rate of the previous fee schedule and the new fee schedule.

(5) Effective February 4, 2014, Calamos Advisers, LLC ceased serving as a subadviser and Oaktree Capital Management, L.P. became a subadviser to the Diversifying Strategies Fund.

(6) Effective May 1, 2014, Mellon Capital Management ceased serving as a subadviser to the Diversifying Strategies Fund SSgA Funds Management, Inc. became a subadviser to the Diversifying Strategies Fund and Payden & Rygel began managing the enhanced equity strategy for the Diversifying Strategies Fund. Effective that date, Payden & Rygel also ceased managing the enhanced cash strategy for the Diversifying Strategies Fund.

B. Directors’ Considerations of Investment Advisory and Subadvisory Agreements

The following relates to the consideration by the Board of Directors (“Directors” or “Board”) of The Vantagepoint Funds (“Company”), during the period beginning January 1, 2014 through June 30, 2014, of the approval of the Master Investment Advisory Agreements (“Advisory Agreement” or “Advisory Agreements”) between VIA and each series of the Company (each series, a “Fund” and collectively, the “Funds”), and certain Investment Subadvisory Agreements (“Subadvisory Agreement” or “Subadvisory Agreements”) for the Funds.

Annual Consideration of the Advisory Agreements and Certain Subadvisory Agreements

At a meeting held on February 5, 2014 (“February Meeting”), the Board, including a majority of the Directors who are not “interested persons” as defined in the Investment Company Act of 1940 (“Independent Directors”), approved the continuance of the Advisory Agreements between VIA and each operational Fund on that date. In addition, the Board, including a majority of the Independent Directors, approved the continuance of the Subadvisory Agreements with respect to the following subadvisers and Funds (may be referred to collectively as the “Sub-Advised Funds”): Artisan Partners Limited Partnership (“Artisan”) (International and Select Value Funds); Atlanta Capital Management Company, LLC (“Atlanta Capital”) (Growth Fund); BlackRock Financial Management, Inc. (Inflation Focused Fund)¹; Columbus Circle Investors (Growth Fund); Fiduciary Management, Inc. (Growth & Income Fund); GlobeFlex Capital, LP (International Fund); Mellon Capital Management Corporation (“Mellon”) (Diversifying

¹  Prior to May 1, 2014, the Inflation Focused Fund was named the Inflation Protected Securities Fund.

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Strategies and Index Funds)²; Mondrian Investment Partners Limited (International Fund); Pacific Investment Management Company, LLC (“PIMCO”) (Inflation Focused Fund); Payden & Rygel (Low Duration Bond, Discovery and Diversifying Strategies Funds); Shenkman Capital Management, Inc. (Diversifying Strategies Fund); Southeastern Asset Management, Inc. (Aggressive Opportunities and Equity Income Funds); SSgA Funds Management, Inc. (“SSgA”) (Aggressive Opportunities Fund); Systematic Financial Management, L.P. (Select Value Fund); T. Rowe Price Associates, Inc. (Equity Income and Growth & Income Funds); TimesSquare Capital Management, LLC (Aggressive Opportunities Fund); Walter Scott & Partners Limited (“Walter Scott”) (International Fund); WEDGE Capital Management LLP (Select Value Fund); Wellington Management Company, LLP (“Wellington”) (Growth & Income and Discovery Funds); Wells Capital Management Inc. (Aggressive Opportunities Fund); and Westfield Capital Management Company, L.P. (Growth Fund).

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

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

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

²  For purposes of this discussion, the term “Index Funds” refers to the Core Bond Index Fund, 500 Stock Index Fund, Broad Market Index Fund, Mid/Small Company Index Fund and Overseas Equity Index Fund.

³  With respect to the Index Funds, at the request of VIA, only other passively managed (pure) index funds were included in each Fund’s Lipper peer group.

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Nature, Extent and Quality of Services

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

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

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

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

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

Investment Performance

The Board placed emphasis on the investment performance of each of the Funds. While consideration was given to performance reports and discussions held at prior Board or Investment Committee meetings, as applicable, particular attention was given to the performance reports provided specifically in connection with the February Meeting. In particular, the Directors reviewed the performance of each Fund over a ten-year period ending June 30, 2013, or shorter period, as applicable, relative to its stated investment objective, benchmark and Lipper peer group. The Directors also considered updated performance information for each Fund relative to its benchmark and, with respect to applicable Funds, its Morningstar, Inc. (“Morningstar”) peer category (“Morningstar peer group”), through October 31, 2013.

In reviewing the performance of the Funds, the Directors considered that for each of the one-, three-, five- and ten-year cumulative periods ended June 30, 2013, or shorter period, as applicable, the performance of each of the

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

⁵  For purposes of this discussion, the term “Milestone Funds” refers to the Milestone Retirement Income Fund, Milestone 2010 Fund, Milestone 2015 Fund, Milestone 2020 Fund, Milestone 2025 Fund, Milestone 2030 Fund, Milestone 2035 Fund, Milestone 2040 Fund, Milestone 2045 Fund and Milestone 2050 Fund.

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following Funds was in one of the first three quintiles of its Lipper peer group for all such periods⁶: Low Duration Bond Fund; Growth & Income Fund; 500 Stock Index Fund; Mid/Small Company Index Fund; Overseas Equity Index Fund; Model Portfolio Long-Term Growth 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. In addition, the Directors considered that for the one-, three-, five- and ten-year cumulative periods ended June 30, 2013, or shorter period, as applicable, the performance of each of the following Funds was in one of the first three quintiles of its Lipper peer group for all but one of those periods: Inflation Focused Fund; Equity Income Fund; Select Value Fund; Aggressive Opportunities Fund; Discovery Fund; International Fund; and Model Portfolio Conservative Growth Fund.

With regard to the performance of the Growth Fund relative to its Lipper peer group, the Board considered that, in order to improve the Fund’s performance, VIA recommended, and the Board approved, changes to the subadvisory structure of the Fund, that were implemented in January 2012. The Directors also considered that the Fund’s performance was in the second and third quintiles of its Lipper peer group for the one- and two-year periods ended June 30, 2013, respectively, and in the third quintile of its Lipper peer group for the calendar year-to-date period ended June 30, 2013. The Board further noted that VIA considered these changes to have been beneficial to the Growth Fund since their implementation through November 29, 2013, based on the Fund’s performance versus its Morningstar peer group and benchmark.

With regard to the performance of the Diversifying Strategies Fund relative to its Lipper peer group, the Directors considered that the Fund’s performance was in the second quintile of its Lipper peer group for the since inception period (October 2007) through June 30, 2013, and in the third quintile of its Lipper peer group for the calendar year-to-date period ended June 30, 2013. The Directors also considered VIA’s explanation that the Diversifying Strategies Fund’s performance relative to its Lipper peer group for the three- and five-year periods ended June 30, 2013, was likely due to its more conservative orientation at the asset class level. The Directors also considered that the Fund outperformed its Morningstar peer group median for the calendar year-to-date and one- and five-year periods ended June 30, 2013. Furthermore, the Directors considered that, in order to improve the Diversifying Strategies Fund’s risk/return profile and performance, VIA recommended, and the Board approved at its December 3, 2013 meeting, certain principal investment strategy and subadviser changes, with certain changes to be implemented in February 2014 and certain changes to be implemented in May 2014.

With regard to the performance of the Core Bond Index Fund and the Broad Market Index Fund relative to their respective Lipper peer groups, the Directors considered VIA’s explanation regarding the impact on the relative performance of the Class I shares of each Index Fund of including institutional share classes, which typically have lower fees, in each Fund’s Lipper peer group, as index fund performance rankings are largely driven by fees. With respect to the performance of the Core Bond Index Fund relative to its Lipper peer group, the Directors also considered that the performance of the Class II Shares of the Fund was in the third quintile of its Lipper peer group for the calendar year-to-date and one- and three-year periods ended June 30, 2013. With respect to the performance of the Broad Market Index Fund relative to its Lipper peer group, the Directors also considered that the performance of the Class II Shares of the Fund was in the third quintile of its Lipper peer group for the three- and ten-year periods ended June 30, 2013. In addition, the Board took into consideration VIA’s assessment that each of the Index Funds performed as expected relative to its benchmark when taking into account fees and expenses of the Fund.

With respect to the performance of the Model Portfolio Traditional Growth Fund relative to its Lipper peer group, the Directors considered that the Fund’s performance was in the third quintile of its Lipper peer group for the calendar year-to-date and five- and ten-year periods ended June 30, 2013. The Directors also considered VIA’s explanation that the Model Portfolio Traditional Growth Fund’s performance relative to its Lipper peer group over the other periods was likely due to characteristics within the asset classes in which the Fund was invested. The Directors also considered that the Fund outperformed its Morningstar peer group median for the calendar year-to-date period ended June 30, 2013.

⁶  For purposes of the following discussion, the performance of the Funds refers to the Investor Shares of the Sub-Advised Funds (excluding the Index Funds and the Diversifying Strategies Fund), the Class I and Class II Shares of the Index Funds, the T Shares of the Diversifying Strategies Fund and the Investor M Shares of the Model Portfolio Funds and Milestone Funds.

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With respect to the performance of the Model Portfolio All-Equity Growth Fund relative to its Lipper peer group, the Directors considered that the Fund’s performance was in the third quintile of its Lipper peer group for the ten-year period ended June 30, 2013. The Directors also considered VIA’s explanation that the Model Portfolio All-Equity Growth Fund’s performance relative to its Lipper peer group over the other periods was likely due to characteristics within the asset classes in which the Fund was invested. The Directors also considered that the Fund outperformed its Morningstar peer group median for the ten-year period ended June 30, 2013.

With respect to the Milestone Retirement Income Fund, the Directors considered that the Fund’s performance relative to its Lipper peer group was in the first quintile for the calendar year-to-date period ended June 30, 2013, and in the second quintile for the one-year and since-inception (April 2006) periods through June 30, 2013. The Directors also considered VIA’s explanation that the Milestone Retirement Income Fund’s performance relative to its Lipper peer group over the other periods was likely due to its conservative orientation and characteristics within the asset classes in which the Fund was invested. The Directors also considered that the Fund outperformed its Morningstar peer group median for the calendar year-to-date period ended June 30, 2013.

In addition, with regard to the Model Portfolio Funds and Milestone Funds, in order to improve the risk/return profile and performance of each Fund, VIA recommended, and the Board approved at the February Meeting, certain principal investment strategy, target allocation and asset class changes with regard to the underlying funds in which these Funds invest, with such changes to be implemented in May 2014. For the Sub-Advised Funds, the Directors also considered VIA’s assessment of the performance record of each subadviser with respect to the assets of the Fund it manages and the reasons supporting VIA’s recommendation to approve each Subadvisory Agreement for an additional one-year period.

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

Management Fees and Expenses. The Board considered the fees payable under each Advisory Agreement and under each Subadvisory Agreement for the Sub-Advised Funds. The Board reviewed the information compiled by Lipper comparing each Fund’s contractual management fee rate (at common asset levels based on the Fund’s total net assets as of June 30, 2013) and actual management fee rate (which includes the effect of any fee waivers/reimbursements) as a percentage of total assets—these fee rates include advisory, subadvisory and administrative service fees—to other funds in its Lipper expense group.⁷ Based on the data provided on management fee rates, on a Fund-by-Fund basis, the Board noted that: (i) each Fund’s contractual management fee rate at a common asset level, was at or lower than the median of its Lipper expense group, except for the Core Bond Index Fund (Class I), 500 Stock Index Fund (Class I), Mid/Small Company Index Fund (Class I), Model Portfolio Traditional Growth Fund (Investor M), Model Portfolio Long-Term Growth Fund (Investor M), Model Portfolio All-Equity Growth Fund (Investor M), and the Investor M shares of each of the Milestone Funds (other than the Milestone 2025, Milestone 2035, Milestone 2045 and Milestone 2050 Funds); and (ii) the actual management fee rate of each Fund was at or lower than the median of its Lipper expense group, except for the Select Value Fund (Investor M), Core Bond Index Fund (Class I), 500 Stock Index Fund (Class I), Broad Market Index Fund (Class I, Class II and T Shares), Mid/Small Company Index Fund (Class I), Model Portfolio Conservative Growth Fund (TM Shares), Model Portfolio Traditional Growth Fund (Investor M and TM Shares), Model Portfolio Long-Term Growth Fund (Investor M), and each share class of each of the Milestone Funds (other than the Investor M Shares of the Milestone Retirement Income, Milestone 2025 and Milestone 2035 Funds and each share class of the Milestone 2040 and Milestone 2050 Funds). With respect to the Select Value Fund, Core Bond Index Fund, 500 Stock Index Fund, Broad Market Index Fund (other than the Class II Shares), Mid-Small Company Index Fund and Milestone 2050 Fund, as well as the other Sub-Advised Funds, the Directors considered that, based on the data provided, each Fund’s actual adviser fee (advisory and subadvisory fee) as a percentage of average net assets for the latest fiscal year was either at or below the median of its Lipper expense group. The Board noted that with respect to the Class II Shares of the Broad Market Index Fund, the actual adviser fee (advisory and subadvisory fee) as a percentage of average net assets for the latest fiscal year was only

⁷  All Lipper expense data for the Funds was based on the June 30, 2013 unaudited semi-annual report data, and actual expense data for the Funds was annualized to reflect a fiscal year end of December 31, 2013. With respect to the Sub-Advised Funds, the Lipper expense group referred to in this discussion was not limited to funds with subadvisory arrangements.]

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..1 basis points above the median. With respect to the Model Portfolio Funds (other than the T Shares of the Model Portfolio Conservative Growth Fund and Model Portfolio All-Equity Growth Fund) and Milestone Funds, the Directors noted that most of the other funds in such Funds’ Lipper expense groups waive a portion of their management fees. In addition, the Board considered that the actual total expense ratio of each Model Portfolio Fund and Milestone Fund was at or lower than the median of its Lipper expense group and noted VIA’s view that it is more relevant to focus on fees at the total expense level because of disparities across the funds comprising the Lipper expense groups in terms of the classification of certain fees and expenses.

The Board also reviewed the information compiled by Lipper comparing each Fund’s total expense ratio to other funds in its Lipper expense group. Based on this comparative expense data, the Board noted that the actual total expense ratio for each Fund (other than the Class I Shares of the Core Bond Index and Broad Market Index Funds) was at or lower than the median of its Lipper expense group. In regard to the Class I Shares of the Core Bond Index Fund and Broad Market Index Fund, the Board noted that the actual total expense ratios of these Funds as reported by Lipper were within 1.5 and 4.9 basis points of their Lipper expense group median, respectively.

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

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

With respect to the Growth & Income Fund, the Directors also considered that Wellington had agreed to, and the Board was being asked to approve at the February Meeting, an amendment to the fee schedule of the Fund’s Subadvisory Agreement with Wellington that would reduce the subadvisory fee paid to Wellington, provided that assets under Wellington’s management remain at $300 million or more, effective upon Board approval (“Amended Fee Schedule”). In considering the Amended Fee Schedule, the Board took into consideration that Wellington represented that the Amended Fee Schedule would not affect the nature, quality or scope of the services Wellington provides to the Growth & Income Fund.

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

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

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

Economies of Scale. With respect to whether economies of scale are realized by VIA as a Fund’s assets increase and whether advisory fee levels reflect these economies of scale for the benefit of Fund investors, the Board considered, on

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a Fund-by-Fund basis, the current level of advisory fee charged and fee structure and concluded that VIA’s fee structure with respect to each Fund was appropriate at this time.

With regard to each Sub-Advised Fund, the Directors considered that the fee schedule relating to each Subadvisory Agreement that the Board was being asked to approve (except for the Subadvisory Agreements with SSgA (Aggressive Opportunities Fund), PIMCO (Inflation Focused Fund), Atlanta Capital (Growth Fund), and Mellon (Diversifying Strategies Fund, Core Bond Index Fund and 500 Stock Index Fund)) includes breakpoints, and these Sub-Advised Funds and their shareholders will benefit from reduced subadvisory fee rates as the assets managed by the relevant subadviser increase, and that this generally represents a recognition that economies are being passed on by the subadviser to the Fund’s shareholders. The Directors also considered that each Subadvisory Agreement was the product of arm’s-length negotiations. The Directors further considered the appropriateness of each subadvisory fee structure in light of VIA’s assessment that each subadvisory fee reflects the lowest available fee schedule from the respective subadviser for like accounts.

With regard to the Amended Fee Schedule with Wellington for the Growth & Income Fund, although it does not provide breakpoints when the Fund’s assets are $300 million or more, the Directors considered that Wellington believes the Amended Fee Schedule reflects the economies of scale inherent in providing investment advice to portfolios similar in asset size to the portion of the Growth & Income Fund managed by Wellington.

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

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

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

Vantagepoint High Yield Fund

Approval of an Advisory Agreement and Subadvisory Agreement for a New Series of the Company

Also at the February Meeting, VIA recommended, and the Board of the Company, including a majority of the Independent Directors, initially approved: (1) the Advisory Agreement between the Company and VIA with respect to a new series of the Company (“High Yield Advisory Agreement”), the Vantagepoint High Yield Fund (“High Yield Fund”); and (2) a Subadvisory Agreement with Oaktree Capital Management, L.P. (“Oaktree”) for the High Yield Fund (“High Yield Subadvisory Agreement”). Before approving the High Yield Advisory Agreement and High Yield

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Subadvisory Agreement, the Board considered the recommendations of, and supporting analyses and data presented by, VIA.

In considering the High Yield Advisory Agreement and High Yield Subadvisory Agreement, 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.

With respect to the Board’s initial approval of the High Yield Advisory Agreement, the Directors received written information in advance of or at the February Meeting, including information regarding: (1) the nature, quality and extent of the services to be provided by VIA; (2) the adequacy of the compliance program relating to the High Yield Fund; (3) the level of investment advisory fees to be charged by VIA and the fees charged by VIA to the other series of the Company where subadvisers are employed to manage the assets of the series directly (“actively managed funds”) and other comparative advisory fee data; (4) VIA’s experience as investment adviser to the other actively managed funds and with respect to the investment strategies to be employed by the High Yield Fund; (5) the High Yield Fund’s expected overall investment advisory fee and total expense ratio compared to the institutional shares of a group of mutual funds categorized by Morningstar as high yield bond funds (“High Yield Peer Group”); and (6) the expected costs of the services to be provided and net margin (“profit margin”) to be realized by VIA and its affiliates from its relationship with the High Yield Fund.

In determining to approve the High Yield Advisory Agreement, the Directors considered the information received in advance of, and at, the February Meeting, the presentations made by, and discussions held with, personnel of VIA and 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 High Yield Advisory Agreement with VIA.

Nature, Extent and Quality of Services. With respect to the nature, extent and quality of the services expected to be provided by VIA to the High Yield Fund under the High Yield Advisory Agreement, the Directors considered the specific investment services to be provided by VIA, including the subadviser selection and fee negotiation process, the process by which VIA evaluates and monitors subadvisers, the cash management services to be provided to the High Yield Fund and the heightened liquidity oversight with respect to the High Yield Fund’s investments in floating rate loans. They also considered the experience of VIA’s investment management staff with regard to managing the other actively managed funds and the investment strategy to be employed by, and the adequacy of the compliance program for, the High Yield Fund. The Directors concluded that the nature, extent and quality of the investment advisory services expected to be provided by VIA were appropriate for the High Yield Fund in light of its investment objective and strategies and, thus, supported a decision to approve the High Yield Advisory Agreement.

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

Advisory Fee, Expense Ratio and Economies of Scale. The Directors considered a comparison of the fee to be paid to VIA by the High Yield Fund with the fee VIA charges to the existing actively managed funds. The proposed fee schedule for the High Yield Fund is higher than VIA’s current fee schedule, which was established at the Company’s inception in 1999, for the existing actively managed funds. The Directors considered VIA’s explanation that its proposed fee schedule for the High Yield Fund was necessary to accommodate the growing costs of providing advisory services resulting from the increased complexity of investment strategies, expanded investment types and regulations and the increasing costs of compliance oversight applicable to the Fund. The Board also considered that VIA expects the type of services it is to provide to the High Yield Fund to be generally comparable to the services it provides to the other actively managed funds; however, VIA stated that certain activities in support of the High Yield Fund would be more concentrated, such as the heightened liquidity oversight that VIA would be required to provide with respect to the High Yield Fund’s investments in floating rate loans. The Directors considered comparative data provided by VIA on the overall investment advisory fee (i.e., investment advisory fees and subadvisory fees) and the total expense ratios of the High Yield Peer Group. The information provided by VIA showed that, for the High Yield Fund’s first year of operation (May 1, 2014 through April 30, 2015) the proposed overall investment advisory fee and expected total expense ratio are expected to be above the average and median of the High Yield Peer Group, and in the fifth quintile

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(the fifth quintile represents funds with the highest investment advisory fees and expense ratios among the High Yield Peer Group). The Directors considered VIA’s explanation that the proposed advisory fee for the High Yield Fund to be paid to VIA would enable VIA to provide the high quality and level of service it provides to the other actively managed funds and to make the necessary investments to operate the Fund over the long-term with reasonable and appropriate profit margins.

The Directors also considered comparative data provided by VIA on the fees that are charged to a group of other open-end high yield funds and retained (as opposed to being paid out to a subadviser) by other advisers that operate under a managers-of-managers structure similar to the High Yield Fund, which was compiled by Lipper (“Lipper advisory expense group”). The information provided by VIA showed that, for the High Yield Fund’s first year of operation (May 1, 2014 through April 30, 2015), the proposed advisory fee to be paid to VIA for the High Yield Fund is expected to be below the median gross advisory fee (before fee waivers) and the average gross advisory fee (before fee waivers) of the Lipper advisory expense group, which included all share classes of a group of open-end high yield funds that have an unaffiliated co-adviser (paid directly by the fund) or subadviser (paid by the adviser).

The foregoing comparisons assisted the Directors in considering the High Yield Advisory Agreement by providing them with a basis for evaluating the proposed investment advisory fee to be paid to VIA and the High Yield Fund’s expected overall investment advisory fee (which includes the proposed subadvisory fees) and total expense ratio on a relative basis.

The Directors reviewed the information provided by VIA regarding the expected costs and profit margins to be realized by VIA (and its affiliates) from its relationship with the High Yield Fund based on current asset projections. In considering the extent to which economies of scale may be realized as the assets of the High Yield Fund increase and whether the proposed fee levels reflect these economies, the Directors considered that, although VIA (and its affiliates) anticipate a positive profit margin initially and going forward, VIA committed to evaluate the appropriateness of incorporating breakpoints into the advisory fee schedule to the extent the High Yield Fund’s assets significantly increase from the asset levels at inception. In addition, the Directors also acknowledged that, as a business matter, VIA is entitled to earn reasonable profits for the services it provides to the High Yield Fund. The Directors concluded that the proposed fee structure is appropriate at this time.

Other Considerations. The Directors also considered the potential “fall-out” or ancillary benefits that may accrue to VIA due to its relationship with the High Yield Fund, including through exposure to Oaktree, the proposed subadviser, and its investment research, insight, management styles, investment strategies, resources and personnel.

Conclusion. After evaluation of the fee and expense information and the profitability, ancillary benefits and other considerations as described above, and in light of the nature, extent and quality of services to be provided by VIA, the Board concluded that the level of fees to be paid to VIA with respect to the High Yield Fund, was reasonable.

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

With respect to the Board’s consideration of the High Yield Subadvisory Agreement, the Directors received written information in advance of or at the February Meeting from VIA, which included: (1) the process by which VIA selected and recommended Oaktree for Board approval as a subadviser of the High Yield Fund; (2) the nature, extent and quality of the services that Oaktree would provide to the High Yield Fund; (3) Oaktree’s experience, investment management business, personnel and operations; (4) Oaktree’s brokerage and trading policies and practices; (5) the level of subadvisory fees to be charged to the High Yield Fund by Oaktree and a comparison of those fees to the: (a) standard fee schedule charged by Oaktree for managing other accounts with an investment mandate that is similar to the investment mandate that Oaktree is to employ for the High Yield Fund; and (b) fees charged by a group of U.S. separate account investment managers utilizing a U.S. high yield fixed income mandate; (6) Oaktree’s compliance program; (7) performance information for Oaktree and such performance compared to a relevant benchmark and peer group; (8) the High Yield Fund’s expected overall investment advisory fee and total expense ratio as compared to the High Yield Peer Group; and (9) Oaktree’s financial condition.

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In determining whether to approve the High Yield Subadvisory Agreement, the Directors considered the information received in advance of, and at, the February Meeting, the presentations made by, and discussions held with, personnel of VIA and representatives of Oaktree, and discussions with the 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 High Yield Subadvisory Agreement.

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

Investment Performance. The Directors reviewed the investment performance information provided by VIA for Oaktree with respect to the proposed mandate it is to employ for the High Yield Fund, and considered this 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 the High Yield Subadvisory Agreement.

Subadvisory Fee, Expense Ratio and Economies of Scale. In evaluating the proposed subadvisory fee, the Directors reviewed the subadvisory fee schedule for Oaktree. The Directors considered a comparison of the subadvisory fee to be charged by Oaktree to the High Yield Fund with its standard fee schedule for managing accounts with an investment mandate similar to the mandate that Oaktree is to employ on behalf of the High Yield Fund. The Directors also considered that, according to the information provided, the proposed fee schedule for the High Yield Fund was the same as the fee rate currently charged by Oaktree to other accounts of similar size and for which Oaktree provides advisory services utilizing an investment mandate similar to the mandate Oaktree is to employ for the High Yield Fund. Additionally, the nature of the subadvisory services Oaktree is to provide to the High Yield Fund appeared to be comparable to those Oaktree 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 expected to be allocated initially to Oaktree and that employ a U.S. high yield fixed income mandate. According to the information provided, the proposed effective fee rate to be paid by the High Yield Fund to Oaktree would be above the median fee charged by such U.S. high yield fixed income managers and would rank in the third quartile of such fees.

The Directors considered the comparative High Yield Peer Group data provided by VIA discussed above and noted that, if Oaktree served as a subadviser to the High Yield Fund at the proposed subadvisory fee rate and the expected initial asset allocation level, the expected overall investment advisory fee and total expense ratio for the High Yield Fund would be higher than the average and median of the High Yield Peer Group and in the fifth quintile. The Directors also considered that Oaktree’s proposed subadvisory fee was the product of arms-length negotiations and VIA’s assessment that such fee is reasonable in light of Oaktree’s risk-adjusted performance.

The foregoing comparisons assisted the Directors in considering the High Yield Subadvisory Agreement by providing them with a basis for evaluating Oaktree’s fee schedule, including in light of the High Yield Fund’s expected overall investment advisory fee and total expense ratio, on a relative basis.

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The Directors also reviewed the information provided by Oaktree regarding the estimated profits to be realized from Oaktree’s relationship with the High Yield Fund. In considering the extent to which economies of scale may be realized by Oaktree as the assets of the High Yield Fund to be managed by Oaktree grow, and whether the proposed fee levels reflect these economies, the Directors considered that, although the proposed fee schedule to the High Yield Subadvisory Agreement does not include breakpoints, the High Yield Subadvisory Agreement was the product of arms-length negotiations and is the same as the fee rate currently charged by Oaktree to other accounts of similar size and for which Oaktree provides advisory services utilizing an investment mandate similar to the mandate Oaktree is to employ for the High Yield Fund.

In addition, at a meeting held on March 12, 2014, VIA recommended, and the Board of the Company, including a majority of the Independent Directors, approved an amended fee schedule to the High Yield Subadvisory Agreement effective as of May 1, 2014. The fee schedule to the High Yield Subadvisory Agreement was amended: (i) to incorporate a breakpoint of 0.45% of the High Yield Fund’s average daily net assets when the assets managed by Oaktree are above $500 million and up to $750 million; and (ii) to provide that, during any period in which the average daily net assets of the High Yield Fund managed by Oaktree exceed $750 million, the annual fee rate on all assets of the High Yield Fund managed by Oaktree will be 0.42%. In approving the amended fee schedule with Oaktree, the Board took into consideration that Oaktree represented that the nature, quality and scope of services it provides to the High Yield Fund would not be affected by the change in fee.

Other Considerations. The Directors considered the selection and due diligence process employed by VIA in deciding to recommend Oaktree as a subadviser to the High Yield Fund to implement the High Yield Fund’s investment objective and strategies and also considered VIA’s conclusion that the fee to be paid to Oaktree is competitive and reasonable and appropriate given the nature and quality of the services to be provided by Oaktree and the nature of the investment strategy Oaktree is to employ on behalf of the High Yield Fund. The Directors concluded that VIA’s recommendations and conclusions supported approval of the High Yield Subadvisory Agreement.

The Directors also considered the potential “fall-out” or ancillary benefits that may accrue to Oaktree due to its relationship with the High Yield Fund. The Directors considered that Oaktree noted that its relationship with the High Yield Fund may enhance a favorable channel pursuant to which the firm’s investment strategies may reach a clientele as yet relatively underserved by Oaktree. The Directors concluded that the potential benefits that may accrue to Oaktree by virtue of its relationship with the High Yield Fund appeared to be reasonable.

Conclusion. After evaluation of the performance, fee and expense information and the profitability, ancillary benefits and other considerations as described above, and in light of the nature, extent and quality of services to be provided by Oaktree, the Board concluded that the level of fees to be paid to Oaktree with respect to the High Yield Fund, was reasonable.

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

Vantagepoint International Fund and Vantagepoint Select Value Fund

Approval of New Subadvisory Agreements

Also at the February Meeting, VIA recommended, and the Board of the Company, including a majority of the Independent Directors, approved new Subadvisory Agreements with Artisan, one of the subadvisers of the Vantagepoint International Fund (“International Fund”) and Vantagepoint Select Value Fund (“Select Value Fund”) (each, an “Artisan Fund,” and together, the “Artisan Funds”), due to certain anticipated changes to the indirect ownership of Artisan, which occurred on March 12, 2014 (the “Transition”). The Transition resulted in a “change of control” of Artisan 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 Transition, the Subadvisory Agreements previously in effect among the

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Additional Information (Unaudited) — (Continued)

Company, on behalf of each Artisan Fund, VIA and Artisan (each, a “Current Artisan Subadvisory Agreement,” and together, the “Current Artisan Subadvisory Agreements”) terminated on March 12, 2014. At the February Meeting, in anticipation of the Transition and consequent immediate termination of each Current Artisan Subadvisory Agreement, the Board, including a majority of the Independent Directors, approved new Subadvisory Agreements among the Company, on behalf of each Artisan Fund, VIA and Artisan (each, a “New Artisan Subadvisory Agreement,” and together, the “New Artisan Subadvisory Agreements”), which became effective March 12, 2014. Before approving each New Artisan Subadvisory Agreement, the Board considered the recommendations of, and information provided by, VIA.

With respect to the Board’s consideration of the New Artisan Subadvisory Agreements, the Directors received written information in advance of the February Meeting from VIA, which included: (1) the conclusions reached by VIA as a result of the information it reviewed relating to the Transition and in recommending the Board approve the New Artisan Subadvisory Agreements; (2) the nature, extent and quality of the services that Artisan currently provides, and is expected to continue to provide after the Transition, to each Artisan Fund; (3) Artisan’s experience, investment management business, personnel and operations; (4) Artisan’s brokerage and trading policies and practices; (5) the level of subadvisory fees to be charged to each Artisan Fund by Artisan and a comparison of those fees to: (a) Artisan’s fee schedule for managing other advisory accounts with an investment objective similar to that of each Artisan Fund; and (b) the fees charged by a group of U.S. separate account investment managers utilizing a Europe, Australasia and Far East (EAFE) large capitalization growth investment mandate, with respect to the International Fund, and a medium capitalization value investment mandate, with respect to the Select Value Fund; (6) Artisan’s compliance program; (7) Artisan’s investment performance as a subadviser to each Artisan Fund and such performance compared to a relevant benchmark and peer group; (8) Artisan’s statement that the Transition is not expected to affect the nature, scope or quality of the services Artisan provides to each Artisan Fund; and (9) certain financial information for Artisan.

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

In determining whether to approve each New Artisan Subadvisory Agreement, the Directors considered the information received in advance of the February Meeting, and the discussions held with, the personnel of VIA and the 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 each New Artisan Subadvisory Agreement.

Nature, Extent and Quality of Services. With respect to the nature, extent and quality of the services expected to be provided by Artisan to each Artisan Fund following the Transition, the Directors considered Artisan’s investment management process in managing the portion of each Artisan Fund’s assets allocated to it, including the personnel responsible for the portfolio management of each Artisan Fund. The Directors considered Artisan’s representation that there will be no changes to Artisan’s senior management team, investment professionals (including the portfolio managers, research analysts and traders), investment style, philosophy, strategy, or the day-to-day activities of Artisan’s client service teams or the interactions Artisan has with the Artisan Funds. In addition, Artisan stated that the Transition will have little impact on personnel retention, operations or Artisan’s investment process and existing compliance policies and procedures. The Directors considered Artisan’s statement that the Transition is not expected to affect the nature, scope or quality of services it provides to the Artisan Funds. The Directors also considered that the fee schedule under each New Artisan Subadvisory Agreement is the same as the fee schedule under each Current Artisan Subadvisory Agreement. Based on the information considered, the Directors concluded that, after the Transition, Artisan would likely have the ability to continue to provide the nature, extent and quality of subadvisory services it currently provides to each Artisan Fund.

Investment Performance. The Directors considered the historical data provided regarding Artisan’s investment performance with respect to managing the assets of each Artisan Fund and such performance 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. The Directors concluded that the investment performance record of Artisan supported approval of each New Artisan Subadvisory Agreement, noting that the Transition is not expected to result in any changes to the investment professionals at Artisan.

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Subadvisory Fees and Economies of Scale. In evaluating each subadvisory fee, the Directors considered that the subadvisory fee schedule under each New Artisan Subadvisory Agreement is the same as the subadvisory fee schedule under each Current Artisan Subadvisory Agreement. The Directors considered comparisons of the subadvisory fee to be charged by Artisan to each Artisan Fund with its fee schedule for managing other registered investment companies in a subadvisory capacity with an investment objective similar to the respective investment objective of each Artisan Fund. The Directors also considered that, according to the information provided, the effective fee rate to be paid by each Artisan Fund under its respective New Artisan Subadvisory Agreement, based on the current amount of assets to be allocated to Artisan under such New Artisan Subadvisory Agreement, was competitive at this time. In addition, the Directors took into account Artisan’s statement that the investment management services to be provided to each Artisan Fund are substantially similar to the investment management services provided to its other comparable clients.

The Directors reviewed information provided by VIA (which was based on an independent third-party source) on the fees charged by a group of U.S. separate account investment managers to accounts with assets comparable to the amount of assets allocated to Artisan and that employ a EAFE large capitalization growth mandate, with respect to the International Fund, and a medium capitalization value mandate, with respect to the Select Value Fund. According to the information provided, the effective fee rate to be paid by the International Fund to Artisan at asset levels as of December 24, 2013 was above the median fee charged by such managers and such fees ranked in the fourth quartile. The Directors considered that VIA deemed the proposed fee schedule under the International Fund’s New Artisan Subadvisory Agreement reasonable largely due to its favorable investment performance for the Fund and Artisan’s business model. With regard to the Select Value Fund, according to the information provided, the effective fee rate to be paid by the Fund to Artisan at asset levels as of December 24, 2013 was below the median fee charged by such managers. The Directors considered that VIA deemed the proposed fee schedule under each New Artisan Subadvisory Agreement competitive and reasonable.

The foregoing comparisons assisted the Directors in considering the New Artisan Subadvisory Agreements by providing them with a basis for evaluating Artisan’s subadvisory fees on a relative basis.

The Directors also reviewed the information provided regarding the estimated profits to be realized from Artisan’s relationship with each Artisan Fund. In considering the extent to which economies of scale may be realized by Artisan as the assets of each Artisan Fund to be managed by Artisan grow, and whether the proposed fee levels reflect these economies, the Directors noted that the proposed fee schedule under each New Artisan Subadvisory Agreement includes breakpoints, whereby each Artisan Fund and its shareholders will benefit from reduced subadvisory fee rates as the assets managed by Artisan increase.

Other Considerations. The Directors considered the conclusions reached by VIA as a result of its evaluation of Artisan in connection with the Transition and in deciding to recommend that the Board approve each New Artisan Subadvisory Agreement. The Directors also considered VIA’s assessment that the proposed fees to be paid to Artisan for its services to each Artisan Fund continue to be competitive and reasonable and appropriate given the nature and quality of the services to be provided by Artisan and the nature of the investment strategy Artisan is to employ on behalf of each Artisan Fund. The Directors concluded that VIA’s recommendations and conclusions supported approval of each New Artisan Subadvisory Agreement.

In considering the potential “fall-out” or ancillary benefits that may accrue to Artisan due to its relationship with each Artisan Fund, the Directors noted Artisan’s statement that it may receive research or other services from certain brokers in connection with the execution of the Artisan Funds’ brokerage transactions. However, the Directors noted that all subadvisers are required to select brokers who meet the Artisan Funds’ requirements for seeking best execution, and that VIA monitors and evaluates the subadvisers’ trade execution with respect to the Artisan Funds’ 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 Artisan by virtue of its relationship to each Artisan Fund appeared to be reasonable.

Conclusion. After evaluation of the performance and fee information and the profitability, ancillary benefits and other considerations as described above, and in light of the nature, extent and quality of services to be provided by Artisan, the Board concluded that the level of fees to be paid to Artisan with respect to each Artisan Fund, was reasonable.

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Additional Information (Unaudited) — (Continued)

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 each New Artisan Subadvisory Agreement was in the best interests of the respective Artisan Fund and its shareholders, and approved each New Artisan Subadvisory Agreement with, and the fee to be paid to, Artisan.

Vantagepoint High Yield Fund

Approval of an Additional Subadvisory Agreement

At a meeting held on June 20, 2014 (“June Meeting”), VIA recommended, and the Board of the Company, including a majority of the Independent Directors, initially approved an additional Subadvisory Agreement (the “Additional Subadvisory Agreement”) between the Company, on behalf of the High Yield Fund, VIA and Western Asset Management Company (“Western”). Before approving the Additional 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 Additional Subadvisory Agreement with Western for the High Yield Fund, the Directors received written information in advance of the June Meeting from VIA, which included: (1) the process by which VIA selected and recommended Western for Board approval as a subadviser of the High Yield Fund; (2) the nature, extent and quality of the services that Western would provide to the High Yield Fund; (3) Western’s experience, investment management business, personnel and operations; (4) Western’s brokerage and trading policies and practices; (5) the level of subadvisory fees to be charged to the High Yield Fund by Western and a comparison of those fees to the: (a) standard fee schedule charged by Western for managing accounts with an investment mandate that is similar to the investment mandate that Western is to employ for the High Yield Fund; (b) fee schedule charged by Western for managing other accounts with a U.S. high yield mandate and a similar investment objective to that of the High Yield Fund; and (c) fees charged by a group of U.S. separate account investment managers utilizing a U.S. high yield fixed income investment mandate; (6) Western’s compliance program; (7) performance information for Western and such performance compared to a relevant benchmark and peer group; (8) the High Yield Fund’s expected overall investment advisory fee and total expense ratio, taking into account the addition of Western as a subadviser and the proposed allocation of the High Yield Fund’s assets to Western, compared to the High Yield Peer Group; and (9) Western’s financial condition.

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

In determining whether to approve the Additional Subadvisory Agreement, the Directors considered the information received in advance of, and at, the June Meeting, the presentations made by, and discussions held with, personnel of VIA and representatives of Western, and discussions with the 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 Additional Subadvisory Agreement.

Nature, Extent and Quality of Services. With respect to the nature, extent and quality of the services expected to be provided by Western under the Additional Subadvisory Agreement, the Directors considered the specific investment process to be employed by Western in managing the assets of the High Yield Fund to be allocated to it; the qualifications of Western’s investment management personnel with regard to implementing its mandate; the performance information provided for Western as compared to a relevant benchmark and peer group; Western’s infrastructure and whether it appeared to adequately support the investment strategy it is to implement for the High Yield Fund; and VIA’s review process and favorable assessment as to the nature, quality and extent of the subadvisory services expected to be provided by Western to the High Yield Fund, including VIA’s and the CCO’s favorable assessment of the enhancements that have been made to Western’s compliance policies and procedures and certain controls. The Directors acknowledged that Western has experienced portfolio management personnel; and appeared to have adequate infrastructure and support staff to seek to achieve favorable results implementing the mandate that it is to employ for the High Yield Fund. The Directors concluded that the nature, extent and quality of the subadvisory services expected to be provided by Western were appropriate for the High Yield Fund in light of its investment objective and strategies and, thus, supported a decision to approve the Additional Subadvisory Agreement.

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Additional Information (Unaudited) — (Continued)

Investment Performance. The Directors reviewed the investment performance information provided by VIA for Western with respect to the proposed mandate it is to employ for the High Yield Fund, and considered this 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 the Additional Subadvisory Agreement.

Subadvisory Fee, Expense Ratio Impact and Economies of Scale. In evaluating the proposed subadvisory fee, the Directors reviewed the subadvisory fee schedule for Western. The Directors noted that Western indicated it does not currently manage any other accounts with an investment mandate directly comparable to the customized high yield mandate that Western is to employ on behalf of the High Yield Fund. The Directors, however, considered that, according to the information provided, Western’s proposed fee schedule for the High Yield Fund was lower than: (i) the standard fee schedule charged by Western for managing other accounts utilizing its standard U.S. high yield mandate, which is similar, but not directly comparable, to the mandate Western is to employ for the High Yield Fund; and (ii) the fee schedule charged by Western for managing other accounts with a U.S. high yield mandate and a similar investment objective to that of the High Yield Fund. Additionally, the nature of the subadvisory services Western is to provide to the High Yield Fund appeared to be comparable to those Western provides to its other registered investment company clients.

The Directors reviewed information provided by VIA (which was based on an independent third-party source) on the fees charged by a group of U.S. separate account investment managers to accounts with assets comparable to the amount of assets expected to be allocated initially to Western and that employ a U.S. high yield fixed income mandate. According to the information provided, the proposed effective fee rate to be paid by the High Yield Fund to Western would be below the median fee charged by such U.S. high yield fixed income managers and would rank in the first quartile of such fees.

Referring to the comparative High Yield Peer Group data provided by VIA in connection with the June Meeting, the Directors noted that, if Western served as a subadviser to the High Yield Fund at the proposed subadvisory fee rate and the expected initial asset allocation level, the expected overall investment advisory fee and total expense ratio for the High Yield Fund would continue to be above the average and median of the High Yield Peer Group. However, the Directors considered that the information from VIA showed that there would be a decrease in the overall subadvisory fees and, therefore, a decrease in the total expense ratio of the High Yield Fund as a result of the addition of Western as a subadviser. The Directors also considered that Western’s proposed subadvisory fee was the product of arms-length negotiations.

The foregoing comparisons assisted the Directors in considering the Additional Subadvisory Agreement by providing them with a basis for evaluating Western’s fee schedule, including in light of the High Yield Fund’s expected overall investment advisory fee and total expense ratio, on a relative basis.

The Directors also reviewed the information provided by Western regarding the estimated profits to be realized from Western’s relationship with the High Yield Fund. In considering the extent to which economies of scale may be realized by Western as the assets of the High Yield Fund to be managed by Western grow, and whether the proposed fee levels reflect these economies, the Directors considered that, although the proposed fee schedule to the Additional Subadvisory Agreement does not include breakpoints: (i) the Additional Subadvisory Agreement was the product of arms-length negotiations; (ii) Western stated that the proposed subadvisory fee schedule reflects potential and future economies of scale; and (iii) based on the information provided, the subadvisory fee schedule for the High Yield Fund was lower than the standard fee schedule charged by Western for managing other accounts utilizing its standard U.S. high yield mandate and lower than the fee schedule charged by Western for managing other accounts with a U.S. high yield mandate and a similar investment objective to that of the High Yield Fund.

Other Considerations. The Directors considered VIA’s judgment that the addition of Western as a subadviser to the High Yield Fund would add value by complementing the investment approach of the current subadviser to the High Yield Fund, Oaktree. In this regard, the Directors considered VIA’s belief that the addition of Western as a subadviser and the proposed allocation of the High Yield Fund’s assets to Western should create a well-diversified Fund with attractive risk/return attributes.

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Additional Information (Unaudited) — (Continued)

The Directors considered the selection and due diligence process employed by VIA in deciding to recommend Western as a subadviser to the High Yield Fund and also considered VIA’s conclusion that the fee to be paid to Western is competitive and reasonable and appropriate given the nature and quality of the services to be provided by Western and the nature of the investment strategy Western is to employ on behalf of the High Yield Fund. The Directors also considered VIA’s strategy to efficiently implement the transition of assets to Western. The Directors concluded that VIA’s recommendations and conclusions supported approval of the Additional Subadvisory Agreement.

In considering the potential “fall-out” or ancillary benefits that may accrue to Western due to its relationship with the High Yield Fund, the Directors noted that Western reported that it would derive no marginal ancillary benefits from its relationship with the High Yield Fund.

Conclusion. After evaluation of the performance, fee and expense information and the profitability, ancillary benefits and other considerations as described above, and in light of the nature, extent and quality of services to be provided by Western, the Board concluded that the level of fees to be paid to Western with respect to the High Yield Fund, was reasonable.

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

Vantagepoint International Fund

Also at the June Meeting, the Board of the Company, including a majority of the Independent Directors, approved an amended fee schedule to the existing Subadvisory Agreement with Walter Scott for the International Fund. The fee schedule for the International Fund was amended to provide for a flat fee of 0.50% of all of the International Fund’s average daily net assets under management by Walter Scott, effective as of June 20, 2014. In approving the amended fee schedule with Walter Scott, the Board took into consideration VIA’s assessment that the contractual fee to be paid to Walter Scott by the International Fund under the amended fee schedule would result in a savings to Fund shareholders based on the current assets of the Fund allocated to Walter Scott. In addition, the Board took into consideration that Walter Scott represented to VIA that the nature, quality and scope of services it provides to the International Fund would not be affected by the amended fee schedule. As of April 1, 2014, Walter Scott had been voluntarily waiving its subadvisory fee as if the amended fee schedule was in effect.

C. Householding

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

D. Other Available Information

A description of the Company’s proxy voting policies and procedures and the proxy voting record for the period commencing July 1, 2013 and ended on June 30, 2014 are available without charge, upon request by calling 800-669-7400, online at www.icmarc.org, or by accessing the Securities and Exchange Commission’s website at www.sec.gov.

The Company files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q; the Company’s Forms N-Q are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

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Additional Information (Unaudited) — (Continued)

Standard & Poor’s and Dow Jones Marks and Indexes. The S&P 500 and the Dow Jones U.S. Select REIT Index (the “Indices”) are products of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use by The Vantagepoint Funds and Vantagepoint Investment Advisers, LLC respectively (the “Licensees”). S&P^® and S&P 500^® are registered trademarks of Standard & Poor’s Financial Services LLC (“SPFS”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and Dow Jones U.S. Select REIT Index™ is a trademark of S&P DJI and/or its affiliates. These trademarks have been licensed for use by S&P DJI and sublicensed for certain purposes by the Licensees.

The Vantagepoint 500 Stock Index Fund and the Vantagepoint Diversifying Strategies Fund (the “Products”) are not sponsored, endorsed, sold or promoted by S&P DJI, SPFS, Dow Jones, or any of their respective affiliates or third party licensors (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the Products or any member of the public regarding the advisability of investing in securities generally or in the Products particularly or the ability of the Indices to track general market performance. S&P Dow Jones Indices’ only relationship to the Licensees with respect to the Indices is the licensing of the Indices and the above-referenced trademarks of S&P Dow Jones Indices. The Indices are determined, composed and calculated by S&P Dow Jones Indices without regard to the Licensees or the Products. S&P Dow Jones Indices has no obligation to take the needs of the Licensees or the owners of the Products into consideration in determining, composing or calculating the Indices. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the Products or the timing of the issuance or sale of the Products or in the determination or calculation of the equation by which the Products are converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Products. There is no assurance that investment products based on the Indices will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

Russell Investments Marks and Indexes. Russell Investments is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Russell Investments (“Russell”).

1) The Vantagepoint Aggressive Opportunities Fund, Vantagepoint Broad Market Index Fund, Vantagepoint Equity Income Fund and Vantagepoint Mid/Small Company Index Fund are not promoted, sponsored or endorsed by, nor in any way affiliated with 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 INDEX(ES) OR ANY DATA OR ANY SECURITY (OR COMBINATION THEREOF) INCLUDED THEREIN.

137

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—50.9%
Aerospace & Defense—0.1%
L-3 Communications Corp.
1.500%		05/28/2017		$	520,000	$	521,080
Auto Components—0.0%
Johnson Controls, Inc.
1.400%		11/02/2017			200,000		200,023
Automobiles—0.9%
Chrysler Group LLC/CG Co.-Issuer, Inc.
8.000%		06/15/2019			980,000		1,069,425
Daimler Finance North America LLC
2.300%		01/09/2015	^		1,290,000		1,302,100
1.250%		01/11/2016	^		650,000		655,914
Hyundai Capital America
2.125%		10/02/2017	^		265,000		269,243
1.625%		10/02/2015	^		580,000		585,433
Nissan Motor Acceptance Corp.
1.950%		09/12/2017	^		650,000		658,740
1.000%		03/15/2016	^		1,115,000		1,118,017
Volkswagen Group of America Finance LLC
1.250%		05/23/2017	^		1,520,000		1,522,148
							7,181,020
Banks—14.7%
ABN AMRO Bank NV (Netherlands)
1.028%		10/28/2016	#^		730,000		736,953
ANZ New Zealand Int’l Ltd. (New Zealand)
1.125%		03/24/2016	^		710,000		714,322
Australia & New Zealand Banking Group Ltd. (Australia)
0.784%		05/15/2018	#		1,380,000		1,389,806
Banco Nacional de Costa Rica (Costa Rica)
4.875%		11/01/2018	^		600,000		616,500
Bancolombia SA (Colombia)
4.250%		01/12/2016			260,000		272,675
Bank of America Corp.
6.500%		08/01/2016			6,600,000		7,318,978
3.700%		09/01/2015			635,000		656,666
Bank of America Corp. MTN
1.300%		03/22/2018	#		1,480,000		1,500,415
1.250%		01/11/2016			790,000		796,225
Bank of America Corp., Series L MTN
5.650%		05/01/2018			2,250,000		2,552,681
Bank of America Corp., Series 1
3.750%		07/12/2016			520,000		547,287
Bank of Montreal MTN (Canada)
0.829%		04/09/2018	#		680,000		685,190
Bank of Nova Scotia (Canada)
0.750%		10/09/2015			1,000,000		1,003,419
0.746%		07/15/2016	#		660,000		663,947
Bank of Tokyo-Mitsubishi UFJ Ltd. (The) (Japan)
0.677%		02/26/2016	#^		1,250,000		1,253,465
Banque Federative du Credit Mutuel SA (France)
1.078%		10/28/2016	#^		1,500,000		1,511,203
Barclays Bank plc (United Kingdom)
6.750%		05/22/2019			4,250,000		5,123,562
3.900%		04/07/2015			2,590,000		2,658,881
0.806%		02/17/2017	#		1,100,000		1,104,150
BB&T Corp. MTN
1.600%		08/15/2017			420,000		424,151
0.885%		02/01/2019	#		1,540,000		1,552,132

Coupon Rate	Maturity Date			Face		Value
BBVA Banco Continental SA (Peru)
2.250%	07/29/2016	^	$	600,000	$	607,500
BNP Paribas SA (France)
0.820%	12/12/2016	#		1,520,000		1,525,747
BNP Paribas SA MTN (France)
3.600%	02/23/2016			720,000		751,971
Capital One Bank USA NA, Bank Note
1.200%	02/13/2017			6,400,000		6,403,827
1.150%	11/21/2016			430,000		431,935
Citigroup, Inc.
6.125%	11/21/2017			4,350,000		4,979,162
6.010%	01/15/2015			1,596,000		1,644,332
4.450%	01/10/2017			1,545,000		1,664,979
1.300%	04/01/2016			4,189,000		4,215,826
1.025%	04/01/2016	#		1,320,000		1,328,951
Credit Agricole SA (France)
1.386%	04/15/2016	#^		1,080,000		1,093,310
1.082%	10/03/2016	#^		1,090,000		1,096,676
1.026%	04/15/2019	#^		700,000		706,173
Discover Bank
2.000%	02/21/2018			1,710,000		1,721,688
Fifth Third Bank/Ohio, Bank Note
1.150%	11/18/2016			900,000		903,439
HBOS plc MTN (United Kingdom)
6.750%	05/21/2018	^		640,000		738,579
HSBC Bank plc (United Kingdom)
0.864%	05/15/2018	#^		3,840,000		3,879,018
Huntington National Bank (The)
1.375%	04/24/2017			360,000		361,202
1.350%	08/02/2016			300,000		302,256
0.654%	04/24/2017	#		300,000		300,418
Huntington National Bank (The), Bank Note
1.300%	11/20/2016			590,000		592,913
JPMorgan Chase & Co.
3.150%	07/05/2016			8,090,000		8,436,713
1.129%	01/25/2018	#		750,000		761,229
JPMorgan Chase & Co. MTN
1.875%	03/20/2015			1,230,000		1,242,817
1.350%	02/15/2017			1,540,000		1,546,460
KeyBank NA, Bank Note
4.950%	09/15/2015			520,000		545,648
1.100%	11/25/2016			320,000		321,393
KeyCorp MTN
3.750%	08/13/2015			560,000		579,459
Lloyds Bank plc (United Kingdom)
2.300%	11/27/2018			320,000		325,240
Macquarie Bank Ltd. (Australia)
2.000%	08/15/2016	^		1,300,000		1,324,296
Manufacturers & Traders Trust Co., Bank Note
1.250%	01/30/2017			870,000		873,416
Mizuho Bank Ltd. (Japan)
1.300%	04/16/2017	^		610,000		610,997
National Australia Bank Ltd. (Australia)
1.300%	06/30/2017	^		510,000		511,282
0.778%	07/25/2016	#		1,340,000		1,348,950
Nordea Bank AB (Sweden)
0.875%	05/13/2016	^		1,490,000		1,494,281
Oversea-Chinese Banking Corp. Ltd. (Singapore)
1.625%	03/13/2015	^		700,000		705,464
PNC Bank NA, Bank Note
1.150%	11/01/2016			400,000		402,290
Regions Financial Corp.
2.000%	05/15/2018			920,000		917,610
Royal Bank of Scotland Group plc (United Kingdom)
2.550%	09/18/2015			445,000		454,313

See accompanying notes to financial statements

138

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
1.875%		03/31/2017		$	1,000,000	$	1,009,581
1.174%		03/31/2017	#		1,670,000		1,679,252
Royal Bank of Scotland plc (The) (United Kingdom)
4.375%		03/16/2016			274,000		289,935
3.950%		09/21/2015			4,990,000		5,177,868
Santander US Debt SAU (Spain)
3.781%		10/07/2015	^		900,000		929,925
Societe Generale SA (France)
1.315%		10/01/2018	#†		1,400,000		1,405,452
Standard Chartered plc (United Kingdom)
3.200%		05/12/2016	^		4,100,000		4,274,750
Sumitomo Mitsui Banking Corp. (Japan)
1.300%		01/10/2017			590,000		591,364
0.900%		01/18/2016			480,000		480,794
0.898%		07/19/2016	#		330,000		332,520
SunTrust Bank, Bank Note
1.350%		02/15/2017			1,540,000		1,547,649
Svenska Handelsbanken AB (Sweden)
0.680%		03/21/2016	#		1,500,000		1,508,231
Wells Fargo & Co.
0.856%		04/23/2018	#		250,000		252,403
Wells Fargo Bank NA, Bank Note
4.800%		11/01/2014			1,385,000		1,406,346
Westpac Banking Corp. (Australia)
1.200%		05/19/2017			1,150,000		1,151,732
							112,772,170
Beverages—0.3%
Anheuser-Busch InBev Worldwide, Inc.
0.800%		07/15/2015			610,000		612,903
Heineken NV (Netherlands)
0.800%		10/01/2015	^		250,000		250,871
SABMiller Holdings, Inc.
2.450%		01/15/2017	^		720,000		742,412
1.850%		01/15/2015	^		590,000		594,229
0.915%		08/01/2018	#^		370,000		372,459
							2,572,874
Biotechnology—0.4%
Amgen, Inc.
1.875%		11/15/2014			860,000		864,918
1.250%		05/22/2017			1,740,000		1,739,671
Gilead Sciences, Inc.
2.400%		12/01/2014			370,000		373,044
							2,977,633
Building Products—0.1%
Masco Corp.
4.800%		06/15/2015			465,000		481,443
Capital Markets—1.7%
Bank of New York Mellon Corp. (The) MTN
1.200%		02/20/2015			300,000		301,556
0.785%		08/01/2018	#		750,000		755,283
Credit Suisse MTN (Switzerland)
1.375%		05/26/2017			1,050,000		1,054,121
E*TRADE Financial Corp.
6.000%		11/15/2017			525,000		548,625
Goldman Sachs Group, Inc. (The)
3.625%		02/07/2016			1,350,000		1,407,622

Coupon Rate	Maturity Date			Face		Value
Goldman Sachs Group, Inc. (The) MTN
1.324%	11/15/2018	#	$	1,470,000	$	1,491,656
Hutchison Whampoa International 12 II Ltd. (Cayman Islands)
2.000%	11/08/2017	^		480,000		485,505
Macquarie Group Ltd. (Australia)
1.225%	01/31/2017	#^		1,540,000		1,542,932
Morgan Stanley
1.477%	02/25/2016	#		1,150,000		1,166,544
Morgan Stanley MTN
1.509%	04/25/2018	#		1,610,000		1,643,445
Nomura Holdings, Inc. MTN (Japan)
1.680%	09/13/2016	#		1,310,000		1,332,436
TD Ameritrade Holding Corp.
4.150%	12/01/2014			1,140,000		1,157,862
						12,887,587
Chemicals—0.4%
Ashland, Inc.
3.875%	04/15/2018			1,050,000		1,085,438
3.000%	03/15/2016			275,000		281,875
Dow Chemical Co. (The)
2.500%	02/15/2016			690,000		709,459
Ecolab, Inc.
2.375%	12/08/2014	†		290,000		292,538
Ineos Finance plc (United Kingdom)
8.375%	02/15/2019	^		725,000		794,781
						3,164,091
Commercial Services & Supplies—0.1%
Mobile Mini, Inc.
7.875%	12/01/2020			700,000		770,000
Communications Equipment—0.3%
Cisco Systems, Inc.
1.100%	03/03/2017			1,100,000		1,104,142
0.507%	03/03/2017	#		1,200,000		1,205,564
						2,309,706
Construction & Engineering—0.5%
Heathrow Funding Ltd. (Jersey, Channel Islands)
2.500%	06/25/2015	^		3,500,000		3,558,013
Consumer Finance—4.2%
American Express Co.
0.818%	05/22/2018	#		1,410,000		1,421,893
American Express Credit Corp.
0.737%	07/29/2016	#		1,120,000		1,127,759
American Express Credit Corp. MTN
5.125%	08/25/2014			2,177,000		2,192,343
2.750%	09/15/2015			2,500,000		2,566,238
1.750%	06/12/2015			2,675,000		2,709,561
1.125%	06/05/2017			230,000		229,923
American Honda Finance Corp.
1.125%	10/07/2016			600,000		603,865
Capital One Financial Corp.
2.125%	07/15/2014			860,000		860,579
Caterpillar Financial Services Corp.
0.700%	11/06/2015			1,270,000		1,274,770
Caterpillar Financial Services Corp. MTN
1.000%	03/03/2017			1,030,000		1,031,172
Ford Motor Credit Co. LLC
3.875%	01/15/2015			1,280,000		1,303,105
1.474%	05/09/2016	#		690,000		700,490
Ford Motor Credit Co. LLC, Series 1
1.060%	03/12/2019	#		1,060,000		1,067,062

See accompanying notes to financial statements

139

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Harley-Davidson Financial Services, Inc.
1.150%		09/15/2015	^	$	420,000	$	422,337
HSBC Finance Corp.
0.657%		06/01/2016	#		5,347,000		5,351,016
HSBC USA, Inc.
1.111%		09/24/2018	#		900,000		911,798
International Lease Finance Corp.
3.875%		04/15/2018			1,095,000		1,124,428
2.181%		06/15/2016	#		1,295,000		1,307,950
John Deere Capital Corp.
1.050%		10/11/2016			560,000		563,029
John Deere Capital Corp. MTN
2.950%		03/09/2015			1,210,000		1,232,413
1.125%		06/12/2017			1,240,000		1,243,527
PACCAR Financial Corp. MTN
1.100%		06/06/2017			370,000		369,892
1.050%		06/05/2015			280,000		282,034
0.830%		12/06/2018	#		290,000		292,977
0.800%		02/08/2016			300,000		301,435
Toyota Motor Credit Corp. MTN
1.125%		05/16/2017			1,750,000		1,754,359
							32,245,955
Containers & Packaging—0.2%
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc. (Ireland)
3.211%		12/15/2019	#^		1,730,000		1,734,325
Diversified Financial Services—3.2%
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands)
2.250%		01/14/2019			8,000,000		8,110,520
ERAC USA Finance LLC
1.400%		04/15/2016	^		230,000		231,871
GE Capital UK Funding MTN (Ireland)
0.704%		03/20/2017	#		GBP 700,000		1,190,927
General Electric Capital Corp.
1.625%		07/02/2015			1,350,000		1,367,510
General Electric Capital Corp. MTN
6.000%		08/07/2019			600,000		711,525
1.250%		05/15/2017			4,215,000		4,231,489
0.877%		07/12/2016	#		9,027,000		9,113,506
							24,957,348
Diversified Telecommunication Services—2.7%
AT&T, Inc.
0.875%		02/13/2015			620,000		622,061
British Telecommunications plc (United Kingdom)
1.625%		06/28/2016			320,000		324,566
CC Holdings GS V LLC/Crown Castle GS III Corp.
2.381%		12/15/2017			370,000		377,101
Deutsche Telekom International Finance BV (Netherlands)
3.125%		04/11/2016	^		3,000,000		3,117,282
Verizon Communications, Inc.
3.650%		09/14/2018			6,881,000		7,366,282
1.981%		09/14/2018	#		4,134,000		4,366,004
1.761%		09/15/2016	#		280,000		287,869
1.350%		06/09/2017			1,240,000		1,240,475
1.250%		11/03/2014			1,680,000		1,685,235
0.700%		11/02/2015			580,000		581,698

Coupon Rate	Maturity Date			Face		Value
Windstream Corp.
7.875%	11/01/2017		$	880,000	$	1,017,500
						20,986,073
Electric Utilities—1.4%
Duke Energy Corp.
0.612%	04/03/2017	#		460,000		461,695
Electricite de France SA (France)
1.150%	01/20/2017	^		790,000		790,660
0.688%	01/20/2017	#^		450,000		452,110
Enel Finance International NV (Netherlands)
3.875%	10/07/2014	^		6,034,000		6,082,562
Georgia Power Co.
0.551%	03/15/2016	#		1,394,000		1,393,539
NextEra Energy Capital Holdings, Inc.
1.339%	09/01/2015			1,100,000		1,108,393
1.200%	06/01/2015			210,000		211,326
						10,500,285
Electrical Equipment—0.1%
Eaton Corp.
0.950%	11/02/2015			560,000		562,654
Energy Equipment & Services—0.3%
Cameron International Corp.
1.400%	06/15/2017			400,000		401,598
Nabors Industries, Inc.
2.350%	09/15/2016			1,200,000		1,225,698
National Oilwell Varco, Inc.
1.350%	12/01/2017			830,000		830,921
						2,458,217
Food & Staples Retailing—0.3%
CVS Caremark Corp.
1.200%	12/05/2016			290,000		291,946
Kroger Co. (The)
2.200%	01/15/2017			650,000		667,377
0.756%	10/17/2016	#		910,000		912,594
Walgreen Co.
1.000%	03/13/2015			570,000		572,273
Woolworths Ltd. (Australia)
2.550%	09/22/2015	^		58,000		59,285
						2,503,475
Food Products—0.3%
ConAgra Foods, Inc.
1.350%	09/10/2015			200,000		201,537
1.300%	01/25/2016			300,000		302,610
Ingredion, Inc.
3.200%	11/01/2015			310,000		319,576
Kraft Foods Group, Inc.
1.625%	06/04/2015			440,000		444,631
Want Want China Finance Ltd. (Cayman Islands)
1.875%	05/14/2018	^		680,000		668,208
Wm. Wrigley Jr. Co.
2.000%	10/20/2017	^		200,000		203,096
1.400%	10/21/2016	^		200,000		201,499
						2,341,157
Gas Utilities—0.1%
AmeriGas Partners LP/AmeriGas Finance Corp.
6.250%	08/20/2019			1,000,000		1,072,500

See accompanying notes to financial statements

140

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Health Care Equipment & Supplies—0.4%
CareFusion Corp.
1.450%		05/15/2017		$	1,800,000	$	1,799,916
Covidien International Finance SA (Luxembourg)
1.350%		05/29/2015			350,000		352,920
Stryker Corp.
3.000%		01/15/2015			680,000		689,899
							2,842,735
Health Care Providers & Services—1.7%
Express Scripts Holding Co.
2.750%		11/21/2014			1,300,000		1,312,332
1.250%		06/02/2017			570,000		569,404
McKesson Corp.
1.292%		03/10/2017			400,000		401,321
UnitedHealth Group, Inc.
1.400%		10/15/2017			270,000		271,241
0.850%		10/15/2015			1,358,000		1,364,442
Ventas Realty LP
1.550%		09/26/2016			481,000		486,161
1.250%		04/17/2017			290,000		290,236
WellPoint, Inc.
5.000%		12/15/2014			2,000,000		2,042,758
2.375%		02/15/2017			5,430,000		5,586,900
1.250%		09/10/2015			550,000		554,362
							12,879,157
Hotels, Restaurants & Leisure—0.0%
Carnival Corp. (Panama)
1.875%		12/15/2017			280,000		281,854
Independent Power and Renewable Electricity Producers—0.2%
AES Corp.
3.229%		06/01/2019	#		1,140,000		1,151,400
TransAlta Corp. (Canada)
1.900%		06/03/2017			360,000		361,664
							1,513,064
Industrial Conglomerates—0.0%
Tyco Electronics Group SA (Luxembourg)
1.600%		02/03/2015			270,000		271,852
Insurance—2.4%
Aflac, Inc.
3.450%		08/15/2015	†		2,937,000		3,034,611
American International Group, Inc.
2.375%		08/24/2015			400,000		407,302
Hartford Financial Services Group, Inc. (The)
4.000%		03/30/2015			510,000		523,696
Metropolitan Life Global Funding I
0.756%		07/15/2016	#^		4,000,000		4,031,228
Principal Life Global Funding II
1.000%		12/11/2015	^		660,000		663,746
Prudential Covered Trust, Series 2012-1
2.997%		09/30/2015	^		1,820,000		1,864,834
Prudential Financial, Inc. MTN
6.100%		06/15/2017			2,500,000		2,837,095
3.875%		01/14/2015			1,951,000		1,987,417
1.004%		08/15/2018	#		600,000		601,348

Coupon Rate	Maturity Date			Face		Value
Prudential Financial, Inc., Series C MTN
4.750%	06/13/2015		$	2,290,000	$	2,382,395
						18,333,672
Internet & Catalog Retail—0.1%
Amazon.com, Inc.
0.650%	11/27/2015			1,150,000		1,152,255
Internet Software & Services—0.2%
Baidu, Inc. (Cayman Islands)
2.250%	11/28/2017			500,000		506,870
IAC/InterActiveCorp
4.875%	11/30/2018			350,000		366,625
Tencent Holdings Ltd. (Cayman Islands)
2.000%	05/02/2017	^		800,000		806,871
						1,680,366
IT Services—0.1%
Computer Sciences Corp.
2.500%	09/15/2015			270,000		274,909
Fidelity National Information Services, Inc.
2.000%	04/15/2018			380,000		378,830
1.450%	06/05/2017			190,000		189,909
						843,648
Life Sciences Tools & Services—0.2%
Life Technologies Corp.
3.500%	01/15/2016			1,300,000		1,350,948
Thermo Fisher Scientific, Inc.
1.300%	02/01/2017			400,000		400,843
						1,751,791
Machinery—0.1%
CNH Industrial Capital LLC
3.875%	11/01/2015			1,035,000		1,060,875
Media—0.4%
DirecTV Holdings LLC/DirecTV Financing Co., Inc.
3.125%	02/15/2016			500,000		518,504
DISH DBS Corp.
4.625%	07/15/2017			1,000,000		1,063,750
NBCUniversal Enterprise, Inc.
0.911%	04/15/2018	#^		500,000		506,035
Thomson Reuters Corp. (Canada)
1.300%	02/23/2017			400,000		400,759
Time Warner, Inc.
3.150%	07/15/2015			440,000		452,250
						2,941,298
Metals & Mining—4.4%
Anglo American Capital plc (United Kingdom)
2.625%	09/27/2017	^		4,400,000		4,514,814
1.176%	04/15/2016	#^		350,000		351,266
ArcelorMittal (Luxembourg)
4.250%	08/05/2015			1,000,000		1,030,000
Barrick North America Finance LLC
6.800%	09/15/2018	†		6,056,000		7,105,753
FMG Resources August 2006 Pty Ltd. (Australia)
6.000%	04/01/2017	^		720,000		745,650
Freeport-McMoRan Copper & Gold, Inc.
2.150%	03/01/2017			270,000		275,757
1.400%	02/13/2015			300,000		301,233
Glencore Finance Canada Ltd. (Canada)
2.700%	10/25/2017	^		5,735,000		5,891,422

See accompanying notes to financial statements

141

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Glencore Funding LLC
2.500%		01/15/2019	^	$	3,886,000	$	3,880,241
1.586%		01/15/2019	#^		1,230,000		1,237,282
Rio Tinto Finance USA Ltd. (Australia)
6.500%		07/15/2018			3,500,000		4,135,400
1.875%		11/02/2015			3,435,000		3,494,934
Rio Tinto Finance USA plc (United Kingdom)
1.125%		03/20/2015			700,000		703,769
							33,667,521
Oil, Gas & Consumable Fuels—2.4%
Boardwalk Pipelines LP
5.875%		11/15/2016			320,000		351,917
BP Capital Markets plc (United Kingdom)
0.733%		05/10/2018	#		240,000		241,244
CNOOC Finance 2013 Ltd. (Virgin Islands, British)
1.125%		05/09/2016			620,000		621,651
CNOOC Nexen Finance 2014 ULC (Canada)
1.625%		04/30/2017			590,000		591,922
CNPC General Capital Ltd. (Virgin Islands, British)
1.125%		05/14/2017	#^		700,000		702,455
ConocoPhillips
4.600%		01/15/2015			455,000		465,222
Devon Energy Corp.
1.200%		12/15/2016			660,000		662,399
Enbridge, Inc. (Canada)
0.678%		06/02/2017	#		420,000		421,149
Enterprise Products Operating LLC
1.250%		08/13/2015			280,000		282,050
Hess Corp.
1.300%		06/15/2017			460,000		461,109
Marathon Oil Corp.
0.900%		11/01/2015			630,000		632,421
Murphy Oil Corp.
2.500%		12/01/2017			430,000		440,464
Petrobras International Finance Co. (Cayman Islands)
3.500%		02/06/2017			410,000		421,890
Phillips 66
2.950%		05/01/2017			270,000		283,161
1.950%		03/05/2015			270,000		272,747
Plains Exploration & Production Co.
6.500%		11/15/2020			615,000		689,569
Rockies Express Pipeline LLC
3.900%		04/15/2015	^		680,000		688,500
Sabine Pass LNG LP
7.500%		11/30/2016			1,010,000		1,121,100
Sinopec Capital 2013 Ltd. (Virgin Islands, British)
1.250%		04/24/2016	^		630,000		630,608
Statoil ASA (Norway)
0.685%		11/08/2018	#		800,000		806,364
0.514%		05/15/2018	#		2,285,000		2,288,183
Tesoro Corp.
4.250%		10/01/2017			700,000		735,000
Total Capital International SA (France)
0.793%		08/10/2018	#		780,000		788,094
TransCanada PipeLines Ltd. (Canada)
3.400%		06/01/2015			550,000		564,756
0.914%		06/30/2016	#		1,960,000		1,976,889
WPX Energy, Inc.
5.250%		01/15/2017			990,000		1,059,300
							18,200,164

Coupon Rate	Maturity Date			Face		Value
Pharmaceuticals—1.3%
AbbVie, Inc.
1.750%	11/06/2017		$	1,450,000	$	1,459,088
0.983%	11/06/2015	#		4,100,000		4,135,506
Actavis Funding SCS (Luxembourg)
1.300%	06/15/2017	^		700,000		699,166
Merck & Co., Inc.
0.586%	05/18/2018	#		1,120,000		1,124,994
Mylan, Inc.
1.800%	06/24/2016			200,000		202,931
1.350%	11/29/2016			340,000		340,767
Perrigo Co. plc (Ireland)
1.300%	11/08/2016	^		700,000		699,360
Pfizer, Inc.
1.100%	05/15/2017			805,000		808,711
Salix Pharmaceuticals Ltd.
6.000%	01/15/2021	^		200,000		215,000
						9,685,523
Professional Services—0.0%
Equifax, Inc.
4.450%	12/01/2014			240,000		243,884
Real Estate Investment Trusts (REITs)—0.7%
ARC Properties Operating Partnership LP/Clark Acquisition LLC
2.000%	02/06/2017	^		1,500,000		1,504,554
Digital Realty Trust LP
4.500%	07/15/2015	†		1,110,000		1,141,879
Health Care REIT, Inc.
3.625%	03/15/2016			440,000		460,081
Healthcare Realty Trust, Inc.
6.500%	01/17/2017			340,000		382,495
Liberty Property LP
6.625%	10/01/2017			445,000		509,378
Simon Property Group LP
4.200%	02/01/2015			210,000		212,545
Vornado Realty LP
4.250%	04/01/2015			1,080,000		1,098,559
						5,309,491
Road & Rail—0.8%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
4.875%	11/15/2017	†		760,000		794,200
Hertz Corp. (The)
6.750%	04/15/2019			1,000,000		1,065,000
JB Hunt Transport Services, Inc.
3.375%	09/15/2015			850,000		875,627
2.400%	03/15/2019			770,000		774,267
Penske Truck Leasing Co. LP/PTL Finance Corp.
3.125%	05/11/2015	^		800,000		817,578
2.500%	03/15/2016	^		620,000		637,579
2.500%	06/15/2019	^		290,000		290,866
Ryder System, Inc. MTN
2.500%	03/01/2017			540,000		557,813
						5,812,930
Semiconductors & Semiconductor Equipment—0.0%
TSMC Global Ltd. (Virgin Islands, British)
1.625%	04/03/2018	^		410,000		404,761
Software—0.1%
Autodesk, Inc.
1.950%	12/15/2017			430,000		434,863

See accompanying notes to financial statements

142

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Specialty Retail—0.1%
AutoZone, Inc.
1.300%		01/13/2017		$	440,000	$	441,348
Technology Hardware, Storage & Peripherals—1.2%
Hewlett-Packard Co.
5.500%		03/01/2018			1,000,000		1,132,128
3.000%		09/15/2016			4,436,000		4,621,908
2.650%		06/01/2016			750,000		774,569
2.350%		03/15/2015			1,100,000		1,114,532
1.167%		01/14/2019	#†		650,000		655,900
Seagate HDD Cayman (Cayman Islands)
3.750%		11/15/2018	^		780,000		799,500
							9,098,537
Thrifts & Mortgage Finance—0.3%
Astoria Financial Corp.
5.000%		06/19/2017			690,000		750,107
BPCE SA (France)
1.625%		02/10/2017			550,000		554,873
BPCE SA MTN (France)
1.479%		04/25/2016	#		800,000		812,746
0.840%		06/23/2017	#		490,000		490,658
							2,608,384
Tobacco—1.0%
BAT International Finance plc (United Kingdom)
1.400%		06/05/2015	^		800,000		806,971
Lorillard Tobacco Co.
6.875%		05/01/2020			2,834,000		3,371,944
2.300%		08/21/2017	†		2,877,000		2,938,588
Reynolds American, Inc.
1.050%		10/30/2015			290,000		290,040
							7,407,543
Trading Companies & Distributors—0.1%
GATX Corp.
2.500%		07/30/2019			700,000		705,340
Wireless Telecommunication Services—0.4%
America Movil SAB de CV (Mexico)
3.625%		03/30/2015			300,000		306,825
SBA Communications Corp.
5.625%		10/01/2019			430,000		457,413
T-Mobile USA, Inc.
5.250%		09/01/2018			720,000		758,700
Vodafone Group plc (United Kingdom)
0.611%		02/19/2016	#		1,210,000		1,213,625
							2,736,563
TOTAL CORPORATE OBLIGATIONS
(Cost $385,219,708)							391,067,048
FLOATING RATE LOANS—0.7%**
ABC Supply Term Loan
3.500%		04/16/2020	#		992,500		991,180
ARAMARK Corp., Extended Term Loan
3.250%		09/07/2019	#		1,496,250		1,488,021
Asurion LLC Non-Amortizing 1st Lien Term Loan
3.750%		03/03/2017	#		400,000		400,350

Coupon Rate	Maturity Date			Face		Value
CDW LLC Term Loan
3.250%	04/29/2020	#	$	992,465	$	983,532
Dole Food Co., Inc. Term Loan B
4.500%	11/01/2018	#		988,333		991,214
H.J. Heinz Co. 1st Lien Term Loan B2
3.500%	06/05/2020	#		257,400		259,623
TOTAL FLOATING RATE LOANS
(Cost $5,127,554)						5,113,920
MORTGAGE-BACKED SECURITIES—4.6%
Commercial Mortgage-Backed Securities—0.8%
Hilton USA Trust, Series 2013-HLF, Class AFL
1.151%	11/05/2030	#^		1,410,000		1,412,640
Invitation Homes Trust, Series 2013-SFR1, Class A
1.400%	12/17/2030	#^		931,920		936,903
Invitation Homes Trust, Series 2014-SFR1, Class A
1.154%	06/17/2031	#^		3,570,000		3,583,687
						5,933,230
Non-Agency Mortgage-Backed Securities—2.1%
Banc of America Mortgage Trust, Series 2004-L, Class 1A1
2.948%	01/25/2035	#		416,527		418,137
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR2, Class AD
1.550%	04/25/2043	#^		1,406,491		1,328,677
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR3, Class A3
1.550%	05/25/2043	#^		717,667		683,408
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2013-DN2, Class M1
1.602%	11/25/2023	#		1,026,055		1,037,362
Fosse Master Issuer plc, Series 2012-1A, Class 2A2 (United Kingdom)
1.626%	10/18/2054	#^		1,822,632		1,845,405
GSAMP Trust, Series 2004-SEA2, Class M1
0.802%	03/25/2034	#		1,388,704		1,387,660
JP Morgan Mortgage Trust, Series 2013-1, Class 2A2
2.500%	03/25/2043	#^		863,241		855,269
MLCC Mortgage Investors Trust, Series 2004-1, Class 2A2
2.146%	12/25/2034	#		967,718		967,720
Provident Funding Mortgage Loan Trust, Series 2004-1, Class 1A1
2.489%	04/25/2034	#		145,266		146,817
Sequoia Mortgage Trust, Series 2012-1, Class 1A1
2.865%	01/25/2042	#		927,405		937,713
Sequoia Mortgage Trust, Series 2012-2, Class A2
3.500%	04/25/2042	#		886,282		906,126
Sequoia Mortgage Trust, Series 2013-1, Class 1A1
1.450%	02/25/2043	#		994,242		958,141
Sequoia Mortgage Trust, Series 2013-4, Class A3
1.550%	04/25/2043	#		1,009,790		936,084

See accompanying notes to financial statements

143

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
MORTGAGE-BACKED SECURITIES—(Continued)
Springleaf Mortgage Loan Trust, Series 2012-3A, Class A
1.570%		12/25/2059	#^	$	662,133	$	663,428
Springleaf Mortgage Loan Trust, Series 2013-1A, Class A
1.270%		06/25/2058	#^		1,156,308		1,155,061
Springleaf Mortgage Loan Trust, Series 2013-2A, Class A
1.780%		12/25/2065	#^		616,534		617,026
Structured Asset Mortgage Investments II Trust, Series 2004-AR5, Class 2A1
2.022%		10/19/2034	#		495,518		403,867
Thornburg Mortgage Securities Trust, Series 2004-1, Class II2A
1.634%		03/25/2044	#		372,704		369,934
Wells Fargo Mortgage Backed Securities Trust, Series 2004-S, Class B1
2.617%		09/25/2034	#		851,315		688,164
							16,305,999
U.S. Government Agency Mortgage-Backed Securities—1.7%
Federal Deposit Insurance Corporation Structured Sale Guaranteed Notes, Series 2010-S1, Class 2A
3.250%		04/25/2038	^		901,188		929,865
Federal National Mortgage Association
3.133%		07/01/2041	#		2,300,982		2,446,225
2.996%		06/01/2041	#		1,201,900		1,261,205
2.114%		10/01/2034	#		917,574		967,870
2.065%		09/01/2034	#		85,846		91,091
2.059%		09/01/2034	#		117,618		124,840
1.942%		10/01/2034	#		156,394		164,951
Federal National Mortgage Association Connecticut Avenue Securities, Series 2013-C01, Class M1
2.152%		10/25/2023	#		1,370,215		1,406,952
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C01, Class M1
1.752%		01/25/2024	#		1,485,141		1,510,912
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C02, Class 1M1
1.102%		05/25/2024	#		1,558,682		1,560,872
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 2A
1.840%		10/07/2020			132,293		133,528
National Credit Union Administration Guaranteed Notes, Series 2010-R3, Class 1A
0.712%		12/08/2020	#		2,859,824		2,878,971
							13,477,282
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $35,885,994)							35,716,511

Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—22.7%
U.S. Treasury Notes—22.7%
U.S. Treasury Note
1.250%	10/31/2018- 04/30/2019		$	14,800,000	$	14,642,461
0.875%	09/15/2016- 04/15/2017			55,995,000		56,343,306
0.750%	01/15/2017- 10/31/2017			17,740,000		17,590,563
0.625%	12/15/2016- 02/15/2017			41,284,000		41,250,565
0.500%	06/30/2016			2,000,000		2,001,796
0.375%	04/30/2016			31,700,000		31,692,582
0.375%	03/15/2016	‡‡		315,000		315,203
0.250%	10/31/2015			10,500,000		10,509,849
						174,346,325
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $174,232,194)						174,346,325
GOVERNMENT RELATED OBLIGATIONS—3.3%
U.S. Government Agencies—0.4%
Federal Home Loan Mortgage Corp., Series 1
1.000%	07/28/2017			3,000,000		3,003,204
Non-U.S. Government Agencies—0.3%
IPIC GMTN Ltd. (Cayman Islands)
3.125%	11/15/2015	^		500,000		516,720
Korea Expressway Corp. (Korea, Republic of)
1.625%	04/28/2017	^		700,000		700,146
Petroleos Mexicanos (Mexico)
2.248%	07/18/2018	#		940,000		978,239
						2,195,105
Sovereign Debt—0.2%
Instituto de Credito Oficial (Spain)
1.125%	04/01/2016	^		1,610,000		1,615,818
Panama Government International Bond (Panama)
7.250%	03/15/2015			60,000		62,850
						1,678,668
Supranational—0.7%
European Investment Bank
1.125%	04/15/2015			5,555,000		5,596,979
U.S. Municipal Bonds—1.7%
California General Obligation Bonds (California)
5.450%	04/01/2015			3,635,000		3,774,112
1.050%	02/01/2016			755,000		761,636
Florida Hurricane Catastrophe Fund Finance Corp. Revenue Bonds, Series A (Florida)
2.995%	07/01/2020			3,125,000		3,116,750
1.298%	07/01/2016			2,765,000		2,794,724
Illinois State Toll Highway Authority, Series B (Illinois)
5.000%	12/01/2018			2,230,000		2,586,733
						13,033,955
TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $25,027,203)						25,507,911

See accompanying notes to financial statements

144

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
ASSET-BACKED SECURITIES—14.4%
Automobiles—4.1%
Ally Master Owner Trust Series 2013-2, Class A
0.602%		04/15/2018	#		1,600,000		1,603,548
Ally Master Owner Trust Series 2013-1, Class A1
0.602%		02/15/2018	#		1,300,000		1,302,625
Capital Auto Receivables Asset Trust Series 2014-2, Class A1
0.453%		06/20/2016	#		1,605,000		1,606,040
Capital Auto Receivables Asset Trust Series 2013-1, Class C
1.740%		10/22/2018			330,000		330,791
Capital Auto Receivables Asset Trust Series 2013-1, Class B
1.290%		04/20/2018			330,000		331,334
Enterprise Fleet Financing LLC Series 2012-1, Class A2
1.140%		11/20/2017	^		912,068		913,920
Ford Credit Auto Owner Trust Series 2013-A, Class A3
0.550%		07/15/2017			3,500,000		3,504,464
Harley-Davidson Motorcycle Trust Series 2014-1, Class A3
1.100%		09/15/2019			5,502,000		5,514,049
Nissan Auto Receivables Owner Trust Series 2011-A, Class A4
1.940%		09/15/2017			955,704		963,751
Nissan Master Owner Trust Receivables Series 2013-A, Class A
0.452%		02/15/2018	#		2,150,000		2,151,851
Porsche Financial Auto Securitization Trust Series 2014-1, Class A3
0.670%		01/23/2018	^		7,789,000		7,804,765
Toyota Auto Receivables Owner Trust Series 2014-B, Class A4
1.310%		09/16/2019			400,000		400,873
Volkswagen Auto Loan Enhanced Trust Series 2014-1, Class A3
0.910%		10/22/2018			5,436,000		5,440,745
							31,868,756
Credit Card—9.0%
American Express Credit Account Master Trust Series 2014-1, Class A
0.522%		12/15/2021	#		5,989,000		6,004,643
BA Credit Card Trust Series 2014-A1, Class A
0.532%		06/15/2021	#		5,600,000		5,606,412
Cabela’s Master Credit Card Trust Series 2014-1, Class A
0.502%		03/16/2020	#		2,195,000		2,197,579
Capital One Multi-Asset Execution Trust Series 2007-A5, Class A5
0.192%		07/15/2020	#		4,900,000		4,864,083
Capital One Multi-Asset Execution Trust Series 2007-A7, Class A7
5.750%		07/15/2020			2,100,000		2,388,868
Capital One Multi-Asset Execution Trust Series 2014-A3, Class A3
0.532%		01/18/2022	#		1,800,000		1,803,900

Coupon Rate	Maturity Date			Face		Value
Chase Issuance Trust Series 2013-A9, Class A
0.572%	11/16/2020	#	$	9,000,000	$	9,029,340
Chase Issuance Trust Series 2006-A2, Class A2
5.160%	04/16/2018			2,114,000		2,271,415
Chase Issuance Trust Series 2007-B1, Class B1
0.402%	04/15/2019	#		1,500,000		1,491,638
Citibank Credit Card Issuance Trust Series 2008-A2, Class A2
1.303%	01/23/2020	#		3,300,000		3,400,619
Citibank Credit Card Issuance Trust Series 2006-A3, Class A3
5.300%	03/15/2018			960,000		1,035,938
Citibank Credit Card Issuance Trust Series 2013-A6, Class A6
1.320%	09/07/2018			3,897,000		3,936,210
Discover Card Execution Note Trust Series 2013-A6, Class A6
0.602%	04/15/2021	#		5,558,000		5,589,033
Discover Card Execution Note Trust Series 2007-A1, Class A1
5.650%	03/16/2020			750,000		850,739
Discover Card Execution Note Trust Series 2014-A1, Class A1
0.582%	07/15/2021	#		3,200,000		3,213,851
Discover Card Execution Note Trust Series 2012-A1, Class A1
0.810%	08/15/2017			1,450,000		1,454,338
GE Capital Credit Card Master Note Trust Series 2012-3, Class A
0.602%	03/15/2020	#		5,720,000		5,706,126
GE Capital Credit Card Master Note Trust Series 2012-5, Class A
0.950%	06/15/2018			1,390,000		1,395,384
GE Capital Credit Card Master Note Trust Series 2012-1, Class A
1.030%	01/15/2018			2,000,000		2,006,180
GE Capital Credit Card Master Note Trust Series 2012-6, Class A
1.360%	08/17/2020			1,840,000		1,833,329
Gracechurch Card Funding plc (United Kingdom) Series 2012-1A, Class A1
0.852%	02/15/2017	#^		2,700,000		2,711,083
						68,790,708
Other—1.2%
American Homes 4 Rent Series 2014-SFR1, Class A
1.250%	06/17/2031	#^		680,000		681,551
CenterPoint Energy Transition Bond Co. IV LLC Series 2012-1, Class A1
0.901%	04/15/2018			1,556,676		1,559,808
Colony American Homes Series 2014-1A, Class A
1.400%	05/17/2031	#^		717,790		723,042
Colony American Homes Single-Family Rental Pass-Through Certificates Series 2014-2A, Class A
1.100%	07/17/2031	#^		1,250,000		1,251,549
GreatAmerica Leasing Receivables Funding LLC Series 2013-1, Class C
1.830%	06/17/2019	^		250,000		250,993

See accompanying notes to financial statements

145

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
ASSET-BACKED SECURITIES—(Continued)
MMAF Equipment Finance LLC Series 2011-AA, Class A3
1.270%		09/15/2015	^	$	252,433	$	252,668
TAL Advantage V LLC Series 2014-2A, Class A1
1.700%		05/20/2039	^		2,940,104		2,943,472
Trade MAPS 1 Ltd. (Ireland) Series 2013-1A, Class A
0.854%		12/10/2018	#^		1,800,000		1,806,192
							9,469,275
Student Loan—0.1%
Nelnet Student Loan Trust Series 2014-2A, Class A1
0.432%		06/25/2021	#^		895,112		895,881
TOTAL ASSET-BACKED SECURITIES
(Cost $110,960,699)							111,024,620
					Shares		Value
MONEY MARKET FUNDS—5.4%
Institutional Money Market Funds—5.4%
Dreyfus Institutional Cash Advantage Fund, 0.06%			††¥		2,100,000		2,100,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%			¥		28,505,910		28,505,910
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%			††¥		2,581,190		2,581,190
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.06%			††¥		2,100,000		2,100,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.06%			††¥		2,100,000		2,100,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.07%			††¥		2,100,000		2,100,000

Coupon Rate	Maturity Date		Shares		Value
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.07%		††¥	2,100,000	$	2,100,000
TOTAL MONEY MARKET FUNDS
(Cost $41,587,100)					41,587,100
TOTAL INVESTMENTS—102.0%
(Cost $778,040,452)					784,363,435
Other assets less liabilities—(2.0%)					(15,743,643	)
NET ASSETS—100.0%				$	768,619,792

Notes to the Schedule of Investments:

GBP	British Pound Sterling
MTN	Medium Term Note
REIT	Real Estate Investment Trust
^	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 $121,690,182, which represents 15.8% of Net Assets. The illiquid 144A securities represented 0.0% of Net Assets, and 0.0% of total 144A securities held.
#	Rate is subject to change. Rate shown reflects current rate.
†	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

146

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)

Vantagepoint Inflation Focused Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—2.1%
Capital Markets—0.5%
Goldman Sachs Group, Inc. (The) MTN
3.850%		07/08/2024		$	2,600,000	$	2,597,842
Consumer Finance—0.6%
Navient Corp. MTN
6.250%		01/25/2016			2,400,000		2,559,000
5.050%		11/14/2014			500,000		508,125
							3,067,125
Diversified Telecommunication Services—0.6%
AT&T, Inc.
0.654%		03/30/2017	#		3,000,000		3,007,749
Electric Utilities—0.1%
Electricite de France SA (France)
1.150%		01/20/2017	^		200,000		200,167
0.688%		01/20/2017	#^		700,000		703,282
							903,449
Multi-Utilities—0.1%
RWE AG (Germany)
7.000%		10/12/2072	#		400,000		446,000
Oil, Gas & Consumable Fuels—0.2%
BG Energy Capital plc (United Kingdom)
6.500%		11/30/2072	#		300,000		332,625
Canadian Natural Resources Ltd. (Canada)
0.609%		03/30/2016	#		600,000		601,561
							934,186
TOTAL CORPORATE OBLIGATIONS
(Cost $10,749,163)							10,956,351
MORTGAGE-BACKED SECURITIES—0.6%
U.S. Government Agency Mortgage-Backed Securities—0.6%
Federal National Mortgage Association TBA
3.000%		08/25/2044
(Cost $2,944,687)					3,000,000		2,956,875
U.S. TREASURY OBLIGATIONS—89.0%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.050%		10/16/2014			460,000		459,947
0.048%		10/30/2014			60,000		59,993
							519,940
U.S. Treasury Inflation Protected Securities Bonds—34.3%
U.S. Treasury Bond
3.875%		04/15/2029	‡‡		6,535,000		13,791,620
3.625%		04/15/2028			6,435,000		13,261,776
3.375%		04/15/2032			869,100		1,677,973
2.500%		01/15/2029			16,525,000		23,045,275
2.375%		01/15/2025- 01/15/2027			32,812,400		48,764,227
2.125%		02/15/2040- 02/15/2041			8,775,100		12,229,297
2.000%		01/15/2026			17,585,000		24,770,430
1.750%		01/15/2028			16,120,000		21,026,607

Coupon Rate	Maturity Date			Face		Value
1.375%	02/15/2044		$	9,505,000	$	10,651,033
0.750%	02/15/2042			8,459,500		8,368,932
0.625%	02/15/2043			1,210,000		1,134,765
						178,721,935
U.S. Treasury Inflation Protected Securities Notes—54.6%
U.S. Treasury Note
2.625%	07/15/2017			4,000,000		5,124,671
2.500%	07/15/2016			5,124,800		6,531,827
2.375%	01/15/2017			10,000		12,868
2.000%	01/15/2016			3,610,000		4,548,450
1.875%	07/15/2015- 07/15/2019			3,940,000		4,970,969
1.625%	01/15/2018			100,000		123,498
1.375%	07/15/2018- 01/15/2020			10,184,800		12,252,887
1.250%	07/15/2020			21,650,000		25,810,198
1.125%	01/15/2021			18,890,000		22,192,159
0.625%	07/15/2021- 01/15/2024			39,172,500		42,581,038
0.500%	04/15/2015			1,000,000		1,110,317
0.375%	07/15/2023			24,295,000		25,246,481
0.125%	04/15/2016- 01/15/2023			127,092,300		133,729,927
						284,235,290
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $450,610,130)						463,477,165
GOVERNMENT RELATED OBLIGATIONS—2.8%
U.S. Government Agencies—2.6%
Federal Home Loan Bank Discount Note
0.080%	09/17/2014			3,900,000		3,899,746
0.076%	10/08/2014			100,000		99,989
0.072%	09/26/2014			1,100,000		1,099,920
Federal National Mortgage Association Discount Note
0.070%	09/10/2014			5,100,000		5,099,699
0.060%	08/18/2014			2,600,000		2,599,896
New Valley Generation I
7.299%	03/15/2019			565,357		655,848
						13,455,098
Non-U.S. Government Agencies—0.2%
Export-Import Bank of Korea (Korea, Republic of)
4.000%	01/29/2021			1,200,000		1,278,775
TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $14,643,313)						14,733,873
ASSET-BACKED SECURITIES—0.6%
Home Equity—0.5%
Argent Securities, Inc. Series 2005-W2, Class A2B1
0.352%	10/25/2035	#		60,005		59,888
First Franklin Mortgage Loan Asset Backed Certificates Series 2005-FF11, Class A2D
0.832%	11/25/2035	#		855,263		833,356
First Franklin Mortgage Loan Asset Backed Certificates Series 2005-FF6, Class M2
0.592%	05/25/2036	#		1,300,000		1,166,992
Long Beach Mortgage Loan Trust Series 2005-2, Class M4
1.082%	04/25/2035	#		300,000		288,455

See accompanying notes to financial statements

147

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Inflation Focused Fund
Coupon Rate	Maturity Date			Face		Value
ASSET-BACKED SECURITIES—(Continued)
Saxon Asset Securities Trust Series 2003-1, Class AF7
4.034%		06/25/2033		$	98,664	$	100,211
							2,448,902
Manufactured Housing—0.0%
Conseco Finance Securitizations Corp. Series 2002-1, Class A
6.681%		12/01/2033	#		136,141		137,261
Other—0.0%
Park Place Securities, Inc. Series 2004-WWF1, Class M2
1.172%		12/25/2034	#		109,896		110,306
Student Loan—0.1%
North Carolina State Education Assistance Authority Series 2011-2, Class A1
1.010%		10/26/2020	#		147,211		147,276
TOTAL ASSET-BACKED SECURITIES
(Cost $2,702,975)							2,843,745
CERTIFICATES OF DEPOSIT—0.2%
Banks—0.2%
Banco Bilbao Vizcaya Argentaria (Spain)
0.990%		10/23/2015	#
(Cost $999,900)			EUR		1,000,000		1,000,062
					Shares		Value
MONEY MARKET FUNDS—5.5%
Institutional Money Market Fund—5.5%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%			¥
(Cost $28,586,593)					28,586,593		28,586,593
TOTAL INVESTMENTS—100.8%
(Cost $511,236,761)							524,554,664
Other assets less liabilities—(0.8%)							(3,939,930	)
NET ASSETS—100.0%						$	520,614,734

Notes to the Schedule of Investments:

EUR	European Monetary Unit
MTN	Medium Term Note
TBA	Security is subject to delayed delivery.
#	Rate is subject to change. Rate shown reflects current rate.
^	Securities are not registered under the Securities Act of 1933. These securities may be resold only in transactions exempt from registration, generally to qualified institutional buyers under Securities Act Rule 144A. 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 $903,449, 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.
‡‡	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

148

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)

Vantagepoint High Yield Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—85.7%
Aerospace & Defense—3.0%
AAR Corp.
7.250%		01/15/2022		$	1,935,000	$	2,128,500
Accudyne Industries Borrower/Accudyne Industries LLC (Luxembourg)
7.750%		12/15/2020	^		2,000,000		2,150,000
B/E Aerospace, Inc.
6.875%		10/01/2020			1,750,000		1,909,687
Huntington Ingalls Industries, Inc.
6.875%		03/15/2018			1,750,000		1,859,375
TransDigm, Inc.
5.500%		10/15/2020			2,750,000		2,808,850
							10,856,412
Auto Components—1.3%
Goodyear Tire & Rubber Co. (The)
8.250%		08/15/2020			1,750,000		1,929,375
7.000%		05/15/2022			2,475,000		2,759,625
							4,689,000
Automobiles—0.6%
Chrysler Group LLC/CG Co.-Issuer, Inc.
8.250%		06/15/2021			1,750,000		1,986,250
Banks—0.5%
CIT Group, Inc.
5.250%		03/15/2018			1,750,000		1,883,437
Beverages—0.8%
Constellation Brands, Inc.
7.250%		05/15/2017			1,750,000		2,009,219
Cott Beverages, Inc.
5.375%		07/01/2022	^		765,000		767,869
							2,777,088
Building Products—1.3%
Summit Materials LLC/Summit Materials Finance Corp.
10.500%		01/31/2020			2,475,000		2,790,563
USG Corp.
6.300%		11/15/2016			1,750,000		1,898,750
							4,689,313
Capital Markets—0.1%
Monitchem HoldCo 3 SA (Luxembourg)
5.250%		06/15/2021	^		EUR 335,000		465,596
Chemicals—0.2%
Tronox Finance LLC
6.375%		08/15/2020			800,000		830,000
Commercial Services & Supplies—3.0%
ACCO Brands Corp.
6.750%		04/30/2020			2,785,000		2,931,212
ADT Corp. (The)
6.250%		10/15/2021	†		2,280,000		2,422,500
2.250%		07/15/2017			1,750,000		1,731,406
Clean Harbors, Inc.
5.250%		08/01/2020			2,010,000		2,082,863
Covanta Holding Corp.
6.375%		10/01/2022			1,500,000		1,635,000
							10,802,981

Coupon Rate	Maturity Date			Face		Value
Communications Equipment—1.2%
CommScope Holding Co., Inc.
6.625%	06/01/2020	^	$	2,560,000	$	2,745,600
CommScope, Inc.
5.500%	06/15/2024	^		725,000		740,406
5.000%	06/15/2021	^		695,000		712,375
						4,198,381
Consumer Finance—1.2%
Navient Corp. MTN
6.000%	01/25/2017			1,750,000		1,907,500
4.875%	06/17/2019			2,500,000		2,582,750
						4,490,250
Containers & Packaging—2.7%
Ball Corp.
5.750%	05/15/2021			1,750,000		1,870,312
Berry Plastics Corp.
5.500%	05/15/2022			2,080,000		2,094,300
Cascades, Inc. (Canada)
5.500%	07/15/2022	^		1,760,000		1,762,200
Plastipak Holdings, Inc.
6.500%	10/01/2021	^		1,955,000		2,072,300
Sealed Air Corp.
8.375%	09/15/2021	^		1,750,000		2,012,500
						9,811,612
Diversified Financial Services—1.0%
Denali Borrower LLC/Denali Finance Corp.
5.625%	10/15/2020	^		3,500,000		3,718,750
Diversified Telecommunication Services—3.0%
Intelsat Jackson Holdings SA (Luxembourg)
7.500%	04/01/2021			3,500,000		3,845,625
Level 3 Financing, Inc.
8.125%	07/01/2019			1,750,000		1,918,438
6.125%	01/15/2021	^		2,750,000		2,956,250
Wind Acquisition Finance SA (Luxembourg)
7.375%	04/23/2021	^		1,945,000		2,081,150
						10,801,463
Electrical Equipment—0.6%
General Cable Corp.
6.500%	10/01/2022	^		2,000,000		2,045,000
Energy Equipment & Services—2.5%
Forum Energy Technologies, Inc.
6.250%	10/01/2021	^		1,900,000		2,023,500
PHI, Inc.
5.250%	03/15/2019	^		3,470,000		3,548,075
Precision Drilling Corp. (Canada)
6.500%	12/15/2021			3,020,000		3,299,350
						8,870,925
Food & Staples Retailing—0.6%
Ingles Markets, Inc.
5.750%	06/15/2023			2,085,000		2,121,488
Food Products—0.9%
Post Holdings, Inc.
6.000%	12/15/2022	^		1,350,000		1,378,688
Smithfield Foods, Inc.
5.250%	08/01/2018	^		1,750,000		1,833,125
						3,211,813

See accompanying notes to financial statements

149

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint High Yield Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Gas Utilities—0.8%
Suburban Propane Partners LP/Suburban Energy Finance
Corp.
5.500%		06/01/2024		$	2,750,000	$	2,791,250
Health Care Equipment & Supplies—0.5%
Crimson Merger Sub, Inc.
6.625%		05/15/2022	^		1,795,000		1,783,781
Health Care Providers & Services—5.5%
CHS/Community Health Systems, Inc.
6.875%		02/01/2022	^		3,930,000		4,185,450
5.125%		08/15/2018			1,750,000		1,839,687
DaVita HealthCare Partners, Inc.
5.750%		08/15/2022			4,550,000		4,879,875
Envision Healthcare Corp.
5.125%		07/01/2022	^		800,000		809,000
HCA Holdings, Inc.
7.750%		05/15/2021			1,750,000		1,922,813
6.250%		02/15/2021			2,000,000		2,152,500
LifePoint Hospitals, Inc.
5.500%		12/01/2021	^		2,075,000		2,178,750
MPH Acquisition Holdings LLC
6.625%		04/01/2022	^		2,000,000		2,100,000
							20,068,075
Hotels, Restaurants & Leisure—3.0%
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp.
5.375%		06/01/2024	^		1,645,000		1,667,619
Churchill Downs, Inc.
5.375%		12/15/2021	^		2,935,000		3,015,712
Scientific Games International, Inc.
6.250%		09/01/2020			3,260,000		3,227,400
Six Flags Entertainment Corp.
5.250%		01/15/2021	^		3,000,000		3,082,500
							10,993,231
Household Durables—0.6%
Tempur Sealy International, Inc.
6.875%		12/15/2020			1,895,000		2,084,500
Household Products—1.7%
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
8.250%		02/15/2021			3,750,000		4,096,875
Spectrum Brands, Inc.
6.625%		11/15/2022			2,000,000		2,175,000
							6,271,875
Independent Power and Renewable Electricity Producers—1.6%
Calpine Corp.
7.875%		01/15/2023	^		1,750,000		1,960,000
NRG Energy, Inc.
6.250%		07/15/2022	^		3,500,000		3,736,250
							5,696,250
Insurance—1.1%
Hockey Merger Sub 2, Inc.
7.875%		10/01/2021	^		3,560,000		3,831,450

Coupon Rate	Maturity Date			Face		Value
IT Services—1.2%
First Data Corp.
11.250%	01/15/2021		$	1,879,000	$	2,198,430
8.250%	01/15/2021	^		305,000		335,500
Sungard Availability Services Capital, Inc.
8.750%	04/01/2022	^		1,810,000		1,692,350
						4,226,280
Machinery—1.8%
BC Mountain LLC/BC Mountain Finance, Inc.
7.000%	02/01/2021	^		1,765,000		1,716,462
BlueLine Rental Finance Corp.
7.000%	02/01/2019	^		2,580,000		2,760,600
Milacron LLC/Mcron Finance Corp.
7.750%	02/15/2021	^		2,000,000		2,200,000
						6,677,062
Media—8.9%
Cablevision Systems Corp.
8.625%	09/15/2017			1,750,000		2,040,937
5.875%	09/15/2022	†		2,000,000		2,045,000
CCO Holdings LLC/CCO Holdings Capital Corp.
8.125%	04/30/2020			1,750,000		1,898,750
6.500%	04/30/2021			2,560,000		2,736,000
CSC Holdings LLC
5.250%	06/01/2024	^		1,500,000		1,479,375
DISH DBS Corp.
5.875%	07/15/2022			3,180,000		3,458,250
4.250%	04/01/2018			1,750,000		1,824,375
Interactive Data Corp.
5.875%	04/15/2019	^		2,250,000		2,295,000
Live Nation Entertainment, Inc.
5.375%	06/15/2022	^		2,390,000		2,431,825
Mediacom Broadband LLC/Mediacom Broadband Corp.
5.500%	04/15/2021	^		1,705,000		1,732,706
Nexstar Broadcasting, Inc.
6.875%	11/15/2020			2,000,000		2,165,000
Sinclair Television Group, Inc.
5.375%	04/01/2021			2,000,000		2,022,500
Time, Inc.
5.750%	04/15/2022	^		2,745,000		2,779,313
WMG Acquisition Corp.
5.625%	04/15/2022	^†		3,425,000		3,454,969
						32,364,000
Metals & Mining—2.0%
Eldorado Gold Corp. (Canada)
6.125%	12/15/2020	^		2,130,000		2,161,950
First Quantum Minerals Ltd. (Canada)
7.250%	05/15/2022	^		1,795,000		1,875,775
FMG Resources August 2006 Pty Ltd. (Australia)
6.875%	04/01/2022	^†		1,600,000		1,722,000
HudBay Minerals, Inc. (Canada)
9.500%	10/01/2020			1,300,000		1,436,500
						7,196,225
Multiline Retail—0.8%
Neiman Marcus Group Ltd. LLC
8.750%	10/15/2021	^		2,500,000		2,737,500
Oil, Gas & Consumable Fuels—11.9%
Access Midstream Partners LP/ACMP Finance Corp.
5.875%	04/15/2021			1,750,000		1,881,250
Baytex Energy Corp. (Canada)
5.625%	06/01/2024	^		345,000		346,725
5.125%	06/01/2021	^		920,000		926,900

See accompanying notes to financial statements

150

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint High Yield Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Chesapeake Energy Corp.
7.250%		12/15/2018		$	1,750,000	$	2,073,750
Concho Resources, Inc.								��
6.500%		01/15/2022			1,750,000		1,938,125
Denbury Resources, Inc.
5.500%		05/01/2022			2,820,000		2,886,975
Energy XXI Gulf Coast, Inc.
6.875%		03/15/2024	^		770,000		787,325
Jones Energy Holdings LLC/Jones Energy Finance Corp.
6.750%		04/01/2022	^		2,500,000		2,643,750
Kinder Morgan Finance Co. LLC
6.000%		01/15/2018	^		1,750,000		1,920,625
Kinder Morgan, Inc.
5.000%		02/15/2021	^		2,025,000		2,111,062
Kodiak Oil & Gas Corp. (Canada)
8.125%		12/01/2019			1,750,000		1,946,875
5.500%		02/01/2022			2,665,000		2,778,262
Laredo Petroleum, Inc.
9.500%		02/15/2019			1,750,000		1,929,375
5.625%		01/15/2022			2,345,000		2,435,869
Linn Energy LLC/Linn Energy Finance Corp.
6.250%		11/01/2019			3,755,000		3,952,138
Oasis Petroleum, Inc.
6.875%		03/15/2022	^		725,000		793,875
6.875%		01/15/2023			2,500,000		2,737,500
Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp.
6.500%		05/15/2021			2,220,000		2,430,900
Range Resources Corp.
5.750%		06/01/2021			1,750,000		1,898,750
Seventy Seven Energy, Inc.
6.500%		07/15/2022	^		795,000		815,869
Southern Star Central Corp.
5.125%		07/15/2022	^		1,675,000		1,691,750
Stone Energy Corp.
7.500%		11/15/2022			2,000,000		2,215,000
							43,142,650
Personal Products—0.9%
Prestige Brands, Inc.
5.375%		12/15/2021	^		3,225,000		3,305,625
Pharmaceuticals—2.4%
Endo Finance LLC
5.750%		01/15/2022	^		2,685,000		2,745,413
Valeant Pharmaceuticals International
6.875%		12/01/2018	^		1,750,000		1,837,500
6.750%		08/15/2021	^		4,000,000		4,275,000
							8,857,913
Real Estate Management & Development—0.3%
Toys R Us Property Co. II LLC
8.500%		12/01/2017			1,000,000		1,026,250
Road & Rail—1.2%
Ashtead Capital, Inc.
6.500%		07/15/2022	^		2,610,000		2,864,475
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
5.125%		06/01/2022	^		1,455,000		1,460,456
							4,324,931

Coupon Rate	Maturity Date			Face		Value
Software—1.0%
Audatex North America, Inc.
6.000%	06/15/2021	^	$	3,310,000	$	3,549,975
Specialty Retail—5.9%
AmeriGas Finance LLC/AmeriGas Finance Corp.
7.000%	05/20/2022			3,000,000		3,337,500
DBP Holding Corp.
7.750%	10/15/2020	^		2,740,000		2,411,200
L Brands, Inc.
6.900%	07/15/2017			1,750,000		1,995,000
Men’s Wearhouse, Inc. (The)
7.000%	07/01/2022	^		760,000		790,400
Michaels Stores, Inc.
5.875%	12/15/2020	^		2,500,000		2,557,500
Penske Automotive Group, Inc.
5.750%	10/01/2022			1,680,000		1,776,600
Rent-A-Center, Inc.
6.625%	11/15/2020			1,690,000		1,768,162
Sally Holdings LLC/Sally Capital, Inc.
6.875%	11/15/2019			1,750,000		1,903,125
5.750%	06/01/2022			2,640,000		2,824,800
Serta Simmons Holdings LLC
8.125%	10/01/2020	^		1,930,000		2,103,700
						21,467,987
Technology Hardware, Storage & Peripherals—1.1%
Dell, Inc.
3.100%	04/01/2016			1,750,000		1,793,750
NCR Corp.
5.875%	12/15/2021	^		2,205,000		2,337,300
						4,131,050
Textiles, Apparel & Luxury Goods—0.5%
Levi Strauss & Co.
7.625%	05/15/2020	†		1,750,000		1,892,188
Trading Companies & Distributors—2.7%
Aircastle Ltd. (Bermuda)
6.750%	04/15/2017			1,750,000		1,951,250
Flexi-Van Leasing, Inc.
7.875%	08/15/2018	^		2,080,000		2,256,800
HD Supply, Inc.
8.125%	04/15/2019			1,750,000		1,931,562
7.500%	07/15/2020			1,585,000		1,739,538
United Rentals North America, Inc.
8.375%	09/15/2020			1,750,000		1,929,375
						9,808,525
Wireless Telecommunication Services—3.8%
Matterhorn Midco & Cy SCA (Luxembourg)
7.750%	02/15/2020	EUR		730,000		1,074,558
Sprint Communications, Inc.
8.375%	08/15/2017			1,750,000		2,049,688
Sprint Corp.
7.250%	09/15/2021	^		5,000,000		5,531,250
T-Mobile USA, Inc.
6.633%	04/28/2021			3,000,000		3,258,750
6.464%	04/28/2019			1,750,000		1,846,250
						13,760,496
TOTAL CORPORATE OBLIGATIONS
(Cost $309,139,101)						310,238,828

See accompanying notes to financial statements

151

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint High Yield Fund
Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—6.9%
U.S. Treasury Notes—6.9%
U.S. Treasury Note
1.500%		05/31/2019	†
(Cost $24,716,621)				$	25,000,000	$	24,875,975
					Shares		Value
MONEY MARKET FUNDS—13.4%
Institutional Money Market Funds—13.4%
Dreyfus Institutional Cash Advantage
Fund, 0.06%			††¥		4,950,000		4,950,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%			¥		17,128,257		17,128,257
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%			††¥		6,647,398		6,647,398
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class, 0.06%			††¥		5,050,000		5,050,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.06%			††¥		4,950,000		4,950,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.07%			††¥		4,950,000		4,950,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.07%			††¥		4,950,000		4,950,000
TOTAL MONEY MARKET FUNDS
(Cost $48,625,655)							48,625,655
TOTAL INVESTMENTS—106.0%
(Cost $382,481,377)							383,740,458
Other assets less liabilities—(6.0%)							(21,878,397	)
NET ASSETS—100.0%						$	361,862,061

Notes to the Schedule of Investments:

EUR	European Monetary Unit
MTN	Medium Term Note
^	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 $142,803,696, which represents 39.5% 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.
††	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

152

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—95.3%
Aerospace & Defense—1.6%
Alliant Techsystems, Inc.			3,700	$	495,504
Boeing Co. (The)			63,000		8,015,490
Exelis, Inc.			30,565		518,994
General Dynamics Corp.			4,420		515,151
Honeywell International, Inc.			106,100		9,861,995
Huntington Ingalls Industries, Inc.			5,530		523,083
L-3 Communications Holdings, Inc.			4,400		531,300
Northrop Grumman Corp.			4,200		502,446
Raytheon Co.			5,500		507,375
Rockwell Collins, Inc.			6,600		515,724
Spirit AeroSystems Holdings, Inc., Class A	*		226,685		7,639,284
Textron, Inc.			13,100		501,599
Triumph Group, Inc.			7,425		518,413
United Technologies Corp.			75,900		8,762,655
					39,409,013
Air Freight & Logistics—2.3%
FedEx Corp.			304,916		46,158,184
United Parcel Service, Inc., Class B			79,700		8,182,002
					54,340,186
Airlines—0.3%
Alaska Air Group, Inc.			5,600		532,280
Copa Holdings SA, Class A (Panama)			3,515		501,134
Delta Air Lines, Inc.			13,495		522,526
Southwest Airlines Co.			19,650		527,799
United Continental Holdings, Inc.	*		148,800		6,111,216
					8,194,955
Auto Components—0.3%
Gentex Corp.			18,010		523,911
Johnson Controls, Inc.			112,700		5,627,111
Lear Corp.			5,915		528,328
TRW Automotive Holdings Corp.	*		5,925		530,406
Visteon Corp.	*		5,225		506,877
					7,716,633
Automobiles—0.4%
Ford Motor Co.			282,605		4,872,110
General Motors Co.			131,572		4,776,064
					9,648,174
Banks—7.7%
Associated Banc-Corp			28,400		513,472
Bank of America Corp.			776,816		11,939,662
Bank of Hawaii Corp.			8,500		498,865
BankUnited, Inc.			15,100		505,548
BB&T Corp.			213,610		8,422,642
BOK Financial Corp.			7,970		530,802
CIT Group, Inc.			11,555		528,757
Citigroup, Inc.			273,405		12,877,375
City National Corp./California			6,600		500,016
Comerica, Inc.			10,000		501,600

		Shares		Value
Commerce Bancshares, Inc./Missouri		11,400	$	530,100
Cullen/Frost Bankers, Inc.		6,700		532,114
East West Bancorp, Inc.		14,600		510,854
Fifth Third Bancorp		24,600		525,210
First Horizon National Corp.		41,500		492,190
First Niagara Financial Group, Inc.		56,100		490,314
First Republic Bank/California		9,700		533,403
Fulton Financial Corp.		40,500		501,795
Huntington Bancshares, Inc./Ohio		51,000		486,540
JPMorgan Chase & Co.		717,630		41,349,841
KeyCorp		35,600		510,148
M&T Bank Corp.	†	4,300		533,415
PacWest Bancorp		12,027		519,206
PNC Financial Services Group, Inc. (The)		303,485		27,025,339
Popular, Inc. (Puerto Rico)	*	15,560		531,841
Regions Financial Corp.		311,400		3,307,068
Signature Bank/New York	*	4,200		529,956
SunTrust Banks, Inc.		207,000		8,292,420
SVB Financial Group	*	4,500		524,790
Synovus Financial Corp.		22,285		543,308
TCF Financial Corp.		31,900		522,203
U.S. Bancorp/Minnesota		323,600		14,018,352
Wells Fargo & Co.		842,920		44,303,875
Zions Bancorporation		16,600		489,202
				184,422,223
Beverages—0.9%
Anheuser-Busch InBev NV ADR (Belgium)		67,200		7,723,968
Constellation Brands, Inc., Class A	*	6,100		537,593
Diageo plc ADR (United Kingdom)		50,200		6,388,954
Molson Coors Brewing Co., Class B		7,180		532,469
PepsiCo, Inc.		76,200		6,807,708
				21,990,692
Biotechnology—0.4%
Alkermes plc (Ireland)	*	9,880		497,260
Alnylam Pharmaceuticals, Inc.	*	8,410		531,260
Amgen, Inc.		65,540		7,757,970
Cubist Pharmaceuticals, Inc.	*	7,030		490,834
Myriad Genetics, Inc.	*	13,490		525,031
				9,802,355
Building Products—0.5%
A.O. Smith Corp.		11,000		545,380
Fortune Brands Home & Security, Inc.		91,100		3,637,623
Masco Corp.		181,500		4,029,300
Owens Corning, Inc.		13,320		515,218
USG Corp.	*†	98,800		2,976,844
				11,704,365
Capital Markets—3.5%
Ameriprise Financial, Inc.		66,590		7,990,800
Bank of New York Mellon Corp. (The)		975,420		36,558,741
BlackRock, Inc.		32,025		10,235,190

See accompanying notes to financial statements

153

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Charles Schwab Corp. (The)			18,800	$	506,284
E*TRADE Financial Corp.	*		24,885		529,055
Federated Investors, Inc., Class B	†		16,400		507,088
Franklin Resources, Inc.			8,550		494,532
Goldman Sachs Group, Inc. (The)			52,690		8,822,414
Invesco Ltd.			14,300		539,825
Legg Mason, Inc.			131,330		6,738,542
Morgan Stanley			16,600		536,678
Northern Trust Corp.			122,500		7,865,725
Och-Ziff Capital Management Group LLC, Class A			38,300		529,689
Raymond James Financial, Inc.			10,300		522,519
SEI Investments Co.			15,200		498,104
State Street Corp.			7,300		490,998
TD Ameritrade Holding Corp.			16,725		524,329
					83,890,513
Chemicals—1.2%
Air Products & Chemicals, Inc.			4,020		517,052
Albemarle Corp.			7,430		531,245
Ashland, Inc.			4,920		535,001
Cabot Corp.			9,000		521,910
Celanese Corp., Series A			7,695		494,635
CF Industries Holdings, Inc.			2,200		529,166
Cytec Industries, Inc.			5,020		529,208
Dow Chemical Co. (The)			171,395		8,819,987
E.I. Du Pont de Nemours & Co.			133,461		8,733,688
Eastman Chemical Co.			5,700		497,895
Huntsman Corp.			19,125		537,412
Mosaic Co. (The)			10,400		514,280
Potash Corp. of Saskatchewan, Inc. (Canada)			94,200		3,575,832
Rayonier Advanced Materials, Inc.	*		3,515		136,205
Rockwood Holdings, Inc.			7,000		531,930
RPM International, Inc.			11,460		529,223
Sigma-Aldrich Corp.			5,220		529,726
W.R. Grace & Co.	*		5,300		501,009
Westlake Chemical Corp.			6,275		525,594
					29,090,998
Commercial Services & Supplies—0.3%
ADT Corp. (The)	†		15,220		531,787
Cintas Corp.			8,320		528,653
Clean Harbors, Inc.	*		7,885		506,611
Covanta Holding Corp.			26,175		539,467
Iron Mountain, Inc.			14,995		531,573
KAR Auction Services, Inc.			16,800		535,416
Pitney Bowes, Inc.			19,800		546,876
R.R. Donnelley & Sons Co.			32,575		552,472
Republic Services, Inc.			14,075		534,428
Tyco International Ltd. (Switzerland)			10,830		493,848
Waste Connections, Inc.			11,140		540,847
Waste Management, Inc.			11,835		529,379
					6,371,357
Communications Equipment—1.6%
Brocade Communications Systems, Inc.			56,285		517,822

		Shares		Value
Cisco Systems, Inc.		1,004,710	$	24,967,044
EchoStar Corp., Class A	*	10,035		531,253
Harris Corp.		111,400		8,438,550
JDS Uniphase Corp.	*	43,830		546,560
Juniper Networks, Inc.	*	20,300		498,162
Motorola Solutions, Inc.		8,000		532,560
QUALCOMM, Inc.		44,500		3,524,400
				39,556,351
Construction & Engineering—0.1%
AECOM Technology Corp.	*	15,900		511,980
Fluor Corp.		6,700		515,230
Jacobs Engineering Group, Inc.	*	9,430		502,430
KBR, Inc.		21,750		518,738
Quanta Services, Inc.	*	14,200		491,036
URS Corp.		11,555		529,797
				3,069,211
Construction Materials—0.3%
Vulcan Materials Co.		97,600		6,222,000
Consumer Finance—0.6%
Ally Financial, Inc.	*	21,555		515,380
American Express Co.		86,200		8,177,794
Capital One Financial Corp.		6,325		522,445
Discover Financial Services		8,420		521,872
Navient Corp.		29,280		518,549
Santander Consumer USA Holdings, Inc.		157,015		3,052,371
SLM Corp.		60,915		506,204
				13,814,615
Containers & Packaging—0.4%
AptarGroup, Inc.		8,000		536,080
Avery Dennison Corp.		10,200		522,750
Bemis Co., Inc.		13,300		540,778
Greif, Inc., Class A		9,900		540,144
MeadWestvaco Corp.		113,500		5,023,510
Owens-Illinois, Inc.	*	15,300		529,992
Rock-Tenn Co., Class A		5,000		527,950
Sonoco Products Co.		12,035		528,698
				8,749,902
Distributors—0.2%
Genuine Parts Co.		55,252		4,851,126
Diversified Consumer Services—0.7%
Apollo Education Group, Inc.	*	17,595		549,844
DeVry Education Group, Inc.		12,500		529,250
Graham Holdings Co., Class B		21,658		15,552,826
Service Corp. International		26,200		542,864
				17,174,784
Diversified Financial Services—0.5%
Berkshire Hathaway, Inc., Class B	*	4,200		531,552
CME Group, Inc.		6,900		489,555
Interactive Brokers Group, Inc., Class A		22,490		523,792
Intercontinental Exchange, Inc.		40,835		7,713,732
Leucadia National Corp.		18,800		492,936
MSCI, Inc.	*	11,725		537,591
NASDAQ OMX Group, Inc. (The)		14,000		540,680
Voya Financial, Inc.		14,400		523,296
				11,353,134

See accompanying notes to financial statements

154

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Diversified Telecommunication Services—4.8%
AT&T, Inc.			327,142	$	11,567,741
CenturyLink, Inc.			125,860		4,556,132
Frontier Communications Corp.	†		89,600		523,264
Level 3 Communications, Inc.	*		925,364		40,632,733
Telefonica SA (Spain)			143,614		2,465,544
tw telecom inc.	*		903,789		36,431,735
Verizon Communications, Inc.			22,354		1,093,397
Verizon Communications, Inc.			341,335		16,701,522
Windstream Holdings, Inc.	†		51,900		516,924
					114,488,992
Electric Utilities—2.4%
American Electric Power Co., Inc.			9,625		536,786
Duke Energy Corp.			126,623		9,394,160
Edison International			96,725		5,620,690
Entergy Corp.			107,260		8,804,973
Exelon Corp.			192,850		7,035,168
FirstEnergy Corp.			118,100		4,100,432
Great Plains Energy, Inc.			18,900		507,843
Hawaiian Electric Industries, Inc.	†		20,200		511,464
ITC Holdings Corp.			13,870		505,977
NextEra Energy, Inc.			45,910		4,704,857
Northeast Utilities			165,210		7,809,477
OGE Energy Corp.			13,800		539,304
Pepco Holdings, Inc.			19,395		532,975
Pinnacle West Capital Corp.			9,300		537,912
PPL Corp.			15,300		543,609
Southern Co. (The)			11,600		526,408
Westar Energy, Inc.	†		14,500		553,755
Xcel Energy, Inc.			164,500		5,301,835
					58,067,625
Electrical Equipment—1.0%
Babcock & Wilcox Co. (The)			16,000		519,360
Eaton Corp. plc			181,345		13,996,207
Emerson Electric Co.			137,200		9,104,592
Hubbell, Inc., Class B			4,400		541,860
Regal-Beloit Corp.			6,725		528,316
					24,690,335
Electronic Equipment, Instruments & Components—0.5%
Arrow Electronics, Inc.	*		8,900		537,649
Avnet, Inc.			11,200		496,272
AVX Corp.			40,500		537,840
Corning, Inc.			351,500		7,715,425
Dolby Laboratories, Inc., Class A	*†		11,800		509,760
FLIR Systems, Inc.			14,300		496,639
Ingram Micro, Inc., Class A	*		17,500		511,175
Jabil Circuit, Inc.			25,470		532,323
Knowles Corp.	*		15,900		488,766
Tech Data Corp.	*		8,700		543,924
Vishay Intertechnology, Inc.			34,095		528,132
					12,897,905
Energy Equipment & Services—1.4%
Atwood Oceanics, Inc.	*		10,100		530,048
Baker Hughes, Inc.			7,130		530,828

		Shares		Value
Cameron International Corp.	*	7,725	$	523,060
Diamond Offshore Drilling, Inc.	†	105,200		5,221,076
Frank’s International NV (Netherlands)		21,700		533,820
Halliburton Co.		173,020		12,286,150
Helmerich & Payne, Inc.		4,515		524,237
Nabors Industries Ltd. (Bermuda)		18,780		551,569
National Oilwell Varco, Inc.		6,600		543,510
Oil States International, Inc.	*	7,865		504,068
Patterson-UTI Energy, Inc.		15,240		532,486
Rowan Cos. plc, Class A		16,500		526,845
Schlumberger Ltd.		77,000		9,082,150
Seadrill Ltd. (Bermuda)		12,350		493,382
Superior Energy Services, Inc.		14,530		525,114
Tidewater, Inc.		9,355		525,283
Unit Corp.	*	7,800		536,874
				33,970,500
Food & Staples Retailing—0.5%
Costco Wholesale Corp.		4,275		492,309
CVS Caremark Corp.		106,330		8,014,092
Rite Aid Corp.	*	70,300		504,051
Safeway, Inc.		15,410		529,179
Sysco Corp.		14,200		531,790
Walgreen Co.		7,130		528,547
Wal-Mart Stores, Inc.		6,700		502,969
Whole Foods Market, Inc.		12,730		491,760
				11,594,697
Food Products—2.5%
Archer-Daniels-Midland Co.		202,400		8,927,864
Bunge Ltd.		6,600		499,224
Campbell Soup Co.		162,800		7,457,868
ConAgra Foods, Inc.		20,610		611,705
Hain Celestial Group, Inc. (The)	*	5,700		505,818
Hillshire Brands Co. (The)		7,980		497,154
Ingredion, Inc.		6,840		513,274
J.M. Smucker Co. (The)		4,925		524,857
Kellogg Co.		7,920		520,344
Kraft Foods Group, Inc.		77,600		4,652,120
McCormick & Co., Inc. (Non-Voting Shares)		41,600		2,978,144
Mondelez International, Inc., Class A		793,987		29,861,851
Pilgrim’s Pride Corp.	*	19,760		540,634
Pinnacle Foods, Inc.		16,165		531,828
Tyson Foods, Inc., Class A		14,360		539,074
				59,161,759
Gas Utilities—0.1%
AGL Resources, Inc.		9,735		535,717
Atmos Energy Corp.		10,055		536,937
National Fuel Gas Co.		6,920		541,836
Questar Corp.		21,400		530,720
UGI Corp.		10,735		542,118
				2,687,328
Health Care Equipment & Supplies—2.1%
Abbott Laboratories		657,197		26,879,357
Alere, Inc.	*	14,040		525,377
Baxter International, Inc.		83,695		6,051,148
Boston Scientific Corp.	*	39,400		503,138
CareFusion Corp.	*	11,945		529,761

See accompanying notes to financial statements

155

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Cooper Cos., Inc. (The)			3,900	$	528,567
Covidien plc (Ireland)			127,475		11,495,695
DENTSPLY International, Inc.			11,100		525,585
Hill-Rom Holdings, Inc.			13,300		552,083
Hologic, Inc.	*		20,790		527,027
Intuitive Surgical, Inc.	*		1,235		508,573
Medtronic, Inc.			8,400		535,584
Sirona Dental Systems, Inc.	*		6,175		509,191
St. Jude Medical, Inc.			7,800		540,150
Stryker Corp.			6,300		531,216
Teleflex, Inc.			4,800		506,880
Zimmer Holdings, Inc.			5,020		521,377
					51,770,709
Health Care Providers & Services—1.1%
Aetna, Inc.			6,425		520,939
Cardinal Health, Inc.			7,500		514,200
Cigna Corp.			5,740		527,908
Community Health Systems, Inc.	*		11,490		521,301
DaVita HealthCare Partners, Inc.	*		6,935		501,539
Express Scripts Holding Co.	*		7,560		524,135
HCA Holdings, Inc.	*		9,050		510,239
Health Net, Inc.	*		13,010		540,435
Humana, Inc.			4,125		526,845
Laboratory Corp. of America Holdings	*		4,845		496,128
LifePoint Hospitals, Inc.	*		8,075		501,458
MEDNAX, Inc.	*		8,900		517,535
Omnicare, Inc.			7,940		528,566
Patterson Cos., Inc.			12,500		493,875
Quest Diagnostics, Inc.			84,100		4,935,829
UnitedHealth Group, Inc.			153,765		12,570,289
Universal Health Services, Inc., Class B			5,355		512,795
VCA, Inc.	*		14,660		514,419
WellPoint, Inc.			4,820		518,680
					26,277,115
Health Care Technology—0.0%
Allscripts Healthcare Solutions, Inc.	*		33,245		533,582
Hotels, Restaurants & Leisure—0.5%
Aramark			19,475		504,013
Carnival Corp.			179,300		6,750,645
Choice Hotels International, Inc.			11,400		537,054
Darden Restaurants, Inc.			10,955		506,888
Hyatt Hotels Corp., Class A	*		8,640		526,867
International Game Technology			32,400		515,484
Marriott International, Inc., Class A			8,250		528,825
MGM Resorts International	*		20,900		551,760
Norwegian Cruise Line Holdings Ltd.	*		16,100		510,370
Royal Caribbean Cruises Ltd.			9,400		522,640
Starwood Hotels & Resorts Worldwide, Inc.			6,500		525,330
Wendy’s Co. (The)			60,733		518,053
					12,497,929
Household Durables—0.8%
D.R. Horton, Inc.			22,290		547,888
Garmin Ltd. (Switzerland)	†		8,735		531,962

		Shares		Value
Jarden Corp.	*	8,865	$	526,138
Leggett & Platt, Inc.		15,600		534,768
Lennar Corp., Class A		13,100		549,938
Mohawk Industries, Inc.	*	3,800		525,692
Newell Rubbermaid, Inc.		205,885		6,380,376
PulteGroup, Inc.		336,950		6,792,912
Taylor Morrison Home Corp., Class A	*	24,855		557,249
Toll Brothers, Inc.	*	14,300		527,670
Whirlpool Corp.		9,000		1,252,980
				18,727,573
Household Products—0.4%
Clorox Co. (The)		80,100		7,321,140
Colgate-Palmolive Co.		7,315		498,737
Energizer Holdings, Inc.		4,345		530,220
Kimberly-Clark Corp.		4,700		522,734
Procter & Gamble Co. (The)		6,400		502,976
				9,375,807
Independent Power and Renewable Electricity Producers—0.2%
AES Corp. (The)		232,800		3,620,040
Calpine Corp.	*	22,325		531,558
NRG Energy, Inc.		14,290		531,588
				4,683,186
Industrial Conglomerates—3.0%
3M Co.		45,235		6,479,461
Carlisle Cos., Inc.		6,125		530,548
Danaher Corp.		6,520		513,320
General Electric Co.		1,271,780		33,422,378
Koninklijke Philips NV NYRS
(Netherlands)		961,357		30,532,698
Roper Industries, Inc.		3,420		499,354
				71,977,759
Insurance—8.6%
ACE Ltd. (Switzerland)		99,900		10,359,630
Aflac, Inc.		8,300		516,675
Alleghany Corp.	*	1,205		527,935
Allied World Assurance Co. Holdings AG (Switzerland)		13,970		531,139
Allstate Corp. (The)		101,600		5,965,952
American Financial Group, Inc.		9,000		536,040
American International Group, Inc.		125,630		6,856,885
American National Insurance Co.		4,600		525,320
Aon plc (United Kingdom)		371,112		33,433,480
Arch Capital Group Ltd. (Bermuda)	*	9,000		516,960
Arthur J. Gallagher & Co.		10,735		500,251
Aspen Insurance Holdings Ltd. (Bermuda)		11,580		525,964
Assurant, Inc.		7,900		517,845
Assured Guaranty Ltd. (Bermuda)		20,000		490,000
Axis Capital Holdings Ltd. (Bermuda)		11,100		491,508
Brown & Brown, Inc.		16,800		515,928
Chubb Corp. (The)		42,600		3,926,442
Cincinnati Financial Corp.		10,600		509,224
CNA Financial Corp.		13,145		531,321

See accompanying notes to financial statements

156

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Endurance Specialty Holdings Ltd. (Bermuda)	†		10,300	$	531,377
Everest Re Group Ltd. (Bermuda)			3,400		545,666
Fairfax Financial Holdings Ltd. (Canada)			30,522		14,421,731
Fidelity National Financial, Inc., Class A			16,200		530,712
Genworth Financial, Inc., Class A	*		30,200		525,480
Hanover Insurance Group, Inc. (The)			8,400		530,460
Hartford Financial Services Group, Inc. (The)			14,400		515,664
HCC Insurance Holdings, Inc.			10,925		534,670
Lincoln National Corp.			10,100		519,544
Loews Corp.			883,924		38,901,495
Markel Corp.	*		805		527,790
Marsh & McLennan Cos., Inc.			393,665		20,399,720
MBIA, Inc.	*		45,475		502,044
Mercury General Corp.			11,700		550,368
MetLife, Inc.			148,920		8,273,995
Old Republic International Corp.			31,600		522,664
PartnerRe Ltd. (Bermuda)			4,910		536,221
Principal Financial Group, Inc.			111,655		5,636,344
ProAssurance Corp.			11,700		519,480
Progressive Corp. (The)			21,000		532,560
Protective Life Corp.			7,720		535,228
Prudential Financial, Inc.			5,815		516,198
Reinsurance Group of America, Inc.			6,500		512,850
RenaissanceRe Holdings Ltd. (Bermuda)			5,015		536,605
StanCorp Financial Group, Inc.			7,900		505,600
Sun Life Financial, Inc. (Canada)			83,300		3,057,943
Torchmark Corp.			6,600		540,672
Travelers Cos., Inc. (The)			292,020		27,470,321
Unum Group			157,495		5,474,526
Validus Holdings Ltd. (Bermuda)			14,000		535,360
W.R. Berkley Corp.			11,465		530,944
White Mountains Insurance Group Ltd.			900		547,596
Willis Group Holdings plc (United Kingdom)			50,200		2,173,660
XL Group plc (Ireland)			16,035		524,826
					206,798,813
Internet & Catalog Retail—0.0%
HomeAway, Inc.	*		15,010		522,648
Liberty Interactive Corp., Series A	*		17,900		525,544
					1,048,192
Internet Software & Services—0.1%
AOL, Inc.	*		13,695		544,924
IAC/InterActiveCorp			7,220		499,840
Yahoo!, Inc.	*		15,520		545,218
					1,589,982

		Shares		Value
IT Services—0.7%
Amdocs Ltd.		11,400	$	528,162
Booz Allen Hamilton Holding Corp.		23,900		507,636
Computer Sciences Corp.		67,700		4,278,640
CoreLogic, Inc.	*	17,600		534,336
DST Systems, Inc.		5,500		506,935
Fidelity National Information Services, Inc.		9,800		536,452
Genpact Ltd. (Bermuda)	*	28,785		504,601
International Business Machines Corp.		19,100		3,462,257
Leidos Holdings, Inc.		13,660		523,725
Paychex, Inc.		11,800		490,408
Teradata Corp.	*	12,890		518,178
Total System Services, Inc.		16,600		521,406
Western Union Co. (The)	†	159,900		2,772,666
Xerox Corp.		42,085		523,537
				16,208,939
Leisure Products—0.4%
Hasbro, Inc.		9,800		519,890
Mattel, Inc.		219,035		8,535,794
				9,055,684
Life Sciences Tools & Services—0.2%
Agilent Technologies, Inc.		9,200		528,448
Bio-Rad Laboratories, Inc., Class A	*	4,100		490,811
Charles River Laboratories International, Inc.	*	9,645		516,201
Covance, Inc.	*	5,795		495,936
PerkinElmer, Inc.		11,300		529,292
QIAGEN NV (Netherlands)	*	21,775		532,399
Quintiles Transnational Holdings, Inc.	*	10,100		538,229
Techne Corp.		5,720		529,500
Thermo Fisher Scientific, Inc.		4,400		519,200
				4,680,016
Machinery—2.5%
AGCO Corp.		9,300		522,846
Caterpillar, Inc.		4,820		523,789
Crane Co.		7,300		542,828
Deere & Co.		55,715		5,044,993
Donaldson Co., Inc.		12,000		507,840
Dover Corp.		5,825		529,784
IDEX Corp.		6,630		535,306
Illinois Tool Works, Inc.		190,080		16,643,405
Ingersoll-Rand plc		104,590		6,537,921
ITT Corp.		10,545		507,215
Joy Global, Inc.	†	91,225		5,617,635
Kennametal, Inc.		11,135		515,328
Lincoln Electric Holdings, Inc.		7,125		497,895
Navistar International Corp.	*†	14,050		526,594
Oshkosh Corp.		9,000		499,770
PACCAR, Inc.		80,315		5,046,191
Parker Hannifin Corp.		4,300		540,639
Pentair plc (United Kingdom)		7,200		519,264
Snap-on, Inc.		4,600		545,192
SPX Corp.		4,825		522,113
Stanley Black & Decker, Inc.		74,625		6,553,568
Terex Corp.		12,930		531,423
Timken Co. (The)		7,850		532,544

See accompanying notes to financial statements

157

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Trinity Industries, Inc.			12,405	$	542,347
Valmont Industries, Inc.			3,435		521,948
Xylem, Inc.			145,340		5,679,887
					61,088,265
Media—4.3%
Cablevision Systems Corp., Class A	†		186,300		3,288,195
CBS Corp. (Non-Voting Shares), Class B			81,730		5,078,702
CBS Outdoor Americas, Inc.			14,725		481,213
Clear Channel Outdoor Holdings, Inc., Class A			60,040		491,127
Comcast Corp., Class A			241,060		12,940,101
DIRECTV	*		39,800		3,383,398
DISH Network Corp., Class A	*		7,980		519,338
DreamWorks Animation SKG, Inc., Class A	*†		22,245		517,419
Gannett Co., Inc.			17,965		562,484
Interpublic Group of Cos., Inc. (The)			248,200		4,842,382
John Wiley & Sons, Inc., Class A			8,800		533,192
Liberty Media Corp., Series A	*		4,000		546,720
Live Nation Entertainment, Inc.	*		21,185		523,058
Madison Square Garden Co. (The), Class A	*		61,165		3,819,754
New York Times Co. (The), Class A			167,900		2,553,759
News Corp., Class A	*		1,704,548		30,579,591
News Corp., Class B	*		518,104		9,040,915
Pearson plc (United Kingdom)			113,143		2,233,954
Regal Entertainment Group, Class A	†		25,100		529,610
Starz, Class A	*		17,695		527,134
Thomson Reuters Corp.			163,380		5,940,497
Time Warner, Inc.			122,433		8,600,918
Twenty-First Century Fox, Inc., Class A			15,345		539,377
Walt Disney Co. (The)			56,900		4,878,606
					102,951,444
Metals & Mining—1.0%
Alcoa, Inc.			35,745		532,243
Allegheny Technologies, Inc.			12,460		561,946
Carpenter Technology Corp.			8,400		531,300
Cliffs Natural Resources, Inc.	†		34,940		525,847
Freeport-McMoRan Copper & Gold, Inc.			14,540		530,710
Newmont Mining Corp.			153,600		3,907,584
Nucor Corp.			204,700		10,081,475
Reliance Steel & Aluminum Co.			7,300		538,083
Royal Gold, Inc.			7,055		537,027
Steel Dynamics, Inc.			265,700		4,769,315
Tahoe Resources, Inc.	*†		20,570		538,934
United States Steel Corp.	†		19,100		497,364
					23,551,828

		Shares		Value
Multiline Retail—0.9%
Big Lots, Inc.	*	11,705	$	534,919
Dillard’s, Inc., Class A		4,550		530,576
Dollar General Corp.	*	9,175		526,278
Family Dollar Stores, Inc.		7,315		483,814
J.C. Penney Co., Inc.	*†	57,100		516,755
Kohl’s Corp.		149,955		7,899,629
Macy’s, Inc.		103,600		6,010,872
Nordstrom, Inc.		77,180		5,242,837
Sears Holdings Corp.	*†	13,090		523,076
Target Corp.		8,700		504,165
				22,772,921
Multi-Utilities—0.8%
Alliant Energy Corp.		9,000		547,740
Ameren Corp.		12,600		515,088
CenterPoint Energy, Inc.		21,400		546,556
CMS Energy Corp.		17,500		545,125
Consolidated Edison, Inc.		9,600		554,304
Dominion Resources, Inc.		7,100		507,792
DTE Energy Co.		7,000		545,090
Integrys Energy Group, Inc.		7,745		550,902
MDU Resources Group, Inc.		14,900		522,990
NiSource, Inc.		259,240		10,198,501
PG&E Corp.		11,060		531,101
Public Service Enterprise Group, Inc.		13,500		550,665
SCANA Corp.		10,100		543,481
Sempra Energy		5,115		535,592
TECO Energy, Inc.		30,200		558,096
Vectren Corp.		13,000		552,500
Wisconsin Energy Corp.		11,000		516,120
				18,821,643
Oil, Gas & Consumable Fuels—13.9%
Anadarko Petroleum Corp.		153,110		16,760,952
Apache Corp.		158,045		15,902,488
BP plc ADR (United Kingdom)		82,098		4,330,669
Chesapeake Energy Corp.		1,804,365		56,079,664
Chevron Corp.		310,348		40,515,931
Cimarex Energy Co.		3,730		535,106
Cobalt International Energy, Inc.	*	27,200		499,120
ConocoPhillips		47,960		4,111,611
CONSOL Energy, Inc.		1,069,580		49,275,551
CVR Energy, Inc.		10,780		519,488
Denbury Resources, Inc.		28,610		528,141
Devon Energy Corp.		6,660		528,804
Energen Corp.		5,825		517,726
Eni SpA (Italy)		63,754		1,743,651
EOG Resources, Inc.		68,360		7,988,550
EP Energy Corp., Class A	*	22,515		518,971
EQT Corp.		4,815		514,723
Exxon Mobil Corp.		270,285		27,212,294
Golar LNG Ltd. (Bermuda)	†	9,440		567,344
Gulfport Energy Corp.	*	8,300		521,240
Hess Corp.		107,245		10,605,458
HollyFrontier Corp.		11,800		515,542
Kinder Morgan, Inc.		14,655		531,390
Laredo Petroleum, Inc.	*	17,210		533,166
Marathon Oil Corp.		205,465		8,202,163
Marathon Petroleum Corp.		6,600		515,262
Murphy Oil Corp.		696,236		46,285,769

See accompanying notes to financial statements

158

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Newfield Exploration Co.	*		12,200	$	539,240
Noble Energy, Inc.			6,630		513,560
Occidental Petroleum Corp.			85,750		8,800,522
ONEOK, Inc.			7,850		534,428
PBF Energy, Inc., Class A			19,285		513,945
Peabody Energy Corp.	†		31,800		519,930
Phillips 66			6,130		493,036
QEP Resources, Inc.			15,495		534,577
Rice Energy, Inc.	*		15,960		485,982
Royal Dutch Shell plc ADR (Netherlands)			148,181		12,205,669
SandRidge Energy, Inc.	*†		72,610		519,162
Southwestern Energy Co.	*		146,450		6,662,010
Spectra Energy Corp.			12,475		529,938
Talisman Energy, Inc. (Canada)			137,800		1,460,680
Teekay Corp. (Bermuda)			9,100		566,475
Tesoro Corp.			8,480		497,522
Ultra Petroleum Corp.	*†		17,650		524,029
Valero Energy Corp.			10,130		507,513
Whiting Petroleum Corp.	*		6,440		516,810
World Fuel Services Corp.			11,045		543,745
WPX Energy, Inc.	*		22,435		536,421
					334,365,968
Paper & Forest Products—0.7%
Domtar Corp. (Canada)			11,565		495,560
International Paper Co.			328,005		16,554,413
					17,049,973
Personal Products—0.2%
Avon Products, Inc.			303,315		4,431,432
Coty, Inc., Class A			31,035		531,630
					4,963,062
Pharmaceuticals—4.1%
AstraZeneca plc ADR (United Kingdom)			106,500		7,914,015
Bristol-Myers Squibb Co.			165,250		8,016,278
Eli Lilly & Co.			8,430		524,093
Forest Laboratories, Inc.	*		5,700		564,300
GlaxoSmithKline plc (United Kingdom)			146,634		3,904,159
Hospira, Inc.	*		10,195		523,717
Johnson & Johnson			200,700		20,997,234
Mallinckrodt plc	*		6,960		556,939
Merck & Co., Inc.			483,170		27,951,385
Perrigo Co. plc (Ireland)			3,420		498,499
Pfizer, Inc.			494,746		14,684,061
Roche Holding AG (Genusschein) (Switzerland)			30,872		9,198,525
Zoetis, Inc.			76,800		2,478,336
					97,811,541
Professional Services—0.1%
Dun & Bradstreet Corp. (The)			4,820		531,164
Equifax, Inc.			6,840		496,174
Manpowergroup, Inc.			6,320		536,252
Nielsen NV			10,935		529,363
Towers Watson & Co., Class A			4,980		519,065
					2,612,018

		Shares		Value
Real Estate Investment Trusts (REITs)—2.2%
Alexandria Real Estate Equities, Inc. REIT		7,000	$	543,480
American Campus Communities, Inc. REIT		13,600		520,064
American Capital Agency Corp. REIT		22,010		515,254
American Homes 4 Rent, Class A REIT		30,200		536,352
American Realty Capital Properties, Inc. REIT		39,710		497,566
Annaly Capital Management, Inc. REIT		44,715		511,092
Apartment Investment & Management Co., Class A REIT		16,800		542,136
AvalonBay Communities, Inc. REIT		3,715		528,236
BioMed Realty Trust, Inc. REIT		23,865		520,973
Boston Properties, Inc. REIT		4,500		531,810
Brandywine Realty Trust REIT		35,300		550,680
Brixmor Property Group, Inc. REIT		23,700		543,915
Camden Property Trust REIT		7,515		534,692
CBL & Associates Properties, Inc. REIT		28,900		549,100
Chimera Investment Corp. REIT		161,690		515,791
Columbia Property Trust, Inc. REIT		18,715		486,777
CommonWealth REIT REIT		19,050		501,396
Corporate Office Properties Trust REIT		18,900		525,609
Corrections Corp. of America REIT		15,900		522,315
DDR Corp. REIT		30,900		544,767
Digital Realty Trust, Inc. REIT	†	66,800		3,895,776
Douglas Emmett, Inc. REIT		18,500		522,070
Duke Realty Corp. REIT		30,300		550,248
Equity Lifestyle Properties, Inc. REIT		11,740		518,438
Equity Residential REIT		8,800		554,400
Essex Property Trust, Inc. REIT		3,003		555,285
Federal Realty Investment Trust REIT		4,500		544,140
Gaming and Leisure Properties, Inc. REIT	†	15,705		533,499
General Growth Properties, Inc. REIT		23,000		541,880
HCP, Inc. REIT		12,735		526,974
Health Care REIT, Inc. REIT		8,320		521,414
Healthcare Trust of America, Inc., Class A REIT		44,400		534,576
Home Properties, Inc. REIT		8,500		543,660
Hospitality Properties Trust REIT		17,900		544,160
Host Hotels & Resorts, Inc. REIT		344,360		7,579,364
Kilroy Realty Corp. REIT		8,700		541,836
Kimco Realty Corp. REIT		23,100		530,838
Liberty Property Trust REIT		14,000		531,020
Macerich Co. (The) REIT		8,200		547,350
MFA Financial, Inc. REIT		63,045		517,599
Mid-America Apartment Communities, Inc. REIT		7,500		547,875

See accompanying notes to financial statements

159

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
National Retail Properties, Inc. REIT	†		14,140	$	525,867
NorthStar Realty Finance Corp. REIT			29,925		520,096
Omega Healthcare Investors, Inc. REIT			13,680		504,245
Piedmont Office Realty Trust, Inc., Class A REIT			27,905		528,521
Plum Creek Timber Co., Inc. REIT			11,210		505,571
Post Properties, Inc. REIT			9,825		525,245
Prologis, Inc. REIT			12,400		509,516
Public Storage REIT			3,100		531,185
Rayonier, Inc. REIT			10,545		374,875
Realty Income Corp. REIT			11,840		525,933
Regency Centers Corp. REIT			9,520		530,074
Retail Properties of America, Inc., Class A REIT			34,190		525,842
Senior Housing Properties Trust REIT			21,680		526,607
Simon Property Group, Inc. REIT			3,100		515,468
SL Green Realty Corp. REIT			4,725		516,962
Spirit Realty Capital, Inc. REIT			45,840		520,742
Starwood Property Trust, Inc. REIT			22,000		522,940
Tanger Factory Outlet Centers, Inc. REIT			14,060		491,678
Taubman Centers, Inc. REIT			7,200		545,832
Two Harbors Investment Corp. REIT			50,200		526,096
UDR, Inc. REIT			18,650		533,950
Ventas, Inc. REIT			8,400		538,440
Vornado Realty Trust REIT			4,920		525,112
Washington Prime Group, Inc. REIT	*		28,170		527,906
Weingarten Realty Investors REIT			16,035		526,589
Weyerhaeuser Co. REIT			207,797		6,876,003
WP Carey, Inc. REIT			8,025		516,810
					52,522,512
Real Estate Management & Development—1.5%
Cheung Kong Holdings Ltd. ADR (Hong Kong)			1,907,000		33,798,142
Forest City Enterprises, Inc., Class A	*		27,400		544,438
Howard Hughes Corp. (The)	*		3,510		553,983
Jones Lang LaSalle, Inc.			4,210		532,102
Realogy Holdings Corp.	*		14,560		549,058
					35,977,723
Road & Rail—0.3%
AMERCO			1,820		529,183
Con-way, Inc.			10,810		544,932
CSX Corp.			17,045		525,157
Genesee & Wyoming, Inc., Class A	*		5,015		526,575
Kansas City Southern			4,655		500,459
Norfolk Southern Corp.			35,715		3,679,717
Ryder System, Inc.			6,025		530,742
					6,836,765

		Shares		Value
Semiconductors & Semiconductor Equipment—2.7%
Altera Corp.		14,400	$	500,544
Analog Devices, Inc.		231,630		12,524,234
Applied Materials, Inc.		343,720		7,750,886
Broadcom Corp., Class A		13,930		517,082
Cree, Inc.	*	10,260		512,487
First Solar, Inc.	*	7,600		540,056
Freescale Semiconductor Ltd.	*	22,000		517,000
Intel Corp.		425,055		13,134,199
KLA-Tencor Corp.		7,600		552,064
Lam Research Corp.		7,880		532,530
Marvell Technology Group Ltd. (Bermuda)		552,850		7,922,340
Maxim Integrated Products, Inc.		307,580		10,399,280
Micron Technology, Inc.	*	17,130		564,434
NVIDIA Corp.		29,100		539,514
ON Semiconductor Corp.	*	54,700		499,958
SunEdison, Inc.	*	22,420		506,692
SunPower Corp.	*	12,445		509,996
Teradyne, Inc.	†	26,200		513,520
Texas Instruments, Inc.		121,900		5,825,601
				64,362,417
Software—1.5%
Activision Blizzard, Inc.		23,785		530,405
ANSYS, Inc.	*	6,650		504,203
Autodesk, Inc.	*	9,365		527,999
CA, Inc.		81,905		2,353,950
Citrix Systems, Inc.	*	7,695		481,322
Electronic Arts, Inc.	*	14,400		516,528
FireEye, Inc.	*†	13,140		532,827
Informatica Corp.	*	14,590		520,133
MICROS Systems, Inc.	*	7,815		530,639
Microsoft Corp.		436,465		18,200,590
Nuance Communications, Inc.	*	27,080		508,292
Rovi Corp.	*	22,400		536,704
Symantec Corp.		382,415		8,757,303
Synopsys, Inc.	*	13,200		512,424
Zynga, Inc., Class A	*	165,375		530,854
				35,544,173
Specialty Retail—1.5%
Aaron’s, Inc.		14,990		534,244
Abercrombie & Fitch Co., Class A	†	12,145		525,271
Ascena Retail Group, Inc.	*	29,200		499,320
AutoZone, Inc.	*	13,725		7,359,894
Bed Bath & Beyond, Inc.	*	9,070		520,437
Best Buy Co., Inc.		16,850		522,518
Cabela’s, Inc.	*	8,360		521,664
CarMax, Inc.	*	9,595		499,036
Chico’s FAS, Inc.		31,200		529,152
CST Brands, Inc.		15,085		520,433
Dick’s Sporting Goods, Inc.		11,115		517,514
DSW, Inc., Class A		18,500		516,890
Foot Locker, Inc.		10,530		534,082
GameStop Corp., Class A	†	12,400		501,828
Home Depot, Inc. (The)		74,140		6,002,374
L Brands, Inc.		8,550		501,543
Lowe’s Cos., Inc.		153,145		7,349,429
Murphy USA, Inc.	*	10,690		522,634
Penske Automotive Group, Inc.		10,450		517,275
Sally Beauty Holdings, Inc.	*	20,330		509,876
Signet Jewelers Ltd. (Bermuda)		4,900		541,891

See accompanying notes to financial statements

160

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Staples, Inc.			398,400	$	4,318,656
Tiffany & Co.			4,900		491,225
Urban Outfitters, Inc.	*		14,630		495,372
					35,352,558
Technology Hardware, Storage & Peripherals—1.0%
Apple, Inc.			89,000		8,270,770
EMC Corp.			442,840		11,664,406
Hewlett-Packard Co.			15,240		513,283
Lexmark International, Inc., Class A			11,300		544,208
NCR Corp.	*		15,010		526,701
NetApp, Inc.			13,870		506,532
SanDisk Corp.			5,160		538,859
Stratasys Ltd.	*		5,000		568,150
Western Digital Corp.			5,700		526,110
					23,659,019
Textiles, Apparel & Luxury Goods—0.4%
Coach, Inc.			50,900		1,740,271
PVH Corp.			64,620		7,534,692
Ralph Lauren Corp.			3,230		519,029
					9,793,992
Thrifts & Mortgage Finance—0.1%
Hudson City Bancorp, Inc.			51,400		505,262
Nationstar Mortgage Holdings, Inc.	*		14,595		529,798
New York Community Bancorp, Inc.			32,900		525,742
People’s United Financial, Inc.			35,000		530,950
TFS Financial Corp.	*		37,730		538,030
					2,629,782
Tobacco—0.3%
Altria Group, Inc.			11,685		490,069
Philip Morris International, Inc.			65,645		5,534,530
Reynolds American, Inc.			8,550		515,992
					6,540,591
Trading Companies & Distributors—0.1%
Air Lease Corp.			13,800		532,404
GATX Corp.			7,700		515,438
MRC Global, Inc.	*		18,900		534,681
NOW, Inc.	*		14,000		506,940
WESCO International, Inc.	*		5,915		510,938
					2,600,401
Water Utilities—0.0%
American Water Works Co., Inc.			11,200		553,840
Aqua America, Inc.			20,500		537,510
					1,091,350
Wireless Telecommunication Services—0.1%
Sprint Corp.	*		62,275		531,206
Telephone & Data Systems, Inc.			19,700		514,367
T-Mobile US, Inc.*			15,700		527,834
United States Cellular Corp.	*		12,400		505,920
Vodafone Group plc (United Kingdom)			463,619		1,549,544
					3,628,871
TOTAL COMMON STOCKS
(Cost $1,757,351,903)					2,290,685,831

		Shares		Value
MONEY MARKET FUNDS—6.2%
Institutional Money Market Funds—6.2%
Dreyfus Institutional Cash Advantage Fund, 0.06%	††¥	6,100,000	$	6,100,000
Fidelity Institutional Money Market: Money Market Portfolio— Institutional Class, 0.09%	¥	116,391,504		116,391,504
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%	††¥	3,493,761		3,493,761
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class, 0.06%	††¥	6,100,000		6,100,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.06%	††¥	6,100,000		6,100,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.07%	††¥	6,100,000		6,100,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.07%	††¥	6,100,000		6,100,000
TOTAL MONEY MARKET FUNDS
(Cost $150,385,265)				150,385,265
TOTAL INVESTMENTS—101.5%
(Cost $1,907,737,168)				2,441,071,096
Other assets less liabilities—(1.5%)				(36,572,786	)
NET ASSETS—100.0%			$	2,404,498,310

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

161

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)

Vantagepoint Growth & Income Fund		Shares		Value
COMMON STOCKS—95.4%
Aerospace & Defense—2.6%
Boeing Co. (The)			51,600	$	6,565,068
Honeywell International, Inc.			20,300		1,886,885
Precision Castparts Corp.			32,400		8,177,760
Spirit AeroSystems Holdings, Inc.,
Class A	*		331,370		11,167,169
United Technologies Corp.			135,310		15,621,540
					43,418,422
Air Freight & Logistics—1.1%
Expeditors International of Washington, Inc.			381,050		16,827,168
FedEx Corp.			15,500		2,346,390
					19,173,558
Airlines—0.5%
American Airlines Group, Inc.	*		107,800		4,631,088
Delta Air Lines, Inc.			58,700		2,272,864
United Continental Holdings, Inc.	*		53,100		2,180,817
					9,084,769
Auto Components—0.1%
Delphi Automotive plc (United Kingdom)			16,000		1,099,840
Johnson Controls, Inc.			1,000		49,930
TRW Automotive Holdings Corp.	*		8,400		751,968
					1,901,738
Automobiles—0.2%
Harley-Davidson, Inc.			19,700		1,376,045
Tesla Motors, Inc.	*		5,900		1,416,354
					2,792,399
Banks—6.8%
BB&T Corp.			225,740		8,900,928
Citigroup, Inc.			417,650		19,671,315
Comerica, Inc.			432,100		21,674,136
JPMorgan Chase & Co.			469,118		27,030,579
PNC Financial Services Group, Inc. (The)			184,400		16,420,820
Wells Fargo & Co.			407,630		21,425,033
					115,122,811
Beverages—1.4%
Anheuser-Busch InBev NV ADR (Belgium)			99,290		11,412,393
Constellation Brands, Inc., Class A	*		8,100		713,853
Diageo plc ADR (United Kingdom)			80,460		10,240,144
Monster Beverage Corp.	*		7,000		497,210
PepsiCo, Inc.			500		44,670
					22,908,270
Biotechnology—3.5%
Alexion Pharmaceuticals, Inc.	*		39,500		6,171,875
Amgen, Inc.			93,430		11,059,309
Biogen Idec, Inc.	*		29,200		9,207,052
Celgene Corp.	*		82,600		7,093,688
Gilead Sciences, Inc.	*		159,400		13,215,854

		Shares		Value
Pharmacyclics, Inc.	*	8,000	$	717,680
Regeneron Pharmaceuticals, Inc.	*	5,500		1,553,585
Vertex Pharmaceuticals, Inc.	*	109,500		10,367,460
				59,386,503
Building Products—0.5%
Fortune Brands Home & Security, Inc.		220,440		8,802,169
Capital Markets—4.2%
Ameriprise Financial, Inc.		20,400		2,448,000
Bank of New York Mellon Corp. (The)		741,950		27,808,286
BlackRock, Inc.		30,020		9,594,392
Goldman Sachs Group, Inc. (The)		46,800		7,836,192
Invesco Ltd.		374,600		14,141,150
Morgan Stanley		92,300		2,984,059
Northern Trust Corp.		11,600		744,836
State Street Corp.		35,100		2,360,826
TD Ameritrade Holding Corp.		94,600		2,965,710
				70,883,451
Chemicals—3.6%
Dow Chemical Co. (The)		157,400		8,099,804
Ecolab, Inc.		45,400		5,054,836
FMC Corp.		700		49,833
Monsanto Co.		11,800		1,471,932
Potash Corp. of Saskatchewan, Inc. (Canada)		972,400		36,912,304
Praxair, Inc.		21,600		2,869,344
Sherwin-Williams Co. (The)		29,700		6,145,227
				60,603,280
Commercial Services & Supplies—0.7%
Cintas Corp.		183,825		11,680,240
Communications Equipment—1.2%
Cisco Systems, Inc.		746,250		18,544,313
QUALCOMM, Inc.		22,100		1,750,320
				20,294,633
Consumer Finance—1.7%
American Express Co.		296,175		28,098,122
Diversified Financial Services—2.1%
Berkshire Hathaway, Inc., Class B	*	210,550		26,647,208
Intercontinental Exchange, Inc.		43,880		8,288,932
				34,936,140
Diversified Telecommunication Services—0.6%
Verizon Communications, Inc.		193,500		9,467,955
Electric Utilities—0.4%
Edison International		112,450		6,534,470
Electrical Equipment—0.7%
Eaton Corp. plc		154,780		11,945,920
Electronic Equipment, Instruments & Components—1.1%
TE Connectivity Ltd. (Switzerland)		292,475		18,086,654

See accompanying notes to financial statements

162

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Growth & Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Trimble Navigation Ltd.	*		6,500	$	240,175
					18,326,829
Energy Equipment & Services—2.7%
Halliburton Co.			190,210		13,506,812
Schlumberger Ltd.			271,550		32,029,323
					45,536,135
Food & Staples Retailing—0.3%
Costco Wholesale Corp.			17,400		2,003,784
CVS Caremark Corp.			33,300		2,509,821
Walgreen Co.			11,600		859,908
Whole Foods Market, Inc.			1,500		57,945
					5,431,458
Food Products—4.2%
Danone SA ADR (France)	†		1,737,800		25,945,354
Keurig Green Mountain, Inc.			1,800		224,298
Kraft Foods Group, Inc.			149,480		8,961,326
Nestle SA ADR (Switzerland)			261,375		20,300,996
Unilever plc ADR (United Kingdom)	†		336,100		15,228,691
					70,660,665
Health Care Equipment & Supplies—1.3%
Baxter International, Inc.			100,890		7,294,347
Becton Dickinson and Co.			12,500		1,478,750
Covidien plc (Ireland)			133,650		12,052,557
Intuitive Surgical, Inc.	*		900		370,620
Stryker Corp.			12,400		1,045,568
					22,241,842
Health Care Providers & Services—3.7%
AmerisourceBergen Corp.			317,050		23,036,853
Cardinal Health, Inc.			24,800		1,700,288
Henry Schein, Inc.	*		1,800		213,606
McKesson Corp.			55,200		10,278,792
UnitedHealth Group, Inc.			340,950		27,872,662
					63,102,201
Hotels, Restaurants & Leisure—1.9%
Carnival Corp.			3,300		124,245
Chipotle Mexican Grill, Inc.	*		8,900		5,273,339
Hilton Worldwide Holdings, Inc.	*		46,181		1,076,017
Las Vegas Sands Corp.			79,900		6,089,978
Marriott International, Inc., Class A			10,171		651,961
MGM Resorts International	*		73,400		1,937,760
Starbucks Corp.			78,500		6,074,330
Starwood Hotels & Resorts Worldwide, Inc.			42,000		3,394,440
Wynn Macau Ltd. (Macau)			307,600		1,204,768
Wynn Resorts Ltd.			30,000		6,226,800
Yum! Brands, Inc.			5,500		446,600
					32,500,238
Household Durables—1.1%
Newell Rubbermaid, Inc.			251,240		7,785,928
PulteGroup, Inc.			533,170		10,748,707
					18,534,635

		Shares		Value
Industrial Conglomerates—3.4%
3M Co.		158,450	$	22,696,378
Danaher Corp.		131,500		10,352,995
General Electric Co.		518,600		13,628,808
Koninklijke Philips NV NYRS (Netherlands)		266,490		8,463,722
Roper Industries, Inc.		16,000		2,336,160
				57,478,063
Insurance—2.5%
ACE Ltd. (Switzerland)		68,860		7,140,782
Marsh & McLennan Cos., Inc.		162,790		8,435,778
Principal Financial Group, Inc.		182,200		9,197,456
Progressive Corp. (The)		674,075		17,094,542
				41,868,558
Internet & Catalog Retail—2.4%
Amazon.com, Inc.	*	54,300		17,635,554
Ctrip.com International Ltd. ADR (China)	*	37,200		2,382,288
Netflix, Inc.	*	10,600		4,670,360
Priceline Group, Inc. (The)	*	10,900		13,112,700
TripAdvisor, Inc.	*	5,800		630,228
Vipshop Holdings Ltd. ADR (China)	*†	6,200		1,163,988
				39,595,118
Internet Software & Services—2.8%
Akamai Technologies, Inc.	*	35,700		2,179,842
Baidu, Inc. ADR (China)	*	41,900		7,827,339
Facebook, Inc., Class A	*	116,300		7,825,827
Google, Inc., Class A	*	19,500		11,401,065
Google, Inc., Class C	*	19,700		11,333,016
LinkedIn Corp., Class A	*	10,300		1,766,141
NAVER Corp. (Korea, Republic of)		1,362		1,122,240
Tencent Holdings Ltd. (China)		250,500		3,810,868
				47,266,338
IT Services—3.1%
Accenture plc, Class A (Ireland)		350,125		28,304,105
Alliance Data Systems Corp.	*	3,400		956,250
Cognizant Technology Solutions Corp., Class A	*	63,200		3,091,112
Fiserv, Inc.	*	36,900		2,225,808
FleetCor Technologies, Inc.	*	2,400		316,320
MasterCard, Inc., Class A		131,100		9,631,917
Visa, Inc., Class A		39,300		8,280,903
				52,806,415
Life Sciences Tools & Services—0.3%
Thermo Fisher Scientific, Inc.		43,100		5,085,800
Machinery—2.4%
Flowserve Corp.		12,400		921,940
Illinois Tool Works, Inc.		227,100		19,884,876
PACCAR, Inc.		290,975		18,281,959
Pall Corp.		1,200		102,468
Wabtec Corp.		23,100		1,907,829
				41,099,072

See accompanying notes to financial statements

163

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Growth & Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Media—3.1%
CBS Corp. (Non-Voting Shares), Class B			111,760	$	6,944,766
Discovery Communications, Inc., Class C	*		28,850		2,094,222
Interpublic Group of Cos., Inc. (The)			420,300		8,200,053
Omnicom Group, Inc.			113,300		8,069,226
Thomson Reuters Corp.			194,710		7,079,656
Time Warner, Inc.			243,700		17,119,925
Twenty-First Century Fox, Inc., Class A			46,900		1,648,535
Walt Disney Co. (The)			20,600		1,766,244
					52,922,627
Metals & Mining—0.6%
Barrick Gold Corp. (Canada)			194,500		3,559,350
Steel Dynamics, Inc.		��	403,620		7,244,979
					10,804,329
Multiline Retail—0.7%
Dollar Tree, Inc.	*		21,100		1,149,106
Nordstrom, Inc.			146,240		9,934,083
					11,083,189
Multi-Utilities—0.7%
National Grid plc ADR (United Kingdom)	†		149,640		11,130,223
Oil, Gas & Consumable Fuels—7.6%
Anadarko Petroleum Corp.			64,200		7,027,974
BG Group plc (United Kingdom)			527,320		11,127,179
Chevron Corp.			168,540		22,002,897
Concho Resources, Inc.	*		24,600		3,554,700
Continental Resources, Inc.	*†		5,900		932,436
Devon Energy Corp.			363,900		28,893,660
EOG Resources, Inc.			132,390		15,471,096
EQT Corp.			30,400		3,249,760
Marathon Oil Corp.			302,070		12,058,634
Pioneer Natural Resources Co.			30,100		6,917,281
Range Resources Corp.			33,835		2,941,953
Southwestern Energy Co.	*		321,570		14,628,219
					128,805,789
Paper & Forest Products—0.7%
International Paper Co.			219,120		11,058,986
Personal Products—0.1%
Estee Lauder Cos., Inc. (The), Class A			23,100		1,715,406
Pharmaceuticals—2.9%
AbbVie, Inc.			700		39,508
Actavis plc	*		5,300		1,182,165
Allergan, Inc.			28,100		4,755,082
GlaxoSmithKline plc ADR (United Kingdom)			197,300		10,551,604
Merck & Co., Inc.			289,930		16,772,451
Perrigo Co. plc (Ireland)			200		29,152
Roche Holding AG ADR (Switzerland)			358,450		13,370,185

		Shares		Value
Valeant Pharmaceuticals International, Inc.	*	22,400	$	2,825,088
				49,525,235
Professional Services—0.1%
IHS, Inc., Class A	*	10,500		1,424,535
Nielsen NV		2,500		121,025
				1,545,560
Real Estate Investment Trusts (REITs)—1.1%
American Tower Corp. REIT		87,700		7,891,246
Host Hotels & Resorts, Inc. REIT		449,260		9,888,213
				17,779,459
Road & Rail—0.5%
Canadian Pacific Railway Ltd. (Canada)	†	8,300		1,503,462
J.B. Hunt Transport Services, Inc.		3,200		236,096
Kansas City Southern		21,700		2,332,967
Union Pacific Corp.		36,000		3,591,000
				7,663,525
Semiconductors & Semiconductor Equipment—2.4%
Intel Corp.		550,910		17,023,119
Marvell Technology Group Ltd. (Bermuda)		644,700		9,238,551
Maxim Integrated Products, Inc.		432,870		14,635,335
				40,897,005
Software—3.1%
Autodesk, Inc.	*	2,100		118,398
Electronic Arts, Inc.	*	15,100		541,637
Intuit, Inc.		1,100		88,583
Microsoft Corp.		825,700		34,431,690
Red Hat, Inc.	*	34,000		1,879,180
salesforce.com, Inc.	*	77,000		4,472,160
Symantec Corp.		466,140		10,674,606
VMware, Inc., Class A	*	5,700		551,817
				52,758,071
Specialty Retail—3.7%
AutoZone, Inc.	*	15,820		8,483,317
Best Buy Co., Inc.		403,240		12,504,472
CarMax, Inc.	*	14,500		754,145
Home Depot, Inc. (The)		155,720		12,607,091
L Brands, Inc.		29,800		1,748,068
Lowe’s Cos., Inc.		89,800		4,309,502
O’Reilly Automotive, Inc.	*	24,400		3,674,640
Ross Stores, Inc.		245,150		16,211,770
Tiffany & Co.		4,200		421,050
Tractor Supply Co.		35,000		2,114,000
				62,828,055
Technology Hardware, Storage & Peripherals—1.2%
Apple, Inc.		48,300		4,488,519
EMC Corp.		623,310		16,417,985
				20,906,504
Textiles, Apparel & Luxury Goods—0.8%
Fossil Group, Inc.	*	2,000		209,040
Hanesbrands, Inc.		12,600		1,240,344
Michael Kors Holdings Ltd. (Hong Kong)	*	17,000		1,507,050
NIKE, Inc., Class B		14,200		1,101,210

See accompanying notes to financial statements

164

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Growth & Income Fund		Shares		Value
COMMON STOCKS—(Continued)
PVH Corp.			84,750	$	9,881,850
Ralph Lauren Corp.			400		64,276
V.F. Corp.			600		37,800
					14,041,570
Tobacco—0.7%
Imperial Tobacco Group plc ADR (United Kingdom)			130,800		11,825,628
Trading Companies & Distributors—0.0%
Fastenal Co.	†		12,200		603,778
W.W. Grainger, Inc.			300		76,281
					680,059
Wireless Telecommunication Services—0.3%
SoftBank Corp. (Japan)			21,000		1,564,983
Vodafone Group plc ADR (United Kingdom)			104,018		3,473,161
					5,038,144
TOTAL COMMON STOCKS
(Cost $1,126,262,678)					1,611,577,581
MONEY MARKET FUNDS—5.3%
Institutional Money Market Funds—5.3%
Dreyfus Institutional Cash Advantage Fund, 0.06%	††¥		2,000,000		2,000,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%	¥		79,840,038		79,840,038
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%	††¥		291,002		291,002
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.06%	††¥		2,000,000		2,000,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.06%	††¥		2,000,000		2,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.07%	††¥		2,000,000		2,000,000

		Shares		Value
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.07%	††¥	2,000,000	$	2,000,000
TOTAL MONEY MARKET FUNDS
(Cost $90,131,040)				90,131,040
TOTAL INVESTMENTS—100.7%
(Cost $1,216,393,718)				1,701,708,621
Other assets less liabilities—(0.7%)				(12,039,975	)
NET ASSETS—100.0%			$	1,689,668,646

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

165

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)

Vantagepoint Growth Fund		Shares		Value
COMMON STOCKS—97.3%
Aerospace & Defense—2.4%
Honeywell International, Inc.			100,028	$	9,297,603
Precision Castparts Corp.			130,049		32,824,368
United Technologies Corp.			107,570		12,418,956
					54,540,927
Airlines—1.0%
Delta Air Lines, Inc.			445,942		17,266,874
United Continental Holdings, Inc.	*		123,596		5,076,088
					22,342,962
Auto Components—0.4%
Johnson Controls, Inc.			176,949		8,835,064
Banks—0.9%
JPMorgan Chase & Co.			160,670		9,257,805
Wells Fargo & Co.			211,607		11,122,064
					20,379,869
Beverages—1.6%
Coca-Cola Co. (The)			275,351		11,663,869
Constellation Brands, Inc., Class A	*		71,694		6,318,392
Monster Beverage Corp.	*		260,575		18,508,642
					36,490,903
Biotechnology—7.5%
Alexion Pharmaceuticals, Inc.	*		83,400		13,031,250
Biogen Idec, Inc.	*		135,164		42,618,561
Celgene Corp.	*		588,690		50,556,697
Gilead Sciences, Inc.	*		783,409		64,952,440
					171,158,948
Building Products—0.4%
Masco Corp.			388,565		8,626,143
Capital Markets—2.9%
Affiliated Managers Group, Inc.	*		88,800		18,239,520
Charles Schwab Corp. (The)			642,300		17,297,139
Morgan Stanley			358,800		11,600,004
Raymond James Financial, Inc.			82,345		4,177,362
State Street Corp.			136,460		9,178,300
T. Rowe Price Group, Inc.			62,623		5,286,007
					65,778,332
Chemicals—6.0%
Celanese Corp., Series A			164,080		10,547,063
Ecolab, Inc.			191,948		21,371,490
FMC Corp.			142,290		10,129,625
LyondellBasell Industries NV, Class A			111,765		10,913,852
Monsanto Co.			409,881		51,128,556
PPG Industries, Inc.			136,853		28,759,658
Praxair, Inc.			33,112		4,398,598
					137,248,842
Commercial Services & Supplies—0.8%
Tyco International Ltd. (Switzerland)			390,750		17,818,200

		Shares		Value
Communications Equipment—1.1%
Juniper Networks, Inc.	*	180,448	$	4,428,194
QUALCOMM, Inc.		274,523		21,742,222
				26,170,416
Consumer Finance—1.4%
American Express Co.		196,451		18,637,307
Discover Financial Services		205,791		12,754,926
				31,392,233
Diversified Financial Services—0.4%
Intercontinental Exchange, Inc.		53,137		10,037,579
Diversified Telecommunication Services—0.6%
Verizon Communications, Inc.		264,350		12,934,645
Electrical Equipment—0.7%
AMETEK, Inc.		225,500		11,789,140
Eaton Corp. plc		57,456		4,434,454
				16,223,594
Energy Equipment & Services—4.8%
Cameron International Corp.	*	100,594		6,811,220
Core Laboratories NV (Netherlands)		8,103		1,353,687
FMC Technologies, Inc.	*	310,000		18,931,700
Halliburton Co.		694,640		49,326,386
National Oilwell Varco, Inc.		167,790		13,817,506
Schlumberger Ltd.		129,167		15,235,248
Weatherford International plc
(Switzerland)	*	220,600		5,073,800
				110,549,547
Food & Staples Retailing—1.6%
Costco Wholesale Corp.		179,824		20,708,532
CVS Caremark Corp.		160,027		12,061,235
Whole Foods Market, Inc.		125,681		4,855,057
				37,624,824
Food Products—0.9%
Hershey Co. (The)		119,350		11,621,110
Mondelez International, Inc., Class A		267,220		10,050,144
				21,671,254
Health Care Equipment & Supplies—0.9%
Boston Scientific Corp.	*	610,800		7,799,916
Cooper Cos., Inc. (The)		97,965		13,277,196
				21,077,112
Health Care Providers & Services—2.7%
Brookdale Senior Living, Inc.	*	41,700		1,390,278
Cardinal Health, Inc.		164,860		11,302,802
Catamaran Corp.	*	255,000		11,260,800
DaVita HealthCare Partners, Inc.	*	63,280		4,576,410
Express Scripts Holding Co.	*	127,848		8,863,702
HCA Holdings, Inc.	*	45,095		2,542,456
McKesson Corp.		63,181		11,764,934
UnitedHealth Group, Inc.		114,646		9,372,310
				61,073,692
Health Care Technology—0.6%
Cerner Corp.	*	259,700		13,395,326

See accompanying notes to financial statements

166

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Growth Fund		Shares		Value
COMMON STOCKS—(Continued)
Hotels, Restaurants & Leisure—4.2%
Brinker International, Inc.			107,770	$	5,243,011
Chipotle Mexican Grill, Inc.	*		10,484		6,211,875
Las Vegas Sands Corp.			189,814		14,467,623
McDonald’s Corp.			78,929		7,951,307
Panera Bread Co., Class A	*		17,455		2,615,283
Royal Caribbean Cruises Ltd.			131,595		7,316,682
Starbucks Corp.			667,437		51,646,275
					95,452,056
Household Durables—0.8%
Garmin Ltd. (Switzerland)	†		62,200		3,787,980
Mohawk Industries, Inc.	*		104,300		14,428,862
					18,216,842
Industrial Conglomerates—0.8%
Danaher Corp.			225,730		17,771,723
Insurance—0.8%
American International Group, Inc.			231,470		12,633,632
Marsh & McLennan Cos., Inc.			119,773		6,206,637
					18,840,269
Internet & Catalog Retail—3.9%
Amazon.com, Inc.	*		109,905		35,694,946
Priceline Group, Inc. (The)	*		44,590		53,641,770
					89,336,716
Internet Software & Services—6.5%
eBay, Inc.	*		136,710		6,843,703
Facebook, Inc., Class A	*		747,627		50,307,821
Google, Inc., Class A	*		85,617		50,057,691
Google, Inc., Class C	*		71,791		41,299,926
					148,509,141
IT Services—4.7%
Alliance Data Systems Corp.	*		65,950		18,548,437
FleetCor Technologies, Inc.	*		57,775		7,614,745
International Business Machines Corp.			50,775		9,203,984
MasterCard, Inc., Class A			211,263		15,521,493
Visa, Inc., Class A			274,929		57,930,290
					108,818,949
Life Sciences Tools & Services—1.0%
Illumina, Inc.	*		25,001		4,463,679
Thermo Fisher Scientific, Inc.			158,770		18,734,860
					23,198,539
Machinery—2.2%
Caterpillar, Inc.			109,390		11,887,411
Cummins, Inc.			123,000		18,977,670
Ingersoll-Rand plc			216,980		13,563,420
PACCAR, Inc.			106,220		6,673,803
					51,102,304
Media—3.5%
Comcast Corp., Class A			418,121		22,444,735
Twenty-First Century Fox, Inc., Class A			616,364		21,665,195
Viacom, Inc., Class B			179,680		15,583,646

		Shares		Value
Walt Disney Co. (The)		231,874	$	19,880,877
				79,574,453
Multiline Retail—0.2%
Nordstrom, Inc.		67,468		4,583,101
Oil, Gas & Consumable Fuels—2.6%
Continental Resources, Inc.	*†	40,149		6,345,148
Occidental Petroleum Corp.		173,817		17,838,839
Pioneer Natural Resources Co.		79,344		18,234,044
Suncor Energy, Inc. (Canada)		263,340		11,226,184
Valero Energy Corp.		118,270		5,925,327
				59,569,542
Personal Products—1.0%
Estee Lauder Cos., Inc. (The), Class A		326,379		24,236,905
Pharmaceuticals—5.2%
AbbVie, Inc.		251,630		14,201,997
Actavis plc	*	137,714		30,717,108
Allergan, Inc.		33,946		5,744,342
Bristol-Myers Squibb Co.		354,351		17,189,567
Jazz Pharmaceuticals plc	*	88,530		13,014,795
Perrigo Co. plc (Ireland)		51,561		7,515,531
Teva Pharmaceutical Industries Ltd. ADR (Israel)		395,670		20,741,022
Valeant Pharmaceuticals International, Inc.	*	89,460		11,282,695
				120,407,057
Professional Services—0.4%
Nielsen NV		192,370		9,312,632
Road & Rail—2.3%
Canadian Pacific Railway Ltd. (Canada)	†	187,580		33,978,241
CSX Corp.		364,500		11,230,245
Genesee & Wyoming, Inc., Class A	*	20,697		2,173,185
Kansas City Southern		41,344		4,444,894
				51,826,565
Semiconductors & Semiconductor Equipment—1.2%
Lam Research Corp.		184,199		12,448,168
NXP Semiconductor NV (Netherlands)	*	137,000		9,066,660
Texas Instruments, Inc.		135,512		6,476,119
				27,990,947
Software—5.3%
Adobe Systems, Inc.	*	274,500		19,862,820
Informatica Corp.	*	99,721		3,555,054
Oracle Corp.		502,550		20,368,351
salesforce.com, Inc.	*	379,121		22,019,348
ServiceNow, Inc.	*	104,557		6,478,352
Splunk, Inc.	*	310,338		17,171,001
Tableau Software, Inc., Class A	*	57,300		4,087,209
VMware, Inc., Class A	*	207,841		20,121,087
Workday, Inc., Class A	*	77,044		6,923,174
				120,586,396

See accompanying notes to financial statements

167

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Growth Fund		Shares		Value
COMMON STOCKS—(Continued)
Specialty Retail—2.5%
Home Depot, Inc. (The)			275,367	$	22,293,712
Lowe’s Cos., Inc.			202,728		9,728,917
Ross Stores, Inc.			66,379		4,389,643
Tiffany & Co.			31,400		3,147,850
Tractor Supply Co.			213,600		12,901,440
Ulta Salon Cosmetics & Fragrance, Inc.	*		56,817		5,193,642
					57,655,204
Technology Hardware, Storage & Peripherals—4.8%
Apple, Inc.			1,094,494		101,711,327
EMC Corp.			323,250		8,514,405
					110,225,732
Textiles, Apparel & Luxury Goods—3.0%
Michael Kors Holdings Ltd. (Hong Kong)	*		313,743		27,813,317
NIKE, Inc., Class B			267,921		20,777,273
Ralph Lauren Corp.			26,672		4,285,924
Under Armour, Inc., Class A	*		93,870		5,584,326
V.F. Corp.			166,382		10,482,066
					68,942,906
Tobacco—0.5%
Philip Morris International, Inc.			143,299		12,081,539
Trading Companies & Distributors—0.3%
Fastenal Co.	†		152,338		7,539,208
TOTAL COMMON STOCKS
(Cost $1,626,886,088)					2,231,149,138
MONEY MARKET FUNDS—4.5%
Institutional Money Market Funds—4.5%
Dreyfus Institutional Cash Advantage
Fund, 0.06%	††¥		6,000,000		6,000,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional
Class, 0.09%	¥		67,782,199		67,782,199
Fidelity Institutional Money Market: Money Market Portfolio—Institutional
Class, 0.09%	††¥		5,000,669		5,000,669
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class, 0.06%	††¥		6,000,000		6,000,000

		Shares		Value
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.06%	††¥	6,000,000	$	6,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.07%	††¥	6,000,000		6,000,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.07%	††¥	6,000,000		6,000,000
TOTAL MONEY MARKET FUNDS
(Cost $102,782,868)				102,782,868
TOTAL INVESTMENTS—101.8%
(Cost $1,729,668,956)				2,333,932,006
Other assets less liabilities—(1.8%)				(41,710,455	)
NET ASSETS—100.0%			$	2,292,221,551

Notes to the Schedule of Investments:

ADR	American Depositary Receipt
*	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

168

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)

Vantagepoint Select Value Fund		Shares		Value
COMMON STOCKS—95.6%
Aerospace & Defense—3.0%
Alliant Techsystems, Inc.			9,825	$	1,315,764
Huntington Ingalls Industries, Inc.			27,982		2,646,817
L-3 Communications Holdings, Inc.			19,213		2,319,970
Northrop Grumman Corp.			13,200		1,579,116
Rockwell Collins, Inc.			30,362		2,372,487
TransDigm Group, Inc.			24,619		4,117,774
					14,351,928
Airlines—0.4%
Southwest Airlines Co.			45,675		1,226,830
United Continental Holdings, Inc.	*		14,625		600,649
					1,827,479
Auto Components—1.9%
Dana Holding Corp.			145,500		3,553,110
Delphi Automotive plc (United Kingdom)			45,700		3,141,418
Goodyear Tire & Rubber Co. (The)			20,900		580,602
Magna International, Inc. (Canada)			14,515		1,563,991
					8,839,121
Banks—4.4%
CIT Group, Inc.			72,900		3,335,904
KeyCorp			122,325		1,752,917
M&T Bank Corp.	†		51,930		6,441,916
Regions Financial Corp.			261,575		2,777,926
SunTrust Banks, Inc.			50,075		2,006,005
TCF Financial Corp.			95,502		1,563,368
Webster Financial Corp.			86,975		2,743,192
					20,621,228
Beverages—0.4%
Molson Coors Brewing Co., Class B			24,760		1,836,202
Biotechnology—0.2%
Grifols SA ADR (Spain)			18,850		830,343
Capital Markets—1.4%
Invesco Ltd.			63,200		2,385,800
Northern Trust Corp.			21,823		1,401,255
Raymond James Financial, Inc.			57,875		2,935,999
					6,723,054
Chemicals—1.9%
Ashland, Inc.			51,900		5,643,606
Celanese Corp., Series A			12,750		819,570
Huntsman Corp.			86,400		2,427,840
					8,891,016
Commercial Services & Supplies—2.0%
Pitney Bowes, Inc.			34,400		950,128
R.R. Donnelley & Sons Co.			69,350		1,176,176
Republic Services, Inc.			88,061		3,343,676
Steelcase, Inc., Class A			254,100		3,844,533
					9,314,513
Communications Equipment—0.8%
CommScope Holding Co., Inc.	*		37,200		860,436
F5 Networks, Inc.	*		15,100		1,682,744
Juniper Networks, Inc.	*		60,100		1,474,854
					4,018,034

		Shares		Value
Construction & Engineering—1.5%
Jacobs Engineering Group, Inc.	*	31,215	$	1,663,135
Quanta Services, Inc.	*	13,775		476,340
URS Corp.		103,700		4,754,645
				6,894,120
Containers & Packaging—1.4%
Bemis Co., Inc.		73,600		2,992,576
Graphic Packaging Holding Co.	*	52,925		619,222
Sonoco Products Co.		72,817		3,198,851
				6,810,649
Diversified Consumer Services—0.7%
H&R Block, Inc.		94,225		3,158,422
Diversified Financial Services—1.0%
Intercontinental Exchange, Inc.		12,034		2,273,223
Voya Financial, Inc.		63,600		2,311,224
				4,584,447
Diversified Telecommunication Services—0.8%
Level 3 Communications, Inc.	*	89,325		3,922,261
Electric Utilities—3.3%
Edison International		62,931		3,656,921
Great Plains Energy, Inc.		118,800		3,192,156
Pinnacle West Capital Corp.		82,900		4,794,936
Portland General Electric Co.		47,875		1,659,826
Xcel Energy, Inc.		74,035		2,386,148
				15,689,987
Electrical Equipment—1.0%
Generac Holdings, Inc.	*†	35,355		1,723,203
Hubbell, Inc., Class B		19,609		2,414,848
Regal-Beloit Corp.		9,940		780,886
				4,918,937
Electronic Equipment, Instruments & Components—3.0%
Arrow Electronics, Inc.	*	70,528		4,260,596
Avnet, Inc.		92,667		4,106,075
FLIR Systems, Inc.		105,792		3,674,156
Ingram Micro, Inc., Class A	*	67,375		1,968,024
				14,008,851
Energy Equipment & Services—2.9%
Ensco plc, Class A (United Kingdom)		62,345		3,464,512
McDermott International, Inc.	*†	177,901		1,439,219
Patterson-UTI Energy, Inc.		75,014		2,620,989
Precision Drilling Corp. (Canada)		137,725		1,950,186
SEACOR Holdings, Inc.	*	38,400		3,158,400
Weatherford International plc (Switzerland)	*	53,925		1,240,275
				13,873,581
Food & Staples Retailing—1.3%
Kroger Co. (The)		91,402		4,518,001
Rite Aid Corp.	*	217,975		1,562,881
				6,080,882
Food Products—0.8%
Bunge Ltd.		8,040		608,146
Pinnacle Foods, Inc.		30,000		987,000

See accompanying notes to financial statements

169

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Select Value Fund		Shares		Value
COMMON STOCKS—(Continued)
Tyson Foods, Inc., Class A			54,550	$	2,047,807
					3,642,953
Gas Utilities—1.2%
Atmos Energy Corp.			78,070		4,168,938
UGI Corp.			31,500		1,590,750
					5,759,688
Health Care Equipment & Supplies—2.2%
Becton Dickinson and Co.			7,020		830,466
CareFusion Corp.	*		105,800		4,692,230
Cooper Cos., Inc. (The)			9,870		1,337,681
Hologic, Inc.	*		72,275		1,832,171
Zimmer Holdings, Inc.			18,185		1,888,694
					10,581,242
Health Care Providers & Services—2.9%
Aetna, Inc.			15,675		1,270,929
Cigna Corp.			51,251		4,713,555
HCA Holdings, Inc.	*		88,500		4,989,630
MEDNAX, Inc.	*		20,575		1,196,436
Universal Health Services, Inc., Class B			17,440		1,670,054
					13,840,604
Hotels, Restaurants & Leisure—2.9%
Darden Restaurants, Inc.			94,400		4,367,888
MGM Resorts International	*		56,650		1,495,560
Royal Caribbean Cruises Ltd.			36,375		2,022,450
Wendy’s Co. (The)			134,200		1,144,726
Wyndham Worldwide Corp.			63,800		4,830,936
					13,861,560
Household Durables—0.6%
D.R. Horton, Inc.			59,525		1,463,124
Harman International Industries, Inc.			12,325		1,324,075
					2,787,199
Independent Power and Renewable Electricity Producers—0.2%
AES Corp. (The)			53,650		834,258
Industrial Conglomerates—0.7%
Carlisle Cos., Inc.			36,400		3,152,968
Insurance—10.3%
Alleghany Corp.	*		8,922		3,908,907
Allied World Assurance Co. Holdings AG (Switzerland)			79,286		3,014,454
Allstate Corp. (The)			168,038		9,867,191
Aon plc (United Kingdom)			32,751		2,950,538
Arch Capital Group Ltd. (Bermuda)	*		50,983		2,928,464
Endurance Specialty Holdings Ltd. (Bermuda)	†		54,600		2,816,814
Genworth Financial, Inc., Class A	*		80,700		1,404,180
Hartford Financial Services Group, Inc. (The)			32,025		1,146,815
HCC Insurance Holdings, Inc.			89,075		4,359,330
Lincoln National Corp.			157,987		8,126,851
Loews Corp.			49,971		2,199,224
Progressive Corp. (The)			99,467		2,522,483
Torchmark Corp.			32,663		2,675,753

		Shares		Value
Validus Holdings Ltd. (Bermuda)		17,759	$	679,104
				48,600,108
Internet & Catalog Retail—0.4%
Liberty Interactive Corp., Series A	*	71,934		2,111,982
Internet Software & Services—0.3%
Web.com Group, Inc.	*	56,460		1,630,000
IT Services—3.0%
Computer Sciences Corp.		97,867		6,185,194
Convergys Corp.		68,855		1,476,251
NeuStar, Inc., Class A	*†	47,241		1,229,211
Teradata Corp.	*	65,862		2,647,653
Western Union Co. (The)	†	168,024		2,913,536
				14,451,845
Leisure Products—1.8%
Brunswick Corp.		146,119		6,155,994
Mattel, Inc.		66,859		2,605,495
				8,761,489
Life Sciences Tools & Services—0.3%
Quintiles Transnational Holdings, Inc.	*	29,160		1,553,936
Machinery—2.7%
Allison Transmission Holdings, Inc.		97,100		3,019,810
Dover Corp.		14,300		1,300,585
ITT Corp.		45,275		2,177,727
Joy Global, Inc.	†	35,897		2,210,537
Kennametal, Inc.		31,860		1,474,481
Oshkosh Corp.		25,435		1,412,406
Parker Hannifin Corp.		8,055		1,012,755
				12,608,301
Media—1.9%
Gannett Co., Inc.		158,441		4,960,788
Omnicom Group, Inc.		37,478		2,669,183
Starz, Class A	*	40,475		1,205,750
				8,835,721
Metals & Mining—1.7%
Alcoa, Inc.		191,325		2,848,829
Allegheny Technologies, Inc.		41,610		1,876,611
Kinross Gold Corp. (Canada)	*	434,105		1,797,195
Stillwater Mining Co.	*	74,725		1,311,424
				7,834,059
Multiline Retail—1.7%
Macy’s, Inc.		25,475		1,478,060
Nordstrom, Inc.		99,022		6,726,564
				8,204,624
Multi-Utilities—2.6%
Ameren Corp.		98,100		4,010,328
CMS Energy Corp.		63,250		1,970,237
DTE Energy Co.		6,780		527,959
PG&E Corp.		103,900		4,989,278
SCANA Corp.		17,219		926,554
				12,424,356
Oil, Gas & Consumable Fuels—6.1%
Chesapeake Energy Corp.		18,250		567,210
Cimarex Energy Co.		22,320		3,202,027

See accompanying notes to financial statements

170

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Select Value Fund		Shares		Value
COMMON STOCKS—(Continued)
Denbury Resources, Inc.			137,316	$	2,534,853
EnCana Corp. (Canada)			80,450		1,907,470
Energen Corp.			17,700		1,573,176
Hess Corp.			34,790		3,440,383
Murphy Oil Corp.			61,800		4,108,464
PBF Energy, Inc., Class A			42,275		1,126,629
QEP Resources, Inc.			101,100		3,487,950
SM Energy Co.			35,878		3,017,340
Southwestern Energy Co.	*		33,058		1,503,808
Whiting Petroleum Corp.	*		28,835		2,314,009
					28,783,319
Pharmaceuticals—0.6%
Mallinckrodt plc	*		18,920		1,513,978
Mylan, Inc.	*		23,275		1,200,059
					2,714,037
Professional Services—0.9%
Manpowergroup, Inc.			36,832		3,125,195
Towers Watson & Co., Class A			13,106		1,366,039
					4,491,234
Real Estate Investment Trusts (REITs)—6.5%
American Capital Agency Corp. REIT			92,842		2,173,431
AvalonBay Communities, Inc. REIT			21,900		3,113,961
BioMed Realty Trust, Inc. REIT			162,475		3,546,829
Brandywine Realty Trust REIT			50,950		794,820
Capstead Mortgage Corp. REIT	†		116,900		1,537,235
CBL & Associates Properties, Inc. REIT			204,475		3,885,025
Duke Realty Corp. REIT			175,254		3,182,613
DuPont Fabros Technology, Inc. REIT			68,000		1,833,280
EPR Properties REIT			27,900		1,558,773
Hatteras Financial Corp. REIT			96,462		1,910,912
Liberty Property Trust REIT			86,750		3,290,428
MFA Financial, Inc. REIT			285,300		2,342,313
Sunstone Hotel Investors, Inc. REIT			102,975		1,537,417
					30,707,037
Real Estate Management & Development—0.6%
CBRE Group, Inc., Class A	*		90,525		2,900,421
Road & Rail—1.8%
Con-way, Inc.			21,850		1,101,458
Old Dominion Freight Line, Inc.	*		24,800		1,579,264
Ryder System, Inc.			11,976		1,054,966
Werner Enterprises, Inc.			176,200		4,671,062
					8,406,750
Semiconductors & Semiconductor Equipment—4.2%
Analog Devices, Inc.			72,946		3,944,190
First Solar, Inc.	*		21,005		1,492,615
GT Advanced Technologies, Inc.	*†		124,250		2,311,050
Integrated Device Technology, Inc.	*		31,850		492,401
KLA-Tencor Corp.			39,534		2,871,750
Lam Research Corp.			62,768		4,241,861
Micron Technology, Inc.	*		27,775		915,186
NXP Semiconductor NV (Netherlands)	*		21,350		1,412,943
ON Semiconductor Corp.	*		173,825		1,588,761
Skyworks Solutions, Inc.			16,800		788,928
					20,059,685

		Shares		Value
Software—0.7%
Electronic Arts, Inc.	*	13,550	$	486,038
Synopsys, Inc.	*	39,151		1,519,842
TiVo, Inc.	*	114,125		1,473,354
				3,479,234
Specialty Retail—0.6%
Bed Bath & Beyond, Inc.	*	43,479		2,494,825
Foot Locker, Inc.		3,820		193,750
				2,688,575
Technology Hardware, Storage & Peripherals—0.9%
Lexmark International, Inc., Class A		34,902		1,680,880
SanDisk Corp.		10,100		1,054,743
Western Digital Corp.		16,380		1,511,874
				4,247,497
Textiles, Apparel & Luxury Goods—0.8%
Coach, Inc.		56,970		1,947,804
Deckers Outdoor Corp.	*†	6,850		591,361
Hanesbrands, Inc.		10,930		1,075,949
				3,615,114
Trading Companies & Distributors—0.4%
GATX Corp.		30,380		2,033,637
TOTAL COMMON STOCKS
(Cost $356,766,454)				452,798,488
MONEY MARKET FUNDS—8.9%
Institutional Money Market Funds—8.9%
Dreyfus Institutional Cash Advantage Fund, 0.06%	††¥	3,300,000		3,300,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%	¥	21,642,198		21,642,198
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%	††¥	4,058,819		4,058,819
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.06%	††¥	3,300,000		3,300,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.06%	††¥	3,300,000		3,300,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.07%	††¥	3,300,000		3,300,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.07%	††¥	3,300,000		3,300,000
TOTAL MONEY MARKET FUNDS
(Cost $42,201,017)				42,201,017
TOTAL INVESTMENTS—104.5%
(Cost $398,967,471)				494,999,505
Other assets less liabilities—(4.5%)				(21,172,653	)
NET ASSETS—100.0%			$	473,826,852

See accompanying notes to financial statements

171

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Notes to the Schedule of Investments:

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

See accompanying notes to financial statements

172

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—96.0%
Aerospace & Defense—1.8%
B/E Aerospace, Inc.	*		46,017	$	4,256,112
DigitalGlobe, Inc.	*		107,366		2,984,775
Hexcel Corp.	*		15,300		625,770
Huntington Ingalls Industries, Inc.			6,400		605,376
L-3 Communications Holdings, Inc.			28,000		3,381,000
Rockwell Collins, Inc.			55,546		4,340,364
Spirit AeroSystems Holdings, Inc., Class A	*		18,671		629,213
TransDigm Group, Inc.			18,244		3,051,491
Triumph Group, Inc.			8,903		621,608
					20,495,709
Air Freight & Logistics—1.2%
C.H. Robinson Worldwide, Inc.			9,957		635,157
Expeditors International of Washington, Inc.			14,269		630,119
FedEx Corp.			83,500		12,640,230
					13,905,506
Airlines—1.2%
Alaska Air Group, Inc.			6,715		638,261
Copa Holdings SA, Class A (Panama)			29,004		4,135,100
Ryanair Holdings plc ADR (Ireland)	*		56,900		3,175,020
Southwest Airlines Co.			23,475		630,539
Spirit Airlines, Inc.	*		71,205		4,503,004
United Continental Holdings, Inc.	*		14,542		597,240
					13,679,164
Auto Components—1.3%
BorgWarner, Inc.			139,592		9,100,003
Gentex Corp.			21,244		617,988
Gentherm, Inc.	*		74,602		3,316,059
Goodyear Tire & Rubber Co. (The)			22,808		633,606
Lear Corp.			7,035		628,366
					14,296,022
Automobiles—0.2%
Harley-Davidson, Inc.			8,784		613,562
Tesla Motors, Inc.	*		2,621		629,197
Thor Industries, Inc.			10,818		615,220
					1,857,979
Banks—1.0%
BankUnited, Inc.			91,100		3,050,028
First Republic Bank/California			79,100		4,349,709
Signature Bank/New York	*		5,301		668,880
SVB Financial Group	*		5,435		633,830
Texas Capital Bancshares, Inc.	*		61,106		3,296,669
					11,999,116
Beverages—0.9%
Brown-Forman Corp., Class B			6,642		625,477
Coca-Cola Enterprises, Inc.			13,206		630,983
Constellation Brands, Inc., Class A	*		91,430		8,057,726

		Shares		Value
Dr. Pepper Snapple Group, Inc.			10,595	$	620,655
Monster Beverage Corp.	*		8,620		612,278
					10,547,119
Biotechnology—2.4%
Alkermes plc (Ireland)	*		84,740		4,264,964
Alnylam Pharmaceuticals, Inc.	*		48,635		3,072,273
BioMarin Pharmaceutical, Inc.	*		53,790		3,346,276
Cepheid, Inc.	*		69,717		3,342,233
Cubist Pharmaceuticals, Inc.	*		8,825		616,161
Incyte Corp. Ltd.	*		11,220		633,257
Intercept Pharmaceuticals, Inc.	*		2,585		611,689
Medivation, Inc.	*		8,329		641,999
Myriad Genetics, Inc.	*†		15,880		618,050
Novavax, Inc.	*†		224,403		1,036,742
NPS Pharmaceuticals, Inc.	*		36,464		1,205,135
Pharmacyclics, Inc.	*		6,975		625,727
Puma Biotechnology, Inc.	*		20,700		1,366,200
Seattle Genetics, Inc.	*†		16,100		615,825
Tekmira Pharmaceuticals Corp. (Canada)	*†		37,488		489,593
United Therapeutics Corp.	*		44,706		3,956,034
Vertex Pharmaceuticals, Inc.	*		9,409		890,844
					27,333,002
Building Products—0.5%
A.O. Smith Corp.			12,760		632,641
Allegion plc (Ireland)			10,956		620,986
Armstrong World Industries, Inc.	*		11,034		633,683
Fortune Brands Home & Security, Inc.			60,707		2,424,030
Lennox International, Inc.			7,272		651,353
Masco Corp.			28,958		642,867
USG Corp.	*		19,760		595,369
					6,200,929
Capital Markets—2.9%
Affiliated Managers Group, Inc.	*		23,424		4,811,290
Ameriprise Financial, Inc.			5,240		628,800
Apollo Global Management LLC, Class A			169,100		4,687,452
Artisan Partners Asset Management, Inc., Class A			11,155		632,265
Bank of New York Mellon Corp. (The)			264,700		9,920,956
Eaton Vance Corp.			16,910		639,029
Federated Investors, Inc., Class B	†		21,306		658,782
Invesco Ltd.			113,265		4,275,754
Lazard Ltd., Class A (Bermuda)			12,075		622,587
Legg Mason, Inc.			11,590		594,683
LPL Financial Holdings, Inc.			12,733		633,339
SEI Investments Co.			112,111		3,673,878
T. Rowe Price Group, Inc.			7,491		632,315
TD Ameritrade Holding Corp.			19,000		595,650
Waddell & Reed Financial, Inc., Class A			9,948		622,645
					33,629,425

See accompanying notes to financial statements

173

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Chemicals—2.2%
Airgas, Inc.			33,603	$	3,659,703
Albemarle Corp.			8,851		632,846
Cabot Corp.			10,775		624,842
Celanese Corp., Series A			9,826		631,615
Cytec Industries, Inc.			5,700		600,894
Eastman Chemical Co.			7,414		647,613
Ecolab, Inc.			48,700		5,422,258
FMC Corp.			8,377		596,359
Huntsman Corp.			21,565		605,977
International Flavors & Fragrances, Inc.			6,086		634,648
NewMarket Corp.			1,649		646,589
Platform Specialty Products Corp.	*		21,755		609,793
Rayonier Advanced Materials, Inc.	*		4,436		171,893
Rockwood Holdings, Inc.			8,392		637,708
RPM International, Inc.			13,754		635,160
Scotts Miracle-Gro Co. (The), Class A			10,928		621,366
Sherwin-Williams Co. (The)			3,044		629,834
Sigma-Aldrich Corp.			6,207		629,886
Valspar Corp. (The)			8,241		627,882
W.R. Grace & Co.	*		52,790		4,990,239
Westlake Chemical Corp.			7,510		629,038
					24,886,143
Commercial Services & Supplies—1.4%
Cintas Corp.			9,968		633,367
Clean Harbors, Inc.	*		10,043		645,263
Copart, Inc.	*		121,622		4,373,527
Covanta Holding Corp.			29,545		608,922
Iron Mountain, Inc.			17,955		636,505
KAR Auction Services, Inc.			19,875		633,416
Pitney Bowes, Inc.			23,065		637,055
R.R. Donnelley & Sons Co.			39,080		662,797
Rollins, Inc.			21,355		640,650
Stericycle, Inc.	*		40,531		4,799,681
Tyco International Ltd. (Switzerland)			12,920		589,152
Waste Connections, Inc.			13,303		645,861
					15,506,196
Communications Equipment—0.5%
ARRIS Group, Inc.	*		19,450		632,708
CommScope Holding Co., Inc.	*		25,905		599,183
EchoStar Corp., Class A	*		11,400		603,516
F5 Networks, Inc.	*		5,790		645,238
Harris Corp.			8,352		632,664
Juniper Networks, Inc.	*		24,900		611,046
Motorola Solutions, Inc.			9,345		622,097
Palo Alto Networks, Inc.	*		7,925		664,511
Riverbed Technology, Inc.	*		31,258		644,852
					5,655,815
Construction & Engineering—0.6%
Chicago Bridge & Iron Co. NV (Netherlands)			8,862		604,389
Fluor Corp.			8,062		619,968
Foster Wheeler AG (Switzerland)			17,290		589,070

		Shares		Value
Quanta Services, Inc.	*		137,500	$	4,754,750
					6,568,177
Construction Materials—0.1%
Eagle Materials, Inc.			6,645		626,491
Martin Marietta Materials, Inc.			4,665		616,013
					1,242,504
Consumer Finance—0.2%
Ally Financial, Inc.	*		25,850		618,074
Santander Consumer USA Holdings, Inc.			30,780		598,363
SLM Corp.			71,535		594,456
					1,810,893
Containers & Packaging—0.4%
AptarGroup, Inc.			9,457		633,713
Avery Dennison Corp.			12,800		656,000
Ball Corp.			10,234		641,467
Crown Holdings, Inc.	*		12,653		629,613
Owens-Illinois, Inc.	*		18,273		632,977
Packaging Corp. of America			8,871		634,188
Sealed Air Corp.			18,210		622,236
Silgan Holdings, Inc.			12,568		638,706
					5,088,900
Distributors—0.8%
Genuine Parts Co.			7,522		660,431
LKQ Corp.	*		218,869		5,841,614
Pool Corp.			49,000		2,771,440
					9,273,485
Diversified Consumer Services—0.7%
Bright Horizons Family Solutions, Inc.	*		62,800		2,696,632
Graham Holdings Co., Class B			5,850		4,200,944
H&R Block, Inc.			18,985		636,377
Service Corp. International			31,250		647,500
					8,181,453
Diversified Financial Services—1.2%
CBOE Holdings, Inc.			12,626		621,326
Intercontinental Exchange, Inc.			30,145		5,694,391
Leucadia National Corp.			24,013		629,621
McGraw Hill Financial, Inc.			66,482		5,520,000
Moody’s Corp.			7,284		638,515
MSCI, Inc.	*		13,992		641,533
					13,745,386
Diversified Telecommunication Services—2.2%
Level 3 Communications, Inc.	*		318,426		13,982,085
tw telecom inc.	*		266,523		10,743,542
Windstream Holdings, Inc.	†		62,308		620,588
					25,346,215
Electric Utilities—0.1%
ITC Holdings Corp.			17,431		635,883
Electrical Equipment—1.2%
Acuity Brands, Inc.			37,135		5,133,914
AMETEK, Inc.			73,030		3,818,008
Hubbell, Inc., Class B			5,122		630,774
Rockwell Automation, Inc.			31,393		3,929,148
SolarCity Corp.	*†		9,070		640,342
					14,152,186

See accompanying notes to financial statements

174

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Electronic Equipment, Instruments & Components—1.4%
Amphenol Corp., Class A			6,463	$	622,646
Avnet, Inc.			13,775		610,370
CDW Corp.			19,815		631,702
Cognex Corp.	*		113,400		4,354,560
FEI Co.			41,924		3,803,765
FLIR Systems, Inc.			93,722		3,254,965
IPG Photonics Corp.	*†		9,520		654,976
National Instruments Corp.			19,925		645,371
Trimble Navigation Ltd.	*		16,716		617,656
Zebra Technologies Corp., Class A	*		7,951		654,526
					15,850,537
Energy Equipment & Services—1.1%
Atwood Oceanics, Inc.	*		11,711		614,593
Cameron International Corp.	*		58,002		3,927,315
Dresser-Rand Group, Inc.	*		9,975		635,707
Dril-Quip, Inc.	*		5,700		622,668
FMC Technologies, Inc.	*		10,213		623,708
Frank’s International NV (Netherlands)			25,700		632,220
Helmerich & Payne, Inc.			5,130		595,644
Nabors Industries Ltd. (Bermuda)			51,029		1,498,722
Oceaneering International, Inc.			8,139		635,900
Patterson-UTI Energy, Inc.			17,195		600,793
RPC, Inc.			26,953		633,126
Seadrill Ltd. (Bermuda)	†		15,665		625,817
Superior Energy Services, Inc.			16,340		590,528
Unit Corp.	*		8,740		601,574
					12,838,315
Food & Staples Retailing—0.5%
Kroger Co. (The)			12,790		632,210
Rite Aid Corp.	*		84,075		602,818
Sprouts Farmers Market, Inc.	*†		19,800		647,856
United Natural Foods, Inc.	*		55,175		3,591,892
Whole Foods Market, Inc.			15,791		610,006
					6,084,782
Food Products—2.3%
Annie’s, Inc.	*†		71,975		2,434,194
Campbell Soup Co.			13,661		625,810
Flowers Foods, Inc.			30,414		641,127
Hain Celestial Group, Inc. (The)	*		6,840		606,982
Hershey Co. (The)			40,637		3,956,825
Hillshire Brands Co. (The)			10,449		650,973
Hormel Foods Corp.			13,177		650,285
Ingredion, Inc.			8,212		616,228
Keurig Green Mountain, Inc.			5,179		645,355
McCormick & Co., Inc. (Non-Voting Shares)			9,152		655,192
Mead Johnson Nutrition Co.			6,764		630,202
Mondelez International, Inc., Class A			216,200		8,131,282
Pilgrim’s Pride Corp.	*		23,655		647,201
Tyson Foods, Inc., Class A			16,435		616,970
WhiteWave Foods Co. (The)	*		145,857		4,721,391
					26,230,017

		Shares		Value
Health Care Equipment & Supplies—1.9%
Align Technology, Inc.	*		11,305	$	633,532
Boston Scientific Corp.	*		313,615		4,004,864
C.R. Bard, Inc.			4,501		643,688
Cooper Cos., Inc. (The)			37,876		5,133,334
DENTSPLY International, Inc.			13,270		628,334
Edwards Lifesciences Corp.	*		7,377		633,242
Hill-Rom Holdings, Inc.			14,820		615,178
Hologic, Inc.	*		24,890		630,961
IDEXX Laboratories, Inc.	*		4,714		629,649
Intuitive Surgical, Inc.	*		1,520		625,936
ResMed, Inc.	†		12,170		616,167
Sirona Dental Systems, Inc.	*		7,813		644,260
St. Jude Medical, Inc.			9,070		628,098
Varian Medical Systems, Inc.	*		7,740		643,504
Wright Medical Group, Inc.	*		139,919		4,393,457
Zimmer Holdings, Inc.			6,042		627,522
					21,731,726
Health Care Providers & Services—3.3%
AmerisourceBergen Corp.			8,732		634,467
Brookdale Senior Living, Inc.	*		19,300		643,462
Cardinal Health, Inc.			8,645		592,701
Catamaran Corp.	*		14,386		635,286
Centene Corp.	*		8,390		634,368
Cigna Corp.			6,960		640,111
DaVita HealthCare Partners, Inc.	*		181,264		13,109,012
Envision Healthcare Holdings, Inc.	*		266,943		9,585,923
HCA Holdings, Inc.	*		10,872		612,963
Henry Schein, Inc.	*		5,383		638,801
Laboratory Corp. of America Holdings	*		6,102		624,845
MEDNAX, Inc.	*		67,400		3,919,310
Patterson Cos., Inc.			15,525		613,393
Premier, Inc., Class A	*		113,790		3,299,910
Tenet Healthcare Corp.	*		12,770		599,424
Universal Health Services, Inc., Class B			6,417		614,492
					37,398,468
Health Care Technology—0.5%
Allscripts Healthcare Solutions, Inc.	*		38,000		609,900
athenahealth, Inc.	*†		29,445		3,684,453
Cerner Corp.	*		12,186		628,554
IMS Health Holdings, Inc.	*		24,890		639,175
Veeva Systems, Inc., Class A	*†		25,500		648,975
					6,211,057
Hotels, Restaurants & Leisure—2.0%
Aramark			23,275		602,357
Bally Technologies, Inc.	*		9,564		628,546
Brinker International, Inc.			12,260		596,449
Burger King Worldwide, Inc.			24,400		664,168
Chipotle Mexican Grill, Inc.	*		1,043		617,988
Choice Hotels International, Inc.			13,896		654,641
Domino’s Pizza, Inc.			67,200		4,911,648
Dunkin’ Brands Group, Inc.			14,353		657,511
Hilton Worldwide Holdings, Inc.	*		26,695		621,993
Hyatt Hotels Corp., Class A	*		9,785		596,689

See accompanying notes to financial statements

175

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Krispy Kreme Doughnuts, Inc.	*		148,200	$	2,368,236
Marriott International, Inc., Class A			9,956		638,180
MGM Resorts International	*		23,180		611,952
Norwegian Cruise Line Holdings Ltd.	*		20,100		637,170
Panera Bread Co., Class A	*		4,116		616,700
SeaWorld Entertainment, Inc.			21,700		614,761
Six Flags Entertainment Corp.			14,860		632,293
Starwood Hotels & Resorts Worldwide, Inc.			7,758		627,002
Wyndham Worldwide Corp.			61,605		4,664,731
Wynn Resorts Ltd.			2,942		610,641
					22,573,656
Household Durables—0.5%
D.R. Horton, Inc.			25,270		621,137
Harman International Industries, Inc.			5,700		612,351
Jarden Corp.	*		10,834		642,998
Leggett & Platt, Inc.			17,480		599,214
Lennar Corp., Class A			14,725		618,156
Newell Rubbermaid, Inc.			20,190		625,688
NVR, Inc.	*		533		613,270
Tempur Sealy International, Inc.	*		10,803		644,939
Tupperware Brands Corp.			7,482		626,243
Whirlpool Corp.			4,400		612,568
					6,216,564
Household Products—0.5%
Church & Dwight Co., Inc.			62,228		4,352,848
Clorox Co. (The)			6,870		627,918
Spectrum Brands Holdings, Inc.			7,220		621,137
					5,601,903
Independent Power and Renewable Electricity Producers—0.1%
Calpine Corp.	*		26,750		636,918
Industrial Conglomerates—0.8%
Carlisle Cos., Inc.			3,490		302,304
Koninklijke Philips NV NYRS (Netherlands)			265,028		8,417,289
Roper Industries, Inc.			4,305		628,573
					9,348,166
Insurance—4.0%
American Financial Group, Inc.			10,550		628,358
Aon plc (United Kingdom)			115,714		10,424,674
Arthur J. Gallagher & Co.			13,954		650,257
Assured Guaranty Ltd. (Bermuda)			131,200		3,214,400
Brown & Brown, Inc.			20,930		642,760
eHealth, Inc.	*		42,500		1,613,725
Erie Indemnity Co., Class A			8,404		632,485
Fairfax Financial Holdings Ltd. (Canada)			11,500		5,433,782
Loews Corp.			227,700		10,021,077
Reinsurance Group of America, Inc.			7,600		599,640

		Shares		Value
RenaissanceRe Holdings Ltd. (Bermuda)			61,300	$	6,559,100
Travelers Cos., Inc. (The)			59,000		5,550,130
					45,970,388
Internet & Catalog Retail—0.9%
Expedia, Inc.			8,103		638,192
Groupon, Inc.	*		95,810		634,262
HomeAway, Inc.	*		95,233		3,316,013
Liberty Interactive Corp., Series A	*		22,353		656,284
Liberty Ventures, Series A	*		8,926		658,739
Netflix, Inc.	*		1,488		655,613
TripAdvisor, Inc.	*		5,621		610,778
Vipshop Holdings Ltd. ADR (China)	*		11,500		2,159,010
zulily, Inc., Class A	*†		16,760		686,322
					10,015,213
Internet Software & Services—2.2%
Akamai Technologies, Inc.	*		10,183		621,774
Cornerstone OnDemand, Inc.	*		91,300		4,201,626
CoStar Group, Inc.	*		44,311		7,008,671
Equinix, Inc.	*		3,004		631,110
IAC/InterActiveCorp			9,162		634,285
LinkedIn Corp., Class A	*		3,718		637,526
Pandora Media, Inc.	*		22,073		651,154
Rackspace Hosting, Inc.	*		18,613		626,514
Shutterstock, Inc.	*†		46,237		3,836,746
Twitter, Inc.	*		15,105		618,852
VeriSign, Inc.	*		12,231		596,995
Yelp, Inc.	*		62,046		4,757,687
Zillow, Inc., Class A	*		4,465		638,182
					25,461,122
IT Services—5.1%
Alliance Data Systems Corp.	*		56,316		15,838,875
Amdocs Ltd.			120,900		5,601,297
Booz Allen Hamilton Holding Corp.			29,400		624,456
Broadridge Financial Solutions, Inc.			15,466		644,004
Computer Sciences Corp.			9,910		626,312
DST Systems, Inc.			6,939		639,568
Euronet Worldwide, Inc.	*		78,700		3,796,488
Fidelity National Information Services, Inc.			11,530		631,152
Fiserv, Inc.	*		10,425		628,836
FleetCor Technologies, Inc.	*		4,806		633,431
Gartner, Inc.	*		102,791		7,248,821
Genpact Ltd. (Bermuda)	*		36,274		635,883
Global Payments, Inc.			64,648		4,709,607
Jack Henry & Associates, Inc.			10,630		631,741
NeuStar, Inc., Class A	*†		94,700		2,464,094
Paychex, Inc.			15,412		640,523
Sabre Corp.	*		30,115		603,806
Teradata Corp.	*		14,577		585,996
Total System Services, Inc.			20,418		641,329
Vantiv, Inc., Class A	*		277,166		9,318,321
VeriFone Systems, Inc.	*		17,155		630,446
Western Union Co. (The)			37,598		651,949
					58,426,935

See accompanying notes to financial statements

176

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Leisure Products—0.2%
Hasbro, Inc.			11,557	$	613,099
Mattel, Inc.			16,020		624,300
Polaris Industries, Inc.			4,614		600,927
					1,838,326
Life Sciences Tools & Services—0.5%
Agilent Technologies, Inc.			10,806		620,697
Bruker Corp.	*		26,392		640,534
Charles River Laboratories International, Inc.	*		11,554		618,370
Covance, Inc.	*		7,176		614,122
Illumina, Inc.	*		3,743		668,275
Mettler-Toledo International, Inc.	*		2,528		640,039
PerkinElmer, Inc.			12,730		596,273
Quintiles Transnational Holdings, Inc.	*		11,865		632,286
Techne Corp.			6,907		639,381
Waters Corp.	*		5,917		617,971
					6,287,948
Machinery—4.3%
Allison Transmission Holdings, Inc.			20,422		635,124
Colfax Corp.	*		63,442		4,728,967
Crane Co.			8,440		627,599
Donaldson Co., Inc.			15,569		658,880
Dover Corp.			7,045		640,743
Flowserve Corp.			45,738		3,400,620
Graco, Inc.			62,312		4,865,321
IDEX Corp.			7,924		639,784
Ingersoll-Rand plc			10,023		626,538
ITT Corp.			13,305		639,971
Lincoln Electric Holdings, Inc.			9,092		635,349
Manitowoc Co., Inc. (The)			18,978		623,617
Middleby Corp. (The)	*		7,770		642,735
Navistar International Corp.	*		16,815		630,226
Nordson Corp.			25,373		2,034,661
PACCAR, Inc.			9,551		600,089
Pall Corp.			38,313		3,271,547
Parker Hannifin Corp.			4,955		622,992
Pentair plc (United Kingdom)			8,585		619,150
Proto Labs, Inc.	*		49,600		4,063,232
Snap-on, Inc.			5,343		633,252
Stanley Black & Decker, Inc.			7,140		627,035
Timken Co. (The)			8,835		599,366
Toro Co. (The)			9,844		626,078
Trinity Industries, Inc.			14,500		633,940
Valmont Industries, Inc.	†		3,935		597,923
WABCO Holdings, Inc.	*		65,015		6,944,902
Wabtec Corp.			80,341		6,635,363
Xylem, Inc.			15,901		621,411
					49,126,415
Marine—0.1%
Kirby Corp.	*		5,476		641,459
Media—2.8%
AMC Networks, Inc., Class A	*		10,268		631,379
Cablevision Systems Corp., Class A	†		36,146		637,977

		Shares		Value
CBS Outdoor Americas, Inc.			17,670	$	577,456
Charter Communications, Inc., Class A	*		28,675		4,541,547
Cinemark Holdings, Inc.			55,958		1,978,675
Clear Channel Outdoor Holdings, Inc., Class A			71,558		585,344
Discovery Communications, Inc., Class A	*		8,365		621,352
Discovery Communications, Inc., Class C	*		59,200		4,297,328
DISH Network Corp., Class A	*		10,104		657,568
Interpublic Group of Cos., Inc. (The)			32,361		631,363
Lamar Advertising Co., Class A			12,395		656,935
Lions Gate Entertainment Corp.	†		22,580		645,336
Live Nation Entertainment, Inc.	*		25,365		626,262
Markit Ltd. (United Kingdom)	*		69,500		1,875,110
Morningstar, Inc.			8,288		595,161
News Corp., Class A	*		254,700		4,569,318
News Corp., Class B	*		293,100		5,114,595
Omnicom Group, Inc.			8,789		625,953
Regal Entertainment Group, Class A	†		30,176		636,714
Scripps Networks Interactive, Inc., Class A			7,685		623,561
Sirius XM Holdings, Inc.	*		173,850		601,521
Starz, Class A	*		20,413		608,103
					32,338,558
Metals & Mining—0.6%
Carpenter Technology Corp.			10,105		639,141
Compass Minerals International, Inc.			6,672		638,777
Reliance Steel & Aluminum Co.			65,000		4,791,150
Tahoe Resources, Inc.	*		24,693		646,957
					6,716,025
Multiline Retail—0.5%
Big Lots, Inc.	*		14,056		642,359
Dillard’s, Inc., Class A			5,485		639,606
Dollar General Corp.	*		10,905		625,511
Dollar Tree, Inc.	*		11,793		642,247
Family Dollar Stores, Inc.			9,279		613,713
Kohl’s Corp.			11,305		595,547
Macy’s, Inc.			11,107		644,428
Nordstrom, Inc.			9,352		635,281
Sears Holdings Corp.	*		16,410		655,744
					5,694,436
Oil, Gas & Consumable Fuels—7.3%
Antero Resources Corp.	*		9,725		638,252
Athlon Energy, Inc.	*		12,635		602,689
Bonanza Creek Energy, Inc.	*		6,216		355,493
Cabot Oil & Gas Corp.			17,972		613,564
Cheniere Energy, Inc.	*		9,321		668,316
Chesapeake Energy Corp.			508,800		15,813,504
Cimarex Energy Co.			4,400		631,224
Cobalt International Energy, Inc.	*		33,611		616,762
Concho Resources, Inc.	*		4,408		636,956
CONSOL Energy, Inc.			250,300		11,531,321

See accompanying notes to financial statements

177

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Continental Resources, Inc.	*†		4,068	$	642,907
CVR Energy, Inc.	†		12,550		604,784
Delek US Holdings, Inc.			79,500		2,244,285
Denbury Resources, Inc.			265,200		4,895,592
Diamondback Energy, Inc.	*		42,300		3,756,240
EP Energy Corp., Class A	*†		159,300		3,671,865
EQT Corp.			5,745		614,140
Gulfport Energy Corp.	*		61,122		3,838,462
HollyFrontier Corp.			14,075		614,937
Kosmos Energy Ltd. (Bermuda)	*		58,112		652,598
Laredo Petroleum, Inc.	*		20,674		640,480
Murphy Oil Corp.			129,400		8,602,512
Noble Energy, Inc.			7,945		615,420
Oasis Petroleum, Inc.	*		11,875		663,694
ONEOK, Inc.			9,431		642,062
PBF Energy, Inc., Class A			23,130		616,414
QEP Resources, Inc.			18,555		640,147
Range Resources Corp.			7,157		622,301
Rice Energy, Inc.	*		20,495		624,073
Sanchez Energy Corp.	*†		57,664		2,167,590
SM Energy Co.			7,709		648,327
Southwestern Energy Co.	*		84,710		3,853,458
Targa Resources Corp.			4,575		638,533
Teekay Corp. (Bermuda)			9,975		620,944
Tesoro Corp.			10,495		615,742
Ultra Petroleum Corp.	*		21,350		633,881
Whiting Petroleum Corp.	*		74,520		5,980,230
World Fuel Services Corp.			13,205		650,082
					83,119,781
Paper & Forest Products—0.1%
International Paper Co.			12,970		654,596
Personal Products—0.2%
Avon Products, Inc.			44,458		649,531
Coty, Inc., Class A			37,280		638,607
Herbalife Ltd.	†		9,602		619,713
Nu Skin Enterprises, Inc., Class A			8,324		615,643
					2,523,494
Pharmaceuticals—2.0%
Endo International plc (Ireland)	*		54,814		3,838,076
Forest Laboratories, Inc.	*		5,985		592,515
GW Pharmaceuticals plc ADR (United Kingdom)	*†		14,800		1,587,892
Jazz Pharmaceuticals plc	*		32,435		4,768,269
Mallinckrodt plc	*		7,790		623,356
Mylan, Inc.	*		12,359		637,230
Perrigo Co. plc (Ireland)			4,213		614,087
Questcor Pharmaceuticals, Inc.			6,460		597,485
Salix Pharmaceuticals Ltd.	*		74,334		9,169,099
Zoetis, Inc.			19,340		624,102
					23,052,111
Professional Services—3.3%
Advisory Board Co. (The)	*		54,430		2,819,474
Dun & Bradstreet Corp. (The)			5,773		636,184
Equifax, Inc.			85,302		6,187,807
IHS, Inc., Class A	*		76,683		10,403,583
Nielsen NV			170,497		8,253,760

		Shares		Value
Robert Half International, Inc.			13,232	$	631,696
Towers Watson & Co., Class A			35,400		3,689,742
Verisk Analytics, Inc., Class A	*		75,670		4,541,713
					37,163,959
Real Estate Investment Trusts (REITs)—1.0%
Apartment Investment & Management Co., Class A REIT			19,672		634,815
Boston Properties, Inc. REIT			5,343		631,436
Columbia Property Trust, Inc. REIT			24,025		624,890
Crown Castle International Corp. REIT			8,608		639,230
Equity Lifestyle Properties, Inc. REIT			14,055		620,669
Extra Space Storage, Inc. REIT			11,761		626,273
Federal Realty Investment Trust REIT			5,250		634,830
Gaming and Leisure Properties, Inc. REIT			17,955		609,931
Health Care REIT, Inc. REIT			9,405		589,411
Healthcare Trust of America, Inc., Class A REIT			52,145		627,826
NorthStar Realty Finance Corp. REIT			35,720		620,814
Omega Healthcare Investors, Inc. REIT	†		17,395		641,180
Plum Creek Timber Co., Inc. REIT			14,085		635,234
Rayonier, Inc. REIT			17,208		611,744
Tanger Factory Outlet Centers, Inc. REIT			17,788		622,046
Taubman Centers, Inc. REIT			8,384		635,591
Ventas, Inc. REIT			9,745		624,655
Vornado Realty Trust REIT			5,930		632,909
Weyerhaeuser Co. REIT	†		20,194		668,220
					11,931,704
Real Estate Management & Development—1.3%
CBRE Group, Inc., Class A	*		20,166		646,119
Cheung Kong Holdings Ltd. ADR (Hong Kong)			680,000		12,051,776
Howard Hughes Corp. (The)	*		3,990		629,742
Jones Lang LaSalle, Inc.			4,750		600,352
Realogy Holdings Corp.	*		17,350		654,268
					14,582,257
Road & Rail—2.7%
AMERCO			2,230		648,395
Avis Budget Group, Inc.	*		87,940		5,249,139
Genesee & Wyoming, Inc., Class A	*		47,540		4,991,700
Hertz Global Holdings, Inc.	*		194,144		5,441,856
J.B. Hunt Transport Services, Inc.			44,149		3,257,313
Kansas City Southern			5,875		631,621
Landstar System, Inc.			9,887		632,768
Old Dominion Freight Line, Inc.	*		94,875		6,041,640
Swift Transportation Co.	*		141,800		3,577,614
					30,472,046

See accompanying notes to financial statements

178

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Semiconductors & Semiconductor Equipment—1.5%
Advanced Micro Devices, Inc.	*†		156,725	$	656,678
Altera Corp.			18,043		627,175
Analog Devices, Inc.			11,585		626,401
Applied Materials, Inc.			27,615		622,718
Atmel Corp.	*		67,884		636,073
Avago Technologies Ltd. (Singapore)			8,859		638,468
Cree, Inc.	*		12,850		641,857
Freescale Semiconductor Ltd.	*		26,962		633,607
KLA-Tencor Corp.			8,455		614,171
Lam Research Corp.			9,399		635,184
Linear Technology Corp.			13,338		627,820
Maxim Integrated Products, Inc.			18,449		623,761
Microchip Technology, Inc.	†		12,716		620,668
NVIDIA Corp.			34,025		630,823
NXP Semiconductor NV (Netherlands)	*		66,800		4,420,824
ON Semiconductor Corp.	*		69,400		634,316
Skyworks Solutions, Inc.			13,327		625,836
SunEdison, Inc.	*		26,790		605,454
SunPower Corp.	*		14,915		611,217
Teradyne, Inc.			30,400		595,840
Xilinx, Inc.			13,196		624,303
					16,953,194
Software—4.1%
Activision Blizzard, Inc.			26,980		601,654
ANSYS, Inc.	*		8,407		637,419
Aspen Technology, Inc.	*		97,370		4,517,968
Autodesk, Inc.	*		11,253		634,444
Cadence Design Systems, Inc.	*		36,324		635,307
Citrix Systems, Inc.	*		9,678		605,359
CommVault Systems, Inc.	*		54,700		2,689,599
Concur Technologies, Inc.	*		6,689		624,351
Electronic Arts, Inc.	*		17,270		619,475
FactSet Research Systems, Inc.	†		5,392		648,550
FireEye, Inc.	*†		15,820		641,501
FleetMatics Group plc (Ireland)	*		74,937		2,423,463
Fortinet, Inc.	*		26,112		656,194
Guidewire Software, Inc.	*		99,700		4,053,802
Informatica Corp.	*		99,901		3,561,471
Intuit, Inc.			7,915		637,395
MICROS Systems, Inc.	*		9,329		633,439
NetSuite, Inc.	*		6,901		599,559
PTC, Inc.	*		15,675		608,190
Qlik Technologies, Inc.	*		95,800		2,166,996
Red Hat, Inc.	*		11,426		631,515
ServiceNow, Inc.	*		79,753		4,941,496
SolarWinds, Inc.	*		66,081		2,554,691
Solera Holdings, Inc.			68,821		4,621,330
Splunk, Inc.	*		11,760		650,681
Tableau Software, Inc., Class A	*		56,025		3,996,263
TIBCO Software, Inc.	*		31,276		630,837
Workday, Inc., Class A	*		7,200		646,992
					46,869,941
Specialty Retail—5.2%
Aaron’s, Inc.			17,920		638,669
Abercrombie & Fitch Co., Class A	†		14,620		632,315
Advance Auto Parts, Inc.			31,041		4,188,052
AutoNation, Inc.	*		10,682		637,502

		Shares		Value
AutoZone, Inc.	*		1,170	$	627,401
Bed Bath & Beyond, Inc.	*		10,275		589,579
Best Buy Co., Inc.			20,130		624,231
Cabela’s, Inc.	*†		10,465		653,016
CarMax, Inc.	*		12,169		632,910
Chico’s FAS, Inc.			38,362		650,620
CST Brands, Inc.			18,300		631,350
Dick’s Sporting Goods, Inc.			13,893		646,858
Foot Locker, Inc.			93,485		4,741,559
GameStop Corp., Class A			14,725		595,921
Gap, Inc. (The)			15,015		624,174
GNC Holdings, Inc., Class A			75,121		2,561,626
L Brands, Inc.			10,852		636,578
Lithia Motors, Inc., Class A			40,500		3,809,835
Lumber Liquidators Holdings, Inc.	*		40,100		3,045,595
Murphy USA, Inc.	*		12,065		589,858
O’Reilly Automotive, Inc.	*		40,250		6,061,650
Penske Automotive Group, Inc.			12,445		616,027
PetSmart, Inc.	†		10,395		621,621
Restoration Hardware Holdings, Inc.	*		42,138		3,920,941
Ross Stores, Inc.			72,225		4,776,239
Sally Beauty Holdings, Inc.	*		163,939		4,111,590
Signet Jewelers Ltd. (Bermuda)			5,715		632,022
Tiffany & Co.			46,954		4,707,138
Tractor Supply Co.			64,139		3,873,996
Ulta Salon Cosmetics & Fragrance, Inc.	*		6,506		594,713
Urban Outfitters, Inc.	*		18,023		610,259
Williams-Sonoma, Inc.			8,862		636,114
					58,919,959
Technology Hardware, Storage & Peripherals—0.7%
3D Systems Corp.	*†		11,100		663,780
Diebold, Inc.			15,295		614,400
NCR Corp.	*		18,260		640,743
NetApp, Inc.			17,664		645,089
Nimble Storage, Inc.	*†		67,072		2,060,452
SanDisk Corp.			6,190		646,422
Stratasys Ltd.	*		25,880		2,940,745
					8,211,631
Textiles, Apparel & Luxury Goods—1.8%
Carter’s, Inc.			8,575		591,075
Coach, Inc.			18,140		620,207
Deckers Outdoor Corp.	*		7,555		652,223
Fossil Group, Inc.	*		5,897		616,354
Hanesbrands, Inc.			55,081		5,422,174
Kate Spade & Co.	*		16,395		625,305
Michael Kors Holdings Ltd. (Hong Kong)	*		6,923		613,724
PVH Corp.			29,207		3,405,536
Ralph Lauren Corp.			4,140		665,257
Skechers U.S.A., Inc., Class A	*		31,644		1,446,131
Under Armour, Inc., Class A	*		85,409		5,080,981
V.F. Corp.			10,072		634,536
					20,373,503
Thrifts & Mortgage Finance—0.5%
Nationstar Mortgage Holdings, Inc.	*†		17,110		621,093
Ocwen Financial Corp.	*		138,400		5,134,640
					5,755,733

See accompanying notes to financial statements

179

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Tobacco—0.1%
Lorillard, Inc.			9,960	$	607,261
Trading Companies & Distributors—1.3%
AerCap Holdings NV (Netherlands)	*		53,800		2,464,040
Air Lease Corp.			16,400		632,712
Fastenal Co.			13,013		644,013
HD Supply Holdings, Inc.	*		22,315		633,523
MRC Global, Inc.	*		21,887		619,183
MSC Industrial Direct Co., Inc., Class A			6,737		644,327
NOW, Inc.	*		16,720		605,431
United Rentals, Inc.	*		46,876		4,909,324
W.W. Grainger, Inc.			2,392		608,214
WESCO International, Inc.	*		36,600		3,161,508
					14,922,275
Wireless Telecommunication Services—1.8%
SBA Communications Corp., Class A	*		196,775		20,130,083
TOTAL COMMON STOCKS
(Cost $829,267,917)					1,095,519,669
MONEY MARKET FUNDS—6.9%
Institutional Money Market Funds—6.9%
Dreyfus Institutional Cash Advantage Fund, 0.06%	††¥		5,600,000		5,600,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%	¥		44,653,996		44,653,996
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%	††¥		5,745,959		5,745,959
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.06%	††¥		5,600,000		5,600,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.06%	††¥		5,600,000		5,600,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.07%	††¥		5,600,000		5,600,000

		Shares		Value
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.07%	††¥		5,600,000	$	5,600,000
TOTAL MONEY MARKET FUNDS
(Cost $78,399,955)					78,399,955
TOTAL INVESTMENTS—102.9%
(Cost $907,667,872)					1,173,919,624
Other assets less liabilities—(2.9%)					(33,210,717	)
NET ASSETS—100.0%				$	1,140,708,907

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

180

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)

Vantagepoint Discovery Fund		Shares		Value
COMMON STOCKS—49.4%
Aerospace & Defense—0.5%
Astronics Corp.	*		12,900	$	728,205
Astronics Corp., Class B	*		12,350		700,862
					1,429,067
Air Freight & Logistics—0.6%
Park-Ohio Holdings Corp.			30,000		1,743,300
Auto Components—0.6%
Standard Motor Products, Inc.			35,877		1,602,626
Banks—2.5%
Bank of Marin Bancorp			34,400		1,568,296
Flushing Financial Corp.			76,917		1,580,645
Heritage Financial Corp./Washington			86,715		1,395,244
Trico Bancshares			54,000		1,249,560
Wintrust Financial Corp.			30,200		1,389,200
					7,182,945
Biotechnology—2.9%
Agios Pharmaceuticals, Inc.	*†		29,300		1,342,526
Arena Pharmaceuticals, Inc.	*†		282,158		1,653,446
Cara Therapeutics, Inc.	*†		69,600		1,184,592
Exelixis, Inc.	*†		357,200		1,210,908
Ironwood Pharmaceuticals, Inc.	*†		127,000		1,946,910
Zafgen, Inc.	*†		47,800		945,484
					8,283,866
Building Products—0.5%
Insteel Industries, Inc.			72,900		1,432,485
Capital Markets—1.1%
Alaris Royalty Corp. (Canada)			52,500		1,422,895
Marcus & Millichap, Inc.	*		57,700		1,471,927
WisdomTree Investments, Inc.	*		29,600		365,856
					3,260,678
Chemicals—1.2%
Advanced Emissions Solutions, Inc.	*		73,400		1,683,062
LSB Industries, Inc.	*		42,200		1,758,474
					3,441,536
Communications Equipment—1.6%
ARRIS Group, Inc.	*		37,900		1,232,887
Calix, Inc.	*		99,100		810,638
Mitel Networks Corp. (Canada)	*		170,770		1,799,916
ParkerVision, Inc.	*†		492,577		729,014
					4,572,455
Construction & Engineering—0.5%
EMCOR Group, Inc.			33,000		1,469,490
Consumer Finance—0.3%
Regional Management Corp.	*		65,599		1,014,816
Containers & Packaging—0.5%
Myers Industries, Inc.			70,543		1,417,209
Electric Utilities—0.5%
ALLETE, Inc.			27,600		1,417,260
Electrical Equipment—0.5%
Polypore International, Inc.	*†		31,500		1,503,495

		Shares		Value
Electronic Equipment, Instruments & Components—0.5%
Speed Commerce, Inc.	*	415,000	$	1,552,100
Energy Equipment & Services—0.7%
C&J Energy Services, Inc.	*^‡	62,000		2,094,360
Food Products—1.0%
Alliance Grain Traders, Inc. (Canada)		84,000		1,678,347
Darling Ingredients, Inc.	*	64,700		1,352,230
				3,030,577
Health Care Equipment & Supplies—1.6%
Globus Medical, Inc., Class A	*	66,843		1,598,885
Greatbatch, Inc.	*	35,400		1,736,724
Natus Medical, Inc.	*	54,832		1,378,476
				4,714,085
Health Care Providers & Services—0.7%
Amsurg Corp.	*	15,100		688,107
Ensign Group, Inc. (The)		46,900		1,457,652
				2,145,759
Hotels, Restaurants & Leisure—1.6%
Del Frisco’s Restaurant Group, Inc.	*	60,200		1,659,112
Ignite Restaurant Group, Inc.	*†	101,140		1,472,598
Red Robin Gourmet Burgers, Inc.	*	21,000		1,495,200
				4,626,910
Household Durables—1.9%
LGI Homes, Inc.	*	98,000		1,788,500
M/I Homes, Inc.	*	71,100		1,725,597
New Home Co., Inc. (The)	*	147,200		2,079,936
				5,594,033
Independent Power and Renewable Electricity Producers—0.6%
Pattern Energy Group, Inc.		49,500		1,638,945
Industrial Conglomerates—0.5%
Carlisle Cos., Inc.		16,800		1,455,216
Insurance—0.6%
Phoenix Cos., Inc. (The)	*	37,600		1,819,464
Internet Software & Services—1.9%
Constant Contact, Inc.	*	52,500		1,685,775
Digital River, Inc.	*	112,900		1,742,047
Textura Corp.	*†	82,500		1,950,300
				5,378,122
IT Services—1.0%
ExlService Holdings, Inc.	*	46,000		1,354,700
Global Cash Access Holdings, Inc.	*	164,500		1,464,050
				2,818,750
Life Sciences Tools & Services—0.6%
Albany Molecular Research, Inc.	*	92,100		1,853,052
Machinery—2.8%
Alamo Group, Inc.		3,071		166,110
Altra Industrial Motion Corp.		43,900		1,597,521
Luxfer Holdings plc ADR (United Kingdom)		80,592		1,527,219
Lydall, Inc.	*	55,000		1,505,350
Superior Drilling Products, Inc.	*†	209,500		1,363,845

See accompanying notes to financial statements

181

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Discovery Fund		Shares		Value
COMMON STOCKS—(Continued)
Titan International, Inc.	†		118,100	$	1,986,442
					8,146,487
Metals & Mining—0.6%
New Gold, Inc. (Canada)	*†		190,200		1,211,574
Romarco Minerals, Inc. (Canada)	*		569,650		475,131
					1,686,705
Oil, Gas & Consumable Fuels—2.6%
BPZ Resources, Inc.	*†		757,700		2,333,716
Energy XXI Bermuda Ltd. (Bermuda)			74,000		1,748,620
Karoon Gas Australia Ltd. (Australia)	*		424,345		1,228,455
Parsley Energy, Inc., Class A	*		12,300		296,061
Synergy Resources Corp.	*		142,500		1,888,125
					7,494,977
Pharmaceuticals—0.9%
Phibro Animal Health Corp., Class A	*		44,500		976,775
XenoPort, Inc.	*		317,700		1,534,491
					2,511,266
Real Estate Investment Trusts (REITs)—3.7%
Arbor Realty Trust, Inc. REIT			173,447		1,205,457
Armada Hoffler Properties, Inc. REIT			117,300		1,135,464
CareTrust REIT, Inc. REIT	*		56,400		1,116,720
Gladstone Commercial Corp. REIT			73,600		1,315,232
Medical Properties Trust, Inc. REIT			112,400		1,488,176
Pebblebrook Hotel Trust REIT			39,300		1,452,528
STAG Industrial, Inc. REIT			64,300		1,543,843
Summit Hotel Properties, Inc. REIT			147,100		1,559,260
					10,816,680
Road & Rail—0.5%
Celadon Group, Inc.			73,000		1,556,360
Semiconductors & Semiconductor Equipment—2.8%
Exar Corp.	*		177,500		2,005,750
Inphi Corp.	*		103,300		1,516,444
Integrated Silicon Solution, Inc.	*		105,934		1,564,645
PLX Technology, Inc.	*		287,933		1,862,927
Rambus, Inc.	*		87,300		1,248,390
					8,198,156
Software—2.4%
Digimarc Corp.			18,200		593,320
Ellie Mae, Inc.	*		56,900		1,771,297
ePlus, Inc.	*†		33,800		1,967,160
Kofax Ltd.	*†		151,700		1,304,620
Mitek Systems, Inc.	*†		150,000		499,500
SeaChange International, Inc.	*		112,893		904,273
					7,040,170
Specialty Retail—2.3%
Destination Maternity Corp.			67,125		1,528,436
Express, Inc.	*		91,400		1,556,542
Finish Line, Inc. (The), Class A			58,700		1,745,738
Shoe Carnival, Inc.			82,650		1,706,723
					6,537,439

					Shares		Value
Thrifts & Mortgage Finance—2.2%
Clifton Bancorp, Inc.					100,205	$	1,269,597
EverBank Financial Corp.					87,187		1,757,690
Home Loan Servicing Solutions Ltd. (Cayman Islands)					70,000		1,591,100
WSFS Financial Corp.					22,500		1,657,575
							6,275,962
Trading Companies & Distributors—1.6%
CAI International, Inc.			*		75,600		1,663,956
H&E Equipment Services, Inc.			*		42,645		1,549,719
Textainer Group Holdings Ltd. (Bermuda)					38,700		1,494,594
							4,708,269
TOTAL COMMON STOCKS
(Cost $114,715,412)							143,465,072
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—22.0%
Aerospace & Defense—0.3%
L-3 Communications Corp.
1.500%		05/28/2017		$	200,000		200,415
United Technologies Corp.
0.727%		06/01/2015	#		545,000		547,463
							747,878
Auto Components—0.0%
Johnson Controls, Inc.
1.400%		11/02/2017			70,000		70,008
Automobiles—0.2%
Chrysler Group LLC/CG Co.-Issuer, Inc.
8.000%		06/15/2019			400,000		436,500
Banks—4.7%
ABN AMRO Bank NV (Netherlands)
1.028%		10/28/2016	#^		200,000		201,905
Banco Nacional de Costa Rica (Costa Rica)
4.875%		11/01/2018	^		200,000		205,500
Bank of America Corp.
3.700%		09/01/2015			425,000		439,501
Bank of America Corp. MTN
1.300%		03/22/2018	#		590,000		598,139
1.250%		01/11/2016			190,000		191,497
Bank of America Corp., Series 1
3.750%		07/12/2016			130,000		136,822
Banque Federative du Credit Mutuel SA (France)
1.078%		10/28/2016	#^		600,000		604,481
Barclays Bank plc (United Kingdom)
0.806%		02/17/2017	#		300,000		301,132
BB&T Corp. MTN
1.600%		08/15/2017			150,000		151,482
0.885%		02/01/2019	#		650,000		655,121
Citigroup, Inc.
4.450%		01/10/2017			225,000		242,473
1.924%		05/15/2018	#		325,000		337,897
1.025%		04/01/2016	#		540,000		543,662
Credit Agricole SA (France)
1.386%		04/15/2016	#^		440,000		445,422
1.026%		04/15/2019	#^		670,000		675,909

See accompanying notes to financial statements

182

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Discovery Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Discover Bank
2.000%		02/21/2018		$	650,000	$	654,443
Fifth Third Bank/Ohio, Bank Note
1.150%		11/18/2016			400,000		401,528
HBOS plc MTN (United Kingdom)
6.750%		05/21/2018	^		260,000		300,048
HSBC Bank plc (United Kingdom)
0.864%		05/15/2018	#^		360,000		363,658
Huntington National Bank (The)
1.375%		04/24/2017			250,000		250,835
0.654%		04/24/2017	#		250,000		250,348
Huntington National Bank (The), Bank Note
1.300%		11/20/2016			260,000		261,283
JPMorgan Chase & Co.
1.129%		01/25/2018	#		280,000		284,192
JPMorgan Chase & Co. MTN
1.875%		03/20/2015			105,000		106,094
1.350%		02/15/2017			640,000		642,685
1.100%		10/15/2015			250,000		251,119
KeyBank NA, Bank Note
4.950%		09/15/2015			200,000		209,865
KeyCorp MTN
3.750%		08/13/2015			230,000		237,992
Macquarie Bank Ltd. (Australia)
2.000%		08/15/2016	^		200,000		203,738
Manufacturers & Traders Trust Co., Bank Note
1.250%		01/30/2017			380,000		381,492
PNC Bank NA, Bank Note
1.150%		11/01/2016			250,000		251,431
Regions Financial Corp.
2.000%		05/15/2018			370,000		369,039
Royal Bank of Scotland Group plc (United Kingdom)
2.550%		09/18/2015			695,000		709,545
SunTrust Bank, Bank Note
1.350%		02/15/2017			670,000		673,328
US Bank NA, Bank Note
0.507%		10/14/2014	#		400,000		400,339
Wells Fargo & Co.
0.856%		04/23/2018	#		170,000		171,634
Wells Fargo Bank NA, Bank Note
4.800%		11/01/2014			545,000		553,399
							13,658,978
Beverages—0.3%
PepsiCo, Inc.
0.700%		08/13/2015			1,000,000		1,003,081
Biotechnology—0.4%
Amgen, Inc.
1.875%		11/15/2014			330,000		331,887
1.250%		05/22/2017			630,000		629,881
Gilead Sciences, Inc.
2.400%		12/01/2014			140,000		141,152
							1,102,920
Building Products—0.1%
Masco Corp.
4.800%		06/15/2015			165,000		170,835

Coupon Rate	Maturity Date			Face		Value
Capital Markets—1.3%
Bank of New York Mellon Corp. (The) MTN
1.200%	02/20/2015		$	100,000	$	100,519
E*TRADE Financial Corp.
6.000%	11/15/2017			190,000		198,550
Goldman Sachs Group, Inc. (The)
3.625%	02/07/2016			1,225,000		1,277,286
Macquarie Group Ltd. (Australia)
1.225%	01/31/2017	#^		670,000		671,276
Morgan Stanley
1.477%	02/25/2016	#		450,000		456,474
Morgan Stanley MTN
1.509%	04/25/2018	#		620,000		632,879
TD Ameritrade Holding Corp.
4.150%	12/01/2014			410,000		416,424
						3,753,408
Chemicals—0.2%
Ashland, Inc.
3.875%	04/15/2018			375,000		387,656
3.000%	03/15/2016			125,000		128,125
Ecolab, Inc.
2.375%	12/08/2014	†		110,000		110,963
						626,744
Commercial Services & Supplies—0.2%
Mobile Mini, Inc.
7.875%	12/01/2020			430,000		473,000
Communications Equipment—0.3%
Cisco Systems, Inc.
1.100%	03/03/2017			500,000		501,883
0.507%	03/03/2017	#		500,000		502,318
						1,004,201
Consumer Finance—2.2%
American Express Co.
0.818%	05/22/2018	#		590,000		594,977
American Express Credit Corp.
0.737%	07/29/2016	#		550,000		553,810
American Express Credit Corp. MTN
1.750%	06/12/2015			100,000		101,292
Caterpillar Financial Services Corp.
0.700%	11/06/2015			150,000		150,563
Caterpillar Financial Services Corp. MTN
1.000%	11/25/2016			130,000		130,618
1.000%	03/03/2017			540,000		540,614
Ford Motor Credit Co. LLC
3.875%	01/15/2015			470,000		478,484
1.474%	05/09/2016	#		280,000		284,257
Harley-Davidson Financial Services, Inc.
1.150%	09/15/2015	^		160,000		160,890
HSBC USA, Inc.
1.111%	09/24/2018	#		400,000		405,244
International Lease Finance Corp.
4.875%	04/01/2015			210,000		215,644
3.875%	04/15/2018			435,000		446,690
2.181%	06/15/2016	#		560,000		565,600
John Deere Capital Corp.
1.050%	10/11/2016			240,000		241,298
0.700%	09/04/2015			280,000		280,999
John Deere Capital Corp. MTN
1.125%	06/12/2017			460,000		461,308
1.050%	12/15/2016			270,000		271,148

See accompanying notes to financial statements

183

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Discovery Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
PACCAR Financial Corp. MTN
1.550%		09/29/2014		$	210,000	$	210,693
1.100%		06/06/2017			140,000		139,959
1.050%		06/05/2015			90,000		90,654
0.830%		12/06/2018	#		130,000		131,335
							6,456,077
Containers & Packaging—0.2%
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc. (Ireland)
3.211%		12/15/2019	#^		670,000		671,675
Diversified Financial Services—0.9%
General Electric Capital Corp. MTN
1.250%		05/15/2017			1,490,000		1,495,829
0.877%		07/12/2016	#		670,000		676,420
National Rural Utilities Cooperative Finance Corp.
1.100%		01/27/2017			360,000		361,641
1.000%		02/02/2015			200,000		200,842
							2,734,732
Diversified Telecommunication Services—0.9%
AT&T, Inc.
0.875%		02/13/2015			780,000		782,592
CC Holdings GS V LLC/Crown Castle GS III Corp.
2.381%		12/15/2017			130,000		132,495
Verizon Communications, Inc.
1.981%		09/14/2018	#		280,000		295,714
1.761%		09/15/2016	#		120,000		123,372
1.350%		06/09/2017			450,000		450,172
1.002%		06/17/2019	#		120,000		121,604
0.700%		11/02/2015			210,000		210,615
Windstream Corp.
7.875%		11/01/2017			340,000		393,125
							2,509,689
Electric Utilities—0.4%
Duke Energy Corp.
0.612%		04/03/2017	#		200,000		200,737
Georgia Power Co.
0.750%		08/10/2015			500,000		501,545
NextEra Energy Capital Holdings, Inc.
1.339%		09/01/2015			500,000		503,815
1.200%		06/01/2015			80,000		80,505
							1,286,602
Energy Equipment & Services—0.2%
Cameron International Corp.
1.400%		06/15/2017			160,000		160,639
1.150%		12/15/2016			300,000		300,221
Nabors Industries, Inc.
2.350%		09/15/2016			200,000		204,283
							665,143
Food & Staples Retailing—0.4%
CVS Caremark Corp.
1.200%		12/05/2016			130,000		130,872
Kroger Co. (The)
2.200%		01/15/2017			500,000		513,367
0.756%		10/17/2016	#		400,000		401,140

Coupon Rate	Maturity Date			Face		Value
Walgreen Co.
1.000%	03/13/2015		$	210,000	$	210,838
						1,256,217
Food Products—0.4%
ConAgra Foods, Inc.
1.350%	09/10/2015			70,000		70,538
1.300%	01/25/2016			110,000		110,957
General Mills, Inc.
0.875%	01/29/2016			90,000		90,430
Kellogg Co.
1.125%	05/15/2015			350,000		352,513
Kraft Foods Group, Inc.
1.625%	06/04/2015			150,000		151,578
Want Want China Finance Ltd. (Cayman Islands)
1.875%	05/14/2018	^		290,000		284,971
Wm. Wrigley Jr. Co.
2.000%	10/20/2017	^		100,000		101,548
1.400%	10/21/2016	^		100,000		100,750
						1,263,285
Health Care Equipment & Supplies—0.3%
CareFusion Corp.
1.450%	05/15/2017			670,000		669,969
Stryker Corp.
3.000%	01/15/2015			300,000		304,367
						974,336
Health Care Providers & Services—0.7%
Express Scripts Holding Co.
2.750%	11/21/2014			500,000		504,743
1.250%	06/02/2017			210,000		209,780
McKesson Corp.
1.292%	03/10/2017			200,000		200,661
UnitedHealth Group, Inc.
1.400%	10/15/2017			100,000		100,459
Ventas Realty LP
1.550%	09/26/2016			211,000		213,264
1.250%	04/17/2017			120,000		120,098
WellPoint, Inc.
2.375%	02/15/2017			465,000		478,436
1.250%	09/10/2015			190,000		191,507
						2,018,948
Hotels, Restaurants & Leisure—0.1%
McDonald’s Corp. MTN
0.750%	05/29/2015			190,000		190,850
Independent Power and Renewable Electricity Producers—0.2%
AES Corp.
3.229%	06/01/2019	#		430,000		434,300
TransAlta Corp. (Canada)
1.900%	06/03/2017			130,000		130,601
						564,901
Insurance—0.5%
American International Group, Inc.
2.375%	08/24/2015			150,000		152,738
Metropolitan Life Global Funding I
0.607%	04/10/2017	#^		690,000		691,991
Principal Life Global Funding II
1.000%	12/11/2015	^		230,000		231,305
Prudential Financial, Inc. MTN
1.004%	08/15/2018	#		300,000		300,674
						1,376,708

See accompanying notes to financial statements

184

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Discovery Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Internet & Catalog Retail—0.1%
Amazon.com, Inc.
0.650%		11/27/2015		$	400,000	$	400,784
Internet Software & Services—0.2%
eBay, Inc.
0.700%		07/15/2015			220,000		220,925
IAC/InterActiveCorp
4.875%		11/30/2018			150,000		157,125
Tencent Holdings Ltd. (Cayman Islands)
2.000%		05/02/2017	^		300,000		302,577
							680,627
IT Services—0.3%
Computer Sciences Corp.
2.500%		09/15/2015			100,000		101,818
Fidelity National Information Services, Inc.
2.000%		04/15/2018			150,000		149,538
1.450%		06/05/2017			70,000		69,967
International Business Machines Corp.
0.550%		02/06/2015			610,000		611,357
							932,680
Life Sciences Tools & Services—0.1%
Thermo Fisher Scientific, Inc.
1.300%		02/01/2017			180,000		180,379
Media—0.2%
DISH DBS Corp.
4.625%		07/15/2017			245,000		260,619
NBCUniversal Enterprise, Inc.
0.911%		04/15/2018	#^		240,000		242,896
							503,515
Metals & Mining—0.8%
ArcelorMittal (Luxembourg)
4.250%		08/05/2015			350,000		360,500
FMG Resources August 2006 Pty Ltd. (Australia)
6.000%		04/01/2017	^		280,000		289,975
Freeport-McMoRan Copper & Gold, Inc.
1.400%		02/13/2015			100,000		100,411
Glencore Finance Canada Ltd. (Canada)
2.700%		10/25/2017	^		800,000		821,820
Glencore Funding LLC
1.586%		01/15/2019	#^		600,000		603,552
							2,176,258
Multi-Utilities—0.2%
Dominion Resources, Inc.
1.250%		03/15/2017			540,000		542,484
Oil, Gas & Consumable Fuels—1.2%
CNOOC Nexen Finance 2014 ULC (Canada)
1.625%		04/30/2017			260,000		260,847
Devon Energy Corp.
1.200%		12/15/2016			300,000		301,091
Enterprise Products Operating LLC
1.250%		08/13/2015			100,000		100,732
Hess Corp.
1.300%		06/15/2017			180,000		180,434
Marathon Oil Corp.
0.900%		11/01/2015			220,000		220,845

Coupon Rate	Maturity Date				Face		Value
Murphy Oil Corp.
2.500%	12/01/2017			$	250,000	$	256,084
Petrobras International Finance Co. (Cayman Islands)
3.500%	02/06/2017				160,000		164,640
Phillips 66
1.950%	03/05/2015				230,000		232,340
Plains Exploration & Production Co.
6.500%	11/15/2020				260,000		291,525
Rockies Express Pipeline LLC
3.900%	04/15/2015		^		290,000		293,625
Sabine Pass LNG LP
7.500%	11/30/2016				370,000		410,700
Tesoro Corp.
4.250%	10/01/2017				260,000		273,000
WPX Energy, Inc.
5.250%	01/15/2017				355,000		379,850
							3,365,713
Pharmaceuticals—0.8%
AbbVie, Inc.
1.750%	11/06/2017				520,000		523,259
1.200%	11/06/2015				520,000		523,685
Actavis Funding SCS (Luxembourg)
1.300%	06/15/2017		^		300,000		299,642
Merck & Co., Inc.
0.586%	05/18/2018	#			470,000		472,096
Mylan, Inc.
1.800%	06/24/2016				80,000		81,172
1.350%	11/29/2016				150,000		150,339
Pfizer, Inc.
1.100%	05/15/2017				280,000		281,291
							2,331,484
Professional Services—0.0%
Equifax, Inc.
4.450%	12/01/2014				80,000		81,295
Real Estate Investment Trusts (REITs)—1.0%
ARC Properties Operating Partnership LP/Clark Acquisition LLC
2.000%	02/06/2017		^		600,000		601,822
Digital Realty Trust LP
4.500%	07/15/2015		†		550,000		565,796
Health Care REIT, Inc.
3.625%	03/15/2016				375,000		392,114
Healthcare Realty Trust, Inc.
6.500%	01/17/2017				265,000		298,121
Liberty Property LP
6.625%	10/01/2017				385,000		440,698
Simon Property Group LP
4.200%	02/01/2015				90,000		91,091
Vornado Realty LP
4.250%	04/01/2015				470,000		478,076
							2,867,718
Road & Rail—0.3%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
4.875%	11/15/2017		†		270,000		282,150
Penske Truck Leasing Co. LP/PTL Finance Corp.
3.125%	05/11/2015		^		300,000		306,592
2.500%	03/15/2016		^		230,000		236,521
2.500%	06/15/2019		^		110,000		110,329
							935,592

See accompanying notes to financial statements

185

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Discovery Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Semiconductors & Semiconductor Equipment—0.2%
Texas Instruments, Inc.
0.450%		08/03/2015		$	420,000	$	420,548
TSMC Global Ltd. (Virgin Islands, British)
1.625%		04/03/2018	^		200,000		197,445
							617,993
Software—0.1%
Autodesk, Inc.
1.950%		12/15/2017			150,000		151,697
Specialty Retail—0.1%
AutoZone, Inc.
1.300%		01/13/2017			220,000		220,674
Technology Hardware, Storage & Peripherals—0.3%
Hewlett-Packard Co.
1.167%		01/14/2019	#		580,000		585,265
Seagate HDD Cayman (Cayman Islands)
3.750%		11/15/2018	^		350,000		358,750
							944,015
Thrifts & Mortgage Finance—0.3%
Astoria Financial Corp.
5.000%		06/19/2017			240,000		260,907
BPCE SA MTN (France)
1.479%		04/25/2016	#		350,000		355,576
0.840%		06/23/2017	#		350,000		350,470
							966,953
Tobacco—0.0%
Reynolds American, Inc.
1.050%		10/30/2015			100,000		100,014
Trading Companies & Distributors—0.3%
Air Lease Corp.
4.500%		01/15/2016			600,000		629,625
GATX Corp.
1.250%		03/04/2017			100,000		99,721
							729,346
Wireless Telecommunication Services—0.1%
SBA Communications Corp.
5.625%		10/01/2019			150,000		159,563
TOTAL CORPORATE OBLIGATIONS
(Cost $63,193,458)							63,905,500
MORTGAGE-BACKED SECURITIES—3.5%
Commercial Mortgage-Backed Securities—0.9%
Hilton USA Trust, Series 2013-HLF, Class AFL
1.151%		11/05/2030	#^		610,000		611,142
Invitation Homes Trust, Series 2013-SFR1, Class A
1.400%		12/17/2030	#^		396,562		398,682
Invitation Homes Trust, Series 2014-SFR1, Class A
1.154%		06/17/2031	#^		1,270,000		1,274,869
National Credit Union Administration Guaranteed Notes, Series 2010-C1, Class A1
1.600%		10/29/2020			202,228		203,566
							2,488,259

Coupon Rate	Maturity Date			Face		Value
Non-Agency Mortgage-Backed Securities—1.6%
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR2, Class AD
1.550%	04/25/2043	#^	$	551,565	$	521,050
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR3, Class A3
1.550%	05/25/2043	#^		277,498		264,251
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2013-DN2, Class M1
1.602%	11/25/2023	#		450,024		454,983
GSAMP Trust, Series 2004-SEA2, Class M1
0.802%	03/25/2034	#		555,482		555,064
Sequoia Mortgage Trust, Series 2012-2, Class A2
3.500%	04/25/2042	#		340,878		348,510
Sequoia Mortgage Trust, Series 2013-1, Class 1A1
1.450%	02/25/2043	#		331,414		319,380
Sequoia Mortgage Trust, Series 2013-4, Class A3
1.550%	04/25/2043	#		407,622		377,869
Springleaf Mortgage Loan Trust, Series 2012-3A, Class A
1.570%	12/25/2059	#^		240,776		241,246
Springleaf Mortgage Loan Trust, Series 2013-1A, Class A
1.270%	06/25/2058	#^		472,394		471,885
Springleaf Mortgage Loan Trust, Series 2013-2A, Class A
1.780%	12/25/2065	#^		246,614		246,811
Thornburg Mortgage Securities Trust, Series 2004-1, Class II2A
1.634%	03/25/2044	#		719,997		714,645
WaMu Mortgage Pass Through Certificates, Series 2006-AR12, Class 1A1
2.383%	10/25/2036	#		80,727		71,030
						4,586,724
U.S. Government Agency Mortgage-Backed Securities—1.0%
Federal National Mortgage Association Connecticut Avenue Securities, Series 2013-C01, Class M1
2.152%	10/25/2023	#		639,434		656,578
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C01, Class M1
1.752%	01/25/2024	#		643,246		654,408
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C02, Class 1M1
1.102%	05/25/2024	#		572,174		572,978
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C02, Class 2M1
1.102%	05/25/2024	#		344,172		344,307
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 1A
0.602%	10/07/2020	#		445,856		448,360
National Credit Union Administration Guaranteed Notes, Series 2011-R6, Class 1A
0.532%	05/07/2020	#		377,581		377,981
						3,054,612
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $10,153,298)						10,129,595

See accompanying notes to financial statements

186

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Discovery Fund
Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—17.4%
U.S. Treasury Notes—17.4%
U.S. Treasury Note
1.000%		03/31/2017		$	340,000	$	342,072
0.875%		09/15/2016- 04/15/2017			13,070,000		13,144,448
0.750%		01/15/2017			3,240,000		3,245,696
0.625%		12/15/2016- 02/15/2017			11,760,000		11,752,932
0.500%		06/15/2016	‡‡		7,825,000		7,835,391
0.375%		04/30/2016			14,270,000		14,266,661
							50,587,200
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $50,522,476)							50,587,200
GOVERNMENT RELATED OBLIGATIONS—1.7%
U.S. Government Agencies—0.5%
Federal Home Loan Mortgage Corp., Series 1
1.000%		07/28/2017			1,300,000		1,301,389
National Credit Union Administration Guaranteed Notes, Series A2
1.400%		06/12/2015			180,000		182,032
							1,483,421
Non-U.S. Government Agencies—0.3%
IPIC GMTN Ltd. (Cayman Islands)
3.125%		11/15/2015	^		250,000		258,360
Korea Expressway Corp. (Korea, Republic of)
1.625%		04/28/2017	^		300,000		300,062
Petroleos Mexicanos (Mexico)
2.248%		07/18/2018	#		410,000		426,679
							985,101
Sovereign Debt—0.5%
Instituto de Credito Oficial (Spain)
1.125%		04/01/2016	^		710,000		712,566
Mexico Government International Bond (Mexico)
5.625%		01/15/2017			500,000		556,250
Panama Government International Bond (Panama)
7.250%		03/15/2015			23,000		24,092
							1,292,908
U.S. Municipal Bonds—0.4%
Florida Hurricane Catastrophe Fund Finance Corp. Revenue Bonds, Series A (Florida)
1.298%		07/01/2016			330,000		333,548
Missouri Higher Education Loan Authority, Series 2012-1, Class A1 (Missouri)
0.980%		01/26/2026	#		504,207		504,620
South Carolina State Public Service Authority, Series D (South Carolina)
1.026%		06/01/2015	#		260,000		260,655
							1,098,823
TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $4,819,787)							4,860,253

Coupon Rate	Maturity Date			Face		Value
ASSET-BACKED SECURITIES—3.9%
Automobiles—2.5%
Ally Master Owner Trust Series 2013-2, Class A
0.602%	04/15/2018	#	$	600,000	$	601,331
Ally Master Owner Trust Series 2013-1, Class A1
0.602%	02/15/2018	#		500,000		501,009
Capital Auto Receivables Asset Trust Series 2013-1, Class C
1.740%	10/22/2018			120,000		120,288
Capital Auto Receivables Asset Trust Series 2013-1, Class B
1.290%	04/20/2018			120,000		120,485
Chrysler Capital Auto Receivables Trust Series 2014-AA, Class A3
0.830%	09/17/2018	^		865,000		867,112
Enterprise Fleet Financing LLC Series 2012-1, Class A2
1.140%	11/20/2017	^		325,739		326,400
Hyundai Auto Lease Securitization Trust Series 2014-A, Class A3
0.750%	04/17/2017	^		1,870,000		1,872,840
Nissan Master Owner Trust Receivables Series 2013-A, Class A
0.452%	02/15/2018	#		1,250,000		1,251,076
Porsche Financial Auto Securitization Trust Series 2014-1, Class A3
0.670%	01/23/2018	^		1,590,000		1,593,218
						7,253,759
Credit Card—0.5%
Discover Card Execution Note Trust Series 2012-A1, Class A1
0.810%	08/15/2017			600,000		601,795
GE Capital Credit Card Master Note Trust Series 2012-1, Class A
1.030%	01/15/2018			750,000		752,318
						1,354,113
Other—0.6%
American Homes 4 Rent Series 2014-SFR1, Class A
1.250%	06/17/2031	#^		300,000		300,684
CenterPoint Energy Transition Bond Co. IV LLC Series 2012-1, Class A1
0.901%	04/15/2018			575,425		576,582
Colony American Homes Series 2014-1A, Class A
1.400%	05/17/2031	#^		309,049		311,310
Colony American Homes Single-Family Rental Pass-Through Certificates Series 2014-2A, Class A
1.100%	07/17/2031	#^		480,000		480,595
GreatAmerica Leasing Receivables Funding LLC Series 2013-1, Class C
1.830%	06/17/2019	^		100,000		100,397
MMAF Equipment Finance LLC Series 2011-AA, Class A3
1.270%	09/15/2015	^		93,853		93,941
						1,863,509

See accompanying notes to financial statements

187

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Discovery Fund
Coupon Rate	Maturity Date			Face		Value
ASSET-BACKED SECURITIES—(Continued)
Student Loan—0.3%
National Credit Union Administration Guaranteed Notes Series 2010-A1, Class A
0.501%		12/07/2020	#	$	649,681	$	650,369
Nelnet Student Loan Trust Series 2014-2A, Class A1
0.432%		06/25/2021	#^		306,222		306,486
							956,855
TOTAL ASSET-BACKED SECURITIES
(Cost $11,403,822)							11,428,236
				Shares		Value
WARRANTS—0.0%
Food Products—0.0%
Kulim Malaysia Berhad (Malaysia), Expires 02/27/2016, Strike MYR 3.85 (Cost $—)			*		60,350		17,291
MONEY MARKET FUNDS—9.0%
Institutional Money Market Funds—9.0%
Dreyfus Institutional Cash Advantage Fund, 0.06%			††¥		3,500,000		3,500,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%			¥		5,850,428		5,850,428
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%			††¥		1,974,319		1,974,319
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.06%			††¥		4,200,000		4,200,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.06%			††¥		3,500,000		3,500,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.07%			††¥		3,500,000		3,500,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.07%			††¥		3,500,000		3,500,000
TOTAL MONEY MARKET FUNDS
(Cost $26,024,747)							26,024,747
TOTAL INVESTMENTS—106.9%
(Cost $280,833,000)							310,417,894
Other assets less liabilities—(6.9%)							(20,001,229	)
NET ASSETS—100.0%						$	290,416,665

Notes to the Schedule of Investments:

ADR	American Depositary Receipt
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 $24,228,880, which represents 8.3% of Net Assets. The illiquid 144A securities represented 0.7% of Net Assets, and 8.6% of total 144A securities held.
†	Denotes all or a portion of the security on loan.
††	Represents reinvestment of collateral received in conjunction with securities lending.
‡	Security valued at fair value as determined by policies approved by the Board of Directors. (Total Market Value $2,094,360)
‡‡	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

188

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)

Vantagepoint International Fund		Shares		Value
COMMON STOCKS—97.2%
Australia—4.1%
AMP Ltd.			860,514	$	4,301,580
Beach Energy Ltd.			1,563,100		2,474,850
BHP Billiton Ltd.			80,000		2,728,373
Cochlear Ltd.			29,000		1,688,264
CSL Ltd.			127,700		8,016,115
Dexus Property Group REIT			3,417,400		3,576,725
Fortescue Metals Group Ltd.			465,900		1,924,236
GPT Group (The) REIT			1,026,000		3,715,734
Insurance Australia Group Ltd.			531,700		2,928,578
Investa Office Fund REIT			1,117,800		3,584,993
Oil Search Ltd.			127,300		1,161,546
QBE Insurance Group Ltd.			586,238		6,004,416
Stockland REIT			969,800		3,547,006
Suncorp Group Ltd.			198,100		2,529,712
Telstra Corp. Ltd.			464,900		2,283,946
Woodside Petroleum Ltd.			122,000		4,730,110
Woolworths Ltd.			226,900		7,534,560
					62,730,744
Austria—0.2%
OMV AG			42,800		1,933,489
Zumtobel AG			77,200		1,800,796
					3,734,285
Belgium—1.0%
AGFA-Gevaert NV	*		139,500		408,969
Anheuser-Busch InBev NV			92,307		10,606,106
Telenet Group Holding NV	*		37,332		2,127,618
UCB SA			33,921		2,869,790
					16,012,483
Brazil—1.2%
CCR SA			291,900		2,384,610
Cia Brasileira de Distribuicao (Preference) ADR			26,500		1,227,745
Cia Hering			62,900		631,420
Cielo SA			124,780		2,572,405
CPFL Energia SA ADR			120,400		2,191,280
EcoRodovias Infraestrutura e Logistica SA			241,700		1,647,432
Natura Cosmeticos SA			50,500		857,094
Petroleo Brasileiro SA			191,700		1,500,110
Petroleo Brasileiro SA ADR			23,600		369,104
Souza Cruz SA			104,100		1,079,870
Totvs SA			51,100		879,998
Vale SA ADR			18,700		247,401
Vale SA ADR			29,100		384,993
Vale SA (Preference) ADR			269,000		3,201,100
					19,174,562
Canada—2.8%
BCE, Inc.			135,400		6,141,568
Canadian Natural Resources Ltd.			65,000		2,986,692
Canfor Corp.	*		115,100		2,519,785
CI Financial Corp.			92,100		3,025,261
Genworth MI Canada, Inc.			78,400		2,792,732
Gluskin Sheff + Associates, Inc.			105,200		3,139,092
Husky Energy, Inc.			141,500		4,569,692

		Shares		Value
Stantec, Inc.		43,800	$	2,712,435
Suncor Energy, Inc.		206,400		8,801,087
Western Forest Products, Inc.		1,068,500		2,233,030
WestJet Airlines Ltd.		97,700		2,398,894
WSP Global, Inc.		71,300		2,525,118
				43,845,386
Chile—0.2%
Enersis SA ADR		162,400		2,736,440
China—2.6%
AAC Technologies Holdings, Inc.		222,000		1,444,789
Baidu, Inc. ADR	*	69,920		13,061,755
China Shenhua Energy Co. Ltd., H Shares	*	1,910,366		5,518,636
CNOOC Ltd.		3,775,000		6,786,190
ENN Energy Holdings Ltd.		166,000		1,191,998
Hengan International Group Co. Ltd.		287,500		3,027,542
Mindray Medical International Ltd. ADR		78,900		2,485,350
Mindray Medical International Ltd. ADR		5,200		163,800
Tencent Holdings Ltd.		379,300		5,770,309
				39,450,369
Denmark—1.7%
A.P. Moller-Maersk A/S, Class A		1,342		3,158,492
Chr Hansen Holding A/S		63,510		2,674,593
Coloplast A/S, Class B		53,647		4,854,257
ISS A/S	*	34,019		1,214,909
Novo Nordisk A/S, Class B		206,766		9,542,864
Rockwool International A/S, Class B		8,450		1,558,879
Vestas Wind Systems A/S	*	67,701		3,416,100
				26,420,094
Faroe Islands—0.2%
Bakkafrost P/F		134,700		2,623,469
Finland—0.5%
Huhtamaki Oyj		113,800		2,974,307
Kone Oyj, Class B	†	125,500		5,232,855
				8,207,162
France—7.5%
Air Liquide SA		43,230		5,841,620
Carrefour SA	†	33,636		1,240,301
Cie de Saint-Gobain		189,025		10,665,211
Danone SA	†	71,377		5,307,484
Essilor International SA		51,100		5,415,373
Etablissements Maurel et Prom	*	147,800		2,533,583
Eurazeo SA		42,200		3,511,624
L’Oreal SA	†	43,065		7,414,892
LVMH Moet Hennessy Louis Vuitton SA		25,575		4,935,178
Orange SA		692,462		10,956,355
Pernod Ricard SA	†	22,895		2,750,160
Plastic Omnium SA		95,600		2,998,585
Publicis Groupe SA		15,690		1,329,828
Rallye SA		58,400		3,186,276

See accompanying notes to financial statements

189

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint International Fund		Shares		Value
COMMON STOCKS—(Continued)
Sanofi			126,244	$	13,418,418
Schneider Electric SE			63,057		5,945,859
Technip SA	†		15,300		1,671,699
Total SA			241,347		17,461,382
Valeo SA			28,100		3,770,307
Zodiac Aerospace			143,520		4,859,214
					115,213,349
Germany—7.1%
adidas AG			46,900		4,742,349
BASF SE			28,185		3,278,581
Bayer AG (Registered)			100,167		14,130,880
Beiersdorf AG			40,215		3,886,575
Continental AG			17,535		4,054,281
Daimler AG (Registered)			94,737		8,849,818
Deutsche Post AG (Registered)			202,681		7,315,752
Deutsche Telekom AG (Registered)	†		743,741		13,044,481
Duerr AG			38,500		3,408,635
Krones AG			34,776		3,445,167
Linde AG			48,805		10,370,870
Merck KGaA			31,000		2,688,218
MTU Aero Engines AG			35,186		3,231,404
RWE AG			167,112		7,167,122
SAP AG			167,349		12,895,029
Siemens AG (Registered)			25,026		3,304,286
Volkswagen AG	†		15,563		4,013,831
					109,827,279
Hong Kong—4.3%
AIA Group Ltd.			2,932,400		14,734,178
ASM Pacific Technology Ltd.			105,500		1,152,888
Beijing Enterprises Holdings Ltd.			746,000		7,061,553
Belle International Holdings Ltd.	†		2,410,837		2,675,299
Cheung Kong Holdings Ltd.			190,000		3,370,914
China Mobile Ltd.			959,734		9,321,648
China Resources Land Ltd.			266,000		486,667
China Resources Power Holdings Co. Ltd.			1,190,000		3,383,759
Chow Tai Fook Jewellery Group Ltd.	†		1,218,000		1,861,776
CLP Holdings Ltd.			372,500		3,060,059
Galaxy Entertainment Group Ltd.			564,000		4,507,757
Hang Lung Properties Ltd.			1,566,000		4,829,282
Hong Kong & China Gas Co. Ltd.			2,698,182		5,906,454
Hongkong Land Holdings Ltd.			162,970		1,087,608
Hopewell Holdings Ltd.			331,000		1,153,199
SJM Holdings Ltd.			769,000		1,926,457
					66,519,498
India—0.7%
Axis Bank Ltd. GDR	†		49,263		1,557,692
ICICI Bank Ltd. ADR	*		25,000		1,247,500
Infosys Ltd. ADR			82,300		4,425,271
Larsen & Toubro Ltd. GDR			55,988		1,568,796

		Shares		Value
Tata Motors Ltd. ADR		54,100	$	2,113,146
				10,912,405
Indonesia—0.7%
Bank Mandiri Persero Tbk PT		1,907,800		1,562,558
Bank Rakyat Indonesia Persero Tbk PT		3,715,100		3,237,008
Bumitama Agri Ltd.		472,000		456,908
Global Mediacom Tbk PT		4,581,500		821,732
Perusahaan Gas Negara Persero Tbk PT		5,088,100		2,391,334
Semen Indonesia Persero Tbk PT		839,000		1,069,448
Telekomunikasi Indonesia Persero
Tbk PT ADR		28,900		1,203,974
				10,742,962
Ireland—0.9%
Beazley plc		620,100		2,683,556
Covidien plc		69,808		6,295,286
CRH plc (Dublin Exchange)		88,451		2,267,501
Smurfit Kappa Group plc		123,900		2,829,742
				14,076,085
Israel—1.2%
Delek Group Ltd.		10,669		4,413,229
Teva Pharmaceutical Industries Ltd. ADR		256,100		13,424,762
Teva Pharmaceutical Industries Ltd. ADR		6,000		314,520
				18,152,511
Italy—2.3%
ACEA SpA		240,538		3,525,702
Assicurazioni Generali SpA		147,100		3,221,565
Atlantia SpA		126,300		3,598,029
Eni SpA		488,178		13,351,509
Exor SpA	†	86,200		3,536,139
Industria Macchine Automatiche SpA		90,400		4,271,324
Recordati SpA		194,600		3,270,409
				34,774,677
Japan—17.0%
Aeon Mall Co. Ltd.		125,510		3,309,311
Aiful Corp.	*†	859,200		5,546,639
Aisin Seiki Co. Ltd.		59,900		2,384,378
Bridgestone Corp.		68,400		2,395,605
Canon, Inc.	†	364,300		11,906,052
Central Japan Railway Co.		23,800		3,397,408
Chugai Pharmaceutical Co. Ltd.		167,200		4,714,478
Daihatsu Motor Co. Ltd.		122,900		2,187,166
Daikin Industries Ltd.		93,600		5,907,355
Daito Trust Construction Co. Ltd.		83,100		9,771,651
Denso Corp.		97,100		4,638,524
FANUC Corp.		29,700		5,128,830
FUJIFILM Holdings Corp.		105,400		2,941,777
Honda Motor Co. Ltd.		236,000		8,235,165
IHI Corp.		1,211,000		5,644,981

See accompanying notes to financial statements

190

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint International Fund		Shares		Value
COMMON STOCKS—(Continued)
INPEX Corp.			392,000	$	5,963,183
JX Holdings, Inc.			203,700		1,090,045
Kao Corp.			322,900		12,717,013
KDDI Corp.			107,400		6,552,859
Keyence Corp.			13,892		6,074,801
Komatsu Ltd.			243,700		5,657,078
Komori Corp.			235,700		3,003,344
Kuroda Electric Co. Ltd.			179,800		2,774,266
Kyowa Exeo Corp.			189,200		2,696,789
Lintec Corp.			110,400		2,220,846
LIXIL Group Corp.			104,600		2,831,097
Medipal Holdings Corp.			204,900		2,905,034
Mitsubishi Corp.			108,300		2,254,202
MS&AD Insurance Group Holdings, Inc.			103,200		2,494,225
NGK Insulators Ltd.			292,000		6,628,630
Nippon Telegraph & Telephone Corp.			65,727		4,096,624
NKSJ Holdings, Inc.			98,600		2,656,789
NTT DOCOMO, Inc.			528,700		9,025,336
Olympus Corp.	*		179,700		6,182,822
Ono Pharmaceutical Co. Ltd.			29,500		2,591,849
Otsuka Holdings Co. Ltd.			106,700		3,308,781
Paltac Corp.			178,300		2,511,696
Seiko Epson Corp.			135,600		5,768,993
Seven & I Holdings Co. Ltd.			285,500		12,033,775
Shimamura Co. Ltd.			54,700		5,384,319
Shin-Etsu Chemical Co. Ltd.			91,300		5,551,793
Showa Corp.			191,400		2,331,835
SoftBank Corp.			22,955		1,710,675
T&D Holdings, Inc.			221,500		3,012,745
Takeda Pharmaceutical Co. Ltd.			252,500		11,719,219
Tokai Rika Co. Ltd.			119,200		2,394,593
Tokio Marine Holdings, Inc.			542,900		17,868,876
Tokyo Electron Ltd.			75,100		5,118,390
Tokyo Gas Co. Ltd.			415,000		2,424,144
Toyoda Gosei Co. Ltd.			124,200		2,581,752
Toyota Motor Corp.			117,000		7,005,096
Warabeya Nichiyo Co. Ltd.			135,500		2,742,196
					261,995,030
Kazakhstan—0.1%
KazMunaiGas Exploration Production JSC GDR			87,138		1,387,842
Korea, Republic of—2.5%
Dongbu Insurance Co. Ltd.			45,344		2,329,763
Hankook Tire Worldwide Co. Ltd.			172,940		3,836,106
Hanwha Corp.			152,100		3,884,237
Hyundai Marine & Fire Insurance Co. Ltd.			71,640		2,043,060
Hyundai Mobis			17,788		4,995,637
Hyundai Motor Co.			8,297		1,881,102
Korea Gas Corp.	*		28,190		1,539,749
LG Display Co. Ltd.	*		104,350		3,285,009
LG Electronics, Inc.			49,390		3,627,413
LG Household & Health Care Ltd.			2,000		900,309
NAVER Corp.			1,910		1,573,773
Orion Corp.			875		801,672
Samsung Electronics Co. Ltd.			3,217		4,201,240

		Shares		Value
Samsung Electronics Co. Ltd. GDR		1,400	$	903,768
SK Holdings Co. Ltd.		12,150		2,192,547
				37,995,385
Luxembourg—0.1%
Millicom International Cellular SA SDR		10,000		915,382
Tenaris SA ADR		23,100		1,089,165
				2,004,547
Macau—0.9%
MGM China Holdings Ltd.		735,200		2,549,766
Sands China Ltd.		1,064,400		8,033,758
Wynn Macau Ltd.		698,800		2,736,969
				13,320,493
Malaysia—0.5%
AMMB Holdings Bhd		1,425,500		3,161,502
Genting Malaysia Bhd		1,211,000		1,584,166
Guinness Anchor Bhd		164,700		673,792
Tenaga Nasional Bhd		159,900		607,463
Top Glove Corp. Bhd		632,400		900,058
				6,926,981
Mexico—1.2%
America Movil SAB de CV, Series L ADR		90,800		1,884,100
Coca-Cola Femsa SAB de CV ADR		8,700		988,494
Fibra Uno Administracion SA de CV REIT		1,225,600		4,276,634
Grupo Financiero Santander
Mexico SAB de CV, Class B ADR		140,400		1,864,512
Grupo Financiero Santander Mexico SAB de CV, Class B ADR		16,500		219,120
Grupo Televisa SAB ADR		190,319		6,529,845
Kimberly-Clark de Mexico SAB de CV, Class A		309,700		866,783
Wal-Mart de Mexico SAB de CV, Series V		383,600		1,026,008
				17,655,496
Netherlands—4.3%
Aegon NV		388,400		3,388,189
ASML Holding NV		74,601		6,957,391
Koninklijke Ahold NV		672,399		12,608,218
Reed Elsevier NV		428,174		9,832,263
Royal Dutch Shell plc, Class A		79,200		3,272,761
Royal Dutch Shell plc, Class A	†	365,057		15,073,234
Royal Dutch Shell plc, Class B		71,700		3,116,090
Unilever NV CVA		142,977		6,258,543
Wereldhave NV REIT		38,300		3,563,266
Ziggo NV		60,531		2,799,347
				66,869,302
New Zealand—0.4%
Air New Zealand Ltd.		1,791,900		3,262,699
Sky Network Television Ltd.		590,700		3,552,494
				6,815,193

See accompanying notes to financial statements

191

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint International Fund		Shares		Value
COMMON STOCKS—(Continued)
Norway—0.3%
Statoil ASA			98,400	$	3,024,703
TGS Nopec Geophysical Co. ASA			61,000		1,947,618
					4,972,321
Peru—0.1%
Credicorp Ltd.			13,456		2,092,004
Philippines—0.2%
Jollibee Foods Corp.			103,490		417,336
Philippine Long Distance Telephone Co. ADR			45,600		3,072,528
					3,489,864
Russia—0.3%
Gazprom OAO ADR	*		317,579		2,761,108
Sberbank of Russia ADR			168,721		1,715,893
Sberbank of Russia ADR			59,222		602,288
					5,079,289
Singapore—1.6%
Boustead Singapore Ltd.			1,316,900		1,990,499
DBS Group Holdings Ltd.			394,605		5,307,317
Singapore Telecommunications Ltd.			2,642,000		8,165,617
United Overseas Bank Ltd.			504,327		9,119,612
					24,583,045
South Africa—0.2%
Bidvest Group Ltd.			82,960		2,204,784
Shoprite Holdings Ltd.			39,900		578,126
Woolworths Holdings Ltd.			103,351		759,707
					3,542,617
Spain—2.5%
Gamesa Corp. Tecnologica SA	*		172,100		2,146,520
Grifols SA			32,149		1,756,620
Grifols SA ADR			21,605		951,700
Grifols SA, Class B			2,427		105,919
Iberdrola SA			1,941,486		14,851,474
Inditex SA			32,600		5,017,299
Telefonica SA			808,945		13,887,852
					38,717,384
Sweden—1.2%
Electrolux AB, Series B			57,028		1,439,198
Hennes & Mauritz AB, Class B			130,300		5,688,877
Hexpol AB			38,900		3,531,600
Investor AB, Class A			82,500		3,010,457
Svenska Cellulosa AB SCA, Class B			91,900		2,393,434
Volvo AB, Class B			154,453		2,126,296
					18,189,862
Switzerland—8.3%
ABB Ltd. (Registered)	*		596,573		13,727,347
Actelion Ltd. (Registered)	*		25,614		3,241,957
Ascom Holding AG (Registered)			147,617		2,503,620
Geberit AG (Registered)			10,099		3,542,666

			Shares		Value
Holcim Ltd. (Registered)		*	310	$	27,230
Lindt & Spruengli AG
(Participation Certificates)			655		3,333,599
Lonza Group AG (Registered)		*	21,715		2,361,475
Nestle SA (Registered)			347,146		26,899,286
Novartis AG (Registered)			229,737		20,804,612
Roche Holding AG (Genusschein)			44,011		13,113,381
SGS SA (Registered)			2,150		5,144,789
Swatch Group AG (The) (Bearer)			10,074		6,074,292
Swiss Life Holding AG (Registered)		*	15,755		3,734,593
Syngenta AG (Registered)			14,213		5,250,982
Temenos Group AG (Registered)		*	60,361		2,350,055
UBS AG (Registered)		*	169,875		3,114,576
Zurich Insurance Group AG		*	41,426		12,476,944
					127,701,404
Taiwan—1.0%
Asustek Computer, Inc.			135,000		1,508,752
Taiwan Mobile Co. Ltd.			777,000		2,404,461
Taiwan Semiconductor Manufacturing Co. Ltd.			1,057,000		4,472,744
Taiwan Semiconductor Manufacturing Co. Ltd. ADR			330,100		7,060,839
	��				15,446,796
Thailand—0.3%
BEC World PCL		‡	475,600		714,140
PTT Exploration & Production PCL		‡	183,200		945,585
PTT PCL		‡	334,900	$	3,283,768
					4,943,493
Turkey—0.3%
Tupras Turkiye Petrol Rafinerileri AS			122,736		2,863,464
Turk Telekomunikasyon AS			801,979		2,317,455
					5,180,919
United Arab Emirates—0.2%
Dragon Oil plc			235,400		2,471,830
United Kingdom—13.9%
3i Group plc			395,600		2,718,762
Babcock International Group plc			111,600		2,218,264
BG Group plc			274,400		5,790,218
BHP Billiton plc			106,000		3,445,955
BP plc			1,992,533		17,546,096
British American Tobacco plc			16,600		987,738
British Sky Broadcasting Group plc			205,500		3,178,132
BT Group plc			474,380		3,117,182
Centrica plc			949,266		5,072,522
Compass Group plc			323,000		5,615,820
Croda International plc			77,785		2,929,471
Diageo plc			8,474		269,889
EnQuest plc		*	981,000		2,369,531
GlaxoSmithKline plc			488,872		13,016,314

See accompanying notes to financial statements

192

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint International Fund		Shares		Value
COMMON STOCKS—(Continued)
Hammerson plc REIT			265,100	$	2,630,528
Home Retail Group plc			1,094,800		3,308,014
HSBC Holdings plc (London Exchange)			506,709		5,140,602
Imperial Tobacco Group plc			90,078		4,052,435
InterContinental Hotels Group plc			68,533		2,835,304
Johnson Matthey plc			75,358		3,995,893
Liberty Global plc, Series A	*†		58,666		2,594,211
Liberty Global plc, Series C	*		102,491		4,336,394
Lloyds Banking Group plc	*		2,687,000		3,415,376
Mondi plc			120,900		2,194,928
National Grid plc			935,160		13,463,322
Next plc			21,600		2,391,187
Pace plc			677,299		4,113,676
Prudential plc			112,598		2,579,784
Reckitt Benckiser Group plc			92,000		8,021,955
Rolls-Royce Holdings plc	*		583,647		10,663,662
Royal Mail plc	*		31,169		265,994
SABMiller plc			60,629		3,515,597
SABMiller plc			228,675		13,252,861
Saga plc	*		301,612		896,861
Schroders plc (Non-Voting Shares)			67,100		2,211,003
Smith & Nephew plc			227,427		4,024,999
Standard Chartered plc (Hong Kong Exchange)			41,154		837,128
Standard Chartered plc (London Exchange)			255,098		5,214,225
Tesco plc			2,697,752		13,111,576
Unilever plc			315,138		14,285,045
Vodafone Group plc			1,668,260		5,575,793
Whitbread plc			46,000		3,470,266
WPP plc			201,919		4,400,195
					215,074,708
United States—0.6%
Flextronics International Ltd.	*		219,100		2,425,437
Nielsen NV			19,442		941,187
Schlumberger Ltd.			21,620		2,550,079
Yum! Brands, Inc.			47,900		3,889,480
Yum! Brands, Inc.			1,500		121,800
					9,927,983
TOTAL COMMON STOCKS
(Cost $1,236,168,936)					1,501,537,548
PREFERRED STOCKS—0.6%
Germany—0.6%
Draegerwerk AG & Co. KGaA	†		16,123		1,732,910
Henkel AG & Co. KGaA			63,163		7,297,369
					9,030,279
United Kingdom—0.0%
Rolls-Royce Holdings plc	*‡		77,538,698		132,700
TOTAL PREFERRED STOCKS
(Cost $7,551,320)					9,162,979

		Shares		Value
MONEY MARKET FUNDS—3.9%
Institutional Money Market Funds—3.9%
Dreyfus Institutional Cash Advantage Fund, 0.06%	††¥	6,200,000	$	6,200,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%	¥	22,763,742		22,763,742
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%	††¥	6,947,452		6,947,452
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.06%	††¥	6,200,000		6,200,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.06%	††¥	6,200,000		6,200,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.07%	††¥	6,200,000		6,200,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.07%	††¥	6,200,000		6,200,000
TOTAL MONEY MARKET FUNDS
(Cost $60,711,194)				60,711,194
TOTAL INVESTMENTS—101.7%
(Cost $1,304,431,450)				1,571,411,721
Other assets less liabilities—(1.7%)				(26,675,581	)
NET ASSETS—100.0%			$	1,544,736,140

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
*	Non-income producing.
†	Denotes all or a portion of the security on loan.
‡	Security valued at fair value as determined by policies approved by the Board of Directors. (Total Market Value $5,076,193)
††	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

193

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint International Fund
Percentage of Portfolio by Industry:
COMMON STOCKS
Oil, Gas & Consumable Fuels	9.7%
Pharmaceuticals	8.3%
Insurance	5.8%
Diversified Telecommunication Services	4.4%
Food Products	4.1%
Food & Staples Retailing	3.4%
Chemicals	3.2%
Banks	3.0%
Machinery	2.9%
Media	2.6%
Wireless Telecommunication Services	2.6%
Hotels, Restaurants & Leisure	2.4%
Automobiles	2.2%
Beverages	2.1%
Health Care Equipment & Supplies	2.1%
Auto Components	2.1%
Multi-Utilities	1.9%
Semiconductors & Semiconductor Equipment	1.9%
Electrical Equipment	1.8%
Personal Products	1.8%
Building Products	1.6%
Real Estate Investment Trusts (REITs)	1.6%
Electric Utilities	1.5%
Real Estate Management & Development	1.5%
Specialty Retail	1.4%
Internet Software & Services	1.3%
Aerospace & Defense	1.2%
Technology Hardware, Storage & Peripherals	1.2%
Textiles, Apparel & Luxury Goods	1.0%
Software	1.0%
Electronic Equipment, Instruments & Components	1.0%
Industrial Conglomerates	1.0%
Biotechnology	0.9%
Diversified Financial Services	0.9%
Capital Markets	0.9%
Gas Utilities	0.9%
Metals & Mining	0.8%
Household Products	0.8%
Professional Services	0.6%
Energy Equipment & Services	0.6%
Paper & Forest Products	0.5%
Transportation Infrastructure	0.5%
Air Freight & Logistics	0.5%
IT Services	0.5%
Containers & Packaging	0.4%
Airlines	0.4%
Consumer Finance	0.4%
Communications Equipment	0.4%
Tobacco	0.4%
Construction & Engineering	0.4%
Trading Companies & Distributors	0.3%
Household Durables	0.3%
Marine	0.2%
Road & Rail	0.2%
Life Sciences Tools & Services	0.2%
Health Care Providers & Services	0.2%
Independent Power and Renewable Electricity
Producers	0.2%
Construction Materials	0.2%

Commercial Services & Supplies	0.2%
Multiline Retail	0.2%
Internet & Catalog Retail	0.2%
Distributors	0.2%
Thrifts & Mortgage Finance	0.2%
Health Care Technology	0.0%
TOTAL COMMON STOCKS	97.2%
PREFERRED STOCKS
Household Products	0.5%
Health Care Equipment & Supplies	0.1%
Aerospace & Defense	0.0%
TOTAL PREFERRED STOCKS	0.6%
MONEY MARKET FUNDS
Institutional Money Market Funds	3.9%
TOTAL INVESTMENTS	101.7%
Other assets less liabilities	(1 .7)%
TOTAL NET ASSETS	100.0%

See accompanying notes to financial statements

194

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)

Vantagepoint Diversifying Strategies Fund	Shares		Value
COMMON STOCKS—4.9%
Real Estate Investment Trusts (REITs)—4.9%
Acadia Realty Trust REIT		6,000	$	168,540
Alexandria Real Estate Equities, Inc. REIT		7,554		586,493
American Campus Communities, Inc. REIT		11,200		428,288
American Homes 4 Rent, Class A REIT		4,800		85,248
Apartment Investment & Management Co., Class A REIT		15,300		493,731
Ashford Hospitality Prime, Inc. REIT		2,200		37,752
Ashford Hospitality Trust, Inc. REIT		7,900		91,166
Associated Estates Realty Corp. REIT		5,900		106,318
AvalonBay Communities, Inc. REIT		12,836		1,825,151
BioMed Realty Trust, Inc. REIT		19,500		425,685
BioMed Realty Trust, Inc. REIT		700		15,281
Boston Properties, Inc. REIT		16,167		1,910,616
Brandywine Realty Trust REIT		16,600		258,960
Brixmor Property Group, Inc. REIT		4,300		98,685
Camden Property Trust REIT		8,954		637,077
CBL & Associates Properties, Inc. REIT		18,253		346,807
Cedar Realty Trust, Inc. REIT		7,000		43,750
Columbia Property Trust, Inc. REIT		13,400		348,534
CommonWealth REIT REIT		11,700		307,944
Corporate Office Properties Trust REIT		9,200		255,852
Cousins Properties, Inc. REIT		19,400		241,530
CubeSmart REIT		14,100		258,312
DCT Industrial Trust, Inc. REIT		34,500		283,245
DDR Corp. REIT		30,600		539,478
DiamondRock Hospitality Co. REIT		20,600		264,092
Digital Realty Trust, Inc. REIT		14,250		831,060
Douglas Emmett, Inc. REIT		13,900		392,258
Duke Realty Corp. REIT		34,590		628,154
DuPont Fabros Technology, Inc. REIT		6,700		180,632
EastGroup Properties, Inc. REIT		3,300		211,959
Education Realty Trust, Inc. REIT		11,800		126,732
Equity Lifestyle Properties, Inc. REIT		8,300		366,528
Equity One, Inc. REIT		6,500		153,335
Equity Residential REIT		35,400		2,230,200
Essex Property Trust, Inc. REIT		6,636		1,227,063
Extra Space Storage, Inc. REIT		11,549		614,984
Federal Realty Investment Trust REIT		7,100		858,532
FelCor Lodging Trust, Inc. REIT		11,400		119,814
First Industrial Realty Trust, Inc. REIT		10,300		194,052
First Potomac Realty Trust REIT		6,100		80,032
Franklin Street Properties Corp. REIT		9,000		113,220
General Growth Properties, Inc. REIT		54,800		1,291,088
Glimcher Realty Trust REIT		15,000		162,450
HCP, Inc. REIT		48,300		1,998,654
Health Care REIT, Inc. REIT		32,127		2,013,399
Healthcare Realty Trust, Inc. REIT		10,100		256,742
Hersha Hospitality Trust REIT		19,900		133,529
Highwoods Properties, Inc. REIT		9,638		404,314
Home Properties, Inc. REIT		6,100		390,156
Hospitality Properties Trust REIT		15,700		477,280
Host Hotels & Resorts, Inc. REIT		79,774		1,755,826
Inland Real Estate Corp. REIT		8,600		91,418
Kilroy Realty Corp. REIT		8,600		535,608
Kimco Realty Corp. REIT		43,150		991,587

		Shares		Value
Kite Realty Group Trust REIT		13,500	$	82,890
LaSalle Hotel Properties REIT		10,953		386,531
Liberty Property Trust REIT		15,573		590,684
LTC Properties, Inc. REIT		3,600		140,544
Macerich Co. (The) REIT		14,800		987,900
Mack-Cali Realty Corp. REIT		9,300		199,764
Mid-America Apartment Communities, Inc. REIT		7,864		574,465
Parkway Properties, Inc. REIT		7,500		154,875
Pebblebrook Hotel Trust REIT		6,700		247,632
Pennsylvania Real Estate Investment Trust REIT		7,100		133,622
Piedmont Office Realty Trust, Inc., Class A REIT		16,200		306,828
Post Properties, Inc. REIT		5,840		312,206
Prologis, Inc. REIT		52,700		2,165,443
PS Business Parks, Inc. REIT		2,100		175,329
Public Storage REIT		15,263		2,615,315
Ramco-Gershenson Properties Trust REIT		7,200		119,664
Regency Centers Corp. REIT		9,692		539,651
Rouse Properties, Inc. REIT		3,600		61,596
Saul Centers, Inc. REIT		1,300		63,180
Senior Housing Properties Trust REIT		21,600		524,664
Silver Bay Realty Trust Corp. REIT		3,800		62,016
Simon Property Group, Inc. REIT		32,765		5,448,164
SL Green Realty Corp. REIT		10,025		1,096,835
Sovran Self Storage, Inc. REIT		3,500		270,375
Strategic Hotels & Resorts, Inc. REIT	*	25,400		297,434
Sun Communities, Inc. REIT		4,000		199,360
Sunstone Hotel Investors, Inc. REIT		19,300		288,149
Tanger Factory Outlet Centers, Inc. REIT		10,236		357,953
Taubman Centers, Inc. REIT		6,651		504,212
UDR, Inc. REIT		26,400		755,832
Universal Health Realty Income Trust REIT		1,300		56,524
Ventas, Inc. REIT		31,000		1,987,100
Vornado Realty Trust REIT		18,417		1,965,647
Washington Prime Group, Inc. REIT	*	16,683		312,630
Washington Real Estate Investment Trust REIT		6,900		179,262
Weingarten Realty Investors REIT		12,000		394,080
TOTAL COMMON STOCKS
(Cost $51,985,145)				53,447,497
CONVERTIBLE PREFERRED STOCKS—1.8%
Diversified Telecommunication Services—0.2%
Iridium Communications, Inc., Perpetual 7.000%	*^	16,500		1,833,562
Iridium Communications, Inc., Perpetual, Series B 6.750%	*	3,280		1,082,859
				2,916,421
Health Care Providers & Services—0.1%
Amsurg Corp., Series A-1 5.250%	*	11,600		1,168,120
Oil, Gas & Consumable Fuels—1.2%
Chesapeake Energy Corp., Perpetual 5.750%	*^	2,776		3,560,220

See accompanying notes to financial statements

195

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Diversifying Strategies Fund				Shares		Value
CONVERTIBLE PREFERRED STOCKS—(Continued)
Goodrich Petroleum Corp., Perpetual, Series B 5.375%			*		48,200	$	2,588,340
Halcon Resources Corp., Perpetual, Series A 5.750%			*		2,100		2,548,350
Penn Virginia Corp., Perpetual, Series B 6.000%			*^		16,152		1,931,941
SandRidge Energy, Inc., Perpetual
7.000%			*		7,200		797,850
SandRidge Energy, Inc., Perpetual
8.500%			*		10,600		1,197,800
							12,624,501
Real Estate Investment Trusts (REITs)—0.3%
Crown Castle International Corp., Series A 4.500%					30,775		3,136,588
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $16,568,125)							19,845,630
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—30.9%
Aerospace & Defense—0.1%
L-3 Communications Corp.
1.500%		05/28/2017		$	830,000		831,724
TransDigm, Inc.
6.500%		07/15/2024	^		400,000		417,000
							1,248,724
Auto Components—0.0%
Johnson Controls, Inc.
1.400%		11/02/2017			300,000		300,034
Automobiles—0.9%
Chrysler Group LLC/CG Co.-Issuer, Inc.
8.000%		06/15/2019	§		1,310,000		1,429,537
Daimler Finance North America LLC
1.250%		01/11/2016	^		740,000		746,732
0.905%		08/01/2016	#^		580,000		585,591
Hyundai Capital America
2.125%		10/02/2017	^		465,000		472,445
1.625%		10/02/2015	^		1,010,000		1,019,462
1.450%		02/06/2017	^		1,340,000		1,345,901
Nissan Motor Acceptance Corp.
1.000%		03/15/2016	^		1,920,000		1,925,196
Volkswagen Group of America Finance LLC
1.250%		05/23/2017	^		2,360,000		2,363,335
							9,888,199
Banks—8.6%
ABN AMRO Bank NV (Netherlands)
1.028%		10/28/2016	#^		2,580,000		2,604,574
ANZ New Zealand Int’l Ltd. (New Zealand)
1.400%		04/27/2017	^		370,000		370,961
1.125%		03/24/2016	^		1,220,000		1,227,427
0.748%		04/27/2017	#^		440,000		441,286
Australia & New Zealand Banking Group Ltd. (Australia)
0.784%		05/15/2018	#§		2,570,000		2,588,262

Coupon Rate	Maturity Date			Face		Value
Banco do Nordeste do Brasil SA (Brazil)
3.625%	11/09/2015	^	$	1,320,000	$	1,359,600
Banco Santander Chile (Chile)
1.126%	04/11/2017	#^		900,000		900,612
Bancolombia SA (Colombia)
4.250%	01/12/2016	§		300,000		314,625
Bank of America Corp.
4.500%	04/01/2015			600,000		618,012
3.700%	09/01/2015			1,370,000		1,416,744
1.500%	10/09/2015			360,000		363,429
Bank of America Corp. MTN
1.300%	03/22/2018	#§		1,700,000		1,723,450
1.250%	01/11/2016	§		570,000		574,492
1.050%	03/22/2016	#		840,000		846,617
Bank of America Corp., Series 1
3.750%	07/12/2016	§		385,000		405,203
Bank of Ireland MTN (Ireland)
2.750%	06/05/2016	EUR		1,000,000		1,398,518
Bank of Montreal MTN (Canada)
0.829%	04/09/2018	#§		850,000		856,487
Bank of Tokyo-Mitsubishi UFJ Ltd. (The) (Japan)
1.200%	03/10/2017	^		600,000		599,747
0.677%	02/26/2016	#^		1,000,000		1,002,772
0.640%	03/10/2017	#^		490,000		490,201
Banque Federative du Credit Mutuel SA (France)
1.078%	10/28/2016	#^		2,730,000		2,750,390
Barclays Bank plc (United Kingdom)
3.900%	04/07/2015	§		925,000		949,600
0.806%	02/17/2017	#§		1,830,000		1,836,905
BB&T Corp. MTN
1.600%	08/15/2017	§		480,000		484,744
0.885%	02/01/2019	#§		1,940,000		1,955,283
BBVA Banco Continental SA (Peru)
2.250%	07/29/2016	^		770,000		779,625
BNP Paribas SA (France)
0.820%	12/12/2016	#§		2,860,000		2,870,814
BNP Paribas SA MTN (France)
3.600%	02/23/2016	§		930,000		971,296
Capital One Bank USA NA, Bank Note
1.150%	11/21/2016			570,000		572,565
CBQ Finance Ltd. (Bermuda)
5.000%	11/18/2014	^		750,000		761,250
Citigroup, Inc.
4.450%	01/10/2017	§		675,000		727,418
1.924%	05/15/2018	#§		1,100,000		1,143,653
1.025%	04/01/2016	#§		2,420,000		2,436,410
0.501%	06/09/2016	#		1,030,000		1,021,121
Credit Agricole SA (France)
1.386%	04/15/2016	#^		1,350,000		1,366,637
1.082%	10/03/2016	#^		1,420,000		1,428,698
1.026%	04/15/2019	#^		2,300,000		2,320,284
Discover Bank
2.000%	02/21/2018	§		1,980,000		1,993,533
Fifth Third Bank/Ohio, Bank Note
1.150%	11/18/2016	§		1,100,000		1,104,203
0.736%	11/18/2016	#		300,000		301,410
HBOS plc MTN (United Kingdom)
6.750%	05/21/2018	^		1,070,000		1,234,812
HSBC Bank plc (United Kingdom)
0.864%	05/15/2018	#^		2,500,000		2,525,402
Huntington National Bank (The)
1.350%	08/02/2016			400,000		403,008
Huntington National Bank (The), Bank Note
1.300%	11/20/2016			1,100,000		1,105,431

See accompanying notes to financial statements

196

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
JPMorgan Chase & Co.
5.250%		05/01/2015	§	$	1,335,000	$	1,386,997
1.129%		01/25/2018	#		1,300,000		1,319,464
0.744%		02/15/2017	#		880,000		883,773
JPMorgan Chase & Co. MTN
1.350%		02/15/2017			510,000		512,140
1.100%		10/15/2015			780,000		783,491
0.847%		02/26/2016	#		870,000		875,278
KeyBank NA
0.717%		11/25/2016	#		380,000		382,037
KeyBank NA, Bank Note
4.950%		09/15/2015			600,000		629,595
1.100%		11/25/2016			610,000		612,655
KeyCorp MTN
3.750%		08/13/2015			630,000		651,892
Lloyds Bank plc (United Kingdom)
2.300%		11/27/2018			420,000		426,877
Macquarie Bank Ltd. (Australia)
3.450%		07/27/2015	^		1,210,000		1,245,249
2.000%		08/15/2016	^		4,000,000		4,074,756
Manufacturers & Traders Trust Co., Bank Note
1.250%		01/30/2017			680,000		682,670
0.531%		03/07/2016	#		800,000		799,050
Mizuho Bank Ltd. (Japan)
1.300%		04/16/2017	^		810,000		811,324
National Australia Bank Ltd. (Australia)
1.300%		06/30/2017	^		2,700,000		2,706,785
Nordea Bank AB (Sweden)
0.875%		05/13/2016	^		1,850,000		1,855,315
PNC Bank NA, Bank Note
1.150%		11/01/2016			750,000		754,294
Regions Financial Corp.
2.000%		05/15/2018			1,150,000		1,147,012
Royal Bank of Scotland Group plc (United Kingdom)
2.550%		09/18/2015	§		2,400,000		2,450,227
1.174%		03/31/2017	#§		2,190,000		2,202,133
Societe Generale SA (France)
1.315%		10/01/2018	#§		2,590,000		2,600,085
Sumitomo Mitsui Banking Corp. (Japan)
0.900%		01/18/2016			1,070,000		1,071,771
0.898%		07/19/2016	#		450,000		453,436
SunTrust Bank
0.517%		08/24/2015	#		450,000		449,591
SunTrust Bank, Bank Note
1.350%		02/15/2017			1,200,000		1,205,960
0.664%		02/15/2017	#		430,000		430,169
Wells Fargo & Co.
1.154%		06/26/2015	#		1,000,000		1,009,017
0.856%		04/23/2018	#		1,040,000		1,049,995
Wells Fargo & Co. MTN
1.150%		06/02/2017	§		1,770,000		1,768,149
Westpac Banking Corp. (Australia)
1.200%		05/19/2017	§		1,850,000		1,852,786
							92,231,484
Beverages—0.6%
Anheuser-Busch InBev Finance, Inc.
0.800%		01/15/2016	§		1,700,000		1,707,808
Coca-Cola Co. (The)
0.325%		11/01/2016	#		840,000		841,270

Coupon Rate	Maturity Date			Face		Value
PepsiCo, Inc.
0.700%	08/13/2015		$	1,810,000	$	1,815,577
0.437%	02/26/2016	#		980,000		981,404
SABMiller Holdings, Inc.
2.450%	01/15/2017	^		810,000		835,214
0.915%	08/01/2018	#^		550,000		553,656
						6,734,929
Biotechnology—0.3%
Amgen, Inc.
1.875%	11/15/2014			500,000		502,859
1.250%	05/22/2017	§		2,660,000		2,659,497
						3,162,356
Capital Markets—1.8%
Bank of New York Mellon Corp. (The) MTN
0.785%	08/01/2018	#		980,000		986,903
Credit Suisse MTN (Switzerland)
1.375%	05/26/2017	§		1,560,000		1,566,123
Deutsche Bank AG (Germany)
0.834%	02/13/2017	#		250,000		251,325
E*TRADE Financial Corp.
6.000%	11/15/2017	§		585,000		611,325
Goldman Sachs Group, Inc. (The)
5.625%	01/15/2017			1,000,000		1,101,196
3.625%	02/07/2016	§		1,575,000		1,642,226
Goldman Sachs Group, Inc. (The) MTN
1.324%	11/15/2018	#§		3,630,000		3,683,477
Hutchison Whampoa International 12 II Ltd. (Cayman Islands)
2.000%	11/08/2017	^		530,000		536,078
Macquarie Group Ltd. (Australia)
1.225%	01/31/2017	#^		2,080,000		2,083,960
Morgan Stanley
1.477%	02/25/2016	#		1,990,000		2,018,628
Morgan Stanley MTN
1.509%	04/25/2018	#§		3,090,000		3,154,188
Nomura Holdings, Inc. MTN (Japan)
1.680%	09/13/2016	#§		1,510,000		1,535,862
TD Ameritrade Holding Corp.
4.150%	12/01/2014			760,000		771,908
						19,943,199
Chemicals—0.2%
Ashland, Inc.
3.875%	04/15/2018			940,000		971,725
3.000%	03/15/2016			125,000		128,125
Ecolab, Inc.
2.375%	12/08/2014			270,000		272,363
1.000%	08/09/2015			230,000		231,188
Ineos Finance plc (United Kingdom)
8.375%	02/15/2019	^		325,000		356,281
						1,959,682
Commercial Services & Supplies—0.2%
Aramark Services, Inc.
5.750%	03/15/2020	§		720,000		765,000
Covanta Holding Corp.
5.875%	03/01/2024			200,000		207,750
Mobile Mini, Inc.
7.875%	12/01/2020	§		780,000		858,000
						1,830,750

See accompanying notes to financial statements

197

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Communications Equipment—0.2%
Cisco Systems, Inc.
1.100%		03/03/2017		$	1,420,000	$	1,425,346
0.727%		03/01/2019	#		400,000		403,031
0.507%		03/03/2017	#		900,000		904,173
							2,732,550
Consumer Finance—3.0%
American Express Centurion Bank
0.674%		11/13/2015	#		890,000		894,243
American Express Co.
0.818%		05/22/2018	#§		1,770,000		1,784,930
American Express Credit Corp.
0.737%		07/29/2016	#		1,600,000		1,611,085
American Express Credit Corp. MTN
1.750%		06/12/2015			190,000		192,455
1.125%		06/05/2017			580,000		579,806
American Honda Finance Corp.
1.125%		10/07/2016	§		700,000		704,509
Capital One Financial Corp.
6.150%		09/01/2016			770,000		852,569
2.125%		07/15/2014			790,000		790,532
Caterpillar Financial Services Corp. MTN
1.000%		11/25/2016			200,000		200,950
1.000%		03/03/2017			960,000		961,092
0.467%		02/26/2016	#		800,000		801,842
0.457%		03/03/2017	#		550,000		550,953
Ford Motor Credit Co. LLC
3.875%		01/15/2015			1,860,000		1,893,575
3.000%		06/12/2017	§		1,275,000		1,331,082
1.474%		05/09/2016	#		410,000		416,233
Ford Motor Credit Co. LLC, Series 1
1.060%		03/12/2019	#		410,000		412,731
General Motors Financial Co., Inc.
4.750%		08/15/2017	§		1,130,000		1,204,862
2.750%		05/15/2016			620,000		630,463
Harley-Davidson Financial Services, Inc.
1.150%		09/15/2015	^		915,000		920,091
HSBC USA, Inc.
1.111%		09/24/2018	#§		1,750,000		1,772,941
International Lease Finance Corp.
6.500%		09/01/2014	^		600,000		605,250
3.875%		04/15/2018	§		1,820,000		1,868,912
John Deere Capital Corp.
1.050%		10/11/2016			720,000		723,895
0.518%		10/11/2016	#		360,000		361,426
John Deere Capital Corp. MTN
1.400%		03/15/2017			433,000		439,033
1.125%		06/12/2017			1,440,000		1,444,095
1.050%		12/15/2016	§		2,720,000		2,731,560
PACCAR Financial Corp. MTN
1.100%		06/06/2017			570,000		569,835
0.830%		12/06/2018	#		560,000		565,748
0.750%		05/16/2016			380,000		381,134
0.700%		11/16/2015			910,000		913,614
Toyota Motor Credit Corp. MTN
1.125%		05/16/2017	§		2,780,000		2,786,925
							31,898,371
Containers & Packaging—0.3%
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc. (Ireland)
3.211%		12/15/2019	#^		2,680,000		2,686,700

Coupon Rate	Maturity Date			Face		Value
Bemis Co., Inc.
5.650%	08/01/2014		$	290,000	$	291,296
						2,977,996
Diversified Financial Services—0.5%
ERAC USA Finance LLC
1.400%	04/15/2016	^		260,000		262,115
General Electric Capital Corp. MTN
1.250%	05/15/2017	§		2,285,000		2,293,939
0.877%	07/12/2016	#§		2,100,000		2,120,124
National Rural Utilities Cooperative Finance Corp.
1.000%	02/02/2015			470,000		471,979
						5,148,157
Diversified Telecommunication Services—1.0%
AT&T, Inc.
0.875%	02/13/2015			2,690,000		2,698,942
British Telecommunications plc (United Kingdom)
1.625%	06/28/2016			430,000		436,136
1.250%	02/14/2017			200,000		200,308
CC Holdings GS V LLC/Crown Castle GS III Corp.
2.381%	12/15/2017			430,000		438,253
Frontier Communications Corp.
8.500%	04/15/2020			780,000		924,300
Verizon Communications, Inc.
1.761%	09/15/2016	#		900,000		925,292
1.350%	06/09/2017			1,870,000		1,870,716
1.002%	06/17/2019	#		540,000		547,217
0.430%	03/06/2015	#^		1,500,000		1,500,880
Windstream Corp.
7.875%	11/01/2017			990,000		1,144,687
						10,686,731
Electric Utilities—0.9%
Duke Energy Corp.
3.950%	09/15/2014			290,000		292,109
0.612%	04/03/2017	#		620,000		622,285
Electricite de France SA (France)
1.150%	01/20/2017	^		620,000		620,519
0.688%	01/20/2017	#^		350,000		351,641
Georgia Power Co.
0.551%	03/15/2016	#		470,000		469,844
NextEra Energy Capital Holdings, Inc.
2.600%	09/01/2015	§		2,000,000		2,043,974
1.339%	09/01/2015			2,040,000		2,055,565
1.200%	06/01/2015			130,000		130,821
NSTAR Electric Co.
0.466%	05/17/2016	#		720,000		719,428
Southern California Edison Co., Series 14-B
1.125%	05/01/2017			1,100,000		1,102,395
Xcel Energy, Inc.
0.750%	05/09/2016			860,000		861,273
						9,269,854
Electrical Equipment—0.1%
Eaton Corp.
0.950%	11/02/2015			630,000		632,986
Energy Equipment & Services—0.3%
Cameron International Corp.
1.400%	06/15/2017			620,000		622,478
Nabors Industries, Inc.
2.350%	09/15/2016			1,550,000		1,583,193
National Oilwell Varco, Inc.
1.350%	12/01/2017			930,000		931,031
						3,136,702

See accompanying notes to financial statements

198

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Food & Staples Retailing—0.3%
CVS Caremark Corp.
1.200%		12/05/2016		$	390,000	$	392,617
Kroger Co. (The)
2.200%		01/15/2017			750,000		770,050
0.756%		10/17/2016	#		1,700,000		1,704,847
Walgreen Co.
1.000%		03/13/2015			350,000		351,396
							3,218,910
Food Products—0.7%
Campbell Soup Co.
0.525%		08/01/2014	#		560,000		560,173
ConAgra Foods, Inc.
1.350%		09/10/2015			220,000		221,691
1.300%		01/25/2016	§		510,000		514,436
General Mills, Inc.
0.527%		01/29/2016	#		240,000		240,708
0.428%		01/28/2016	#		570,000		570,582
HJ Heinz Co.
4.250%		10/15/2020	§		1,200,000		1,209,000
Ingredion, Inc.
3.200%		11/01/2015			350,000		360,812
Kellogg Co.
1.125%		05/15/2015	§		1,100,000		1,107,897
Kraft Foods Group, Inc.
1.625%		06/04/2015			500,000		505,262
Unilever Capital Corp.
0.450%		07/30/2015			680,000		681,615
Want Want China Finance Ltd. (Virgin Islands, British)
1.875%		05/14/2018	^		850,000		835,260
Wm. Wrigley Jr. Co.
2.000%		10/20/2017	^		300,000		304,645
1.400%		10/21/2016	^		300,000		302,248
							7,414,329
Gas Utilities—0.1%
AmeriGas Partners LP/AmeriGas Finance Corp.
6.250%		08/20/2019			1,180,000		1,265,550
Health Care Equipment & Supplies—0.4%
CareFusion Corp.
1.450%		05/15/2017	§		2,810,000		2,809,868
Covidien International Finance SA (Luxembourg)
1.350%		05/29/2015			400,000		403,338
Stryker Corp.
3.000%		01/15/2015			790,000		801,500
							4,014,706
Health Care Providers & Services—0.7%
Express Scripts Holding Co.
2.750%		11/21/2014			500,000		504,743
2.100%		02/12/2015			330,000		333,381
1.250%		06/02/2017			860,000		859,102
HCA Holdings, Inc.
7.750%		05/15/2021			400,000		439,500
McKesson Corp.
1.292%		03/10/2017			300,000		300,991
0.630%		09/10/2015	#		300,000		300,659

Coupon Rate	Maturity Date			Face		Value
MPH Acquisition Holdings LLC
6.625%	04/01/2022	^	$	375,000	$	393,750
UnitedHealth Group, Inc.
0.850%	10/15/2015			180,000		180,854
Ventas Realty LP
1.550%	09/26/2016	§		906,000		915,721
1.250%	04/17/2017			230,000		230,188
WellPoint, Inc.
2.375%	02/15/2017	§		1,645,000		1,692,532
1.250%	09/10/2015			1,060,000		1,068,407
						7,219,828
Hotels, Restaurants & Leisure—0.1%
Carnival Corp. (Panama)
1.875%	12/15/2017			320,000		322,119
1.200%	02/05/2016			450,000		452,844
Scientific Games International, Inc.
6.625%	05/15/2021	^		400,000		397,500
						1,172,463
Household Products—0.1%
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC
9.875%	08/15/2019			700,000		778,750
Independent Power and Renewable Electricity Producers—0.2%
AES Corp.
3.229%	06/01/2019	#§		1,780,000		1,797,800
TransAlta Corp. (Canada)
1.900%	06/03/2017			570,000		572,635
						2,370,435
Industrial Conglomerates—0.0%
Tyco Electronics Group SA (Luxembourg)
1.600%	02/03/2015			310,000		312,127
Insurance—0.7%
American International Group, Inc.
2.375%	08/24/2015	§		460,000		468,397
Berkshire Hathaway Finance Corp.
0.950%	08/15/2016			580,000		583,418
Hartford Financial Services Group, Inc. (The)
4.000%	03/30/2015			570,000		585,307
Jackson National Life Global Funding
1.250%	02/21/2017	^		1,000,000		998,187
Metropolitan Life Global Funding I
0.607%	04/10/2017	#^		2,070,000		2,075,972
Pricoa Global Funding I
0.496%	08/19/2015	#^		490,000		491,259
Principal Life Global Funding II
1.000%	12/11/2015	^		1,150,000		1,156,527
Prudential Financial, Inc. MTN
1.004%	08/15/2018	#§		800,000		801,798
QBE Insurance Group Ltd. (Australia)
2.400%	05/01/2018	^		460,000		459,658
						7,620,523
Internet & Catalog Retail—0.2%
Amazon.com, Inc.
0.650%	11/27/2015	§		2,020,000		2,023,961
Internet Software & Services—0.0%
Baidu, Inc. (Cayman Islands)
2.250%	11/28/2017	§		560,000		567,694

See accompanying notes to financial statements

199

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
IT Services—0.4%
Alliance Data Systems Corp.
5.250%		12/01/2017	^	$	1,000,000	$	1,050,000
Computer Sciences Corp.
2.500%		09/15/2015			1,190,000		1,211,637
Fidelity National Information Services, Inc.
2.000%		04/15/2018			470,000		468,552
1.450%		06/05/2017			290,000		289,862
Western Union Co. (The)
1.227%		08/21/2015	#		1,800,000		1,811,943
							4,831,994
Life Sciences Tools & Services—0.2%
Life Technologies Corp.
3.500%		01/15/2016	§		1,500,000		1,558,786
Thermo Fisher Scientific, Inc.
1.300%		02/01/2017			520,000		521,096
							2,079,882
Machinery—0.1%
CNH Industrial Capital LLC
3.875%		11/01/2015	§		1,400,000		1,435,000
Media—0.5%
CCO Holdings LLC/CCO Holdings Capital Corp.
5.250%		09/30/2022			675,000		687,656
DirecTV Holdings LLC/DirecTV Financing Co., Inc.
3.125%		02/15/2016			570,000		591,095
DISH DBS Corp.
6.625%		10/01/2014			850,000		861,688
4.625%		07/15/2017			1,120,000		1,191,400
NBCUniversal Enterprise, Inc.
0.911%		04/15/2018	#^		570,000		576,879
Thomson Reuters Corp. (Canada)
1.300%		02/23/2017			700,000		701,328
Time Warner, Inc.
3.150%		07/15/2015			500,000		513,921
							5,123,967
Metals & Mining—0.8%
Anglo American Capital plc (United Kingdom)
1.176%		04/15/2016	#^		300,000		301,085
ArcelorMittal (Luxembourg)
4.250%		08/05/2015	§		1,100,000		1,133,000
FMG Resources August 2006 Pty Ltd. (Australia)
6.000%		04/01/2017	^		835,000		864,747
Freeport-McMoRan Copper & Gold, Inc.
2.150%		03/01/2017			310,000		316,609
1.400%		02/13/2015			700,000		702,878
Glencore Finance Canada Ltd. (Canada)
2.700%		10/25/2017	^		2,480,000		2,547,642
2.050%		10/23/2015	^		630,000		637,342
Glencore Funding LLC
1.586%		01/15/2019	#^		1,880,000		1,891,130
							8,394,433
Oil, Gas & Consumable Fuels—2.0%
Boardwalk Pipelines LP
5.875%		11/15/2016			400,000		439,896

Coupon Rate	Maturity Date			Face		Value
BP Capital Markets plc (United Kingdom)
0.733%	05/10/2018	#§	$	440,000	$	442,281
0.700%	11/06/2015	§		1,190,000		1,193,831
CNOOC Finance 2013 Ltd. (Virgin Islands, British)
1.125%	05/09/2016	§		340,000		340,905
CNPC General Capital Ltd. (Virgin Islands, British)
1.125%	05/14/2017	#^		1,100,000		1,103,858
DCP Midstream Operating LP
2.700%	04/01/2019	§		720,000		730,113
Devon Energy Corp.
1.200%	12/15/2016			870,000		873,163
0.771%	12/15/2016	#		1,060,000		1,065,554
Enbridge, Inc. (Canada)
0.885%	10/01/2016	#§		1,310,000		1,318,025
0.678%	06/02/2017	#		640,000		641,751
Enterprise Products Operating LLC
1.250%	08/13/2015			320,000		322,343
Hess Corp.
1.300%	06/15/2017			710,000		711,712
Marathon Oil Corp.
0.900%	11/01/2015			1,080,000		1,084,150
Murphy Oil Corp.
2.500%	12/01/2017			500,000		512,167
Petrobras Global Finance BV (Netherlands)
2.000%	05/20/2016	§		1,170,000		1,174,614
Petrobras International Finance Co. (Cayman Islands)
3.500%	02/06/2017	§		470,000		483,630
Phillips 66
2.950%	05/01/2017			310,000		325,111
Plains Exploration & Production Co.
6.500%	11/15/2020			1,120,000		1,255,800
Rockies Express Pipeline LLC
3.900%	04/15/2015	^		770,000		779,625
Sabine Pass LNG LP
7.500%	11/30/2016			1,140,000		1,265,400
SandRidge Energy, Inc.
8.750%	01/15/2020	§		445,000		480,600
Tesoro Corp.
4.250%	10/01/2017	§		780,000		819,000
Total Capital International SA (France)
0.793%	08/10/2018	#§		1,020,000		1,030,585
TransCanada PipeLines Ltd. (Canada)
3.400%	06/01/2015			630,000		646,902
0.914%	06/30/2016	#§		890,000		897,669
WPX Energy, Inc.
5.250%	01/15/2017	§		1,145,000		1,225,150
						21,163,835
Pharmaceuticals—1.0%
AbbVie, Inc.
1.750%	11/06/2017	§		1,620,000		1,630,154
0.983%	11/06/2015	#		1,800,000		1,815,588
Actavis Funding SCS (Luxembourg)
1.300%	06/15/2017	^		1,100,000		1,098,689
Endo Finance LLC & Endo Finco, Inc.
7.000%	07/15/2019	^		1,400,000		1,501,500
Merck & Co., Inc.
0.586%	05/18/2018	#		1,400,000		1,406,243
Mylan, Inc.
1.800%	06/24/2016			270,000		273,956
1.350%	11/29/2016			440,000		440,993
Perrigo Co. plc (Ireland)
1.300%	11/08/2016	^		1,100,000		1,098,995

See accompanying notes to financial statements

200

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Pfizer, Inc.
1.100%		05/15/2017		$	1,220,000	$	1,225,624
Zoetis, Inc.
1.150%		02/01/2016			170,000		171,134
							10,662,876
Professional Services—0.0%
Equifax, Inc.
4.450%		12/01/2014			160,000		162,589
Real Estate Investment Trusts (REITs)—0.6%
ARC Properties Operating Partnership LP/Clark Acquisition LLC
2.000%		02/06/2017	^		2,100,000		2,106,375
Digital Realty Trust LP
4.500%		07/15/2015			1,680,000		1,728,250
Health Care REIT, Inc.
3.625%		03/15/2016			564,000		589,740
Healthcare Realty Trust, Inc.
6.500%		01/17/2017			840,000		944,988
Vornado Realty LP
4.250%		04/01/2015			1,240,000		1,261,308
							6,630,661
Road & Rail—0.7%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
4.875%		11/15/2017			840,000		877,800
Hertz Corp. (The)
6.750%		04/15/2019			1,302,000		1,386,630
JB Hunt Transport Services, Inc.
3.375%		09/15/2015			970,000		999,245
2.400%		03/15/2019			600,000		603,325
Penske Truck Leasing Co. LP/PTL Finance Corp.
3.125%		05/11/2015	^		1,400,000		1,430,761
2.500%		03/15/2016	^		1,100,000		1,131,190
2.500%		06/15/2019	^		440,000		441,314
Ryder System, Inc. MTN
2.500%		03/01/2017			620,000		640,452
							7,510,717
Semiconductors & Semiconductor Equipment—0.4%
Texas Instruments, Inc.
0.450%		08/03/2015			1,380,000		1,381,801
TSMC Global Ltd. (Virgin Islands, British)
1.625%		04/03/2018	^		510,000		503,483
0.950%		04/03/2016	^		2,760,000		2,758,347
							4,643,631
Software—0.0%
Autodesk, Inc.
1.950%		12/15/2017	§		490,000		495,542
Specialty Retail—0.2%
AutoZone, Inc.
1.300%		01/13/2017	§		335,000		336,026
Michaels FinCo Holdings LLC/Michaels FinCo, Inc.
7.500%		08/01/2018	^		750,000		769,688
Michaels Stores, Inc.
5.875%		12/15/2020	^		650,000		664,950
							1,770,664

Coupon Rate	Maturity Date			Face		Value
Technology Hardware, Storage & Peripherals—0.3%
Apple, Inc.
0.273%	05/03/2016	#	$	715,000	$	715,610
Hewlett-Packard Co.
2.350%	03/15/2015			1,200,000		1,215,853
1.781%	09/19/2014	#		900,000		902,798
1.167%	01/14/2019	#		760,000		766,899
						3,601,160
Thrifts & Mortgage Finance—0.5%
Abbey National Treasury Services plc (United Kingdom)
1.375%	03/13/2017	§		1,000,000		1,004,447
0.740%	03/13/2017	#		800,000		801,809
Astoria Financial Corp.
5.000%	06/19/2017			1,120,000		1,217,566
BPCE SA MTN (France)
1.479%	04/25/2016	#		1,500,000		1,523,898
1.073%	02/10/2017	#		410,000		413,747
0.840%	06/23/2017	#§		700,000		700,940
						5,662,407
Tobacco—0.2%
BAT International Finance plc (United Kingdom)
1.400%	06/05/2015	^		1,460,000		1,472,723
Reynolds American, Inc.
1.050%	10/30/2015			510,000		510,069
						1,982,792
Trading Companies & Distributors—0.2%
Aircastle Ltd. (Bermuda)
6.750%	04/15/2017	§		1,250,000		1,393,750
GATX Corp.
2.500%	07/30/2019			600,000		604,577
						1,998,327
Wireless Telecommunication Services—0.3%
SBA Communications Corp.
5.625%	10/01/2019	§		500,000		531,875
Sprint Corp.
7.125%	06/15/2024	^		175,000		185,938
T-Mobile USA, Inc.
6.125%	01/15/2022			700,000		745,500
5.250%	09/01/2018	§		1,300,000		1,369,875
						2,833,188
TOTAL CORPORATE OBLIGATIONS
(Cost $328,940,197)						332,745,645
FLOATING RATE LOANS—0.4%**
ARAMARK Corp., Extended Term Loan
3.250%	09/07/2019	#		1,995,000		1,984,027
Asurion LLC Non-Amortizing 1st Lien Term Loan
3.750%	03/03/2017	#		300,000		300,263
CDW LLC Term Loan
3.250%	04/29/2020	#		1,492,446		1,479,014
H.J. Heinz Co. 1st Lien Term Loan B2
3.500%	06/05/2020	#		497,487		501,783
TOTAL FLOATING RATE LOANS
(Cost $4,271,187)						4,265,087

See accompanying notes to financial statements

201

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
MORTGAGE-BACKED SECURITIES—5.7%
Commercial Mortgage-Backed Securities— 1.1%
Del Coronado Trust, Series 2013-HDC, Class A
0.952%		03/15/2026	#^	$	1,040,000	$	1,041,249
Hilton USA Trust, Series 2013-HLF, Class AFL
1.151%		11/05/2030	#^		2,670,000		2,674,998
Invitation Homes Trust, Series 2013-SFR1, Class A
1.400%		12/17/2030	#^		1,209,513		1,215,980
Invitation Homes Trust, Series 2014-SFR1, Class A
1.154%		06/17/2031	#^		5,220,000		5,240,014
LA Arena Funding LLC, Series 1, Class A
7.656%		12/15/2026	^		502,825		567,336
Motel 6 Trust, Series 2012-MTL6, Class A1
1.500%		10/05/2025	^		910,048		916,970
National Credit Union Administration Guaranteed Notes, Series 2010-C1, Class A1
1.600%		10/29/2020			480,291		483,469
							12,140,016
Non-Agency Mortgage-Backed Securities— 2.2%
Bank of America Mortgage Securities, Inc., Series 2002-K, Class 1A4
2.698%		10/20/2032	#		495,682		506,698
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-3, Class 2A1
5.000%		04/25/2019			50,663		51,995
Credit Suisse Mortgage Capital Certificates, Series 2011-1R, Class A1
1.151%		02/27/2047	#^		924,328		923,791
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR2, Class AD
1.550%		04/25/2043	#^		2,583,163		2,440,249
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR3, Class A3
1.550%		05/25/2043	#^		1,320,506		1,257,471
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2013-DN2, Class M1
1.602%		11/25/2023	#§		1,917,102		1,938,229
Fosse Master Issuer plc, Series 2012-1A, Class 2A2 (United Kingdom)
1.626%		10/18/2054	#^		2,057,549		2,083,258
GSAMP Trust, Series 2004-SEA2, Class M1
0.802%		03/25/2034	#§		1,573,865		1,572,681
JP Morgan Mortgage Trust, Series 2013-1, Class 2A2
2.500%		03/25/2043	#^		988,803		979,672
Option One Mortgage Loan Trust, Series 2005-4, Class A3
0.412%		11/25/2035	#		401,816		396,192
Saxon Asset Securities Trust, Series 2005-4, Class A2C
0.402%		11/25/2037	#		33,740		33,792

Coupon Rate	Maturity Date			Face		Value
Sequoia Mortgage Trust, Series 2012-1, Class 1A1
2.865%	01/25/2042	#	$	961,753	$	972,443
Sequoia Mortgage Trust, Series 2012-2, Class A2
3.500%	04/25/2042	#		1,022,634		1,045,530
Sequoia Mortgage Trust, Series 2013-1, Class 1A1
1.450%	02/25/2043	#		1,126,807		1,085,893
Sequoia Mortgage Trust, Series 2013-4, Class A3
1.550%	04/25/2043	#		1,741,657		1,614,529
Springleaf Mortgage Loan Trust, Series 2012-2A, Class A
2.220%	10/25/2057	#^		561,274		570,011
Springleaf Mortgage Loan Trust, Series 2012-3A, Class A
1.570%	12/25/2059	#^		722,327		723,740
Springleaf Mortgage Loan Trust, Series 2013-1A, Class A
1.270%	06/25/2058	#^		2,122,249		2,119,959
Springleaf Mortgage Loan Trust, Series 2013-2A, Class A
1.780%	12/25/2065	#^		822,046		822,702
Structured Asset Investment Loan Trust, Series 2003-BC1, Class A2
0.832%	01/25/2033	#		1,561,325		1,527,066
Thornburg Mortgage Securities Trust, Series 2004-1, Class II2A
1.634%	03/25/2044	#		634,953		630,233
						23,296,134
U.S. Government Agency Mortgage-Backed Securities—2.4%
Federal Deposit Insurance Corporation Structured Sale Guaranteed Notes, Series 2010-S1, Class 2A
3.250%	04/25/2038	^		5,745,070		5,927,890
Federal Home Loan Mortgage Corp.
3.907%	12/01/2039	#		153,390		161,072
2.375%	09/01/2035	#		3,330,382		3,550,553
Federal National Mortgage Association
3.133%	07/01/2041	#		2,636,542		2,802,966
2.996%	06/01/2041	#		1,352,138		1,418,856
2.367%	03/01/2036	#		128,124		136,446
2.142%	03/01/2036	#		1,363,698		1,449,907
Federal National Mortgage Association Connecticut Avenue Securities, Series 2013-C01, Class M1
2.152%	10/25/2023	#§		1,900,032		1,950,974
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C01, Class M1
1.752%	01/25/2024	#§		2,005,413		2,040,212
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C02, Class 1M1
1.102%	05/25/2024	#§		2,397,213		2,400,582
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C02, Class 2M1
1.102%	05/25/2024	#§		1,425,854		1,426,414
FHLMC Multifamily Structured Pass Through Certificates, Series KF01, Class A
0.502%	04/25/2019	#		514,871		514,787

See accompanying notes to financial statements

202

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
MORTGAGE-BACKED SECURITIES—(Continued)
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 1A
0.602%		10/07/2020	#	$	1,065,952	$	1,071,939
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 2A
1.840%		10/07/2020			150,667		152,074
National Credit Union Administration Guaranteed Notes, Series 2011-R4, Class 1A
0.532%		03/06/2020	#		832,086		834,177
							25,838,849
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $61,206,430)							61,274,999
CONVERTIBLE DEBT OBLIGATIONS—36.0%
Air Freight & Logistics—0.2%
UTi Worldwide, Inc. (Virgin Islands, British)
4.500%		03/01/2019	^		1,980,000		2,116,125
Automobiles—0.3%
Tesla Motors, Inc.
1.250%		03/01/2021			3,440,000		3,343,250
Biotechnology—0.9%
BioMarin Pharmaceutical, Inc.
1.500%		10/15/2020			4,030,000		4,264,244
0.750%		10/15/2018			730,000		758,743
Cepheid, Inc.
1.250%		02/01/2021	^		2,190,000		2,269,387
Cubist Pharmaceuticals, Inc.
1.875%		09/01/2020	^		2,405,000		2,747,713
							10,040,087
Building Products—0.1%
Griffon Corp.
4.000%		01/15/2017	^		1,375,000		1,592,422
Capital Markets—0.6%
Ares Capital Corp.
5.125%		06/01/2016			3,225,000		3,476,953
Walter Investment Management Corp.
4.500%		11/01/2019			3,775,000		3,513,110
							6,990,063
Communications Equipment—1.2%
Ciena Corp.
3.750%		10/15/2018	^		1,895,000		2,611,547
0.875%		06/15/2017			4,530,000		4,513,012
Finisar Corp.
0.500%		12/15/2033	^		510,000		499,800
JDS Uniphase Corp.
0.625%		08/15/2033	^		5,020,000		5,045,100
							12,669,459
Consumer Finance—0.3%
Portfolio Recovery Associates, Inc.
3.000%		08/01/2020	^		2,618,000		3,128,510
Containers & Packaging—0.3%
Owens-Brockway Glass Container, Inc.
3.000%		06/01/2015	^		2,930,000		3,010,575

Coupon Rate	Maturity Date			Face		Value
Diversified Consumer Services—0.2%
Ascent Capital Group, Inc.
4.000%	07/15/2020		$	2,000,000	$	1,871,250
Regis Corp.
5.000%	07/15/2014			745,000		746,397
						2,617,647
Diversified Telecommunication Services—0.5%
Clearwire Communications LLC/Clearwire Finance, Inc.
8.250%	12/01/2040	^		3,400,000		3,978,000
Inmarsat plc, Series ISAT (United Kingdom)
1.750%	11/16/2017			800,000		1,122,400
						5,100,400
Electrical Equipment—0.1%
SolarCity Corp.
2.750%	11/01/2018			920,000		1,283,400
Electronic Equipment, Instruments & Components—0.4%
TTM Technologies, Inc.
1.750%	12/15/2020			2,000,000		2,195,000
Vishay Intertechnology, Inc.
2.250%	11/15/2040	^		1,500,000		1,815,938
						4,010,938
Energy Equipment & Services—1.2%
Bristow Group, Inc.
3.000%	06/15/2038			1,225,000		1,558,047
Helix Energy Solutions Group, Inc.
3.250%	03/15/2032			1,045,000		1,413,363
Hornbeck Offshore Services, Inc.
1.500%	09/01/2019			2,615,000		3,169,053
SEACOR Holdings, Inc.
3.000%	11/15/2028	^		3,500,000		3,456,250
2.500%	12/15/2027			3,125,000		3,582,031
						13,178,744
Food Products—0.0%
Chiquita Brands International, Inc.
4.250%	08/15/2016			500,000		505,937
Health Care Equipment & Supplies—3.1%
Alere, Inc.
3.000%	05/15/2016			3,920,000		4,358,550
Hologic, Inc.
0.000%	12/15/2043			965,000		1,058,484
Hologic, Inc., Series 2010
2.000%	12/15/2037			2,410,000		3,029,069
Hologic, Inc., Series 2012
2.000%	03/01/2042			4,570,000		5,007,006
Integra LifeSciences Holdings Corp.
1.625%	12/15/2016			2,725,000		2,949,812
NuVasive, Inc.
2.750%	07/01/2017			7,390,000		8,489,262
Spectranetics Corp. (The)
2.625%	06/01/2034			1,380,000		1,441,238
Volcano Corp.
1.750%	12/01/2017			3,465,000		3,363,216
Wright Medical Group, Inc.
2.000%	08/15/2017			2,535,000		3,488,794
						33,185,431

See accompanying notes to financial statements

203

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CONVERTIBLE DEBT OBLIGATIONS—(Continued)
Health Care Providers & Services—1.9%
Brookdale Senior Living, Inc.
2.750%		06/15/2018		$	2,897,000	$	3,956,216
HealthSouth Corp.
2.000%		12/01/2043			3,711,000		4,084,419
Molina Healthcare, Inc.
1.125%		01/15/2020			3,000,000		3,765,000
Omnicare, Inc.
3.500%		02/15/2044			3,355,000		3,816,313
Omnicare, Inc., Series OCR
3.250%		12/15/2035			4,075,000		4,355,156
							19,977,104
Health Care Technology—0.6%
Allscripts Healthcare Solutions, Inc.
1.250%		07/01/2020	^		3,340,000		3,855,612
Medidata Solutions, Inc.
1.000%		08/01/2018	^		2,375,000		2,563,516
							6,419,128
Hotels, Restaurants & Leisure—0.4%
MGM Resorts International
4.250%		04/15/2015			2,765,000		4,066,278
Household Durables—1.7%
Jarden Corp.
1.875%		09/15/2018			1,505,000		2,081,603
1.500%		06/15/2019			3,500,000		4,220,976
1.125%		03/15/2034	^		1,095,000		1,123,744
Meritage Homes Corp.
1.875%		09/15/2032			230,000		242,794
Ryland Group, Inc. (The)
0.250%		06/01/2019			3,850,000		3,537,188
Toll Brothers Finance Corp.
0.500%		09/15/2032			6,365,000		6,786,681
							17,992,986
Industrial Conglomerates—0.5%
Siemens Financieringsmaatschappij NV (Netherlands)
1.050%		08/16/2017			4,750,000		5,301,047
Internet & Catalog Retail—1.5%
Ctrip.com International Ltd. (Cayman Islands)
1.250%		10/15/2018	^		4,550,000		4,973,719
HomeAway, Inc.
0.125%		04/01/2019	^		1,915,000		1,875,503
Priceline Group, Inc. (The)
0.350%		06/15/2020			5,625,000		6,669,140
Shutterfly, Inc.
0.250%		05/15/2018			2,525,000		2,548,672
							16,067,034
Internet Software & Services—1.9%
Akamai Technologies, Inc.
0.000%		02/15/2019	^		4,175,000		4,266,349
Cornerstone OnDemand, Inc.
1.500%		07/01/2018	^		1,600,000		1,842,432
Dealertrack Technologies, Inc.
1.500%		03/15/2017			635,000		853,281
j2 Global, Inc.
3.250%		06/15/2029			1,020,000		1,039,763

Coupon Rate	Maturity Date			Face		Value
Web.com Group, Inc.
1.000%	08/15/2018		$	1,780,000	$	1,919,063
WebMD Health Corp.
2.500%	01/31/2018			4,950,000		5,228,437
1.500%	12/01/2020	^		2,000,000		2,236,250
Yahoo!, Inc.
0.000%	12/01/2018	^		2,600,000		2,600,000
						19,985,575
IT Services—0.1%
Cardtronics, Inc.
1.000%	12/01/2020	^		1,685,000		1,542,837
Life Sciences Tools & Services—0.4%
Albany Molecular Research, Inc.
2.250%	11/15/2018	^		215,000		309,062
Illumina, Inc.
0.500%	06/15/2021	^		3,075,000		3,171,094
0.000%	06/15/2019	^		1,025,000		1,053,828
						4,533,984
Machinery—1.5%
Greenbrier Cos., Inc. (The)
3.500%	04/01/2018			1,935,000		3,253,219
Meritor, Inc.
7.875%	03/01/2026			1,790,000		2,889,731
4.000%	02/15/2027			840,000		896,700
Navistar International Corp.
4.750%	04/15/2019	^		4,350,000		4,662,656
Trinity Industries, Inc.
3.875%	06/01/2036			2,325,000		4,340,485
						16,042,791
Media—1.3%
Liberty Interactive LLC
1.000%	09/30/2043	^		4,350,000		4,518,562
0.750%	03/30/2043			1,955,000		2,629,475
Liberty Media Corp.
1.375%	10/15/2023	^		4,050,000		4,115,813
Live Nation Entertainment, Inc.
2.875%	07/15/2027			1,660,000		1,658,963
2.500%	05/15/2019	^		840,000		876,750
						13,799,563
Metals & Mining—0.8%
Royal Gold, Inc.
2.875%	06/15/2019			3,540,000		3,812,138
RTI International Metals, Inc.
1.625%	10/15/2019			5,215,000		5,260,631
						9,072,769
Oil, Gas & Consumable Fuels—2.6%
Chesapeake Energy Corp.
2.500%	05/15/2037			4,700,000		5,058,375
Cobalt International Energy, Inc.
3.125%	05/15/2024			4,500,000		4,857,188
Emerald Oil, Inc.
2.000%	04/01/2019	^		1,200,000		1,321,500
Energy XXI Bermuda Ltd. (Bermuda)
3.000%	12/15/2018	^		7,725,000		7,657,406
Goodrich Petroleum Corp.
5.000%	10/01/2032			2,470,000		3,072,062
Scorpio Tankers, Inc. (Marshall Islands)
2.375%	07/01/2019	^		2,360,000		2,501,600

See accompanying notes to financial statements

204

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate		Maturity Date			Face		Value
CONVERTIBLE DEBT OBLIGATIONS—(Continued)
Stone Energy Corp.
1.750%			03/01/2017		$	3,025,000	$	3,843,641
								28,311,772
Personal Products—0.2%
Herbalife Ltd. (Cayman Islands)
2.000%			08/15/2019	^		2,725,000		2,542,779
Pharmaceuticals—0.4%
Medicines Co. (The)
1.375%			06/01/2017			915,000		1,123,163
Salix Pharmaceuticals Ltd.
1.500%			03/15/2019			600,000		1,180,875
Teva Pharmaceutical Finance Co. LLC, Series C
0.250%			02/01/2026			1,785,000		2,290,378
								4,594,416
Real Estate Investment Trusts (REITs)—2.3%
American Realty Capital Properties, Inc.
3.750%			12/15/2020			6,490,000		6,782,082
3.000%			08/01/2018			1,075,000		1,093,141
Colony Financial, Inc.
5.000%			04/15/2023			1,305,000		1,410,216
Extra Space Storage LP
2.375%	��		07/01/2033	^		3,275,000		3,539,047
Health Care REIT, Inc.
3.000%			12/01/2029			1,765,000		2,183,084
National Health Investors, Inc.
3.250%			04/01/2021			1,000,000		1,011,875
Prologis LP
3.250%			03/15/2015			3,450,000		3,870,469
Starwood Property Trust, Inc.
4.550%			03/01/2018			3,975,000		4,494,234
								24,384,148
Real Estate Management & Development—0.7%
Forest City Enterprises, Inc.
4.250%			08/15/2018			2,130,000		2,414,887
3.625%			08/15/2020	^		4,375,000		4,621,094
								7,035,981
Semiconductors & Semiconductor Equipment—3.2%
Intel Corp.
2.950%			12/15/2035			3,430,000		4,272,494
Lam Research Corp.
0.500%			05/15/2016			6,335,000		7,914,791
Micron Technology, Inc., Series G
3.000%			11/15/2043			3,710,000		4,797,494
NVIDIA Corp.
1.000%			12/01/2018	^		8,250,000		9,147,187
ON Semiconductor Corp., Series B
2.625%			12/15/2026			3,250,000		3,828,906
Photronics, Inc.
3.250%			04/01/2016			940,000		1,016,962
SunEdison, Inc.
0.250%			01/15/2020	^		2,000,000		2,151,250
SunPower Corp.
0.875%			06/01/2021	^		745,000		875,841
								34,004,925

Coupon Rate	Maturity Date			Face		Value
Software—3.6%
Citrix Systems, Inc.
0.500%	04/15/2019	^	$	2,775,000	$	2,941,500
Concur Technologies, Inc.
0.500%	06/15/2018			2,570,000		2,883,926
Electronic Arts, Inc.
0.750%	07/15/2016			4,290,000		5,445,619
Mentor Graphics Corp.
4.000%	04/01/2031			1,300,000		1,598,188
NetSuite, Inc.
0.250%	06/01/2018			1,606,000		1,655,184
NQ Mobile, Inc. (Cayman Islands)
4.000%	10/15/2018	^		1,085,000		695,756
Nuance Communications, Inc.
2.750%	11/01/2031			3,500,000		3,513,125
Proofpoint, Inc.
1.250%	12/15/2018	^		1,185,000		1,421,259
Rovi Corp.
2.625%	02/15/2040			865,000		877,434
salesforce.com, Inc.
0.250%	04/01/2018			7,270,000		8,383,219
Take-Two Interactive Software, Inc.
1.000%	07/01/2018			2,080,000		2,550,600
TIBCO Software, Inc.
2.250%	05/01/2032			4,110,000		4,169,081
Verint Systems, Inc.
1.500%	06/01/2021			2,245,000		2,312,350
						38,447,241
Specialty Retail—0.3%
Group 1 Automotive, Inc.
2.250%	06/15/2036			2,550,000		3,643,312
Technology Hardware, Storage & Peripherals—0.4%
SanDisk Corp.
0.500%	10/15/2020	^		3,040,000		3,839,900
Textiles, Apparel & Luxury Goods—0.3%
Iconix Brand Group, Inc.
2.500%	06/01/2016			2,570,000		3,726,500
TOTAL CONVERTIBLE DEBT OBLIGATIONS
(Cost $365,162,352)						388,105,058
U.S. TREASURY OBLIGATIONS—12.3%
U.S. Treasury Notes—12.3%
U.S. Treasury Note
0.875%	04/15/2017			21,197,000		21,249,992
0.875%	09/15/2016	‡‡		28,810,000		29,022,704
0.750%	01/15/2017-
	06/30/2017			16,650,000		16,594,311
0.625%	07/15/2016	‡‡		15,000,000		15,046,875
0.625%	12/15/2016-
	02/15/2017			21,334,000		21,314,300
0.500%	06/15/2016	‡‡		1,185,000		1,186,574
0.500%	06/30/2016			9,080,000		9,088,154
0.375%	04/30/2016			19,000,000		18,995,554
						132,498,464
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $132,317,322)						132,498,464

See accompanying notes to financial statements

205

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
GOVERNMENT RELATED OBLIGATIONS—0.9%
U.S. Government Agencies—0.3%
Federal Home Loan Mortgage Corp., Series 1
1.000%		07/28/2017		$	3,000,000	$	3,003,204
Non-U.S. Government Agencies—0.2%
Allied Irish Banks plc MTN (Ireland)
2.875%		11/28/2016	EUR		1,000,000		1,398,372
IPIC GMTN Ltd. (Cayman Islands)
3.125%		11/15/2015	^		600,000		620,064
							2,018,436
Sovereign Debt—0.1%
Instituto de Credito Oficial (Spain)
1.125%		04/01/2016	^		1,240,000		1,244,481
U.S. Municipal Bonds—0.3%
Florida Hurricane Catastrophe Fund Finance Corp. Revenue Bonds, Series A (Florida)
1.298%		07/01/2016			1,500,000		1,516,125
Jobsohio Beverage Systems Ohio Statewide Liquor Profits, Series B (Ohio)
0.872%		01/01/2015			510,000		511,525
South Carolina State Public Service Authority, Series D (South Carolina)
1.026%		06/01/2015	#		1,140,000		1,142,873
							3,170,523
TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $9,397,097)							9,436,644
ASSET-BACKED SECURITIES—4.8%
Automobiles—2.6%
Ally Master Owner Trust Series 2013-1, Class A1
0.602%		02/15/2018	#		2,200,000		2,204,442
Ally Master Owner Trust Series 2013-2, Class A
0.602%		04/15/2018	#		1,900,000		1,904,213
Capital Auto Receivables Asset Trust Series 2013-1, Class A2
0.620%		07/20/2016			1,763,895		1,764,879
Capital Auto Receivables Asset Trust Series 2013-1, Class C
1.740%		10/22/2018			380,000		380,911
Capital Auto Receivables Asset Trust Series 2013-1, Class B
1.290%		04/20/2018			370,000		371,495
Enterprise Fleet Financing LLC Series 2012-1, Class A2
1.140%		11/20/2017	^		1,042,363		1,044,480
Fifth Third Auto Trust Series 2014-1, Class A3
0.680%		04/16/2018			1,860,000		1,861,759
Ford Credit Auto Lease Trust Series 2013-B, Class A3
0.760%		09/15/2016			410,000		411,019
Hertz Fleet Lease Funding LP Series 2013-3, Class A
0.704%		12/10/2027	#^		820,000		822,027

Coupon Rate	Maturity Date			Face		Value
Hyundai Auto Receivables Trust Series 2012-A, Class A3
0.720%	03/15/2016		$	525,205	$	525,557
Hyundai Auto Receivables Trust Series 2014-A, Class A1
0.200%	02/17/2015			437,364		437,367
Nissan Master Owner Trust Receivables Series 2013-A, Class A
0.452%	02/15/2018	#		5,450,000		5,454,692
Porsche Financial Auto Securitization Trust Series 2014-1, Class A3
0.670%	01/23/2018	^		6,660,000		6,673,480
Santander Drive Auto Receivables Trust Series 2011-1, Class C
3.110%	05/16/2016			4,000,000		4,030,482
World Omni Automobile Lease Securitization Trust Series 2013-A, Class A2A
0.730%	05/16/2016			657,193		658,599
						28,545,402
Credit Card—1.1%
Chase Issuance Trust Series 2007-B1, Class B1
0.402%	04/15/2019	#		2,000,000		1,988,851
Citibank Credit Card Issuance Trust Series 2003-A7, Class A7
4.150%	07/07/2017			2,700,000		2,802,503
Discover Card Execution Note Trust Series 2012-A1, Class A1
0.810%	08/15/2017			3,000,000		3,008,975
GE Capital Credit Card Master Note Trust Series 2012-1, Class A
1.030%	01/15/2018			2,200,000		2,206,798
Gracechurch Card Funding plc (United Kingdom) Series 2012-1A, Class A2
1.068%	02/15/2017	#^		EUR 1,200,000		1,649,540
						11,656,667
Other—0.7%
American Homes 4 Rent Series 2014-SFR1, Class A
1.250%	06/17/2031	#^		530,000		531,208
CenterPoint Energy Transition Bond Co. IV LLC Series 2012-1, Class A1
0.901%	04/15/2018			1,605,133		1,608,362
Colony American Homes Series 2014-1A, Class A
1.400%	05/17/2031	#^		548,312		552,324
Colony American Homes Single-Family Rental Pass-Through Certificates Series 2014-2A, Class A
1.100%	07/17/2031	#^		1,910,000		1,912,368
GreatAmerica Leasing Receivables Funding LLC Series 2013-1, Class A2
0.610%	05/15/2015	^		368,442		368,505
GreatAmerica Leasing Receivables Funding LLC Series 2013-1, Class C
1.830%	06/17/2019	^		270,000		271,072
Trade MAPS 1 Ltd. (Ireland) Series 2013-1A, Class A
0.854%	12/10/2018	#^		2,300,000		2,307,912
						7,551,751

See accompanying notes to financial statements

206

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
ASSET-BACKED SECURITIES—(Continued)
Student Loan—0.4%
National Credit Union Administration Guaranteed Notes Series 2010-A1, Class A
0.501%		12/07/2020	#	$	1,667,511	$	1,669,279
Nelnet Student Loan Trust Series 2014-2A, Class A1
0.432%		06/25/2021	#^		1,484,001		1,485,277
SLM Student Loan Trust Series 2014-1, Class A1
0.432%		05/28/2019	#		782,552		782,598
							3,937,154
TOTAL ASSET-BACKED SECURITIES
(Cost $51,633,676)							51,690,974
					Shares		Value
MONEY MARKET FUNDS—2.4%
Institutional Money Market Fund—2.4%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%			¥
(Cost $26,168,430)					26,168,430		26,168,430
TOTAL INVESTMENTS—100.1%
(Cost $1,047,649,961)							1,079,478,428
Other assets less liabilities—(0.1%)							(1,224,624	)
NET ASSETS—100.0%						$	1,078,253,804

Notes to the Schedule of Investments:

EUR	European Monetary Unit
MTN	Medium Term Note
REIT	Real Estate Investment Trust
*	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 $262,805,985, which represents 24.4% of Net Assets. The illiquid 144A securities represented 0.0% of Net Assets, and 0.0% of total 144A securities held.
§	Security has been segregated to cover economic leverage under certain derivatives contracts which may include, but are not limited to, futures, swaps, forwards, options and TBA’s, a security that is subject to delayed delivery.
#	Rate is subject to change. Rate shown reflects current rate.
**	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.
¥	The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to financial statements

207

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—24.2%
Aerospace & Defense—0.4%
Boeing Co. (The)
6.125%		02/15/2033		$	100,000	$	129,021
4.875%		02/15/2020			200,000		228,304
General Dynamics Corp.
2.250%		11/15/2022			500,000		473,281
Honeywell International, Inc.
5.700%		03/15/2036			300,000		371,263
4.250%		03/01/2021			750,000		832,193
3.350%		12/01/2023			300,000		306,297
L-3 Communications Corp.
4.950%		02/15/2021			300,000		332,942
3.950%		05/28/2024			350,000		353,108
Lockheed Martin Corp.
4.070%		12/15/2042			285,000		275,899
Northrop Grumman Corp.
3.500%		03/15/2021			300,000		312,534
Precision Castparts Corp.
2.500%		01/15/2023			200,000		191,920
0.700%		12/20/2015			300,000		300,746
Raytheon Co.
6.750%		03/15/2018			1,150,000		1,347,361
United Technologies Corp.
6.700%		08/01/2028			150,000		196,293
4.500%		06/01/2042			200,000		210,319
3.100%		06/01/2022			1,050,000		1,065,402
1.800%		06/01/2017			300,000		306,637
							7,233,520
Air Freight & Logistics—0.1%
FedEx Corp.
3.875%		08/01/2042			200,000		180,335
2.625%		08/01/2022			200,000		192,131
United Parcel Service, Inc.
6.200%		01/15/2038			300,000		392,105
2.450%		10/01/2022			400,000		388,855
							1,153,426
Airlines—0.1%
American Airlines, Inc., Series 2011-1 A
5.250%		01/31/2021			243,642		264,961
Continental Airlines, Inc., Series 2010 A, Class A
4.750%		01/12/2021	†		258,151		279,449
Delta Air Lines Pass Through Trust, Series 2010-2A
4.950%		05/23/2019			725,101		790,360
							1,334,770
Auto Components—0.0%
Johnson Controls, Inc.
5.500%		01/15/2016			250,000		267,546
4.250%		03/01/2021			300,000		324,059
							591,605
Automobiles—0.0%
Ford Motor Co.
7.450%		07/16/2031			200,000		268,101
4.750%		01/15/2043			200,000		202,989
							471,090

Coupon Rate	Maturity Date		Face		Value
Banks—3.3%
Australia & New Zealand Banking Group Ltd. (Australia)
1.250%	01/10/2017	$	500,000	$	503,394
1.250%	06/13/2017		400,000		400,847
Bank of America Corp.
7.750%	08/15/2015		250,000		268,736
6.875%	11/15/2018		250,000		297,684
6.110%	01/29/2037		300,000		347,211
6.050%	05/16/2016		890,000		968,456
5.875%	01/05/2021		400,000		468,628
5.750%	08/15/2016		700,000		764,137
5.625%	07/01/2020		500,000		575,960
5.490%	03/15/2019		100,000		112,681
4.500%	04/01/2015		700,000		721,014
4.000%	04/01/2024		500,000		511,291
3.875%	03/22/2017		700,000		747,095
1.500%	10/09/2015		400,000		403,810
Bank of America Corp. MTN
6.875%	04/25/2018		500,000		589,570
5.875%	02/07/2042		300,000		357,592
5.000%	05/13/2021		300,000		335,348
3.625%	03/17/2016		500,000		522,467
3.300%	01/11/2023		500,000		493,736
Bank of America Corp., Series L MTN
5.650%	05/01/2018		500,000		567,262
Bank of America NA, Bank Note
6.000%	10/15/2036		380,000		462,401
Bank of Montreal MTN (Canada)
2.500%	01/11/2017		400,000		416,368
Bank of Nova Scotia (Canada)
2.050%	10/07/2015		400,000		407,905
1.450%	04/25/2018		300,000		298,178
1.250%	04/11/2017		750,000		753,745
Barclays Bank plc (United Kingdom)
5.125%	01/08/2020		500,000		565,834
3.900%	04/07/2015		700,000		718,617
BB&T Corp.
5.250%	11/01/2019		500,000		568,439
5.200%	12/23/2015		300,000		319,090
BB&T Corp. MTN
1.600%	08/15/2017		400,000		403,953
BBVA US Senior SAU (Spain)
4.664%	10/09/2015		400,000		418,335
BNP Paribas SA MTN (France)
2.400%	12/12/2018		600,000		605,809
BNP Paribas SA, Bank Note (France)
5.000%	01/15/2021		400,000		446,109
BNP Paribas SA, Series 0212 (France)
3.250%	03/11/2015		500,000		509,442
Capital One Bank USA NA
8.800%	07/15/2019		500,000		648,602
2.300%	06/05/2019		400,000		402,193
Capital One Bank USA NA, Bank Note
1.200%	02/13/2017		400,000		400,239
Citigroup, Inc.
8.500%	05/22/2019		300,000		383,856
8.125%	07/15/2039		500,000		752,959
6.675%	09/13/2043		750,000		937,051
6.625%	06/15/2032		350,000		422,330
6.125%	11/21/2017		750,000		858,476
6.125%	08/25/2036		300,000		344,656
6.000%	08/15/2017		600,000		679,613
5.375%	08/09/2020		400,000		458,980
4.500%	01/14/2022		500,000		544,375

See accompanying notes to financial statements

208

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
4.050%		07/30/2022		$	300,000	$	307,877
3.953%		06/15/2016			1,000,000		1,055,574
3.875%		10/25/2023			200,000		205,251
2.650%		03/02/2015			400,000		405,759
Commonwealth Bank of Australia (Australia)
1.250%		09/18/2015			300,000		303,116
1.125%		03/13/2017			350,000		350,175
Discover Bank
7.000%		04/15/2020			200,000		240,525
Fifth Third Bancorp
4.300%		01/16/2024			300,000		313,249
First Republic Bank
2.375%		06/17/2019			500,000		503,456
HSBC Bank USA NA
4.875%		08/24/2020			400,000		446,416
HSBC Finance Capital Trust IX
5.911%		11/30/2035	#		500,000		522,500
HSBC Holdings plc (United Kingdom)
6.100%		01/14/2042			500,000		632,558
4.250%		03/14/2024			500,000		515,584
4.000%		03/30/2022			500,000		532,835
Intesa Sanpaolo SpA (Italy)
3.875%		01/15/2019			400,000		419,925
3.125%		01/15/2016			300,000		308,487
JPMorgan Chase & Co.
6.400%		05/15/2038			300,000		382,092
6.300%		04/23/2019			500,000		591,786
5.600%		07/15/2041			200,000		235,437
4.950%		03/25/2020			1,000,000		1,127,469
4.850%		02/01/2044			1,000,000		1,064,590
4.750%		03/01/2015			500,000		514,462
4.625%		05/10/2021			300,000		331,166
4.500%		01/24/2022			400,000		438,995
3.450%		03/01/2016			500,000		521,972
3.200%		01/25/2023			500,000		497,361
JPMorgan Chase & Co. MTN
1.350%		02/15/2017			400,000		401,678
0.800%		04/23/2015			350,000		350,131
JPMorgan Chase Bank NA, Bank Note
6.000%		10/01/2017			500,000		569,161
KeyCorp MTN
5.100%		03/24/2021			500,000		567,369
LBBW (Germany)
7.625%		02/01/2023			200,000		251,408
National Australia Bank Ltd. (Australia)
1.600%		08/07/2015			500,000		506,481
National City Corp.
6.875%		05/15/2019			500,000		597,793
PNC Bank NA, Bank Note
1.300%		10/03/2016			250,000		252,508
1.150%		11/01/2016			500,000		502,863
PNC Funding Corp.
2.700%		09/19/2016			400,000		415,595
Royal Bank of Canada (Canada)
1.200%		01/23/2017			155,000		156,029
Royal Bank of Canada MTN (Canada)
2.875%		04/19/2016			300,000		312,019
2.625%		12/15/2015			300,000		309,633
1.250%		06/16/2017			500,000		501,134

Coupon Rate	Maturity Date		Face		Value
Royal Bank of Scotland plc (The) (United Kingdom)
6.125%	01/11/2021	$	300,000	$	353,389
4.375%	03/16/2016		500,000		529,078
Sumitomo Mitsui Banking Corp. (Japan)
3.200%	07/18/2022		200,000		201,256
1.350%	07/18/2015		300,000		302,529
1.300%	01/10/2017		500,000		501,155
SunTrust Banks, Inc.
3.600%	04/15/2016		500,000		524,414
Svenska Handelsbanken AB (Sweden)
2.250%	06/17/2019		500,000		503,275
Union Bank NA
2.625%	09/26/2018		500,000		514,706
US Bancorp MTN
2.950%	07/15/2022		200,000		197,305
1.650%	05/15/2017		500,000		507,978
US Bank NA, Bank Note
1.100%	01/30/2017		500,000		502,193
Wells Fargo & Co.
5.375%	11/02/2043		350,000		386,497
4.480%	01/16/2024		784,000		832,033
3.676%	06/15/2016		400,000		422,321
1.500%	01/16/2018		500,000		499,575
1.250%	07/20/2016		560,000		565,119
Wells Fargo & Co. MTN
4.600%	04/01/2021		500,000		557,189
3.500%	03/08/2022		300,000		310,609
2.100%	05/08/2017		800,000		821,074
1.150%	06/02/2017		700,000		699,268
Wells Fargo & Co., Series M
3.450%	02/13/2023		300,000		299,084
Wells Fargo Bank NA
5.950%	08/26/2036		100,000		125,824
Wells Fargo Bank NA, Bank Note
6.600%	01/15/2038		300,000		406,705
Westpac Banking Corp. (Australia)
4.875%	11/19/2019		1,000,000		1,127,723
3.000%	08/04/2015		400,000		411,113
					54,248,305
Beverages—0.8%
Anheuser-Busch InBev Finance, Inc.
2.625%	01/17/2023		200,000		192,467
1.125%	01/27/2017		1,000,000		1,005,528
0.800%	01/15/2016		200,000		200,919
Anheuser-Busch InBev Worldwide, Inc.
8.200%	01/15/2039		300,000		460,558
7.750%	01/15/2019		500,000		618,326
6.875%	11/15/2019		300,000		369,205
5.375%	01/15/2020		500,000		577,950
3.750%	07/15/2042		200,000		182,338
0.800%	07/15/2015		500,000		502,380
Beam Suntory, Inc.
5.375%	01/15/2016		90,000		95,845
Bottling Group LLC
5.500%	04/01/2016		500,000		542,703
Coca-Cola Co. (The)
5.350%	11/15/2017		500,000		568,490
4.875%	03/15/2019		1,050,000		1,196,383
3.150%	11/15/2020		200,000		210,323
Coca-Cola Enterprises, Inc.
4.500%	09/01/2021		300,000		326,153
Coca-Cola Femsa SAB de CV (Mexico)
2.375%	11/26/2018		350,000		355,094

See accompanying notes to financial statements

209

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Diageo Capital plc (United Kingdom)
1.125%		04/29/2018		$	1,750,000	$	1,717,627
Diageo Finance BV (Netherlands)
5.300%		10/28/2015			750,000		797,487
Diageo Investment Corp.
7.450%		04/15/2035			750,000		1,055,674
Dr Pepper Snapple Group, Inc.
2.600%		01/15/2019			300,000		305,091
PepsiCo, Inc.
5.500%		01/15/2040			500,000		588,575
5.000%		06/01/2018			400,000		451,560
3.000%		08/25/2021			500,000		508,340
2.750%		03/01/2023			400,000		391,784
							13,220,800
Biotechnology—0.3%
Amgen, Inc.
6.900%		06/01/2038			267,000		351,518
6.150%		06/01/2018			500,000		581,120
5.850%		06/01/2017			250,000		282,108
5.150%		11/15/2041			300,000		323,114
3.875%		11/15/2021			300,000		317,084
3.625%		05/22/2024			400,000		404,354
Celgene Corp.
4.625%		05/15/2044			600,000		603,365
Genentech, Inc.
5.250%		07/15/2035			100,000		115,720
Gilead Sciences, Inc.
5.650%		12/01/2041			500,000		591,387
4.400%		12/01/2021			300,000		329,911
2.050%		04/01/2019			750,000		751,349
							4,651,030
Capital Markets—1.5%
Bank of New York Mellon Corp. (The)
3.550%		09/23/2021			300,000		315,834
Bank of New York Mellon Corp. (The) MTN
2.300%		07/28/2016			100,000		103,182
Bank of New York Mellon Corp. (The), Series G
2.200%		05/15/2019			600,000		603,951
BlackRock, Inc.
4.250%		05/24/2021			500,000		549,383
3.375%		06/01/2022			500,000		516,995
Credit Suisse (Switzerland)
5.400%		01/14/2020			200,000		225,012
Credit Suisse USA, Inc.
5.125%		08/15/2015			500,000		525,879
Deutsche Bank AG (Germany)
6.000%		09/01/2017			650,000		739,370
4.296%		05/24/2028	#		500,000		490,685
Deutsche Bank Financial LLC MTN
5.375%		03/02/2015			250,000		257,836
Goldman Sachs Group, Inc. (The)
6.250%		09/01/2017			500,000		569,642
6.250%		02/01/2041			500,000		612,118
6.150%		04/01/2018			500,000		573,897
6.125%		02/15/2033			600,000		720,758
5.950%		01/15/2027			300,000		342,526
5.750%		01/24/2022			300,000		347,697
5.625%		01/15/2017			750,000		825,897

Coupon Rate	Maturity Date			Face		Value
5.250%	07/27/2021		$	300,000	$	337,383
4.000%	03/03/2024			500,000		509,996
3.625%	02/07/2016			500,000		521,342
2.625%	01/31/2019			1,000,000		1,014,681
Goldman Sachs Group, Inc. (The) MTN
7.500%	02/15/2019			300,000		366,474
5.375%	03/15/2020			300,000		340,256
1.600%	11/23/2015			587,000		593,294
Jefferies Group LLC
6.250%	01/15/2036			230,000		241,838
5.125%	04/13/2018			300,000		329,256
Lazard Group LLC
4.250%	11/14/2020			400,000		419,662
Morgan Stanley
7.250%	04/01/2032			100,000		134,472
6.375%	07/24/2042			300,000		382,049
5.750%	01/25/2021			600,000		697,945
4.875%	11/01/2022			1,000,000		1,075,263
4.750%	03/22/2017			300,000		326,832
3.750%	02/25/2023			300,000		305,745
2.500%	01/24/2019			1,000,000		1,012,285
1.750%	02/25/2016			300,000		304,384
Morgan Stanley MTN
6.625%	04/01/2018			500,000		584,981
6.000%	04/28/2015			1,000,000		1,046,719
5.950%	12/28/2017			500,000		569,689
5.750%	10/18/2016			640,000		706,165
5.450%	01/09/2017			500,000		551,125
Nomura Holdings, Inc. (Japan)
6.700%	03/04/2020			300,000		361,101
Northern Trust Corp.
3.950%	10/30/2025			300,000		312,493
3.375%	08/23/2021			500,000		525,388
State Street Corp.
3.700%	11/20/2023			400,000		415,724
3.100%	05/15/2023			200,000		196,775
UBS AG (Switzerland)
7.000%	10/15/2015			100,000		107,420
UBS AG MTN (Switzerland)
7.375%	06/15/2017			100,000		114,252
5.875%	07/15/2016			700,000		767,123
UBS Preferred Funding Trust V, Perpetual Bond, Series 1
6.243%	05/29/2049	#†		300,000		320,625
						23,813,399
Chemicals—0.5%
Agrium, Inc. (Canada)
6.125%	01/15/2041			400,000		478,043
Airgas, Inc.
2.950%	06/15/2016			200,000		207,367
2.375%	02/15/2020			300,000		295,488
CF Industries, Inc.
3.450%	06/01/2023			400,000		397,230
Dow Chemical Co. (The)
8.550%	05/15/2019			629,000		809,272
5.250%	11/15/2041			300,000		327,691
4.125%	11/15/2021			150,000		161,230
3.000%	11/15/2022			500,000		492,662
E.I. du Pont de Nemours & Co.
4.900%	01/15/2041			200,000		218,720
4.250%	04/01/2021			300,000		328,890
2.800%	02/15/2023			300,000		293,657
2.750%	04/01/2016			300,000		311,383
Ecolab, Inc.
5.500%	12/08/2041			300,000		351,212

See accompanying notes to financial statements

210

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
LyondellBasell Industries NV (Netherlands)
5.750%		04/15/2024		$	500,000	$	591,080
5.000%		04/15/2019			500,000		564,595
Monsanto Co.
5.500%		08/15/2025			200,000		237,155
Mosaic Co. (The)
5.625%		11/15/2043			400,000		457,549
Potash Corp of Saskatchewan, Inc. (Canada)
3.625%		03/15/2024	†		250,000		255,206
PPG Industries, Inc.
3.600%		11/15/2020			400,000		420,816
Praxair, Inc.
3.250%		09/15/2015			500,000		517,544
2.200%		08/15/2022			400,000		378,452
							8,095,242
Commercial Services & Supplies—0.1%
Republic Services, Inc.
5.700%		05/15/2041			200,000		237,196
5.500%		09/15/2019			300,000		344,672
Waste Management, Inc.
7.000%		07/15/2028			50,000		65,412
4.750%		06/30/2020			750,000		839,648
							1,486,928
Communications Equipment—0.2%
Cisco Systems, Inc.
5.900%		02/15/2039			500,000		612,494
5.500%		02/22/2016			500,000		540,583
4.950%		02/15/2019			500,000		564,419
Harris Corp.
6.150%		12/15/2040			250,000		295,431
Juniper Networks, Inc.
3.100%		03/15/2016			400,000		411,060
Motorola Solutions, Inc.
7.500%		05/15/2025			340,000		433,261
							2,857,248
Construction Materials—0.0%
CRH America, Inc.
6.000%		09/30/2016			250,000		277,525
Consumer Finance—0.7%
American Express Centurion Bank
0.875%		11/13/2015			400,000		402,121
American Express Co.
7.000%		03/19/2018			500,000		595,073
4.050%		12/03/2042			472,000		456,141
American Express Credit Corp.
2.125%		03/18/2019			500,000		502,685
American Express Credit Corp. MTN
2.800%		09/19/2016			400,000		416,714
2.750%		09/15/2015			400,000		410,598
American Honda Finance Corp.
2.125%		10/10/2018			500,000		508,449
Capital One Financial Corp.
6.150%		09/01/2016			200,000		221,447
Caterpillar Financial Services Corp. MTN
2.850%		06/01/2022			300,000		298,711
2.650%		04/01/2016			400,000		414,375
1.625%		06/01/2017			300,000		304,962

Coupon Rate	Maturity Date			Face		Value
Ford Motor Credit Co. LLC
5.875%	08/02/2021		$	500,000	$	587,900
5.000%	05/15/2018			200,000		222,688
4.250%	02/03/2017			200,000		214,919
4.250%	09/20/2022			200,000		213,698
3.984%	06/15/2016			300,000		317,151
3.000%	06/12/2017			300,000		313,196
2.750%	05/15/2015			500,000		509,709
1.724%	12/06/2017			400,000		400,494
HSBC USA, Inc.
2.250%	06/23/2019			500,000		502,236
John Deere Capital Corp.
1.200%	10/10/2017			300,000		299,265
1.050%	10/11/2016			750,000		754,057
John Deere Capital Corp. MTN
3.900%	07/12/2021			300,000		323,372
2.250%	06/07/2016			200,000		206,426
Toyota Motor Credit Corp.
0.875%	07/17/2015			500,000		503,079
Toyota Motor Credit Corp. MTN
4.500%	06/17/2020			300,000		331,016
2.625%	01/10/2023			300,000		291,574
1.250%	10/05/2017			400,000		400,042
1.125%	05/16/2017			500,000		501,245
						11,423,343
Containers & Packaging—0.0%
MeadWestvaco Corp.
7.375%	09/01/2019			300,000		363,462
Packaging Corp. of America
4.500%	11/01/2023			250,000		268,271
						631,733
Diversified Consumer Services—0.1%
Massachusetts Institute of Technology
4.678%	07/01/2114			250,000		267,427
Yale University MTN
2.086%	04/15/2019			500,000		505,726
						773,153
Diversified Financial Services—1.1%
Bank One Corp.
8.000%	04/29/2027			300,000		406,330
7.625%	10/15/2026			300,000		395,370
Bear Stearns Cos. LLC (The)
7.250%	02/01/2018			350,000		416,862
6.400%	10/02/2017			400,000		461,516
4.650%	07/02/2018			400,000		440,965
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands)
5.750%	12/01/2043			300,000		347,017
4.625%	12/01/2023			400,000		423,586
3.875%	02/08/2022			400,000		424,422
3.375%	01/19/2017			300,000		317,882
2.250%	01/14/2019			500,000		506,908
2.125%	10/13/2015			200,000		204,498
General Electric Capital Corp.
2.950%	05/09/2016			400,000		417,221
1.625%	07/02/2015			1,000,000		1,012,970
General Electric Capital Corp. MTN
6.875%	01/10/2039			300,000		404,349
6.375%	11/15/2067	#		600,000		670,500
5.875%	01/14/2038			700,000		852,164
5.625%	09/15/2017			300,000		339,860
5.500%	01/08/2020			500,000		580,304

See accompanying notes to financial statements

211

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
5.400%		02/15/2017	$	650,000	$	722,041
5.375%		10/20/2016		750,000		826,774
4.625%		01/07/2021		300,000		334,535
3.100%		01/09/2023		1,000,000		993,994
2.300%		01/14/2019		500,000		510,609
General Electric Capital Corp., Series A MTN
6.750%		03/15/2032		450,000		595,305
Intercontinental Exchange, Inc.
2.500%		10/15/2018		300,000		307,188
Leucadia National Corp.
6.625%		10/23/2043		200,000		214,957
Murray Street Investment Trust I
4.647%		03/09/2017		1,000,000		1,081,468
NASDAQ OMX Group, Inc. (The)
4.250%		06/01/2024		400,000		406,312
National Rural Utilities Cooperative Finance Corp.
10.375%		11/01/2018		281,000		378,915
3.050%		03/01/2016		250,000		260,339
Shell International Finance BV (Netherlands)
6.375%		12/15/2038		500,000		661,061
5.200%		03/22/2017		500,000		555,956
3.625%		08/21/2042		300,000		274,700
2.375%		08/21/2022		500,000		482,470
Voya Financial, Inc.
5.500%		07/15/2022		500,000		573,604
						17,802,952
Diversified Telecommunication Services—1.1%
AT&T, Inc.
6.150%		09/15/2034		500,000		598,642
5.800%		02/15/2019		550,000		640,588
5.550%		08/15/2041		300,000		337,614
5.500%		02/01/2018		510,000		577,614
5.350%		09/01/2040		307,000		335,145
4.450%		05/15/2021		500,000		549,853
4.350%		06/15/2045		758,000		721,499
3.900%		03/11/2024		400,000		414,668
2.950%		05/15/2016		500,000		519,907
1.600%		02/15/2017		400,000		404,940
British Telecommunications plc (United Kingdom)
9.625%		12/15/2030		250,000		399,183
2.350%		02/14/2019		500,000		504,704
Cellco Partnership/Verizon Wireless Capital LLC
8.500%		11/15/2018		111,000		140,057
Deutsche Telekom International Finance BV (Netherlands)
8.750%		06/15/2030		300,000		439,837
Embarq Corp.
7.082%		06/01/2016		250,000		278,294
Orange SA (France)
9.000%		03/01/2031		500,000		754,434
Qwest Corp.
6.500%		06/01/2017		250,000		284,423
Telefonica Emisiones SAU (Spain)
5.134%		04/27/2020		600,000		670,778
3.729%		04/27/2015		200,000		204,939
Verizon Communications, Inc.
7.750%		12/01/2030		130,000		178,747
6.900%		04/15/2038		500,000		645,811
6.550%		09/15/2043		1,150,000		1,452,510
6.400%		02/15/2038		500,000		612,692
6.350%		04/01/2019		1,203,000		1,424,164

Coupon Rate	Maturity Date			Face		Value
6.000%		04/01/2041		$	300,000	$	352,632
5.850%		09/15/2035			250,000		292,959
5.150%		09/15/2023			1,250,000		1,401,465
5.050%		03/15/2034			400,000		428,261
4.500%		09/15/2020			150,000		165,224
3.650%		09/14/2018			200,000		214,105
3.500%		11/01/2021			400,000		412,764
3.000%		04/01/2016			400,000		414,884
2.450%		11/01/2022			300,000		281,955
2.000%		11/01/2016			400,000		408,604
0.700%		11/02/2015			400,000		401,171
Verizon Maryland LLC, Series B
5.125%		06/15/2033			250,000		255,496
							18,120,563
Electric Utilities—1.5%
Alabama Power Co., Series Q
5.500%		10/15/2017			150,000		169,422
Arizona Public Service Co.
4.500%		04/01/2042			300,000		314,409
Cleveland Electric Illuminating Co. (The)
5.950%		12/15/2036			300,000		341,494
Cleveland Electric Illuminating Co. (The), Series D
7.880%		11/01/2017			400,000		479,843
Commonwealth Edison Co.
5.900%		03/15/2036			300,000		375,362
5.875%		02/01/2033			200,000		244,228
5.800%		03/15/2018			100,000		114,826
Connecticut Light & Power Co. (The)
4.300%		04/15/2044			500,000		512,325
Connecticut Light & Power Co. (The), Series 09-A
5.500%		02/01/2019			300,000		342,842
Constellation Energy Group, Inc.
5.150%		12/01/2020			400,000		451,454
Dominion Gas Holdings LLC
3.550%		11/01/2023	^		250,000		255,358
DTE Electric Co.
3.450%		10/01/2020			300,000		315,765
Duke Energy Carolinas LLC
6.450%		10/15/2032			330,000		426,324
4.300%		06/15/2020			100,000		110,628
4.000%		09/30/2042			300,000		293,287
Duke Energy Corp.
2.150%		11/15/2016			200,000		205,850
Duke Energy Florida, Inc.
6.400%		06/15/2038			350,000		469,788
0.650%		11/15/2015			300,000		300,841
Duke Energy Indiana, Inc.
3.750%		07/15/2020			300,000		321,154
Entergy Corp.
4.700%		01/15/2017			500,000		539,799
Exelon Corp.
4.900%		06/15/2015			350,000		363,924
Florida Power & Light Co.
5.625%		04/01/2034			50,000		61,368
5.125%		06/01/2041			200,000		233,771
4.950%		06/01/2035			100,000		113,299
Georgia Power Co., Series 07-A
5.650%		03/01/2037			200,000		240,312
Great Plains Energy, Inc.
4.850%		06/01/2021			400,000		442,685
Indiana Michigan Power Co.
7.000%		03/15/2019			250,000		304,013

See accompanying notes to financial statements

212

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Jersey Central Power & Light
5.625%		05/01/2016		$	500,000	$	538,988
Kentucky Utilities Co.
5.125%		11/01/2040			500,000		579,837
MidAmerican Energy Co.
4.400%		10/15/2044			500,000		513,992
3.700%		09/15/2023			500,000		524,614
MidAmerican Energy Co. MTN
5.800%		10/15/2036			500,000		621,302
Mississippi Power Co., Series 2012-A
4.250%		03/15/2042			300,000		294,957
NextEra Energy Capital Holdings, Inc.
6.000%		03/01/2019			250,000		291,584
4.500%		06/01/2021			200,000		218,713
1.200%		06/01/2015			500,000		503,156
Northern States Power Co.
5.250%		03/01/2018			500,000		563,450
4.125%		05/15/2044			350,000		352,103
Ohio Power Co., Series K
6.000%		06/01/2016			500,000		548,783
Oklahoma Gas & Electric Co.
4.550%		03/15/2044			250,000		266,761
Oncor Electric Delivery Co. LLC
7.500%		09/01/2038			300,000		434,322
5.000%		09/30/2017			300,000		334,645
2.150%		06/01/2019	^		250,000		250,522
Pacific Gas & Electric Co.
6.050%		03/01/2034			500,000		620,267
4.750%		02/15/2044			250,000		267,215
4.450%		04/15/2042			300,000		307,991
PECO Energy Co.
2.375%		09/15/2022			200,000		192,510
Potomac Electric Power Co.
7.900%		12/15/2038			200,000		310,963
PPL Capital Funding, Inc.
4.700%		06/01/2043			200,000		205,942
3.400%		06/01/2023			200,000		200,669
Progress Energy, Inc.
7.050%		03/15/2019			400,000		488,716
4.400%		01/15/2021			300,000		329,207
PSEG Power LLC
8.625%		04/15/2031			300,000		433,184
2.750%		09/15/2016			200,000		207,741
Public Service Co. of Colorado
4.300%		03/15/2044			250,000		260,077
Public Service Co. of Oklahoma, Series G
6.625%		11/15/2037			300,000		391,319
Public Service Electric & Gas Co. MTN
3.650%		09/01/2042			200,000		183,951
Sierra Pacific Power Co., Series T
3.375%		08/15/2023			350,000		358,397
South Carolina Electric & Gas Co.
5.300%		05/15/2033			150,000		173,378
Southern California Edison Co.
6.650%		04/01/2029			500,000		643,807
4.050%		03/15/2042			300,000		297,775
Southern Power Co., Series D
4.875%		07/15/2015			350,000		366,059
Tampa Electric Co.
4.350%		05/15/2044			650,000		667,069

Coupon Rate	Maturity Date			Face		Value
Union Electric Co.
6.400%	06/15/2017		$	250,000	$	284,316
Virginia Electric and Power Co.
5.400%	04/30/2018			250,000		284,584
2.950%	01/15/2022			542,000		548,921
1.200%	01/15/2018			300,000		296,557
Westar Energy, Inc.
4.625%	09/01/2043			350,000		379,526
Wisconsin Electric Power
5.625%	05/15/2033			150,000		181,959
Xcel Energy, Inc.
4.800%	09/15/2041			200,000		216,111
						24,280,311
Electrical Equipment—0.1%
Eaton Corp.
4.150%	11/02/2042			100,000		97,157
2.750%	11/02/2022			100,000		97,008
1.500%	11/02/2017			300,000		300,615
0.950%	11/02/2015			100,000		100,474
Emerson Electric Co.
5.000%	04/15/2019			500,000		564,838
2.625%	02/15/2023			270,000		263,744
						1,423,836
Electronic Equipment, Instruments & Components—0.1%
Arrow Electronics, Inc.
4.500%	03/01/2023			300,000		314,093
3.000%	03/01/2018			400,000		413,918
Corning, Inc.
4.750%	03/15/2042			400,000		424,607
Jabil Circuit, Inc.
4.700%	09/15/2022			200,000		203,500
						1,356,118
Energy Equipment & Services—0.4%
Baker Hughes, Inc.
7.500%	11/15/2018			1,000,000		1,230,890
Cameron International Corp.
1.400%	06/15/2017			400,000		401,598
1.150%	12/15/2016			250,000		250,184
Diamond Offshore Drilling, Inc.
4.875%	11/01/2043	†		300,000		303,957
Halliburton Co.
7.450%	09/15/2039			400,000		581,091
Nabors Industries, Inc.
2.350%	09/15/2016			150,000		153,212
Noble Holding International Ltd. (Cayman Islands)
6.200%	08/01/2040			200,000		230,422
3.450%	08/01/2015			200,000		205,757
2.500%	03/15/2017			300,000		307,110
Pride International, Inc.
6.875%	08/15/2020			200,000		243,341
Rowan Cos., Inc.
4.875%	06/01/2022			250,000		268,219
Transocean, Inc. (Cayman Islands)
6.800%	03/15/2038			500,000		572,055
2.500%	10/15/2017			1,000,000		1,021,996
Weatherford International Ltd. (Bermuda)
9.625%	03/01/2019			400,000		525,434
6.750%	09/15/2040			300,000		369,342
4.500%	04/15/2022			300,000		319,487
						6,984,095

See accompanying notes to financial statements

213

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Food & Staples Retailing—0.4%
Costco Wholesale Corp.
0.650%		12/07/2015		$	300,000	$	301,200
CVS Caremark Corp.
5.750%		05/15/2041			300,000		361,040
4.125%		05/15/2021			200,000		216,449
4.000%		12/05/2023			300,000		314,543
2.250%		12/05/2018			750,000		759,960
Kroger Co. (The)
7.500%		04/01/2031			200,000		264,262
5.400%		07/15/2040			200,000		221,386
Walgreen Co.
4.400%		09/15/2042			200,000		193,559
Wal-Mart Stores, Inc.
7.550%		02/15/2030			250,000		356,519
5.250%		09/01/2035			750,000		870,649
4.875%		07/08/2040			300,000		332,127
4.300%		04/22/2044			750,000		760,665
4.250%		04/15/2021			300,000		332,115
3.625%		07/08/2020			300,000		322,730
2.550%		04/11/2023			500,000		482,710
							6,089,914
Food Products—0.4%
Archer-Daniels Midland Co.
5.450%		03/15/2018			500,000		568,450
ConAgra Foods, Inc.
4.650%		01/25/2043			300,000		296,961
3.250%		09/15/2022			200,000		197,284
2.100%		03/15/2018			200,000		200,817
1.300%		01/25/2016			400,000		403,480
General Mills, Inc.
5.400%		06/15/2040			300,000		339,107
3.150%		12/15/2021			200,000		204,460
Hillshire Brands Co. (The)
2.750%		09/15/2015			300,000		305,571
Kellogg Co.
4.000%		12/15/2020			190,000		201,245
Kraft Foods Group, Inc.
6.875%		01/26/2039			380,000		498,673
6.500%		02/09/2040			200,000		254,508
5.375%		02/10/2020			209,000		238,017
1.625%		06/04/2015			300,000		303,157
Mondelez International, Inc.
6.500%		02/09/2040			139,000		178,615
4.125%		02/09/2016			100,000		105,198
4.000%		02/01/2024			500,000		518,904
2.250%		02/01/2019			750,000		755,938
Unilever Capital Corp.
4.250%		02/10/2021			300,000		330,978
							5,901,363
Gas Utilities—0.1%
ONE Gas, Inc.
3.610%		02/01/2024	^		500,000		517,999
Southern California Gas Co.
5.125%		11/15/2040			400,000		465,346
4.450%		03/15/2044			200,000		212,492
Southern Natural Gas Co./Southern Natural Issuing Corp.
4.400%		06/15/2021			200,000		217,683
							1,413,520

Coupon Rate	Maturity Date		Face		Value
Health Care Equipment & Supplies—0.2%
Baxter International, Inc.
5.900%	09/01/2016	$	400,000	$	442,809
3.200%	06/15/2023		300,000		298,125
2.400%	08/15/2022		300,000		284,280
Becton Dickinson and Co.
5.000%	11/12/2040		300,000		335,211
Boston Scientific Corp.
7.375%	01/15/2040		200,000		277,010
6.250%	11/15/2015		200,000		214,644
6.000%	01/15/2020		200,000		232,779
CareFusion Corp.
6.375%	08/01/2019		250,000		293,018
Covidien International Finance SA (Luxembourg)
6.000%	10/15/2017		250,000		286,194
Medtronic, Inc.
4.450%	03/15/2020		300,000		332,676
2.750%	04/01/2023		100,000		96,879
Stryker Corp.
4.375%	05/15/2044		300,000		299,743
4.100%	04/01/2043		200,000		191,682
					3,585,050
Health Care Providers & Services—0.5%
Aetna, Inc.
6.625%	06/15/2036		250,000		326,320
4.125%	11/15/2042		200,000		192,707
1.500%	11/15/2017		200,000		200,918
AmerisourceBergen Corp.
3.400%	05/15/2024		200,000		199,896
Cardinal Health, Inc.
4.600%	03/15/2043		200,000		204,341
3.200%	03/15/2023		300,000		297,940
1.700%	03/15/2018		300,000		299,198
Cigna Corp.
5.125%	06/15/2020		300,000		339,672
Express Scripts Holding Co.
6.125%	11/15/2041		200,000		244,337
4.750%	11/15/2021		200,000		221,703
3.500%	11/15/2016		1,000,000		1,062,396
McKesson Corp.
4.883%	03/15/2044		400,000		421,729
2.850%	03/15/2023		300,000		289,832
Quest Diagnostics, Inc.
6.950%	07/01/2037		300,000		365,129
4.700%	04/01/2021		300,000		324,047
UnitedHealth Group, Inc.
6.625%	11/15/2037		300,000		399,224
6.000%	02/15/2018		500,000		577,348
5.950%	02/15/2041		200,000		248,879
5.375%	03/15/2016		200,000		215,977
1.625%	03/15/2019		400,000		394,276
Ventas Realty LP
1.250%	04/17/2017		500,000		500,407
WellPoint, Inc.
5.250%	01/15/2016		500,000		534,462
4.650%	01/15/2043		200,000		204,151
3.300%	01/15/2023		300,000		300,197
					8,365,086
Hotels, Restaurants & Leisure—0.1%
Carnival Corp. (Panama)
3.950%	10/15/2020		400,000		423,381

See accompanying notes to financial statements

214

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
McDonald’s Corp. MTN
5.350%		03/01/2018		$	500,000	$	568,277
Starbucks Corp.
2.000%		12/05/2018			400,000		403,249
Wyndham Worldwide Corp.
3.900%		03/01/2023			300,000		301,904
Yum! Brands, Inc.
6.875%		11/15/2037			52,000		66,926
5.350%		11/01/2043			250,000		274,878
							2,038,615
Household Durables—0.0%
Whirlpool Corp. MTN
4.850%		06/15/2021			200,000		220,962
Household Products—0.1%
Clorox Co. (The)
3.800%		11/15/2021			400,000		419,622
Kimberly-Clark Corp.
6.125%		08/01/2017			500,000		575,232
Procter & Gamble Co. (The)
5.800%		08/15/2034			250,000		313,981
5.550%		03/05/2037			250,000		305,705
4.700%		02/15/2019			500,000		565,299
							2,179,839
Independent Power and Renewable Electricity Producers—0.0%
Empresa Nacional de Electricidad SA (Chile)
4.250%		04/15/2024			500,000		504,031
Industrial Conglomerates—0.3%
3M Co. MTN
5.700%		03/15/2037			100,000		124,257
2.000%		06/26/2022			300,000		285,721
GE Capital Trust I
6.375%		11/15/2067	#		130,000		144,950
General Electric Co.
5.250%		12/06/2017			500,000		564,571
4.500%		03/11/2044			400,000		418,508
4.125%		10/09/2042			300,000		297,522
3.375%		03/11/2024			1,000,000		1,021,065
2.700%		10/09/2022			300,000		295,155
0.850%		10/09/2015			300,000		301,583
Ingersoll-Rand Global Holding Co. Ltd.
2.875%		01/15/2019			120,000		123,140
Koninklijke Philips NV (Netherlands)
3.750%		03/15/2022			500,000		526,616
Roper Industries, Inc.
1.850%		11/15/2017			200,000		201,829
							4,304,917
Insurance—1.0%
AEGON Funding Co. LLC
5.750%		12/15/2020			290,000		340,372
Aflac, Inc.
3.625%		06/15/2023			400,000		409,031
Allstate Corp. (The)
3.150%		06/15/2023			1,000,000		1,005,350
American International Group, Inc.
8.175%		05/15/2058	#		300,000		414,750

Coupon Rate	Maturity Date			Face		Value
6.400%	12/15/2020		$	400,000	$	483,553
6.250%	05/01/2036			400,000		506,097
3.800%	03/22/2017			500,000		534,651
American International Group, Inc. MTN
5.850%	01/16/2018			500,000		571,254
Aon plc (United Kingdom)
4.450%	05/24/2043			400,000		390,150
3.500%	06/14/2024			400,000		399,618
Arch Capital Group US, Inc.
5.144%	11/01/2043			150,000		162,935
AXA SA (France)
8.600%	12/15/2030			250,000		336,562
Berkshire Hathaway Finance Corp.
4.300%	05/15/2043			300,000		299,262
4.250%	01/15/2021			300,000		330,872
2.000%	08/15/2018			500,000		509,250
1.600%	05/15/2017			400,000		406,576
Chubb Corp. (The)
6.375%	03/29/2067	#		200,000		223,250
CNA Financial Corp.
5.750%	08/15/2021			300,000		349,557
Fidelity National Financial, Inc.
6.600%	05/15/2017			300,000		338,108
Genworth Financial, Inc.
7.700%	06/15/2020			200,000		247,085
Genworth Holdings, Inc.
4.900%	08/15/2023			250,000		268,103
Hartford Financial Services Group, Inc. (The)
6.100%	10/01/2041			150,000		187,188
4.000%	10/15/2017			300,000		323,970
Hartford Financial Services Group, Inc. MTN
6.000%	01/15/2019			500,000		580,780
Lincoln National Corp.
6.150%	04/07/2036			250,000		308,245
Markel Corp.
5.000%	03/30/2043			300,000		312,890
MetLife, Inc.
7.717%	02/15/2019			500,000		623,260
6.750%	06/01/2016			600,000		667,063
5.700%	06/15/2035			250,000		301,913
4.875%	11/13/2043			300,000		325,710
3.600%	04/10/2024			500,000		510,281
PartnerRe Finance B LLC
5.500%	06/01/2020			90,000		102,501
Progressive Corp. (The)
6.625%	03/01/2029			150,000		198,469
Prudential Financial, Inc.
3.500%	05/15/2024			400,000		399,624
Prudential Financial, Inc. MTN
6.625%	06/21/2040			100,000		131,152
5.800%	11/16/2041			200,000		239,081
5.700%	12/14/2036			250,000		295,069
5.375%	06/21/2020			300,000		344,419
4.750%	09/17/2015			300,000		314,948
Travelers Cos., Inc. (The)
6.750%	06/20/2036			500,000		684,849
Trinity Acquisition plc (United Kingdom)
4.625%	08/15/2023			500,000		518,970
Unum Group
4.000%	03/15/2024			350,000		361,913
Validus Holdings Ltd. (Bermuda)
8.875%	01/26/2040			200,000		288,280
XLIT Ltd. (Cayman Islands)
2.300%	12/15/2018			400,000		398,240
						16,945,201

See accompanying notes to financial statements

215

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

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	$	189,523
1.200%		11/29/2017			200,000		198,961
0.650%		11/27/2015			400,000		400,784
Expedia, Inc.
7.456%		08/15/2018	†		500,000		593,503
QVC, Inc.
3.125%		04/01/2019			120,000		122,175
							1,504,946
Internet Software & Services—0.1%
Baidu, Inc. (Cayman Islands)
2.750%		06/09/2019			400,000		402,019
eBay, Inc.
4.000%		07/15/2042			100,000		89,733
2.600%		07/15/2022	†		100,000		95,978
1.350%		07/15/2017			100,000		100,545
0.700%		07/15/2015			200,000		200,841
Google, Inc.
3.625%		05/19/2021			300,000		322,052
2.125%		05/19/2016			300,000		309,204
							1,520,372
IT Services—0.3%
Computer Sciences Corp.
4.450%		09/15/2022			200,000		210,068
2.500%		09/15/2015			300,000		305,455
Fiserv, Inc.
3.500%		10/01/2022			200,000		201,514
International Business Machines Corp.
7.000%		10/30/2025			300,000		397,758
5.700%		09/14/2017			500,000		570,077
3.625%		02/12/2024			250,000		257,032
2.000%		01/05/2016			1,000,000		1,023,509
1.625%		05/15/2020			400,000		386,008
MasterCard, Inc.
2.000%		04/01/2019			200,000		201,040
Western Union Co. (The)
5.253%		04/01/2020			502,000		554,448
Xerox Corp.
6.350%		05/15/2018	†		500,000		581,504
4.500%		05/15/2021			200,000		216,407
							4,904,820
Leisure Products—0.0%
Hasbro, Inc.
5.100%		05/15/2044			200,000		207,302
Mattel, Inc.
2.350%		05/06/2019			300,000		301,714
							509,016
Life Sciences Tools & Services—0.1%
Agilent Technologies, Inc.
5.000%		07/15/2020			100,000		109,896
Thermo Fisher Scientific, Inc.
4.150%		02/01/2024			500,000		523,910
2.400%		02/01/2019			750,000		758,450
							1,392,256

Coupon Rate	Maturity Date			Face		Value
Machinery—0.2%
Caterpillar, Inc.
4.750%	05/15/2064		$	500,000	$	523,660
3.803%	08/15/2042			385,000		358,418
3.400%	05/15/2024			500,000		506,725
Deere & Co.
4.375%	10/16/2019			1,000,000		1,113,044
Dover Corp.
5.375%	03/01/2041			300,000		350,608
Illinois Tool Works, Inc.
3.500%	03/01/2024			350,000		359,447
Parker Hannifin Corp. MTN
3.500%	09/15/2022			100,000		102,720
						3,314,622
Media—1.2%
21st Century Fox America, Inc.
8.000%	10/17/2016			150,000		173,431
7.750%	12/01/2045			200,000		289,411
6.200%	12/15/2034			1,000,000		1,228,024
6.150%	02/15/2041			300,000		364,889
5.650%	08/15/2020			500,000		583,140
CBS Corp.
7.875%	07/30/2030			250,000		336,795
5.750%	04/15/2020			200,000		232,062
4.850%	07/01/2042			250,000		249,061
1.950%	07/01/2017			300,000		305,207
Comcast Corp.
6.500%	01/15/2017			750,000		853,608
6.450%	03/15/2037			500,000		639,846
6.300%	11/15/2017			700,000		814,496
5.850%	11/15/2015			400,000		429,284
5.650%	06/15/2035			200,000		236,735
4.500%	01/15/2043			200,000		204,717
2.850%	01/15/2023	†		500,000		497,146
Cox Communications, Inc.
5.500%	10/01/2015			75,000		79,414
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
6.375%	03/01/2041			500,000		606,957
5.200%	03/15/2020			200,000		225,582
3.800%	03/15/2022			300,000		310,301
3.500%	03/01/2016			400,000		417,568
Discovery Communications LLC
5.625%	08/15/2019			400,000		458,573
Grupo Televisa SAB (Mexico)
5.000%	05/13/2045			200,000		201,398
Historic TW, Inc.
9.150%	02/01/2023			300,000		416,243
Interpublic Group of Cos., Inc. (The)
4.200%	04/15/2024			250,000		258,484
NBCUniversal Media LLC
6.400%	04/30/2040			200,000		257,316
5.950%	04/01/2041			250,000		308,066
4.375%	04/01/2021			250,000		276,287
Omnicom Group, Inc.
5.900%	04/15/2016			500,000		543,074
Thomson Reuters Corp. (Canada)
6.500%	07/15/2018			300,000		351,779
Time Warner Cable, Inc.
8.750%	02/14/2019			1,000,000		1,283,740
6.750%	06/15/2039			200,000		258,635
5.850%	05/01/2017			400,000		450,165
4.500%	09/15/2042			300,000		293,195

See accompanying notes to financial statements

216

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Time Warner Entertainment Co. LP
8.375%		03/15/2023		$	250,000	$	338,667
8.375%		07/15/2033			250,000		367,807
Time Warner, Inc.
7.700%		05/01/2032			400,000		556,981
5.875%		11/15/2016			700,000		779,886
5.375%		10/15/2041			250,000		272,736
4.050%		12/15/2023			750,000		779,504
Viacom, Inc.
6.875%		04/30/2036			300,000		380,518
4.500%		03/01/2021			200,000		218,604
4.375%		03/15/2043			200,000		186,384
2.500%		12/15/2016			300,000		309,411
Walt Disney Co. (The) MTN
4.125%		06/01/2044			500,000		494,076
3.700%		12/01/2042			200,000		184,910
2.350%		12/01/2022			200,000		193,134
1.100%		12/01/2017			250,000		249,029
0.450%		12/01/2015			350,000		350,471
Walt Disney Co. (The), Series B MTN
7.000%		03/01/2032			210,000		290,716
							20,387,463
Metals & Mining—0.6%
Barrick PD Australia Finance Pty Ltd. (Australia)
5.950%		10/15/2039			400,000		421,301
BHP Billiton Finance USA Ltd. (Australia)
6.500%		04/01/2019			500,000		602,346
5.000%		09/30/2043			350,000		388,365
4.125%		02/24/2042			400,000		390,959
1.625%		02/24/2017			400,000		407,272
Cliffs Natural Resources, Inc.
3.950%		01/15/2018	†		250,000		253,540
Freeport-McMoRan Copper & Gold, Inc.
3.875%		03/15/2023			800,000		799,026
3.550%		03/01/2022			400,000		396,779
Goldcorp, Inc. (Canada)
3.625%		06/09/2021			400,000		405,170
Newmont Mining Corp.
6.250%		10/01/2039			200,000		210,879
3.500%		03/15/2022			400,000		386,300
Rio Tinto Alcan, Inc. (Canada)
6.125%		12/15/2033			150,000		180,172
Rio Tinto Finance USA Ltd. (Australia)
3.500%		11/02/2020			226,000		236,795
Rio Tinto Finance USA plc (United Kingdom)
4.750%		03/22/2042			300,000		314,003
3.500%		03/22/2022			500,000		513,932
2.250%		12/14/2018			400,000		408,175
2.000%		03/22/2017			500,000		512,032
Southern Copper Corp.
7.500%		07/27/2035			250,000		293,532
Teck Resources Ltd. (Canada)
5.200%		03/01/2042			300,000		289,960
3.000%		03/01/2019			300,000		306,696
Vale Overseas Ltd. (Cayman Islands)
6.875%		11/21/2036			400,000		444,816
6.250%		01/23/2017			500,000		560,170
4.625%		09/15/2020			500,000		539,360
							9,261,580

Coupon Rate	Maturity Date		Face		Value
Multiline Retail—0.2%
Dollar General Corp.
1.875%	04/15/2018	$	500,000	$	496,287
Kohl’s Corp.
4.000%	11/01/2021		300,000		313,138
Macy’s Retail Holdings, Inc.
6.900%	04/01/2029		100,000		125,392
6.650%	07/15/2024		100,000		123,863
5.900%	12/01/2016		500,000		557,526
4.300%	02/15/2043		200,000		188,835
Nordstrom, Inc.
4.000%	10/15/2021		100,000		107,209
Target Corp.
6.350%	11/01/2032		500,000		630,157
6.000%	01/15/2018		500,000		576,183
4.000%	07/01/2042		200,000		189,516
					3,308,106
Multi-Utilities—0.2%
Ameren Illinois Co.
2.700%	09/01/2022		400,000		393,899
Berkshire Hathaway Energy Co.
6.125%	04/01/2036		200,000		248,776
Consolidated Edison Co. of New York, Inc., Series 06-C
5.500%	09/15/2016		500,000		550,052
Consolidated Edison Co. of New York, Inc., Series 09-C
5.500%	12/01/2039		300,000		357,146
Consumers Energy Co., Series P
5.500%	08/15/2016		150,000		164,787
Dominion Resources, Inc., Series A
5.600%	11/15/2016		300,000		332,031
Dominion Resources, Inc., Series C
4.900%	08/01/2041		300,000		316,255
NiSource Finance Corp.
5.450%	09/15/2020		500,000		573,075
5.250%	02/15/2043		300,000		324,364
Puget Sound Energy, Inc.
4.434%	11/15/2041		300,000		313,608
Sempra Energy
6.150%	06/15/2018		250,000		290,432
					3,864,425
Oil, Gas & Consumable Fuels—2.2%
Alberta Energy Co. Ltd. (Canada)
7.375%	11/01/2031		400,000		522,750
Anadarko Petroleum Corp.
8.700%	03/15/2019		500,000		644,815
Apache Corp.
5.250%	02/01/2042		500,000		563,189
Apache Finance Canada Corp. (Canada)
7.750%	12/15/2029		150,000		215,205
Boardwalk Pipelines LP
3.375%	02/01/2023		200,000		185,195
BP Capital Markets plc (United Kingdom)
4.500%	10/01/2020		300,000		332,394
3.814%	02/10/2024		350,000		362,329
3.245%	05/06/2022		200,000		202,822
3.200%	03/11/2016		400,000		417,850
2.750%	05/10/2023		500,000		481,226
2.237%	05/10/2019		500,000		504,870
1.846%	05/05/2017		200,000		204,403
Buckeye Partners LP
2.650%	11/15/2018		250,000		254,426

See accompanying notes to financial statements

217

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Canadian Natural Resources Ltd. (Canada)
5.850%		02/01/2035		$	500,000	$	587,365
3.450%		11/15/2021			200,000		206,559
Cenovus Energy, Inc. (Canada)
5.700%		10/15/2019			200,000		232,201
CenterPoint Energy Resources Corp.
4.500%		01/15/2021			434,000		477,469
Chevron Corp.
3.191%		06/24/2023			400,000		407,035
2.355%		12/05/2022			400,000		385,234
0.889%		06/24/2016			300,000		302,060
CNOOC Finance 2013 Ltd. (Virgin Islands, British)
4.250%		05/09/2043			200,000		186,310
3.000%		05/09/2023			200,000		189,205
1.750%		05/09/2018			200,000		198,633
1.125%		05/09/2016			200,000		200,533
ConocoPhillips Canada Funding Co. I (Canada)
5.950%		10/15/2036			500,000		635,554
5.625%		10/15/2016			500,000		554,302
ConocoPhillips Holding Co.
6.950%		04/15/2029			500,000		686,424
Continental Resources, Inc.
4.500%		04/15/2023			400,000		428,034
3.800%		06/01/2024	^		300,000		303,852
Devon Energy Corp.
7.950%		04/15/2032			350,000		496,967
5.600%		07/15/2041			100,000		116,171
2.400%		07/15/2016			300,000		309,581
1.875%		05/15/2017			300,000		305,389
Ecopetrol SA (Colombia)
4.250%		09/18/2018			500,000		536,250
El Paso Pipeline Partners Operating Co. LLC
4.700%		11/01/2042			200,000		187,657
Enable Midstream Partners LP
5.000%		05/15/2044	^		350,000		354,089
Enbridge Energy Partners LP
9.875%		03/01/2019			300,000		394,103
Encana Corp. (Canada)
5.150%		11/15/2041			300,000		328,257
3.900%		11/15/2021			300,000		317,495
Energy Transfer Partners LP
6.500%		02/01/2042			400,000		479,385
5.200%		02/01/2022			300,000		332,493
Enterprise Products Operating LLC
5.950%		02/01/2041			200,000		238,918
5.100%		02/15/2045			250,000		267,920
4.450%		02/15/2043			200,000		196,975
3.700%		06/01/2015			100,000		102,908
3.350%		03/15/2023			300,000		301,074
3.200%		02/01/2016			200,000		207,847
Enterprise Products Operating LLC, Series D
6.875%		03/01/2033			150,000		194,992
EOG Resources, Inc.
4.100%		02/01/2021			300,000		327,212
Exxon Mobil Corp.
3.176%		03/15/2024			400,000		408,701
Hess Corp.
7.300%		08/15/2031			250,000		333,283
1.300%		06/15/2017			400,000		400,964

Coupon Rate	Maturity Date			Face		Value
Kerr-McGee Corp.
7.875%	09/15/2031		$	750,000	$	1,062,095
Kinder Morgan Energy Partners LP
6.550%	09/15/2040			300,000		359,771
6.500%	02/01/2037			300,000		353,464
5.950%	02/15/2018			300,000		342,583
5.000%	03/01/2043			200,000		199,240
4.150%	03/01/2022			500,000		520,256
3.500%	09/01/2023			400,000		389,233
Magellan Midstream Partners LP
4.200%	12/01/2042			200,000		190,897
Marathon Oil Corp.
5.900%	03/15/2018			455,000		521,262
Nexen Energy ULC (Canada)
6.400%	05/15/2037			500,000		603,620
Noble Energy, Inc.
5.250%	11/15/2043			300,000		332,015
Occidental Petroleum Corp.
2.700%	02/15/2023			300,000		291,846
1.750%	02/15/2017			750,000		764,361
ONEOK Partners LP
6.150%	10/01/2016			160,000		178,341
3.375%	10/01/2022			300,000		298,578
Petrobras Global Finance BV (Netherlands)
7.250%	03/17/2044	†		250,000		276,875
4.375%	05/20/2023	†		400,000		386,220
3.250%	03/17/2017			350,000		359,727
Petrobras International Finance Co. (Cayman Islands)
5.750%	01/20/2020			500,000		535,650
Petro-Canada (Canada)
5.950%	05/15/2035			100,000		119,869
Phillips 66
4.300%	04/01/2022			400,000		433,638
Pioneer Natural Resources Co.
3.950%	07/15/2022			200,000		210,393
Plains All American Pipeline LP/PAA Finance Corp.
4.300%	01/31/2043			200,000		192,516
3.950%	09/15/2015			300,000		311,694
2.850%	01/31/2023			400,000		386,035
Statoil ASA (Norway)
5.100%	08/17/2040			300,000		342,839
3.150%	01/23/2022			500,000		511,803
2.650%	01/15/2024			300,000		288,905
1.150%	05/15/2018			300,000		295,845
Suncor Energy, Inc. (Canada)
7.150%	02/01/2032			500,000		680,913
Sunoco Logistics Partners Operations LP
4.950%	01/15/2043			200,000		201,368
3.450%	01/15/2023			200,000		197,651
Talisman Energy, Inc. (Canada)
6.250%	02/01/2038			300,000		349,977
Tennessee Gas Pipeline Co. LLC
7.000%	10/15/2028			350,000		448,930
Texas Eastern Transmission LP
7.000%	07/15/2032			150,000		198,765
Total Capital International SA (France)
3.700%	01/15/2024			250,000		259,344
2.875%	02/17/2022			400,000		399,965
2.100%	06/19/2019			300,000		301,693
Total Capital SA (France)
4.450%	06/24/2020			300,000		335,125
TransCanada PipeLines Ltd. (Canada)
6.350%	05/15/2067	#		1,000,000		1,043,750
5.850%	03/15/2036			500,000		599,498

See accompanying notes to financial statements

218

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
3.750%		10/16/2023		$	400,000	$	413,600
Valero Energy Corp.
6.625%		06/15/2037			500,000		623,276
6.125%		06/15/2017			250,000		284,942
Western Gas Partners LP
2.600%		08/15/2018			250,000		255,031
Williams Cos., Inc. (The)
7.875%		09/01/2021			230,000		285,959
Williams Partners LP
6.300%		04/15/2040			100,000		119,126
5.250%		03/15/2020			100,000		112,941
4.500%		11/15/2023			350,000		371,952
							36,554,252
Paper & Forest Products—0.1%
International Paper Co.
7.500%		08/15/2021			500,000		638,004
7.300%		11/15/2039			1,000,000		1,354,420
							1,992,424
Pharmaceuticals—0.9%
AbbVie, Inc.
4.400%		11/06/2042			300,000		292,404
2.900%		11/06/2022			300,000		290,642
2.000%		11/06/2018			300,000		299,939
1.750%		11/06/2017			300,000		301,880
1.200%		11/06/2015			300,000		302,126
Actavis Funding SCS (Luxembourg)
1.300%		06/15/2017	^		300,000		299,642
Actavis, Inc.
6.125%		08/15/2019			500,000		588,029
AstraZeneca plc (United Kingdom)
5.900%		09/15/2017			250,000		286,039
4.000%		09/18/2042			300,000		287,026
Bristol-Myers Squibb Co.
5.875%		11/15/2036			155,000		192,157
3.250%		08/01/2042			200,000		166,386
Eli Lilly & Co.
6.770%		01/01/2036			250,000		335,428
GlaxoSmithKline Capital plc (United Kingdom)
2.850%		05/08/2022			300,000		296,640
GlaxoSmithKline Capital, Inc.
2.800%		03/18/2023			1,200,000		1,169,449
Johnson & Johnson
4.950%		05/15/2033			200,000		232,248
4.850%		05/15/2041			200,000		228,015
3.550%		05/15/2021			200,000		215,406
2.150%		05/15/2016			200,000		206,097
Merck & Co., Inc.
6.550%		09/15/2037			200,000		267,970
6.500%		12/01/2033			250,000		334,019
3.875%		01/15/2021			500,000		540,229
3.600%		09/15/2042			200,000		179,971
2.400%		09/15/2022			200,000		193,228
1.100%		01/31/2018			200,000		196,984
Merck Sharp & Dohme Corp.
5.000%		06/30/2019			500,000		569,564
Mylan, Inc.
5.400%		11/29/2043			250,000		270,232
1.350%		11/29/2016			250,000		250,564

Coupon Rate	Maturity Date			Face		Value
Novartis Capital Corp.
4.400%	05/06/2044		$	230,000	$	240,394
2.900%	04/24/2015			200,000		204,297
Novartis Securities Investment Ltd. (Bermuda)
5.125%	02/10/2019			500,000		570,499
Perrigo Co. plc (Ireland)
2.300%	11/08/2018	^		300,000		300,185
Pfizer, Inc.
4.400%	05/15/2044			350,000		359,737
3.400%	05/15/2024			350,000		356,141
3.000%	06/15/2023	†		1,000,000		1,000,692
Pharmacia Corp.
6.500%	12/01/2018			350,000		417,282
Sanofi (France)
2.625%	03/29/2016			400,000		414,472
Teva Pharmaceutical Finance Co. LLC
6.150%	02/01/2036			250,000		303,247
Teva Pharmaceutical Finance II BV / Teva Pharmaceutical Finance III LLC (Curacao)
3.000%	06/15/2015			300,000		307,389
Teva Pharmaceutical Finance IV LLC
2.250%	03/18/2020			200,000		195,838
Wyeth LLC
6.500%	02/01/2034			250,000		328,021
Zoetis, Inc.
4.700%	02/01/2043			200,000		203,932
3.250%	02/01/2023			300,000		297,310
1.150%	02/01/2016			300,000		302,002
						14,593,752
Real Estate Investment Trusts (REITs)—0.7%
American Tower Corp.
4.500%	01/15/2018			500,000		545,244
3.500%	01/31/2023			400,000		392,976
AvalonBay Communities, Inc. MTN
2.850%	03/15/2023			300,000		288,510
Boston Properties LP
4.125%	05/15/2021			300,000		319,483
3.125%	09/01/2023			450,000		437,857
Brandywine Operating Partnership LP
3.950%	02/15/2023			300,000		302,535
Camden Property Trust
5.000%	06/15/2015			200,000		208,272
CubeSmart LP
4.375%	12/15/2023			300,000		311,733
DDR Corp.
4.625%	07/15/2022			200,000		214,360
Duke Realty LP
3.875%	10/15/2022			200,000		203,931
ERP Operating LP
5.375%	08/01/2016			500,000		546,400
3.000%	04/15/2023			200,000		195,436
Federal Realty Investment Trust
2.750%	06/01/2023			200,000		191,848
HCP, Inc.
4.250%	11/15/2023			400,000		416,546
HCP, Inc. MTN
6.700%	01/30/2018			250,000		291,740
Health Care REIT, Inc.
6.125%	04/15/2020			300,000		349,188
4.500%	01/15/2024			200,000		211,133
Highwoods Realty LP
3.200%	06/15/2021			400,000		395,864

See accompanying notes to financial statements

219

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Hospitality Properties Trust
5.000%		08/15/2022		$	300,000	$	317,880
Host Hotels & Resorts LP
6.000%		10/01/2021			300,000		346,151
Kimco Realty Corp.
3.125%		06/01/2023			200,000		192,794
Lexington Realty Trust
4.400%		06/15/2024			400,000		405,317
Liberty Property LP
3.375%		06/15/2023			300,000		291,710
National Retail Properties, Inc.
3.900%		06/15/2024			400,000		403,171
Omega Healthcare Investors, Inc.
4.950%		04/01/2024	^		350,000		359,227
Realty Income Corp.
5.875%		03/15/2035			200,000		232,188
Regency Centers LP
3.750%		06/15/2024			200,000		201,110
Simon Property Group LP
4.750%		03/15/2042			400,000		427,026
4.375%		03/01/2021			400,000		440,412
2.800%		01/30/2017			500,000		521,484
2.200%		02/01/2019			400,000		404,224
Ventas Realty LP/Ventas Capital Corp.
4.250%		03/01/2022			400,000		425,586
Vornado Realty LP
2.500%		06/30/2019			500,000		501,378
Weyerhaeuser Co.
7.375%		03/15/2032			300,000		406,468
WP Carey, Inc.
4.600%		04/01/2024			350,000		364,446
							12,063,628
Road & Rail—0.3%
Burlington Northern Santa Fe LLC
7.950%		08/15/2030			300,000		421,796
5.650%		05/01/2017			500,000		561,722
5.150%		09/01/2043			350,000		387,335
3.450%		09/15/2021			200,000		208,145
Canadian National Railway Co. (Canada)
2.250%		11/15/2022			300,000		283,862
Canadian Pacific Railway Co. (Canada)
7.250%		05/15/2019			300,000		369,044
CSX Corp.
7.375%		02/01/2019			300,000		367,586
6.250%		04/01/2015			20,000		20,866
6.000%		10/01/2036			334,000		411,218
Norfolk Southern Corp.
5.900%		06/15/2019			300,000		350,208
4.800%		08/15/2043			350,000		373,848
3.250%		12/01/2021			200,000		205,399
Ryder System, Inc. MTN
2.350%		02/26/2019			400,000		403,727
Union Pacific Corp.
4.821%		02/01/2044			557,000		611,295
3.750%		03/15/2024			500,000		524,915
							5,500,966

Coupon Rate	Maturity Date			Face		Value
Semiconductors & Semiconductor Equipment—0.2%
Intel Corp.
4.800%	10/01/2041		$	300,000	$	318,935
4.250%	12/15/2042			200,000		196,759
3.300%	10/01/2021			300,000		311,142
1.350%	12/15/2017			400,000		400,449
Texas Instruments, Inc.
1.650%	08/03/2019			275,000		270,566
0.875%	03/12/2017			750,000		749,599
Xilinx, Inc.
2.125%	03/15/2019			150,000		150,433
						2,397,883
Software—0.2%
Microsoft Corp.
4.500%	10/01/2040			300,000		312,518
3.625%	12/15/2023			750,000		785,545
1.625%	09/25/2015			400,000		406,731
Oracle Corp.
5.750%	04/15/2018			500,000		575,072
5.375%	07/15/2040			500,000		570,478
5.250%	01/15/2016			500,000		535,901
2.500%	10/15/2022			400,000		383,398
						3,569,643
Specialty Retail—0.2%
Gap, Inc. (The)
5.950%	04/12/2021			200,000		231,785
Home Depot, Inc. (The)
5.875%	12/16/2036			550,000		682,633
5.400%	03/01/2016			400,000		431,811
2.000%	06/15/2019			400,000		400,740
Lowe’s Cos., Inc.
5.800%	04/15/2040			300,000		362,528
5.400%	10/15/2016			400,000		440,639
TJX Cos., Inc. (The)
2.750%	06/15/2021			300,000		300,583
						2,850,719
Technology Hardware, Storage & Peripherals—0.3%
Apple, Inc.
3.850%	05/04/2043			300,000		277,110
3.450%	05/06/2024			400,000		405,298
2.850%	05/06/2021			500,000		505,088
2.400%	05/03/2023			300,000		283,964
1.050%	05/05/2017			500,000		501,024
1.000%	05/03/2018			200,000		195,774
0.450%	05/03/2016			200,000		199,666
EMC Corp.
1.875%	06/01/2018			500,000		503,776
Hewlett-Packard Co.
6.000%	09/15/2041			200,000		231,031
4.650%	12/09/2021			300,000		327,821
3.750%	12/01/2020			500,000		523,369
3.300%	12/09/2016			300,000		315,899
2.200%	12/01/2015			250,000		255,446
2.125%	09/13/2015			500,000		508,963
Seagate HDD Cayman (Cayman Islands)
4.750%	06/01/2023	^		400,000		405,000
Seagate Technology HDD Holdings (Cayman Islands)
6.800%	10/01/2016			75,000		84,375
						5,523,604

See accompanying notes to financial statements

220

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Textiles, Apparel & Luxury Goods—0.0%
NIKE, Inc.
3.625%		05/01/2043		$	300,000	$	278,189
2.250%		05/01/2023			300,000		283,531
							561,720
Thrifts & Mortgage Finance—0.1%
Abbey National Treasury Services plc (United Kingdom)
3.050%		08/23/2018			350,000		366,885
BPCE SA (France)
4.000%		04/15/2024			750,000		767,138
							1,134,023
Tobacco—0.3%
Altria Group, Inc.
9.950%		11/10/2038			97,000		162,080
9.250%		08/06/2019			524,000		697,077
4.250%		08/09/2042			750,000		701,541
4.000%		01/31/2024			500,000		514,784
Lorillard Tobacco Co.
6.875%		05/01/2020			300,000		356,945
Philip Morris International, Inc.
5.650%		05/16/2018			500,000		574,517
4.375%		11/15/2041			200,000		200,955
2.900%		11/15/2021			200,000		201,971
1.625%		03/20/2017			500,000		508,216
1.125%		08/21/2017			300,000		299,341
Reynolds American, Inc.
6.150%		09/15/2043			300,000		344,791
							4,562,218
Trading Companies & Distributors—0.0%
Air Lease Corp.
3.375%		01/15/2019	†		200,000		206,750
GATX Corp.
4.750%		06/15/2022			300,000		324,072
							530,822
Wireless Telecommunication Services—0.2%
America Movil SAB de CV (Mexico)
6.125%		03/30/2040			300,000		356,346
5.000%		03/30/2020			400,000		445,468
3.125%		07/16/2022			500,000		493,250
Rogers Communications, Inc. (Canada)
6.800%		08/15/2018			500,000		594,770
Telefonica Europe BV (Netherlands)
8.250%		09/15/2030			350,000		479,790
Vodafone Group plc (United Kingdom)
7.875%		02/15/2030			250,000		346,504
6.150%		02/27/2037			200,000		238,430
5.625%		02/27/2017			500,000		556,744
1.500%		02/19/2018			300,000		298,265
							3,809,567
TOTAL CORPORATE OBLIGATIONS
(Cost $373,822,922)							399,392,317

Coupon Rate	Maturity Date			Face		Value
MORTGAGE-BACKED SECURITIES—30.9%
Commercial Mortgage-Backed Securities—1.5%
Banc of America Commercial Mortgage Trust, Series 2006-3, Class A4
5.889%	07/10/2044	#	$	490,041	$	528,967
Banc of America Commercial Mortgage Trust, Series 2007-2, Class A2
5.634%	04/10/2049	#		93,495		93,907
Banc of America Commercial Mortgage Trust, Series 2007-5, Class A4
5.492%	02/10/2051			2,000,000		2,184,372
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-6, Class A4
5.349%	09/10/2047	#		800,000		836,661
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-6, Class AM
5.349%	09/10/2047	#		1,000,000		1,058,186
Bear Stearns Commercial Mortgage Securities, Series 2005-PWR8, Class A4
4.674%	06/11/2041			664,220		681,336
Bear Stearns Commercial Mortgage Securities, Series 2005-T20, Class A4A
5.288%	10/12/2042	#		921,000		962,081
Bear Stearns Commercial Mortgage Securities, Series 2006-T24, Class A4
5.537%	10/12/2041			962,716		1,046,109
Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class A2
2.962%	11/10/2046			1,000,000		1,040,904
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2005-CD1, Class A4
5.401%	07/15/2044	#		865,461		900,288
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A4
5.322%	12/11/2049	†		1,000,000		1,088,993
COMM Mortgage Trust, Series 2013-CR11, Class B
5.332%	10/10/2046	#		500,000		558,712
COMM Mortgage Trust, Series 2013-LC13, Class A4
3.916%	08/10/2046			1,000,000		1,057,441
COMM Mortgage Trust, Series 2014-CR15, Class A4
4.074%	02/10/2047	#		500,000		533,367
COMM Mortgage Trust, Series 2014-CR16, Class A4
4.051%	04/10/2047			500,000		531,654
GMAC Commercial Mortgage Securities, Inc., Series 2006-C1, Class AM
5.290%	11/10/2045	#		750,000		788,169
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4
5.736%	12/10/2049			1,000,000		1,113,041
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4
5.444%	03/10/2039			1,000,000		1,092,189
GS Mortgage Securities Corp. II, Series 2006-GG6, Class A4
5.553%	04/10/2038	#		800,000		845,709
GS Mortgage Securities Corp. II, Series 2006-GG8, Class A4
5.560%	11/10/2039			1,200,000		1,302,019

See accompanying notes to financial statements

221

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date				Face		Value
MORTGAGE-BACKED SECURITIES—(Continued)
GS Mortgage Securities Corp. II, Series 2012-GCJ7, Class A4
3.377%		05/10/2045			$	1,000,000	$	1,035,586
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-CB20, Class A4
5.794%		02/12/2051		#		500,000		555,319
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3
5.420%		01/15/2049				474,028		518,197
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2012-C6, Class A3
3.507%		05/15/2045				500,000		520,015
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-3, Class A4
5.414%		07/12/2046		#		711,446		767,773
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C6, Class A4
2.858%		11/15/2045				500,000		493,032
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class A2
3.085%		08/15/2046				700,000		731,269
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class A4
3.102%		05/15/2046				800,000		795,976
UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class A5
2.850%		12/10/2045				500,000		492,300
Wachovia Bank Commercial Mortgage Trust, Series 2006-C27, Class AM
5.795%		07/15/2045		#		1,000,000		1,083,572
								25,237,144
U.S. Government Agency Mortgage-Backed Securities—29.4%
Federal Home Loan Mortgage Corp.
7.500%		06/01/2027 10/01/2029	-			166,975		194,400
7.000%		02/01/2016 09/01/2036	-			264,866		285,408
6.500%		07/01/2014 01/01/2039	-			1,184,461		1,338,198
6.212%		01/01/2037		#		74,813		80,663
6.000%		11/01/2016- 10/01/2038				3,168,731		3,572,021
5.683%		02/01/2037		#		138,432		148,510
5.500%		02/01/2018- 08/01/2039				5,523,120		6,168,991
5.000%		08/01/2017- 04/01/2041				9,034,319		9,993,443
4.500%		08/01/2018- 08/01/2041				12,397,247		13,414,902
4.000%		07/01/2018- 02/01/2044				13,296,817		14,134,508
3.500%		10/01/2025- 06/01/2044				14,036,005		14,564,947
3.437%		06/01/2041		#		94,178		100,561
3.000%		03/01/2027- 01/01/2044				15,508,620		15,502,137
2.683%		01/01/2042		#		249,239		261,324
2.500%		08/01/2027- 07/01/2043				4,938,670		5,006,354

Coupon Rate	Maturity Date			Face		Value
2.480%	01/01/2037	#	$	39,268	$	41,306
2.457%	10/01/2043	#		754,188		769,745
2.140%	08/01/2043	#		833,698		838,658
Federal Home Loan Mortgage Corp. TBA
5.500%	08/15/2044			900,000		1,003,729
5.000%	07/15/2044			1,600,000		1,771,250
4.500%	07/15/2044- 08/15/2044			3,800,000		4,113,382
4.000%	07/15/2044- 08/15/2044			9,100,000		9,639,912
3.500%	07/15/2029- 08/15/2044			9,400,000		9,681,464
3.000%	07/15/2029- 08/15/2044			10,300,000		10,367,378
2.500%	07/15/2029			5,300,000		5,381,156
Federal National Mortgage Association
7.500%	06/01/2030- 07/01/2031			19,002		20,647
7.000%	03/01/2030- 04/01/2038			626,264		695,351
6.500%	02/01/2017- 10/01/2039			1,454,572		1,649,098
6.000%	06/01/2016- 11/01/2039			4,358,028		4,912,608
5.500%	01/01/2018- 05/01/2040			9,391,818		10,508,947
5.000%	03/01/2018- 05/01/2041			10,052,571		11,157,537
4.500%	03/01/2018- 11/01/2041			18,313,979		19,840,169
4.000%	08/01/2018- 06/01/2044			23,019,882		24,520,907
3.588%	08/01/2040	#		152,838		162,200
3.578%	05/01/2041	#		220,879		234,644
3.500%	10/01/2025- 02/01/2044			26,383,600		27,360,866
3.480%	02/01/2041	#		106,847		112,156
3.239%	07/01/2040	#		308,642		331,210
3.153%	06/01/2040	#		104,519		111,768
3.000%	07/01/2027- 11/01/2043			24,987,342		24,974,150
2.941%	05/01/2042	#		286,766		296,734
2.822%	01/01/2042	#		463,001		481,913
2.709%	12/01/2043	#		87,943		91,226
2.624%	01/01/2037	#		319,351		322,621
2.500%	08/01/2027- 07/01/2033			4,525,823		4,597,815
2.455%	05/01/2035	#		181,622		193,928
2.451%	02/01/2037	#		78,487		85,257
2.250%	03/01/2037	#		1,476,839		1,573,120
2.192%	05/01/2035	#		297,371		317,529
Federal National Mortgage Association—ACES, Series 2014-M3, Class AB2
3.462%	01/25/2024	#		640,000		662,309
Federal National Mortgage Association TBA
5.500%	07/25/2029- 07/25/2044			3,100,000		3,476,164
5.000%	07/25/2044			4,900,000		5,442,064
4.500%	07/25/2029- 08/25/2044			7,350,000		7,959,564
4.000%	07/25/2029- 07/25/2044			18,190,000		19,309,947
3.500%	07/25/2029- 08/25/2044			15,000,000		15,514,453
3.000%	07/25/2029- 08/25/2044			21,300,000		21,443,513

See accompanying notes to financial statements

222

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date				Face		Value
MORTGAGE-BACKED SECURITIES—(Continued)
2.500%		07/25/2029- 07/25/2044			$	11,400,000	$	11,508,874
FHLMC Multifamily Structured Pass Through Certificates, Series K012, Class A2
4.186%		12/25/2020	#			900,000		1,001,021
FHLMC Multifamily Structured Pass Through Certificates, Series K014, Class A2
3.871%		04/25/2021				1,500,000		1,639,465
FHLMC Multifamily Structured Pass Through Certificates, Series K017, Class A2
2.873%		12/25/2021				575,000		591,757
FHLMC Multifamily Structured Pass Through Certificates, Series K032, Class A1
3.016%		02/25/2023				462,533		484,685
FHLMC Multifamily Structured Pass Through Certificates, Series K032, Class A2
3.310%		05/25/2023		#		865,000		902,492
FHLMC Multifamily Structured Pass Through Certificates, Series K033, Class A2
3.060%		07/25/2023		#		800,000		818,505
FHLMC Multifamily Structured Pass Through Certificates, Series K714, Class A1
2.075%		12/25/2019				650,308		665,622
Government National Mortgage Association
7.500%		12/15/2029- 05/15/2032				258,007		313,418
6.500%		03/15/2026- 01/15/2039				903,219		1,028,204
6.000%		02/15/2033- 12/15/2039				2,036,262		2,308,183
5.500%		01/15/2024- 07/20/2040				4,192,636		4,707,198
5.000%		05/15/2033- 03/20/2044				9,952,000		11,010,488
4.500%		04/20/2026- 05/20/2043				11,842,721		12,949,973
4.000%		08/15/2024- 04/20/2044				10,236,363		10,969,349
3.500%		12/15/2025- 05/20/2044				14,339,919		14,976,383
3.500%		12/20/2040- 05/20/2041		#		1,085,051		1,149,405
3.000%		04/15/2027- 10/20/2043				8,278,173		8,417,858
3.000%		02/20/2041- 07/20/2042		#		1,406,295		1,470,022
2.500%		12/20/2027- 07/20/2043				1,246,030		1,258,387
2.500%		12/20/2040- 11/20/2043		#		681,708		706,594
2.000%		10/20/2042- 06/20/2043		#		628,382		650,391
Government National Mortgage Association TBA
5.000%		07/15/2044				1,400,000		1,545,754
4.500%		07/15/2044- 08/15/2044				8,400,000		9,176,827
4.000%		07/15/2044- 08/15/2044				13,700,000		14,663,531
3.500%		07/15/2044- 08/15/2044				15,700,000		16,356,150

Coupon Rate	Maturity Date		Face		Value
3.000%	07/15/2044- 08/15/2044	$	15,200,000	$	15,341,328
2.500%	07/15/2044		300,000		289,734
					483,636,360
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $497,146,664)					508,873,504
U.S. TREASURY OBLIGATIONS—34.4%
U.S. Treasury Bonds—5.1%
U.S. Treasury Bond
9.875%	11/15/2015		2,470,000		2,798,626
9.125%	05/15/2018		1,060,000		1,379,284
8.750%	05/15/2017		135,000		165,507
8.500%	02/15/2020		451,000		614,646
8.125%	05/15/2021		220,000		306,393
8.000%	11/15/2021		775,000		1,085,848
7.625%	11/15/2022		250,000		352,685
7.500%	11/15/2016		800,000		930,469
7.250%	05/15/2016- 08/15/2022		5,957,000		7,207,812
7.125%	02/15/2023		2,000,000		2,755,860
6.750%	08/15/2026		500,000		711,797
6.625%	02/15/2027		385,000		546,129
6.500%	11/15/2026		920,000		1,289,150
6.375%	08/15/2027		800,000		1,119,438
6.250%	08/15/2023		695,000		917,074
6.125%	11/15/2027- 08/15/2029		1,312,000		1,811,258
6.000%	02/15/2026		1,450,000		1,938,695
5.500%	08/15/2028		410,000		536,523
5.250%	02/15/2029		1,060,000		1,359,202
5.000%	05/15/2037		250,000		324,629
4.750%	02/15/2037- 02/15/2041		1,863,000		2,351,217
4.625%	02/15/2040		1,470,000		1,828,542
4.500%	02/15/2036- 08/15/2039		5,799,000		7,053,106
4.375%	11/15/2039- 05/15/2041		4,320,000		5,179,564
4.250%	11/15/2040		1,903,000		2,241,527
3.875%	08/15/2040		1,730,000		1,919,760
3.750%	08/15/2041- 11/15/2043		4,710,000		5,092,467
3.625%	08/15/2043- 02/15/2044		6,500,000		6,863,695
3.500%	02/15/2039		1,089,000		1,136,644
3.375%	05/15/2044		3,315,000		3,337,791
3.125%	11/15/2041- 02/15/2043		8,680,000		8,390,237
3.000%	05/15/2042		1,581,000		1,491,575
2.875%	05/15/2043		3,590,000		3,281,483
2.750%	08/15/2042- 11/15/2042		5,573,000		4,979,901
					83,298,534
U.S. Treasury Notes—29.3%
U.S. Treasury Note
5.125%	05/15/2016		3,280,000		3,569,627
4.875%	08/15/2016		1,050,000		1,147,166
4.750%	08/15/2017		1,849,000		2,067,269
4.625%	11/15/2016- 02/15/2017		4,720,000		5,191,408
4.500%	11/15/2015- 05/15/2017		3,060,000		3,275,490

See accompanying notes to financial statements

223

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date				Face		Value
U.S. TREASURY OBLIGATIONS—(Continued)
4.250%		08/15/2015- 11/15/2017			$	6,580,000	$	7,029,494
4.000%		08/15/2018				1,750,000		1,939,696
3.875%		05/15/2018				750,000		825,293
3.750%		11/15/2018				2,350,000		2,585,275
3.625%		08/15/2019- 02/15/2021				10,560,000		11,614,254
3.500%		02/15/2018 05/15/2020	-			2,991,000		3,246,282
3.250%		05/31/2016- 03/31/2017				10,952,000		11,603,601
3.125%		10/31/2016- 05/15/2021				11,583,000		12,345,401
3.000%		08/31/2016- 02/28/2017				4,227,000		4,463,631
2.875%		03/31/2018				1,060,000		1,125,505
2.750%		11/30/2016- 02/15/2024				20,027,000		20,738,389
2.625%		02/29/2016- 11/15/2020				11,482,000		11,968,562
2.500%		06/30/2017- 05/15/2024				8,090,000		8,152,849
2.375%		03/31/2016- 12/31/2020				5,919,000		6,123,003
2.250%		03/31/2016- 04/30/2021				7,680,000		7,837,801
2.125%		12/31/2015- 08/15/2021				15,335,000		15,473,317
2.000%		01/31/2016- 02/15/2023				28,108,000		28,050,669
1.875%		08/31/2017- 06/30/2020				8,671,000		8,857,049
1.750%		07/31/2015- 05/15/2023				16,958,000		16,672,886
1.625%		03/31/2019- 11/15/2022				10,984,000		10,920,198
1.500%		05/31/2019		†		3,280,000		3,263,728
1.500%		06/30/2016- 03/31/2019				23,177,000		23,319,150
1.375%		11/30/2015- 05/31/2020				21,706,000		21,569,156
1.250%		08/31/2015- 02/29/2020				16,404,000		16,382,892
1.125%		05/31/2019- 04/30/2020				10,500,000		10,119,880
1.000%		08/31/2016- 11/30/2019				36,693,000		36,218,517
0.875%		09/15/2016- 07/31/2019				34,837,000		34,897,612
0.750%		01/15/2017- 03/31/2018				21,905,000		21,737,783
0.625%		07/15/2016- 04/30/2018				37,730,000		37,514,727
0.500%		06/15/2016- 07/31/2017				9,350,000		9,310,606
0.375%		08/31/2015- 04/30/2016				23,367,000		23,397,400
0.375%		05/31/2016		†		3,000,000		2,997,480

Coupon Rate	Maturity Date				Face		Value
0.250%	07/15/2015- 05/15/2016			$	35,740,000	$	35,750,086
							483,303,132
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $566,866,959)							566,601,666
GOVERNMENT RELATED OBLIGATIONS—9.3%
U.S. Government Agencies—3.6%
Federal Farm Credit Bank
4.875%	12/16/2015				1,245,000		1,327,759
0.540%	11/07/2016				300,000		299,179
Federal Home Loan Bank
5.500%	07/15/2036				500,000		641,075
4.875%	09/08/2017				1,250,000		1,400,211
4.750%	12/16/2016				1,000,000		1,099,476
1.625%	04/28/2017- 06/14/2019				1,100,000		1,098,443
1.250%	02/28/2018				300,000		299,635
0.375%	06/24/2016				500,000		498,851
Federal Home Loan Bank, Series 1
1.000%	06/21/2017				1,500,000		1,506,064
0.875%	05/24/2017				260,000		260,195
Federal Home Loan Bank, Series 656
5.375%	05/18/2016				900,000		982,867
Federal Home Loan Mortgage Corp.
6.750%	03/15/2031				1,000,000		1,437,314
6.250%	07/15/2032				650,000		898,054
5.500%	07/18/2016				1,000,000		1,102,260
5.125%	11/17/2017				800,000		907,095
4.875%	06/13/2018				1,000,000		1,136,641
4.750%	11/17/2015				1,000,000		1,061,160
4.375%	07/17/2015				1,400,000		1,461,533
3.750%	03/27/2019				500,000		549,745
2.375%	01/13/2022				1,000,000		998,717
2.000%	08/25/2016				1,500,000		1,545,563
1.375%	05/01/2020		†		2,000,000		1,946,496
1.250%	05/12/2017- 10/02/2019				3,000,000		2,961,336
1.200%	06/12/2018				200,000		199,476
1.000%	03/08/2017				1,000,000		1,003,714
0.875%	10/14/2016- 02/22/2017				2,000,000		2,008,777
0.700%	09/27/2016				280,000		280,092
0.580%	08/26/2016				1,500,000		1,499,182
0.500%	01/28/2016				300,000		300,160
0.420%	09/18/2015				700,000		701,931
Federal National Mortgage Association
7.250%	05/15/2030				400,000		590,989
7.125%	01/15/2030				1,000,000		1,464,052
6.625%	11/15/2030				500,000		711,254
6.250%	05/15/2029				740,000		995,349
6.000%	04/18/2036				250,000		271,513
5.000%	03/15/2016 05/11/2017	-			1,550,000		1,696,025
4.375%	10/15/2015				1,000,000		1,052,749
2.375%	07/28/2015				1,000,000		1,023,703
1.875%	09/18/2018				2,000,000		2,033,674
1.875%	02/19/2019		†		1,000,000		1,013,805
1.625%	11/27/2018				1,000,000		1,005,779
1.250%	09/28/2016- 01/30/2017				1,000,000		1,013,886
1.125%	04/27/2017				1,000,000		1,005,315

See accompanying notes to financial statements

224

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date				Face		Value
GOVERNMENT RELATED OBLIGATIONS—(Continued)
1.070%		09/27/2017			$	500,000	$	500,767
1.000%		12/28/2017- 02/15/2018				970,000		961,408
0.950%		08/23/2017				750,000		749,347
0.875%		02/08/2018- 05/21/2018				3,000,000		2,955,402
0.500%		07/02/2015- 04/29/2016				1,685,000		1,688,508
0.375%		07/05/2016				1,000,000		995,786
0.000%		06/01/2017				400,000		388,182
Federal National Mortgage Association, Series 1
1.000%		04/30/2018				500,000		492,206
0.500%		09/28/2015				1,000,000		1,003,523
Financing Corp. Fico
8.600%		09/26/2019				500,000		657,478
Financing Corp. Fico, Series E
9.650%		11/02/2018				500,000		668,939
Israel Government AID Bond (Israel)
5.500%		04/26/2024				350,000		427,860
Tennessee Valley Authority
5.250%		09/15/2039				500,000		609,051
3.500%		12/15/2042				500,000		460,915
1.750%		10/15/2018				500,000		504,550
Tennessee Valley Authority, Series E
6.250%		12/15/2017				1,200,000		1,402,568
								59,757,584
Non-U.S. Government Agencies—1.4%
Export Development Canada (Canada)
1.750%		08/19/2019				500,000		501,036
0.625%		12/15/2016				350,000		349,330
Export-Import Bank of Korea (Korea, Republic of)
5.000%		04/11/2022				400,000		454,481
3.750%		10/20/2016				500,000		530,746
FMS Wertmanagement AoeR (Germany)
1.625%		11/20/2018				350,000		351,317
0.625%		04/18/2016				400,000		401,323
Japan Bank for International Cooperation (Japan)
2.500%		05/18/2016				400,000		414,651
1.750%		07/31/2018				500,000		504,571
Japan Bank for International Cooperation, Series DTC (Japan)
1.125%		07/19/2017				500,000		501,439
KFW (Germany)
4.875%		01/17/2017				500,000		551,619
4.500%		07/16/2018				500,000		560,875
4.000%		01/27/2020				300,000		333,396
2.625%		02/16/2016				1,000,000		1,036,223
2.125%		01/17/2023				500,000		484,829
2.000%		10/04/2022				500,000		483,191
1.875%		04/01/2019				500,000		505,689
1.250%		02/15/2017				400,000		405,000
0.750%		03/17/2017				2,000,000		1,997,798
0.625%		12/15/2016		†		350,000		349,410
0.500%		07/15/2016				750,000		749,494
KFW MTN (Germany)
4.375%		03/15/2018				500,000		556,024
2.750%		09/08/2020	-
		10/01/2020				1,000,000		1,039,272
0.500%		04/19/2016				500,000		500,539

Coupon Rate	Maturity Date				Face		Value
Korea Development Bank (The) (Korea, Republic of)
3.875%	05/04/2017			$	300,000	$	319,678
3.750%	01/22/2024				750,000		785,105
Korea Finance Corp. (Korea, Republic of)
2.875%	08/22/2018				350,000		360,211
Landwirtschaftliche Rentenbank (Germany)
5.125%	02/01/2017				300,000		333,210
1.750%	04/15/2019				250,000		251,055
Landwirtschaftliche Rentenbank, Series G13 (Germany)
4.875%	11/16/2015				750,000		796,865
Oesterreichische Kontrollbank AG (Austria)
2.000%	06/03/2016				300,000		308,485
1.625%	03/12/2019				350,000		350,258
Petrobras International Finance Co. (Cayman Islands)
8.375%	12/10/2018				250,000		298,134
6.750%	01/27/2041				300,000		310,500
6.125%	10/06/2016				500,000		546,500
5.375%	01/27/2021				600,000		628,338
Petroleos Mexicanos (Mexico)
8.000%	05/03/2019				1,000,000		1,244,000
6.625%	06/15/2035				500,000		591,250
5.500%	01/21/2021	-
	06/27/2044				900,000		982,150
4.875%	01/18/2024		^		500,000		537,500
Svensk Exportkredit AB (Sweden)
5.125%	03/01/2017				500,000		555,362
1.875%	06/17/2019				500,000		502,178
							23,263,032
Sovereign Debt—1.5%
Brazilian Government International Bond (Brazil)
11.000%	08/17/2040				260,000		290,290
10.125%	05/15/2027				435,000		693,825
8.875%	04/15/2024				400,000		563,000
7.125%	01/20/2037				460,000		584,200
5.875%	01/15/2019				500,000		574,750
4.875%	01/22/2021				200,000		219,000
4.250%	01/07/2025				500,000		507,375
Canada Government International Bond (Canada)
1.625%	02/27/2019				750,000		753,180
Chile Government International Bond (Chile)
3.875%	08/05/2020				500,000		538,500
Colombia Government International Bond (Colombia)
11.750%	02/25/2020				200,000		290,500
8.125%	05/21/2024				200,000		271,000
7.375%	09/18/2037				200,000		273,500
Israel Government International Bond (Israel)
4.000%	06/30/2022				400,000		427,360
Mexico Government International Bond (Mexico)
6.050%	01/11/2040				500,000		608,500
3.625%	03/15/2022				300,000		312,000
Mexico Government International Bond MTN (Mexico)
5.950%	03/19/2019				1,000,000		1,167,000
4.750%	03/08/2044				800,000		820,000
3.500%	01/21/2021				500,000		520,500
Panama Government International Bond (Panama)
6.700%	01/26/2036				288,000		356,688
5.200%	01/30/2020				450,000		504,450
Peruvian Government International Bond (Peru)
7.350%	07/21/2025				400,000		532,000
6.550%	03/14/2037		†		500,000		630,750
Philippine Government International Bond (Philippines)
10.625%	03/16/2025				600,000		944,250
9.500%	02/02/2030				400,000		627,000

See accompanying notes to financial statements

225

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date				Face		Value
GOVERNMENT RELATED OBLIGATIONS—(Continued)
9.375%		01/18/2017			$	200,000	$	241,000
6.500%		01/20/2020				300,000		358,875
5.000%		01/13/2037		†		500,000		553,750
Poland Government International Bond (Poland)
6.375%		07/15/2019				500,000		593,750
5.125%		04/21/2021				300,000		338,250
3.875%		07/16/2015				300,000		310,950
Republic of Colombia (Colombia)
5.625%		02/26/2044				500,000		562,500
Republic of Finland (Finland)
6.950%		02/15/2026				150,000		195,835
Republic of Italy (Italy)
6.875%		09/27/2023				450,000		577,231
5.375%		06/15/2033				300,000		355,223
Republic of Korea (Korea, Republic of)
3.875%		09/11/2023				250,000		270,553
South Africa Government International Bond (South Africa)
6.875%		05/27/2019				500,000		580,625
4.665%		01/17/2024		†		400,000		409,500
State of Israel (Israel)
5.500%		11/09/2016				300,000		332,625
Turkey Government International Bond (Turkey)
8.000%		02/14/2034				600,000		790,560
7.500%		11/07/2019				500,000		594,000
7.000%		09/26/2016				200,000		221,240
5.750%		03/22/2024				350,000		384,125
4.875%		04/16/2043				1,000,000		945,000
3.250%		03/23/2023				800,000		740,600
United Mexican States (Mexico)
8.125%		12/30/2019				750,000		1,001,250
United Mexican States MTN (Mexico)
8.300%		08/15/2031				950,000		1,397,925
Uruguay Government International Bond (Uruguay)
8.000%		11/18/2022				330,815		434,195
4.125%		11/20/2045				200,000		175,000
								25,374,180
Supranational—1.6%
African Development Bank
0.750%		10/18/2016				830,000		835,760
African Development Bank, Series GDIF
1.250%		09/02/2016				400,000		405,632
Asian Development Bank MTN
2.500%		03/15/2016				400,000		414,193
1.750%		09/11/2018				500,000		507,265
1.375%		03/23/2020		†		300,000		291,074
1.125%		03/15/2017				500,000		504,315
Corp. Andina de Fomento
3.750%		01/15/2016				300,000		313,537
Council Of Europe Development Bank MTN
1.500%		02/22/2017		†		400,000		406,959
European Bank for Reconstruction & Development MTN
2.500%		03/15/2016				500,000		517,771
1.750%		06/14/2019				500,000		500,855
1.000%		02/16/2017				500,000		502,409
European Investment Bank
5.125%		09/13/2016	-
		05/30/2017				1,750,000		1,933,326

Coupon Rate	Maturity Date				Face		Value
4.875%	02/16/2016	-
	02/15/2036			$	1,150,000	$	1,290,853
2.875%	09/15/2020		†		500,000		522,847
2.500%	05/16/2016	-
	04/15/2021				1,500,000		1,547,244
1.875%	03/15/2019				1,500,000		1,514,709
1.750%	03/15/2017				500,000		512,101
1.125%	09/15/2017				500,000		501,626
1.000%	03/15/2018	-
	06/15/2018				900,000		889,907
European Investment Bank MTN
1.625%	09/01/2015		†		700,000		711,066
1.625%	12/18/2018				1,000,000		1,003,746
Inter-American Development Bank
3.000%	02/21/2024		†		250,000		258,570
2.250%	07/15/2015				200,000		204,246
1.750%	08/24/2018				400,000		405,880
1.375%	10/18/2016				300,000		305,191
1.125%	03/15/2017				500,000		505,762
Inter-American Development Bank MTN
3.875%	02/14/2020				400,000		442,418
0.875%	11/15/2016				500,000		502,463
0.875%	03/15/2018		†		1,000,000		985,121
International Bank for Reconstruction & Development
2.125%	03/15/2016				500,000		515,035
1.125%	07/18/2017		†		750,000		754,339
0.875%	04/17/2017				700,000		701,801
International Bank for Reconstruction & Development MTN
4.750%	02/15/2035				500,000		589,096
International Bank for Reconstruction & Development, Series GDIF
1.875%	03/15/2019		†		500,000		507,730
1.375%	04/10/2018		†		500,000		504,133
0.625%	10/14/2016				400,000		399,994
0.500%	05/16/2016		†		500,000		500,437
International Finance Corp.
1.250%	07/16/2018				500,000		498,658
0.625%	11/15/2016				650,000		648,761
International Finance Corp. MTN
2.125%	11/17/2017				500,000		517,437
Nordic Investment Bank
2.500%	07/15/2015				500,000		512,027
							25,886,294
U.S. Municipal Bonds—0.9%
American Municipal Power-Ohio, Inc. Revenue Bonds, Series 2010 B (Ohio)
7.499%	02/15/2050				200,000		277,196
Bay Area Toll Authority Revenue Bonds, Series 2009 F-2 (California)
6.263%	04/01/2049				400,000		539,196
California General Obligation Bonds (California)
7.550%	04/01/2039				500,000		752,160
California State Public Works Board Revenue Bonds, Series 2009 G-2 (California)
8.361%	10/01/2034				400,000		567,888
City of Chicago Illinois Taxable Project General Obligation Bonds, Series B (Illinois)
6.314%	01/01/2044				350,000		384,555
City of Houston Texas Utility System Taxable First Lien Revenue Bonds, Series B (Texas)
3.828%	05/15/2028				400,000		421,288
City of New York General Obligation Bonds (New York)
5.846%	06/01/2040				200,000		244,494

See accompanying notes to financial statements

226

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date		Face		Value
GOVERNMENT RELATED OBLIGATIONS—(Continued)
City of New York General Obligation Bonds, Series 2010 C-1 (New York)
5.517%		10/01/2037	$	100,000	$	117,457
County of Cook Illinois General Obligation Bonds, Series 2010 D (Illinois)
6.229%		11/15/2034		400,000		461,896
Dallas Area Rapid Transit Revenue Bonds, Series 2010 B (Texas)
5.022%		12/01/2048		300,000		344,436
Dallas Convention Center Hotel Development Corp. Revenue Bonds, Series 2009 B (Texas)
7.088%		01/01/2042		200,000		252,344
Dallas County Hospital District General Obligation Bonds, Series 2009 C (Texas)
5.621%		08/15/2044		300,000		365,976
Dallas Independent School District General Obligation Bonds, Series 2010 C (Texas)
6.450%		02/15/2035		300,000		348,861
Florida Hurricane Catastrophe Fund Finance Corp. Revenue Bonds, Series 2013 A (Florida)
2.107%		07/01/2018		200,000		201,124
Illinois General Obligation Bonds (Illinois)
7.350%		07/01/2035		100,000		121,183
5.100%		06/01/2033		500,000		502,860
Los Angeles Unified School District General Obligation Bonds, Series 2009 KRY (California)
5.755%		07/01/2029		200,000		242,722
5.750%		07/01/2034		300,000		365,250
Metropolitan Government of Nashville & Davidson County Authority General Obligation Bonds, Series 2010 B (Tennessee)
5.707%		07/01/2034		300,000		340,956
Metropolitan Transportation Authority Revenue Bonds, Series 2010 B-1 (New York)
6.648%		11/15/2039		300,000		396,990
6.548%		11/15/2031		200,000		252,200
Municipal Electric Authority of Georgia Revenue Bonds, Series 2010 A (Georgia)
6.637%		04/01/2057		300,000		367,458
New Jersey Economic Development Authority Revenue Bonds, Series 1997 A (New Jersey)
7.425%		02/15/2029		200,000		261,622
New Jersey State Turnpike Authority Revenue Bonds, Series 2003 B (New Jersey)
4.252%		01/01/2016		25,000		25,465
New Jersey State Turnpike Authority Revenue Bonds, Series 2010 A (New Jersey)
7.102%		01/01/2041		500,000		700,905
New York City Municipal Water Finance Authority Revenue Bonds, Series 2010 GG (New York)
5.724%		06/15/2042		300,000		375,360
New York State Dormitory Authority Revenue Bonds, Series 2010 D (New York)
5.600%		03/15/2040		200,000		243,306
North Texas Tollway Authority Revenue Bonds, Series 2010 B-2 (Texas)
8.910%		02/01/2030		200,000		239,838
Ohio State University General Obligation Bonds, Series 2010 C (Ohio)
4.910%		06/01/2040		300,000		339,276

Coupon Rate	Maturity Date			Face		Value
Oregon General Obligation Bonds (Oregon)
5.762%	06/01/2023		$	200,000	$	235,592
Oregon State Department of Transportation Revenue Bonds, Series 2010 A (Oregon)
5.834%	11/15/2034			300,000		371,238
Port Authority of New York & New Jersey Revenue Bonds (New York)
6.040%	12/01/2029			255,000		317,511
4.458%	10/01/2062			200,000		204,912
San Francisco California City & County General Obligation Bonds, Series 2010 DE (California)
6.000%	11/01/2040			200,000		251,750
State of California General Obligation Bonds, Series 2010 (California)
7.625%	03/01/2040			600,000		885,744
State of Connecticut General Obligation Bonds, Series 2008 A (Connecticut)
5.850%	03/15/2032			200,000		243,134
State of Georgia General Obligation Bonds, Series 2009 H (Georgia)
4.503%	11/01/2025			300,000		336,753
State of Illinois General Obligation Bonds, Series 2011 (Illinois)
4.961%	03/01/2016			300,000		319,632
State of Texas General Obligation Bonds, Series 2010 A (Texas)
4.681%	04/01/2040			300,000		332,001
State of Utah, Series 2010 B (Utah)
3.539%	07/01/2025			300,000		312,996
University of California Revenue Bonds, Series 2009 (California)
5.770%	05/15/2043			200,000		241,702
University of California Revenue Bonds, Series 2010 H (California)
6.548%	05/15/2048			300,000		392,613
University of California Revenue Bonds, Series 2013 AH (California)
1.796%	07/01/2019			300,000		297,195
						14,797,035
Non-U.S. Regional Authority Bonds—0.3%
Hydro-Quebec, Series IO (Canada)
8.050%	07/07/2024			250,000		345,947
Province of Manitoba, Series FH (Canada)
4.900%	12/06/2016			500,000		549,978
Province of Nova Scotia (Canada)
2.375%	07/21/2015			300,000		306,692
Province of Ontario (Canada)
5.450%	04/27/2016			1,000,000		1,089,528
4.950%	11/28/2016	†		1,000,000		1,099,470
4.400%	04/14/2020			200,000		224,473
1.200%	02/14/2018			400,000		397,623
Province of Quebec (Canada)
2.750%	08/25/2021			300,000		303,476
Region of Lombardy (Italy)
5.804%	10/25/2032			100,000		105,406
						4,422,593
TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $149,307,357)						153,500,718
ASSET-BACKED SECURITIES—0.4%
Automobiles—0.2%
Ally Auto Receivables Trust Series 2012-4, Class A3
0.590%	01/17/2017			380,151		380,558
AmeriCredit Automobile Receivables Trust Series 2013-5, Class A3
0.900%	09/10/2018			500,000		501,239

See accompanying notes to financial statements

227

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
ASSET-BACKED SECURITIES—(Continued)
Capital Auto Receivables Asset Trust Series 2013-4, Class A3
1.090%		03/20/2018		$	480,000	$	481,790
CarMax Auto Owner Trust Series 2014-1, Class A3
0.790%		10/15/2018			250,000		249,849
Ford Credit Auto Owner Trust Series 2013-C, Class A4
1.250%		10/15/2018			500,000		504,216
Ford Credit Auto Owner Trust Series 2012-A, Class A4
1.150%		06/15/2017			500,000		503,979
Honda Auto Receivables Owner Trust Series 2013-4, Class A4
1.040%		02/18/2020			300,000		300,678
Nissan Auto Receivables Owner Trust Series 2012-A, Class A4
1.000%		07/16/2018			450,000		452,865
							3,375,174
Credit Card—0.2%
Capital One Multi-Asset Execution Trust Series 2007-A7, Class A7
5.750%		07/15/2020			1,500,000		1,706,334
Chase Issuance Trust Series 2012-A8, Class A8
0.540%		10/16/2017			200,000		200,206
Citibank Credit Card Issuance Trust Series 2014-A1, Class A1
2.880%		01/23/2023			500,000		511,612
Citibank Credit Card Issuance Trust Series 2005-A5, Class A5
4.550%		06/20/2017			500,000		520,179
							2,938,331
Other—0.0%
CenterPoint Energy Restoration Bond Co. LLC Series 2009-1, Class A2
3.460%		08/15/2019			400,000		422,563
TOTAL ASSET-BACKED SECURITIES
(Cost $6,755,137)							6,736,068
					Shares		Value
MONEY MARKET FUNDS—13.4%
Institutional Money Market Funds—13.4%
Dreyfus Institutional Cash Advantage Fund,
0.06%			††¥		4,000,000		4,000,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%			¥		198,617,874		198,617,874
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%			††¥		4,101,413		4,101,413

		Shares		Value
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.06%	††¥	2,300,000	$	2,300,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.06%	††¥	4,000,000		4,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.07%	††¥	4,000,000		4,000,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.07%	††¥	4,000,000		4,000,000
TOTAL MONEY MARKET FUNDS
(Cost $221,019,287)				221,019,287
TOTAL INVESTMENTS—112.6%
(Cost $1,814,918,326)				1,856,123,560
Other assets less liabilities—(12.6%)				(208,402,455	)
NET ASSETS—100.0%			$	1,647,721,105

Notes to the Schedule of Investments:

MTN	Medium Term Note
REIT	Real Estate Investment Trust
TBA	Security is subject to delayed delivery.
†	Denotes all or a portion of the security on loan.
#	Rate is subject to change. Rate shown reflects current rate.
^	Securities are not registered under the Securities Act of 1933. These securities may be resold only in transactions exempt from registration, generally to qualified institutional buyers under Securities Act Rule 144A. Such securities are considered illiquid unless deemed liquid by a subadviser under the liquidity procedures adopted by the Board of Directors. The total market value of 144A securities was $3,583,374, 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

228

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—95.5%
Aerospace & Defense—2.5%
Boeing Co. (The)			25,562	$	3,252,253
General Dynamics Corp.			12,325		1,436,479
Honeywell International, Inc.			29,532		2,744,999
L-3 Communications Holdings, Inc.			3,483		420,572
Lockheed Martin Corp.			10,105		1,624,177
Northrop Grumman Corp.			8,216		982,880
Precision Castparts Corp.			5,530		1,395,772
Raytheon Co.			11,972		1,104,417
Rockwell Collins, Inc.			5,306		414,611
Textron, Inc.			10,583		405,223
United Technologies Corp.			32,099		3,705,830
					17,487,213
Air Freight & Logistics—0.7%
C.H. Robinson Worldwide, Inc.	†		5,358		341,787
Expeditors International of Washington, Inc.			8,169		360,743
FedEx Corp.			10,531		1,594,183
United Parcel Service, Inc., Class B			27,113		2,783,420
					5,080,133
Airlines—0.3%
Delta Air Lines, Inc.			32,922		1,274,740
Southwest Airlines Co.			27,222		731,183
					2,005,923
Auto Components—0.4%
BorgWarner, Inc.			8,344		543,945
Delphi Automotive plc (United Kingdom)			10,440		717,645
Goodyear Tire & Rubber Co. (The)			10,438		289,968
Johnson Controls, Inc.			25,758		1,286,097
					2,837,655
Automobiles—0.7%
Ford Motor Co.			150,457		2,593,879
General Motors Co.			50,021		1,815,762
Harley-Davidson, Inc.			8,600		600,710
					5,010,351
Banks—5.7%
Bank of America Corp.			402,165		6,181,276
BB&T Corp.			26,736		1,054,200
Citigroup, Inc.			115,636		5,446,456
Comerica, Inc.			7,037		352,976
Fifth Third Bancorp			32,276		689,093
Huntington Bancshares, Inc./Ohio			31,006		295,797
JPMorgan Chase & Co.			144,085		8,302,178
KeyCorp			35,171		504,000
M&T Bank Corp.	†		4,943		613,179
PNC Financial Services Group, Inc. (The)			20,280		1,805,934
Regions Financial Corp.			50,540		536,735
SunTrust Banks, Inc.			20,458		819,547
U.S. Bancorp/Minnesota			68,737		2,977,687
Wells Fargo & Co.			182,477		9,590,991
Zions Bancorporation			6,864		202,282
					39,372,331

		Shares		Value
Beverages—2.0%
Brown-Forman Corp., Class B		6,092	$	573,684
Coca-Cola Co. (The)		143,886		6,095,011
Coca-Cola Enterprises, Inc.		9,508		454,292
Constellation Brands, Inc., Class A	*	6,270		552,575
Dr. Pepper Snapple Group, Inc.		7,761		454,639
Molson Coors Brewing Co., Class B		5,785		429,016
Monster Beverage Corp.	*	5,046		358,417
PepsiCo, Inc.		57,789		5,162,869
				14,080,503
Biotechnology—2.4%
Alexion Pharmaceuticals, Inc.	*	7,460		1,165,625
Amgen, Inc.		28,810		3,410,239
Biogen Idec, Inc.	*	9,026		2,845,988
Celgene Corp.	*	31,008		2,662,967
Gilead Sciences, Inc.	*	58,311		4,834,565
Regeneron Pharmaceuticals, Inc.	*	2,940		830,462
Vertex Pharmaceuticals, Inc.	*	8,829		835,930
				16,585,776
Building Products—0.1%
Allegion plc (Ireland)		3,566		202,121
Masco Corp.		13,673		303,540
				505,661
Capital Markets—2.1%
Affiliated Managers Group, Inc.	*	2,103		431,956
Ameriprise Financial, Inc.		7,438		892,560
Bank of New York Mellon Corp. (The)		43,087		1,614,901
BlackRock, Inc.		4,838		1,546,225
Charles Schwab Corp. (The)		43,476		1,170,809
E*TRADE Financial Corp.	*	10,643		226,270
Franklin Resources, Inc.		15,269		883,159
Goldman Sachs Group, Inc. (The)		15,861		2,655,766
Invesco Ltd.		17,068		644,317
Legg Mason, Inc.		3,941		202,213
Morgan Stanley		52,787		1,706,604
Northern Trust Corp.		8,341		535,575
State Street Corp.		16,447		1,106,225
T. Rowe Price Group, Inc.		10,071		850,093
				14,466,673
Chemicals—2.5%
Air Products & Chemicals, Inc.		8,133		1,046,067
Airgas, Inc.		2,476		269,661
CF Industries Holdings, Inc.		1,991		478,895
Dow Chemical Co. (The)		45,605		2,346,833
E.I. Du Pont de Nemours & Co.		34,829		2,279,210
Eastman Chemical Co.		5,721		499,729
Ecolab, Inc.		10,439		1,162,278
FMC Corp.		4,901		348,902
International Flavors & Fragrances, Inc.		2,957		308,356
LyondellBasell Industries NV, Class A		15,882		1,550,877
Monsanto Co.		19,917		2,484,447
Mosaic Co. (The)		12,896		637,707
PPG Industries, Inc.		5,316		1,117,158
Praxair, Inc.		11,044		1,467,085

See accompanying notes to financial statements

229

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Sherwin-Williams Co. (The)			3,242	$	670,802
Sigma-Aldrich Corp.			4,432		449,760
					17,117,767
Commercial Services & Supplies—0.5%
ADT Corp. (The)	†		6,539		228,473
Cintas Corp.			3,464		220,103
Iron Mountain, Inc.			6,801		241,095
Pitney Bowes, Inc.	†		8,116		224,164
Republic Services, Inc.			9,911		376,321
Stericycle, Inc.	*		3,415		404,404
Tyco International Ltd. (Switzerland)			17,600		802,560
Waste Management, Inc.			16,261		727,354
					3,224,474
Communications Equipment—1.7%
Cisco Systems, Inc.			195,271		4,852,484
F5 Networks, Inc.	*		2,840		316,490
Harris Corp.			4,033		305,500
Juniper Networks, Inc.	*		19,565		480,125
Motorola Solutions, Inc.			8,468		563,715
QUALCOMM, Inc.			64,248		5,088,441
					11,606,755
Construction & Engineering—0.1%
Fluor Corp.			6,056		465,706
Jacobs Engineering Group, Inc.	*		5,135		273,593
Quanta Services, Inc.	*		8,631		298,460
					1,037,759
Construction Materials—0.0%
Vulcan Materials Co.			5,181		330,289
Consumer Finance—0.9%
American Express Co.			34,686		3,290,661
Capital One Financial Corp.			21,645		1,787,877
Discover Financial Services			17,933		1,111,487
Navient Corp.			16,236		287,540
					6,477,565
Containers & Packaging—0.2%
Avery Dennison Corp.			3,890		199,363
Ball Corp.			5,244		328,694
Bemis Co., Inc.			3,884		157,923
MeadWestvaco Corp.			6,883		304,642
Owens-Illinois, Inc.	*		6,064		210,057
Sealed Air Corp.			7,825		267,380
					1,468,059
Distributors—0.1%
Genuine Parts Co.			5,743		504,235
Diversified Consumer Services—0.1%
Graham Holdings Co., Class B			183		131,414
H&R Block, Inc.			10,285		344,753
					476,167
Diversified Financial Services—1.8%
Berkshire Hathaway, Inc., Class B	*		68,546		8,675,182
CME Group, Inc.			11,943		847,356
Intercontinental Exchange, Inc.			4,360		823,604
Leucadia National Corp.			11,523		302,133

		Shares		Value
McGraw Hill Financial, Inc.		10,390	$	862,682
Moody’s Corp.		7,180		629,399
NASDAQ OMX Group, Inc. (The)		4,812		185,839
				12,326,195
Diversified Telecommunication Services—2.3%
AT&T, Inc.		197,378		6,979,286
CenturyLink, Inc.		22,525		815,405
Frontier Communications Corp.	†	37,781		220,641
Verizon Communications, Inc.		157,652		7,713,913
Windstream Holdings, Inc.	†	24,372		242,745
				15,971,990
Electric Utilities—1.7%
American Electric Power Co., Inc.		18,722		1,044,126
Duke Energy Corp.		26,936		1,998,382
Edison International		12,387		719,808
Entergy Corp.		7,068		580,212
Exelon Corp.		32,942		1,201,724
FirstEnergy Corp.		15,565		540,417
NextEra Energy, Inc.		16,587		1,699,836
Northeast Utilities		11,820		558,731
Pepco Holdings, Inc.		8,900		244,572
Pinnacle West Capital Corp.		4,394		254,149
PPL Corp.		24,462		869,135
Southern Co. (The)		33,876		1,537,293
Xcel Energy, Inc.		18,875		608,341
				11,856,726
Electrical Equipment—0.6%
AMETEK, Inc.		9,582		500,947
Eaton Corp. plc		17,849		1,377,586
Emerson Electric Co.		26,442		1,754,691
Rockwell Automation, Inc.		5,119		640,694
				4,273,918
Electronic Equipment, Instruments & Components—0.4%
Amphenol Corp., Class A		6,116		589,215
Corning, Inc.		49,607		1,088,874
FLIR Systems, Inc.		5,744		199,489
Jabil Circuit, Inc.		7,681		160,533
TE Connectivity Ltd. (Switzerland)		15,500		958,520
				2,996,631
Energy Equipment & Services—2.1%
Baker Hughes, Inc.		17,053		1,269,596
Cameron International Corp.	*	8,218		556,441
Diamond Offshore Drilling, Inc.	†	2,523		125,216
Ensco plc, Class A (United Kingdom)	†	8,655		480,958
FMC Technologies, Inc.	*	8,759		534,912
Halliburton Co.		31,869		2,263,018
Helmerich & Payne, Inc.		4,270		495,790
Nabors Industries Ltd. (Bermuda)		9,142		268,501
National Oilwell Varco, Inc.		16,048		1,321,553
Noble Corp. plc (United Kingdom)		9,233		309,859
Rowan Cos. plc, Class A		4,737		151,252
Schlumberger Ltd.		49,627		5,853,505
Transocean Ltd. (Switzerland)	†	13,175		593,270
				14,223,871

See accompanying notes to financial statements

230

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Food & Staples Retailing—2.2%
Costco Wholesale Corp.			16,671	$	1,919,832
CVS Caremark Corp.			44,814		3,377,631
Kroger Co. (The)			20,092		993,148
Safeway, Inc.			9,150		314,211
Sysco Corp.			21,982		823,226
Walgreen Co.			33,407		2,476,461
Wal-Mart Stores, Inc.			61,350		4,605,545
Whole Foods Market, Inc.			14,453		558,319
					15,068,373
Food Products—1.6%
Archer-Daniels-Midland Co.			24,576		1,084,047
Campbell Soup Co.			7,028		321,953
ConAgra Foods, Inc.			16,444		488,058
General Mills, Inc.			24,103		1,266,372
Hershey Co. (The)			5,760		560,851
Hormel Foods Corp.			5,329		262,986
J.M. Smucker Co. (The)			4,032		429,690
Kellogg Co.			9,534		626,384
Keurig Green Mountain, Inc.			4,896		610,091
Kraft Foods Group, Inc.			22,392		1,342,400
McCormick & Co., Inc. (Non-Voting Shares)			5,067		362,747
Mead Johnson Nutrition Co.			7,597		707,812
Mondelez International, Inc., Class A			64,479		2,425,055
Tyson Foods, Inc., Class A			10,122		379,980
					10,868,426
Gas Utilities—0.0%
AGL Resources, Inc.			4,393		241,747
Health Care Equipment & Supplies—2.0%
Abbott Laboratories			57,242		2,341,198
Baxter International, Inc.			20,363		1,472,245
Becton Dickinson and Co.			7,236		856,019
Boston Scientific Corp.	*		49,396		630,787
C.R. Bard, Inc.			2,908		415,873
CareFusion Corp.	*		8,194		363,404
Covidien plc (Ireland)			17,243		1,554,974
DENTSPLY International, Inc.			4,925		233,199
Edwards Lifesciences Corp.	*		4,230		363,103
Intuitive Surgical, Inc.	*		1,447		595,875
Medtronic, Inc.			38,010		2,423,518
St. Jude Medical, Inc.			10,758		744,991
Stryker Corp.			11,345		956,610
Varian Medical Systems, Inc.	*		4,052		336,883
Zimmer Holdings, Inc.			6,363		660,861
					13,949,540
Health Care Providers & Services—2.0%
Aetna, Inc.			13,635		1,105,526
AmerisourceBergen Corp.			9,001		654,013
Cardinal Health, Inc.			12,754		874,414
Cigna Corp.			10,620		976,721
DaVita HealthCare Partners, Inc.	*		6,591		476,661
Express Scripts Holding Co.	*		29,417		2,039,481
Humana, Inc.			5,809		741,925
Laboratory Corp. of America Holdings	*		3,185		326,144
McKesson Corp.			8,751		1,629,524

		Shares		Value
Patterson Cos., Inc.		3,274	$	129,356
Quest Diagnostics, Inc.		5,111		299,965
Tenet Healthcare Corp.	*	3,509		164,712
UnitedHealth Group, Inc.		37,498		3,065,462
WellPoint, Inc.		10,707		1,152,180
				13,636,084
Health Care Technology—0.1%
Cerner Corp.	*	11,005		567,638
Hotels, Restaurants & Leisure—1.6%
Carnival Corp.		16,509		621,564
Chipotle Mexican Grill, Inc.	*	1,166		690,867
Darden Restaurants, Inc.		4,696		217,284
Marriott International, Inc., Class A		8,867		568,375
McDonald’s Corp.		37,476		3,775,332
Starbucks Corp.		28,331		2,192,253
Starwood Hotels & Resorts Worldwide, Inc.		7,189		581,015
Wyndham Worldwide Corp.		4,843		366,712
Wynn Resorts Ltd.		3,091		641,568
Yum! Brands, Inc.		16,693		1,355,471
				11,010,441
Household Durables—0.4%
D.R. Horton, Inc.		11,310		278,000
Garmin Ltd. (Switzerland)	†	4,380		266,742
Harman International Industries, Inc.		2,472		265,567
Leggett & Platt, Inc.		5,707		195,636
Lennar Corp., Class A		6,110		256,498
Mohawk Industries, Inc.	*	2,173		300,613
Newell Rubbermaid, Inc.		10,653		330,136
PulteGroup, Inc.		13,136		264,822
Whirlpool Corp.		2,902		404,016
				2,562,030
Household Products—1.8%
Clorox Co. (The)		4,832		441,645
Colgate-Palmolive Co.		33,043		2,252,872
Kimberly-Clark Corp.		14,330		1,593,783
Procter & Gamble Co. (The)		103,016		8,096,027
				12,384,327
Independent Power and Renewable Electricity Producers—0.1%
AES Corp. (The)		24,364		378,860
NRG Energy, Inc.		12,789		475,751
				854,611
Industrial Conglomerates—2.3%
3M Co.		23,683		3,392,353
Danaher Corp.		22,523		1,773,236
General Electric Co.		381,776		10,033,073
Roper Industries, Inc.		3,816		557,174
				15,755,836
Insurance—2.7%
ACE Ltd. (Switzerland)		12,700		1,316,990
Aflac, Inc.		17,457		1,086,698
Allstate Corp. (The)		16,560		972,403
American International Group, Inc.		55,123		3,008,613

See accompanying notes to financial statements

231

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Aon plc (United Kingdom)			11,412	$	1,028,107
Assurant, Inc.			2,740		179,607
Chubb Corp. (The)			9,521		877,551
Cincinnati Financial Corp.			5,603		269,168
Genworth Financial, Inc., Class A	*		18,819		327,451
Hartford Financial Services Group, Inc. (The)			16,983		608,161
Lincoln National Corp.			10,227		526,077
Loews Corp.			11,798		519,230
Marsh & McLennan Cos., Inc.			20,498		1,062,206
MetLife, Inc.			42,826		2,379,413
Principal Financial Group, Inc.			10,602		535,189
Progressive Corp. (The)			21,341		541,208
Prudential Financial, Inc.			17,377		1,542,556
Torchmark Corp.			3,582		293,437
Travelers Cos., Inc. (The)			13,640		1,283,115
Unum Group			9,510		330,568
XL Group plc (Ireland)			10,982		359,441
					19,047,189
Internet & Catalog Retail—1.3%
Amazon.com, Inc.	*		14,102		4,580,048
Expedia, Inc.			3,751		295,429
Netflix, Inc.	*		2,279		1,004,127
Priceline Group, Inc. (The)	*		1,977		2,378,331
TripAdvisor, Inc.	*		4,094		444,854
					8,702,789
Internet Software & Services—3.0%
Akamai Technologies, Inc.	*		6,489		396,218
eBay, Inc.	*		43,834		2,194,330
Facebook, Inc., Class A	*		65,445		4,403,794
Google, Inc., Class A	*		10,783		6,304,497
Google, Inc., Class C	*		10,783		6,203,244
VeriSign, Inc.	*		5,121		249,956
Yahoo!, Inc.	*		35,385		1,243,075
					20,995,114
IT Services—3.1%
Accenture plc, Class A (Ireland)			24,053		1,944,445
Alliance Data Systems Corp.	*		2,016		567,000
Automatic Data Processing, Inc.			18,062		1,431,955
Cognizant Technology Solutions Corp., Class A	*		22,982		1,124,050
Computer Sciences Corp.			5,247		331,610
Fidelity National Information Services, Inc.			10,731		587,415
Fiserv, Inc.	*		9,586		578,228
International Business Machines Corp.			36,242		6,569,587
MasterCard, Inc., Class A			38,289		2,813,093
Paychex, Inc.			12,060		501,214
Teradata Corp.	*		5,909		237,542
Total System Services, Inc.			6,301		197,914
Visa, Inc., Class A			19,187		4,042,893
Western Union Co. (The)	†		21,283		369,047
Xerox Corp.			44,862		558,083
					21,854,076
Leisure Products—0.1%
Hasbro, Inc.			4,174		221,430
Mattel, Inc.			12,574		490,009
					711,439

		Shares		Value
Life Sciences Tools & Services—0.4%
Agilent Technologies, Inc.		12,262	$	704,329
PerkinElmer, Inc.		4,587		214,855
Thermo Fisher Scientific, Inc.		15,174		1,790,532
Waters Corp.	*	3,137		327,629
				3,037,345
Machinery—1.7%
Caterpillar, Inc.		23,935		2,601,016
Cummins, Inc.		6,603		1,018,777
Deere & Co.		13,875		1,256,381
Dover Corp.		6,396		581,716
Flowserve Corp.		5,202		386,769
Illinois Tool Works, Inc.		14,817		1,297,377
Ingersoll-Rand plc		10,100		631,351
Joy Global, Inc.	†	4,192		258,143
PACCAR, Inc.		13,203		829,544
Pall Corp.		4,112		351,124
Parker Hannifin Corp.		5,761		724,331
Pentair plc (United Kingdom)		7,664		552,728
Snap-on, Inc.		2,151		254,937
Stanley Black & Decker, Inc.		5,753		505,228
Xylem, Inc.		6,916		270,277
				11,519,699
Media—3.4%
Cablevision Systems Corp., Class A	†	8,537		150,678
CBS Corp. (Non-Voting Shares), Class B		20,157		1,252,556
Comcast Corp., Class A		98,961		5,312,226
DIRECTV	*	18,333		1,558,488
Discovery Communications, Inc., Class A	*	8,573		636,802
Gannett Co., Inc.		8,486		265,697
Interpublic Group of Cos., Inc. (The)		15,943		311,048
News Corp., Class A	*	18,229		327,028
Omnicom Group, Inc.		9,549		680,080
Scripps Networks Interactive, Inc., Class A		3,990		323,749
Time Warner Cable, Inc.		10,580		1,558,434
Time Warner, Inc.		33,619		2,361,735
Twenty-First Century Fox, Inc., Class A		72,965		2,564,720
Viacom, Inc., Class B		14,917		1,293,751
Walt Disney Co. (The)		61,593		5,280,984
				23,877,976
Metals & Mining—0.5%
Alcoa, Inc.		44,504		662,665
Allegheny Technologies, Inc.		4,521		203,897
Freeport-McMoRan Copper & Gold, Inc.		38,932		1,421,018
Newmont Mining Corp.		18,427		468,783
Nucor Corp.		12,284		604,987
United States Steel Corp.	†	5,205		135,538
				3,496,888
Multiline Retail—0.6%
Dollar General Corp.	*	11,226		643,923
Dollar Tree, Inc.	*	7,689		418,743
Family Dollar Stores, Inc.		3,471		229,572
Kohl’s Corp.		7,884		415,329

See accompanying notes to financial statements

232

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Macy’s, Inc.			13,684	$	793,946
Nordstrom, Inc.			5,484		372,528
Target Corp.			23,708		1,373,879
					4,247,920
Multi-Utilities—1.1%
Ameren Corp.			8,947		365,753
CenterPoint Energy, Inc.			17,012		434,486
CMS Energy Corp.			9,624		299,788
Consolidated Edison, Inc.			11,135		642,935
Dominion Resources, Inc.			21,791		1,558,492
DTE Energy Co.			6,968		542,598
Integrys Energy Group, Inc.			2,985		212,323
NiSource, Inc.			12,358		486,164
PG&E Corp.			17,153		823,687
Public Service Enterprise Group, Inc.			19,277		786,309
SCANA Corp.			5,312		285,839
Sempra Energy			8,466		886,475
TECO Energy, Inc.			8,085		149,411
Wisconsin Energy Corp.			8,687		407,594
					7,881,854
Oil, Gas & Consumable Fuels—8.3%
Anadarko Petroleum Corp.			19,173		2,098,868
Apache Corp.			14,969		1,506,181
Cabot Oil & Gas Corp.			15,655		534,462
Chesapeake Energy Corp.			19,874		617,684
Chevron Corp.			72,531		9,468,922
Cimarex Energy Co.			3,300		473,418
ConocoPhillips			46,726		4,005,820
CONSOL Energy, Inc.			8,155		375,701
Denbury Resources, Inc.			14,441		266,581
Devon Energy Corp.			14,244		1,130,974
EOG Resources, Inc.			20,794		2,429,987
EQT Corp.			5,795		619,485
Exxon Mobil Corp.			163,807		16,492,089
Hess Corp.			10,071		995,921
Kinder Morgan, Inc.			25,147		911,830
Marathon Oil Corp.			26,376		1,052,930
Marathon Petroleum Corp.			11,166		871,730
Murphy Oil Corp.			6,549		435,377
Newfield Exploration Co.	*		5,063		223,785
Noble Energy, Inc.			13,608		1,054,076
Occidental Petroleum Corp.			29,935		3,072,229
ONEOK, Inc.			7,967		542,393
Peabody Energy Corp.	†		11,203		183,169
Phillips 66			21,570		1,734,875
Pioneer Natural Resources Co.			5,379		1,236,148
QEP Resources, Inc.			6,758		233,151
Range Resources Corp.			6,070		527,786
Southwestern Energy Co.	*		13,317		605,790
Spectra Energy Corp.			25,014		1,062,595
Tesoro Corp.			4,783		280,619
Valero Energy Corp.			20,199		1,011,970
Williams Cos., Inc. (The)			28,116		1,636,632
					57,693,178
Paper & Forest Products—0.1%
International Paper Co.			16,781		846,937
Personal Products—0.1%
Avon Products, Inc.			17,240		251,876

		Shares		Value
Estee Lauder Cos., Inc. (The), Class A		9,892	$	734,580
				986,456
Pharmaceuticals—5.8%
AbbVie, Inc.		60,512		3,415,297
Actavis plc	*	6,532		1,456,962
Allergan, Inc.		11,190		1,893,572
Bristol-Myers Squibb Co.		63,063		3,059,186
Eli Lilly & Co.		37,281		2,317,760
Forest Laboratories, Inc.	*	9,025		893,475
Hospira, Inc.	*	6,375		327,484
Johnson & Johnson		107,711		11,268,725
Merck & Co., Inc.		111,471		6,448,597
Mylan, Inc.	*	14,098		726,893
Perrigo Co. plc (Ireland)		4,951		721,658
Pfizer, Inc.		241,960		7,181,373
Zoetis, Inc.		19,313		623,230
				40,334,212
Professional Services—0.2%
Dun & Bradstreet Corp. (The)		1,418		156,264
Equifax, Inc.		4,544		329,622
Nielsen NV		11,501		556,763
Robert Half International, Inc.		5,337		254,788
				1,297,437
Real Estate Investment Trusts (REITs)—2.1%
American Tower Corp. REIT		14,833		1,334,673
Apartment Investment & Management Co., Class A REIT		5,887		189,973
AvalonBay Communities, Inc. REIT		4,694		667,440
Boston Properties, Inc. REIT		5,693		672,799
Crown Castle International Corp. REIT		12,471		926,096
Equity Residential REIT		12,965		816,795
Essex Property Trust, Inc. REIT		2,333		431,395
General Growth Properties, Inc. REIT		20,065		472,731
HCP, Inc. REIT		17,191		711,364
Health Care REIT, Inc. REIT		11,600		726,972
Host Hotels & Resorts, Inc. REIT		29,186		642,384
Kimco Realty Corp. REIT		15,171		348,630
Macerich Co. (The) REIT		5,462		364,588
Plum Creek Timber Co., Inc. REIT		6,721		303,117
Prologis, Inc. REIT		19,306		793,284
Public Storage REIT		5,405		926,147
Simon Property Group, Inc. REIT		11,838		1,968,423
Ventas, Inc. REIT		11,094		711,125
Vornado Realty Trust REIT		6,422		685,420
Weyerhaeuser Co. REIT	†	22,213		735,028
				14,428,384
Real Estate Management & Development—0.0%
CBRE Group, Inc., Class A	*	10,491		336,132
Road & Rail—0.9%
CSX Corp.		39,023		1,202,299
Kansas City Southern		4,378		470,679
Norfolk Southern Corp.		11,898		1,225,851

See accompanying notes to financial statements

233

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Ryder System, Inc.			2,024	$	178,294
Union Pacific Corp.			34,678		3,459,130
					6,536,253
Semiconductors & Semiconductor Equipment—2.2%
Altera Corp.			12,379		430,294
Analog Devices, Inc.			11,571		625,644
Applied Materials, Inc.			46,189		1,041,562
Avago Technologies Ltd. (Singapore)			9,456		681,494
Broadcom Corp., Class A			20,515		761,517
First Solar, Inc.	*		2,927		207,993
Intel Corp.			189,493		5,855,334
KLA-Tencor Corp.			6,158		447,317
Lam Research Corp.			6,211		419,739
Linear Technology Corp.			9,266		436,151
Microchip Technology, Inc.	†		7,642		373,006
Micron Technology, Inc.	*		40,697		1,340,966
NVIDIA Corp.			22,217		411,903
Texas Instruments, Inc.			41,128		1,965,507
Xilinx, Inc.			10,440		493,916
					15,492,343
Software—3.4%
Adobe Systems, Inc.	*		17,425		1,260,873
Autodesk, Inc.	*		8,514		480,019
CA, Inc.			11,749		337,666
Citrix Systems, Inc.	*		6,270		392,188
Electronic Arts, Inc.	*		11,246		403,394
Intuit, Inc.			10,890		876,972
Microsoft Corp.			286,575		11,950,178
Oracle Corp.			131,273		5,320,495
Red Hat, Inc.	*		7,147		395,015
salesforce.com, Inc.	*		21,476		1,247,326
Symantec Corp.			26,410		604,789
					23,268,915
Specialty Retail—1.9%
AutoNation, Inc.	*		2,537		151,408
AutoZone, Inc.	*		1,297		695,503
Bed Bath & Beyond, Inc.	*		8,417		482,967
Best Buy Co., Inc.			10,320		320,023
CarMax, Inc.	*		8,346		434,075
GameStop Corp., Class A	†		4,389		177,623
Gap, Inc. (The)			9,877		410,587
Home Depot, Inc. (The)			52,121		4,219,716
L Brands, Inc.			9,527		558,854
Lowe’s Cos., Inc.			38,020		1,824,580
O’Reilly Automotive, Inc.	*		4,183		629,960
PetSmart, Inc.	†		3,907		233,639
Ross Stores, Inc.			8,055		532,677
Staples, Inc.			25,425		275,607
Tiffany & Co.			4,052		406,213
TJX Cos., Inc. (The)			26,706		1,419,424
Tractor Supply Co.			5,484		331,234
Urban Outfitters, Inc.	*		3,789		128,296
					13,232,386
Technology Hardware, Storage & Peripherals—4.1%
Apple, Inc.			229,627		21,339,237
EMC Corp.			77,848		2,050,516
Hewlett-Packard Co.			71,317		2,401,957

				Shares		Value
NetApp, Inc.				13,112	$	478,850
SanDisk Corp.				8,587		896,740
Seagate Technology plc (Ireland)				11,964		679,795
Western Digital Corp.				8,028		740,984
						28,588,079
Textiles, Apparel & Luxury Goods—0.8%
Coach, Inc.				10,444		357,080
Fossil Group, Inc.		*		1,891		197,647
Michael Kors Holdings Ltd. (Hong Kong)		*		6,684		592,537
NIKE, Inc., Class B				28,099		2,179,078
PVH Corp.				3,149		367,173
Ralph Lauren Corp.				2,190		351,911
Under Armour, Inc., Class A		*		6,095		362,592
V.F. Corp.				13,318		839,034
						5,247,052
Thrifts & Mortgage Finance—0.1%
Hudson City Bancorp, Inc.				17,847		175,436
People’s United Financial, Inc.				11,867		180,022
						355,458
Tobacco—1.4%
Altria Group, Inc.				75,877		3,182,281
Lorillard, Inc.				14,051		856,690
Philip Morris International, Inc.				59,916		5,051,518
Reynolds American, Inc.				11,537		696,258
						9,786,747
Trading Companies & Distributors—0.2%
Fastenal Co.		†		10,523		520,783
W.W. Grainger, Inc.				2,320		589,907
						1,110,690
TOTAL COMMON STOCKS
(Cost $363,092,119)						663,136,621
Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—0.2%
U.S. Treasury Bills—0.2%
U.S. Treasury Bill
0.012%	09/11/2014
(Cost $1,309,969)		‡‡	$	1,310,000		1,309,960
				Shares		Value
MONEY MARKET FUNDS—4.9%
Institutional Money Market Funds—4.9%
Dreyfus Institutional Cash Advantage Fund, 0.06%		††¥		900,000		900,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%		¥		28,360,667		28,360,667
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%		††¥		1,019,809		1,019,809
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.06%		††¥		800,000		800,000

See accompanying notes to financial statements

234

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint 500 Stock Index Fund		Shares		Value
MONEY MARKET FUNDS—(Continued)
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.06%	††¥		900,000	$	900,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.07%	††¥		900,000		900,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.07%	††¥		900,000		900,000
TOTAL MONEY MARKET FUNDS
(Cost $33,780,476)					33,780,476
TOTAL INVESTMENTS—100.6%
(Cost $398,182,564)					698,227,057
Other assets less liabilities—(0.6%)					(4,331,977	)
NET ASSETS—100.0%				$	693,895,080

Notes to the Schedule of Investments:

REIT	Real Estate Investment Trust
†	Denotes all or a portion of the security on loan.
*	Non-income producing.
‡‡	Security or a portion of the security has been pledged as collateral for futures contracts and/or options contracts.
††	Represents reinvestment of collateral received in conjunction with securities lending.
¥	The rate quoted is the annualized seven-day yield of the
	fund at period end.

See accompanying notes to financial statements

235

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—98.2%
Aerospace & Defense—2.5%
AAR Corp.	†		1,489	$	41,037
Alliant Techsystems, Inc.			1,550		207,576
American Science & Engineering, Inc.			435		30,272
B/E Aerospace, Inc.	*		4,159		384,666
Boeing Co. (The)			27,932		3,553,788
Cubic Corp.			476		21,187
Curtiss-Wright Corp.			2,112		138,463
DigitalGlobe, Inc.	*		3,780		105,084
Engility Holdings, Inc.	*		622		23,798
Esterline Technologies Corp.	*		1,049		120,761
Exelis, Inc.			4,977		84,509
GenCorp, Inc.	*†		1,629		31,114
General Dynamics Corp.			11,394		1,327,971
HEICO Corp.			3,163		164,286
Hexcel Corp.	*		4,757		194,561
Honeywell International, Inc.			29,592		2,750,576
Huntington Ingalls Industries, Inc.			1,577		149,168
Kratos Defense & Security Solutions, Inc.	*		832		6,489
L-3 Communications Holdings, Inc.			2,864		345,828
Lockheed Martin Corp.			9,739		1,565,349
Moog, Inc., Class A	*		1,446		105,399
National Presto Industries, Inc.	†		535		38,969
Northrop Grumman Corp.			7,805		933,712
Orbital Sciences Corp.	*		2,123		62,735
Precision Castparts Corp.			5,732		1,446,757
Raytheon Co.			12,251		1,130,155
Rockwell Collins, Inc.			5,705		445,789
Spirit AeroSystems Holdings, Inc., Class A	*		7,021		236,608
Taser International, Inc.	*		2,292		30,484
Teledyne Technologies, Inc.	*		1,228		119,325
Textron, Inc.			12,237		468,555
TransDigm Group, Inc.			2,305		385,534
Triumph Group, Inc.			1,644		114,784
United Technologies Corp.			34,141		3,941,578
					20,706,867
Air Freight & Logistics—0.7%
Atlas Air Worldwide Holdings, Inc.	*		600		22,110
C.H. Robinson Worldwide, Inc.			6,357		405,513
Expeditors International of Washington, Inc.			7,178		316,980
FedEx Corp.			11,554		1,749,045
Forward Air Corp.			1,431		68,473
Hub Group, Inc., Class A	*		2,400		120,960
United Parcel Service, Inc., Class B			27,224		2,794,816
UTi Worldwide, Inc.	*		2,208		22,831
XPO Logistics, Inc.	*†		1,665		47,652
					5,548,380
Airlines—0.5%
Alaska Air Group, Inc.			2,686		255,304
American Airlines Group, Inc.	*		25,921		1,113,566
Copa Holdings SA, Class A (Panama)			1,841		262,471

		Shares		Value
Delta Air Lines, Inc.		32,014	$	1,239,582
JetBlue Airways Corp.	*†	6,414		69,592
SkyWest, Inc.		2,390		29,206
Southwest Airlines Co.		26,758		718,720
Spirit Airlines, Inc.	*	3,308		209,198
United Continental Holdings, Inc.	*	13,242		543,849
				4,441,488
Auto Components—0.4%
American Axle & Manufacturing Holdings, Inc.	*	2,113		39,915
BorgWarner, Inc.		8,218		535,731
Cooper Tire & Rubber Co.		3,066		91,980
Dana Holding Corp.		5,645		137,851
Drew Industries, Inc.		2,207		110,372
Fuel Systems Solutions, Inc.	*	769		8,567
Gentex Corp.		6,594		191,820
Gentherm, Inc.	*	2,107		93,656
Goodyear Tire & Rubber Co. (The)		7,281		202,266
Johnson Controls, Inc.		24,673		1,231,923
Lear Corp.		3,353		299,490
Modine Manufacturing Co.	*	1,208		19,014
Motorcar Parts of America, Inc.	*	1,792		43,635
Shiloh Industries, Inc.	*	1,441		26,601
Superior Industries International, Inc.		1,102		22,723
Tenneco, Inc.	*	1,600		105,120
TRW Automotive Holdings Corp.	*	3,548		317,617
Visteon Corp.	*	2,509		243,398
				3,721,679
Automobiles—0.7%
Ford Motor Co.		148,004		2,551,589
General Motors Co.		58,382		2,119,266
Harley-Davidson, Inc.		7,622		532,397
Tesla Motors, Inc.	*	3,468		832,528
Thor Industries, Inc.		1,221		69,438
Winnebago Industries, Inc.	*	1,432		36,058
				6,141,276
Banks—5.5%
1st Source Corp.		1,180		36,132
Associated Banc-Corp		5,110		92,389
BancFirst Corp.		642		39,740
BancorpSouth, Inc.		3,611		88,722
Bank of America Corp.		399,758		6,144,280
Bank of Hawaii Corp.		1,898		111,394
Bank of the Ozarks, Inc.		1,248		41,746
BankUnited, Inc.		4,777		159,934
BB&T Corp.		26,530		1,046,078
BBCN Bancorp, Inc./California		7,132		113,755
BOK Financial Corp.		801		53,347
Boston Private Financial Holdings, Inc.		1,297		17,432
Bridge Bancorp, Inc.		3,091		74,153
Bryn Mawr Bank Corp.		1,058		30,809
Capital City Bank Group, Inc.		1,113		16,172
Cardinal Financial Corp.		1,142		21,081
Cascade Bancorp	*	219		1,141
Cathay General Bancorp		2,082		53,216

See accompanying notes to financial statements

236

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Catskill Litigation Trust	*‡d		582	$	—
Central Pacific Financial Corp.			103		2,045
Chemical Financial Corp.			1,552		43,580
CIT Group, Inc.			7,587		347,181
Citigroup, Inc.			114,505		5,393,185
Citizens & Northern Corp.			3,618		70,515
City Holding Co.			250		11,280
City National Corp./California			1,548		117,276
CNB Financial Corp./Pennsylvania			4,147		69,670
CoBiz Financial, Inc.			1,063		11,448
Comerica, Inc.			7,542		378,307
Commerce Bancshares, Inc./Missouri			3,001		139,546
Community Bank System, Inc.			1,402		50,752
Community Trust Bancorp, Inc.			731		25,015
Cullen/Frost Bankers, Inc.			2,502		198,709
CVB Financial Corp.			4,084		65,466
East West Bancorp, Inc.			6,997		244,825
Fidelity Southern Corp.			1,592		20,680
Fifth Third Bancorp			32,850		701,347
Financial Institutions, Inc.			749		17,542
First BanCorp. (Puerto Rico)	*		322		1,752
First Bancorp/North Carolina			4,779		87,695
First Busey Corp.			2,407		13,985
First Citizens BancShares, Inc./North Carolina, Class A			254		62,230
First Commonwealth Financial Corp.			2,619		24,147
First Connecticut Bancorp, Inc./Farmington CT			5,036		80,828
First Financial Bancorp			1,895		32,613
First Financial Bankshares, Inc.	†		1,000		31,370
First Horizon National Corp.			8,735		103,597
First Merchants Corp.			874		18,476
First Midwest Bancorp, Inc./Illinois			2,002		34,094
First Niagara Financial Group, Inc.			10,034		87,697
First of Long Island Corp. (The)			986		38,533
First Republic Bank/California			4,803		264,117
FirstMerit Corp.			8,833		174,452
FNB Corp./Pennsylvania			4,685		60,062
Fulton Financial Corp.			6,533		80,944
Glacier Bancorp, Inc.			1,771		50,261
Guaranty Bancorp			1,060		14,734
Hancock Holding Co.			2,032		71,770
Hanmi Financial Corp.			900		18,972
Heritage Financial Corp./Washington			4,736		76,202
Home Bancshares, Inc./Arkansas			2,340		76,799
Huntington Bancshares, Inc./Ohio			26,837		256,025
IBERIABANK Corp.			966		66,838
Independent Bank Corp./Massachusetts			874		33,544
International Bancshares Corp.			3,248		87,696

		Shares		Value
Investors Bancorp, Inc.		6,104	$	67,449
JPMorgan Chase & Co.		141,848		8,173,282
KeyCorp		33,148		475,011
M&T Bank Corp.	†	5,079		630,050
MB Financial, Inc.		931		25,184
Merchants Bancshares, Inc.		2,994		95,748
MidSouth Bancorp, Inc.		3,675		73,096
MidWestOne Financial Group, Inc.		3,251		77,991
National Penn Bancshares, Inc.		2,758		29,180
NBT Bancorp, Inc.		1,000		24,020
Old National Bancorp/Indiana		3,552		50,723
PacWest Bancorp		3,097		133,697
Park National Corp.	†	728		56,202
Park Sterling Corp.		6,371		41,985
Peoples Bancorp, Inc./Ohio		814		21,530
Pinnacle Financial Partners, Inc.		1,818		71,775
PNC Financial Services Group, Inc. (The)		19,925		1,774,321
Popular, Inc. (Puerto Rico)	*	5,380		183,888
PrivateBancorp, Inc.		1,200		34,872
Prosperity Bancshares, Inc.		2,300		143,980
Regions Financial Corp.		48,889		519,201
Republic Bancorp, Inc./Kentucky, Class A		1,603		38,023
Republic First Bancorp, Inc.	*	7,783		39,226
S&T Bancorp, Inc.		955		23,732
Sandy Spring Bancorp, Inc.		344		8,569
Signature Bank/New York	*	1,900		239,742
Simmons First National Corp., Class A		911		35,884
South State Corp.		2,017		123,037
State Bank Financial Corp.		4,194		70,921
Sterling Bancorp/New York		5,533		66,396
Suffolk Bancorp	*	3,336		74,426
SunTrust Banks, Inc.		19,144		766,909
Susquehanna Bancshares, Inc.		15,304		161,610
SVB Financial Group	*	1,437		167,583
Synovus Financial Corp.		5,952		145,110
TCF Financial Corp.		6,104		99,922
Texas Capital Bancshares, Inc.	*	2,821		152,193
Tompkins Financial Corp.		730		35,171
TowneBank/Virginia	†	1,448		22,748
Trustmark Corp.		2,635		65,058
U.S. Bancorp/Minnesota		66,124		2,864,492
UMB Financial Corp.		1,211		76,765
Umpqua Holdings Corp.		9,721		174,200
United Bankshares, Inc./West Virginia		2,134		68,992
United Community Banks, Inc./Georgia		454		7,432
Valley National Bancorp	†	6,899		68,369
Washington Trust Bancorp, Inc.		500		18,385
Webster Financial Corp.		2,393		75,475
Wells Fargo & Co.		180,865		9,506,264
WesBanco, Inc.		1,699		52,737
Westamerica Bancorporation	†	288		15,057
Western Alliance Bancorp	*	1,400		33,320
Wintrust Financial Corp.		1,017		46,782
Zions Bancorporation		9,159		269,916
				46,316,954

See accompanying notes to financial statements

237

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Beverages—1.7%
Boston Beer Co., Inc. (The), Class A	*†		609	$	136,124
Brown-Forman Corp., Class B			5,077		478,101
Coca-Cola Bottling Co. Consolidated			437		32,194
Coca-Cola Co. (The)			148,143		6,275,337
Coca-Cola Enterprises, Inc.			8,850		422,853
Constellation Brands, Inc., Class A	*		6,550		577,251
Dr. Pepper Snapple Group, Inc.			7,323		428,981
Molson Coors Brewing Co., Class B			6,229		461,943
Monster Beverage Corp.	*		5,360		380,721
PepsiCo, Inc.			57,768		5,160,993
					14,354,498
Biotechnology—2.7%
ACADIA Pharmaceuticals, Inc.	*†		1,825		41,227
Achillion Pharmaceuticals, Inc.	*		5,414		40,984
Acorda Therapeutics, Inc.	*		674		22,721
Aegerion Pharmaceuticals, Inc.	*†		1,499		48,103
Alexion Pharmaceuticals, Inc.	*		7,220		1,128,125
Alkermes plc (Ireland)	*		5,289		266,195
Alnylam Pharmaceuticals, Inc.	*†		2,390		150,976
AMAG Pharmaceuticals, Inc.	*†		834		17,280
Amgen, Inc.			28,165		3,333,891
Anacor Pharmaceuticals, Inc.	*		2,424		42,977
Arena Pharmaceuticals, Inc.	*†		9,689		56,778
ARIAD Pharmaceuticals, Inc.	*†		5,175		32,965
Array BioPharma, Inc.	*†		4,333		19,758
Arrowhead Research Corp.	*		2,896		41,442
BioCryst Pharmaceuticals, Inc.	*		3,439		43,847
Biogen Idec, Inc.	*		9,025		2,845,673
BioMarin Pharmaceutical, Inc.	*		5,515		343,088
Bluebird Bio, Inc.	*		1,065		41,077
Celgene Corp.	*		30,886		2,652,490
Celldex Therapeutics, Inc.	*†		6,204		101,249
Cepheid, Inc.	*		1,692		81,114
Clovis Oncology, Inc.	*		1,475		61,080
Cubist Pharmaceuticals, Inc.	*		2,779		194,030
CytRx Corp.	*		9,490		39,668
Dendreon Corp.	*†		4,737		10,895
Dyax Corp.	*		4,812		46,195
Dynavax Technologies Corp.	*†		29,475		47,160
Emergent Biosolutions, Inc.	*		1,319		29,625
Exact Sciences Corp.	*†		6,789		115,617
Exelixis, Inc.	*†		15,393		52,182
Galectin Therapeutics, Inc.	*		2,900		40,049
Galena Biopharma, Inc.	*†		15,289		46,784
Genomic Health, Inc.	*		1,284		35,182
Geron Corp.	*†		4,719		15,148
Gilead Sciences, Inc.	*		57,606		4,776,113
Halozyme Therapeutics, Inc.	*†		6,362		62,857
Heron Therapeutics, Inc.	*		3,218		39,646
Idenix Pharmaceuticals, Inc.	*		2,986		71,963
ImmunoGen, Inc.	*†		1,323		15,678
Immunomedics, Inc.	*†		2,141		7,815
Incyte Corp. Ltd.	*		4,332		244,498
Inovio Pharmaceuticals, Inc.	*		4,267		46,126
Insmed, Inc.	*		2,696		53,866
Intercept Pharmaceuticals, Inc.	*		335		79,271
InterMune, Inc.	*		3,958		174,746

		Shares		Value
Intrexon Corp.	*	1,662	$	41,766
Ironwood Pharmaceuticals, Inc.	*†	7,019		107,601
Isis Pharmaceuticals, Inc.	*†	6,737		232,090
Keryx Biopharmaceuticals, Inc.	*†	5,221		80,299
Lexicon Pharmaceuticals, Inc.	*†	2,343		3,772
Ligand Pharmaceuticals, Inc.	*	815		50,766
MannKind Corp.	*†	8,369		91,975
Medivation, Inc.	*	3,462		266,851
Merrimack Pharmaceuticals, Inc.	*	5,739		41,837
MiMedx Group, Inc.	*	5,999		42,533
Momenta Pharmaceuticals, Inc.	*	2,618		31,625
Myriad Genetics, Inc.	*†	4,124		160,506
Neuralstem, Inc.	*	9,512		40,141
Neurocrine Biosciences, Inc.	*	1,479		21,948
NewLink Genetics Corp.	*†	3,326		88,305
Northwest Biotherapeutics, Inc.	*	5,699		38,240
Novavax, Inc.	*†	10,201		47,129
NPS Pharmaceuticals, Inc.	*	4,029		133,158
OPKO Health, Inc.	*†	14,466		127,879
Orexigen Therapeutics, Inc.	*	6,895		42,611
Osiris Therapeutics, Inc.	*†	1,402		21,899
PDL BioPharma, Inc.	†	3,841		37,181
Peregrine Pharmaceuticals, Inc.	*†	20,036		37,668
Pharmacyclics, Inc.	*	2,440		218,892
Progenics Pharmaceuticals, Inc.	*	793		3,418
Prothena Corp. plc (Ireland)	*	1,778		40,094
PTC Therapeutics, Inc.	*	1,567		40,961
Puma Biotechnology, Inc.	*	687		45,342
Raptor Pharmaceutical Corp.	*†	3,794		43,821
Receptos, Inc.	*	1,037		44,176
Regeneron Pharmaceuticals, Inc.	*	3,165		894,018
Retrophin, Inc.	*	3,586		42,100
Rigel Pharmaceuticals, Inc.	*	1,882		6,832
Sangamo BioSciences, Inc.	*	2,626		40,099
Sarepta Therapeutics, Inc.	*†	2,129		63,423
Seattle Genetics, Inc.	*†	3,191		122,056
Synageva BioPharma Corp.	*†	1,031		108,049
Synergy Pharmaceuticals, Inc.	*†	6,708		27,302
TG Therapeutics, Inc.	*	4,138		38,856
Threshold Pharmaceuticals, Inc.	*†	6,119		24,231
United Therapeutics Corp.	*	1,828		161,760
Vanda Pharmaceuticals, Inc.	*†	2,680		43,362
Vertex Pharmaceuticals, Inc.	*	9,580		907,034
XOMA Corp.	*	9,130		41,907
ZIOPHARM Oncology, Inc.	*†	16,393		66,064
				22,469,731
Building Products—0.2%
A.O. Smith Corp.		4,024		199,510
Allegion plc (Ireland)		3,761		213,173
American Woodmark Corp.	*	800		25,496
Apogee Enterprises, Inc.		1,250		43,575
Armstrong World Industries, Inc.	*	720		41,349
Fortune Brands Home & Security, Inc.		5,665		226,203
Gibraltar Industries, Inc.	*	1,188		18,426
Griffon Corp.		1,288		15,971
Lennox International, Inc.		2,437		218,282
Masco Corp.		16,508		366,478
Masonite International Corp.	*	741		41,689
NCI Building Systems, Inc.	*	246		4,780
Owens Corning, Inc.		3,682		142,420
Patrick Industries, Inc.	*	974		45,379
Quanex Building Products Corp.		1,671		29,861

See accompanying notes to financial statements

238

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Simpson Manufacturing Co., Inc.			2,084	$	75,774
Trex Co., Inc.	*		1,462		42,135
Universal Forest Products, Inc.			1,121		54,111
USG Corp.	*†		3,348		100,875
					1,905,487
Capital Markets—2.1%
Affiliated Managers Group, Inc.	*		2,083		427,848
Ameriprise Financial, Inc.			7,046		845,520
Arlington Asset Investment Corp., Class A	†		304		8,308
Bank of New York Mellon Corp. (The)			41,637		1,560,555
BGC Partners, Inc., Class A			7,270		54,089
BlackRock, Inc.			5,053		1,614,939
Calamos Asset Management, Inc., Class A			1,800		24,102
Charles Schwab Corp. (The)			39,829		1,072,595
CIFC Corp.	†		4,547		40,969
Cowen Group, Inc., Class A	*		2,582		10,896
Diamond Hill Investment Group, Inc.			331		42,275
E*TRADE Financial Corp.	*		13,474		286,457
Eaton Vance Corp.			5,282		199,607
Evercore Partners, Inc., Class A			2,410		138,912
Federated Investors, Inc., Class B	†		3,745		115,795
Financial Engines, Inc.	†		1,762		79,783
Franklin Resources, Inc.			15,516		897,445
GAMCO Investors, Inc., Class A			558		46,342
GFI Group, Inc.			2,520		8,366
Goldman Sachs Group, Inc. (The)			17,015		2,848,992
Greenhill & Co., Inc.	†		495		24,379
ICG Group, Inc.	*		4,779		99,786
INTL FCStone, Inc.	*		507		10,099
Invesco Ltd.			16,610		627,028
Investment Technology Group, Inc.	*		2,078		35,077
Janus Capital Group, Inc.			6,411		80,009
KCG Holdings, Inc., Class A	*		444		5,275
Ladenburg Thalmann Financial Services, Inc.	*		18,032		56,801
Lazard Ltd., Class A (Bermuda)			5,918		305,132
Legg Mason, Inc.			3,981		204,265
LPL Financial Holdings, Inc.			1,656		82,369
Morgan Stanley			57,026		1,843,651
Northern Trust Corp.			8,495		545,464
Piper Jaffray Cos.	*		963		49,855
Pzena Investment Management, Inc., Class A			6,659		74,314
Raymond James Financial, Inc.			3,472		176,135
Safeguard Scientifics, Inc.	*		678		14,096
SEI Investments Co.			5,918		193,933
State Street Corp.			15,937		1,071,923
Stifel Financial Corp.	*		2,724		128,981
SWS Group, Inc.	*		1,323		9,631
T. Rowe Price Group, Inc.			9,852		831,607
TD Ameritrade Holding Corp.			8,355		261,929
Virtus Investment Partners, Inc.	*		210		44,468
Waddell & Reed Financial, Inc., Class A			3,971		248,545

		Shares		Value
Walter Investment Management Corp.	*†	1,972	$	58,726
Westwood Holdings Group, Inc.		1,027		61,661
WisdomTree Investments, Inc.	*†	3,701		45,744
				17,514,678
Chemicals—2.6%
A. Schulman, Inc.		1,444		55,883
Air Products & Chemicals, Inc.		8,124		1,044,909
Airgas, Inc.		2,915		317,473
Albemarle Corp.		3,712		265,408
Ashland, Inc.		2,794		303,820
Axiall Corp.		2,616		123,658
Cabot Corp.		2,693		156,167
Calgon Carbon Corp.	*	3,184		71,099
Celanese Corp., Series A		5,922		380,666
CF Industries Holdings, Inc.		2,079		500,062
Chemtura Corp.	*	5,201		135,902
Cytec Industries, Inc.		1,644		173,311
Dow Chemical Co. (The)		46,290		2,382,083
E.I. Du Pont de Nemours & Co.		34,621		2,265,598
Eastman Chemical Co.		6,221		543,404
Ecolab, Inc.		9,853		1,097,033
Ferro Corp.	*	1,818		22,834
Flotek Industries, Inc.	*	1,303		41,905
FMC Corp.		5,510		392,257
H.B. Fuller Co.		2,570		123,617
Huntsman Corp.		5,470		153,707
International Flavors & Fragrances, Inc.		3,643		379,892
Intrepid Potash, Inc.	*†	1,172		19,643
Koppers Holdings, Inc.		1,582		60,512
Kronos Worldwide, Inc.		2,262		35,446
Landec Corp.	*	986		12,315
LSB Industries, Inc.	*	1,411		58,796
LyondellBasell Industries NV, Class A		15,848		1,547,557
Minerals Technologies, Inc.		1,736		113,847
Monsanto Co.		19,538		2,437,170
Mosaic Co. (The)		11,011		544,494
NewMarket Corp.		378		148,218
Olin Corp.		2,796		75,268
OM Group, Inc.		1,147		37,197
OMNOVA Solutions, Inc.	*	6,478		58,885
Platform Specialty Products Corp.	*	1,501		42,073
PolyOne Corp.		3,321		139,947
PPG Industries, Inc.		5,366		1,127,665
Praxair, Inc.		11,160		1,482,494
Quaker Chemical Corp.		483		37,090
Rayonier Advanced Materials, Inc.	*	1,668		64,634
Rentech, Inc.	*	38,127		98,749
Rockwood Holdings, Inc.		2,347		178,349
RPM International, Inc.		4,832		223,142
Scotts Miracle-Gro Co. (The), Class A		1,662		94,501
Sensient Technologies Corp.		2,027		112,944
Sherwin-Williams Co. (The)		3,473		718,598
Sigma-Aldrich Corp.		4,235		429,768
Stepan Co.		1,112		58,780
Tredegar Corp.		1,606		37,596
Valspar Corp. (The)		4,039		307,731
W.R. Grace & Co.	*	3,427		323,954

See accompanying notes to financial statements

239

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Westlake Chemical Corp.			2,558	$	214,258
Zep, Inc.			936		16,530
					21,788,839
Commercial Services & Supplies—0.6%
ABM Industries, Inc.			2,291		61,811
ACCO Brands Corp.	*		2,302		14,756
ADT Corp. (The)	†		7,488		261,631
Brady Corp., Class A			2,402		71,748
Brink’s Co. (The)			2,084		58,810
Cenveo, Inc.	*†		4,741		17,589
Cintas Corp.			3,343		212,414
Civeo Corp.	*		4,052		101,422
Clean Harbors, Inc.	*		2,414		155,100
Copart, Inc.	*		2,852		102,558
Covanta Holding Corp.			4,185		86,253
Deluxe Corp.			2,098		122,901
Ennis, Inc.			695		10,606
G&K Services, Inc., Class A			1,008		52,487
Healthcare Services Group, Inc.			4,963		146,111
Herman Miller, Inc.			3,155		95,407
HNI Corp.			2,512		98,244
Interface, Inc.			3,357		63,246
Iron Mountain, Inc.			7,780		275,801
KAR Auction Services, Inc.			2,644		84,264
Kimball International, Inc., Class B			1,500		25,080
Knoll, Inc.			2,701		46,808
McGrath RentCorp			916		33,663
Mobile Mini, Inc.			2,000		95,780
MSA Safety, Inc.			1,444		83,001
NL Industries, Inc.			2,111		19,611
Pitney Bowes, Inc.			5,918		163,455
R.R. Donnelley & Sons Co.			10,168		172,449
Republic Services, Inc.			11,229		426,365
Rollins, Inc.			1,486		44,580
Steelcase, Inc., Class A			1,992		30,139
Stericycle, Inc.	*		3,138		371,602
Tetra Tech, Inc.			2,114		58,135
Tyco International Ltd. (Switzerland)			15,636		713,002
United Stationers, Inc.			2,556		105,997
Viad Corp.			937		22,338
Waste Connections, Inc.			3,543		172,013
Waste Management, Inc.			17,744		793,689
					5,470,866
Communications Equipment—1.6%
ADTRAN, Inc.			3,197		72,124
ARRIS Group, Inc.	*		3,613		117,531
Aruba Networks, Inc.	*		2,125		37,230
Black Box Corp.			865		20,276
Brocade Communications Systems, Inc.			14,008		128,874
CalAmp Corp.	*		550		11,913
Ciena Corp.	*		5,950		128,877
Cisco Systems, Inc.			195,330		4,853,950
Comtech Telecommunications Corp.			1,350		50,395
Digi International, Inc.	*		1,976		18,614
EchoStar Corp., Class A	*		1,877		99,368
Emulex Corp.	*		3,408		19,426

		Shares		Value
Extreme Networks, Inc.	*	4,491	$	19,940
F5 Networks, Inc.	*	2,664		296,876
Finisar Corp.	*†	7,171		141,627
Harmonic, Inc.	*	2,820		21,037
Harris Corp.		3,891		294,743
Infinera Corp.	*†	4,191		38,557
InterDigital, Inc.		2,803		133,983
Ixia	*	2,330		26,632
JDS Uniphase Corp.	*	7,444		92,827
Juniper Networks, Inc.	*	17,553		430,751
KVH Industries, Inc.	*	375		4,886
Motorola Solutions, Inc.		8,298		552,398
NETGEAR, Inc.	*	1,206		41,933
Numerex Corp., Class A	*	1,800		20,682
Oplink Communications, Inc.	*	758		12,863
Palo Alto Networks, Inc.	*	2,788		233,774
ParkerVision, Inc.	*†	1,052		1,557
Plantronics, Inc.		1,826		87,739
Polycom, Inc.	*	8,354		104,676
QUALCOMM, Inc.		64,314		5,093,669
Riverbed Technology, Inc.	*	3,698		76,290
Sonus Networks, Inc.	*	10,700		38,413
Ubiquiti Networks, Inc.	*	904		40,852
ViaSat, Inc.	*	1,190		68,972
				13,434,255
Construction & Engineering—0.3%
AECOM Technology Corp.	*	3,236		104,199
Aegion Corp.	*	1,223		28,459
Ameresco, Inc., Class A	*	5,845		41,090
Chicago Bridge & Iron Co. NV (Netherlands)		4,114		280,575
Comfort Systems USA, Inc.		2,179		34,428
Dycom Industries, Inc.	*	2,076		65,000
EMCOR Group, Inc.		2,908		129,493
Fluor Corp.		6,816		524,151
Foster Wheeler AG (Switzerland)		1,361		46,369
Furmanite Corp.	*	1,100		12,804
Granite Construction, Inc.		1,889		67,966
Jacobs Engineering Group, Inc.	*	4,968		264,695
KBR, Inc.		6,464		154,167
Layne Christensen Co.	*†	510		6,783
MasTec, Inc.	*	2,049		63,150
Quanta Services, Inc.	*	8,861		306,413
Sterling Construction Co., Inc.	*	4,506		42,266
Tutor Perini Corp.	*	960		30,471
URS Corp.		2,934		134,524
				2,337,003
Construction Materials—0.1%
Eagle Materials, Inc.		2,083		196,385
Headwaters, Inc.	*	2,095		29,100
Martin Marietta Materials, Inc.	†	1,433		189,228
Texas Industries, Inc.	*†	1,116		103,074
Vulcan Materials Co.		6,242		397,927
				915,714
Consumer Finance—0.9%
Ally Financial, Inc.	*	6,883		164,573
American Express Co.		34,814		3,302,804
Capital One Financial Corp.		22,188		1,832,729
Cash America International, Inc.		685		30,435
Consumer Portfolio Services, Inc.	*	5,110		38,938
Discover Financial Services		18,027		1,117,313

See accompanying notes to financial statements

240

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Ezcorp, Inc., Class A	*		2,031	$	23,458
First Cash Financial Services, Inc.	*		2,461		141,729
Navient Corp.			18,104		320,622
Nelnet, Inc., Class A			481		19,928
Portfolio Recovery Associates, Inc.	*		1,512		90,009
SLM Corp.			18,104		150,444
World Acceptance Corp.	*†		639		48,538
					7,281,520
Containers & Packaging—0.3%
AEP Industries, Inc.	*		372		12,972
AptarGroup, Inc.			3,130		209,741
Avery Dennison Corp.			3,924		201,105
Ball Corp.			6,557		410,993
Bemis Co., Inc.			3,374		137,187
Berry Plastics Group, Inc.	*		1,604		41,383
Crown Holdings, Inc.	*		5,070		252,283
Graphic Packaging Holding Co.	*		5,287		61,858
Greif, Inc., Class A			852		46,485
MeadWestvaco Corp.			6,183		273,660
Myers Industries, Inc.			1,716		34,475
Owens-Illinois, Inc.	*		6,064		210,057
Packaging Corp. of America			4,339		310,195
Rock-Tenn Co., Class A			2,588		273,267
Sealed Air Corp.			7,726		263,997
Silgan Holdings, Inc.			820		41,672
Sonoco Products Co.			3,353		147,297
					2,928,627
Distributors—0.1%
Genuine Parts Co.			6,041		530,400
LKQ Corp.	*		11,438		305,280
Pool Corp.			2,434		137,667
VOXX International Corp.	*		1,218		11,461
					984,808
Diversified Consumer Services—0.2%
American Public Education, Inc.	*		698		23,997
Apollo Education Group, Inc.	*		3,118		97,438
Ascent Capital Group, Inc., Class A	*		545		35,975
Career Education Corp.	*		4,167		19,502
Chegg, Inc.	*		5,262		37,045
DeVry Education Group, Inc.			2,980		126,173
Graham Holdings Co., Class B			258		185,272
Grand Canyon Education, Inc.	*		3,129		143,840
H&R Block, Inc.			11,402		382,195
Hillenbrand, Inc.			1,576		51,409
Houghton Mifflin Harcourt Co.	*		2,131		40,830
ITT Educational Services, Inc.	*†		335		5,591
LifeLock, Inc.	*		3,002		41,908
Matthews International Corp., Class A			1,052		43,732
Regis Corp.			1,818		25,597
Service Corp. International			10,864		225,102
Sotheby’s			2,623		110,140
Steiner Leisure Ltd. (Bahamas)	*		1,503		65,065
Strayer Education, Inc.	*†		551		28,933
Universal Technical Institute, Inc.			418		5,075
Weight Watchers International, Inc.	†		1,826		36,830
					1,731,649

		Shares		Value
Diversified Financial Services—1.5%
Berkshire Hathaway, Inc., Class B	*	68,543	$	8,674,802
CBOE Holdings, Inc.		3,873		190,590
CME Group, Inc.		11,807		837,707
Interactive Brokers Group, Inc., Class A		1,570		36,565
Intercontinental Exchange, Inc.		4,413		833,616
Leucadia National Corp.		11,434		299,800
McGraw Hill Financial, Inc.		9,601		797,171
Moody’s Corp.		8,073		707,679
MSCI, Inc.	*	3,439		157,678
NASDAQ OMX Group, Inc. (The)		5,431		209,745
PHH Corp.	*	2,212		50,832
PICO Holdings, Inc.	*	1,150		27,324
Resource America, Inc., Class A		1,287		12,033
Tiptree Financial, Inc., Class A REIT		4,605		40,064
Voya Financial, Inc.		4,191		152,301
				13,027,907
Diversified Telecommunication Services—2.0%
8x8, Inc.	*	3,048		24,628
AT&T, Inc.		197,073		6,968,501
CenturyLink, Inc.		22,585		817,577
Cincinnati Bell, Inc.	*	8,448		33,201
Cogent Communications Holdings, Inc.		2,886		99,711
Consolidated Communications Holdings, Inc.	†	80		1,779
Enventis Corp.		651		10,312
Frontier Communications Corp.	†	39,354		229,827
General Communication, Inc., Class A	*	2,516		27,877
Globalstar, Inc.	*	9,926		42,185
IDT Corp., Class B		1,600		27,872
Level 3 Communications, Inc.	*	8,634		379,119
Lumos Networks Corp.		1,350		19,535
Premiere Global Services, Inc.	*	2,174		29,023
tw telecom inc.	*	4,305		173,535
Verizon Communications, Inc.		155,902		7,628,285
Vonage Holdings Corp.	*	11,167		41,876
Windstream Holdings, Inc.	†	21,003		209,190
				16,764,033
Electric Utilities—1.6%
ALLETE, Inc.		1,243		63,828
American Electric Power Co., Inc.		17,879		997,112
Cleco Corp.		2,109		124,326
Duke Energy Corp.		27,217		2,019,229
Edison International		12,222		710,220
El Paso Electric Co.		1,748		70,287
Empire District Electric Co. (The)		4,477		114,969
Entergy Corp.		6,604		542,122
Exelon Corp.		31,805		1,160,246
FirstEnergy Corp.		16,831		584,372
Great Plains Energy, Inc.		3,450		92,702
Hawaiian Electric Industries, Inc.	†	3,066		77,631
IDACORP, Inc.		1,515		87,612
ITC Holdings Corp.		4,617		168,428
MGE Energy, Inc.		2,338		92,374

See accompanying notes to financial statements

241

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
NextEra Energy, Inc.			16,412	$	1,681,902
Northeast Utilities			10,939		517,087
OGE Energy Corp.			6,716		262,461
Otter Tail Corp.			1,095		33,168
Pepco Holdings, Inc.			7,066		194,174
Pinnacle West Capital Corp.			3,789		219,156
PNM Resources, Inc.			2,169		63,617
Portland General Electric Co.			1,100		38,137
PPL Corp.			24,605		874,216
Southern Co. (The)			33,220		1,507,524
UIL Holdings Corp.			1,496		57,910
Unitil Corp.			2,609		88,263
UNS Energy Corp.			1,571		94,904
Westar Energy, Inc.	†		4,032		153,982
Xcel Energy, Inc.			16,552		533,471
					13,225,430
Electrical Equipment—0.7%
Acuity Brands, Inc.			1,873		258,942
AMETEK, Inc.			9,526		498,019
AZZ, Inc.			2,357		108,611
Babcock & Wilcox Co. (The)			5,852		189,956
Capstone Turbine Corp.	*†		34,249		51,716
Eaton Corp. plc			17,125		1,321,708
Emerson Electric Co.			27,226		1,806,717
Encore Wire Corp.			1,400		68,656
EnerSys			2,156		148,311
Enphase Energy, Inc.	*†		4,495		38,432
Franklin Electric Co., Inc.			1,804		72,755
FuelCell Energy, Inc.	*†		36,395		87,348
Generac Holdings, Inc.	*†		3,020		147,195
General Cable Corp.			1,732		44,443
GrafTech International Ltd.	*†		3,487		36,474
Hubbell, Inc., Class B			2,078		255,906
LSI Industries, Inc.			1,083		8,642
Plug Power, Inc.	*		9,245		43,267
Polypore International, Inc.	*†		2,675		127,678
Powell Industries, Inc.			1,045		68,322
Regal-Beloit Corp.			1,272		99,928
Revolution Lighting Technologies, Inc.	*†		8,587		19,750
Rockwell Automation, Inc.			4,979		623,172
SolarCity Corp.	*†		1,455		102,723
Vicor Corp.	*†		1,380		11,565
					6,240,236
Electronic Equipment, Instruments & Components—0.7%
Agilysys, Inc.	*		1,335		18,797
Amphenol Corp., Class A			5,423		522,452
Anixter International, Inc.			1,723		172,421
Arrow Electronics, Inc.	*		4,585		276,980
Avnet, Inc.			5,129		227,266
AVX Corp.			2,270		30,146
Badger Meter, Inc.			1,134		59,705
Belden, Inc.			1,894		148,035
Benchmark Electronics, Inc.	*		2,520		64,210
CDW Corp.			1,294		41,253
Checkpoint Systems, Inc.	*		1,441		20,160
Cognex Corp.	*		4,046		155,366
Coherent, Inc.	*		1,348		89,197
Corning, Inc.			52,217		1,146,163
CTS Corp.			1,580		29,546
Daktronics, Inc.			927		11,050

		Shares		Value
Dolby Laboratories, Inc., Class A	*†	1,370	$	59,184
DTS, Inc.	*	755		13,900
Electro Rent Corp.		950		15,894
Electro Scientific Industries, Inc.		1,421		9,677
FARO Technologies, Inc.	*	453		22,251
FEI Co.		1,368		124,119
FLIR Systems, Inc.		5,608		194,766
Gerber Scientific, Inc.	*†‡d	1,608		—
II-VI, Inc.	*	1,364		19,723
Ingram Micro, Inc., Class A	*	7,190		210,020
Insight Enterprises, Inc.	*	2,054		63,140
InvenSense Inc.	*	1,864		42,294
IPG Photonics Corp.	*†	2,130		146,544
Itron, Inc.	*	955		38,725
Jabil Circuit, Inc.		8,287		173,198
Knowles Corp.	*	2,880		88,531
Littelfuse, Inc.		909		84,492
Maxwell Technologies, Inc.	*	370		5,598
Mercury Systems, Inc.	*	963		10,920
Mesa Laboratories, Inc.		887		74,473
Methode Electronics, Inc.		1,383		52,844
MTS Systems Corp.		1,342		90,934
National Instruments Corp.		5,121		165,869
Newport Corp.	*	1,614		29,859
OSI Systems, Inc.	*	867		57,872
Park Electrochemical Corp.		1,086		30,636
PC Connection, Inc.		854		17,661
Plexus Corp.	*	1,884		81,558
Rofin-Sinar Technologies, Inc.	*	2,200		52,888
Rogers Corp.	*	803		53,279
Sanmina Corp.	*	3,577		81,484
ScanSource, Inc.	*	1,126		42,878
SYNNEX Corp.	*	104		7,576
Tech Data Corp.	*	2,057		128,604
Trimble Navigation Ltd.	*	8,636		319,100
TTM Technologies, Inc.	*	1,639		13,440
Universal Display Corp.	*†	1,350		43,335
Vishay Intertechnology, Inc.		6,172		95,604
Vishay Precision Group, Inc.	*	440		7,242
Zebra Technologies Corp., Class A	*	2,729		224,651
				6,007,510
Energy Equipment & Services—1.9%
Atwood Oceanics, Inc.	*	1,298		68,119
Baker Hughes, Inc.		17,431		1,297,738
Basic Energy Services, Inc.	*	1,600		46,752
Bristow Group, Inc.		982		79,169
Cameron International Corp.	*	8,658		586,233
CARBO Ceramics, Inc.	†	1,137		175,234
CHC Group Ltd. (Canada)	*	5,011		42,293
Dawson Geophysical Co.		924		26,473
Diamond Offshore Drilling, Inc.		1,577		78,266
Dresser-Rand Group, Inc.	*	2,924		186,347
Dril-Quip, Inc.	*	880		96,131
Era Group, Inc.	*	713		20,449
Exterran Holdings, Inc.		2,465		110,900
FMC Technologies, Inc.	*	8,237		503,034
Geospace Technologies Corp.	*	1,100		60,588
Gulfmark Offshore, Inc., Class A		1,000		45,180

See accompanying notes to financial statements

242

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Halliburton Co.			32,724	$	2,323,731
Helix Energy Solutions Group, Inc.	*		3,853		101,372
Helmerich & Payne, Inc.			3,926		455,848
Hercules Offshore, Inc.	*†		5,226		21,009
Hornbeck Offshore Services, Inc.	*†		1,800		84,456
ION Geophysical Corp.	*		6,136		25,894
Key Energy Services, Inc.	*		7,257		66,329
Matrix Service Co.	*		468		15,346
McDermott International, Inc.	*†		11,704		94,685
Mitcham Industries, Inc.	*		1,100		15,378
Nabors Industries Ltd. (Bermuda)			10,988		322,718
National Oilwell Varco, Inc.			15,901		1,309,447
Newpark Resources, Inc.	*		3,484		43,411
Oceaneering International, Inc.			4,464		348,772
Oil States International, Inc.	*		2,026		129,846
Parker Drilling Co.	*		3,755		24,483
Patterson-UTI Energy, Inc.			6,712		234,517
PHI, Inc.	*		774		34,497
Pioneer Energy Services Corp.	*		2,700		47,358
Rowan Cos. plc, Class A			3,918		125,102
Schlumberger Ltd.			49,527		5,841,710
SEACOR Holdings, Inc.	*		713		58,644
Seadrill Ltd. (Bermuda)	†		15,030		600,448
Superior Energy Services, Inc.			7,732		279,434
Tesco Corp.			3,185		67,968
TETRA Technologies, Inc.	*		2,352		27,707
Tidewater, Inc.			2,250		126,337
Unit Corp.	*		1,702		117,149
					16,366,502
Food & Staples Retailing—1.9%
Andersons, Inc. (The)			1,050		54,159
Casey’s General Stores, Inc.			1,608		113,026
Costco Wholesale Corp.			16,259		1,872,386
CVS Caremark Corp.			44,840		3,379,591
Fresh Market, Inc. (The)	*†		1,489		49,837
Kroger Co. (The)			20,480		1,012,326
Pantry, Inc. (The)	*		1,200		19,440
PriceSmart, Inc.			1,212		105,493
Rite Aid Corp.	*		31,827		228,200
Safeway, Inc.			8,825		303,051
SpartanNash Co.			808		16,976
Sprouts Farmers Market, Inc.	*		1,313		42,961
SUPERVALU, Inc.	*		8,154		67,026
Sysco Corp.			20,649		773,305
United Natural Foods, Inc.	*		1,912		124,471
Walgreen Co.			35,702		2,646,589
Wal-Mart Stores, Inc.			60,789		4,563,430
Weis Markets, Inc.			382		17,469
Whole Foods Market, Inc.			14,831		572,922
					15,962,658
Food Products—1.6%
Archer-Daniels-Midland Co.			23,265		1,026,219
B&G Foods, Inc.			4,432		144,882
Bunge Ltd.			5,710		431,904
Campbell Soup Co.			5,629		257,864
Chiquita Brands International, Inc.	*		2,150		23,328
ConAgra Foods, Inc.			14,190		421,159
Darling Ingredients, Inc.	*		7,139		149,205

		Shares		Value
Dean Foods Co.		3,140	$	55,233
Farmer Bros. Co.	*	930		20,097
Flowers Foods, Inc.		7,909		166,722
Fresh Del Monte Produce, Inc.		567		17,379
General Mills, Inc.		24,219		1,272,466
Hain Celestial Group, Inc. (The)	*	1,426		126,543
Hershey Co. (The)		5,148		501,261
Hillshire Brands Co. (The)		4,327		269,572
Hormel Foods Corp.		6,390		315,347
Ingredion, Inc.		3,164		237,427
Inventure Foods, Inc.	*	5,272		59,415
J&J Snack Foods Corp.		761		71,625
J.M. Smucker Co. (The)		4,332		461,661
Kellogg Co.		10,655		700,034
Keurig Green Mountain, Inc.		5,854		729,467
Kraft Foods Group, Inc.		22,510		1,349,475
Lancaster Colony Corp.		1,389		132,177
McCormick & Co., Inc. (Non-Voting Shares)		4,101		293,591
Mead Johnson Nutrition Co.		7,038		655,730
Mondelez International, Inc., Class A		65,380		2,458,942
Post Holdings, Inc.	*	1,156		58,852
Sanderson Farms, Inc.		864		83,981
Seaboard Corp.	*†	18		54,365
Snyder’s-Lance, Inc.		1,370		36,250
Tootsie Roll Industries, Inc.	†	701		20,637
TreeHouse Foods, Inc.	*	1,256		100,568
Tyson Foods, Inc., Class A		10,231		384,072
WhiteWave Foods Co. (The)	*	4,301		139,223
				13,226,673
Gas Utilities—0.2%
AGL Resources, Inc.		3,698		203,501
Atmos Energy Corp.		2,732		145,889
Chesapeake Utilities Corp.		949		67,692
Laclede Group, Inc. (The)		1,025		49,764
National Fuel Gas Co.		3,639		284,934
New Jersey Resources Corp.		1,681		96,086
Northwest Natural Gas Co.		1,183		55,778
ONE Gas, Inc.		1,954		73,763
Piedmont Natural Gas Co., Inc.	†	2,740		102,503
Questar Corp.		7,412		183,818
South Jersey Industries, Inc.		2,014		121,666
Southwest Gas Corp.		1,252		66,093
UGI Corp.		2,720		137,360
WGL Holdings, Inc.		2,315		99,777
				1,688,624
Health Care Equipment & Supplies—2.1%
Abaxis, Inc.		749		33,188
Abbott Laboratories		58,115		2,376,903
ABIOMED, Inc.	*†	886		22,274
Alere, Inc.	*	3,011		112,672
Align Technology, Inc.	*	2,449		137,242
Analogic Corp.	†	593		46,396
Baxter International, Inc.		21,536		1,557,053
Becton Dickinson and Co.		7,370		871,871
Boston Scientific Corp.	*	53,699		685,736
C.R. Bard, Inc.		2,876		411,297
CareFusion Corp.	*	9,287		411,878
Cerus Corp.	*†	1,010		4,192
CONMED Corp.		1,362		60,132
Cooper Cos., Inc. (The)		1,627		220,507

See accompanying notes to financial statements

243

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Covidien plc (Ireland)			17,848	$	1,609,533
CryoLife, Inc.			937		8,386
Cyberonics, Inc.	*		956		59,712
Cynosure, Inc., Class A	*		314		6,673
DENTSPLY International, Inc.			5,668		268,380
DexCom, Inc.	*		4,391		174,147
Edwards Lifesciences Corp.	*		3,593		308,423
Greatbatch, Inc.	*		942		46,215
Haemonetics Corp.	*		2,314		81,638
HeartWare International, Inc.	*		664		58,764
Hill-Rom Holdings, Inc.			1,576		65,420
Hologic, Inc.	*		9,792		248,227
ICU Medical, Inc.	*		605		36,790
IDEXX Laboratories, Inc.	*		1,985		265,136
Insulet Corp.	*		2,469		97,945
Integra LifeSciences Holdings Corp.	*		1,190		56,001
Intuitive Surgical, Inc.	*		1,385		570,343
Invacare Corp.			1,333		24,487
Masimo Corp.	*		1,500		35,400
Medtronic, Inc.			38,179		2,434,293
Meridian Bioscience, Inc.	†		1,158		23,901
Merit Medical Systems, Inc.	*		3,149		47,550
Neogen Corp.	*		3,150		127,481
NuVasive, Inc.	*		990		35,214
OraSure Technologies, Inc.	*		1,687		14,525
ResMed, Inc.	†		6,068		307,223
RTI Surgical, Inc.	*		807		3,510
Sirona Dental Systems, Inc.	*		1,664		137,213
Spectranetics Corp. (The)	*		1,045		23,910
St. Jude Medical, Inc.			10,767		745,615
STAAR Surgical Co.	*		848		14,246
STERIS Corp.			2,777		148,514
Stryker Corp.			12,580		1,060,746
SurModics, Inc.	*		3,284		70,343
Teleflex, Inc.			1,322		139,603
Thoratec Corp.	*		2,306		80,387
TransEnterix, Inc.	*		7,273		36,656
Varian Medical Systems, Inc.	*		4,761		395,830
Volcano Corp.	*		1,970		34,692
West Pharmaceutical Services, Inc.			3,408		143,749
Wright Medical Group, Inc.	*		1,309		41,103
Zimmer Holdings, Inc.			5,894		612,151
					17,651,416
Health Care Providers & Services—2.2%
Aetna, Inc.			14,039		1,138,282
Air Methods Corp.	*†		2,900		149,785
Almost Family, Inc.	*		422		9,318
Amedisys, Inc.	*†		1,698		28,425
AmerisourceBergen Corp.			9,159		665,493
AMN Healthcare Services, Inc.	*		1,507		18,536
Amsurg Corp.	*		1,423		64,846
BioScrip, Inc.	*		1,095		9,132
Brookdale Senior Living, Inc.	*		4,596		153,231
Cardinal Health, Inc.			13,757		943,180
Catamaran Corp.	*		7,215		318,614
Centene Corp.	*		1,972		149,103
Chemed Corp.	†		1,162		108,903
Chindex International, Inc.	*		822		19,473
Cigna Corp.			10,828		995,851
Community Health Systems, Inc.	*		4,972		225,580

		Shares		Value
Cross Country Healthcare, Inc.	*	1,339	$	8,730
DaVita HealthCare Partners, Inc.	*	7,014		507,253
Envision Healthcare Holdings, Inc.	*	1,100		39,501
ExamWorks Group, Inc.	*	1,308		41,503
Express Scripts Holding Co.	*	30,046		2,083,089
Gentiva Health Services, Inc.	*	1,474		22,198
Hanger, Inc.	*	1,083		34,060
HCA Holdings, Inc.	*	10,887		613,809
Health Net, Inc.	*	3,209		133,302
HealthSouth Corp.		2,220		79,631
Healthways, Inc.	*†	1,362		23,889
Henry Schein, Inc.	*	3,652		433,383
Humana, Inc.		6,153		785,861
Kindred Healthcare, Inc.		2,148		49,619
Laboratory Corp. of America Holdings	*	3,138		321,331
Landauer, Inc.		598		25,116
LifePoint Hospitals, Inc.	*	2,149		133,453
Magellan Health, Inc.	*	1,400		87,136
McKesson Corp.		8,824		1,643,117
MEDNAX, Inc.	*	4,364		253,767
MWI Veterinary Supply, Inc.	*	519		73,693
National Healthcare Corp.		431		24,261
National Research Corp., Class A	*	3,750		52,463
Omnicare, Inc.		4,277		284,720
Owens & Minor, Inc.	†	2,434		82,707
Patterson Cos., Inc.		4,679		184,867
PharMerica Corp.	*	1,365		39,025
Quest Diagnostics, Inc.		6,754		396,392
Team Health Holdings, Inc.	*	3,999		199,710
Tenet Healthcare Corp.	*	4,822		226,345
U.S. Physical Therapy, Inc.		1,300		44,447
UnitedHealth Group, Inc.		37,655		3,078,296
Universal American Corp.		1,812		15,094
Universal Health Services, Inc., Class B		3,504		335,543
VCA, Inc.	*	3,442		120,780
WellCare Health Plans, Inc.	*	1,500		111,990
WellPoint, Inc.		10,501		1,130,013
				18,717,846
Health Care Technology—0.1%
Allscripts Healthcare Solutions, Inc.	*	4,515		72,466
athenahealth, Inc.	*†	1,151		144,024
Cerner Corp.	*	11,584		597,503
HMS Holdings Corp.	*	4,230		86,334
Medidata Solutions, Inc.	*	2,616		111,991
Omnicell, Inc.	*	783		22,480
Quality Systems, Inc.		1,536		24,653
				1,059,451
Hotels, Restaurants & Leisure—1.9%
Bally Technologies, Inc.	*	1,971		129,534
Biglari Holdings, Inc.	*	75		31,723
Bob Evans Farms, Inc.		1,465		73,323
Boyd Gaming Corp.	*	2,619		31,769
Brinker International, Inc.		2,003		97,446
Buffalo Wild Wings, Inc.	*	867		143,671
Burger King Worldwide, Inc.		1,533		41,728
Carnival Corp.		17,391		654,771
Cheesecake Factory, Inc. (The)		3,444		159,871
Chipotle Mexican Grill, Inc.	*	1,138		674,276

See accompanying notes to financial statements

244

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Choice Hotels International, Inc.			1,616	$	76,130
Churchill Downs, Inc.			638		57,490
Cracker Barrel Old Country Store, Inc.			919		91,505
Darden Restaurants, Inc.			3,930		181,841
DineEquity, Inc.			1,079		85,770
Domino’s Pizza, Inc.			1,531		111,901
Dunkin’ Brands Group, Inc.			4,613		211,322
Hilton Worldwide Holdings, Inc.	*		1,826		42,546
Hyatt Hotels Corp., Class A	*		682		41,588
International Game Technology			7,153		113,804
International Speedway Corp., Class A			1,190		39,603
Interval Leisure Group, Inc.			1,886		41,379
Isle of Capri Casinos, Inc.	*		1,250		10,700
Jack in the Box, Inc.			2,874		171,980
Krispy Kreme Doughnuts, Inc.	*		2,573		41,117
Las Vegas Sands Corp.			15,013		1,144,291
Life Time Fitness, Inc.	*		1,774		86,465
Marcus Corp. (The)			1,505		27,466
Marriott International, Inc., Class A			9,639		617,860
Marriott Vacations Worldwide Corp.	*		1,075		63,027
McDonald’s Corp.			37,192		3,746,722
MGM Resorts International	*		16,457		434,465
Morgans Hotel Group Co.	*		2,300		18,239
Multimedia Games Holding Co., Inc.	*		1,202		35,627
Norwegian Cruise Line Holdings Ltd.	*		1,279		40,544
Panera Bread Co., Class A	*		1,250		187,288
Papa John’s International, Inc.			2,715		115,089
Penn National Gaming, Inc.	*		2,586		31,394
Pinnacle Entertainment, Inc.	*		1,629		41,018
Red Robin Gourmet Burgers, Inc.	*		692		49,270
Royal Caribbean Cruises Ltd.			5,925		329,430
Ruby Tuesday, Inc.	*		2,816		21,374
Scientific Games Corp., Class A	*		2,517		27,989
Six Flags Entertainment Corp.			2,984		126,969
Sonic Corp.	*		3,730		82,358
Speedway Motorsports, Inc.			149		2,719
Starbucks Corp.			28,124		2,176,235
Starwood Hotels & Resorts Worldwide, Inc.			7,446		601,786
Texas Roadhouse, Inc.			3,070		79,820
Vail Resorts, Inc.			1,491		115,075
Wendy’s Co. (The)			11,481		97,933
Wyndham Worldwide Corp.			5,799		439,100
Wynn Resorts Ltd.			3,423		710,478
Yum! Brands, Inc.			16,971		1,378,045
					16,184,864
Household Durables—0.5%
Beazer Homes USA, Inc.	*		4,467		93,718
CSS Industries, Inc.			2,711		71,489
D.R. Horton, Inc.			8,007		196,812
Ethan Allen Interiors, Inc.			1,551		38,372
Garmin Ltd. (Switzerland)	†		4,621		281,419
Harman International Industries, Inc.			2,728		293,069
Helen of Troy Ltd. (Bermuda)	*		1,333		80,820

		Shares		Value
Hovnanian Enterprises, Inc., Class A	*	13,407	$	69,046
Jarden Corp.	*	4,381		260,012
KB Home	†	3,248		60,673
La-Z-Boy, Inc.		2,404		55,701
Leggett & Platt, Inc.		5,407		185,352
Lennar Corp., Class A		5,675		238,237
M/I Homes, Inc.	*	610		14,805
MDC Holdings, Inc.	†	1,091		33,046
Meritage Homes Corp.	*	1,300		54,873
Mohawk Industries, Inc.	*	1,833		253,577
NACCO Industries, Inc., Class A		309		15,635
Newell Rubbermaid, Inc.		10,591		328,215
NVR, Inc.	*	112		128,867
PulteGroup, Inc.		13,539		272,946
Ryland Group, Inc. (The)	†	1,852		73,043
Standard Pacific Corp.	*	2,568		22,085
Tempur Sealy International, Inc.	*	1,346		80,356
Toll Brothers, Inc.	*	6,318		233,134
Tupperware Brands Corp.		2,427		203,140
Universal Electronics, Inc.	*	639		31,234
Whirlpool Corp.		2,800		389,816
				4,059,492
Household Products—1.6%
Central Garden and Pet Co., Class A	*	1,230		11,316
Church & Dwight Co., Inc.		5,138		359,403
Clorox Co. (The)		4,503		411,574
Colgate-Palmolive Co.		35,450		2,416,981
Energizer Holdings, Inc.		1,856		226,488
Kimberly-Clark Corp.		14,543		1,617,472
Procter & Gamble Co. (The)		102,605		8,063,727
WD-40 Co.		949		71,384
				13,178,345
Independent Power and Renewable Electricity Producers—0.2%
AES Corp. (The)		26,935		418,839
Calpine Corp.	*	16,000		380,960
Dynegy, Inc.	*	5,695		198,186
NRG Energy, Inc.		14,472		538,359
Pattern Energy Group, Inc.		1,263		41,818
				1,578,162
Industrial Conglomerates—1.9%
3M Co.		25,066		3,590,454
Carlisle Cos., Inc.		2,452		212,392
Danaher Corp.		23,171		1,824,253
General Electric Co.		379,636		9,976,834
Roper Industries, Inc.		3,563		520,234
				16,124,167
Insurance—3.1%
ACE Ltd. (Switzerland)		12,470		1,293,139
Aflac, Inc.		18,456		1,148,886
Alleghany Corp.	*	614		269,006
Allied World Assurance Co. Holdings AG (Switzerland)		5,025		191,050
Allstate Corp. (The)		17,751		1,042,339
American Equity Investment Life Holding Co.		4,302		105,829
American Financial Group, Inc.		2,657		158,251

See accompanying notes to financial statements

245

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
American International Group, Inc.			55,668	$	3,038,359
American National Insurance Co.			374		42,711
Aon plc (United Kingdom)			11,889		1,071,080
Arch Capital Group Ltd. (Bermuda)	*		4,284		246,073
Argo Group International Holdings Ltd. (Bermuda)			988		50,497
Arthur J. Gallagher & Co.			4,922		229,365
Aspen Insurance Holdings Ltd. (Bermuda)			3,512		159,515
Assurant, Inc.			2,563		168,005
Assured Guaranty Ltd. (Bermuda)			7,538		184,681
Axis Capital Holdings Ltd. (Bermuda)			5,691		251,997
Baldwin & Lyons, Inc., Class B			945		24,513
Brown & Brown, Inc.			5,036		154,656
Chubb Corp. (The)			9,750		898,657
Cincinnati Financial Corp.			6,036		289,969
CNA Financial Corp.			1,422		57,477
CNO Financial Group, Inc.			6,600		117,480
Crawford & Co., Class B			1,891		19,061
EMC Insurance Group, Inc.			341		10,496
Employers Holdings, Inc.			2,770		58,669
Endurance Specialty Holdings Ltd. (Bermuda)			2,698		139,190
Enstar Group Ltd. (Bermuda)	*		772		116,364
Erie Indemnity Co., Class A			1,023		76,991
Everest Re Group Ltd. (Bermuda)			2,228		357,572
FBL Financial Group, Inc., Class A			1,275		58,650
Fidelity National Financial, Inc., Class A			9,399		307,911
First American Financial Corp.			3,159		87,789
Genworth Financial, Inc., Class A	*		16,181		281,549
Hanover Insurance Group, Inc. (The)			2,346		148,150
Hartford Financial Services Group, Inc. (The)			15,915		569,916
HCC Insurance Holdings, Inc.			3,999		195,711
Hilltop Holdings, Inc.	*		1,180		25,087
Horace Mann Educators Corp.			2,000		62,540
Independence Holding Co.			1,056		14,921
Infinity Property & Casualty Corp.			810		54,456
Kansas City Life Insurance Co.			902		41,023
Kemper Corp.			1,906		70,255
Lincoln National Corp.			10,899		560,645
Loews Corp.			11,788		518,790
Markel Corp.	*		488		319,952
Marsh & McLennan Cos., Inc.			20,404		1,057,335
MBIA, Inc.	*		5,212		57,540
Mercury General Corp.			1,109		52,167
MetLife, Inc.			33,905		1,883,762
Montpelier Re Holdings Ltd. (Bermuda)			3,734		119,301
Navigators Group, Inc. (The)	*		938		62,893
Old Republic International Corp.			10,195		168,625
PartnerRe Ltd. (Bermuda)			2,300		251,183
Phoenix Cos., Inc. (The)	*		210		10,162
Platinum Underwriters Holdings Ltd. (Bermuda)			2,206		143,059
Primerica, Inc.			870		41,630

		Shares		Value
Principal Financial Group, Inc.		10,891	$	549,778
ProAssurance Corp.		2,054		91,198
Progressive Corp. (The)		23,937		607,042
Protective Life Corp.		3,130		217,003
Prudential Financial, Inc.		17,092		1,517,257
Reinsurance Group of America, Inc.		2,454		193,621
RenaissanceRe Holdings Ltd. (Bermuda)		2,164		231,548
RLI Corp.		2,328		106,576
Safety Insurance Group, Inc.		850		43,673
Selective Insurance Group, Inc.		2,122		52,456
StanCorp Financial Group, Inc.		2,460		157,440
State Auto Financial Corp.		488		11,434
Stewart Information Services Corp.		1,239		38,421
Torchmark Corp.		4,030		330,138
Travelers Cos., Inc. (The)		13,074		1,229,871
United Fire Group, Inc.		1,250		36,650
Unum Group		12,054		418,997
Validus Holdings Ltd. (Bermuda)		3,553		135,867
W.R. Berkley Corp.		2,501		115,821
White Mountains Insurance Group Ltd.		300		182,532
XL Group plc (Ireland)		9,901		324,060
				25,728,263
Internet & Catalog Retail—1.2%
1-800-Flowers.com, Inc., Class A	*	793		4,599
Amazon.com, Inc.	*	13,994		4,544,971
Expedia, Inc.		3,588		282,591
FTD Cos., Inc.	*	501		15,927
Groupon, Inc.	*†	19,947		132,049
HomeAway, Inc.	*	4,242		147,706
HSN, Inc.		1,886		111,727
Lands’ End, Inc.	*†	820		27,536
Liberty Interactive Corp., Series A	*	20,728		608,574
Liberty Ventures, Series A	*	3,296		243,245
Netflix, Inc.	*	2,120		934,072
Orbitz Worldwide, Inc.	*	4,023		35,805
Overstock.com, Inc.	*	770		12,143
Priceline Group, Inc. (The)	*	1,941		2,335,023
Shutterfly, Inc.	*	2,976		128,146
TripAdvisor, Inc.	*	4,347		472,345
zulily, Inc., Class A	*	1,125		46,069
				10,082,528
Internet Software & Services—3.1%
Akamai Technologies, Inc.	*	7,479		456,668
Angie’s List, Inc.	*†	1,166		13,922
AOL, Inc.	*	3,989		158,722
Bazaarvoice, Inc.	*	5,255		41,462
Blucora, Inc.	*	1,323		24,965
Brightcove, Inc.	*	3,636		38,323
ChannelAdvisor Corp.	*	1,716		45,234
Conversant, Inc.	*	4,058		103,073
Cornerstone OnDemand, Inc.	*	1,310		60,286
CoStar Group, Inc.	*	1,152		182,212
Dealertrack Technologies, Inc.	*	1,800		81,612
Demandware, Inc.	*	750		52,027
Digital River, Inc.	*	1,627		25,105
EarthLink Holdings Corp.		5,814		21,628
eBay, Inc.	*	49,126		2,459,248

See accompanying notes to financial statements

246

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Envestnet, Inc.	*		860	$	42,071
Equinix, Inc.	*		1,616		339,505
Facebook, Inc., Class A	*		73,653		4,956,110
Gogo, Inc.	*		2,212		43,267
Google, Inc., Class A	*		10,468		6,120,326
Google, Inc., Class C	*		10,591		6,092,790
IAC/InterActiveCorp			2,481		171,760
Internap Network Services Corp.	*		1,297		9,144
j2 Global, Inc.	†		1,614		82,088
LinkedIn Corp., Class A	*		3,488		598,087
LivePerson, Inc.	*		3,333		33,830
Marin Software, Inc.	*†		3,014		35,475
Marketo, Inc.	*		1,518		44,143
Millennial Media, Inc.	*		9,318		46,497
Monster Worldwide, Inc.	*		4,681		30,614
Move, Inc.	*		1,840		27,214
NIC, Inc.			2,450		38,833
OpenTable, Inc.	*		1,513		156,747
Pandora Media, Inc.	*		6,508		191,986
Rackspace Hosting, Inc.	*		6,130		206,336
RealNetworks, Inc.	*		1,461		11,147
Rocket Fuel, Inc.	*		1,372		42,655
Shutterstock, Inc.	*		501		41,573
Stamps.com, Inc.	*		1,050		35,375
Textura Corp.	*		1,712		40,472
Trulia, Inc.	*†		1,934		91,633
Twitter, Inc.	*		17,160		703,045
Unwired Planet, Inc.	*		2,763		6,161
VeriSign, Inc.	*		4,905		239,413
Vistaprint NV (Netherlands)	*		2,666		107,866
Web.com Group, Inc.	*		2,467		71,222
WebMD Health Corp.	*		2,106		101,720
Wix.com Ltd. (Israel)	*		2,051		40,692
XO Group, Inc.	*		2,304		28,155
Xoom Corp.	*		1,599		42,150
Yahoo!, Inc.	*		35,608		1,250,909
Yelp, Inc.	*		1,673		128,286
Zillow, Inc., Class A	*†		1,791		255,988
Zix Corp.	*		1,015		3,471
					26,273,243
IT Services—3.1%
Accenture plc, Class A (Ireland)			23,994		1,939,675
Acxiom Corp.	*		3,451		74,852
Alliance Data Systems Corp.	*		1,955		549,844
Amdocs Ltd.			6,782		314,210
Automatic Data Processing, Inc.			18,052		1,431,163
Broadridge Financial Solutions, Inc.			5,748		239,347
CACI International, Inc., Class A	*		1,198		84,112
Cardtronics, Inc.	*		3,545		120,814
CIBER, Inc.	*		2,444		12,073
Cognizant Technology Solutions Corp., Class A	*		22,254		1,088,443
Computer Sciences Corp.			5,963		376,862
Convergys Corp.			5,933		127,203
CoreLogic, Inc.	*		3,159		95,907
CSG Systems International, Inc.			2,153		56,215
DST Systems, Inc.			1,853		170,791
EPAM Systems, Inc.	*		938		41,037
Euronet Worldwide, Inc.	*		1,056		50,941
Fidelity National Information Services, Inc.			10,986		601,374
Fiserv, Inc.	*		10,252		618,401

		Shares		Value
FleetCor Technologies, Inc.	*	2,714	$	357,705
Forrester Research, Inc.		963		36,478
Gartner, Inc.	*	3,107		219,106
Genpact Ltd. (Bermuda)	*	6,727		117,924
Global Payments, Inc.		3,238		235,888
Hackett Group, Inc. (The)		1,140		6,806
Heartland Payment Systems, Inc.		2,876		118,520
iGATE Corp.	*	1,397		50,837
International Business Machines Corp.		35,943		6,515,388
Jack Henry & Associates, Inc.		3,591		213,413
Leidos Holdings, Inc.		2,132		81,741
Lionbridge Technologies, Inc.	*	1,165		6,920
ManTech International Corp., Class A		1,217		35,926
MasterCard, Inc., Class A		38,715		2,844,391
MAXIMUS, Inc.		4,208		181,028
ModusLink Global Solutions, Inc.	*†	1,007		3,766
MoneyGram International, Inc.	*	468		6,894
NeuStar, Inc., Class A	*†	3,140		81,703
Paychex, Inc.		11,720		487,083
Sapient Corp.	*	4,150		67,437
Science Applications International Corp.		1,218		53,787
ServiceSource International, Inc.	*	7,526		43,651
Sykes Enterprises, Inc.	*	1,423		30,922
Syntel, Inc.	*	1,554		133,582
TeleTech Holdings, Inc.	*	2,738		79,375
Teradata Corp.	*	5,364		215,633
Total System Services, Inc.		6,935		217,828
Unisys Corp.	*	1,371		33,919
Vantiv, Inc., Class A	*	2,220		74,636
VeriFone Systems, Inc.	*	4,239		155,783
Visa, Inc., Class A		19,176		4,040,575
Western Union Co. (The)	†	23,068		399,999
WEX, Inc.	*	1,750		183,697
Xerox Corp.		44,371		551,975
				25,877,580
Leisure Products—0.2%
Arctic Cat, Inc.		689		27,160
Brunswick Corp.		3,797		159,968
Callaway Golf Co.		2,881		23,970
Hasbro, Inc.		4,899		259,892
JAKKS Pacific, Inc.	*†	765		5,921
LeapFrog Enterprises, Inc.	*†	1,261		9,268
Mattel, Inc.		13,029		507,740
Polaris Industries, Inc.		2,406		313,357
Sturm Ruger & Co., Inc.		1,052		62,079
				1,369,355
Life Sciences Tools & Services—0.7%
Accelerate Diagnostics, Inc.	*	1,363		35,438
Affymetrix, Inc.	*†	2,525		22,498
Agilent Technologies, Inc.		13,260		761,654
Bio-Rad Laboratories, Inc., Class A	*	623		74,579
Bruker Corp.	*	4,987		121,034
Cambrex Corp.	*	1,258		26,041
Charles River Laboratories International, Inc.	*	2,755		147,448
Covance, Inc.	*	2,839		242,962
Fluidigm Corp.	*	1,443		42,424
Furiex Pharmaceuticals, Inc.	*	394		41,835

See accompanying notes to financial statements

247

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Illumina, Inc.	*		4,535	$	809,679
Luminex Corp.	*		1,070		18,350
Mettler-Toledo International, Inc.	*		913		231,153
Pacific Biosciences of California, Inc.	*		6,332		39,132
PAREXEL International Corp.	*		2,306		121,849
PerkinElmer, Inc.			5,266		246,659
QIAGEN NV (Netherlands)	*		6,882		168,265
Quintiles Transnational Holdings, Inc.	*		777		41,406
Sequenom, Inc.	*†		19,756		76,456
Techne Corp.			1,736		160,702
Thermo Fisher Scientific, Inc.			14,634		1,726,812
Waters Corp.	*		3,591		375,044
					5,531,420
Machinery—2.1%
Accuride Corp.	*		8,669		42,391
Actuant Corp., Class A			2,022		69,901
AGCO Corp.			3,068		172,483
Albany International Corp., Class A			1,437		54,549
Allison Transmission Holdings, Inc.			2,419		75,231
American Railcar Industries, Inc.	†		1,200		81,324
Astec Industries, Inc.			821		36,025
Barnes Group, Inc.			2,018		77,774
Blount International, Inc.	*		1,532		21,617
Briggs & Stratton Corp.			1,822		37,278
Caterpillar, Inc.			24,087		2,617,534
Chart Industries, Inc.	*		1,070		88,532
CIRCOR International, Inc.			711		54,839
CLARCOR, Inc.			2,354		145,595
Colfax Corp.	*		3,666		273,264
Crane Co.			2,467		183,446
Cummins, Inc.			7,207		1,111,968
Deere & Co.			14,406		1,304,463
Donaldson Co., Inc.			4,058		171,735
Dover Corp.			5,761		523,963
EnPro Industries, Inc.	*		981		71,770
ESCO Technologies, Inc.			1,222		42,330
ExOne Co. (The)	*		1,154		45,721
Federal Signal Corp.			2,159		31,629
Flowserve Corp.			5,994		445,654
FreightCar America, Inc.			900		22,536
Graco, Inc.			2,883		225,105
Harsco Corp.			3,646		97,093
Hurco Cos., Inc.			300		8,460
Hyster-Yale Materials Handling, Inc.			618		54,718
IDEX Corp.			3,304		266,765
Illinois Tool Works, Inc.			13,130		1,149,663
Ingersoll-Rand plc			11,284		705,363
ITT Corp.			2,488		119,673
John Bean Technologies Corp.			1,164		36,072
Joy Global, Inc.	†		4,237		260,914
Kadant, Inc.			721		27,722
Kennametal, Inc.			3,196		147,911
Lincoln Electric Holdings, Inc.			3,754		262,330
Lindsay Corp.	†		808		68,252
Manitowoc Co., Inc. (The)			5,044		165,746
Meritor, Inc.	*		2,791		36,395

		Shares		Value
Middleby Corp. (The)	*	2,952	$	244,189
Mueller Industries, Inc.		3,184		93,641
Mueller Water Products, Inc., Class A		3,000		25,920
Navistar International Corp.	*†	2,436		91,301
Nordson Corp.		3,044		244,098
Oshkosh Corp.		2,868		159,260
PACCAR, Inc.		13,455		845,378
Pall Corp.		3,831		327,129
Parker Hannifin Corp.		5,068		637,200
Pentair plc (United Kingdom)		7,818		563,834
Snap-on, Inc.		2,419		286,700
SPX Corp.		2,157		233,409
Standex International Corp.		724		53,924
Stanley Black & Decker, Inc.		5,209		457,454
Tennant Co.		1,280		97,690
Terex Corp.		4,124		169,496
Timken Co. (The)		3,702		251,144
Titan International, Inc.	†	1,356		22,808
Toro Co. (The)		2,040		129,744
TriMas Corp.	*	3,917		149,355
Trinity Industries, Inc.		6,102		266,779
Valmont Industries, Inc.	†	1,162		176,566
Wabash National Corp.	*	6,441		91,784
WABCO Holdings, Inc.	*	2,354		251,454
Wabtec Corp.		3,474		286,918
Watts Water Technologies, Inc., Class A		1,225		75,619
Woodward, Inc.	†	2,448		122,841
Xylem, Inc.		7,149		279,383
				18,070,752
Marine—0.0%
Kirby Corp.	*	2,358		276,216
Matson, Inc.		1,466		39,348
				315,564
Media—3.4%
AMC Networks, Inc., Class A	*	2,261		139,029
Cablevision Systems Corp., Class A	†	9,044		159,627
CBS Corp. (Non-Voting Shares), Class B		22,493		1,397,715
Charter Communications, Inc., Class A	*	2,812		445,365
Cinemark Holdings, Inc.		3,727		131,787
Clear Channel Outdoor Holdings, Inc., Class A		2,500		20,450
Comcast Corp., Class A		98,672		5,296,713
Crown Media Holdings, Inc., Class A	*	5,899		21,413
Cumulus Media, Inc., Class A	*	2,174		14,327
DIRECTV	*	18,126		1,540,891
Discovery Communications, Inc., Class A	*	9,058		672,828
DISH Network Corp., Class A	*	9,231		600,753
DreamWorks Animation SKG, Inc., Class A	*†	1,300		30,238
Entercom Communications Corp., Class A	*	2,183		23,424
Entravision Communications Corp., Class A		2,852		17,739
EW Scripps Co. (The), Class A	*	1,204		25,477
Gannett Co., Inc.		7,301		228,594

See accompanying notes to financial statements

248

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Harte-Hanks, Inc.			3,119	$	22,426
Interpublic Group of Cos., Inc. (The)			17,203		335,631
John Wiley & Sons, Inc., Class A			2,491		150,930
Journal Communications, Inc., Class A	*		3,900		34,593
Lamar Advertising Co., Class A			3,479		184,387
Liberty Media Corp., Series A	*		3,556		486,034
Lions Gate Entertainment Corp.	†		5,038		143,986
Live Nation Entertainment, Inc.	*		5,485		135,425
Madison Square Garden Co. (The), Class A	*		2,261		141,199
McClatchy Co. (The), Class A	*		2,444		13,564
Media General, Inc.	*		2,225		45,679
Meredith Corp.			2,083		100,734
National CineMedia, Inc.			2,226		38,977
New York Times Co. (The), Class A			5,682		86,423
News Corp., Class A	*		17,563		315,080
Nexstar Broadcasting Group, Inc., Class A	†		902		46,552
Omnicom Group, Inc.			9,924		706,787
Radio Unica Communications Corp.	*‡d		1,900		—
Regal Entertainment Group, Class A	†		2,743		57,877
Salem Communications Corp., Class A			850		8,041
Scholastic Corp.			1,845		62,896
Scripps Networks Interactive, Inc., Class A			3,612		293,078
Sinclair Broadcast Group, Inc., Class A	†		2,049		71,203
Sirius XM Holdings, Inc.	*†		109,168		377,721
Starz, Class A	*		4,301		128,127
Thomson Reuters Corp.			13,044		474,280
Time Warner Cable, Inc.			10,867		1,600,709
Time Warner, Inc.			34,131		2,397,703
Time, Inc.	*		4,387		106,253
Twenty-First Century Fox, Inc., Class A			73,544		2,585,072
Viacom, Inc., Class B			16,933		1,468,599
Walt Disney Co. (The)			65,925		5,652,409
World Wrestling Entertainment, Inc., Class A	†		1,030		12,288
					29,051,033
Metals & Mining—0.7%
AK Steel Holding Corp.	*†		5,009		39,872
Alcoa, Inc.			42,614		634,522
Allegheny Technologies, Inc.			3,760		169,576
Allied Nevada Gold Corp.	*†		3,041		11,434
Ampco-Pittsburgh Corp.			613		14,062
Carpenter Technology Corp.			1,882		119,036
Century Aluminum Co.	*		865		13,563
Cliffs Natural Resources, Inc.	†		4,448		66,942
Coeur Mining, Inc.	*		7,315		67,152
Commercial Metals Co.			4,080		70,625

		Shares		Value
Compass Minerals International, Inc.		1,915	$	183,342
Freeport-McMoRan Copper & Gold, Inc.		40,638		1,483,287
Hecla Mining Co.	†	20,609		71,101
Kaiser Aluminum Corp.		1,591		115,936
Materion Corp.		1,122		41,503
Molycorp, Inc.	*†	7,253		18,640
Newmont Mining Corp.		16,854		428,766
Nucor Corp.		10,963		539,928
Reliance Steel & Aluminum Co.		2,966		218,624
Royal Gold, Inc.		2,286		174,010
RTI International Metals, Inc.	*	1,363		36,242
Schnitzer Steel Industries, Inc., Class A		693		18,067
Southern Copper Corp.		7,739		235,033
Steel Dynamics, Inc.		8,080		145,036
Stillwater Mining Co.	*	3,727		65,409
SunCoke Energy, Inc.	*	1,473		31,670
Tahoe Resources, Inc.	*†	5,318		139,332
United States Steel Corp.	†	5,607		146,006
US Silica Holdings, Inc.		784		43,465
Walter Energy, Inc.	†	1,840		10,028
Worthington Industries, Inc.		3,575		153,868
				5,506,077
Multiline Retail—0.6%
Big Lots, Inc.	*	1,874		85,642
Dillard’s, Inc., Class A		1,535		178,996
Dollar General Corp.	*	12,040		690,614
Dollar Tree, Inc.	*	8,356		455,068
Family Dollar Stores, Inc.		3,743		247,562
Fred’s, Inc., Class A		1,781		27,232
J.C. Penney Co., Inc.	*†	7,928		71,748
Kohl’s Corp.		7,696		405,425
Macy’s, Inc.		14,423		836,823
Nordstrom, Inc.		6,080		413,014
Sears Holdings Corp.	*†	2,729		109,051
Target Corp.		23,009		1,333,372
Tuesday Morning Corp.	*	1,816		32,361
				4,886,908
Multi-Utilities—1.0%
Alliant Energy Corp.		4,491		273,322
Ameren Corp.		8,429		344,577
Avista Corp.		1,759		58,962
Black Hills Corp.		2,041		125,297
CenterPoint Energy, Inc.		16,026		409,304
CMS Energy Corp.		11,539		359,440
Consolidated Edison, Inc.		10,976		633,754
Dominion Resources, Inc.		21,301		1,523,447
DTE Energy Co.		5,654		440,277
Integrys Energy Group, Inc.		3,108		221,072
MDU Resources Group, Inc.		7,657		268,761
NiSource, Inc.		10,893		428,531
NorthWestern Corp.		1,449		75,623
PG&E Corp.		17,518		841,214
Public Service Enterprise Group, Inc.		17,215		702,200
SCANA Corp.		4,791		257,804
Sempra Energy		9,100		952,861
TECO Energy, Inc.		7,797		144,089
Vectren Corp.		3,706		157,505
Wisconsin Energy Corp.		9,128		428,286
				8,646,326

See accompanying notes to financial statements

249

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Oil, Gas & Consumable Fuels—7.7%
Abraxas Petroleum Corp.	*		7,391	$	46,268
Adams Resources & Energy, Inc.			1,006		78,599
Alpha Natural Resources, Inc.	*†		8,351		30,982
American Eagle Energy Corp.	*		6,872		41,163
Anadarko Petroleum Corp.			18,954		2,074,894
Antero Resources Corp.	*		707		46,400
Apache Corp.			15,202		1,529,625
Apco Oil and Gas International, Inc.	*		1,181		17,042
Arch Coal, Inc.	†		7,214		26,331
Athlon Energy, Inc.	*		925		44,122
Bill Barrett Corp.	*†		4,290		114,886
Bonanza Creek Energy, Inc.	*		2,369		135,483
BPZ Resources, Inc.	*†		4,003		12,329
Cabot Oil & Gas Corp.			16,664		568,909
Callon Petroleum Co.	*		4,584		53,404
Carrizo Oil & Gas, Inc.	*		1,800		124,668
Cheniere Energy, Inc.	*		8,492		608,876
Chesapeake Energy Corp.			20,459		635,866
Chevron Corp.			72,098		9,412,394
Cimarex Energy Co.			3,372		483,747
Clayton Williams Energy, Inc.	*		550		75,554
Cobalt International Energy, Inc.	*		13,233		242,826
Comstock Resources, Inc.			1,735		50,037
Concho Resources, Inc.	*		3,943		569,763
ConocoPhillips			46,362		3,974,614
CONSOL Energy, Inc.			7,662		352,988
Contango Oil & Gas Co.	*		400		16,924
Continental Resources, Inc.	*†		2,050		323,982
Delek US Holdings, Inc.			1,285		36,276
Denbury Resources, Inc.			16,015		295,637
Devon Energy Corp.			14,461		1,148,203
Diamondback Energy, Inc.	*		848		75,302
Emerald Oil, Inc.	*†		4,541		34,739
Energen Corp.			2,644		234,999
Energy XXI Bermuda Ltd. (Bermuda)	†		3,270		77,270
EOG Resources, Inc.			20,396		2,383,477
EQT Corp.			5,288		565,287
EXCO Resources, Inc.	†		10,900		64,201
Exxon Mobil Corp.			162,153		16,325,564
Forest Oil Corp.	*†		3,820		8,710
FX Energy, Inc.	*†		3,496		12,621
GasLog Ltd. (Monaco)			1,355		43,211
Gastar Exploration, Inc.	*		11,611		101,132
Golar LNG Ltd. (Bermuda)	†		2,827		169,903
Goodrich Petroleum Corp.	*†		1,566		43,222
Gulfport Energy Corp.	*		3,188		200,206
Halcon Resources Corp.	*†		11,719		85,432
Harvest Natural Resources, Inc.	*		8,318		41,507
Hess Corp.			11,260		1,113,501
HollyFrontier Corp.			7,651		334,272
Kinder Morgan, Inc.			25,064		908,821
Kodiak Oil & Gas Corp.	*		13,664		198,811
Laredo Petroleum, Inc.	*		1,385		42,907
Magnum Hunter Resources Corp.	*		8,937		73,283
Marathon Oil Corp.			25,577		1,021,034
Marathon Petroleum Corp.			10,217		797,641

		Shares		Value
Matador Resources Co.	*	1,536	$	44,974
Miller Energy Resources, Inc.	*	7,286		46,630
Murphy Oil Corp.		7,752		515,353
Newfield Exploration Co.	*	3,712		164,070
Noble Energy, Inc.		13,077		1,012,944
Oasis Petroleum, Inc.	*	3,200		178,848
Occidental Petroleum Corp.		30,195		3,098,913
ONEOK, Inc.		7,816		532,113
PBF Energy, Inc., Class A		1,307		34,832
PDC Energy, Inc.	*	1,250		78,937
Peabody Energy Corp.	†	10,624		173,702
Penn Virginia Corp.	*	6,869		116,430
PetroQuest Energy, Inc.	*	3,346		25,162
Phillips 66		22,053		1,773,723
Pioneer Natural Resources Co.		5,081		1,167,665
QEP Resources, Inc.		7,412		255,714
Quicksilver Resources, Inc.	*†	3,960		10,573
Range Resources Corp.		5,516		479,616
Resolute Energy Corp.	*	5,042		43,563
Rosetta Resources, Inc.	*	3,400		186,490
Sanchez Energy Corp.	*	1,138		42,777
SandRidge Energy, Inc.	*†	26,990		192,978
Scorpio Tankers, Inc. (Monaco)		12,382		125,925
SemGroup Corp., Class A		2,433		191,842
Ship Finance International Ltd. (Norway)	†	3,352		62,314
SM Energy Co.		2,262		190,234
Solazyme, Inc.	*	3,533		41,619
Southwestern Energy Co.	*	12,344		561,529
Spectra Energy Corp.		23,691		1,006,394
Stone Energy Corp.	*	1,208		56,522
Swift Energy Co.	*†	1,142		14,823
Synergy Resources Corp.	*	3,171		42,016
Targa Resources Corp.		1,879		262,252
Teekay Corp. (Bermuda)		1,691		105,265
Tesoro Corp.		5,939		348,441
TransAtlantic Petroleum Ltd.	*	3,715		42,314
Triangle Petroleum Corp.	*	3,646		42,840
Ultra Petroleum Corp.	*†	7,839		232,740
VAALCO Energy, Inc.	*	3,800		27,474
Valero Energy Corp.		20,375		1,020,788
Warren Resources, Inc.	*	3,600		22,320
Western Refining, Inc.		2,500		93,875
Westmoreland Coal Co.	*	1,163		42,194
Whiting Petroleum Corp.	*	4,736		380,064
Williams Cos., Inc. (The)		26,127		1,520,853
World Fuel Services Corp.		1,920		94,522
WPX Energy, Inc.	*	8,069		192,930
				65,027,942
Paper & Forest Products—0.2%
Clearwater Paper Corp.	*	924		57,029
Deltic Timber Corp.		724		43,744
Domtar Corp. (Canada)		2,776		118,952
International Paper Co.		17,689		892,764
KapStone Paper and Packaging Corp.	*†	5,716		189,371
Louisiana-Pacific Corp.	*	4,396		66,028
Neenah Paper, Inc.		652		34,654
P.H. Glatfelter Co.		1,740		46,162
Schweitzer-Mauduit International, Inc.		1,448		63,220
Wausau Paper Corp.		1,903		20,590
				1,532,514

See accompanying notes to financial statements

250

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Personal Products—0.2%
Avon Products, Inc.			14,351	$	209,668
Elizabeth Arden, Inc.	*		1,017		21,784
Estee Lauder Cos., Inc. (The), Class A			9,518		706,807
Herbalife Ltd.	†		3,985		257,192
Medifast, Inc.	*		734		22,321
Nu Skin Enterprises, Inc., Class A			2,249		166,336
USANA Health Sciences, Inc.	*†		593		46,337
					1,430,445
Pharmaceuticals—5.1%
AbbVie, Inc.			60,297		3,403,163
AcelRx Pharmaceuticals, Inc.	*†		3,645		37,361
Actavis plc	*		6,415		1,430,866
Alimera Sciences, Inc.	*†		6,205		37,106
Allergan, Inc.			11,483		1,943,153
AVANIR Pharmaceuticals, Inc., Class A	*		19,069		107,549
BioDelivery Sciences International, Inc.	*		3,488		42,100
Bristol-Myers Squibb Co.			62,078		3,011,404
Depomed, Inc.	*		3,130		43,507
Eli Lilly & Co.			37,950		2,359,351
Endo International plc (Ireland)	*		5,226		365,924
Forest Laboratories, Inc.	*		10,034		993,366
Horizon Pharma, Inc.	*		2,686		42,493
Hospira, Inc.	*		5,415		278,169
Impax Laboratories, Inc.	*		4,794		143,772
Jazz Pharmaceuticals plc	*		1,945		285,934
Johnson & Johnson			107,030		11,197,479
Mallinckrodt plc	*		1,947		155,799
Medicines Co. (The)	*		2,018		58,643
Merck & Co., Inc.			111,047		6,424,069
Mylan, Inc.	*		14,632		754,426
Nektar Therapeutics	*		7,926		101,611
Omeros Corp.	*		2,562		44,579
Pacira Pharmaceuticals, Inc.	*		2,084		191,436
Pernix Therapeutics Holdings, Inc.	*		4,696		42,170
Perrigo Co. plc (Ireland)			4,566		665,540
Pfizer, Inc.			242,145		7,186,864
Pozen, Inc.	*		1,014		8,447
Prestige Brands Holdings, Inc.	*		1,164		39,448
Questcor Pharmaceuticals, Inc.	†		2,231		206,345
Salix Pharmaceuticals Ltd.	*		2,346		289,379
SciClone Pharmaceuticals, Inc.	*		1,700		8,942
TherapeuticsMD, Inc.	*		8,137		35,966
Theravance Biopharma, Inc. (Cayman Islands)	*†		921		29,361
Theravance, Inc.	*†		3,224		96,011
VIVUS, Inc.	*†		1,630		8,672
XenoPort, Inc.	*		1,939		9,365
Zoetis, Inc.			19,148		617,906
					42,697,676
Professional Services—0.4%
Acacia Research Corp.	†		2,593		46,026
Advisory Board Co. (The)	*		1,900		98,420
Barrett Business Services, Inc.			1,310		61,570
CDI Corp.			1,131		16,298
Corporate Executive Board Co. (The)			1,507		102,808

		Shares		Value
CRA International, Inc.	*	986	$	22,727
Dun & Bradstreet Corp. (The)		1,546		170,369
Equifax, Inc.		4,141		300,388
FTI Consulting, Inc.	*	1,735		65,618
Heidrick & Struggles International, Inc.		865		16,003
Huron Consulting Group, Inc.	*	988		69,970
IHS, Inc., Class A	*	2,723		369,429
Insperity, Inc.		1,143		37,719
Kelly Services, Inc., Class A		1,173		20,140
Kforce, Inc.		297		6,430
Korn/Ferry International	*	1,624		47,697
Manpowergroup, Inc.		3,593		304,866
Navigant Consulting, Inc.	*	2,313		40,362
Nielsen NV		9,396		454,860
On Assignment, Inc.	*	1,243		44,214
Resources Connection, Inc.		2,060		27,007
Robert Half International, Inc.		3,922		187,236
Towers Watson & Co., Class A		2,923		304,664
TrueBlue, Inc.	*	2,485		68,512
Verisk Analytics, Inc., Class A	*	5,615		337,012
WageWorks, Inc.	*	834		40,207
				3,260,552
Real Estate Investment Trusts (REITs)—3.4%
Acadia Realty Trust REIT		1,368		38,427
Agree Realty Corp. REIT		814		24,607
Alexander’s, Inc. REIT		78		28,819
Alexandria Real Estate Equities, Inc. REIT		3,569		277,097
Altisource Residential Corp. REIT (Virgin Islands, U.S.)		1,595		41,518
American Campus Communities, Inc. REIT		5,228		199,919
American Capital Agency Corp. REIT		11,950		279,750
American Homes 4 Rent, Class A REIT		2,292		40,706
American Realty Capital Healthcare Trust, Inc. REIT		3,791		41,284
American Realty Capital Properties, Inc. REIT		32,434		406,398
American Tower Corp. REIT		15,051		1,354,289
AmREIT, Inc. REIT		4,367		79,916
Annaly Capital Management, Inc. REIT		37,828		432,374
Anworth Mortgage Asset Corp. REIT		12,920		66,667
Apartment Investment & Management Co., Class A REIT		5,659		182,616
Armada Hoffler Properties, Inc. REIT		2,694		26,078
ARMOUR Residential REIT, Inc. REIT		15,586		67,487
Ashford Hospitality Prime, Inc. REIT		840		14,414
Ashford Hospitality Trust, Inc. REIT		4,200		48,468
Associated Estates Realty Corp. REIT		5,662		102,029
AvalonBay Communities, Inc. REIT		5,028		714,931

See accompanying notes to financial statements

251

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
BioMed Realty Trust, Inc. REIT			6,210	$	135,564
Boston Properties, Inc. REIT			5,462		645,499
Brandywine Realty Trust REIT			6,105		95,238
Camden Property Trust REIT			4,149		295,201
Capstead Mortgage Corp. REIT	†		2,400		31,560
CareTrust REIT, Inc. REIT	*		2,185		43,263
CatchMark Timber Trust, Inc., Class A REIT			3,104		42,432
CBL & Associates Properties, Inc. REIT			7,509		142,671
Cedar Realty Trust, Inc. REIT			10,942		68,388
Chambers Street Properties REIT	†		6,657		53,522
Chatham Lodging Trust REIT			3,723		81,534
Chesapeake Lodging Trust REIT			1,373		41,506
Chimera Investment Corp. REIT			42,645		136,038
Colony Financial, Inc. REIT			6,320		146,750
Columbia Property Trust, Inc. REIT			1,640		42,656
CommonWealth REIT REIT			2,285		60,141
Corporate Office Properties Trust REIT			1,904		52,950
Corrections Corp. of America REIT			5,829		191,483
Cousins Properties, Inc. REIT			2,489		30,988
Crown Castle International Corp. REIT			12,722		944,736
CubeSmart REIT			8,821		161,601
CYS Investments, Inc. REIT			4,654		41,979
DCT Industrial Trust, Inc. REIT			6,576		53,989
DDR Corp. REIT			10,035		176,917
DiamondRock Hospitality Co. REIT			4,047		51,883
Digital Realty Trust, Inc. REIT	†		5,165		301,223
Douglas Emmett, Inc. REIT			4,212		118,863
Duke Realty Corp. REIT			14,966		271,783
DuPont Fabros Technology, Inc. REIT			4,666		125,795
EastGroup Properties, Inc. REIT			1,538		98,786
EPR Properties REIT			2,733		152,693
Equity Lifestyle Properties, Inc. REIT			2,280		100,685
Equity One, Inc. REIT			2,619		61,782
Equity Residential REIT			14,255		898,065
Essex Property Trust, Inc. REIT			2,445		452,105
Excel Trust, Inc. REIT			6,782		90,404
Extra Space Storage, Inc. REIT			3,500		186,375
Federal Realty Investment Trust REIT			2,295		277,511
FelCor Lodging Trust, Inc. REIT			11,241		118,143
First Industrial Realty Trust, Inc. REIT			6,729		126,774
First Potomac Realty Trust REIT			1,628		21,359
Franklin Street Properties Corp. REIT			2,200		27,676
Gaming and Leisure Properties, Inc. REIT	†		3,091		105,001
General Growth Properties, Inc. REIT			21,432		504,938
Geo Group, Inc. (The) REIT			2,829		101,080
Getty Realty Corp. REIT			1,747		33,333
Glimcher Realty Trust REIT			9,231		99,972
Government Properties Income Trust REIT			3,576		90,795

		Shares		Value
Gramercy Property Trust, Inc. REIT	†	10,832	$	65,534
Hatteras Financial Corp. REIT		1,935		38,332
HCP, Inc. REIT		16,845		697,046
Health Care REIT, Inc. REIT		10,498		657,910
Healthcare Realty Trust, Inc. REIT		1,881		47,815
Healthcare Trust of America, Inc., Class A REIT		3,360		40,454
Hersha Hospitality Trust REIT		7,029		47,165
Highwoods Properties, Inc. REIT		2,393		100,386
Home Properties, Inc. REIT		1,390		88,904
Hospitality Properties Trust REIT		2,923		88,859
Host Hotels & Resorts, Inc. REIT		29,698		653,653
Hudson Pacific Properties, Inc. REIT		2,051		51,972
Inland Real Estate Corp. REIT		2,302		24,470
Invesco Mortgage Capital, Inc. REIT		3,087		53,590
Investors Real Estate Trust REIT		2,989		27,529
iStar Financial, Inc. REIT	*	7,235		108,380
Kilroy Realty Corp. REIT		3,732		232,429
Kimco Realty Corp. REIT		15,341		352,536
Kite Realty Group Trust REIT		2,654		16,296
LaSalle Hotel Properties REIT		6,253		220,668
Lexington Realty Trust REIT		9,308		102,481
Liberty Property Trust REIT		4,451		168,826
LTC Properties, Inc. REIT		2,385		93,110
Macerich Co. (The) REIT		5,275		352,106
Mack-Cali Realty Corp. REIT		2,488		53,442
Medical Properties Trust, Inc. REIT		9,571		126,720
MFA Financial, Inc. REIT		10,801		88,676
Mid-America Apartment Communities, Inc. REIT		1,946		142,155
Monmouth Real Estate Investment Corp., Class A REIT	†	3,275		32,881
National Health Investors, Inc. REIT		979		61,246
National Retail Properties, Inc. REIT	†	3,464		128,826
New York Mortgage Trust, Inc. REIT	†	8,120		63,417
NorthStar Realty Finance Corp. REIT		14,274		248,082
Omega Healthcare Investors, Inc. REIT	†	4,100		151,126
Owens Realty Mortgage, Inc. REIT		2,081		40,476
Parkway Properties, Inc. REIT		5,570		115,021
Pebblebrook Hotel Trust REIT		4,175		154,308
Pennsylvania Real Estate Investment Trust REIT		1,510		28,418
PennyMac Mortgage Investment Trust REIT		5,770		126,594
Physicians Realty Trust REIT		2,896		41,673
Piedmont Office Realty Trust, Inc., Class A REIT		3,057		57,900
Plum Creek Timber Co., Inc. REIT		6,990		315,249
Post Properties, Inc. REIT		2,078		111,090
Potlatch Corp. REIT		1,618		66,985
Prologis, Inc. REIT		18,429		757,248

See accompanying notes to financial statements

252

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
PS Business Parks, Inc. REIT			599	$	50,011
Public Storage REIT			5,376		921,178
QTS Realty Trust, Inc., Class A REIT			1,447		41,428
RAIT Financial Trust REIT	†		7,882		65,184
Ramco-Gershenson Properties Trust REIT			1,275		21,191
Rayonier, Inc. REIT			5,004		177,892
Realty Income Corp. REIT	†		6,943		308,408
Redwood Trust, Inc. REIT	†		1,008		19,626
Regency Centers Corp. REIT			2,745		152,842
Retail Opportunity Investments Corp. REIT			7,505		118,054
Retail Properties of America, Inc., Class A REIT			3,613		55,568
Rexford Industrial Realty, Inc. REIT			2,874		40,926
RLJ Lodging Trust REIT			4,345		125,527
Rouse Properties, Inc. REIT	†		579		9,907
Ryman Hospitality Properties, Inc. REIT	†		2,005		96,541
Sabra Health Care REIT, Inc. REIT			694		19,925
Saul Centers, Inc. REIT			987		47,968
Senior Housing Properties Trust REIT			5,370		130,437
Silver Bay Realty Trust Corp. REIT			489		7,981
Simon Property Group, Inc. REIT			11,684		1,942,816
SL Green Realty Corp. REIT			3,603		394,204
Sovran Self Storage, Inc. REIT			1,269		98,030
Spirit Realty Capital, Inc. REIT			14,667		166,617
Starwood Property Trust, Inc. REIT			8,338		198,194
Starwood Waypoint Residential Trust REIT	*		1,667		43,692
Strategic Hotels & Resorts, Inc. REIT	*		13,392		156,820
Sun Communities, Inc. REIT			1,061		52,880
Sunstone Hotel Investors, Inc. REIT			5,275		78,756
Tanger Factory Outlet Centers, Inc. REIT			2,442		85,397
Taubman Centers, Inc. REIT			2,083		157,912
Terreno Realty Corp. REIT			4,464		86,289
Trade Street Residential, Inc. REIT			5,386		40,341
Two Harbors Investment Corp. REIT			10,028		105,093
UDR, Inc. REIT			12,278		351,519
UMH Properties, Inc. REIT			4,155		41,675
Universal Health Realty Income Trust REIT			1,333		57,959
Ventas, Inc. REIT			10,699		685,806
Vornado Realty Trust REIT			7,263		775,180
Washington Prime Group, Inc. REIT	*		5,842		109,479
Washington Real Estate Investment Trust REIT			1,834		47,647
Weingarten Realty Investors REIT			3,474		114,086
Weyerhaeuser Co. REIT	†		21,444		709,582
Whitestone REIT REIT			2,786		41,539

		Shares		Value
Winthrop Realty Trust REIT		2,682	$	41,169
WP Carey, Inc. REIT		2,497		160,807
				28,997,491
Real Estate Management & Development—0.2%
Alexander & Baldwin, Inc.		1,466		60,766
Altisource Asset Management Corp. (Virgin Islands, U.S.)	*	55		39,769
Altisource Portfolio Solutions SA (Luxembourg)	*	359		41,134
CBRE Group, Inc., Class A	*	9,507		304,604
Forest City Enterprises, Inc., Class A	*	9,240		183,599
Forestar Group, Inc.	*	1,502		28,673
Howard Hughes Corp. (The)	*	1,716		270,836
Jones Lang LaSalle, Inc.		1,311		165,697
Kennedy-Wilson Holdings, Inc.		1,568		42,054
Realogy Holdings Corp.	*	5,690		214,570
St. Joe Co. (The)	*†	3,582		91,090
Tejon Ranch Co.	*	858		27,619
				1,470,411
Road & Rail—1.0%
AMERCO		434		126,190
ArcBest Corp.		903		39,289
Avis Budget Group, Inc.	*	4,424		264,069
Con-way, Inc.		2,160		108,886
CSX Corp.		37,182		1,145,577
Genesee & Wyoming, Inc., Class A	*	1,576		165,480
Heartland Express, Inc.		4,220		90,055
Hertz Global Holdings, Inc.	*	15,313		429,223
J.B. Hunt Transport Services, Inc.		3,333		245,909
Kansas City Southern		4,402		473,259
Knight Transportation, Inc.		3,879		92,204
Landstar System, Inc.		2,256		144,384
Norfolk Southern Corp.		11,527		1,187,627
Old Dominion Freight Line, Inc.	*	3,421		217,849
Ryder System, Inc.		2,947		259,601
Saia, Inc.	*	2,493		109,517
Swift Transportation Co.	*	5,786		145,981
Union Pacific Corp.		34,728		3,464,118
Werner Enterprises, Inc.		2,915		77,277
YRC Worldwide, Inc.	*†	1,193		33,535
				8,820,030
Semiconductors & Semiconductor Equipment—2.4%
Advanced Energy Industries, Inc.	*	1,428		27,489
Advanced Micro Devices, Inc.	*†	21,447		89,863
Alpha & Omega Semiconductor Ltd.	*	8,591		79,639
Altera Corp.		11,427		397,203
Ambarella, Inc.	*	1,314		40,971
Amkor Technology, Inc.	*	7,211		80,619
Analog Devices, Inc.		11,925		644,785
Applied Materials, Inc.		43,119		972,333
Applied Micro Circuits Corp.	*	3,186		34,441
Atmel Corp.	*	18,733		175,528
Avago Technologies Ltd. (Singapore)		9,128		657,855
Axcelis Technologies, Inc.	*	4,095		8,190
Broadcom Corp., Class A		21,893		812,668
Brooks Automation, Inc.		3,103		33,419

See accompanying notes to financial statements

253

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Cabot Microelectronics Corp.	*		1,049	$	46,838
Cavium, Inc.	*		1,864		92,566
CEVA, Inc.	*		692		10,221
Cirrus Logic, Inc.	*		2,946		66,992
Cohu, Inc.			859		9,191
Cree, Inc.	*		5,646		282,018
Cypress Semiconductor Corp.	*†		4,876		53,197
Diodes, Inc.	*		2,400		69,504
DSP Group, Inc.	*		1,194		10,137
Entegris, Inc.	*		5,738		78,869
Entropic Communications, Inc.	*		12,340		41,092
Exar Corp.	*		1,758		19,865
Fairchild Semiconductor International, Inc.	*		4,903		76,487
First Solar, Inc.	*		2,540		180,492
FormFactor, Inc.	*		1,417		11,789
Freescale Semiconductor Ltd.	*		1,768		41,548
GT Advanced Technologies, Inc.	*		4,184		77,822
Hittite Microwave Corp.			1,112		86,680
Integrated Device Technology, Inc.	*		8,168		126,277
Integrated Silicon Solution, Inc.	*		1,269		18,743
Intel Corp.			187,128		5,782,255
International Rectifier Corp.	*		2,631		73,405
Intersil Corp., Class A			5,757		86,067
IXYS Corp.			1,329		16,373
KLA-Tencor Corp.			5,600		406,784
Kopin Corp.	*		2,431		7,925
Lam Research Corp.			6,125		413,928
Lattice Semiconductor Corp.	*		4,395		36,259
Linear Technology Corp.			7,773		365,875
Marvell Technology Group Ltd. (Bermuda)			18,500		265,105
Maxim Integrated Products, Inc.			9,481		320,553
Micrel, Inc.			3,731		42,086
Microchip Technology, Inc.	†		6,639		324,050
Micron Technology, Inc.	*		38,531		1,269,596
Microsemi Corp.	*		2,474		66,204
MKS Instruments, Inc.			2,455		76,694
NVE Corp.	*		348		19,345
NVIDIA Corp.			20,184		374,211
OmniVision Technologies, Inc.	*		2,354		51,741
ON Semiconductor Corp.	*		23,913		218,565
PDF Solutions, Inc.	*		974		20,668
Pericom Semiconductor Corp.	*		1,023		9,248
Photronics, Inc.	*		1,388		11,937
PLX Technology, Inc.	*		1,050		6,794
PMC-Sierra, Inc.	*		7,045		53,612
Power Integrations, Inc.			1,952		112,318
QuickLogic Corp.	*		8,386		43,356
Rambus, Inc.	*		4,071		58,215
RF Micro Devices, Inc.	*		8,143		78,091
Rubicon Technology, Inc.	*		4,910		42,963
Rudolph Technologies, Inc.	*		1,247		12,320
Semtech Corp.	*		2,970		77,666
Silicon Image, Inc.	*		2,948		14,858
Silicon Laboratories, Inc.	*		2,124		104,607
Skyworks Solutions, Inc.			5,822		273,401
SunEdison, Inc.	*		11,936		269,754
SunPower Corp.	*†		1,759		72,084
Synaptics, Inc.	*		1,586		143,755

		Shares		Value
Teradyne, Inc.	†	7,938	$	155,585
Tessera Technologies, Inc.		1,560		34,445
Texas Instruments, Inc.		40,789		1,949,306
TriQuint Semiconductor, Inc.	*	4,918		77,754
Ultra Clean Holdings, Inc.	*	4,664		42,209
Ultratech, Inc.	*	971		21,537
Veeco Instruments, Inc.	*†	1,294		48,214
Vitesse Semiconductor Corp.	*	11,946		41,214
Xcerra Corp.	*	1,358		12,358
Xilinx, Inc.		8,908		421,438
				19,882,059
Software—3.7%
ACI Worldwide, Inc.	*	1,653		92,287
Activision Blizzard, Inc.		17,758		396,003
Actuate Corp.	*	2,084		9,941
Adobe Systems, Inc.	*	18,524		1,340,397
Advent Software, Inc.		2,902		94,518
American Software, Inc., Class A		1,950		19,266
ANSYS, Inc.	*	3,449		261,503
Aspen Technology, Inc.	*	3,661		169,870
Autodesk, Inc.	*	9,258		521,966
Blackbaud, Inc.		2,650		94,711
CA, Inc.		11,593		333,183
Cadence Design Systems, Inc.	*	10,745		187,930
Callidus Software, Inc.	*	172		2,054
Citrix Systems, Inc.	*	7,179		449,046
CommVault Systems, Inc.	*	1,510		74,247
Compuware Corp.		7,505		74,975
Concur Technologies, Inc.	*†	2,083		194,427
Ebix, Inc.	†	2,802		40,097
Electronic Arts, Inc.	*	12,060		432,592
Epiq Systems, Inc.		1,087		15,272
FactSet Research Systems, Inc.	†	1,490		179,217
Fair Isaac Corp.		2,628		167,561
FireEye, Inc.	*	2,952		119,704
Fortinet, Inc.	*	5,654		142,085
Gigamon, Inc.	*	2,114		40,462
Glu Mobile, Inc.	*	10,871		54,355
Guidewire Software, Inc.	*	3,146		127,916
Imperva, Inc.	*	1,888		49,428
Informatica Corp.	*	3,171		113,046
Interactive Intelligence Group, Inc.	*	950		53,324
Intuit, Inc.		11,315		911,197
Manhattan Associates, Inc.	*	4,784		164,713
Mentor Graphics Corp.		2,745		59,210
MICROS Systems, Inc.	*	3,428		232,761
Microsoft Corp.		312,251		13,020,867
MicroStrategy, Inc., Class A	*	513		72,138
NetScout Systems, Inc.	*	1,250		55,425
NetSuite, Inc.	*	1,276		110,859
Nuance Communications, Inc.	*	9,517		178,634
Oracle Corp.		125,148		5,072,248
Pegasystems, Inc.		4,282		90,436
Progress Software Corp.	*	1,983		47,671
Proofpoint, Inc.	*	1,126		42,180
PTC, Inc.	*	4,423		171,612
Qlik Technologies, Inc.	*	5,245		118,642
Red Hat, Inc.	*	7,251		400,763
Rovi Corp.	*	3,917		93,851
salesforce.com, Inc.	*	22,484		1,305,871
SeaChange International, Inc.	*	958		7,674

See accompanying notes to financial statements

254

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares			Value
COMMON STOCKS—(Continued)
ServiceNow, Inc.	*		4,208		$	260,728
Silver Spring Networks, Inc.	*		2,969			39,577
SolarWinds, Inc.	*		1,876			72,526
Solera Holdings, Inc.			3,377			226,766
Splunk, Inc.	*		4,640			256,731
SS&C Technologies Holdings, Inc.	*		3,677			162,597
Symantec Corp.			26,135			598,492
Synopsys, Inc.	*		6,501			252,369
Tableau Software, Inc., Class A	*		632			45,081
Take-Two Interactive Software, Inc.	*		2,643			58,780
TIBCO Software, Inc.	*		4,452			89,797
TiVo, Inc.	*		2,696			34,805
Tyler Technologies, Inc.	*		1,886			172,022
Ultimate Software Group, Inc. (The)	*		1,242			171,607
VASCO Data Security International, Inc.	*		3,804			44,126
Verint Systems, Inc.	*		3,366			165,102
VirnetX Holding Corp.	*		2,400			42,264
VMware, Inc., Class A	*		3,264			315,988
Vringo, Inc.	*†		10,252			35,062
Workday, Inc., Class A	*		3,054			274,432
Zynga, Inc., Class A	*		26,117			83,836
						31,410,823
Specialty Retail—2.2%
Aaron’s, Inc.			2,908			103,641
Abercrombie & Fitch Co., Class A	†		3,072	��		132,864
Advance Auto Parts, Inc.			3,235			436,466
Aeropostale, Inc.	*†		2,075			7,242
American Eagle Outfitters, Inc.	†		12,752			143,077
America’s Car-Mart, Inc.	*		354			14,001
ANN, Inc.	*		2,733			112,436
Asbury Automotive Group, Inc.	*		1,342			92,249
Ascena Retail Group, Inc.	*		5,194			88,817
AutoNation, Inc.	*		2,555			152,482
AutoZone, Inc.	*		1,308			701,402
Barnes & Noble, Inc.	*		828			18,870
bebe stores, Inc.			790			2,410
Bed Bath & Beyond, Inc.	*		7,504			430,580
Best Buy Co., Inc.			9,299			288,362
Big 5 Sporting Goods Corp.			1,071			13,141
Brown Shoe Co., Inc.			1,791			51,241
Buckle, Inc. (The)	†		1,236			54,829
Cabela’s, Inc.	*†		1,696			105,830
CarMax, Inc.	*		7,970			414,520
Cato Corp. (The), Class A			1,761			54,415
Chico’s FAS, Inc.			7,236			122,723
Children’s Place, Inc. (The)	†		1,144			56,777
Conn’s, Inc.	*		871			43,019
CST Brands, Inc.			2,444			84,318
Destination Maternity Corp.			1,200			27,324
Destination XL Group, Inc.	*		1,930			10,634
Dick’s Sporting Goods, Inc.			2,480			115,469
DSW, Inc., Class A			1,192			33,305
Express, Inc.	*		6,015			102,435
Finish Line, Inc. (The), Class A			1,917			57,012
Five Below, Inc.	*		1,062			42,384
Foot Locker, Inc.			5,840			296,205

		Shares		Value
GameStop Corp., Class A	†	4,171	$	168,800
Gap, Inc. (The)		11,079		460,554
Genesco, Inc.	*	921		75,642
GNC Holdings, Inc., Class A		2,440		83,204
Group 1 Automotive, Inc.		1,068		90,043
Guess?, Inc.		1,639		44,253
Haverty Furniture Cos., Inc.		1,111		27,919
Hibbett Sports, Inc.	*†	1,396		75,621
Home Depot, Inc. (The)		52,250		4,230,160
Kirkland’s, Inc.	*	833		15,452
L Brands, Inc.		9,309		546,066
Lithia Motors, Inc., Class A		862		81,088
Lowe’s Cos., Inc.		39,727		1,906,499
Lumber Liquidators Holdings, Inc.	*	769		58,406
MarineMax, Inc.	*	800		13,392
Men’s Wearhouse, Inc. (The)		2,437		135,985
Monro Muffler Brake, Inc.	†	1,487		79,094
Murphy USA, Inc.	*	1,451		70,939
Office Depot, Inc.	*	21,441		121,999
O’Reilly Automotive, Inc.	*	3,911		588,997
Outerwall, Inc.	*†	1,075		63,801
Penske Automotive Group, Inc.		1,654		81,873
Pep Boys-Manny, Moe & Jack (The)	*	2,200		25,212
PetSmart, Inc.	†	3,546		212,051
Pier 1 Imports, Inc.		3,712		57,202
Rent-A-Center, Inc.		1,769		50,735
Restoration Hardware Holdings, Inc.	*	526		48,944
Ross Stores, Inc.		7,877		520,906
Sally Beauty Holdings, Inc.	*	9,008		225,921
Select Comfort Corp.	*	2,104		43,469
Signet Jewelers Ltd. (Bermuda)		3,344		369,813
Sonic Automotive, Inc., Class A		1,649		43,995
Stage Stores, Inc.		2,236		41,791
Staples, Inc.		22,960		248,886
Stein Mart, Inc.		1,261		17,515
Systemax, Inc.	*	1,358		19,514
Tiffany & Co.		4,057		406,714
TJX Cos., Inc. (The)		26,596		1,413,577
Tractor Supply Co.		5,080		306,832
Ulta Salon Cosmetics & Fragrance, Inc.	*	2,434		222,492
Urban Outfitters, Inc.	*	5,012		169,706
Vitamin Shoppe, Inc.	*	2,795		120,241
West Marine, Inc.	*	803		8,239
Williams-Sonoma, Inc.		3,877		278,291
				18,282,313
Technology Hardware, Storage & Peripherals—3.4%
3D Systems Corp.	*†	4,215		252,057
Apple, Inc.		227,508		21,142,318
Cray, Inc.	*†	714		18,992
Diebold, Inc.		3,079		123,683
Electronics For Imaging, Inc.	*	2,638		119,238
EMC Corp.		79,499		2,094,004
Fusion-io, Inc.	*	5,678		64,161
Hewlett-Packard Co.		71,885		2,421,087
Lexmark International, Inc., Class A		1,492		71,855
NCR Corp.	*	6,904		242,261
NetApp, Inc.		11,382		415,671
QLogic Corp.	*	3,731		37,646

See accompanying notes to financial statements

255

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Quantum Corp.	*†		6,681	$	8,151
SanDisk Corp.			8,969		936,633
Silicon Graphics International Corp.	*†		1,843		17,730
Stratasys Ltd.	*		1,440		163,627
Violin Memory, Inc.	*		9,447		41,850
Western Digital Corp.			8,356		771,259
					28,942,223
Textiles, Apparel & Luxury Goods—0.8%
Carter’s, Inc.			1,476		101,741
Coach, Inc.			10,479		358,277
Columbia Sportswear Co.			652		53,888
Crocs, Inc.	*		3,600		54,108
Culp, Inc.			888		15,460
Deckers Outdoor Corp.	*†		1,935		167,049
Fossil Group, Inc.	*		1,614		168,695
Hanesbrands, Inc.			4,099		403,506
Iconix Brand Group, Inc.	*		2,737		117,527
Kate Spade & Co.	*		4,930		188,030
Michael Kors Holdings Ltd. (Hong Kong)	*		7,314		648,386
Movado Group, Inc.			1,678		69,922
NIKE, Inc., Class B			26,185		2,030,647
Oxford Industries, Inc.			936		62,403
PVH Corp.			2,525		294,415
Quiksilver, Inc.	*		4,288		15,351
Ralph Lauren Corp.			2,261		363,320
Sequential Brands Group, Inc.	*		3,524		48,666
Skechers U.S.A., Inc., Class A	*		1,935		88,429
Steven Madden Ltd.	*		2,533		86,882
Under Armour, Inc., Class A	*		7,748		460,929
Unifi, Inc.	*		876		24,116
V.F. Corp.			12,436		783,468
Wolverine World Wide, Inc.	†		5,178		134,939
					6,740,154
Thrifts & Mortgage Finance—0.2%
Astoria Financial Corp.			3,465		46,604
Bank Mutual Corp.			3,756		21,785
BBX Capital Corp., Class A	*		2,244		40,392
Beneficial Mutual Bancorp, Inc.	*		969		13,140
Brookline Bancorp, Inc.			3,765		35,278
Capitol Federal Financial, Inc.			4,787		58,210
Dime Community Bancshares, Inc.			1,638		25,864
ESB Financial Corp.	†		5,450		70,523
EverBank Financial Corp.	†		6,660		134,266
Home Loan Servicing Solutions Ltd. (Cayman Islands)			6,384		145,108
Hudson City Bancorp, Inc.			26,577		261,252
MGIC Investment Corp.	*		16,751		154,779
NASB Financial, Inc.	†		528		12,487
New York Community Bancorp, Inc.	†		12,640		201,987
Northwest Bancshares, Inc.			4,608		62,531
Ocwen Financial Corp.	*		3,358		124,582
People’s United Financial, Inc.			15,654		237,471
Provident Financial Services, Inc.			943		16,333
Radian Group, Inc.			8,446		125,085
Territorial Bancorp, Inc.			2,649		55,311
TFS Financial Corp.	*		3,398		48,455
Tree.com, Inc.	*		314		9,150

		Shares		Value
TrustCo Bank Corp. NY		3,435	$	22,946
Washington Federal, Inc.		3,379		75,791
				1,999,330
Tobacco—1.2%
Alliance One International, Inc.	*	2,000		5,000
Altria Group, Inc.		76,646		3,214,533
Lorillard, Inc.		14,892		907,965
Philip Morris International, Inc.		59,888		5,049,157
Reynolds American, Inc.		11,115		670,790
Universal Corp.		1,078		59,668
Vector Group Ltd.	†	3,197		66,114
				9,973,227
Trading Companies & Distributors—0.3%
Air Lease Corp.		2,229		85,995
Aircastle Ltd.		6,140		109,108
Applied Industrial Technologies, Inc.		2,056		104,301
Beacon Roofing Supply, Inc.	*	2,570		85,118
Fastenal Co.		11,276		558,049
GATX Corp.		1,766		118,216
H&E Equipment Services, Inc.	*	1,600		58,144
HD Supply Holdings, Inc.	*	1,476		41,904
MRC Global, Inc.	*	1,447		40,936
MSC Industrial Direct Co., Inc., Class A		1,782		170,430
NOW, Inc.	*	3,975		143,935
TAL International Group, Inc.	*†	2,773		123,010
United Rentals, Inc.	*	3,667		384,045
W.W. Grainger, Inc.		2,301		585,075
Watsco, Inc.		553		56,826
WESCO International, Inc.	*	1,550		133,889
				2,798,981
Water Utilities—0.1%
American States Water Co.		2,522		83,806
American Water Works Co., Inc.		8,019		396,540
Aqua America, Inc.		5,411		141,876
California Water Service Group		1,930		46,706
Connecticut Water Service, Inc.		2,808		95,107
SJW Corp.		1,010		27,472
				791,507
Wireless Telecommunication Services—0.2%
NTELOS Holdings Corp.	†	1,350		16,821
SBA Communications Corp., Class A	*	5,704		583,519
Shenandoah Telecommunications Co.		1,200		36,552
Sprint Corp.	*	33,577		286,412
Telephone & Data Systems, Inc.		3,217		83,996
T-Mobile US, Inc.	*	9,242		310,716
United States Cellular Corp.	*	680		27,744
				1,345,760
TOTAL COMMON STOCKS
(Cost $446,176,814)				827,800,122

See accompanying notes to financial statements

256

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Broad Market Index Fund
Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.011%	09/11/2014
(Cost $659,984)		‡‡	$	660,000	$	659,980
			Shares		Value
RIGHTS—0.0%
Pharmaceuticals—0.0%
Furiex Pharmaceuticals, Inc.		*‡d		1,998		—
Textiles, Apparel & Luxury Goods—0.0%
Mossimo, Inc.		*‡d		2,806		—
Wireless Telecommunication Services—0.0%
Leap Wireless International, Inc.		*‡		3,300		8,349
TOTAL RIGHTS
(Cost $—)						8,349
WARRANTS—0.0%
Communications Equipment—0.0%
Pegasus Wireless Corp., Strike $1.00		*‡d		540		—
Oil, Gas & Consumable Fuels—0.0%
Magnum Hunter Resources Corp., Expires 04/15/2016, Strike $1.00		*†‡		893		1,589
TOTAL WARRANTS
(Cost $—)						1,589
MONEY MARKET FUNDS—4.0%
Institutional Money Market Funds—4.0%
Dreyfus Institutional Cash Advantage Fund, 0.06%		††¥		3,400,000		3,400,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%		¥		13,599,816		13,599,816
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%		††¥		3,441,348		3,441,348
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.06%		††¥		3,400,000		3,400,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.06%		††¥		3,400,000		3,400,000

		Shares		Value
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.07%	††¥		3,400,000	$	3,400,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.07%	††¥		3,400,000		3,400,000
TOTAL MONEY MARKET FUNDS
(Cost $34,041,164)					34,041,164
TOTAL INVESTMENTS—102.3%
(Cost $480,877,962)					862,511,204
Other assets less liabilities—(2.3%)					(19,421,181	)
NET ASSETS—100.0%				$	843,090,023

Notes to the Schedule of Investments:

REIT	Real Estate Investment Trust
†	Denotes all or a portion of the security on loan.
*	Non-income producing.
d	Security has no market value at June 30, 2014.
‡	Security valued at fair value as determined by policies approved by the Board of Directors. (Total Market Value $9,938)
‡‡	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

257

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—98.7%
Aerospace & Defense—1.3%
AAR Corp.			7,916	$	218,165
Aerovironment, Inc.	*		3,832		121,858
Alliant Techsystems, Inc.			5,900		790,128
American Science & Engineering, Inc.			1,394		97,008
Astronics Corp.	*		2,545		143,665
Cubic Corp.			3,920		174,479
Curtiss-Wright Corp.			8,424		552,277
DigitalGlobe, Inc.	*		13,689		380,554
Ducommun, Inc.	*		1,702		44,473
Engility Holdings, Inc.	*		2,873		109,921
Esterline Technologies Corp.	*		5,740		660,789
Exelis, Inc.			35,218		598,002
GenCorp, Inc.	*†		11,785		225,094
HEICO Corp.			12,091		628,007
Hexcel Corp.	*		18,133		741,640
Huntington Ingalls Industries, Inc.			8,825		834,757
KEYW Holding Corp. (The)	*†		5,318		66,847
Kratos Defense & Security Solutions, Inc.	*		9,324		72,727
LMI Aerospace, Inc.	*		1,056		13,812
Moog, Inc., Class A	*		8,013		584,068
National Presto Industries, Inc.	†		975		71,019
Orbital Sciences Corp.	*		11,370		335,984
SIFCO Industries, Inc.			420		13,104
Sparton Corp.	*		1,633		45,299
Spirit AeroSystems Holdings, Inc., Class A	*		21,936		739,243
Taser International, Inc.	*		9,624		127,999
Teledyne Technologies, Inc.	*		6,808		661,533
Triumph Group, Inc.			9,630		672,367
					9,724,819
Air Freight & Logistics—0.2%
Air Transport Services Group, Inc.	*		10,717		89,701
Atlas Air Worldwide Holdings, Inc.	*		4,497		165,714
Echo Global Logistics, Inc.	*		3,023		57,951
Forward Air Corp.			5,836		279,253
Hub Group, Inc., Class A	*		6,527		328,961
Park-Ohio Holdings Corp.			1,449		84,201
UTi Worldwide, Inc.	*		16,303		168,573
XPO Logistics, Inc.	*†		9,058		259,240
					1,433,594
Airlines—0.5%
Alaska Air Group, Inc.			12,334		1,172,347
Allegiant Travel Co.			2,648		311,855
Copa Holdings SA, Class A (Panama)			6,094		868,822
Hawaiian Holdings, Inc.	*†		8,734		119,743
JetBlue Airways Corp.	*		45,430		492,915
Republic Airways Holdings, Inc.	*		9,724		105,408
SkyWest, Inc.			8,900		108,758
Spirit Airlines, Inc.	*		12,808		809,978
					3,989,826

			Shares		Value
Auto Components—1.3%
American Axle & Manufacturing Holdings, Inc.		*		11,657	$	220,201
Cooper Tire & Rubber Co.				11,202		336,060
Cooper-Standard Holding, Inc.		*		2,203		145,750
Dana Holding Corp.	��			28,257		690,036
Dorman Products, Inc.		*		4,696		231,607
Drew Industries, Inc.				4,435		221,794
Federal-Mogul Holdings Corp.		*		4,327		87,535
Fox Factory Holding Corp.		*		1,589		27,951
Fuel Systems Solutions, Inc.		*		2,164		24,107
Gentex Corp.				26,752		778,216
Gentherm, Inc.		*		6,384		283,769
Goodyear Tire & Rubber Co. (The)				44,372		1,232,654
Lear Corp.				14,583		1,302,554
Modine Manufacturing Co.		*		7,889		124,173
Motorcar Parts of America, Inc.		*		2,428		59,122
Remy International, Inc.				2,247		52,467
Shiloh Industries, Inc.		*		1,469		27,118
Spartan Motors, Inc.				7,093		32,202
Standard Motor Products, Inc.				3,701		165,324
Stoneridge, Inc.		*		4,564		48,926
Strattec Security Corp.				558		35,985
Superior Industries International, Inc.				3,960		81,655
Tenneco, Inc.		*		11,180		734,526
Tower International, Inc.		*		3,444		126,877
TRW Automotive Holdings Corp.		*		19,627		1,757,009
Visteon Corp.		*		8,696		843,599
						9,671,217
Automobiles—0.1%
Thor Industries, Inc.				7,991		454,448
Winnebago Industries, Inc.		*		5,233		131,767
						586,215
Banks—5.1%
1st Source Corp.				3,248		99,454
1st United Bancorp, Inc./Boca Raton				6,773		58,383
American National Bankshares, Inc.				1,246		27,076
Ameris Bancorp		*		4,403		94,929
Ames National Corp.		†		1,475		34,131
Arrow Financial Corp.				2,129		55,226
Associated Banc-Corp				28,681		518,552
Banc of California, Inc.		†		3,678		40,090
BancFirst Corp.				1,092		67,595
Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)				5,927		175,854
Bancorp, Inc. (The)/Delaware		*		6,092		72,556
BancorpSouth, Inc.				16,961		416,732
Bank of Hawaii Corp.				8,019		470,635
Bank of Kentucky Financial Corp. (The)				972		33,816
Bank of Marin Bancorp				862		39,299
Bank of the Ozarks, Inc.				13,962		467,029
BankUnited, Inc.				17,547		587,474
Banner Corp.				3,350		132,760
BBCN Bancorp, Inc./California				14,858		236,985
BNC Bancorp				2,917		49,793
BOK Financial Corp.				4,915		327,339

See accompanying notes to financial statements

258

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Boston Private Financial Holdings, Inc.			15,034	$	202,057
Bridge Bancorp, Inc.			2,704		64,869
Bridge Capital Holdings	*		1,525		36,920
Bryn Mawr Bank Corp.			2,581		75,159
Camden National Corp.			1,411		54,690
Capital Bank Financial Corp., Class A	*		3,865		91,253
Capital City Bank Group, Inc.			1,724		25,050
Cardinal Financial Corp.			5,568		102,785
Cascade Bancorp	*		4,328		22,549
Cathay General Bancorp			14,388		367,757
Catskill Litigation Trust	*‡d		583		—
Center Bancorp, Inc.	†		1,474		28,345
Centerstate Banks, Inc.			4,967		55,630
Central Pacific Financial Corp.			3,221		63,937
Century Bancorp, Inc./Massachussetts, Class A			582		20,568
Chemical Financial Corp.			5,880		165,110
Citizens & Northern Corp.			1,953		38,064
City Holding Co.			2,691		121,418
City National Corp./California			8,405		636,763
CNB Financial Corp./Pennsylvania			3,476		58,397
CoBiz Financial, Inc.			6,918		74,507
Columbia Banking System, Inc.			9,330		245,472
Commerce Bancshares, Inc./Missouri			14,835		689,827
Community Bank System, Inc.			7,504		271,645
Community Trust Bancorp, Inc.			3,220		110,188
CommunityOne Bancorp	*		1,764		17,111
ConnectOne Bancorp, Inc.	*		646		32,229
CU Bancorp	*		1,509		28,777
Cullen/Frost Bankers, Inc.			9,400		746,548
Customers Bancorp, Inc.	*		3,479		69,615
CVB Financial Corp.			17,733		284,260
Eagle Bancorp, Inc.	*		4,554		153,697
East West Bancorp, Inc.			25,540		893,645
Enterprise Bancorp, Inc./Massachussetts			1,147		23,663
Enterprise Financial Services Corp.			4,434		80,078
Fidelity Southern Corp.			2,407		31,267
Financial Institutions, Inc.			2,448		57,332
First Bancorp, Inc./Maine			1,513		26,417
First BanCorp. (Puerto Rico)	*		13,990		76,106
First Bancorp/North Carolina			2,954		54,206
First Busey Corp.			14,438		83,885
First Business Financial Services, Inc.			635		29,864
First Citizens BancShares, Inc./North Carolina, Class A			1,324		324,380
First Commonwealth Financial Corp.			18,567		171,188
First Community Bancshares, Inc./Virginia			2,951		42,288
First Connecticut Bancorp, Inc./Farmington CT			2,809		45,084
First Financial Bancorp			9,796		168,589
First Financial Bankshares, Inc.	†		11,100		348,207
First Financial Corp./Indiana			1,835		59,069
First Horizon National Corp.			42,621		505,485

		Shares		Value
First Interstate BancSystem, Inc.			2,723	$	74,011
First Merchants Corp.			7,037		148,762
First Midwest Bancorp, Inc./Illinois			14,625		249,064
First NBC Bank Holding Co.	*		2,471		82,803
First Niagara Financial Group, Inc.			63,646		556,266
First of Long Island Corp. (The)			1,432		55,963
First Republic Bank/California			24,270		1,334,607
FirstMerit Corp.			30,125		594,969
Flushing Financial Corp.			5,182		106,490
FNB Corp./Pennsylvania			28,506		365,447
Fulton Financial Corp.			35,157		435,595
German American Bancorp, Inc.			2,006		54,322
Glacier Bancorp, Inc.			13,371		379,469
Great Southern Bancorp, Inc.			1,938		62,113
Guaranty Bancorp			3,103		43,132
Hampton Roads Bankshares, Inc.	*†		5,516		9,543
Hancock Holding Co.			14,839		524,113
Hanmi Financial Corp.			5,822		122,728
Heartland Financial USA, Inc.			2,967		73,374
Heritage Commerce Corp.			4,197		34,289
Heritage Financial Corp./Washington			5,246		84,408
Heritage Oaks Bancorp	*		3,455		26,362
Home Bancshares, Inc./Arkansas			9,580		314,416
HomeTrust Bancshares, Inc.	*		3,407		53,728
Horizon Bancorp/Indiana			1,400		30,576
Hudson Valley Holding Corp.			2,708		48,879
Huntington Bancshares, Inc./Ohio			148,445		1,416,165
IBERIABANK Corp.			5,304		366,984
Independent Bank Corp./Massachusetts			4,722		181,230
Independent Bank Corp./Michigan			3,690		47,490
Independent Bank Group, Inc.			1,534		85,398
International Bancshares Corp.			10,389		280,503
Investors Bancorp, Inc.			60,808		671,928
Lakeland Bancorp, Inc.			8,284		89,467
Lakeland Financial Corp.			3,085		117,724
Macatawa Bank Corp.	†		3,843		19,484
MainSource Financial Group, Inc.			4,454		76,832
MB Financial, Inc.			10,454		282,781
Mercantile Bank Corp.			2,847		65,139
Merchants Bancshares, Inc.			1,246		39,847
Metro Bancorp, Inc.	*		2,334		53,962
MidSouth Bancorp, Inc.			1,585		31,526
MidWestOne Financial Group, Inc.			1,528		36,657
National Bank Holdings Corp., Class A			8,123		161,973
National Bankshares, Inc.	†		1,101		34,010
National Penn Bancshares, Inc.			22,622		239,341
NBT Bancorp, Inc.			8,605		206,692
NewBridge Bancorp	*		4,001		32,248
Northrim BanCorp, Inc.			1,031		26,363
OFG Bancorp (Puerto Rico)			8,948		164,733
Old Line Bancshares, Inc.			1,400		22,064
Old National Bancorp/Indiana			19,139		273,305
OmniAmerican Bancorp, Inc.			1,885		47,125
Opus Bank	*		850		24,701
Pacific Continental Corp.			2,833		38,897
Pacific Premier Bancorp, Inc.	*		2,487		35,042
PacWest Bancorp			18,111		781,852

See accompanying notes to financial statements

259

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Palmetto Bancshares, Inc.	*†		743	$	10,692
Park National Corp.			1,966		151,775
Park Sterling Corp.			7,082		46,670
Peapack Gladstone Financial Corp.			1,381		29,291
Penns Woods Bancorp, Inc.			1,191		56,096
Peoples Bancorp, Inc./Ohio			2,337		61,814
Peoples Financial Services Corp.			1,215		62,439
Pinnacle Financial Partners, Inc.			6,075		239,841
Popular, Inc. (Puerto Rico)	*		18,597		635,645
Preferred Bank/California	*		2,248		53,143
PrivateBancorp, Inc.			12,103		351,713
Prosperity Bancshares, Inc.			12,350		773,110
Renasant Corp.			6,084		176,862
Republic Bancorp, Inc./Kentucky, Class A			2,055		48,745
Republic First Bancorp, Inc.	*		4,979		25,094
S&T Bancorp, Inc.			5,786		143,782
Sandy Spring Bancorp, Inc.			4,178		104,074
Seacoast Banking Corp of Florida	*		3,385		36,795
Sierra Bancorp			2,504		39,563
Signature Bank/New York	*		8,580		1,082,624
Simmons First National Corp., Class A			2,738		107,850
South State Corp.			4,489		273,829
Southside Bancshares, Inc.	†		3,162		91,558
Southwest Bancorp, Inc./Oklahoma			4,075		69,520
Square 1 Financial, Inc., Class A	*		1,000		19,010
State Bank Financial Corp.			5,308		89,758
Sterling Bancorp/New York			14,148		169,776
Stock Yards Bancorp, Inc.			2,661		79,564
Stonegate Bank			1,602		40,370
Suffolk Bancorp	*		2,229		49,729
Sun Bancorp, Inc./New Jersey	*		6,405		25,684
Susquehanna Bancshares, Inc.			35,211		371,828
SVB Financial Group	*		9,104		1,061,708
Synovus Financial Corp.			24,991		609,281
Talmer Bancorp, Inc., Class A	*		3,339		46,045
Taylor Capital Group, Inc.	*		2,736		58,496
TCF Financial Corp.			30,121		493,081
Texas Capital Bancshares, Inc.	*		7,710		415,955
Tompkins Financial Corp.			2,487		119,824
TowneBank/Virginia	†		4,995		78,471
Trico Bancshares			2,628		60,812
Tristate Capital Holdings, Inc.	*		3,661		51,730
Trustmark Corp.			12,758		314,995
UMB Financial Corp.			6,296		399,103
Umpqua Holdings Corp.			30,251		542,098
Union Bankshares Corp.			7,839		201,070
United Bankshares, Inc./West Virginia			11,528		372,700
United Community Banks, Inc./Georgia			8,268		135,347
Univest Corp of Pennsylvania			2,741		56,739
Valley National Bancorp	†		36,283		359,565
VantageSouth Bancshares, Inc.	*†		2,017		12,001
ViewPoint Financial Group, Inc.			7,553		203,251
Washington Trust Bancorp, Inc.			3,111		114,391
Webster Financial Corp.			16,333		515,143
WesBanco, Inc.			4,384		136,079
West Bancorporation, Inc.			2,473		37,664

		Shares		Value
Westamerica Bancorporation	†		4,848	$	253,453
Western Alliance Bancorp	*		13,905		330,939
Wilshire Bancorp, Inc.			11,523		118,341
Wintrust Financial Corp.			7,897		363,262
Yadkin Financial Corp.	*		2,278		42,918
Zions Bancorporation			33,439		985,447
					37,806,703
Beverages—0.1%
Boston Beer Co., Inc. (The), Class A	*		1,496		334,386
Coca-Cola Bottling Co. Consolidated			798		58,789
Craft Brew Alliance, Inc.	*		1,788		19,775
National Beverage Corp.	*		1,873		35,437
					448,387
Biotechnology—3.3%
ACADIA Pharmaceuticals, Inc.	*†		13,001		293,693
Acceleron Pharma, Inc.	*†		2,755		93,587
Achillion Pharmaceuticals, Inc.	*†		15,783		119,477
Acorda Therapeutics, Inc.	*		7,049		237,622
Actinium Pharmaceuticals, Inc.	*		3,188		23,017
Aegerion Pharmaceuticals, Inc.	*†		5,288		169,692
Agenus, Inc.	*		10,018		32,258
Agios Pharmaceuticals, Inc.	*†		2,295		105,157
Akebia Therapeutics, Inc.	*		1,261		35,043
Alder Biopharmaceuticals, Inc.	*		1,350		27,094
Alkermes plc (Ireland)	*		25,772		1,297,105
Alnylam Pharmaceuticals, Inc.	*		11,750		742,247
AMAG Pharmaceuticals, Inc.	*†		3,480		72,106
Anacor Pharmaceuticals, Inc.	*†		5,694		100,955
Applied Genetic Technologies Corp.	*		800		18,480
Arena Pharmaceuticals, Inc.	*†		39,027		228,698
ARIAD Pharmaceuticals, Inc.	*†		32,103		204,496
Array BioPharma, Inc.	*		23,016		104,953
Arrowhead Research Corp.	*		8,351		119,503
Auspex Pharmaceuticals, Inc.	*		1,502		33,450
BioCryst Pharmaceuticals, Inc.	*		11,282		143,846
BioSpecifics Technologies Corp.	*		600		16,176
BioTime, Inc.	*†		5,653		17,242
Bluebird Bio, Inc.	*†		3,179		122,614
Cara Therapeutics, Inc.	*†		979		16,663
Celldex Therapeutics, Inc.	*†		17,381		283,658
Cellular Dynamics International, Inc.	*†		620		9,033
Cepheid, Inc.	*		12,602		604,140
ChemoCentryx, Inc.	*†		4,080		23,868
Chimerix, Inc.	*		4,475		98,182
Clovis Oncology, Inc.	*		4,327		179,181
CTI BioPharma Corp.	*†		27,606		77,573
Cubist Pharmaceuticals, Inc.	*		13,304		928,885
Cytokinetics, Inc.	*†		7,327		35,023
Cytori Therapeutics, Inc.	*†		10,004		23,910
CytRx Corp.	*		8,979		37,532
Dendreon Corp.	*†		30,192		69,442
Dicerna Pharmaceuticals, Inc.	*†		642		14,490
Durata Therapeutics, Inc.	*†		2,219		37,790
Dyax Corp.	*		22,226		213,370
Dynavax Technologies Corp.	*†		57,988		92,781
Eleven Biotherapeutics, Inc.	*†		819		10,794
Emergent Biosolutions, Inc.	*		4,839		108,684
Enanta Pharmaceuticals, Inc.	*		1,722		74,167

See accompanying notes to financial statements

260

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Epizyme, Inc.	*†		2,156	$	67,095
Esperion Therapeutics, Inc.	*†		738		11,690
Exact Sciences Corp.	*†		14,175		241,400
Exelixis, Inc.	*†		35,337		119,792
Five Prime Therapeutics, Inc.	*†		2,870		44,629
Flexion Therapeutics, Inc.	*		811		10,932
Foundation Medicine, Inc.	*†		2,363		63,706
Galectin Therapeutics, Inc.	*		2,900		40,049
Galena Biopharma, Inc.	*†		22,766		69,664
Genocea Biosciences, Inc.	*		695		13,031
Genomic Health, Inc.	*		3,336		91,406
Geron Corp.	*†		35,629		114,369
Halozyme Therapeutics, Inc.	*†		17,334		171,260
Heron Therapeutics, Inc.	*		3,128		38,537
Hyperion Therapeutics, Inc.	*†		1,530		39,933
Idenix Pharmaceuticals, Inc.	*		21,200		510,920
Idera Pharmaceuticals, Inc.	*		9,693		28,110
ImmunoGen, Inc.	*†		16,516		195,715
Immunomedics, Inc.	*†		12,320		44,968
Incyte Corp. Ltd.	*		25,222		1,423,530
Infinity Pharmaceuticals, Inc.	*		7,990		101,793
Inovio Pharmaceuticals, Inc.	*		9,684		104,684
Insmed, Inc.	*		7,258		145,015
Insys Therapeutics, Inc.	*†		1,204		37,601
Intercept Pharmaceuticals, Inc.	*		2,134		504,968
InterMune, Inc.	*		17,615		777,702
Intrexon Corp.	*†		5,923		148,845
Ironwood Pharmaceuticals, Inc.	*†		21,176		324,628
Isis Pharmaceuticals, Inc.	*†		20,945		721,555
Karyopharm Therapeutics, Inc.	*†		2,125		98,919
Keryx Biopharmaceuticals, Inc.	*†		16,251		249,940
Kindred Biosciences, Inc.	*		1,598		29,787
KYTHERA Biopharmaceuticals, Inc.	*†		2,509		96,270
Lexicon Pharmaceuticals, Inc.	*		45,225		72,812
Ligand Pharmaceuticals, Inc.	*		3,489		217,330
MacroGenics, Inc.	*		3,313		71,991
MannKind Corp.	*†		39,287		431,764
Medivation, Inc.	*		13,821		1,065,323
Merrimack Pharmaceuticals, Inc.	*†		15,971		116,429
MiMedx Group, Inc.	*†		18,816		133,405
Mirati Therapeutics, Inc.	*		1,155		23,100
Momenta Pharmaceuticals, Inc.	*		9,022		108,986
Myriad Genetics, Inc.	*†		13,575		528,339
NanoViricides, Inc.	*		6,452		27,292
Navidea Biopharmaceuticals, Inc.	*†		24,451		36,187
NeoStem, Inc.	*		3,810		24,841
Neuralstem, Inc.	*		11,067		46,703
Neurocrine Biosciences, Inc.	*		13,331		197,832
NewLink Genetics Corp.	*†		2,675		71,021
Northwest Biotherapeutics, Inc.	*		5,720		38,381
Novavax, Inc.	*†		33,238		153,560
NPS Pharmaceuticals, Inc.	*		18,616		615,259
Ohr Pharmaceutical, Inc.	*		3,386		32,201
OncoMed Pharmaceuticals, Inc.	*†		2,110		49,163
Oncothyreon, Inc.	*		11,389		36,900
Ophthotech Corp.	*†		2,382		100,782
OPKO Health, Inc.	*†		35,792		316,401
Orexigen Therapeutics, Inc.	*†		20,793		128,501
Organovo Holdings, Inc.	*		10,060		84,001
Osiris Therapeutics, Inc.	*†		2,675		41,784
OvaScience, Inc.	*†		1,458		13,370
PDL BioPharma, Inc.	†		26,041		252,077

		Shares			Value
Peregrine Pharmaceuticals, Inc.	*†	37,221		$	69,975
Pharmacyclics, Inc.	*	10,809			969,675
Portola Pharmaceuticals, Inc.	*	6,092			177,765
Progenics Pharmaceuticals, Inc.	*	12,608			54,340
Prothena Corp. plc (Ireland)	*	3,759			84,765
PTC Therapeutics, Inc.	*	3,827			100,038
Puma Biotechnology, Inc.	*	4,141			273,306
Raptor Pharmaceutical Corp.	*†	12,085			139,582
Receptos, Inc.	*	2,646			112,720
Regado Biosciences, Inc.	*	2,700			18,333
Regulus Therapeutics, Inc.	*†	3,193			25,672
Repligen Corp.	*	5,004			114,041
Retrophin, Inc.	*†	3,563			41,830
Rigel Pharmaceuticals, Inc.	*	19,833			71,994
Sangamo BioSciences, Inc.	*†	12,064			184,217
Sarepta Therapeutics, Inc.	*†	6,608			196,852
Seattle Genetics, Inc.	*†	18,114			692,861
Spectrum Pharmaceuticals, Inc.	*†	11,842			96,275
Stemline Therapeutics, Inc.	*†	1,454			21,330
Sunesis Pharmaceuticals, Inc.	*†	8,964			58,445
Synageva BioPharma Corp.	*†	3,761			394,153
Synergy Pharmaceuticals, Inc.	*†	13,464			54,798
Synta Pharmaceuticals Corp.	*†	9,125	��		37,321
TESARO, Inc.	*	3,116			96,939
TG Therapeutics, Inc.	*†	2,066			19,400
Threshold Pharmaceuticals, Inc.	*†	7,764			30,745
Ultragenyx Pharmaceutical, Inc.	*†	1,241			55,708
United Therapeutics Corp.	*	8,570			758,359
Vanda Pharmaceuticals, Inc.	*†	6,002			97,112
Verastem, Inc.	*†	2,285			20,702
Versartis, Inc.	*	1,116			31,293
Vital Therapies, Inc.	*	850			23,154
Xencor, Inc.	*	2,711			31,502
XOMA Corp.	*	13,497			61,951
ZIOPHARM Oncology, Inc.	*†	18,619			75,035
					24,308,043
Building Products—1.0%
A.O. Smith Corp.		13,959			692,087
AAON, Inc.		5,633			188,818
Allegion plc (Ireland)		16,630			942,588
American Woodmark Corp.	*	1,937			61,732
Apogee Enterprises, Inc.		5,631			196,297
Armstrong World Industries, Inc.	*	7,763			445,829
Builders FirstSource, Inc.	*	9,415			70,424
Continental Building Products, Inc.	*	2,525			38,885
Fortune Brands Home & Security, Inc.		29,822			1,190,792
Gibraltar Industries, Inc.	*	5,228			81,086
Griffon Corp.		8,735			108,314
Insteel Industries, Inc.		2,829			55,590
Lennox International, Inc.		8,824			790,366
Masonite International Corp.	*	4,738			266,560
NCI Building Systems, Inc.	*	4,108			79,818
Norcraft Cos., Inc.	*	1,233			17,644
Nortek, Inc.	*	1,493			134,012
Owens Corning, Inc.		21,543			833,283
Patrick Industries, Inc.	*	1,056			49,199
PGT, Inc.	*	5,599			47,424
Ply Gem Holdings, Inc.	*	2,526			25,513
Quanex Building Products Corp.		7,593			135,687
Simpson Manufacturing Co., Inc.		7,310			265,792

See accompanying notes to financial statements

261

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Trex Co., Inc.	*		6,728	$	193,901
Universal Forest Products, Inc.			3,904		188,446
USG Corp.	*		16,443		495,428
					7,595,515
Capital Markets—1.8%
Arlington Asset Investment Corp., Class A	†		3,155		86,226
Artisan Partners Asset Management, Inc., Class A			4,674		264,922
BGC Partners, Inc., Class A			30,212		224,777
Calamos Asset Management, Inc., Class A			3,748		50,186
CIFC Corp.	†		2,540		22,885
Cohen & Steers, Inc.	†		3,785		164,193
CorEnergy Infrastructure Trust, Inc. REIT			5,092		37,732
Cowen Group, Inc., Class A	*		18,898		79,750
Diamond Hill Investment Group, Inc.			582		74,333
E*TRADE Financial Corp.	*		51,764		1,100,503
Eaton Vance Corp.			21,722		820,874
Evercore Partners, Inc., Class A			5,811		334,946
FBR & Co.	*		993		26,940
Federated Investors, Inc., Class B	†		16,765		518,374
Financial Engines, Inc.	†		9,169		415,172
FXCM, Inc., Class A	†		7,654		114,504
GAMCO Investors, Inc., Class A			1,052		87,369
GFI Group, Inc.			14,329		47,572
Greenhill & Co., Inc.			5,109		251,618
HFF, Inc., Class A			5,692		211,686
ICG Group, Inc.	*		7,645		159,628
INTL FCStone, Inc.	*		2,698		53,744
Investment Technology Group, Inc.	*		6,129		103,458
Janus Capital Group, Inc.			26,387		329,310
KCG Holdings, Inc., Class A	*		9,765		116,008
Ladenburg Thalmann Financial Services, Inc.	*		14,490		45,644
Lazard Ltd., Class A (Bermuda)			22,249		1,147,158
Legg Mason, Inc.			19,086		979,303
LPL Financial Holdings, Inc.			15,037		747,940
Manning & Napier, Inc.			2,151		37,126
Marcus & Millichap, Inc.	*		2,013		51,352
Moelis & Co.	*		1,186		39,861
Oppenheimer Holdings, Inc., Class A			2,362		56,664
Piper Jaffray Cos.	*		2,965		153,498
Pzena Investment Management, Inc., Class A			1,908		21,293
Raymond James Financial, Inc.			22,574		1,145,179
RCS Capital Corp., Class A	†		359		7,622
Safeguard Scientifics, Inc.	*		3,658		76,050
SEI Investments Co.			24,043		787,889
Silvercrest Asset Management Group, Inc., Class A			887		15,265
Stifel Financial Corp.	*		11,527		545,803
SWS Group, Inc.	*		6,080		44,262
Virtus Investment Partners, Inc.	*		1,297		274,640
Waddell & Reed Financial, Inc., Class A			15,605		976,717
Walter Investment Management Corp.	*†		7,174		213,642

		Shares		Value
Westwood Holdings Group, Inc.		1,390	$	83,456
WisdomTree Investments, Inc.	*	18,871		233,246
				13,380,320
Chemicals—2.8%
A. Schulman, Inc.		5,791		224,112
Advanced Emissions Solutions, Inc.	*	4,696		107,679
Albemarle Corp.		14,311		1,023,236
American Vanguard Corp.	†	5,182		68,506
Ashland, Inc.		13,977		1,519,859
Axiall Corp.		13,090		618,764
Balchem Corp.		5,542		296,830
Cabot Corp.		11,436		663,174
Calgon Carbon Corp.	*	10,032		224,015
Chase Corp.		1,020		34,823
Chemtura Corp.	*	17,319		452,545
Cytec Industries, Inc.		6,443		679,221
Ferro Corp.	*	13,500		169,560
Flotek Industries, Inc.	*	9,529		306,453
FutureFuel Corp.		3,443		57,119
H.B. Fuller Co.		8,990		432,419
Hawkins, Inc.		1,492		55,413
Huntsman Corp.		35,971		1,010,785
Innophos Holdings, Inc.		3,811		219,399
Innospec, Inc.		4,218		182,091
International Flavors & Fragrances, Inc.		14,757		1,538,860
Intrepid Potash, Inc.	*†	10,243		171,673
KMG Chemicals, Inc.	†	1,157		20,803
Koppers Holdings, Inc.		4,084		156,213
Kraton Performance Polymers, Inc.	*	6,464		144,729
Kronos Worldwide, Inc.		3,735		58,527
Landec Corp.	*	4,989		62,313
LSB Industries, Inc.	*	3,576		149,012
Marrone Bio Innovations, Inc.	*†	880		10,226
Minerals Technologies, Inc.		6,508		426,795
NewMarket Corp.		1,622		636,002
Olin Corp.		14,705		395,859
OM Group, Inc.		5,836		189,261
OMNOVA Solutions, Inc.	*	9,679		87,982
Platform Specialty Products Corp.	*	13,895		389,477
PolyOne Corp.		17,296		728,853
Quaker Chemical Corp.		2,250		172,777
Rayonier Advanced Materials, Inc.	*	7,632		295,750
Rentech, Inc.	*	43,798		113,437
Rockwood Holdings, Inc.		13,034		990,454
RPM International, Inc.		24,070		1,111,553
Scotts Miracle-Gro Co. (The), Class A		7,921		450,388
Senomyx, Inc.	*	6,845		59,209
Sensient Technologies Corp.		8,971		499,864
Stepan Co.		3,691		195,106
Taminco Corp.	*	4,842		112,625
Trecora Resources	*†	3,148		37,272
Tredegar Corp.		4,146		97,058
Tronox Ltd., Class A		9,894		266,149
Valspar Corp. (The)		15,286		1,164,640
W.R. Grace & Co.	*	13,735		1,298,370
Zep, Inc.		4,143		73,165
				20,450,405

See accompanying notes to financial statements

262

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Commercial Services & Supplies—2.1%
ABM Industries, Inc.			9,582	$	258,522
ACCO Brands Corp.	*		19,480		124,867
ADT Corp. (The)			30,115		1,052,218
ARC Document Solutions, Inc.	*		7,490		43,891
Brady Corp., Class A			8,619		257,450
Brink’s Co. (The)			9,284		261,994
Casella Waste Systems, Inc., Class A	*		5,820		29,158
Ceco Environmental Corp.	†		3,330		51,915
Cenveo, Inc.	*†		10,269		38,098
Cintas Corp.			18,103		1,150,265
Civeo Corp.	*		17,148		429,214
Clean Harbors, Inc.	*		11,311		726,732
Copart, Inc.	*		20,565		739,517
Covanta Holding Corp.			19,254		396,825
Deluxe Corp.			9,388		549,949
Ennis, Inc.			4,365		66,610
G&K Services, Inc., Class A			3,785		197,085
Healthcare Services Group, Inc.			12,994		382,543
Heritage-Crystal Clean, Inc.	*		1,400		27,482
Herman Miller, Inc.			10,455		316,159
HNI Corp.			7,967		311,589
InnerWorkings, Inc.	*		7,289		61,957
Interface, Inc.			11,468		216,057
Iron Mountain, Inc.			29,448		1,043,932
KAR Auction Services, Inc.			23,900		761,693
Kimball International, Inc., Class B			6,806		113,796
Knoll, Inc.			8,621		149,402
McGrath RentCorp			4,288		157,584
Mobile Mini, Inc.			8,255		395,332
MSA Safety, Inc.			5,239		301,138
Multi-Color Corp.			2,526		101,065
NL Industries, Inc.			412		3,827
Performant Financial Corp.	*		3,538		35,734
Pitney Bowes, Inc.			36,566		1,009,953
Quad/Graphics, Inc.			4,134		92,478
R.R. Donnelley & Sons Co.			35,134		595,873
Rollins, Inc.			11,788		353,640
Schawk, Inc.			1,812		36,892
SP Plus Corp.	*		3,417		73,090
Steelcase, Inc., Class A			15,256		230,823
Swisher Hygiene, Inc.	*†		1		4
Team, Inc.	*		4,053		166,254
Tetra Tech, Inc.			12,362		339,955
Unifirst Corp.			2,548		270,088
United Stationers, Inc.			7,455		309,159
US Ecology, Inc.			3,710		181,605
Viad Corp.			3,417		81,461
Waste Connections, Inc.			22,238		1,079,655
West Corp.			6,535		175,138
					15,749,668
Communications Equipment—1.2%
ADTRAN, Inc.			10,673		240,783
Alliance Fiber Optic Products, Inc.	†		1,860		33,666
Applied Optoelectronics, Inc.	*		2,449		56,817
ARRIS Group, Inc.	*		22,350		727,045
Aruba Networks, Inc.	*		19,352		339,047
Bel Fuse, Inc., Class B			1,562		40,096

		Shares		Value
Black Box Corp.			2,697	$	63,218
Brocade Communications Systems, Inc.			78,353		720,848
CalAmp Corp.	*		6,551		141,895
Calix, Inc.	*		6,802		55,640
Ciena Corp.	*		18,562		402,053
Clearfield, Inc.	*		1,835		30,810
CommScope Holding Co., Inc.	*		10,752		248,694
Comtech Telecommunications Corp.			3,106		115,947
Digi International, Inc.	*		4,346		40,939
EchoStar Corp., Class A	*		7,521		398,162
Emulex Corp.	*		15,840		90,288
Extreme Networks, Inc.	*		15,723		69,810
Finisar Corp.	*†		17,651		348,607
Harmonic, Inc.	*		19,391		144,657
Infinera Corp.	*		22,813		209,880
InterDigital, Inc.			7,655		365,909
Ixia	*		9,680		110,642
JDS Uniphase Corp.	*		41,984		523,540
KVH Industries, Inc.	*		3,755		48,928
NETGEAR, Inc.	*		6,435		223,745
Numerex Corp., Class A	*		1,800		20,682
Oclaro, Inc.	*		15,068		33,150
Oplink Communications, Inc.	*		3,197		54,253
Palo Alto Networks, Inc.	*		9,037		757,752
ParkerVision, Inc.	*†		17,722		26,229
Plantronics, Inc.			7,737		371,763
Polycom, Inc.	*		26,215		328,474
Procera Networks, Inc.	*†		3,968		40,037
Riverbed Technology, Inc.	*		29,215		602,705
Ruckus Wireless, Inc.	*		9,642		114,836
ShoreTel, Inc.	*		9,728		63,427
Sonus Networks, Inc.	*		42,706		153,315
Tessco Technologies, Inc.			867		27,510
Ubiquiti Networks, Inc.	*†		5,050		228,209
ViaSat, Inc.	*		7,141		413,892
					9,027,900
Construction & Engineering—1.0%
AECOM Technology Corp.	*		17,870		575,414
Aegion Corp.	*		6,676		155,351
Ameresco, Inc., Class A	*		5,077		35,691
Argan, Inc.			2,317		86,401
Chicago Bridge & Iron Co. NV (Netherlands)			17,685		1,206,117
Comfort Systems USA, Inc.			6,272		99,098
Dycom Industries, Inc.	*		5,655		177,058
EMCOR Group, Inc.			12,187		542,687
Foster Wheeler AG (Switzerland)			16,778		571,626
Furmanite Corp.	*		7,017		81,678
Granite Construction, Inc.			6,783		244,052
Great Lakes Dredge & Dock Corp.	*		9,800		78,302
KBR, Inc.			27,461		654,945
Layne Christensen Co.	*†		3,389		45,074
MasTec, Inc.	*		10,983		338,496
MYR Group, Inc.	*		3,380		85,615
Northwest Pipe Co.	*		1,416		57,107
Orion Marine Group, Inc.	*		6,042		65,435
Pike Corp.	*		4,864		43,581
Primoris Services Corp.			6,986		201,476
Quanta Services, Inc.	*		37,801		1,307,159
Sterling Construction Co., Inc.	*		1,713		16,068

See accompanying notes to financial statements

263

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Tutor Perini Corp.	*		6,412	$	203,517
URS Corp.			12,650		580,003
					7,451,951
Construction Materials—0.3%
Eagle Materials, Inc.			8,950		843,806
Headwaters, Inc.	*		14,630		203,211
Martin Marietta Materials, Inc.			8,461		1,117,275
Texas Industries, Inc.	*		3,890		359,280
United States Lime & Minerals, Inc.			481		31,169
US Concrete, Inc.	*†		2,151		53,237
					2,607,978
Consumer Finance—0.4%
Cash America International, Inc.			5,250		233,257
Consumer Portfolio Services, Inc.	*		2,748		20,940
Credit Acceptance Corp.	*		1,300		160,030
Encore Capital Group, Inc.	*†		4,850		220,287
Ezcorp, Inc., Class A	*		8,825		101,929
First Cash Financial Services, Inc.	*		5,377		309,661
Green Dot Corp., Class A	*		4,362		82,791
JGWPT Holdings, Inc., Class A	*†		1,635		18,410
Nelnet, Inc., Class A			3,802		157,517
Nicholas Financial, Inc.			1,628		23,378
Portfolio Recovery Associates, Inc.	*		9,315		554,522
Regional Management Corp.	*		850		13,149
SLM Corp.			71,313		592,611
Springleaf Holdings, Inc.	*		4,063		105,435
World Acceptance Corp.	*†		1,607		122,068
					2,715,985
Containers & Packaging—1.7%
AEP Industries, Inc.	*		838		29,221
AptarGroup, Inc.			12,077		809,280
Avery Dennison Corp.			17,132		878,015
Ball Corp.			24,991		1,566,436
Bemis Co., Inc.			18,154		738,142
Berry Plastics Group, Inc.	*		15,504		400,003
Crown Holdings, Inc.	*		24,915		1,239,770
Graphic Packaging Holding Co.	*		56,100		656,370
Greif, Inc., Class A			5,997		327,196
Myers Industries, Inc.			4,506		90,526
Owens-Illinois, Inc.	*		29,870		1,034,697
Packaging Corp. of America			17,727		1,267,303
Rock-Tenn Co., Class A			13,016		1,374,360
Sealed Air Corp.			38,301		1,308,745
Silgan Holdings, Inc.			7,920		402,494
Sonoco Products Co.			18,866		828,783
UFP Technologies, Inc.	*		952		22,934
					12,974,275
Distributors—0.3%
Core-Mark Holding Co., Inc.			4,582		209,077
LKQ Corp.	*		54,097		1,443,849
Pool Corp.			8,140		460,398
VOXX International Corp.	*		2,945		27,712
Weyco Group, Inc.			1,031		28,260
					2,169,296

		Shares		Value
Diversified Consumer Services—0.8%
2U, Inc.	*		1,652	$	27,770
American Public Education, Inc.	*		3,033		104,275
Apollo Education Group, Inc.	*		17,439		544,969
Ascent Capital Group, Inc., Class A	*		2,543		167,863
Bridgepoint Education, Inc.	*		3,328		44,196
Bright Horizons Family Solutions, Inc.	*		5,140		220,712
Capella Education Co.			2,073		112,750
Career Education Corp.	*		11,632		54,438
Carriage Services, Inc.			2,616		44,812
Chegg, Inc.	*†		12,109		85,247
Collectors Universe, Inc.			1,150		22,528
DeVry Education Group, Inc.			11,393		482,380
Education Management Corp.	*†		5,027		8,496
Graham Holdings Co., Class B			803		576,642
Grand Canyon Education, Inc.	*		8,434		387,711
Hillenbrand, Inc.			11,125		362,897
Houghton Mifflin Harcourt Co.	*		17,900		342,964
ITT Educational Services, Inc.	*†		4,643		77,492
JTH Holding, Inc., Class A	*		737		24,549
K12, Inc.	*		5,107		122,925
LifeLock, Inc.	*		14,155		197,604
Matthews International Corp., Class A			5,159		214,460
Regis Corp.			8,692		122,383
Service Corp. International			38,265		792,851
Sotheby’s			11,048		463,906
Steiner Leisure Ltd. (Bahamas)	*		2,781		120,389
Strayer Education, Inc.	*		1,807		94,886
Universal Technical Institute, Inc.			4,524		54,921
Weight Watchers International, Inc.	†		5,074		102,343
					5,979,359
Diversified Financial Services—0.5%
CBOE Holdings, Inc.			15,799		777,469
Gain Capital Holdings, Inc.			1,849		14,552
MarketAxess Holdings, Inc.			6,726		363,608
Marlin Business Services Corp.			1,306		23,756
MSCI, Inc.	*		21,019		963,721
NASDAQ OMX Group, Inc. (The)			20,778		802,446
NewStar Financial, Inc.	*		5,723		80,465
PHH Corp.	*		10,225		234,970
PICO Holdings, Inc.	*		3,754		89,195
Resource America, Inc., Class A			3,696		34,558
					3,384,740
Diversified Telecommunication Services—0.7%
8x8, Inc.	*		17,637		142,507
Atlantic Tele-Network, Inc.			1,558		90,364
Cbeyond, Inc.	*		5,638		56,098
Cincinnati Bell, Inc.	*		38,778		152,398
Cogent Communications Holdings, Inc.			8,853		305,871
Consolidated Communications Holdings, Inc.			7,943		176,652
Enventis Corp.			2,808		44,479
FairPoint Communications, Inc.	*†		2,925		40,862

See accompanying notes to financial statements

264

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Frontier Communications Corp.	†		183,385	$	1,070,968
General Communication, Inc., Class A	*		6,831		75,687
Globalstar, Inc.	*		44,198		187,842
Hawaiian Telcom Holdco, Inc.	*†		1,637		46,835
IDT Corp., Class B			2,274		39,613
inContact, Inc.	*		8,949		82,241
Inteliquent, Inc.			6,478		89,850
Intelsat SA (Luxembourg)	*		3,546		66,807
Iridium Communications, Inc.	*†		14,059		118,939
Lumos Networks Corp.			2,601		37,636
magicJack VocalTec Ltd. (Israel)	*		3,040		45,965
ORBCOMM, Inc.	*		7,135		47,020
Premiere Global Services, Inc.	*		8,185		109,270
tw telecom inc.	*		25,301		1,019,883
Vonage Holdings Corp.	*		26,128		97,980
Windstream Holdings, Inc.	†		107,656		1,072,254
					5,218,021
Electric Utilities—1.5%
ALLETE, Inc.			7,371		378,501
Cleco Corp.			11,079		653,107
El Paso Electric Co.			7,508		301,897
Empire District Electric Co. (The)			7,796		200,201
Great Plains Energy, Inc.			27,780		746,449
Hawaiian Electric Industries, Inc.	†		18,088		457,988
IDACORP, Inc.			9,449		546,436
ITC Holdings Corp.			28,284		1,031,800
MGE Energy, Inc.			6,204		245,120
NRG Yield, Inc., Class A	†		3,854		200,601
OGE Energy Corp.			35,857		1,401,291
Otter Tail Corp.			6,778		205,306
Pepco Holdings, Inc.			45,761		1,257,512
Pinnacle West Capital Corp.			19,803		1,145,405
PNM Resources, Inc.			14,199		416,457
Portland General Electric Co.			13,925		482,780
UIL Holdings Corp.			10,668		412,958
Unitil Corp.			2,617		88,533
UNS Energy Corp.			7,371		445,282
Westar Energy, Inc.			23,463		896,052
					11,513,676
Electrical Equipment—1.1%
Acuity Brands, Inc.			7,919		1,094,802
AZZ, Inc.			4,607		212,291
Babcock & Wilcox Co. (The)			20,248		657,250
Capstone Turbine Corp.	*†		62,778		94,795
Encore Wire Corp.			4,068		199,495
EnerSys			8,747		601,706
Enphase Energy, Inc.	*†		4,304		36,799
Franklin Electric Co., Inc.			8,722		351,758
FuelCell Energy, Inc.	*†		38,419		92,206
Generac Holdings, Inc.	*		12,014		585,562
General Cable Corp.			9,667		248,055
Global Power Equipment Group, Inc.			2,804		45,313
GrafTech International Ltd.	*†		22,518		235,538
Hubbell, Inc., Class B			10,735		1,322,015

		Shares		Value
LSI Industries, Inc.			3,003	$	23,964
Plug Power, Inc.	*		26,897		125,878
Polypore International, Inc.	*†		8,493		405,371
Powell Industries, Inc.			1,563		102,189
Power Solutions International, Inc.	*		752		54,121
PowerSecure International, Inc.	*†		4,744		46,207
Preformed Line Products Co.			638		34,344
Regal-Beloit Corp.			8,416		661,161
Revolution Lighting Technologies, Inc.	*†		4,765		10,959
SolarCity Corp.	*†		7,285		514,321
Thermon Group Holdings, Inc.	*		5,589		147,102
Vicor Corp.	*		3,481		29,171
					7,932,373
Electronic Equipment, Instruments & Components—2.6%
Aeroflex Holding Corp.	*		2,268		23,814
Agilysys, Inc.	*		1,636		23,035
Anixter International, Inc.			4,900		490,343
Arrow Electronics, Inc.	*		17,977		1,085,991
Avnet, Inc.			25,372		1,124,233
AVX Corp.			9,165		121,711
Badger Meter, Inc.			2,704		142,366
Belden, Inc.			7,845		613,165
Benchmark Electronics, Inc.	*		10,071		256,609
CDW Corp.			14,437		460,252
Checkpoint Systems, Inc.	*		8,101		113,333
Cognex Corp.	*		15,614		599,578
Coherent, Inc.	*		4,645		307,360
Control4 Corp.	*†		742		14,514
CTS Corp.			6,621		123,813
CUI Global, Inc.	*		3,321		27,896
Daktronics, Inc.			7,523		89,674
Dolby Laboratories, Inc., Class A	*		8,312		359,078
DTS, Inc.	*		3,053		56,206
Electro Rent Corp.			4,267		71,387
Electro Scientific Industries, Inc.			3,685		25,095
Fabrinet (Thailand)	*		6,113		125,928
FARO Technologies, Inc.	*		3,399		166,959
FEI Co.			7,793		707,059
FLIR Systems, Inc.			25,549		887,317
Gerber Scientific, Inc.	*†‡d		3,478		—
GSI Group, Inc.	*		5,025		63,968
II-VI, Inc.	*		8,787		127,060
Ingram Micro, Inc., Class A	*		27,356		799,069
Insight Enterprises, Inc.	*		7,260		223,172
InvenSense Inc.	*†		12,565		285,100
IPG Photonics Corp.	*†		6,135		422,088
Itron, Inc.	*		7,053		285,999
Jabil Circuit, Inc.			36,564		764,188
Kemet Corp.	*		8,699		50,019
Knowles Corp.	*		14,062		432,266
Littelfuse, Inc.			4,198		390,204
Maxwell Technologies, Inc.	*		5,615		84,955
Measurement Specialties, Inc.	*		3,063		263,632
Mercury Systems, Inc.	*		6,981		79,165
Mesa Laboratories, Inc.			539		45,254
Methode Electronics, Inc.			6,490		247,983

See accompanying notes to financial statements

265

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Mid/Small Company Index Fund			Shares		Value
COMMON STOCKS—(Continued)
MTS Systems Corp.				2,725	$	184,646
Multi-Fineline Electronix, Inc.		*		1,120		12,365
National Instruments Corp.				18,032		584,056
Newport Corp.		*		6,603		122,155
OSI Systems, Inc.		*		3,445		229,954
Park Electrochemical Corp.				3,495		98,594
PC Connection, Inc.				1,452		30,027
Plexus Corp.		*		5,929		256,666
RealD, Inc.		*		6,791		86,653
Rofin-Sinar Technologies, Inc.		*		4,789		115,128
Rogers Corp.		*		3,354		222,538
Sanmina Corp.		*		14,516		330,674
ScanSource, Inc.		*		5,403		205,746
Speed Commerce, Inc.		*		6,434		24,063
SYNNEX Corp.		*		4,962		361,482
Tech Data Corp.		*		6,747		421,822
Trimble Navigation Ltd.		*		46,676		1,724,678
TTM Technologies, Inc.		*		9,730		79,786
Universal Display Corp.		*†		7,843		251,760
Vishay Intertechnology, Inc.				23,325		361,304
Vishay Precision Group, Inc.		*		2,712		44,640
Zebra Technologies Corp., Class A		*		9,291		764,835
						19,094,410
Energy Equipment & Services—2.3%
Atwood Oceanics, Inc.		*		11,387		597,590
Basic Energy Services, Inc.		*		5,491		160,447
Bristow Group, Inc.				6,407		516,532
C&J Energy Services, Inc.		*		8,503		287,231
CARBO Ceramics, Inc.		†		3,679		567,008
CHC Group Ltd. (Canada)		*		6,642		56,059
Dawson Geophysical Co.				1,539		44,092
Dresser-Rand Group, Inc.		*		13,802		879,601
Dril-Quip, Inc.		*		7,344		802,259
Era Group, Inc.		*		3,470		99,520
Exterran Holdings, Inc.				10,606		477,164
Forum Energy Technologies, Inc.		*		10,356		377,269
Frank’s International NV (Netherlands)				6,714		165,164
Geospace Technologies Corp.		*		2,532		139,463
Glori Energy, Inc.		*		2,100		22,806
Gulf Island Fabrication, Inc.				2,377		51,153
Gulfmark Offshore, Inc., Class A				5,207		235,252
Helix Energy Solutions Group, Inc.		*		19,957		525,069
Hercules Offshore, Inc.		*		29,491		118,554
Hornbeck Offshore Services, Inc.		*		6,789		318,540
ION Geophysical Corp.	��	*		22,870		96,511
Key Energy Services, Inc.		*		24,102		220,292
Matrix Service Co.		*		4,454		146,047
McDermott International, Inc.		*†		45,471		367,860
Mitcham Industries, Inc.		*		1,935		27,051
Nabors Industries Ltd. (Bermuda)				53,269		1,564,511
Natural Gas Services Group, Inc.		*		2,483		82,088
Newpark Resources, Inc.		*		16,681		207,845
North Atlantic Drilling Ltd. (Bermuda)		†		13,466		143,009
Nuverra Environmental Solutions, Inc.		*†		2,403		48,324
Oceaneering International, Inc.				19,588		1,530,410

		Shares		Value
Oil States International, Inc.	*		8,574	$	549,508
Parker Drilling Co.	*		23,214		151,355
Patterson-UTI Energy, Inc.			26,449		924,128
PHI, Inc.	*		2,638		117,576
Pioneer Energy Services Corp.	*		11,528		202,201
RigNet, Inc.	*		2,457		132,236
Rowan Cos. plc, Class A			23,107		737,807
RPC, Inc.			12,219		287,024
SEACOR Holdings, Inc.	*		3,616		297,416
Superior Energy Services, Inc.			28,138		1,016,907
Tesco Corp.			4,973		106,124
TETRA Technologies, Inc.	*		13,207		155,578
Tidewater, Inc.			8,857		497,321
Unit Corp.	*		9,048		622,774
Vantage Drilling Co.	*†		44,721		85,864
Willbros Group, Inc.	*		6,569		81,127
					16,839,667
Food & Staples Retailing—0.6%
Andersons, Inc. (The)			5,380		277,500
Casey’s General Stores, Inc.			7,187		505,174
Chefs’ Warehouse, Inc. (The)	*†		3,665		72,457
Fairway Group Holdings Corp.	*†		2,487		16,539
Fresh Market, Inc. (The)	*†		7,516		251,560
Ingles Markets, Inc., Class A			1,996		52,595
Liberator Medical Holdings, Inc.			5,550		20,812
Natural Grocers by Vitamin Cottage, Inc.	*†		1,404		30,060
Pantry, Inc. (The)	*		3,943		63,877
PriceSmart, Inc.			3,563		310,124
Rite Aid Corp.	*		170,526		1,222,671
Roundy’s, Inc.			3,989		21,979
SpartanNash Co.			7,304		153,457
Sprouts Farmers Market, Inc.	*		16,328		534,252
SUPERVALU, Inc.	*		35,622		292,813
Susser Holdings Corp.	*		3,451		278,565
United Natural Foods, Inc.	*		8,967		583,752
Village Super Market, Inc., Class A			1,280		30,246
Weis Markets, Inc.			2,120		96,948
					4,815,381
Food Products—1.4%
Alico, Inc.			494		18,520
Annie’s, Inc.	*		2,802		94,764
B&G Foods, Inc.			9,578		313,105
Boulder Brands, Inc.	*		11,006		156,065
Calavo Growers, Inc.			2,244		75,915
Cal-Maine Foods, Inc.			2,754		204,677
Chiquita Brands International, Inc.	*		7,430		80,615
Darling Ingredients, Inc.	*		29,003		606,163
Dean Foods Co.			17,722		311,730
Diamond Foods, Inc.	*†		4,466		125,941
Farmer Bros. Co.	*		930		20,097
Flowers Foods, Inc.			30,842		650,149
Fresh Del Monte Produce, Inc.			7,228		221,538
Hain Celestial Group, Inc. (The)	*		8,760		777,362
Hillshire Brands Co. (The)			21,112		1,315,278
Ingredion, Inc.			13,404		1,005,836
Inventure Foods, Inc.	*		3,145		35,444
J&J Snack Foods Corp.			2,596		244,336

See accompanying notes to financial statements

266

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
John B. Sanfilippo & Son, Inc.			1,899	$	50,267
Lancaster Colony Corp.			3,541		336,962
Lifeway Foods, Inc.	*		778		10,876
Limoneira Co.	†		1,586		34,844
Omega Protein Corp.	*		4,824		65,992
Pilgrim’s Pride Corp.	*		10,687		292,396
Pinnacle Foods, Inc.			9,394		309,063
Post Holdings, Inc.	*		7,943		404,378
Sanderson Farms, Inc.			4,060		394,632
Seaboard Corp.	*		51		154,034
Seneca Foods Corp., Class A	*		1,290		39,474
Snyder’s-Lance, Inc.			8,591		227,318
Tootsie Roll Industries, Inc.	†		3,451		101,597
TreeHouse Foods, Inc.	*		6,813		545,517
WhiteWave Foods Co. (The)	*		30,542		988,645
					10,213,530
Gas Utilities—1.1%
AGL Resources, Inc.			21,738		1,196,242
Atmos Energy Corp.			18,288		976,579
Chesapeake Utilities Corp.			1,819		129,749
Laclede Group, Inc. (The)			6,241		303,001
National Fuel Gas Co.			14,885		1,165,496
New Jersey Resources Corp.			7,488		428,014
Northwest Natural Gas Co.			4,674		220,379
ONE Gas, Inc.			8,367		315,854
Piedmont Natural Gas Co., Inc.			13,527		506,045
Questar Corp.			31,654		785,019
South Jersey Industries, Inc.			6,062		366,205
Southwest Gas Corp.			8,465		446,867
UGI Corp.			20,669		1,043,785
WGL Holdings, Inc.			9,748		420,139
					8,303,374
Health Care Equipment & Supplies—2.4%
Abaxis, Inc.			3,781		167,536
ABIOMED, Inc.	*†		6,733		169,268
Accuray, Inc.	*†		15,070		132,616
Alere, Inc.	*		14,737		551,459
Align Technology, Inc.	*		14,476		811,235
Analogic Corp.			2,120		165,869
AngioDynamics, Inc.	*		5,314		86,778
Anika Therapeutics, Inc.	*		2,511		116,335
Antares Pharma, Inc.	*†		19,090		50,970
AtriCure, Inc.	*		5,136		94,400
Atrion Corp.			291		94,866
Cantel Medical Corp.			6,207		227,300
Cardiovascular Systems, Inc.	*		4,717		146,982
Cerus Corp.	*†		16,123		66,911
CONMED Corp.			5,352		236,291
Cooper Cos., Inc. (The)			8,584		1,163,390
CryoLife, Inc.			6,833		61,155
Cyberonics, Inc.	*		4,848		302,806
Cynosure, Inc., Class A	*		4,027		85,574
Derma Sciences, Inc.	*		4,820		55,719
DexCom, Inc.	*		13,408		531,761
Endologix, Inc.	*		11,389		173,227
Exactech, Inc.	*		1,480		37,340
GenMark Diagnostics, Inc.	*†		7,868		106,454
Globus Medical, Inc., Class A	*		11,537		275,965
Greatbatch, Inc.	*		4,100		201,146
Haemonetics Corp.	*		9,672		341,228

		Shares		Value
HeartWare International, Inc.	*		2,854	$	252,579
Hill-Rom Holdings, Inc.			10,313		428,093
Hologic, Inc.	*		43,581		1,104,778
ICU Medical, Inc.	*		2,188		133,052
IDEXX Laboratories, Inc.	*		9,200		1,228,844
Inogen, Inc.	*†		919		20,733
Insulet Corp.	*		10,118		401,381
Integra LifeSciences Holdings Corp.	*		4,183		196,852
Invacare Corp.			6,320		116,098
K2M Group Holdings, Inc.	*		1,500		22,320
LDR Holding Corp.	*		2,771		69,303
Masimo Corp.	*		9,466		223,398
Meridian Bioscience, Inc.			7,174		148,071
Merit Medical Systems, Inc.	*		7,183		108,463
Natus Medical, Inc.	*		6,365		160,016
Neogen Corp.	*		6,836		276,653
NuVasive, Inc.	*		8,592		305,617
NxStage Medical, Inc.	*		11,835		170,069
OraSure Technologies, Inc.	*		12,739		109,683
Orthofix International NV (Curacao)	*		3,796		137,605
Oxford Immunotec Global plc (United Kingdom)	*		1,033		17,385
PhotoMedex, Inc.	*†		2,664		32,634
Quidel Corp.	*		5,467		120,875
ResMed, Inc.	†		25,169		1,274,307
Rockwell Medical, Inc.	*†		8,627		103,438
RTI Surgical, Inc.	*		13,504		58,742
Sirona Dental Systems, Inc.	*		10,243		844,638
Spectranetics Corp. (The)	*		6,834		156,362
STAAR Surgical Co.	*		7,139		119,935
STERIS Corp.			10,682		571,273
SurModics, Inc.	*		3,217		68,908
Symmetry Medical, Inc.	*		5,904		52,309
Tandem Diabetes Care, Inc.	*†		1,542		25,073
Teleflex, Inc.			7,392		780,595
Thoratec Corp.	*		10,517		366,623
Tornier NV (Netherlands)	*		6,135		143,436
TransEnterix, Inc.	*		4,614		23,255
TriVascular Technologies, Inc.	*		1,250		19,463
Unilife Corp.	*†		22,514		66,641
Utah Medical Products, Inc.			525		27,006
Vascular Solutions, Inc.	*		2,721		60,379
Veracyte, Inc.	*†		845		14,466
Volcano Corp.	*		8,883		156,430
West Pharmaceutical Services, Inc.			12,945		546,020
Wright Medical Group, Inc.	*		8,782		275,755
Zeltiq Aesthetics, Inc.	*		4,981		75,661
					18,069,798
Health Care Providers & Services—2.4%
Acadia Healthcare Co., Inc.	*		6,649		302,529
Addus HomeCare Corp.	*		874		19,648
Air Methods Corp.	*		7,403		382,365
Alliance HealthCare Services, Inc.	*		806		21,762
Almost Family, Inc.	*		1,537		33,937
Amedisys, Inc.	*		5,275		88,303
AMN Healthcare Services, Inc.	*		7,678		94,439
Amsurg Corp.	*		6,144		279,982
Bio-Reference Labs, Inc.	*†		4,688		141,671
BioScrip, Inc.	*		9,835		82,024

See accompanying notes to financial statements

267

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
BioTelemetry, Inc.	*		4,248	$	30,458
Brookdale Senior Living, Inc.	*		21,992		733,213
Capital Senior Living Corp.	*		5,534		131,931
Centene Corp.	*		10,001		756,176
Chemed Corp.	†		3,102		290,719
Chindex International, Inc.	*		2,406		56,998
Community Health Systems, Inc.	*		20,318		921,828
Corvel Corp.	*		2,370		107,077
Cross Country Healthcare, Inc.	*		7,318		47,713
Emeritus Corp.	*		6,987		221,139
Ensign Group, Inc. (The)			3,393		105,454
Envision Healthcare Holdings, Inc.	*		13,988		502,309
ExamWorks Group, Inc.	*		6,025		191,173
Five Star Quality Care, Inc.	*		9,106		45,621
Gentiva Health Services, Inc.	*		5,336		80,360
Hanger, Inc.	*		6,290		197,821
Health Net, Inc.	*		14,272		592,859
HealthSouth Corp.			15,669		562,047
Healthways, Inc.	*		5,769		101,188
IPC The Hospitalist Co., Inc.	*		3,142		138,939
Kindred Healthcare, Inc.			9,472		218,803
Landauer, Inc.			1,882		79,044
LHC Group, Inc.	*		2,770		59,195
LifePoint Hospitals, Inc.	*		8,108		503,507
Magellan Health, Inc.	*		4,963		308,897
MEDNAX, Inc.	*		17,990		1,046,119
Molina Healthcare, Inc.	*		4,930		220,026
MWI Veterinary Supply, Inc.	*		2,422		343,900
National Healthcare Corp.			1,812		101,997
National Research Corp., Class A	*		1,929		26,987
Omnicare, Inc.			17,775		1,183,282
Owens & Minor, Inc.			11,941		405,755
Patterson Cos., Inc.			15,461		610,864
PharMerica Corp.	*		5,445		155,673
Premier, Inc., Class A	*	��	5,486		159,094
Providence Service Corp. (The)	*		2,069		75,705
RadNet, Inc.	*		5,263		34,894
Select Medical Holdings Corp.			13,482		210,319
Skilled Healthcare Group, Inc., Class A	*		4,230		26,607
Surgical Care Affiliates, Inc.	*		1,885		54,816
Team Health Holdings, Inc.	*		12,599		629,194
Tenet Healthcare Corp.	*		17,891		839,804
Triple-S Management Corp., Class B (Puerto Rico)	*		4,524		81,115
U.S. Physical Therapy, Inc.			2,234		76,380
Universal American Corp.			7,130		59,393
Universal Health Services, Inc., Class B			15,948		1,527,180
VCA, Inc.	*		15,870		556,878
WellCare Health Plans, Inc.	*		8,148		608,330
					17,465,441
Health Care Technology—0.4%
Allscripts Healthcare Solutions, Inc.	*		32,180		516,489
athenahealth, Inc.	*†		6,649		831,989
Castlight Health, Inc., Class B	*		2,084		31,677
Computer Programs & Systems, Inc.			2,114		134,450
HealthStream, Inc.	*		3,356		81,551
HMS Holdings Corp.	*		16,863		344,174

		Shares		Value
MedAssets, Inc.	*		11,090	$	253,296
Medidata Solutions, Inc.	*		9,422		403,356
Merge Healthcare, Inc.	*		9,619		21,835
Omnicell, Inc.	*		6,227		178,777
Quality Systems, Inc.			8,711		139,812
Veeva Systems, Inc., Class A	*†		6,343		161,429
Vocera Communications, Inc.	*		3,339		44,075
					3,142,910
Hotels, Restaurants & Leisure—2.0%
Aramark			7,951		205,772
Bally Technologies, Inc.	*		6,845		449,853
Biglari Holdings, Inc.	*		243		102,782
BJ’s Restaurants, Inc.	*		4,349		151,824
Bloomin’ Brands, Inc.	*		13,449		301,661
Bob Evans Farms, Inc.			4,353		217,868
Boyd Gaming Corp.	*		12,175		147,683
Bravo Brio Restaurant Group, Inc.	*		3,101		48,407
Brinker International, Inc.			12,044		585,941
Buffalo Wild Wings, Inc.	*		3,360		556,786
Burger King Worldwide, Inc.	†		18,146		493,934
Caesars Acquisition Co., Class A	*		7,358		91,018
Caesars Entertainment Corp.	*†		8,076		146,014
Carrols Restaurant Group, Inc.	*		3,749		26,693
Cheesecake Factory, Inc. (The)			9,090		421,958
Choice Hotels International, Inc.			6,118		288,219
Churchill Downs, Inc.			2,690		242,396
Chuy’s Holdings, Inc.	*		3,373		122,440
ClubCorp Holdings, Inc.			3,469		64,315
Cracker Barrel Old Country Store, Inc.			3,443		342,819
Del Frisco’s Restaurant Group, Inc.	*		3,974		109,523
Denny’s Corp.	*		15,003		97,820
Diamond Resorts International, Inc.	*		5,983		139,224
DineEquity, Inc.			3,180		252,778
Domino’s Pizza, Inc.			10,168		743,179
Dunkin’ Brands Group, Inc.			19,320		885,049
Einstein Noah Restaurant Group, Inc.			1,279		20,541
Empire Resorts, Inc.	*		2,600		18,616
Famous Dave’s of America, Inc.	*		800		22,960
Fiesta Restaurant Group, Inc.	*		4,707		218,452
Ignite Restaurant Group, Inc.	*†		1,280		18,637
International Game Technology			44,381		706,102
International Speedway Corp., Class A			5,069		168,696
Interval Leisure Group, Inc.			6,806		149,324
Intrawest Resorts Holdings, Inc.	*†		3,352		38,414
Isle of Capri Casinos, Inc.	*		5,204		44,546
Jack in the Box, Inc.			7,547		451,612
Jamba, Inc.	*		3,273		39,603
Krispy Kreme Doughnuts, Inc.	*		12,266		196,011
La Quinta Holdings, Inc.	*		7,100		135,894
Life Time Fitness, Inc.	*		7,719		376,224
Marcus Corp. (The)			4,188		76,431
Marriott Vacations Worldwide Corp.	*		5,140		301,358
Monarch Casino & Resort, Inc.	*		2,050		31,037
Morgans Hotel Group Co.	*		5,643		44,749
Multimedia Games Holding Co., Inc.	*		4,998		148,141

See accompanying notes to financial statements

268

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Nathan’s Famous, Inc.	*		431	$	23,356
Noodles & Co.	*†		1,842		63,346
Orient-Express Hotels Ltd., Class A (Bermuda)	*		18,365		267,027
Panera Bread Co., Class A	*		4,418		661,949
Papa John’s International, Inc.			5,552		235,349
Penn National Gaming, Inc.	*		12,185		147,926
Pinnacle Entertainment, Inc.	*		10,729		270,156
Popeyes Louisiana Kitchen, Inc.	*		4,381		191,494
Potbelly Corp.	*†		1,446		23,078
Red Robin Gourmet Burgers, Inc.	*		2,741		195,159
Ruby Tuesday, Inc.	*		11,736		89,076
Ruth’s Hospitality Group, Inc.			7,796		96,281
Scientific Games Corp., Class A	*		8,925		99,246
SeaWorld Entertainment, Inc.			11,526		326,532
Six Flags Entertainment Corp.			12,916		549,576
Sonic Corp.	*		10,276		226,894
Speedway Motorsports, Inc.			1,680		30,660
Texas Roadhouse, Inc.			12,358		321,308
Vail Resorts, Inc.			6,756		521,428
Wendy’s Co. (The)			47,829		407,981
Zoe’s Kitchen, Inc.	*		939		32,283
					15,223,409
Household Durables—1.8%
Beazer Homes USA, Inc.	*		4,831		101,354
Cavco Industries, Inc.	*		1,545		131,788
CSS Industries, Inc.			1,140		30,062
D.R. Horton, Inc.			50,946		1,252,253
Dixie Group, Inc. (The)	*		2,409		25,511
Ethan Allen Interiors, Inc.			4,278		105,838
Flexsteel Industries, Inc.			839		27,981
Harman International Industries, Inc.			12,292		1,320,530
Helen of Troy Ltd. (Bermuda)	*		5,166		313,215
Hovnanian Enterprises, Inc., Class A	*†		21,157		108,959
Installed Building Products, Inc.	*		1,567		19,196
iRobot Corp.	*†		5,589		228,870
Jarden Corp.	*		22,997		1,364,872
KB Home	†		16,227		303,120
La-Z-Boy, Inc.			9,601		222,455
Leggett & Platt, Inc.			24,913		854,018
Lennar Corp., Class A			31,629		1,327,785
LGI Homes, Inc.	*		1,508		27,521
Libbey, Inc.	*		3,551		94,599
Lifetime Brands, Inc.			1,617		25,419
M/I Homes, Inc.	*		4,003		97,153
MDC Holdings, Inc.	†		6,738		204,094
Meritage Homes Corp.	*		6,808		287,366
NACCO Industries, Inc., Class A			829		41,947
New Home Co., Inc. (The)	*		1,400		19,782
NVR, Inc.	*		812		934,287
Ryland Group, Inc. (The)			8,217		324,078
Skullcandy, Inc.	*		3,066		22,228
Standard Pacific Corp.	*		28,766		247,388
Taylor Morrison Home Corp., Class A	*		6,556		146,985
Tempur Sealy International, Inc.	*		10,795		644,461
Toll Brothers, Inc.	*		31,887		1,176,630
TRI Pointe Homes, Inc.	*†		2,341		36,800

		Shares		Value
Tupperware Brands Corp.			9,106	$	762,172
UCP, Inc., Class A	*		1,249		17,074
Universal Electronics, Inc.	*		3,125		152,750
WCI Communities, Inc.	*		1,099		21,222
William Lyon Homes, Class A	*		2,179		66,329
					13,088,092
Household Products—0.3%
Central Garden and Pet Co., Class A	*		6,906		63,535
Energizer Holdings, Inc.			11,061		1,349,774
Harbinger Group, Inc.	*		13,886		176,352
Oil-Dri Corp of America			764		23,356
Orchids Paper Products Co.			947		30,342
Spectrum Brands Holdings, Inc.			3,789		325,968
WD-40 Co.			2,756		207,306
					2,176,633
Independent Power and Renewable Electricity Producers—0.1%
Atlantic Power Corp.	†		20,459		83,882
Dynegy, Inc.	*		18,273		635,900
Ormat Technologies, Inc.	†		3,707		106,873
Pattern Energy Group, Inc.			6,662		220,579
					1,047,234
Industrial Conglomerates—0.2%
Carlisle Cos., Inc.			11,544		999,941
Raven Industries, Inc.			6,841		226,711
					1,226,652
Insurance—4.5%
Alleghany Corp.	*		2,956		1,295,083
Allied World Assurance Co. Holdings AG (Switzerland)			18,105		688,352
Ambac Financial Group, Inc.	*		7,905		215,886
American Equity Investment Life Holding Co.			12,306		302,728
American Financial Group, Inc.			13,115		781,129
American National Insurance Co.			1,400		159,880
AMERISAFE, Inc.			3,489		141,898
AmTrust Financial Services, Inc.	†		5,869		245,383
Arch Capital Group Ltd. (Bermuda)	*		24,089		1,383,672
Argo Group International Holdings Ltd. (Bermuda)			4,743		242,415
Arthur J. Gallagher & Co.			27,975		1,303,635
Aspen Insurance Holdings Ltd. (Bermuda)			12,135		551,172
Assurant, Inc.			12,876		844,022
Assured Guaranty Ltd. (Bermuda)			31,968		783,216
Atlas Financial Holdings, Inc.	*		1,852		28,076
Axis Capital Holdings Ltd. (Bermuda)			19,382		858,235
Baldwin & Lyons, Inc., Class B			1,792		46,484
Brown & Brown, Inc.			22,011		675,958
Citizens, Inc.	*†		8,606		63,684
CNO Financial Group, Inc.			39,158		697,012
Crawford & Co., Class B			3,596		36,248
Donegal Group, Inc., Class A			1,264		19,339
eHealth, Inc.	*		3,302		125,377
EMC Insurance Group, Inc.			1,041		32,042
Employers Holdings, Inc.			5,724		121,234

See accompanying notes to financial statements

269

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Endurance Specialty Holdings Ltd. (Bermuda)	†		7,682	$	396,314
Enstar Group Ltd. (Bermuda)	*		1,557		234,687
Erie Indemnity Co., Class A			4,544		341,981
Everest Re Group Ltd. (Bermuda)			8,280		1,328,857
FBL Financial Group, Inc., Class A			1,304		59,984
Federated National Holding Co.			1,822		46,461
Fidelity & Guaranty Life			2,136		51,136
Fidelity National Financial, Inc., Class A			50,147		1,642,816
First American Financial Corp.			19,230		534,402
Genworth Financial, Inc., Class A	*		89,973		1,565,530
Global Indemnity plc (Ireland)	*		1,488		38,673
Greenlight Capital Re Ltd., Class A (Cayman Islands)	*		5,625		185,287
Hallmark Financial Services, Inc.	*		2,249		24,177
Hanover Insurance Group, Inc. (The)			8,274		522,503
HCC Insurance Holdings, Inc.			17,951		878,522
HCI Group, Inc.			1,491		60,535
Heritage Insurance Holdings, Inc.	*		1,150		17,492
Hilltop Holdings, Inc.	*		11,655		247,785
Horace Mann Educators Corp.			7,441		232,680
Independence Holding Co.			1,901		26,861
Infinity Property & Casualty Corp.			1,953		131,300
Kansas City Life Insurance Co.			423		19,238
Kemper Corp.			8,711		321,087
Maiden Holdings Ltd. (Bermuda)			8,262		99,888
Markel Corp.	*		2,515		1,648,935
MBIA, Inc.	*		27,028		298,389
Meadowbrook Insurance Group, Inc.			10,981		78,953
Mercury General Corp.			5,177		243,526
Montpelier Re Holdings Ltd. (Bermuda)			7,310		233,554
National General Holdings Corp.			5,714		99,424
National Interstate Corp.			1,051		29,449
National Western Life Insurance Co., Class A			368		91,783
Navigators Group, Inc. (The)	*		1,745		117,002
Old Republic International Corp.			46,989		777,198
OneBeacon Insurance Group Ltd., Class A			4,581		71,189
PartnerRe Ltd. (Bermuda)			9,079		991,518
Phoenix Cos., Inc. (The)	*		761		36,825
Platinum Underwriters Holdings Ltd. (Bermuda)			4,937		320,164
Primerica, Inc.			10,293		492,520
ProAssurance Corp.			11,196		497,102
Protective Life Corp.			14,435		1,000,779
Reinsurance Group of America, Inc.			12,437		981,279
RenaissanceRe Holdings Ltd. (Bermuda)			7,490		801,430
RLI Corp.			8,058		368,895
Safety Insurance Group, Inc.			2,194		112,728
Selective Insurance Group, Inc.			10,774		266,333
StanCorp Financial Group, Inc.			8,007		512,448
State Auto Financial Corp.			2,585		60,567
Stewart Information Services Corp.			4,371		135,545

		Shares		Value
Symetra Financial Corp.			13,661	$	310,651
Third Point Reinsurance Ltd. (Bermuda)	*		9,549		145,718
United Fire Group, Inc.			3,518		103,148
United Insurance Holdings Corp.			2,677		46,205
Universal Insurance Holdings, Inc.			4,648		60,285
Validus Holdings Ltd. (Bermuda)			16,718		639,296
W.R. Berkley Corp.			18,045		835,664
White Mountains Insurance Group Ltd.			1,114		677,802
					33,736,660
Internet & Catalog Retail—0.5%
1-800-Flowers.com, Inc., Class A	*		6,281		36,430
Blue Nile, Inc.	*		2,444		68,432
Coupons.com, Inc.	*		1,942		51,094
FTD Cos., Inc.	*		3,867		122,932
Gaiam, Inc., Class A	*		2,600		19,968
Groupon, Inc.	*		85,059		563,091
HomeAway, Inc.	*		16,173		563,144
HSN, Inc.			5,985		354,551
Lands’ End, Inc.	*†		2,391		80,290
Liberty Ventures, Series A	*		13,320		983,016
Nutrisystem, Inc.			5,029		86,046
Orbitz Worldwide, Inc.	*		8,896		79,174
Overstock.com, Inc.	*		2,104		33,180
PetMed Express, Inc.	†		3,185		42,934
RetailMeNot, Inc.	*†		5,109		135,950
Shutterfly, Inc.	*		7,318		315,113
ValueVision Media, Inc., Class A	*		6,239		31,133
Vitacost.com, Inc.	*		5,941		37,191
zulily, Inc., Class A	*†		2,690		110,155
					3,713,824
Internet Software & Services—1.9%
Amber Road, Inc.	*		1,500		24,195
Angie’s List, Inc.	*†		7,000		83,580
AOL, Inc.	*		14,101		561,079
Bankrate, Inc.	*		11,716		205,499
Bazaarvoice, Inc.	*†		8,939		70,529
Benefitfocus, Inc.	*†		852		39,379
Blucora, Inc.	*		7,679		144,903
Borderfree, Inc.	*		1,000		16,570
Brightcove, Inc.	*		6,369		67,129
Carbonite, Inc.	*		1,699		20,337
Care.com, Inc.	*†		1,199		15,179
ChannelAdvisor Corp.	*		3,431		90,441
comScore, Inc.	*		6,168		218,841
Constant Contact, Inc.	*		5,890		189,128
Conversant, Inc.	*		11,874		301,600
Cornerstone OnDemand, Inc.	*		9,296		427,802
CoStar Group, Inc.	*		5,166		817,106
Cvent, Inc.	*†		2,992		87,037
Dealertrack Technologies, Inc.	*		9,430		427,556
Demand Media, Inc.	*		4,535		21,859
Demandware, Inc.	*		5,174		358,920
Dice Holdings, Inc.	*		6,835		52,014
Digital River, Inc.	*		5,786		89,278
E2open, Inc.	*†		3,978		82,225
EarthLink Holdings Corp.			20,557		76,472
Endurance International Group Holdings, Inc.	*†		3,650		55,809

See accompanying notes to financial statements

270

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Envestnet, Inc.	*		5,918	$	289,509
Everyday Health, Inc.	*		1,300		24,024
Global Eagle Entertainment, Inc.	*		6,028		74,747
Gogo, Inc.	*†		9,173		179,424
GrubHub, Inc.	*		1,437		50,884
GTT Communications, Inc.	*		2,450		25,015
IAC/InterActiveCorp			13,363		925,121
Internap Network Services Corp.	*		8,121		57,253
Intralinks Holdings, Inc.	*		8,511		75,663
j2 Global, Inc.	†		8,665		440,702
Limelight Networks, Inc.	*		6,937		21,227
Liquidity Services, Inc.	*†		4,692		73,946
LivePerson, Inc.	*		8,795		89,269
LogMeIn, Inc.	*		4,468		208,298
Marchex, Inc., Class B			5,699		68,502
Marin Software, Inc.	*†		4,390		51,670
Marketo, Inc.	*†		4,239		123,270
Millennial Media, Inc.	*†		8,132		40,579
Monster Worldwide, Inc.	*		16,068		105,085
Move, Inc.	*		7,747		114,578
NIC, Inc.			12,220		193,687
OpenTable, Inc.	*		4,249		440,196
OPOWER, Inc.	*		1,300		24,505
Pandora Media, Inc.	*		35,721		1,053,770
Perficient, Inc.	*		5,746		111,875
Q2 Holdings, Inc.	*		1,700		24,242
QuinStreet, Inc.	*†		5,214		28,729
Rackspace Hosting, Inc.	*		20,338		684,577
RealNetworks, Inc.	*		4,328		33,023
Reis, Inc.			1,345		28,353
Rocket Fuel, Inc.	*†		3,037		94,420
SciQuest, Inc.	*		4,686		82,895
Shutterstock, Inc.	*†		2,575		213,674
SPS Commerce, Inc.	*		2,907		183,693
Stamps.com, Inc.	*		2,445		82,372
TechTarget, Inc.	*		2,374		20,939
Textura Corp.	*†		3,086		72,953
Travelzoo, Inc.	*		1,808		34,985
Tremor Video, Inc.	*†		1,209		5,706
TrueCar, Inc.	*		1,300		19,214
Trulia, Inc.	*†		6,461		306,122
Unwired Planet, Inc.	*		23,320		52,004
Vistaprint NV (Netherlands)	*		6,206		251,095
Web.com Group, Inc.	*		9,090		262,428
WebMD Health Corp.	*		6,734		325,252
Wix.com Ltd. (Israel)	*		1,393		27,637
XO Group, Inc.	*		5,737		70,106
Xoom Corp.	*		5,162		136,070
Yelp, Inc.	*		8,780		673,250
YuMe, Inc.	*		3,100		18,290
Zillow, Inc., Class A	*†		5,424		775,252
Zix Corp.	*		9,536		32,613
					13,947,160
IT Services—2.2%
Acxiom Corp.	*		13,925		302,033
Blackhawk Network Holdings, Inc.	*†		9,680		273,170
Booz Allen Hamilton Holding Corp.			12,490		265,288
Broadridge Financial Solutions, Inc.			21,826		908,835	��
CACI International, Inc., Class A	*		4,043		283,859

		Shares		Value
Cardtronics, Inc.	*		8,528	$	290,634
Cass Information Systems, Inc.			2,024		100,147
CIBER, Inc.	*		14,012		69,219
Computer Task Group, Inc.			2,532		41,677
Convergys Corp.			18,752		402,043
CoreLogic, Inc.	*		16,573		503,156
CSG Systems International, Inc.			5,860		153,005
Datalink Corp.	*		4,947		49,470
DST Systems, Inc.			5,646		520,392
EPAM Systems, Inc.	*		6,101		266,919
Euronet Worldwide, Inc.	*		9,421		454,469
EVERTEC, Inc. (Puerto Rico)			11,166		270,664
ExlService Holdings, Inc.	*		5,570		164,036
Forrester Research, Inc.			2,455		92,995
Gartner, Inc.	*		16,220		1,143,834
Genpact Ltd. (Bermuda)	*		30,212		529,616
Global Cash Access Holdings, Inc.	*		13,203		117,507
Global Payments, Inc.			12,954		943,699
Hackett Group, Inc. (The)			2,748		16,406
Heartland Payment Systems, Inc.			6,660		274,459
Higher One Holdings, Inc.	*		7,479		28,495
iGATE Corp.	*		6,743		245,378
Information Services Group, Inc.	*		5,257		25,286
Jack Henry & Associates, Inc.			15,202		903,455
Leidos Holdings, Inc.			11,568		443,517
Lionbridge Technologies, Inc.	*		8,523		50,627
Luxoft Holding, Inc. (Switzerland)	*†		758		27,333
ManTech International Corp., Class A			4,079		120,412
MAXIMUS, Inc.			12,270		527,855
ModusLink Global Solutions, Inc.	*†		10,739		40,164
MoneyGram International, Inc.	*		4,578		67,434
NeuStar, Inc., Class A	*†		10,983		285,778
PRGX Global, Inc.	*		4,569		29,196
Sabre Corp.	*		7,277		145,904
Sapient Corp.	*		20,009		325,146
Science Applications International Corp.			7,547		333,276
ServiceSource International, Inc.	*†		9,931		57,600
Sykes Enterprises, Inc.	*		6,610		143,635
Syntel, Inc.	*		2,923		251,261
TeleTech Holdings, Inc.	*		3,175		92,043
Total System Services, Inc.			30,175		947,797
Unisys Corp.	*		8,649		213,976
Vantiv, Inc., Class A	*		21,636		727,402
VeriFone Systems, Inc.	*		19,798		727,576
Virtusa Corp.	*		4,567		163,499
WEX, Inc.	*		6,997		734,475
					16,096,052
Leisure Products—0.4%
Arctic Cat, Inc.			2,262		89,168
Black Diamond, Inc.	*†		3,789		42,513
Brunswick Corp.			16,326		687,814
Callaway Golf Co.			13,092		108,926
Escalade, Inc.			1,595		25,743
JAKKS Pacific, Inc.	*†		3,244		25,109
Johnson Outdoors, Inc., Class A			785		20,253
LeapFrog Enterprises, Inc.	*†		12,080		88,788
Malibu Boats, Inc., Class A	*		1,521		30,572
Marine Products Corp.			3,091		25,655

See accompanying notes to financial statements

271

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Nautilus, Inc.	*		4,916	$	54,518
Polaris Industries, Inc.			11,813		1,538,525
Smith & Wesson Holding Corp.	*†		9,907		144,048
Sturm Ruger & Co., Inc.	†		3,706		218,691
					3,100,323
Life Sciences Tools & Services—1.1%
Accelerate Diagnostics, Inc.	*†		3,846		99,996
Affymetrix, Inc.	*†		13,418		119,554
Albany Molecular Research, Inc.	*		3,704		74,525
Bio-Rad Laboratories, Inc., Class A	*		3,700		442,927
Bruker Corp.	*		19,703		478,192
Cambrex Corp.	*		6,259		129,561
Charles River Laboratories International, Inc.	*		9,037		483,660
Covance, Inc.	*		10,126		866,583
Enzo Biochem, Inc.	*		5,500		28,875
Fluidigm Corp.	*		5,173		152,086
Furiex Pharmaceuticals, Inc.	*		1,264		134,212
Luminex Corp.	*		7,419		127,236
Mettler-Toledo International, Inc.	*		5,251		1,329,448
NanoString Technologies, Inc.	*		1,700		25,415
Pacific Biosciences of California, Inc.	*		7,617		47,073
PAREXEL International Corp.	*		10,270		542,667
PerkinElmer, Inc.			20,297		950,712
QIAGEN NV (Netherlands)	*		42,470		1,038,392
Quintiles Transnational Holdings, Inc.	*		9,629		513,129
Sequenom, Inc.	*†		20,997		81,258
Techne Corp.			6,895		638,270
					8,303,771
Machinery—4.6%
Accuride Corp.	*		5,687		27,809
Actuant Corp., Class A			12,806		442,703
AGCO Corp.			16,887		949,387
Alamo Group, Inc.			1,174		63,502
Albany International Corp., Class A			5,205		197,582
Allison Transmission Holdings, Inc.			22,972		714,429
Altra Industrial Motion Corp.			5,386		195,997
American Railcar Industries, Inc.	†		1,579		107,009
Astec Industries, Inc.			3,453		151,518
Barnes Group, Inc.			10,180		392,337
Blount International, Inc.	*		9,180		129,530
Briggs & Stratton Corp.			9,174		187,700
Chart Industries, Inc.	*		5,455		451,347
CIRCOR International, Inc.			3,375		260,314
CLARCOR, Inc.			8,916		551,455
Colfax Corp.	*		17,233		1,284,548
Columbus McKinnon Corp.			3,189		86,262
Commercial Vehicle Group, Inc.	*		3,138		31,505
Crane Co.			8,690		646,188
Donaldson Co., Inc.			25,690		1,087,201
Douglas Dynamics, Inc.			3,681		64,859
Dynamic Materials Corp.			3,125		69,156
Energy Recovery, Inc.	*†		6,998		34,430
EnPro Industries, Inc.	*		3,892		284,739

		Shares		Value
ESCO Technologies, Inc.			4,502	$	155,949
ExOne Co. (The)	*†		1,694		67,116
Federal Signal Corp.			11,860		173,749
FreightCar America, Inc.			2,798		70,062
Global Brass & Copper Holdings, Inc.			3,564		60,232
Gorman-Rupp Co. (The)			3,896		137,801
Graco, Inc.			11,092		866,063
Graham Corp.			1,617		56,288
Greenbrier Cos., Inc. (The)	*		4,868		280,397
Harsco Corp.			14,896		396,680
Hurco Cos., Inc.			1,248		35,194
Hyster-Yale Materials Handling, Inc.			2,095		185,491
IDEX Corp.			14,502		1,170,891
ITT Corp.			16,137		776,190
John Bean Technologies Corp.			5,724		177,387
Joy Global, Inc.			17,322		1,066,689
Kadant, Inc.			2,468		94,895
Kennametal, Inc.			14,470		669,672
L.B. Foster Co., Class A			1,705		92,275
Lincoln Electric Holdings, Inc.			14,456		1,010,185
Lindsay Corp.	†		2,395		202,306
Lydall, Inc.	*		2,982		81,617
Manitex International, Inc.	*		1,949		31,652
Manitowoc Co., Inc. (The)			24,357		800,371
Meritor, Inc.	*		17,017		221,902
Middleby Corp. (The)	*		10,194		843,248
Miller Industries, Inc.			1,779		36,612
Mueller Industries, Inc.			9,973		293,306
Mueller Water Products, Inc., Class A			30,046		259,597
Navistar International Corp.	*		10,261		384,582
NN, Inc.			3,390		86,716
Nordson Corp.			11,641		933,492
Omega Flex, Inc.	†		488		9,575
Oshkosh Corp.			15,268		847,832
Proto Labs, Inc.	*		3,961		324,485
RBC Bearings, Inc.			4,314		276,312
Rexnord Corp.	*		12,603		354,774
Snap-on, Inc.			10,607		1,257,142
SPX Corp.			7,873		851,937
Standex International Corp.			2,170		161,622
Sun Hydraulics Corp.			4,279		173,727
Tennant Co.			3,191		243,537
Terex Corp.			20,136		827,590
Timken Co. (The)			14,628		992,363
Titan International, Inc.	†		8,071		135,754
Toro Co. (The)			10,162		646,303
TriMas Corp.	*		8,555		326,202
Trinity Industries, Inc.			27,853		1,217,733
Twin Disc, Inc.			1,926		63,654
Valmont Industries, Inc.	†		4,840		735,438
Wabash National Corp.	*		12,487		177,940
WABCO Holdings, Inc.	*		10,204		1,089,991
Wabtec Corp.			17,406		1,437,562
Watts Water Technologies, Inc., Class A			5,244		323,712
Woodward, Inc.			11,933		598,798
Xerium Technologies, Inc.	*		1,744		24,346
Xylem, Inc.			33,512		1,309,649
					34,538,092

See accompanying notes to financial statements

272

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Marine—0.3%
Baltic Trading Ltd.			7,920	$	47,362
International Shipholding Corp.			724		16,594
Kirby Corp.	*		10,316		1,208,416
Matson, Inc.			7,325		196,603
Navios Maritime Holdings, Inc. (Greece)			12,773		129,263
Safe Bulkers, Inc. (Greece)			6,264		61,137
Scorpio Bulkers, Inc.	*		24,958		222,126
Ultrapetrol Bahamas Ltd. (Bahamas)	*		3,567		10,594
					1,892,095
Media—1.9%
A.H. Belo Corp., Class A			2,998		35,526
AMC Entertainment Holdings, Inc., Class A			3,960		98,485
AMC Networks, Inc., Class A	*		10,726		659,542
Cablevision Systems Corp., Class A	†		35,735		630,723
Carmike Cinemas, Inc.	*		3,868		135,883
CBS Outdoor Americas, Inc.			3,613		118,073
Central European Media Enterprises Ltd., Class A (Bermuda)	*†		9,570		26,987
Cinemark Holdings, Inc.			20,778		734,710
Clear Channel Outdoor Holdings, Inc., Class A			8,401		68,720
Crown Media Holdings, Inc., Class A	*		4,399		15,968
Cumulus Media, Inc., Class A	*		23,598		155,511
Daily Journal Corp.	*†		156		32,244
Dex Media, Inc.	*†		2,722		30,323
DreamWorks Animation SKG, Inc., Class A	*†		13,912		323,593
Entercom Communications Corp., Class A	*		3,975		42,652
Entravision Communications Corp., Class A			9,227		57,392
Eros International plc	*		3,152		47,816
EW Scripps Co. (The), Class A	*		5,253		111,153
Gannett Co., Inc.			41,351		1,294,700
Global Sources Ltd. (Bermuda)	*†		2,826		23,399
Gray Television, Inc.	*		10,278		134,950
Harte-Hanks, Inc.			7,272		52,286
Hemisphere Media Group, Inc.	*†		1,387		17,421
Interpublic Group of Cos., Inc. (The)			75,959		1,481,960
John Wiley & Sons, Inc., Class A			8,219		497,989
Journal Communications, Inc., Class A	*		9,165		81,294
Lamar Advertising Co., Class A			14,504		768,712
Lee Enterprises, Inc.	*		8,627		38,390
Lions Gate Entertainment Corp.	†		14,824		423,670
Live Nation Entertainment, Inc.	*		25,323		625,225
Loral Space & Communications, Inc.	*		2,438		177,218
Madison Square Garden Co. (The), Class A	*		10,994		686,575
Martha Stewart Living Omnimedia, Inc., Class A	*		6,601		31,025
McClatchy Co. (The), Class A	*		8,865		49,201

		Shares		Value
MDC Partners, Inc., Class A			6,503	$	139,749
Media General, Inc.	*†		9,067		186,146
Meredith Corp.			6,486		313,663
Morningstar, Inc.			3,829		274,961
National CineMedia, Inc.			10,391		181,946
New Media Investment Group, Inc.	*		4,832		68,180
New York Times Co. (The), Class A			24,566		373,649
Nexstar Broadcasting Group, Inc., Class A			5,657		291,958
Radio One, Inc., Class D	*		4,000		19,720
Radio Unica Communications Corp.	*‡d		1,900		—
ReachLocal, Inc.	*†		2,912		20,471
Reading International, Inc., Class A	*		2,976		25,385
Regal Entertainment Group, Class A	†		15,242		321,606
Rentrak Corp.	*		2,166		113,607
Saga Communications, Inc., Class A			1,196		51,093
Salem Communications Corp., Class A			3,266		30,896
Scholastic Corp.			4,805		163,802
SFX Entertainment, Inc.	*†		7,447		60,321
Sinclair Broadcast Group, Inc., Class A			12,521		435,105
Sizmek, Inc.	*		5,674		54,073
Starz, Class A	*		17,046		507,800
Time, Inc.	*		18,230		441,531
World Wrestling Entertainment, Inc., Class A	†		4,743		56,584
					13,841,562
Metals & Mining—1.4%
AK Steel Holding Corp.	*†		23,237		184,967
Allegheny Technologies, Inc.			19,416		875,662
Allied Nevada Gold Corp.	*†		17,040		64,070
AM Castle & Co.	*		3,161		34,897
Ampco-Pittsburgh Corp.			986		22,619
Carpenter Technology Corp.			9,387		593,728
Century Aluminum Co.	*		9,652		151,343
Cliffs Natural Resources, Inc.	†		27,203		409,405
Coeur Mining, Inc.	*		19,056		174,934
Commercial Metals Co.			22,078		382,170
Compass Minerals International, Inc.			6,047		578,940
Globe Specialty Metals, Inc.			11,203		232,798
Gold Resource Corp.	†		6,352		32,141
Handy & Harman Ltd.	*		1,465		39,218
Haynes International, Inc.			2,542		143,852
Hecla Mining Co.			57,230		197,444
Horsehead Holding Corp.	*		8,467		154,607
Kaiser Aluminum Corp.			3,267		238,066
Materion Corp.			3,982		147,294
Molycorp, Inc.	*†		29,774		76,519
Noranda Aluminum Holding Corp.			4,196		14,812
Olympic Steel, Inc.			1,772		43,857
Reliance Steel & Aluminum Co.			14,182		1,045,355
Royal Gold, Inc.			11,742		893,801
RTI International Metals, Inc.	*		6,083		161,747

See accompanying notes to financial statements

273

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Schnitzer Steel Industries, Inc., Class A			4,380	$	114,187
Steel Dynamics, Inc.			41,022		736,345
Stillwater Mining Co.	*		21,089		370,112
SunCoke Energy, Inc.	*		13,564		291,626
Tahoe Resources, Inc.	*†		15,705		411,471
United States Steel Corp.	†		26,042		678,134
Universal Stainless & Alloy Products, Inc.	*		947		30,759
US Silica Holdings, Inc.			9,020		500,069
Walter Energy, Inc.	†		10,993		59,912
Worthington Industries, Inc.			9,711		417,961
					10,504,822
Multiline Retail—0.3%
Big Lots, Inc.	*		10,482		479,027
Bon-Ton Stores, Inc. (The)	†		2,140		22,063
Burlington Stores, Inc.	*		4,870		155,158
Dillard’s, Inc., Class A			4,606		537,106
Fred’s, Inc., Class A			7,550		115,440
J.C. Penney Co., Inc.	*†		53,280		482,184
Sears Holdings Corp.	*†		5,086		203,237
Tuesday Morning Corp.	*		8,867		158,010
					2,152,225
Multi-Utilities—1.2%
Alliant Energy Corp.			20,041		1,219,695
Avista Corp.			11,016		369,256
Black Hills Corp.			7,951		488,112
CMS Energy Corp.			48,308		1,504,794
Integrys Energy Group, Inc.			14,345		1,020,360
MDU Resources Group, Inc.			34,755		1,219,901
NorthWestern Corp.			7,207		376,133
SCANA Corp.			25,237		1,358,003
TECO Energy, Inc.			40,061		740,327
Vectren Corp.			14,819		629,808
					8,926,389
Oil, Gas & Consumable Fuels—3.8%
Abraxas Petroleum Corp.	*		16,099		100,780
Adams Resources & Energy, Inc.			479		37,424
Alon USA Energy, Inc.			3,922		48,790
Alpha Natural Resources, Inc.	*†		42,685		158,361
American Eagle Energy Corp.	*		4,896		29,327
Amyris, Inc.	*†		6,091		22,719
Apco Oil and Gas International, Inc.	*		2,488		35,902
Approach Resources, Inc.	*†		6,656		151,291
Arch Coal, Inc.	†		37,708		137,634
Ardmore Shipping Corp. (Ireland)			2,905		40,176
Athlon Energy, Inc.	*		8,623		411,317
Bill Barrett Corp.	*		9,354		250,500
Bonanza Creek Energy, Inc.	*		5,506		314,888
BPZ Resources, Inc.	*†		27,149		83,619
Callon Petroleum Co.	*		8,345		97,219
Carrizo Oil & Gas, Inc.	*		8,354		578,598
Clayton Williams Energy, Inc.	*		1,014		139,293
Clean Energy Fuels Corp.	*†		11,637		136,386
Cloud Peak Energy, Inc.	*		11,802		217,393
Comstock Resources, Inc.			8,808		254,023
Contango Oil & Gas Co.	*		3,036		128,453
CVR Energy, Inc.			2,695		129,872

		Shares		Value
Delek US Holdings, Inc.			10,249	$	289,329
Denbury Resources, Inc.			60,911		1,124,417
DHT Holdings, Inc. (Bermuda)			11,175		80,460
Diamondback Energy, Inc.	*		6,510		578,088
Dorian LPG Ltd.	*		1,178		27,082
Emerald Oil, Inc.	*†		9,095		69,577
Energen Corp.			13,272		1,179,615
Energy XXI Bermuda Ltd. (Bermuda)			16,321		385,665
EP Energy Corp., Class A	*†		6,635		152,937
Equal Energy Ltd.			5,695		30,867
Evolution Petroleum Corp.			2,183		23,904
EXCO Resources, Inc.	†		31,828		187,467
Forest Oil Corp.	*†		19,596		44,679
Frontline Ltd. (Bermuda)	*†		8,754		25,562
FX Energy, Inc.	*†		10,537		38,039
GasLog Ltd. (Monaco)			7,396		235,858
Gastar Exploration, Inc.	*		9,755		84,966
Golar LNG Ltd. (Bermuda)	†		8,340		501,234
Goodrich Petroleum Corp.	*†		6,111		168,664
Green Plains, Inc.			6,440		211,683
Gulfport Energy Corp.	*		15,328		962,598
Halcon Resources Corp.	*†		45,027		328,247
Hallador Energy Co.			3,197		30,339
Harvest Natural Resources, Inc.	*		6,776		33,812
Isramco, Inc.	*†		156		19,831
Jones Energy, Inc., Class A	*		1,795		36,797
Knightsbridge Tankers Ltd. (Bermuda)			4,827		68,495
Kodiak Oil & Gas Corp.	*		47,799		695,475
Kosmos Energy Ltd. (Bermuda)	*		19,857		222,994
Laredo Petroleum, Inc.	*		13,250		410,485
Magnum Hunter Resources Corp.	*		33,259		272,724
Matador Resources Co.	*		12,970		379,762
Midstates Petroleum Co., Inc.	*†		5,381		38,905
Miller Energy Resources, Inc.	*†		4,833		30,931
Navios Maritime Acq Corp. (Greece)			13,236		49,106
Newfield Exploration Co.	*		24,388		1,077,950
Nordic American Tankers Ltd. (Norway)	†		15,457		147,305
Northern Oil and Gas, Inc.	*†		12,515		203,869
Oasis Petroleum, Inc.	*		18,156		1,014,739
Pacific Ethanol, Inc.	*		3,263		49,891
Panhandle Oil and Gas, Inc., Class A			1,045		58,551
Parsley Energy, Inc., Class A	*		8,050		193,763
PBF Energy, Inc., Class A			11,527		307,195
PDC Energy, Inc.	*		6,343		400,560
Peabody Energy Corp.	†		48,924		799,907
Penn Virginia Corp.	*		11,487		194,705
PetroQuest Energy, Inc.	*		8,484		63,800
QEP Resources, Inc.			32,557		1,123,216
Quicksilver Resources, Inc.	*†		22,131		59,090
Renewable Energy Group, Inc.	*		5,827		66,836
Resolute Energy Corp.	*		11,308		97,701
REX American Resources Corp.	*		1,034		75,803
Rex Energy Corp.	*		9,028		159,886
Rice Energy, Inc.	*		9,450		287,752
Ring Energy, Inc.	*		2,998		52,315
Rosetta Resources, Inc.	*		11,412		625,948
RSP Permian, Inc.	*		4,334		140,595
Sanchez Energy Corp.	*†		8,008		301,021

See accompanying notes to financial statements

274

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
SandRidge Energy, Inc.	*†		88,853	$	635,299
Scorpio Tankers, Inc. (Monaco)			34,877		354,699
SemGroup Corp., Class A			7,738		610,141
Ship Finance International Ltd. (Norway)			10,743		199,712
SM Energy Co.			12,019		1,010,798
Solazyme, Inc.	*†		13,219		155,720
Stone Energy Corp.	*		9,408		440,200
Swift Energy Co.	*†		7,371		95,676
Synergy Resources Corp.	*		10,554		139,840
Targa Resources Corp.			6,682		932,607
Teekay Corp. (Bermuda)			8,007		498,436
Teekay Tankers Ltd., Class A (Bermuda)			9,900		42,471
TransAtlantic Petroleum Ltd.	*		3,643		41,494
Triangle Petroleum Corp.	*		11,688		137,334
Ultra Petroleum Corp.	*†		28,003		831,409
VAALCO Energy, Inc.	*		12,065		87,230
Vertex Energy, Inc.	*		2,000		19,420
W&T Offshore, Inc.			5,802		94,979
Warren Resources, Inc.	*		10,685		66,247
Western Refining, Inc.			10,072		378,204
Westmoreland Coal Co.	*		1,702		61,749
World Fuel Services Corp.			13,211		650,378
WPX Energy, Inc.	*		36,900		882,279
					28,393,279
Paper & Forest Products—0.4%
Boise Cascade Co.	*		6,570		188,165
Clearwater Paper Corp.	*		3,863		238,424
Deltic Timber Corp.			1,869		112,925
Domtar Corp. (Canada)			11,880		509,058
KapStone Paper and Packaging Corp.	*		15,462		512,256
Louisiana-Pacific Corp.	*		25,478		382,680
Neenah Paper, Inc.			2,742		145,737
P.H. Glatfelter Co.			8,163		216,564
Resolute Forest Products, Inc. (Canada)	*		13,110		219,986
Schweitzer-Mauduit International, Inc.			5,613		245,064
Wausau Paper Corp.			7,822		84,634
					2,855,493
Personal Products—0.5%
Avon Products, Inc.			75,200		1,098,672
Coty, Inc., Class A			11,258		192,849
Elizabeth Arden, Inc.	*		4,409		94,441
Female Health Co. (The)	†		5,170		28,487
Herbalife Ltd.	†		14,670		946,802
IGI Laboratories, Inc.	*		4,628		24,575
Inter Parfums, Inc.			2,745		81,115
Medifast, Inc.	*		2,861		87,003
Nature’s Sunshine Products, Inc.			1,727		29,307
Nu Skin Enterprises, Inc., Class A			10,792		798,176
Nutraceutical International Corp.	*		1,355		32,330
Revlon, Inc., Class A	*		1,782		54,351
Synutra International, Inc.	*†		2,931		19,667
USANA Health Sciences, Inc.	*†		1,221		95,409
					3,583,184

		Shares		Value
Pharmaceuticals—1.3%
AcelRx Pharmaceuticals, Inc.	*†		5,622	$	57,625
Achaogen, Inc.	*		1,150		16,054
Aerie Pharmaceuticals, Inc.	*		1,295		32,077
Akorn, Inc.	*		11,054		367,545
Alimera Sciences, Inc.	*†		2,748		16,433
Ampio Pharmaceuticals, Inc.	*†		7,534		62,909
ANI Pharmaceuticals, Inc.	*		1,107		38,125
Aratana Therapeutics, Inc.	*†		4,040		63,064
Auxilium Pharmaceuticals, Inc.	*†		9,100		182,546
AVANIR Pharmaceuticals, Inc., Class A	*		28,713		161,941
BioDelivery Sciences International, Inc.	*		5,383		64,973
Bio-Path Holdings, Inc.	*		11,813		36,030
Cempra, Inc.	*†		4,933		52,931
Corcept Therapeutics, Inc.	*†		9,895		27,706
Depomed, Inc.	*		11,672		162,241
Endocyte, Inc.	*†		5,585		36,805
Horizon Pharma, Inc.	*†		10,579		167,360
Impax Laboratories, Inc.	*		12,102		362,939
Intra-Cellular Therapies, Inc.	*		2,752		46,399
Jazz Pharmaceuticals plc	*		10,499		1,543,458
Lannett Co., Inc.	*		4,522		224,382
Mallinckrodt plc	*		9,980		798,600
Medicines Co. (The)	*		12,102		351,684
Nektar Therapeutics	*		21,871		280,386
Omeros Corp.	*†		4,721		82,145
Pacira Pharmaceuticals, Inc.	*		6,269		575,870
Pain Therapeutics, Inc.	*		6,124		35,213
Pernix Therapeutics Holdings, Inc.	*†		2,943		26,428
Phibro Animal Health Corp., Class A	*		2,360		51,802
Pozen, Inc.	*		5,088		42,383
Prestige Brands Holdings, Inc.	*		9,444		320,057
Questcor Pharmaceuticals, Inc.	†		10,772		996,302
Relypsa, Inc.	*		2,823		68,655
Repros Therapeutics, Inc.	*†		4,662		80,653
Revance Therapeutics, Inc.	*		1,284		43,656
Sagent Pharmaceuticals, Inc.	*		4,122		106,595
Salix Pharmaceuticals Ltd.	*		11,316		1,395,829
SciClone Pharmaceuticals, Inc.	*		10,639		55,961
Sucampo Pharmaceuticals, Inc., Class A	*†		1,783		12,303
Supernus Pharmaceuticals, Inc.	*†		3,172		34,733
Tetraphase Pharmaceuticals, Inc.	*		3,738		50,426
TherapeuticsMD, Inc.	*†		18,397		81,315
Theravance Biopharma, Inc. (Cayman Islands)	*†		3,979		126,851
Theravance, Inc.	*†		13,928		414,776
VIVUS, Inc.	*†		18,805		100,043
XenoPort, Inc.	*		8,506		41,084
Zogenix, Inc.	*†		22,351		44,925
					9,942,218
Professional Services—1.4%
Acacia Research Corp.	†		8,726		154,887
Advisory Board Co. (The)	*		6,712		347,682
Barrett Business Services, Inc.			1,514		71,158
CBIZ, Inc.	*		5,180		46,775
CDI Corp.			2,129		30,679

See accompanying notes to financial statements

275

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Corporate Executive Board Co. (The)			6,047	$	412,526
CRA International, Inc.	*		1,427		32,892
Dun & Bradstreet Corp. (The)			6,651		732,940
Equifax, Inc.			21,986		1,594,865
Exponent, Inc.			2,633		195,132
Franklin Covey Co.	*		1,232		24,800
FTI Consulting, Inc.	*		7,311		276,502
GP Strategies Corp.	*		2,402		62,164
Heidrick & Struggles International, Inc.			3,000		55,500
Hill International, Inc.	*		4,200		26,166
Huron Consulting Group, Inc.	*		4,091		289,725
ICF International, Inc.	*		3,982		140,804
Insperity, Inc.			3,965		130,845
Kelly Services, Inc., Class A			4,508		77,402
Kforce, Inc.			4,412		95,520
Korn/Ferry International	*		8,532		250,585
Manpowergroup, Inc.			14,286		1,212,167
Mistras Group, Inc.	*		3,345		82,019
Navigant Consulting, Inc.	*		10,052		175,407
On Assignment, Inc.	*		9,553		339,800
Paylocity Holding Corp.	*		1,348		29,157
Pendrell Corp.	*		26,471		46,589
Resources Connection, Inc.			6,845		89,738
Robert Half International, Inc.			24,672		1,177,841
RPX Corp.	*		9,075		161,081
Towers Watson & Co., Class A			11,794		1,229,289
TriNet Group, Inc.	*		2,531		60,921
TrueBlue, Inc.	*		7,816		215,487
VSE Corp.			653		45,919
WageWorks, Inc.	*		6,123		295,190
					10,210,154
Real Estate Investment Trusts (REITs)—8.1%
Acadia Realty Trust REIT			10,332		290,226
AG Mortgage Investment Trust, Inc. REIT			4,573		86,567
Agree Realty Corp. REIT			2,737		82,740
Alexander’s, Inc. REIT			383		141,507
Alexandria Real Estate Equities, Inc. REIT			12,968		1,006,836
Altisource Residential Corp. REIT (Virgin Islands, U.S.)			10,276		267,484
American Assets Trust, Inc. REIT			6,527		225,508
American Campus Communities, Inc. REIT			18,821		719,715
American Capital Mortgage Investment Corp. REIT			9,452		189,229
American Homes 4 Rent, Class A REIT			23,494		417,253
American Realty Capital Healthcare Trust, Inc. REIT			27,256		296,818
American Residential Properties, Inc. REIT	*		5,398		101,213
AmREIT, Inc. REIT			4,135		75,671
Anworth Mortgage Asset Corp. REIT			27,380		141,281
Apartment Investment & Management Co., Class A REIT			26,426		852,767
Apollo Commercial Real Estate Finance, Inc. REIT			6,767		111,588

		Shares		Value
Apollo Residential Mortgage, Inc. REIT			5,862	$	98,013
Ares Commercial Real Estate Corp. REIT			4,696		58,277
Armada Hoffler Properties, Inc. REIT			3,047		29,495
ARMOUR Residential REIT, Inc. REIT			66,344		287,270
Ashford Hospitality Prime, Inc. REIT			4,345		74,560
Ashford Hospitality Trust, Inc. REIT			10,729		123,813
Associated Estates Realty Corp. REIT			11,260		202,905
Aviv REIT, Inc. REIT			3,350		94,370
BioMed Realty Trust, Inc. REIT			34,285		748,442
Brandywine Realty Trust REIT			29,584		461,510
Brixmor Property Group, Inc. REIT			8,181		187,754
Camden Property Trust REIT			15,592		1,109,371
Campus Crest Communities, Inc. REIT			10,695		92,619
Capstead Mortgage Corp. REIT	†		17,141		225,404
CareTrust REIT, Inc. REIT	*		3,393		67,181
CatchMark Timber Trust, Inc., Class A REIT	†		2,241		30,634
CBL & Associates Properties, Inc. REIT			29,313		556,947
Cedar Realty Trust, Inc. REIT			13,395		83,719
Chambers Street Properties REIT			41,610		334,544
Chatham Lodging Trust REIT			4,254		93,163
Chesapeake Lodging Trust REIT			8,489		256,622
Chimera Investment Corp. REIT			184,876		589,754
Colony Financial, Inc. REIT			17,260		400,777
Columbia Property Trust, Inc. REIT			20,999		546,184
CommonWealth REIT REIT			22,203		584,383
CoreSite Realty Corp. REIT			3,409		112,736
Corporate Office Properties Trust REIT			16,231		451,384
Corrections Corp. of America REIT			20,799		683,247
Cousins Properties, Inc. REIT			35,136		437,443
CubeSmart REIT			25,938		475,184
CyrusOne, Inc. REIT			3,038		75,646
CYS Investments, Inc. REIT			31,116		280,666
DCT Industrial Trust, Inc. REIT			57,053		468,405
DDR Corp. REIT			54,771		965,613
DiamondRock Hospitality Co. REIT			34,898		447,392
Douglas Emmett, Inc. REIT			25,769		727,201
Duke Realty Corp. REIT			59,512		1,080,738
DuPont Fabros Technology, Inc. REIT			11,161		300,901
Dynex Capital, Inc. REIT			9,171		81,163
EastGroup Properties, Inc. REIT			5,650		362,900
Education Realty Trust, Inc. REIT			21,399		229,825
Empire State Realty Trust, Inc., Class A REIT			16,194		267,201
EPR Properties REIT			9,704		542,163

See accompanying notes to financial statements

276

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Equity Lifestyle Properties, Inc. REIT			14,934	$	659,485
Equity One, Inc. REIT			10,911		257,391
Excel Trust, Inc. REIT			7,788		103,814
Extra Space Storage, Inc. REIT			20,388		1,085,661
Federal Realty Investment Trust REIT			11,813		1,428,428
FelCor Lodging Trust, Inc. REIT			23,021		241,951
First Industrial Realty Trust, Inc. REIT			20,382		383,997
First Potomac Realty Trust REIT			11,442		150,119
Franklin Street Properties Corp. REIT			16,006		201,355
Gaming and Leisure Properties, Inc. REIT			15,341		521,134
Geo Group, Inc. (The) REIT			13,484		481,783
Getty Realty Corp. REIT			4,999		95,381
Gladstone Commercial Corp. REIT			2,393		42,763
Glimcher Realty Trust REIT			25,248		273,436
Government Properties Income Trust REIT			10,092		256,236
Gramercy Property Trust, Inc. REIT	†		20,083		121,502
Hannon Armstrong Sustainable
Infrastructure Capital, Inc. REIT			2,349		33,685
Hatteras Financial Corp. REIT			17,686		350,360
Healthcare Realty Trust, Inc. REIT			18,090		459,848
Healthcare Trust of America, Inc., Class A REIT			40,271		484,863
Hersha Hospitality Trust REIT			37,283		250,169
Highwoods Properties, Inc. REIT			16,189		679,129
Home Properties, Inc. REIT			10,439		667,678
Hospitality Properties Trust REIT			26,883		817,243
Hudson Pacific Properties, Inc. REIT			9,712		246,102
Inland Real Estate Corp. REIT			16,167		171,855
Invesco Mortgage Capital, Inc. REIT			22,557		391,590
Investors Real Estate Trust REIT			18,364		169,132
iStar Financial, Inc. REIT	*		16,514		247,380
Kilroy Realty Corp. REIT			14,674		913,897
Kite Realty Group Trust REIT			23,613		144,984
LaSalle Hotel Properties REIT			18,697		659,817
Lexington Realty Trust REIT			36,506		401,931
Liberty Property Trust REIT			26,167		992,514
LTC Properties, Inc. REIT			6,423		250,754
Mack-Cali Realty Corp. REIT			16,724		359,232
Medical Properties Trust, Inc. REIT			30,549		404,469
MFA Financial, Inc. REIT			65,517		537,895
Mid-America Apartment Communities, Inc. REIT			13,795		1,007,725
Monmouth Real Estate Investment Corp., Class A REIT			7,811		78,422
National Health Investors, Inc. REIT			5,858		366,476
National Retail Properties, Inc. REIT			21,410		796,238
New Residential Investment Corp. REIT			46,548		293,252

		Shares		Value
New York Mortgage Trust, Inc. REIT	†		15,834	$	123,664
New York REIT, Inc. REIT			28,430		314,436
NorthStar Realty Finance Corp. REIT			66,312		1,152,503
Omega Healthcare Investors, Inc. REIT	†		21,971		809,851
One Liberty Properties, Inc. REIT			1,927		41,122
Owens Realty Mortgage, Inc. REIT			1,733		33,707
Parkway Properties, Inc. REIT			12,535		258,848
Pebblebrook Hotel Trust REIT			10,932		404,047
Pennsylvania Real Estate Investment Trust REIT			13,304		250,381
PennyMac Mortgage Investment Trust REIT			13,445		294,983
Physicians Realty Trust REIT			5,794		83,376
Piedmont Office Realty Trust, Inc., Class A REIT			28,776		545,017
Post Properties, Inc. REIT			9,776		522,625
Potlatch Corp. REIT			7,237		299,612
PS Business Parks, Inc. REIT			3,550		296,390
QTS Realty Trust, Inc., Class A REIT			2,361		67,595
RAIT Financial Trust REIT	†		13,669		113,043
Ramco-Gershenson Properties Trust REIT			11,486		190,897
Rayonier, Inc. REIT			22,897		813,988
Redwood Trust, Inc. REIT	†		14,817		288,487
Regency Centers Corp. REIT			16,611		924,900
Resource Capital Corp. REIT			25,000		140,750
Retail Opportunity Investments Corp. REIT			14,126		222,202
Retail Properties of America, Inc., Class A REIT			40,536		623,444
Rexford Industrial Realty, Inc. REIT			4,882		69,520
RLJ Lodging Trust REIT			23,764		686,542
Rouse Properties, Inc. REIT	†		6,437		110,137
Ryman Hospitality Properties, Inc. REIT			8,002		385,296
Sabra Health Care REIT, Inc. REIT			8,455		242,743
Saul Centers, Inc. REIT			1,580		76,788
Select Income REIT REIT			6,360		188,510
Senior Housing Properties Trust REIT			35,598		864,675
Silver Bay Realty Trust Corp. REIT			6,492		105,949
Sovran Self Storage, Inc. REIT			5,793		447,509
Spirit Realty Capital, Inc. REIT			72,193		820,112
STAG Industrial, Inc. REIT			8,311		199,547
Starwood Property Trust, Inc. REIT			40,137		954,057
Starwood Waypoint Residential Trust REIT	*		7,249		189,996
Strategic Hotels & Resorts, Inc. REIT	*		43,183		505,673
Summit Hotel Properties, Inc. REIT			13,292		140,895
Sun Communities, Inc. REIT			6,851		341,454
Sunstone Hotel Investors, Inc. REIT			33,780		504,335

See accompanying notes to financial statements

277

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares			Value
COMMON STOCKS—(Continued)
Tanger Factory Outlet Centers, Inc. REIT			17,012		$	594,910
Taubman Centers, Inc. REIT			11,557			876,136
Terreno Realty Corp. REIT			5,103			98,641
Trade Street Residential, Inc. REIT			3,200			23,968
Two Harbors Investment Corp. REIT			65,526			686,712
UMH Properties, Inc. REIT			3,071			30,802
Universal Health Realty Income Trust REIT			2,317			100,743
Urstadt Biddle Properties, Inc., Class A REIT			4,932			102,980
Washington Prime Group, Inc. REIT	*		25,900			485,366
Washington Real Estate Investment Trust REIT			12,190			316,696
Weingarten Realty Investors REIT			22,003			722,579
Western Asset Mortgage Capital Corp. REIT			6,991			99,063
Whitestone REIT REIT			5,035			75,072
Winthrop Realty Trust REIT			5,324			81,723
WP Carey, Inc. REIT			17,218			1,108,839
						59,868,834
Real Estate Management & Development—0.7%
Alexander & Baldwin, Inc.			8,598			356,387
Altisource Asset Management Corp. (Virgin Islands, U.S.)	*		227			164,135
Altisource Portfolio Solutions SA (Luxembourg)	*		2,349			269,149
AV Homes, Inc.	*		1,495			24,443
Consolidated-Tomoka Land Co.			1,195			54,851
Forest City Enterprises, Inc., Class A	*		28,370			563,712
Forestar Group, Inc.	*		6,325			120,744
Howard Hughes Corp. (The)	*		7,258			1,145,530
Jones Lang LaSalle, Inc.			8,002			1,011,373
Kennedy-Wilson Holdings, Inc.			12,702			340,668
RE/MAX Holdings, Inc., Class A			1,946			57,582
Realogy Holdings Corp.	*		25,699			969,109
St. Joe Co. (The)	*		11,647	��		296,183
Tejon Ranch Co.	*		2,591			83,404
						5,457,270
Road & Rail—1.0%
AMERCO			1,307			380,023
ArcBest Corp.			4,426			192,575
Avis Budget Group, Inc.	*		18,947			1,130,946
Celadon Group, Inc.			4,371			93,190
Con-way, Inc.			10,630			535,858
Genesee & Wyoming, Inc., Class A	*		9,191			965,055
Heartland Express, Inc.			8,826			188,347
Knight Transportation, Inc.			10,752			255,575
Landstar System, Inc.			8,364			535,296
Marten Transport Ltd.			3,709			82,896
Old Dominion Freight Line, Inc.	*		11,411			726,653
PAM Transportation Services, Inc.	*		530			14,819
Patriot Transportation Holding, Inc.	*		1,038			36,299
Quality Distribution, Inc.	*		4,707			69,946

		Shares		Value
Roadrunner Transportation Systems, Inc.	*		4,782	$	134,374
Ryder System, Inc.			9,570		843,021
Saia, Inc.	*		4,169		183,144
Swift Transportation Co.	*		15,398		388,492
Universal Truckload Services, Inc.			1,615		40,956
USA Truck, Inc.	*		1,050		19,520
Werner Enterprises, Inc.			8,408		222,896
YRC Worldwide, Inc.	*†		4,925		138,442
					7,178,323
Semiconductors & Semiconductor Equipment—2.7%
Advanced Energy Industries, Inc.	*		7,214		138,870
Advanced Micro Devices, Inc.	*†		109,329		458,089
Alpha & Omega Semiconductor Ltd.	*		2,749		25,483
Ambarella, Inc.	*†		4,941		154,060
Amkor Technology, Inc.	*		12,795		143,048
Applied Micro Circuits Corp.	*		14,794		159,923
Atmel Corp.	*		77,240		723,739
Audience, Inc.	*		1,525		18,239
Axcelis Technologies, Inc.	*		20,883		41,766
Brooks Automation, Inc.			11,493		123,780
Cabot Microelectronics Corp.	*		4,276		190,923
Cascade Microtech, Inc.	*		2,057		28,099
Cavium, Inc.	*		9,223		458,014
CEVA, Inc.	*		3,801		56,141
Cirrus Logic, Inc.	*†		11,941		271,538
Cohu, Inc.			4,103		43,902
Cree, Inc.	*		21,814		1,089,609
Cypress Semiconductor Corp.	*†		28,584		311,851
Diodes, Inc.	*		6,143		177,901
DSP Group, Inc.	*		4,251		36,091
Entegris, Inc.	*		25,104		345,054
Entropic Communications, Inc.	*		14,187		47,243
Exar Corp.	*		7,230		81,699
Fairchild Semiconductor International, Inc.	*		22,593		352,451
First Solar, Inc.	*		13,059		927,973
FormFactor, Inc.	*		11,437		95,156
Freescale Semiconductor Ltd.	*		18,107		425,514
GT Advanced Technologies, Inc.	*†		24,123		448,688
Hittite Microwave Corp.			5,628		438,703
Inphi Corp.	*		4,292		63,007
Integrated Device Technology, Inc.	*		24,178		373,792
Integrated Silicon Solution, Inc.	*		4,746		70,098
International Rectifier Corp.	*		12,910		360,189
Intersil Corp., Class A			24,427		365,184
IXYS Corp.			5,795		71,394
Kopin Corp.	*		10,484		34,178
Lattice Semiconductor Corp.	*		22,371		184,561
M/A-COM Technology Solutions Holdings, Inc.	*		1,263		28,392
MaxLinear, Inc., Class A	*		3,663		36,886
Micrel, Inc.			9,918		111,875
Microsemi Corp.	*		17,114		457,971
MKS Instruments, Inc.			9,243		288,751
Monolithic Power Systems, Inc.			7,140		302,379
Nanometrics, Inc.	*		3,660		66,795
NVE Corp.	*		771		42,860

See accompanying notes to financial statements

278

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
OmniVision Technologies, Inc.	*		9,688	$	212,942
ON Semiconductor Corp.	*		80,877		739,216
PDF Solutions, Inc.	*		4,882		103,596
Peregrine Semiconductor Corp.	*†		4,359		29,903
Pericom Semiconductor Corp.	*		5,204		47,044
Photronics, Inc.	*		11,167		96,036
PLX Technology, Inc.	*		8,946		57,881
PMC-Sierra, Inc.*			31,707		241,290
Power Integrations, Inc.			5,526		317,966
QuickLogic Corp.	*		8,878		45,899
Rambus, Inc.	*		19,622		280,595
RF Micro Devices, Inc.	*		51,143		490,461
Rubicon Technology, Inc.	*†		5,126		44,853
Rudolph Technologies, Inc.	*		5,424		53,589
Semtech Corp.	*		12,745		333,282
Silicon Image, Inc.	*		13,062		65,832
Silicon Laboratories, Inc.	*		7,587		373,660
Skyworks Solutions, Inc.			33,983		1,595,842
Spansion, Inc., Class A	*		10,652		224,438
SunEdison, Inc.	*		48,304		1,091,670
SunPower Corp.	*†		7,788		319,152
Synaptics, Inc.	*		6,375		577,830
Teradyne, Inc.	†		35,663		698,995
Tessera Technologies, Inc.			9,124		201,458
TriQuint Semiconductor, Inc.	*		29,443		465,494
Ultra Clean Holdings, Inc.	*		3,668		33,195
Ultratech, Inc.	*		4,638		102,871
Veeco Instruments, Inc.	*†		6,762		251,952
Vitesse Semiconductor Corp.	*		7,754		26,751
Xcerra Corp.	*		8,847		80,508
					19,876,060
Software—3.8%
A10 Networks, Inc.	*		2,048		27,238
ACI Worldwide, Inc.	*		6,859		382,938
Actuate Corp.	*		9,173		43,755
Advent Software, Inc.			8,893		289,645
American Software, Inc., Class A			3,570		35,272
ANSYS, Inc.	*		16,856		1,278,022
Aspen Technology, Inc.	*		16,834		781,098
AVG Technologies NV (Netherlands)	*		5,989		120,559
Barracuda Networks, Inc.	*†		698		21,652
Blackbaud, Inc.			8,708		311,224
Bottomline Technologies de, Inc.	*		7,299		218,386
BroadSoft, Inc.	*		4,735		124,957
Cadence Design Systems, Inc.	*		50,936		890,871
Callidus Software, Inc.	*		7,373		88,034
Cinedigm Corp., Class A	*		12,318		30,672
CommVault Systems, Inc.	*		8,682		426,894
Compuware Corp.			40,292		402,517
Comverse, Inc.	*		3,789		101,091
Concur Technologies, Inc.	*		8,422		786,110
Covisint Corp.	*		1,233		5,992
Cyan, Inc.	*		1,292		5,207
Digimarc Corp.			993		32,372
Ebix, Inc.	†		6,537		93,545
Ellie Mae, Inc.	*†		5,388		167,728
EnerNOC, Inc.	*		4,402		83,418
Epiq Systems, Inc.			6,758		94,950
ePlus, Inc.	*†		596		34,687
FactSet Research Systems, Inc.	†		7,628		917,496
Fair Isaac Corp.			6,197		395,121

		Shares		Value
FireEye, Inc.	*†		14,375	$	582,906
FleetMatics Group plc (Ireland)	*		6,374		206,135
Fortinet, Inc.	*		25,484		640,413
Gigamon, Inc.	*†		4,019		76,924
Glu Mobile, Inc.	*		15,011		75,055
Guidance Software, Inc.	*†		2,669		24,341
Guidewire Software, Inc.	*		11,797		479,666
Imperva, Inc.	*		3,842		100,584
Infoblox, Inc.	*		9,035		118,810
Informatica Corp.	*		19,525		696,066
Interactive Intelligence Group, Inc.	*		3,089		173,386
Jive Software, Inc.	*†		6,532		55,587
Kofax Ltd.	*		11,944		102,718
Manhattan Associates, Inc.	*		13,673		470,761
Mavenir Systems, Inc.	*		940		14,241
Mentor Graphics Corp.			17,566		378,899
MICROS Systems, Inc.	*		13,510		917,329
MicroStrategy, Inc., Class A	*		1,565		220,070
Model N, Inc.	*		1,301		14,376
Monotype Imaging Holdings, Inc.			7,430		209,303
NetScout Systems, Inc.	*		6,836		303,108
NetSuite, Inc.	*		7,341		637,786
Nuance Communications, Inc.	*		47,109		884,236
Park City Group, Inc.	*		1,600		17,424
Paycom Software, Inc.	*		1,100		16,049
Pegasystems, Inc.			5,938		125,411
Progress Software Corp.	*		9,932		238,765
Proofpoint, Inc.	*		6,418		240,418
PROS Holdings, Inc.	*		3,855		101,926
PTC, Inc.	*		21,641		839,671
QAD, Inc., Class A			986		21,022
Qlik Technologies, Inc.	*		15,331		346,787
Qualys, Inc.	*		3,457		88,741
Rally Software Development Corp.	*		4,111		44,769
RealPage, Inc.	*		8,084		181,728
Rosetta Stone, Inc.	*		2,755		26,779
Rovi Corp.	*		17,493		419,132
Rubicon Project, Inc. (The)	*		1,350		17,334
Sapiens International Corp. NV (Israel)	*		3,979		31,832
SeaChange International, Inc.	*		5,522		44,231
ServiceNow, Inc.	*		25,178		1,560,029
Silver Spring Networks, Inc.	*		5,731		76,394
SolarWinds, Inc.	*		12,044		465,621
Solera Holdings, Inc.			12,396		832,391
Splunk, Inc.	*		20,885		1,155,567
SS&C Technologies Holdings, Inc.	*		12,033		532,099
Synchronoss Technologies, Inc.	*		6,172		215,773
Synopsys, Inc.	*		27,755		1,077,449
Tableau Software, Inc., Class A	*		6,330		451,519
Take-Two Interactive Software, Inc.	*		17,446		387,999
Tangoe, Inc.	*		6,522		98,221
TeleCommunication Systems, Inc., Class A	*		7,640		25,136
TeleNav, Inc.	*		4,267		24,279
TIBCO Software, Inc.	*		29,526		595,539
TiVo, Inc.	*		20,786		268,347
Tyler Technologies, Inc.	*		5,903		538,413
Ultimate Software Group, Inc. (The)	*		4,977		687,672

See accompanying notes to financial statements

279

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Varonis Systems, Inc.	*		985	$	28,575
VASCO Data Security International, Inc.	*		4,225		49,010
Verint Systems, Inc.	*		9,660		473,823
VirnetX Holding Corp.	*†		7,740		136,301
Vringo, Inc.	*†		10,670		36,491
Zendesk, Inc.	*		1,829		31,788
Zynga, Inc., Class A	*		127,584		409,545
					28,534,151
Specialty Retail—3.4%
Aaron’s, Inc.			11,702		417,059
Abercrombie & Fitch Co., Class A	†		13,404		579,723
Aeropostale, Inc.	*†		13,291		46,386
American Eagle Outfitters, Inc.	†		36,160		405,715
America’s Car-Mart, Inc.	*		1,569		62,054
ANN, Inc.	*		8,527		350,801
Asbury Automotive Group, Inc.	*		5,664		389,343
Ascena Retail Group, Inc.	*		24,015		410,656
AutoNation, Inc.	*		12,631		753,818
Barnes & Noble, Inc.	*		8,200		186,878
bebe stores, Inc.			8,935		27,252
Big 5 Sporting Goods Corp.			4,027		49,411
Brown Shoe Co., Inc.			8,500		243,185
Buckle, Inc. (The)	†		5,434		241,052
Build-A-Bear Workshop, Inc.	*		1,985		26,520
Cabela’s, Inc.	*†		8,549		533,458
Cato Corp. (The), Class A			4,713		145,632
Chico’s FAS, Inc.			27,602		468,130
Children’s Place, Inc. (The)	†		4,359		216,337
Christopher & Banks Corp.	*		5,820		50,983
Citi Trends, Inc.	*		3,282		70,432
Conn’s, Inc.	*†		4,892		241,616
Container Store Group, Inc.(The)	*†		2,409		66,922
CST Brands, Inc.			13,280		458,160
Destination Maternity Corp.			2,707		61,638
Destination XL Group, Inc.	*		8,855		48,791
Dick’s Sporting Goods, Inc.			17,338		807,257
DSW, Inc., Class A			13,331		372,468
Express, Inc.	*		16,183		275,596
Finish Line, Inc. (The), Class A			8,628		256,597
Five Below, Inc.	*†		9,346		372,999
Foot Locker, Inc.			26,191		1,328,408
Francesca’s Holdings Corp.	*†		8,927		131,584
GameStop Corp., Class A			20,643		835,422
Genesco, Inc.	*		4,586		376,648
GNC Holdings, Inc., Class A			16,762		571,584
Group 1 Automotive, Inc.			4,050		341,456
Guess?, Inc.			10,532		284,364
Haverty Furniture Cos., Inc.			3,359		84,412
hhgregg, Inc.	*†		2,033		20,676
Hibbett Sports, Inc.	*†		4,967		269,062
Kirkland’s, Inc.	*		2,193		40,680
Lithia Motors, Inc., Class A			4,128		388,321
Lumber Liquidators Holdings, Inc.	*		4,866		369,573
MarineMax, Inc.	*		5,242		87,751
Mattress Firm Holding Corp.	*†		2,796		133,509
Men’s Wearhouse, Inc. (The)			8,549		477,034
Monro Muffler Brake, Inc.	†		5,979		318,023
Murphy USA, Inc.	*		7,622		372,640

		Shares		Value
New York & Co., Inc.	*		3,724	$	13,742
Office Depot, Inc.	*		94,999		540,544
Outerwall, Inc.	*†		3,549		210,633
Pacific Sunwear of California, Inc.	*		7,414		17,645
Penske Automotive Group, Inc.			7,830		387,585
Pep Boys-Manny, Moe & Jack (The)	*		10,379		118,943
PetSmart, Inc.			17,137		1,024,793
Pier 1 Imports, Inc.			16,713		257,547
Rent-A-Center, Inc.			9,393		269,391
Restoration Hardware Holdings, Inc.	*		5,361		498,841
Sally Beauty Holdings, Inc.	*		29,138		730,781
Sears Hometown and Outlet Stores, Inc.	*†		1,371		29,435
Select Comfort Corp.	*		10,963		226,496
Shoe Carnival, Inc.			3,350		69,178
Signet Jewelers Ltd. (Bermuda)			14,398		1,592,275
Sonic Automotive, Inc., Class A			7,614		203,142
Stage Stores, Inc.			6,014		112,402
Stein Mart, Inc.			5,811		80,715
Systemax, Inc.	*		1,358		19,514
Tile Shop Holdings, Inc.	*†		4,808		73,514
Tilly’s, Inc., Class A	*		1,567		12,599
Ulta Salon Cosmetics & Fragrance, Inc.	*		11,778		1,076,627
Urban Outfitters, Inc.	*		19,453		658,679
Vitamin Shoppe, Inc.	*		5,873		252,656
West Marine, Inc.	*		3,373		34,607
Williams-Sonoma, Inc.			16,930		1,215,235
Winmark Corp.			356		24,788
Zumiez, Inc.	*		3,482		96,068
					24,916,391
Technology Hardware, Storage & Peripherals—0.8%
3D Systems Corp.	*†		19,554		1,169,329
Cray, Inc.	*†		7,804		207,586
Diebold, Inc.			11,474		460,911
Dot Hill Systems Corp.	*		9,656		45,383
Eastman Kodak Co.	*		2,841		69,519
Electronics For Imaging, Inc.	*		8,854		400,201
Fusion-io, Inc.	*		19,033		215,073
Immersion Corp.	*		5,977		76,027
Intevac, Inc.	*		3,848		30,823
Lexmark International, Inc., Class A			11,222		540,452
NCR Corp.	*		30,407		1,066,982
Nimble Storage, Inc.	*†		1,724		52,961
QLogic Corp.	*		16,769		169,199
Quantum Corp.	*†		33,664		41,070
Silicon Graphics International Corp.	*		6,293		60,539
Stratasys Ltd.	*		8,592		976,309
Super Micro Computer, Inc.	*		5,215		131,783
Violin Memory, Inc.	*†		13,217		58,551
					5,772,698
Textiles, Apparel & Luxury Goods—1.1%
Carter’s, Inc.			9,648		665,037
Columbia Sportswear Co.			2,546		210,427
Crocs, Inc.	*		15,828		237,895
Culp, Inc.			1,780		30,990
Deckers Outdoor Corp.	*		6,235		538,267

See accompanying notes to financial statements

280

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Fossil Group, Inc.	*		8,398	$	877,759
G-III Apparel Group Ltd.	*		2,895		236,406
Hanesbrands, Inc.			17,847		1,756,859
Iconix Brand Group, Inc.	*		8,774		376,755
Kate Spade & Co.	*		23,044		878,898
Movado Group, Inc.			2,952		123,010
Oxford Industries, Inc.			2,482		165,475
Perry Ellis International, Inc.	*		2,045		35,665
Quiksilver, Inc.	*		26,575		95,138
RG Barry Corp.			1,580		29,941
Sequential Brands Group, Inc.	*		2,717		37,522
Skechers U.S.A., Inc., Class A	*		7,438		339,916
Steven Madden Ltd.	*		10,610		363,923
Tumi Holdings, Inc.	*		8,914		179,439
Unifi, Inc.	*		3,223		88,729
Vera Bradley, Inc.	*		3,595		78,623
Vince Holding Corp.	*		1,928		70,603
Wolverine World Wide, Inc.			18,151		473,015
					7,890,292
Thrifts & Mortgage Finance—1.1%
Astoria Financial Corp.			17,289		232,537
Bank Mutual Corp.			9,174		53,209
BankFinancial Corp.			3,338		37,252
BBX Capital Corp., Class A	*		1,182		21,276
Beneficial Mutual Bancorp, Inc.	*		4,861		65,915
Berkshire Hills Bancorp, Inc.			4,121		95,690
BofI Holding, Inc.	*		2,398		176,181
Brookline Bancorp, Inc.			13,692		128,294
Capitol Federal Financial, Inc.			26,562		322,994
Charter Financial Corp.			5,539		61,483
Clifton Bancorp, Inc.			4,406		55,824
Dime Community Bancshares, Inc.			5,399		85,250
ESB Financial Corp.			2,032		26,294
Essent Group Ltd. (Bermuda)	*		7,086		142,358
EverBank Financial Corp.			14,911		300,606
Federal Agricultural Mortgage Corp., Class C			2,090		64,957
First Defiance Financial Corp.			1,548		44,428
First Financial Northwest, Inc.			1,619		17,599
Flagstar Bancorp, Inc.	*		3,160		57,196
Fox Chase Bancorp, Inc.			2,827		47,663
Franklin Financial Corp.	*		2,537		55,053
Home Loan Servicing Solutions Ltd. (Cayman Islands)			13,537		307,696
HomeStreet, Inc.			1,829		33,599
Hudson City Bancorp, Inc.			95,873		942,432
Kearny Financial Corp.	*		3,008		45,541
Ladder Capital Corp., Class A	*		2,849		51,481
Meridian Interstate Bancorp, Inc.	*		972		24,961
Meta Financial Group, Inc.			883		35,320
MGIC Investment Corp.	*		59,562		550,353
NASB Financial, Inc.	†		529		12,511
Nationstar Mortgage Holdings, Inc.	*		4,170		151,371
NMI Holdings, Inc., Class A	*		8,136		85,428
Northfield Bancorp, Inc.			9,809		128,596
Northwest Bancshares, Inc.			16,950		230,011
OceanFirst Financial Corp.			1,812		30,007
Ocwen Financial Corp.	*		19,245		713,989
Oritani Financial Corp.			8,540		131,431

		Shares		Value
PennyMac Financial Services, Inc., Class A	*		2,032	$	30,866
People’s United Financial, Inc.			55,694		844,878
Provident Financial Services, Inc.			11,086		192,009
Radian Group, Inc.			34,571		511,996
Stonegate Mortgage Corp.	*†		1,368		19,084
Territorial Bancorp, Inc.			1,756		36,665
TFS Financial Corp.	*		13,559		193,351
Tree.com, Inc.	*		1,518		44,235
TrustCo Bank Corp. NY			15,928		106,399
United Community Financial Corp./OH	*		6,335		26,164
United Financial Bancorp, Inc.			8,806		119,321
Walker & Dunlop, Inc.	*		2,337		32,975
Washington Federal, Inc.			19,186		430,342
Waterstone Financial, Inc.			5,674		64,740
WSFS Financial Corp.			1,658		122,145
					8,341,956
Tobacco—0.1%
22nd Century Group, Inc.	*		7,200		22,104
Alliance One International, Inc.	*		16,723		41,807
Universal Corp.			4,068		225,164
Vector Group Ltd.	†		12,325		254,881
					543,956
Trading Companies & Distributors—1.0%
Aceto Corp.			4,950		89,793
Air Lease Corp.			17,664		681,477
Aircastle Ltd.			12,914		229,482
Applied Industrial Technologies, Inc.			7,486		379,765
Beacon Roofing Supply, Inc.	*		8,899		294,735
CAI International, Inc.	*		2,855		62,838
DXP Enterprises, Inc.	*		2,271		171,551
Erickson, Inc.	*†		603		9,799
GATX Corp.			8,354		559,217
General Finance Corp.	*		1,900		18,050
H&E Equipment Services, Inc.	*		5,075		184,425
HD Supply Holdings, Inc.	*		18,155		515,420
Houston Wire & Cable Co.			3,458		42,914
Kaman Corp.			5,326		227,580
MRC Global, Inc.	*		17,927		507,155
MSC Industrial Direct Co., Inc., Class A			8,712		833,216
NOW, Inc.	*		18,169		657,899
Rush Enterprises, Inc., Class A	*		5,998		207,951
Stock Building Supply Holdings, Inc.	*		2,427		47,885
TAL International Group, Inc.	*†		6,450		286,122
Textainer Group Holdings Ltd. (Bermuda)			4,142		159,964
Titan Machinery, Inc.	*†		2,896		47,668
Watsco, Inc.			4,599		472,593
WESCO International, Inc.	*		7,965		688,017
					7,375,516
Transportation Infrastructure—0.0%
Wesco Aircraft Holdings, Inc.	*		9,134		182,315
Water Utilities—0.4%
American States Water Co.			7,394		245,703
American Water Works Co., Inc.			32,192		1,591,894
Aqua America, Inc.			32,739		858,417

See accompanying notes to financial statements

281

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Mid/Small Company Index Fund			Shares		Value
COMMON STOCKS—(Continued)
Artesian Resources Corp., Class A				1,201	$	26,999
California Water Service Group				9,216		223,027
Connecticut Water Service, Inc.				2,093		70,890
Middlesex Water Co.				2,518		53,331
SJW Corp.				2,960		80,512
York Water Co.				2,142		44,596
						3,195,369
Wireless Telecommunication Services—0.1%
Boingo Wireless, Inc.		*		3,174		21,678
NTELOS Holdings Corp.		†		2,906		36,209
RingCentral, Inc., Class A		*†		4,655		70,430
Shenandoah Telecommunications Co.				4,906		149,437
Telephone & Data Systems, Inc.				15,625		407,969
United States Cellular Corp.		*		2,164		88,291
USA Mobility, Inc.				3,582		55,163
						829,177
TOTAL COMMON STOCKS
(Cost $519,609,842)						732,526,408
Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.009%	09/11/2014
(Cost $739,987)		‡‡	$	740,000		739,978
				Shares		Value
RIGHTS—0.0%
Pharmaceuticals—0.0%
Furiex Pharmaceuticals, Inc.		*‡d		2,916		—
Textiles, Apparel & Luxury Goods—0.0%
Mossimo, Inc.		*‡d		2,807		—
Wireless Telecommunication Services—0.0%
Leap Wireless International, Inc.		*‡		10,198		25,801
TOTAL RIGHTS
(Cost $—)						25,801
WARRANTS—0.0%
Communications Equipment—0.0%
Pegasus Wireless Corp., Strike $1.00		*‡d		200		—
Oil, Gas & Consumable Fuels—0.0%
Magnum Hunter Resources Corp., Expires 04/15/2016, Strike $1.00		*†‡		2,734		4,867
TOTAL WARRANTS
(Cost $—)						4,867

		Shares		Value
MONEY MARKET FUNDS—9.7%
Institutional Money Market Funds—9.7%
Dreyfus Institutional Cash Advantage Fund, 0.06%	††¥		9,500,000	$	9,500,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%	¥		15,945,589		15,945,588
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%	††¥		8,794,607		8,794,607
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.06%	††¥		9,400,000		9,400,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.06%	††¥		9,500,000		9,500,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.07%	††¥		9,500,000		9,500,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.07%	††¥		9,500,000		9,500,000
TOTAL MONEY MARKET FUNDS
(Cost $72,140,195)					72,140,195
TOTAL INVESTMENTS—108.5%
(Cost $592,490,024)					805,437,249
Other assets less liabilities—(8.5%)					(62,958,564	)
NET ASSETS—100.0%				$	742,478,685

Notes to the Schedule of Investments:

REIT	Real Estate Investment Trust
*	Non-income producing.
†	Denotes all or a portion of the security on loan.
d	Security has no market value at June 30, 2014.
‡	Security valued at fair value as determined by policies approved by the Board of Directors. (Total Market Value $30,668)
‡‡	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

282

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—97.7%
Australia—7.6%
AGL Energy Ltd.			13,378	$	195,412
ALS Ltd.			9,199		76,840
Alumina Ltd.	*		55,712		71,148
Amcor Ltd.			27,505		270,527
AMP Ltd.			67,197		335,908
APA Group			19,504		126,851
Asciano Ltd.			23,187		123,203
ASX Ltd.			4,313		145,001
Aurizon Holdings Ltd.			50,888		238,959
Australia & New Zealand Banking Group Ltd.			63,944		2,010,688
Bank of Queensland Ltd.			7,720		88,719
Bendigo and Adelaide Bank Ltd.			9,416		108,330
BHP Billiton Ltd.			74,795		2,550,858
Boral Ltd.			17,810		88,113
Brambles Ltd.			36,130		313,026
Caltex Australia Ltd.			2,894		58,885
CFS Retail Property Trust Group REIT	†		47,514		91,371
Coca-Cola Amatil Ltd.			13,631		121,711
Cochlear Ltd.	†		1,393		81,095
Commonwealth Bank of Australia			37,530		2,862,343
Computershare Ltd.			10,442		122,904
Crown Resorts Ltd.			9,297		132,515
CSL Ltd.			11,336		711,595
Dexus Property Group REIT			128,159		134,134
Federation Centres Ltd. REIT			35,933		84,328
Flight Centre Travel Group Ltd.			1,102		46,178
Fortescue Metals Group Ltd.	†		34,217		141,321
Goodman Group REIT			40,239		191,577
GPT Group (The) REIT			38,412		139,112
Harvey Norman Holdings Ltd.			10,998		32,148
Iluka Resources Ltd.	†		8,956		68,817
Incitec Pivot Ltd.			36,840		100,719
Insurance Australia Group Ltd.			55,467		305,510
Leighton Holdings Ltd.	†		2,341		43,467
Lend Lease Group			12,585		155,582
Macquarie Group Ltd.			6,553		368,631
Metcash Ltd.			22,041		54,887
Mirvac Group REIT			80,365		135,240
National Australia Bank Ltd.			54,877		1,696,180
Newcrest Mining Ltd.	*		17,657		177,341
Orica Ltd.			8,481		155,765
Origin Energy Ltd.			24,983		344,355
Qantas Airways Ltd.	*		24,422		29,051
QBE Insurance Group Ltd.			29,568		302,844
Ramsay Health Care Ltd.			3,058		131,344
REA Group Ltd.			1,010		40,693
Rio Tinto Ltd.			10,228		573,790
Santos Ltd.			23,021		309,693
Scentre Group REIT	*		125,642		379,117
Seek Ltd.			7,529		112,589
Sonic Healthcare Ltd.			8,990		147,060
SP AusNet			35,545		44,434
Stockland REIT			52,020		190,261
Suncorp Group Ltd.			29,721		379,533
Sydney Airport			23,555		93,721
Tabcorp Holdings Ltd.			17,824		56,452
Tatts Group Ltd.			35,280		108,772
Telstra Corp. Ltd.			102,376		502,950
Toll Holdings Ltd.			13,967		67,217

		Shares		Value
TPG Telecom Ltd.		6,191	$	32,167
Transurban Group		40,390		281,455
Treasury Wine Estates Ltd.		16,519		78,011
Wesfarmers Ltd.		26,713		1,054,133
Westfield Corp. REIT		45,470		306,563
Westpac Banking Corp.		72,421		2,316,468
Woodside Petroleum Ltd.		15,463		599,522
Woolworths Ltd.		29,325		973,781
WorleyParsons Ltd.		4,768		78,206
				24,491,121
Austria—0.3%
Andritz AG		1,709		98,748
Erste Group Bank AG		6,666		215,531
IMMOFINANZ AG	*	22,198		78,377
OMV AG		3,271		147,767
Raiffeisen Bank International AG		2,730		87,032
Telekom Austria AG		4,876		47,693
Vienna Insurance Group AG Wiener Versicherung Gruppe		952		50,969
Voestalpine AG		2,547		121,424
				847,541
Belgium—1.2%
Ageas		5,076		202,437
Anheuser-Busch InBev NV		18,730		2,152,083
Belgacom SA	†	3,304		109,682
Colruyt SA		1,816		92,237
Delhaize Group SA		2,269		153,537
Groupe Bruxelles Lambert SA		1,853		192,589
Groupe Bruxelles Lambert SA STRIP VVPR	*‡d	127		—
KBC Groep NV	*	5,928		322,490
Solvay SA		1,382		237,856
Telenet Group Holding NV	*	1,140		64,971
UCB SA		2,698		228,256
Umicore SA		2,564		119,308
				3,875,446
Bermuda—0.1%
Seadrill Ltd.	†	8,866		351,365
China—0.0%
Yangzijiang Shipbuilding Holdings Ltd.		36,000		31,188
Denmark—1.5%
A.P. Moller-Maersk A/S, Class A		60		141,214
A.P. Moller-Maersk A/S, Class B		152		377,915
Carlsberg A/S, Class B		2,487		267,859
Coloplast A/S, Class B		2,544		230,194
Danske Bank A/S		15,124		427,533
DSV A/S		4,261		138,944
Novo Nordisk A/S, Class B		46,396		2,141,313
Novozymes A/S, Class B		5,677		284,739
Pandora A/S		2,756		211,506
TDC A/S		18,526		191,641
Tryg A/S		491		49,609
Vestas Wind Systems A/S	*	5,323		268,591
William Demant Holding A/S	*	638		57,936
				4,788,994
Finland—0.8%
Elisa Oyj		3,371		103,063
Fortum Oyj	†	10,153		272,232

See accompanying notes to financial statements

283

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Kone Oyj, Class B	†		7,234	$	301,629
Metso Oyj	†		3,020		114,332
Neste Oil Oyj	†		3,169		61,828
Nokia Oyj	†		87,763		664,082
Nokian Renkaat Oyj	†		2,497		97,351
Orion Oyj, Class B			2,366		88,187
Sampo, Class A			10,501		530,851
Stora Enso Oyj, Class R			12,667		123,150
UPM-Kymmene Oyj			12,122		207,063
Wartsila Oyj Abp			3,373		167,172
					2,730,940
France—9.8%
Accor SA			4,083		212,216
Aeroports de Paris			710		93,604
Air Liquide SA	†		8,040		1,086,436
Airbus Group NV			13,736		920,971
Alcatel-Lucent	*		63,642		228,798
Alstom SA			5,050		183,403
Arkema SA			1,435		139,434
AtoS			1,895		157,836
AXA SA			42,374		1,012,456
BNP Paribas SA			24,677		1,677,018
Bollore SA			122		79,146
Bouygues SA			4,498		187,163
Bureau Veritas SA			4,918		136,590
Cap Gemini SA			3,273		233,574
Carrefour SA	†		14,459		533,164
Casino Guichard Perrachon SA			1,263		167,449
Christian Dior SA			1,244		247,679
Cie de Saint-Gobain			10,085		569,018
Cie Generale des Etablissements Michelin			4,364		521,071
CNP Assurances			3,589		74,489
Credit Agricole SA	†		23,819		336,297
Danone SA			13,274		987,034
Dassault Systemes SA	†		1,462		187,985
Edenred			4,747		143,948
Electricite de France SA			5,423		170,759
Essilor International SA			4,711		499,253
Eurazeo SA			945		78,637
Eutelsat Communications SA			3,747		130,207
Fonciere Des Regions REIT			680		73,761
GDF Suez			33,842		932,400
Gecina SA REIT			463		67,461
Groupe Eurotunnel SA (Registered)			10,667		144,315
ICADE REIT			860		92,186
Iliad SA			624		188,765
Imerys SA			759		64,010
JCDecaux SA			1,650		61,625
Kering			1,747		383,241
Klepierre REIT			2,381		121,320
Lafarge SA	†		4,313		375,055
Lagardere SCA			2,948		96,050
Legrand SA			6,113		374,364
L’Oreal SA			5,537		953,356
LVMH Moet Hennessy Louis Vuitton SA			6,517		1,257,578
Natixis			22,417		143,870
Orange SA			43,444		687,385
Pernod Ricard SA	†		4,982		598,441
Peugeot SA	*		9,317		137,851

		Shares		Value
Publicis Groupe SA		4,190	$	355,129
Remy Cointreau SA	†	585		53,865
Renault SA		4,529		409,398
Rexel SA		6,310		147,576
Safran SA		6,253		409,351
Sanofi		27,748		2,949,322
Schneider Electric SE		12,172		1,147,739
SCOR SE		3,478		119,758
Societe BIC SA		686		93,871
Societe Generale SA		16,808		881,456
Sodexo		2,154		231,769
Suez Environnement Co.		6,532		124,958
Technip SA		2,430		265,505
Thales SA		2,014		121,775
Total SA		49,801		3,603,087
Unibail-Rodamco SE (Paris Exchange) REIT		2,280		663,504
Valeo SA		1,724		231,317
Vallourec SA	†	2,363		105,924
Veolia Environnement SA		9,853		187,707
Vinci SA		11,302		844,924
Vivendi SA	*	27,648		676,590
Wendel SA	†	697		99,856
Zodiac Aerospace		4,491		152,054
				31,625,104
Germany—8.4%
adidas AG		4,918		497,289
Allianz SE (Registered)		10,642		1,776,297
Axel Springer SE		977		60,043
BASF SE		21,391		2,488,279
Bayer AG (Registered)		19,255		2,716,365
Bayerische Motoren Werke AG	†	7,738		979,861
Beiersdorf AG		2,304		222,670
Brenntag AG		1,155		206,346
Celesio AG	*	1,113		39,578
Commerzbank AG	*	22,385		350,842
Continental AG		2,529		584,732
Daimler AG (Registered)		22,433		2,095,570
Deutsche Bank AG (Registered)		32,208		1,131,950
Deutsche Boerse AG		4,466		346,270
Deutsche Lufthansa AG (Registered)		5,181		111,221
Deutsche Post AG (Registered)		22,636		817,044
Deutsche Telekom AG (Registered)		72,731		1,275,630
Deutsche Wohnen AG		6,581		141,759
E.ON SE		46,776		964,314
Fraport AG Frankfurt Airport Services Worldwide		826		58,280
Fresenius Medical Care AG & Co. KGaA		4,898		329,544
Fresenius SE & Co. KGaA		2,964		442,038
GEA Group AG		4,285		202,570
Hannover Rueck SE		1,362		122,650
HeidelbergCement AG		3,342		284,765
Henkel AG & Co. KGaA		2,663		267,806
Hochtief AG		743		64,305
Hugo Boss AG		710		106,017
Infineon Technologies AG		26,656		332,751
K+S AG (Registered)	†	4,066		133,521
Kabel Deutschland Holding AG		485		70,962
Lanxess AG		2,157		145,488
Linde AG		4,341		922,445
MAN SE		786		97,139
Merck KGaA		2,948		255,641

See accompanying notes to financial statements

284

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Metro AG	*		3,667	$	159,582
Muenchener Rueckversicherungs AG (Registered)			4,193		928,533
OSRAM Licht AG	*		2,007		101,071
ProSiebenSat.1 Media AG (Registered)			5,007		222,857
RWE AG			11,504		493,385
SAP AG			21,483		1,655,366
Siemens AG (Registered)			18,467		2,438,274
Sky Deutschland AG	*		10,233		94,291
Telefonica Deutschland Holding AG	*		5,613		46,399
ThyssenKrupp AG	*		10,714		311,740
United Internet AG (Registered)			2,503		109,962
Volkswagen AG	†		708		182,599
					27,386,041
Guernsey, Channel Islands—0.1%
Friends Life Group Ltd.			32,707		176,363
Hong Kong—2.6%
AIA Group Ltd.			281,000		1,411,916
ASM Pacific Technology Ltd.			5,500		60,103
Bank of East Asia Ltd.			27,720		114,928
BOC Hong Kong Holdings Ltd.			84,500		244,802
Cathay Pacific Airways Ltd.			23,000		42,983
Cheung Kong Holdings Ltd.			32,000		567,733
Cheung Kong Infrastructure Holdings Ltd.			14,000		96,714
CLP Holdings Ltd.			44,500		365,564
First Pacific Co. Ltd.			47,250		52,744
Galaxy Entertainment Group Ltd.			52,833		422,267
Hang Lung Properties Ltd.			49,000		151,108
Hang Seng Bank Ltd.			17,700		289,032
Henderson Land Development Co. Ltd.			26,290		153,864
HKT Trust and HKT Ltd.			67,000		78,950
Hong Kong & China Gas Co. Ltd.			149,265		326,748
Hong Kong Exchanges and Clearing Ltd.			25,900		482,830
Hutchison Whampoa Ltd.			50,000		683,828
Hysan Development Co. Ltd.			16,000		74,938
Kerry Properties Ltd.			15,500		54,179
Li & Fung Ltd.			137,200		203,221
Link (The) REIT			55,000		296,107
MTR Corp. Ltd.			33,500		129,012
New World Development Co. Ltd.			115,866		131,901
Noble Group Ltd.			95,309		104,906
NWS Holdings Ltd.			36,500		67,616
PCCW Ltd.			84,000		50,082
Power Assets Holdings Ltd.			32,000		280,094
Shangri-La Asia Ltd.			34,000		53,274
Sino Land Co. Ltd.			67,000		110,290
SJM Holdings Ltd.			43,000		107,721
Sun Hung Kai Properties Ltd.			38,083		522,575
Swire Pacific Ltd., Class A			15,000		184,625
Swire Properties Ltd.			28,400		82,998
Techtronic Industries Co.			30,500		97,774
Wharf Holdings Ltd.			35,637		256,616
Wheelock & Co. Ltd.			19,000		79,318
Yue Yuen Industrial Holdings Ltd.			19,500		65,246
					8,498,607

		Shares		Value
Ireland—0.8%
Bank of Ireland	*	581,110	$	196,096
CRH plc		16,889		432,651
Experian plc		22,629		382,321
James Hardie Industries plc CDI		10,516		137,190
Kerry Group plc, Class A		3,751		281,894
Shire plc		13,736		1,077,494
				2,507,646
Israel—0.5%
Bank Hapoalim BM		24,913		143,897
Bank Leumi Le-Israel BM	*	29,296		114,183
Bezeq Israeli Telecommunication Corp. Ltd.		45,959		86,017
Delek Group Ltd.		125		51,706
Israel Chemicals Ltd.		9,457		81,028
Israel Corp. Ltd. (The)	*	66		37,557
Mizrahi Tefahot Bank Ltd.		3,712		47,991
NICE Systems Ltd.		1,431		58,564
Teva Pharmaceutical Industries Ltd.		19,956		1,048,348
				1,669,291
Italy—2.4%
Assicurazioni Generali SpA		27,391		599,877
Atlantia SpA		9,367		266,847
Banca Monte dei Paschi di Siena SpA	*†	98,716		190,850
Banco Popolare SC	*	7,835		128,880
Enel Green Power SpA		39,986		113,170
Enel SpA	†	153,926		895,332
Eni SpA		59,322		1,622,437
Exor SpA	†	2,150		88,198
Fiat SpA	*	20,459		201,716
Finmeccanica SpA	*	9,856		93,592
Intesa Sanpaolo SpA		272,109		839,546
Intesa Sanpaolo SpA RSP		20,778		55,189
Luxottica Group SpA		3,898		225,716
Mediobanca SpA	*	14,572		145,103
Pirelli & C. SpA		5,743		92,059
Prysmian SpA		4,753		107,335
Saipem SpA	*	6,108		164,691
Snam SpA		47,115		283,770
Telecom Italia SpA	*	228,889		289,705
Telecom Italia SpA RSP		139,812		138,300
Terna Rete Elettrica Nazionale SpA		35,308		186,034
UniCredit SpA		102,824		859,750
Unione di Banche Italiane SCpA		19,682		170,073
UnipolSai SpA		19,900		63,927
				7,822,097
Japan—19.9%
ABC-Mart, Inc.		600		32,107
Acom Co. Ltd.	*†	8,000		38,102
Advantest Corp.		4,200		51,969
Aeon Co. Ltd.		14,500		178,435
Aeon Credit Service Co. Ltd.		2,300		60,154
Aeon Mall Co. Ltd.		2,640		69,609
Air Water, Inc.		3,000		48,021
Aisin Seiki Co. Ltd.		4,300		171,166
Ajinomoto Co., Inc.		13,000		203,753
Alfresa Holdings Corp.		900		58,025
Amada Co. Ltd.		9,000		91,673

See accompanying notes to financial statements

285

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
ANA Holdings, Inc.			26,000	$	61,360
Aozora Bank Ltd.	†		26,000		85,483
Asahi Glass Co. Ltd.	†		22,000		129,705
Asahi Group Holdings Ltd.			8,700		273,205
Asahi Kasei Corp.			29,000		222,010
Asics Corp.			3,900		91,072
Astellas Pharma, Inc.			50,875		669,035
Bandai Namco Holdings, Inc.			3,850		90,266
Bank of Kyoto Ltd. (The)			8,000		72,802
Bank of Yokohama Ltd. (The)			27,000		155,493
Benesse Holdings, Inc.			1,700		73,738
Bridgestone Corp.			15,300		535,859
Brother Industries Ltd.			5,800		100,558
Calbee, Inc.			1,900		52,363
Canon, Inc.	†		26,500		866,073
Casio Computer Co. Ltd.	†		4,500		65,363
Central Japan Railway Co.			3,300		471,069
Chiba Bank Ltd. (The)			16,000		113,007
Chiyoda Corp.			3,000		36,359
Chubu Electric Power Co., Inc.	*		14,200		176,356
Chugai Pharmaceutical Co. Ltd.			5,200		146,623
Chugoku Bank Ltd. (The)			4,000		61,525
Chugoku Electric Power Co., Inc. (The)			7,100		96,748
Citizen Holdings Co. Ltd.			5,200		40,835
Credit Saison Co. Ltd.			3,800		79,117
Dai Nippon Printing Co. Ltd.			13,000		135,823
Daicel Corp.			7,000		66,929
Daido Steel Co. Ltd.			6,000		30,701
Daihatsu Motor Co. Ltd.			4,000		71,185
Dai-ichi Life Insurance Co. Ltd. (The)			19,700		293,582
Daiichi Sankyo Co. Ltd.			15,702		293,498
Daikin Industries Ltd.			5,400		340,809
Daito Trust Construction Co. Ltd.			1,700		199,901
Daiwa House Industry Co. Ltd.			14,000		290,229
Daiwa Securities Group, Inc.			39,000		337,907
Dena Co. Ltd.	†		2,100		28,415
Denso Corp.			11,200		535,031
Dentsu, Inc.			5,000		203,624
Don Quijote Holdings Co. Ltd.			1,500		83,687
East Japan Railway Co.			7,700		606,699
Eisai Co. Ltd.			5,800		243,399
Electric Power Development Co. Ltd.			2,440		79,180
FamilyMart Co. Ltd.			1,200		51,735
FANUC Corp.			4,400		759,827
Fast Retailing Co. Ltd.			1,200		395,316
Fuji Electric Co. Ltd.			14,000		66,431
Fuji Heavy Industries Ltd.			13,600		377,111
FUJIFILM Holdings Corp.			10,800		301,434
Fujitsu Ltd.			44,000		329,685
Fukuoka Financial Group, Inc.			17,000		82,111
Gree, Inc.	†		1,800		15,784
GungHo Online Entertainment, Inc.	†		10,200		65,909
Gunma Bank Ltd. (The)			8,000		47,333
Hachijuni Bank Ltd. (The)			11,000		68,114
Hakuhodo DY Holdings, Inc.			4,800		47,704
Hamamatsu Photonics KK			1,700		83,434
Hankyu Hanshin Holdings, Inc.			25,000		142,741
Hikari Tsushin, Inc.			376		28,396
Hino Motors Ltd.			6,000		82,778

		Shares		Value
Hirose Electric Co. Ltd.		630	$	93,657
Hiroshima Bank Ltd. (The)		10,000		47,796
Hisamitsu Pharmaceutical Co., Inc.		1,200		53,661
Hitachi Chemical Co. Ltd.		2,300		38,080
Hitachi Construction Machinery Co. Ltd.	†	2,300		45,908
Hitachi High-Technologies Corp.		1,100		26,192
Hitachi Ltd.		113,000		828,185
Hitachi Metals Ltd.		5,000		76,233
Hokuhoku Financial Group, Inc.		24,007		51,206
Hokuriku Electric Power Co.		4,300		57,006
Honda Motor Co. Ltd.		38,000		1,326,001
HOYA Corp.		9,900		329,153
Hulic Co. Ltd.		6,400		84,414
Ibiden Co. Ltd.		3,100		62,541
Idemitsu Kosan Co. Ltd.		1,700		36,915
IHI Corp.		30,000		139,843
Iida Group Holdings Co. Ltd.		4,200		63,834
INPEX Corp.		20,000		304,244
Isetan Mitsukoshi Holdings Ltd.		7,540		98,245
Isuzu Motors Ltd.		28,000		185,415
ITOCHU Corp.		34,700		445,471
Itochu Techno-Solutions Corp.		600		26,082
Iyo Bank Ltd. (The)		5,100		51,585
J. Front Retailing Co. Ltd.		10,600		74,423
Japan Airlines Co. Ltd.		1,500		82,934
Japan Display, Inc.	*	8,000		49,170
Japan Exchange Group, Inc.		5,900		145,413
Japan Prime Realty Investment Corp. REIT		16		57,428
Japan Real Estate Investment Corp. REIT		28		163,092
Japan Retail Fund Investment Corp. REIT		50		112,486
Japan Tobacco, Inc.		25,700		937,076
JFE Holdings, Inc.		11,700		242,005
JGC Corp.		5,000		152,097
Joyo Bank Ltd. (The)		16,000		85,351
JSR Corp.		4,300		73,823
JTEKT Corp.		4,700		79,302
JX Holdings, Inc.		51,210		274,036
Kajima Corp.		21,000		92,889
Kakaku.com, Inc.		3,800		66,637
Kamigumi Co. Ltd.		5,000		46,026
Kaneka Corp.		6,000		37,567
Kansai Electric Power Co., Inc. (The)	*	16,600		156,474
Kansai Paint Co. Ltd.		5,000		83,571
Kao Corp.		12,100		476,543
Kawasaki Heavy Industries Ltd.		33,000		125,802
KDDI Corp.		13,600		829,785
Keikyu Corp.		11,000		98,881
Keio Corp.		13,000		102,224
Keisei Electric Railway Co. Ltd.		7,000		69,762
Keyence Corp.		1,072		468,772
Kikkoman Corp.		4,000		83,370
Kintetsu Corp.		42,000		153,042
Kirin Holdings Co. Ltd.	†	20,200		291,664
Kobe Steel Ltd.		73,000		109,789
Koito Manufacturing Co. Ltd.		2,000		51,251
Komatsu Ltd.		22,000		510,692
Konami Corp.		2,000		44,248
Konica Minolta, Inc.		10,500		103,783

See accompanying notes to financial statements

286

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Kubota Corp.			25,688	$	364,520
Kuraray Co. Ltd.			8,100		102,734
Kurita Water Industries Ltd.			2,700		62,534
Kyocera Corp.			7,400		351,380
Kyowa Hakko Kirin Co. Ltd.	†		5,000		67,742
Kyushu Electric Power Co., Inc.			9,300		104,699
Lawson, Inc.			1,500		112,586
LIXIL Group Corp.			5,900		159,689
M3, Inc.			4,900		78,014
Mabuchi Motor Co. Ltd.			700		53,079
Makita Corp.			2,900		179,231
Marubeni Corp.			38,000		278,121
Marui Group Co. Ltd.			5,400		51,882
Maruichi Steel Tube Ltd.			1,000		26,858
Mazda Motor Corp.			63,000		295,654
McDonald’s Holdings Co. Japan Ltd.			1,400		39,324
Medipal Holdings Corp.			2,800		39,698
MEIJI Holdings Co. Ltd.			1,502		99,579
Miraca Holdings, Inc.			1,300		63,003
Mitsubishi Chemical Holdings Corp.			32,200		142,808
Mitsubishi Corp.			32,900		684,795
Mitsubishi Electric Corp.			45,000		555,873
Mitsubishi Estate Co. Ltd.			29,411		726,614
Mitsubishi Gas Chemical Co., Inc.			9,000		57,633
Mitsubishi Heavy Industries Ltd.			69,000		430,967
Mitsubishi Logistics Corp.			3,000		44,960
Mitsubishi Materials Corp.			26,000		91,214
Mitsubishi Motors Corp.			15,500		171,282
Mitsubishi Tanabe Pharma Corp.			4,600		68,858
Mitsubishi UFJ Financial Group, Inc.			297,140		1,824,058
Mitsubishi UFJ Lease & Finance Co. Ltd.			11,800		67,830
Mitsui & Co. Ltd.			40,700		652,488
Mitsui Chemicals, Inc.			21,000		57,458
Mitsui Fudosan Co. Ltd.			22,000		742,484
Mitsui OSK Lines Ltd.			23,000		85,686
Mizuho Financial Group, Inc.			537,680		1,105,204
MS&AD Insurance Group Holdings, Inc.			11,774		284,564
Murata Manufacturing Co. Ltd.			4,700		440,769
Nabtesco Corp.			2,600		57,541
Nagoya Railroad Co. Ltd.	†		18,955		75,595
NEC Corp.			62,000		197,874
Nexon Co. Ltd.			3,800		36,318
NGK Insulators Ltd.			6,000		136,205
NGK Spark Plug Co. Ltd.			4,000		112,936
NH Foods Ltd.			4,000		78,097
NHK Spring Co. Ltd.			3,000		28,154
Nidec Corp.			4,700		289,052
Nikon Corp.			8,100		127,608
Nintendo Co. Ltd.			2,500		300,218
Nippon Building Fund, Inc. REIT	†		33		192,948
Nippon Electric Glass Co. Ltd.			10,500		61,193
Nippon Express Co. Ltd.			19,000		92,155
Nippon Paint Co. Ltd.			4,000		84,693
Nippon Prologis REIT, Inc. REIT			33		76,961
Nippon Steel & Sumitomo Metal Corp.			175,245		561,399
Nippon Telegraph & Telephone Corp.			8,600		536,020

		Shares		Value
Nippon Yusen K.K.		38,000	$	109,614
Nissan Motor Co. Ltd.		58,400		553,016
Nisshin Seifun Group, Inc.		4,620		55,193
Nissin Foods Holdings Co. Ltd.		1,500		77,120
Nitori Holdings Co. Ltd.		1,400		76,597
Nitto Denko Corp.		3,600		168,629
NKSJ Holdings, Inc.		7,775		209,498
NOK Corp.		2,000		40,214
Nomura Holdings, Inc.		83,600		592,165
Nomura Real Estate Holdings, Inc.		2,500		47,352
Nomura Research Institute Ltd.		2,750		86,640
NSK Ltd.		11,000		143,147
NTT Data Corp.		3,000		115,370
NTT DOCOMO, Inc.		35,800		611,135
NTT Urban Development Corp.		2,400		27,028
Obayashi Corp.		15,000		107,131
Odakyu Electric Railway Co. Ltd.		15,000		144,452
Oji Holdings Corp.		18,000		74,070
Olympus Corp.	*	5,600		192,676
Omron Corp.		4,700		198,197
Ono Pharmaceutical Co. Ltd.		1,900		166,933
Oracle Corp. Japan		900		39,368
Oriental Land Co. Ltd.		1,200		205,664
ORIX Corp.		29,900		495,766
Osaka Gas Co. Ltd.		45,000		189,082
Otsuka Corp.		1,200		58,193
Otsuka Holdings Co. Ltd.		9,300		288,394
Panasonic Corp.		51,800		627,922
Park24 Co. Ltd.		2,000		36,374
Rakuten, Inc.		18,900		244,360
Resona Holdings, Inc.		50,300		293,115
Ricoh Co. Ltd.		16,900		201,425
Rinnai Corp.		800		77,232
Rohm Co. Ltd.		2,100		120,445
Sankyo Co. Ltd.		1,300		50,007
Sanrio Co. Ltd.	†	900		26,152
Santen Pharmaceutical Co. Ltd.		1,700		95,770
SBI Holdings, Inc.		4,710		57,724
Secom Co. Ltd.		5,000		305,227
Sega Sammy Holdings, Inc.		4,048		79,716
Seiko Epson Corp.		3,100		131,887
Sekisui Chemical Co. Ltd.		9,000		104,343
Sekisui House Ltd.		13,200		181,137
Seven & I Holdings Co. Ltd.		17,340		730,878
Seven Bank Ltd.		12,200		49,888
Sharp Corp.	*†	36,000		115,586
Shikoku Electric Power Co., Inc.	*	3,600		50,198
Shimadzu Corp.		5,000		45,876
Shimamura Co. Ltd.		500		49,217
Shimano, Inc.		1,900		210,835
Shimizu Corp.		13,000		92,126
Shin-Etsu Chemical Co. Ltd.		9,600		583,759
Shinsei Bank Ltd.		37,000		83,337
Shionogi & Co. Ltd.		7,100		148,295
Shiseido Co. Ltd.		8,000		145,912
Shizuoka Bank Ltd. (The)		13,000		140,623
Showa Shell Sekiyu K.K.	†	4,400		50,015
SMC Corp.		1,251		335,220
SoftBank Corp.		22,400		1,669,315
Sony Corp.		24,000		401,052
Sony Financial Holdings, Inc.		4,300		73,410
Stanley Electric Co. Ltd.		3,200		83,489
Sumitomo Chemical Co. Ltd.		32,000		120,966
Sumitomo Corp.		26,600		358,918

See accompanying notes to financial statements

287

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Sumitomo Dainippon Pharma Co. Ltd.			4,000	$	46,034
Sumitomo Electric Industries Ltd.			17,900		251,987
Sumitomo Heavy Industries Ltd.			12,000		57,120
Sumitomo Metal Mining Co. Ltd.			12,000		195,864
Sumitomo Mitsui Financial Group, Inc.			29,700		1,246,121
Sumitomo Mitsui Trust Holdings, Inc.			76,740		350,740
Sumitomo Realty & Development Co. Ltd.			8,500		365,131
Sumitomo Rubber Industries Ltd.			3,600		52,033
Suntory Beverage & Food Ltd.			3,200		125,430
Suruga Bank Ltd.			4,000		77,696
Suzuken Co. Ltd.			1,460		54,386
Suzuki Motor Corp.			8,300		260,384
Sysmex Corp.			3,500		131,605
T&D Holdings, Inc.			13,600		184,981
Taiheiyo Cement Corp.			27,000		108,865
Taisei Corp.			23,000		127,470
Taisho Pharmaceutical Holdings Co. Ltd.			690		50,332
Taiyo Nippon Sanso Corp.			5,000		44,294
Takashimaya Co. Ltd.			7,000		67,988
Takeda Pharmaceutical Co. Ltd.			18,520		859,564
TDK Corp.			3,000		140,852
Teijin Ltd.			19,000		47,686
Terumo Corp.			7,000		156,820
THK Co. Ltd.			2,500		58,939
Tobu Railway Co. Ltd.			22,000		115,214
Toho Co. Ltd.			2,400		56,287
Toho Gas Co. Ltd.			9,000		49,431
Tohoku Electric Power Co., Inc.			10,100		118,202
Tokio Marine Holdings, Inc.			16,300		536,494
Tokyo Electric Power Co., Inc.	*		31,900		132,595
Tokyo Electron Ltd.			4,000		272,617
Tokyo Gas Co. Ltd.			54,000		315,431
Tokyo Tatemono Co. Ltd.			10,351		95,875
Tokyu Corp.			26,000		184,415
Tokyu Fudosan Holdings Corp.			12,300		97,084
TonenGeneral Sekiyu K.K.	†		7,000		66,484
Toppan Printing Co. Ltd.			12,000		92,787
Toray Industries, Inc.			35,000		230,301
Toshiba Corp.			95,000		444,071
TOTO Ltd.			6,000		80,916
Toyo Seikan Group Holdings Ltd.			3,400		52,269
Toyo Suisan Kaisha Ltd.			2,000		61,649
Toyoda Gosei Co. Ltd.			1,200		24,944
Toyota Industries Corp.			3,700		191,180
Toyota Motor Corp.			64,200		3,843,822
Toyota Tsusho Corp.			4,900		141,005
Trend Micro, Inc.			2,200		72,494
Unicharm Corp.			3,000		178,864
United Urban Investment Corp. REIT			57		92,023
USS Co. Ltd.			4,600		78,514
West Japan Railway Co.			3,700		162,987
Yahoo! Japan Corp.			34,000		157,011
Yakult Honsha Co. Ltd.			1,900		96,232
Yamada Denki Co. Ltd.	†		21,200		75,573
Yamaguchi Financial Group, Inc.			6,000		63,276
Yamaha Corp.			3,900		61,661

		Shares		Value
Yamaha Motor Co. Ltd.		6,600	$	113,655
Yamato Holdings Co. Ltd.		8,100		167,905
Yamato Kogyo Co. Ltd.		1,200		35,227
Yamazaki Baking Co. Ltd.		2,000		24,981
Yaskawa Electric Corp.		5,000		60,612
Yokogawa Electric Corp.		4,300		54,463
Yokohama Rubber Co. Ltd. (The)		4,000		34,627
				64,409,289
Jersey, Channel Islands—0.1%
Randgold Resources Ltd.		2,006		168,921
Luxembourg—0.4%
Altice SA	*	1,644		114,697
ArcelorMittal		23,084		344,140
Millicom International Cellular SA SDR		1,447		132,456
RTL Group SA		895		99,341
SES SA FDR		7,061		267,945
Tenaris SA		10,782		254,047
				1,212,626
Macau—0.2%
MGM China Holdings Ltd.		22,800		79,073
Sands China Ltd.		55,694		420,361
Wynn Macau Ltd.		36,856		144,353
				643,787
Malta—0.0%
BGP Holdings plc	*‡d	142,647		—
Mexico—0.0%
Fresnillo plc		4,532		68,105
Netherlands—4.6%
Aegon NV		41,057		358,159
Akzo Nobel NV		5,532		414,785
ASML Holding NV		8,368		780,411
Corio NV REIT		1,559		79,570
Delta Lloyd NV		4,662		118,366
Fugro NV CVA		1,837		105,047
Gemalto NV		1,816		188,510
Heineken Holding NV		2,289		150,422
Heineken NV		5,320		381,865
ING Groep NV CVA	*	89,648		1,257,984
Koninklijke Ahold NV		21,455		402,305
Koninklijke Boskalis Westminster NV	†	1,891		108,444
Koninklijke DSM NV		3,908		284,394
Koninklijke KPN NV	*	73,017		266,225
Koninklijke Philips NV		22,264		706,622
Koninklijke Vopak NV		1,674		81,734
OCI	*	2,290		89,374
Qiagen NV	*	5,534		133,841
Randstad Holding NV		2,923		158,453
Reed Elsevier NV		16,460		377,975
Royal Dutch Shell plc, Class A		90,712		3,748,469
Royal Dutch Shell plc, Class B		56,953		2,475,184
TNT Express NV	†	10,463		94,662
Unilever NV CVA		37,981		1,662,545
Wolters Kluwer NV		6,716		198,938
Ziggo NV		3,347		154,787
				14,779,071

See accompanying notes to financial statements

288

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
New Zealand—0.1%
Auckland International Airport Ltd.	†		23,175	$	79,127
Contact Energy Ltd.			7,698		35,754
Fletcher Building Ltd.			15,897		122,549
Ryman Healthcare Ltd.			9,185		68,760
Telecom Corp of New Zealand Ltd.			43,732		102,637
Xero Ltd.	*		1,422		32,326
					441,153
Norway—0.7%
Aker Solutions ASA			3,966		68,834
DnB ASA			22,538		411,798
Gjensidige Forsikring ASA			4,268		76,515
Norsk Hydro ASA			31,573		169,060
Orkla ASA			19,594		174,366
Statoil ASA			26,113		802,684
Telenor ASA			17,212		391,891
Yara International ASA	†		4,154		208,110
					2,303,258
Portugal—0.2%
Banco Espirito Santo SA (Registered)	*†		71,807		59,079
EDP—Energias de Portugal SA			52,494		263,394
Galp Energia SGPS SA			9,269		169,897
Jeronimo Martins SGPS SA			5,514		90,659
					583,029
Singapore—1.3%
Ascendas Real Estate Investment Trust REIT			48,786		90,152
CapitaCommercial Trust REIT			40,000		54,633
CapitaLand Ltd.			58,500		150,231
CapitaMall Trust REIT			54,000		85,594
City Developments Ltd.			10,000		82,154
ComfortDelGro Corp. Ltd.			47,000		94,252
DBS Group Holdings Ltd.			39,730		534,356
Genting Singapore plc			148,000		158,016
Global Logistic Properties Ltd.			71,779		155,562
Golden Agri-Resources Ltd.			176,320		78,637
Hutchison Port Holdings Trust			119,000		85,701
Jardine Cycle & Carriage Ltd.			2,349		83,483
Keppel Corp. Ltd.			33,400		289,126
Keppel Land Ltd.			16,000		43,400
Olam International Ltd.			11,000		22,765
Oversea-Chinese Banking Corp. Ltd.			59,699		457,899
SembCorp Industries Ltd.			22,340		96,265
Sembcorp Marine Ltd.			17,000		55,935
Singapore Airlines Ltd.			12,400		103,193
Singapore Exchange Ltd.			20,000		111,554
Singapore Press Holdings Ltd.			35,500		118,711
Singapore Technologies Engineering Ltd.			35,000		106,771
Singapore Telecommunications Ltd.			187,159		578,451
StarHub Ltd.			12,730		42,607
United Overseas Bank Ltd.			29,000		524,399
UOL Group Ltd.			9,000		47,110
Wilmar International Ltd.			46,000		117,754
					4,368,711

		Shares		Value
Spain—3.6%
Abertis Infraestructuras SA		9,870	$	227,072
ACS Actividades de Construccion y Servicios SA		4,129		188,985
Amadeus IT Holding SA, Class A		8,787		362,229
Banco Bilbao Vizcaya Argentaria SA		137,521		1,752,763
Banco de Sabadell SA	†	77,461		264,393
Banco Popular Espanol SA		41,506		277,275
Banco Santander SA		274,888		2,872,377
Bankia SA	*	109,984		213,223
CaixaBank SA	*‡	460		2,838
CaixaBank SA		40,069		247,188
Distribuidora Internacional de Alimentacion SA		14,991		137,981
Enagas SA		4,406		141,824
Ferrovial SA		8,975		199,972
Gas Natural SDG SA	†	8,319		262,824
Grifols SA		3,344		182,716
Iberdrola SA		119,238		912,116
Inditex SA		5,005		770,294
Mapfre SA		23,259		92,675
Red Electrica Corp. SA	†	2,434		222,497
Repsol SA		20,231		533,424
Telefonica SA		95,505		1,639,616
Zardoya Otis SA		3,986		70,973
				11,575,255
Sweden—2.9%
Alfa Laval AB		7,040		181,280
Assa Abloy AB, Class B		7,564		384,750
Atlas Copco AB, Class A		15,801		456,193
Atlas Copco AB, Class B		8,727		232,884
Boliden AB		6,549		95,011
Electrolux AB, Series B		5,561		140,341
Elekta AB, Class B	†	8,106		102,954
Getinge AB, Class B		4,736		124,014
Hennes & Mauritz AB, Class B		22,191		968,855
Hexagon AB, Class B		6,092		196,277
Husqvarna AB, Class B		10,042		78,042
Industrivarden AB, Class C		2,912		57,484
Investment AB Kinnevik, Class B		5,227		222,714
Investor AB, Class B		10,509		393,785
Lundin Petroleum AB	*	5,158		104,258
Nordea Bank AB		70,978		1,000,644
Sandvik AB	†	24,643		336,554
Securitas AB, Class B		6,530		77,428
Skandinaviska Enskilda Banken AB, Class A		35,721		476,795
Skanska AB, Class B		8,716		198,971
SKF AB, Class B		9,043		230,575
Svenska Cellulosa AB SCA, Class B		13,298		346,332
Svenska Handelsbanken AB, Class A		11,471		560,927
Swedbank AB, Class A		21,259		563,090
Swedish Match AB		4,560		158,221
Tele2 AB, Class B	†	7,688		90,476
Telefonaktiebolaget LM Ericsson, Class B		71,180		859,908
TeliaSonera AB		54,929		401,091
Volvo AB, Class B		35,111		483,360
				9,523,214

See accompanying notes to financial statements

289

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Switzerland—9.5%
ABB Ltd. (Registered)	*		51,345	$	1,181,466
Actelion Ltd. (Registered)	*		2,384		301,742
Adecco SA (Registered)	*		3,856		317,325
Aryzta AG	*		1,970		186,567
Baloise Holding AG (Registered)			1,095		128,933
Barry Callebaut AG (Registered)	*		53		71,987
Cie Financiere Richemont SA (Registered)			12,184		1,276,753
Coca-Cola HBC AG CDI	*		4,538		104,176
Credit Suisse Group AG (Registered)	*		35,427		1,007,525
EMS-Chemie Holding AG (Registered)			200		79,809
Geberit AG (Registered)			877		307,646
Givaudan SA (Registered)	*		209		348,179
Glencore plc	*		247,862		1,381,266
Holcim Ltd. (Registered)	*		5,386		473,092
Julius Baer Group Ltd.	*		5,212		214,731
Kuehne + Nagel International AG (Registered)			1,244		165,415
Lindt & Spruengli AG (Participation Certificates)			21		106,879
Lindt & Spruengli AG (Registered)			2		123,511
Lonza Group AG (Registered)	*		1,256		136,588
Nestle SA (Registered)			75,005		5,811,909
Novartis AG (Registered)			53,512		4,845,960
Pargesa Holding SA (Bearer)			689		61,843
Partners Group Holding AG			407		111,190
Roche Holding AG (Genusschein)			16,344		4,869,807
Schindler Holding AG (Participation Certificates)			1,021		155,085
Schindler Holding AG (Registered)			508		76,545
SGS SA (Registered)			127		303,902
Sika AG (Bearer)			51		208,366
Sonova Holding AG (Registered)			1,286		196,067
STMicroelectronics NV			15,057		134,896
Sulzer AG (Registered)			604		84,639
Swatch Group AG (The) (Bearer)			727		438,357
Swatch Group AG (The) (Registered)			1,205		133,684
Swiss Life Holding AG (Registered)	*		719		170,433
Swiss Prime Site AG (Registered)	*		1,302		107,847
Swiss Re AG	*		8,248		733,389
Swisscom AG (Registered)			539		313,093
Syngenta AG (Registered)			2,179		805,030
Transocean Ltd.	†		8,337		374,566
UBS AG (Registered)	*		85,124		1,560,707
Wolseley plc			6,140		336,356
Zurich Insurance Group AG	*		3,480		1,048,128
					30,795,389
United Kingdom—18.1%
3i Group plc			22,934		157,614
Aberdeen Asset Management plc			21,473		166,648
Admiral Group plc			4,536		120,189
Aggreko plc			5,666		159,969
AMEC plc			6,851		142,260
Anglo American plc			32,630		799,708
Antofagasta plc			9,365		122,344
ARM Holdings plc			33,110		497,871

		Shares		Value
ASOS plc	*	1,272	$	64,419
Associated British Foods plc		8,389		437,508
AstraZeneca plc (London Exchange)		29,378		2,185,655
Aviva plc		69,147		603,292
Babcock International Group plc		11,458		227,750
BAE Systems plc		72,681		538,329
Barclays plc		381,381		1,389,286
BG Group plc		79,487		1,677,285
BHP Billiton plc		49,252		1,601,134
BP plc		429,754		3,784,381
British American Tobacco plc		43,931		2,613,995
British Land Co. plc REIT		21,737		261,184
British Sky Broadcasting Group plc		23,835		368,617
BT Group plc		184,695		1,213,643
Bunzl plc		7,633		211,904
Burberry Group plc		9,923		251,856
Capita plc		15,613		305,879
Centrica plc		119,062		636,223
CNH Industrial NV		21,539		221,009
Cobham plc		25,547		136,488
Compass Group plc		41,891		728,335
Croda International plc		3,042		114,565
Diageo plc		58,537		1,864,351
Direct Line Insurance Group plc		33,901		156,448
easyJet plc		3,729		87,082
G4S plc		35,619		155,506
GKN plc		37,440		232,427
GlaxoSmithKline plc		113,113		3,011,656
Hammerson plc REIT		16,762		166,326
Hargreaves Lansdown plc		5,780		122,371
HSBC Holdings plc (London Exchange)		438,138		4,444,944
ICAP plc		12,886		83,719
IMI plc		6,234		158,514
Imperial Tobacco Group plc		22,498		1,012,141
Inmarsat plc		9,544		121,987
InterContinental Hotels Group plc		6,043		250,007
International Consolidated Airlines Group SA	*	23,054		146,290
Intertek Group plc		3,711		174,482
Intu Properties plc REIT		20,021		106,794
Investec plc		13,127		120,942
ITV plc		90,839		276,827
J. Sainsbury plc		27,239		147,035
Johnson Matthey plc		4,874		258,446
Kingfisher plc		54,800		336,412
Land Securities Group plc REIT		17,867		316,594
Legal & General Group plc		138,991		535,463
Lloyds Banking Group plc	*	1,331,201		1,692,055
London Stock Exchange Group plc		3,970		136,300
Marks & Spencer Group plc		38,692		281,457
Meggitt plc		18,415		159,438
Melrose Industries plc		25,010		111,292
National Grid plc		87,081		1,253,689
Next plc		3,578		396,096
Old Mutual plc		110,965		375,002
Pearson plc		18,903		373,231
Persimmon plc	*‡	6,790		8,134

See accompanying notes to financial statements

290

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Persimmon plc	*		6,790	$	147,884
Petrofac Ltd.			5,685		116,939
Prudential plc			59,753		1,369,028
Reckitt Benckiser Group plc			15,125		1,318,827
Reed Elsevier plc			26,461		425,226
Rexam plc			15,369		140,671
Rio Tinto plc			29,666		1,601,794
Rolls-Royce Holdings plc	*		43,128		787,980
Royal Bank of Scotland Group plc	*		56,291		316,368
Royal Mail plc	*		14,826		126,524
RSA Insurance Group plc			23,672		192,263
SABMiller plc			22,493		1,303,582
Sage Group plc (The)			25,222		165,658
Schroders plc			3,024		129,585
Segro plc REIT			15,885		93,775
Severn Trent plc			5,504		181,950
Smith & Nephew plc			20,304		359,340
Smiths Group plc			9,429		208,944
Sports Direct International plc	*		6,001		72,516
SSE plc			22,667		607,227
Standard Chartered plc (London Exchange)			56,670		1,158,340
Standard Life plc			53,909		344,882
Subsea 7 SA			6,827		127,252
Tate & Lyle plc			11,052		129,308
Tesco plc			189,303		920,048
Travis Perkins plc			5,478		153,413
TUI Travel plc			12,574		85,597
Tullow Oil plc			21,085		307,604
Unilever plc			29,948		1,357,528
United Utilities Group plc			15,893		239,828
Vodafone Group plc			616,096		2,059,166
Weir Group plc (The)			4,877		218,526
Whitbread plc			4,293		323,866
William Hill plc			19,270		108,192
Wm Morrison Supermarkets plc			49,809		156,214
WPP plc			31,537		687,251
					58,855,894
United States—0.0%
Carnival plc			4,082		153,977
TOTAL COMMON STOCKS
(Cost $274,036,202)					316,683,423
PREFERRED STOCKS—0.6%
Germany—0.6%
Bayerische Motoren Werke AG			1,259		120,540
Fuchs Petrolub SE			1,724		77,789
Henkel AG & Co. KGaA			4,190		484,081
Porsche Automobil Holding SE			3,536		367,647
Volkswagen AG			3,799		995,021
					2,045,078
United Kingdom—0.0%
Rolls-Royce Holdings plc	*‡		5,434,906		9,301
TOTAL PREFERRED STOCKS
(Cost $1,324,854)					2,054,379

Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.027%	09/11/2014
(Cost $274,985)		‡‡	$	275,000	$	274,992
				Shares		Value
RIGHTS—0.0%
Australia—0.0%
Bank of Queensland Ltd., Expires 12/29/21, Strike AUD 1.00		*‡		890		1,407
Hong Kong—0.0%
HKT Trust and HKT Ltd., Expires 07/15/14, Strike HKD 1.00		*‡		8,100		2,396
Spain—0.0%
Repsol SA, Expires 07/04/14, Strike EUR 1.00		*†		19,624		13,355
TOTAL RIGHTS
(Cost $—)						17,158
MONEY MARKET FUNDS—5.2%
Institutional Money Market Funds—5.2%
Dreyfus Institutional Cash Advantage Fund, 0.06%		††¥		1,450,000		1,450,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%		¥		8,601,787		8,601,787
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%		††¥		1,167,319		1,167,319
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.06%		††¥		1,450,000		1,450,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.06%		††¥		1,450,000		1,450,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.07%		††¥		1,450,000		1,450,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.07%		††¥		1,450,000		1,450,000
TOTAL MONEY MARKET FUNDS
(Cost $17,019,106)						17,019,106
TOTAL INVESTMENTS—103.6%
(Cost $292,655,147)						336,049,058
Other assets less liabilities—(3.6%)						(11,702,232	)
NET ASSETS—100.0%					$	324,346,826

See accompanying notes to financial statements

291

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

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 June 30, 2014.
‡	Security valued at fair value as determined by policies approved by the Board of Directors. (Total Market Value $24,076)
‡‡	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

292

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2014 (Unaudited)

Vantagepoint Overseas Equity Index Fund
Percentage of Portfolio by Industry:
COMMON STOCKS
Banks	13.0%
Pharmaceuticals	8.8%
Oil, Gas & Consumable Fuels	6.5%
Insurance	5.1%
Food Products	3.8%
Metals & Mining	3.6%
Automobiles	3.5%
Chemicals	3.3%
Diversified Telecommunication Services	3.2%
Machinery	2.4%
Beverages	2.4%
Food & Staples Retailing	1.9%
Real Estate Management & Development	1.9%
Capital Markets	1.9%
Textiles, Apparel & Luxury Goods	1.7%
Wireless Telecommunication Services	1.7%
Electric Utilities	1.6%
Multi-Utilities	1.5%
Media	1.5%
Industrial Conglomerates	1.5%
Real Estate Investment Trusts (REITs)	1.5%
Tobacco	1.5%
Diversified Financial Services	1.4%
Electrical Equipment	1.4%
Hotels, Restaurants & Leisure	1.3%
Electronic Equipment, Instruments & Components	1.2%
Auto Components	1.1%
Trading Companies & Distributors	1.1%
Aerospace & Defense	1.1%
Road & Rail	1.0%
Software	0.9%
Specialty Retail	0.9%
Construction & Engineering	0.8%
Semiconductors & Semiconductor Equipment	0.7%
Household Products	0.7%
Health Care Equipment & Supplies	0.7%
Household Durables	0.7%
Technology Hardware, Storage & Peripherals	0.7%
Personal Products	0.6%
Professional Services	0.6%
Construction Materials	0.6%
Building Products	0.6%
Energy Equipment & Services	0.6%
Gas Utilities	0.5%
Commercial Services & Supplies	0.5%
IT Services	0.5%
Health Care Providers & Services	0.4%
Air Freight & Logistics	0.4%
Biotechnology	0.4%
Transportation Infrastructure	0.4%
Communications Equipment	0.3%
Multiline Retail	0.3%
Marine	0.3%
Leisure Products	0.2%
Airlines	0.2%
Containers & Packaging	0.1%
Consumer Finance	0.1%
Life Sciences Tools & Services	0.1%

Water Utilities	0.1%
Internet Software & Services	0.1%
Independent Power and Renewable Electricity Producers	0.1%
Paper & Forest Products	0.1%
Internet & Catalog Retail	0.1%
Health Care Technology	0.0%
Diversified Consumer Services	0.0%
Distributors	0.0%
	97.7%
PREFERRED STOCKS
Automobiles	0.5%
Household Products	0.1%
Aerospace & Defense	0.0%
Chemicals	0.0%
	0.6%
RIGHTS
Diversified Telecommunication Services	0.0%
Oil, Gas & Consumable Fuels	0.0%
Banks	0.0%
	0.0%
TOTAL COMMON STOCKS/PREFERRED STOCKS	98.3%
U.S. TREASURY OBLIGATIONS
U.S. Treasury Bills	0.1%
MONEY MARKET FUNDS
Institutional Money Market Funds	5.2%
TOTAL INVESTMENTS	103.6%
Other assets less liabilities	(3.6)%
TOTAL NET ASSETS	100.0%

See accompanying notes to financial statements

293

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)

Vantagepoint Model Portfolio Conservative Growth Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—99.1%
Vantagepoint Aggressive Opportunities Fund Class T			712,974	$	9,589,505
Vantagepoint Core Bond Index Fund Class T			10,682,402		109,494,620
Vantagepoint Discovery Fund Class T			846,203		9,739,794
Vantagepoint Diversifying Strategies Fund			5,626,385		61,158,809
Vantagepoint Equity Income Fund Class T			4,170,411		49,794,713
Vantagepoint Growth & Income Fund Class T			2,538,032		35,811,636
Vantagepoint Growth Fund Class T			2,471,703		32,774,777
Vantagepoint High Yield Fund Class T			6,447,625		64,798,628
Vantagepoint Inflation Focused Fund Class T			4,609,432		50,519,377
Vantagepoint International Fund Class T			3,640,887		42,998,874
Vantagepoint Low Duration Bond Fund Class T			18,186,782		184,595,834
Vantagepoint Select Value Fund Class T			1,269,591		17,418,793
Total Affiliated Mutual Funds
(Cost $600,874,788)					668,695,360
EXCHANGE TRADED FUND—0.9%
Vanguard FTSE Emerging Markets ETF
(Cost $5,911,104)			139,850		6,031,731
MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%
(Cost $251,401)	¥		251,401		251,401
TOTAL INVESTMENTS—100.0%
(Cost $607,037,293)					674,978,492
Other assets less liabilities—(0.0%)					(266,420	)
NET ASSETS—100.0%				$	674,712,072

Legend to the Schedule of Investments:

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

See accompanying notes to financial statements

294

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)

Vantagepoint Model Portfolio Traditional Growth Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—98.4%
Vantagepoint Aggressive Opportunities Fund Class T			4,015,869	$	54,013,432
Vantagepoint Core Bond Index Fund Class T			26,921,672		275,947,137
Vantagepoint Discovery Fund Class T			4,079,709		46,957,449
Vantagepoint Diversifying Strategies Fund			19,377,326		210,631,530
Vantagepoint Equity Income Fund Class T			16,273,930		194,310,720
Vantagepoint Growth & Income Fund Class T			14,124,327		199,294,249
Vantagepoint Growth Fund Class T			11,915,225		157,995,889
Vantagepoint High Yield Fund Class T			8,349,302		83,910,487
Vantagepoint Inflation Focused Fund Class T			5,349,616		58,631,789
Vantagepoint International Fund Class T			16,344,869		193,032,901
Vantagepoint Low Duration Bond Fund Class T			16,357,941		166,033,101
Vantagepoint Select Value Fund Class T			5,799,109		79,563,782
Total Affiliated Mutual Funds
(Cost $1,419,201,695)					1,720,322,466
EXCHANGE TRADED FUND—1.6%
Vanguard FTSE Emerging Markets ETF
(Cost $27,035,410)			638,500		27,538,505
MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%
(Cost $615,402)	¥		615,402		615,402
TOTAL INVESTMENTS—100.0%
(Cost $1,446,852,507)					1,748,476,373
Other assets less liabilities—(0.0%)					(340,908	)
NET ASSETS—100.0%				$	1,748,135,465

Legend to the Schedule of Investments:

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

See accompanying notes to financial statements

295

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)

Vantagepoint Model Portfolio Long-Term Growth Fund		Shares	Value
AFFILIATED MUTUAL FUNDS—98.0%
Vantagepoint Aggressive Opportunities Fund Class T		8,567,629	$	115,234,612
Vantagepoint Core Bond Index Fund Class T		26,291,656		269,489,478
Vantagepoint Discovery Fund Class T		7,546,493		86,860,131
Vantagepoint Diversifying Strategies Fund		27,478,789		298,694,432
Vantagepoint Equity Income Fund Class T		28,447,142		339,658,871
Vantagepoint Growth & Income Fund Class T		23,873,474		336,854,714
Vantagepoint Growth Fund Class T		19,145,182		253,865,111
Vantagepoint High Yield Fund Class T		6,714,524		67,480,967
Vantagepoint International Fund Class T		27,355,661		323,070,356
Vantagepoint Select Value Fund Class T		11,502,405		157,813,003
Total Affiliated Mutual Funds
(Cost $1,776,010,811)				2,249,021,675
EXCHANGE TRADED FUND—2.0%
Vanguard FTSE Emerging Markets ETF (Cost $45,565,000)		1,064,750		45,922,667
MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%
(Cost $1,057,972)	¥	1,057,972		1,057,972
TOTAL INVESTMENTS—100.0%
(Cost $1,822,633,783)				2,296,002,314
Other assets less liabilities—(0.0%)				(493,011	)
NET ASSETS—100.0%			$	2,295,509,303

Legend to the Schedule of Investments:

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

See accompanying notes to financial statements

296

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)

Vantagepoint Model Portfolio All-Equity Growth Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—97.1%
Vantagepoint Aggressive Opportunities Fund Class T			6,695,134	$	90,049,556
Vantagepoint Discovery Fund Class T			5,301,746		61,023,100
Vantagepoint Equity Income Fund Class T			18,688,360		223,139,015
Vantagepoint Growth & Income Fund Class T			11,870,266		167,489,447
Vantagepoint Growth Fund Class T			10,246,547		135,869,220
Vantagepoint International Fund Class T			13,930,378		164,517,766
Vantagepoint Select Value Fund Class T			7,249,829		99,467,657
Total Affiliated Mutual Funds
(Cost $702,275,985)					941,555,761
EXCHANGE TRADED FUND—2.9%
Vanguard FTSE Emerging Markets ETF
(Cost $27,534,989)			649,650		28,019,404
MONEY MARKET FUND—0.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%
(Cost $931,083)	¥		931,083		931,083
TOTAL INVESTMENTS—100.1%
(Cost $730,742,057)					970,506,248
Other assets less liabilities—(0.1%)					(542,757	)
NET ASSETS—100.0%				$	969,963,491

Legend to the Schedule of Investments:

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

See accompanying notes to financial statements

297

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)

Vantagepoint Milestone Retirement Income Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—98.8%
Vantagepoint Aggressive Opportunities Fund Class T			90,131	$	1,212,262
Vantagepoint Core Bond Index Fund Class T			6,758,207		69,271,623
Vantagepoint Discovery Fund Class T			106,628		1,227,294
Vantagepoint Diversifying Strategies Fund			2,185,646		23,757,971
Vantagepoint Equity Income Fund Class T			2,097,186		25,040,398
Vantagepoint Growth & Income Fund Class T			1,775,748		25,055,799
Vantagepoint Growth Fund Class T			713,704		9,463,721
Vantagepoint High Yield Fund Class T			1,874,339		18,837,111
Vantagepoint Inflation Focused Fund Class T			3,228,483		35,384,172
Vantagepoint International Fund Class T			1,808,310		21,356,136
Vantagepoint Low Duration Bond Fund Class T			8,688,076		88,183,971
Vantagepoint Mid/Small Company Index Fund Class T			651,995		13,639,736
Vantagepoint Select Value Fund Class T			87,836		1,205,112
Total Affiliated Mutual Funds
(Cost $317,955,430)					333,635,306
EXCHANGE TRADED FUND—1.2%
Vanguard FTSE Emerging Markets ETF
(Cost $4,101,845)			96,800		4,174,984
MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%
(Cost $131,012)	¥		131,012		131,012
TOTAL INVESTMENTS—100.0%
(Cost $322,188,287)					337,941,302
Other assets less liabilities—(0.0%)					(60,921	)
NET ASSETS—100.0%				$	337,880,381

Legend to the Schedule of Investments:

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

See accompanying notes to financial statements

298

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)

Vantagepoint Milestone 2010 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—98.6%
Vantagepoint Aggressive Opportunities Fund Class T			61,740	$	830,401
Vantagepoint Core Bond Index Fund Class T			6,152,731		63,065,493
Vantagepoint Discovery Fund Class T			72,705		836,837
Vantagepoint Diversifying Strategies Fund			2,782,550		30,246,321
Vantagepoint Equity Income Fund Class T			2,190,312		26,152,330
Vantagepoint Growth & Income Fund Class T			1,505,721		21,245,726
Vantagepoint Growth Fund Class T			1,213,009		16,084,506
Vantagepoint High Yield Fund Class T			1,643,326		16,515,422
Vantagepoint Inflation Focused Fund Class T			2,579,268		28,268,781
Vantagepoint International Fund Class T			1,858,785		21,952,255
Vantagepoint Low Duration Bond Fund Class T			5,429,672		55,111,169
Vantagepoint Mid/Small Company Index Fund Class T			714,475		14,946,823
Vantagepoint Select Value Fund Class T			60,165		825,466
Total Affiliated Mutual Funds
(Cost $274,549,306)					296,081,530
EXCHANGE TRADED FUND—1.4%
Vanguard FTSE Emerging Markets ETF
(Cost $4,063,806)			95,900		4,136,167
MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%
(Cost $113,943)	¥		113,943		113,943
TOTAL INVESTMENTS—100.0%
(Cost $278,727,055)					300,331,640
Other assets less liabilities—(0.0%)					(63,794	)
NET ASSETS—100.0%				$	300,267,846

Legend to the Schedule of Investments:

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

See accompanying notes to financial statements

299

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)

Vantagepoint Milestone 2015 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—98.2%
Vantagepoint Aggressive Opportunities Fund Class T			220,021	$	2,959,281
Vantagepoint Core Bond Index Fund Class T			10,635,110		109,009,883
Vantagepoint Discovery Fund Class T			258,736		2,978,054
Vantagepoint Diversifying Strategies Fund			6,729,144		73,145,790
Vantagepoint Equity Income Fund Class T			4,963,269		59,261,438
Vantagepoint Growth & Income Fund Class T			3,192,790		45,050,270
Vantagepoint Growth Fund Class T			2,842,931		37,697,269
Vantagepoint High Yield Fund Class T			2,663,838		26,771,571
Vantagepoint Inflation Focused Fund Class T			3,307,045		36,245,216
Vantagepoint International Fund Class T			4,379,307		51,719,618
Vantagepoint Low Duration Bond Fund Class T			9,180,396		93,181,022
Vantagepoint Mid/Small Company Index Fund Class T			1,488,873		31,147,221
Vantagepoint Select Value Fund Class T			214,612		2,944,483
Total Affiliated Mutual Funds
(Cost $515,732,279)					572,111,116
EXCHANGE TRADED FUND—1.8%
Vanguard FTSE Emerging Markets ETF
(Cost $10,042,694)			236,350		10,193,776
MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%
(Cost $272,834)	¥		272,834		272,834
TOTAL INVESTMENTS—100.0%
(Cost $526,047,807)					582,577,726
Other assets less liabilities—(0.0%)					(107,146	)
NET ASSETS—100.0%				$	582,470,580

Legend to the Schedule of Investments:

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

See accompanying notes to financial statements

300

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)

Vantagepoint Milestone 2020 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—97.9%
Vantagepoint Aggressive Opportunities Fund Class T			328,022	$	4,411,899
Vantagepoint Core Bond Index Fund Class T			13,202,753		135,328,219
Vantagepoint Discovery Fund Class T			388,373		4,470,171
Vantagepoint Diversifying Strategies Fund			8,593,090		93,406,884
Vantagepoint Equity Income Fund Class T			7,387,558		88,207,441
Vantagepoint Growth & Income Fund Class T			4,772,669		67,342,363
Vantagepoint Growth Fund Class T			3,997,690		53,009,368
Vantagepoint High Yield Fund Class T			3,026,112		30,412,430
Vantagepoint Inflation Focused Fund Class T			2,608,557		28,589,780
Vantagepoint International Fund Class T			6,289,748		74,281,928
Vantagepoint Low Duration Bond Fund Class T			7,324,552		74,344,204
Vantagepoint Mid/Small Company Index Fund Class T			2,208,894		46,210,062
Vantagepoint Select Value Fund Class T			319,120		4,378,324
Total Affiliated Mutual Funds
(Cost $615,956,010)					704,393,073
EXCHANGE TRADED FUND—2.0%
Vanguard FTSE Emerging Markets ETF
(Cost $14,067,489)			333,000		14,362,290
MONEY MARKET FUND—0.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%
(Cost $587,148)	¥		587,148		587,148
TOTAL INVESTMENTS—100.0%
(Cost $630,610,647)					719,342,511
Other assets less liabilities—(0.0%)					(56,402	)
NET ASSETS—100.0%				$	719,286,109

Legend to the Schedule of Investments:

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

See accompanying notes to financial statements

301

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)

Vantagepoint Milestone 2025 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—97.4%
Vantagepoint Aggressive Opportunities Fund Class T			307,789	$	4,139,768
Vantagepoint Core Bond Index Fund Class T			9,008,690		92,339,070
Vantagepoint Discovery Fund Class T			364,397		4,194,209
Vantagepoint Diversifying Strategies Fund			8,104,246		88,093,150
Vantagepoint Equity Income Fund Class T			7,392,562		88,267,192
Vantagepoint Growth & Income Fund Class T			4,352,985		61,420,612
Vantagepoint Growth Fund Class T			3,995,331		52,978,091
Vantagepoint High Yield Fund Class T			2,485,648		24,980,761
Vantagepoint Inflation Focused Fund Class T			820,177		8,989,145
Vantagepoint International Fund Class T			5,995,944		70,812,096
Vantagepoint Low Duration Bond Fund Class T			4,408,846		44,749,790
Vantagepoint Mid/Small Company Index Fund Class T			2,078,979		43,492,249
Vantagepoint Select Value Fund Class T			302,574		4,151,313
Total Affiliated Mutual Funds
(Cost $504,068,663)					588,607,446
EXCHANGE TRADED FUND—2.5%
Vanguard FTSE Emerging Markets ETF
(Cost $14,620,618)			346,650		14,951,015
MONEY MARKET FUND—0.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%
(Cost $471,940)	¥		471,940		471,940
TOTAL INVESTMENTS—100.0%
(Cost $519,161,221)					604,030,401
Other assets less liabilities—(0.0%)					(131,480	)
NET ASSETS—100.0%				$	603,898,921

Legend to the Schedule of Investments:

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

See accompanying notes to financial statements

302

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)

Vantagepoint Milestone 2030 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—97.1%
Vantagepoint Aggressive Opportunities Fund Class T			294,226	$	3,957,340
Vantagepoint Core Bond Index Fund Class T			6,357,762		65,167,065
Vantagepoint Discovery Fund Class T			347,482		3,999,520
Vantagepoint Diversifying Strategies Fund			6,839,614		74,346,609
Vantagepoint Equity Income Fund Class T			6,897,232		82,352,952
Vantagepoint Growth & Income Fund Class T			3,671,693		51,807,593
Vantagepoint Growth Fund Class T			3,995,461		52,979,818
Vantagepoint High Yield Fund Class T			1,588,831		15,967,748
Vantagepoint Inflation Focused Fund Class T			262,726		2,879,472
Vantagepoint International Fund Class T			5,735,772		67,739,462
Vantagepoint Low Duration Bond Fund Class T			1,431,722		14,531,978
Vantagepoint Mid/Small Company Index Fund Class T			1,992,471		41,682,491
Vantagepoint Select Value Fund Class T			287,962		3,950,834
Total Affiliated Mutual Funds
(Cost $405,674,919)					481,362,882
EXCHANGE TRADED FUND—2.8%
Vanguard FTSE Emerging Markets ETF
(Cost $13,703,490)			325,450		14,036,658
MONEY MARKET FUND—0.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%
(Cost $484,083)	¥		484,083		484,083
TOTAL INVESTMENTS—100.0%
(Cost $419,862,492)					495,883,623
Other assets less liabilities—(0.0%)					(151,908	)
NET ASSETS—100.0%				$	495,731,715

Legend to the Schedule of Investments:

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

See accompanying notes to financial statements

303

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)

Vantagepoint Milestone 2035 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—96.7%
Vantagepoint Aggressive Opportunities Fund Class T			229,826	$	3,091,162
Vantagepoint Core Bond Index Fund Class T			2,931,666		30,049,573
Vantagepoint Discovery Fund Class T			272,120		3,132,100
Vantagepoint Diversifying Strategies Fund			4,768,222		51,830,568
Vantagepoint Equity Income Fund Class T			5,655,318		67,524,493
Vantagepoint Growth & Income Fund Class T			2,922,225		41,232,601
Vantagepoint Growth Fund Class T			2,982,222		39,544,260
Vantagepoint High Yield Fund Class T			683,046		6,864,615
Vantagepoint Inflation Focused Fund Class T			31,545		345,730
Vantagepoint International Fund Class T			4,548,817		53,721,534
Vantagepoint Low Duration Bond Fund Class T			129,058		1,309,935
Vantagepoint Mid/Small Company Index Fund Class T			1,554,233		32,514,550
Vantagepoint Select Value Fund Class T			224,088		3,074,493
Total Affiliated Mutual Funds
(Cost $276,752,066)					334,235,614
EXCHANGE TRADED FUND—3.2%
Vanguard FTSE Emerging Markets ETF
(Cost $10,741,914)			254,500		10,976,585
MONEY MARKET FUND—0.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%
(Cost $345,441)	¥		345,441		345,441
TOTAL INVESTMENTS—100.0%
(Cost $287,839,421)					345,557,640
Other assets less liabilities—(0.0%)					(52,165	)
NET ASSETS—100.0%				$	345,505,475

Legend to the Schedule of Investments:

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

See accompanying notes to financial statements

304

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)

Vantagepoint Milestone 2040 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—96.6%
Vantagepoint Aggressive Opportunities Fund Class T			242,944	$	3,267,603
Vantagepoint Core Bond Index Fund Class T			973,002		9,973,268
Vantagepoint Discovery Fund Class T			288,858		3,324,759
Vantagepoint Diversifying Strategies Fund			4,636,778		50,401,782
Vantagepoint Equity Income Fund Class T			6,307,712		75,314,080
Vantagepoint Growth & Income Fund Class T			2,960,127		41,767,389
Vantagepoint Growth Fund Class T			3,137,879		41,608,276
Vantagepoint High Yield Fund Class T			383,518		3,854,355
Vantagepoint International Fund Class T			4,824,955		56,982,720
Vantagepoint Mid/Small Company Index Fund Class T			1,642,725		34,365,810
Vantagepoint Select Value Fund Class T			237,396		3,257,076
Total Affiliated Mutual Funds
(Cost $262,608,268)					324,117,118
EXCHANGE TRADED FUND—3.4%
Vanguard FTSE Emerging Markets ETF
(Cost $11,083,495)			263,150		11,349,660
MONEY MARKET FUND—0.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%
(Cost $464,181)	¥		464,181		464,181
TOTAL INVESTMENTS—100.1%
(Cost $274,155,944)					335,930,959
Other assets less liabilities—(0.1%)					(244,828	)
NET ASSETS—100.0%				$	335,686,131

Legend to the Schedule of Investments:

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

See accompanying notes to financial statements

305

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)

Vantagepoint Milestone 2045 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—96.3%
Vantagepoint Aggressive Opportunities Fund Class T			89,378	$	1,202,137
Vantagepoint Discovery Fund Class T			104,681		1,204,874
Vantagepoint Diversifying Strategies Fund			1,660,987		18,054,927
Vantagepoint Equity Income Fund Class T			2,411,452		28,792,736
Vantagepoint Growth & Income Fund Class T			972,451		13,721,282
Vantagepoint Growth Fund Class T			1,259,904		16,706,323
Vantagepoint High Yield Fund Class T			119,391		1,199,880
Vantagepoint International Fund Class T			1,771,953		20,926,767
Vantagepoint Mid/Small Company Index Fund Class T			601,161		12,576,280
Vantagepoint Select Value Fund Class T			87,491		1,200,378
Total Affiliated Mutual Funds
(Cost $99,364,890)					115,585,584
EXCHANGE TRADED FUND—3.6%
Vanguard FTSE Emerging Markets ETF
(Cost $4,149,273)			99,750		4,302,218
MONEY MARKET FUND—0.2%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%
(Cost $234,295)	¥		234,295		234,295
TOTAL INVESTMENTS—100.1%
(Cost $103,748,458)					120,122,097
Other assets less liabilities—(0.1%)					(79,972	)
NET ASSETS—100.0%				$	120,042,125

Legend to the Schedule of Investments:

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

See accompanying notes to financial statements

306

SCHEDULE OF INVESTMENTS

June 30, 2014 (Unaudited)

Vantagepoint Milestone 2050 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—96.3%
Vantagepoint Aggressive Opportunities Fund Class T			24,491	$	329,400
Vantagepoint Discovery Fund Class T			28,619		329,408
Vantagepoint Diversifying Strategies Fund			454,520		4,940,633
Vantagepoint Equity Income Fund Class T			661,100		7,893,535
Vantagepoint Growth & Income Fund Class T			266,421		3,759,206
Vantagepoint Growth Fund Class T			344,705		4,570,792
Vantagepoint High Yield Fund Class T			32,861		330,249
Vantagepoint International Fund Class T			486,121		5,741,093
Vantagepoint Mid/Small Company Index Fund Class T			164,524		3,441,835
Vantagepoint Select Value Fund Class T			23,994		329,194
Total Affiliated Mutual Funds
(Cost $29,160,409)					31,665,345
EXCHANGE TRADED FUND—3.6%
Vanguard FTSE Emerging Markets ETF
(Cost $1,123,242)			27,250		1,175,292
MONEY MARKET FUND—0.3%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.09%
(Cost $86,175)	¥		86,175		86,175
TOTAL INVESTMENTS—100.2%
(Cost $30,369,826)					32,926,812
Other assets less liabilities—(0.2%)					(66,743	)
NET ASSETS—100.0%				$	32,860,069

Legend to the Schedule of Investments:

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

See accompanying notes to financial statements

307

Item 2 (Code of Ethics):

Sub-item 2a. Not applicable

Sub-item 2c. Not applicable.

Sub-item 2d. Not applicable.

Sub-item 2e. Not applicable.

Sub-item 2f. Not applicable.

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

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

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

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

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

The Vantagepoint Funds
By:	/s/ Joan McCallen
	Joan McCallen, Principal Executive Officer
Date:	8/29, 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:	8/29, 2014

By:	/s/ Elizabeth Glista
	Elizabeth Glista, Principal Financial Officer
Date:	8/29, 2014