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

Vantagepoint Funds Inactive N-CSRCertified 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 - 12/31/14

Item 1

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

LOGO

TABLE OF CONTENTS


Shareholder Expenses			1
Management’s Discussion of Market Conditions			3
Management’s Discussion of Fund Performance			4

Vantagepoint Funds

Report of Independent Registered Public Accounting Firm			89
Statements of Assets and Liabilities			90
Statements of Operations			97
Statements of Changes in Net Assets			104
Financial Highlights			119
Notes to Financial Statements			154
Schedules of Investments			203
Additional Information			381

Shareholder Expenses

As a shareholder of a Vantagepoint Fund, you incur ongoing expenses, such as advisory fees and other fund expenses. The following example is intended to help you understand your ongoing expenses (in dollars and cents) of investing in a fund and to compare these expenses with the ongoing expenses of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2014 to December 31, 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 section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number for your fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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


ACTUAL								HYPOTHETICAL
Beginning Account Value 7/01/14	Ending Account Value 12/31/14		2014 Annualized Expense Ratio(a)		Expenses Paid During Period*		Vantagepoint Funds	Beginning Account Value 7/01/14		Ending Account Value 12/31/14		2014 Annualized Expense Ratio(a)		Expenses Paid During Period*
$1,000.00	$	998.70		0.60%	$	3.02	Low Duration Bond Investor Shares	$	1,000.00	$	1,022.18		0.60%	$	3.06
$1,000.00	$	1,000.90		0.35%	$	1.77	Low Duration Bond T Shares	$	1,000.00	$	1,023.44		0.35%	$	1.79
$1,000.00	$	971.50		0.64%	$	3.18	Inflation Focused Investor Shares	$	1,000.00	$	1,021.98		0.64%	$	3.26
$1,000.00	$	972.00		0.39%	$	1.94	Inflation Focused T Shares	$	1,000.00	$	1,023.24		0.39%	$	1.99
$1,000.00	$	965.00		0.91%	$	4.51	High Yield T Shares	$	1,000.00	$	1,020.62		0.91%	$	4.63
$1,000.00	$	1,006.90		0.77%	$	3.90	Equity Income Investor Shares	$	1,000.00	$	1,021.32		0.77%	$	3.92
$1,000.00	$	1,008.00		0.52%	$	2.63	Equity Income T Shares	$	1,000.00	$	1,022.58		0.52%	$	2.65
$1,000.00	$	1,038.40		0.76%	$	3.90	Growth & Income Investor Shares	$	1,000.00	$	1,021.37		0.76%	$	3.87
$1,000.00	$	1,039.80		0.51%	$	2.62	Growth & Income T Shares	$	1,000.00	$	1,022.63		0.51%	$	2.60
$1,000.00	$	1,055.60		0.77%	$	3.99	Growth Investor Shares	$	1,000.00	$	1,021.32		0.77%	$	3.92
$1,000.00	$	1,056.70		0.52%	$	2.70	Growth T Shares	$	1,000.00	$	1,022.58		0.52%	$	2.65
$1,000.00	$	1,014.80		0.96%	$	4.88	Select Value Investor Shares	$	1,000.00	$	1,020.37		0.96%	$	4.89
$1,000.00	$	1,016.10		0.71%	$	3.61	Select Value T Shares	$	1,000.00	$	1,021.63		0.71%	$	3.62
$1,000.00	$	1,005.90		0.83%	$	4.20	Aggressive Opportunities Investor Shares	$	1,000.00	$	1,021.02		0.83%	$	4.23
$1,000.00	$	1,007.40		0.58%	$	2.93	Aggressive Opportunities T Shares	$	1,000.00	$	1,022.28		0.58%	$	2.96
$1,000.00	$	1,002.60		0.95%	$	4.80	Discovery Investor Shares	$	1,000.00	$	1,020.42		0.95%	$	4.84
$1,000.00	$	1,003.60		0.70%	$	3.54	Discovery T Shares	$	1,000.00	$	1,021.68		0.70%	$	3.57
$1,000.00	$	913.80		0.97%	$	4.68	International Investor Shares	$	1,000.00	$	1,020.32		0.97%	$	4.94
$1,000.00	$	913.90		0.72%	$	3.47	International T Shares	$	1,000.00	$	1,021.58		0.72%	$	3.67
$1,000.00	$	995.50		0.48%	$	2.41	Diversifying Strategies T Shares	$	1,000.00	$	1,022.79		0.48%	$	2.45
$1,000.00	$	1,018.50		0.40%	$	2.04	Core Bond Index Class I	$	1,000.00	$	1,023.19		0.40%	$	2.04
$1,000.00	$	1,019.20		0.20%	$	1.02	Core Bond Index Class II	$	1,000.00	$	1,024.20		0.20%	$	1.02
$1,000.00	$	1,018.80		0.15%	$	0.76	Core Bond Index T Shares	$	1,000.00	$	1,024.45		0.15%	$	0.77
$1,000.00	$	1,059.00		0.39%	$	2.02	500 Stock Index Class I	$	1,000.00	$	1,023.24		0.39%	$	1.99
$1,000.00	$	1,060.50		0.19%	$	0.99	500 Stock Index Class II	$	1,000.00	$	1,024.25		0.19%	$	0.97
$1,000.00	$	1,060.40		0.14%	$	0.73	500 Stock Index T Shares	$	1,000.00	$	1,024.50		0.14%	$	0.71

(continued)


ACTUAL								HYPOTHETICAL
Beginning Account Value 7/01/14	Ending Account Value 12/31/14		2014 Annualized Expense Ratio(a)		Expenses Paid During Period*		Vantagepoint Funds	Beginning Account Value 7/01/14		Ending Account Value 12/31/14		2014 Annualized Expense Ratio(a)		Expenses Paid During Period*
$1,000.00	$	1,050.70		0.40%	$	2.07	Broad Market Index Class I	$	1,000.00	$	1,023.19		0.40%	$	2.04
$1,000.00	$	1,051.40		0.20%	$	1.03	Broad Market Index Class II	$	1,000.00	$	1,024.20		0.20%	$	1.02
$1,000.00	$	1,052.40		0.15%	$	0.78	Broad Market Index T Shares	$	1,000.00	$	1,024.45		0.15%	$	0.77
$1,000.00	$	1,009.70		0.40%	$	2.03	Mid/Small Company Index Class I	$	1,000.00	$	1,023.19		0.40%	$	2.04
$1,000.00	$	1,011.00		0.20%	$	1.01	Mid/Small Company Index Class II	$	1,000.00	$	1,024.20		0.20%	$	1.02
$1,000.00	$	1,011.10		0.15%	$	0.76	Mid/Small Company Index T Shares	$	1,000.00	$	1,024.45		0.15%	$	0.77
$1,000.00	$	899.00		0.49%	$	2.35	Overseas Equity Index Class I	$	1,000.00	$	1,022.74		0.49%	$	2.50
$1,000.00	$	899.60		0.29%	$	1.39	Overseas Equity Index Class II	$	1,000.00	$	1,023.74		0.29%	$	1.48
$1,000.00	$	900.70		0.24%	$	1.15	Overseas Equity Index T Shares	$	1,000.00	$	1,024.00		0.24%	$	1.22
$1,000.00	$	995.50		0.83%	$	4.17	Model Portfolio Conservative Growth Investor M Shares**	$	1,000.00	$	1,021.02		0.83%	$	4.23
$1,000.00	$	997.10		0.58%	$	2.92	Model Portfolio Conservative Growth TM Shares**	$	1,000.00	$	1,022.28		0.58%	$	2.96
$1,000.00	$	999.70		0.84%	$	4.23	Model Portfolio Traditional Growth Investor M Shares**	$	1,000.00	$	1,020.97		0.84%	$	4.28
$1,000.00	$	1,000.90		0.59%	$	2.98	Model Portfolio Traditional Growth TM Shares**	$	1,000.00	$	1,022.23		0.59%	$	3.01
$1,000.00	$	1,000.50		0.88%	$	4.44	Model Portfolio Long-Term Growth Investor M Shares**	$	1,000.00	$	1,020.77		0.88%	$	4.48
$1,000.00	$	1,001.80		0.63%	$	3.18	Model Portfolio Long-Term Growth TM Shares**	$	1,000.00	$	1,022.03		0.63%	$	3.21
$1,000.00	$	1,000.50		0.95%	$	4.79	Model Portfolio All-Equity Growth Investor M Shares**	$	1,000.00	$	1,020.42		0.95%	$	4.84
$1,000.00	$	1,001.90		0.70%	$	3.53	Model Portfolio All-Equity Growth TM Shares**	$	1,000.00	$	1,021.68		0.70%	$	3.57
$1,000.00	$	996.60		0.79%	$	3.98	Milestone Retirement Income Investor M Shares**	$	1,000.00	$	1,021.22		0.79%	$	4.02
$1,000.00	$	998.20		0.54%	$	2.72	Milestone Retirement Income TM Shares**	$	1,000.00	$	1,022.48		0.54%	$	2.75
$1,000.00	$	997.20		0.80%	$	4.03	Milestone 2010 Investor M Shares**	$	1,000.00	$	1,021.17		0.80%	$	4.08
$1,000.00	$	998.80		0.55%	$	2.77	Milestone 2010 TM Shares**	$	1,000.00	$	1,022.43		0.55%	$	2.80
$1,000.00	$	997.90		0.80%	$	4.03	Milestone 2015 Investor M Shares**	$	1,000.00	$	1,021.17		0.80%	$	4.08
$1,000.00	$	998.70		0.55%	$	2.77	Milestone 2015 TM Shares**	$	1,000.00	$	1,022.43		0.55%	$	2.80
$1,000.00	$	998.70		0.80%	$	4.03	Milestone 2020 Investor M Shares**	$	1,000.00	$	1,021.17		0.80%	$	4.08
$1,000.00	$	999.50		0.55%	$	2.77	Milestone 2020 TM Shares**	$	1,000.00	$	1,022.43		0.55%	$	2.80
$1,000.00	$	997.70		0.83%	$	4.18	Milestone 2025 Investor M Shares**	$	1,000.00	$	1,021.02		0.83%	$	4.23
$1,000.00	$	999.30		0.58%	$	2.92	Milestone 2025 TM Shares**	$	1,000.00	$	1,022.28		0.58%	$	2.96
$1,000.00	$	997.50		0.84%	$	4.23	Milestone 2030 Investor M Shares**	$	1,000.00	$	1,020.97		0.84%	$	4.28
$1,000.00	$	999.00		0.59%	$	2.97	Milestone 2030 TM Shares**	$	1,000.00	$	1,022.23		0.59%	$	3.01
$1,000.00	$	997.30		0.85%	$	4.28	Milestone 2035 Investor M Shares**	$	1,000.00	$	1,020.92		0.85%	$	4.33
$1,000.00	$	998.20		0.60%	$	3.02	Milestone 2035 TM Shares**	$	1,000.00	$	1,022.18		0.60%	$	3.06
$1,000.00	$	995.90		0.87%	$	4.38	Milestone 2040 Investor M Shares**	$	1,000.00	$	1,020.82		0.87%	$	4.43
$1,000.00	$	997.40		0.62%	$	3.12	Milestone 2040 TM Shares**	$	1,000.00	$	1,022.08		0.62%	$	3.16
$1,000.00	$	995.30		0.92%	$	4.63	Milestone 2045 Investor M Shares**	$	1,000.00	$	1,020.57		0.92%	$	4.69
$1,000.00	$	996.10		0.67%	$	3.37	Milestone 2045 TM Shares**	$	1,000.00	$	1,021.83		0.67%	$	3.41
$1,000.00	$	994.80		1.02%	$	5.13	Milestone 2050 Investor M Shares**	$	1,000.00	$	1,020.06		1.02%	$	5.19
$1,000.00	$	995.30		0.77%	$	3.87	Milestone 2050 TM Shares**	$	1,000.00	$	1,021.32		0.77%	$	3.92

(a)

Net of waivers, if any.

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

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

Management’s Discussion of Market Conditions

for the Year Ended December 31, 2014

Vantagepoint Investment Advisers, LLC (“VIA”) serves as investment adviser to The Vantagepoint Funds. VIA supervises and directs each fund’s investments and continually monitors the performance of the subadvisers. Currently, VIA assists all funds, other than the Model Portfolio Funds and Milestone Funds, with the retention of subadvisers, and the day-to-day discretionary responsibility for security and brokerage selection as well as portfolio management rests with the subadvisers. This multi-management style seeks to improve consistency of returns over time by eliminating reliance on the results of a single subadviser.

The following is a brief discussion of VIA’s views of the major market conditions that prevailed in 2014, and should not be considered a complete discussion of all market conditions for the year. This commentary should be read together with each fund’s Management’s Discussion of Fund Performance because it provides additional information about the fund’s performance.

U.S. equity and fixed income securities markets offered positive returns in 2014, as the U.S. economy strengthened and interest rates remained low. The yield on the benchmark 10-year Treasury decreased, while the Federal Reserve System (“Federal Reserve”), the U.S. central bank, ended its asset purchase program in October after tapering the amount of monthly purchases throughout the year. The tapering and conclusion of that asset purchase program did not result in the interest rate increases, or the equity market decline, that were generally anticipated by many market participants. Returns varied as large- and mid-capitalization equities outperformed small-capitalization equities; and longer maturity U.S. Treasury securities outperformed shorter maturity and higher risk securities. The equity markets of non-U.S. developed market countries and emerging market countries generally provided negative returns to U.S. investors, primarily due to the strengthening of the U.S. dollar.

U.S. large- and mid-capitalization equities provided positive double digit returns overall in 2014 while small-capitalization equities provided positive single-digit returns. Generally, growth oriented small-capitalization stocks outperformed value oriented small-capitalization stocks, while mid-capitalization value oriented stocks outperformed mid-capitalization growth oriented stocks, and large-capitalization value oriented stocks slightly outperformed large-capitalization

growth oriented stocks. The S&P 500 Index, a measure of the U.S. large-capitalization equity market, reached multiple record closing highs during the year. Large-capitalization equities generally provided positive returns in each quarter of the year while mid- and small-capitalization equities provided positive returns in each quarter except the third. Positive equity returns were led by the interest rate sensitive Utilities sector. The Energy sector was the only sector to provide negative returns for the year as crude oil prices fell in the third and fourth quarters, due primarily to supply exceeding demand.

U.S. fixed income markets generally offered positive overall returns for the year. Long maturity U.S. Treasuries outperformed other fixed income sectors as the Federal Reserve maintained low interest rates, longer term interest rates declined, investors generally sought lower risk securities, and inflation remained below the Federal Reserve’s target level of 2%, with inflation ending 2014 at an annual rate of less than 1%. The benchmark 10-year Treasury began 2014 with a yield of 3.03% and ended the year with a yield of 2.17%. This compares to the benchmark 2-year Treasury yield that generally increased between the beginning of the year and the end of the year, remaining in a range of 0.30% and 0.74%. Generally, an increase in interest rates decreases the value of fixed income securities and investor returns, and a decrease in interest rates increases the value of fixed income securities and investor returns. Returns for Treasury inflation-protected securities, or TIPS, underperformed Treasury securities not linked to inflation as inflation was expected to remain below the Federal Reserve’s target. High yield securities underperformed investment grade securities as investors showed preference for lower risk securities. Generally, the high yield fixed income securities of companies in the Gaming and Energy sectors provided negative returns. High yield Energy sector fixed income securities provided double digit losses in the fourth quarter as energy prices continued the decline that started in the third quarter.

The equity markets of developed market countries outside of the U.S. and emerging market countries generally provided negative returns to U.S. dollar investors for the year. The non-U.S. developed markets generally underperformed emerging markets. These negative returns primarily reflected the strengthening of the U.S. dollar as the U.S. economy improved. Also, European economic growth and inflation declined, raising deflationary fears, Japan slipped back into recession, China’s growth slowed, and Russia suffered from political and civil unrest.

Vantagepoint Low Duration Bond Fund

Summary of Performance

•

The Vantagepoint Low Duration Bond Fund (the “Fund”) Investor Shares gained 0.68% in 2014.

•

The Fund’s market benchmark, the BofA Merrill Lynch 1–3 Year US Corporate & Government Index, gained 0.78%.

•

The Fund’s peer group, the Morningstar Short-Term Bond Funds Average, a group of mutual funds with similar investment objectives, gained 1.07%.

Commentary

The investment objective of the Fund is to seek total return that is consistent with preservation of capital. The Fund invests, under normal circumstances, at least 80% of its net assets in bonds and other fixed income securities of varying maturities, and normally invests at least 65% of its net assets in bonds and other fixed income securities with more than one year to maturity. The Fund seeks to maintain a portfolio effective duration of no greater than three years. Investments selected by the Fund’s subadvisers are based on their analysis of securities, sectors, and anticipated changes in interest rates. To provide return opportunities, the Fund invests in fixed income securities that the Fund’s subadvisers believe offer attractive yields and are priced below fair market value relative to securities of similar credit quality and interest rate sensitivity.

Overall Performance

The Fund’s total performance reflected positive returns from each sector in which the Fund was invested, and was led by performance from investment-grade corporate bonds.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its market benchmark primarily resulted from the Fund’s performance in the high yield debt sector. This underperformance was partially offset by the Fund’s relatively better performance in the investment-grade corporate sector.

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group primarily resulted from the Fund’s positioning along the yield curve and the Fund’s performance in the high yield debt sector. This underperformance was partially offset by the Fund’s performance in the investment-grade corporate securities sector, which was better than the peer group’s performance in the sector.

Performance of Derivatives

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

LOGO

Vantagepoint Low Duration Bond Fund

Average Annual Total Returns for the periods ended December 31, 2014*


	INVESTOR SHARES			T SHARES
One Year		0.68	%		1.02	%
Three Years		1.79	%		1.97	%
Five Years		2.01	%		2.13	%
Ten Years		2.92	%		2.98	%
Class Inception Date		December 4, 2000			March 1, 2013

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

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

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

Vantagepoint Inflation Focused Fund

Summary of Performance

•

The Vantagepoint Inflation Focused Fund (the “Fund”) Investor Shares gained 2.51% in 2014.

•

The Fund’s market benchmark, the Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index (Series-L), gained 3.64%.

•

The Fund’s peer group, the Morningstar Inflation-Protected Bond Funds Average, a group of mutual funds with similar investment objectives, gained 1.80%.

Commentary

The investment objective of the Fund is to offer current income. The Fund invests, under normal circumstances, at least 80% of its net assets in inflation-adjusted U.S. and foreign fixed income securities and normally invests at least 50% of its net assets in U.S. Treasury inflation-protected securities (“TIPS”). Inflation-adjusted securities are designed to protect the future purchasing power of the money invested in them; either their principal values or coupon rates are indexed to changes in inflation. These adjustments result in changes to the interest payments.

Overall Performance

The Fund’s total performance reflected favorable fixed income market conditions, with inflation-protected securities positively impacted by the decrease in real (i.e., adjusted for inflation) yields.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its market benchmark primarily resulted from the Fund’s lesser sensitivity to interest rate changes, which resulted in lower comparative returns during a period when yields fell.

Performance Relative to the Peer Group

The Fund’s outperformance relative to its peer group primarily resulted from the Fund’s greater sensitivity to interest rate changes, which resulted in higher comparative returns during a period when yields fell. Additionally, the Fund’s comparative performance benefitted from a below average exposure to non-Treasury sector fixed income securities.

Performance of Derivatives

The Fund used derivative instruments during the year to seek to manage interest rate risk and to seek to obtain investment exposure based on the Fund subadvisers’ views on interest rates, yield curves, and inflation. Derivatives used included bond futures, options, and swaps. The use of derivatives had a material negative impact on the Fund’s return, as derivatives holdings decreased in value.

LOGO

Vantagepoint Inflation Focused Fund

Average Annual Total Returns for the periods ended December 31, 2014*


	INVESTOR SHARES			T SHARES
One Year		2.51	%		2.68	%
Three Years		–0.13	%		0.01	%
Five Years		3.32	%		3.40	%
Ten Years		3.95	%		4.00	%
Class Inception Date		July 1, 1992			March 1, 2013

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

Vantagepoint High Yield Fund

Summary of Performance

(For the period since the Fund’s May 1, 2014 inception)

•

The Vantagepoint High Yield Fund (the “Fund”) T Shares lost 2.70%.

•

The Fund’s market benchmark, the Barclays U.S. Corporate High-Yield 2% Issuer Capped Bond Index, lost 1.13%.

•

The Fund’s peer group, the Morningstar High Yield Bond Funds Average, a group of mutual funds with similar investment objectives, lost 1.99%.

Commentary

The Fund’s investment objective is to seek current income and capital appreciation. The Fund invests, under normal circumstances, at least 80% of its net assets in high yield fixed income securities and other instruments that are rated below investment grade. The Fund is available for investment only by the Vantagepoint Model Portfolio Funds and Vantagepoint Milestone Funds.

Overall Performance

The Fund’s total performance reflected negative returns from below investment grade fixed income securities, particularly from the Fund’s holdings in Energy securities.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its market benchmark primarily resulted from a lower allocation to fixed income securities in the Financials and Utilities

sectors, which outperformed the market benchmark, and a higher allocation to Energy fixed income securities, which underperformed. A higher allocation to lower-rated bonds also detracted from relative performance. This underperformance was partially offset by the Fund’s lower allocation to fixed income securities in the Industrials sector.

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group primarily resulted from the Fund’s higher allocation to Energy fixed income securities and lower allocations to fixed income securities in the Utilities sector, and Health Care and Communications fixed income securities. This underperformance was partially offset by the Funds allocations to fixed income securities in the Financials sector and to floating rate loans.

Derivatives Performance

The Fund used forward currency contracts during the year to manage foreign currency risk, which reduced the impact of foreign currency fluctuations on U.S. dollar returns. The Fund used futures contracts during the year to seek to manage interest rate risk and to seek to obtain investment exposure based on the Fund subadvisers’ views on interest rates and yield curves. The use of derivatives did not have a material impact on Fund performance.

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Vantagepoint High Yield Fund

Total Return for the period ended December 31, 2014*


	T SHARES
Since Inception		–2.70	%
Class Inception Date		May 1, 2014

The Fund’s market benchmark, the Barclays U.S. Corporate High-Yield 2% Issuer Capped Bond Index, is an issuer-constrained version of the Barclays U.S. Corporate High-Yield Index that measures the market of USD-denominated, non-investment grade, fixed-rate, taxable corporate bonds. The Barclays U.S. Corporate High-Yield 2% Issuer Capped Bond Index limits the exposure of each issuer to 2% of the total market value and redistributes any excess market value index-wide on a pro-rata basis. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. The Fund’s portfolio may differ significantly from the securities held in the index.

Vantagepoint Equity Income Fund

Summary of Performance

•

The Vantagepoint Equity Income Fund (the “Fund”) Investor Shares gained 8.13% in 2014.

•

The Fund’s market benchmark, the Russell 1000^® Value Index, gained 13.45%.

•

The Fund’s peer group, the Morningstar Large Value Funds Average, a group of mutual funds with similar investment objectives, gained 10.21%.

Commentary

The investment objective of the Fund is to offer long-term capital growth with consistency derived from dividend yield. The Fund invests, under normal circumstances, at least 80% of its net assets in equity securities (common and preferred stock). The Fund seeks to invest primarily in the common stocks of U.S. companies that the Fund’s subadvisers believe will pay dividends at above-market levels. As a result of the Fund’s income focus, certain sectors or industries may be emphasized. The Fund may exhibit greater sensitivity to certain economic factors (e.g., changing interest rates) than will the general stock market. One or more of the Fund’s subadvisers employing an actively managed strategy seeks to select equity securities it believes offer the opportunity for capital growth combined with dividend return. The Fund may invest across companies of all sizes, but generally focuses on larger capitalization companies, which the subadvisers that pursue active management believe have stable long-term earnings and dividend-paying records. In addition, a portion of the Fund invests in (or obtains exposure to) stocks included in a custom version of the Russell 1000^® Value Index, following an indexed or passively managed approach to investing.

Overall Performance

The Fund’s total performance reflected the positive returns of the U.S. equity market in 2014. This positive performance resulted from the returns of all sectors in which the Fund had holdings except the Energy sector, which declined. Performance was led by the Financials, Information Technology, and Health Care sectors.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its market benchmark primarily resulted from the Fund’s performance in the Energy, Consumer Discretionary, and Financials sectors. This underperformance was partially offset by the Fund’s performance in the Telecommunication Services sector, which was better than the benchmark’s performance in the sector.

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group primarily resulted from the Fund’s performance in the Energy, Information Technology, and Consumer Staples sectors. This underperformance was partially offset by the Fund’s performance in the Telecommunication Services sector, which was better than the peer group’s performance in the same sector.

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Vantagepoint Equity Income Fund

Average Annual Total Returns for the periods ended December 31, 2014*


	INVESTOR SHARES			T SHARES
One Year		8.13	%		8.43	%
Three Years		17.47	%		17.65	%
Five Years		12.93	%		13.04	%
Ten Years		7.01	%		7.06	%
Class Inception Date		April 1, 1994			March 1, 2013

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

Vantagepoint Growth & Income Fund

Summary of Performance

•

The Vantagepoint Growth & Income Fund (the “Fund”) Investor Shares gained 10.67% in 2014.

•

The Fund’s market benchmark, the S&P 500 Index, gained 13.69%.

•

The Fund’s peer group, the Morningstar Large Blend Funds Average, a group of mutual funds with similar investment objectives, gained 10.96%.

Commentary

The investment objective of the Fund is to offer long-term capital growth and current income. The Fund invests, under normal circumstances, primarily in U.S. common stocks that the Fund’s subadvisers believe offer the potential for capital appreciation or that may provide current income by paying dividends. Strategies used by the Fund’s subadvisers include: 1) focusing on large-capitalization U.S. companies whose common stocks are believed to offer potential for price appreciation because of undervaluation, earnings growth, or both; and 2) emphasizing U.S. stocks that may pay dividends.

Overall Performance

The Fund’s total performance reflected the positive returns of the U.S. equity market in 2014. This positive performance resulted from returns in all sectors in

which the Fund had holdings, except the Energy and Telecommunication Services sectors, which declined. Positive performance was led by the Health Care, Information Technology and Financials sectors.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its market benchmark primarily resulted from performance in the Consumer Staples, Information Technology, and Financials sectors. This underperformance was partially offset by the Fund’s performance in the Health Care sector, which was better than the market benchmark’s performance in the sector.

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group primarily resulted from performance in the Information Technology sector. This underperformance was partially offset by the Fund’s performance in the Health Care and Financials sectors, which were better than the peer group’s performance in the same sectors.

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Vantagepoint Growth & Income Fund

Average Annual Total Returns for the periods ended December 31, 2014*


	INVESTOR SHARES			T SHARES
One Year		10.67	%		10.98	%
Three Years		20.01	%		20.19	%
Five Years		14.53	%		14.64	%
Ten Years		7.56	%		7.61	%
Class Inception Date		October 2, 1998			March 1, 2013

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

Vantagepoint Growth Fund

Summary of Performance

•

The Vantagepoint Growth Fund (the “Fund”) Investor Shares gained 10.05% in 2014.

•

The Fund’s market benchmark, the Russell 1000^® Growth Index, gained 13.05%.

•

The Fund’s peer group, the Morningstar Large Growth Funds Average, a group of mutual funds with similar investment objectives, gained 10.00%.

Commentary

The investment objective of the Fund is to offer long-term capital growth. The Fund invests, under normal circumstances, primarily in U.S. common stocks that are considered by the Fund’s subadvisers to have above-average potential for growth. The subadvisers emphasize stocks of well established medium- and large-capitalization firms.

Overall Performance

The Fund’s total performance reflected the positive returns of the U.S. equity market in 2014. This positive

performance resulted from returns in all sectors in which the Fund had holdings except the Energy sector, which declined. Performance was led by the Health Care and Information Technology sectors.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its market benchmark primarily resulted from the Fund’s performance in the Energy, Consumer Discretionary, and Materials sectors. This underperformance was partially offset by the Fund’s performance in the Health Care sector, which was better than the market benchmark’s performance in the sector.

Performance Relative to the Peer Group

The Fund’s performance was in-line with the performance of its peer group.

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Vantagepoint Growth Fund

Average Annual Total Returns for the periods ended December 31, 2014*


	INVESTOR SHARES			T SHARES
One Year		10.05	%		10.24	%
Three Years		19.05	%		19.22	%
Five Years		13.14	%		13.24	%
Ten Years		5.82	%		5.86	%
Class Inception Date		April 1, 1983			March 1, 2013

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

Vantagepoint Select Value Fund

Summary of Performance

•

The Vantagepoint Select Value Fund (the “Fund”) Investor Shares gained 8.11% in 2014.

•

The Fund’s market benchmark, the Russell Midcap^® Value Index, gained 14.75%.

•

The Fund’s peer group, the Morningstar Mid-Cap Value Funds Average, a group of mutual funds with similar investment objectives, gained 9.31%.

Commentary

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

Overall Performance

The Fund’s total performance reflected the positive returns of the mid-capitalization stocks in the U.S. equity market in 2014. This positive performance resulted from returns

in all sectors in which the Fund had holdings except Energy and Materials, which declined. Performance was led by the Financials, Utilities, and Health Care sectors.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its market benchmark primarily resulted from the Fund’s performance in the Energy, Information Technology, and Consumer Discretionary sectors. This underperformance was partially offset by the Fund’s performance in the Consumer Staples sector, which was better than the market benchmark’s performance in the sector.

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group primarily resulted from the Fund’s performance in the Consumer Discretionary, Information Technology, and Energy sectors. This underperformance was partially offset by the Fund’s performance in the Utilities sector, which was better than the peer group’s performance in the sector.

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Vantagepoint Select Value Fund

Average Annual Total Returns for the periods ended December 31, 2014*


	INVESTOR SHARES			T SHARES
One Year		8.11	%		8.32	%
Three Years		19.27	%		19.44	%
Five Years		15.31	%		15.41	%
Since Inception		7.99	%		8.05	%
Class Inception Date		October 30, 2007			March 1, 2013

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

Vantagepoint Aggressive Opportunities Fund

Summary of Performance

•

The Vantagepoint Aggressive Opportunities Fund (the “Fund”) Investor Shares gained 5.13% in 2014.

•

The Fund’s market benchmark, the Russell Midcap^® Growth Index, gained 11.90%.

•

The Fund’s peer group, the Morningstar Mid-Cap Growth Funds Average, a group of mutual funds with similar investment objectives, gained 7.00%.

Commentary

The investment objective of the Fund is to offer high long-term capital appreciation. The Fund invests, under normal circumstances, primarily in common stocks of small- to mid-capitalization U.S. and foreign companies. One or more of the Fund’s subadvisers employing an actively managed strategy seeks to select common stocks it believes offer the opportunity for high capital appreciation. In addition, a portion of the Fund invests in (or obtains exposure to) stocks included in a custom version of the Russell Midcap^® Growth Index, following an indexed or passively managed approach to investing. The range of stocks in which the Fund generally invests is expected to be that of the Russell Midcap^® Index.

Overall Performance

The Fund’s total performance reflected the positive returns for mid- and small-capitalization stocks in the U.S. equity market in 2014. This positive performance resulted from returns in all sectors in which the Fund

had holdings except the Energy sector, which declined. Performance was led by the Health Care, Industrials, and Telecommunication Services sectors.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its market benchmark primarily resulted from the Fund’s performance in the Information Technology, Energy, and Health Care sectors. This underperformance was partially offset by the Fund’s performance in the Telecommunication Services sector, which was better than the market benchmark’s performance in the sector.

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group primarily resulted from the Fund’s performance in the Health Care, Energy, and Information Technology sectors. This underperformance was partially offset by the Fund’s performance in the Industrials, Consumer Discretionary, and Telecommunication Services sectors, which was better than the peer group’s performance in these sectors.

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Vantagepoint Aggressive Opportunities Fund

Average Annual Total Returns for the periods ended December 31, 2014*


	INVESTOR SHARES			T SHARES
One Year		5.13	%		5.44	%
Three Years		18.91	%		19.10	%
Five Years		12.40	%		12.51	%
Ten Years		7.97	%		8.02	%
Class Inception Date		October 1, 1994			March 1, 2013

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

Vantagepoint Discovery Fund

Summary of Performance

•

The Vantagepoint Discovery Fund (the “Fund”) Investor Shares gained 6.07% in 2014.

•

The Fund’s market benchmark, the Russell 2000^® Index, gained 4.89%.

•

The Fund’s peer group, the Morningstar Small Blend Funds Average, a group of mutual funds with similar investment objectives, gained 3.79%.

Commentary

The investment objective of the Fund is to offer long-term capital growth. The Fund invests, under normal circumstances, primarily in a combination of common stocks of U.S. small-capitalization companies, Russell 2000^® Index futures contracts, and U.S. and foreign fixed income securities. The Fund’s subadvisers select stocks that they believe have above-average potential for growth and that generally have market capitalizations that fall within the range of companies in the Russell 2000^® Index. The Fund’s U.S. and foreign fixed income securities (1) are held, in part, as collateral in conjunction with the Fund’s use of futures contracts; (2) may include government and agency securities, corporate bonds, mortgage-backed securities, asset-backed securities, and municipal securities; and (3) at all times have a portfolio effective duration of no greater than three years.

Overall Performance

The Fund’s total performance primarily reflected the positive returns of small-capitalization stocks and futures on those stocks in the U.S. equity market in 2014. This positive performance was led by the Fund’s performance in the Health Care, Financials, and Information Technology sectors. The Fund’s fixed income securities, held in conjunction with the Russell 2000^® Index futures contracts, also generated positive returns.

Performance Relative to the Market Benchmark

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

Performance Relative to the Peer Group

The Fund’s outperformance relative to its peer group primarily resulted from the Fund’s performance in the Financials and Health Care sectors.

Derivatives Performance

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

Portfolio Turnover

The Fund’s portfolio turnover of 100% was significantly higher than the prior year’s portfolio turnover rate of 77% because of increased trading activity during periods of higher market volatility for small capitalization stocks and fixed income securities.

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Vantagepoint Discovery Fund

Average Annual Total Returns for the periods ended December 31, 2014*


	INVESTOR SHARES			T SHARES
One Year		6.07	%		6.37	%
Three Years		19.60	%		19.78	%
Five Years		15.15	%		15.25	%
Since Inception		6.97	%		7.04	%
Class Inception Date		October 30, 2007			March 1, 2013

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

Vantagepoint International Fund

Summary of Performance

•

The Vantagepoint International Fund (the “Fund”) Investor Shares lost 2.76% in 2014.

•

The Fund’s market benchmark, MSCI Europe Australasia Far East (EAFE) Index (Net), lost 4.90%.

•

The Fund’s peer group, the Morningstar Foreign Large Blend Funds Average, a group of mutual funds with similar investment objectives, lost 4.98%.

Commentary

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

Overall Performance

The Fund’s total performance reflected negative returns to U.S. investors from holdings in developed foreign country markets. While the returns were positive in the local currency of most regions, the strengthening of the U.S. dollar resulted in a negative return for the Fund in U.S. dollars. Losses in U.S. dollars were greatest on investments

in Europe, including the United Kingdom. On a sector basis, returns were mixed, led by losses in the Energy and Consumer Discretionary sectors. Those losses were partially offset by the Fund’s positive performance in the Health Care and Information Technology sectors.

Performance Relative to the Market Benchmark

The Fund’s outperformance relative to its market benchmark primarily resulted from its investments in Europe and emerging market countries. On a sector basis, performance was led by the Financials, Information Technology, and Health Care sectors.

Performance Relative to the Peer Group

The Fund’s outperformance relative to its peer group primarily resulted from its investments in Japan and Europe. On a sector basis, performance was led by the Financials, Health Care, and Information Technology sectors.

Derivatives Performance

The Fund used forward currency contracts during the year to manage foreign currency risk, which reduced the impact of foreign currency fluctuations on U.S. dollar returns. The Fund also used currency contracts to obtain or adjust investment exposure to foreign currencies, which did not have a material impact on the Fund’s return.

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Vantagepoint International Fund

Average Annual Total Returns for the periods ended December 31, 2014*


	INVESTOR SHARES			T SHARES
One Year		–2.76	%		–2.68	%
Three Years		10.63	%		10.77	%
Five Years		5.90	%		5.98	%
Ten Years		4.80	%		4.84	%
Class Inception Date		October 1, 1994			March 1, 2013

The Fund’s market benchmark, the MSCI Europe Australasia Far East (EAFE) Index (Net), is a free float-adjusted market capitalization index of equity securities that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The net version of this index reinvests dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. The Fund’s portfolio may differ significantly from the securities in the index.

Vantagepoint Diversifying Strategies Fund

Summary of Performance

•

The Vantagepoint Diversifying Strategies Fund (the “Fund”) gained 3.75% in 2014.

•

The Fund’s market benchmark as of May 1, 2014, the S&P 500 Index, gained 13.69%.

•

The Fund’s market benchmark through April 30, 2014, the Barclays U.S. Intermediate Aggregate Bond Index, gained 4.12%.

•

The Fund’s custom benchmark, which is comprised of 60% S&P 500 Index and 40% Barclays U.S. Intermediate Aggregate Bond Index, gained 9.90%.

Commentary

The investment objective of the Diversifying Strategies Fund is to offer long-term capital growth. The Fund employs multiple investment strategies to seek long-term growth of capital, with lower volatility over time than that of stocks in general and a risk/return profile different from that of traditional asset classes such as stocks and fixed income securities. In combination, the Fund’s investment strategies seek to provide investment exposure to U.S. and foreign convertible securities, stocks, fixed income securities and real estate investment trusts (“REITs”) through direct investments or through the use of derivative instruments. The Fund is available for investment only by the Vantagepoint Model Portfolio Funds and Vantagepoint Milestone Funds.

Overall Performance

In May 2014, the Fund’s Global Tactical Asset Allocation strategy and Enhanced Cash strategy were terminated; and, an Enhanced Equity strategy and a REIT strategy were added to the Fund. As a result of the strategy changes, the Fund’s allocation to equity and real estate securities increased and the Fund’s allocation to derivatives decreased. There also was a decrease in the Fund’s allocation to convertible securities, which did not have a significant impact on the Fund’s performance.

The Fund’s total performance reflected positive returns from each of the strategies within the Fund as of year-end, which included a Convertible Securities strategy, a Enhanced Equity strategy focusing on small capitalization securities, a Low Duration Plus Fixed Income strategy, and a passive REIT Index strategy.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its U.S. large-capitalization equity market benchmark primarily resulted from the fixed income strategies and the small-capitalization equity strategy, as fixed income securities and small-capitalization equity securities generally underperformed large-capitalization equity securities. Additionally, the Global Tactical Asset Allocation strategy underperformed the market benchmark through the date of that strategy’s termination on April 30, 2014. The REIT strategy outperformed the Fund’s market benchmark subsequent to the addition of that strategy in May.

Performance Relative to the Custom Benchmark

The Fund’s underperformance relative to its custom benchmark resulted from three of the underlying strategies trailing the custom benchmark. This underperformance was partially offset by the REIT strategy, which outperformed the custom benchmark.

Derivatives Performance

The Fund used equity futures contracts to efficiently gain or adjust investment exposure to stocks, exposure provided positive returns. The Fund used foreign currency forward contracts to reduce exposure to foreign currency risk, which did not have a material impact on Fund performance. The Fund used fixed income futures contracts in order to adjust or gain access to interest rate exposure in the U.S. and non-U.S. markets, which did not have a material impact on Fund performance. The Fund used options and options on futures to gain or adjust investment exposure to stocks and fixed income securities, which did not have a material impact on Fund performance.

Portfolio Turnover

As a result of the security transactions required to implement the February subadviser change and the May strategy changes, the Fund’s overall portfolio turnover was 103%, which was significantly higher than the prior year’s turnover rate of 70%.

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Vantagepoint Diversifying Strategies Fund

Average Annual Total Returns for the periods ended December 31, 2014*


	T SHARES
One Year		3.75	%
Three Years		4.36	%
Five Years		3.63	%
Since Inception		2.42	%
Class Inception Date		October 30, 2007

On May 1, 2014, the Fund changed its benchmark index from the Barclays U.S. Intermediate Aggregate Bond Index, an index that consists of investment grade U.S. fixed income securities with maturities of 1 to 10 years to the S&P 500 Index, which is an index that consists of 500 companies representing larger capitalization stocks traded in the U.S. The Fund made this index change to be more closely aligned with the Fund’s current principal investment strategies. In addition, the Fund’s custom benchmark was previously comprised of 50% of Barclays U.S. Intermediate Aggregate Bond Index and 50% of S&P 500 Index, but is now comprised of 60% S&P 500 Index and 40% Barclays U.S. Intermediate Aggregate Bond Index. This change also occurred on May 1, 2014. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. The Fund’s portfolio may differ significantly from the securities in the indexes.

Vantagepoint Index Funds

Summary of Performance

•

The Vantagepoint Core Bond Index Fund gained 5.65% (Class I shares) and 5.81% (Class II shares). The Fund’s market benchmark, the Barclays U.S. Aggregate Bond Index, gained 5.97%.

•

The Vantagepoint 500 Stock Index Fund gained 13.27% (Class I shares) and 13.42% (Class II shares). The Fund’s market benchmark, the S&P 500 Index, gained 13.69%.

•

The Vantagepoint Broad Market Index Fund gained 12.17% (Class I shares) and 12.38% (Class II shares). The Fund’s market benchmark, the Russell 3000^® Index, gained 12.56%.

•

The Vantagepoint Mid/Small Company Index Fund gained 6.80% (Class I shares) and 7.05% (Class II shares). The Fund’s market benchmark, the Russell 2500™ Index, gained 7.07%.

•

The Vantagepoint Overseas Equity Index Fund lost 5.88% (Class I shares) and 5.75% (Class II shares). The Fund’s market benchmark, the MSCI EAFE Index (Net), lost 4.90%.

Commentary

The five Vantagepoint Index Funds (“Index Funds”) follow an indexed or passively managed approach to investing. This means that securities are selected to try to approximate the investment characteristics and performance of a specified benchmark, such as the S&P 500 Index. Unlike an actively managed portfolio, an index fund does not rely on the portfolio manager’s decision-making with regard to which individual securities may outperform others. An index fund simply seeks to approximate the performance of its benchmark. Index funds tend to have lower operating expenses than actively managed funds.

Performance of the Index Funds will differ from the benchmark indexes for several reasons.

1.	Fund fees and expenses reduce Index Fund performance, while the indexes themselves bear no management fees, transaction costs or other expenses.

2.	The Core Bond Index Fund and Broad Market Index Fund employ sampling techniques to approximate benchmark characteristics such as capitalization and industry weightings using fewer securities than are contained in the benchmark index. Therefore,

there will be tracking error for each of these two Index Funds, which may impact their performance positively or negatively as compared to a benchmark index.

3.	Changes to the indexes, such as additions to or deletions from the securities contained in an index and the timing of the rebalancing of the Index Fund, can cause tracking error, which may impact the Index Fund performance positively or negatively as compared to its benchmark index.

4.	The timing of cash flows into and out of an Index Fund will affect its ability to precisely track the benchmark indexes.

5.	There may be pricing differences if the index and the Index Fund use different pricing sources. This is more common in the Overseas Equity Index Fund and the Core Bond Index Fund.

The following represents the investment objectives of the five Index Funds:

•

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

•

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

•

The investment objective of the Vantagepoint Broad Market Index Fund is to offer long-term capital growth by approximating the performance of the Russell 3000^® Index.

•

The investment objective of the Vantagepoint Mid/Small Company Index Fund is to offer long-term capital growth by approximating the performance of the Russell 2500™ Index.

•

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

Derivatives Performance

The 500 Stock Index Fund, Broad Market Index Fund, Mid/Small Company Index Fund, and Overseas Equity Index Fund used futures to obtain or adjust investment

exposure to equity issues when it was believed that using futures would be more efficient or cost effective than trading in the securities directly. The use of futures contracts did not have a material impact on the Funds’ performance. The Overseas Equity Index Fund also used forward currency contracts to manage foreign currency risk associated with the Fund’s foreign equity exposure. The use of forward currency contracts reduced the Fund’s foreign currency risk exposure throughout the year and did not have a material impact on performance.

Portfolio Turnover

The Core Bond Index Fund’s portfolio turnover rate was 160% in 2014, which is significantly higher than the Fund’s turnover of 120% in 2013. The increase was primarily a result of To Be Announced transactions within the Fund as investors made significant additional purchases and the Fund sought to maintain characteristics comparable to its market benchmark index.

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Vantagepoint Core Bond Index Fund

Average Annual Total Returns for the periods ended December 31, 2014*


	T SHARES			CLASS I SHARES			CLASS II SHARES
One Year		5.82	%		5.65	%		5.81	%
Three Years		2.35	%		2.22	%		2.41	%
Five Years		4.10	%		4.01	%		4.22	%
Ten Years		4.29	%		4.25	%		4.46	%
Class Inception Date		March 1, 2013			June 2, 1997			April 5, 1999

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

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

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Vantagepoint 500 Stock Index Fund

Average Annual Total Returns for the periods ended December 31, 2014*


	T SHARES			CLASS I SHARES			CLASS II SHARES
One Year		13.48	%		13.27	%		13.42	%
Three Years		20.12	%		19.95	%		20.18	%
Five Years		15.09	%		15.00	%		15.23	%
Ten Years		7.28	%		7.24	%		7.45	%
Class Inception Date		March 1, 2013			June 2, 1997			April 5, 1999

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Vantagepoint Broad Market Index Fund

Average Annual Total Returns for the periods ended December 31, 2014*


	T SHARES			CLASS I SHARES			CLASS II SHARES
One Year		12.41	%		12.17	%		12.38	%
Three Years		20.14	%		19.95	%		20.18	%
Five Years		15.36	%		15.25	%		15.49	%
Ten Years		7.77	%		7.72	%		7.94	%
Class Inception Date		March 1, 2013			October 1, 1994			April 5, 1999

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

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Vantagepoint Mid/Small Company Index Fund

Average Annual Total Returns for the periods ended December 31, 2014*


	T SHARES			CLASS I SHARES			CLASS II SHARES
One Year		7.05	%		6.80	%		7.05	%
Three Years		20.16	%		19.98	%		20.24	%
Five Years		16.36	%		16.25	%		16.49	%
Ten Years		8.97	%		8.92	%		9.15	%
Class Inception Date		March 1, 2013			June 2, 1997			April 5, 1999

The Fund’s market benchmark is the Russell 2500™ Index which measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. The Russell 2500™ Index is a subset of the Russell 3000^® Index, and includes approximately 2,500 of the smallest securities in the Russell 3000^® Index, based on a combination of their market capitalization and current index membership. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.

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Vantagepoint Overseas Equity Index Fund

Average Annual Total Returns for the periods ended December 31, 2014*


	T SHARES			CLASS I SHARES			CLASS II SHARES
One Year		–5.72	%		–5.88	%		–5.75	%
Three Years		10.78	%		10.62	%		10.84	%
Five Years		5.04	%		4.94	%		5.13	%
Ten Years		4.02	%		3.98	%		4.19	%
Class Inception Date		March 1, 2013			June 2, 1997			April 5, 1999

Vantagepoint Model Portfolio Conservative Growth Fund

Summary of Performance

•

The Vantagepoint Model Portfolio Conservative Growth Fund (the “Fund”) Investor M Shares gained 3.15% in 2014.

•

The Fund’s market benchmark, the Barclays U.S. Intermediate Aggregate Bond Index (“Barclays Index”), gained 4.12%.

•

The Fund’s peer group, the Morningstar Conservative Allocation Funds Average, a group of mutual funds with similar investment objectives, gained 4.02%.

•

The Fund’s custom benchmark, which is composed of the Barclays Index and the S&P 500 Index, in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, gained 7.63%.

Commentary

The investment objective of the Fund is to offer reasonable current income and capital preservation, with modest potential for capital growth. The Fund invests in a combination of other Vantagepoint Funds and one or more third party exchange-traded funds (“ETFs”) to seek to obtain exposure to approximately 61% fixed income investments, 30% equity investments, and 9% multi-strategy investments. Multi-strategy investments generally include asset classes and strategies that seek to provide additional diversification from traditional stocks and bonds. Examples may include convertible securities, derivative-based strategies and REITs, among others.

Overall Performance

The Model Portfolio Conservative Growth Fund’s performance reflected the generally positive returns of the U.S. equity and fixed income markets, and the negative returns of foreign equity markets for the year. All of the underlying funds with at least one year of performance, with the exception of the International Fund, provided positive returns. Following is the performance of the T Shares of the underlying Vantagepoint Funds and the performance of the third party emerging markets ETF: Growth & Income Fund - 10.98%; Growth Fund - 10.24%; Equity Income Fund - 8.43%; Select Value Fund - 8.32%; Discovery Fund - 6.37%; Aggressive Opportunities Fund - 5.44%; International Fund - (2.68)%; Diversifying Strategies Fund -3.75%; Core Bond Index Fund -5.82%;

Inflation Focused Fund -2.68%; Low Duration Bond Fund - 1.02%; and the third party emerging markets ETF - 0.60%. For more information about the performance of the underlying Vantagepoint Funds please refer to each Fund’s commentary within this report.

In May 2014, the Fund added an allocation to the underlying High Yield Fund, which had less than one year of performance as of year-end. Also in May, the allocation to the underlying multi-strategy fund, Diversifying Strategies Fund, was decreased from 19% to 9%, the allocation to underlying equity funds was decreased from 40% to 30%, and the allocation to underlying fixed income funds was increased from 41% to 61%. These allocation changes resulted in lower equity exposure, which reduced performance.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its fixed income market benchmark primarily resulted from its allocations to the underlying Low Duration Bond Fund and Inflation Focused Fund, which underperformed the market benchmark. The International Fund, third party emerging markets ETF, and Diversifying Strategies Fund also underperformed the market benchmark. The underperformance was partially offset by the performance of the Core Bond Index Fund and each of the underlying domestic equity funds, which outperformed the market benchmark.

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group primarily resulted from a lower allocation to equity funds, which generally outperformed fixed income funds, and a higher allocation to small-capitalization securities within the underlying funds, which underperformed large-capitalization securities. The Fund’s lower sensitivity to interest rate changes also detracted from performance during a period when yields fell.

Performance Relative to the Custom Benchmark

The Fund’s underperformance relative to its custom benchmark primarily resulted from each of the underlying funds, with the exception of the Core Bond Index Fund, underperforming its respective asset class index in the custom benchmark.

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Vantagepoint Model Portfolio Conservative Growth Fund

Average Annual Total Returns for the periods ended December 31, 2014*


	INVESTOR M SHARES			TM SHARES
One Year		3.15	%		3.43	%
Three Years		7.64	%		7.80	%
Five Years		6.49	%		6.59	%
Ten Years		4.89	%		4.94	%
Class Inception Date		April 1, 1996			March 1, 2013

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

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

Vantagepoint Model Portfolio Traditional Growth Fund

Summary of Performance

•

The Vantagepoint Model Portfolio Traditional Growth Fund (the “Fund”) Investor M Shares gained 4.51% in 2014.

•

The Fund’s market benchmark, the S&P 500 Index, gained 13.69%.

•

The Fund’s peer group, the Morningstar Moderate Allocation Funds Average, a group of mutual funds with similar investment objectives, gained 6.21%.

•

The Fund’s custom benchmark, which is composed of the S&P 500 Index and the Barclays U.S. Intermediate Aggregate Bond Index (“Barclays Index”), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, gained 10.07%.

Commentary

The Fund’s investment objective is to offer moderate capital growth and reasonable current income. The Fund invests in a combination of other Vantagepoint Funds and one or more third party ETFs to seek to obtain exposure to approximately 34% fixed income investments, 54% equity investments, and 12% multi-strategy investments. Multi-strategy investments generally include asset classes and strategies that seek to provide additional diversification from traditional stocks and bonds. Examples may include convertible securities, derivative-based strategies, and REITs, among others.

Overall Performance

The Model Portfolio Traditional Growth Fund’s performance reflected the positive returns of the U.S. equity and fixed income markets, and the negative returns of foreign equity markets for the year. All of the underlying funds with at least one year of performance, with the exception of the International Fund, provided positive returns. Following is the performance of the T Shares of the underlying Vantagepoint Funds and the performance of the third party emerging markets ETF: Growth & Income Fund - 10.98%; Growth Fund - 10.24%; Equity Income Fund - 8.43%; Select Value Fund - 8.32%; Discovery Fund - 6.37%; Aggressive Opportunities Fund - 5.44%; International Fund - (2.68)%; Diversifying Strategies Fund - 3.75%; Core Bond Index Fund - 5.82%; Inflation Focused Fund - 2.68%; Low Duration Bond

Fund - 1.02%; and the third party emerging markets ETF - 0.60%. For more information about the performance of the underlying Vantagepoint Funds please refer to each Fund’s commentary within this report.

In May 2014, the Fund added an allocation to the underlying High Yield Fund, which had less than one year of performance as of year-end. Also in May, the allocation to the underlying multi-strategy fund, Diversifying Strategies Fund, was decreased from 15% to 12%, the allocation to underlying equity funds was decreased from 60% to 54%, and the allocation to underlying fixed income funds was increased from 25% to 34%. These allocation changes resulted in lower equity exposure, which reduced performance.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its U.S. large-capitalization equity market benchmark primarily resulted from its allocation to small-capitalization and foreign equities within the underlying funds, which generally underperformed U.S. large-capitalization equities; and, the Fund’s allocation to underlying fixed income funds and the multi-strategy fund, which also underperformed the market benchmark. All of the Fund’s underlying funds, including the third party emerging markets ETF, trailed the market benchmark.

Performance Relative to the Peer Group

Performance Relative to the Custom Benchmark

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Vantagepoint Model Portfolio Traditional Growth Fund

Average Annual Total Returns for the periods ended December 31, 2014*


	INVESTOR M SHARES			TM SHARES
One Year		4.51	%		4.80	%
Three Years		11.02	%		11.19	%
Five Years		8.59	%		8.69	%
Ten Years		5.71	%		5.76	%
Class Inception Date		April 1, 1996			March 1, 2013

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

Vantagepoint Model Portfolio Long-Term Growth Fund

Summary of Performance

•

The Vantagepoint Model Portfolio Long-Term Growth Fund (the “Fund”) Investor M Shares gained 5.39% in 2014.

•

The Fund’s market benchmark, the S&P 500 Index, gained 13.69%.

•

The Fund’s peer group, the Morningstar Aggressive Allocation Funds Average, a group of mutual funds with similar investment objectives, gained 5.71%.

•

Commentary

The investment objective of the Fund is to offer high long-term capital growth and modest current income. The Fund invests in a combination of other Vantagepoint Funds and one or more third party ETFs to seek to obtain exposure to approximately 15% fixed income investments, 72% equity investments, and 13% multi-strategy investments. Multi-strategy investments generally include asset classes and strategies that seek to provide additional diversification from traditional stocks and bonds. Examples may include convertible securities, derivative-based strategies, and REITs, among others.

Overall Performance

The Model Portfolio Long-Term Growth Fund’s total performance reflected the positive returns of the U.S. equity and fixed income markets, and the negative returns of foreign equity markets for the year. All of the underlying funds with at least one year of performance, with the exception of the International Fund, provided positive returns. Following is the performance of the T Shares of the underlying Vantagepoint Funds and the performance of the third party emerging markets ETF: Growth & Income Fund - 10.98%; Growth Fund - 10.24%; Equity Income Fund - 8.43%; Select Value Fund - 8.32%; Discovery Fund - 6.37%;

Aggressive Opportunities Fund - 5.44%; International Fund - (2.68)%; Diversifying Strategies Fund - 3.75%; Core Bond Index Fund -5.82%; and the third party emerging markets ETF - 0.60%. For more information about the performance of the underlying Vantagepoint Funds please refer to each Fund’s commentary within this report.

In May 2014, the Fund added an allocation to the underlying High Yield Fund, which had less than one year of performance as of year-end. Also in May, the allocations to the underlying funds were modified. These allocation changes did not have a significant impact on performance.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its U.S. large-capitalization equity market benchmark primarily resulted from its allocation to small-capitalization and foreign equities within the underlying funds, which generally underperformed U.S. large-capitalization equities; and, the Fund’s allocation to the underlying fixed income fund and the multi-strategy fund, which also underperformed the market benchmark. All of the Fund’s underlying funds, including the third party emerging markets ETF, trailed the market benchmark.

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group primarily resulted from a higher allocation to small-capitalization securities within the underlying funds, which underperformed large-capitalization securities, and a lower allocation to equity funds, which outperformed fixed income funds. The underperformance was partially offset by a lower allocation to foreign equity funds, which generally underperformed U.S. equity funds.

Performance Relative to the Custom Benchmark

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Vantagepoint Model Portfolio Long-Term Growth Fund

Average Annual Total Returns for the periods ended December 31, 2014*


	INVESTOR M SHARES			TM SHARES
One Year		5.39	%		5.64	%
Three Years		13.41	%		13.58	%
Five Years		9.98	%		10.08	%
Ten Years		6.30	%		6.35	%
Class Inception Date		April 1, 1996			March 1, 2013

Vantagepoint Model Portfolio All-Equity Growth Fund

Summary of Performance

•

The Vantagepoint Model Portfolio All-Equity Growth Fund’s (the “Fund”) Investor M Shares gained 5.98% in 2014.

•

The Fund’s market benchmark, the S&P 500 Index, gained 13.69%.

•

The Fund’s peer group, the Morningstar Large Blend Funds Average, a group of mutual funds with similar investment objectives, gained 10.96%.

•

The Fund’s custom benchmark, which is composed of the S&P 500 Index and the MSCI EAFE Index (Net) (“MSCI EAFE Index”), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, gained 9.82%.

Commentary

The investment objective of the Fund is to offer high long-term capital growth. The Fund invests, under normal circumstances, 100% in equity funds by investing in a combination of other Vantagepoint Funds and one or more third party ETFs whose assets are invested, under normal circumstances, at least 80% in equity securities or instruments that provide equity exposure.

Overall Performance

The Model Portfolio All-Equity Growth Fund’s total performance reflected the positive returns of the U.S. equity markets and the negative returns of foreign equity markets for the year. All of the underlying funds, with the exception of the International Fund, provided positive returns. Following is the performance of the T Shares of the underlying Vantagepoint Funds and the performance of the third party emerging markets ETF: Growth & Income Fund - 10.98%; Growth Fund - 10.24%; Equity Income Fund - 8.43%; Select Value Fund - 8.32%; Discovery Fund - 6.37%; Aggressive Opportunities

Fund - 5.44%; International Fund - (2.68)%; and the third party emerging markets ETF - 0.60%. For more information about the performance of the underlying Vantagepoint Funds please refer to each Fund’s commentary within this report.

In May, allocations among the underlying equity funds were modified. These allocation changes did not have a significant impact on performance.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its U.S. large-capitalization equity market benchmark primarily resulted from its allocation to small-capitalization and foreign equities within the underlying funds, which generally underperformed U.S. large-capitalization equities. All of the Fund’s underlying funds, including the third party emerging markets ETF, trailed the market benchmark.

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group primarily resulted from a higher allocation to foreign equity funds, which underperformed U.S. equity funds, and a higher allocation to small-capitalization securities within the underlying funds, which underperformed large-capitalization securities.

Performance Relative to the Custom Benchmark

The Fund’s underperformance relative to its custom benchmark primarily resulted from each of the underlying U.S. equity funds underperforming their respective index in the custom benchmark. This underperformance was partially offset by the foreign equity funds, including the International Fund and third party emerging markets ETF, which each outperformed its respective asset class index in the custom benchmark.

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Vantagepoint Model Portfolio All-Equity Growth Fund

Average Annual Total Returns for the periods ended December 31, 2014*


	INVESTOR M SHARES			TM SHARES
One Year		5.98	%		6.23	%
Three Years		17.02	%		17.20	%
Five Years		12.02	%		12.12	%
Ten Years		6.74	%		6.78	%
Class Inception Date		October 1, 2000			March 1, 2013

The Fund’s market benchmark, the S&P 500 Index, is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. The custom benchmark is composed of the S&P 500 Index and the MSCI Europe Australasia Far East (EAFE) Index (Net) (the MSCI-EAFE Index) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with any changes in the Fund’s target percentage allocations. The MSCI EAFE Index is a free float-adjusted market capitalization index of equity securities that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The net version of this index reinvests dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. An index is not available for direct investment, is unmanaged and does not reflect the costs of portfolio management or trading. A fund’s exposure, through the underlying funds, to specific securities (or types of securities) may differ significantly from the securities held in the indexes.

Vantagepoint Milestone Retirement Income Fund

Summary of Performance

•

The Vantagepoint Milestone Retirement Income Fund (the “Fund”) Investor M Shares gained 3.50% in 2014.

•

The Fund’s market benchmark, the Barclays U.S. Intermediate Aggregate Bond Index (“Barclays Index”), gained 4.12%,

•

The Fund’s peer group, the Morningstar Retirement Income Funds Average, a group of mutual funds with similar investment objectives, gained 4.36%.

•

Commentary

The investment objective of the Fund is to seek to offer current income and opportunities for capital growth that have limited risk. The Fund invests in a combination of other Vantagepoint Funds and one or more third party ETFs to seek to obtain exposure to approximately 63% fixed income investments, 30% equity investments, and 7% multi-strategy investments. Multi-strategy investments generally include asset classes and strategies that seek to provide additional diversification from traditional stocks and bonds. Examples may include convertible securities, derivative-based strategies and REITs, among others.

Overall Performance

The Milestone Retirement Income Fund’s total performance reflected the positive returns of the U.S. equity and fixed income markets, and the negative returns of foreign equity markets for the year. All of the underlying funds with at least one year of performance, with the exception of the International Fund, provided positive returns. Following is the performance of the T Shares of the underlying Vantagepoint Funds and the performance of the third party emerging markets ETF: Growth & Income Fund - 10.98%; Growth Fund - 10.24%; Equity Income Fund - 8.43%; Select Value Fund - 8.32%; Mid/Small Company Index Fund - 7.05%; Discovery Fund - 6.37%; Aggressive Opportunities Fund - 5.44%; International Fund - (2.68)%; Diversifying Strategies Fund - 3.75%; Core Bond Index Fund - 5.82%; Inflation Focused Fund - 2.68%; Low Duration Bond Fund - 1.02%; and the third party emerging markets ETF - 0.60%.

For more information about the performance of the underlying Vantagepoint Funds please refer to each Fund’s commentary within this report.

In May 2014, the Fund added a 5.6% allocation to the underlying High Yield Fund, which had less than one year of performance as of year-end and did not significantly impact performance. Also in May, the allocation to the underlying multi-strategy fund, Diversifying Strategies Fund, was decreased from 20% to 7%, the allocation to underlying fixed income funds was increased from 55% to 63%, and the allocation to the equity funds was increased from 25% to 30%. These allocation changes did not significantly impact performance.

Performance Relative to the Market Benchmark

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group primarily resulted from a lower allocation to equity funds, which generally outperformed fixed income funds, and a higher allocation to small-capitalization securities within the underlying funds, which underperformed large-capitalization securities. The Fund’s lower sensitivity to interest rate changes in the underlying fixed income funds also detracted from performance during a period when yields fell.

Performance Relative to the Custom Benchmark

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Vantagepoint Milestone Retirement Income Fund

Average Annual Total Returns for the periods ended December 31, 2014*


	INVESTOR M SHARES			TM SHARES
One Year		3.50	%		3.66	%
Three Years		5.60	%		5.75	%
Five Years		5.21	%		5.30	%
Since Inception		4.33	%		4.37	%
Class Inception Date		January 3, 2005			March 1, 2013

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

Vantagepoint Milestone 2010 Fund

Summary of Performance

•

The Vantagepoint Milestone 2010 Fund (the “Fund”) Investor M Shares gained 3.94% in 2014.

•

The Fund’s market benchmark, the Barclays U.S. Intermediate Aggregate Bond Index (“Barclay’s Index”), gained 4.12%,

•

The Fund’s peer group, the Morningstar Target Date 2000–2010 Funds Average, a group of mutual funds with similar investment objectives, gained 4.10%.

•

Commentary

The Fund’s investment objective is to offer high total return consistent with its current asset allocation. The Fund invests in a combination of other Vantagepoint Funds and one or more third party ETFs using an asset allocation strategy designed for investors who retired in or around the year 2010 and would like to make gradual withdrawals from the Fund. The Fund invests in a combination of equity, fixed income, and multi-strategy investments that the Fund’s investment adviser believes to be appropriate. Multi-strategy investments generally include asset classes and strategies that seek to provide additional diversification from traditional stocks and bonds. Examples may include convertible securities, derivative-based strategies, and REITs, among others. As time elapses, the Fund’s allocation to equity and multi-strategy investments decreases and the Fund’s allocation to fixed income investments increases so that by June 30 of the year 2020 (ten years after the year indicated in the Fund name), the Fund’s net assets will be invested approximately 30% in equity funds, 63% in fixed income funds and 7% in the multi-strategy fund

Overall Performance

The Milestone 2010 Fund’s total performance reflected the positive returns of the U.S. equity and fixed income markets, and the negative returns of foreign equity markets for the year. All of the underlying funds with at least one year of performance, with the exception of the

International Fund, provided positive returns. Following is the performance of the T Shares of the underlying Vantagepoint Funds and the performance of the third party emerging markets ETF: Growth & Income Fund - 10.98%; Growth Fund - 10.24%; Equity Income Fund - 8.43%; Select Value Fund - 8.32%; Mid/Small Company Index Fund - 7.05%; Discovery Fund - 6.37%; Aggressive Opportunities Fund - 5.44%; International Fund - (2.68)%; Diversifying Strategies Fund - 3.75%; Core Bond Index Fund - 5.82%; Inflation Focused Fund - 2.68%; Low Duration Bond Fund - 1.02%; and the third party emerging markets ETF - 0.60%. For more information about the performance of the underlying Vantagepoint Funds please refer to each Fund’s commentary within this report.

In May 2014, the Fund added a 5.5% allocation to the underlying High Yield Fund, which had less than one year of performance as of year-end and did not significantly impact performance. Also in May, the allocation to the underlying multi-strategy fund, Diversifying Strategies Fund, was decreased from 18.4% to 10.0%, the allocation to underlying equity funds was decreased from 42.3% to 35.4%, and the allocation to the underlying fixed income funds was increased from 39.3% to 54.6%. These allocation changes resulted in lower equity exposure, which reduced performance.

Performance Relative to the Market Benchmark

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group primarily resulted from a lower allocation to equity funds, which generally outperformed fixed income funds, and a

higher allocation to small-capitalization securities within the underlying funds, which underperformed large-capitalization securities. The Fund’s lower sensitivity to interest rate changes in the underlying fixed income funds also detracted from performance during a period when yields fell.

Performance Relative to the Custom Benchmark

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Vantagepoint Milestone 2010 Fund

Average Annual Total Returns for the periods ended December 31, 2014*


	INVESTOR M SHARES			TM SHARES
One Year		3.94	%		4.11	%
Three Years		8.15	%		8.31	%
Five Years		6.84	%		6.94	%
Since Inception		5.10	%		5.14	%
Class Inception Date		January 3, 2005			March 1, 2013

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

Vantagepoint Milestone 2015 Fund

Summary of Performance

•

The Vantagepoint Milestone 2015 Fund (the “Fund”) Investor M Shares gained 4.23% in 2014.

•

The Fund’s market benchmark as of May 1, 2014, the Barclays U.S. Intermediate Aggregate Bond Index (“Barclay’s Index”), gained 4.12%.

•

The Fund’s market benchmark through April 30, 2014, the S&P 500 Index, gained 13.69%.

•

The Fund’s peer group, the Morningstar Target Date 2011–2015 Funds Average, a group of mutual funds with similar investment objectives, 4.48%.

•

The Fund’s custom benchmark, which is composed of the S&P 500 Index and the Barclays Index, in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, gained 8.87%.

Commentary

The Fund’s investment objective is to offer high total return consistent with its current asset allocation. The Fund invests in a combination of other Vantagepoint Funds and one or more third party ETFs using an asset allocation strategy designed for investors expecting to begin making gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), in or around the year 2015. The Fund invests in a combination of equity, fixed income, and multi-strategy investments that the Fund’s investment adviser believes to be appropriate. Multi-strategy investments generally include asset classes and strategies that seek to provide additional diversification from traditional stocks and bonds. Examples may include convertible securities, derivative-based strategies, and REITs, among others. As time elapses, the Fund’s allocation to equity and multi-strategy investments decreases and the Fund’s allocation to fixed income investments increases so that by June 30 of the year 2025 (ten years after the year indicated in the Fund name), the Fund’s net assets will be invested approximately 30% in equity funds, 63% in fixed income funds, and 7% in the multi-strategy fund.

Overall Performance

The Milestone 2015 Fund’s total performance reflected the positive returns of the U.S. equity and fixed income markets, and the negative returns of foreign equity

markets for the year. All of the underlying funds with at least one year of performance, with the exception of the International Fund, provided positive returns. Following is the performance of the T Shares of the underlying Vantagepoint Funds and the performance of the third party emerging markets ETF: Growth & Income Fund - 10.98%; Growth Fund - 10.24%; Equity Income Fund - 8.43%; Select Value Fund - 8.32%; Mid/Small Company Index Fund - 7.05%; Discovery Fund - 6.37%; Aggressive Opportunities Fund - 5.44%; International Fund - (2.68)%; Diversifying Strategies Fund - 3.75%; Core Bond Index Fund - 5.82%; Inflation Focused Fund - 2.68%; Low Duration Bond Fund - 1.02%; and the third party emerging markets ETF - 0.60%. For more information about the performance of the underlying Vantagepoint Funds please refer to each Fund’s commentary within this report.

In May 2014, the Fund added a 4.6% allocation to the underlying High Yield Fund, which had less than one year of performance as of year-end and did not significantly impact performance. Also in May, the allocation to the underlying equity funds was decreased from 49.6% to 41.6%, the allocation to the multi-strategy fund, Diversifying Strategies Fund, was decreased from 17.1% to 12.5%, and the allocation to underlying fixed income funds was increased from 33.3% to 45.9%. These allocation changes resulted in lower equity exposure, which reduced performance.

Performance Relative to the Market Benchmark

On May 1, 2014, the Fund changed its market benchmark index from the S&P 500 Index to the Barclays U.S. Intermediate Aggregate Bond Index. The Fund’s outperformance relative to its fixed income market benchmark primarily resulted from the performance of the underlying U.S. equity funds and the Core Bond Index Fund, which outperformed the market benchmark.

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group primarily resulted from a higher allocation to small-capitalization securities within the underlying funds, which underperformed large-capitalization securities. The Fund’s lower sensitivity to interest rate changes in the underlying fixed income funds also detracted from performance during a period when yields fell.

The underperformance was partially offset by a higher allocation to U.S. equity funds, which generally outperformed foreign equity funds and fixed income funds.

Performance Relative to the Custom Benchmark

LOGO

Vantagepoint Milestone 2015 Fund

Average Annual Total Returns for the periods ended December 31, 2014*


	INVESTOR M SHARES			TM SHARES
One Year		4.23	%		4.48	%
Three Years		9.34	%		9.50	%
Five Years		7.72	%		7.82	%
Ten Years		5.42	%		5.47	%
Class Inception Date		January 3, 2005			March 1, 2013

On May 1, 2014, the Fund changed its benchmark index from the S&P 500 Index, which is an index that consists of 500 companies representing larger capitalization stocks traded in the U.S to the Barclays U.S. Intermediate Aggregate Bond Index, an index that consists of investment grade U.S. fixed income securities with maturities of 1 to 10 years to The Fund made this index change to be more closely aligned with the Fund’s current asset allocation. The custom benchmark is composed of the S&P 500 Index and the Barclays U.S. Intermediate Aggregate Bond Index (the Barclays Index) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with any changes in the Fund’s target percentage allocations. The Barclays Index consists of investment-grade U.S. fixed income securities with maturities of 1 to 10 years. An index is not available for direct investment, is unmanaged and does not reflect the costs of portfolio management or trading. A fund’s exposure, through the underlying funds, to specific securities (or types of securities) may differ significantly from the securities held in the indexes.

Vantagepoint Milestone 2020 Fund

Summary of Performance

•

The Vantagepoint Milestone 2020 Fund (the “Fund”) Investor M Shares gained 4.49% in 2014.

•

The Fund’s market benchmark, the S&P 500 Index, gained 13.69%.

•

The Fund’s peer group, the Morningstar Target Date 2016–2020 Funds Average, a group of mutual funds with similar investment objectives, gained 4.72%.

•

Commentary

The Fund’s investment objective is to offer high total return consistent with its current asset allocation. The Fund invests in a combination of other Vantagepoint Funds and one or more third party ETFs using an asset allocation strategy designed for investors expecting to begin making gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), in or around the year 2020. The Fund invests in a combination of equity, fixed income, and multi-strategy investments that the Fund’s investment adviser believes to be appropriate. Multi-strategy investments generally include asset classes and strategies that seek to provide additional diversification from traditional stocks and bonds. Examples may include convertible securities, derivative-based strategies, and REITs, among others. As time elapses, the Fund’s allocation to equity and multi-strategy investments decreases and the Fund’s allocation to fixed income investments increases so that by June 30 of the year 2030 (ten years after the year indicated in the Fund name), the Fund’s net assets will be invested approximately 30% in equity funds, 63% in fixed income funds and 7% in the multi-strategy fund.

Overall Performance

The Milestone 2020 Fund’s total performance reflected the positive returns of the U.S. equity and fixed income markets, and the negative returns of foreign equity markets for the year. All of the underlying funds with at least one year of performance, with the exception of the International Fund, provided positive returns. Following

is the performance of the T Shares of the underlying Vantagepoint Funds and the performance of the third party emerging markets ETF: Growth & Income Fund - 10.98%; Growth Fund - 10.24%; Equity Income Fund - 8.43%; Select Value Fund - 8.32%; Mid/Small Company Index Fund - 7.05%; Discovery Fund - 6.37%; Aggressive Opportunities Fund - 5.44%; International Fund - (2.68)%; Diversifying Strategies Fund - 3.75%; Core Bond Index Fund - 5.82%; Inflation Focused Fund - 2.68%; Low Duration Bond Fund - 1.02%; and the third party emerging markets ETF - 0.60%. For more information about the performance of the underlying Vantagepoint Funds please refer to each Fund’s commentary within this report.

In May 2014, the Fund added a 4.2% allocation to the underlying High Yield Fund, which had less than one year of performance as of year-end and did not significantly impact performance. Also in May, the allocation to the underlying equity funds was decreased from 58.0% to 49.6%, the allocation to the multi-strategy fund, Diversifying Strategies Fund, was decreased from 15.9% to 13.0%, and the allocation to underlying fixed income funds was increased from 26.1% to 37.4%. These allocation changes resulted in lower equity exposure, which reduced performance.

Performance Relative to the Market Benchmark

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group benchmark primarily resulted from a higher allocation to small-capitalization securities within the underlying funds, which underperformed large-capitalization securities. The Fund’s lower sensitivity to interest rate changes in the underlying fixed income funds also

detracted from performance during a period when yields fell. The underperformance was partially offset by a higher allocation to U.S. equity funds, which generally outperformed foreign equity funds and fixed income funds.

Performance Relative to the Custom Benchmark

LOGO

Vantagepoint Milestone 2020 Fund

Average Annual Total Returns for the periods ended December 31, 2014*


	INVESTOR M SHARES			TM SHARES
One Year		4.49	%		4.73	%
Three Years		10.74	%		10.89	%
Five Years		8.55	%		8.64	%
Ten Years		5.68	%		5.73	%
Class Inception Date		January 3, 2005			March 1, 2013

Vantagepoint Milestone 2025 Fund

Summary of Performance

•

The Vantagepoint Milestone 2025 Fund (“the Fund”) Investor M Shares gained 4.76% in 2014.

•

The Fund’s market benchmark, the S&P 500 Index, gained 13.69%.

•

The Fund’s peer group, the Morningstar Target Date 2021–2025 Funds Average, a group of mutual funds with similar investment objectives, gained 5.07%.

•

Commentary

The Fund’s investment objective is to offer high total return consistent with its current asset allocation. The Fund invests in a combination of other Vantagepoint Funds and one or more third party ETFs using an asset allocation strategy designed for investors expecting to begin making gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), in or around the year 2025. The Fund invests in a combination of equity, fixed income, and multi-strategy investments that the Fund’s investment adviser believes to be appropriate. Multi-strategy investments generally include asset classes and strategies that seek to provide additional diversification from traditional stocks and bonds. Examples may include convertible securities, derivative-based strategies, and REITs, among others. As time elapses, the Fund’s allocation to equity and multi-strategy investments decreases and the Fund’s allocation to fixed income investments increases so that by June 30 of the year 2035 (ten years after the year indicated in the Fund name), the Fund’s net assets will be invested approximately 30% in equity funds, 63% in fixed income funds, and 7% in the multi-strategy fund.

Overall Performance

The Milestone 2025 Fund’s total performance reflected the positive returns of the U.S. equity and fixed income markets, and the negative returns of foreign equity markets for the year. All of the underlying funds with at least one year of performance, with the exception of the

In May 2014, the Fund added a 4.2% allocation to the underlying High Yield Fund, which had less than one year of performance as of year-end and did not significantly impact performance. Also in May, the allocation to the underlying equity funds was decreased from 66.5% to 57.0%, the allocation to the underlying fixed income funds was increased from 19.3% from 28.4%, and allocation to the underlying multi-strategy fund, Diversifying Strategies Fund, was increased from 14.2% to 14.6%. These allocation changes resulted in lower equity exposure, which reduced performance.

Performance Relative to the Market Benchmark

Performance Relative to the Peer Group

in the underlying fixed income funds also detracted from performance during a period when yields fell. The underperformance was partially offset by a higher allocation to U.S. equity funds, which generally outperformed foreign equity funds and fixed income funds.

Performance Relative to the Custom Benchmark

LOGO

Vantagepoint Milestone 2025 Fund

Average Annual Total Returns for the periods ended December 31, 2014*


	INVESTOR M SHARES			TM SHARES
One Year		4.76	%		4.99	%
Three Years		12.06	%		12.24	%
Five Years		9.39	%		9.49	%
Ten Years		5.95	%		6.00	%
Class Inception Date		January 3, 2005			March 1, 2013

Vantagepoint Milestone 2030 Fund

Summary of Performance

•

The Vantagepoint Milestone 2030 Fund (the “Fund”) Investor M Shares gained 5.04% in 2014.

•

The Fund’s market benchmark, the S&P 500 Index, gained 13.69%.

•

The Fund’s peer group, the Morningstar Target Date 2026–2030 Funds Average, a group of mutual funds with similar investment objectives, gained 5.04%.

•

Commentary

The Fund’s investment objective is to offer high total return consistent with its current asset allocation. The Fund invests in a combination of other Vantagepoint Funds and one or more third party ETFs using an asset allocation strategy designed for investors expecting to begin making gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), in or around the year 2030. The Fund invests in a combination of equity, fixed income, and multi-strategy investments that the Fund’s investment adviser believes to be appropriate. Multi-strategy investments generally include asset classes and strategies that seek to provide additional diversification from traditional stocks and bonds. Examples may include convertible securities, derivative-based strategies and REITs, among others. As time elapses, the Fund’s allocation to equity and multi-strategy investments decreases and the Fund’s allocation to fixed income investments increases so that by June 30 of the year 2040 (ten years after the year indicated in the Fund name), the Fund’s net assets will be invested approximately 30% in equity funds, 63% in fixed income funds, and 7% in the multi-strategy fund.

Overall Performance

The Milestone 2030 Fund’s total performance reflected the positive returns of the U.S. equity and fixed income markets, and the negative returns of foreign equity markets for the year. All of the underlying funds with at least one year of performance, with the exception of the

In May 2014, the Fund added a 3.2% allocation to the underlying High Yield Fund, which had less than one year of performance as of year-end and did not significantly impact performance. Also in May, the allocation to the underlying equity funds was decreased from 74.8% to 65.1%, the allocation to the underlying fixed income funds was increased from 13.4% to 19.9%, and allocation to the underlying multi-strategy fund, Diversifying Strategies Fund, was increased from 11.8% to 15.0%. These allocation changes resulted in lower equity exposure, which reduced performance.

Performance Relative to the Market Benchmark

Performance Relative to the Peer Group

The Fund’s performance was equal to its peer group. Performance benefitted from a higher allocation to U.S. equity funds, which generally outperformed foreign equity funds and fixed income funds, but such benefits

were offset by the Fund’s lower sensitivity to interest rate changes in the underlying fixed income funds during a period when yields fell, and higher allocation to small-capitalization securities within the underlying funds, which underperformed large-capitalization securities.

Performance Relative to the Custom Benchmark

LOGO

Vantagepoint Milestone 2030 Fund

Average Annual Total Returns for the periods ended December 31, 2014*


	INVESTOR M SHARES			TM SHARES
One Year		5.04	%		5.27	%
Three Years		13.33	%		13.51	%
Five Years		10.16	%		10.26	%
Ten Years		6.20	%		6.25	%
Class Inception Date		January 3, 2005			March 1, 2013

Vantagepoint Milestone 2035 Fund

Summary of Performance

•

The Vantagepoint Milestone 2035 Fund (the “Fund”) Investor M Shares gained 5.24% in 2014.

•

The Fund’s market benchmark, the S&P 500 Index, gained 13.69%.

•

The Fund’s peer group, the Morningstar Target Date 2031–2035 Funds Average, a group of mutual funds with similar investment objectives, gained 5.24%.

•

Commentary

The Fund’s investment objective is to offer high total return consistent with its current asset allocation. The Fund invests in a combination of other Vantagepoint Funds and one or more third party ETFs using an asset allocation strategy designed for investors expecting to begin making gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), in or around the year 2035. The Fund invests in a combination of equity, fixed income, and multi-strategy investments that the Fund’s investment adviser believes to be appropriate. Multi-strategy investments generally include asset classes and strategies that seek to provide additional diversification from traditional stocks and bonds. Examples may include convertible securities, derivative-based strategies, and REITs, among others. As time elapses, the Fund’s allocation to equity and multi-strategy investments decreases and the Fund’s allocation to fixed income investments increases so that by June 30 of the year 2045 (ten years after the year indicated in the Fund name), the Fund’s net assets will be invested approximately 30% in equity funds, 63% in fixed income funds and 7% in the multi-strategy fund.

Overall Performance

The Milestone 2035 Fund’s total performance reflected the positive returns of the U.S. equity and fixed income markets, and the negative returns of foreign equity markets for the year. All of the underlying funds with at

least one year of performance, with the exception of the International Fund, provided positive returns. Following is the performance of the T Shares of the underlying Vantagepoint Funds and the performance of the third party emerging markets ETF: Growth & Income Fund - 10.98%; Growth Fund - 10.24%; Equity Income Fund - 8.43%; Select Value Fund - 8.32%; Mid/Small Company Index Fund - 7.05%; Discovery Fund - 6.37%; Aggressive Opportunities Fund - 5.44%; International Fund - (2.68)%; Diversifying Strategies Fund - 3.75%; Core Bond Index Fund - 5.82%; Inflation Focused Fund - 2.68%; Low Duration Bond Fund - 1.02%; and the third party emerging markets ETF - 0.60%. For more information about the performance of the underlying Vantagepoint Funds please refer to each Fund’s commentary within this report.

In May 2014, the Fund added a 2.0% allocation to the underlying High Yield Fund, which had less than one year of performance as of year-end and did not significantly impact performance. Also in May, the allocation to the underlying equity funds was decreased from 83.5% to 73.8%, the allocation to the underlying fixed income funds was increased from 8.0% to 11.2%, and the allocation to the underlying multi-strategy fund, Diversifying Strategies Fund, was increased from 8.5% to 15.0%. These allocation changes resulted in lower equity exposure, which reduced performance.

Performance Relative to the Market Benchmark

Performance Relative to the Peer Group

The Fund’s performance was equal to its peer group. Performance benefitted from a higher allocation to U.S. equity funds, which generally outperformed foreign

equity funds and fixed income funds, but such benefits were offset by the Fund’s lower sensitivity to interest rate changes in the underlying fixed income funds during a period when yields fell, and higher allocation to small-capitalization securities within the underlying funds, which underperformed large-capitalization securities.

Performance Relative to the Custom Benchmark

LOGO

Vantagepoint Milestone 2035 Fund

Average Annual Total Returns for the periods ended December 31, 2014*


	INVESTOR M SHARES			TM SHARES
One Year		5.24	%		5.48	%
Three Years		14.63	%		14.78	%
Five Years		10.98	%		11.07	%
Ten Years		6.47	%		6.51	%
Class Inception Date		January 3, 2005			March 1, 2013

Vantagepoint Milestone 2040 Fund

Summary of Performance

•

The Vantagepoint Milestone 2040 Fund (the “Fund”) Investor M Shares gained 5.34% in 2014.

•

The Fund’s market benchmark, the S&P 500 Index, gained 13.69%.

•

The Fund’s peer group, the Morningstar Target Date 2036–2040 Funds Average, a group of mutual funds with similar investment objectives, gained 5.25%.

•

The Fund’s custom benchmark, which is composed of the S&P 500 Index and the MSCI EAFE Index (Net) (“MSCI-EAFE Index”), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, gained 9.74%.

Commentary

The Fund’s investment objective is to offer high total return consistent with its current asset allocation. The Fund invests in a combination of other Vantagepoint Funds and one or more third party ETFs using an asset allocation strategy designed for investors expecting to begin making gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), in or around the year 2040. The Fund invests in a combination of equity, fixed income, and multi-strategy investments that the Fund’s investment adviser believes to be appropriate. Multi-strategy investments generally include asset classes and strategies that seek to provide additional diversification from traditional stocks and bonds. Examples may include convertible securities, derivative-based strategies and REITs, among others. As time elapses, the Fund’s allocation to equity and multi-strategy investments decreases and the Fund’s allocation to fixed income investments increases so that by June 30 of the year 2050 (ten years after the year indicated in the Fund name), the Fund’s net assets will be invested approximately 30% in equity funds, 63% in fixed income funds, and 7% in the multi-strategy fund.

Overall Performance

The Milestone 2040 Fund’s total performance reflected the positive returns of the U.S. equity and fixed income

markets, and the negative returns of foreign equity markets for the year. All of the underlying funds with at least one year of performance, with the exception of the International Fund, provided positive returns. Following is the performance of the T Shares of the underlying Vantagepoint Funds and the performance of the third party emerging markets ETF: Growth & Income Fund - 10.98%; Growth Fund - 10.24%; Equity Income Fund - 8.43%; Select Value Fund - 8.32%; Mid/Small Company Index Fund - 7.05%; Discovery Fund - 6.37%; Aggressive Opportunities Fund - 5.44%; International Fund - (2.68)%; Diversifying Strategies Fund - 3.75%; and Core Bond Index Fund -5.82%; and the third party emerging markets ETF - 0.60%. For more information about the performance of the underlying Vantagepoint Funds please refer to each Fund’s commentary within this report.

In May 2014, the Fund added a 1.2% allocation to the underlying High Yield Fund, which had less than one year of performance as of year-end and did not significantly impact performance. Also in May, the allocation to the underlying equity funds was decreased from 91.5% to 80.9%, the allocation to the underlying fixed income funds was decreased from 5.0% to 4.1%, and the allocation to the multi-strategy fund, Diversifying Strategies Fund, was increased from 3.5% to 15.0%. These allocation changes resulted in lower equity exposure, which reduced performance.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its U.S. large-capitalization equity market benchmark primarily resulted from its allocation to small-capitalization and foreign equities within the underlying funds, which generally underperformed U.S. large-capitalization equities; and, the Fund’s allocation to the underlying fixed income fund and the multi-strategy fund, which also underperformed the market benchmark. All of the Fund’s underlying funds, including the third party emerging markets ETF, trailed the market benchmark.

Performance Relative to the Peer Group

The Fund’s outperformance relative to its peer group primarily resulted from a higher allocation to U.S. equity funds, which generally outperformed foreign equity funds and fixed income funds.

Performance Relative to the Custom Benchmark

The Fund’s underperformance relative to its custom benchmark primarily resulted from each of the underlying U.S. equity funds and the multi-strategy fund

underperforming their respective index in the custom benchmark. This underperformance was partially offset by the foreign equity funds, including the International Fund and third party emerging markets ETF, which each outperformed its respective asset class index in the custom benchmark.

LOGO

Vantagepoint Milestone 2040 Fund

Average Annual Total Returns for the periods ended December 31, 2014*


	INVESTOR M SHARES			TM SHARES
One Year		5.34	%		5.65	%
Three Years		15.59	%		15.77	%
Five Years		11.56	%		11.67	%
Ten Years		6.68	%		6.73	%
Class Inception Date		January 3, 2005			March 1, 2013

The Fund’s market benchmark, the S&P 500 Index, is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. The custom benchmark is composed of the S&P 500 Index and the MSCI Europe Australasia Far East (EAFE) Index (Net) (the MSCI-EAFE Index) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with any changes in the Fund’s target percentage allocations. The MSCI EAFE Index is a free float-adjusted market capitalization index of equity securities that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The net version of this index reinvests dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. An index is not available for direct investment, is unmanaged and does not reflect the costs of portfolio management or trading. A fund’s exposure, through the underlying funds, to specific securities (or types of securities) may differ significantly from the securities held in the indexes.

Vantagepoint Milestone 2045 Fund

Summary of Performance

•

The Vantagepoint Milestone 2045 Fund (the “Fund”) Investor M Shares gained 5.42% in 2014.

•

The Fund’s market benchmark, the S&P 500 Index, gained 13.69%.

•

The Fund’s peer group, the Morningstar Target Date 2041–2045 Funds Average, a group of mutual funds with similar investment objectives, gained 5.35%.

•

Commentary

The Fund’s investment objective is to offer high total return consistent with its current asset allocation. The Fund invests in a combination of other Vantagepoint Funds and one or more third party ETFs using an asset allocation strategy designed for investors expecting to begin making gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), in or around the year 2045. The Fund invests in a combination of equity, fixed income, and multi-strategy investments that the Fund’s investment adviser believes to be appropriate. Multi-strategy investments generally include asset classes and strategies that seek to provide additional diversification from traditional stocks and bonds. Examples may include convertible securities, derivative-based strategies, and REITs, among others. As time elapses, the Fund’s allocation to equity and multi-strategy investments decreases and the Fund’s allocation to fixed income investments increases so that by June 30 of the year 2055 (ten years after the year indicated in the Fund name), the Fund’s net assets will be invested approximately 30% equity funds, 63% fixed income funds, and 7% in the multi-strategy fund.

Overall Performance

The Milestone 2045 Fund’s total performance reflected the positive returns of the U.S. equity market and the negative returns of foreign equity markets for the year. All of the underlying funds with at least one year of performance, with the exception of the International Fund, provided positive returns. Following is the performance of the T Shares of the underlying Vantagepoint Funds and the performance of the third

party emerging markets fund: Growth & Income Fund - 10.98%; Growth Fund - 10.24%; Equity Income Fund - 8.43%; Select Value Fund - 8.32%; Mid/Small Company Index Fund - 7.05%; Discovery Fund - 6.37%; Aggressive Opportunities Fund - 5.44%; International Fund - (2.68)%; Diversifying Strategies Fund - 3.75%; and the third party emerging markets ETF - 0.60%. For more information about the performance of the underlying Vantagepoint Funds please refer to each Fund’s commentary within this report.

In May 2014, the Fund added a 1.0% allocation to the underlying High Yield Fund, which had less than one year of performance as of year-end, and did not significantly impact performance. Also in May, the allocation to the underlying equity funds was decreased from 95.0% to 84.0%, and the allocation to the underlying fixed income funds was decreased from 5.0% to 1.0%, and a 15.0% allocation to the multi-strategy fund, Diversifying Strategies Fund was added. These allocation changes resulted in lower equity exposure, which reduced performance.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its U.S. large-capitalization equity market benchmark primarily resulted from its allocation to small-capitalization and foreign equities within the underlying funds, which generally underperformed U.S. large-capitalization equities; and, the Fund’s allocation to the underlying multi-strategy fund, which also underperformed the market benchmark. All of the Fund’s underlying funds, including the third party emerging markets ETF, trailed the market benchmark.

Performance Relative to the Peer Group

The Fund’s outperformance relative to its peer group primarily resulted from a higher allocation to U.S. equity funds, which generally outperformed foreign equity funds.

Performance Relative to the Custom Benchmark

The Fund’s underperformance relative to its custom benchmark primarily resulted from each of the underlying U.S. equity funds and the multi-strategy fund underperforming their respective index in the custom benchmark. This underperformance was partially offset by the foreign equity funds, including the International Fund and third party emerging markets ETF, which each outperformed its respective asset class index in the custom benchmark.

LOGO

Vantagepoint Milestone 2045 Fund

Average Annual Total Returns for the periods ended December 31, 2014*


	INVESTOR M SHARES			TM SHARES
One Year		5.42	%		5.65	%
Three Years		15.85	%		16.02	%
Five Years		11.61	%		11.71	%
Since Inception		11.60	%		11.70	%
Class Inception Date		January 4, 2010			March 1, 2013

The Fund’s market benchmark, the S&P 500 Index, is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. The custom benchmark is composed of the S&P 500 Index and the MSCI Europe Australasia Far East (EAFE) Index (Net) (the MSCI-EAFE Index) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with any changes in the Fund’s target percentage allocations. The MSCI EAFE Index is a free float-adjusted market capitalization index of equity securities that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The net version of this index reinvests dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. An index is not available for direct investment, is unmanaged and does not reflect the costs of portfolio management or trading. A fund’s exposure, through the underlying funds, to specific securities (or types of securities) may differ significantly from the securities held in the indexes.

Vantagepoint Milestone 2050 Fund

Summary of Performance

•

The Vantagepoint Milestone 2050 Fund (the “Fund”) Investor M Shares gained 5.26% in 2014.

•

The Fund’s market benchmark, the S&P 500 Index, 13.69%.

•

The Fund’s peer group, the Morningstar Target Date 2046–2050 Funds Average, a group of mutual funds with similar investment objectives, gained 5.42%.

•

Commentary

The Fund’s investment objective is to offer high total return consistent with its current asset allocation. The Fund invests in a combination of other Vantagepoint Funds and one or more third party ETFs using an asset allocation strategy designed for investors who expect to begin making gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), in or around the year 2050. The Fund invests in a combination of equity, fixed income, and multi-strategy investments that the Fund’s investment adviser believes to be appropriate. Multi-strategy investments generally include asset classes and strategies that seek to provide additional diversification from traditional stocks and bonds. Examples may include convertible securities, derivative-based strategies, and real estate investment trusts (REITs), among others. As time elapses, the Fund’s allocation to equity and multi-strategy investments decreases and the Fund’s allocation to fixed income investments increases so that by June 30 of the year 2060 (10 years after the year indicated in the Fund’s name), the Fund’s net assets will be invested approximately 30% in equity funds, 63% in fixed income funds, and 7% in the multi-strategy fund.

Overall Performance

The Milestone 2050 Fund’s total performance reflected the positive returns of the U.S. equity market and the negative returns of foreign equity markets for the year. All of the underlying funds with at least one year of performance, with the exception of the International

Fund, provided positive returns. Following is the performance of the T Shares of the underlying Vantagepoint Funds and the performance of the third party emerging markets ETF: Growth & Income Fund - 10.98%; Growth Fund - 10.24%; Equity Income Fund - 8.43%; Select Value Fund - 8.32%; Mid/Small Company Index Fund - 7.05%; Discovery Fund - 6.37%; Aggressive Opportunities Fund - 5.44%; International Fund - (2.68)%; Diversifying Strategies Fund - 3.75%; and the third party emerging markets ETF - 0.60%. For more information about the performance of the underlying Vantagepoint Funds please refer to each Fund’s commentary within this report.

In May 2014, the Fund added a 1.0% allocation to the underlying High Yield Fund, which had less than one year of performance as of year-end and did not significantly impact performance. Also in May, the allocation to the underlying equity funds was decreased from 95.0% to 84.0%, the allocation to the underlying fixed income funds was decreased from 5.0% to 1.0%, and a 15.0% allocation to the multi-strategy fund, Diversifying Strategies Fund, was added. These allocation changes resulted in lower equity exposure, which reduced performance.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its U.S. large-capitalization equity market benchmark primarily resulted from its allocation to small-capitalization and foreign equities within the underlying funds, which generally underperformed U.S. large-capitalization equities; and, the Fund’s allocation to the underlying multi-strategy fund, which also underperformed the market benchmark. All of the Fund’s underlying funds, including the third party emerging markets ETF, trailed the market benchmark.

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group primarily resulted from a higher allocation to small-capitalization securities within the underlying funds, which underperformed large-capitalization securities. The underperformance was partially offset by a higher allocation to U.S. equity funds, which generally outperformed foreign equity funds.

Performance Relative to the Custom Benchmark

by the foreign equity funds, including the International Fund and third party emerging markets ETF, which each outperformed its respective asset class index in the custom benchmark.

LOGO

Vantagepoint Milestone 2050 Fund

Average Annual Total Returns for the periods ended December 31, 2014*


	INVESTOR M SHARES			TM SHARES
One Year		5.26	%		5.55	%
Since Inception		14.80	%		15.01	%
Class Inception Date		September 11, 2012			March 1, 2013

The Fund’s market benchmark, the S&P 500 Index, is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. The custom benchmark is composed of the S&P 500 Index and the MSCI Europe Australasia Far East (EAFE) Index (Net) (the MSCI-EAFE Index) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with any changes in the Fund’s target percentage allocations. The MSCI EAFE Index is a free float-adjusted market capitalization index of equity securities that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The net version of this index reinvests dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. An index is not available for direct investment, is unmanaged and does not reflect the costs of portfolio management or trading. A fund’s exposure, through the underlying funds, to specific securities (or types of securities) may differ significantly from the securities held in the indexes.

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

of The Vantagepoint Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Low Duration Bond Fund, Inflation Focused Fund (formerly Inflation Protected Securities Fund), High Yield Fund, Equity Income Fund, Growth & Income Fund, Growth Fund, Select Value Fund, Aggressive Opportunities Fund, Discovery Fund, International Fund, Diversifying Strategies Fund (formerly Diversified Assets Fund), Core Bond Index Fund, 500 Stock Index Fund, Broad Market Index Fund, Mid/Small Company Index Fund, Overseas Equity Index Fund, Model Portfolio Conservative Growth Fund, Model Portfolio Traditional Growth Fund, Model Portfolio Long-Term Growth Fund, Model Portfolio All-Equity Growth Fund, Milestone Retirement Income Fund, Milestone 2010 Fund, Milestone 2015 Fund, Milestone 2020 Fund, Milestone 2025 Fund, Milestone 2030 Fund, Milestone 2035 Fund, Milestone 2040 Fund, Milestone 2045 Fund, and Milestone 2050 Fund comprising The Vantagepoint Funds (hereafter referred to as the “Funds”) at December 31 2014, the results of each of their operations for the year then ended, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2014 by correspondence with the custodian and brokers, and confirmation of the underlying funds by correspondence with the transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Baltimore, Maryland

February 27, 2015

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

December 31, 2014


	Low Duration Bond			Inflation Focused Fund(1)			High Yield Fund			Equity Income
ASSETS:
Investment in securities, at value†	$	805,165,939		$	527,801,035		$	379,054,125		$	2,407,759,238
Cash		42,529			—			56,649			79,628
Cash denominated in foreign currencies		1,990			15,042			1,126,031			—
Receivables:
Dividends		1,964			2,044			1,867			2,897,212
Interest		3,380,435			2,324,380			5,662,171			—
Security lending income		2,092			121			15,993			75,474
Investments sold		—			—			—			545,040
Fund shares sold		3,691,222			1,379,329			2,166,225			199,908
Recoverable foreign taxes		—			27,208			11,381			52,926
Variation margin on futures contracts		—			—			112,878			—
Variation Margin on Centrally Cleared Swaps		—			19,626			—			—
Due from broker—swap agreements collateral		—			4,000			—			—
Unrealized appreciation on forward foreign currency exchange contracts		6,605			—			408,581			—

Total Assets		812,292,776			531,572,785			388,615,901			2,411,609,426

LIABILITIES:
Payables:
Investments purchased		—			2,992,500			723,600			712,643
Distributions		3,142,503			1,117,164			2,002,533			—
Fund shares redeemed		68,900			105,341			—			65,142
Variation margin on futures contracts		2,262			13,932			—			—
Collateral for securities loaned		10,688,408			—			23,052,328			33,567,114
Swap agreements, at value (Premium $0, $35,560, $0 and $0)		—			1,854,804			—			—
Written Options, at value (Premium $0, $452,620, $0 and $0)		—			424,856			—			—
Unrealized depreciation on forward foreign currency exchange contracts		—			—			14,299			—
Accrued Expenses:
Advisory fees		67,657			44,666			85,325			199,468
Subadviser fees		263,605			196,703			316,509			1,772,196
Fund services fees		80,613			50,015			30,474			211,009
Administration fees		5,832			5,832			6,000			5,832
Directors’ fees and expenses		2,616			2,008			1,171			8,652
Other accrued expenses		77,912			103,159			244,725			239,560

Total Liabilities		14,400,308			6,910,980			26,476,964			36,781,616

NET ASSETS	$	797,892,468		$	524,661,805		$	362,138,937		$	2,374,827,810

NET ASSETS REPRESENTED BY:
Paid-in capital	$	797,207,137		$	534,357,089		$	382,252,328		$	1,910,208,618
Undistributed net investment income (loss)		(37,480	)		(30,568	)		(106,160	)		695,028
Accumulated net realized gain (loss) on investments, futures contracts, foreign currency transactions, written options and swap agreements		(212,249	)		(9,117,020	)		(2,401,183	)		18,439,955
Net unrealized appreciation (depreciation) on investments, futures contracts, foreign currency transactions, written options and swap agreements		935,060			(547,696	)		(17,606,048	)		445,484,209

NET ASSETS	$	797,892,468		$	524,661,805		$	362,138,937		$	2,374,827,810

CAPITAL SHARES:
Net Assets—Investor Shares	$	61,116,123		$	24,895,123		$	—		$	54,954,960
Shares Outstanding—Investor Shares		6,073,191			2,356,266			—			5,523,417
Net Asset Value—Investor Shares offering and redemption price per share (net assets divided by shares outstanding)	$	10.06		$	10.57		$	—		$	9.95
Net Assets—T Shares	$	736,776,345		$	499,766,682		$	362,138,937		$	2,319,872,850
Shares Outstanding—T Shares		73,199,702			47,239,949			38,230,368			233,190,249
Net Asset Value—T Shares offering and redemption price per share (net assets divided by shares outstanding)	$	10.07		$	10.58		$	9.47		$	9.95
Cost of investments	$	804,214,500		$	525,172,404		$	396,950,640		$	1,962,267,098
Cost of cash denominated in foreign currencies	$	1,990		$	19,482		$	1,139,842		$	—

† Includes securities on loan with values of (Note 7):	$	10,466,741		$	—		$	22,623,069		$	32,397,745

(1)	Formerly Inflation Protected Securities Fund.

See Notes to Financial Statements

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

December 31, 2014


	Growth & Income		Growth		Select Value		Aggressive Opportunities
ASSETS:
Investment in securities, at value†	$	1,735,599,778	$	2,357,074,047	$	457,876,639	$	1,157,890,932
Cash		—		1,224		—		560,422
Cash denominated in foreign currencies		3,397		—		—		—
Receivables:
Dividends		1,965,964		1,235,414		784,981		408,069
Security lending income		2,242		9,985		2,062		44,428
Investments sold		144,873		—		2,942,183		2,582,286
Fund shares sold		405,880		173,840		47,193		21,433
Recoverable foreign taxes		615		—		—		—

Total Assets		1,738,122,749		2,358,494,510		461,653,058		1,161,507,570

LIABILITIES:
Payables:
Investments purchased		246,767		—		3,060,928		2,848,075
Fund shares redeemed		15,867		289,767		37,043		282,148
Collateral for securities loaned		13,777,786		42,790,182		3,316,445		52,918,319
Other		116		—		—		—
Accrued Expenses:
Advisory fees		145,040		196,458		37,762		92,804
Subadviser fees		1,230,419		1,706,239		531,113		945,546
Fund services fees		152,776		201,468		39,509		99,763
Administration fees		5,832		5,823		5,832		5,832
Directors’ fees and expenses		6,064		8,162		1,688		4,132
Other accrued expenses		187,022		248,753		77,089		135,242

Total Liabilities		15,767,689		45,446,852		7,107,409		57,331,861

NET ASSETS	$	1,722,355,060	$	2,313,047,658	$	454,545,649	$	1,104,175,709

NET ASSETS REPRESENTED BY:
Paid-in capital	$	1,248,000,657	$	1,688,399,528	$	370,963,486	$	870,040,348
Undistributed net investment income		94,147		75,854		367,106		5,485,551
Accumulated net realized gain on investments and foreign currency transactions		9,400,090		14,538,758		11,055,803		16,987,124
Net unrealized appreciation on investments and foreign currency transactions		464,860,166		610,033,518		72,159,254		211,662,686

NET ASSETS	$	1,722,355,060	$	2,313,047,658	$	454,545,649	$	1,104,175,709

CAPITAL SHARES:
Net Assets—Investor Shares	$	37,002,971	$	23,614,195	$	8,325,186	$	32,941,497
Shares Outstanding—Investor Shares		2,906,108		1,741,873		701,997		2,861,332
Net Asset Value—Investor Shares offering and redemption price per share (net assets divided by shares outstanding)	$	12.73	$	13.56	$	11.86	$	11.51
Net Assets—T Shares	$	1,685,352,089	$	2,289,433,463	$	446,220,463	$	1,071,234,212
Shares Outstanding—T Shares		132,367,316		168,968,685		37,622,374		92,989,503
Net Asset Value—T Shares offering and redemption price per share (net assets divided by shares outstanding)	$	12.73	$	13.55	$	11.86	$	11.52
Cost of investments	$	1,270,739,589	$	1,747,040,529	$	385,717,385	$	946,228,247
Cost of cash denominated in foreign currencies	$	3,378	$	—	$	—	$	—

† Includes securities on loan with values of (Note 7):	$	13,362,015	$	41,734,984	$	3,228,992	$	51,416,205

See Notes to Financial Statements

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

December 31, 2014


	Discovery		International			Diversifying Strategies(1)
ASSETS:
Investment in securities, at value†	$	314,115,410	$	1,533,387,240		$	1,098,244,874
Cash		—		9,205			—
Cash denominated in foreign currencies		32		3,333,920			913
Receivables:
Dividends		127,148		2,243,068			333,152
Interest		421,293		—			3,866,661
Security lending income		18,998		96,043			—
Investments sold		723,054		311,502			32,759
Fund shares sold		155,966		1,707,832			—
Recoverable foreign taxes		—		677,020			58,870
Unrealized appreciation on forward foreign currency exchange contracts		—		—			68,896

Total Assets		315,561,901		1,541,765,830			1,102,606,125

LIABILITIES:
Payables:
Investments purchased		5,297,258		1,741,451			270,069
Fund shares redeemed		163,801		6,657			3,345
Variation margin on futures contracts		1,151,094		—			2,750,855
Foreign taxes		—		14,353			—
Collateral for securities loaned		15,971,927		19,283,065			—
Due to custodian		—		—			1,830,190
Other		—		62,079			—
Accrued Expenses:
Advisory fees		23,700		128,847			92,078
Subadviser fees		295,527		1,776,692			733,638
Fund services fees		25,052		134,142			92,081
Administration fees		6,105		5,832			5,832
Directors’ fees and expenses		991		5,385			3,912
Other accrued expenses		66,325		375,427			141,542

Total Liabilities		23,001,780		23,533,930			5,923,542

NET ASSETS	$	292,560,121	$	1,518,231,900		$	1,096,682,583

NET ASSETS REPRESENTED BY:
Paid-in capital	$	267,749,526	$	1,429,088,481		$	1,083,431,119
Undistributed net investment income (loss)		469,868		(1,869,467	)		(2,562,967	)
Accumulated net realized gain (loss) on investments, futures contracts, foreign currency transactions, purchased options on Euro-Bund Futures and written options		325,857		(5,320,998	)		(4,645,867	)
Net unrealized appreciation on investments, futures contracts and foreign currency transactions		24,014,870		96,333,884			20,460,298

NET ASSETS	$	292,560,121	$	1,518,231,900		$	1,096,682,583

CAPITAL SHARES:
Net Assets—Investor Shares	$	6,419,212	$	25,060,763		$	—
Shares Outstanding—Investor Shares		639,170		2,419,976			—
Net Asset Value—Investor Shares offering and redemption price per share (net assets divided by shares outstanding)	$	10.04	$	10.36		$	—
Net Assets—T Shares	$	286,140,909	$	1,493,171,137		$	1,096,682,583
Shares Outstanding—T Shares		28,465,568		144,061,738			108,253,008
Net Asset Value—T Shares offering and redemption price per share (net assets divided by shares outstanding)	$	10.05	$	10.36		$	10.13
Cost of investments	$	294,391,186	$	1,436,913,496		$	1,088,366,319
Cost of cash denominated in foreign currencies	$	32	$	3,368,350		$	939

† Includes securities on loan with values of (Note 7):	$	15,513,557	$	18,270,389		$	—

(1)	Formerly Diversified Assets Fund.

See Notes to Financial Statements

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

December 31, 2014


	Core Bond Index			500 Stock Index			Broad Market Index			Mid/Small Company Index		Overseas Equity Index
ASSETS:
Investment in securities, at value†	$	1,811,504,152		$	847,763,538		$	900,259,190		$	799,534,711	$	305,037,720
Cash		—			—			63,240			103,191		—
Cash denominated in foreign currencies		—			—			—			—		191,870
Receivables:
Dividends		9,923			1,099,873			1,113,523			877,609		273,785
Interest		9,509,295			—			—			—		—
Security lending income		2,591			2,796			25,308			105,917		19,072
Investments sold		37,128,850			—			3,565			17,800		442,769
Fund shares sold		5,074,856			479,095			541,104			9,296		207,866
Due from investment adviser		69,824			32,908			34,841			29,497		12,415
Recoverable foreign taxes		—			—			—			—		283,745

Total Assets		1,863,299,491			849,378,210			902,040,771			800,678,021		306,469,242

LIABILITIES:
Payables:
Investments purchased		151,142,647			—			—			—		—
Distributions		4,508,418			—			—			—		—
Fund shares redeemed		43,335			505,454			141,255			601,530		42,103
Variation margin on futures contracts		—			300,105			260,081			43,211		14,350
Collateral for securities loaned		22,293,090			2,258,787			16,998,668			55,700,918		7,113,767
Due to custodian		1,348			—			—			—		—
Accrued Expenses:
Advisory fees		71,333			35,764			37,281			31,434		13,048
Subadviser fees		42,581			20,529			35,031			26,538		31,129
Fund services fees		146,571			79,492			82,168			68,110		28,065
Administration fees		5,832			5,832			5,832			5,832		5,832
Directors’ fees and expenses		5,545			2,482			2,952			2,618		1,111
Other accrued expenses		229,856			88,971			112,141			85,028		171,914

Total Liabilities		178,490,556			3,297,416			17,675,409			56,565,219		7,421,319

NET ASSETS	$	1,684,808,935		$	846,080,794		$	884,365,362		$	744,112,802	$	299,047,923

NET ASSETS REPRESENTED BY:
Paid-in capital	$	1,655,514,484		$	514,558,392		$	464,425,976		$	531,806,065	$	297,692,314
Undistributed net investment income (loss)		(96,343	)		552,292			6,478,612			2,044,672		(801,273	)
Accumulated net realized gain (loss) on investments, futures contracts and foreign currency transactions		(17,011,222	)		(3,311,101	)		(1,912,622	)		8,048,795		(5,137,145	)
Net unrealized appreciation on investments, futures contracts and foreign currency transactions		46,402,016			334,281,211			415,373,396			202,213,270		7,294,027

NET ASSETS	$	1,684,808,935		$	846,080,794		$	884,365,362		$	744,112,802	$	299,047,923

CAPITAL SHARES:
Net Assets—Class I	$	23,155,021		$	47,690,463		$	44,987,822		$	31,273,064	$	11,317,799
Shares Outstanding—Class I		2,246,944			2,966,584			2,598,676			1,570,647		985,294
Net Asset Value—Class I offering and redemption price per share (net assets divided by shares outstanding)	$	10.31		$	16.08		$	17.31		$	19.91	$	11.49
Net Assets—Class II	$	12,630,985		$	20,025,860		$	12,767,293		$	14,595,928	$	3,264,382
Shares Outstanding—Class II		1,217,519			1,327,001			789,505			784,902		305,350
Net Asset Value—Class II offering and redemption price per share (net assets divided by shares outstanding)	$	10.37		$	15.09		$	16.17		$	18.60	$	10.69
Net Assets—T Shares	$	1,649,022,929		$	778,364,471		$	826,610,247		$	698,243,810	$	284,465,742
Shares Outstanding—T Shares		160,085,400			48,373,379			47,733,394			35,051,890		24,763,563
Net Asset Value—T Shares offering and redemption price per share (net assets divided by shares outstanding)	$	10.30		$	16.09		$	17.32		$	19.92	$	11.49
Cost of investments	$	1,765,102,136		$	513,644,763		$	485,055,781		$	597,303,600	$	297,698,759
Cost of cash denominated in foreign currencies	$	—		$	—		$	—		$	—	$	191,707

† Includes securities on loan with values of (Note 7):	$	21,892,095		$	2,172,849		$	16,461,550		$	53,919,393	$	6,722,610

See Notes to Financial Statements

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

December 31, 2014


	Model Portfolio Funds
	Conservative Growth			Traditional Growth		Long-Term Growth		All-Equity Growth
ASSETS:
Investment in securities, at value	$	5,791,209		$	27,097,066	$	45,718,752	$	28,558,226
Investments in securities of affiliated Mutual Funds, at value(a)		666,086,626			1,690,960,411		2,206,061,007		928,247,935
Cash		639,013			589,731		—		—
Receivables:
Dividends		846,649			1,347,917		1,061,230		42
Investments sold		—			—		53,418		—
Fund shares sold		65,958,171			135,785,293		183,730,562		85,288,827

Total Assets		739,321,668			1,855,780,418		2,436,624,969		1,042,095,030

LIABILITIES:
Payables:
Investments purchased		1,490,924			2,170,023		1,061,173		144,955
Distributions		65,910,091			135,500,353		183,701,222		85,125,777
Fund shares redeemed		41,634			82,653		95,605		—
Accrued Expenses:
Advisory fees		55,575			129,239		165,489		77,277
Fund services fees		23,586			29,545		25,667		11,397
Administration fees		4,905			4,905		4,905		4,905
Directors’ fees and expenses		2,424			6,224		8,131		3,408
Other accrued expenses		74,246			152,482		207,109		98,499

Total Liabilities		67,603,385			138,075,424		185,269,301		85,466,218

NET ASSETS	$	671,718,283		$	1,717,704,994	$	2,251,355,668	$	956,628,812

NET ASSETS REPRESENTED BY:
Paid-in capital	$	628,742,023		$	1,484,862,110	$	1,859,501,727	$	760,208,387
Undistributed net investment income (loss)		(2	)		39,798		79,284		—
Accumulated net realized gain on investments		11,456,448			58,985,399		132,773,005		70,460,928
Net unrealized appreciation on investments		31,519,814			173,817,687		259,001,652		125,959,497

NET ASSETS	$	671,718,283		$	1,717,704,994	$	2,251,355,668	$	956,628,812

CAPITAL SHARES:
Net Assets—Investor M Shares	$	111,405,607		$	139,644,530	$	121,562,179	$	53,715,465
Shares Outstanding—Investor M Shares		4,457,887			5,487,106		4,808,684		2,067,680
Net Asset Value—Investor M Shares offering and redemption price per share (net assets divided by shares outstanding)	$	24.99		$	25.45	$	25.28	$	25.98
Net Assets—TM Shares	$	560,312,676		$	1,578,060,464	$	2,129,793,489	$	902,913,347
Shares Outstanding—TM Shares		22,414,599			61,986,891		84,220,696		34,742,111
Net Asset Value—TM Shares offering and redemption price per share (net assets divided by shares outstanding)	$	25.00		$	25.46	$	25.29	$	25.99
Cost of investments	$	6,072,539		$	28,488,941	$	48,416,729	$	29,961,565
Cost of securities of affiliated Mutual Funds	$	634,285,482		$	1,515,750,849	$	1,944,361,378	$	800,885,099

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

See Notes to Financial Statements

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

December 31, 2014


	Milestone Funds
	Milestone Retirement Income			Milestone 2010		Milestone 2015		Milestone 2020			Milestone 2025
ASSETS:
Investment in securities, at value	$	4,169,396		$	3,819,607	$	10,257,519	$	15,451,825		$	16,401,365
Investments in securities of affiliated Mutual Funds, at value(a)		328,535,298			287,631,925		569,910,996		736,121,433			626,800,612
Cash		326,845			217,412		353,888		304,754			165,862
Receivables:
Dividends		380,676			316,643		547,097		643,397			473,562
Fund shares sold		20,162,998			26,450,469		61,238,328		68,801,180			61,615,568

Total Assets		353,575,213			318,436,056		642,307,828		821,322,589			705,456,969

LIABILITIES:
Payables:
Investments purchased		821,296			594,454		1,152,974		1,083,414			837,509
Distributions		20,063,617			26,379,080		60,954,704		68,555,387			61,412,195
Fund shares redeemed		—			—		—		96,486			—
Accrued Expenses:
Advisory fees		28,248			24,854		49,342		63,665			54,386
Fund services fees		18,694			15,446		24,083		25,164			22,215
Administration fees		4,905			4,905		4,905		4,905			4,905
Directors’ fees and expenses		1,199			1,065		2,055		2,524			2,106
Other accrued expenses		43,174			41,418		62,966		67,778			59,628

Total Liabilities		20,981,133			27,061,222		62,251,029		69,899,323			62,392,944

NET ASSETS	$	332,594,080		$	291,374,834	$	580,056,799	$	751,423,266		$	643,064,025

NET ASSETS REPRESENTED BY:
Paid-in capital	$	325,936,243		$	278,354,396	$	546,921,078	$	691,791,618		$	582,104,584
Undistributed net investment income (loss)		—			—		—		(1	)		—
Accumulated net realized gain on investments		7,271,290			7,649,723		12,540,722		22,003,096			22,721,330
Net unrealized appreciation (depreciation) on investments		(613,453	)		5,370,715		20,594,999		37,628,553			38,238,111

NET ASSETS	$	332,594,080		$	291,374,834	$	580,056,799	$	751,423,266		$	643,064,025

CAPITAL SHARES:
Net Assets—Investor M Shares	$	87,998,981		$	72,333,443	$	113,514,191	$	119,097,467		$	105,615,401
Shares Outstanding—Investor M Shares		8,287,126			6,740,207		10,193,639		10,153,886			8,821,034
Net Asset Value—Investor M Shares offering and redemption price per share (net assets divided by shares outstanding)	$	10.62		$	10.73	$	11.14	$	11.73		$	11.97
Net Assets—TM Shares	$	244,595,099		$	219,041,391	$	466,542,608	$	632,325,799		$	537,448,624
Shares Outstanding—TM Shares		23,030,396			20,407,549		41,890,536		53,890,917			44,862,660
Net Asset Value—TM Shares offering and redemption price per share (net assets divided by shares outstanding)	$	10.62		$	10.73	$	11.14	$	11.73		$	11.98
Cost of investments	$	4,375,599		$	3,997,006	$	10,797,461	$	16,212,685		$	17,122,017
Cost of securities of affiliated Mutual Funds	$	328,942,548		$	282,083,811	$	548,776,055	$	697,732,020		$	587,841,849

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

See Notes to Financial Statements

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

December 31, 2014


	Milestone Funds
	Milestone 2030			Milestone 2035		Milestone 2040		Milestone 2045		Milestone 2050
ASSETS:
Investment in securities, at value	$	15,655,847		$	12,133,669	$	12,479,075	$	5,196,657	$	1,661,273
Investments in securities of affiliated Mutual Funds, at value(a)		520,404,882			359,552,251		345,348,207		133,735,628		42,293,454
Cash		60,904			7,314		—		—		—
Receivables:
Dividends		312,032			138,265		58,918		7,772		2,456
Fund shares sold		55,753,991			39,687,635		40,977,175		11,700,778		3,055,012

Total Assets		592,187,656			411,519,134		398,863,375		150,640,835		47,012,195

LIABILITIES:
Payables:
Investments purchased		501,313			420,491		158,717		186,131		128,573
Distributions		55,537,098			39,378,748		40,829,778		11,505,289		2,931,251
Fund shares redeemed		73,520			—		27,973		—		—
Accrued Expenses:
Advisory fees		45,300			31,407		30,257		11,669		3,664
Fund services fees		20,206			14,948		14,096		6,990		2,314
Administration fees		4,905			4,905		4,905		5,046		7,074
Directors’ fees and expenses		1,729			1,196		1,164		417		109
Other accrued expenses		53,025			42,557		41,977		34,202		36,238

Total Liabilities		56,237,096			39,894,252		41,108,867		11,749,744		3,109,223

NET ASSETS	$	535,950,560		$	371,624,882	$	357,754,508	$	138,891,091	$	43,902,972

NET ASSETS REPRESENTED BY:
Paid-in capital	$	480,095,226		$	328,659,759	$	311,688,111	$	126,054,776	$	42,602,943
Undistributed net investment income (loss)		(1	)		1		—		—		—
Accumulated net realized gain on investments		21,128,085			17,367,754		18,498,014		9,174,233		2,893,857
Net unrealized appreciation (depreciation) on investments		34,727,250			25,597,368		27,568,383		3,662,082		(1,593,828	)

NET ASSETS	$	535,950,560		$	371,624,882	$	357,754,508	$	138,891,091	$	43,902,972

CAPITAL SHARES:
Net Assets—Investor M Shares	$	96,056,709		$	71,009,872	$	66,928,106	$	33,389,294	$	11,111,336
Shares Outstanding—Investor M Shares		7,819,952			5,700,432		5,303,347		2,374,637		886,828
Net Asset Value—Investor M Shares offering and redemption price per share (net assets divided by shares outstanding)	$	12.28		$	12.46	$	12.62	$	14.06	$	12.53
Net Assets—TM Shares	$	439,893,851		$	300,615,010	$	290,826,402	$	105,501,797	$	32,791,636
Shares Outstanding—TM Shares		35,786,796			24,120,246		23,030,338		7,497,379		2,614,482
Net Asset Value—TM Shares offering and redemption price per share (net assets divided by shares outstanding)	$	12.29		$	12.46	$	12.63	$	14.07	$	12.54
Cost of investments	$	16,344,215		$	12,694,013	$	13,031,233	$	5,387,874	$	1,726,404
Cost of securities of affiliated Mutual Funds	$	484,989,264		$	333,394,539	$	317,227,666	$	129,882,329	$	43,822,151

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

See Notes to Financial Statements

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2014 to December 31, 2014


	Low Duration Bond			Inflation Focused Fund(1)			High Yield Fund			Equity Income
INVESTMENT INCOME:
Dividends	$	18,082		$	18,978		$	50,025		$	52,734,114
Interest		11,484,464			9,440,450			11,406,868			—
Security lending income		46,288			1,108			77,308			575,114
Foreign taxes withheld on dividends		—			—			(868	)		(286,775	)

Total investment income		11,548,834			9,460,536			11,533,333			53,022,453

EXPENSES:
Advisory (Note 4)		730,499			552,521			652,565			2,393,039
Subadviser		950,910			826,000			920,235			7,306,889
Fund services Investor Shares		182,189			92,989			—			206,336
Fund services T Shares		678,472			525,973			233,066			2,334,172
Custodian		50,685			36,364			39,735			44,094
Administration		18,000			18,000			12,000			18,000
Fund accounting		22,502			22,502			15,000			88,016
Legal		55,811			48,071			132,739			210,038
Audit		27,025			27,025			30,500			27,035
Directors		7,726			6,700			4,611			28,353
State license fees and memberships		26,045			40,856			9,800			62,538
Other expenses		46,854			31,542			104,299			142,092

Total expenses		2,796,718			2,228,543			2,154,550			12,860,602
Less waivers (Note 4)		—			—			—			(96,276	)

Net Expenses		2,796,718			2,228,543			2,154,550			12,764,326

NET INVESTMENT INCOME		8,752,116			7,231,993			9,378,783			40,258,127

NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		1,716,398			3,122,714			(2,235,648	)		401,507,685
Forward contracts and foreign currency transactions		2,431			(26,020	)		365,308			(23,345	)
Futures contracts		2,298			(2,688,541	)		(212,843	)		—
Written options		—			332,876			—			��
Swap agreements		—			(1,121,390	)		—			—

Net realized gain (loss)		1,721,127			(380,361	)		(2,083,183	)		401,484,340

Net change in unrealized appreciation (depreciation) on:
Investments		(3,869,249	)		12,495,901			(17,896,515	)		(247,996,574	)
Forward contracts and foreign currency transactions		62,201			(4,339	)		374,076			(10,828	)
Futures contracts		(126,504	)		(899,108	)		(83,609	)		—
Written options		—			(148,958	)		—			—
Swap agreements		—			(1,877,080	)		—			—

Net change in unrealized appreciation (depreciation)		(3,933,552	)		9,566,416			(17,606,048	)		(248,007,402	)

NET GAIN (LOSS)		(2,212,425	)		9,186,055			(19,689,231	)		153,476,938

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	6,539,691		$	16,418,048		$	(10,310,448	)	$	193,735,065

(1)	Formerly Inflation Protected Securities Fund.

See Notes to Financial Statements

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2014 to December 31, 2014


	Growth & Income			Growth			Select Value			Aggressive Opportunities
INVESTMENT INCOME:
Dividends	$	33,693,728		$	21,482,916		$	9,313,437		$	11,724,176
Security lending income		210,870			56,912			52,617			542,479
Foreign taxes withheld on dividends		(253,718	)		(119,350	)		(14,175	)		(58,608	)

Total investment income		33,650,880			21,420,478			9,351,879			12,208,047

EXPENSES:
Advisory (Note 4)		1,688,151			2,274,292			462,698			1,144,219
Subadviser		4,940,286			6,822,341			2,186,590			3,989,830
Fund services Investor Shares		136,606			99,452			31,877			114,367
Fund services T Shares		1,649,182			2,245,960			453,609			1,111,585
Custodian		61,777			44,956			22,159			28,716
Administration		18,000			18,000			18,000			18,000
Fund accounting		60,585			96,478			29,950			44,835
Legal		150,216			198,820			41,342			104,000
Audit		27,025			27,025			27,025			27,025
Directors		19,962			26,807			5,528			13,969
State license fees and memberships		31,751			43,227			17,865			30,657
Other expenses		116,910			133,274			35,677			70,166

Total expenses		8,900,451			12,030,632			3,332,320			6,697,369
Less waivers (Note 4)		(62,816	)		—			—			—

Net Expenses		8,837,635			12,030,632			3,332,320			6,697,369

NET INVESTMENT INCOME		24,813,245			9,389,846			6,019,559			5,510,678

NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		203,564,304			261,131,110			63,920,784			158,194,525
Forward contracts and foreign currency transactions		(3,802	)		—			—			(4,606	)

Net realized gain		203,560,502			261,131,110			63,920,784			158,189,919

Net change in unrealized appreciation (depreciation) on:
Investments		(52,211,112	)		(48,951,875	)		(32,655,980	)		(106,899,286	)
Forward contracts and foreign currency transactions		(52	)		—			—			(68	)

Net change in unrealized depreciation		(52,211,164	)		(48,951,875	)		(32,655,980	)		(106,899,354	)

NET GAIN		151,349,338			212,179,235			31,264,804			51,290,565

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	176,162,583		$	221,569,081		$	37,284,363		$	56,801,243

See Notes to Financial Statements

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2014 to December 31, 2014


	Discovery			International			Diversifying Strategies(1)
INVESTMENT INCOME:
Dividends	$	2,085,418		$	51,418,848		$	2,546,851
Interest		1,758,993			—			16,390,290
Security lending income		519,221			619,528			—
Foreign taxes withheld on dividends		(26,067	)		(3,528,316	)		(2,289	)

Total investment income		4,337,565			48,510,060			18,934,852

EXPENSES:
Advisory (Note 4)		275,010			1,488,672			1,086,519
Subadviser		1,213,887			7,049,552			3,089,950
Fund services Investor Shares		19,151			68,765			—
Fund services T Shares		269,548			1,469,080			1,086,559
Custodian		27,016			423,247			146,280
Administration		18,273			18,000			18,000
Fund accounting		22,363			58,049			45,662
Legal		24,070			123,661			96,146
Audit		28,075			27,025			28,075
Directors		3,205			16,857			12,968
State license fees and memberships		15,476			28,628			10,225
Other expenses		20,388			85,953			77,944

Total expenses		1,936,462			10,857,489			5,698,328
Less waivers (Note 4)		—			(21,644	)		(217,462	)

Net Expenses		1,936,462			10,835,845			5,480,866

NET INVESTMENT INCOME		2,401,103			37,674,215			13,453,986

NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		20,851,904			67,625,795			31,951,613
Forward contracts and foreign currency transactions		(36,907	)		(405,020	)		357,314
Futures contracts		6,094,905			—			13,433,505
Written options		—			—			(387,866	)
Purchased options on Euro-Bund futures contracts		—			—			(317,968	)

Net realized gain		26,909,902			67,220,775			45,036,598

Net change in unrealized appreciation (depreciation) on:
Investments		(12,651,204	)		(145,017,192	)(a)		(26,949,082	)
Forward contracts and foreign currency transactions		(2,490	)		(170,509	)		(165,274	)
Futures contracts		808,675			—			7,910,279
Written options		—			—			246,160
Purchased options on Euro-Bund futures contracts		—			—			13,223

Net change in unrealized depreciation		(11,845,019	)		(145,187,701	)		(18,944,694	)

NET GAIN (LOSS)		15,064,883			(77,966,926	)		26,091,904

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	17,465,986		$	(40,292,711	)	$	39,545,890

(1)	Formerly Diversified Assets Fund.

(a)	Net of increase in deferred foreign tax of $14,023.

See Notes to Financial Statements

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2014 to December 31, 2014


	Core Bond Index			500 Stock Index			Broad Market Index			Mid/Small Company Index			Overseas Equity Index
INVESTMENT INCOME:
Dividends	$	120,660		$	14,476,741		$	15,971,739		$	11,688,374		$	11,887,255
Interest		36,633,613			245			273			382			95
Security lending income		53,604			29,872			314,643			1,199,713			183,430
Foreign taxes withheld on dividends		—			(1,677	)		(4,272	)		(3,394	)		(791,329	)

Total investment income		36,807,877			14,505,181			16,282,383			12,885,075			11,279,451

EXPENSES:
Advisory (Note 4)		771,326			355,939			412,606			364,380			153,772
Subadviser		154,177			71,155			112,519			102,879			122,236
Fund services Class I		66,713			114,030			121,683			90,336			35,486
Fund services Class II		21,930			8,487			14,926			8,890			3,398
Fund services T Shares		1,498,485			665,378			769,725			689,758			292,316
Custodian		366,520			7,637			37,309			30,407			137,490
Administration		18,000			18,000			18,000			18,000			18,000
Fund accounting		51,960			26,344			29,330			26,483			26,344
Legal		116,590			57,755			70,956			64,541			25,956
Audit		27,025			27,025			27,025			27,025			27,025
Directors		16,271			7,827			9,380			8,508			3,497
State license fees and memberships		45,700			109,485			70,382			45,383			83,985
Other expenses		91,599			47,030			54,572			58,619			53,002

Total expenses		3,246,296			1,516,092			1,748,413			1,535,209			982,507
Less waivers (Note 4)		(749,243	)		(332,689	)		(384,862	)		(344,879	)		(146,158	)

Net Expenses		2,497,053			1,183,403			1,363,551			1,190,330			836,349

NET INVESTMENT INCOME		34,310,824			13,321,778			14,918,832			11,694,745			10,443,102

NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		14,213,184			20,824,196			9,403,044			39,859,540			1,123,654
Forward contracts and foreign currency transactions		—			—			—			—			(257,474	)
Futures contracts		—			2,781,738			2,720,362			1,530,908			133,951

Net realized gain		14,213,184			23,605,934			12,123,406			41,390,448			1,000,131

Net change in unrealized appreciation (depreciation) on:
Investments		36,237,737			55,129,337			71,256,121			(2,802,258	)		(30,369,487	)
Forward contracts and foreign currency transactions		—			—			—			—			(35,939	)
Futures contracts		—			(245,969	)		(198,898	)		(491,021	)		(84,441	)

Net change in unrealized appreciation (depreciation)		36,237,737			54,883,368			71,057,223			(3,293,279	)		(30,489,867	)

NET GAIN (LOSS)		50,450,921			78,489,302			83,180,629			38,097,169			(29,489,736	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	84,761,745		$	91,811,080		$	98,099,461		$	49,791,914		$	(19,046,634	)

See Notes to Financial Statements

100

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2014 to December 31, 2014


	Model Portfolio Funds
	Conservative Growth			Traditional Growth			Long-Term Growth			All-Equity Growth
INVESTMENT INCOME:
Dividend income from affiliated mutual funds(a)	$	12,053,568		$	31,855,853		$	41,786,507		$	14,759,943
Dividend income from non-affiliates		157,016			696,757			1,217,172			749,611

Total investment income		12,210,584			32,552,610			43,003,679			15,509,554

EXPENSES:
Advisory (Note 4)		649,932			1,515,943			1,936,485			895,639
Fund services Investor M Shares		263,770			329,470			288,097			128,081
Custodian		2,190			2,190			2,190			2,190
Administration		14,999			14,999			14,999			14,999
Fund accounting		22,664			54,198			79,772			30,566
Legal		55,703			144,154			189,383			81,028
Audit		20,427			20,427			20,427			20,427
Directors		7,690			19,719			25,806			10,874
State license fees and memberships		26,190			35,448			37,420			29,710
Other expenses		38,788			97,152			126,582			58,272

Total expenses		1,102,353			2,233,700			2,721,161			1,271,786

NET INVESTMENT INCOME		11,108,231			30,318,910			40,282,518			14,237,768

NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments with non-affiliates		(55,988	)		(11,163	)		(259,165	)		(399,113	)
Investments with affiliates		44,772,824			55,671,043			59,640,323			26,756,547
Realized gain distributions from affiliated mutual funds		21,321,239			92,464,411			161,407,356			92,521,786

Net realized gain		66,038,075			148,124,291			220,788,514			118,879,220

Net change in unrealized appreciation (depreciation) on:
Investments with non-affiliates		(42,106	)		(726,079	)		(625,401	)		(146,098	)
Investments with affiliates		(55,161,483	)		(99,198,773	)		(139,572,014	)		(76,807,978	)

Net change in unrealized depreciation on investments		(55,203,589	)		(99,924,852	)		(140,197,415	)		(76,954,076	)

NET GAIN		10,834,486			48,199,439			80,591,099			41,925,144

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	21,942,717		$	78,518,349		$	120,873,617		$	56,162,912

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

See Notes to Financial Statements

101

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2014 to December 31, 2014


	Milestone Funds
	Milestone Retirement Income			Milestone 2010			Milestone 2015			Milestone 2020			Milestone 2025
INVESTMENT INCOME:
Dividend income from affiliated mutual funds(a)	$	6,095,740		$	5,359,585		$	10,622,770		$	13,976,673		$	12,080,394
Dividend income from non-affiliates		107,394			101,085			260,332			387,386			399,824

Total investment income		6,203,134			5,460,670			10,883,102			14,364,059			12,480,218

EXPENSES:
Advisory (Note 4)		330,751			292,370			569,500			703,754			590,102
Fund services Investor M Shares		219,102			181,264			277,313			276,406			239,293
Custodian		1,398			1,207			997			1,373			1,560
Administration		14,999			14,999			14,999			14,999			14,999
Fund accounting		12,499			12,499			21,422			24,383			18,966
Legal		27,967			24,824			48,646			59,354			49,628
Audit		20,427			20,427			20,427			20,427			20,427
Directors		3,820			3,394			6,583			7,931			6,602
State license fees and memberships		26,430			21,186			26,105			25,464			23,315
Other expenses		28,898			21,957			42,559			54,024			44,611

Total expenses		686,291			594,127			1,028,551			1,188,115			1,009,503

NET INVESTMENT INCOME		5,516,843			4,866,543			9,854,551			13,175,944			11,470,715

NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments with non-affiliates		(14,774	)		(4,531	)		(48,294	)		(60,788	)		(50,101	)
Investments with affiliates		9,037,165			15,648,680			40,315,177			41,685,629			36,193,538
Realized gain distributions from affiliated mutual funds		9,445,701			9,199,087			21,406,544			32,454,879			31,723,391

Net realized gain		18,468,092			24,843,236			61,673,427			74,079,720			67,866,828

Net change in unrealized appreciation (depreciation) on:
Investments with non-affiliates		(83,499	)		(63,110	)		(202,160	)		(266,779	)		(329,918	)
Investments with affiliates		(12,204,003	)		(17,765,537	)		(46,798,208	)		(54,591,139	)		(50,375,719	)

Net change in unrealized depreciation on investments		(12,287,502	)		(17,828,647	)		(47,000,368	)		(54,857,918	)		(50,705,637	)

NET GAIN		6,180,590			7,014,589			14,673,059			19,221,802			17,161,191

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	11,697,433		$	11,881,132		$	24,527,610		$	32,397,746		$	28,631,906

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

See Notes to Financial Statements

102

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2014 to December 31, 2014


	Milestone Funds
	Milestone 2030			Milestone 2035			Milestone 2040			Milestone 2045			Milestone 2050
INVESTMENT INCOME:
Dividend income from affiliated mutual funds(a)	$	10,100,727		$	6,986,660		$	6,666,331		$	2,557,686		$	808,144
Dividend income from non-affiliates		371,595			294,833			306,949			119,797			34,669

Total investment income		10,472,322			7,281,493			6,973,280			2,677,483			842,813

EXPENSES:
Advisory (Note 4)		484,824			336,236			325,902			117,657			32,597
Fund services Investor M Shares		215,714			161,396			150,910			71,638			22,135
Custodian		2,294			1,617			1,735			1,271			3,552
Administration		14,999			14,999			14,999			14,999			15,000
Fund accounting		15,060			12,499			12,499			12,500			12,500
Legal		40,888			28,273			27,568			9,788			3,258
Audit		20,427			20,427			20,427			20,427			20,427
Directors		5,417			3,733			3,639			1,270			350
State license fees and memberships		21,709			20,625			19,912			19,716			17,660
Other expenses		36,548			25,770			24,922			14,700			8,545

Total expenses		857,880			625,575			602,513			283,966			136,024
Less reimbursements/waivers (Note 4)		—			—			—			—			(19,864	)

Net Expenses		857,880			625,575			602,513			283,966			116,160

NET INVESTMENT INCOME		9,614,442			6,655,918			6,370,767			2,393,517			726,653

NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments with non-affiliates		(47,111	)		(77,735	)		(88,485	)		(25,846	)		7,417
Investments with affiliates		32,895,297			22,986,780			24,817,012			5,295,982			1,215,596
Realized gain distributions from affiliated mutual funds		29,203,387			22,888,100			24,249,746			9,720,521			3,084,216

Net realized gain		62,051,573			45,797,145			48,978,273			14,990,657			4,307,229

Net change in unrealized appreciation (depreciation) on:
Investments with non-affiliates		(371,917	)		(220,309	)		(223,672	)		(121,045	)		(62,229	)
Investments with affiliates		(46,119,900	)		(34,124,523	)		(37,251,426	)		(10,700,988	)		(3,229,674	)

Net change in unrealized depreciation on investments		(46,491,817	)		(34,344,832	)		(37,475,098	)		(10,822,033	)		(3,291,903	)

NET GAIN		15,559,756			11,452,313			11,503,175			4,168,624			1,015,326

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	25,174,198		$	18,108,231		$	17,873,942		$	6,562,141		$	1,741,979

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

See Notes to Financial Statements

103

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Low Duration Bond							Inflation Focused Fund(1)
	For the Year Ended December 31, 2014				For the Year Ended December 31, 2013			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013
Increase (decrease) in net assets resulting from operations:
Net investment income	$	8,752,116			$	8,155,630		$	7,231,993		$	3,172,198
Net realized gain (loss)		1,721,127				1,861,813			(380,361	)		6,846,715
Net change in unrealized appreciation (depreciation)		(3,933,552	)			(4,634,675	)		9,566,416			(66,006,189	)

Net increase (decrease) in net assets resulting from operations		6,539,691				5,382,768			16,418,048			(55,987,276	)

Distributions to shareholders from:
Net investment income—Investor Shares		(517,424	)			(1,663,838	)		(387,582	)		(221,562	)
Net investment income—T Shares		(8,289,473	)			(5,940,188	)		(8,342,141	)		(4,325,100	)
Net realized gain—Investor Shares		(175,848	)			(150,290	)		(66,255	)		(623,505	)
Net realized gain—T Shares		(2,127,626	)			(1,748,177	)		(1,316,175	)		(11,975,515	)

Total distributions		(11,110,371	)			(9,502,493	)		(10,112,153	)		(17,145,682	)

Capital share transactions:
Proceeds from sale of shares—Investor Shares		22,324,799				40,565,488	(a)		3,220,170			26,955,242	(a)
Proceeds from sale of shares—T Shares		225,659,304				659,825,940	(b)		130,810,302			737,014,517	(b)
Reinvestment of distributions—Investor Shares		693,272				1,814,128	(a)		453,837			845,067	(a)
Reinvestment of distributions—T Shares		10,417,099				7,688,365	(b)		9,658,316			16,300,599	(b)
Value of shares redeemed—Investor Shares		(9,254,046	)			(587,049,907	)(a)		(7,439,397	)		(660,016,790	)(a)
Value of shares redeemed—T Shares		(49,633,621	)			(108,729,626	)(b)		(201,165,860	)		(134,483,013	)(b)

Net increase (decrease) from capital share transactions		200,206,807				14,114,388			(64,462,632	)		(13,384,378	)

Total increase (decrease) in net assets		195,636,127				9,994,663			(58,156,737	)		(86,517,336	)

NET ASSETS at beginning of year		602,256,341				592,261,678			582,818,542			669,335,878

NET ASSETS at end of year	$	797,892,468			$	602,256,341		$	524,661,805		$	582,818,542

Accumulated net investment loss included in net assets at end of year	$	(37,480	)		$	(73,067	)	$	(30,568	)	$	—

SHARE TRANSACTIONS:
Number of shares sold—Investor Shares		2,202,204		��		3,985,435	(a)		297,947			2,298,837	(a)
Number of shares issued through reinvestment of dividends and distributions—Investor Shares		68,570				178,277	(a)		41,800			78,875	(a)
Number of shares redeemed—Investor Shares		(913,208	)			(57,568,197	)(a)		(694,041	)		(56,096,884	)(a)

Net increase (decrease) in shares outstanding-Investor Shares		1,357,566				(53,404,485	)		(354,294	)		(53,719,172	)

Number of shares sold—T Shares		22,245,686				64,728,519	(b)		12,112,802			63,122,487	(b)
Number of shares issued through reinvestment of dividends and distributions—T Shares		1,029,637				758,360	(b)		889,650			1,522,013	(b)
Number of shares redeemed—T Shares		(4,893,342	)			(10,669,158	)(b)		(18,573,927	)		(11,833,076	)(b)

Net increase (decrease) in shares outstanding—T Shares		18,381,981				54,817,721			(5,571,475	)		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

104

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	High Yield Fund			Equity Income
	For the Period from May 1, 2014* to December 31, 2014			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013
Increase (decrease) in net assets resulting from operations:
Net investment income	$	9,378,783		$	40,258,127		$	32,748,850
Net realized gain (loss)		(2,083,183	)		401,484,340			125,236,365
Net change in unrealized appreciation (depreciation)		(17,606,048	)		(248,007,402	)		451,645,427

Net increase (decrease) in net assets resulting from operations		(10,310,448	)		193,735,065			609,630,642

Distributions to shareholders from:
Net investment income—Investor Shares		—			(820,419	)		(737,715	)
Net investment income—T Shares		(9,802,943	)		(40,860,125	)		(33,945,922	)
Net realized gain—Investor Shares		—			(8,634,805	)		(2,872,559	)
Net realized gain—T Shares		—			(363,285,274	)		(114,400,246	)

Total distributions		(9,802,943	)		(413,600,623	)		(151,956,442	)

Capital share transactions:
Proceeds from sale of shares—Investor Shares		—			4,816,993			15,231,439	(a)
Proceeds from sale of shares—T Shares		380,494,068			244,967,389			2,201,358,047	(b)
Reinvestment of distributions—Investor Shares		—			9,346,332			3,608,020	(a)
Reinvestment of distributions—T Shares		9,802,943			404,145,399			148,346,169	(b)
Value of shares redeemed—Investor Shares		—			(15,106,936	)		(2,123,810,070	)(a)
Value of shares redeemed—T Shares		(8,044,683	)		(540,918,163	)		(235,269,955	)(b)

Net increase from capital share transactions		382,252,328			107,251,014			9,463,650

Total increase (decrease) in net assets		362,138,937			(112,614,544	)		467,137,850

NET ASSETS at beginning of year		—			2,487,442,354			2,020,304,504

NET ASSETS at end of year	$	362,138,937		$	2,374,827,810		$	2,487,442,354

Accumulated net investment income (loss) included in net assets at end of year	$	(106,160	)	$	695,028		$	242,642

SHARE TRANSACTIONS:
Number of shares sold—Investor Shares		—			420,557			1,541,223	(a)
Number of shares issued through reinvestment of dividends and distributions—Investor Shares		—			936,506			330,405	(a)
Number of shares redeemed—Investor Shares		—			(1,294,022	)		(220,690,078	)(a)

Net increase (decrease) in shares outstanding-Investor Shares		—			63,041			(218,818,450	)

Number of shares sold—T Shares		38,046,736			21,501,911			227,428,866	(b)
Number of shares issued through reinvestment of dividends and distributions—T Shares		1,002,998			40,495,531			13,584,814	(b)
Number of shares redeemed—T Shares		(819,366	)		(47,383,766	)		(22,437,107	)(b)

Net increase in shares outstanding—T Shares		38,230,368			14,613,676			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

105

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Growth & Income						Growth
	For the Year Ended December 31, 2014			For the Year Ended December 31, 2013			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013
Increase (decrease) in net assets resulting from operations:
Net investment income	$	24,813,245		$	16,884,494		$	9,389,846		$	11,691,334
Net realized gain		203,560,502			141,012,660			261,131,110			191,835,786
Net change in unrealized appreciation (depreciation)		(52,211,164	)		275,905,302			(48,951,875	)		411,408,786

Net increase in net assets resulting from operations		176,162,583			433,802,456			221,569,081			614,935,906

Distributions to shareholders from:
Net investment income—Investor Shares		(471,226	)		(366,671	)		(54,011	)		(103,933	)
Net investment income—T Shares		(26,151,419	)		(18,622,686	)		(12,612,689	)		(11,657,940	)
Net realized gain—Investor Shares		(4,333,419	)		(2,734,608	)		(654,616	)		—
Net realized gain—T Shares		(198,226,748	)		(115,428,501	)		(63,407,955	)		—

Total distributions		(229,182,812	)		(137,152,466	)		(76,729,271	)		(11,761,873	)

Capital share transactions:
Proceeds from sale of shares—Investor Shares		5,241,662			15,028,134	(a)		1,974,137			10,947,178	(a)
Proceeds from sale of shares—T Shares		224,039,742			1,513,212,382	(b)		106,099,073			2,006,555,579	(b)
Reinvestment of distributions—Investor Shares		4,799,820			3,098,476	(a)		708,627			103,933	(a)
Reinvestment of distributions—T Shares		224,378,167			134,051,187	(b)		76,020,644			11,657,940	(b)
Value of shares redeemed—Investor Shares		(12,327,086	)		(1,377,006,631	)(a)		(12,301,146	)		(1,974,576,991	)(a)
Value of shares redeemed—T Shares		(406,823,052	)		(154,471,604	)(b)		(329,773,217	)		(213,310,811	)(b)

Net increase (decrease) from capital share transactions		39,309,253			133,911,944			(157,271,882	)		(158,623,172	)

Total increase (decrease) in net assets		(13,710,976	)		430,561,934			(12,432,072	)		444,550,861

NET ASSETS at beginning of year		1,736,066,036			1,305,504,102			2,325,479,730			1,880,928,869

NET ASSETS at end of year	$	1,722,355,060		$	1,736,066,036		$	2,313,047,658		$	2,325,479,730

Accumulated net investment income included in net assets at end of year	$	94,147		$	111,728		$	75,854		$	515,017

SHARE TRANSACTIONS:
Number of shares sold—Investor Shares		382,693			1,280,956	(a)		151,497			1,068,641	(a)
Number of shares issued through reinvestment of dividends and distributions—Investor Shares		374,693			238,711	(a)		51,914			8,278	(a)
Number of shares redeemed—Investor Shares		(873,747	)		(120,341,046	)(a)		(914,030	)		(195,986,441	)(a)

Net decrease in shares outstanding-Investor Shares		(116,361	)		(118,821,379	)		(710,619	)		(194,909,522	)

Number of shares sold—T Shares		16,354,505			130,400,734	(b)		8,262,721			198,573,974	(b)
Number of shares issued through reinvestment of dividends and distributions—T Shares		17,515,860			10,327,518	(b)		5,573,361			928,935	(b)
Number of shares redeemed—T Shares		(29,813,560	)		(12,417,741	)(b)		(25,386,787	)		(18,983,519	)(b)

Net increase (decrease) in shares outstanding—T Shares		4,056,805			128,310,511			(11,550,705	)		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

106

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Select Value						Aggressive Opportunities
	For the Year Ended December 31, 2014			For the Year Ended December 31, 2013			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013
Increase (decrease) in net assets resulting from operations:
Net investment income	$	6,019,559		$	5,270,060		$	5,510,678		$	3,819,807
Net realized gain		63,920,784			65,520,186			158,189,919			124,685,874
Net change in unrealized appreciation (depreciation)		(32,655,980	)		52,501,065			(106,899,354	)		235,361,814

Net increase in net assets resulting from operations		37,284,363			123,291,311			56,801,243			363,867,495

Distributions to shareholders from:
Net investment income—Investor Shares		(85,104	)		(80,138	)		—			(102,553	)
Net investment income—T Shares		(5,727,626	)		(4,823,744	)		(2,251,679	)		(5,981,960	)
Net realized gain—Investor Shares		(1,146,087	)		(1,063,558	)		(4,926,216	)		(2,784,111	)
Net realized gain—T Shares		(60,566,966	)		(54,180,973	)		(158,932,923	)		(103,621,112	)

Total distributions		(67,525,783	)		(60,148,413	)		(166,110,818	)		(112,489,736	)

Capital share transactions:
Proceeds from sale of shares—Investor Shares		1,820,495			9,493,907	(a)		3,335,896			7,008,302	(a)
Proceeds from sale of shares—T Shares		68,584,217			448,840,305	(b)		74,333,241			1,075,216,812	(b)
Reinvestment of distributions—Investor Shares		1,231,191			1,143,696	(a)		4,894,384			2,886,664	(a)
Reinvestment of distributions—T Shares		66,294,592			59,004,717	(b)		161,184,602			109,603,072	(b)
Value of shares redeemed—Investor Shares		(3,315,794	)		(391,615,933	)(a)		(4,516,382	)		(1,057,021,153	)(a)
Value of shares redeemed—T Shares		(126,563,191	)		(68,864,249	)(b)		(268,462,058	)		(140,084,683	)(b)

Net increase (decrease) from capital share transactions		8,051,510			58,002,443			(29,230,317	)		(2,390,986	)

Total increase (decrease) in net assets		(22,189,910	)		121,145,341			(138,539,892	)		248,986,773

NET ASSETS at beginning of year		476,735,559			355,590,218			1,242,715,601			993,728,828

NET ASSETS at end of year	$	454,545,649		$	476,735,559		$	1,104,175,709		$	1,242,715,601

Accumulated net investment income included in net assets at end of year	$	367,106		$	656,367		$	5,485,551		$	3,572,909

SHARE TRANSACTIONS:
Number of shares sold—Investor Shares		139,730			766,624	(a)		256,980			610,544	(a)
Number of shares issued through reinvestment of dividends and distributions—Investor Shares		103,986			90,268	(a)		424,123			228,737	(a)
Number of shares redeemed—Investor Shares		(250,619	)		(32,626,490	)(a)		(350,328	)		(95,752,156	)(a)

Net increase (decrease) in shares outstanding-Investor Shares		(6,903	)		(31,769,598	)		330,775			(94,912,875	)

Number of shares sold—T Shares		5,268,863			36,926,297	(b)		5,768,524			96,959,354	(b)
Number of shares issued through reinvestment of dividends and distributions—T Shares		5,599,205			4,653,369	(b)		13,967,470			8,684,871	(b)
Number of shares redeemed—T Shares		(9,576,653	)		(5,248,707	)(b)		(20,912,573	)		(11,478,143	)(b)

Net increase (decrease) in shares outstanding—T Shares		1,291,415			36,330,959			(1,176,579	)		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

107

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Discovery						International
	For the Year Ended December 31, 2014			For the Year Ended December 31, 2013			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013
Increase (decrease) in net assets resulting from operations:
Net investment income	$	2,401,103		$	2,340,660		$	37,674,215		$	27,512,209
Net realized gain		26,909,902			53,232,618			67,220,775			96,055,895
Net change in unrealized appreciation (depreciation)		(11,845,019	)		25,148,156			(145,187,701	)		99,261,424

Net increase (decrease) in net assets resulting from operations		17,465,986			80,721,434			(40,292,711	)		222,829,528

Distributions to shareholders from:
Net investment income—Investor Shares		(33,955	)		(24,674	)		(847,023	)		(324,174	)
Net investment income—T Shares		(1,966,387	)		(2,278,117	)		(53,317,861	)		(30,641,649	)
Net realized gain—Investor Shares		(815,141	)		(623,318	)		(110,835	)		—
Net realized gain—T Shares		(34,333,271	)		(45,897,970	)		(6,630,935	)		—

Total distributions		(37,148,754	)		(48,824,079	)		(60,906,654	)		(30,965,823	)

Capital share transactions:
Proceeds from sale of shares—Investor Shares		5,540,282			6,437,198	(a)		11,894,255			33,149,320	(a)
Proceeds from sale of shares—T Shares		87,311,145			247,226,760	(b)		277,833,649			1,484,852,766	(b)
Reinvestment of distributions—Investor Shares		849,096			647,992	(a)		957,858			324,174	(a)
Reinvestment of distributions—T Shares		36,299,658			48,176,087	(b)		59,948,796			30,641,649	(b)
Value of shares redeemed—Investor Shares		(3,256,085	)		(234,034,688	)(a)		(2,287,120	)		(1,354,343,436	)(a)
Value of shares redeemed—T Shares		(93,351,184	)		(34,373,522	)(b)		(164,351,608	)		(256,562,888	)(b)

Net increase (decrease) from capital share transactions		33,392,912			34,079,827			183,995,830			(61,938,415	)

Total increase in net assets		13,710,144			65,977,182			82,796,465			129,925,290

NET ASSETS at beginning of year		278,849,977			212,872,795			1,435,435,435			1,305,510,145

NET ASSETS at end of year	$	292,560,121		$	278,849,977		$	1,518,231,900		$	1,435,435,435

Accumulated net investment income (loss) included in net assets at end of year	$	469,868		$	145,641		$	(1,869,467	)	$	12,131,676

SHARE TRANSACTIONS:
Number of shares sold—Investor Shares		509,860			621,093	(a)		1,049,102			3,349,541	(a)
Number of shares issued through reinvestment of dividends and distributions—Investor Shares		85,767			60,673	(a)		91,749			29,923	(a)
Number of shares redeemed—Investor Shares		(301,173	)		(22,791,895	)(a)		(203,947	)		(137,437,695	)(a)

Net increase (decrease) in shares outstanding-Investor Shares		294,454			(22,110,129	)		936,904			(134,058,231	)

Number of shares sold—T Shares		8,091,291			23,883,843	(b)		24,670,625			149,658,231	(b)
Number of shares issued through reinvestment of dividends and distributions—T Shares		3,662,932			4,510,870	(b)		5,742,222			2,828,496	(b)
Number of shares redeemed—T Shares		(8,620,332	)		(3,063,036	)(b)		(14,340,291	)		(24,497,545	)(b)

Net increase in shares outstanding—T Shares		3,133,891			25,331,677			16,072,556			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

108

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Diversifying Strategies(1)						Core Bond Index
	For the Year Ended December 31, 2014			For the Year Ended December 31, 2013			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013
Increase (decrease) in net assets resulting from operations:
Net investment income	$	13,453,986		$	12,217,795		$	34,310,824		$	28,138,919
Net realized gain		45,036,598			28,742,383			14,213,184			917,714
Net change in unrealized appreciation (depreciation)		(18,944,694	)		16,908,582			36,237,737			(59,225,189	)

Net increase (decrease) in net assets resulting from operations		39,545,890			57,868,760			84,761,745			(30,168,556	)

Distributions to shareholders from:
Net investment income—Class I		—			—			(544,019	)		(4,513,580	)
Net investment income—Class II		—			—			(544,667	)		(2,139,819	)
Net investment income—T Shares		(23,586,169	)		(19,309,467	)		(40,650,554	)		(29,373,097	)
Net realized gain—T Shares		(46,251,344	)		(12,954,725	)		—			—

Total distributions		(69,837,513	)		(32,264,192	)		(41,739,240	)		(36,026,496	)

Capital share transactions:
Proceeds from sale of shares—Class I		—			—			5,647,559			38,640,943
Proceeds from sale of shares—Class II		—			—			1,879,808			16,454,467
Proceeds from sale of shares—T Shares		235,173,400			158,059,115	(a)		504,565,112			1,368,035,424	(b)
Reinvestment of distributions—Class I		—			—			544,019			4,513,580
Reinvestment of distributions—Class II		—			—			544,667			2,139,819
Reinvestment of distributions—T Shares		69,837,513			32,264,192	(a)		40,650,554			29,373,097	(b)
Value of shares redeemed—Class I		—			—			(5,749,889	)		(919,028,097	)
Value of shares redeemed—Class II		—			—			(17,062,487	)		(326,228,097	)
Value of shares redeemed—T Shares		(271,626,079	)		(87,112,245	)(a)		(168,777,771	)		(111,286,830	)(b)

Net increase from capital share transactions		33,384,834			103,211,062			362,241,572			102,614,306

Total increase in net assets		3,093,211			128,815,630			405,264,077			36,419,254

NET ASSETS at beginning of year		1,093,589,372			964,773,742			1,279,544,858			1,243,125,604

NET ASSETS at end of year	$	1,096,682,583		$	1,093,589,372		$	1,684,808,935		$	1,279,544,858

Accumulated net investment income (loss) included in net assets at end of year	$	(2,562,967	)	$	(3,342,826	)	$	(96,343	)	$	5,799

SHARE TRANSACTIONS:
Number of shares sold—Class I		—			—			550,726			3,697,944
Number of shares issued through reinvestment of dividends and distributions—Class I		—			—			53,202			433,197
Number of shares redeemed—Class I		—			—			(562,146	)		(87,871,264	)

Net increase (decrease) in shares outstanding-Class I		—			—			41,782			(83,740,123	)

Number of shares sold—Class II		—			—			182,251			1,579,374
Number of shares issued through reinvestment of dividends and distributions—Class II		—			—			53,035			205,027
Number of shares redeemed—Class II		—			—			(1,651,045	)		(31,008,363	)

Net decrease in shares outstanding-Class II		—			—			(1,415,759	)		(29,223,962	)

Number of shares sold—T Shares		22,385,620			15,219,041	(a)		49,497,440			131,110,998	(b)
Number of shares issued through reinvestment of dividends and distributions—T Shares		6,914,606			3,111,301	(a)		3,974,622			2,884,304	(b)
Number of shares redeemed—T Shares		(25,903,396	)		(8,441,046	)(a)		(16,514,886	)		(10,867,078	)(b)

Net increase in shares outstanding—T Shares		3,396,830			9,889,296			36,957,176			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

109

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	500 Stock Index						Broad Market Index
	For the Year Ended December 31, 2014			For the Year Ended December 31, 2013			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013
Increase (decrease) in net assets resulting from operations:
Net investment income	$	13,321,778		$	10,862,338		$	14,918,832		$	12,041,497
Net realized gain		23,605,934			21,955,245			12,123,406			17,570,471
Net change in unrealized appreciation		54,883,368			121,033,076			71,057,223			155,398,491

Net increase in net assets resulting from operations		91,811,080			153,850,659			98,099,461			185,010,459

Distributions to shareholders from:
Net investment income—Class I		(640,678	)		(461,525	)		(640,269	)		(470,033	)
Net investment income—Class II		(343,645	)		(38,570	)		(213,009	)		(257,019	)
Net investment income—T Shares		(12,049,184	)		(10,123,159	)		(13,458,430	)		(10,904,466	)
Net realized gain—Class I		(861,906	)		(82,039	)		(528,649	)		(468,022	)
Net realized gain—Class II		(397,104	)		(6,159	)		(159,115	)		(223,484	)
Net realized gain—T Shares		(14,168,004	)		(1,610,120	)		(9,617,698	)		(9,439,615	)

Total distributions		(28,460,521	)		(12,321,572	)		(24,617,170	)		(21,762,639	)

Capital share transactions:
Proceeds from sale of shares—Class I		15,072,916			10,246,532			9,534,729			14,150,568
Proceeds from sale of shares—Class II		17,855,525			7,762,420			1,277,348			15,290,639
Proceeds from sale of shares—T Shares		140,762,443			568,091,459	(a)		170,379,043			663,654,017	(a)
Reinvestment of distributions—Class I		1,500,551			542,591			1,168,918			938,055
Reinvestment of distributions—Class II		740,749			44,729			372,124			480,503
Reinvestment of distributions—T Shares		26,217,188			11,733,279	(a)		23,076,128			20,344,081	(a)
Value of shares redeemed—Class I		(4,174,845	)		(102,782,107	)		(5,397,274	)		(120,738,735	)
Value of shares redeemed—Class II		(1,118,082	)		(369,855,589	)		(6,196,369	)		(458,360,911	)
Value of shares redeemed—T Shares		(75,913,641	)		(58,506,142	)(a)		(163,412,727	)		(73,226,360	)(a)

Net increase from capital share transactions		120,942,804			67,277,172			30,801,920			62,531,857

Total increase in net assets		184,293,363			208,806,259			104,284,211			225,779,677

NET ASSETS at beginning of year		661,787,431			452,981,172			780,081,151			554,301,474

NET ASSETS at end of year	$	846,080,794		$	661,787,431		$	884,365,362		$	780,081,151

Accumulated net investment income included in net assets at end of year	$	552,292		$	470,014		$	6,478,612		$	6,210,984

SHARE TRANSACTIONS:
Number of shares sold—Class I		966,736			794,249			578,469			1,008,725
Number of shares issued through reinvestment of dividends and distributions—Class I		92,856			37,628			67,295			60,209
Number of shares redeemed—Class I		(269,793	)		(8,499,916	)		(324,033	)		(9,162,704	)

Net increase (decrease) in shares outstanding-Class I		789,799			(7,668,039	)		321,731			(8,093,770	)

Number of shares sold—Class II		1,188,128			681,224			80,743			1,190,627
Number of shares issued through reinvestment of dividends and distributions—Class II		48,830			3,298			22,942			32,979
Number of shares redeemed—Class II		(74,568	)		(32,577,371	)		(386,047	)		(37,439,109	)

Net increase (decrease) in shares outstanding-Class II		1,162,390			(31,892,849	)		(282,362	)		(36,215,503	)

Number of shares sold—T Shares		8,982,701			46,268,985	(a)		10,198,937			49,665,300	(a)
Number of shares issued through reinvestment of dividends and distributions—T Shares		1,620,345			813,681	(a)		1,328,505			1,305,782	(a)
Number of shares redeemed—T Shares		(5,017,073	)		(4,295,260	)(a)		(9,746,463	)		(5,018,667	)(a)

Net increase in shares outstanding—T Shares		5,585,973			42,787,406			1,780,979			45,952,415

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

See Notes to Financial Statements

110

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Mid/Small Company Index						Overseas Equity Index
	For the Year Ended December 31, 2014			For the Year Ended December 31, 2013			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013
Increase (decrease) in net assets resulting from operations:
Net investment income	$	11,694,745		$	9,270,609		$	10,443,102		$	6,679,041
Net realized gain		41,390,448			51,397,045			1,000,131			2,507,732
Net change in unrealized appreciation (depreciation)		(3,293,279	)		126,672,664			(30,489,867	)		41,702,484

Net increase (decrease) in net assets resulting from operations		49,791,914			187,340,318			(19,046,634	)		50,889,257

Distributions to shareholders from:
Net investment income—Class I		(387,206	)		(293,878	)		(350,736	)		(240,007	)
Net investment income—Class II		(237,968	)		(70,206	)		(114,766	)		(82,655	)
Net investment income—T Shares		(10,386,755	)		(8,292,024	)		(9,532,614	)		(6,648,183	)
Net realized gain—Class I		(1,358,208	)		(1,955,310	)		—			—
Net realized gain—Class II		(693,040	)		(407,156	)		—			—
Net realized gain—T Shares		(30,547,748	)		(47,372,342	)		—			—

Total distributions		(43,610,925	)		(58,390,916	)		(9,998,116	)		(6,970,845	)

Capital share transactions:
Proceeds from sale of shares—Class I		6,453,535			10,979,689			2,881,307			1,940,484
Proceeds from sale of shares—Class II		9,525,538			8,884,721			272,901			2,707,121
Proceeds from sale of shares—T Shares		165,951,642			594,343,313	(a)		53,656,523			256,960,991	(a)
Reinvestment of distributions—Class I		1,744,150			2,247,341			350,736			240,007
Reinvestment of distributions—Class II		931,008			477,362			114,766			82,655
Reinvestment of distributions—T Shares		40,934,503			55,664,366	(a)		9,532,614			6,648,183	(a)
Value of shares redeemed—Class I		(5,512,482	)		(308,904,404	)		(1,881,519	)		(49,421,053	)
Value of shares redeemed—Class II		(1,098,623	)		(214,664,650	)		(132,908	)		(178,163,745	)
Value of shares redeemed—T Shares		(201,843,999	)		(49,283,497	)(a)		(33,613,310	)		(16,690,596	)(a)

Net increase from capital share transactions		17,085,272			99,744,241			31,181,110			24,304,047

Total increase in net assets		23,266,261			228,693,643			2,136,360			68,222,459

NET ASSETS at beginning of year		720,846,541			492,152,898			296,911,563			228,689,104

NET ASSETS at end of year	$	744,112,802		$	720,846,541		$	299,047,923		$	296,911,563

Accumulated net investment income (loss) included in net assets at end of year	$	2,044,672		$	1,651,660		$	(801,273	)	$	(1,096,591	)

SHARE TRANSACTIONS:
Number of shares sold—Class I		320,706			608,104			226,443			166,440
Number of shares issued through reinvestment of dividends and distributions—Class I		88,044			115,783			30,158			19,576
Number of shares redeemed—Class I		(274,465	)		(18,261,777	)		(153,004	)		(4,520,876	)

Net increase (decrease) in shares outstanding-Class I		134,285			(17,537,890	)		103,597			(4,334,860	)

Number of shares sold—Class II		493,550			550,752			23,049			258,290
Number of shares issued through reinvestment of dividends and distributions—Class II		50,325			26,214			10,607			7,225
Number of shares redeemed—Class II		(58,049	)		(13,459,569	)		(11,426	)		(17,470,108	)

Net increase (decrease) in shares outstanding-Class II		485,826			(12,882,603	)		22,230			(17,204,593	)

Number of shares sold—T Shares		8,358,848			34,488,614	(a)		4,247,249			23,280,767	(a)
Number of shares issued through reinvestment of dividends and distributions—T Shares		2,065,313			2,866,342	(a)		819,657			542,266	(a)
Number of shares redeemed—T Shares		(10,142,417	)		(2,584,810	)(a)		(2,731,197	)		(1,395,179	)(a)

Net increase in shares outstanding—T Shares		281,744			34,770,146			2,335,709			22,427,854

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

See Notes to Financial Statements

111

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Model Portfolio Funds
	Conservative Growth						Traditional Growth
	For the Year Ended December 31, 2014			For the Year Ended December 31, 2013			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013
Increase (decrease) in net assets resulting from operations:
Net investment income	$	11,108,231		$	8,839,847		$	30,318,910		$	22,628,571
Net realized gain		66,038,075			20,018,851			148,124,291			72,255,751
Net change in unrealized appreciation (depreciation)		(55,203,589	)		38,899,309			(99,924,852	)		167,367,076

Net increase in net assets resulting from operations		21,942,717			67,758,007			78,518,349			262,251,398

Distributions to shareholders from:
Net investment income—Investor M Shares		(1,679,979	)		(1,271,018	)		(2,182,122	)		(1,468,448	)
Net investment income—TM Shares		(9,749,879	)		(7,985,806	)		(28,304,882	)		(21,410,541	)
Net realized gain—Investor M Shares		(9,055,532	)		(1,802,655	)		(8,558,528	)		(3,051,680	)
Net realized gain—TM Shares		(45,424,701	)		(9,776,908	)		(96,454,822	)		(38,342,555	)

Total distributions		(65,910,091	)		(20,836,387	)		(135,500,354	)		(64,273,224	)

Capital share transactions:
Proceeds from sale of shares—Investor M Shares		14,633,416			32,223,906	(a)		17,958,028			32,466,818	(a)
Proceeds from sale of shares—TM Shares		49,918,035			587,736,769	(b)		108,786,295			1,525,232,391	(b)
Reinvestment of distributions—Investor M Shares		10,735,511			3,073,673	(a)		10,724,130			4,512,090	(a)
Reinvestment of distributions—TM Shares		55,174,580			17,762,714	(b)		124,759,704			59,753,096	(b)
Value of shares redeemed—Investor M Shares		(9,320,001	)		(560,219,752	)(a)		(8,388,931	)		(1,472,696,770	)(a)
Value of shares redeemed—TM Shares		(66,886,742	)		(73,879,778	)(b)		(169,238,358	)		(150,837,906	)(b)

Net increase (decrease) from capital share transactions		54,254,799			6,697,532			84,600,868			(1,570,281	)

Total increase in net assets		10,287,425			53,619,152			27,618,863			196,407,893

NET ASSETS at beginning of year		661,430,858			607,811,706			1,690,086,131			1,493,678,238

NET ASSETS at end of year	$	671,718,283		$	661,430,858		$	1,717,704,994		$	1,690,086,131

Accumulated net investment income (loss) included in net assets at end of year	$	(2	)	$	9,433		$	39,798		$	170,681

SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		534,409			1,247,752	(a)		663,347			1,318,544	(a)
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		429,592			114,646	(a)		421,380			171,042	(a)
Number of shares redeemed—Investor M Shares		(342,824	)		(21,946,062	)(a)		(311,618	)		(61,033,131	)(a)

Net increase (decrease) in shares outstanding-Investor M Shares		621,177			(20,583,664	)		773,109			(59,543,545	)

Number of shares sold—TM Shares		1,822,349			22,968,407	(b)		4,004,882			63,033,994	(b)
Number of shares issued through reinvestment of dividends and distributions—TM Shares		2,206,983			662,541	(b)		4,900,224			2,265,091	(b)
Number of shares redeemed—TM Shares		(2,446,078	)		(2,799,603	)(b)		(6,263,786	)		(5,953,514	)(b)

Net increase in shares outstanding—TM Shares		1,583,254			20,831,345			2,641,320			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

112

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Model Portfolio Funds
	Long-Term Growth						All-Equity Growth
	For the Year Ended December 31, 2014			For the Year Ended December 31, 2013			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013
Increase (decrease) in net assets resulting from operations:
Net investment income	$	40,282,518		$	29,484,392		$	14,237,768		$	9,828,619
Net realized gain		220,788,514			119,479,594			118,879,220			48,988,386
Net change in unrealized appreciation (depreciation)		(140,197,415	)		270,698,264			(76,954,076	)		157,733,925

Net increase in net assets resulting from operations		120,873,617			419,662,250			56,162,912			216,550,930

Distributions to shareholders from:
Net investment income—Investor M Shares		(1,911,728	)		(1,254,788	)		(745,387	)		(580,022	)
Net investment income—TM Shares		(38,440,797	)		(28,295,742	)		(14,648,523	)		(11,900,690	)
Net realized gain—Investor M Shares		(7,759,067	)		(3,310,194	)		(3,923,898	)		(1,131,430	)
Net realized gain—TM Shares		(135,589,631	)		(64,147,553	)		(65,807,969	)		(20,134,028	)

Total distributions		(183,701,223	)		(97,008,277	)		(85,125,777	)		(33,746,170	)

Capital share transactions:
Proceeds from sale of shares—Investor M Shares		11,781,111			21,355,292	(a)		5,826,972			15,102,545	(a)
Proceeds from sale of shares—TM Shares		114,209,858			1,982,361,477	(b)		65,042,026			780,616,173	(b)
Reinvestment of distributions—Investor M Shares		9,657,947			4,564,982	(a)		4,669,286			1,711,452	(a)
Reinvestment of distributions—TM Shares		174,030,427			92,443,295	(b)		80,456,491			32,034,718	(b)
Value of shares redeemed—Investor M Shares		(4,607,398	)		(1,914,940,449	)(a)		(4,250,722	)		(728,190,049	)(a)
Value of shares redeemed—TM Shares		(203,028,544	)		(193,110,980	)(b)		(92,219,928	)		(67,341,878	)(b)

Net increase (decrease) from capital share transactions		102,043,401			(7,326,383	)		59,524,125			33,932,961

Total increase in net assets		39,215,795			315,327,590			30,561,260			216,737,721

NET ASSETS at beginning of year		2,212,139,873			1,896,812,283			926,067,552			709,329,831

NET ASSETS at end of year	$	2,251,355,668		$	2,212,139,873		$	956,628,812		$	926,067,552

Accumulated net investment income included in net assets at end of year	$	79,284		$	212,596		$	—		$	1,317,786

SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		441,629			900,020	(a)		211,525			645,327	(a)
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		382,039			175,172	(a)		179,726			63,741	(a)
Number of shares redeemed—Investor M Shares		(172,492	)		(82,345,030	)(a)		(154,683	)		(32,117,940	)(a)

Net increase (decrease) in shares outstanding-Investor M Shares		651,176			(81,269,838	)		236,568			(31,408,872	)

Number of shares sold—TM Shares		4,236,883			84,934,039	(b)		2,343,768			34,143,678	(b)
Number of shares issued through reinvestment of dividends and distributions—TM Shares		6,881,393			3,545,964	(b)		3,095,671			1,192,655	(b)
Number of shares redeemed—TM Shares		(7,594,233	)		(7,783,350	)(b)		(3,340,728	)		(2,692,933	)(b)

Net increase in shares outstanding—TM Shares		3,524,043			80,696,653			2,098,711			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

113

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Milestone Funds
	Milestone Retirement Income						Milestone 2010
	For the Year Ended December 31, 2014			For the Year Ended December 31, 2013			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013
Increase (decrease) in net assets resulting from operations:
Net investment income	$	5,516,843		$	4,170,586		$	4,866,543		$	3,566,038
Net realized gain		18,468,092			10,154,214			24,843,236			14,606,391
Net change in unrealized appreciation (depreciation)		(12,287,502	)		3,478,362			(17,828,647	)		10,573,495

Net increase in net assets resulting from operations		11,697,433			17,803,162			11,881,132			28,745,924

Distributions to shareholders from:
Net investment income—Investor M Shares		(1,305,019	)		(1,011,400	)		(1,077,886	)		(796,931	)
Net investment income—TM Shares		(4,227,338	)		(3,250,401	)		(3,802,645	)		(2,849,079	)
Net realized gain—Investor M Shares		(3,850,669	)		(1,508,016	)		(5,347,727	)		(2,260,305	)
Net realized gain—TM Shares		(10,680,592	)		(4,162,737	)		(16,150,823	)		(6,857,425	)

Total distributions		(20,063,618	)		(9,932,554	)		(26,379,081	)		(12,763,740	)

Capital share transactions:
Proceeds from sale of shares—Investor M Shares		7,593,942			45,005,846	(a)		5,361,424			12,834,084	(a)
Proceeds from sale of shares—TM Shares		39,877,402			261,724,284	(b)		26,366,192			231,362,185	(b)
Reinvestment of distributions—Investor M Shares		5,155,688			2,519,416	(a)		6,425,612			3,057,236	(a)
Reinvestment of distributions—TM Shares		14,907,930			7,413,138	(b)		19,953,469			9,706,504	(b)
Value of shares redeemed—Investor M Shares		(8,602,035	)		(204,305,240	)(a)		(7,639,609	)		(186,522,600	)(a)
Value of shares redeemed—TM Shares		(41,604,923	)		(34,753,717	)(b)		(34,646,866	)		(30,389,825	)(b)

Net increase from capital share transactions		17,328,004			77,603,727			15,820,222			40,047,584

Total increase in net assets		8,961,819			85,474,335			1,322,273			56,029,768

NET ASSETS at beginning of year		323,632,261			238,157,926			290,052,561			234,022,793

NET ASSETS at end of year	$	332,594,080		$	323,632,261		$	291,374,834		$	290,052,561

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

SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		682,860			4,148,859	(a)		466,065			1,154,028	(a)
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		485,469			231,139	(a)		598,846			269,835	(a)
Number of shares redeemed—Investor M Shares		(773,091	)		(18,998,384	)(a)		(660,430	)		(17,069,520	)(a)

Net increase (decrease) in shares outstanding-Investor M Shares		395,238			(14,618,386	)		404,481			(15,645,657	)

Number of shares sold—TM Shares		3,574,042			24,267,945	(b)		2,278,112			21,068,755	(b)
Number of shares issued through reinvestment of dividends and distributions—TM Shares		1,403,760			679,481	(b)		1,859,596			855,953	(b)
Number of shares redeemed—TM Shares		(3,733,541	)		(3,161,291	)(b)		(2,984,043	)		(2,670,824	)(b)

Net increase in shares outstanding—TM Shares		1,244,261			21,786,135			1,153,665			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

114

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Milestone Funds
	Milestone 2015						Milestone 2020
	For the Year Ended December 31, 2014			For the Year Ended December 31, 2013			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013
Increase (decrease) in net assets resulting from operations:
Net investment income	$	9,854,551		$	7,127,471		$	13,175,944		$	8,911,913
Net realized gain		61,673,427			23,118,811			74,079,720			25,404,038
Net change in unrealized appreciation (depreciation)		(47,000,368	)		34,821,119			(54,857,918	)		53,389,352

Net increase in net assets resulting from operations		24,527,610			65,067,401			32,397,746			87,705,303

Distributions to shareholders from:
Net investment income—Investor M Shares		(1,711,471	)		(1,216,906	)		(1,861,034	)		(1,235,710	)
Net investment income—TM Shares		(8,160,611	)		(6,029,907	)		(11,326,238	)		(7,723,260	)
Net realized gain—Investor M Shares		(10,009,324	)		(2,597,739	)		(8,789,746	)		(2,326,410	)
Net realized gain—TM Shares		(41,073,298	)		(10,980,203	)		(46,578,369	)		(12,586,031	)

Total distributions		(60,954,704	)		(20,824,755	)		(68,555,387	)		(23,871,411	)

Capital share transactions:
Proceeds from sale of shares—Investor M Shares		11,783,100			26,550,128	(a)		18,697,050			33,566,002	(a)
Proceeds from sale of shares—TM Shares		55,902,459			448,531,568	(b)		103,713,550			520,272,956	(b)
Reinvestment of distributions—Investor M Shares		11,720,795			3,814,645	(a)		10,650,780			3,562,120	(a)
Reinvestment of distributions—TM Shares		49,233,909			17,010,110	(b)		57,904,607			20,309,291	(b)
Value of shares redeemed—Investor M Shares		(9,101,662	)		(378,073,874	)(a)		(5,518,303	)		(431,264,028	)(a)
Value of shares redeemed—TM Shares		(59,211,217	)		(40,556,891	)(b)		(46,973,319	)		(31,837,937	)(b)

Net increase from capital share transactions		60,327,384			77,275,686			138,474,365			114,608,404

Total increase in net assets		23,900,290			121,518,332			102,316,724			178,442,296

NET ASSETS at beginning of year		556,156,509			434,638,177			649,106,542			470,664,246

NET ASSETS at end of year	$	580,056,799		$	556,156,509		$	751,423,266		$	649,106,542

Accumulated net investment income (loss) included in net assets at end of year	$	—		$	—		$	(1	)	$	—

SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		970,292			2,339,923	(a)		1,483,691			2,898,947	(a)
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		1,052,136			320,020	(a)		907,995			288,899	(a)
Number of shares redeemed—Investor M Shares		(745,669	)		(33,711,861	)(a)		(434,538	)		(38,014,893	)(a)

Net increase (decrease) in shares outstanding-Investor M Shares		1,276,759			(31,051,918	)		1,957,148			(34,827,047	)

Number of shares sold—TM Shares		4,581,538			39,748,654	(b)		8,223,940			45,416,955	(b)
Number of shares issued through reinvestment of dividends and distributions—TM Shares		4,419,561			1,427,023	(b)		4,936,454			1,647,144	(b)
Number of shares redeemed—TM Shares		(4,849,219	)		(3,437,021	)(b)		(3,711,996	)		(2,621,580	)(b)

Net increase in shares outstanding—TM Shares		4,151,880			37,738,656			9,448,398			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

115

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Milestone Funds
	Milestone 2025						Milestone 2030
	For the Year Ended December 31, 2014			For the Year Ended December 31, 2013			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013
Increase (decrease) in net assets resulting from operations:
Net investment income	$	11,470,715		$	7,646,533		$	9,614,442		$	5,973,228
Net realized gain		67,866,828			20,760,859			62,051,573			18,297,139
Net change in unrealized appreciation (depreciation)		(50,705,637	)		54,928,530			(46,491,817	)		50,102,743

Net increase in net assets resulting from operations		28,631,906			83,335,922			25,174,198			74,373,110

Distributions to shareholders from:
Net investment income—Investor M Shares		(1,688,003	)		(1,095,217	)		(1,548,006	)		(954,213	)
Net investment income—TM Shares		(9,785,596	)		(6,549,444	)		(8,065,902	)		(5,017,660	)
Net realized gain—Investor M Shares		(8,216,873	)		(1,789,541	)		(8,239,698	)		(1,789,614	)
Net realized gain—TM Shares		(41,721,722	)		(9,353,028	)		(37,683,492	)		(8,236,717	)

Total distributions		(61,412,194	)		(18,787,230	)		(55,537,098	)		(15,998,204	)

Capital share transactions:
Proceeds from sale of shares—Investor M Shares		18,116,854			27,965,467	(a)		15,702,934			26,713,652	(a)
Proceeds from sale of shares—TM Shares		96,199,824			422,682,368	(b)		86,840,925			328,832,656	(b)
Reinvestment of distributions—Investor M Shares		9,904,876			2,884,757	(a)		9,787,704			2,743,826	(a)
Reinvestment of distributions—TM Shares		51,507,318			15,902,473	(b)		45,749,394			13,254,378	(b)
Value of shares redeemed—Investor M Shares		(3,644,017	)		(351,116,315	)(a)		(2,197,728	)		(277,940,491	)(a)
Value of shares redeemed—TM Shares		(37,273,379	)		(25,280,797	)(b)		(28,869,864	)		(17,756,010	)(b)

Net increase from capital share transactions		134,811,476			93,037,953			127,013,365			75,848,011

Total increase in net assets		102,031,188			157,586,645			96,650,465			134,222,917

NET ASSETS at beginning of year		541,032,837			383,446,192			439,300,095			305,077,178

NET ASSETS at end of year	$	643,064,025		$	541,032,837		$	535,950,560		$	439,300,095

Accumulated net investment income (loss) included in net assets at end of year	$	—		$	—		$	(1	)	$	288

SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		1,399,554			2,405,905	(a)		1,176,523			2,226,363	(a)
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		827,475			228,767	(a)		797,045			210,739	(a)
Number of shares redeemed—Investor M Shares		(284,094	)		(30,933,961	)(a)		(165,939	)		(24,077,206	)(a)

Net increase (decrease) in shares outstanding-Investor M Shares		1,942,935			(28,299,289	)		1,807,629			(21,640,104	)

Number of shares sold—TM Shares		7,448,862			36,785,148	(b)		6,510,421			28,103,480	(b)
Number of shares issued through reinvestment of dividends and distributions—TM Shares		4,299,442			1,260,101	(b)		3,722,489			1,017,220	(b)
Number of shares redeemed—TM Shares		(2,885,818	)		(2,045,075	)(b)		(2,157,387	)		(1,409,427	)(b)

Net increase in shares outstanding—TM Shares		8,862,486			36,000,174			8,075,523			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

116

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Milestone Funds
	Milestone 2035						Milestone 2040
	For the Year Ended December 31, 2014			For the Year Ended December 31, 2013			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013
Increase (decrease) in net assets resulting from operations:
Net investment income	$	6,655,918		$	3,911,705		$	6,370,767		$	3,699,969
Net realized gain		45,797,145			14,473,416			48,978,273			17,513,662
Net change in unrealized appreciation (depreciation)		(34,344,832	)		37,330,071			(37,475,098	)		37,211,720

Net increase in net assets resulting from operations		18,108,231			55,715,192			17,873,942			58,425,351

Distributions to shareholders from:
Net investment income—Investor M Shares		(1,144,115	)		(673,540	)		(1,060,406	)		(590,736	)
Net investment income—TM Shares		(5,511,885	)		(3,237,669	)		(5,252,783	)		(3,051,767	)
Net realized gain—Investor M Shares		(6,266,123	)		(1,538,095	)		(6,467,907	)		(2,020,014	)
Net realized gain—TM Shares		(26,456,625	)		(6,422,227	)		(28,048,682	)		(8,994,803	)

Total distributions		(39,378,748	)		(11,871,531	)		(40,829,778	)		(14,657,320	)

Capital share transactions:
Proceeds from sale of shares—Investor M Shares		10,527,060			17,844,578	(a)		11,991,278			16,621,561	(a)
Proceeds from sale of shares—TM Shares		64,105,420			218,318,139	(b)		54,199,207			215,609,580	(b)
Reinvestment of distributions—Investor M Shares		7,410,238			2,211,635	(a)		7,528,313			2,610,752	(a)
Reinvestment of distributions—TM Shares		31,968,510			9,659,896	(b)		33,301,465			12,046,568	(b)
Value of shares redeemed—Investor M Shares		(1,439,661	)		(180,867,654	)(a)		(2,229,277	)		(179,518,922	)(a)
Value of shares redeemed—TM Shares		(22,918,332	)		(10,416,698	)(b)		(18,863,398	)		(13,731,164	)(b)

Net increase from capital share transactions		89,653,235			56,749,896			85,927,588			53,638,375

Total increase in net assets		68,382,718			100,593,557			62,971,752			97,406,406

NET ASSETS at beginning of year		303,242,164			202,648,607			294,782,756			197,376,350

NET ASSETS at end of year	$	371,624,882		$	303,242,164		$	357,754,508		$	294,782,756

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

SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		777,522			1,476,728	(a)		869,021			1,351,686	(a)
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		594,722			167,295	(a)		596,538			193,389	(a)
Number of shares redeemed—Investor M Shares		(105,486	)		(15,647,615	)(a)		(160,925	)		(15,234,060	)(a)

Net increase (decrease) in shares outstanding-Investor M Shares		1,266,758			(14,003,592	)		1,304,634			(13,688,985	)

Number of shares sold—TM Shares		4,735,052			18,583,828	(b)		3,913,831			17,981,957	(b)
Number of shares issued through reinvestment of dividends and distributions—TM Shares		2,565,691			730,703	(b)		2,636,696			892,338	(b)
Number of shares redeemed—TM Shares		(1,681,454	)		(813,574	)(b)		(1,355,985	)		(1,038,499	)(b)

Net increase in shares outstanding—TM Shares		5,619,289			18,500,957			5,194,542			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

117

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Milestone Funds
	Milestone 2045						Milestone 2050
	For the Year Ended December 31, 2014			For the Year Ended December 31, 2013			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013
Increase (decrease) in net assets resulting from operations:
Net investment income	$	2,393,517		$	1,136,581		$	726,653		$	235,827
Net realized gain		14,990,657			5,056,758			4,307,229			1,085,495
Net change in unrealized appreciation (depreciation)		(10,822,033	)		11,659,178			(3,291,903	)		1,709,130

Net increase in net assets resulting from operations		6,562,141			17,852,517			1,741,979			3,030,452

Distributions to shareholders from:
Net investment income—Investor M Shares		(522,165	)		(252,470	)		(167,840	)		(65,323	)
Net investment income—TM Shares		(1,871,443	)		(883,710	)		(558,782	)		(170,449	)
Net realized gain—Investor M Shares		(2,194,672	)		(1,004,404	)		(559,349	)		(92,986	)
Net realized gain—TM Shares		(6,917,009	)		(3,032,750	)		(1,645,280	)		(209,304	)

Total distributions		(11,505,289	)		(5,173,334	)		(2,931,251	)		(538,062	)

Capital share transactions:
Proceeds from sale of shares—Investor M Shares		8,215,181			11,376,091	(a)		4,290,403			5,197,749	(a)
Proceeds from sale of shares—TM Shares		35,879,629			67,433,261	(b)		23,294,633			15,741,828	(b)
Reinvestment of distributions—Investor M Shares		2,716,837			1,256,876	(a)		727,189			158,309	(a)
Reinvestment of distributions—TM Shares		8,788,452			3,916,458	(b)		2,204,062			379,753	(b)
Value of shares redeemed—Investor M Shares		(738,372	)		(47,604,661	)(a)		(480,379	)		(6,466,841	)(a)
Value of shares redeemed—TM Shares		(9,223,174	)		(4,685,630	)(b)		(7,233,559	)		(1,982,228	)(b)

Net increase from capital share transactions		45,638,553			31,692,395			22,802,349			13,028,570

Total increase in net assets		40,695,405			44,371,578			21,613,077			15,520,960

NET ASSETS at beginning of year		98,195,686			53,824,108			22,289,895			6,768,935

NET ASSETS at end of year	$	138,891,091		$	98,195,686		$	43,902,972		$	22,289,895

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

SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		551,549			857,877	(a)		328,072			458,283	(a)
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		193,232			86,562	(a)		58,036			12,426	(a)
Number of shares redeemed—Investor M Shares		(49,530	)		(3,753,550	)(a)		(36,959	)		(593,250	)(a)

Net increase (decrease) in shares outstanding-Investor M Shares		695,251			(2,809,111	)		349,149			(122,541	)

Number of shares sold—TM Shares		2,413,890			5,150,114	(b)		1,782,433			1,348,827	(b)
Number of shares issued through reinvestment of dividends and distributions—TM Shares		624,623			269,543	(b)		175,762			29,808	(b)
Number of shares redeemed—TM Shares		(620,985	)		(339,806	)(b)		(555,548	)		(166,800	)(b)

Net increase in shares outstanding—TM Shares		2,417,528			5,079,851			1,402,647			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

118

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Low Duration Bond Investor Shares
	For the Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, beginning of year	$	10.12		$	10.19		$	9.96		$	10.04		$	9.95
Income from investment operations:
Net investment income		0.10			0.13	^		0.16			0.19			0.25
Net realized and unrealized gain (loss)		(0.03	)		(0.06	)		0.23			(0.08	)		0.10

Total from investment operations		0.07			0.07			0.39			0.11			0.35

Less distributions:
Net investment income		(0.10	)		(0.11	)		(0.16	)		(0.19	)		(0.26	)
Realized gains		(0.03	)		(0.03	)		—			—			—

Total distributions		(0.13	)		(0.14	)		(0.16	)		(0.19	)		(0.26	)

Net Asset Value, end of year	$	10.06		$	10.12		$	10.19		$	9.96		$	10.04

Total return		0.68	%		0.75	%		3.97	%		1.14	%		3.58	%
Ratios to Average Net Assets:
Expenses		0.62	%		0.63	%		0.63	%		0.62	%		0.64	%
Net investment income		0.97	%		1.30	%		1.55	%		1.93	%		2.51	%
Supplemental Data:
Net assets, end of year (000)	$	61,116		$	47,700		$	592,262		$	524,463		$	537,709
Portfolio turnover		75	%		64	%		63	%		66	%		70	%


	Low Duration Bond T Shares
	For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	10.12		$	10.20
Income from investment operations:
Net investment income		0.12			0.12	^
Net realized and unrealized loss		(0.02	)		(0.06	)

Total from investment operations		0.10			0.06

Less distributions:
Net investment income		(0.12	)		(0.11	)
Realized gains		(0.03	)		(0.03	)

Total distributions		(0.15	)		(0.14	)

Net Asset Value, end of year	$	10.07		$	10.12

Total return		1.02	%		0.65	%††
Ratios to Average Net Assets:
Expenses		0.37	%		0.39	%†
Net investment income		1.22	%		1.43	%†
Supplemental Data:
Net assets, end of year (000)	$	736,776		$	554,556
Portfolio turnover		75	%		64	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

119

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Inflation Focused Investor Shares(1)
	For the Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, beginning of year	$	10.49		$	11.86		$	11.68		$	10.99		$	10.72
Income from investment operations:
Net investment income (loss)		0.12	^		(0.31	)^		0.17			0.34			0.19
Net realized and unrealized gain (loss)		0.15			(0.76	)		0.62			0.91			0.44

Total from investment operations		0.27			(1.07	)		0.79			1.25			0.63

Less distributions:
Net investment income		(0.16	)		(0.07	)		(0.17	)		(0.36	)		(0.19	)
Realized gains		(0.03	)		(0.23	)		(0.44	)		(0.20	)		(0.17	)

Total distributions		(0.19	)		(0.30	)		(0.61	)		(0.56	)		(0.36	)

Net Asset Value, end of year	$	10.57		$	10.49		$	11.86		$	11.68		$	10.99

Total return		2.51	%		(9.05	)%		6.84	%		11.53	%		5.95	%
Ratios to Average Net Assets:
Expenses		0.64	%		0.64	%		0.63	%		0.64	%		0.65	%
Net investment income (loss)		1.07	%		(2.67	)%		1.39	%		2.94	%		1.73	%
Supplemental Data:
Net assets, end of year (000)	$	24,895		$	28,441		$	669,336		$	584,191		$	492,002
Portfolio turnover		75	%		57	%		73	%		109	%		97	%


	Inflation Focused T Shares(1)
	For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	10.50		$	11.78
Income from investment operations:
Net investment income		0.14	^		0.14	^
Net realized and unrealized gain (loss)		0.15			(1.10	)

Total from investment operations		0.29			(0.96	)

Less distributions:
Net investment income		(0.18	)		(0.09	)
Realized gains		(0.03	)		(0.23	)

Total distributions		(0.21	)		(0.32	)

Net Asset Value, end of year	$	10.58		$	10.50

Total return		2.68	%		(8.19	)%††
Ratios to Average Net Assets:
Expenses		0.39	%		0.40	%†
Net investment income		1.32	%		1.46	%†
Supplemental Data:
Net assets, end of year (000)	$	499,767		$	554,377
Portfolio turnover		75	%		57	%††

(1)	Formerly Inflation Protected Securities Fund.

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

120

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	High Yield T Shares
	For the Period from May1, 2014* to December 31, 2014
Net Asset Value, beginning of year	$	10.00
Income from investment operations:
Net investment income		0.25
Net realized and unrealized loss		(0.51	)

Total from investment operations		(0.26	)

Less distributions:
Net investment income		(0.27	)
Realized gains		—

Total distributions		(0.27	)

Net Asset Value, end of year	$	9.47

Total return		(2.70	)%††
Ratios to Average Net Assets:
Expenses		0.92	%†
Net investment income		4.03	%†
Supplemental Data:
Net assets, end of year (000)	$	362,139
Portfolio turnover		76	%††

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

121

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Equity Income Investor Shares
	For the Year Ended December 31,
	2014				2013			2012			2011			2010
Net Asset Value, beginning of year	$	11.10			$	9.01		$	8.27		$	8.64		$	7.70
Income from investment operations:
Net investment income		0.17				0.16	^		0.15			0.12			0.08
Net realized and unrealized gain (loss)		0.74				2.63			1.03			(0.13	)		0.94

Total from investment operations		0.91				2.79			1.18			(0.01	)		1.02

Less distributions:
Net investment income		(0.18	)			(0.14	)		(0.16	)		(0.22	)		(0.08	)
Realized gains		(1.88	)			(0.56	)		(0.28	)		(0.14	)		—

Total distributions		(2.06	)			(0.70	)		(0.44	)		(0.36	)		(0.08	)

Net Asset Value, end of year	$	9.95			$	11.10		$	9.01		$	8.27		$	8.64

Total return		8.13	%			31.11	%		14.33	%		0.04	%		13.28	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.78	%	��		0.81	%		0.82	%		0.84	%		0.85	%
Expenses net of reimbursements/waivers, if any		0.78	%			0.81	%		0.82	%		0.83	%		0.85	%
Net Investment Income before reimbursements/waivers		1.44	%			1.69	%		1.64	%		1.32	%		1.19	%
Net Investment income net of reimbursements/waivers, if any		1.44	%			1.69	%		1.64	%		1.32	%		1.19	%
Supplemental Data:
Net assets, end of year (000)	$	54,955			$	60,614		$	2,020,305		$	1,817,557		$	1,867,505
Portfolio turnover		56	%			18	%		15	%		18	%		18	%


	Equity Income T Shares
	For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	11.10		$	9.62
Income from investment operations:
Net investment income		0.21			0.13	^
Net realized and unrealized gain		0.73			2.08

Total from investment operations		0.94			2.21

Less distributions:
Net investment income		(0.21	)		(0.17	)
Realized gains		(1.88	)		(0.56	)

Total distributions		(2.09	)		(0.73	)

Net Asset Value, end of year	$	9.95		$	11.10

Total return		8.43	%		23.03	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.53	%		0.57	%†
Expenses net of reimbursements/waivers, if any		0.53	%		0.57	%†
Net Investment Income before reimbursements/waivers		1.68	%		1.41	%†
Net Investment income net of reimbursements/waivers, if any		1.69	%		1.41	%†
Supplemental Data:
Net assets, end of year (000)	$	2,319,873		$	2,426,828
Portfolio turnover		56	%		18	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

122

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Growth & Income Investor Shares
	For the Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, beginning of year	$	13.22		$	10.71		$	9.49		$	9.67		$	8.49
Income from investment operations:
Net investment income		0.22			0.11	^		0.14			0.11			0.08
Net realized and unrealized gain (loss)		1.21			3.51			1.42			(0.18	)		1.18

Total from investment operations		1.43			3.62			1.56			(0.07	)		1.26

Less distributions:
Net investment income		(0.19	)		(0.13	)		(0.18	)		(0.11	)		(0.08	)
Realized gains		(1.73	)		(0.98	)		(0.16	)		—			—

Total distributions		(1.92	)		(1.11	)		(0.34	)		(0.11	)		(0.08	)

Net Asset Value, end of year	$	12.73		$	13.22		$	10.71		$	9.49		$	9.67

Total return		10.67	%		34.01	%		16.53	%		(0.69	)%		14.81	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.77	%		0.78	%		0.78	%		0.78	%		0.79	%
Expenses net of reimbursements/waivers, if any		0.77	%		0.78	%		0.78	%		0.78	%		0.79	%
Net Investment Income before reimbursements/waivers		1.23	%		0.93	%		1.32	%		1.12	%		0.91	%
Net Investment income net of reimbursements/waivers, if any		1.23	%		0.93	%		1.32	%		1.12	%		0.91	%
Supplemental Data:
Net assets, end of year (000)	$	37,003		$	39,944		$	1,305,504		$	1,162,482		$	1,228,122
Portfolio turnover		28	%		35	%		25	%		40	%		46	%


	Growth & Income T Shares
	For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	13.22		$	11.44
Income from investment operations:
Net investment income		0.21			0.13	^
Net realized and unrealized gain		1.26			2.79

Total from investment operations		1.47			2.92

Less distributions:
Net investment income		(0.23	)		(0.16	)
Realized gains		(1.73	)		(0.98	)

Total distributions		(1.96	)		(1.14	)

Net Asset Value, end of year	$	12.73		$	13.22

Total return		10.98	%		25.69	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.52	%		0.54	%†
Expenses net of reimbursements/waivers, if any		0.52	%		0.53	%†
Net Investment Income before reimbursements/waivers		1.47	%		1.18	%†
Net Investment income net of reimbursements/waivers, if any		1.48	%		1.18	%†
Supplemental Data:
Net assets, end of year (000)	$	1,685,352		$	1,696,122
Portfolio turnover		28	%		35	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

123

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Growth Investor Shares
	For the Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, beginning of year	$	12.70	**	$	9.53		$	8.36		$	8.78		$	7.70
Income from investment operations:
Net investment income		0.27			0.03	^		0.05			0.04			0.05
Net realized and unrealized gain (loss)		1.01			3.18			1.18			(0.42	)		1.09

Total from investment operations		1.28			3.21			1.23			(0.38	)		1.14

Less distributions:
Net investment income		(0.03	)		(0.04	)		(0.06	)		(0.04	)		(0.06	)
Realized gains		(0.39	)		—			—			—			—

Total distributions		(0.42	)		(0.04	)		(0.06	)		(0.04	)		(0.06	)

Net Asset Value, end of year	$	13.56		$	12.70	**	$	9.53		$	8.36		$	8.78

Total return		10.05	%		33.71	%**		14.67	%		(4.27	)%		14.76	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.78	%		0.77	%		0.78	%		0.83	%		0.86	%
Expenses net of reimbursements/waivers, if any		0.78	%		0.77	%		0.78	%		0.81	%		0.84	%
Net Investment Income before reimbursements/waivers		0.17	%		0.33	%		0.57	%		0.47	%		0.64	%
Net Investment income net of reimbursements/waivers, if any		0.17	%		0.33	%		0.57	%		0.49	%		0.66	%
Supplemental Data:
Net assets, end of year (000)	$	23,614		$	31,157		$	1,880,929		$	1,751,075		$	1,971,807
Portfolio turnover		47	%		53	%		87	%		70	%		117	%


	Growth T Shares
	For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	12.71		$	10.07
Income from investment operations:
Net investment income		0.06			0.06	^
Net realized and unrealized gain		1.25			2.64

Total from investment operations		1.31			2.70

Less distributions:
Net investment income		(0.08	)		(0.06	)
Realized gains		(0.39	)		—

Total distributions		(0.47	)		(0.06	)

Net Asset Value, end of year	$	13.55		$	12.71

Total return		10.24	%		26.87	%††
Ratios to Average Net Assets:
Expenses		0.53	%		0.53	%†
Net investment income		0.42	%		0.60	%†
Supplemental Data:
Net assets, end of year (000)	$	2,289,433		$	2,294,323
Portfolio turnover		47	%		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

124

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Select Value Investor Shares
	For the Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, beginning of year	$	12.86		$	10.95		$	9.73		$	9.84		$	8.25
Income from investment operations:
Net investment income		0.17			0.10	^		0.19			0.10			0.09
Net realized and unrealized gain (loss)		0.87			3.67			1.42			(0.12	)		1.59

Total from investment operations		1.04			3.77			1.61			(0.02	)		1.68

Less distributions:
Net investment income		(0.14	)		(0.13	)		(0.18	)		(0.09	)		(0.09	)
Realized gains		(1.90	)		(1.73	)		(0.21	)		—			—

Total distributions		(2.04	)		(1.86	)		(0.39	)		(0.09	)		(0.09	)

Net Asset Value, end of year	$	11.86		$	12.86		$	10.95		$	9.73		$	9.84

Total return		8.11	%		34.65	%		16.55	%		(0.16	)%		20.34	%
Ratios to Average Net Assets:
Expenses		0.97	%		0.98	%		0.99	%		0.99	%		1.00	%
Net investment income		1.06	%		0.84	%		1.73	%		0.96	%		1.01	%
Supplemental Data:
Net assets, end of year (000)	$	8,325		$	9,120		$	355,590		$	320,019		$	338,336
Portfolio turnover		66	%		77	%		51	%		60	%		68	%


	Select Value T Shares
	For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	12.87		$	12.00
Income from investment operations:
Net investment income		0.19			0.15	^
Net realized and unrealized gain		0.88			2.60

Total from investment operations		1.07			2.75

Less distributions:
Net investment income		(0.18	)		(0.15	)
Realized gains		(1.90	)		(1.73	)

Total distributions		(2.08	)		(1.88	)

Net Asset Value, end of year	$	11.86		$	12.87

Total return		8.32	%		23.15	%††
Ratios to Average Net Assets:
Expenses		0.72	%		0.73	%†
Net investment income		1.31	%		1.34	%†
Supplemental Data:
Net assets, end of year (000)	$	446,220		$	467,616
Portfolio turnover		66	%		77	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

125

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Aggressive Opportunities Investor Shares
	For the Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, beginning of year	$	12.85		$	10.20		$	9.26		$	11.34		$	9.52
Income from investment operations:
Net investment income		0.03	^		0.00	#^		0.07			0.03			0.01
Net realized and unrealized gain (loss)		0.63			3.90			1.35			(1.23	)		1.81

Total from investment operations		0.66			3.90			1.42			(1.20	)		1.82

Less distributions:
Net investment income		—			(0.04	)		(0.02	)		(0.04	)		—
Realized gains		(2.00	)		(1.21	)		(0.46	)		(0.84	)		—

Total distributions		(2.00	)		(1.25	)		(0.48	)		(0.88	)		—

Net Asset Value, end of year	$	11.51		$	12.85		$	10.20		$	9.26		$	11.34

Total return		5.13	%		38.53	%		15.44	%		(10.42	)%		19.12	%
Ratios to Average Net Assets:
Expenses		0.83	%		0.82	%		0.90	%		0.91	%		0.93	%
Net investment income		0.24	%		0.00	%**		0.61	%		0.21	%		0.05	%
Supplemental Data:
Net assets, end of year (000)	$	32,941		$	32,513		$	993,729		$	957,271		$	1,147,570
Portfolio turnover		49	%		51	%		94	%		53	%		96	%


	Aggressive Opportunities T Shares
	For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	12.85		$	11.04
Income from investment operations:
Net investment income		0.06	^		0.04	^
Net realized and unrealized gain		0.64			3.05

Total from investment operations		0.70			3.09

Less distributions:
Net investment income		(0.03	)		(0.07	)
Realized gains		(2.00	)		(1.21	)

Total distributions		(2.03	)		(1.28	)

Net Asset Value, end of year	$	11.52		$	12.85

Total return		5.44	%		28.23	%††
Ratios to Average Net Assets:
Expenses		0.58	%		0.59	%†
Net investment income		0.49	%		0.42	%†
Supplemental Data:
Net assets, end of year (000)	$	1,071,234		$	1,210,202
Portfolio turnover		49	%		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

126

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Discovery Investor Shares
	For the Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, beginning of year	$	10.86		$	9.48		$	8.74		$	9.42		$	7.54
Income from investment operations:
Net investment income		0.38			0.08	^		0.12			0.10			0.08
Net realized and unrealized gain (loss)		0.26			3.61			1.25			(0.68	)		1.89

Total from investment operations		0.64			3.69			1.37			(0.58	)		1.97

Less distributions:
Net investment income		(0.06	)		(0.09	)		(0.16	)		(0.10	)		(0.09	)
Realized gains		(1.40	)		(2.22	)		(0.47	)		—			—

Total distributions		(1.46	)		(2.31	)		(0.63	)		(0.10	)		(0.09	)

Net Asset Value, end of year	$	10.04		$	10.86		$	9.48		$	8.74		$	9.42

Total return		6.07	%		39.34	%		15.74	%		(6.15	)%		26.08	%
Ratios to Average Net Assets:
Expenses		0.95	%		0.97	%		0.97	%		0.95	%		0.98	%
Net investment income		0.65	%		0.79	%		1.25	%		1.05	%		0.97	%
Supplemental Data:
Net assets, end of year (000)	$	6,419		$	3,742		$	212,873		$	193,872		$	212,770
Portfolio turnover		100	%		77	%		81	%		86	%		73	%


	Discovery T Shares
	For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	10.86		$	10.27
Income from investment operations:
Net investment income		0.09			0.10	^
Net realized and unrealized gain		0.58			2.82

Total from investment operations		0.67			2.92

Less distributions:
Net investment income		(0.08	)		(0.11	)
Realized gains		(1.40	)		(2.22	)

Total distributions		(1.48	)		(2.33	)

Net Asset Value, end of year	$	10.05		$	10.86

Total return		6.37	%		28.84	%††
Ratios to Average Net Assets:
Expenses		0.70	%		0.71	%†
Net investment income		0.88	%		1.00	%†
Supplemental Data:
Net assets, end of year (000)	$	286,141		$	275,107
Portfolio turnover		100	%		77	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

127

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	International Investor Shares
	For the Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, beginning of year	$	11.08	**	$	9.63		$	8.32		$	9.34		$	8.85
Income from investment operations:
Net investment income		0.24	^		0.06	^		0.22			0.20			0.15
Net realized and unrealized gain (loss)		(0.54	)		1.61			1.32			(1.01	)		0.52

Total from investment operations		(0.30	)		1.67			1.54			(0.81	)		0.67

Less distributions:
Net investment income		(0.37	)		(0.22	)		(0.23	)		(0.21	)		(0.18	)
Realized gains		(0.05	)		—			—			—			—

Total distributions		(0.42	)		(0.22	)		(0.23	)		(0.21	)		(0.18	)

Net Asset Value, end of year	$	10.36		$	11.08	**	$	9.63		$	8.32		$	9.34

Total return		(2.76	)%		17.43	%**		18.57	%		(8.57	)%		7.61	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.98	%		0.97	%		0.98	%		0.97	%		0.98	%
Expenses net of reimbursements/waivers, if any		0.97	%		0.97	%		0.98	%		0.95	%		0.98	%
Net Investment Income before reimbursements/waivers		2.15	%		0.61	%		2.32	%		2.25	%		1.95	%
Net Investment income net of reimbursements/waivers, if any		2.15	%		0.61	%		2.32	%		2.26	%		1.95	%
Supplemental Data:
Net assets, end of year (000)	$	25,061		$	16,440		$	1,305,510		$	1,139,964		$	1,218,763
Portfolio turnover		34	%		51	%		49	%		50	%		53	%


	International T Shares
	For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	11.09		$	9.85
Income from investment operations:
Net investment income		0.28	^		0.21	^
Net realized and unrealized gain (loss)		(0.57	)		1.28

Total from investment operations		(0.29	)		1.49

Less distributions:
Net investment income		(0.39	)		(0.25	)
Realized gains		(0.05	)		—

Total distributions		(0.44	)		(0.25	)

Net Asset Value, end of year	$	10.36		$	11.09

Total return		(2.68	)%		15.14	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.73	%		0.75	%†
Expenses net of reimbursements/waivers, if any		0.72	%		0.75	%†
Net Investment Income before reimbursements/waivers		2.53	%		2.38	%†
Net Investment income net of reimbursements/waivers, if any		2.54	%		2.38	%†
Supplemental Data:
Net assets, end of year (000)	$	1,493,171		$	1,418,996
Portfolio turnover		34	%		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

††	Not annualized

See Notes to Financial Statements

128

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Diversifying Strategies T Shares(1)
	For the Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, beginning of year	$	10.43		$	10.16		$	10.01		$	10.16		$	9.85
Income from investment operations:
Net investment income		0.14			0.12	^		0.12			0.10			0.06
Net realized and unrealized gain (loss)		0.25			0.47			0.23			(0.09	)		0.44

Total from investment operations		0.39			0.59			0.35			0.01			0.50

Less distributions:
Net investment income		(0.23	)		(0.19	)		(0.17	)		(0.02	)		(0.19	)
Realized gains		(0.46	)		(0.13	)		(0.03	)		(0.14	)		—

Total distributions		(0.69	)		(0.32	)		(0.20	)		(0.16	)		(0.19	)

Net Asset Value, end of year	$	10.13		$	10.43		$	10.16		$	10.01		$	10.16

Total return		3.75	%		5.81	%		3.53	%		0.10	%		5.04	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.52	%		0.66	%		0.89	%		0.91	%		0.91	%
Expenses net of reimbursements/waivers, if any		0.50	%		0.59	%		0.80	%		0.85	%		0.91	%
Net Investment Income before reimbursements/waivers		1.22	%		1.13	%		1.04	%		0.93	%		1.06	%
Net Investment income net of reimbursements/waivers, if any		1.24	%		1.19	%		1.12	%		1.00	%		1.06	%
Supplemental Data:
Net assets, end of year (000)	$	1,096,683		$	1,093,589		$	964,774		$	849,777		$	870,591
Portfolio turnover		103	%		70	%		71	%		73	%		63	%

(1)	Formerly Diversified Assets Fund.

^	Calculated based upon average shares outstanding.

See Notes to Financial Statements

129

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Core Bond Index Class I
	For the Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, beginning of year	$	10.00		$	10.54		$	10.47		$	10.10		$	9.89
Income from investment operations:
Net investment income		0.21			0.23	^		0.25			0.31			0.34
Net realized and unrealized gain (loss)		0.35			(0.50	)		0.14			0.42			0.26

Total from investment operations		0.56			(0.27	)		0.39			0.73			0.60

Less distributions:
Net investment income		(0.25	)		(0.27	)		(0.32	)		(0.36	)		(0.39	)
Realized gains		—			—			—			—			—

Total distributions		(0.25	)		(0.27	)		(0.32	)		(0.36	)		(0.39	)

Net Asset Value, end of year	$	10.31		$	10.00		$	10.54		$	10.47		$	10.10

Total return		5.65	%		(2.62	)%		3.80	%		7.41	%		6.13	%
Ratios to Average Net Assets:
Expenses		0.41	%		0.40	%		0.41	%		0.41	%		0.42	%
Net investment income		1.98	%		2.23	%		2.38	%		3.00	%		3.31	%
Supplemental Data:
Net assets, end of year (000)	$	23,155		$	22,055		$	905,486		$	813,431		$	824,963
Portfolio turnover		160	%		120	%		64	%		57	%		85	%


	Core Bond Index Class II
	For the Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, beginning of year	$	10.06		$	10.60		$	10.53		$	10.16		$	9.94
Income from investment operations:
Net investment income		0.29			0.25	^		0.27			0.33			0.36
Net realized and unrealized gain (loss)		0.29			(0.50	)		0.14			0.43			0.27

Total from investment operations		0.58			(0.25	)		0.41			0.76			0.63

Less distributions:
Net investment income		(0.27	)		(0.29	)		(0.34	)		(0.39	)		(0.41	)
Realized gains		—			—			—			—			—

Total distributions		(0.27	)		(0.29	)		(0.34	)		(0.39	)		(0.41	)

Net Asset Value, end of year	$	10.37		$	10.06		$	10.60		$	10.53		$	10.16

Total return		5.81	%		(2.38	)%		3.98	%		7.57	%		6.41	%
Ratios to Average Net Assets:
Expenses		0.21	%		0.20	%		0.21	%		0.21	%		0.22	%
Net investment income		2.18	%		2.40	%		2.59	%		3.15	%		3.51	%
Supplemental Data:
Net assets, end of year (000)	$	12,631		$	26,490		$	337,639		$	320,809		$	282,359
Portfolio turnover		160	%		120	%		64	%		57	%		85	%

^	Calculated based upon average shares outstanding.

See Notes to Financial Statements

130

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Core Bond Index T Shares
	For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	10.00		$	10.46
Income from investment operations:
Net investment income		0.23			0.19	^
Net realized and unrealized gain (loss)		0.35			(0.40	)

Total from investment operations		0.58			(0.21	)

Less distributions:
Net investment income		(0.28	)		(0.25	)
Realized gains		—			—

Total distributions		(0.28	)		(0.25	)

Net Asset Value, end of year	$	10.30		$	10.00

Total return		5.82	%		(2.06	)%††
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		2.18	%		2.17	%†
Net Investment income net of reimbursements/waivers, if any		2.23	%		2.22	%†
Supplemental Data:
Net assets, end of year (000)	$	1,649,023		$	1,231,000
Portfolio turnover		160	%		120	%††

*	Commencement of operations

^	Calculated based upon average shares outstanding.

†	Annualized

††	Not annualized

See Notes to Financial Statements

131

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	500 Stock Index Class I
	For the Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, beginning of year	$	14.66		$	11.32		$	9.96		$	9.95		$	8.81
Income from investment operations:
Net investment income		0.25	^		0.23	^		0.20			0.17			0.15
Net realized and unrealized gain		1.70			3.36			1.36			0.00	#		1.13

Total from investment operations		1.95			3.59			1.56			0.17			1.28

Less distributions:
Net investment income		(0.23	)		(0.21	)		(0.20	)		(0.16	)		(0.14	)
Realized gains		(0.30	)		(0.04	)		—			—			—

Total distributions		(0.53	)		(0.25	)		(0.20	)		(0.16	)		(0.14	)

Net Asset Value, end of year	$	16.08		$	14.66		$	11.32		$	9.96		$	9.95

Total return		13.27	%		31.78	%		15.62	%		1.72	%		14.56	%
Ratios to Average Net Assets:
Expenses		0.40	%		0.41	%		0.42	%		0.42	%		0.43	%
Net investment income		1.64	%		1.78	%		1.89	%		1.65	%		1.63	%
Supplemental Data:
Net assets, end of year (000)	$	47,690		$	31,916		$	111,410		$	94,197		$	102,642
Portfolio turnover		6	%		8	%		3	%		3	%		3	%


	500 Stock Index Class II
	For the Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, beginning of year	$	13.80	**	$	10.65	***	$	9.39		$	9.39		$	8.32
Income from investment operations:
Net investment income		0.28	^		0.24	^		0.22			0.18			0.16
Net realized and unrealized gain		1.57			3.19			1.26			0.00	#		1.07

Total from investment operations		1.85			3.43			1.48			0.18			1.23

Less distributions:
Net investment income		(0.26	)		(0.24	)		(0.22	)		(0.18	)		(0.16	)
Realized gains		(0.30	)		(0.04	)		—			—			—

Total distributions		(0.56	)		(0.28	)		(0.22	)		(0.18	)		(0.16	)

Net Asset Value, end of year	$	15.09		$	13.80	**	$	10.65	***	$	9.39		$	9.39

Total return		13.42	%		32.23	%**		15.74	%***		1.97	%		14.78	%
Ratios to Average Net Assets:
Expenses		0.20	%		0.21	%		0.22	%		0.22	%		0.23	%
Net investment income		1.86	%		2.12	%		2.09	%		1.86	%		1.84	%
Supplemental Data:
Net assets, end of year (000)	$	20,026		$	2,271		$	341,571		$	287,072		$	281,443
Portfolio turnover		6	%		8	%		3	%		3	%		3	%

^	Calculated based upon average shares outstanding.

#	Rounds to less than $0.01

**	Financial reporting includes trade date activity as of December 31, 2013. The inclusion of this activity caused the Fund’s NAV to round up to $13.80 (the adjusted price) from $13.79 (the stated price for December 31, 2013, prior to the inclusion of that day’s activity).

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

See Notes to Financial Statements

132

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	500 Stock Index T Shares
	For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	14.67		$	12.06
Income from investment operations:
Net investment income		0.29	^		0.22	^
Net realized and unrealized gain		1.69			2.67

Total from investment operations		1.98			2.89

Less distributions:
Net investment income		(0.26	)		(0.24	)
Realized gains		(0.30	)		(0.04	)

Total distributions		(0.56	)		(0.28	)

Net Asset Value, end of year	$	16.09		$	14.67

Total return		13.48	%		23.99	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.20	%		0.21	%†
Expenses net of reimbursements/waivers, if any		0.15	%		0.16	%†
Net Investment Income before reimbursements/waivers		1.83	%		1.86	%†
Net Investment income net of reimbursements/waivers, if any		1.88	%		1.91	%†
Supplemental Data:
Net assets, end of year (000)	$	778,364		$	627,600
Portfolio turnover		6	%		8	%††

*	Commencement of operations

^	Calculated based upon average shares outstanding.

†	Annualized

††	Not annualized

See Notes to Financial Statements

133

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Broad Market Index Class I
	For the Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, beginning of year	$	15.84		$	12.23		$	10.85		$	10.92		$	9.47
Income from investment operations:
Net investment income		0.26	^		0.23	^		0.24			0.20			0.16
Net realized and unrealized gain (loss)		1.67			3.80			1.45			(0.11	)		1.43

Total from investment operations		1.93			4.03			1.69			0.09			1.59

Less distributions:
Net investment income		(0.25	)		(0.21	)		(0.21	)		(0.16	)		(0.14	)
Realized gains		(0.21	)		(0.21	)		(0.10	)		—			—

Total distributions		(0.46	)		(0.42	)		(0.31	)		(0.16	)		(0.14	)

Net Asset Value, end of year	$	17.31		$	15.84		$	12.23		$	10.85		$	10.92

Total return		12.17	%		33.04	%		15.64	%		0.85	%		16.84	%
Ratios to Average Net Assets:
Expenses		0.40	%		0.40	%		0.42	%		0.41	%		0.42	%
Net investment income		1.57	%		1.68	%		1.89	%		1.56	%		1.55	%
Supplemental Data:
Net assets, end of year (000)	$	44,988		$	36,076		$	126,835		$	114,674		$	131,673
Portfolio turnover		3	%		9	%		3	%		1	%		6	%


	Broad Market Index Class II
	For the Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, beginning of year	$	14.82		$	11.46		$	10.19		$	10.27		$	8.91
Income from investment operations:
Net investment income		0.27	^		0.24	^		0.24			0.19			0.16
Net realized and unrealized gain (loss)		1.57			3.57			1.37			(0.09	)		1.36

Total from investment operations		1.84			3.81			1.61			0.10			1.52

Less distributions:
Net investment income		(0.28	)		(0.24	)		(0.24	)		(0.18	)		(0.16	)
Realized gains		(0.21	)		(0.21	)		(0.10	)		—			—

Total distributions		(0.49	)		(0.45	)		(0.34	)		(0.18	)		(0.16	)

Net Asset Value, end of year	$	16.17		$	14.82		$	11.46		$	10.19		$	10.27

Total return		12.38	%		33.36	%		15.82	%		1.07	%		17.12	%
Ratios to Average Net Assets:
Expenses		0.20	%		0.20	%		0.22	%		0.21	%		0.22	%
Net investment income		1.76	%		1.97	%		2.09	%		1.77	%		1.75	%
Supplemental Data:
Net assets, end of year (000)	$	12,767		$	15,887		$	427,467		$	389,031		$	406,029
Portfolio turnover		3	%		9	%		3	%		1	%		6	%

^	Calculated based upon average shares outstanding.

See Notes to Financial Statements

134

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Broad Market Index T Shares
	For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	15.85	**	$	13.05
Income from investment operations:
Net investment income		0.30	^		0.23	^
Net realized and unrealized gain		1.67			3.02

Total from investment operations		1.97			3.25

Less distributions:
Net investment income		(0.29	)		(0.24	)
Realized gains		(0.21	)		(0.21	)

Total distributions		(0.50	)		(0.45	)

Net Asset Value, end of year	$	17.32		$	15.85	**

Total return		12.41	%		25.01	%**††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.20	%		0.21	%†
Expenses net of reimbursements/waivers, if any		0.15	%		0.16	%†
Net Investment Income before reimbursements/waivers		1.77	%		1.81	%†
Net Investment income net of reimbursements/waivers, if any		1.82	%		1.86	%†
Supplemental Data:
Net assets, end of year (000)	$	826,610		$	728,118
Portfolio turnover		3	%		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

135

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Mid/Small Company Index Class I
	For the Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, beginning of year	$	19.75		$	15.67		$	14.02		$	15.39		$	12.35
Income from investment operations:
Net investment income		0.28	^		0.19	^		0.28			0.16			0.13
Net realized and unrealized gain (loss)		1.06			5.60			2.21			(0.78	)		3.31

Total from investment operations		1.34			5.79			2.49			(0.62	)		3.44

Less distributions:
Net investment income		(0.26	)		(0.22	)		(0.26	)		(0.15	)		(0.12	)
Realized gains		(0.92	)		(1.49	)		(0.58	)		(0.60	)		(0.28	)

Total distributions		(1.18	)		(1.71	)		(0.84	)		(0.75	)		(0.40	)

Net Asset Value, end of year	$	19.91		$	19.75		$	15.67		$	14.02		$	15.39

Total return		6.80	%		37.19	%		17.89	%		(3.91	)%		27.93	%
Ratios to Average Net Assets:
Expenses		0.40	%		0.41	%		0.43	%		0.43	%		0.45	%
Net investment income		1.37	%		1.10	%		1.87	%		1.11	%		1.16	%
Supplemental Data:
Net assets, end of year (000)	$	31,273		$	28,367		$	297,378		$	247,732		$	243,794
Portfolio turnover		15	%		37	%		14	%		15	%		14	%


	Mid/Small Company Index Class II
	For the Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, beginning of year	$	18.53		$	14.78		$	13.26		$	14.60		$	11.73
Income from investment operations:
Net investment income		0.31	^		0.20	^		0.30			0.19			0.15
Net realized and unrealized gain (loss)		0.99			5.30			2.09			(0.76	)		3.14

Total from investment operations		1.30			5.50			2.39			(0.57	)		3.29

Less distributions:
Net investment income		(0.31	)		(0.26	)		(0.29	)		(0.17	)		(0.14	)
Realized gains		(0.92	)		(1.49	)		(0.58	)		(0.60	)		(0.28	)

Total distributions		(1.23	)		(1.75	)		(0.87	)		(0.77	)		(0.42	)

Net Asset Value, end of year	$	18.60	*	$	18.53		$	14.78		$	13.26		$	14.60

Total return		7.05	%*		37.42	%		18.17	%		(3.70	)%		28.15	%
Ratios to Average Net Assets:
Expenses		0.20	%		0.21	%		0.23	%		0.23	%		0.25	%
Net investment income		1.65	%		1.23	%		2.07	%		1.30	%		1.35	%
Supplemental Data:
Net assets, end of year (000)	$	14,596		$	5,541		$	194,775		$	160,710		$	161,178
Portfolio turnover		15	%		37	%		14	%		15	%		14	%

^	Calculated based upon average shares outstanding.

*	Financial reporting includes trade date activity as of December 31, 2014. The inclusion of this activity caused the Fund’s

NAV to round up to $18.60 (the adjusted price) from $18.59 (the stated price for December 31, 2014, prior to the inclusion of that day’s activity).

See Notes to Financial Statements

136

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Mid/Small Company Index T Shares
	For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	19.76		$	16.91
Income from investment operations:
Net investment income		0.33	^		0.26	^
Net realized and unrealized gain		1.06			4.34

Total from investment operations		1.39			4.60

Less distributions:
Net investment income		(0.31	)		(0.26	)
Realized gains		(0.92	)		(1.49	)

Total distributions		(1.23	)		(1.75	)

Net Asset Value, end of year	$	19.92		$	19.76

Total return		7.05	%		27.41	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.20	%		0.22	%†
Expenses net of reimbursements/waivers, if any		0.15	%		0.17	%†
Net Investment Income before reimbursements/waivers		1.56	%		1.59	%†
Net Investment income net of reimbursements/waivers, if any		1.61	%		1.64	%†
Supplemental Data:
Net assets, end of year (000)	$	698,244		$	686,939
Portfolio turnover		15	%		37	%††

*	Commencement of operations

^	Calculated based upon average shares outstanding.

†	Annualized

††	Not annualized

See Notes to Financial Statements

137

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Overseas Equity Index Class I
	For the Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, beginning of year	$	12.59		$	10.61		$	9.19		$	10.82		$	10.30
Income from investment operations:
Net investment income		0.35			0.22	^		0.29			0.33			0.23
Net realized and unrealized gain (loss)		(1.09	)		2.04			1.41			(1.68	)		0.52

Total from investment operations		(0.74	)		2.26			1.70			(1.35	)		0.75

Less distributions:
Net investment income		(0.36	)		(0.28	)		(0.28	)		(0.28	)		(0.23	)
Realized gains		—			—			—			—			—

Total distributions		(0.36	)		(0.28	)		(0.28	)		(0.28	)		(0.23	)

Net Asset Value, end of year	$	11.49		$	12.59		$	10.61		$	9.19		$	10.82

Total return		(5.88	)%		21.35	%		18.51	%		(12.42	)%		7.37	%
Ratios to Average Net Assets:
Expenses		0.51	%		0.54	%		0.55	%		0.54	%		0.56	%
Net investment income		3.08	%		1.91	%		2.92	%		2.93	%		2.27	%
Supplemental Data:
Net assets, end of year (000)	$	11,318		$	11,103		$	55,335		$	44,911		$	57,649
Portfolio turnover		8	%		11	%		6	%		2	%		2	%


	Overseas Equity Index Class II
	For the Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, beginning of year	$	11.75		$	9.91		$	8.60		$	10.16		$	9.69
Income from investment operations:
Net investment income		0.55			0.15	^		0.29			0.31			0.23
Net realized and unrealized gain (loss)		(1.22	)		1.99			1.32			(1.57	)		0.50

Total from investment operations		(0.67	)		2.14			1.61			(1.26	)		0.73

Less distributions:
Net investment income		(0.39	)		(0.30	)		(0.30	)		(0.30	)		(0.26	)
Realized gains		—			—			—			—			—

Total distributions		(0.39	)		(0.30	)		(0.30	)		(0.30	)		(0.26	)

Net Asset Value, end of year	$	10.69		$	11.75		$	9.91		$	8.60		$	10.16

Total return		(5.75	)%		21.68	%		18.74	%		(12.28	)%		7.54	%
Ratios to Average Net Assets:
Expenses		0.31	%		0.34	%		0.35	%		0.34	%		0.36	%
Net investment income		3.34	%		1.49	%		3.10	%		3.11	%		2.45	%
Supplemental Data:
Net assets, end of year (000)	$	3,264		$	3,327		$	173,354		$	132,873		$	149,208
Portfolio turnover		8	%		11	%		6	%		2	%		2	%

^	Calculated based upon average shares outstanding.

See Notes to Financial Statements

138

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Overseas Equity Index T Shares
	For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	12.60		$	10.91
Income from investment operations:
Net investment income		0.41			0.28	^
Net realized and unrealized gain (loss)		(1.13	)		1.71

Total from investment operations		(0.72	)		1.99

Less distributions:
Net investment income		(0.39	)		(0.30	)
Realized gains		—			—

Total distributions		(0.39	)		(0.30	)

Net Asset Value, end of year	$	11.49		$	12.60

Total return		(5.72	)%		18.34	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.31	%		0.35	%†
Expenses net of reimbursements/waivers, if any		0.26	%		0.30	%†
Net Investment Income before reimbursements/waivers		3.30	%		2.78	%†
Net Investment income net of reimbursements/waivers, if any		3.35	%		2.83	%†
Supplemental Data:
Net assets, end of year (000)	$	284,466		$	282,482
Portfolio turnover		8	%		11	%††

*	Commencement of operations

^	Calculated based upon average shares outstanding.

†	Annualized

††	Not annualized

See Notes to Financial Statements

139

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Model Portfolio Conservative Growth Investor M Shares
	For the Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, beginning of year	$	26.81		$	24.89		$	23.46		$	23.62		$	22.13
Income from investment operations:
Net investment income		0.48			0.22	^		0.46			0.43			0.40
Net realized and unrealized gain (loss)		0.37			2.52			1.62			(0.16	)		1.50

Total from investment operations		0.85			2.74			2.08			0.27			1.90

Less distributions:
Net investment income		(0.42	)		(0.34	)		(0.51	)		(0.43	)		(0.41	)
Realized gains		(2.25	)		(0.48	)		(0.14	)		—			—

Total distributions		(2.67	)		(0.82	)		(0.65	)		(0.43	)		(0.41	)

Net Asset Value, end of year	$	24.99		$	26.81		$	24.89		$	23.46		$	23.62

Total return		3.15	%		11.03	%		8.88	%		1.15	%		8.60	%
Ratios to Average Net Assets:
Expenses		0.38	%		0.24	%		0.13	%		0.12	%		0.13	%
Net investment income		1.50	%		0.86	%		1.66	%		1.67	%		1.80	%
Supplemental Data:
Net assets, end of year (000)	$	111,406		$	102,862		$	607,812		$	556,164		$	586,912
Portfolio turnover		32	%		11	%		7	%		14	%		23	%


	Model Portfolio Conservative Growth TM Shares
	For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	26.81		$	25.52
Income from investment operations:
Net investment income		0.57			0.35	^
Net realized and unrealized gain		0.35			1.82

Total from investment operations		0.92			2.17

Less distributions:
Net investment income		(0.48	)		(0.40	)
Realized gains		(2.25	)		(0.48	)

Total distributions		(2.73	)		(0.88	)

Net Asset Value, end of year	$	25.00		$	26.81

Total return		3.43	%		8.50	%††
Ratios to Average Net Assets:
Expenses		0.13	%		0.13	%†
Net investment income		1.70	%		1.59	%†
Supplemental Data:
Net assets, end of year (000)	$	560,313		$	558,569
Portfolio turnover		32	%		11	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

140

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Model Portfolio Traditional Growth Investor M Shares
	For the Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, beginning of year	$	26.38		$	23.25		$	21.52		$	22.17		$	20.28
Income from investment operations:
Net investment income		0.55			0.16	^		0.42			0.38			0.33
Net realized and unrealized gain (loss)		0.64			3.96			1.99			(0.50	)		1.89

Total from investment operations		1.19			4.12			2.41			(0.12	)		2.22

Less distributions:
Net investment income		(0.43	)		(0.32	)		(0.42	)		(0.48	)		(0.33	)
Realized gains		(1.69	)		(0.67	)		(0.26	)		(0.05	)		—

Total distributions		(2.12	)		(0.99	)		(0.68	)		(0.53	)		(0.33	)

Net Asset Value, end of year	$	25.45		$	26.38		$	23.25		$	21.52		$	22.17

Total return		4.51	%		17.74	%		11.20	%		(0.56	)%		10.95	%
Ratios to Average Net Assets:
Expenses		0.36	%		0.18	%		0.11	%		0.11	%		0.12	%
Net investment income		1.61	%		0.64	%		1.66	%		1.52	%		1.57	%
Supplemental Data:
Net assets, end of year (000)	$	139,645		$	124,346		$	1,493,678		$	1,366,108		$	1,495,757
Portfolio turnover		18	%		9	%		7	%		13	%		15	%


	Model Portfolio Traditional Growth TM Shares
	For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	26.38		$	24.12
Income from investment operations:
Net investment income		0.65			0.35	^
Net realized and unrealized gain		0.62			2.96

Total from investment operations		1.27			3.31

Less distributions:
Net investment income		(0.50	)		(0.38	)
Realized gains		(1.69	)		(0.67	)

Total distributions		(2.19	)		(1.05	)

Net Asset Value, end of year	$	25.46		$	26.38

Total return		4.80	%		13.71	%††
Ratios to Average Net Assets:
Expenses		0.11	%		0.12	%†
Net investment income		1.79	%		1.64	%†
Supplemental Data:
Net assets, end of year (000)	$	1,578,060		$	1,565,740
Portfolio turnover		18	%		9	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

141

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Model Portfolio Long-Term Growth Investor M Shares
	For the Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, beginning of year	$	26.06		$	22.20		$	20.32		$	21.41		$	19.30
Income from investment operations:
Net investment income		0.60			0.11	^		0.38			0.35			0.27
Net realized and unrealized gain (loss)		0.80			4.90			2.24			(0.77	)		2.15

Total from investment operations		1.40			5.01			2.62			(0.42	)		2.42

Less distributions:
Net investment income		(0.43	)		(0.32	)		(0.38	)		(0.40	)		(0.31	)
Realized gains		(1.75	)		(0.83	)		(0.36	)		(0.27	)		—

Total distributions		(2.18	)		(1.15	)		(0.74	)		(0.67	)		(0.31	)

Net Asset Value, end of year	$	25.28		$	26.06		$	22.20		$	20.32		$	21.41

Total return		5.39	%		22.55	%		12.93	%		(1.98	)%		12.54	%
Ratios to Average Net Assets:
Expenses		0.36	%		0.16	%		0.11	%		0.11	%		0.12	%
Net investment income		1.63	%		0.48	%		1.65	%		1.42	%		1.40	%
Supplemental Data:
Net assets, end of year (000)	$	121,562		$	108,362		$	1,896,812		$	1,712,228		$	1,848,430
Portfolio turnover		15	%		10	%		7	%		11	%		10	%


	Model Portfolio Long-Term Growth TM Shares
	For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	26.07		$	23.25
Income from investment operations:
Net investment income		0.71			0.35	^
Net realized and unrealized gain		0.76			3.67

Total from investment operations		1.47			4.02

Less distributions:
Net investment income		(0.50	)		(0.37	)
Realized gains		(1.75	)		(0.83	)

Total distributions		(2.25	)		(1.20	)

Net Asset Value, end of year	$	25.29		$	26.07

Total return		5.64	%		17.28	%††
Ratios to Average Net Assets:
Expenses		0.11	%		0.11	%†
Net investment income		1.81	%		1.67	%†
Supplemental Data:
Net assets, end of year (000)	$	2,129,793		$	2,103,778
Portfolio turnover		15	%		10	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

142

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Model Portfolio All-Equity Growth Investor M Shares
	For the Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, beginning of year	$	26.85		$	21.34		$	18.69		$	19.81		$	17.38
Income from investment operations:
Net investment income		0.41			0.05	^		0.32			0.28			0.16
Net realized and unrealized gain (loss)		1.20			6.43			2.67			(1.12	)		2.43

Total from investment operations		1.61			6.48			2.99			(0.84	)		2.59

Less distributions:
Net investment income		(0.40	)		(0.33	)		(0.22	)		(0.28	)		(0.16	)
Realized gains		(2.08	)		(0.64	)		(0.12	)		—			—

Total distributions		(2.48	)		(0.97	)		(0.34	)		(0.28	)		(0.16	)

Net Asset Value, end of year	$	25.98		$	26.85		$	21.34		$	18.69		$	19.81

Total return		5.98	%		30.36	%		16.00	%		(4.23	)%		14.93	%
Ratios to Average Net Assets:
Expenses		0.37	%		0.17	%		0.12	%		0.12	%		0.13	%
Net investment income		1.32	%		0.20	%		1.37	%		1.24	%		0.95	%
Supplemental Data:
Net assets, end of year (000)	$	53,715		$	49,174		$	709,330		$	649,826		$	715,090
Portfolio turnover		13	%		8	%		9	%		9	%		6	%


	Model Portfolio All-Equity Growth TM Shares
	For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	26.86		$	22.67
Income from investment operations:
Net investment income		0.73			0.30	^
Net realized and unrealized gain		0.94			4.91

Total from investment operations		1.67			5.21

Less distributions:
Net investment income		(0.46	)		(0.38	)
Realized gains		(2.08	)		(0.64	)

Total distributions		(2.54	)		(1.02	)

Net Asset Value, end of year	$	25.99		$	26.86

Total return		6.23	%		22.98	%††
Ratios to Average Net Assets:
Expenses		0.12	%		0.12	%†
Net investment income		1.53	%		1.45	%†
Supplemental Data:
Net assets, end of year (000)	$	902,913		$	876,894
Portfolio turnover		13	%		8	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

143

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Milestone Retirement Income Investor M Shares
	For the Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, beginning of year	$	10.90		$	10.58		$	10.18		$	10.33		$	9.81
Income from investment operations:
Net investment income		0.19			0.11	^		0.20			0.20			0.12
Net realized and unrealized gain		0.19			0.54			0.53			0.05			0.56

Total from investment operations		0.38			0.65			0.73			0.25			0.68

Less distributions:
Net investment income		(0.17	)		(0.13	)		(0.20	)		(0.20	)		(0.15	)
Realized gains		(0.49	)		(0.20	)		(0.13	)		(0.20	)		(0.01	)

Total distributions		(0.66	)		(0.33	)		(0.33	)		(0.40	)		(0.16	)

Net Asset Value, end of year	$	10.62		$	10.90		$	10.58		$	10.18		$	10.33

Total return		3.50	%		6.14	%		7.18	%		2.37	%		6.93	%
Ratios to Average Net Assets:
Expenses		0.39	%		0.30	%		0.14	%		0.15	%		0.18	%
Net investment income		1.48	%		1.04	%		1.66	%		1.79	%		2.49	%
Supplemental Data:
Net assets, end of year (000)	$	87,999		$	86,048		$	238,158		$	220,063		$	215,961
Portfolio turnover		37	%		10	%		8	%		19	%		25	%


	Milestone Retirement Income TM Shares
	For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	10.91		$	10.75
Income from investment operations:
Net investment income		0.22			0.14	^
Net realized and unrealized gain		0.18			0.37

Total from investment operations		0.40			0.51

Less distributions:
Net investment income		(0.20	)		(0.15	)
Realized gains		(0.49	)		(0.20	)

Total distributions		(0.69	)		(0.35	)

Net Asset Value, end of year	$	10.62		$	10.91

Total return		3.66	%		4.76	%††
Ratios to Average Net Assets:
Expenses		0.14	%		0.14	%†
Net investment income		1.73	%		1.56	%†
Supplemental Data:
Net assets, end of year (000)	$	244,595		$	237,584
Portfolio turnover		37	%		10	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

144

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Milestone 2010 Investor M Shares
	For the Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, beginning of year	$	11.33		$	10.65		$	10.10		$	10.24		$	9.56
Income from investment operations:
Net investment income		0.21			0.10	^		0.20			0.19			0.10
Net realized and unrealized gain (loss)		0.24			1.08			0.76			(0.04	)		0.71

Total from investment operations		0.45			1.18			0.96			0.15			0.81

Less distributions:
Net investment income		(0.18	)		(0.13	)		(0.20	)		(0.21	)		(0.13	)
Realized gains		(0.87	)		(0.37	)		(0.21	)		(0.08	)		—

Total distributions		(1.05	)		(0.50	)		(0.41	)		(0.29	)		(0.13	)

Net Asset Value, end of year	$	10.73		$	11.33		$	10.65		$	10.10		$	10.24

Total return		3.94	%		11.12	%		9.53	%		1.41	%		8.51	%
Ratios to Average Net Assets:
Expenses		0.39	%		0.29	%		0.14	%		0.15	%		0.18	%
Net investment income		1.48	%		0.88	%		1.58	%		1.75	%		2.11	%
Supplemental Data:
Net assets, end of year (000)	$	72,333		$	71,804		$	234,023		$	222,275		$	217,770
Portfolio turnover		39	%		15	%		11	%		22	%		33	%


	Milestone 2010 TM Shares
	For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	11.34		$	10.92
Income from investment operations:
Net investment income		0.24			0.15	^
Net realized and unrealized gain		0.23			0.79

Total from investment operations		0.47			0.94

Less distributions:
Net investment income		(0.21	)		(0.15	)
Realized gains		(0.87	)		(0.37	)

Total distributions		(1.08	)		(0.52	)

Net Asset Value, end of year	$	10.73		$	11.34

Total return		4.11	%		8.68	%††
Ratios to Average Net Assets:
Expenses		0.14	%		0.14	%†
Net investment income		1.73	%		1.54	%†
Supplemental Data:
Net assets, end of year (000)	$	219,041		$	218,248
Portfolio turnover		39	%		15	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

145

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Milestone 2015 Investor M Shares
	For the Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, beginning of year	$	11.92		$	10.87		$	10.16		$	10.35		$	9.53
Income from investment operations:
Net investment income		0.22			0.10	^		0.20			0.18			0.12
Net realized and unrealized gain (loss)		0.29			1.39			0.84			(0.10	)		0.85

Total from investment operations		0.51			1.49			1.04			0.08			0.97

Less distributions:
Net investment income		(0.19	)		(0.14	)		(0.20	)		(0.21	)		(0.14	)
Realized gains		(1.10	)		(0.30	)		(0.13	)		(0.06	)		(0.01	)

Total distributions		(1.29	)		(0.44	)		(0.33	)		(0.27	)		(0.15	)

Net Asset Value, end of year	$	11.14		$	11.92		$	10.87		$	10.16		$	10.35

Total return		4.23	%		13.75	%		10.25	%		0.70	%		10.20	%
Ratios to Average Net Assets:
Expenses		0.38	%		0.26	%		0.13	%		0.14	%		0.15	%
Net investment income		1.54	%		0.86	%		1.68	%		1.72	%		1.96	%
Supplemental Data:
Net assets, end of year (000)	$	113,514		$	106,285		$	434,638		$	381,855		$	363,144
Portfolio turnover		35	%		11	%		8	%		20	%		15	%


	Milestone 2015 TM Shares
	For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	11.92		$	11.21
Income from investment operations:
Net investment income		0.26			0.16	^
Net realized and unrealized gain		0.28			1.02

Total from investment operations		0.54			1.18

Less distributions:
Net investment income		(0.22	)		(0.17	)
Realized gains		(1.10	)		(0.30	)

Total distributions		(1.32	)		(0.47	)

Net Asset Value, end of year	$	11.14		$	11.92

Total return		4.48	%		10.51	%††
Ratios to Average Net Assets:
Expenses		0.13	%		0.13	%†
Net investment income		1.78	%		1.65	%†
Supplemental Data:
Net assets, end of year (000)	$	466,543		$	449,872
Portfolio turnover		35	%		11	%††

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

146

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Milestone 2020 Investor M Shares
	For the Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, beginning of year	$	12.33		$	10.94		$	10.10		$	10.34		$	9.43
Income from investment operations:
Net investment income		0.24			0.11	^		0.21			0.18			0.14
Net realized and unrealized gain (loss)		0.32			1.73			0.92			(0.20	)		0.92

Total from investment operations		0.56			1.84			1.13			(0.02	)		1.06

Less distributions:
Net investment income		(0.20	)		(0.16	)		(0.20	)		(0.18	)		(0.14	)
Realized gains		(0.96	)		(0.29	)		(0.09	)		(0.04	)		(0.01	)

Total distributions		(1.16	)		(0.45	)		(0.29	)		(0.22	)		(0.15	)

Net Asset Value, end of year	$	11.73		$	12.33		$	10.94		$	10.10		$	10.34

Total return		4.49	%		16.83	%		11.25	%		(0.26	)%		11.27	%
Ratios to Average Net Assets:
Expenses		0.38	%		0.25	%		0.13	%		0.13	%		0.15	%
Net investment income		1.67	%		0.92	%		1.81	%		1.73	%		1.93	%
Supplemental Data:
Net assets, end of year (000)	$	119,097		$	101,059		$	470,664		$	386,327		$	344,033
Portfolio turnover		21	%		9	%		7	%		16	%		10	%


	Milestone 2020 TM Shares
	For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	12.33		$	11.33
Income from investment operations:
Net investment income		0.28			0.18	^
Net realized and unrealized gain		0.30			1.29

Total from investment operations		0.58			1.47

Less distributions:
Net investment income		(0.23	)		(0.18	)
Realized gains		(0.95	)		(0.29	)

Total distributions		(1.18	)		(0.47	)

Net Asset Value, end of year	$	11.73		$	12.33

Total return		4.73	%		13.02	%††
Ratios to Average Net Assets:
Expenses		0.13	%		0.13	%†
Net investment income		1.91	%		1.83	%†
Supplemental Data:
Net assets, end of year (000)	$	632,326		$	548,048
Portfolio turnover		21	%		9	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

147

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	��	Milestone 2025 Investor M Shares
		For the Year Ended December 31,
		2014			2013			2012			2011			2010
Net Asset Value, beginning of year		$	12.61		$	10.90		$	9.97		$	10.27		$	9.28
Income from investment operations:
Net investment income			0.26			0.11	^		0.20			0.17			0.13
Net realized and unrealized gain (loss)			0.34			2.03			1.02			(0.26	)		1.00

Total from investment operations			0.60			2.14			1.22			(0.09	)		1.13

Less distributions:
Net investment income			(0.21	)		(0.16	)		(0.20	)		(0.17	)		(0.12	)
Realized gains			(1.03	)		(0.27	)		(0.09	)		(0.04	)		(0.02	)

Total distributions			(1.24	)		(0.43	)		(0.29	)		(0.21	)		(0.14	)

Net Asset Value, end of year		$	11.97		$	12.61		$	10.90		$	9.97		$	10.27

Total return			4.76	%		19.67	%		12.24	%		(0.85	)%		12.25	%
Ratios to Average Net Assets:
Expenses			0.38	%		0.26	%		0.14	%		0.14	%		0.16	%
Net investment income			1.75	%		0.97	%		1.85	%		1.71	%		1.77	%
Supplemental Data:
Net assets, end of year (000)		$	105,615		$	86,764		$	383,446		$	301,275		$	267,155
Portfolio turnover			18	%		8	%		5	%		15	%		7	%


	Milestone 2025 TM Shares
	For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	12.62		$	11.35
Income from investment operations:
Net investment income		0.30			0.19	^
Net realized and unrealized gain		0.33			1.54

Total from investment operations		0.63			1.73

Less distributions:
Net investment income		(0.24	)		(0.19	)
Realized gains		(1.03	)		(0.27	)

Total distributions		(1.27	)		(0.46	)

Net Asset Value, end of year	$	11.98		$	12.62

Total return		4.99	%		15.23	%††
Ratios to Average Net Assets:
Expenses		0.13	%		0.13	%†
Net investment income		1.98	%		1.91	%†
Supplemental Data:
Net assets, end of year (000)	$	537,449		$	454,269
Portfolio turnover		18	%		8	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

148

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Milestone 2030 Investor M Shares
	For the Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, beginning of year	$	13.02		$	11.03		$	10.00		$	10.34		$	9.26
Income from investment operations:
Net investment income		0.28			0.11	^		0.20			0.17			0.12
Net realized and unrealized gain (loss)		0.38			2.35			1.13			(0.32	)		1.09

Total from investment operations		0.66			2.46			1.33			(0.15	)		1.21

Less distributions:
Net investment income		(0.22	)		(0.16	)		(0.20	)		(0.17	)		(0.12	)
Realized gains		(1.18	)		(0.31	)		(0.10	)		(0.02	)		(0.01	)

Total distributions		(1.40	)		(0.47	)		(0.30	)		(0.19	)		(0.13	)

Net Asset Value, end of year	$	12.28		$	13.02		$	11.03		$	10.00		$	10.34

Total return		5.04	%		22.33	%		13.28	%		(1.46	)%		13.11	%
Ratios to Average Net Assets:
Expenses		0.38	%		0.27	%		0.14	%		0.15	%		0.16	%
Net investment income		1.78	%		0.95	%		1.81	%		1.65	%		1.53	%
Supplemental Data:
Net assets, end of year (000)	$	96,057		$	78,295		$	305,077		$	236,452		$	211,155
Portfolio turnover		19	%		8	%		5	%		14	%		7	%


	Milestone 2030 TM Shares
	For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	13.03		$	11.54
Income from investment operations:
Net investment income		0.31			0.20	^
Net realized and unrealized gain		0.38			1.79

Total from investment operations		0.69			1.99

Less distributions:
Net investment income		(0.25	)		(0.19	)
Realized gains		(1.18	)		(0.31	)

Total distributions		(1.43	)		(0.50	)

Net Asset Value, end of year	$	12.29		$	13.03

Total return		5.27	%		17.22	%††
Ratios to Average Net Assets:
Expenses		0.13	%		0.14	%†
Net investment income		2.03	%		1.88	%†
Supplemental Data:
Net assets, end of year (000)	$	439,894		$	361,005
Portfolio turnover		19	%		8	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

149

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Milestone 2035 Investor M Shares
	For the Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, beginning of year	$	13.22		$	10.99		$	9.86		$	10.28		$	9.10
Income from investment operations:
Net investment income		0.29			0.11	^		0.20			0.16			0.10
Net realized and unrealized gain (loss)		0.40			2.64			1.23			(0.39	)		1.20

Total from investment operations		0.69			2.75			1.43			(0.23	)		1.30

Less distributions:
Net investment income		(0.22	)		(0.16	)		(0.20	)		(0.16	)		(0.10	)
Realized gains		(1.23	)		(0.36	)		(0.10	)		(0.03	)		(0.02	)

Total distributions		(1.45	)		(0.52	)		(0.30	)		(0.19	)		(0.12	)

Net Asset Value, end of year	$	12.46		$	13.22		$	10.99		$	9.86		$	10.28

Total return		5.24	%		25.02	%		14.47	%		(2.24	)%		14.33	%
Ratios to Average Net Assets:
Expenses		0.39	%		0.29	%		0.15	%		0.17	%		0.19	%
Net investment income		1.76	%		0.90	%		1.78	%		1.62	%		1.35	%
Supplemental Data:
Net assets, end of year (000)	$	71,010		$	58,607		$	202,649		$	150,472		$	133,121
Portfolio turnover		20	%		8	%		5	%		13	%		7	%


	Milestone 2035 TM Shares
	For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	13.22		$	11.55
Income from investment operations:
Net investment income		0.32			0.20	^
Net realized and unrealized gain		0.41			2.01

Total from investment operations		0.73			2.21

Less distributions:
Net investment income		(0.26	)		(0.18	)
Realized gains		(1.23	)		(0.36	)

Total distributions		(1.49	)		(0.54	)

Net Asset Value, end of year	$	12.46		$	13.22

Total return		5.48	%		19.17	%††
Ratios to Average Net Assets:
Expenses		0.14	%		0.14	%†
Net investment income		2.03	%		1.85	%†
Supplemental Data:
Net assets, end of year (000)	$	300,615		$	244,635
Portfolio turnover		20	%		8	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

150

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Milestone 2040 Investor M Shares
	For the Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, beginning of year	$	13.50		$	11.16		$	9.86		$	10.30		$	9.07
Income from investment operations:
Net investment income		0.30			0.10	^		0.20			0.17			0.10
Net realized and unrealized gain (loss)		0.42			2.93			1.31			(0.44	)		1.25

Total from investment operations		0.72			3.03			1.51			(0.27	)		1.35

Less distributions:
Net investment income		(0.23	)		(0.16	)		(0.19	)		(0.17	)		(0.10	)
Realized gains		(1.37	)		(0.53	)		(0.02	)		—			(0.02	)

Total distributions		(1.60	)		(0.69	)		(0.21	)		(0.17	)		(0.12	)

Net Asset Value, end of year	$	12.62		$	13.50		$	11.16		$	9.86		$	10.30

Total return		5.34	%		27.12	%		15.33	%		(2.61	)%		14.91	%
Ratios to Average Net Assets:
Expenses		0.39	%		0.28	%		0.16	%		0.17	%		0.18	%
Net investment income		1.76	%		0.82	%		1.77	%		1.67	%		1.20	%
Supplemental Data:
Net assets, end of year (000)	$	66,928		$	53,970		$	197,376		$	146,032		$	132,306
Portfolio turnover		22	%		8	%		4	%		14	%		21	%


	Milestone 2040 TM Shares
	For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	13.50		$	11.77
Income from investment operations:
Net investment income		0.33			0.20	^
Net realized and unrealized gain		0.44			2.24

Total from investment operations		0.77			2.44

Less distributions:
Net investment income		(0.26	)		(0.18	)
Realized gains		(1.38	)		(0.53	)

Total distributions		(1.64	)		(0.71	)

Net Asset Value, end of year	$	12.63		$	13.50

Total return		5.65	%		20.74	%††
Ratios to Average Net Assets:
Expenses		0.14	%		0.14	%†
Net investment income		2.00	%		1.80	%†
Supplemental Data:
Net assets, end of year (000)	$	290,826		$	240,813
Portfolio turnover		22	%		8	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

151

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Milestone 2045 Investor M Shares
	For the Year Ended December 31,												For the Period from January 4, 2010* to December 31, 2010
	2014			2013			2012			2011			For the Period from January 4, 2010* to December 31, 2010
Net Asset Value, beginning of year	$	14.52		$	11.99		$	10.71		$	11.33		$	10.00
Income from investment operations:
Net investment income		0.32			0.13	^		0.22			0.17			0.10
Net realized and unrealized gain (loss)		0.47			3.19			1.43			(0.49	)		1.36

Total from investment operations		0.79			3.32			1.65			(0.32	)		1.46

Less distributions:
Net investment income		(0.24	)		(0.16	)		(0.22	)		(0.17	)		(0.10	)
Realized gains		(1.01	)		(0.63	)		(0.15	)		(0.13	)		(0.03	)

Total distributions		(1.25	)		(0.79	)		(0.37	)		(0.30	)		(0.13	)

Net Asset Value, end of year	$	14.06		$	14.52		$	11.99		$	10.71		$	11.33

Total return		5.42	%		27.69	%		15.49	%		(2.81	)%		14.62	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.43	%		0.39	%		0.25	%		0.36	%		0.87	%†
Expenses net of reimbursements/waivers, if any		0.43	%		0.39	%		0.25	%		0.35	%		0.34	%†
Net Investment Income before reimbursements/waivers		1.82	%		0.95	%		1.91	%		1.68	%		1.67	%†
Net Investment income net of reimbursements/waivers, if any		1.82	%		0.95	%		1.91	%		1.69	%		2.19	%†
Supplemental Data:
Net assets, end of year (000)	$	33,389		$	24,388		$	53,824		$	33,434		$	22,363
Portfolio turnover		24	%		9	%		18	%		14	%		8	%††


	Milestone 2045 TM Shares
	For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	14.53		$	12.66
Income from investment operations:
Net investment income		0.35			0.22	^
Net realized and unrealized gain		0.47			2.46

Total from investment operations		0.82			2.68

Less distributions:
Net investment income		(0.27	)		(0.18	)
Realized gains		(1.01	)		(0.63	)

Total distributions		(1.28	)		(0.81	)

Net Asset Value, end of year	$	14.07		$	14.53

Total return		5.65	%		21.21	%††
Ratios to Average Net Assets:
Expenses		0.18	%		0.21	%†
Net investment income		2.11	%		1.87	%†
Supplemental Data:
Net assets, end of year (000)	$	105,502		$	73,807
Portfolio turnover		24	%		9	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

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THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Milestone 2050 Investor M Shares
	For the Year Ended December 31,						For the Period from September 10, 2012* to December 31, 2012
	2014			2013
Net Asset Value, beginning of year	$	12.74		$	10.25		$	10.00
Income from investment operations:
Net investment income		0.27			0.13	^		0.02
Net realized and unrealized gain		0.40			2.66			0.25

Total from investment operations		0.67			2.79			0.27

Less distributions:
Net investment income		(0.20	)		(0.12	)		(0.02	)
Realized gains		(0.68	)		(0.18	)		—

Total distributions		(0.88	)		(0.30	)		(0.02	)

Net Asset Value, end of year	$	12.53		$	12.74		$	10.25

Total return		5.26	%		27.24	%		2.66	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.60	%		1.05	%		9.98	%†
Expenses net of reimbursements/waivers, if any		0.54	%		0.56	%		0.36	%†
Net Investment income (loss) before reimbursements/waivers		1.79	%		0.65	%		(6.43	)%†
Net Investment income net of reimbursements/waivers, if any		1.86	%		1.14	%		3.19	%†
Supplemental Data:
Net assets, end of year (000)	$	11,111		$	6,848		$	6,769
Portfolio turnover		29	%		24	%		1	%††


	Milestone 2050 TM Shares
	For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	12.74		$	10.83
Income from investment operations:
Net investment income		0.30			0.24	^
Net realized and unrealized gain		0.41			1.99

Total from investment operations		0.71			2.23

Less distributions:
Net investment income		(0.23	)		(0.14	)
Realized gains		(0.68	)		(0.18	)

Total distributions		(0.91	)		(0.32	)

Net Asset Value, end of year	$	12.54		$	12.74

Total return		5.55	%		20.61	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.35	%		0.78	%†
Expenses net of reimbursements/waivers, if any		0.29	%		0.37	%†
Net Investment Income before reimbursements/waivers		2.31	%		1.95	%†
Net Investment income net of reimbursements/waivers, if any		2.37	%		2.36	%†
Supplemental Data:
Net assets, end of year (000)	$	32,792		$	15,442
Portfolio turnover		29	%		24	%††

*	Commencement of operations

^	Calculated based upon average shares outstanding.

†	Annualized

††	Not annualized

See Notes to Financial Statements

153

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS

Organization

The Vantagepoint Funds (the “Company”) was organized as a Delaware statutory trust on July 28, 1998 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company consisted of the following series as of December 31, 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”), Vantagepoint Investment Advisers, LLC (“VIA” or the “Adviser”) may make changes to the underlying fund allocations for the Model Portfolios based on its periodic analysis to identify the allocation of assets among the different underlying fund allocations for the Model Portfolio Funds that it believes is appropriate for each Model Portfolio Fund. Each Model Portfolio Fund has a different degree of potential risk and reward and is diversified among various underlying funds in differing allocations. The underlying

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NOTES TO FINANCIAL STATEMENTS — (Continued)

funds of each Model Portfolio Fund and the target investment allocation to each underlying fund as of December 31, 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	%


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 which may be appropriate for, among others, those who have already begun to make such withdrawals. 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

155

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

allocations. The underlying funds of each Milestone Fund and the target investment allocation to each underlying fund as of December 31, 2014, were as follows:


	Milestone Funds
	Retirement Income			2010			2015			2020			2025
Fixed Income—%
Low Duration Bond		26.30	%		18.74	%		16.41	%		11.03	%		7.65	%
Core Bond Index		20.60	%		21.38	%		19.07	%		18.79	%		15.79	%
Inflation Focused		10.50	%		9.77	%		6.57	%		4.18	%		1.75	%
High Yield		5.60	%		5.73	%		4.71	%		4.27	%		4.17	%

Total Fixed Income—%		63.00	%		55.62	%		46.76	%		38.27	%		29.36	%


Equity—%
Equity Income		7.35	%		8.57	%		9.93	%		12.04	%		14.39	%
Growth & Income		7.35	%		7.05	%		7.58	%		9.17	%		10.11	%
Growth		2.75	%		5.11	%		6.32	%		7.25	%		8.58	%
Select Value		0.35	%		0.18	%		0.49	%		0.59	%		0.67	%
Mid/Small Company Index		3.90	%		4.84	%		5.17	%		6.20	%		6.97	%
Aggressive Opportunities		0.35	%		0.18	%		0.49	%		0.59	%		0.67	%
Discovery		0.35	%		0.18	%		0.49	%		0.59	%		0.67	%
International		6.30	%		7.12	%		8.72	%		10.21	%		11.62	%
Third Party Emerging Markets ETF		1.30	%		1.36	%		1.80	%		2.09	%		2.56	%

Total Equity—%		30.00	%		34.59	%		40.99	%		48.73	%		56.24	%


Multi-Strategy—%
Diversifying Strategies		7.00	%		9.79	%		12.25	%		13.00	%		14.40	%

Total Multi-Strategy—%		7.00	%		9.79	%		12.25	%		13.00	%		14.40	%


Total—%		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%


	Milestone Funds
	2030			2035			2040			2045			2050
Fixed Income—%
Low Duration Bond		3.46	%		0.57	%		0.00	%		0.00	%		0.00	%
Core Bond Index		13.33	%		9.23	%		3.57	%		0.00	%		0.00	%
Inflation Focused		0.63	%		0.15	%		0.00	%		0.00	%		0.00	%
High Yield		3.35	%		2.12	%		1.22	%		1.00	%		1.00	%

Total Fixed Income—%		20.77	%		12.07	%		4.79	%		1.00	%		1.00	%


Equity—%
Equity Income		16.41	%		19.23	%		22.16	%		24.00	%		24.00	%
Growth & Income		10.43	%		11.76	%		12.43	%		11.45	%		11.45	%
Growth		10.47	%		11.41	%		12.29	%		13.90	%		13.90	%
Select Value		0.78	%		0.88	%		0.96	%		1.00	%		1.00	%
Mid/Small Company Index		8.16	%		9.23	%		10.08	%		10.45	%		10.45	%
Aggressive Opportunities		0.78	%		0.88	%		0.96	%		1.00	%		1.00	%
Discovery		0.78	%		0.88	%		0.96	%		1.00	%		1.00	%
International		13.49	%		15.39	%		16.86	%		17.45	%		17.45	%
Third Party Emerging Markets ETF		2.93	%		3.27	%		3.51	%		3.75	%		3.75	%

Total Equity—%		64.23	%		72.93	%		80.21	%		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	%

156

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

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 year ended December 31, 2014 period, investment earnings for this period are composed of:

ordinary and capital gain dividends from the underlying funds,

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

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

Subadviser Changes from January 1, 2014 to December 31, 2014

At a meeting held on June 20, 2014, VIA recommended, and the Board approved, the appointment of Western Asset Management Company as an additional subadviser to the High Yield Fund. This change was effective on August 1, 2014. At a meeting held on September 26, 2014, VIA recommended and the Board approved, the appointment of Western Asset Management Company Limited as a sub-subadviser to the High Yield Fund. This change was effective on October 7, 2014. At a meeting held on December 12, 2014, VIA recommended, and the Board approved, the appointment of AllianceBernstein L.P. as an additional subadviser to the Inflation Focused Fund to be effective May 1, 2015.

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. 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

157

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

the same class at the time of purchase; special reports prepared by analysts; information as to any transactions or offers with respect to the security or asset; existence of merger proposals or tender offers affecting the security or asset; price and extent of public trading in similar securities or other instruments of the issuer or comparable companies and other relevant matters; most recent closing market prices; existence of shelf registration for restricted securities; existence of any undertaking to register the security; other acceptable methods of valuing securities or other assets based on: (a) earnings multiples; (b) a discount from market of a similar freely traded security or other instrument; (c) yield to maturity with respect to debt issues; or (d) a combination of these methods; the value of other financial instruments, including derivative securities, traded on other markets or among dealers; trading volumes on markets, exchanges, or among dealers; values of baskets of securities or other instruments traded on other markets, exchanges, or among dealers; changes in interest rates; observations from financial institutions; government (domestic or foreign) actions or pronouncements; other news events and factors; with respect to securities or other instruments traded on foreign markets: (a) the value of foreign securities traded on other foreign markets; (b) ADR trading; (c) closed-end fund trading; (d) foreign currency exchange activity; and (e) the trading prices of financial products that are tied to baskets of foreign securities or other assets; with respect to an emergency or other unusual situation, an evaluation of (a) the nature and duration of the event; (b) the forces influencing the operation of the financial markets; (c) the factors relating to the event that precipitated the problem; (d) whether the event is likely to recur; and (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 are subject to review by the Chief Compliance Officer of the Company, and fair value processes and fair value determinations are subject to review 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.

In accordance with FASB ASC 820, Fair Value Measurements and Disclosures (“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

158

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

credit rating, potential for insolvency, government actions or pronouncements, and other financial and non-financial news. Significant changes in any of those inputs in isolation would result in a significantly lower or higher fair value measurement. Generally, a change in the inputs used for fair valuations are accompanied by directionally similar changes in the assumption used for fair valuation determinations.

Investment Policy and Security Valuation

All equity securities that are traded on a national securities exchange (other than NASDAQ Global/Global Select and Capital Market securities traded primarily on the Nasdaq Stock Market, Inc. exchange (“NASDAQ”)) held by each fund normally will be valued at the last reported sale price or official close price (if available) on the exchange on which the security is primarily traded, and are categorized as Level 1 in the fair value hierarchy. If, on a particular day, an exchange-traded security does not trade on its primary exchange, then the price normally will be the mean between the closing bid and closing offer reported to the primary exchange and made available to quotation vendors or disseminated through an automated quotation system, or obtained by a pricing service from other quotation sources believed to be reliable and is generally categorized as Level 2 in the fair value hierarchy. NASDAQ Global/Global Select and Capital Market securities traded primarily on NASDAQ will be valued at the NASDAQ Official Closing Price (“NOCP”). If, on any given day, no NOCP is available, the price of such securities normally will be the mean between the closing bid and closing offer reported on NASDAQ prior to the calculation of the net asset value (“NAV”) of a fund and are generally categorized as Level 1 in the fair value hierarchy. All equity securities not traded on a national securities exchange (“OTC Equities”) normally will be priced at the last reported sale price in the over-the-counter market and are generally categorized as Level 1 in the fair value hierarchy. If an OTC Equity does not trade in an over-the-counter market on a particular day, then the price normally will be the mean between the closing bid and closing offer obtained from a quotation service or other source believed to be reliable and is generally categorized as Level 1 in the fair value hierarchy. 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.

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NOTES TO FINANCIAL STATEMENTS — (Continued)

The valuation techniques used by the funds to measure fair value during the year ended December 31, 2014 endeavored to maximize the use of observable inputs and minimize the use of unobservable inputs. The funds utilized fair value techniques such as a multi-dimensional relational pricing model and option adjusted spread pricing to estimate prices that would have prevailed in a liquid market given information available at the time of evaluation.

The following is a summary of the inputs used as of December 31, 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	$	—		$	433,137,627	$	—	$	433,137,627
Floating Rate Loans		—			4,934,008		—		4,934,008
Mortgage-Backed Securities		—			39,645,634		—		39,645,634
U.S. Treasury Obligations		—			154,793,268		—		154,793,268
Government Related Obligations		—			30,687,038		—		30,687,038
Asset-Backed Securities		—			108,746,533		—		108,746,533
Money Market Funds		33,221,831			—		—		33,221,831

Total Investments in Securities	$	33,221,831		$	771,944,108	$	—	$	805,165,939

Derivative Instruments:
Assets:
Futures		2,552			—		—		2,552
Forward Currency Contracts		—			6,605		—		6,605

Total Assets	$	2,552		$	6,605	$	—	$	9,157

Liabilities:
Futures		(25,535	)		—		—		(25,535	)

Total Liabilities	$	(25,535	)	$	—	$	—	$	(25,535	)

Total Derivative Instruments	$	(22,983	)	$	6,605	$	—	$	(16,378	)


*Inflation Focused Fund*
Investments in Securities:
Corporate Obligations	$	—		$	20,855,987	$	—	$	20,855,987
Mortgage-Backed Securities		—			3,034,922		—		3,034,922
U.S. Treasury Obligations		—			470,697,944		—		470,697,944
Government Related Obligations		—			6,979,554		—		6,979,554
Asset-Backed Securities		—			2,461,757		—		2,461,757
Purchased Options		—			285,759		—		285,759
Certificates of Deposit		—			999,072		—		999,072
Money Market Funds		22,486,040			—		—		22,486,040

Total Investments in Securities	$	22,486,040		$	505,314,995	$	—	$	527,801,035

Derivative Instruments:
Assets:
Futures		16,106			—		—		16,106
Swap Agreements		—			8,983		—		8,983

Total Assets	$	16,106		$	8,983	$	—	$	25,089

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Investment Type	Level 1			Level 2			Level 3		Total
Liabilities:
Written Options	$	—		$	(424,856	)	$	—	$	(424,856	)
Futures		(750,531	)		—			—		(750,531	)
Swap Agreements		—			(2,474,209	)		—		(2,474,209	)

Total Liabilities	$	(750,531	)	$	(2,899,065	)	$	—	$	(3,649,596	)

Total Derivative Instruments	$	(734,425	)	$	(2,890,082	)	$	—	$	(3,624,507	)


*High Yield Fund*
Investments in Securities:
Preferred Stocks	$	1,183,802		$	—		$	—	$	1,183,802
Convertible Preferred Stocks		—			176,253			—		176,253
Corporate Obligations		—			329,166,053			—		329,166,053
Floating Rate Loans		—			768,306			—		768,306
Money Market Funds		47,759,711			—			—		47,759,711

Total Investments in Securities	$	48,943,513		$	330,110,612		$	—	$	379,054,125

Derivative Instruments:
Assets:
Forward Currency Contracts		—			408,581			—		408,581

Total Assets	$	—		$	408,581		$	—	$	408,581

Liabilities:
Futures		(83,609	)		—			—		(83,609	)
Forward Currency Contracts		—			(14,299	)		—		(14,299	)

Total Liabilities	$	(83,609	)	$	(14,299	)	$	—	$	(97,908	)

Total Derivative Instruments	$	(83,609	)	$	394,282		$	—	$	310,673


*Equity Income Fund*
Investments in Securities:
Common Stocks	$	2,211,930,730		$	18,448,819		$	—	$	2,230,379,549
Money Market Funds		177,379,689			—			—		177,379,689

Total Investments in Securities	$	2,389,310,419		$	18,448,819		$	—	$	2,407,759,238


*Growth & Income Fund*
Investments in Securities:
Common Stocks	$	1,643,140,019		$	14,172,311		$	—	$	1,657,312,330
Money Market Funds		78,287,448			—			—		78,287,448

Total Investments in Securities	$	1,721,427,467		$	14,172,311		$	—	$	1,735,599,778


*Growth Fund*
Investments in Securities:
Common Stocks	$	2,234,322,005		$	—		$	—	$	2,234,322,005
Money Market Funds		122,752,042			—			—		122,752,042

Total Investments in Securities	$	2,357,074,047		$	—		$	—	$	2,357,074,047

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NOTES TO FINANCIAL STATEMENTS — (Continued)


Investment Type	Level 1			Level 2		Level 3		Total
*Select Value Fund*
Investments in Securities:
Common Stocks	$	431,476,211		$	—	$	—	$	431,476,211
Money Market Funds		26,400,428			—		—		26,400,428

Total Investments in Securities	$	457,876,639		$	—	$	—	$	457,876,639


*Aggressive Opportunities Fund*
Investments in Securities:
Common Stocks	$	1,069,027,171		$	—	$	—	$	1,069,027,171
Money Market Funds		88,863,761			—		—		88,863,761

Total Investments in Securities	$	1,157,890,932		$	—	$	—	$	1,157,890,932


*Discovery Fund*
Investments in Securities:
Common Stocks	$	141,854,354		$	891,631	$	—	$	142,745,985
Corporate Obligations		—			64,544,593		—		64,544,593
Mortgage-Backed Securities		—			11,538,468		—		11,538,468
U.S. Treasury Obligations		—			51,151,695		—		51,151,695
Government Related Obligations		—			4,243,795		—		4,243,795
Asset-Backed Securities		—			10,226,773		—		10,226,773
Money Market Funds		29,664,101			—		—		29,664,101

Total Investments in Securities	$	171,518,455		$	142,596,955	$	—	$	314,115,410

Derivative Instruments:
Assets:
Futures		4,297,899			—		—		4,297,899

Total Assets	$	4,297,899		$	—	$	—	$	4,297,899


Liabilities:
Futures		(7,257	)		—		—		(7,257	)

Total Liabilities	$	(7,257	)	$	—	$	—	$	(7,257	)

Total Derivative Instruments	$	4,290,642		$	—	$	—	$	4,290,642


*International Fund*
Investments in Securities:
Common Stocks	$	165,663,063		$	1,308,730,372	$	—	$	1,474,393,435
Preferred Stocks		—			5,102,630		—		5,102,630
Rights		—			515,886		—		515,886
Money Market Funds		53,375,289			—		—		53,375,289

Total Investments in Securities	$	219,038,352		$	1,314,348,888	$	—	$	1,533,387,240

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NOTES TO FINANCIAL STATEMENTS — (Continued)


Investment Type	Level 1			Level 2		Level 3		Total
*Diversifying Strategies Fund*
Investments in Securities:
Common Stocks	$	59,499,092		$	—	$	—	$	59,499,092
Convertible Preferred Stocks		8,597,107			6,474,647		—		15,071,754
Corporate Obligations		—			338,654,823		—		338,654,823
Floating Rate Loans		—			4,083,947		—		4,083,947
Mortgage-Backed Securities		—			65,316,108		—		65,316,108
Convertible Debt Obligations		—			388,890,784		—		388,890,784
U.S. Treasury Obligations		—			132,602,552		—		132,602,552
Government Related Obligations		—			21,756,136		—		21,756,136
Asset-Backed Securities		—			40,939,361		—		40,939,361
Money Market Funds		31,430,317			—		—		31,430,317

Total Investments in Securities	$	99,526,516		$	998,718,358	$	—	$	1,098,244,874

Derivative Instruments:
Assets:
Futures		10,545,776			—		—		10,545,776
Forward Currency Contracts		—			68,896		—		68,896

Total Assets	$	10,545,776		$	68,896	$	—	$	10,614,672


Liabilities:
Futures		(28,134	)		—		—		(28,134	)

Total Liabilities	$	(28,134	)	$	—	$	—	$	(28,134	)

Total Derivative Instruments	$	10,517,642		$	68,896	$	—	$	10,586,538


*Core Bond Index Fund*
Investments in Securities:
Corporate Obligations	$	—		$	407,446,942	$	—	$	407,446,942
Mortgage-Backed Securities		—			521,337,336		—		521,337,336
U.S. Treasury Obligations		—			581,977,918		—		581,977,918
Government Related Obligations		—			155,995,527		—		155,995,527
Asset-Backed Securities		—			8,054,131		—		8,054,131
Money Market Funds		136,692,298			—		—		136,692,298

Total Investments in Securities	$	136,692,298		$	1,674,811,854	$	—	$	1,811,504,152


*500 Stock Index Fund*
Investments in Securities:
Common Stocks	$	820,794,377		$	—	$	—	$	820,794,377
U.S. Treasury Obligations		—			1,164,956		—		1,164,956
Money Market Funds		25,804,205			—		—		25,804,205

Total Investments in Securities	$	846,598,582		$	1,164,956	$	—	$	847,763,538

Derivative Instruments:
Assets:
Futures		162,436			—		—		162,436

Total Assets	$	162,436		$	—	$	—	$	162,436

Total Derivative Instruments	$	162,436		$	—	$	—	$	162,436

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NOTES TO FINANCIAL STATEMENTS — (Continued)


Investment Type	Level 1			Level 2		Level 3		Total
*Broad Market Index Fund*
Investments in Securities:
Common Stocks	$	861,803,421		$	—	$	—	$	861,803,421
U.S. Treasury Obligations		—			1,004,799		—		1,004,799
Rights		5,054			12,143		—		17,197
Warrants		—			500		—		500
Money Market Funds		37,433,273			—		—		37,433,273

Total Investments in Securities	$	899,241,748		$	1,017,442	$	—	$	900,259,190

Derivative Instruments:
Assets:
Futures	$	169,987		$	—	$	—	$	169,987

Total Assets	$	169,987		$	—	$	—	$	169,987

Total Derivative Instruments	$	169,987		$	—	$	—	$	169,987


*Mid/Small Company Index Fund*
Investments in Securities:
Common Stocks	$	740,380,888		$	—	$	—	$	740,380,888
U.S. Treasury Obligations		—			384,932		—		384,932
Rights		—			37,973		—		37,973
Warrants		—			1,531		—		1,531
Money Market Funds		58,729,387			—		—		58,729,387

Total Investments in Securities	$	799,110,275		$	424,436	$	—	$	799,534,711

Derivative Instruments:
Liabilities:
Futures		(17,841	)		—		—		(17,841	)

Total Liabilities	$	(17,841	)	$	—	$	—	$	(17,841	)

Total Derivative Instruments	$	(17,841	)	$	—	$	—	$	(17,841	)


*Overseas Equity Index Fund*
Investments in Securities:
Common Stocks	$	15,410		$	294,631,388	$	—	$	294,646,798
Preferred Stocks		—			1,808,727		—		1,808,727
U.S. Treasury Obligations		—			124,966		—		124,966
Rights		—			31,385		—		31,385
Money Market Funds		8,425,844			—		—		8,425,844

Total Investments in Securities	$	8,441,254		$	296,596,466	$	—	$	305,037,720

Derivative Instruments:
Liabilities:
Futures		(17,069	)		—		—		(17,069	)

Total Liabilities	$	(17,069	)	$	—	$	—	$	(17,069	)

Total Derivative Instruments	$	(17,069	)	$	—	$	—	$	(17,069	)

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

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NOTES TO FINANCIAL STATEMENTS — (Continued)

As of December 31, 2014 the funds did not hold significant investments in Level 3 securities. During the year ended December 31, 2014, the International Fund had securities transferred from Level 2 to Level 1 with a total market value of $12,937,679 or 0.85% of the net assets of the fund. There were no transfers within other funds.

When Issued Securities

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

To-Be-Announced (“TBA”) Securities

A TBA security 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 exchange rate of such currencies against the U.S. dollar supplied by the WM/Reuters Intraday Spot exchange rates 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:

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.

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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:

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 fair value of the swap will be determined 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 fair value of the swaption will be determined in accordance with the Valuation Procedures and generally such swaptions are categorized as Level 2 in the hierarchy.

Total Return Swaps

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

166

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NOTES TO FINANCIAL STATEMENTS — (Continued)

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 thereof. Investments in floating rate loans have risks that are similar to those of fixed income securities. In addition, floating rate loans carry the risk of impairment of collateral. The value of the collateral securing a floating rate loan can decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate. As such, a floating rate loan may not be fully collateralized and can decline significantly in value. Floating rate loans may also carry liquidity risk. Floating rate loans generally are subject to legal or contractual restrictions on resale. Therefore, the liquidity of floating rate loans, including the volume and frequency of secondary market trading in such loans, varies significantly over time and among individual floating rate loans. If the credit quality of a floating rate loan suffers a significant decline, the secondary trading market for that same loan may also decline, making it more difficult to sell and to value. Difficulty in selling a floating rate loan can result in a loss.

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, High Yield, 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.


Fund	Paid-in Capital Increase/(Decrease)			Undistributed Net Investment Income Increase/(Decrease)			Accumulated Net Realized Gain/(Loss) Increase/(Decrease)
Low Duration Bond	$	—		$	90,368		$	(90,368	)
Inflation Focused		—			1,467,162			(1,467,162	)
High Yield		—			318,000			(318,000	)
Equity Income		—			1,874,803			(1,874,803	)
Growth & Income		—			1,791,819			(1,791,819	)
Growth		—			2,837,691			(2,837,691	)
Select Value		—			(496,090	)		496,090
Aggressive Opportunities		(58	)		(1,346,357	)		1,346,415
Discovery		—			(76,534	)		76,534
International		—			2,489,526			(2,489,526	)

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NOTES TO FINANCIAL STATEMENTS — (Continued)


Fund	Paid-in Capital Increase/(Decrease)			Undistributed Net Investment Income Increase/(Decrease)			Accumulated Net Realized Gain/(Loss) Increase/(Decrease)
Diversifying Strategies	$	(55,938	)	$	10,912,042		$	(10,856,104	)
Core Bond Index		—			7,326,274			(7,326,274	)
500 Stock Index		7,908,911			(205,993	)		(7,702,918	)
Broad Market Index		1,426,048			(339,496	)		(1,086,552	)
Mid/Small Company Index		1,816,353			(289,804	)		(1,526,549	)
Overseas Equity Index		300,532			(149,668	)		(150,864	)
Model Portfolio Conservative Growth		—			312,192			(312,192	)
Model Portfolio Traditional Growth		—			37,211			(37,211	)
Model Portfolio Long-Term Growth		—			(63,305	)		63,305
Model Portfolio All-Equity Growth		—			(161,644	)		161,644
Milestone Retirement Income		—			15,514			(15,514	)
Milestone 2010		—			13,988			(13,988	)
Milestone 2015		—			17,531			(17,531	)
Milestone 2020		—			11,327			(11,327	)
Milestone 2025		—			2,884			(2,884	)
Milestone 2030		—			(823	)		823
Milestone 2035		—			82			(82	)
Milestone 2040		—			(57,578	)		57,578
Milestone 2045		—			91			(91	)
Milestone 2050		—			(31	)		31

Federal Income Taxes

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

The FASB issued Interpretation ASC 740, “Income Taxes,” (“ASC 740”) which establishes guidelines for recognizing, measuring, and disclosing tax return positions in financial statements. Management has evaluated the Company’s tax positions and determined that the application of ASC 740 had no material impact on the Company’s financial statements. Accordingly, no adjustments for unrecognized tax benefits or related interest or penalties were required as of December 31, 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 Company files U.S. federal, state, and local returns as required. The Company’s tax returns are subject to examination by the relevant tax authorities until the expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a tax provision for income taxes.

At December 31, 2014, the components of distributable earnings on a tax basis were as follows:


Fund	Undistributed Ordinary Income		Undistributed Long-Term Gains		Total Distributable Earnings
Low Duration Bond	$	—	$	—	$	—
Inflation Focused		3,335,162		—		3,335,162
High Yield		442,586		—		442,586
Equity Income		12,798,908		18,522,945		31,321,853
Growth & Income		637,196		16,008,929		16,646,125
Growth		—		25,091,619		25,091,619
Select Value		3,049,891		9,404,916		12,454,807

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NOTES TO FINANCIAL STATEMENTS — (Continued)


Fund	Undistributed Ordinary Income		Undistributed Long-Term Gains		Total Distributable Earnings
Aggressive Opportunities	$	5,128,112	$	22,867,034	$	27,995,146
Discovery		3,035,494		2,191,505		5,226,999
International		—		5,449,252		5,449,252
Diversifying Strategies		259,215		6,637,586		6,896,801
Core Bond Index		—		—		—
500 Stock Index		405,652		1,645,050		2,050,702
Broad Market Index		5,519,179		1,011,287		6,530,466
Mid/Small Company Index		100,926		8,772,730		8,873,656
Overseas Equity Index		184,890		—		184,890
Model Portfolio Conservative Growth		—		20,080,698		20,080,698
Model Portfolio Traditional Growth		—		85,357,510		85,357,510
Model Portfolio Long-Term Growth		—		151,043,883		151,043,883
Model Portfolio All-Equity Growth		—		85,157,054		85,157,054
Milestone Retirement Income		39,743		9,521,185		9,560,928
Milestone 2010		—		9,315,909		9,315,909
Milestone 2015		—		21,173,972		21,173,972
Milestone 2020		—		32,348,734		32,348,734
Milestone 2025		—		30,836,524		30,836,524
Milestone 2030		—		27,748,720		27,748,720
Milestone 2035		—		21,973,880		21,973,880
Milestone 2040		—		23,568,988		23,568,988
Milestone 2045		—		9,239,641		9,239,641
Milestone 2050		—		2,919,963		2,919,963

The tax character of distributions during 2014 was as follows:


Fund	Distributions Paid from Ordinary Income		Distributions Paid from Long-Term Gains		Return of Capital		Total Distributions
Low Duration Bond	$	9,579,456	$	1,530,915	$	—	$	11,110,371
Inflation Focused		9,388,349		723,804		—		10,112,153
High Yield		9,802,943		—		—		9,802,943
Equity Income		63,219,339		350,381,284		—		413,600,623
Growth & Income		41,183,884		187,998,928		—		229,182,812
Growth		9,726,369		67,002,902		—		76,729,271
Select Value		18,094,939		49,430,844		—		67,525,783
Aggressive Opportunities		19,530,900		146,579,918		—		166,110,818
Discovery		13,194,342		23,954,412		—		37,148,754
International		51,863,343		9,043,311		—		60,906,654
Diversifying Strategies		31,115,858		38,721,655		—		69,837,513
Core Bond Index		41,739,240		—		—		41,739,240
500 Stock Index		13,948,104		14,512,417		—		28,460,521
Broad Market Index		15,497,630		9,119,540		—		24,617,170
Mid/Small Company Index		13,190,277		30,420,648		—		43,610,925
Overseas Equity Index		9,998,116		—		—		9,998,116
Model Portfolio Conservative Growth		13,417,823		52,492,268		—		65,910,091
Model Portfolio Traditional Growth		39,707,783		95,792,571		—		135,500,354
Model Portfolio Long-Term Growth		56,777,197		126,924,026		—		183,701,223
Model Portfolio All-Equity Growth		24,834,894		60,290,883		—		85,125,777
Milestone Retirement Income		6,443,534		13,620,084		—		20,063,618
Milestone 2010		5,714,604		20,664,477		—		26,379,081
Milestone 2015		11,583,351		49,371,353		—		60,954,704
Milestone 2020		15,719,696		52,835,691		—		68,555,387

169

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NOTES TO FINANCIAL STATEMENTS — (Continued)


Fund	Distributions Paid from Ordinary Income		Distributions Paid from Long-Term Gains		Return of Capital		Total Distributions
Milestone 2025	$	13,871,963	$	47,540,231	$	—	$	61,412,194
Milestone 2030		11,757,013		43,780,085		—		55,537,098
Milestone 2035		8,292,344		31,086,404		—		39,378,748
Milestone 2040		8,073,791		32,755,987		—		40,829,778
Milestone 2045		3,076,927		8,428,362		—		11,505,289
Milestone 2050		1,029,883		1,901,368		—		2,931,251

The tax character of distributions during 2013 was as follows:


Fund	Distributions Paid from Ordinary Income		Distributions Paid from Long-Term Gains		Return of Capital		Total Distributions
Low Duration Bond	$	7,992,861	$	1,509,632	$	—	$	9,502,493
Inflation Focused		8,171,405		8,974,277		—		17,145,682
Equity Income		45,935,807		106,020,635		—		151,956,442
Growth & Income		25,453,231		111,699,235		—		137,152,466
Growth		11,761,873		—		—		11,761,873
Select Value		20,611,827		39,536,586		—		60,148,413
Aggressive Opportunities		45,549,946		66,939,790		—		112,489,736
Discovery		23,025,790		25,798,289		—		48,824,079
International		30,965,823		—		—		30,965,823
Diversifying Strategies		20,271,969		11,992,223		—		32,264,192
Core Bond Index		36,026,496		—		—		36,026,496
500 Stock Index		10,623,254		1,698,318		—		12,321,572
Broad Market Index		12,780,921		8,981,718		—		21,762,639
Mid/Small Company Index		13,776,960		44,613,956		—		58,390,916
Overseas Equity Index		6,970,845		—		—		6,970,845
Model Portfolio Conservative Growth		11,329,321		9,507,066		—		20,836,387
Model Portfolio Traditional Growth		35,340,349		28,932,875		—		64,273,224
Model Portfolio Long-Term Growth		52,434,385		44,573,892		—		97,008,277
Model Portfolio All-Equity Growth		26,128,168		7,618,002		—		33,746,170
Milestone Retirement Income		4,870,032		5,062,522		—		9,932,554
Milestone 2010		4,261,429		8,502,311		—		12,763,740
Milestone 2015		8,488,602		12,336,153		—		20,824,755
Milestone 2020		10,443,369		13,428,042		—		23,871,411
Milestone 2025		8,923,472		9,863,758		—		18,787,230
Milestone 2030		7,126,570		8,871,634		—		15,998,204
Milestone 2035		4,799,154		7,072,377		—		11,871,531
Milestone 2040		4,638,073		10,019,247		—		14,657,320
Milestone 2045		1,452,065		3,721,269		—		5,173,334
Milestone 2050		530,085		7,977		—		538,062

The 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. At December 31, 2014, the following funds had net capital loss carryovers:

Pre-enactment capital loss carryforwards through indicated expiration dates are as follows:


	Expiring December 31
Fund	2015		2016			2017
Core Bond Index	$	—	$	(1,876,697	)	$	(4,404,280	)
Overseas Equity Index		—		—			(2,259,926	)

170

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NOTES TO FINANCIAL STATEMENTS — (Continued)


	Expiring December 31
Fund	2018			2019
Overseas Equity Index	$	(444,126	)	$	—

Post-enactment capital loss carryforwards, under the provisions of the Act, are as follows:


	Loss carryforward character
Fund	Short Term			Long Term
High Yield	$	(1,555,346	)	$	(122,062	)

At December 31, 2014, the following funds elected to defer post-October net capital losses and specified loses of:


Fund	Capital Losses		Specified Losses
Low Duration Bond	$	131,673	$	—
Inflation Focused		4,549,807		22,212
High Yield		781,665		—
Growth & Income		—		1,423
Growth		6,797,050		—
Aggressive Opportunities		1,697,704		31,340
International		1,854,418		46,882
Core Bond Index		552,467		—
Overseas Equity Index		202,100		118,019

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 applicable fund during the reporting period.


	Low Duration Bond Fund		Inflation Focused Fund		High Yield Fund		Discovery Fund
Futures Contracts:
Average Notional Balance Long	$	12,690,048	$	17,309,014	$	—	$	139,577,419
Average Notional Balance Short		11,118,685		33,124,191		4,549,689		2,594,016
Forward Currency Contracts:
Average Settlement Value—Deliver USD	$	1,027,417	$	—	$	260,809	$	92,259
Average Settlement Value—Receive USD		2,163,142		—		5,377,791		243,279
Exchange-Traded Options:
Average Market Value Purchased	$	—	$	21,823	$	—	$	—
Swaptions:
Average Notional Balance Purchased	$	—	$	684,615	$	—	$	—
Average Notional Balance Written		—		18,123,077		—		—
Inflation Linked Swaps:
Average Notional Balance—Pays Fixed Rate	$	—	$	48,253,846	$	—	$	—
Interest Rate Swaps:
Average Notional Balance—Pays Fixed rate	$	—	$	6,761,538	$	—	$	—
Average Notional Balance—Receives Fixed rate		—		14,669,231		—		—

171

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NOTES TO FINANCIAL STATEMENTS — (Continued)


	International Fund		Diversifying Strategies Fund		500 Stock Index Fund		Broad Market Index Fund
Futures Contracts:
Average Notional Balance Long	$	—	$	249,703,718	$	18,679,224	$	15,790,018
Average Notional Balance Short		—		45,574,913		—		—
Forward Currency Contracts:
Average Settlement Value—Deliver USD	$	—	$	16,764,518	$	—	$	—
Average Settlement Value—Receive USD		7,271,704		19,585,795		—		—
Exchange-Traded Options:
Average Market Value Purchased	$	—	$	169,901	$	—	$	—
Average Market Value Purchased Options on Euro-Bund futures		—		201,595		—		—
Over the Counter Options:
Average Market Value Purchased	$	—	$	19,596	$	—	$	—
Average Market Value Written		—		126,706		—		—

	Mid/Small Company Index Fund		Overseas Equity Index Fund
Futures Contracts:
Average Notional Balance Long	$	13,914,970	$	5,559,376
Average Notional Balance Short		—		—
Forward Currency Contracts:
Average Settlement Value—Deliver USD	$	—	$	9,483,743
Average Settlement Value—Receive USD		—		6,325,336

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.

172

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NOTES TO FINANCIAL STATEMENTS — (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 year ended December 31, 2014, the following funds purchased and/or sold futures contracts: Low Duration Bond Fund, Inflation Focused Fund, High Yield Fund, Discovery Fund, Diversifying Strategies Fund, 500 Stock Index Fund, Broad Market Index Fund, Mid/Small Company Index Fund, and Overseas Equity Index Fund.

As of December 31, 2014, the following funds had open futures contracts outstanding:

Low Duration Bond Fund


Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
	Purchased
	95	CBT	U.S. 2 Year Treasury Note	March 2015	$	20,766,406	$	(25,535	)

	Sold
	43	CBT	U.S. 5 Year Treasury Note	March 2015	$	5,113,976	$	2,552

							$	(22,983	)

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NOTES TO FINANCIAL STATEMENTS — (Continued)

Inflation Focused Fund


Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
	Purchased
	127	CBT	U.S. 10 Year Treasury Note	March 2015	$	16,103,203	$	14,296
	17	CBT	U.S. 5 Year Treasury Note	March 2015		2,021,805		877

							$	15,173

	Sold
	4	CBT	U.S. 2 Year Treasury Note	March 2015	$	874,375	$	933
	68	CBT	U.S. Long Bond	March 2015		9,830,250		(166,993	)
	72	CBT	U.S. Ultra Bond	March 2015		11,893,500		(583,538	)

							$	(749,598	)

							$	(734,425	)

High Yield Fund


Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Depreciation
	Sold
	70	CBT	U.S. 10 Year Treasury Note	March 2015	$	8,875,781	$	(75,548	)
	50	CBT	U.S. 5 Year Treasury Note	March 2015		5,946,485		(8,061	)

							$	(83,609	)

Discovery Fund


Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
	Purchased
	1,188	NYF	E-MINI Russell 2000 Index	March 2015	$	142,643,160	$	4,297,899
	27	CBT	U.S. 2 Year Treasury Note	March 2015		5,902,031		(7,257	)

							$	4,290,642

Diversifying Strategies Fund


Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
	Purchased
	2,836	NYF	E-MINI Russell 2000 Index	March 2015	$	340,518,520	$	10,543,549
	105	CBT	U.S. 2 Year Treasury Note	March 2015		22,952,344		(28,134	)

							$	10,515,415

	Sold
	37	CBT	U.S. 5 Year Treasury Note	March 2015	$	4,400,399	$	2,227

							$	10,517,642

174

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NOTES TO FINANCIAL STATEMENTS — (Continued)

500 Stock Index Fund

Number of
Contracts

Exchange

Contract

Expiration Date

Contract Value

Net
Unrealized
Appreciation

Purchased

247

CME

E-MINI S&P 500 Index

March 2015

25,347,140

162,436

Broad Market Index Fund


Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation
	Purchased
	17	NYF	E-MINI Russell 2000 Index	March 2015	$	2,041,190	$	51,514
	180	CME	E-MINI S&P 500 Index	March 2015		18,471,600		91,969
	13	CME	E-MINI S&P MidCap 400	March 2015		1,883,180		26,504

							$	169,987

Mid/Small Company Index Fund


Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Depreciation
	Purchased
	19	NYF	E-MINI Russell 2000 Index	March 2015	$	2,281,330	$	(5,725	)
	14	CME	E-MINI S&P MidCap 400	March 2015		2,028,040		(12,116	)

							$	(17,841	)

Overseas Equity Index Fund

Number of
Contracts

Exchange

Contract

Expiration Date

Contract Value

Net
Unrealized
Depreciation

Purchased

NYF

MINI MSCI EAFE Equity Index

March 2015

2,285,270

(17,069

)

Forward Currency Contracts

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

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

Certain funds also may enter into forward currency contracts to obtain or adjust investment exposure to a foreign currency.

175

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NOTES TO FINANCIAL STATEMENTS — (Continued)

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 year ended December 31, 2014, the following funds purchased and/or sold forward foreign currency exchange contracts: Low Duration Bond Fund, High Yield, and Diversifying Strategies Fund.

As of December 31, 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 December 31, 2014		Net Unrealized Appreciation
Sale	HSBC Bank plc	GBP		USD		01/08/2015	$	1,096,039	$	1,089,434	$	6,605


*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 December 31, 2014		Net Unrealized Appreciation/ (Depreciation)
Purchase	JPMorgan Chase Bank NA	USD		EUR		01/07/2015	$	1,688,885	$	1,674,586	$	(14,299	)

Sale	JPMorgan Chase Bank NA	EUR		USD		01/07/2015	$	15,324,917	$	14,954,810	$	370,107
Sale	JPMorgan Chase Bank NA	GBP		USD		01/07/2015		5,261,058		5,222,584		38,474

											$	408,581

											$	394,282

176

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NOTES TO FINANCIAL STATEMENTS — (Continued)

Diversifying Strategies Fund

Contract
Type

Counterparty

Currency
to Deliver

In Exchange
For

Exchange
Date

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

U.S. Dollar Value at
December 31,
2014

Net
Unrealized
Appreciation

Sale

JPMorgan Chase Bank NA

EUR

USD

01/08/2015

4,028,320

3,959,424

68,896

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

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

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security and the proceeds from such sale are increased by the amount of the premium originally received. When a written put option is exercised, the amount of the premium originally received will reduce the cost of the security that the fund purchased upon exercise. Option contract transactions may incur a commission, in addition to the premium paid or received. Options written are reported as a liability in a fund’s Statement of Assets and Liabilities.

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

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

During the year ended December 31, 2014, the following funds purchased and/or sold put and/or call options: Inflation Focused Fund and Diversifying Strategies Fund.

Written option activity for the year ended December 31, 2014 was as follows:


	Call Options						Put Options				Total
Diversifying Strategies	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 12/31/2014		—		$	—			—	$	—		—		$	—

As of December 31, 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. A swap may be negotiated bilaterally and traded over-the-counter between the two parties. Such bilateral swaps are two-party contracts entered into primarily by institutional investors. The swap counterparty is typically a brokerage firm, bank, or other financial institution. Certain over-the-counter swaps may be submitted for central clearing. In addition, certain standardized swaps are subject to mandatory central clearing and certain cleared swaps are subject to mandatory exchange-trading. Cleared swaps are transacted through futures commission merchants that are members of central clearinghouses with the clearinghouse serving as central counterparty and, as applicable, may be executed through a swap execution facility. 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. Swaps can also be based on credit and other events. 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.

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Swap contract provisions and underlying assets are varied and certain swaps 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 total return 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

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 also include counterparty risk, which is the risk that the other party to a swap may not fulfill its obligations. Central clearing is intended to reduce counterparty risk credit risk and increase liquidity, but it does not eliminate these risks completely. There is also a risk of loss of initial and variation margin deposits in the event of a futures commission merchant or clearinghouse bankruptcy.

In certain types of swap transactions, the risk of loss may be increased because the fund is required to make additional or higher payments to the counterparty futures commission merchant, or clearinghouse as a result of market volatility. Transactions executed on a swap execution facility may increase liquidity, while swaps not traded on exchanges or other organized markets may be considered illiquid.

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

During the year ended December 31, 2014, the Inflation Focused Fund participated in interest rate and inflation linked swaps.

179

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NOTES TO FINANCIAL STATEMENTS — (Continued)

As of December 31, 2014 the following swaps were outstanding:

Inflation Focused Fund


Centrally Cleared Interest Rate Swaps
Rates Exchanged
Payments Made By The Fund	Payments Received By The Fund			Termination Date	Notional Amount		Premium			Net Unrealized Appreciation (Depreciation)
2.75%		3 Month Libor		06/19/2043		USD 1,000,000	$	117,550		$	(128,323	)
3.50%		3 Month Libor		12/18/2043		USD 700,000		25,066			(139,642	)
3.50%		3 Month Libor		12/17/2044		USD 2,200,000		(88,530	)		(274,357	)
3.75%		3 Month Libor		06/18/2044		USD 300,000		(23,448	)		(41,523	)
3 Month Libor		2.45	%	11/19/2024		USD 500,000		—			8,983

							$	30,638		$	(574,862	)


Inflation Linked Swaps
	Rates Exchanged											Net Unrealized Appreciation/ (Depreciation)
Swap Counterparty	Payments Made By The Fund			Payments Received By The Fund	Termination Date		Notional Amount		Premium			Net Unrealized Appreciation/ (Depreciation)
BNP Paribas SA		1.83	%	CPI Urban Consumers NSA		11/29/2016		USD 1,100,000	$	(245	)	$	(25,910	)
BNP Paribas SA		2.25	%	CPI Urban Consumers NSA		07/15/2017		USD 5,100,000		6,020			(270,535	)
BNP Paribas SA		2.50	%	CPI Urban Consumers NSA		07/15/2022		USD 2,900,000		42,218			(291,249	)
Deutsche Bank AG		(0.07	)%	CPI Urban Consumers NSA		12/22/2015		USD 2,600,000		—			(4,736	)
Deutsche Bank AG		1.47	%	CPI Urban Consumers NSA		11/21/2016		USD 500,000		—			(7,365	)
Deutsche Bank AG		1.80	%	CPI Urban Consumers NSA		01/17/2016		USD 1,200,000		(440	)		(22,226	)
Deutsche Bank AG		1.83	%	CPI Urban Consumers NSA		11/29/2016		USD 2,400,000		(706	)		(56,359	)
Deutsche Bank AG		1.85	%	CPI Urban Consumers NSA		11/29/2016		USD 3,600,000		—			(87,809	)
Deutsche Bank AG		1.86	%	CPI Urban Consumers NSA		11/05/2016		USD 2,000,000		—			(49,377	)
Deutsche Bank AG		1.93	%	CPI Urban Consumers NSA		02/10/2017		USD 2,900,000		—			(68,624	)
Deutsche Bank AG		2.17	%	CPI Urban Consumers NSA		11/01/2018		USD 1,300,000		—			(52,041	)
Deutsche Bank AG		2.50	%	CPI Urban Consumers NSA		07/15/2022		USD 500,000		3,650			(46,586	)
Goldman Sachs Bank USA		1.73	%	CPI Urban Consumers NSA		04/15/2016		USD 7,900,000		(14,005	)		(178,364	)
Goldman Sachs Bank USA		2.21	%	CPI Urban Consumers NSA		10/11/2018		USD 5,200,000		—			(217,289	)
Royal Bank of Scotland plc		1.93	%	CPI Urban Consumers NSA		10/31/2016		USD 5,300,000		—			(142,560	)
Royal Bank of Scotland plc		1.94	%	CPI Urban Consumers NSA		10/23/2016		USD 1,100,000		(3,245	)		(26,467	)
Royal Bank of Scotland plc		1.55	%	CPI Urban Consumers NSA		11/05/2016		USD 7,500,000		—			(122,719	)
Royal Bank of Scotland plc		2.25	%	CPI Urban Consumers NSA		07/15/2017		USD 4,200,000		2,313			(220,148	)

									$	35,560		$	(1,890,364	)

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.

180

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NOTES TO FINANCIAL STATEMENTS — (Continued)

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.

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

During the year ended December 31, 2014, the Inflation Focused Fund participated in interest rate swaptions.

Written swaption activity for the year ended December 31, 2014 was as follows:


	Call Swaptions						Put Swaptions						Total
Inflation Focused	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		26,700,000			162,002			36,400,000			387,483			63,100,000			549,485
Closed		(17,200,000	)		(91,175	)		(24,600,000	)		(154,709	)		(41,800,000	)		(245,884	)
Expired		(8,400,000	)		(30,490	)		(43,500,000	)		(73,384	)		(51,900,000	)		(103,874	)

Ending balance as of 12/31/2014		15,300,000		$	125,340			16,800,000		$	327,280			32,100,000		$	452,620

181

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

As of December 31, 2014, the following fund had open written swaption contracts outstanding:

Inflation Focused Fund


Exchange	Counterparty	Contract	Notional Amount		Strike Rate		Expiration Date		Net Unrealized Appreciation/ (Depreciation)
OTC	Morgan Stanley Capital Services LLC	Put—Interest Rate Swaption	$	8,400,000		2.50%		12/11/2017	$	8,574
OTC	Morgan Stanley Capital Services LLC	Call—Interest Rate Swaption		8,400,000		2.30%		2/18/2015		(30,208	)
OTC	Morgan Stanley Capital Services LLC	Put—Interest Rate Swaption		8,400,000		2.75%		2/18/2015		42,090
OTC	Deutsche Bank AG	Call—Interest Rate Swaption		6,900,000		2.55%		3/20/2015		7,308

									$	27,764

Derivative Risk Exposure

FASB ASC 815 “Disclosure about Derivative Instruments and Hedging Activities” (“ASC 815”), requires enhanced disclosures about the funds’ derivatives and hedging activities. The following tables reflect the value of the funds’ derivative contracts by certain risk exposure types (primary risks to which a fund is exposed as a result of holding the derivative contract) as of December 31, 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	$	2,552	*	Payable for variation margin on futures contracts	$	25,535	*
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts		6,605		Unrealized depreciation on forward foreign currency exchange contracts		—

Total		$	9,157			$	25,535

*Inflation Focused Fund*
Interest rate	Investments in Securities, at value—purchased options, swap agreements, at value and receivable for variation margin on futures contracts(a)	$	310,848	*	Swap agreements, at value, payable for variation margin on futures contracts and written options, at value (a)	$	3,614,036	*

Total		$	310,848			$	3,614,036

*High Yield Fund*
Interest rate	Receivable for variation margin on futures contracts	$	—		Payable for variation margin on futures contracts	$	83,609	*
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts		408,581		Unrealized depreciation on forward foreign currency exchange contracts		14,299

Total		$	408,581			$	97,908

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NOTES TO FINANCIAL STATEMENTS — (Continued)


	Asset Derivatives				Liability Derivatives
Risk Exposure	Statement of Assets and Liabilities Location	Value			Statement of Assets and Liabilities Location	Value
*Discovery Fund*
Interest rate	Receivable for variation margin on futures contracts	$	—		Payable for variation margin on futures contracts	$	7,257	*
Stock market	Receivable for variation margin on futures contracts		4,297,899	*	Payable for variation margin on futures contracts		—

Total		$	4,297,899			$	7,257

*Diversifying Strategies Fund*
Interest rate	Receivable for variation margin on futures contracts	$	2,227	*	Payable for variation margin on futures contracts	$	28,134	*
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts		68,896		Unrealized depreciation on forward foreign currency exchange contracts		—
Stock market	Receivable for variation margin on futures contracts		10,543,549	*	Payable for variation margin on futures contracts		—

Total		$	10,614,672			$	28,134

*500 Stock Index Fund*
Stock market	Receivable for variation margin on futures contracts	$	162,436	*	Payable for variation margin on futures contracts	$	—

Total		$	162,436			$	—

*Broad Market Index Fund*
Stock market	Receivable for variation margin on futures contracts	$	169,987	*	Payable for variation margin on futures contracts	$	—

Total		$	169,987			$	—

*Mid/Small Company Index Fund*
Stock market	Receivable for variation margin on futures contracts	$	—		Payable for variation margin on futures contracts	$	17,841	*

Total		$	—			$	17,841

*Overseas Equity Index Fund*
Stock market	Receivable for variation margin on futures contracts	$	—		Payable for variation margin on futures contracts	$	17,069	*

Total		$	—			$	17,069

(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 year ended December 31, 2014, in accordance with ASC 815. These gains (losses) are included in net realized gain (loss) or net

183

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NOTES TO FINANCIAL STATEMENTS — (Continued)

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	$	—		$	2,298		$	—		$	—		$	2,298
Foreign currency		—			—			(9,428	)		—			(9,428	)

Total	$	—		$	2,298		$	(9,428	)	$	—		$	(7,130	)


Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	—		$	(126,504	)	$	—		$	—		$	(126,504	)
Foreign currency		—			—			62,261			—			62,261

Total	$	—		$	(126,504	)	$	62,261		$	—		$	(64,243	)


*Inflation Focused Fund²*
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	28,363	**	$	(2,688,541	)	$	—		$	(1,121,390	)	$	(3,781,568	)


Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	(214,814	)**	$	(899,108	)	$	—		$	(1,877,080	)	$	(2,991,002	)


*High Yield Fund³*
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	—		$	(212,843	)	$	—		$	—		$	(212,843	)
Foreign currency		—			—			763,556			—			763,556

Total	$	—		$	(212,843	)	$	763,556		$	—		$	550,713


Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	—		$	(83,609	)	$	—		$	—		$	(83,609	)
Foreign currency		—			—			394,282			—			394,282

Total	$	—		$	(83,609	)	$	394,282		$	—		$	310,673

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THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)



*Discovery Fund⁴*
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	—		$	25,172		$	—		$	—	$	25,172
Foreign currency		—			—			(24,274	)		—		(24,274	)
Stock market		—			6,069,733			—			—		6,069,733

Total	$	—		$	6,094,905		$	(24,274	)	$	—	$	6,070,631


Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	—		$	(46,185	)	$	—		$	—	$	(46,185	)
Foreign currency		—			—			(2,269	)		—		(2,269	)
Stock market		—			854,860			—			—		854,860

Total	$	—		$	808,675		$	(2,269	)	$	—	$	806,406


*International Fund⁵*
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Foreign currency	$	—		$	—		$	251,426		$	—	$	251,426


Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Foreign currency	$	—		$	—		$	21,599		$	—	$	21,599


*Diversifying Strategies Fund⁶*
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	(237,938	)**	$	(876,743	)	$	—		$	—	$	(1,114,681	)
Foreign currency		—			—			1,205			—		1,205
Stock market		(689,817	)**		14,310,248			—			—		13,620,431

Total	$	(927,755	)**	$	13,433,505		$	1,205		$	—	$	12,506,955


Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	18,234	**	$	(1,203,973	)	$	—		$	—	$	(1,185,739	)
Foreign currency		—			—			(140,988	)		—		(140,988	)
Stock market		335,157	**		9,114,252			—			—		9,449,409

Total	$	353,391	**	$	7,910,279		$	(140,988	)	$	—	$	8,122,682

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*500 Stock Index Fund⁷*
Realized Gain (Loss)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—	$	2,781,738		$	—		$	—	$	2,781,738


Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market		—		(245,969	)		—			—		(245,969	)


*Broad Market Index Fund⁸*
Realized Gain (Loss)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—	$	2,720,362		$	—		$	—	$	2,720,362


Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market		—		(198,898	)		—			—		(198,898	)


*Mid/Small Company Index Fund⁹*
Realized Gain (Loss)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—	$	1,530,908		$	—		$	—	$	1,530,908


Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market		—		(491,021	)		—			—		(491,021	)


*Overseas Equity Index Fund¹⁰*
Realized Gain (Loss)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Foreign currency	$	—	$	—		$	(172,130	)	$	—	$	(172,130	)
Stock market		—		133,951			—			—		133,951

Total	$	—	$	133,951		$	(172,130	)	$	—	$	(38,179	)


Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Foreign currency		—		—			10,186			—		10,186
Stock market		—		(84,441	)		—			—		(84,441	)

Total	$	—	$	(84,441	)	$	10,186		$	—	$	(74,255	)

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

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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 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.

(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 manage interest rate risk on 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.

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.

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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 Fund


						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	$	2,552	$	(25,535	)	$	—	$	22,983	$	—
Forward Currency Contracts		6,605		—			—		—		6,605

Total derivatives subject to a master netting arrangement or similar arrangement		6,605		—			—		—		6,605
Total derivatives not subject to a master netting arrangement or similar arrangement		2,552		(25,535	)		—		22,983		—

Total derivatives	$	9,157	$	(25,535	)	$	—	$	22,983	$	6,605

(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 $113,980.

Inflation Focused Fund


						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	$	16,106	$	(750,531	)	$	—	$	702,168	$	(32,257	)
Written Options		—		(424,856	)		—		—		(424,856	)
Swap agreements		—		(1,854,804	)		—		4,000		(1,850,804	)

Total derivatives subject to a master netting arrangement or similar arrangement		—		(2,279,660	)		—		4,000		(2,275,660	)
Total derivatives not subject to a master netting arrangement or similar arrangement		16,106		(750,531	)		—		702,168		(32,257	)

Total derivatives	$	16,106	$	(3,030,191	)	$	—	$	706,168	$	(2,307,917	)

(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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High Yield Fund


						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	$	—	$	(83,609	)	$	—	$	—	$	(83,609	)
Forward Currency Contracts		408,531		(14,299	)		—		—		394,232

Total derivatives subject to a master netting arrangement or similar arrangement		408,531		(14,299	)		—		—		394,232
Total derivatives not subject to a master netting arrangement or similar arrangement		—		(83,609	)		—		—		(83,609	)

Total derivatives	$	408,531	$	(97,908	)	$	—	$	—	$	310,623

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

Discovery Fund


						Gross Amounts Not Offset in the Statement of Assets & Liabilities
Description	Gross Amounts of Recognized Assets		Gross Amounts of Recognized Liabilities			Financial Instruments		Collateral Pledged(a)		Net Amount
Futures Contracts	$	4,297,899	$	(7,257	)	$	—	$	—	$	4,290,642

Total derivatives not subject to a master netting arrangement or similar arrangement		4,297,899		(7,257	)		—		—		4,290,642

Total derivatives	$	4,297,899	$	(7,257	)	$	—	$	—	$	4,290,642

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

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NOTES TO FINANCIAL STATEMENTS — (Continued)

Diversifying Strategies Fund


						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	$	10,545,776	$	(28,134	)	$	—	$	—	$	10,517,642
Forward Currency Contracts		68,896		—			—		—		68,896

Total derivatives subject to a master netting arrangement or similar arrangement		68,896		—			—		—		68,896
Total derivatives not subject to a master netting arrangement or similar arrangement		10,545,776		(28,134	)		—		—		10,517,642

Total derivatives	$	10,614,672	$	(28,134	)	$	—	$	—	$	10,586,538

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

500 Stock Index Fund


					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	$	162,436	$	—	$	—	$	—	$	162,436

Total derivatives not subject to a master netting arrangement or similar arrangement		162,436		—		—		—		162,436

Total derivatives	$	162,436	$	—	$	—	$	—	$	162,436

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

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NOTES TO FINANCIAL STATEMENTS — (Continued)

Broad Market Index Fund


					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	$	169,987	$	—	$	—	$	—	$	169,987

Total derivatives not subject to a master netting arrangement or similar arrangement		169,987		—		—		—		169,987

Total derivatives	$	169,987	$	—	$	—	$	—	$	169,987

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

Mid/Small Company Index Fund


						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	$	—	$	(17,841	)	$	—	$	17,841	$	—

Total derivatives not subject to a master netting arrangement or similar arrangement		—		(17,841	)		—		17,841		—

Total derivatives	$	—	$	(17,841	)	$	—	$	17,841	$	—

(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 $367,085.

Overseas Equity Index Fund


						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	$	—	$	(17,069	)	$	—	$	17,069	$	—

Total derivatives not subject to a master netting arrangement or similar arrangement		—		(17,069	)		—		17,069		—

Total derivatives	$	—	$	(17,069	)	$	—	$	17,069	$	—

(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 $107,894.

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NOTES TO FINANCIAL STATEMENTS — (Continued)

Agreements and Other Transactions with Affiliates

VIA, a wholly owned subsidiary of ICMA Retirement Corporation (“ICMA-RC”), provides investment advisory services to each of the funds. Pursuant to Master Advisory Agreements, VIA is entitled to receive 0.10% of the average daily net assets of each Actively Managed Fund (other than the High Yield Fund) and each Milestone Fund and 0.05% of the average daily net assets of the Index Funds. 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 $23,418,064 in the aggregate for the year ended December 31, 2014.

Vantagepoint Transfer Agents, LLC (“VTA”), a wholly owned subsidiary of ICMA-RC, is the funds’ designated transfer agent and provides certain transfer agency and administrative shareholder support services for the funds and the share classes thereof related to the retirement plans and other investors investing in the funds. Pursuant to a Transfer Agency and Administrative Services Agreement with the Company, VTA is entitled to receive a fee for fund services. Effective March 1, 2013, VTA receives 0.35% of the average daily net assets for the Investor Shares of the Actively Managed Funds, 0.10% of the average daily net assets for the T Shares of the Actively Managed Funds, 0.30% of the average daily net assets of Class I shares of the Index Funds, 0.10% of the average daily net assets of the Class II and T Shares of the Index Funds, and 0.25% of the average daily net assets for the Investor M Shares of the Model Portfolio and Milestone Funds. VTA has contractually agreed to waive 0.05% of its 0.10% fee on T Shares of the Index Funds from March 1, 2013 through April 30, 2014. Prior to March 1, 2013, VTA received 0.35% of the average daily net assets of each Actively Managed Fund (except for the High Yield Fund, which commenced operations on May 1, 2014), 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 $18,173,765 in the aggregate for the year ended December 31, 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, except that the subadvisory fees for Mellon Capital Management Corporation during the period from January 1, 2014 through April 30, 2014 were calculated based on the average net asset value of the assets allocated and assigned to it by VIA. The fee structure for many of the Subadvisers provides for a range of fees so that as average net assets under management increases the rate of fee paid to the Subadviser decreases. Other Subadvisers charge one fee no matter what amount of assets they have under management. Additional information about each Subadviser’s fee is presented in the Company’s prospectus and statement of additional information. Fees paid by each fund to Subadvisers during the year ended December 31, 2014 are presented in the “Additional Information” section of these Notes. The Subadvisers’ fees during the year ended December 31, 2014 (other than the subadvisory fees for Mellon Capital Management Corporation for the Diversifying Fund) are shown here as an annual percentage of average net assets under management. The subadvisory fees for Mellon Capital Management Corporation during the period from January 1, 2014 through April 30, 2014 shown here were calculated based on the average net asset value of the assets allocated and assigned to it by VIA.


Fund	Subadviser	Actual Fee as a Percentage of Average Daily Net Assets (net of any subadviser fee waivers)
Low Duration Bond	Payden & Rygel		0.09	%
	Schroder Investment Management North America Inc.		0.17	%

Inflation Focused	Pacific Investment Management Company, LLC		0.20	%
	BlackRock Financial Management, Inc.		0.10	%

High Yield	Oaktree Capital Management, L.P. (1)		0.50	%
	Western Asset Management Company (1)		0.20	%

Equity Income	Barrow, Hanley, Mewhinney & Strauss, LLC (2)		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	%

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NOTES TO FINANCIAL STATEMENTS — (Continued)


Fund	Subadviser	Actual Fee as a Percentage of Average Daily Net Assets (net of any subadviser fee waivers)
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.		0.57	%
	SSgA Funds Management, Inc.		0.03	%
	TimesSquare Capital Management, LLC		0.50	%
	Wells Capital Management Inc.		0.43	%

Discovery	Payden & Rygel		0.15	%
	Wellington Management Company LLP		0.73	%

International	Artisan Partners Limited Partnership		0.64	%
	GlobeFlex Capital, LP		0.40	%
	Mondrian Investment Partners Limited		0.43	%
	Walter Scott & Partners Limited (4)		0.51	%

Diversifying Strategies	Calamos Advisers LLC (5)		0.53	%
	Mellon Capital Management Corporation (6)		0.33	%
	Oaktree Capital Management, L.P. (5)		0.50	%
	Payden & Rygel (Enhanced Cash) (6)		0.10	%
	Payden & Rygel (Enhanced Equity) (6)		0.14	%
	Payden & Rygel (Low Duration-Plus Fixed Income)		0.09	%
	Shenkman Capital Management, Inc.		0.38	%
	SSgA Funds Management, Inc. (6)		0.07	%

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. Effective August 1, 2014, Western Asset Management Company (“Western”) became a subadviser to the High Yield Fund and effective October 7, 2014, Western Asset Management Company Limited (“Western Limited”) became a sub-subadviser to the portion of the High Yield Fund managed by Western. The fee paid to Western Limited under the sub-subadvisory agreement between Western and Western Limited is paid by Western and not by the 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.

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NOTES TO FINANCIAL STATEMENTS — (Continued)

(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 current 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 current 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 Corporation 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 on that date, Payden & Rygel also ceased managing the enhanced cash strategy for the Diversifying Strategies Fund. Mellon Capital Management Corporation had contractually agreed to reduce its subadvisory fee through February 4, 2015.

Expenses

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

Fee Waivers

VIA will waive its management fee or reimburse expenses to the extent necessary as a result of any increase in subadvisory fees payable by the Growth Fund that would cause the aggregate management and subadvisory fees of the Growth Fund to exceed 0.54% as a result of subadvisory changes. This commitment will continue until such time as shareholders approve an increase in this limit. For the year ended December 31, 2014, no waiver or reimbursement was required.

From September 10, 2012 through April 30, 2015, VIA contractually agreed to waive fees or reimburse expenses (other than the extraordinary expenses) of the Milestone 2050 Fund to limit the fund’s total annual operating expenses to 0.85% for the TM Shares and 1.10% for the Investor M Shares. For the year ended December 31, 2014, the waiver or reimbursement was $19,864.

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 year ended December 31, 2014, the amount of this waiver for the Core Bond Index Fund was $749,243, 500 Stock Index Fund was $332,689, Broad Market Index Fund was $384,862, Mid/Small Company Index Fund was $344,879, and Overseas Equity Index Fund $146,158.

T. Rowe Price Associates, Inc. (“T. Rowe Price”) voluntarily waives a portion of its aggregate subadvisory fees for the Growth & Income and Equity Income Funds. These voluntary fee waivers were first implemented on May 1, 2003. The fee for each fund managed by T. Rowe Price is voluntarily reduced by the following percentages, which are determined based on the total amount of assets managed by T. Rowe Price for the Company: a 2.5% waiver on the first $500 million in total assets provided the total amount of assets managed by T. Rowe Price is between $250 and $500 million and a 5% waiver on total assets above $500 million. For the year ended December 31, 2014, the fee waiver for the Equity Income Fund totaled $96,276 and the fee waiver for Growth & Income Fund totaled $62,816.

Walter Scott voluntarily reduced its subadvisory fee from April 1, 2014 through June 19, 2014 so that its fee for the International Fund was a flat 0.50% of the average daily net asset value of the assets managed by Walter Scott in the International Fund. This waiver totaled $21,644 for year ended December 31, 2014.

Mellon Capital Management Corporation had agreed to reduce its subadvisory fee through February 4, 2015 so that its fee for the Diversifying Strategies Fund did not exceed 0.325% of the average daily market value of the assets allocated and assigned to it by VIA in the Diversifying Strategies Fund. This waiver totaled $217,462 for the year ended December 31, 2014.

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NOTES TO FINANCIAL STATEMENTS — (Continued)

Investment Portfolio Transactions

Purchases and sales of investments, exclusive of short-term securities, for each fund for the year ended December 31, 2014 were as follows:


	U.S. Government Obligations				Other Securities
Fund	Purchases at Cost		Sales Proceeds		Purchases at Cost		Sales Proceeds
Low Duration Bond	$	410,523,177	$	346,802,959	$	312,709,686	$	176,798,052
Inflation Focused		30,553,282		30,636,451		365,239,525		448,846,582
High Yield		49,436,058		49,635,511		517,365,432		164,398,918
Equity Income		—		—		1,270,618,347		1,513,362,026
Growth & Income		—		—		453,790,518		606,097,632
Growth		—		—		1,032,296,942		1,276,928,145
Select Value		—		—		292,316,189		342,196,028
Aggressive Opportunities		—		—		545,540,567		720,830,478
Discovery		117,558,723		117,596,865		159,985,624		152,745,995
International		—		—		652,546,315		500,385,309
Diversifying Strategies		397,534,022		365,353,045		723,247,398		704,800,937
Core Bond Index		690,404,394		574,292,887		2,099,805,105		1,852,326,047
500 Stock Index		—		—		136,192,183		39,738,481
Broad Market Index		—		—		36,386,272		22,074,821
Mid/Small Company Index		—		—		106,583,034		108,287,470
Overseas Equity Index		—		—		55,098,319		22,942,032
Model Portfolio Conservative Growth		—		—		234,078,838		212,571,859
Model Portfolio Traditional Growth		—		—		384,746,856		311,542,798
Model Portfolio Long-Term Growth		—		—		460,503,073		339,791,335
Model Portfolio All-Equity Growth		—		—		203,590,500		122,002,948
Milestone Retirement Income		—		—		135,956,033		123,429,818
Milestone 2010		—		—		119,064,131		115,155,874
Milestone 2015		—		—		231,675,950		200,518,777
Milestone 2020		—		—		264,304,527		147,545,399
Milestone 2025		—		—		224,190,900		106,928,525
Milestone 2030		—		—		201,951,052		91,014,906
Milestone 2035		—		—		148,154,373		67,987,658
Milestone 2040		—		—		147,718,987		71,738,110
Milestone 2045		—		—		74,976,888		28,276,130
Milestone 2050		—		—		33,206,453		9,485,216

Tax Basis Unrealized Appreciation (Depreciation)

As of December 31, 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	$	804,317,279	$	3,182,937	$	2,334,277	$	848,660
Inflation Focused		533,817,560		6,739,964		12,756,489		(6,016,525	)
High Yield		397,130,822		1,054,983		19,131,680		(18,076,697	)
Equity Income		1,974,453,972		475,154,405		41,849,139		433,305,266
Growth & Income		1,277,890,049		481,919,649		24,209,920		457,709,729
Growth		1,750,720,484		619,411,796		13,058,233		606,353,563
Select Value		386,749,280		90,190,984		19,063,625		71,127,359
Aggressive Opportunities		950,021,674		237,912,209		30,042,951		207,869,258

195

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)


Fund	Federal Income Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Tax Basis Net Unrealized Appreciation/ (Depreciation)
Discovery	$	294,531,817	$	26,342,486	$	6,758,893	$	19,583,593
International		1,447,649,904		193,393,192		107,655,856		85,737,336
Diversifying Strategies		1,091,885,412		27,541,222		21,181,760		6,359,462
Core Bond Index		1,775,279,915		46,646,964		10,422,727		36,224,237
500 Stock Index		518,291,838		337,259,433		7,787,733		329,471,700
Broad Market Index		486,850,271		444,442,357		31,033,438		413,408,919
Mid/Small Company Index		596,101,625		239,539,801		36,106,715		203,433,086
Overseas Equity Index		300,814,514		40,469,804		36,246,598		4,223,206
Model Portfolio Conservative Growth		648,982,271		31,648,166		8,752,602		22,895,564
Model Portfolio Traditional Growth		1,570,572,105		157,062,125		9,576,753		147,485,372
Model Portfolio Long-Term Growth		2,010,969,699		247,551,930		6,741,870		240,810,060
Model Portfolio All-Equity Growth		845,542,791		112,826,874		1,563,504		111,263,370
Milestone Retirement Income		335,607,788		3,460,805		6,363,899		(2,903,094	)
Milestone 2010		287,747,005		8,292,963		4,588,436		3,704,527
Milestone 2015		568,206,767		19,533,726		7,571,978		11,961,748
Milestone 2020		724,290,344		35,883,171		8,600,257		27,282,914
Milestone 2025		613,079,062		36,259,869		6,136,954		30,122,915
Milestone 2030		507,954,113		33,263,732		5,157,116		28,106,616
Milestone 2035		350,694,678		24,722,245		3,731,003		20,991,242
Milestone 2040		335,329,873		26,276,069		3,778,660		22,497,409
Milestone 2045		135,335,611		5,475,729		1,879,055		3,596,674
Milestone 2050		45,574,661		603,827		2,223,761		(1,619,934	)

Portfolio Securities Loaned

Certain funds lend securities to approved borrowers to seek to earn additional income. As of December 31, 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.

196

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

The market value of the securities on loan and the value of the related collateral as of December 31, 2014, were as follows:


Fund	Securities on Loan		Collateral		Collateralization
Low Duration Bond	$	10,466,741	$	10,688,408		102	%
High Yield		22,623,069		23,052,328		102	%
Equity Income		32,397,745		33,567,114		104	%
Growth & Income		13,362,015		13,777,786		103	%
Growth		41,734,984		42,790,182		103	%
Select Value		3,228,992		3,316,445		103	%
Aggressive Opportunities		51,416,205		52,918,319		103	%
Discovery		15,513,557		15,971,927		103	%
International		18,270,389		19,283,065		106	%
Core Bond Index		21,892,095		22,293,090		102	%
500 Stock Index		2,172,849		2,258,787		104	%
Broad Market Index		16,461,550		16,998,668		103	%
Mid/Small Company Index		53,919,393		55,700,918		103	%
Overseas Equity Index		6,722,610		7,113,767		106	%

Transactions with Affiliated Funds

As of December 31, 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 Vantagepoint Funds owned by the Model Portfolio and Milestone Funds as of December 31, 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		23.11	%		20.39	%		0.00	%		0.00	%		10.96	%
Inflation Focused		9.51	%		10.74	%		0.00	%		0.00	%		6.65	%
High Yield		17.72	%		22.22	%		17.78	%		0.00	%		5.14	%
Equity Income		2.09	%		8.11	%		14.14	%		9.29	%		1.03	%
Growth & Income		2.07	%		11.52	%		19.37	%		9.59	%		1.42	%
Growth		1.41	%		6.80	%		10.88	%		5.80	%		0.39	%
Select Value		3.84	%		17.44	%		34.65	%		21.75	%		0.26	%
Aggressive Opportunities		0.86	%		4.83	%		10.34	%		8.04	%		0.11	%
Discovery		3.33	%		15.99	%		29.68	%		20.93	%		0.41	%
International		2.77	%		12.05	%		20.11	%		10.50	%		1.37	%
Diversifying Strategies		5.57	%		19.03	%		26.83	%		0.00	%		2.14	%
Core Bond Index		6.51	%		16.14	%		15.61	%		0.00	%		4.08	%
Mid/Small Company Index		0.00	%		0.00	%		0.00	%		0.00	%		1.76	%

197

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)


Vantagepoint Fund	Milestone 2010			Milestone 2015			Milestone 2020			Milestone 2025			Milestone 2030
Low Duration Bond		6.83	%		11.88	%		10.35	%		6.16	%		2.33	%
Inflation Focused		5.37	%		7.19	%		5.94	%		2.14	%		0.64	%
High Yield		4.55	%		7.46	%		8.83	%		7.40	%		4.98	%
Equity Income		1.06	%		2.45	%		3.83	%		3.91	%		3.70	%
Growth & Income		1.20	%		2.57	%		4.01	%		3.77	%		3.24	%
Growth		0.65	%		1.59	%		2.36	%		2.38	%		2.42	%
Select Value		0.12	%		0.63	%		0.99	%		0.96	%		0.92	%
Aggressive Opportunities		0.05	%		0.26	%		0.40	%		0.39	%		0.38	%
Discovery		0.18	%		1.00	%		1.57	%		1.52	%		1.47	%
International		1.35	%		3.28	%		4.97	%		4.86	%		4.72	%
Diversifying Strategies		2.63	%		6.53	%		8.95	%		8.46	%		7.34	%
Core Bond Index		3.70	%		6.57	%		8.37	%		6.04	%		4.26	%
Mid/Small Company Index		1.93	%		4.10	%		6.37	%		6.10	%		5.93	%

Vantagepoint Fund	Milestone 2035			Milestone 2040			Milestone 2045			Milestone 2050
Low Duration Bond		0.27	%		0.00	%		0.00	%		0.00	%
Inflation Focused		0.11	%		0.00	%		0.00	%		0.00	%
High Yield		2.18	%		1.21	%		0.39	%		0.12	%
Equity Income		3.01	%		3.33	%		1.40	%		0.44	%
Growth & Income		2.54	%		2.57	%		0.92	%		0.29	%
Growth		1.83	%		1.90	%		0.83	%		0.26	%
Select Value		0.72	%		0.76	%		0.31	%		0.10	%
Aggressive Opportunities		0.30	%		0.31	%		0.13	%		0.04	%
Discovery		1.14	%		1.21	%		0.48	%		0.15	%
International		3.74	%		3.95	%		1.60	%		0.51	%
Diversifying Strategies		5.09	%		4.91	%		1.91	%		0.60	%
Core Bond Index		2.05	%		0.77	%		0.00	%		0.00	%
Mid/Small Company Index		4.65	%		4.89	%		1.96	%		0.62	%

Control Persons and Principal Holders of Securities

A majority of the voting shares of each fund are held either directly, or indirectly through the Model Portfolio Funds and the Milestone Funds, by VantageTrust, a group trust sponsored and maintained by VantageTrust Company, LLC (“Trust Company”), 777 N. Capitol Street, N.E., Washington, DC 20002. VantageTrust was established for the purpose of holding and investing the assets of public sector retirement and deferred compensation plans. The Trust Company, a New Hampshire non-depository banking company, has the power to vote the shares of the funds directly held by VantageTrust and pursuant to the proxy voting policies adopted by the Company’s Adviser (“Adviser”), the Adviser generally will seek instructions from the board of directors of the Trust Company on how to vote the shares of the underlying Funds held by the Model Portfolio Funds and the Milestone Funds, and will cast such votes in accordance with the instructions received. The Trust Company, therefore, directly or indirectly has the power to vote more than 25% of each fund’s voting securities and is therefore considered a “control person” of the funds for purposes of the 1940 Act. Both the Trust Company and the Funds’ Adviser are wholly owned subsidiaries of ICMA-RC. As a control person of each fund, the Trust Company has the ability to control the outcome of matters

198

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

submitted to the vote of shareholders. The following represents the percentage of total shares outstanding in each of the funds held, directly or indirectly, by VantageTrust as of December 31, 2014:


Fund	% owned by VantageTrust
Low Duration Bond		76.80	%
Inflation Focused		79.23	%
High Yield		86.06	%
Equity Income		90.82	%
Growth & Income		85.80	%
Growth		94.53	%
Select Value		91.94	%
Aggressive Opportunities		95.03	%
Discovery		91.46	%
International Fund		85.51	%
Diversifying Strategies		86.95	%
Core Bond Index		87.74	%
500 Stock Index		91.85	%
Broad Market Index		81.42	%
Mid/Small Company Index		86.45	%
Overseas Equity Index		95.05	%
Model Portfolio Conservative Growth		83.41	%
Model Portfolio Traditional Growth		91.87	%
Model Portfolio Long-Term Growth		94.60	%
Model Portfolio All-Equity Growth		94.38	%
Milestone Retirement Income		73.54	%
Milestone 2010		75.17	%
Milestone 2015		80.43	%
Milestone 2020		84.15	%
Milestone 2025		83.57	%
Milestone 2030		82.07	%
Milestone 2035		80.88	%
Milestone 2040		81.28	%
Milestone 2045		75.95	%
Milestone 2050		74.67	%

Principal Holders. Below are the names, addresses, and percentage of ownership of each person (or entity) that owns of record or is known to own beneficially 5% or more of any class of any fund’s outstanding shares as of December 31, 2014:


Name	Address	Fund and Class	Percentage Owned
VantageTrust	777 N. Capitol Street, NE Washington, DC 20002	Low Duration Bond—T Shares Inflation Focused—T Shares		83.17% 83.18%
		High Yield—T Shares		86.06%
		Equity Income—T Shares		92.97%
		Growth & Income—T Shares		87.68%
		Growth—T Shares		95.51%
		Select Value—T Shares		93.66%
		Aggressive Opportunities—T Shares		97.95%
		Discovery—T Shares		93.51%
		International Fund—T Shares		86.94%
		Diversifying Strategies—T Shares		86.95%

199

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)


Name	Address	Fund and Class	Percentage Owned
		Core Bond Index—T Shares		89.64%
		500 Stock Index—T Shares		100.00%
		Broad Market Index—T Shares		87.20%
		Mid/Small Company Index—T Shares		92.26%
		Overseas Index—T Shares		100.00%
		Conservative Growth—TM Shares		100.00%
		Traditional Growth—TM Shares		100.00%
		Long-Term Growth—TM Shares		100.00%
		All-Equity Growth—TM Shares		100.00%
		Milestone Retirement Income—TM Shares		100.00%
		Milestone 2010—TM Shares		100.00%
		Milestone 2015—TM Shares		100.00%
		Milestone 2020—TM Shares		100.00%
		Milestone 2025—TM Shares		100.00%
		Milestone 2030—TM Shares		100.00%
		Milestone 2035—TM Shares		100.00%
		Milestone 2040—TM Shares		100.00%
		Milestone 2045—TM Shares		100.00%
		Milestone 2050—TM Shares		100.00%

State College Borough General Employees Pension Plan	243 South Allen Street State College, PA 16801	International Fund—Investor Shares Low Duration Bond Fund—Investor Shares Mid/Small Company Index Fund—Class II 500 Stock Index Fund—Class II Core Bond Index Fund—Class II		19.36% 12.36% 25.87% 37.70% 25.63%

State College Borough Police Pension Plan	243 South Allen Street State College, PA 16801	International Fund—Investor Shares Low Duration Bond Fund—Investor Shares Mid/Small Company Index Fund—Class II 500 Stock Index Fund—Class II Core Bond Index Fund—Class II		21.67% 13.84% 28.97% 42.21% 28.69%

ICMA Retirement Corporation	777 N. Capitol Street, NE Washington, DC 20002	Milestone 2050 Fund—Investor M Shares		6.19%

Prudential Retirement & Annuity	One Commercial Plaza 280 Trumbull Street Hartford, CT 06103-3599	Growth & Income Fund—T Shares Broad Market Index Fund—T Shares Inflation Focused Fund—T Shares		5.03% 12.80% 8.02%

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 Shares Inflation Focused Fund—Investor Shares Discovery Fund—Investor Shares Select Value Fund—Investor Shares Milestone 2040 Fund—Investor M Shares		8.54% 8.03% 9.54% 7.79% 11.89% 9.18% 25.03% 14.23% 5.13%

200

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)


Name	Address	Fund and Class	Percentage Owned
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 Overseas Equity Index Fund—Class II		6.88% 9.67% 11.16% 14.80% 14.48% 22.79% 5.12% 10.08%

County of Orange	333 NW. Santa Anna Blvd. 2^nd 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		8.55% 10.72% 6.18% 17.07% 16.18 5.12% 5.12% 5.01% 6.29% 5.83% 6.91%

Orange County Library District	101 East Central Blvd. Orlando, FL 32801	Overseas Equity Index Fund—Class II Mid/Small Company Index Fund—Class II Broad Market Index Fund—Class II		62.38% 10.76% 37.94%

City of St. Charles	200 North Second Street St. Charles, MO 63301	Core Bond Index Fund—Class II		15.15%

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		9.79% 8.76%

City of San Pablo	1 Alvarado Square San Pablo, CA 94086	Model Portfolio Long-Term Growth Fund—Investor M Shares		5.97%

Delta Charter Township	7710 W. Saginaw Hwy Lansing, MI 48917	Model Portfolio Conservative Growth Fund—Investor M Shares		5.79%

City of Port St. Lucie	121 S.W. Port St. Lucie Blvd. Port St. Lucie, FL 34984	Low Duration Bond Fund—Investor Shares Broad Market Index Fund—Class II		5.36% 44.82%

Town of Concord	P.O. Box 535 Concord, MA 01742	Milestone 2030 Fund—Investor M Shares		7.88%

City of Gaithersburg	31South Summit Ave. Gaithersburg, MD 20887	Model Portfolio Long-Term Growth Fund—Investor M Shares		5.77%

County of Loudon	1 Harrison St. SE Leesburg, VA 20177	Milestone 2045 Fund—Investor M Shares		5.10%

City of Brentwood	5211 Maryland Way Brentwood, TN 37027	Core Bond Index Fund—Class II		7.72%

City of Mill Valley	26 Corte Madera Ave. Mill Valley, CA 94941	Model Portfolio Conservative Growth Fund—Investor M Shares		5.92%

201

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

10.

Rebates of Brokerage Commissions

VIA has entered into agreements with brokers whereby the brokers will rebate a portion of the funds’ brokerage commissions on behalf of certain funds. Such amounts, under such agreements, are included in net realized gain (loss) on the sale of investments presented in the Statements of Operations. For the year ended December 31, 2014, the funds recaptured the following amounts of brokerage commissions:


Fund	Recaptured Brokerage Commissions
Equity Income	$	14,235
Growth & Income		57,652
Growth		185,602
Select Value		63,656
Aggressive Opportunities		73,137
Discovery		18,055
International		166,973
Diversifying Strategies		632

11.

Subsequent Events

Management has evaluated events or transactions that may have occurred since December 31, 2014 through the date of this report, 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.

202

SCHEDULE OF INVESTMENTS

December 31, 2014


Vantagepoint Low Duration Bond Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—54.3%
Aerospace & Defense—0.1%
L-3 Communications Corp.
1.500%		05/28/2017		$	970,000	$	961,020

Airlines—0.1%
United Airlines Pass Through Trust, Series 2014-2, Class B
4.625%		09/03/2022			700,000		686,000

Auto Components—0.1%
Continental Rubber of America Corp.
4.500%		09/15/2019	^		865,000		900,399
Johnson Controls, Inc.
1.400%		11/02/2017			200,000		198,320

							1,098,719

Automobiles—1.1%
Chrysler Group LLC/CG Co.-Issuer, Inc.
8.000%		06/15/2019			980,000		1,035,125
Daimler Finance North America LLC
2.300%		01/09/2015	^		1,290,000		1,290,479
1.375%		08/01/2017	^		980,000		976,040
1.250%		01/11/2016	^		650,000		651,932
Hyundai Capital America
2.125%		10/02/2017	^		265,000		266,468
1.625%		10/02/2015	^		580,000		582,486
Nissan Motor Acceptance Corp.
1.950%		09/12/2017	^		650,000		654,650
1.000%		03/15/2016	^		1,115,000		1,115,825
Volkswagen Group of America Finance LLC
1.600%		11/20/2017	^		680,000		677,986
1.250%		05/23/2017	^		1,520,000		1,513,405

							8,764,396

Banks—16.0%
ABN AMRO Bank NV (Netherlands)
1.033%		10/28/2016	#^		730,000		735,828
ANZ New Zealand Int’l Ltd. (New Zealand)
1.125%		03/24/2016	^		710,000		712,599
Australia & New Zealand Banking Group Ltd. (Australia)
0.792%		05/15/2018	#		1,380,000		1,384,372
Bank of America Corp.
6.500%		08/01/2016			6,600,000		7,113,031
3.875%		03/22/2017			200,000		209,370
3.700%		09/01/2015			635,000		646,186
Bank of America Corp. MTN
1.700%		08/25/2017			830,000		830,722
1.317%		03/22/2018	#		1,480,000		1,491,985
1.250%		01/11/2016			790,000		791,584
Bank of America Corp., Series L MTN
5.650%		05/01/2018			3,750,000		4,169,332
Bank of America Corp., Series 1
3.750%		07/12/2016			520,000		538,794
Bank of Montreal MTN (Canada)
0.831%		04/09/2018	#		680,000		683,397
Bank of Tokyo-Mitsubishi UFJ Ltd. (The) (Japan)
1.450%		09/08/2017	^		1,130,000		1,120,277
0.684%		02/26/2016	#^		1,250,000		1,251,536
Banque Federative du Credit Mutuel SA (France)
1.083%		10/28/2016	#^		1,500,000		1,510,111



Coupon Rate	Maturity Date			Face		Value

Barclays Bank plc (United Kingdom)
6.750%	05/22/2019		$	4,250,000	$	5,005,824
3.900%	04/07/2015			1,830,000		1,845,753
2.500%	02/20/2019			2,250,000		2,282,119
0.812%	02/17/2017	#		1,100,000		1,101,478
BB&T Corp. MTN
1.600%	08/15/2017			420,000		420,042
0.892%	02/01/2019	#		1,540,000		1,542,134
BNP Paribas SA (France)
0.830%	12/12/2016	#		1,520,000		1,523,636
Capital One Bank USA NA, Bank Note
1.200%	02/13/2017			6,400,000		6,347,789
1.150%	11/21/2016			430,000		428,649
Capital One NA, Bank Note
1.500%	09/05/2017			1,040,000		1,032,292
Citigroup, Inc.
6.125%	11/21/2017			4,350,000		4,853,847
6.010%	01/15/2015			1,596,000		1,598,282
4.450%	01/10/2017			1,545,000		1,633,983
1.850%	11/24/2017			940,000		939,576
1.550%	08/14/2017			1,930,000		1,925,289
1.300%	04/01/2016			4,189,000		4,196,226
1.045%	04/01/2016	#		1,320,000		1,325,036
Citizens Bank NA MTN
1.600%	12/04/2017			1,300,000		1,295,183
Compass Bank, Bank Note
1.850%	09/29/2017			1,000,000		996,394
Credit Agricole SA (France)
1.390%	04/15/2016	#^		1,080,000		1,090,099
1.106%	10/03/2016	#^		1,090,000		1,097,268
1.031%	04/15/2019	#^		700,000		706,116
Discover Bank
2.000%	02/21/2018			1,710,000		1,706,830
Fifth Third Bancorp
5.450%	01/15/2017			355,000		381,140
Fifth Third Bank/Ohio, Bank Note
1.150%	11/18/2016			900,000		898,689
HSBC Bank plc (United Kingdom)
0.872%	05/15/2018	#^		3,840,000		3,858,524
Huntington National Bank (The)
1.375%	04/24/2017			360,000		357,151
1.350%	08/02/2016			300,000		300,270
0.658%	04/24/2017	#		300,000		299,860
Huntington National Bank (The), Bank Note
1.300%	11/20/2016			590,000		587,836
Industrial & Commercial Bank of China Ltd. MTN (China)
2.351%	11/13/2017			590,000		589,238
JPMorgan Chase & Co.
3.150%	07/05/2016			8,090,000		8,317,838
1.134%	01/25/2018	#		750,000		756,457
JPMorgan Chase & Co. MTN
1.875%	03/20/2015			1,230,000		1,233,730
1.350%	02/15/2017			1,540,000		1,540,764
KeyBank NA, Bank Note
4.950%	09/15/2015			520,000		534,902
1.100%	11/25/2016			320,000		319,588
KeyCorp MTN
3.750%	08/13/2015			560,000		569,943
Lloyds Bank plc (United Kingdom)
2.300%	11/27/2018			320,000		323,323
Macquarie Bank Ltd. (Australia)
2.000%	08/15/2016	^		1,300,000		1,316,353
1.600%	10/27/2017	^		1,260,000		1,252,575
0.864%	10/27/2017	#^		710,000		711,270

See accompanying notes to financial statements.

203

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Low Duration Bond Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Manufacturers & Traders Trust Co., Bank Note
1.400%		07/25/2017		$	1,160,000	$	1,159,026
1.250%		01/30/2017			870,000		868,480
Mitsubishi UFJ Trust & Banking Corp. (Japan)
1.600%		10/16/2017	^		740,000		734,989
Mizuho Bank Ltd. (Japan)
1.700%		09/25/2017	^		610,000		607,484
1.300%		04/16/2017	^		610,000		604,729
0.705%		09/25/2017	#^		400,000		400,571
National Australia Bank Ltd. (Australia)
1.300%		06/30/2017	^		510,000		507,371
0.784%		07/25/2016	#		1,340,000		1,345,916
Nederlandse Waterschapsbank NV (Netherlands)
0.750%		03/29/2016	^		960,000		962,510
Oversea-Chinese Banking Corp. Ltd. (Singapore)
1.625%		03/13/2015	^		700,000		701,317
PNC Bank NA, Bank Note
1.150%		11/01/2016			400,000		400,705
Regions Financial Corp.
2.000%		05/15/2018			920,000		911,709
Royal Bank of Scotland Group plc (United Kingdom)
2.550%		09/18/2015			445,000		449,533
1.875%		03/31/2017			1,000,000		999,752
1.197%		03/31/2017	#		1,670,000		1,676,084
Royal Bank of Scotland plc (The) (United Kingdom)
4.375%		03/16/2016			274,000		283,361
3.950%		09/21/2015			4,990,000		5,093,608
Santander US Debt SAU (Spain)
3.781%		10/07/2015	^		900,000		919,231
Standard Chartered Bank (United Kingdom)
6.400%		09/26/2017	^		1,500,000		1,676,336
Standard Chartered plc (United Kingdom)
3.200%		05/12/2016	^		4,100,000		4,213,685
2.400%		09/08/2019	^		2,000,000		1,997,556
Sumitomo Mitsui Banking Corp. (Japan)
1.300%		01/10/2017			590,000		589,173
0.901%		07/19/2016	#		330,000		331,643
0.900%		01/18/2016			480,000		479,697
SunTrust Bank, Bank Note
1.350%		02/15/2017			1,540,000		1,540,524
SunTrust Bank, Inc.
5.200%		01/17/2017			1,320,000		1,414,327
Svenska Handelsbanken AB (Sweden)
0.697%		03/21/2016	#		1,500,000		1,505,241
Wells Fargo & Co.
0.861%		04/23/2018	#		250,000		250,613
Westpac Banking Corp. (Australia)
1.500%		12/01/2017			1,780,000		1,779,192
1.200%		05/19/2017			1,150,000		1,145,562

							127,782,345

Beverages—0.3%
Heineken NV (Netherlands)
0.800%		10/01/2015	^		250,000		250,325
SABMiller Holdings, Inc.
2.450%		01/15/2017	^		720,000		734,955
0.922%		08/01/2018	#^		370,000		371,498
Suntory Holdings Ltd. (Japan)
1.650%		09/29/2017	^		1,130,000		1,127,334

							2,484,112



Coupon Rate	Maturity Date			Face		Value

Biotechnology—0.2%
Amgen, Inc.
1.250%	05/22/2017		$	1,740,000	$	1,727,281

Building Products—0.1%
Masco Corp.
4.800%	06/15/2015			465,000		472,216

Capital Markets—1.9%
Bank of New York Mellon Corp. (The) MTN
0.792%	08/01/2018	#		750,000		752,236
Credit Suisse MTN (Switzerland)
1.375%	05/26/2017			2,210,000		2,204,778
Goldman Sachs Group, Inc. (The)
3.625%	02/07/2016			1,350,000		1,385,548
Goldman Sachs Group, Inc. (The) MTN
1.332%	11/15/2018	#		1,470,000		1,485,800
Hutchison Whampoa International 12 II Ltd. (Cayman Islands)
2.000%	11/08/2017	^		480,000		482,165
Macquarie Group Ltd. (Australia)
1.233%	01/31/2017	#^		1,540,000		1,555,301
Morgan Stanley
1.875%	01/05/2018			740,000		737,827
Morgan Stanley MTN
1.514%	04/25/2018	#		1,610,000		1,636,938
0.971%	07/23/2019	#		1,930,000		1,924,409
Nomura Holdings, Inc. MTN (Japan)
1.691%	09/13/2016	#		1,310,000		1,329,486
UBS AG MTN (Switzerland)
1.375%	08/14/2017			1,700,000		1,690,016

						15,184,504

Chemicals—0.3%
Ashland, Inc.
3.875%	04/15/2018			1,050,000		1,064,438
3.000%	03/15/2016			275,000		277,750
Ineos Finance plc (United Kingdom)
8.375%	02/15/2019	^		725,000		773,031

						2,115,219

Commercial Services & Supplies—0.1%
Mobile Mini, Inc.
7.875%	12/01/2020			700,000		731,500

Communications Equipment—0.3%
Cisco Systems, Inc.
1.100%	03/03/2017			1,100,000		1,101,051
0.515%	03/03/2017	#		1,100,000		1,100,782

						2,201,833

Construction & Engineering—0.4%
Heathrow Funding Ltd. (Jersey, Channel Islands)
2.500%	06/25/2015	^		3,500,000		3,502,506

Consumer Finance—4.4%
Ally Financial, Inc.
3.250%	09/29/2017			1,200,000		1,203,000
American Express Co.
0.823%	05/22/2018	#		1,410,000		1,411,131
American Express Credit Corp.
0.743%	07/29/2016	#		1,120,000		1,124,632
American Express Credit Corp. MTN
2.750%	09/15/2015			2,500,000		2,539,007
1.750%	06/12/2015			2,675,000		2,689,999
1.125%	06/05/2017			230,000		229,358

See accompanying notes to financial statements.

204

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Low Duration Bond Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
American Honda Finance Corp.
1.125%		10/07/2016		$	600,000	$	603,036
Capital One Financial Corp.
2.450%		04/24/2019			2,500,000		2,496,805
Caterpillar Financial Services Corp.
0.700%		11/06/2015			1,270,000		1,272,467
Caterpillar Financial Services Corp. MTN
1.250%		08/18/2017			730,000		727,457
1.000%		03/03/2017			1,030,000		1,027,771
Ford Motor Credit Co. LLC
4.250%		02/03/2017			800,000		840,474
3.000%		06/12/2017			690,000		708,360
1.684%		09/08/2017			1,350,000		1,340,129
Ford Motor Credit Co. LLC, Series 1
1.070%		03/12/2019	#		1,060,000		1,055,000
General Motors Financial Co., Inc.
3.000%		09/25/2017			890,000		901,152
Harley-Davidson Financial Services, Inc.
1.150%		09/15/2015	^		420,000		421,219
HSBC Finance Corp.
0.664%		06/01/2016	#		5,347,000		5,337,188
HSBC USA, Inc.
1.135%		09/24/2018	#		900,000		908,709
International Lease Finance Corp.
3.875%		04/15/2018			1,095,000		1,097,053
2.191%		06/15/2016	#		1,295,000		1,298,238
John Deere Capital Corp.
1.050%		10/11/2016			560,000		561,036
John Deere Capital Corp. MTN
1.125%		06/12/2017			1,240,000		1,235,949
PACCAR Financial Corp. MTN
1.100%		06/06/2017			370,000		368,695
0.835%		12/06/2018	#		290,000		291,954
0.800%		02/08/2016			300,000		300,524
Synchrony Financial
3.000%		08/15/2019			580,000		586,717
1.875%		08/15/2017			460,000		461,177
Toyota Motor Credit Corp. MTN
1.125%		05/16/2017			1,750,000		1,744,402

							34,782,639

Containers & Packaging—0.2%
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc. (Ireland)
3.241%		12/15/2019	#^		1,730,000		1,675,937

Diversified Financial Services—3.8%
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands)
2.250%		01/14/2019			8,000,000		8,067,296
ERAC USA Finance LLC
1.400%		04/15/2016	^		230,000		230,613
GE Capital UK Funding MTN (Ireland)
0.710%		03/20/2017	#GBP		700,000		1,087,529
General Electric Capital Corp.
1.625%		07/02/2015			1,350,000		1,358,649
General Electric Capital Corp. MTN
6.000%		08/07/2019			600,000		698,616
1.250%		05/15/2017			4,215,000		4,223,063
0.880%		07/12/2016	#		7,757,000		7,812,796



Coupon Rate	Maturity Date			Face		Value

Moody’s Corp.
2.750%	07/15/2019		$	6,918,000	$	6,982,337

						30,460,899

Diversified Telecommunication Services—2.3%
British Telecommunications plc (United Kingdom)
1.625%	06/28/2016			320,000		322,422
CC Holdings GS V LLC/Crown Castle GS III Corp.
2.381%	12/15/2017			370,000		373,545
Deutsche Telekom International Finance BV (Netherlands)
3.125%	04/11/2016	^		3,000,000		3,075,738
Verizon Communications, Inc.
2.625%	02/21/2020	^		7,384,000		7,308,270
1.991%	09/14/2018	#		4,134,000		4,304,255
1.771%	09/15/2016	#		280,000		285,195
1.350%	06/09/2017			1,240,000		1,234,996
0.700%	11/02/2015			580,000		579,860
Windstream Corp.
7.875%	11/01/2017			880,000		955,900

						18,440,181

Electric Utilities—0.7%
Duke Energy Corp.
0.636%	04/03/2017	#		460,000		460,871
Electricite de France SA (France)
1.150%	01/20/2017	^		790,000		789,906
0.691%	01/20/2017	#^		450,000		451,690
Georgia Power Co.
0.561%	03/15/2016	#		1,394,000		1,392,991
NextEra Energy Capital Holdings, Inc.
1.339%	09/01/2015			1,100,000		1,103,495
1.200%	06/01/2015			210,000		210,416
RJS Power Holdings LLC
5.125%	07/15/2019	^		1,340,000		1,329,950

						5,739,319

Electrical Equipment—0.1%
Eaton Corp.
0.950%	11/02/2015			560,000		560,610

Electronic Equipment, Instruments & Components—0.1%
Amphenol Corp.
1.550%	09/15/2017			470,000		468,999

Energy Equipment & Services—0.8%
Cameron International Corp.
1.400%	06/15/2017			400,000		394,201
Ensco plc (United Kingdom)
4.700%	03/15/2021			3,682,000		3,703,610
Freeport-McMoran Oil & Gas, LLC/FCX Oil & Gas, Inc.
6.500%	11/15/2020			399,000		432,903
Nabors Industries, Inc.
2.350%	09/15/2016			1,200,000		1,187,453
National Oilwell Varco, Inc.
1.350%	12/01/2017			830,000		819,922

						6,538,089

Food & Staples Retailing—0.4%
CVS Health Corp.
1.200%	12/05/2016			290,000		290,939
Kroger Co. (The)
2.200%	01/15/2017			650,000		660,661
0.758%	10/17/2016	#		910,000		908,924

See accompanying notes to financial statements.

205

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Low Duration Bond Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Sysco Corp.
1.450%		10/02/2017		$	420,000	$	419,819
Walgreens Boots Alliance, Inc.
2.700%		11/18/2019			250,000		251,552
1.750%		11/17/2017			330,000		331,047
0.682%		05/18/2016	#		590,000		590,183
Woolworths Ltd. (Australia)
2.550%		09/22/2015	^		58,000		58,730

							3,511,855

Food Products—1.0%
ConAgra Foods, Inc.
1.350%		09/10/2015			200,000		200,841
1.300%		01/25/2016			300,000		300,026
General Mills, Inc.
1.400%		10/20/2017	†		1,070,000		1,066,184
Ingredion, Inc.
3.200%		11/01/2015			310,000		315,250
Kraft Foods Group, Inc.
1.625%		06/04/2015			440,000		441,920
Tyson Foods, Inc.
2.650%		08/15/2019			4,604,000		4,650,878
Want Want China Finance Ltd. (Virgin Islands, British)
1.875%		05/14/2018	^		680,000		667,119
Wm. Wrigley Jr. Co.
2.000%		10/20/2017	^		200,000		201,579
1.400%		10/21/2016	^		200,000		200,250

							8,044,047

Gas Utilities—0.1%
AmeriGas Partners LP/AmeriGas Finance Corp.
6.250%		08/20/2019			1,000,000		1,037,500

Health Care Equipment & Supplies—1.0%
Becton Dickinson and Co.
1.800%		12/15/2017			430,000		431,894
0.691%		06/15/2016	#		310,000		310,185
CareFusion Corp.
1.450%		05/15/2017			1,800,000		1,788,293
Medtronic, Inc.
2.500%		03/15/2020	^		4,724,000		4,742,131
1.500%		03/15/2018	^		390,000		388,437

							7,660,940

Health Care Providers & Services—1.6%
Anthem, Inc.
2.375%		02/15/2017			5,430,000		5,533,783
2.300%		07/15/2018			3,000,000		3,019,146
1.250%		09/10/2015			550,000		552,319
Express Scripts Holding Co.
1.250%		06/02/2017			570,000		564,420
McKesson Corp.
1.292%		03/10/2017			400,000		398,169
UnitedHealth Group, Inc.
1.400%		10/15/2017			270,000		269,919
0.850%		10/15/2015			1,358,000		1,362,192
Ventas Realty LP
1.550%		09/26/2016			481,000		483,133
1.250%		04/17/2017			290,000		287,460

							12,470,541



Coupon Rate	Maturity Date			Face		Value

Hotels, Restaurants & Leisure—0.0%
Carnival Corp. (Panama)
1.875%	12/15/2017		$	280,000	$	278,103

Household Durables—0.1%
Whirlpool Corp.
1.650%	11/01/2017			490,000		488,709

Independent Power and Renewable Electricity Producers—0.2%
AES Corp.
3.234%	06/01/2019	#		1,140,000		1,114,350
TransAlta Corp. (Canada)
1.900%	06/03/2017			360,000		358,685

						1,473,035

Industrial Conglomerates—0.0%
Tyco Electronics Group SA (Luxembourg)
1.600%	02/03/2015			270,000		270,011

Insurance—2.3%
Aflac, Inc.
3.450%	08/15/2015	†		2,937,000		2,988,051
Hartford Financial Services Group, Inc. (The)
4.000%	03/30/2015			510,000		514,061
Metropolitan Life Global Funding I
0.761%	07/15/2016	#^		4,000,000		4,018,576
Principal Life Global Funding II
1.000%	12/11/2015	^		660,000		661,840
Prudential Covered Trust, Series 2012-1
2.997%	09/30/2015	^		1,706,250		1,730,530
Prudential Financial, Inc. MTN
6.100%	06/15/2017			2,500,000		2,762,058
3.875%	01/14/2015			1,951,000		1,953,271
1.012%	08/15/2018	#		600,000		604,160
Prudential Financial, Inc., Series C MTN
4.750%	06/13/2015			2,290,000		2,328,211
TIAA Asset Management Finance Co. LLC
2.950%	11/01/2019	^		810,000		812,474

						18,373,232

Internet Software & Services—0.3%
Alibaba Group Holding Ltd. (Cayman Islands)
2.500%	11/28/2019	^		200,000		197,529
1.625%	11/28/2017	^		600,000		597,701
Baidu, Inc. (Cayman Islands)
2.250%	11/28/2017			500,000		501,043
IAC/InterActiveCorp
4.875%	11/30/2018			350,000		357,875
Tencent Holdings Ltd. (Cayman Islands)
2.000%	05/02/2017	^		800,000		798,712

						2,452,860

IT Services—0.1%
Computer Sciences Corp.
2.500%	09/15/2015			270,000		272,485
Fidelity National Information Services, Inc.
2.000%	04/15/2018			380,000		378,246
1.450%	06/05/2017			190,000		189,047

						839,778

See accompanying notes to financial statements.

206

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Low Duration Bond Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Life Sciences Tools & Services—0.2%
Life Technologies Corp.
3.500%		01/15/2016		$	1,300,000	$	1,316,065
Thermo Fisher Scientific, Inc.
1.300%		02/01/2017			400,000		397,963

							1,714,028

Machinery—0.1%
CNH Industrial Capital LLC
3.875%		11/01/2015			1,035,000		1,045,350

Marine—0.1%
AP Moeller—Maersk A/S (Denmark)
2.550%		09/22/2019	^		1,000,000		1,003,912

Media—0.5%
DirecTV Holdings LLC/DirecTV Financing Co., Inc.
3.125%		02/15/2016			500,000		511,489
DISH DBS Corp.
4.625%		07/15/2017			1,000,000		1,036,250
NBCUniversal Enterprise, Inc.
0.916%		04/15/2018	#^		500,000		504,566
Thomson Reuters Corp. (Canada)
1.650%		09/29/2017			950,000		944,807
1.300%		02/23/2017			400,000		398,111
Time Warner, Inc.
3.150%		07/15/2015			440,000		446,208

							3,841,431

Metals & Mining—4.1%
Anglo American Capital plc (United Kingdom)
2.625%		09/27/2017	^		4,400,000		4,443,688
1.181%		04/15/2016	#^		350,000		350,463
ArcelorMittal (Luxembourg)
4.250%		08/05/2015			1,000,000		1,016,250
Barrick North America Finance LLC
6.800%		09/15/2018			6,056,000		6,829,636
FMG Resources August 2006 Pty Ltd. (Australia)
6.000%		04/01/2017	^†		720,000		690,750
Freeport-McMoRan, Inc.
2.300%		11/14/2017			640,000		641,209
2.150%		03/01/2017			490,000		491,063
Glencore Finance Canada Ltd. (Canada)
2.700%		10/25/2017	^		5,735,000		5,806,040
Glencore Funding LLC
2.500%		01/15/2019	^		3,886,000		3,830,084
1.591%		01/15/2019	#^		1,230,000		1,251,994
Rio Tinto Finance USA Ltd. (Australia)
6.500%		07/15/2018			3,500,000		4,010,177
1.875%		11/02/2015			3,435,000		3,463,253

							32,824,607

Oil, Gas & Consumable Fuels—3.3%
Boardwalk Pipelines LP
5.875%		11/15/2016			320,000		339,907
BP Capital Markets plc (United Kingdom)
0.742%		05/10/2018	#		240,000		237,602
Canadian Natural Resources Ltd. (Canada)
1.750%		01/15/2018			700,000		696,392
CNOOC Finance 2013 Ltd. (Virgin Islands, British)
1.125%		05/09/2016			620,000		618,008



Coupon Rate	Maturity Date			Face		Value

CNOOC Nexen Finance 2014 ULC (Canada)
1.625%	04/30/2017		$	590,000	$	587,451
CNPC General Capital Ltd. (Virgin Islands, British)
1.133%	05/14/2017	#^		700,000		701,520
DCP Midstream Operating LP
3.250%	10/01/2015			550,000		558,021
Enbridge, Inc. (Canada)
0.684%	06/02/2017	#		420,000		418,433
Enterprise Products Operating LLC
1.250%	08/13/2015			280,000		280,782
Hess Corp.
1.300%	06/15/2017			460,000		453,485
Kinder Morgan, Inc.
3.050%	12/01/2019			3,254,000		3,231,778
2.000%	12/01/2017	†		300,000		298,353
Marathon Oil Corp.
0.900%	11/01/2015			630,000		628,290
Murphy Oil Corp.
2.500%	12/01/2017			430,000		427,717
Phillips 66
2.950%	05/01/2017			270,000		279,008
1.950%	03/05/2015			270,000		270,694
Rockies Express Pipeline LLC
3.900%	04/15/2015	^†		680,000		678,300
Sabine Pass LNG LP
7.500%	11/30/2016			1,010,000		1,055,450
Sinopec Capital 2013 Ltd. (Virgin Islands, British)
1.250%	04/24/2016	^		630,000		628,560
Statoil ASA (Norway)
0.692%	11/08/2018	#		800,000		801,960
0.522%	05/15/2018	#		2,285,000		2,283,921
Suncor Energy, Inc. (Canada)
6.100%	06/01/2018			7,071,000		7,937,763
Total Capital International SA (France)
0.802%	08/10/2018	#		780,000		784,861
TransCanada PipeLines Ltd. (Canada)
0.937%	06/30/2016	#		1,300,000		1,306,631
WPX Energy, Inc.
5.250%	01/15/2017			990,000		1,004,850

						26,509,737

Pharmaceuticals—1.1%
AbbVie, Inc.
1.750%	11/06/2017			1,450,000		1,454,151
0.992%	11/06/2015	#		4,100,000		4,113,534
Actavis Funding SCS (Luxembourg)
1.300%	06/15/2017			700,000		687,659
Merck & Co., Inc.
0.592%	05/18/2018	#		1,120,000		1,122,824
Mylan, Inc.
1.800%	06/24/2016			200,000		201,279
1.350%	11/29/2016			340,000		338,484
Perrigo Co. plc (Ireland)
1.300%	11/08/2016			700,000		697,250

						8,615,181

Real Estate Investment Trusts (REITs)—0.5%
ARC Properties Operating Partnership LP
2.000%	02/06/2017	†		820,000		782,301
Digital Realty Trust LP
4.500%	07/15/2015			1,110,000		1,120,615
Health Care REIT, Inc.
3.625%	03/15/2016			440,000		452,988

See accompanying notes to financial statements.

207

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Low Duration Bond Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Healthcare Realty Trust, Inc.
6.500%		01/17/2017		$	340,000	$	371,463
Liberty Property LP
6.625%		10/01/2017			445,000		498,980
Vornado Realty LP
4.250%		04/01/2015			1,080,000		1,080,000

							4,306,347

Real Estate Management & Development—0.1%
WEA Finance LLC/Westfield UK & Europe Finance plc
2.700%		09/17/2019	^		400,000		400,322
1.750%		09/15/2017	^		330,000		328,438

							728,760

Road & Rail—0.7%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
4.875%		11/15/2017	†		465,000		481,275
Hertz Corp. (The)
6.750%		04/15/2019			1,000,000		1,035,000
JB Hunt Transport Services, Inc.
3.375%		09/15/2015			850,000		864,734
2.400%		03/15/2019			770,000		771,175
Penske Truck Leasing Co. LP/PTL Finance Corp.
3.125%		05/11/2015	^		800,000		806,550
2.500%		03/15/2016	^		620,000		628,717
2.500%		06/15/2019	^		290,000		288,533
Ryder System, Inc. MTN
2.500%		03/01/2017			540,000		547,908

							5,423,892

Semiconductors & Semiconductor Equipment—0.1%
TSMC Global Ltd. (Virgin Islands, British)
1.625%		04/03/2018	^		410,000		403,055

Software—0.1%
Autodesk, Inc.
1.950%		12/15/2017			430,000		431,643

Specialty Retail—0.1%
AutoZone, Inc.
1.300%		01/13/2017			440,000		438,573

Technology Hardware, Storage & Peripherals—1.0%
Hewlett-Packard Co.
5.500%		03/01/2018			1,000,000		1,104,509
3.000%		09/15/2016			4,436,000		4,556,664
2.650%		06/01/2016			750,000		764,485
1.170%		01/14/2019	#		650,000		639,504
Seagate HDD Cayman (Cayman Islands)
3.750%		11/15/2018	^		780,000		802,425

							7,867,587

Thrifts & Mortgage Finance—0.5%
Abbey National Treasury Services plc (United Kingdom)
1.650%		09/29/2017			1,700,000		1,696,107
Astoria Financial Corp.
5.000%		06/19/2017			690,000		729,111
BPCE SA (France)
1.625%		02/10/2017			550,000		551,969
BPCE SA MTN (France)
1.484%		04/25/2016	#		800,000		809,086
0.862%		06/23/2017	#		490,000		490,272

							4,276,545



Coupon Rate	Maturity Date			Face		Value

Tobacco—0.9%
BAT International Finance plc (United Kingdom)
1.400%	06/05/2015	^	$	800,000	$	801,520
Lorillard Tobacco Co.
6.875%	05/01/2020			2,834,000		3,341,898
2.300%	08/21/2017	†		2,877,000		2,897,205
Reynolds American, Inc.
1.050%	10/30/2015			290,000		290,375

						7,330,998

Trading Companies & Distributors—0.1%
GATX Corp.
2.500%	07/30/2019			700,000		695,463

Wireless Telecommunication Services—0.3%
SBA Communications Corp.
5.625%	10/01/2019			430,000		441,825
T-Mobile USA, Inc.
5.250%	09/01/2018	†		720,000		749,700
Vodafone Group plc (United Kingdom)
0.617%	02/19/2016	#		1,210,000		1,210,058

						2,401,583

TOTAL CORPORATE OBLIGATIONS
(Cost $431,694,934)						433,137,627


FLOATING RATE LOANS—0.6%**
ABC Supply Co. Term Loan
3.500%	04/16/2020			987,500		959,109
ARAMARK Corp., Extended Term Loan
3.250%	09/06/2019	#		1,455,000		1,436,361
Asurion LLC Non-Amortizing 1st Lien Term Loan
3.750%	03/03/2017	#		400,000		396,502
CDW LLC Term Loan
3.250%	04/29/2020	#		987,441		959,961
Dole Food Co., Inc. Tranche B Term Loan
4.500%	11/01/2018	#		970,000		960,703
H.J. Heinz Co. 1st Lien Term Loan B2
3.500%	06/05/2020	#		222,325		221,372

TOTAL FLOATING RATE LOANS
(Cost $5,023,861)						4,934,008


MORTGAGE-BACKED SECURITIES—5.0%
Commercial Mortgage-Backed Securities—1.3%
American Homes 4 Rent, Series 2014-SFR1, Class A
1.250%	06/17/2031	#^		673,930		666,688
Colony American Homes, Series 2014-1A, Class A
1.400%	05/17/2031	#^		711,001		708,067
Colony American Homes, Series 2014-2A, Class A
1.112%	07/17/2031	#^		1,241,625		1,224,378
Hilton USA Trust, Series 2013-HLF, Class AFL
1.157%	11/05/2030	#^		1,389,506		1,390,163
Invitation Homes Trust, Series 2013-SFR1, Class A
1.400%	12/17/2030	#^		923,840		921,293
Invitation Homes Trust, Series 2014-SFR1, Class A
1.162%	06/17/2031	#^		3,570,000		3,531,569

See accompanying notes to financial statements.

208

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Low Duration Bond Fund

Coupon Rate	Maturity Date			Face		Value

MORTGAGE-BACKED SECURITIES—(Continued)
Invitation Homes Trust, Series 2014-SFR2, Class A
1.262%		09/17/2031	#^	$	2,220,000	$	2,198,266

							10,640,424

Non-Agency Mortgage-Backed Securities—1.7%
Banc of America Mortgage Trust, Series 2004-L, Class 1A1
2.750%		01/25/2035	#		380,317		377,059
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR2, Class AD
1.550%		04/25/2043	#^		1,335,871		1,256,991
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR3, Class A3
1.550%		05/25/2043	#^		693,652		661,055
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2013-DN2, Class M1
1.620%		11/25/2023	#		903,101		900,717
Fosse Master Issuer plc, Series 2012-1A, Class 2A2 (United Kingdom)
1.632%		10/18/2054	#^		1,560,593		1,571,477
GSAMP Trust, Series 2004-SEA2, Class M1
0.820%		03/25/2034	#		1,068,487		1,070,086
JP Morgan Mortgage Trust, Series 2013-1, Class 2A2
2.500%		03/25/2043	#^		771,230		763,450
MLCC Mortgage Investors Trust, Series 2004-1, Class 2A2
2.161%		12/25/2034	#		866,905		860,182
Sequoia Mortgage Trust, Series 2012-1, Class 1A1
2.865%		01/25/2042	#		765,390		769,863
Sequoia Mortgage Trust, Series 2012-2, Class A2
3.500%		04/25/2042	#		698,543		711,799
Sequoia Mortgage Trust, Series 2013-1, Class 1A1
1.450%		02/25/2043	#		900,533		862,620
Sequoia Mortgage Trust, Series 2013-4, Class A3
1.550%		04/25/2043	#		952,451		895,715
Springleaf Mortgage Loan Trust, Series 2012-3A, Class A
1.570%		12/25/2059	#^		525,057		525,983
Springleaf Mortgage Loan Trust, Series 2013-1A, Class A
1.270%		06/25/2058	#^		963,212		962,316
Springleaf Mortgage Loan Trust, Series 2013-2A, Class A
1.780%		12/25/2065	#^		542,726		543,132
Structured Asset Mortgage Investments II Trust, Series 2004-AR5, Class 2A1
2.158%		10/19/2034	#		201,350		167,928
Wells Fargo Mortgage Backed Securities Trust, Series 2004-S, Class B1
2.618%		09/25/2034	#		775,202		634,467

							13,534,840



Coupon Rate	Maturity Date			Face		Value

U.S. Government Agency Mortgage-Backed Securities—2.0%
Federal Deposit Insurance Corporation Structured Sale Guaranteed Notes, Series 2010-S1, Class 2A
3.250%	04/25/2038	^	$	815,853	$	835,578
Federal National Mortgage Association
3.136%	07/01/2041	#		1,974,550		2,098,039
3.002%	06/01/2041	#		1,027,188		1,087,335
1.986%	10/01/2034	#		837,840		884,357
1.922%	09/01/2034	#		75,487		80,349
1.915%	09/01/2034	#		110,549		117,451
1.807%	10/01/2034	#		129,651		137,118
Federal National Mortgage Association Connecticut Avenue Securities, Series 2013-C01, Class M1
2.170%	10/25/2023	#		1,224,240		1,230,557
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C01, Class M1
1.770%	01/25/2024	#		1,361,462		1,359,387
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C02, Class 1M1
1.120%	05/25/2024	#		1,423,527		1,397,626
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C03, Class 1M1
1.370%	07/25/2024	#		3,442,956		3,412,286
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 2A
1.840%	10/07/2020			86,205		86,734
National Credit Union Administration Guaranteed Notes, Series 2010-R3, Class 1A
0.717%	12/08/2020	#		2,716,724		2,743,553

						15,470,370

TOTAL MORTGAGE-BACKED SECURITIES
(Cost $39,995,888)						39,645,634


U.S. TREASURY OBLIGATIONS—19.4%
U.S. Treasury Notes—19.4%
U.S. Treasury Note
1.000%	09/15/2017			25,080,000		25,095,675
0.875%	07/15/2017			5,005,000		4,999,525
0.750%	01/15/2017- 10/31/2017			57,853,000		57,510,519
0.625%	02/15/2017			8,030,000		8,010,551
0.500%	08/31/2016			15,630,000		15,625,124
0.375%	03/15/2016	‡‡		315,000		315,049
0.375%	10/31/2016			25,400,000		25,296,825
0.250%	10/31/2015			17,940,000		17,940,000

						154,793,268

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $154,796,326)						154,793,268


GOVERNMENT RELATED OBLIGATIONS—3.8%
U.S. Government Agencies—0.9%
Federal Home Loan Bank, Series 3823
0.500%	09/28/2016			3,870,000		3,860,743
Federal Home Loan Mortgage Corp., Series 1
1.000%	07/28/2017			3,000,000		3,000,015

						6,860,758

See accompanying notes to financial statements.

209

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Low Duration Bond Fund

Coupon Rate	Maturity Date			Face		Value

GOVERNMENT RELATED OBLIGATIONS—(Continued)
Non-U.S. Government Agencies—0.5%
FMS Wertmanagement AoeR (Germany)
1.125%		09/05/2017		$	1,600,000	$	1,600,120
0.625%		01/30/2017	†		1,620,000		1,612,401
Korea Expressway Corp. (Korea, Republic of)
1.625%		04/28/2017	^		700,000		696,962
Petrobras International Finance Co. SA (Luxembourg)
3.500%		02/06/2017			410,000		392,538

							4,302,021

Sovereign Debt—0.2%
Instituto de Credito Oficial (Spain)
1.125%		04/01/2016	^		1,610,000		1,612,120
Panama Government International Bond (Panama)
7.250%		03/15/2015			60,000		60,900

							1,673,020

Supranational—0.7%
European Investment Bank
1.125%		04/15/2015			5,555,000		5,568,604

U.S. Municipal Bonds—1.3%
California Earthquake Authority Revenue Bonds (California)
1.824%		07/01/2017			700,000		699,727
California General Obligation Bonds (California)
5.450%		04/01/2015			3,635,000		3,679,529
1.050%		02/01/2016			755,000		759,688
Florida Hurricane Catastrophe Fund Finance Corp. Revenue Bonds, Series A (Florida)
2.995%		07/01/2020			3,125,000		3,165,000
1.298%		07/01/2016			1,955,000		1,968,451

							10,272,395

Non-U.S. Regional Authority Bonds—0.2%
Province of British Columbia (Canada)
1.200%		04/25/2017			2,000,000		2,010,240

TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $30,501,588)							30,687,038


ASSET-BACKED SECURITIES—13.6%
Automobiles—3.3%
Ally Master Owner Trust Series 2013-2, Class A
0.611%		04/15/2018	#		1,600,000		1,599,477
Capital Auto Receivables Asset Trust
Series 2014-2, Class A1
0.465%		06/20/2016	#		1,605,000		1,605,614
Capital Auto Receivables Asset Trust
Series 2013-1, Class C
1.740%		10/22/2018			330,000		331,234
Capital Auto Receivables Asset Trust
Series 2013-1, Class B
1.290%		04/20/2018			330,000		329,204
Enterprise Fleet Financing LLC
Series 2012-1, Class A2
1.140%		11/20/2017	^		256,220		256,395



Coupon Rate	Maturity Date			Face		Value

Ford Credit Auto Owner Trust
Series 2013-A, Class A3
0.550%	07/15/2017		$	2,527,290	$	2,527,019
Harley-Davidson Motorcycle Trust
Series 2014-1, Class A3
1.100%	09/15/2019			5,502,000		5,494,044
Nissan Auto Receivables Owner Trust
Series 2011-A, Class A4
1.940%	09/15/2017			457,256		459,183
Porsche Financial Auto Securitization Trust
Series 2014-1, Class A3
0.670%	01/23/2018	^		7,789,000		7,786,702
Toyota Auto Receivables Owner Trust
Series 2014-B, Class A4
1.310%	09/16/2019			400,000		399,210
Volkswagen Auto Loan Enhanced Trust
Series 2014-1, Class A3
0.910%	10/22/2018			5,436,000		5,413,359

						26,201,441

Credit Card—9.3%
American Express Credit Account Master Trust
Series 2014-1, Class A
0.531%	12/15/2021	#		5,989,000		5,977,588
BA Credit Card Trust
Series 2014-A1, Class A
0.541%	06/15/2021	#		5,600,000		5,601,260
Cabela’s Credit Card Master Note Trust
Series 2014-1, Class A
0.511%	03/16/2020	#		2,195,000		2,195,495
Cabela’s Credit Card Master Note Trust
Series 2014-2, Class A
0.611%	07/15/2022	#		2,531,000		2,525,428
Capital One Multi-Asset Execution Trust
Series 2007-A5, Class A5
0.201%	07/15/2020	#		4,900,000		4,866,508
Capital One Multi-Asset Execution Trust
Series 2007-A7, Class A7
5.750%	07/15/2020			2,100,000		2,337,732
Capital One Multi-Asset Execution Trust
Series 2014-A3, Class A3
0.541%	01/18/2022	#		1,800,000		1,799,919
Chase Issuance Trust
Series 2013-A9, Class A
0.581%	11/16/2020	#		9,000,000		9,025,951
Chase Issuance Trust
Series 2006-A2, Class A2
5.160%	04/16/2018			2,114,000		2,218,145
Chase Issuance Trust
Series 2007-B1, Class B1
0.411%	04/15/2019	#		1,500,000		1,491,298
Citibank Credit Card Issuance Trust
Series 2006-A3, Class A3
5.300%	03/15/2018			960,000		1,012,097
Citibank Credit Card Issuance Trust
Series 2008-A2, Class A2
1.314%	01/23/2020	#		3,300,000		3,388,245
Citibank Credit Card Issuance Trust
Series 2013-A6, Class A6
1.320%	09/07/2018			3,897,000		3,920,041
Discover Card Execution Note Trust
Series 2013-A6, Class A6
0.611%	04/15/2021	#		5,558,000		5,578,754

See accompanying notes to financial statements.

210

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Low Duration Bond Fund

Coupon Rate	Maturity Date			Face		Value

ASSET-BACKED SECURITIES—(Continued)
Discover Card Execution Note Trust
Series 2007-A1, Class A1
5.650%		03/16/2020		$	750,000	$	832,917
Discover Card Execution Note Trust
Series 2014-A1, Class A1
0.591%		07/15/2021	#		3,200,000		3,210,090
Discover Card Execution Note Trust
Series 2012-A1, Class A1
0.810%		08/15/2017			1,450,000		1,450,715
Gracechurch Card Funding plc (United Kingdom)
Series 2012-1A, Class A1
0.861%		02/15/2017	#^		2,700,000		2,701,738
Synchrony Credit Card Master Note Trust
Series 2012-5, Class A
0.950%		06/15/2018			1,390,000		1,392,362
Synchrony Credit Card Master Note Trust
Series 2012-6, Class A
1.360%		08/17/2020			4,840,000		4,813,709
Synchrony Credit Card Master Note Trust
Series 2012-1, Class A
1.030%		01/15/2018			2,000,000		2,000,409
Synchrony Credit Card Master Note Trust
Series 2012-3, Class A
0.611%		03/15/2020	#		5,720,000		5,715,836

							74,056,237

Other—0.9%
CenterPoint Energy Transition Bond Co. IV LLC
Series 2012-1, Class A1
0.901%		04/15/2018			1,300,679		1,302,959
Global SC Finance II SRL (Barbados)
Series 2014-1A, Class A1
3.190%		07/17/2029	^		1,840,000		1,824,624
GreatAmerica Leasing Receivables Funding LLC
Series 2013-1, Class C
1.830%		06/17/2019	^		250,000		249,241
TAL Advantage V LLC
Series 2014-2A, Class A1
1.700%		05/20/2039	^		2,556,731		2,540,589
Trade MAPS 1 Ltd. (Ireland)
Series 2013-1A, Class A
0.862%		12/10/2018	#^		1,800,000		1,803,209

							7,720,622

Student Loan—0.1%
Nelnet Student Loan Trust
Series 2014-2A, Class A1
0.449%		06/25/2021	#^		768,414		768,233

TOTAL ASSET-BACKED SECURITIES
(Cost $108,980,072)							108,746,533



					Shares		Value
MONEY MARKET FUNDS—4.2%
Institutional Money Market Funds—4.2%
Dreyfus Institutional Cash Advantage Fund, 0.06%			††¥		1,700,000		1,700,000



		Shares		Value
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11%	¥	22,533,423	$	22,533,423
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11%	††¥	2,188,408		2,188,408
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.07%	††¥	1,700,000		1,700,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.07%	††¥	1,700,000		1,700,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.08%	††¥	1,700,000		1,700,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥	1,700,000		1,700,000

TOTAL MONEY MARKET FUNDS
(Cost $33,221,831)				33,221,831

TOTAL INVESTMENTS—100.9%
(Cost $804,214,500)				805,165,939
Other assets less liabilities—(0.9%)				(7,273,471	)

NET ASSETS—100.0%			$	797,892,468

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 $138,823,707, which represents 17.4% 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.

211

SCHEDULE OF INVESTMENTS

December 31, 2014


Vantagepoint Inflation Focused Fund

Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—4.0%
Banks—0.8%
Bank of America Corp.
5.750%		12/01/2017		$	1,100,000	$	1,216,208
Bank of America Corp., Series L
2.600%		01/15/2019			1,300,000		1,310,856
Intesa Sanpaolo SpA (Italy)
6.500%		02/24/2021	^		500,000		579,170
2.375%		01/13/2017			700,000		706,474
KBC Bank NV (Belgium)
8.000%		01/25/2023	#		400,000		450,000

							4,262,708

Capital Markets—1.0%
Goldman Sachs Group, Inc. (The) MTN
3.850%		07/08/2024			2,600,000		2,669,659
UBS AG (Switzerland)
7.625%		08/17/2022			300,000		353,730
5.125%		05/15/2024			1,300,000		1,308,437
UBS AG MTN (Switzerland)
4.750%		05/22/2023	#		900,000		910,363

							5,242,189

Consumer Finance—0.5%
Navient Corp. MTN
6.250%		01/25/2016			2,400,000		2,502,000

Diversified Telecommunication Services—0.6%
AT&T, Inc.
0.677%		03/30/2017	#		3,000,000		3,000,333

Electric Utilities—0.2%
Electricite de France SA (France)
1.150%		01/20/2017	^		200,000		199,976
0.691%		01/20/2017	#^		700,000		702,629

							902,605

Health Care Equipment & Supplies—0.3%
Medtronic, Inc.
4.375%		03/15/2035	^		1,300,000		1,383,797

Multi-Utilities—0.0%
RWE AG (Germany)
7.000%		10/12/2072	#		200,000		214,750

Oil, Gas & Consumable Fuels—0.6%
BG Energy Capital plc (United Kingdom)
6.500%		11/30/2072	#		800,000		858,921
Canadian Natural Resources Ltd. (Canada)
0.632%		03/30/2016	#		600,000		599,115
Kinder Morgan, Inc.
2.000%		12/01/2017			1,900,000		1,889,569

							3,347,605

TOTAL CORPORATE OBLIGATIONS
(Cost $20,601,203)							20,855,987



Coupon Rate	Maturity Date			Face		Value
MORTGAGE-BACKED SECURITIES—0.6%
U.S. Government Agency Mortgage-Backed Securities—0.6%
Federal National Mortgage Association TBA
3.000%		01/25/2045
(Cost $2,992,500)				$	3,000,000	$	3,034,922


U.S. TREASURY OBLIGATIONS—89.7%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.070%		05/28/2015			261,000		260,936
0.047%		02/26/2015			274,000		273,994
0.022%		01/08/2015			81,000		81,000

							615,930

U.S. Treasury Inflation Protected Securities Bonds—35.7%
U.S. Treasury Bond
3.875%		04/15/2029	‡‡		6,535,000		13,530,978
3.625%		04/15/2028			6,235,000		12,601,710
3.375%		04/15/2032			869,100		1,651,550
2.500%		01/15/2029			16,525,000		22,719,121
2.375%		01/15/2025 -
		01/15/2027			36,142,400		52,366,733
2.125%		02/15/2040 -
		02/15/2041			8,875,100		12,621,924
2.000%		01/15/2026			17,185,000		23,590,190
1.750%		01/15/2028			16,120,000		20,711,736
1.375%		02/15/2044			15,460,000		17,862,930
0.750%		02/15/2042			9,159,500		9,374,136
0.625%		02/15/2043			360,000		350,402

							187,381,410

U.S. Treasury Inflation Protected Securities Notes—53.8%
U.S. Treasury Note
2.500%		07/15/2016			5,124,800		6,282,656
1.875%		07/15/2019			1,400,000		1,672,830
1.375%		07/15/2018 -
		01/15/2020			10,184,800		11,751,040
1.250%		07/15/2020			21,650,000		24,767,736
1.125%		01/15/2021			21,220,000		23,955,272
0.625%		07/15/2021 -
		01/15/2024			42,442,500		44,496,849
0.375%		07/15/2023			22,980,000		23,209,290
0.125%		04/15/2016 -
		07/15/2024			144,427,300		146,064,541

							282,200,214

U.S. Treasury Notes—0.1%
U.S. Treasury Note
0.250%		05/15/2015			500,000		500,390

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $468,540,015)							470,697,944


GOVERNMENT RELATED OBLIGATIONS—1.3%
U.S. Government Agencies—0.1%
New Valley Generation I
7.299%		03/15/2019			565,357		639,108

See accompanying notes to financial statements.

212

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Inflation Focused Fund

Coupon Rate	Maturity Date			Face		Value
GOVERNMENT RELATED OBLIGATIONS—(Continued)
Non-U.S. Government Agencies—0.2%
Export-Import Bank of Korea (Korea, Republic of)
4.000%		01/29/2021		$	1,200,000	$	1,287,196

Sovereign Debt—1.0%
Slovenia Government International Bond (Slovenia)
5.250%		02/18/2024			400,000		441,500
4.750%		05/10/2018			4,300,000		4,611,750

							5,053,250

TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $6,872,260)							6,979,554


ASSET-BACKED SECURITIES—0.5%
Home Equity—0.5%
Argent Securities, Inc.
Series 2005-W2, Class A2B1
0.370%		10/25/2035	#		26,747		26,750
First Franklin Mortgage Loan Asset Backed Certificates
Series 2005-FF11, Class A2D
0.850%		11/25/2035	#		727,723		712,132
First Franklin Mortgage Loan Asset Backed Certificates
Series 2005-FF6, Class M2
0.610%		05/25/2036	#		1,300,000		1,176,360
Long Beach Mortgage Loan Trust
Series 2005-2, Class M4
1.100%		04/25/2035	#		300,000		288,868
Saxon Asset Securities Trust
Series 2003-1, Class AF7
4.034%		06/25/2033			90,839		92,214

							2,296,324

Manufactured Housing—0.0%
Conseco Finance Securitizations Corp.
Series 2002-1, Class A
6.681%		12/01/2033	#		5,795		5,809

Other—0.0%
Park Place Securities, Inc.
Series 2004-WWF1, Class M2
1.190%		12/25/2034	#		75,910		76,218

Student Loan—0.0%
North Carolina State Education Assistance Authority
Series 2011-2, Class A1
1.010%		10/26/2020	#		83,299		83,406

TOTAL ASSET-BACKED SECURITIES
(Cost $2,328,871)							2,461,757



					Notional		Value
PURCHASED OPTIONS—0.0%
Put—U.S. 30 Year Swaption, Expires 12/11/2017, Strike 2.68%					2,000,000		245,993

Notional

Value

Put—U.S. 30 Year Swaption,
Expires 03/20/2015, Strike 3.05%

6,900,000

39,766

TOTAL PURCHASED OPTIONS

(Cost $351,615)

285,759

Coupon
Rate

Maturity
Date

Face

Value

CERTIFICATES OF DEPOSIT—0.2%

Banks—0.2%

Banco Bilbao Vizcaya Argentaria (Spain)

0.981%

10/23/2015

(Cost $999,900)

EUR

1,000,000

999,072

Value

MONEY MARKET FUNDS—4.3%

Institutional Money Market Fund—4.3%

Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11%

(Cost $22,486,040)

22,486,040

TOTAL INVESTMENTS—100.6%

(Cost $525,172,404)

527,801,035

Other assets less liabilities—(0.6%)

(3,139,230

)

NET ASSETS—100.0%

524,661,805

Notes to the Schedule of Investments:


EUR		European Monetary Unit
MTN		Medium Term Note
TBA		Security is subject to delayed delivery.
^		Securities are not registered under the Securities Act of 1933. These securities may be resold only in transactions exempt from registration, generally to qualified institutional buyers under Securities Act Rule 144A. Such securities are considered illiquid unless deemed liquid by a subadviser under the liquidity procedures adopted by the Board of Directors. The total market value of 144A securities was $2,865,572, which represents 0.5% of Net Assets. The illiquid 144A securities represented 0.5% of Net Assets, and 100.0% of total 144A securities held.
#		Rate is subject to change. Rate shown reflects current rate.
‡‡		Security or a portion of the security has been pledged as collateral for futures contracts and/or options contracts.
¥		The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to financial statements.

213

SCHEDULE OF INVESTMENTS

December 31, 2014


Vantagepoint High Yield Fund				Shares		Value

PREFERRED STOCKS—0.3%
Banks—0.3%
GMAC Capital Trust I, Series 2 8.125%			#*
(Cost $1,191,146)					44,875	$	1,183,802


CONVERTIBLE PREFERRED STOCKS—0.1%
Oil, Gas & Consumable Fuels—0.1%
Rex Energy Corp., Perpetual,
Series A 6.000%			*
(Cost $293,500)					3,300		176,253



Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—90.9%
Aerospace & Defense—1.4%
AAR Corp.
7.250%		01/15/2022		$	1,335,000		1,448,475
Ducommun, Inc.
9.750%		07/15/2018			350,000		376,250
Erickson, Inc.
8.250%		05/01/2020	†		750,000		663,750
Huntington Ingalls Industries, Inc.
5.000%		12/15/2021	^		900,000		916,875
KLX, Inc.
5.875%		12/01/2022	^		390,000		394,875
LMI Aerospace, Inc.
7.375%		07/15/2019	^		300,000		294,000
Spirit AeroSystems, Inc.
5.250%		03/15/2022			785,000		802,662

							4,896,887

Air Freight & Logistics—0.1%
XPO Logistics, Inc.
7.875%		09/01/2019	^		350,000		367,500

Airlines—0.5%
American Airlines Pass Through Trust, Series 2013-2, Class B
5.600%		07/15/2020	^		938,287		957,053
Intrepid Aviation Group Holdings LLC/Intrepid Finance Co.
6.875%		02/15/2019	^		900,000		875,250

							1,832,303

Auto Components—1.7%
Gestamp Funding Luxembourg SA (Luxembourg)
5.875%		05/31/2020	EUR		640,000		823,608
Goodyear Tire & Rubber Co. (The)
7.000%		05/15/2022		$	1,175,000		1,274,875
Grupo Antolin Dutch BV (Netherlands)
4.750%		04/01/2021	EUR		650,000		818,387
Pittsburgh Glass Works LLC
8.000%		11/15/2018	^	$	765,000		810,900
Schaeffler Holding Finance BV (Netherlands)
6.875%		08/15/2018	^		500,000		523,750
6.750%		11/15/2022	^		580,000		609,000
5.750%		11/15/2021	^EUR		950,000		1,228,579

							6,089,099



Coupon Rate	Maturity Date			Face		Value
Automobiles—0.7%
Chrysler Group LLC/CG Co.-Issuer, Inc.
8.250%		06/15/2021		$	1,750,000	$	1,946,875
General Motors Co.
5.200%		04/01/2045			380,000		401,850

							2,348,725

Banks—1.4%
Bank of America Corp., Perpetual Bond, Series Z
6.500%		10/23/2024	#		280,000		285,712
Barclays Bank plc (United Kingdom)
7.625%		11/21/2022			240,000		262,872
Barclays plc, Perpetual Bond (United Kingdom)
8.250%		12/15/2018	#		260,000		266,999
CIT Group, Inc.
5.000%		08/15/2022			2,535,000		2,614,219
HSBC Holdings plc, Perpetual Bond (United Kingdom)
6.375%		09/17/2024	#		410,000		414,612
Royal Bank of Scotland Group plc, Perpetual Bond (United Kingdom)
7.648%		09/30/2031	#		1,000,000		1,170,000

							5,014,414

Beverages—1.1%
Carolina Beverage Group LLC/Carolina Beverage Group Finance, Inc.
10.625%		08/01/2018	^		370,000		368,150
Constellation Brands, Inc.
6.000%		05/01/2022			1,000,000		1,110,000
4.750%		11/15/2024			140,000		142,100
Cott Beverages, Inc.
6.750%		01/01/2020	^		390,000		390,975
5.375%		07/01/2022	^		1,650,000		1,518,000
DS Services of America, Inc.
10.000%		09/01/2021	^		300,000		348,000

							3,877,225

Building Products—1.4%
Brundage-Bone Concrete Pumping, Inc.
10.375%		09/01/2021	^		350,000		359,187
Building Materials Corp. of America
6.750%		05/01/2021	^		1,200,000		1,272,000
Hardwoods Acquisition, Inc.
7.500%		08/01/2021	^		380,000		376,200
Summit Materials LLC/Summit Materials Finance Corp.
10.500%		01/31/2020			1,380,000		1,538,700
USG Corp.
5.875%		11/01/2021	^		1,395,000		1,415,925

							4,962,012

Capital Markets—0.5%
DH Services Luxembourg Sarl (Luxembourg)
7.750%		12/15/2020	^		1,000,000		1,052,500
Walter Investment Management Corp.
7.875%		12/15/2021	†		915,000		821,213

							1,873,713

Chemicals—0.9%
Axalta Coating Systems US Holdings, Inc./Axalta Coating Systems Dutch Holding B
5.750%		02/01/2021	EUR		330,000		421,311
Axiall Corp.
4.875%		05/15/2023		$	500,000		473,750

See accompanying notes to financial statements.

214

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint High Yield Fund

Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
CBC Ammo LLC/CBC FinCo, Inc.
7.250%		11/15/2021	^	$	430,000	$	406,887
Eco Services Operations LLC/Eco Finance Corp.
8.500%		11/01/2022	^		240,000		244,800
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC
8.875%		02/01/2018			400,000		357,000
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. (Luxembourg)
8.750%		02/01/2019			700,000		713,125
Tronox Finance LLC
6.375%		08/15/2020	†		800,000		806,000

							3,422,873

Commercial Services & Supplies—2.7%
ACCO Brands Corp.
6.750%		04/30/2020			1,320,000		1,387,980
ADT Corp. (The)
6.250%		10/15/2021	†		1,220,000		1,256,600
5.250%		03/15/2020	†		45,000		45,788
Clean Harbors, Inc.
5.250%		08/01/2020			1,410,000		1,424,100
Covanta Holding Corp.
6.375%		10/01/2022			1,015,000		1,080,975
Garda World Security Corp. (Canada)
7.250%		11/15/2021	^		290,000		288,550
Iron Mountain Europe plc (United Kingdom)
6.125%		09/15/2022	GBP		530,000		845,057
Jaguar Holding Co. I
9.375%		10/15/2017	^	$	650,000		665,925
Monitronics International, Inc.
9.125%		04/01/2020			750,000		712,031
West Corp.
5.375%		07/15/2022	^		2,070,000		1,987,200

							9,694,206

Communications Equipment—0.7%
CommScope, Inc.
5.500%		06/15/2024	^		725,000		717,750
5.000%		06/15/2021	^		695,000		688,050
ViaSat, Inc.
6.875%		06/15/2020			1,000,000		1,045,000

							2,450,800

Construction & Engineering—0.4%
AECOM Technology Corp.
5.875%		10/15/2024	^		620,000		635,500
Michael Baker Holdings LLC/Micahel Baker Finance Corp.
8.875%		04/15/2019	^		1,000,000		970,000

							1,605,500

Consumer Finance—1.3%
Ally Financial, Inc.
8.000%		11/01/2031			200,000		255,500
7.500%		09/15/2020			799,000		938,825
General Motors Financial Co., Inc.
4.375%		09/25/2021			430,000		449,350
Navient Corp.
5.875%		10/25/2024			70,000		66,850
5.000%		10/26/2020			270,000		265,613



Coupon Rate	Maturity Date			Face		Value
Navient Corp. MTN
4.875%		06/17/2019		$	2,540,000	$	2,553,716

							4,529,854

Containers & Packaging—3.3%
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc. (Ireland)
6.750%		01/31/2021	^		1,130,000		1,127,175
4.250%		01/15/2022	EUR		685,000		821,383
3.241%		12/15/2019	#^		1,000,000		968,750
Berry Plastics Corp.
5.500%		05/15/2022			1,040,000		1,056,900
BWAY Holding Co.
9.125%		08/15/2021	^	$	530,000		532,650
Cascades, Inc. (Canada)
5.500%		07/15/2022	^		1,760,000		1,757,800
Coveris Holdings SA (Luxembourg)
7.875%		11/01/2019	^		580,000		600,300
OI European Group BV (Netherlands)
4.875%		03/31/2021	EUR		650,000		864,556
Pactiv LLC
8.375%		04/15/2027		$	500,000		507,500
Plastipak Holdings, Inc.
6.500%		10/01/2021	^		785,000		788,925
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
8.250%		02/15/2021			1,875,000		1,931,250
7.875%		08/15/2019			1,000,000		1,056,250

							12,013,439

Distributors—0.2%
American Builders & Contractors Supply Co., Inc.
5.625%		04/15/2021	^		750,000		755,625

Diversified Consumer Services—0.4%
Modular Space Corp.
10.250%		01/31/2019	^		466,000		404,255
Service Corp. International
5.375%		01/15/2022			1,000,000		1,030,000

							1,434,255

Diversified Financial Services—2.1%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust (Ireland)
5.000%		10/01/2021	^		750,000		778,125
4.500%		05/15/2021	^		3,000,000		3,041,250
Ausdrill Finance Pty Ltd. (Australia)
6.875%		11/01/2019	^		580,000		478,500
Denali Borrower LLC/Denali Finance Corp.
5.625%		10/15/2020	^		1,320,000		1,376,760
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.
5.875%		03/15/2022	^		1,700,000		1,797,750
TMX Finance LLC/TitleMax Finance Corp.
8.500%		09/15/2018	^		320,000		270,400

							7,742,785

Diversified Telecommunication Services—4.9%
CenturyLink, Inc., Series T
5.800%		03/15/2022			190,000		198,075
CenturyLink, Inc., Series V
5.625%		04/01/2020			1,000,000		1,041,250
CenturyLink, Inc., Series W
6.750%		12/01/2023			320,000		351,600

See accompanying notes to financial statements.

215

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint High Yield Fund

Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Cogent Communications Holdings, Inc.
8.375%		02/15/2018	^	$	400,000	$	420,000
Frontier Communications Corp.
7.625%		04/15/2024			490,000		507,150
6.875%		01/15/2025			185,000		185,462
Intelsat Jackson Holdings SA (Luxembourg)
7.500%		04/01/2021			3,500,000		3,758,125
Level 3 Escrow II, Inc.
5.375%		08/15/2022	^		1,275,000		1,284,563
Level 3 Financing, Inc.
6.125%		01/15/2021			2,750,000		2,860,000
Sprint Capital Corp.
8.750%		03/15/2032			750,000		729,375
Telenet Finance V Luxembourg SCA (Luxembourg)
6.250%		08/15/2022	EUR		630,000		833,449
Virgin Media Finance plc (United Kingdom)
7.000%		04/15/2023	GBP		480,000		815,460
6.000%		10/15/2024	^†		680,000		714,000
4.875%		02/15/2022			500,000		466,250
Wind Acquisition Finance SA (Luxembourg)
7.375%		04/23/2021	^EUR		870,000		823,281
7.000%		04/23/2021			680,000		808,665
Windstream Corp.
7.750%		10/01/2021		$	1,040,000		1,066,000
7.500%		04/01/2023			1,000,000		1,000,000

							17,862,705

Electric Utilities—0.9%
Dynegy Finance I, Inc./Dynegy Finance II Inc
6.750%		11/01/2019	^		1,000,000		1,018,750
Miran Mid-Atlantic Pass Through Trust, Series C
10.060%		12/30/2028			974,294		1,047,366
RJS Power Holdings LLC
5.125%		07/15/2019	^		1,165,000		1,156,263

							3,222,379

Electrical Equipment—0.2%
General Cable Corp.
5.750%		10/01/2022			900,000		661,500

Electronic Equipment, Instruments & Components—0.6%
Sanmina Corp.
4.375%		06/01/2019	^		2,200,000		2,189,000

Energy Equipment & Services—2.2%
Atwood Oceanics, Inc.
6.500%		02/01/2020			500,000		460,000
Forum Energy Technologies, Inc.
6.250%		10/01/2021			1,115,000		1,053,675
FTS International, Inc.
6.250%		05/01/2022	^		520,000		387,400
Hercules Offshore, Inc.
10.250%		04/01/2019	^†		770,000		411,950
KCA Deutag UK Finance plc (United Kingdom)
7.250%		05/15/2021^			1,500,000		1,076,250
Paragon Offshore plc (United Kingdom)
6.750%		07/15/2022	^†		1,385,000		855,238
Parker Drilling Co.
6.750%		07/15/2022			360,000		273,600



Coupon Rate	Maturity Date			Face		Value
Petroleum Geo-Services ASA (Norway)
7.375%		12/15/2018	^	$	400,000	$	338,000
PHI, Inc.
5.250%		03/15/2019			910,000		778,050
Precision Drilling Corp. (Canada)
6.500%		12/15/2021			450,000		385,875
Seventy Seven Energy, Inc.
6.500%		07/15/2022	†		1,395,000		823,050
Shelf Drilling Holdings Ltd. (Cayman Islands)
8.625%		11/01/2018	^		1,000,000		830,000
Sidewinder Drilling, Inc.
9.750%		11/15/2019	^		470,000		266,725

							7,939,813

Food & Staples Retailing—0.3%
Beverages & More, Inc.
10.000%		11/15/2018	^		90,000		84,037
Ingles Markets, Inc.
5.750%		06/15/2023			1,060,000		1,067,007

							1,151,044

Food Products—1.8%
HJ Heinz Co.
4.250%		10/15/2020			1,000,000		1,012,500
JBS USA LLC/JBS USA Finance, Inc.
7.250%		06/01/2021	^		1,750,000		1,811,250
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp.
4.875%		05/01/2021			1,085,000		1,060,587
Post Holdings, Inc.
6.000%		12/15/2022	^		735,000		691,819
Simmons Foods, Inc.
7.875%		10/01/2021	^†		650,000		640,250
Smithfield Foods, Inc.
5.250%		08/01/2018	^		810,000		826,200
WhiteWave Foods Co. (The)
5.375%		10/01/2022			480,000		495,600

							6,538,206

Gas Utilities—0.6%
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.500%		06/01/2024			2,375,000		2,297,813

Health Care Equipment & Supplies—0.6%
DJO Finance LLC/DJO Finance Corp.
9.875%		04/15/2018			1,000,000		1,020,000
Mallinckrodt International Finance SA/Mallinckrodt CB LLC (Luxembourg)
5.750%		08/01/2022	^		1,235,000		1,270,506

							2,290,506

Health Care Providers & Services—4.8%
Acadia Healthcare Co., Inc.
5.125%		07/01/2022			1,250,000		1,237,500
Amsurg Corp.
5.625%		07/15/2022	^		905,000		932,150
Cerba European Lab SAS (France)
7.000%		02/01/2020	EUR		640,000		830,578
CHS/Community Health Systems, Inc.
6.875%		02/01/2022	†	$	1,965,000		2,091,497
DaVita HealthCare Partners, Inc.
5.750%		08/15/2022			3,055,000		3,249,756
Envision Healthcare Corp.
5.125%		07/01/2022	^		1,150,000		1,144,250
Fresenius Medical Care US Finance II, Inc.
5.875%		01/31/2022	^		1,000,000		1,090,000

See accompanying notes to financial statements.

216

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint High Yield Fund

Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Fresenius Medical Care US Finance, Inc.
6.500%		09/15/2018	^	$	500,000	$	555,000
5.750%		02/15/2021	^		250,000		267,813
HCA Holdings, Inc.
6.250%		02/15/2021			2,000,000		2,135,000
IASIS Healthcare LLC/IASIS Capital Corp.
8.375%		05/15/2019			940,000		989,350
LifePoint Hospitals, Inc.
5.500%		12/01/2021			1,035,000		1,063,462
MedImpact Holdings, Inc.
10.500%		02/01/2018	^		1,200,000		1,266,000
Universal Hospital Services, Inc.
7.625%		08/15/2020			430,000		371,950

							17,224,306

Hotels, Restaurants & Leisure—3.9%
1011778 BC ULC/New Red Finance, Inc. (Canada)
6.000%		04/01/2022	^†		220,000		226,600
Caesars Entertainment Operating Co., Inc.
9.000%		02/15/2020	†		1,000,000		745,000
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp.
5.375%		06/01/2024	^		910,000		906,588
Choctaw Resort Development Enterprise
7.250%		11/15/2019	^		479,000		476,605
Churchill Downs, Inc.
5.375%		12/15/2021			1,705,000		1,713,525
Greektown Holdings LLC/Greektown Mothership Corp.
8.875%		03/15/2019	^		210,000		210,525
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
5.625%		10/15/2021			750,000		787,500
Landry’s Holdings II, Inc.
10.250%		01/01/2018	^		250,000		258,750
Landry’s, Inc.
9.375%		05/01/2020	^		425,000		452,625
MCE Finance Ltd. (Cayman Islands)
5.000%		02/15/2021	^		1,250,000		1,175,000
MGM Resorts International
6.625%		12/15/2021			1,500,000		1,582,500
NCL Corp. Ltd. (Bermuda)
5.250%		11/15/2019	^		1,080,000		1,093,500
Pinnacle Entertainment, Inc.
7.750%		04/01/2022	†		1,500,000		1,567,500
Scientific Games International, Inc.
6.250%		09/01/2020	†		1,765,000		1,244,325
Six Flags Entertainment Corp.
5.250%		01/15/2021	^		1,705,000		1,713,525

							14,154,068

Household Durables—1.7%
Jarden Corp.
6.125%		11/15/2022			860,000		900,850
Shea Homes LP/Shea Homes Funding Corp.
8.625%		05/15/2019			2,000,000		2,110,000
Standard Pacific Corp.
5.875%		11/15/2024			360,000		361,800
Taylor Morrison Communities, Inc./Monarch Communities, Inc.
5.250%		04/15/2021	^		500,000		495,000



Coupon Rate	Maturity Date			Face		Value
Tempur Sealy International, Inc.
6.875%		12/15/2020		$	995,000	$	1,062,163
Toll Brothers Finance Corp.
6.750%		11/01/2019			190,000		213,750
Woodside Homes Co. LLC/Woodside Homes Finance, Inc.
6.750%		12/15/2021	^		1,080,000		1,080,000

							6,223,563

Household Products—0.6%
Century Intermediate Holding Co. 2
9.750%		02/15/2019	^		690,000		727,950
Spectrum Brands, Inc.
6.625%		11/15/2022			1,435,000		1,524,688

							2,252,638

Independent Power and Renewable Electricity Producers—2.4%
AES Corp.
5.500%		03/15/2024			860,000		877,028
Calpine Corp.
7.875%		01/15/2023	^		764,000		846,130
6.000%		01/15/2022	^		800,000		856,000
Dynegy, Inc.
5.875%		06/01/2023			10,000		9,550
First Wind Capital LLC
10.250%		06/01/2018	^		860,000		914,825
NRG Energy, Inc.
6.625%		03/15/2023			500,000		522,500
6.250%		07/15/2022			3,500,000		3,596,250
NRG REMA LLC, Series C
9.681%		07/02/2026			500,000		530,000
Red Oak Power LLC, Series B
9.200%		11/30/2029			560,000		616,000

							8,768,283

Insurance—0.4%
Fidelity & Guaranty Life Holdings, Inc.
6.375%		04/01/2021	^		700,000		738,500
Hockey Merger Sub 2, Inc.
7.875%		10/01/2021	^		860,000		857,850

							1,596,350

Internet Software & Services—0.4%
Ancestry.com, Inc.
9.625%		10/15/2018	^		670,000		659,950
Equinix, Inc.
5.750%		01/01/2025			350,000		354,813
5.375%		01/01/2022			340,000		344,896

							1,359,659

IT Services—2.0%
Compiler Finance Sub, Inc.
7.000%		05/01/2021	^		500,000		432,500
First Data Corp.
11.250%		01/15/2021			940,000		1,069,250
8.250%		01/15/2021	^		3,805,000		4,090,375
InterXion Holding NV (Netherlands)
6.000%		07/15/2020	EUR		640,000		817,026
Sungard Availability Services Capital, Inc.
8.750%		04/01/2022	^	$	1,600,000		952,000

							7,361,151

See accompanying notes to financial statements.

217

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint High Yield Fund

Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Leisure Products—0.1%
24 Hour Holdings III LLC
8.000%		06/01/2022	^†	$	500,000	$	402,500

Machinery—1.0%
Apex Tool Group LLC
7.000%		02/01/2021	^		1,360,000		1,169,600
BlueLine Rental Finance Corp.
7.000%		02/01/2019	^		925,000		950,437
Milacron LLC/Mcron Finance Corp.
7.750%		02/15/2021	^		1,600,000		1,640,000

							3,760,037

Media—7.9%
Altice SA (Luxembourg)
7.250%		05/15/2022	EUR		690,000		848,502
Arqiva Broadcast Finance plc (United Kingdom)
9.500%		03/31/2020	GBP		480,000		824,811
Cablevision Systems Corp.
5.875%		09/15/2022	†	$	710,000		721,537
CCO Holdings LLC/CCO Holdings Capital Corp.
8.125%		04/30/2020			1,750,000		1,846,250
6.500%		04/30/2021			1,280,000		1,348,800
CCOH Safari LLC
5.500%		12/01/2022			1,485,000		1,510,987
Cequel Communications Holdings I LLC/Cequel Capital Corp.
5.125%		12/15/2021	^		915,000		892,125
CSC Holdings LLC
5.250%		06/01/2024	^		750,000		755,625
DISH DBS Corp.
5.875%		07/15/2022			2,930,000		3,010,575
5.875%		11/15/2024	^		550,000		554,125
Gannett Co., Inc.
4.875%		09/15/2021	^		240,000		238,800
Getty Images, Inc.
7.000%		10/15/2020	^		900,000		711,000
Interactive Data Corp.
5.875%		04/15/2019	^		2,250,000		2,196,563
Live Nation Entertainment, Inc.
5.375%		06/15/2022	^		1,030,000		1,035,150
Mediacom Broadband LLC/Mediacom Broadband Corp.
5.500%		04/15/2021			850,000		857,438
New Cotai LLC/New Cotai Capital Corp.
10.625%		05/01/2019	^		1,053,125		1,121,578
Numericable-SFR (France)
6.000%		05/15/2022	^		880,000		885,940
5.625%		05/15/2024	EUR		650,000		817,011
Sinclair Television Group, Inc.
5.375%		04/01/2021		$	2,000,000		1,995,000
Time, Inc.
5.750%		04/15/2022	^		1,685,000		1,634,450
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH (Germany)
5.625%		04/15/2023	EUR		620,000		815,314
Univision Communications, Inc.
6.750%		09/15/2022	^	$	1,300,000		1,397,500
Vougeot Bidco plc (United Kingdom)
7.875%		07/15/2020	GBP		530,000		861,165
WMG Acquisition Corp.
6.000%		01/15/2021	^	$	110,000		110,550



Coupon Rate	Maturity Date			Face		Value
5.625%	04/15/2022	^	$	1,710,000	$	1,662,975

						28,653,771

Metals & Mining—2.4%
ArcelorMittal (Luxembourg)
6.750%	02/25/2022			550,000		589,875
Barminco Finance Pty Ltd. (Australia)
9.000%	06/01/2018	^†		525,000		480,375
Eldorado Gold Corp. (Canada)
6.125%	12/15/2020	^		860,000		838,500
First Quantum Minerals Ltd. (Canada)
7.250%	05/15/2022	^		1,045,000		943,112
FMG Resources August 2006 Pty Ltd. (Australia)
6.875%	04/01/2022	^†		800,000		669,000
HudBay Minerals, Inc. (Canada)
9.500%	10/01/2020			665,000		648,375
Novelis, Inc. (Canada)
8.750%	12/15/2020			865,000		921,225
Steel Dynamics, Inc.
5.500%	10/01/2024	^		355,000		364,763
5.250%	04/15/2023			900,000		918,000
5.125%	10/01/2021	^		380,000		387,125
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.
7.375%	02/01/2020	^		1,200,000		1,252,500
Thompson Creek Metals Co., Inc. (Canada)
12.500%	05/01/2019			710,000		708,225

						8,721,075

Multiline Retail—0.7%
Dufry Finance SCA (Luxembourg)
5.500%	10/15/2020	^		590,000		615,789
Neiman Marcus Group Ltd. LLC
8.750%	10/15/2021	^		920,000		979,800
8.000%	10/15/2021	^		1,000,000		1,062,500

						2,658,089

Oil, Gas & Consumable Fuels—13.6%
Access Midstream Partners LP/ACMP Finance Corp.
5.875%	04/15/2021			1,750,000		1,833,125
Alpha Natural Resources, Inc.
6.000%	06/01/2019			450,000		144,000
Antero Resources Corp.
5.125%	12/01/2022	^†		150,000		142,125
Antero Resources Finance Corp.
5.375%	11/01/2021			450,000		437,062
Arch Coal, Inc.
7.250%	10/01/2020			500,000		165,000
Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp.
5.875%	08/01/2023			640,000		636,800
Baytex Energy Corp. (Canada)
5.125%	06/01/2021	^		860,000		735,300
Blue Racer Midstream LLC/Blue Racer Finance Corp.
6.125%	11/15/2022	^		310,000		299,925
California Resources Corp.
6.000%	11/15/2024	^		640,000		544,000
5.500%	09/15/2021	^		895,000		769,700
Calumet Specialty Products Partners LP/Calumet Finance Corp.
6.500%	04/15/2021	^		1,500,000		1,346,250
Carrizo Oil & Gas, Inc.
7.500%	09/15/2020			560,000		540,400
Chesapeake Energy Corp.
7.250%	12/15/2018			1,750,000		1,925,000
CITGO Petroleum Corp.
6.250%	08/15/2022	^		1,175,000		1,201,437

See accompanying notes to financial statements.

218

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint High Yield Fund

Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp.
6.375%		03/15/2024		$	880,000	$	822,800
Comstock Resources, Inc.
7.750%		04/01/2019	†		440,000		314,600
Concho Resources, Inc.
6.500%		01/15/2022			1,750,000		1,837,500
5.500%		04/01/2023			675,000		681,547
CONSOL Energy, Inc.
5.875%		04/15/2022	^		820,000		766,700
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
7.750%		04/01/2019			1,575,000		1,622,250
Denbury Resources, Inc.
5.500%		05/01/2022			905,000		832,600
Energy XXI Gulf Coast, Inc.
6.875%		03/15/2024	^†		770,000		417,725
Foresight Energy LLC/Foresight Energy Corp.
7.875%		08/15/2021	^		380,000		377,150
Gulfport Energy Corp.
7.750%		11/01/2020	^		150,000		147,375
Halcon Resources Corp.
9.750%		07/15/2020			360,000		271,800
8.875%		05/15/2021	†		1,840,000		1,393,800
Harvest Operations Corp. (Canada)
6.875%		10/01/2017			500,000		484,375
Jones Energy Holdings LLC/Jones Energy Finance Corp.
6.750%		04/01/2022	^		1,285,000		989,450
Kinder Morgan, Inc.
5.000%		02/15/2021	^		1,015,000		1,057,329
Kodiak Oil & Gas Corp. (Canada)
5.500%		02/01/2022			345,000		347,588
Laredo Petroleum, Inc.
9.500%		02/15/2019			1,750,000		1,750,000
5.625%		01/15/2022			880,000		774,400
Linn Energy LLC/Linn Energy Finance Corp.
6.500%		05/15/2019			30,000		25,800
6.500%		09/15/2021	†		270,000		220,050
6.250%		11/01/2019	†		3,755,000		3,210,525
Magnum Hunter Resources Corp.
9.750%		05/15/2020			740,000		588,300
MarkWest Energy Partners LP/MarkWest Energy Finance Corp.
4.875%		12/01/2024			840,000		825,300
MEG Energy Corp. (Canada)
7.000%		03/31/2024	^		700,000		637,000
6.500%		03/15/2021	^		950,000		871,625
Murphy Oil USA, Inc.
6.000%		08/15/2023			440,000		462,000
Murray Energy Corp.
9.500%		12/05/2020^			520,000		522,600
Natural Resource Partners LP/NRP Finance Corp.
9.125%		10/01/2018			1,340,000		1,306,500
Navios Maritime Acquisition Corp./Navios Acquisition Finance US, Inc. (Marshall Islands)
8.125%		11/15/2021	^		1,000,000		980,000
Oasis Petroleum, Inc.
6.875%		03/15/2022			725,000		663,375
6.875%		01/15/2023			390,000		356,850
Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp.
6.500%		05/15/2021			2,445,000		2,481,675



Coupon Rate	Maturity Date			Face		Value
QEP Resources, Inc.
5.375%	10/01/2022		$	540,000	$	513,000
Range Resources Corp.
5.750%	06/01/2021			1,750,000		1,815,625
Rice Energy, Inc.
6.250%	05/01/2022	^†		740,000		691,900
Rockies Express Pipeline LLC
6.875%	04/15/2040	^		240,000		257,400
5.625%	04/15/2020	^		530,000		523,375
Samson Investment Co.
9.750%	02/15/2020			850,000		356,469
Sanchez Energy Corp.
7.750%	06/15/2021	†		1,100,000		1,028,500
6.125%	01/15/2023	^		120,000		101,100
Southern Star Central Corp.
5.125%	07/15/2022	^		865,000		873,650
Stone Energy Corp.
7.500%	11/15/2022			930,000		804,450
Swift Energy Co.
7.125%	06/01/2017			1,600,000		952,000
Teine Energy Ltd. (Canada)
6.875%	09/30/2022	^		220,000		171,600
Tesoro Logistics LP/Tesoro Logistics Finance Corp.
5.500%	10/15/2019	^†		735,000		731,325
Ultra Petroleum Corp. (Canada)
6.125%	10/01/2024	^		855,000		739,575
5.750%	12/15/2018	^		850,000		788,375

						49,109,057

Paper & Forest Products—0.1%
Resolute Forest Products, Inc.
5.875%	05/15/2023			320,000		305,600

Personal Products—0.6%
Ontex Group NV (Belgium)
4.750%	11/15/2021	^EUR		300,000		382,073
Prestige Brands, Inc.
5.375%	12/15/2021	^	$	1,740,000		1,718,250

						2,100,323

Pharmaceuticals—1.4%
Endo Finance LLC
5.750%	01/15/2022	^		1,365,000		1,368,412
Endo Finance LLC & Endo Finco, Inc.
7.250%	01/15/2022	^		30,000		32,250
Grifols Worldwide Operations Ltd. (Ireland)
5.250%	04/01/2022	^		400,000		410,080
Lantheus Medical Imaging, Inc.
9.750%	05/15/2017			1,250,000		1,204,688
Salix Pharmaceuticals Ltd.
6.000%	01/15/2021	^		500,000		511,250
Valeant Pharmaceuticals International
6.750%	08/15/2021	^		1,385,000		1,452,519

						4,979,199

Professional Services—0.1%
IHS, Inc.
5.000%	11/01/2022	^		230,000		228,850

Real Estate Investment Trusts (REITs)—0.4%
CTR Partnership LP/CareTrust Capital Corp.
5.875%	06/01/2021			840,000		854,700
Geo Group, Inc. (The)
5.875%	10/15/2024			440,000		447,700

						1,302,400

See accompanying notes to financial statements.

219

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint High Yield Fund

Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Real Estate Management & Development—0.9%
CBRE Services, Inc.
5.250%		03/15/2025		$	820,000	$	838,450
Greystar Real Estate Partners LLC
8.250%		12/01/2022	^		550,000		562,375
Howard Hughes Corp. (The)
6.875%		10/01/2021	^		770,000		800,800
Toys R Us Property Co. II LLC
8.500%		12/01/2017	†		1,000,000		997,500

							3,199,125

Road & Rail—1.9%
Ashtead Capital, Inc.
6.500%		07/15/2022	^		2,610,000		2,786,175
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
5.125%		06/01/2022	^		875,000		885,937
Florida East Coast Holdings Corp.
6.750%		05/01/2019	^		500,000		496,250
Jack Cooper Holdings Corp.
9.250%		06/01/2020	^		1,000,000		1,045,000
Loxam SAS (France)
7.000%		07/23/2022	EUR		720,000		795,003
Watco Cos. LLC/Watco Finance Corp.
6.375%		04/01/2023	^	$	900,000		895,500

							6,903,865

Software—0.8%
Activision Blizzard, Inc.
5.625%		09/15/2021	^		500,000		526,250
Audatex North America, Inc.
6.000%		06/15/2021	^		1,870,000		1,935,450
Interface Security Systems Holdings, Inc./Interface Security Systems LLC
9.250%		01/15/2018			590,000		598,850

							3,060,550

Specialty Retail—3.3%
AmeriGas Finance LLC/AmeriGas Finance Corp.
7.000%		05/20/2022			1,260,000		1,310,400
DBP Holding Corp.
7.750%		10/15/2020	^†		1,605,000		1,380,300
GameStop Corp.
5.500%		10/01/2019	^		380,000		382,850
Group 1 Automotive, Inc.
5.000%		06/01/2022	^		300,000		294,750
Guitar Center, Inc.
9.625%		04/15/2020	^†		1,060,000		699,600
L Brands, Inc.
6.900%		07/15/2017			1,750,000		1,933,750
Men’s Wearhouse, Inc. (The)
7.000%		07/01/2022	^†		760,000		784,700
Michaels Stores, Inc.
5.875%		12/15/2020	^†		1,250,000		1,268,750
Pendragon plc (United Kingdom)
6.875%		05/01/2020	GBP		550,000		887,233
Rent-A-Center, Inc.
6.625%		11/15/2020	†	$	845,000		815,425
Sally Holdings LLC/Sally Capital, Inc.
5.750%		06/01/2022			1,310,000		1,378,775



Coupon Rate	Maturity Date			Face		Value
Spencer Spirit Holdings, Inc.
9.000%	05/01/2018	^	$	650,000	$	658,125

						11,794,658

Technology Hardware, Storage & Peripherals—0.3%
NCR Corp.
5.875%	12/15/2021			990,000		1,022,175

Textiles, Apparel & Luxury Goods—0.4%
Empire Today LLC/Empire Today Finance Corp.
11.375%	02/01/2017	^		500,000		375,000
Hanesbrands, Inc.
6.375%	12/15/2020			370,000		394,050
William Carter Co. (The)
5.250%	08/15/2021			500,000		517,500

						1,286,550

Tobacco—0.2%
Alliance One International, Inc.
9.875%	07/15/2021			1,000,000		897,500

Trading Companies & Distributors—2.0%
Flexi-Van Leasing, Inc.
7.875%	08/15/2018	^		1,730,000		1,721,350
H&E Equipment Services, Inc.
7.000%	09/01/2022	†		1,000,000		1,033,750
United Rentals North America, Inc.
8.375%	09/15/2020	†		1,750,000		1,885,625
6.125%	06/15/2023			2,015,000		2,125,825
WESCO Distribution, Inc.
5.375%	12/15/2021			470,000		476,463

						7,243,013

Wireless Telecommunication Services—3.7%
Inmarsat Finance plc (United Kingdom)
4.875%	05/15/2022	^		570,000		565,725
Matterhorn Midco & Cy SCA (Luxembourg)
7.750%	02/15/2020	EUR		730,000		927,680
Sprint Communications, Inc.
8.375%	08/15/2017	$		1,750,000		1,894,375
Sprint Corp.
7.250%	09/15/2021			5,550,000		5,529,187
T-Mobile USA, Inc.
6.633%	04/28/2021			1,500,000		1,545,000
6.464%	04/28/2019			1,750,000		1,824,375
6.000%	03/01/2023			705,000		708,525
VimpelCom Holdings BV (Netherlands)
5.950%	02/13/2023	^		700,000		538,650

						13,533,517

TOTAL CORPORATE OBLIGATIONS
(Cost $346,940,855)						329,166,053


FLOATING RATE LOANS—0.2%**
Delta 2 Lux Sarl, Extended 2nd Lien Term Loan
7.750%	07/29/2022	#		160,000		156,400
TPF II LC LLC, Term Loan B
5.500%	09/24/2021	#		610,000		611,906

TOTAL FLOATING RATE LOANS
(Cost $765,428)						768,306

See accompanying notes to financial statements.

220

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint High Yield Fund

		Shares		Value
MONEY MARKET FUNDS—13.2%
Institutional Money Market Funds—13.2%
Dreyfus Institutional Cash Advantage Fund, 0.06%	††¥		3,800,000	$	3,800,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11%	¥		24,707,383		24,707,383
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11%	††¥		4,052,328		4,052,328
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.07%	††¥		3,800,000		3,800,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.07%	††¥		3,800,000		3,800,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.08%	††¥		3,800,000		3,800,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥		3,800,000		3,800,000

TOTAL MONEY MARKET FUNDS
(Cost $47,759,711)					47,759,711

TOTAL INVESTMENTS—104.7%
(Cost $396,950,640)					379,054,125
Other assets less liabilities—(4.7%)					(16,915,188	)

NET ASSETS—100.0%				$	362,138,937

Notes to the Schedule of Investments:


EUR		European Monetary Unit
GBP		British Pound Sterling
MTN		Medium Term Note
REIT		Real Estate Investment Trust
#		Rate is subject to change. Rate shown reflects current rate.
*		Non-income producing.
†		Denotes all or a portion of the security on loan.
^		Securities are not registered under the Securities Act of 1933. These securities may be resold only in transactions exempt from registration, generally to qualified institutional buyers under Securities Act Rule 144A. Such securities are considered illiquid unless deemed liquid by a subadviser under the liquidity procedures adopted by the Board of Directors. The total market value of 144A securities was $143,220,733, which represents 39.5% of Net Assets. The illiquid 144A securities represented 0.3% of Net Assets, and 0.7% of total 144A securities held.
**		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.
††		Represents reinvestment of collateral received in conjunction with securities lending.
¥		The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to financial statements.

221

SCHEDULE OF INVESTMENTS

December 31, 2014


Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—93.9%
Aerospace & Defense—1.7%
Alliant Techsystems, Inc.			4,500	$	523,125
Boeing Co. (The)			64,200		8,344,716
Exelis, Inc.			29,265		513,016
General Dynamics Corp.			3,620		498,184
Honeywell International, Inc.			89,100		8,902,872
Huntington Ingalls Industries, Inc.			4,430		498,198
L-3 Communications Holdings, Inc.			4,000		504,840
Northrop Grumman Corp.			3,400		501,126
Raytheon Co.			4,900		530,033
Rockwell Collins, Inc.			6,000		506,880
Spirit AeroSystems Holdings, Inc., Class A	*		160,185		6,894,362
Textron, Inc.			11,800		496,898
Triumph Group, Inc.			7,425		499,109
United Technologies Corp.			96,800		11,132,000
Vectrus, Inc.	*		17,198		471,225

					40,816,584

Air Freight & Logistics—1.5%
FedEx Corp.			150,720		26,174,035
United Parcel Service, Inc., Class B			79,000		8,782,430

					34,956,465

Airlines—0.1%
Alaska Air Group, Inc.			9,000		537,840
Copa Holdings SA, Class A (Panama)			5,015		519,755
Delta Air Lines, Inc.			10,895		535,925
Southwest Airlines Co.			12,450		526,884

					2,120,404

Auto Components—0.3%
Gentex Corp.			13,910		502,568
Johnson Controls, Inc.			112,400		5,433,416
Lear Corp.			5,415		531,103
TRW Automotive Holdings Corp.	*		5,025		516,821
Visteon Corp.	*		5,025		536,972

					7,520,880

Automobiles—0.4%
Ford Motor Co.			284,605		4,411,377
General Motors Co.			132,872		4,638,562

					9,049,939

Banks—8.1%
Associated Banc-Corp			28,400		529,092
Bank of America Corp.			770,616		13,786,320
Bank of Hawaii Corp.			9,000		533,790
BankUnited, Inc.			17,600		509,872
BB&T Corp.			209,910		8,163,400
BOK Financial Corp.			8,370		502,535
CIT Group, Inc.			10,755		514,412
Citigroup, Inc.			306,105		16,563,342
Citizens Financial Group, Inc.			20,100		499,686
City National Corp./California			6,500		525,265
Comerica, Inc.			11,000		515,240



				Shares		Value
Commerce Bancshares, Inc./Missouri				11,970	$	520,575
Cullen/Frost Bankers, Inc.				7,200		508,608
East West Bancorp, Inc.				13,200		510,972
Fifth Third Bancorp				24,600		501,225
First Horizon National Corp.				37,400		507,892
First Niagara Financial Group, Inc.				60,100		506,643
First Republic Bank/California				10,000		521,200
Fulton Financial Corp.				40,800		504,288
Huntington Bancshares, Inc./Ohio				50,100		527,052
JPMorgan Chase & Co.				705,830		44,170,841
KeyCorp				37,900		526,810
M&T Bank Corp.				4,000		502,480
PacWest Bancorp				11,127		505,833
PNC Financial Services Group, Inc. (The)				299,185		27,294,648
Popular, Inc. (Puerto Rico)		*		15,260		519,603
Regions Financial Corp.				314,400		3,320,064
Signature Bank/New York		*		4,000		503,840
SunTrust Banks, Inc.				205,900		8,627,210
SVB Financial Group		*		4,500		522,315
Synovus Financial Corp.				18,985		514,304
TCF Financial Corp.				31,900		506,891
U.S. Bancorp/Minnesota				321,700		14,460,415
Wells Fargo & Co.				790,320		43,325,342
Zions Bancorporation				17,600		501,776

						193,053,781

Beverages—0.8%
Anheuser-Busch InBev NV ADR (Belgium)	†			65,800		7,390,656
Constellation Brands, Inc., Class A		*		5,200		510,484
Diageo plc ADR (United Kingdom)				49,200		5,613,228
Molson Coors Brewing Co., Class B				6,680		497,794
PepsiCo, Inc.				63,500		6,004,560

						20,016,722

Biotechnology—0.4%
Alkermes plc (Ireland)		*		9,280		543,437
Alnylam Pharmaceuticals, Inc.		*		5,510		534,470
Amgen, Inc.				53,610		8,539,537
Cubist Pharmaceuticals, Inc.		*		5,130		516,335
Myriad Genetics, Inc.		*	†	13,490		459,469

						10,593,248

Building Products—0.7%
A.O. Smith Corp.				9,100		513,331
Fortune Brands Home & Security, Inc.				197,400		8,936,298
Masco Corp.				179,900		4,533,480
Owens Corning, Inc.				14,420		516,380
USG Corp.		*	†	98,800		2,765,412

						17,264,901

Capital Markets—3.3%
Ameriprise Financial, Inc.				64,590		8,542,028
Bank of New York Mellon Corp. (The)				397,320		16,119,272

See accompanying notes to financial statements.

222

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Equity Income Fund				Shares		Value
COMMON STOCKS—(Continued)
BlackRock, Inc.					31,225	$	11,164,811
Charles Schwab Corp. (The)					17,200		519,268
E*TRADE Financial Corp.		*			21,885		530,821
Federated Investors, Inc., Class B	†				15,200		500,536
Franklin Resources, Inc.					327,250		18,119,832
Goldman Sachs Group, Inc. (The)					51,190		9,922,158
Interactive Brokers Group, Inc., Class A					17,290		504,176
Invesco Ltd.					12,700		501,904
Legg Mason, Inc.					9,730		519,290
Morgan Stanley					13,100		508,280
Northern Trust Corp.					121,800		8,209,320
NorthStar Asset Management Group, Inc.					22,962		518,252
Och-Ziff Capital Management Group LLC, Class A					38,300		447,344
Raymond James Financial, Inc.					9,000		515,610
SEI Investments Co.					12,600		504,504
State Street Corp.					6,400		502,400
TD Ameritrade Holding Corp.					14,125		505,393

							78,655,199

Chemicals—1.4%
Air Products & Chemicals, Inc.					3,620		522,113
Albemarle Corp.	†				8,130		488,857
Ashland, Inc.					4,220		505,387
Axalta Coating Systems Ltd.		*			185,200		4,818,904
Cabot Corp.					11,700		513,162
Celanese Corp., Series A					8,195		491,372
CF Industries Holdings, Inc.					1,800		490,572
Cytec Industries, Inc.					10,740		495,866
Dow Chemical Co. (The)					169,295		7,721,545
E.I. Du Pont de Nemours & Co.					130,561		9,653,680
Eastman Chemical Co.					6,700		508,262
Huntsman Corp.					21,725		494,895
Mosaic Co. (The)					11,200		511,280
Potash Corp. of Saskatchewan, Inc. (Canada)					93,000		3,284,760
Rayonier Advanced Materials, Inc.	†				22,915		511,005
Rockwood Holdings, Inc.					6,400		504,320
RPM International, Inc.					9,960		505,072
Sigma-Aldrich Corp.					3,620		496,917
W.R. Grace & Co.		*			5,300		505,567
Westlake Chemical Corp.					8,275		505,520

							33,529,056

Commercial Services & Supplies—0.2%
ADT Corp. (The)					13,820		500,698
Cintas Corp.					6,420		503,585
Clean Harbors, Inc.		*	†		10,185		489,389
Covanta Holding Corp.					23,975		527,690
KAR Auction Services, Inc.					14,500		502,425
Pitney Bowes, Inc.					19,800		482,526



		Shares		Value
R.R. Donnelley & Sons Co.		29,975	$	503,730
Republic Services, Inc.		12,675		510,169
Tyco International plc		11,530		505,706
Waste Connections, Inc.		11,440		503,246
Waste Management, Inc.		9,935		509,864

				5,539,028

Communications Equipment—2.0%
Arista Networks, Inc.	*	7,900		480,004
Brocade Communications Systems, Inc.		42,985		508,942
Cisco Systems, Inc.		987,010		27,453,683
EchoStar Corp., Class A	*	10,035		526,838
Harris Corp.		111,400		8,000,748
JDS Uniphase Corp.	*	36,830		505,308
Juniper Networks, Inc.		23,000		513,360
Motorola Solutions, Inc.		27,100		1,817,868
QUALCOMM, Inc.		108,000		8,027,640

				47,834,391

Construction & Engineering—0.1%
AECOM Technology Corp.	*	16,800		510,216
Fluor Corp.		8,400		509,292
Jacobs Engineering Group, Inc.	*	11,530		515,276
KBR, Inc.		29,850		505,957
Quanta Services, Inc.	*	18,200		516,698

				2,557,439

Construction Materials—0.3%
Vulcan Materials Co.		94,800		6,231,204

Consumer Finance—0.5%
Ally Financial, Inc.	*	21,555		509,129
American Express Co.		85,800		7,982,832
Capital One Financial Corp.		6,025		497,364
Discover Financial Services		7,620		499,034
Navient Corp.		22,880		494,437
Santander Consumer USA Holdings, Inc.		25,245		495,054
SLM Corp.		49,915		508,634
Synchrony Financial	*	17,000		505,750

				11,492,234

Containers & Packaging—0.4%
AptarGroup, Inc.		8,000		534,720
Avery Dennison Corp.		9,800		508,424
Bemis Co., Inc.		11,100		501,831
Greif, Inc., Class A		10,600		500,638
MeadWestvaco Corp.		114,000		5,060,460
Owens-Illinois, Inc.*		18,700		504,713
Rock-Tenn Co., Class A		8,300		506,134
Sonoco Products Co.		11,535		504,079

				8,620,999

Distributors—0.2%
Genuine Parts Co.		53,652		5,717,694

Diversified Consumer Services—0.9%
Apollo Education Group, Inc.	*	15,095		514,891
DeVry Education Group, Inc.		10,400		493,688
Graham Holdings Co., Class B		21,558		18,619,860

See accompanying notes to financial statements.

223

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Equity Income Fund			Shares		Value
COMMON STOCKS—(Continued)
Service Corp. International				22,500	$	510,750
ServiceMaster Global Holdings, Inc.		*		19,700		527,369

						20,666,558

Diversified Financial Services—0.5%
Berkshire Hathaway, Inc., Class B		*		3,400		510,510
CME Group, Inc.				5,500		487,575
Intercontinental Exchange, Inc.				39,735		8,713,488
Leucadia National Corp.				22,500		504,450
MSCI, Inc.				10,825		513,538
NASDAQ OMX Group, Inc. (The)				10,400		498,784
Voya Financial, Inc.				11,900		504,322

						11,732,667

Diversified Telecommunication Services—5.6%
AT&T, Inc.				325,742		10,941,674
CenturyLink, Inc.				124,360		4,922,169
Frontier Communications Corp.	†			78,900		526,263
Level 3 Communications, Inc.		*		1,362,051		67,258,078
Telefonica SA (Spain)				219,937		3,157,751
Verizon Communications, Inc.				358,689		16,779,471
Vivendi SA ADR (France)		*		1,153,400		28,627,388
Windstream Holdings, Inc.	†			58,400		481,216
Zayo Group Holdings, Inc.		*		16,400		501,348

						133,195,358

Electric Utilities—2.7%
American Electric Power Co., Inc.				8,525		517,638
Duke Energy Corp.				123,723		10,335,820
Edison International	†			93,625		6,130,565
Entergy Corp.				106,460		9,313,121
Exelon Corp.				192,850		7,150,878
FirstEnergy Corp.				149,300		5,821,207
Great Plains Energy, Inc.				18,400		522,744
Hawaiian Electric Industries, Inc.	†			15,400		515,592
ITC Holdings Corp.				12,670		512,248
NextEra Energy, Inc.				44,610		4,741,597
Northeast Utilities				160,210		8,574,439
OGE Energy Corp.				13,800		489,624
Pepco Holdings, Inc.				18,395		495,377
Pinnacle West Capital Corp.				7,500		512,325
PPL Corp.				14,000		508,620
Southern Co. (The)				10,400		510,744
Westar Energy, Inc.				12,500		515,500
Xcel Energy, Inc.				165,700		5,951,944

						63,119,983

Electrical Equipment—1.0%
Babcock & Wilcox Co. (The)				17,600		533,280
Eaton Corp. plc				202,445		13,758,162
Emerson Electric Co.				136,800		8,444,664



				Shares		Value
Hubbell, Inc., Class B				4,700	$	502,101
Regal-Beloit Corp.				6,725		505,720

						23,743,927

Electronic Equipment, Instruments & Components—0.6%
Arrow Electronics, Inc.		*		8,900		515,221
Avnet, Inc.				12,000		516,240
AVX Corp.				35,500		497,000
Corning, Inc.				332,400		7,621,932
Dolby Laboratories, Inc., Class A				11,700		504,504
FLIR Systems, Inc.				15,800		510,498
Ingram Micro, Inc., Class A		*		18,100		500,284
Jabil Circuit, Inc.				23,970		523,265
Keysight Technologies, Inc.		*		15,200		513,304
Knowles Corp.		*	†	22,200		522,810
Tech Data Corp.		*		8,100		512,163
Vishay Intertechnology, Inc.				34,095		482,444

						13,219,665

Energy Equipment & Services—0.9%
Atwood Oceanics, Inc.		*		16,900		479,453
Baker Hughes, Inc.				9,030		506,312
Cameron International Corp.		*		10,125		505,744
Diamond Offshore Drilling, Inc.	†			107,200		3,935,312
Frank’s International NV (Netherlands)	†			30,000		498,900
Halliburton Co.				153,520		6,037,942
Helmerich & Payne, Inc.				7,515		506,661
Nabors Industries Ltd. (Bermuda)				40,280		522,834
National Oilwell Varco, Inc.				7,700		504,581
Oil States International, Inc.		*		10,365		506,848
Patterson-UTI Energy, Inc.				30,340		503,341
Rowan Cos. plc, Class A				21,800		508,376
Schlumberger Ltd.				57,600		4,919,616
Seadrill Ltd. (Bermuda)	†			43,050		514,017
Seventy Seven Energy, Inc.		*		76,604		414,428
Superior Energy Services, Inc.				24,730		498,309
Tidewater, Inc.				15,255		494,415
Unit Corp.		*		14,400		491,040

						22,348,129

Food & Staples Retailing—0.6%
Costco Wholesale Corp.				3,575		506,756
CVS Health Corp.				102,630		9,884,295
Rite Aid Corp.		*		69,500		522,640
Safeway, Inc.				14,410		506,079
Sysco Corp.				13,200		523,908
Walgreens Boots Alliance, Inc.				6,730		512,826
Wal-Mart Stores, Inc.				5,900		506,692
Whole Foods Market, Inc.				10,430		525,881

						13,489,077

Food Products—2.4%
Archer-Daniels-Midland Co.				172,300		8,959,600
Bunge Ltd.				5,800		527,278
Campbell Soup Co.				96,000		4,224,000
ConAgra Foods, Inc.				39,310		1,426,167
Hain Celestial Group, Inc. (The)		*		8,800		512,952

See accompanying notes to financial statements.

224

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Equity Income Fund			Shares		Value
COMMON STOCKS—(Continued)
Ingredion, Inc.				5,940	$	503,950
J.M. Smucker Co. (The)				5,125		517,523
Kellogg Co.				27,120		1,774,733
Kraft Foods Group, Inc.				119,900		7,512,934
McCormick & Co., Inc. (Non-Voting Shares)				40,100		2,979,430
Mondelez International, Inc., Class A				714,987		25,971,903
Pilgrim’s Pride Corp.	*	†		15,260		500,375
Pinnacle Foods, Inc.				14,565		514,144
Tyson Foods, Inc., Class A				13,060		523,575

						56,448,564

Gas Utilities—0.1%
AGL Resources, Inc.				9,735		530,655
Atmos Energy Corp.				9,355		521,448
National Fuel Gas Co.				7,220		502,006
Questar Corp.				20,400		515,712
UGI Corp.				13,602		516,604

						2,586,425

Health Care Equipment & Supplies—1.7%
Abbott Laboratories				290,297		13,069,171
Alere, Inc.	*			13,740		522,120
Baxter International, Inc.				81,995		6,009,413
Boston Scientific Corp.	*			41,200		545,900
CareFusion Corp.	*			8,645		512,994
Cooper Cos., Inc. (The)				3,200		518,688
Covidien plc (Ireland)				124,075		12,690,391
DENTSPLY International, Inc.				9,500		506,065
Halyard Health, Inc.	*			11,887		540,502
Hill-Rom Holdings, Inc.				11,200		510,944
Hologic, Inc.	*			19,090		510,467
Intuitive Surgical, Inc.	*			935		494,559
Medtronic, Inc.				6,900		498,180
Sirona Dental Systems, Inc.	*			5,775		504,562
St. Jude Medical, Inc.				7,700		500,731
Stryker Corp.				5,300		499,949
Teleflex, Inc.				4,400		505,208
Zimmer Holdings, Inc.				4,520		512,658

						39,452,502

Health Care Providers & Services—1.1%
Aetna, Inc.				6,025		535,201
Anthem, Inc.				4,120		517,760
Cardinal Health, Inc.				6,200		500,526
Cigna Corp.				4,940		508,375
Community Health Systems, Inc.	*			8,990		484,741
DaVita HealthCare Partners, Inc.	*			6,935		525,257
Express Scripts Holding Co.	*			5,960		504,633
HCA Holdings, Inc.	*			7,050		517,400
Health Net, Inc.	*			9,510		509,070
Humana, Inc.				3,525		506,296
Laboratory Corp. of America Holdings	*			4,845		522,776
LifePoint Hospitals, Inc.	*			7,075		508,763
MEDNAX, Inc.	*			7,700		509,047
Omnicare, Inc.				7,040		513,427
Patterson Cos., Inc.				10,500		505,050



				Shares		Value
Quest Diagnostics, Inc.				84,900	$	5,693,394
UnitedHealth Group, Inc.				123,465		12,481,077
Universal Health Services, Inc., Class B				4,455		495,663
VCA, Inc.		*		10,460		510,134

						26,848,590

Health Care Technology—0.0%
Allscripts Healthcare Solutions, Inc.		*		37,545		479,450

Hotels, Restaurants & Leisure—2.1%
Aramark				16,775		522,541
Carnival Corp.				176,800		8,014,344
Choice Hotels International, Inc.				9,000		504,180
Darden Restaurants, Inc.				8,755		513,306
Hyatt Hotels Corp., Class A		*		8,540		514,193
International Game Technology				29,100		501,975
Marriott International, Inc., Class A				6,550		511,097
McDonald’s Corp.				342,500		32,092,250
MGM Resorts International		*		24,300		519,534
Norwegian Cruise Line Holdings Ltd.		*		73,400		3,432,184
Royal Caribbean Cruises Ltd.				6,200		511,066
Starwood Hotels & Resorts Worldwide, Inc.				6,300		510,741
Wendy’s Co. (The)				60,733		548,419

						48,695,830

Household Durables—0.9%
D.R. Horton, Inc.				20,590		520,721
Garmin Ltd. (Switzerland)	†			9,535		503,734
GoPro, Inc., Class A		*	†	8,300		524,726
Jarden Corp.		*		10,697		512,172
Leggett & Platt, Inc.				12,100		515,581
Lennar Corp., Class A				11,800		528,758
Mohawk Industries, Inc.		*		3,300		512,688
Newell Rubbermaid, Inc.				198,685		7,567,912
PulteGroup, Inc.				336,350		7,218,071
Taylor Morrison Home Corp., Class A		*		28,955		546,960
Toll Brothers, Inc.		*		16,000		548,320
Whirlpool Corp.				7,900		1,530,546

						21,030,189

Household Products—0.4%
Clorox Co. (The)				64,800		6,752,808
Colgate-Palmolive Co.				7,215		499,206
Energizer Holdings, Inc.				4,045		520,025
Kimberly-Clark Corp.				4,300		496,822
Procter & Gamble Co. (The)				5,500		500,995

						8,769,856

Independent Power and Renewable Electricity Producers—0.2%
AES Corp. (The)				232,800		3,205,656
Calpine Corp.		*		22,325		494,052
NRG Energy, Inc.				18,790		506,391

						4,206,099

See accompanying notes to financial statements.

225

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Industrial Conglomerates—3.1%
3M Co.			44,335	$	7,285,127
Carlisle Cos., Inc.			5,625		507,600
Danaher Corp.			5,920		507,403
General Electric Co.			1,266,480		32,003,950
Koninklijke Philips NV NYRS (Netherlands)			1,147,557		33,279,153
Roper Industries, Inc.			3,320		519,082

					74,102,315

Insurance—7.9%
ACE Ltd. (Switzerland)			97,200		11,166,336
Aflac, Inc.			8,600		525,374
Alleghany Corp.	*		1,105		512,167
Allied World Assurance Co. Holdings AG (Switzerland)			13,370		506,990
Allstate Corp. (The)			7,200		505,800
American Financial Group, Inc.			8,400		510,048
American International Group, Inc.			123,330		6,907,713
American National Insurance Co.			4,300		491,318
Aon plc (United Kingdom)			370,612		35,145,136
Arch Capital Group Ltd. (Bermuda)	*		9,000		531,900
Arthur J. Gallagher & Co.			11,335		533,652
Aspen Insurance Holdings Ltd. (Bermuda)			11,580		506,857
Assurant, Inc.			7,600		520,068
Assured Guaranty Ltd. (Bermuda)			19,600		509,404
Axis Capital Holdings Ltd. (Bermuda)			9,800		500,682
Brown & Brown, Inc.			15,200		500,232
Chubb Corp. (The)			41,700		4,314,699
Cincinnati Financial Corp.			9,800		507,934
CNA Financial Corp.			13,145		508,843
Endurance Specialty Holdings Ltd. (Bermuda)			8,500		508,640
Everest Re Group Ltd. (Bermuda)			3,100		527,930
FNF Group			14,800		509,860
FNFV Group	*		35,799		563,476
Genworth Financial, Inc., Class A	*		60,900		517,650
Hanover Insurance Group, Inc. (The)			7,100		506,372
Hartford Financial Services Group, Inc. (The)			12,100		504,449
HCC Insurance Holdings, Inc.			10,025		536,538
Lincoln National Corp.			8,700		501,729
Loews Corp.			953,624		40,071,280
Markel Corp.	*		705		481,402
Marsh & McLennan Cos., Inc.			360,565		20,638,741
MBIA, Inc.	*		52,475		500,612
Mercury General Corp.			9,300		527,031
MetLife, Inc.			265,320		14,351,159



		Shares		Value
Old Republic International Corp.		34,000	$	497,420
PartnerRe Ltd. (Bermuda)		4,410		503,313
Principal Financial Group, Inc.		108,655		5,643,541
ProAssurance Corp.		11,100		501,165
Progressive Corp. (The)		19,400		523,606
Protective Life Corp.		7,120		495,908
Prudential Financial, Inc.		5,515		498,887
Reinsurance Group of America, Inc.		6,100		534,482
RenaissanceRe Holdings Ltd. (Bermuda)		5,015		487,558
StanCorp Financial Group, Inc.		7,200		502,992
Sun Life Financial, Inc. (Canada)		85,500		3,083,130
Torchmark Corp.		9,300		503,781
Travelers Cos., Inc. (The)		177,720		18,811,662
Unum Group		117,795		4,108,690
Validus Holdings Ltd. (Bermuda)		12,900		536,124
W.R. Berkley Corp.		9,865		505,680
White Mountains Insurance Group Ltd.		800		504,088
Willis Group Holdings plc (United Kingdom)		50,800		2,276,348
XL Group plc (Ireland)		14,835		509,879

				187,480,276

Internet & Catalog Retail—0.0%
HomeAway, Inc.	*	17,710		527,404
Liberty Interactive Corp., Series A	*	17,900		526,618

				1,054,022

Internet Software & Services—0.1%
AOL, Inc.	*	11,095		512,256
IAC/InterActiveCorp		8,320		505,773
Yahoo!, Inc.	*	10,220		516,212

				1,534,241

IT Services—0.8%
Amdocs Ltd.		10,700		499,209
Booz Allen Hamilton Holding Corp.		18,900		501,417
Computer Sciences Corp.		67,200		4,236,960
CoreLogic, Inc.	*	15,900		502,281
DST Systems, Inc.		5,300		498,995
Fidelity National Information Services, Inc.		8,000		497,600
Genpact Ltd. (Bermuda)	*	26,685		505,147
International Business Machines Corp.		38,500		6,176,940
Leidos Holdings, Inc.		11,560		503,091
Paychex, Inc.		10,800		498,636
Teradata Corp.	*	11,890		519,355
Total System Services, Inc.		14,900		506,004
Western Union Co. (The)		173,000		3,098,430
Xerox Corp.		37,885		525,086

				19,069,151

See accompanying notes to financial statements.

226

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Equity Income Fund			Shares		Value
COMMON STOCKS—(Continued)
Leisure Products—0.4%
Hasbro, Inc.				8,900	$	489,411
Mattel, Inc.				268,935		8,322,194

						8,811,605

Life Sciences Tools & Services—0.2%
Agilent Technologies, Inc.				12,400		507,656
Bio-Rad Laboratories, Inc., Class A		*		4,400		530,464
Bio-Techne Corp.				5,320		491,568
Charles River Laboratories International, Inc.		*		8,445		537,440
Covance, Inc.		*		4,895		508,297
PerkinElmer, Inc.				11,300		494,149
QIAGEN NV (Netherlands)		*		21,775		510,841
Quintiles Transnational Holdings, Inc.		*		9,000		529,830
Thermo Fisher Scientific, Inc.				4,100		513,689
VWR Corp.		*		19,600		507,052

						5,130,986

Machinery—2.4%
AGCO Corp.	†			11,200		506,240
Caterpillar, Inc.				5,420		496,093
Crane Co.				8,700		510,690
Deere & Co.				69,315		6,132,298
Donaldson Co., Inc.				13,100		506,053
Dover Corp.				6,825		489,489
Flowserve Corp.				6,400		382,912
IDEX Corp.				6,630		516,079
Illinois Tool Works, Inc.				190,480		18,038,456
Ingersoll-Rand plc				102,290		6,484,163
ITT Corp.				12,545		507,571
Joy Global, Inc.				93,325		4,341,479
Kennametal, Inc.				14,035		502,313
Lincoln Electric Holdings, Inc.				7,025		485,357
Navistar International Corp.		*		14,950		500,526
Oshkosh Corp.				10,500		510,825
PACCAR, Inc.				7,400		503,274
Parker-Hannifin Corp.				3,900		502,905
Pentair plc (United Kingdom)				7,700		511,434
Snap-on, Inc.				3,700		505,938
SPX Corp.				5,925		509,076
Stanley Black & Decker, Inc.				74,225		7,131,538
Terex Corp.				18,230		508,252
Timken Co. (The)				11,850		505,758
Trinity Industries, Inc.				18,005		504,320
Valmont Industries, Inc.	†			4,035		512,445
Xylem, Inc.				145,740		5,548,322

						58,153,806

Media—3.9%
Cablevision Systems Corp., Class A	†			185,800		3,834,912
CBS Corp. (Non-Voting Shares), Class B				118,388		6,551,592
Clear Channel Outdoor Holdings, Inc., Class A				51,940		550,045
Comcast Corp., Class A				228,260		13,241,363
DISH Network Corp., Class A		*		7,080		516,061



				Shares		Value
DreamWorks Animation SKG, Inc., Class A		*	†	22,245	$	496,731
Gannett Co., Inc.				16,365		522,534
Interpublic Group of Cos., Inc. (The)				243,200		5,051,264
John Wiley & Sons, Inc., Class A				8,800		521,312
Liberty Broadband Corp., Class A		*		9,925		497,143
Liberty Broadband Corp., Class C		*		9,925		494,463
Liberty Media Corp., Series A		*		14,900		525,523
Liberty Media Corp., Series C		*		15,200		532,456
Live Nation Entertainment, Inc.		*		19,385		506,142
Madison Square Garden Co. (The), Class A		*		19,565		1,472,462
New York Times Co. (The), Class A				167,000		2,207,740
News Corp., Class A		*		185,100		2,904,219
Pearson plc (United Kingdom)				113,143		2,089,539
Regal Entertainment Group, Class A	†			25,100		536,136
Scripps Networks Interactive, Inc., Class A				372,300		28,023,021
Starz, Class A		*		17,495		519,602
Thomson Reuters Corp.				158,180		6,380,981
Time Warner, Inc.				119,633		10,219,051
Twenty-First Century Fox, Inc., Class A				13,145		504,834
Walt Disney Co. (The)				48,300		4,549,377

						93,248,503

Metals & Mining—1.0%
Alcoa, Inc.				32,445		512,307
Allegheny Technologies, Inc.				14,760		513,205
Carpenter Technology Corp.				10,900		536,825
Cliffs Natural Resources, Inc.	†			83,140		593,620
Freeport-McMoRan, Inc.				22,340		521,862
Newmont Mining Corp.				182,100		3,441,690
Nucor Corp.				203,400		9,976,770
Reliance Steel & Aluminum Co.				8,400		514,668
Royal Gold, Inc.				7,855		492,508
Steel Dynamics, Inc.				257,900		5,090,946
Tahoe Resources, Inc.				40,070		555,771
TimkenSteel Corp.				14,925		552,673
United States Steel Corp.				19,400		518,756

						23,821,601

Multiline Retail—1.1%
Big Lots, Inc.				13,205		528,464
Dillard’s, Inc., Class A				4,150		519,497
Dollar General Corp.		*		7,375		521,413
Family Dollar Stores, Inc.				6,615		523,974
J.C. Penney Co., Inc.		*	†	75,800		491,184
Kohl’s Corp.				150,955		9,214,293
Macy’s, Inc.				103,200		6,785,400
Nordstrom, Inc.				75,580		6,000,296
Sears Holdings Corp.		*	†	15,490		510,860
Target Corp.				6,800		516,188

						25,611,569

See accompanying notes to financial statements.

227

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Equity Income Fund				Shares		Value
COMMON STOCKS—(Continued)
Multi-Utilities—0.8%
Alliant Energy Corp.					7,700	$	511,434
Ameren Corp.					11,200		516,656
CenterPoint Energy, Inc.					21,500		503,745
CMS Energy Corp.					14,700		510,825
Consolidated Edison, Inc.					7,700		508,277
Dominion Resources, Inc.					6,600		507,540
DTE Energy Co.					5,900		509,583
Integrys Energy Group, Inc.					6,645		517,313
MDU Resources Group, Inc.					22,000		517,000
NiSource, Inc.					250,340		10,619,423
PG&E Corp.					9,560		508,975
Public Service Enterprise Group, Inc.					12,200		505,202
SCANA Corp.					8,500		513,400
Sempra Energy					4,715		525,062
TECO Energy, Inc.					25,400		520,446
Vectren Corp.					11,400		527,022
Wisconsin Energy Corp.					9,700		511,578

							18,833,481

Oil, Gas & Consumable Fuels—11.2%
Anadarko Petroleum Corp.					127,510		10,519,575
Apache Corp.					185,745		11,640,639
BP plc ADR (United Kingdom)					89,598		3,415,476
California Resources Corp.		*			89,508		493,189
Chesapeake Energy Corp.					1,989,820		38,940,777
Chevron Corp.					259,048		29,060,005
Cimarex Energy Co.					4,530		480,180
Cobalt International Energy, Inc.		*			56,500		502,285
ConocoPhillips					49,160		3,394,990
CONSOL Energy, Inc.	†				1,091,080		36,889,415
CVR Energy, Inc.	†				12,880		498,585
Denbury Resources, Inc.					61,410		499,263
Devon Energy Corp.					8,360		511,716
Energen Corp.					7,925		505,298
EOG Resources, Inc.					80,060		7,371,124
EP Energy Corp., Class A		*	†		46,715		487,705
EQT Corp.					6,515		493,185
Exxon Mobil Corp.					270,285		24,987,848
Golar LNG Ltd. (Bermuda)	†				14,440		526,627
Gulfport Energy Corp.		*			12,300		513,402
Hess Corp.					140,145		10,345,504
HollyFrontier Corp.					13,600		509,728
Kinder Morgan, Inc.					12,155		514,278
Laredo Petroleum, Inc.		*	†		49,310		510,358
Marathon Oil Corp.					241,765		6,839,532
Marathon Petroleum Corp.					5,800		523,508
Memorial Resource Development Corp.		*			26,700		481,401
Murphy Oil Corp.					743,036		37,538,179
Newfield Exploration Co.		*			18,100		490,872
Noble Energy, Inc.					10,430		494,695
Occidental Petroleum Corp.					70,250		5,662,852
ONEOK, Inc.					10,150		505,369
PBF Energy, Inc., Class A					20,385		543,056
Peabody Energy Corp.	†				64,200		496,908
Phillips 66					7,030		504,051



			Shares		Value
Pioneer Natural Resources Co.			27,200	$	4,048,720
QEP Resources, Inc.			25,895		523,597
Rice Energy, Inc.	*		22,460		470,986
Royal Dutch Shell plc ADR (Netherlands)			147,481		9,873,853
SandRidge Energy, Inc.	*	†	270,410		492,146
Southwestern Energy Co.	*		203,350		5,549,421
Spectra Energy Corp.			13,875		503,663
Talisman Energy, Inc. (Canada)			374,900		2,935,467
Teekay Corp. (Bermuda)			9,700		493,633
Tesoro Corp.			6,980		518,963
Ultra Petroleum Corp.	*	†	37,050		487,578
Valero Energy Corp.			10,930		541,035
Whiting Petroleum Corp.	*		14,340		473,220
World Fuel Services Corp.			10,645		499,570
WPX Energy, Inc.	*		42,835		498,171

					265,601,598

Paper & Forest Products—0.7%
Domtar Corp. (Canada)			12,665		509,386
International Paper Co.			313,705		16,808,314

					17,317,700

Personal Products—0.1%
Avon Products, Inc.			324,415		3,046,257
Coty, Inc., Class A	*		25,235		521,355

					3,567,612

Pharmaceuticals—4.2%
AstraZeneca plc ADR (United Kingdom)			104,300		7,340,634
Bristol-Myers Squibb Co.			223,800		13,210,914
Eli Lilly & Co.			7,730		533,293
GlaxoSmithKline plc (United Kingdom)			159,263		3,416,763
Hospira, Inc.	*		8,195		501,944
Johnson & Johnson			183,520		19,190,686
Mallinckrodt plc	*		5,460		540,704
Merck & Co., Inc.			475,470		27,001,941
Perrigo Co. plc (Ireland)			3,120		521,539
Pfizer, Inc.			500,446		15,588,893
Roche Holding AG (Genusschein) (Switzerland)			30,247		8,195,189
Zoetis, Inc.			61,500		2,646,345

					98,688,845

Professional Services—0.1%
Dun & Bradstreet Corp. (The)			4,220		510,451
Equifax, Inc.			6,240		504,629
ManpowerGroup, Inc.			7,420		505,821
Nielsen NV			10,935		489,122
Towers Watson & Co., Class A			4,380		495,685

					2,505,708

Real Estate Investment Trusts (REITs)—2.4%
Alexandria Real Estate Equities, Inc. REIT			5,700		505,818
American Campus Communities, Inc. REIT			12,300		508,728
American Capital Agency Corp. REIT			23,710		517,589

See accompanying notes to financial statements.

228

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
American Homes 4 Rent, Class A REIT			30,200	$	514,306
American Realty Capital Properties, Inc. REIT			61,410		555,760
Annaly Capital Management, Inc. REIT			44,715		483,369
Apartment Investment & Management Co., Class A REIT			13,400		497,810
AvalonBay Communities, Inc. REIT			3,015		492,621
BioMed Realty Trust, Inc. REIT			24,665		531,284
Boston Properties, Inc. REIT			3,800		489,022
Brandywine Realty Trust REIT			31,900		509,762
Brixmor Property Group, Inc. REIT			20,300		504,252
Camden Property Trust REIT			6,715		495,836
CBL & Associates Properties, Inc. REIT			25,700		499,094
Chimera Investment Corp. REIT			161,690		514,174
Columbia Property Trust, Inc. REIT			20,815		527,660
Corporate Office Properties Trust REIT	†		17,700		502,149
Corrections Corp. of America REIT			13,500		490,590
DDR Corp. REIT			27,600		506,736
Digital Realty Trust, Inc. REIT			61,000		4,044,300
Douglas Emmett, Inc. REIT			17,700		502,680
Duke Realty Corp. REIT			25,000		505,000
Equity Commonwealth REIT			19,850		509,549
Equity LifeStyle Properties, Inc. REIT			9,940		512,407
Equity Residential REIT			6,900		495,696
Essex Property Trust, Inc. REIT			2,403		496,460
Federal Realty Investment Trust REIT			3,700		493,802
Gaming and Leisure Properties, Inc. REIT			17,305		507,729
General Growth Properties, Inc. REIT			18,000		506,340
HCP, Inc. REIT			11,535		507,886
Health Care REIT, Inc. REIT			6,620		500,935
Healthcare Trust of America, Inc., Class A REIT			18,900		509,166
Home Properties, Inc. REIT			7,600		498,560
Hospitality Properties Trust REIT			16,000		496,000
Host Hotels & Resorts, Inc. REIT			335,260		7,969,130
Iron Mountain, Inc. REIT			12,979		501,768
Kilroy Realty Corp. REIT			7,200		497,304
Kimco Realty Corp. REIT			19,800		497,772
Liberty Property Trust REIT			13,400		504,242
Macerich Co. (The) REIT			6,100		508,801
MFA Financial, Inc. REIT			63,045		503,730
Mid-America Apartment Communities, Inc. REIT			6,700		500,356



			Shares		Value
National Retail Properties, Inc. REIT			12,740	$	501,574
NorthStar Realty Finance Corp. REIT			27,862		489,814
Omega Healthcare Investors, Inc. REIT	†		12,980		507,129
Outfront Media, Inc. REIT			18,949		508,591
Paramount Group, Inc. REIT		*	126,100		2,344,199
Piedmont Office Realty Trust, Inc., Class A REIT			27,905		525,730
Plum Creek Timber Co., Inc. REIT			11,810		505,350
Post Properties, Inc. REIT			8,525		501,014
Prologis, Inc. REIT			11,800		507,754
Public Storage REIT			2,700		499,095
Rayonier, Inc. REIT			119,745		3,345,675
Realty Income Corp. REIT	†		10,440		498,092
Regency Centers Corp. REIT			7,920		505,138
Retail Properties of America, Inc., Class A REIT			31,090		518,892
Senior Housing Properties Trust REIT			23,180		512,510
Simon Property Group, Inc. REIT			2,700		491,697
SL Green Realty Corp. REIT			4,225		502,860
Spirit Realty Capital, Inc. REIT			42,840		509,368
Starwood Property Trust, Inc. REIT			22,000		511,280
Tanger Factory Outlet Centers, Inc. REIT			13,760		508,570
Taubman Centers, Inc. REIT			6,700		512,014
Two Harbors Investment Corp. REIT			50,200		503,004
UDR, Inc. REIT			16,150		497,743
Ventas, Inc. REIT			7,000		501,900
Vornado Realty Trust REIT			4,320		508,507
Washington Prime Group, Inc. REIT			29,970		516,083
Weingarten Realty Investors REIT			14,535		507,562
Weyerhaeuser Co. REIT			192,330		6,902,724
WP Carey, Inc. REIT			7,025		492,453

					57,952,495

Real Estate Management & Development—1.4%
Cheung Kong Holdings Ltd. ADR (Hong Kong)			1,907,000		31,885,040
Forest City Enterprises, Inc., Class A		*	24,900		530,370
Howard Hughes Corp. (The)		*	3,810		496,900
Jones Lang LaSalle, Inc.			3,410		511,261
Realogy Holdings Corp.		*	11,760		523,203

					33,946,774

Road & Rail—0.2%
AMERCO			1,920		545,779
Con-way, Inc.			9,910		487,374
CSX Corp.			13,945		505,227

See accompanying notes to financial statements.

229

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Equity Income Fund			Shares		Value
COMMON STOCKS—(Continued)
Genesee & Wyoming, Inc., Class A	*			5,715	$	513,893
Kansas City Southern				4,255		519,238
Norfolk Southern Corp.				4,615		505,850
Ryder System, Inc.				5,425		503,711

						3,581,072

Semiconductors & Semiconductor Equipment—2.8%
Altera Corp.				13,700		506,078
Analog Devices, Inc.				215,430		11,960,674
Applied Materials, Inc.				340,820		8,493,234
Broadcom Corp., Class A				12,130		525,593
Cree, Inc.	*	†		15,660		504,565
First Solar, Inc.	*			11,600		517,302
Freescale Semiconductor Ltd.	*	†		20,100		507,123
Intel Corp.				413,055		14,989,766
KLA-Tencor Corp.				7,000		492,240
Lam Research Corp.				6,280		498,255
Marvell Technology Group Ltd. (Bermuda)				543,950		7,887,275
Maxim Integrated Products, Inc.				303,880		9,684,656
Micron Technology, Inc.	*			15,130		529,701
NVIDIA Corp.				24,800		497,240
ON Semiconductor Corp.	*			53,000		536,890
SunEdison, Inc.	*	†		25,320		493,993
SunPower Corp.	*	†		19,745		510,013
Teradyne, Inc.				26,200		518,498
Texas Instruments, Inc.				117,500		6,282,138

						65,935,234

Software—1.5%
Activision Blizzard, Inc.				25,185		507,478
ANSYS, Inc.	*			6,050		496,100
Autodesk, Inc.	*			8,465		508,408
CA, Inc.				86,805		2,643,212
Citrix Systems, Inc.	*			7,895		503,701
Electronic Arts, Inc.	*			10,700		503,060
FireEye, Inc.	*	†		15,640		493,911
Informatica Corp.	*			13,190		503,001
Microsoft Corp.				377,765		17,547,184
Nuance Communications, Inc.	*			35,580		507,727
Rovi Corp.	*			22,300		503,757
Symantec Corp.				370,715		9,510,693
Synopsys, Inc.	*			11,600		504,252
Zynga, Inc., Class A	*			192,375		511,718

						35,244,202

Specialty Retail—1.7%
Aaron’s, Inc.				16,990		519,384
Abercrombie & Fitch Co., Class A				18,145		519,673
Ascena Retail Group, Inc.	*			41,800		525,008
AutoZone, Inc.	*			7,625		4,720,714
Bed Bath & Beyond, Inc.	*			6,770		515,671
Best Buy Co., Inc.				12,850		500,893
Cabela’s, Inc.	*			9,960		524,992
CarMax, Inc.	*			7,495		499,017
Chico’s FAS, Inc.				31,800		515,478
CST Brands, Inc.				11,585		505,222
Dick’s Sporting Goods, Inc.				10,315		512,140
DSW, Inc., Class A				14,200		529,660



				Shares		Value
Foot Locker, Inc.				9,030	$	507,305
GameStop Corp., Class A	†			14,800		500,240
Home Depot, Inc. (The)				72,640		7,625,021
L Brands, Inc.				6,050		523,627
Lowe’s Cos., Inc.				140,245		9,648,856
Michaels Cos., Inc. (The)		*		21,200		524,276
Murphy USA, Inc.		*		7,790		536,419
Penske Automotive Group, Inc.	†			10,250		502,968
Sally Beauty Holdings, Inc.		*		16,430		505,058
Signet Jewelers Ltd. (Bermuda)				3,900		513,123
Staples, Inc.				389,300		7,054,116
Tiffany & Co.				4,900		523,614
Urban Outfitters, Inc.		*		14,730		517,465

						39,869,940

Technology Hardware, Storage & Peripherals—0.9%
Apple, Inc.				46,200		5,099,556
EMC Corp.				431,740		12,839,948
Hewlett-Packard Co.				12,640		507,243
Lexmark International, Inc., Class A				11,700		482,859
NCR Corp.		*		17,310		504,413
NetApp, Inc.				11,870		492,011
SanDisk Corp.				5,160		505,577
Stratasys Ltd.		*		6,300		523,593
Western Digital Corp.				4,500		498,150

						21,453,350

Textiles, Apparel & Luxury Goods—0.4%
Coach, Inc.				50,900		1,911,804
PVH Corp.				63,020		8,077,273
Ralph Lauren Corp.				2,830		524,003

						10,513,080

Thrifts & Mortgage Finance—0.1%
Hudson City Bancorp, Inc.				51,400		520,168
Nationstar Mortgage Holdings, Inc.		*	†	18,795		529,831
New York Community Bancorp, Inc.				30,900		494,400
People’s United Financial, Inc.				35,000		531,300
TFS Financial Corp.				34,630		515,468

						2,591,167

Tobacco—0.1%
Altria Group, Inc.				10,085		496,888
Philip Morris International, Inc.				6,110		497,659
Reynolds American, Inc.				7,750		498,093

						1,492,640

Trading Companies & Distributors—0.1%
Air Lease Corp.				15,200		521,512
GATX Corp.				8,400		483,336
MRC Global, Inc.		*		32,100		486,315
NOW, Inc.		*	†	18,300		470,859
Veritiv Corp.		*		10,214		529,800
WESCO International, Inc.		*		6,415		488,887

						2,980,709

See accompanying notes to financial statements.

230

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Water Utilities—0.0%
American Water Works Co., Inc.			9,600	$	511,680
Aqua America, Inc.			19,400		517,980

					1,029,660

Wireless Telecommunication Services—0.2%
Sprint Corp.	*		120,575		500,386
Telephone & Data Systems, Inc.			20,500		517,625
T-Mobile US, Inc.	*		19,000		511,860
United States Cellular Corp.	*		13,400		533,722
Vodafone Group plc (United Kingdom)			463,619		1,589,577

					3,653,170

TOTAL COMMON STOCKS
(Cost $1,784,887,409)					2,230,379,549


MONEY MARKET FUNDS—7.5%
Institutional Money Market Funds—7.5%
Dreyfus Institutional Cash Advantage Fund, 0.06%	††¥		5,500,000		5,500,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11%	¥		143,812,575		143,812,575
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11%	††¥		6,067,114		6,067,114
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.07%	††¥		5,500,000		5,500,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.07%	††¥		5,500,000		5,500,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.08%	††¥		5,500,000		5,500,000



		Shares		Value
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥	5,500,000	$	5,500,000

TOTAL MONEY MARKET FUNDS
(Cost $177,379,689)				177,379,689

TOTAL INVESTMENTS—101.4%
(Cost $1,962,267,098)				2,407,759,238
Other assets less liabilities—(1.4%)				(32,931,428	)

NET ASSETS—100.0%			$	2,374,827,810

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.

231

SCHEDULE OF INVESTMENTS

December 31, 2014


Vantagepoint Growth & Income Fund		Shares		Value
COMMON STOCKS—96.2%
Aerospace & Defense—3.7%
Boeing Co. (The)			44,200	$	5,745,116
Honeywell International, Inc.			221,825		22,164,754
Precision Castparts Corp.			29,300		7,057,784
Spirit AeroSystems Holdings, Inc., Class A	*		214,470		9,230,789
Triumph Group, Inc.			127,000		8,536,940
United Technologies Corp.			100,410		11,547,150

					64,282,533

Air Freight & Logistics—1.2%
Expeditors International of Washington, Inc.			373,050		16,641,760
FedEx Corp.			21,000		3,646,860

					20,288,620

Airlines—0.7%
American Airlines Group, Inc.			132,200		7,089,886
Delta Air Lines, Inc.			2,800		137,732
United Continental Holdings, Inc.	*		60,600		4,053,534

					11,281,152

Auto Components—0.0%
Delphi Automotive plc (United Kingdom)			7,700		559,944

Automobiles—0.1%
Harley-Davidson, Inc.			2,500		164,775
Tesla Motors, Inc.	*†		7,800		1,734,798

					1,899,573

Banks—6.5%
BB&T Corp.			225,740		8,779,029
Citigroup, Inc.			419,050		22,674,795
Comerica, Inc.			424,100		19,864,844
JPMorgan Chase & Co.			393,718		24,638,872
PNC Financial Services Group, Inc. (The)			184,400		16,822,812
Wells Fargo & Co.			359,630		19,714,917

					112,495,269

Beverages—1.2%
Anheuser-Busch InBev NV ADR (Belgium)			99,290		11,152,253
Constellation Brands, Inc., Class A	*		5,100		500,667
Diageo plc ADR (United Kingdom)			80,460		9,179,681
Monster Beverage Corp.	*		1,700		184,195
PepsiCo, Inc.			500		47,280

					21,064,076

Biotechnology—3.7%
Alexion Pharmaceuticals, Inc.	*		45,800		8,474,374
Amgen, Inc.			58,630		9,339,173
Biogen Idec, Inc.	*		31,700		10,760,565
Celgene Corp.	*		79,200		8,859,312
Gilead Sciences, Inc.	*		127,600		12,027,576
Pharmacyclics, Inc.	*†		18,200		2,225,132



		Shares		Value
Regeneron Pharmaceuticals, Inc.	*		6,400	$	2,625,600
Vertex Pharmaceuticals, Inc.	*		82,130		9,757,044

					64,068,776

Building Products—0.6%
Fortune Brands Home & Security, Inc.			220,440		9,979,319

Capital Markets—4.5%
Ameriprise Financial, Inc.			21,000		2,777,250
Bank of New York Mellon Corp. (The)			727,950		29,532,932
BlackRock, Inc.			30,020		10,733,951
Goldman Sachs Group, Inc. (The)			46,800		9,071,244
Invesco Ltd.			346,800		13,705,536
Morgan Stanley			118,400		4,593,920
Northern Trust Corp.			6,600		444,840
State Street Corp.			38,500		3,022,250
TD Ameritrade Holding Corp.			107,000		3,828,460

					77,710,383

Chemicals—3.3%
Ashland, Inc.			5,100		610,776
Dow Chemical Co. (The)			157,400		7,179,014
Ecolab, Inc.			44,100		4,609,332
Potash Corp. of Saskatchewan, Inc. (Canada)	†		962,400		33,991,968
PPG Industries, Inc.			5,000		1,155,750
Praxair, Inc.			11,200		1,451,072
Sherwin-Williams Co. (The)			31,400		8,259,456

					57,257,368

Commercial Services & Supplies—0.7%
Cintas Corp.			160,150		12,562,166

Communications Equipment—1.4%
Cisco Systems, Inc.			840,750		23,385,461

Consumer Finance—1.4%
American Express Co.			261,975		24,374,154

Diversified Financial Services—2.4%
Berkshire Hathaway, Inc., Class B	*		206,550		31,013,483
Intercontinental Exchange, Inc.			46,380		10,170,670

					41,184,153

Diversified Telecommunication Services—0.5%
Verizon Communications, Inc.			183,900		8,602,842

Electric Utilities—0.4%
Edison International			112,450		7,363,226

Electrical Equipment—0.7%
Eaton Corp. plc			170,280		11,572,229

Electronic Equipment, Instruments & Components—1.0%
TE Connectivity Ltd. (Switzerland)			284,475		17,993,044

Energy Equipment & Services—1.6%
Halliburton Co.			174,210		6,851,679
Schlumberger Ltd.			241,450		20,622,245

					27,473,924

See accompanying notes to financial statements.

232

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Growth & Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Food & Staples Retailing—0.5%
Costco Wholesale Corp.			18,800	$	2,664,900
CVS Health Corp.			36,600		3,524,946
Walgreens Boots Alliance, Inc.			22,100		1,684,020

					7,873,866

Food Products—4.1%
Danone SA ADR (France)			1,702,800		22,165,348
Ingredion, Inc.			96,800		8,212,512
Keurig Green Mountain, Inc.			1,000		132,395
Kraft Foods Group, Inc.			137,780		8,633,295
Nestle SA ADR (Switzerland)			253,375		18,483,706
Unilever plc ADR (United Kingdom)			328,100		13,281,488

					70,908,744

Health Care Equipment & Supplies—1.6%
Baxter International, Inc.			100,890		7,394,228
Becton Dickinson and Co.			14,900		2,073,484
Cooper Cos., Inc. (The)			1,500		243,135
Covidien plc (Ireland)			133,650		13,669,722
Intuitive Surgical, Inc.	*		5,400		2,856,276
Stryker Corp.			13,900		1,311,187

					27,548,032

Health Care Providers & Services—4.5%
AmerisourceBergen Corp.			315,650		28,459,004
Anthem, Inc.			600		75,402
Cardinal Health, Inc.			27,200		2,195,856
McKesson Corp.			56,400		11,707,512
UnitedHealth Group, Inc.			347,050		35,083,284

					77,521,058

Hotels, Restaurants & Leisure—2.1%
Carnival Corp.			9,800		444,234
Chipotle Mexican Grill, Inc.	*		7,300		4,996,923
Hilton Worldwide Holdings, Inc.	*		64,181		1,674,482
Las Vegas Sands Corp.			32,900		1,913,464
Marriott International, Inc., Class A			9,171		715,613
MGM Resorts International	*		93,600		2,001,168
Norwegian Cruise Line Holdings Ltd.	*		228,600		10,689,336
Royal Caribbean Cruises Ltd.			3,500		288,505
Starbucks Corp.			76,600		6,285,030
Starwood Hotels & Resorts Worldwide, Inc.			3,300		267,531
Wynn Macau Ltd. (Macau)	†		307,600		858,159
Wynn Resorts Ltd.			38,600		5,742,136

					35,876,581

Household Durables—0.7%
PulteGroup, Inc.			533,170		11,441,828

Industrial Conglomerates—3.2%
3M Co.			118,350		19,447,272
Danaher Corp.			124,800		10,696,608
General Electric Co.			488,100		12,334,287



		Shares		Value
Koninklijke Philips NV NYRS (Netherlands)			332,490	$	9,642,210
Roper Industries, Inc.			17,600		2,751,760

					54,872,137

Insurance—2.8%
ACE Ltd. (Switzerland)			68,860		7,910,637
Marsh & McLennan Cos., Inc.			156,390		8,951,763
Principal Financial Group, Inc.			182,200		9,463,468
Progressive Corp. (The)			788,900		21,292,411

					47,618,279

Internet & Catalog Retail—2.0%
Amazon.com, Inc.	*		51,900		16,107,165
Ctrip.com International Ltd. ADR (China)	*		21,100		960,050
Netflix, Inc.	*		8,800		3,006,168
Priceline Group, Inc. (The)	*		10,800		12,314,268
Vipshop Holdings Ltd. ADR (China)	*†		125,100		2,444,454

					34,832,105

Internet Software & Services—4.0%
Akamai Technologies, Inc.	*		10,000		629,600
Alibaba Group Holding Ltd. ADR (China)	*		45,138		4,691,644
Baidu, Inc. ADR (China)	*		44,600		10,167,462
eBay, Inc.	*		281,225		15,782,347
Facebook, Inc., Class A	*		130,300		10,166,006
Google, Inc., Class A	*		17,800		9,445,748
Google, Inc., Class C	*		19,500		10,264,800
LinkedIn Corp., Class A	*		12,900		2,963,259
NAVER Corp. (Korea, Republic of)			1,056		676,299
Tencent Holdings Ltd. (China)			252,400		3,651,958
Twitter, Inc.	*		13,800		495,006

					68,934,129

IT Services—3.3%
Accenture plc, Class A (Ireland)			360,775		32,220,815
Cognizant Technology Solutions Corp., Class A	*		8,900		468,674
Fiserv, Inc.	*		35,400		2,512,338
MasterCard, Inc., Class A			123,400		10,632,144
Visa, Inc., Class A			41,500		10,881,300

					56,715,271

Leisure Products—0.0%
Polaris Industries, Inc.			800		120,992

Life Sciences Tools & Services—0.3%
Thermo Fisher Scientific, Inc.			44,700		5,600,463

Machinery—1.4%
Flowserve Corp.			8,900		532,487
PACCAR, Inc.			303,475		20,639,335
Pall Corp.			7,900		799,559
Wabtec Corp.			29,300		2,545,877

					24,517,258

See accompanying notes to financial statements.

233

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Growth & Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Media—3.4%
CBS Corp. (Non-Voting Shares), Class B			183,660	$	10,163,745
Comcast Corp., Class A			323,450		18,763,335
Discovery Communications, Inc., Class C	*		5,500		185,460
Omnicom Group, Inc.			253,475		19,636,708
Thomson Reuters Corp.			194,710		7,854,601
Time Warner, Inc.			3,900		333,138
Twenty-First Century Fox, Inc., Class A			2,800		107,534
Walt Disney Co. (The)			22,200		2,091,018

					59,135,539

Metals & Mining—0.6%
Barrick Gold Corp. (Canada)			194,500		2,090,875
Steel Dynamics, Inc.			403,620		7,967,459

					10,058,334

Multiline Retail—1.1%
Dollar General Corp.	*		97,600		6,900,320
Nordstrom, Inc.			146,240		11,609,994

					18,510,314

Multi-Utilities—0.6%
National Grid plc ADR (United Kingdom)	†		139,640		9,866,962

Oil, Gas & Consumable Fuels—6.0%
BG Group plc (United Kingdom)			596,778		7,985,904
Chevron Corp.			224,040		25,132,807
Cimarex Energy Co.			3,200		339,200
Concho Resources, Inc.	*		17,000		1,695,750
Continental Resources, Inc.	*†		6,700		257,012
Devon Energy Corp.			355,900		21,784,639
EOG Resources, Inc.			134,090		12,345,667
EQT Corp.			35,500		2,687,350
Marathon Oil Corp.			302,070		8,545,560
Pioneer Natural Resources Co.			78,900		11,744,265
Range Resources Corp.			27,935		1,493,126
Southwestern Energy Co.	*		361,970		9,878,161

					103,889,441

Paper & Forest Products—0.7%
International Paper Co.			219,120		11,740,450

Personal Products—0.1%
Estee Lauder Cos., Inc. (The), Class A			21,300		1,623,060

Pharmaceuticals—3.5%
AbbVie, Inc.			1,200		78,528
Actavis plc	*		14,900		3,835,409
Allergan, Inc.			36,800		7,823,312
AstraZeneca plc ADR (United Kingdom)			98,100		6,904,278
Bristol-Myers Squibb Co.			173,200		10,223,996
Eli Lilly & Co.			11,900		820,981
Merck & Co., Inc.			289,930		16,465,125
Perrigo Co. plc (Ireland)			1,900		317,604



		Shares		Value
Roche Holding AG ADR (Switzerland)			290,550	$	9,875,794
Shire plc ADR (Ireland)			200		42,508
Valeant Pharmaceuticals International, Inc.	*		26,100		3,735,171

					60,122,706

Professional Services—0.0%
IHS, Inc., Class A	*		7,800		888,264

Real Estate Investment Trusts (REITs)—1.1%
American Tower Corp. REIT			80,500		7,957,425
Host Hotels & Resorts, Inc. REIT			449,260		10,678,910

					18,636,335

Road & Rail—0.6%
Canadian Pacific Railway Ltd. (Canada)	†		7,800		1,502,982
J.B. Hunt Transport Services, Inc.			12,600		1,061,550
Kansas City Southern			26,700		3,258,201
Union Pacific Corp.			32,700		3,895,551

					9,718,284

Semiconductors & Semiconductor Equipment—2.6%
Intel Corp.			550,910		19,992,524
Marvell Technology Group Ltd. (Bermuda)			725,300		10,516,850
Maxim Integrated Products, Inc.			451,970		14,404,284

					44,913,658

Software—3.4%
Autodesk, Inc.	*		4,600		276,276
Electronic Arts, Inc.	*		23,000		1,081,345
Intuit, Inc.			300		27,657
Microsoft Corp.			787,800		36,593,310
Red Hat, Inc.	*		36,681		2,536,124
salesforce.com, Inc.	*		83,800		4,970,178
Symantec Corp.			466,140		11,958,822
VMware, Inc., Class A	*		3,700		305,324

					57,749,036

Specialty Retail—3.3%
AutoZone, Inc.	*		1,500		928,665
CarMax, Inc.	*		14,400		958,752
Home Depot, Inc. (The)			152,820		16,041,515
L Brands, Inc.			24,700		2,137,785
Lowe’s Cos., Inc.			94,800		6,522,240
O’Reilly Automotive, Inc.	*		24,900		4,796,238
Ross Stores, Inc.			235,850		22,231,221
Tiffany & Co.			5,200		555,672
Tractor Supply Co.			32,100		2,530,122

					56,702,210

Technology Hardware, Storage & Peripherals—1.2%
Apple, Inc.			54,300		5,993,634
EMC Corp.			521,410		15,506,733

					21,500,367

See accompanying notes to financial statements.

234

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Growth & Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Textiles, Apparel & Luxury Goods—0.9%
Fossil Group, Inc.	*		1,200	$	132,888
Hanesbrands, Inc.			23,400		2,611,908
Michael Kors Holdings Ltd. (Hong Kong)	*		6,500		488,150
NIKE, Inc., Class B			19,000		1,826,850
PVH Corp.			84,050		10,772,689
Ralph Lauren Corp.			400		74,064
V.F. Corp.			5,700		426,930

					16,333,479

Tobacco—0.7%
British American Tobacco plc ADR (United Kingdom)			107,500		11,590,650

Wireless Telecommunication Services—0.3%
SoftBank Corp. (Japan)			16,800		999,991
Vodafone Group plc ADR (United Kingdom)			104,018		3,554,295

					4,554,286

TOTAL COMMON STOCKS
(Cost $1,192,452,141)					1,657,312,330


MONEY MARKET FUNDS—4.6%
Institutional Money Market Funds—4.6%
Dreyfus Institutional Cash Advantage Fund, 0.06%	††¥		2,300,000		2,300,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11%	¥		64,509,662		64,509,662
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11%	††¥		2,277,786		2,277,786
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.07%	††¥		2,300,000		2,300,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.07%	††¥		2,300,000		2,300,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.08%	††¥		2,300,000		2,300,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥		2,300,000		2,300,000

TOTAL MONEY MARKET FUNDS
(Cost $78,287,448)					78,287,448

TOTAL INVESTMENTS—100.8%
(Cost $1,270,739,589)					1,735,599,778
Other assets less liabilities—(0.8%)					(13,244,718	)

NET ASSETS—100.0%				$	1,722,355,060

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.

235

SCHEDULE OF INVESTMENTS

December 31, 2014


Vantagepoint Growth Fund		Shares		Value
COMMON STOCKS—96.6%
Aerospace & Defense—2.4%
Honeywell International, Inc.			98,028	$	9,794,958
Precision Castparts Corp.			146,777		35,355,643
Textron, Inc.			243,180		10,240,310

					55,390,911

Airlines—1.6%
Delta Air Lines, Inc.			314,242		15,457,564
United Continental Holdings, Inc.	*		338,276		22,627,282

					38,084,846

Auto Components—0.6%
Delphi Automotive plc (United Kingdom)			191,550		13,929,516

Banks—1.4%
Citigroup, Inc.			183,520		9,930,267
JPMorgan Chase & Co.			182,440		11,417,095
Wells Fargo & Co.			211,607		11,600,296

					32,947,658

Beverages—2.0%
Coca-Cola Co. (The)			275,351		11,625,319
Constellation Brands, Inc., Class A	*		170,969		16,784,027
Monster Beverage Corp.	*		161,000		17,444,350

					45,853,696

Biotechnology—7.8%
Alexion Pharmaceuticals, Inc.	*		111,979		20,719,474
Biogen Idec, Inc.	*		78,293		26,576,559
Celgene Corp.	*		649,518		72,655,084
Gilead Sciences, Inc.	*		653,462		61,595,328

					181,546,445

Capital Markets—3.1%
Affiliated Managers Group, Inc.	*		84,800		17,997,952
Charles Schwab Corp. (The)			614,800		18,560,812
Morgan Stanley			401,600		15,582,080
Raymond James Financial, Inc.			82,345		4,717,545
State Street Corp.			131,390		10,314,115
T. Rowe Price Group, Inc.			50,951		4,374,653

					71,547,157

Chemicals—4.7%
Celanese Corp., Series A			157,420		9,438,903
Ecolab, Inc.			49,248		5,147,401
LyondellBasell Industries NV, Class A			104,265		8,277,598
Monsanto Co.			249,561		29,815,053
PPG Industries, Inc.			157,336		36,368,216
Praxair, Inc.			33,112		4,289,991
Sherwin-Williams Co. (The)			55,800		14,677,632

					108,014,794

Communications Equipment—1.0%
Juniper Networks, Inc.			216,632		4,835,226
QUALCOMM, Inc.			239,084		17,771,114

					22,606,340



		Shares		Value
Consumer Finance—1.5%
American Express Co.			122,160	$	11,365,766
Capital One Financial Corp.			103,100		8,510,905
Discover Financial Services			211,091		13,824,350

					33,701,021

Diversified Financial Services—0.7%
Intercontinental Exchange, Inc.			52,137		11,433,123
McGraw Hill Financial, Inc.			61,732		5,492,913

					16,926,036

Diversified Telecommunication Services—0.3%
Verizon Communications, Inc.			127,540		5,966,321

Electrical Equipment—0.5%
AMETEK, Inc.			137,520		7,237,677
Eaton Corp. plc			57,456		3,904,710

					11,142,387

Energy Equipment & Services—2.2%
Cameron International Corp.	*		112,998		5,644,250
Core Laboratories NV (Netherlands)			40,164		4,833,336
FMC Technologies, Inc.	*		294,600		13,799,064
Halliburton Co.			194,590		7,653,225
National Oilwell Varco, Inc.			138,470		9,073,939
Schlumberger Ltd.			129,167		11,032,153

					52,035,967

Food & Staples Retailing—1.9%
Costco Wholesale Corp.			166,672		23,625,756
CVS Health Corp.			143,271		13,798,430
Whole Foods Market, Inc.			106,618		5,375,680

					42,799,866

Food Products—0.5%
Hershey Co. (The)			114,660		11,916,614

Health Care Equipment & Supplies—1.0%
Cooper Cos., Inc. (The)			83,025		13,457,522
Edwards Lifesciences Corp.	*		34,000		4,330,920
Intuitive Surgical, Inc.	*		10,949		5,791,364

					23,579,806

Health Care Providers & Services—2.6%
Brookdale Senior Living, Inc.	*		70,800		2,596,236
Cardinal Health, Inc.			158,160		12,768,257
Express Scripts Holding Co.	*		127,848		10,824,890
HCA Holdings, Inc.	*		230,500		16,916,395
McKesson Corp.			81,545		16,927,111

					60,032,889

Health Care Technology—0.7%
Cerner Corp.	*		247,900		16,029,214

Hotels, Restaurants & Leisure—3.9%
Chipotle Mexican Grill, Inc.	*		14,294		9,784,386
Panera Bread Co., Class A	*†		25,925		4,531,690
Royal Caribbean Cruises Ltd.			139,595		11,506,816
Starbucks Corp.			684,297		56,146,569
Yum! Brands, Inc.			121,810		8,873,858

					90,843,319

See accompanying notes to financial statements.

236

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Growth Fund		Shares		Value
COMMON STOCKS—(Continued)
Household Durables—0.2%
Garmin Ltd. (Switzerland)	†		102,500	$	5,415,075

Industrial Conglomerates—0.8%
Danaher Corp.			219,620		18,823,630

Insurance—0.3%
Marsh & McLennan Cos., Inc.			119,773		6,855,807

Internet & Catalog Retail—2.7%
Amazon.com, Inc.	*		54,000		16,758,900
Priceline Group, Inc. (The)	*		40,269		45,915,117

					62,674,017

Internet Software & Services—6.5%
Alibaba Group Holding Ltd. ADR (China)	*		92,500		9,614,450
Facebook, Inc., Class A	*		705,187		55,018,690
Google, Inc., Class A	*		85,109		45,163,942
Google, Inc., Class C	*		77,193		40,634,395

					150,431,477

IT Services—5.5%
Alliance Data Systems Corp.	*		62,800		17,963,940
Cognizant Technology Solutions Corp., Class A	*		105,503		5,555,788
FleetCor Technologies, Inc.	*		61,490		9,144,178
MasterCard, Inc., Class A			197,163		16,987,564
Visa, Inc., Class A			296,427		77,723,159

					127,374,629

Life Sciences Tools & Services—0.7%
Illumina, Inc.	*		32,923		6,076,928
Thermo Fisher Scientific, Inc.			71,970		9,017,121

					15,094,049

Machinery—0.7%
Caterpillar, Inc.			89,925		8,230,835
PACCAR, Inc.			124,910		8,495,129

					16,725,964

Media—3.1%
Comcast Corp., Class A			493,409		28,622,656
Twenty-First Century Fox, Inc., Class A			548,020		21,046,708
Walt Disney Co. (The)			226,214		21,307,097

					70,976,461

Metals & Mining—0.5%
Alcoa, Inc.			440,411		6,954,090
United States Steel Corp.	†		158,800		4,246,312

					11,200,402

Multiline Retail—1.4%
Dollar Tree, Inc.	*		170,510		12,000,494
Kohl’s Corp.			119,800		7,312,592
Nordstrom, Inc.			67,468		5,356,284
Target Corp.			101,100		7,674,501

					32,343,871

Oil, Gas & Consumable Fuels—1.6%
EOG Resources, Inc.			126,500		11,646,855
Pioneer Natural Resources Co.			48,764		7,258,521



		Shares		Value
Suncor Energy, Inc. (Canada)			252,660	$	8,029,535
Valero Energy Corp.			225,000		11,137,500

					38,072,411

Personal Products—0.9%
Estee Lauder Cos., Inc. (The), Class A			265,589		20,237,882

Pharmaceuticals—6.4%
AbbVie, Inc.			299,600		19,605,824
Actavis plc	*		130,754		33,657,387
Allergan, Inc.			23,692		5,036,682
Bristol-Myers Squibb Co.			375,847		22,186,249
Endo International plc (Ireland)	*		163,690		11,805,323
Jazz Pharmaceuticals plc (Ireland)	*		81,210		13,296,513
Perrigo Co. plc (Ireland)			56,636		9,467,274
Shire plc ADR (Ireland)			62,725		13,331,572
Teva Pharmaceutical Industries Ltd. ADR (Israel)			348,724		20,055,117

					148,441,941

Professional Services—0.4%
Nielsen NV			184,810		8,266,551

Road & Rail—2.0%
Canadian Pacific Railway Ltd. (Canada)	†		154,780		29,824,558
CSX Corp.			226,080		8,190,879
Genesee & Wyoming, Inc., Class A	*		20,697		1,861,074
Kansas City Southern			50,338		6,142,746

					46,019,257

Semiconductors & Semiconductor Equipment—2.7%
Lam Research Corp.			243,964		19,356,104
Micron Technology, Inc.	*		154,660		5,414,647
NXP Semiconductors NV (Netherlands)	*		182,870		13,971,268
Skyworks Solutions, Inc.			212,500		15,450,875
Texas Instruments, Inc.			135,512		7,245,149

					61,438,043

Software—4.5%
Adobe Systems, Inc.	*		262,300		19,069,210
Microsoft Corp.			365,020		16,955,179
Oracle Corp.			184,680		8,305,060
salesforce.com, Inc.	*		323,626		19,194,258
ServiceNow, Inc.	*		104,657		7,100,977
Splunk, Inc.	*		101,138		5,962,085
Tableau Software, Inc., Class A	*		54,400		4,610,944
VMware, Inc., Class A	*		200,841		16,573,399
Workday, Inc., Class A	*		81,144		6,622,162

					104,393,274

Specialty Retail—3.8%
Advance Auto Parts, Inc.			104,000		16,565,120
Home Depot, Inc. (The)			74,260		7,795,072
L Brands, Inc.			106,474		9,215,325
Lowe’s Cos., Inc.			203,587		14,006,786
Ross Stores, Inc.			56,496		5,325,313
Tiffany & Co.			56,950		6,085,677
Tractor Supply Co.			226,700		17,868,494

See accompanying notes to financial statements.

237

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Growth Fund		Shares		Value
COMMON STOCKS—(Continued)
Ulta Salon Cosmetics & Fragrance, Inc.	*		90,765	$	11,603,397

					88,465,184

Technology Hardware, Storage & Peripherals—7.2%
Apple, Inc.			1,159,362		127,970,378
EMC Corp.			473,982		14,096,225
SanDisk Corp.			152,900		14,981,142
Western Digital Corp.			76,019		8,415,303

					165,463,048

Textiles, Apparel & Luxury Goods—3.2%
lululemon athletica, Inc. (Canada)	*†		52,600		2,934,554
Michael Kors Holdings Ltd. (Hong Kong)	*		281,360		21,130,136
NIKE, Inc., Class B			281,129		27,030,553
Ralph Lauren Corp.			33,249		6,156,385
Under Armour, Inc., Class A	*		101,670		6,903,393
V.F. Corp.			123,022		9,214,348

					73,369,369

Tobacco—0.4%
Philip Morris International, Inc.			122,783		10,000,675

Trading Companies & Distributors—0.7%
Fastenal Co.	†		152,338		7,245,195
United Rentals, Inc.	*		99,000		10,098,990

					17,344,185

TOTAL COMMON STOCKS
(Cost $1,624,288,487)					2,234,322,005


MONEY MARKET FUNDS—5.3%
Institutional Money Market Funds—5.3%
Dreyfus Institutional Cash Advantage Fund, 0.06%	††¥		7,100,000		7,100,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11%	¥		79,961,861		79,961,860
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11%	††¥		7,290,182		7,290,182
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.07%	††¥		7,100,000		7,100,000



		Shares		Value
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.07%	††¥		7,100,000	$	7,100,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.08%	††¥		7,100,000		7,100,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥		7,100,000		7,100,000

TOTAL MONEY MARKET FUNDS
(Cost $122,752,042)					122,752,042

TOTAL INVESTMENTS—101.9%
(Cost $1,747,040,529)					2,357,074,047
Other assets less liabilities—(1.9%)					(44,026,389	)

NET ASSETS—100.0%				$	2,313,047,658

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.

238

SCHEDULE OF INVESTMENTS

December 31, 2014


Vantagepoint Select Value Fund		Shares		Value

COMMON STOCKS—94.9%
Aerospace & Defense—2.3%
Huntington Ingalls Industries, Inc.			14,687	$	1,651,700
L-3 Communications Holdings, Inc.			8,992		1,134,880
Northrop Grumman Corp.			6,135		904,238
Rockwell Collins, Inc.			29,505		2,492,582
TransDigm Group, Inc.			22,119		4,343,066

					10,526,466

Airlines—0.4%
American Airlines Group, Inc.			25,500		1,367,565
Delta Air Lines, Inc.			9,830		483,538

					1,851,103

Auto Components—2.1%
Dana Holding Corp.			214,300		4,658,882
Delphi Automotive plc (United Kingdom)			43,900		3,192,408
Magna International, Inc. (Canada)			14,720		1,599,917

					9,451,207

Automobiles—0.3%
Harley-Davidson, Inc.			22,350		1,473,089

Banks—4.3%
CIT Group, Inc.			117,395		5,615,003
M&T Bank Corp.			52,317		6,572,062
SunTrust Banks, Inc.			61,125		2,561,137
TCF Financial Corp.			95,502		1,517,527
Webster Financial Corp.			103,750		3,374,987

					19,640,716

Beverages—0.5%
Molson Coors Brewing Co., Class B			28,100		2,094,012

Capital Markets—1.6%
Invesco Ltd.			54,600		2,157,792
Lazard Ltd., Class A (Bermuda)			19,875		994,346
Northern Trust Corp.			11,137		750,634
Raymond James Financial, Inc.			58,360		3,343,444

					7,246,216

Chemicals—2.2%
Ashland, Inc.			52,500		6,287,400
Celanese Corp., Series A			30,130		1,806,595
Huntsman Corp.			74,975		1,707,930

					9,801,925

Commercial Services & Supplies—2.0%
Pitney Bowes, Inc.			38,250		932,153
R.R. Donnelley & Sons Co.			65,850		1,106,609
Republic Services, Inc.			82,940		3,338,335
Steelcase, Inc., Class A			196,300		3,523,585

					8,900,682

Communications Equipment—0.4%
ARRIS Group, Inc.	*		31,400		947,966
F5 Networks, Inc.	*		7,050		919,778

					1,867,744



		Shares		Value

Construction & Engineering—1.1%
Fluor Corp.			35,297	$	2,140,057
Jacobs Engineering Group, Inc.	*		60,956		2,724,124

					4,864,181

Consumer Finance—0.7%
Discover Financial Services			24,590		1,610,399
Synchrony Financial	*		53,025		1,577,494

					3,187,893

Containers & Packaging—2.3%
Bemis Co., Inc.			29,460		1,331,886
Crown Holdings, Inc.	*		11,790		600,111
Owens-Illinois, Inc.*			148,700		4,013,413
Rock-Tenn Co., Class A			30,860		1,881,843
Sonoco Products Co.			56,417		2,465,423

					10,292,676

Diversified Consumer Services—0.7%
H&R Block, Inc.			91,894		3,094,990

Diversified Financial Services—0.9%
Intercontinental Exchange, Inc.			9,676		2,121,850
Voya Financial, Inc.			43,025		1,823,400

					3,945,250

Diversified Telecommunication Services—0.6%
Level 3 Communications, Inc.	*		53,365		2,635,164

Electric Utilities—3.8%
Edison International			61,454		4,024,008
Exelon Corp.			50,460		1,871,057
Great Plains Energy, Inc.			111,700		3,173,397
Pinnacle West Capital Corp.			74,400		5,082,264
Portland General Electric Co.			16,475		623,249
Westar Energy, Inc.			1,419		58,520
Xcel Energy, Inc.			71,945		2,584,264

					17,416,759

Electrical Equipment—0.4%
Hubbell, Inc., Class B			16,871		1,802,329

Electronic Equipment, Instruments & Components—3.2%
Arrow Electronics, Inc.	*		69,057		3,997,710
Avnet, Inc.			90,560		3,895,891
FLIR Systems, Inc.			103,120		3,331,807
Keysight Technologies, Inc.	*		104,689		3,535,348

					14,760,756

Energy Equipment & Services—1.8%
Ensco plc, Class A (United Kingdom)			76,525		2,291,924
McDermott International, Inc.	*†		173,088		503,686
Patterson-UTI Energy, Inc.			66,479		1,102,887
Precision Drilling Corp. (Canada)	†		258,425		1,566,055
SEACOR Holdings, Inc.	*		39,700		2,930,257

					8,394,809

Food & Staples Retailing—1.0%
Kroger Co. (The)			59,067		3,792,692
Whole Foods Market, Inc.			16,410		827,392

					4,620,084

See accompanying notes to financial statements.

239

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Select Value Fund		Shares		Value

COMMON STOCKS—(Continued)
Food Products—0.8%
Pinnacle Foods, Inc.			34,025	$	1,201,082
Tyson Foods, Inc., Class A			63,555		2,547,920

					3,749,002

Gas Utilities—0.9%
Atmos Energy Corp.			45,630		2,543,416
UGI Corp.			41,050		1,559,079

					4,102,495

Health Care Equipment & Supplies—1.9%
Boston Scientific Corp.	*		146,100		1,935,825
CareFusion Corp.	*		52,000		3,085,680
Halyard Health, Inc.	*		4,170		189,610
Hologic, Inc.	*		73,175		1,956,700
Zimmer Holdings, Inc.			13,765		1,561,226

					8,729,041

Health Care Providers & Services—3.7%
Anthem, Inc.			20,900		2,626,503
Cigna Corp.			46,434		4,778,523
HCA Holdings, Inc.	*		40,135		2,945,508
Laboratory Corp. of America Holdings	*		12,285		1,325,551
MEDNAX, Inc.	*		19,525		1,290,798
Universal Health Services, Inc., Class B			21,774		2,422,575
VCA, Inc.	*		29,700		1,448,469

					16,837,927

Hotels, Restaurants & Leisure—2.6%
Bloomin’ Brands, Inc.	*		39,225		971,211
Darden Restaurants, Inc.			78,600		4,608,318
Royal Caribbean Cruises Ltd.			16,110		1,327,947
Wyndham Worldwide Corp.			56,100		4,811,136

					11,718,612

Household Durables—0.7%
D.R. Horton, Inc.			122,600		3,100,554

Independent Power and Renewable Electricity Producers—0.6%
Dynegy, Inc.	*		39,575		1,201,101
NRG Energy, Inc.			55,025		1,482,924

					2,684,025

Insurance—12.0%
Alleghany Corp.	*		8,703		4,033,841
Allied World Assurance Co. Holdings AG (Switzerland)			89,606		3,397,860
Allstate Corp. (The)			150,477		10,571,009
Aon plc (United Kingdom)			32,104		3,044,422
Arch Capital Group Ltd. (Bermuda)	*		49,838		2,945,426
Endurance Specialty Holdings Ltd. (Bermuda)			54,600		3,267,264
FNF Group			102,800		3,541,460
Hartford Financial Services Group, Inc. (The)			79,230		3,303,099
HCC Insurance Holdings, Inc.			57,100		3,055,992
Lincoln National Corp.			152,952		8,820,742
Loews Corp.			51,070		2,145,961
Progressive Corp. (The)			97,018		2,618,516



		Shares		Value

Torchmark Corp.			50,338	$	2,726,809
XL Group plc (Ireland)			29,630		1,018,383

					54,490,784

Internet & Catalog Retail—0.7%
Liberty Interactive Corp., Series A	*		78,401		2,306,558
Liberty Ventures, Series A	*		19,913		751,118

					3,057,676

Internet Software & Services—0.5%
IAC/InterActiveCorp			34,132		2,074,884

IT Services—3.0%
Booz Allen Hamilton Holding Corp.			32,625		865,541
Computer Sciences Corp.			99,467		6,271,394
Convergys Corp.			82,955		1,689,793
CoreLogic, Inc.	*		22,825		721,042
NeuStar, Inc., Class A	*†		45,916		1,276,465
Teradata Corp.	*		64,123		2,800,893

					13,625,128

Leisure Products—1.9%
Brunswick Corp.			127,719		6,546,876
Mattel, Inc.			72,518		2,244,069

					8,790,945

Life Sciences Tools & Services—0.3%
Quintiles Transnational Holdings, Inc.	*		22,395		1,318,394

Machinery—3.3%
Allison Transmission Holdings, Inc.			106,450		3,608,655
Dover Corp.			43,800		3,141,336
ITT Corp.			38,760		1,568,230
Joy Global, Inc.			44,771		2,082,747
Kennametal, Inc.			59,085		2,114,652
Stanley Black & Decker, Inc.			15,580		1,496,926
Trinity Industries, Inc.			40,495		1,134,265

					15,146,811

Media—1.8%
Gannett Co., Inc.			124,665		3,980,553
Omnicom Group, Inc.			36,617		2,836,719
Starz, Class A	*		40,525		1,203,593

					8,020,865

Metals & Mining—1.8%
Alcoa, Inc.			165,525		2,613,640
Goldcorp, Inc. (Canada)	†		150,454		2,786,408
Kinross Gold Corp. (Canada)	*		519,544		1,465,114
United States Steel Corp.			54,650		1,461,341

					8,326,503

Multiline Retail—2.0%
Macy’s, Inc.			9,035		594,051
Nordstrom, Inc.			104,492		8,295,620

					8,889,671

Multi-Utilities—2.2%
Ameren Corp.			49,995		2,306,269
DTE Energy Co.			15,415		1,331,394
PG&E Corp.			88,900		4,733,036

See accompanying notes to financial statements.

240

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Select Value Fund		Shares		Value

COMMON STOCKS—(Continued)
SCANA Corp.			28,635	$	1,729,554

					10,100,253

Oil, Gas & Consumable Fuels—3.8%
Denbury Resources, Inc.			252,696		2,054,419
EnCana Corp. (Canada)			83,730		1,161,335
Energen Corp.			17,700		1,128,552
Hess Corp.			9,627		710,665
Murphy Oil Corp.			61,800		3,122,136
Newfield Exploration Co.	*		49,700		1,347,864
PBF Energy, Inc., Class A			53,150		1,415,916
QEP Resources, Inc.			91,200		1,844,064
SM Energy Co.			43,973		1,696,478
Southwestern Energy Co.	*		72,585		1,980,845
Whiting Petroleum Corp.	*		30,905		1,019,865

					17,482,139

Professional Services—0.5%
ManpowerGroup, Inc.			33,808		2,304,691

Real Estate Investment Trusts (REITs)—6.3%
American Capital Agency Corp. REIT			93,971		2,051,387
AvalonBay Communities, Inc. REIT			18,800		3,071,732
BioMed Realty Trust, Inc. REIT			126,300		2,720,502
CBL & Associates Properties, Inc. REIT			217,800		4,229,676
Duke Realty Corp. REIT			160,454		3,241,171
DuPont Fabros Technology, Inc. REIT			65,450		2,175,558
EPR Properties REIT			27,900		1,607,877
Hatteras Financial Corp. REIT			99,410		1,832,126
Liberty Property Trust REIT	†		85,000		3,198,550
MFA Financial, Inc. REIT			285,300		2,279,547
Sunstone Hotel Investors, Inc. REIT			131,610		2,172,881

					28,581,007

Real Estate Management & Development—0.7%
CBRE Group, Inc., Class A	*		93,525		3,203,231

Road & Rail—1.5%
Con-way, Inc.			26,820		1,319,008
Ryder System, Inc.			11,718		1,088,016
Werner Enterprises, Inc.			146,200		4,554,130

					6,961,154

Semiconductors & Semiconductor Equipment—3.1%
Analog Devices, Inc.			77,277		4,290,419
Broadcom Corp., Class A			51,855		2,246,877
Integrated Device Technology, Inc.	*		40,500		793,800
KLA-Tencor Corp.			18,268		1,284,606
Lam Research Corp.			26,897		2,134,008
Micron Technology, Inc.	*		46,900		1,641,969
NXP Semiconductors NV (Netherlands)	*		9,835		751,394
Skyworks Solutions, Inc.			14,165		1,029,937

					14,173,010

Software—1.4%
Check Point Software Technologies Ltd. (Israel)	*		26,750		2,101,748



		Shares		Value

Electronic Arts, Inc.	*		34,950	$	1,643,174
Synopsys, Inc.	*		40,045		1,740,756
TiVo, Inc.	*		73,025		864,616

					6,350,294

Specialty Retail—1.9%
American Eagle Outfitters, Inc.			128,425		1,782,539
Bed Bath & Beyond, Inc.	*		52,901		4,029,469
Foot Locker, Inc.			36,610		2,056,750
Ross Stores, Inc.			6,920		652,279

					8,521,037

Technology Hardware, Storage & Peripherals—0.6%
NetApp, Inc.			23,650		980,293
Western Digital Corp.			17,540		1,941,678

					2,921,971

Textiles, Apparel & Luxury Goods—1.0%
Coach, Inc.			55,362		2,079,397
Deckers Outdoor Corp.	*		16,590		1,510,353
Hanesbrands, Inc.			10,405		1,161,406

					4,751,156

Trading Companies & Distributors—0.8%
AerCap Holdings NV (Netherlands)	*		37,510		1,456,138
GATX Corp.			37,170		2,138,762

					3,594,900

TOTAL COMMON STOCKS
(Cost $359,316,957)					431,476,211


MONEY MARKET FUNDS—5.8%
Institutional Money Market Funds—5.8%
Dreyfus Institutional Cash Advantage Fund, 0.06%	††¥		500,000		500,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11%	¥		23,083,983		23,083,983
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11%	††¥		816,445		816,445
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.07%	††¥		500,000		500,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.07%	††¥		500,000		500,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.08%	††¥		500,000		500,000

See accompanying notes to financial statements.

241

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Select Value Fund		Shares		Value

MONEY MARKET FUNDS—(Continued)
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥		500,000	$	500,000

TOTAL MONEY MARKET FUNDS
(Cost $26,400,428)					26,400,428

TOTAL INVESTMENTS—100.7%
(Cost $385,717,385)					457,876,639
Other assets less liabilities—(0.7%)					(3,330,990	)

NET ASSETS—100.0%				$	454,545,649

Notes to the Schedule of Investments:


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.

242

SCHEDULE OF INVESTMENTS

December 31, 2014


Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—96.8%
Aerospace & Defense—2.1%
B/E Aerospace, Inc.	*		10,297	$	597,432
Hexcel Corp.	*		105,900		4,393,791
Huntington Ingalls Industries, Inc.			5,300		596,038
KLX, Inc.	*		14,399		593,938
L-3 Communications Holdings, Inc.			33,700		4,253,277
Rockwell Collins, Inc.			55,646		4,700,974
Spirit AeroSystems Holdings, Inc., Class A	*		13,871		597,008
TASER International, Inc.	*†		161,400		4,273,872
TransDigm Group, Inc.			14,544		2,855,714
Triumph Group, Inc.			9,003		605,182

					23,467,226

Air Freight & Logistics—0.7%
C.H. Robinson Worldwide, Inc.			7,822		585,790
Expeditors International of Washington, Inc.			13,569		605,313
FedEx Corp.			40,500		7,033,230

					8,224,333

Airlines—1.2%
Alaska Air Group, Inc.			10,616		634,412
Copa Holdings SA, Class A (Panama)			5,668		587,431
Ryanair Holdings plc ADR (Ireland)	*		69,600		4,960,392
Southwest Airlines Co.			14,758		624,559
Spirit Airlines, Inc.	*		69,505		5,253,188
United Continental Holdings, Inc.	*		9,607		642,612

					12,702,594

Auto Components—1.0%
BorgWarner, Inc.			110,476		6,070,656
Gentex Corp.			16,352		590,798
Gentherm, Inc.	*		90,240		3,304,589
Goodyear Tire & Rubber Co. (The)			21,299		608,512
Lear Corp.			6,135		601,721

					11,176,276

Automobiles—0.2%
Harley-Davidson, Inc.			9,184		605,317
Tesla Motors, Inc.	*		2,721		605,178
Thor Industries, Inc.			10,818		604,402

					1,814,897

Banks—0.7%
BankUnited, Inc.			99,800		2,891,206
Signature Bank/New York	*		4,801		604,734
SVB Financial Group	*		5,335		619,233
Texas Capital Bancshares, Inc.	*		62,306		3,385,085

					7,500,258

Beverages—0.8%
Brown-Forman Corp., Class B			37,542		3,297,689



		Shares		Value
Coca-Cola Enterprises, Inc.			13,206	$	583,969
Constellation Brands, Inc., Class A	*		40,737		3,999,151
Dr. Pepper Snapple Group, Inc.			8,176		586,056
Monster Beverage Corp.	*		5,382		583,140

					9,050,005

Biotechnology—3.1%
Alkermes plc (Ireland)	*		88,015		5,154,158
Alnylam Pharmaceuticals, Inc.	*		37,511		3,638,567
AMAG Pharmaceuticals, Inc.	*		37,800		1,611,036
BioMarin Pharmaceutical, Inc.	*		41,233		3,727,463
Bluebird Bio, Inc.	*		16,500		1,513,380
Cepheid, Inc.	*		72,917		3,947,726
Cubist Pharmaceuticals, Inc.	*		5,972		601,082
Incyte Corp.	*		8,642		631,817
Intercept Pharmaceuticals, Inc.	*†		4,185		652,860
Medivation, Inc.	*		6,129		610,510
Myriad Genetics, Inc.	*†		15,680		534,061
Novavax, Inc.	*†		326,903		1,938,535
NPS Pharmaceuticals, Inc.	*		45,364		1,622,670
Pharmacyclics, Inc.	*		4,975		608,244
Puma Biotechnology, Inc.	*†		9,900		1,873,773
Seattle Genetics, Inc.	*†		19,300		620,109
United Therapeutics Corp.	*		31,706		4,105,610
Vertex Pharmaceuticals, Inc.	*		5,309		630,709

					34,022,310

Building Products—0.6%
A.O. Smith Corp.			10,785		608,382
Allegion plc (Ireland)			10,789		598,358
Armstrong World Industries, Inc.	*		12,234		625,402
Fortune Brands Home & Security, Inc.			68,107		3,083,204
Lennox International, Inc.			6,317		600,557
Masco Corp.			23,858		601,222
USG Corp.	*		21,160		592,268

					6,709,393

Capital Markets—3.5%
Affiliated Managers Group, Inc.	*		20,024		4,249,894
Ameriprise Financial, Inc.			4,440		587,190
Apollo Global Management LLC, Class A			214,500		5,057,910
Artisan Partners Asset Management, Inc., Class A			11,455		578,821
Bank of New York Mellon Corp. (The)			104,000		4,219,280
Eaton Vance Corp.			14,310		585,708
Federated Investors, Inc., Class B	†		17,971		591,785
Franklin Resources, Inc.			87,100		4,822,727
Invesco Ltd.			96,865		3,828,105
Lazard Ltd., Class A (Bermuda)			11,575		579,097
Legg Mason, Inc.			10,990		586,536
LPL Financial Holdings, Inc.			12,733		567,255

See accompanying notes to financial statements.

243

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
NorthStar Asset Management Group, Inc.			27,114	$	611,963
Och-Ziff Capital Management Group LLC, Class A			121,000		1,413,280
Raymond James Financial, Inc.			50,500		2,893,145
SEI Investments Co.			141,011		5,646,081
T. Rowe Price Group, Inc.			6,891		591,661
TD Ameritrade Holding Corp.			16,700		597,526
Waddell & Reed Financial, Inc., Class A			12,148		605,214

					38,613,178

Chemicals—2.5%
Airgas, Inc.			31,003		3,570,925
Albemarle Corp.	†		9,851		592,341
Axalta Coating Systems Ltd.	*		150,566		3,917,727
Cabot Corp.			13,775		604,171
Celanese Corp., Series A			9,826		589,167
Cytec Industries, Inc.			12,600		581,742
Eastman Chemical Co.			7,814		592,770
Ecolab, Inc.			46,000		4,807,920
FMC Corp.			10,277		586,097
Huntsman Corp.			25,665		584,649
International Flavors & Fragrances, Inc.			5,786		586,469
NewMarket Corp.			1,549		625,068
Platform Specialty Products Corp.	*		26,255		609,641
Rayonier Advanced Materials, Inc.	†		26,936		600,673
Rockwood Holdings, Inc.			7,592		598,250
RPM International, Inc.			11,754		596,045
Scotts Miracle-Gro Co. (The), Class A			9,587		597,462
Sherwin-Williams Co. (The)			2,294		603,414
Sigma-Aldrich Corp.			4,407		604,949
Valspar Corp. (The)			6,841		591,610
W.R. Grace & Co.	*		51,790		4,940,248
Westlake Chemical Corp.			9,710		593,184

					27,974,522

Commercial Services & Supplies—1.3%
Cintas Corp.			7,602		596,301
Clean Harbors, Inc.	*†		12,043		578,666
Copart, Inc.	*		110,209		4,021,527
Covanta Holding Corp.			28,145		619,472
KAR Auction Services, Inc.			17,160		594,594
Pitney Bowes, Inc.			23,765		579,153
R.R. Donnelley & Sons Co.			36,380		611,366
Rollins, Inc.			17,983		595,237
Stericycle, Inc.	*		35,553		4,660,287
Tyco International plc			13,520		592,987
Waste Connections, Inc.			13,503		593,997

					14,043,587

Communications Equipment—0.9%
Arista Networks, Inc.	*		9,300		565,068
ARRIS Group, Inc.	*		20,550		620,404
CommScope Holding Co., Inc.	*		24,705		564,015



		Shares		Value
EchoStar Corp., Class A	*		11,700	$	614,250
F5 Networks, Inc.	*		4,490		585,788
Harris Corp.			8,152		585,477
Juniper Networks, Inc.			26,800		598,176
Motorola Solutions, Inc.			9,045		606,738
Palo Alto Networks, Inc.	*		41,326		5,065,328
Riverbed Technology, Inc.	*		29,658		605,320

					10,410,564

Construction & Engineering—0.4%
Chicago Bridge & Iron Co. NV (Netherlands)			14,362		602,917
Fluor Corp.			9,962		603,996
Quanta Services, Inc.	*		100,300		2,847,517

					4,054,430

Construction Materials—0.1%
Eagle Materials, Inc.			7,845		596,455
Martin Marietta Materials, Inc.			5,365		591,867

					1,188,322

Consumer Finance—0.2%
Ally Financial, Inc.	*		25,350		598,767
Santander Consumer USA Holdings, Inc.			29,726		582,927
SLM Corp.			58,895		600,140
Synchrony Financial	*		20,100		597,975

					2,379,809

Containers & Packaging—0.4%
AptarGroup, Inc.			8,957		598,686
Avery Dennison Corp.			11,500		596,620
Ball Corp.			8,634		588,580
Crown Holdings, Inc.	*		11,552		587,997
Owens-Illinois, Inc.*			22,273		601,148
Packaging Corp. of America			7,589		592,321
Sealed Air Corp.			13,979		593,129
Silgan Holdings, Inc.			11,091		594,478

					4,752,959

Distributors—1.0%
Genuine Parts Co.			5,585		595,194
LKQ Corp.	*		228,569		6,427,360
Pool Corp.			71,000		4,504,240

					11,526,794

Diversified Consumer Services—1.0%
Bright Horizons Family Solutions, Inc.	*		86,700		4,075,767
Graham Holdings Co., Class B			5,850		5,052,703
H&R Block, Inc.			17,885		602,367
Service Corp. International			26,450		600,415
ServiceMaster Global Holdings, Inc.	*		23,200		621,064

					10,952,316

Diversified Financial Services—1.0%
CBOE Holdings, Inc.			9,326		591,455
Intercontinental Exchange, Inc.			15,507		3,400,530
Leucadia National Corp.			26,513		594,421
McGraw Hill Financial, Inc.			59,582		5,301,606

See accompanying notes to financial statements.

244

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Moody’s Corp.			6,384	$	611,651
MSCI, Inc.			12,792		606,853

					11,106,516

Diversified Telecommunication Services—2.6%
Level 3 Communications, Inc.	*		391,317		19,323,233
Vivendi SA ADR (France)	*		310,800		7,714,056
Windstream Holdings, Inc.	†		68,908		567,802
Zayo Group Holdings, Inc.	*		19,300		590,001

					28,195,092

Electric Utilities—0.1%
ITC Holdings Corp.			14,925		603,418

Electrical Equipment—1.7%
Acuity Brands, Inc.			34,765		4,869,533
AMETEK, Inc.			86,730		4,564,600
Hubbell, Inc., Class B			5,522		589,915
Rockwell Automation, Inc.			5,293		588,582
Sensata Technologies Holding NV (Netherlands)	*		143,652		7,528,801
SolarCity Corp.	*†		10,770		575,980

					18,717,411

Electronic Equipment, Instruments & Components—1.4%
Amphenol Corp., Class A			10,826		582,547
Avnet, Inc.			14,175		609,809
CDW Corp.			16,920		595,077
Cognex Corp.	*		98,100		4,054,473
FEI Co.			36,124		3,263,803
FLIR Systems, Inc.			18,822		608,139
IPG Photonics Corp.	*†		8,020		600,858
Keysight Technologies, Inc.	*		90,003		3,039,401
National Instruments Corp.			19,325		600,814
Trimble Navigation Ltd.	*		22,116		586,959
Zebra Technologies Corp., Class A	*		7,751		600,005

					15,141,885

Energy Equipment & Services—1.2%
Atwood Oceanics, Inc.	*		19,911		564,875
Cameron International Corp.	*		60,602		3,027,070
Dresser-Rand Group, Inc.*			7,275		595,095
Dril-Quip, Inc.*			7,800		598,494
FMC Technologies, Inc.	*		12,713		595,477
Frank’s International NV (Netherlands)	†		35,400		588,702
Helmerich & Payne, Inc.			8,830		595,319
Nabors Industries Ltd. (Bermuda)			47,580		617,588
Oceaneering International, Inc.			47,739		2,807,531
Patterson-UTI Energy, Inc.			35,795		593,839
RPC, Inc.			44,253		577,059
Seadrill Ltd. (Bermuda)	†		50,865		607,328
Seventy Seven Energy, Inc.	*		90,371		488,907
Superior Energy Services, Inc.			29,140		587,171
Unit Corp.	*		16,940		577,654

					13,422,109



		Shares		Value
Food & Staples Retailing—0.2%
Kroger Co. (The)			9,344	$	599,978
Rite Aid Corp.	*		81,998		616,625
Sprouts Farmers Market, Inc.	*		18,400		625,232
Whole Foods Market, Inc.			12,287		619,511

					2,461,346

Food Products—1.9%
Campbell Soup Co.			13,961		614,284
Flowers Foods, Inc.			31,114		597,078
Hain Celestial Group, Inc. (The)	*		10,330		602,136
Hershey Co. (The)			37,551		3,902,675
Hormel Foods Corp.			11,277		587,532
Ingredion, Inc.			7,011		594,813
Keurig Green Mountain, Inc.			4,579		606,237
McCormick & Co., Inc. (Non-Voting Shares)			7,820		581,026
Mead Johnson Nutrition Co.			5,964		599,621
Mondelez International, Inc., Class A			192,300		6,985,297
Pilgrim’s Pride Corp.	*†		17,955		588,744
Tyson Foods, Inc., Class A			14,635		586,717
WhiteWave Foods Co. (The)	*		105,957		3,707,435

					20,553,595

Health Care Equipment & Supplies—2.2%
Align Technology, Inc.	*		10,605		592,925
Boston Scientific Corp.	*		305,415		4,046,749
C.R. Bard, Inc.			3,530		588,168
Cooper Cos., Inc. (The)			33,976		5,507,170
DENTSPLY International, Inc.			11,160		594,493
DexCom, Inc.	*		54,435		2,996,647
Edwards Lifesciences Corp.	*		4,652		592,572
Hill-Rom Holdings, Inc.			13,220		603,096
Hologic, Inc.	*		22,490		601,383
IDEXX Laboratories, Inc.	*		31,100		4,611,197
Intuitive Surgical, Inc.	*		1,101		582,363
ResMed, Inc.	†		10,618		595,245
Sirona Dental Systems, Inc.	*		6,802		594,291
St. Jude Medical, Inc.			9,170		596,325
Varian Medical Systems, Inc.	*		6,840		591,728
Zimmer Holdings, Inc.			5,342		605,890

					24,300,242

Health Care Providers & Services—3.7%
AmerisourceBergen Corp.			6,607		595,687
Brookdale Senior Living, Inc.	*		16,600		608,722
Cardinal Health, Inc.			7,345		592,962
Catamaran Corp.	*		11,652		602,991
Centene Corp.	*		5,729		594,957
Cigna Corp.			5,775		594,305
Community Health Systems, Inc.	*		52,500		2,830,800
DaVita HealthCare Partners, Inc.	*		163,164		12,358,041
Envision Healthcare Holdings, Inc.	*		296,927		10,300,398
HCA Holdings, Inc.	*		8,372		614,421
Henry Schein, Inc.	*		4,405		599,741
Laboratory Corp. of America Holdings	*		5,802		626,036
MEDNAX, Inc.	*		9,095		601,270

See accompanying notes to financial statements.

245

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Patterson Cos., Inc.			12,397	$	596,296
Premier, Inc., Class A	*		122,790		4,117,149
Tenet Healthcare Corp.	*		11,770		596,386
Universal Health Services, Inc., Class B			5,517		613,821
VCA, Inc.	*		78,200		3,813,814

					41,257,797

Health Care Technology—0.6%
Allscripts Healthcare Solutions, Inc.	*		44,200		564,434
athenahealth, Inc.	*†		29,072		4,235,790
Cerner Corp.	*		9,186		593,967
IMS Health Holdings, Inc.	*		22,890		586,900
Veeva Systems, Inc., Class A	*		22,600		596,866

					6,577,957

Hotels, Restaurants & Leisure—3.0%
Aramark			19,802		616,832
Brinker International, Inc.			10,192		598,168
Chipotle Mexican Grill, Inc.	*		943		645,493
Choice Hotels International, Inc.			10,596		593,588
Domino’s Pizza, Inc.			55,445		5,221,256
Dunkin’ Brands Group, Inc.			13,453		573,770
Extended Stay America, Inc.			99,900		1,929,069
Hilton Worldwide Holdings, Inc.	*		24,095		628,639
Hyatt Hotels Corp., Class A	*		9,785		589,155
Krispy Kreme Doughnuts, Inc.	*		167,000		3,296,580
Marriott International, Inc., Class A			7,656		597,398
McDonald’s Corp.			88,300		8,273,710
MGM Resorts International	*		28,780		615,316
Norwegian Cruise Line Holdings Ltd.	*		12,696		593,665
Panera Bread Co., Class A	*		3,516		614,597
Restaurant Brands International LP	*†		197		7,434
Restaurant Brands International, Inc. (Canada)	*		15,339		598,825
SeaWorld Entertainment, Inc.			34,300		613,970
Six Flags Entertainment Corp.			14,116		609,105
Starwood Hotels & Resorts Worldwide, Inc.			7,158		580,299
Wyndham Worldwide Corp.			53,805		4,614,317
Wynn Resorts Ltd.			3,942		586,412

					32,997,598

Household Durables—1.0%
D.R. Horton, Inc.			24,299		614,522
GoPro, Inc., Class A	*†		9,800		619,556
Harman International Industries, Inc.			5,700		608,247
Jarden Corp.	*		12,648		605,586
Leggett & Platt, Inc.			14,293		609,025
Lennar Corp., Class A			13,925		623,979
Newell Rubbermaid, Inc.			15,890		605,250
NVR, Inc.	*		533		679,751



		Shares		Value
Tempur Sealy International, Inc.	*		78,803	$	4,327,073
Tupperware Brands Corp.			9,582		603,666
Whirlpool Corp.			3,105		601,562

					10,498,217

Household Products—0.5%
Church & Dwight Co., Inc.			55,914		4,406,582
Clorox Co. (The)			5,670		590,871
Spectrum Brands Holdings, Inc.			6,220		595,130

					5,592,583

Independent Power and Renewable Electricity Producers—0.1%
Calpine Corp.	*		27,250		603,042

Industrial Conglomerates—1.3%
Carlisle Cos., Inc.			51,500		4,647,360
Koninklijke Philips NV NYRS (Netherlands)			318,628		9,240,212
Roper Industries, Inc.			3,805		594,912

					14,482,484

Insurance—3.4%
American Financial Group, Inc.			10,150		616,308
Aon plc (United Kingdom)			115,014		10,906,778
Arthur J. Gallagher & Co.			13,154		619,290
Assured Guaranty Ltd. (Bermuda)			142,400		3,700,976
Brown & Brown, Inc.			18,530		609,822
eHealth, Inc.	*		18,663		465,082
Erie Indemnity Co., Class A			6,679		606,253
Loews Corp.			227,700		9,567,954
Reinsurance Group of America, Inc.			6,800		595,816
RenaissanceRe Holdings Ltd. (Bermuda)			48,900		4,754,058
Travelers Cos., Inc. (The)			47,400		5,017,290

					37,459,627

Internet & Catalog Retail—1.1%
Expedia, Inc.			7,003		597,776
Groupon, Inc.	*		75,090		620,244
HomeAway, Inc.	*		81,946		2,440,352
Liberty Interactive Corp., Series A	*		21,053		619,379
Liberty TripAdvisor Holdings, Inc., Series A	*		22,326		600,569
Liberty Ventures, Series A	*		15,964		602,162
MakeMyTrip Ltd. (India)	*		103,828		2,698,490
Netflix, Inc.	*		1,788		610,799
TripAdvisor, Inc.	*		7,921		591,382
Vipshop Holdings Ltd. ADR (China)	*†		124,684		2,436,325
zulily, Inc., Class A	*†		25,560		598,104

					12,415,582

Internet Software & Services—2.2%
Akamai Technologies, Inc.	*		9,383		590,754
Cornerstone OnDemand, Inc.	*†		91,900		3,234,880
CoStar Group, Inc.	*		47,847		8,786,145
Equinix, Inc.			2,572		583,149

See accompanying notes to financial statements.

246

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
IAC/InterActiveCorp			9,862	$	599,511
LinkedIn Corp., Class A	*		2,618		601,381
Pandora Media, Inc.	*		32,873		586,126
Rackspace Hosting, Inc.	*		12,659		592,568
Shutterstock, Inc.	*†		50,895		3,516,844
Twitter, Inc.	*		16,005		574,099
VeriSign, Inc.	*		10,731		611,667
Yelp, Inc.	*		61,946		3,390,304
Zillow, Inc., Class A	*		5,765		610,456

					24,277,884

IT Services—5.0%
Alliance Data Systems Corp.	*		46,056		13,174,319
Amdocs Ltd.			114,600		5,346,663
Booz Allen Hamilton Holding Corp.			22,231		589,788
Broadridge Financial Solutions, Inc.			13,066		603,388
Computer Sciences Corp.			9,390		592,040
DST Systems, Inc.			6,256		589,002
Euronet Worldwide, Inc.	*		52,082		2,859,302
Fidelity National Information Services, Inc.			9,409		585,240
Fiserv, Inc.	*		8,209		582,593
FleetCor Technologies, Inc.	*		4,006		595,732
Gartner, Inc.	*		105,464		8,881,124
Genpact Ltd. (Bermuda)	*		31,400		594,402
Global Payments, Inc.			54,531		4,402,288
Jack Henry & Associates, Inc.			9,494		589,957
NeuStar, Inc., Class A	*†		95,600		2,657,680
Paychex, Inc.			12,712		586,913
Sabre Corp.			29,631		600,620
Teradata Corp.	*		13,477		588,675
Total System Services, Inc.			17,518		594,911
Vantiv, Inc., Class A	*		260,966		8,851,967
VeriFone Systems, Inc.	*		15,755		586,086
Western Union Co. (The)			33,298		596,367

					55,049,057

Leisure Products—0.9%
Hasbro, Inc.			10,757		591,527
Mattel, Inc.			19,320		597,857
Polaris Industries, Inc.			57,140		8,641,854

					9,831,238

Life Sciences Tools & Services—0.6%
Agilent Technologies, Inc.			14,606		597,970
Bio-Techne Corp.			6,407		592,007
Bruker Corp.	*		32,192		631,607
Charles River Laboratories International, Inc.	*		9,554		608,016
Covance, Inc.	*		5,801		602,376
Illumina, Inc.	*		3,243		598,593
Mettler-Toledo International, Inc.*			1,992		602,500
PerkinElmer, Inc.			13,630		596,040
Quintiles Transnational Holdings, Inc.	*		10,465		616,074
VWR Corp.	*		23,200		600,184
Waters Corp.	*		5,236		590,202

					6,635,569



		Shares		Value
Machinery—4.5%
Allison Transmission Holdings, Inc.			122,856	$	4,164,818
Colfax Corp.	*		11,382		586,970
Crane Co.			10,240		601,088
Donaldson Co., Inc.			14,669		566,663
Dover Corp.			8,045		576,987
Flowserve Corp.			71,738		4,292,085
Graco, Inc.			51,289		4,112,352
IDEX Corp.			7,724		601,236
Ingersoll-Rand plc			9,323		590,985
ITT Corp.			14,805		599,010
Lincoln Electric Holdings, Inc.			8,492		586,712
Manitowoc Co., Inc. (The)			29,678		655,884
Middleby Corp. (The)	*		6,070		601,537
Navistar International Corp.	*		17,615		589,750
Nordson Corp.			7,773		605,983
PACCAR, Inc.			8,666		589,375
Pall Corp.			36,074		3,651,050
Parker-Hannifin Corp.			4,583		590,978
Pentair plc (United Kingdom)			8,885		590,142
Proto Labs, Inc.	*†		45,100		3,028,916
Snap-on, Inc.			32,676		4,468,116
Stanley Black & Decker, Inc.			6,240		599,539
Timken Co. (The)			13,935		594,746
Toro Co. (The)			9,544		609,003
Trinity Industries, Inc.			21,200		593,812
Valmont Industries, Inc.	†		4,435		563,245
WABCO Holdings, Inc.	*		62,815		6,581,756
Wabtec Corp.			74,741		6,494,245
Xylem, Inc.			15,601		593,930

					49,280,913

Marine—0.1%
Kirby Corp.	*		7,376		595,538

Media—3.0%
AMC Networks, Inc., Class A	*		9,468		603,774
Cablevision Systems Corp., Class A	†		29,505		608,983
Charter Communications, Inc., Class A	*		32,475		5,410,985
Cinemark Holdings, Inc.			149,994		5,336,787
Clear Channel Outdoor Holdings, Inc., Class A			61,244		648,574
Discovery Communications, Inc., Class A	*		17,165		591,334
Discovery Communications, Inc., Class C	*		85,065		2,868,392
DISH Network Corp., Class A	*		8,404		612,568
Interpublic Group of Cos., Inc. (The)			29,361		609,828
Lions Gate Entertainment Corp.	†		19,080		610,942
Live Nation Entertainment, Inc.	*		22,865		597,005
Markit Ltd. (United Kingdom)	*		141,400		3,737,202
Morningstar, Inc.			8,788		568,671
Omnicom Group, Inc.			7,789		603,414

See accompanying notes to financial statements.

247

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Regal Entertainment Group, Class A	†		28,576	$	610,383
Scripps Networks Interactive, Inc., Class A			106,485		8,015,126
Sirius XM Holdings, Inc.	*		170,250		595,875
Starz, Class A	*		20,613		612,206

					33,242,049

Metals & Mining—0.5%
Carpenter Technology Corp.			12,805		630,646
Compass Minerals International, Inc.			7,072		614,062
Reliance Steel & Aluminum Co.			42,400		2,597,848
Tahoe Resources, Inc.			47,293		655,954
TimkenSteel Corp.			17,617		652,357

					5,150,867

Multiline Retail—0.5%
Big Lots, Inc.			15,656		626,553
Dillard’s, Inc., Class A			4,985		624,022
Dollar General Corp.	*		8,693		614,595
Dollar Tree, Inc.	*		8,649		608,717
Family Dollar Stores, Inc.			7,779		616,175
Kohl’s Corp.			9,705		592,393
Macy’s, Inc.			9,407		618,510
Nordstrom, Inc.			7,644		606,857
Sears Holdings Corp.	*†		18,259		602,182

					5,510,004

Oil, Gas & Consumable Fuels—5.4%
Antero Resources Corp.	*		13,925		565,076
Cabot Oil & Gas Corp.			18,572		549,917
Cheniere Energy, Inc.	*		8,421		592,838
Chesapeake Energy Corp.			567,350		11,103,040
Cimarex Energy Co.			5,300		561,800
Cobalt International Energy, Inc.	*		66,711		593,061
Concho Resources, Inc.	*		6,008		599,298
CONSOL Energy, Inc.			250,300		8,462,643
Continental Resources, Inc.	*		14,936		572,945
CVR Energy, Inc.	†		15,250		590,327
Delek US Holdings, Inc.			64,600		1,762,288
Diamondback Energy, Inc.	*		60,800		3,634,624
EP Energy Corp., Class A	*†		226,600		2,365,704
EQT Corp.			7,645		578,727
Gulfport Energy Corp.	*		14,500		605,230
HollyFrontier Corp.			15,975		598,743
Kosmos Energy Ltd. (Bermuda)	*		72,012		604,181
Laredo Petroleum, Inc.	*†		54,974		568,981
Memorial Resource Development Corp.	*		31,400		566,142
Murphy Oil Corp.			166,800		8,426,736
Noble Energy, Inc.			12,345		585,523
Oasis Petroleum, Inc.	*		34,075		563,601
ONEOK, Inc.			11,931		594,044
PBF Energy, Inc., Class A			23,330		621,511
QEP Resources, Inc.			30,455		615,800
Range Resources Corp.			70,357		3,760,582
Rice Energy, Inc.	*		79,795		1,673,301
Sanchez Energy Corp.	*†		110,364		1,025,282
SM Energy Co.			15,409		594,479



		Shares		Value
Southwestern Energy Co.	*		20,810	$	567,905
Targa Resources Corp.			5,875		623,044
Teekay Corp. (Bermuda)			11,475		583,963
Tesoro Corp.			8,218		611,008
Ultra Petroleum Corp.	*†		43,650		574,434
Whiting Petroleum Corp.	*		76,520		2,525,160
World Fuel Services Corp.			12,651		593,711

					60,015,649

Paper & Forest Products—0.1%
International Paper Co.			11,027		590,827

Personal Products—0.2%
Avon Products, Inc.			64,858		609,017
Coty, Inc., Class A	*		29,714		613,891
Herbalife Ltd.	†		16,002		603,275
Nu Skin Enterprises, Inc., Class A	†		13,424		586,629

					2,412,812

Pharmaceuticals—1.5%
Actavis plc	*		1		257
Endo International plc (Ireland)	*		73,914		5,330,678
GW Pharmaceuticals plc ADR (United Kingdom)	*†		13,800		933,984
Jazz Pharmaceuticals plc (Ireland)	*		28,945		4,739,165
Mallinckrodt plc	*		6,142		608,242
Mylan, Inc.	*		10,703		603,328
Perrigo Co. plc (Ireland)			3,713		620,665
Salix Pharmaceuticals Ltd.	*		29,534		3,394,638
Zoetis, Inc.			13,986		601,818

					16,832,775

Professional Services—3.0%
Dun & Bradstreet Corp. (The)			5,073		613,630
Equifax, Inc.			82,702		6,688,111
IHS, Inc., Class A	*		59,583		6,785,312
Nielsen NV			224,497		10,041,751
Robert Half International, Inc.			10,223		596,819
Towers Watson & Co., Class A			31,300		3,542,221
Verisk Analytics, Inc., Class A	*		78,570		5,032,408

					33,300,252

Real Estate Investment Trusts (REITs)—1.2%
Apartment Investment & Management Co., Class A REIT			15,856		589,050
Boston Properties, Inc. REIT			4,464		574,472
Columbia Property Trust, Inc. REIT			23,425		593,824
Crown Castle International Corp. REIT			7,508		590,880
Equity LifeStyle Properties, Inc. REIT			11,802		608,393
Extra Space Storage, Inc. REIT			10,106		592,616
Federal Realty Investment Trust REIT			4,381		584,688

See accompanying notes to financial statements.

248

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Gaming and Leisure Properties, Inc. REIT			19,055	$	559,074
Health Care REIT, Inc. REIT			7,823		591,966
Healthcare Trust of America, Inc., Class A REIT			22,363		602,446
Iron Mountain, Inc. REIT			15,249		589,526
Lamar Advertising Co., Class A REIT			11,095		595,136
NorthStar Realty Finance Corp. REIT			33,760		593,501
Omega Healthcare Investors, Inc. REIT			15,265		596,404
Outfront Media, Inc. REIT			22,370		600,411
Paramount Group, Inc. REIT	*		32,500		604,175
Plum Creek Timber Co., Inc. REIT			13,985		598,418
Rayonier, Inc. REIT			21,308		595,346
Tanger Factory Outlet Centers, Inc. REIT			16,277		601,598
Taubman Centers, Inc. REIT			8,184		625,421
Ventas, Inc. REIT			8,309		595,755
Vornado Realty Trust REIT			5,137		604,676
Weyerhaeuser Co. REIT			16,497		592,077

					13,679,853

Real Estate Management & Development—1.2%
CBRE Group, Inc., Class A	*		17,277		591,737
Cheung Kong Holdings Ltd. ADR (Hong Kong)			680,000		11,369,600
Howard Hughes Corp. (The)	*		4,590		598,628
Jones Lang LaSalle, Inc.			3,965		594,473
Realogy Holdings Corp.	*		13,866		616,898

					13,771,336

Road & Rail—2.4%
AMERCO			2,230		633,900
Avis Budget Group, Inc.	*		79,740		5,289,154
Genesee & Wyoming, Inc., Class A	*		53,240		4,787,341
Hertz Global Holdings, Inc.	*		24,644		614,622
J.B. Hunt Transport Services, Inc.			52,545		4,426,916
Kansas City Southern			4,975		607,099
Landstar System, Inc.			8,287		601,056
Old Dominion Freight Line, Inc.	*		79,075		6,139,383
Swift Transportation Co.	*		131,227		3,757,029

					26,856,500

Semiconductors & Semiconductor Equipment—1.7%
Advanced Micro Devices, Inc.	*†		225,825		602,953
Altera Corp.			16,643		614,792
Analog Devices, Inc.			10,639		590,677
Applied Materials, Inc.			23,688		590,305
Atmel Corp.	*		73,084		613,540
Avago Technologies Ltd. (Singapore)			5,963		599,818
Cree, Inc.	*†		18,550		597,681
Freescale Semiconductor Ltd.	*†		23,684		597,547



		Shares		Value
KLA-Tencor Corp.			8,255	$	580,492
Lam Research Corp.			7,399		587,037
Linear Technology Corp.			13,438		612,773
Maxim Integrated Products, Inc.			19,649		626,214
Microchip Technology, Inc.			12,716		573,619
NVIDIA Corp.			29,225		585,961
NXP Semiconductors NV (Netherlands)	*		60,200		4,599,280
ON Semiconductor Corp.	*		59,300		600,709
Skyworks Solutions, Inc.			8,191		595,568
SunEdison, Inc.	*†		30,690		598,762
SunPower Corp.	*†		23,215		599,643
Teradyne, Inc.			30,600		605,574
Veeco Instruments, Inc.	*		69,800		2,434,624
Xilinx, Inc.			13,796		597,229

					19,004,798

Software—3.5%
Activision Blizzard, Inc.			27,980		563,797
ANSYS, Inc.	*		7,207		590,974
Autodesk, Inc.	*		9,953		597,777
Cadence Design Systems, Inc.	*		31,724		601,804
Citrix Systems, Inc.	*		9,278		591,936
CommVault Systems, Inc.	*		40,400		2,088,276
Electronic Arts, Inc.	*		12,625		593,564
FactSet Research Systems, Inc.	†		4,213		592,980
FireEye, Inc.	*†		18,720		591,178
FleetMatics Group plc (Ireland)	*		85,037		3,017,963
Fortinet, Inc.	*		19,456		596,521
Guidewire Software, Inc.	*		75,700		3,832,691
Informatica Corp.	*		15,553		593,114
Intuit, Inc.			6,315		582,180
NetSuite, Inc.	*		5,355		584,605
PTC, Inc.	*		16,275		596,479
Qlik Technologies, Inc.	*		103,000		3,181,670
Red Hat, Inc.	*		8,584		593,498
ServiceNow, Inc.	*		71,786		4,870,680
SolarWinds, Inc.	*		66,723		3,324,807
Solera Holdings, Inc.			104,465		5,346,519
Splunk, Inc.	*		9,760		575,352
Tableau Software, Inc., Class A	*		46,775		3,964,649
Workday, Inc., Class A	*		7,300		595,753

					39,068,767

Specialty Retail—5.0%
Aaron’s, Inc.			20,057		613,143
Abercrombie & Fitch Co., Class A			21,320		610,605
Advance Auto Parts, Inc.			23,750		3,782,900
AutoNation, Inc.	*		10,191		615,638
AutoZone, Inc.	*		948		586,916
Bed Bath & Beyond, Inc.	*		7,967		606,846
Best Buy Co., Inc.			15,204		592,652
Cabela’s, Inc.	*		11,765		620,133
CarMax, Inc.	*		8,944		595,492
Chico’s FAS, Inc.			37,562		608,880
CST Brands, Inc.			13,667		596,018
Dick’s Sporting Goods, Inc.			12,093		600,417
Foot Locker, Inc.			10,585		594,665
GameStop Corp., Class A	†		17,425		588,965

See accompanying notes to financial statements.

249

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Gap, Inc. (The)			14,015	$	590,172
GNC Holdings, Inc., Class A			12,976		609,353
L Brands, Inc.			7,067		611,649
Lithia Motors, Inc., Class A			37,800		3,276,882
Michaels Cos., Inc. (The)	*		25,000		618,250
Murphy USA, Inc.	*		9,145		629,725
O’Reilly Automotive, Inc.	*		36,254		6,983,246
Penske Automotive Group, Inc.			12,082		592,864
PetSmart, Inc.			7,479		608,005
Restoration Hardware Holdings, Inc.	*†		38,038		3,652,028
Ross Stores, Inc.			54,173		5,106,347
Sally Beauty Holdings, Inc.	*		165,278		5,080,646
Signet Jewelers Ltd. (Bermuda)			4,648		611,537
Tiffany & Co.			33,254		3,553,522
Tractor Supply Co.			62,221		4,904,259
Ulta Salon Cosmetics & Fragrance, Inc.	*		4,706		601,615
Urban Outfitters, Inc.	*		17,423		612,070
Williams-Sonoma, Inc.			65,562		4,961,732

					55,217,172

Technology Hardware, Storage & Peripherals—0.8%
3D Systems Corp.	*†		19,300		634,391
Diebold, Inc.			16,695		578,315
NCR Corp.	*		20,360		593,290
NetApp, Inc.			14,164		587,098
Nimble Storage, Inc.	*†		124,572		3,425,730
SanDisk Corp.			5,990		586,900
Stratasys Ltd.	*		34,480		2,865,633

					9,271,357

Textiles, Apparel & Luxury Goods—2.0%
Carter’s, Inc.			59,075		5,157,838
Coach, Inc.			16,440		617,487
Deckers Outdoor Corp.	*		6,555		596,767
Fossil Group, Inc.	*		5,519		611,174
Hanesbrands, Inc.			43,681		4,875,673
Kate Spade & Co.	*		126,232		4,040,686
Michael Kors Holdings Ltd. (Hong Kong)	*		8,323		625,057
PVH Corp.			4,907		628,930
Ralph Lauren Corp.			3,240		599,919
Under Armour, Inc., Class A	*		54,004		3,666,872
V.F. Corp.			8,064		603,994

					22,024,397

Thrifts & Mortgage Finance—0.1%
Nationstar Mortgage Holdings, Inc.	*†		22,210		626,100
Ocwen Financial Corp.	*†		40,100		605,510

					1,231,610

Tobacco—0.1%
Lorillard, Inc.			9,460		595,412

Trading Companies & Distributors—0.8%
Air Lease Corp.			17,900		614,149
Fastenal Co.			13,113		623,654
HD Supply Holdings, Inc.	*		20,315		599,089
MRC Global, Inc.	*		37,887		573,988



		Shares		Value
MSC Industrial Direct Co., Inc., Class A	†		7,437	$	604,256
NOW, Inc.	*†		21,620		556,283
United Rentals, Inc.	*		35,486		3,619,927
Veritiv Corp.	*		12,347		640,439
W.W. Grainger, Inc.			2,392		609,697

					8,441,482

Wireless Telecommunication Services—1.8%
SBA Communications Corp., Class A	*		182,275		20,188,779

TOTAL COMMON STOCKS
(Cost $857,364,486)					1,069,027,171


MONEY MARKET FUNDS—8.1%
Institutional Money Market Funds—8.1%
Dreyfus Institutional Cash Advantage Fund, 0.06%	††¥		8,700,000		8,700,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11%	¥		35,945,442		35,945,442
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11%	††¥		9,418,319		9,418,319
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.07%	††¥		8,700,000		8,700,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.07%	††¥		8,700,000		8,700,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.08%	††¥		8,700,000		8,700,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥		8,700,000		8,700,000

TOTAL MONEY MARKET FUNDS
(Cost $88,863,761)					88,863,761

TOTAL INVESTMENTS—104.9%
(Cost $946,228,247)					1,157,890,932
Other assets less liabilities—(4.9%)					(53,715,223	)

NET ASSETS—100.0%				$	1,104,175,709

See accompanying notes to financial statements.

250

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014

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.

251

SCHEDULE OF INVESTMENTS

December 31, 2014


Vantagepoint Discovery Fund		Shares		Value

COMMON STOCKS—48.8%
Aerospace & Defense—0.6%
Astronics Corp.	*		14,100	$	779,871
Astronics Corp., Class B	*		16,507		917,789

					1,697,660

Air Freight & Logistics—0.5%
Park-Ohio Holdings Corp.			24,884		1,568,439

Auto Components—0.5%
Standard Motor Products, Inc.			38,757		1,477,417

Banks—3.0%
Bank of Marin Bancorp			31,300		1,646,067
Blue Hills Bancorp, Inc.	*		90,500		1,228,990
Flushing Financial Corp.			71,094		1,441,075
Heritage Financial Corp./Washington			91,173		1,600,086
Trico Bancshares			59,357		1,466,118
Wintrust Financial Corp.			29,163		1,363,662

					8,745,998

Biotechnology—3.0%
Arena Pharmaceuticals, Inc.	*†		336,640		1,168,141
Bellicum Pharmaceuticals, Inc.	*†		800		18,432
Cara Therapeutics, Inc.	*†		153,862		1,534,004
Dicerna Pharmaceuticals, Inc.	*†		66,359		1,092,933
Ironwood Pharmaceuticals, Inc.	*		122,500		1,876,700
Trevena, Inc.	*		253,200		1,514,136
Zafgen, Inc.	*†		53,975		1,664,589

					8,868,935

Building Products—0.5%
Insteel Industries, Inc.			64,779		1,527,489

Capital Markets—1.4%
Alaris Royalty Corp. (Canada)			45,800		1,393,948
HFF, Inc., Class A			23,000		826,160
WisdomTree Investments, Inc.	†		110,790		1,736,633

					3,956,741

Chemicals—1.1%
Advanced Emissions Solutions, Inc.	*		76,200		1,736,598
Orion Engineered Carbons SA (Luxembourg)			91,000		1,546,090

					3,282,688

Commercial Services & Supplies—0.6%
Heritage-Crystal Clean, Inc.	*		143,000		1,763,190

Communications Equipment—1.3%
Calix, Inc.	*		142,338		1,426,227
Mitel Networks Corp. (Canada)	*		179,233		1,916,001
ParkerVision, Inc.	*†		622,671		566,568

					3,908,796

Construction & Engineering—0.5%
EMCOR Group, Inc.			31,235		1,389,645

Consumer Finance—0.5%
Regional Management Corp.	*		94,561		1,495,009



		Shares		Value

Containers & Packaging—0.6%
Myers Industries, Inc.			98,789	$	1,738,686

Electric Utilities—0.9%
ALLETE, Inc.			26,109		1,439,650
Spark Energy, Inc., Class A	†		81,374		1,146,560

					2,586,210

Electrical Equipment—0.5%
Polypore International, Inc.	*†		30,567		1,438,177

Electronic Equipment, Instruments & Components—0.5%
Speed Commerce, Inc.	*†		474,620		1,466,576

Energy Equipment & Services—0.7%
C&J Energy Services, Inc.	*		70,445		930,578
Superior Drilling Products, Inc.	*		262,254		1,090,977

					2,021,555

Food Products—0.8%
Darling Ingredients, Inc.	*		62,276		1,130,932
Freshpet, Inc.	*†		65,200		1,112,312

					2,243,244

Health Care Equipment & Supplies—1.5%
Anika Therapeutics, Inc.	*		35,500		1,446,270
Globus Medical, Inc., Class A	*		60,999		1,449,946
Natus Medical, Inc.	*		41,157		1,483,299

					4,379,515

Health Care Providers & Services—0.6%
Ensign Group, Inc. (The)			40,893		1,815,240

Hotels, Restaurants & Leisure—1.0%
Del Frisco’s Restaurant Group, Inc.	*		57,165		1,357,097
Red Robin Gourmet Burgers, Inc.	*		21,335		1,642,262

					2,999,359

Household Durables—2.5%
iRobot Corp.	*†		40,500		1,406,160
LGI Homes, Inc.	*†		71,511		1,066,944
M/I Homes, Inc.	*		54,180		1,243,973
New Home Co., Inc. (The)	*		127,580		1,847,358
William Lyon Homes, Class A	*		83,500		1,692,545

					7,256,980

Independent Power and Renewable Electricity Producers—0.4%
Pattern Energy Group, Inc.	†		43,855		1,081,464

Insurance—0.9%
James River Group Holdings Ltd. (Bermuda)	*		47,000		1,069,720
Phoenix Cos., Inc. (The)	*		21,549		1,484,080

					2,553,800

Internet Software & Services—2.3%
Constant Contact, Inc.	*		41,646		1,528,408
Marchex, Inc., Class B			245,000		1,124,550
New Relic, Inc.	*		700		24,388
Perficient, Inc.	*		94,400		1,758,672
Textura Corp.	*†		41,264		1,174,786

See accompanying notes to financial statements.

252

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Discovery Fund		Shares		Value

COMMON STOCKS—(Continued)
Zix Corp.	*		335,100	$	1,206,360

					6,817,164

IT Services—1.1%
ExlService Holdings, Inc.	*		57,382		1,647,437
Global Cash Access Holdings, Inc.	*		225,087		1,609,372

					3,256,809

Life Sciences Tools & Services—0.5%
Albany Molecular Research, Inc.	*†		84,422		1,374,390

Machinery—2.5%
Alamo Group, Inc.			14,200		687,848
Altra Industrial Motion Corp.			49,637		1,409,194
Luxfer Holdings plc ADR (United Kingdom)			78,159		1,166,914
Lydall, Inc.	*		45,922		1,507,160
NN, Inc.			51,300		1,054,728
Titan International, Inc.			139,500		1,482,885

					7,308,729

Metals & Mining—0.6%
Haynes International, Inc.			15,200		737,200
New Gold, Inc. (Canada)	*		177,898		764,961
Romarco Minerals, Inc. (Canada)	*		559,650		236,038

					1,738,199

Oil, Gas & Consumable Fuels—1.1%
Abraxas Petroleum Corp.	*		269,500		792,330
Contango Oil & Gas Co.	*		5,600		163,744
Karoon Gas Australia Ltd. (Australia)	*		455,718		891,631
Synergy Resources Corp.	*		120,019		1,505,038

					3,352,743

Pharmaceuticals—0.9%
Phibro Animal Health Corp., Class A			44,209		1,394,794
XenoPort, Inc.	*		143,700		1,260,249

					2,655,043

Real Estate Investment Trusts (REITs)—3.8%
Arbor Realty Trust, Inc. REIT			180,363		1,221,058
Armada Hoffler Properties, Inc. REIT			140,000		1,328,600
CareTrust REIT, Inc. REIT			106,448		1,312,504
Gladstone Commercial Corp. REIT			70,791		1,215,481
Medical Properties Trust, Inc. REIT			116,963		1,611,750
Pebblebrook Hotel Trust REIT			28,801		1,314,190
STAG Industrial, Inc. REIT			61,192		1,499,204
Summit Hotel Properties, Inc. REIT			122,573		1,524,808

					11,027,595



				Shares		Value

Real Estate Management & Development—0.3%
Marcus & Millichap, Inc.			*		26,701	$	887,808

Road & Rail—0.6%
Celadon Group, Inc.					74,746		1,695,987

Semiconductors & Semiconductor Equipment—2.0%
Exar Corp.			*		157,968		1,611,274
Inphi Corp.			*		86,698		1,602,179
Integrated Silicon Solution, Inc.					74,822		1,239,800
Rambus, Inc.			*		121,610		1,348,655

							5,801,908

Software—2.6%
Digimarc Corp.			†		18,200		494,130
Ellie Mae, Inc.			*†		38,888		1,567,964
ePlus, Inc.			*		25,426		1,924,494
Kofax Ltd.			*†		167,502		1,177,539
SeaChange International, Inc.			*		103,439		659,941
Tangoe, Inc.			*		146,000		1,902,380

							7,726,448

Specialty Retail—1.6%
Destination Maternity Corp.					8,202		130,822
Express, Inc.			*		110,275		1,619,940
Finish Line, Inc. (The), Class A					43,156		1,049,122
Shoe Carnival, Inc.					76,450		1,964,001

							4,763,885

Thrifts & Mortgage Finance—2.0%
Clifton Bancorp, Inc.					100,923		1,371,544
EverBank Financial Corp.					77,449		1,476,178
Home Loan Servicing Solutions Ltd. (Cayman Islands)					72,291		1,411,120
WSFS Financial Corp.					20,118		1,546,873

							5,805,715

Trading Companies & Distributors—2.0%
Aceto Corp.					67,000		1,453,900
CAI International, Inc.			*		67,809		1,573,169
H&E Equipment Services, Inc.					45,413		1,275,651
Textainer Group Holdings Ltd. (Bermuda)					43,230		1,483,654

							5,786,374

Wireless Telecommunication Services—0.5%
Shenandoah Telecommunications Co.					47,500		1,484,375

TOTAL COMMON STOCKS
(Cost $122,949,133)							142,745,985



Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—22.1%
Aerospace & Defense—0.1%
L-3 Communications Corp.
1.500%		05/28/2017		$	360,000		356,667

See accompanying notes to financial statements.

253

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Discovery Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Airlines—0.1%
United Airlines Pass Through Trust, Series 2014-2, Class B
4.625%		09/03/2022		$	250,000	$	245,000

Auto Components—0.0%
Johnson Controls, Inc.
1.400%		11/02/2017			70,000		69,412

Automobiles—0.1%
Chrysler Group LLC/CG Co.-Issuer, Inc.
8.000%		06/15/2019			400,000		422,500

Banks—5.0%
Bank of America Corp.
3.875%		03/22/2017			70,000		73,280
3.700%		09/01/2015			425,000		432,486
0.782%		05/02/2017	#		100,000		99,139
Bank of America Corp. MTN
1.700%		08/25/2017			300,000		300,261
1.317%		03/22/2018	#		590,000		594,778
1.250%		01/11/2016			190,000		190,381
Bank of America Corp., Series 1
3.750%		07/12/2016			130,000		134,698
Banque Federative du Credit Mutuel SA (France)
1.083%		10/28/2016	#^		200,000		201,348
Barclays Bank plc (United Kingdom)
0.812%		02/17/2017	#		300,000		300,403
BB&T Corp. MTN
1.600%		08/15/2017			150,000		150,015
0.892%		02/01/2019	#		650,000		650,901
Capital One NA, Bank Note
1.500%		09/05/2017			360,000		357,332
Citigroup, Inc.
4.450%		01/10/2017			225,000		237,959
1.932%		05/15/2018	#		325,000		336,005
1.850%		11/24/2017			250,000		249,887
1.550%		08/14/2017			670,000		668,365
1.045%		04/01/2016	#		540,000		542,060
Compass Bank, Bank Note
1.850%		09/29/2017			250,000		249,098
Credit Agricole SA (France)
1.390%		04/15/2016	#^		440,000		444,114
1.031%		04/15/2019	#^		670,000		675,854
Discover Bank
2.000%		02/21/2018			650,000		648,795
Fifth Third Bancorp
5.450%		01/15/2017			245,000		263,040
Fifth Third Bank/Ohio, Bank Note
1.150%		11/18/2016			400,000		399,417
HSBC Bank plc (United Kingdom)
0.872%		05/15/2018	#^		360,000		361,737
Huntington National Bank (The)
1.375%		04/24/2017			250,000		248,022
0.658%		04/24/2017	#		250,000		249,883
Huntington National Bank (The), Bank Note
1.300%		11/20/2016			260,000		259,046
JPMorgan Chase & Co.
1.134%		01/25/2018	#		280,000		282,410
0.752%		02/15/2017	#		800,000		798,397
JPMorgan Chase & Co. MTN
1.875%		03/20/2015			105,000		105,319
1.350%		02/15/2017			640,000		640,317
1.100%		10/15/2015			250,000		250,498



Coupon Rate	Maturity Date			Face		Value

KeyBank NA, Bank Note
4.950%	09/15/2015		$	200,000	$	205,731
KeyCorp MTN
3.750%	08/13/2015			230,000		234,084
Macquarie Bank Ltd. (Australia)
1.600%	10/27/2017	^		420,000		417,525
Manufacturers & Traders Trust Co., Bank Note
1.400%	07/25/2017			410,000		409,656
1.250%	01/30/2017			380,000		379,336
PNC Bank NA, Bank Note
1.150%	11/01/2016			250,000		250,441
Regions Financial Corp.
2.000%	05/15/2018			370,000		366,666
SunTrust Bank, Bank Note
1.350%	02/15/2017			670,000		670,228
Wells Fargo & Co.
0.861%	04/23/2018	#		170,000		170,417

						14,499,329

Biotechnology—0.2%
Amgen, Inc.
1.250%	05/22/2017			630,000		625,395

Building Products—0.1%
Masco Corp.
4.800%	06/15/2015			165,000		167,561

Capital Markets—1.6%
Bank of New York Mellon Corp. (The) MTN
1.200%	02/20/2015			100,000		100,034
Goldman Sachs Group, Inc. (The)
3.625%	02/07/2016			1,225,000		1,257,257
Goldman Sachs Group, Inc. (The), Series 1
1.433%	04/30/2018	#		740,000		749,289
Macquarie Group Ltd. (Australia)
1.233%	01/31/2017	#^		670,000		676,657
Morgan Stanley
1.875%	01/05/2018			260,000		259,237
Morgan Stanley MTN
1.514%	04/25/2018	#		620,000		630,374
0.971%	07/23/2019	#		690,000		688,001
UBS AG MTN (Switzerland)
1.375%	08/14/2017			300,000		298,238

						4,659,087

Chemicals—0.2%
Ashland, Inc.
3.875%	04/15/2018			375,000		380,156
3.000%	03/15/2016			125,000		126,250

						506,406

Commercial Services & Supplies—0.2%
Mobile Mini, Inc.
7.875%	12/01/2020			430,000		449,350

Communications Equipment—0.3%
Cisco Systems, Inc.
1.100%	03/03/2017			500,000		500,478
0.515%	03/03/2017	#		460,000		460,327

						960,805

Consumer Finance—2.8%
Ally Financial, Inc.
3.250%	09/29/2017			400,000		401,000
American Express Co.
0.823%	05/22/2018	#		800,000		800,642

See accompanying notes to financial statements.

254

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Discovery Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
American Express Credit Corp.
0.743%		07/29/2016	#	$	550,000	$	552,275
American Express Credit Corp. MTN
1.750%		06/12/2015			100,000		100,561
Caterpillar Financial Services Corp.
0.700%		11/06/2015			150,000		150,291
Caterpillar Financial Services Corp. MTN
1.250%		08/18/2017			260,000		259,094
1.000%		11/25/2016			130,000		130,160
1.000%		03/03/2017			540,000		538,832
Ford Motor Credit Co. LLC
4.250%		02/03/2017			600,000		630,355
3.000%		06/12/2017			280,000		287,450
1.684%		09/08/2017			450,000		446,710
General Motors Financial Co., Inc.
3.000%		09/25/2017			310,000		313,884
Harley-Davidson Financial Services, Inc.
1.150%		09/15/2015	^		160,000		160,464
HSBC USA, Inc.
1.135%		09/24/2018	#		400,000		403,871
International Lease Finance Corp.
4.875%		04/01/2015			210,000		211,916
3.875%		04/15/2018			435,000		435,816
2.191%		06/15/2016	#		560,000		561,400
John Deere Capital Corp.
1.050%		10/11/2016			240,000		240,444
John Deere Capital Corp. MTN
1.125%		06/12/2017			460,000		458,497
1.050%		12/15/2016			270,000		270,862
PACCAR Financial Corp. MTN
1.100%		06/06/2017			140,000		139,506
1.050%		06/05/2015			90,000		90,240
0.835%		12/06/2018	#		130,000		130,876
Synchrony Financial
1.875%		08/15/2017			415,000		416,062

							8,131,208

Containers & Packaging—0.2%
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc. (Ireland)
3.241%		12/15/2019	#^		670,000		649,063

Diversified Financial Services—0.6%
General Electric Capital Corp. MTN
1.250%		05/15/2017			1,490,000		1,492,851
National Rural Utilities Cooperative Finance Corp.
1.100%		01/27/2017			360,000		358,972

							1,851,823

Diversified Telecommunication Services—0.7%
CC Holdings GS V LLC/Crown Castle GS III Corp.
2.381%		12/15/2017			130,000		131,246
Verizon Communications, Inc.
1.991%		09/14/2018	#		280,000		291,531
1.771%		09/15/2016	#		400,000		407,422
1.350%		06/09/2017			450,000		448,184
1.013%		06/17/2019	#		120,000		120,753
0.700%		11/02/2015			210,000		209,949
Windstream Corp.
7.875%		11/01/2017			340,000		369,325

							1,978,410



Coupon Rate	Maturity Date			Face		Value

Electric Utilities—0.6%
Duke Energy Corp.
0.636%	04/03/2017	#	$	200,000	$	200,379
Georgia Power Co.
0.750%	08/10/2015			500,000		500,389
NextEra Energy Capital Holdings, Inc.
1.339%	09/01/2015			500,000		501,588
1.200%	06/01/2015			80,000		80,159
RJS Power Holdings LLC
5.125%	07/15/2019	^		475,000		471,438

						1,753,953

Electronic Equipment, Instruments & Components—0.1%
Amphenol Corp.
1.550%	09/15/2017			160,000		159,659

Energy Equipment & Services—0.3%
Cameron International Corp.
1.400%	06/15/2017			160,000		157,680
1.150%	12/15/2016			300,000		297,005
Freeport-McMoran Oil & Gas, LLC/FCX Oil & Gas, Inc.
6.500%	11/15/2020			169,000		183,360
Nabors Industries, Inc.
2.350%	09/15/2016			200,000		197,909

						835,954

Food & Staples Retailing—0.8%
CVS Health Corp.
1.200%	12/05/2016			130,000		130,421
Kroger Co. (The)
2.200%	01/15/2017			500,000		508,201
0.758%	10/17/2016	#		800,000		799,054
Sysco Corp.
1.450%	10/02/2017			140,000		139,939
Walgreen Co.
1.000%	03/13/2015			210,000		210,205
Walgreens Boots Alliance, Inc.
2.700%	11/18/2019			90,000		90,559
1.750%	11/17/2017			120,000		120,381
0.682%	05/18/2016	#		210,000		210,065

						2,208,825

Food Products—0.5%
ConAgra Foods, Inc.
1.350%	09/10/2015			70,000		70,294
1.300%	01/25/2016			110,000		110,010
General Mills, Inc.
1.400%	10/20/2017	†		340,000		338,787
0.875%	01/29/2016			90,000		90,201
Kellogg Co.
1.125%	05/15/2015			350,000		350,969
Kraft Foods Group, Inc.
1.625%	06/04/2015			150,000		150,655
Want Want China Finance Ltd. (Virgin Islands, British)
1.875%	05/14/2018	^		290,000		284,507
Wm. Wrigley Jr. Co.
2.000%	10/20/2017	^		100,000		100,790
1.400%	10/21/2016	^		100,000		100,125

						1,596,338

Health Care Equipment & Supplies—0.6%
Becton Dickinson and Co.
1.800%	12/15/2017			150,000		150,660
0.691%	06/15/2016	#		610,000		610,365

See accompanying notes to financial statements.

255

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Discovery Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
CareFusion Corp.
1.450%		05/15/2017		$	670,000	$	665,642
Stryker Corp.
3.000%		01/15/2015			300,000		300,203

							1,726,870

Health Care Providers & Services—0.5%
Anthem, Inc.
2.375%		02/15/2017			465,000		473,888
1.250%		09/10/2015			190,000		190,801
Express Scripts Holding Co.
1.250%		06/02/2017			210,000		207,944
McKesson Corp.
1.292%		03/10/2017			200,000		199,085
UnitedHealth Group, Inc.
1.400%		10/15/2017			100,000		99,970
Ventas Realty LP
1.550%		09/26/2016			211,000		211,935
1.250%		04/17/2017			120,000		118,949

							1,502,572

Hotels, Restaurants & Leisure—0.1%
McDonald’s Corp. MTN
0.750%		05/29/2015			190,000		190,316

Household Durables—0.1%
Whirlpool Corp.
1.650%		11/01/2017			170,000		169,552

Independent Power and Renewable Electricity Producers—0.2%
AES Corp.
3.234%		06/01/2019	#		430,000		420,325
TransAlta Corp. (Canada)
1.900%		06/03/2017			130,000		129,525

							549,850

Insurance—0.5%
Metropolitan Life Global Funding I
0.609%		04/10/2017	#^		690,000		692,249
Principal Life Global Funding II
1.000%		12/11/2015	^		230,000		230,641
Prudential Financial, Inc. MTN
1.012%		08/15/2018	#		300,000		302,080
TIAA Asset Management Finance Co. LLC
2.950%		11/01/2019	^		280,000		280,855

							1,505,825

Internet Software & Services—0.3%
Alibaba Group Holding Ltd. (Cayman Islands)
1.625%		11/28/2017	^		200,000		199,234
eBay, Inc.
0.700%		07/15/2015			220,000		220,147
IAC/InterActiveCorp
4.875%		11/30/2018			150,000		153,375
Tencent Holdings Ltd. (Cayman Islands)
2.000%		05/02/2017	^		300,000		299,517

							872,273

IT Services—0.1%
Computer Sciences Corp.
2.500%		09/15/2015			100,000		100,920



Coupon Rate	Maturity Date			Face		Value

Fidelity National Information Services, Inc.
2.000%	04/15/2018		$	150,000	$	149,308
1.450%	06/05/2017			70,000		69,649

						319,877

Life Sciences Tools & Services—0.1%
Thermo Fisher Scientific, Inc.
1.300%	02/01/2017			180,000		179,083

Marine—0.1%
AP Moeller—Maersk A/S (Denmark)
2.550%	09/22/2019	^		350,000		351,369

Media—0.2%
DISH DBS Corp.
4.625%	07/15/2017			245,000		253,881
NBCUniversal Enterprise, Inc.
0.916%	04/15/2018	#^		240,000		242,192

						496,073

Metals & Mining—0.8%
ArcelorMittal (Luxembourg)
4.250%	08/05/2015			350,000		355,687
FMG Resources August 2006 Pty Ltd. (Australia)
6.000%	04/01/2017	^†		280,000		268,625
Freeport-McMoRan, Inc.
2.300%	11/14/2017			230,000		230,434
2.150%	03/01/2017			80,000		80,174
Glencore Finance Canada Ltd. (Canada)
2.700%	10/25/2017	^		800,000		809,910
Glencore Funding LLC
1.591%	01/15/2019	#^		600,000		610,729

						2,355,559

Multi-Utilities—0.2%
Dominion Resources, Inc.
1.250%	03/15/2017			540,000		538,248

Oil, Gas & Consumable Fuels—0.9%
CNOOC Nexen Finance 2014 ULC (Canada)
1.625%	04/30/2017			260,000		258,877
DCP Midstream Operating LP
3.250%	10/01/2015			200,000		202,917
Enterprise Products Operating LLC
1.250%	08/13/2015			100,000		100,279
Hess Corp.
1.300%	06/15/2017			180,000		177,450
Kinder Morgan, Inc.
3.050%	12/01/2019			110,000		109,249
2.000%	12/01/2017			110,000		109,396
Marathon Oil Corp.
0.900%	11/01/2015			220,000		219,403
Murphy Oil Corp.
2.500%	12/01/2017			250,000		248,673
Phillips 66
1.950%	03/05/2015			230,000		230,591
Rockies Express Pipeline LLC
3.900%	04/15/2015	^†		290,000		289,275
Sabine Pass LNG LP
7.500%	11/30/2016			370,000		386,650
WPX Energy, Inc.
5.250%	01/15/2017			355,000		360,325

						2,693,085

See accompanying notes to financial statements.

256

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Discovery Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Pharmaceuticals—0.7%
AbbVie, Inc.
1.750%		11/06/2017		$	520,000	$	521,489
1.200%		11/06/2015			520,000		521,636
Actavis Funding SCS (Luxembourg)
1.300%		06/15/2017			300,000		294,711
Merck & Co., Inc.
0.592%		05/18/2018	#		470,000		471,185
Mylan, Inc.
1.800%		06/24/2016			80,000		80,512
1.350%		11/29/2016			150,000		149,331

							2,038,864

Real Estate Investment Trusts (REITs)—0.8%
ARC Properties Operating Partnership LP
2.000%		02/06/2017	†		330,000		314,828
Digital Realty Trust LP
4.500%		07/15/2015			550,000		555,260
Health Care REIT, Inc.
3.625%		03/15/2016			375,000		386,069
Healthcare Realty Trust, Inc.
6.500%		01/17/2017			265,000		289,523
Liberty Property LP
6.625%		10/01/2017			385,000		431,702
Vornado Realty LP
4.250%		04/01/2015			470,000		470,000

							2,447,382

Real Estate Management & Development—0.1%
WEA Finance LLC/Westfield UK & Europe Finance plc
1.750%		09/15/2017	^		240,000		238,864

Road & Rail—0.3%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
4.875%		11/15/2017	†		165,000		170,775
Penske Truck Leasing Co. LP/PTL Finance Corp.
3.125%		05/11/2015	^		300,000		302,456
2.500%		03/15/2016	^		230,000		233,234
2.500%		06/15/2019	^		110,000		109,443

							815,908

Semiconductors & Semiconductor Equipment—0.1%
TSMC Global Ltd. (Virgin Islands, British)
1.625%		04/03/2018	^		200,000		196,612

Software—0.0%
Autodesk, Inc.
1.950%		12/15/2017			150,000		150,573

Specialty Retail—0.1%
AutoZone, Inc.
1.300%		01/13/2017			220,000		219,287

Technology Hardware, Storage & Peripherals—0.3%
Hewlett-Packard Co.
1.170%		01/14/2019	#		580,000		570,635
Seagate HDD Cayman (Cayman Islands)
3.750%		11/15/2018	^		350,000		360,062

							930,697

Thrifts & Mortgage Finance—0.3%
Astoria Financial Corp.
5.000%		06/19/2017			240,000		253,604



Coupon Rate	Maturity Date			Face		Value

BPCE SA MTN (France)
1.484%	04/25/2016	#	$	350,000	$	353,975
0.862%	06/23/2017	#		350,000		350,194

						957,773

Tobacco—0.0%
Reynolds American, Inc.
1.050%	10/30/2015			100,000		100,129

Trading Companies & Distributors—0.2%
Air Lease Corp.
4.500%	01/15/2016			600,000		618,000
GATX Corp.
1.250%	03/04/2017			100,000		99,082

						717,082

Wireless Telecommunication Services—0.0%
SBA Communications Corp.
5.625%	10/01/2019			150,000		154,125

TOTAL CORPORATE OBLIGATIONS
(Cost $64,470,952)						64,544,593


MORTGAGE-BACKED SECURITIES—3.9%
Commercial Mortgage-Backed Securities—1.5%
American Homes 4 Rent, Series 2014-SFR1, Class A
1.250%	06/17/2031	#^		297,322		294,127
Colony American Homes, Series 2014-1A, Class A
1.400%	05/17/2031	#^		306,125		304,862
Colony American Homes, Series 2014-2A, Class A
1.112%	07/17/2031	#^		476,784		470,161
Hilton USA Trust, Series 2013-HLF, Class AFL
1.157%	11/05/2030	#^		601,134		601,418
Invitation Homes Trust, Series 2013-SFR1, Class A
1.400%	12/17/2030	#^		393,123		392,039
Invitation Homes Trust, Series 2014-SFR1, Class A
1.162%	06/17/2031	#^		1,270,000		1,256,329
Invitation Homes Trust, Series 2014-SFR2, Class A
1.262%	09/17/2031	#^		770,000		762,462
National Credit Union Administration Guaranteed Notes, Series 2010-C1, Class A1
1.600%	10/29/2020			178,193		178,619

						4,260,017

Non-Agency Mortgage-Backed Securities—1.1%
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR2, Class AD
1.550%	04/25/2043	#^		523,871		492,937
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR3, Class A3
1.550%	05/25/2043	#^		268,212		255,608
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2013-DN2, Class M1
1.620%	11/25/2023	#		396,096		395,050
GSAMP Trust, Series 2004-SEA2, Class M1
0.820%	03/25/2034	#		427,395		428,035
Sequoia Mortgage Trust, Series 2012-2, Class A2
3.500%	04/25/2042	#		268,670		273,769
Sequoia Mortgage Trust, Series 2013-1, Class 1A1
1.450%	02/25/2043	#		300,178		287,540
Sequoia Mortgage Trust, Series 2013-4, Class A3
1.550%	04/25/2043	#		384,475		361,573
Springleaf Mortgage Loan Trust, Series 2012-3A, Class A
1.570%	12/25/2059	#^		190,930		191,267

See accompanying notes to financial statements.

257

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Discovery Fund

Coupon Rate	Maturity Date			Face		Value

MORTGAGE-BACKED SECURITIES—(Continued)
Springleaf Mortgage Loan Trust, Series 2013-1A, Class A
1.270%		06/25/2058	#^	$	393,507	$	393,141
Springleaf Mortgage Loan Trust, Series 2013-2A, Class A
1.780%		12/25/2065	#^		217,090		217,253
WaMu Mortgage Pass Through Certificates, Series 2006-AR12, Class 1A1
2.274%		10/25/2036	#		76,610		68,181

							3,364,354

U.S. Government Agency Mortgage-Backed Securities—1.3%
Federal National Mortgage Association Connecticut Avenue Securities, Series 2013-C01, Class M1
2.170%		10/25/2023	#		571,312		574,260
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C01, Class M1
1.770%		01/25/2024	#		589,678		588,779
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C02, Class 1M1
1.120%		05/25/2024	#		522,560		513,053
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C02, Class 2M1
1.120%		05/25/2024	#		301,662		295,994
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C03, Class 1M1
1.370%		07/25/2024	#		1,258,522		1,247,311
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 1A
0.607%		10/07/2020	#		412,580		415,135
National Credit Union Administration Guaranteed Notes, Series 2011-R6, Class 1A
0.537%		05/07/2020	#		279,450		279,565

							3,914,097

TOTAL MORTGAGE-BACKED SECURITIES
(Cost $11,679,118)							11,538,468


U.S. TREASURY OBLIGATIONS—17.5%
U.S. Treasury Notes—17.5%
U.S. Treasury Note
1.000%		09/15/2017			270,000		270,169
0.875%		04/30/2017 - 11/15/2017			7,100,000		7,099,968
0.750%		01/15/2017			8,910,000		8,916,959
0.500%		06/15/2016	‡‡		7,325,000		7,331,292
0.500%		08/31/2016			4,810,000		4,808,499
0.375%		01/15/2016 - 10/31/2016			22,760,000		22,724,808

							51,151,695

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $51,150,360)							51,151,695


GOVERNMENT RELATED OBLIGATIONS—1.5%
U.S. Government Agencies—1.0%
Federal Home Loan Bank, Series 3823
0.500%		09/28/2016			1,340,000		1,336,795



Coupon Rate	Maturity Date			Face		Value

Federal Home Loan Mortgage Corp., Series 1
1.000%	07/28/2017		$	1,300,000	$	1,300,007
National Credit Union Administration Guaranteed Notes, Series A2
1.400%	06/12/2015			180,000		180,923

						2,817,725

Non-U.S. Government Agencies—0.2%
Korea Expressway Corp. (Korea, Republic of)
1.625%	04/28/2017	^		300,000		298,698
Petrobras International Finance Co. SA (Luxembourg)
3.500%	02/06/2017			160,000		153,186

						451,884

Sovereign Debt—0.2%
Instituto de Credito Oficial (Spain)
1.125%	04/01/2016	^		710,000		710,935
Panama Government International Bond (Panama)
7.250%	03/15/2015			23,000		23,345

						734,280

U.S. Municipal Bonds—0.1%
California Earthquake Authority Revenue Bonds (California)
1.824%	07/01/2017			240,000		239,906

TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $4,251,161)						4,243,795


ASSET-BACKED SECURITIES—3.5%
Automobiles—2.4%
Ally Master Owner Trust
Series 2013-2, Class A
0.611%	04/15/2018	#		600,000		599,804
Ally Master Owner Trust
Series 2013-1, Class A1
0.611%	02/15/2018	#		500,000		500,699
Capital Auto Receivables Asset Trust
Series 2013-1, Class C
1.740%	10/22/2018			120,000		120,449
Capital Auto Receivables Asset Trust
Series 2013-1, Class B
1.290%	04/20/2018			120,000		119,710
Chrysler Capital Auto Receivables Trust
Series 2014-AA, Class A3
0.830%	09/17/2018	^		865,000		864,321
Enterprise Fleet Financing LLC
Series 2012-1, Class A2
1.140%	11/20/2017	^		91,507		91,570
Hyundai Auto Lease Securitization Trust
Series 2014-A, Class A3
0.750%	04/17/2017	^		1,870,000		1,867,853
Nissan Master Owner Trust Receivables
Series 2013-A, Class A
0.461%	02/15/2018	#		1,250,000		1,248,895
Porsche Financial Auto Securitization Trust
Series 2014-1, Class A3
0.670%	01/23/2018	^		1,590,000		1,589,531

						7,002,832

Credit Card—0.5%
Discover Card Execution Note Trust
Series 2012-A1, Class A1
0.810%	08/15/2017			600,000		600,296

See accompanying notes to financial statements.

258

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Discovery Fund

Coupon Rate	Maturity Date			Face		Value

ASSET-BACKED SECURITIES—(Continued)
Synchrony Credit Card Master Note Trust
Series 2012-1, Class A
1.030%		01/15/2018		$	750,000	$	750,153

							1,350,449

Other—0.2%
CenterPoint Energy Transition Bond Co. IV LLC
Series 2012-1, Class A1
0.901%		04/15/2018			480,796		481,639
GreatAmerica Leasing Receivables Funding LLC
Series 2013-1, Class C
1.830%		06/17/2019	^		100,000		99,696

							581,335

Student Loan—0.4%
Missouri Higher Education Loan Authority
Series 2012-1, Class A1
1.000%		01/26/2026	#		449,803		451,926
National Credit Union Administration Guaranteed Notes
Series 2010-A1, Class A
0.512%		12/07/2020	#		576,762		577,414
Nelnet Student Loan Trust
Series 2014-2A, Class A1
0.449%		06/25/2021	#^		262,878		262,817

							1,292,157

TOTAL ASSET-BACKED SECURITIES
(Cost $10,226,361)							10,226,773



					Shares		Value
MONEY MARKET FUNDS—10.1%
Institutional Money Market Funds—10.1%
Dreyfus Institutional Cash Advantage Fund, 0.06%			††¥		2,600,000		2,600,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11%			¥		13,692,175		13,692,174
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11%			††¥		2,971,927		2,971,927
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.07%			††¥		2,600,000		2,600,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.07%			††¥		2,600,000		2,600,000



		Shares		Value

Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.08%	††¥	2,600,000	$	2,600,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥	2,600,000		2,600,000

TOTAL MONEY MARKET FUNDS
(Cost $29,664,101)				29,664,101

TOTAL INVESTMENTS—107.4%
(Cost $294,391,186)				314,115,410
Other assets less liabilities—(7.4%)				(21,555,289	)

NET ASSETS—100.0%			$	292,560,121

Notes to the Schedule of Investments:


ADR		American Depositary Receipt
MTN		Medium Term Note
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 $21,675,914, which represents 7.4% 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.
‡‡		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.

259

SCHEDULE OF INVESTMENTS

December 31, 2014


Vantagepoint International Fund		Shares		Value

COMMON STOCKS—97.1%
Australia—3.6%
Beach Energy Ltd.			1,797,200	$	1,523,946
BHP Billiton Ltd.			80,000		1,891,411
BHP Billiton plc			106,000		2,271,722
Cochlear Ltd.			43,600		2,750,588
CSL Ltd.			134,400		9,441,026
Fortescue Metals Group Ltd.	†		596,600		1,309,919
GPT Group (The) REIT			1,119,500		3,961,964
Insurance Australia Group Ltd.			596,700		3,029,754
Investa Office Fund REIT			1,282,300		3,785,639
Oil Search Ltd.			166,000		1,064,490
QBE Insurance Group Ltd.			688,159		6,248,751
Stockland REIT			1,077,200		3,599,878
Suncorp Group Ltd.			225,000		2,570,353
Telstra Corp. Ltd.			532,300		2,584,225
Woodside Petroleum Ltd.			122,000		3,773,133
Woolworths Ltd.	†		164,200		4,080,307

					53,887,106

Austria—0.5%
OMV AG			42,800		1,136,479
Voestalpine AG			88,400		3,492,957
Zumtobel Group AG			97,900		2,201,441

					6,830,877

Belgium—1.0%
AGFA-Gevaert NV	*		540,671		1,367,516
Anheuser-Busch InBev NV			74,688		8,405,490
Telenet Group Holding NV	*		39,358		2,208,681
UCB SA			33,921		2,579,266

					14,560,953

Brazil—1.2%
Ambev SA ADR			72,524		451,099
CCR SA			544,300		3,155,392
Cia Brasileira de Distribuicao (Preference) ADR			26,500		975,995
Cia Hering			62,900		479,168
Cielo SA			213,980		3,354,355
CPFL Energia SA ADR			136,300		1,849,591
EcoRodovias Infraestrutura e Logistica SA			269,700		1,081,560
Natura Cosmeticos SA			67,000		802,780
Petroleo Brasileiro SA			198,500		748,240
Souza Cruz SA			165,000		1,199,233
TOTVS SA			86,600		1,140,245
Vale SA ADR			18,700		152,966
Vale SA ADR			29,100		238,038
Vale SA (Preference) ADR			289,900		2,104,674

					17,733,336

Canada—2.3%
BCE, Inc.			135,400		6,209,427
Canadian Natural Resources Ltd.			65,000		2,009,640
Canfor Corp.	*		129,600		3,306,373
CI Financial Corp.			104,200		2,896,039
Encana Corp.			154,700		2,153,123
Gluskin Sheff + Associates, Inc.			115,300		2,748,026
Husky Energy, Inc.			154,800		3,664,142


		Shares		Value

Stantec, Inc.			99,400	$	2,731,832
Suncor Energy, Inc.			217,300		6,901,678
Western Forest Products, Inc.			1,068,500		2,483,173

					35,103,453

Chile—0.1%
Enersis SA ADR			132,300		2,120,769

China—3.0%
AAC Technologies Holdings, Inc.			222,000		1,180,653
Alibaba Group Holding Ltd. ADR	*		7,346		763,543
Baidu, Inc. ADR	*		69,920		15,939,662
China Shenhua Energy Co. Ltd., H Shares			1,947,366		5,746,506
CNOOC Ltd.			4,358,000		5,892,754
ENN Energy Holdings Ltd.			206,000		1,165,407
Hengan International Group Co. Ltd.			319,500		3,331,174
Industrial & Commercial Bank of China Ltd., H Shares			2,664,000		1,945,232
Mindray Medical International Ltd. ADR			13,200		348,480
Mindray Medical International Ltd. ADR			78,900		2,082,960
Ping An Insurance Group Co. of China Ltd., H Shares			169,064		1,711,865
Tencent Holdings Ltd.			398,900		5,771,657

					45,879,893

Denmark—1.5%
A.P. Moller-Maersk A/S, Class A			1,467		2,807,289
A.P. Moller-Maersk A/S, Class B			1,555		3,092,820
Chr Hansen Holding A/S			63,510		2,813,708
Coloplast A/S, Class B			32,245		2,698,406
DSV A/S			88,688		2,700,461
Novo Nordisk A/S, Class B			138,500		5,858,520
Rockwool International A/S, Class B			3,242		364,372
Vestas Wind Systems A/S	*		81,327		2,953,531

					23,289,107

Faroe Islands—0.2%
Bakkafrost P/F			159,100		3,574,652

Finland—0.8%
Huhtamaki Oyj			134,500		3,538,558
Kone Oyj, Class B			125,500		5,713,731
Nokia Oyj			370,800		2,932,586

					12,184,875

France—6.9%
Air Liquide SA			43,230		5,349,267
AXA SA			86,100		1,984,006
Cie de Saint-Gobain			248,750		10,537,261
Danone SA			71,377		4,666,489
Essilor International SA			51,100		5,698,637
Etablissements Maurel et Prom	*		170,300		1,591,601

See accompanying notes to financial statements.

260

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint International Fund		Shares		Value

COMMON STOCKS—(Continued)
Eurazeo SA			46,500	$	3,256,676
Ipsen SA			42,200		2,184,333
L’Oreal SA			43,065		7,207,870
LVMH Moet Hennessy Louis Vuitton SA			45,075		7,139,957
Orange SA			756,222		12,860,851
Pernod Ricard SA			9,372		1,041,582
Publicis Groupe SA			181		12,980
Sanofi			145,874		13,299,401
Schneider Electric SE			34,575		2,518,071
Total SA			269,908		13,827,932
UBISOFT Entertainment	*		122,200		2,227,762
Valeo SA			31,400		3,907,109
Vinci SA			29,041		1,585,712
Zodiac Aerospace	†		134,641		4,533,066

					105,430,563

Germany—7.1%
adidas AG			78,000		5,416,752
Allianz SE (Registered)			15,409		2,552,134
BASF SE			32,224		2,702,979
Bayer AG (Registered)			108,145		14,741,078
Beiersdorf AG			40,215		3,265,218
Continental AG			19,632		4,140,836
Daimler AG (Registered)			101,520		8,431,647
Deutsche Post AG (Registered)			117,485		3,813,787
Deutsche Telekom AG (Registered)			885,489		14,168,125
Duerr AG			44,064		3,872,347
Fresenius SE & Co. KGaA			56,670		2,946,502
Krones AG			37,936		3,688,829
Linde AG			46,740		8,609,621
Merck KGaA			31,000		2,917,360
MTU Aero Engines AG			11,994		1,042,346
RWE AG			180,508		5,571,319
SAP SE			247,866		17,308,081
Siemens AG (Registered)			28,279		3,173,013

					108,361,974

Hong Kong—4.7%
AIA Group Ltd.			2,932,400		16,173,558
ASM Pacific Technology Ltd.			105,500		1,004,512
Beijing Enterprises Holdings Ltd.			761,000		5,951,560
Belle International Holdings Ltd.	†		2,259,837		2,538,361
Cheung Kong Holdings Ltd.			209,000		3,500,086
China Mobile Ltd.			1,239,734		14,520,691
China Resources Power Holdings Co. Ltd.			1,376,000		3,509,798
CLP Holdings Ltd.			801,500		6,940,515
Hang Lung Properties Ltd.			1,740,000		4,854,091
HKT Trust & HKT Ltd. (STAPLED SECURITY)			2,227,000		2,896,119
Hong Kong & China Gas Co. Ltd.			2,698,182		6,147,385
Hopewell Holdings Ltd.			331,000		1,204,882
Sino Land Co. Ltd.			1,297,000		2,082,081

					71,323,639


		Shares		Value

India—0.9%
Axis Bank Ltd. GDR			48,446	$	1,875,066
ICICI Bank Ltd. ADR			164,700		1,902,285
Infosys Ltd. ADR			147,500		4,640,350
Larsen & Toubro Ltd. GDR			77,273		1,791,304
Tata Motors Ltd. ADR			88,600		3,746,008

					13,955,013

Indonesia—0.6%
Bank Mandiri Persero Tbk PT			1,753,900		1,525,258
Bank Rakyat Indonesia Persero Tbk PT			1,909,000		1,794,423
Bumitama Agri Ltd.			560,000		441,235
Global Mediacom Tbk PT			4,581,500		524,939
Perusahaan Gas Negara Persero Tbk PT			4,917,200		2,379,547
Semen Indonesia Persero Tbk PT			839,000		1,095,321
Telekomunikasi Indonesia Persero Tbk PT ADR			28,900		1,307,147

					9,067,870

Ireland—1.2%
Covidien plc			97,451		9,967,288
Experian plc			334,300		5,635,279
Smurfit Kappa Group plc			123,900		2,777,703

					18,380,270

Israel—1.1%
Teva Pharmaceutical Industries Ltd.			66,268		3,798,806
Teva Pharmaceutical Industries Ltd. ADR			200		11,502
Teva Pharmaceutical Industries Ltd. ADR			214,000		12,307,140

					16,117,448

Italy—1.9%
A2A SpA			3,212,900		3,255,591
ACEA SpA			240,538		2,598,081
Assicurazioni Generali SpA			157,000		3,223,657
Eni SpA			510,796		8,947,354
Industria Macchine Automatiche SpA			44,800		1,957,822
Recordati SpA			213,900		3,316,167
Snam SpA			585,000		2,895,294
Telecom Italia SpA RSP			3,819,900		3,193,610

					29,387,576

Japan—16.6%
Aeon Mall Co. Ltd.			52,100		923,263
Aisin Seiki Co. Ltd.			75,300		2,705,410
Bridgestone Corp.			77,334		2,682,093
Canon, Inc.			387,700		12,322,563
Daikin Industries Ltd.	†		93,600		6,002,014
Daito Trust Construction Co. Ltd.			83,100		9,426,686
Daiwa House Industry Co. Ltd.			175,000		3,305,968
Denso Corp.			97,100		4,525,621
FANUC Corp.			29,700		4,896,948
FUJIFILM Holdings Corp.			133,400		4,070,509
Honda Motor Co. Ltd.	†		542,100		15,904,285

See accompanying notes to financial statements.

261

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint International Fund		Shares		Value

COMMON STOCKS—(Continued)
IHI Corp.			1,219,000	$	6,173,575
INPEX Corp.			392,000		4,364,125
Japan Airlines Co. Ltd.			80,800		2,395,644
JFE Holdings, Inc.			106,200		2,368,354
Kao Corp.			235,900		9,302,613
Kawasaki Heavy Industries Ltd.			263,930		1,200,233
KDDI Corp.			62,300		3,913,938
Keyence Corp.			13,892		6,190,203
Komatsu Ltd.			243,700		5,387,703
Komori Corp.			235,700		2,679,717
Kuroda Electric Co. Ltd.			179,800		2,478,093
Kyowa Exeo Corp.			189,200		2,017,761
Lintec Corp.			110,400		2,440,385
LIXIL Group Corp.			104,600		2,201,385
Medipal Holdings Corp.			204,900		2,393,169
Mitsubishi Corp.			126,800		2,320,456
Mitsui & Co. Ltd.			245,100		3,282,657
MS&AD Insurance Group Holdings, Inc.			148,600		3,521,555
NGK Insulators Ltd.			185,000		3,792,186
Nippon Telegraph & Telephone Corp.			65,727		3,357,508
Nissan Motor Co. Ltd.			390,600		3,406,723
NTT DOCOMO, Inc.			564,800		8,225,215
Olympus Corp.	*†		197,500		6,918,493
Ono Pharmaceutical Co. Ltd.			14,500		1,283,765
ORIX Corp.			258,000		3,246,362
Paltac Corp.			219,000		2,523,009
Panasonic Corp.			277,100		3,263,805
Seiko Epson Corp.			86,400		3,615,341
Seven & i Holdings Co. Ltd.			279,400		10,050,394
Shimamura Co. Ltd.			44,700		3,857,474
Shin-Etsu Chemical Co. Ltd.			91,300		5,943,609
Showa Corp.	†		225,400		2,082,103
SoftBank Corp.			68,355		4,068,715
Sompo Japan Nipponkoa Holdings, Inc.			98,600		2,479,565
Sumitomo Rubber Industries Ltd.			268,300		3,988,566
T&D Holdings, Inc.			256,800		3,078,481
Takeda Pharmaceutical Co. Ltd.			294,300		12,183,374
Tokai Rika Co. Ltd.			135,100		2,835,889
Tokio Marine Holdings, Inc.			567,500		18,431,094
Toyoda Gosei Co. Ltd.			124,200		2,498,189
Toyota Motor Corp.			144,900		9,029,790

					251,556,576

Kazakhstan—0.1%
KazMunaiGas Exploration Production JSC GDR			92,845		1,355,634

Korea, Republic of—2.5%
Dongbu Insurance Co. Ltd.	*		45,344		2,264,380
Hankook Tire Worldwide Co. Ltd.	*		196,398		4,347,920
Hanwha Corp.	*		162,276		4,588,057
Hyundai Marine & Fire Insurance Co. Ltd.	*		71,640		1,694,991


		Shares		Value

Hyundai Mobis Co. Ltd.	*		18,853	$	4,033,539
Hyundai Motor Co.			8,297		1,267,418
Korea Electric Power Corp.	*		93,339		3,596,633
Korea Gas Corp.	*		35,896		1,614,183
LG Display Co. Ltd.			114,559		3,474,503
LG Electronics, Inc.			53,904		2,887,433
LG Household & Health Care Ltd.			2,000		1,135,106
NAVER Corp.			1,456		932,473
Orion Corp.	*		31		28,623
Samsung Electronics Co. Ltd.			2,049		2,463,399
Samsung Electronics Co. Ltd. GDR			2,080		1,248,515
SK Holdings Co. Ltd.	*		14,814		2,198,810

					37,775,983

Luxembourg—0.1%
Millicom International Cellular SA SDR			10,000		740,951
Tenaris SA ADR			23,100		697,851

					1,438,802

Macau—0.2%
MGM China Holdings Ltd.			602,200		1,520,504
Sands China Ltd.			432,400		2,104,986

					3,625,490

Malaysia—0.7%
AMMB Holdings Bhd			1,652,400		3,103,190
Genting Malaysia Bhd			1,286,000		1,493,331
Guinness Anchor Bhd			227,000		795,560
Tenaga Nasional Bhd			942,400		3,711,600
Top Glove Corp. Bhd			830,700		1,073,471

					10,177,152

Mexico—1.2%
America Movil SAB de CV, Series L ADR			44,900		995,882
Coca-Cola Femsa SAB de CV ADR			11,700		1,012,284
Fibra Uno Administracion SA de CV REIT			1,319,100		3,887,450
Grupo Financiero Santander Mexico SAB de CV, Class B ADR			135,600		1,404,816
Grupo Financiero Santander Mexico SAB de CV, Class B ADR			43,800		453,768
Grupo Televisa SAB ADR	*		222,592		7,581,484
Kimberly-Clark de Mexico SAB de CV, Class A			504,300		1,096,873
Wal-Mart de Mexico SAB de CV, Series V			565,200		1,215,158

					17,647,715

Netherlands—2.9%
ASML Holding NV			81,203		8,773,779
Heineken Holding NV			52,400		3,280,321
Koninklijke Ahold NV			768,633		13,660,812
Royal Dutch Shell plc, Class A			395,768		13,190,614
Royal Dutch Shell plc, Class A			79,200		2,643,132

See accompanying notes to financial statements.

262

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint International Fund		Shares		Value

COMMON STOCKS—(Continued)
Royal Dutch Shell plc, Class B			81,100	$	2,802,090

					44,350,748

New Zealand—0.3%
Air New Zealand Ltd.			1,969,600		3,783,141

Norway—0.5%
Statoil ASA	†		111,900		1,970,205
TGS Nopec Geophysical Co. ASA	†		76,400		1,649,991
Yara International ASA			86,100		3,834,240

					7,454,436

Peru—0.1%
Credicorp Ltd.			11,856		1,899,094

Philippines—0.2%
Jollibee Foods Corp.			103,490		494,730
Philippine Long Distance Telephone Co. ADR			45,100		2,854,379
Philippine Long Distance Telephone Co. ADR			2,700		170,883

					3,519,992

Russia—0.2%
Gazprom OAO ADR			339,212		1,555,279
Sberbank of Russia ADR			182,846		708,162
Sberbank of Russia ADR			59,222		229,367

					2,492,808

Singapore—1.9%
Boustead Singapore Ltd.			1,674,900		2,252,877
DBS Group Holdings Ltd.			394,605		6,109,009
Singapore Telecommunications Ltd.			3,279,000		9,624,866
United Overseas Bank Ltd.			550,327		10,155,764

					28,142,516

South Africa—0.4%
Bidvest Group Ltd. (The)			75,680		1,978,569
Mondi plc			125,400		2,037,183
Shoprite Holdings Ltd.			82,000		1,186,765
Woolworths Holdings Ltd.			188,686		1,251,316

					6,453,833

Spain—2.7%
Gamesa Corp. Tecnologica SA	*		220,200		1,987,717
Grifols SA			35,695		1,424,357
Grifols SA ADR			29,611		1,006,478
Grifols SA, Class B			2,427		81,974
Iberdrola SA			2,121,443		14,300,105
Inditex SA			190,900		5,445,497
Telefonica SA			1,118,954		16,065,409

					40,311,537

Sweden—1.6%
Autoliv, Inc. SDR			3,771		402,386
Hennes & Mauritz AB, Class B			211,800		8,799,235
Hexpol AB			38,900		3,660,945
Investor AB, Class A			92,900		3,339,264


		Shares		Value

Svenska Cellulosa AB SCA, Class B			109,600	$	2,362,833
Swedbank AB, Class A			91,774		2,276,998
Telefonaktiebolaget LM Ericsson, Class B			298,500		3,614,270

					24,455,931

Switzerland—9.2%
ABB Ltd. (Registered)	*		633,290		13,399,239
Actelion Ltd. (Registered)	*		30,246		3,481,952
Ascom Holding AG (Registered)			147,617		2,252,982
Chocoladefabriken Lindt & Sprungli AG (Participation Certificates)			727		3,594,630
Geberit AG (Registered)			11,587		3,919,915
Kuehne + Nagel International AG (Registered)			19,800		2,689,540
Lonza Group AG (Registered)	*		21,715		2,444,928
Nestle SA (Registered)			345,308		25,173,304
Novartis AG (Registered)			242,174		22,460,059
Roche Holding AG			12,186		3,283,166
Roche Holding AG (Genusschein)			43,699		11,839,904
SGS SA (Registered)			2,150		4,390,236
Swatch Group AG (The) (Bearer)			5,600		2,487,836
Swiss Life Holding AG (Registered)	*		17,669		4,176,099
Syngenta AG (Registered)			41,467		13,338,178
Wolseley plc			76,800		4,390,794
Zurich Insurance Group AG	*		52,507		16,408,561

					139,731,323

Taiwan—1.2%
Asustek Computer, Inc.			208,000		2,269,490
MediaTek, Inc.			116,000		1,686,342
Taiwan Mobile Co. Ltd.			953,000		3,146,746
Taiwan Semiconductor Manufacturing Co. Ltd.			937,000		4,127,927
Taiwan Semiconductor Manufacturing Co. Ltd. ADR			330,100		7,387,638

					18,618,143

Thailand—0.2%
BEC World PCL	‡		475,600		736,059
PTT Exploration & Production PCL	‡		183,200		620,385
PTT PCL	‡		189,500		1,856,375

					3,212,819

Turkey—0.3%
Tupras Turkiye Petrol Rafinerileri AS			98,856		2,338,916
Turk Telekomunikasyon AS			868,287		2,701,247

					5,040,163

United Arab Emirates—0.1%
Dragon Oil plc			274,400		2,247,702

United Kingdom—14.5%
3i Group plc			428,600		2,988,531
Babcock International Group plc			203,316		3,330,777

See accompanying notes to financial statements.

263

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint International Fund		Shares		Value

COMMON STOCKS—(Continued)
Barratt Developments plc			316,500	$	2,303,525
BG Group plc			326,000		4,362,434
BP plc			2,144,157		13,610,193
British American Tobacco plc			20,300		1,100,076
BT Group plc			1,097,027		6,823,576
Compass Group plc			344,000		5,879,952
Croda International plc			91,804		3,789,155
Diageo plc			194,474		5,571,110
EnQuest plc	*		1,190,800		656,566
Fiat Chrysler Automobiles NV	*		277,400		3,223,312
GlaxoSmithKline plc			623,913		13,385,174
Hammerson plc REIT			265,100		2,482,638
HSBC Holdings plc (London Exchange)			506,709		4,788,276
Imperial Tobacco Group plc			63,700		2,804,041
Indivior plc	*		64,500		150,191
InterContinental Hotels Group plc			63,261		2,545,391
Intertek Group plc			59,600		2,157,044
Johnson Matthey plc			108,777		5,722,841
Liberty Global plc, Series A	*		13,813		693,482
Liberty Global plc, Series A	*		80,635		4,048,280
Liberty Global plc, Series C	*		34,078		1,646,308
Liberty Global plc, Series C	*		123,582		5,970,246
Lloyds Banking Group plc	*		1,707,886		2,008,918
Londonmetric Property plc REIT			1,066,500		2,529,995
National Grid plc			971,533		13,785,356
Next plc			21,600		2,290,829
Pace plc			760,599		4,078,149
Prudential plc			134,893		3,118,656
Reckitt Benckiser Group plc			64,500		5,224,106
Reed Elsevier NV			340,912		8,141,187
Rolls-Royce Holdings plc	*		653,850		8,783,713
SABMiller plc			208,106		10,848,806
SABMiller plc			52,442		2,730,859
Saga plc	*		59,242		142,227
Schroders plc (Non-Voting Shares)			72,000		2,316,905
Severn Trent plc			103,500		3,228,087
Sky plc			235,100		3,281,131
Smith & Nephew plc			147,000		2,650,782
Standard Chartered plc (Hong Kong Exchange)			46,354		689,895
Standard Chartered plc (London Exchange)			255,098		3,815,219
Tesco plc			3,206,045		9,347,864
Unilever NV CVA			68,904		2,695,368
Unilever plc			334,628		13,595,324
Vodafone Group plc			1,822,599		6,249,012
Whitbread plc			51,200		3,789,117
WPP plc			201,919		4,198,231

					219,572,855

United States—0.8%
Cognizant Technology Solutions Corp., Class A	*		63,369		3,337,012
Flextronics International Ltd.	*		219,100		2,449,538
Schlumberger Ltd.			30,837		2,633,788
Yum! Brands, Inc.			52,300		3,810,055


		Shares		Value

Yum! Brands, Inc.			1,500	$	109,275

					12,339,668

TOTAL COMMON STOCKS
(Cost $1,378,957,407)					1,474,393,435


PREFERRED STOCKS—0.4%
Germany—0.4%
Draegerwerk AG & Co. KGaA	†		16,123		1,642,155
Henkel AG & Co. KGaA			31,659		3,410,241

					5,052,396

United Kingdom—0.0%
Rolls-Royce Holdings plc	*‡		32,230,260		50,234

TOTAL PREFERRED STOCKS
(Cost $4,580,800)					5,102,630


RIGHTS—0.0%
France—0.0%
LVMH Moet Hennessy Louis Vuitton SA, Expires 12/17/2015, Strike EUR 1.00	*‡
(Cost $—)			29,700		515,886


MONEY MARKET FUNDS—3.5%
Institutional Money Market Funds—3.5%
Dreyfus Institutional Cash Advantage Fund, 0.06%	††¥		3,200,000		3,200,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11%	¥		34,092,224		34,092,224
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11%	††¥		3,283,065		3,283,065
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.07%	††¥		3,200,000		3,200,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.07%	††¥		3,200,000		3,200,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.08%	††¥		3,200,000		3,200,000

See accompanying notes to financial statements.

264

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint International Fund		Shares		Value

MONEY MARKET FUNDS—(Continued)
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥		3,200,000	$	3,200,000

TOTAL MONEY MARKET FUNDS
(Cost $53,375,289)					53,375,289

TOTAL INVESTMENTS—101.0%
(Cost $1,436,913,496)					1,533,387,240
Other assets less liabilities—(1.0%)					(15,155,340	)

NET ASSETS—100.0%				$	1,518,231,900

Notes to the Schedule of Investments:


ADR		American Depositary Receipt
CVA		Dutch Certificate of Shares
GDR		Global Depositary Receipt
REIT		Real Estate Investment Trust
RSP		Risparmio (Italian Savings Shares)
SDR		Swedish Depository Receipt
†		Denotes all or a portion of the security on loan.
*		Non-income producing.
‡		Security valued at fair value as determined by policies approved by the Board of Directors. (Total Market Value $3,778,939)
††		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.

265

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint International Fund
Percentage of Portfolio by Industry (unaudited):

COMMON STOCKS
Pharmaceuticals			8.3%
Oil, Gas & Consumable Fuels			7.4%
Insurance			6.1%
Diversified Telecommunication Services			5.4%
Chemicals			4.1%
Food Products			3.5%
Banks			3.1%
Automobiles			3.0%
Wireless Telecommunication Services			3.0%
Food & Staples Retailing			2.7%
Machinery			2.6%
Media			2.6%
Health Care Equipment & Supplies			2.3%
Beverages			2.2%
Auto Components			2.2%
Electric Utilities			2.1%
Technology Hardware, Storage & Peripherals			1.7%
Multi-Utilities			1.7%
Personal Products			1.6%
Real Estate Management & Development			1.6%
Semiconductors & Semiconductor Equipment			1.5%
Building Products			1.5%
Electrical Equipment			1.5%
Internet Software & Services			1.5%
Specialty Retail			1.4%
Hotels, Restaurants & Leisure			1.4%
Software			1.4%
Real Estate Investment Trusts (REITs)			1.3%
Professional Services			1.0%
Industrial Conglomerates			1.0%
Biotechnology			1.0%
Textiles, Apparel & Luxury Goods			1.0%
Aerospace & Defense			0.9%
Diversified Financial Services			0.9%
Electronic Equipment, Instruments & Components			0.9%
Gas Utilities			0.9%
Metals & Mining			0.9%
Trading Companies & Distributors			0.8%
Communications Equipment			0.8%
Capital Markets			0.7%
IT Services			0.7%
Household Durables			0.6%
Marine			0.6%
Household Products			0.6%
Paper & Forest Products			0.5%
Energy Equipment & Services			0.5%
Containers & Packaging			0.4%
Airlines			0.4%
Health Care Providers & Services			0.4%
Construction & Engineering			0.4%
Transportation Infrastructure			0.3%
Air Freight & Logistics			0.3%
Tobacco			0.3%
Life Sciences Tools & Services			0.2%
Independent Power and Renewable Electricity Producers			0.2%
Multiline Retail			0.2%
Commercial Services & Supplies			0.2%



Distributors			0.2%
Road & Rail			0.2%
Water Utilities			0.2%
Health Care Technology			0.1%
Construction Materials			0.1%

TOTAL COMMON STOCKS			97.1%

PREFERRED STOCKS
Household Products			0.3%
Health Care Equipment & Supplies			0.1%
Aerospace & Defense			0.0%

TOTAL PREFERRED STOCKS			0.4%

RIGHTS
Textiles, Apparel & Luxury Goods			0.0%

TOTAL RIGHTS			0.0%

MONEY MARKET FUNDS
Institutional Money Market Funds			3.5%

TOTAL INVESTMENTS			101.0%
Other assets less liabilities			(1.0)%

TOTAL NET ASSETS			100.0%

See accompanying notes to financial statements.

266

SCHEDULE OF INVESTMENTS

December 31, 2014


Vantagepoint Diversifying Strategies Fund	Shares		Value

COMMON STOCKS—5.4%
Real Estate Investment Trusts (REITs)—5.4%
Acadia Realty Trust REIT		6,825	$	218,605
Alexandria Real Estate Equities, Inc. REIT		7,354		652,594
American Campus Communities, Inc. REIT		11,000		454,960
American Homes 4 Rent, Class A REIT		14,500		246,935
Apartment Investment & Management Co., Class A REIT		14,900		553,535
Ashford Hospitality Prime, Inc. REIT		2,200		37,752
Ashford Hospitality Trust, Inc. REIT		7,900		82,792
Associated Estates Realty Corp. REIT		5,900		136,939
AvalonBay Communities, Inc. REIT		13,566		2,216,549
BioMed Realty Trust, Inc. REIT		19,500		420,030
BioMed Realty Trust, Inc. REIT		700		15,078
Boston Properties, Inc. REIT		15,780		2,030,728
Brandywine Realty Trust REIT		18,400		294,032
Brixmor Property Group, Inc. REIT		14,000		347,760
Camden Property Trust REIT		8,754		646,395
CBL & Associates Properties, Inc. REIT		17,853		346,705
Cedar Realty Trust, Inc. REIT		7,000		51,380
Columbia Property Trust, Inc. REIT		13,100		332,085
Corporate Office Properties Trust REIT		9,200		261,004
Cousins Properties, Inc. REIT		21,100		240,962
CubeSmart REIT		16,600		366,362
DCT Industrial Trust, Inc. REIT		8,925		318,265
DDR Corp. REIT		30,600		561,816
DiamondRock Hospitality Co. REIT		20,600		306,322
Digital Realty Trust, Inc. REIT		13,885		920,575
Douglas Emmett, Inc. REIT		13,700		389,080
Duke Realty Corp. REIT		35,315		713,363
DuPont Fabros Technology, Inc. REIT		6,700		222,708
EastGroup Properties, Inc. REIT		3,300		208,956
Education Realty Trust, Inc. REIT		4,766		174,388
Equity Commonwealth REIT		13,100		336,277
Equity LifeStyle Properties, Inc. REIT		8,300		427,865
Equity One, Inc. REIT		7,800		197,808
Equity Residential REIT		37,300		2,679,632



	Shares		Value

Essex Property Trust, Inc. REIT	6,536	$	1,350,338
Extra Space Storage, Inc. REIT	11,249		659,641
Federal Realty Investment Trust REIT	6,950		927,547
FelCor Lodging Trust, Inc. REIT	11,400		123,348
First Industrial Realty Trust, Inc. REIT	11,200		230,272
First Potomac Realty Trust REIT	6,100		75,396
Franklin Street Properties Corp. REIT	9,000		110,430
General Growth Properties, Inc. REIT	64,800		1,822,824
Glimcher Realty Trust REIT	15,000		206,100
HCP, Inc. REIT	47,400		2,087,022
Health Care REIT, Inc. REIT	33,647		2,546,068
Healthcare Realty Trust, Inc. REIT	10,100		275,932
Hersha Hospitality Trust REIT	19,900		139,897
Highwoods Properties, Inc. REIT	9,438		417,915
Home Properties, Inc. REIT	6,000		393,600
Hospitality Properties Trust REIT	15,700		486,700
Host Hotels & Resorts, Inc. REIT	78,174		1,858,196
Inland Real Estate Corp. REIT	8,600		94,170
Kilroy Realty Corp. REIT	8,600		594,002
Kimco Realty Corp. REIT	42,050		1,057,137
Kite Realty Group Trust REIT	8,575		246,445
LaSalle Hotel Properties REIT	11,353		459,456
Liberty Property Trust REIT	15,173		570,960
LTC Properties, Inc. REIT	3,600		155,412
Macerich Co. (The) REIT	14,400		1,201,104
Mack-Cali Realty Corp. REIT	8,500		162,010
Mid-America Apartment Communities, Inc. REIT	7,664		572,348
New York REIT, Inc. REIT	16,400		173,676
Parkway Properties, Inc. REIT	8,500		156,315
Pebblebrook Hotel Trust REIT	7,400		337,662
Pennsylvania Real Estate Investment Trust REIT	7,100		166,566
Piedmont Office Realty Trust, Inc., Class A REIT	16,200		305,208
Post Properties, Inc. REIT	5,740		337,340
Prologis, Inc. REIT	51,529		2,217,293
PS Business Parks, Inc. REIT	2,100		167,034
Public Storage REIT	14,888		2,752,047
Ramco-Gershenson Properties Trust REIT	8,000		149,920
Regency Centers Corp. REIT	9,392		599,022
Rexford Industrial Realty, Inc. REIT	3,800		59,698

See accompanying notes to financial statements.

267

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Diversifying Strategies Fund		Shares		Value

COMMON STOCKS—(Continued)
Rouse Properties, Inc. REIT			3,600	$	66,672
Saul Centers, Inc. REIT			1,300		74,347
Senior Housing Properties Trust REIT			20,750		458,783
Silver Bay Realty Trust Corp. REIT			3,800		62,928
Simon Property Group, Inc. REIT			31,970		5,822,057
SL Green Realty Corp. REIT			9,825		1,169,371
Sovran Self Storage, Inc. REIT			3,450		300,909
Strategic Hotels & Resorts, Inc. REIT	*		27,500		363,825
Sun Communities, Inc. REIT			4,500		272,070
Sunstone Hotel Investors, Inc. REIT			20,900		345,059
Tanger Factory Outlet Centers, Inc. REIT			10,036		370,931
Taubman Centers, Inc. REIT			6,451		492,985
UDR, Inc. REIT			26,100		804,402
Universal Health Realty Income Trust REIT			1,300		62,556
Ventas, Inc. REIT			30,335		2,175,020
Vornado Realty Trust REIT			17,990		2,117,603
Washington Prime Group, Inc. REIT			16,282		280,376
Washington Real Estate Investment Trust REIT			6,900		190,854
Weingarten Realty Investors REIT			11,800		412,056

TOTAL COMMON STOCKS
(Cost $52,924,741)					59,499,092


CONVERTIBLE PREFERRED STOCKS—1.4%
Diversified Telecommunication Services—0.3%
Iridium Communications, Inc., Perpetual 7.000%	*		16,500		1,932,563
Iridium Communications, Inc., Perpetual, Series B 6.750%			3,280		1,193,034

					3,125,597

Energy Equipment & Services—0.1%
McDermott International, Inc. (Panama) 6.250%	*		55,000		698,500

Health Care Equipment & Supplies—0.2%
Alere, Inc., Perpetual, Series B 3.000%			4,700		1,480,500

Health Care Providers & Services—0.1%
Amsurg Corp., Series A-1 5.250%	*		12,400		1,401,200



					Shares		Value

Oil, Gas & Consumable Fuels—0.5%
Chesapeake Energy Corp., Perpetual 5.750%			*^		2,776	$	2,881,835
Goodrich Petroleum Corp., Perpetual, Series B 5.375%			*		48,100		478,595
Halcon Resources Corp., Perpetual, Series A 5.750%			*		2,010		804,000
Penn Virginia Corp., Perpetual, Series B 6.000%			*^		16,852		1,110,126
Rex Energy Corp., Perpetual, Series A 6.000%			*		10,300		550,123

							5,824,679

Real Estate Investment Trusts (REITs)—0.2%
Crown Castle International Corp., Series A 4.500%					24,675		2,541,278

TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $17,948,382)							15,071,754



Coupon Rate	Maturity Date				Face		Value
CORPORATE OBLIGATIONS—30.9%
Aerospace & Defense—0.2%
L-3 Communications Corp.
1.500%	05/28/2017			$	1,500,000		1,486,113
TransDigm, Inc.
6.500%	07/15/2024				400,000		404,000

							1,890,113

Airlines—0.1%
United Airlines Pass Through Trust, Series 2014-2, Class B
4.625%	09/03/2022				1,020,000		999,600
		��
Auto Components—0.1%
Continental Rubber of America Corp.
4.500%	09/15/2019		^		520,000		541,280
Johnson Controls, Inc.
1.400%	11/02/2017				300,000		297,480

							838,760

Automobiles—1.1%
Chrysler Group LLC/CG Co.-Issuer, Inc.
8.000%	06/15/2019		§		1,310,000		1,383,687
Daimler Finance North America LLC
1.375%	08/01/2017		^		1,450,000		1,444,141
1.250%	01/11/2016		^		740,000		742,200
0.912%	08/01/2016		#^		580,000		583,317
Hyundai Capital America
2.125%	10/02/2017		^		465,000		467,576
1.625%	10/02/2015		^		1,010,000		1,014,329
1.450%	02/06/2017		^		1,340,000		1,335,648
Nissan Motor Acceptance Corp.
1.000%	03/15/2016		^		1,920,000		1,921,421
Volkswagen Group of America Finance LLC
1.600%	11/20/2017		^		1,020,000		1,016,979
1.250%	05/23/2017		^		2,360,000		2,349,760

							12,259,058

See accompanying notes to financial statements.

268

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Banks—9.7%
ABN AMRO Bank NV (Netherlands)
1.033%	10/28/2016	#^	$	2,580,000	$	2,600,599
ANZ New Zealand Int’l Ltd. (New Zealand)
1.400%	04/27/2017	^		370,000		369,472
1.125%	03/24/2016	^		400,000		401,464
0.753%	04/27/2017	#^		440,000		441,043
Australia & New Zealand Banking Group Ltd. (Australia)
0.792%	05/15/2018	#		2,570,000		2,578,142
Banco do Nordeste do Brasil SA (Brazil)
3.625%	11/09/2015	^		1,320,000		1,320,000
Banco Santander Chile (Chile)
1.130%	04/11/2017	#^		900,000		896,483
Bank of America Corp.
4.500%	04/01/2015			600,000		605,674
3.875%	03/22/2017			280,000		293,119
3.700%	09/01/2015			1,370,000		1,394,132
1.500%	10/09/2015			360,000		361,544
0.782%	05/02/2017	#		900,000		892,249
Bank of America Corp. MTN
1.700%	08/25/2017	§		1,240,000		1,241,079
1.317%	03/22/2018	#		1,700,000		1,713,766
1.250%	01/11/2016	§		570,000		571,143
Bank of America Corp., Series 1
3.750%	07/12/2016	§		385,000		398,915
Bank of Ireland MTN (Ireland)
2.750%	06/05/2016	EUR		1,000,000		1,240,390
Bank of Montreal MTN (Canada)
0.831%	04/09/2018	#§	$	850,000		854,247
Bank of Tokyo-Mitsubishi UFJ Ltd. (The) (Japan)
1.450%	09/08/2017	^		1,660,000		1,645,715
1.200%	03/10/2017	^		600,000		595,442
0.684%	02/26/2016	#^		1,000,000		1,001,229
0.645%	03/10/2017	#^		490,000		487,819
Banque Federative du Credit Mutuel SA (France)
1.083%	10/28/2016	#^		2,730,000		2,748,403
Barclays Bank plc (United Kingdom)
0.812%	02/17/2017	#§		1,830,000		1,832,460
BB&T Corp. MTN
1.600%	08/15/2017	§		480,000		480,047
0.892%	02/01/2019	#		1,940,000		1,942,689
BNP Paribas SA (France)
0.830%	12/12/2016	#§		2,860,000		2,866,841
Capital One Bank USA NA, Bank Note
1.150%	11/21/2016			570,000		568,209
Capital One NA, Bank Note
1.500%	09/05/2017	§		1,520,000		1,508,734
Citigroup, Inc.
4.450%	01/10/2017	§		675,000		713,876
1.932%	05/15/2018	#§		1,100,000		1,137,249
1.850%	11/24/2017			720,000		719,675
1.550%	08/14/2017	§		2,690,000		2,683,434
1.045%	04/01/2016	#		2,420,000		2,429,232
0.506%	06/09/2016	#		1,030,000		1,020,510
Citizens Bank NA MTN
1.600%	12/04/2017			1,900,000		1,892,960
Compass Bank, Bank Note
1.850%	09/29/2017	§		1,220,000		1,215,601



Coupon Rate	Maturity Date			Face		Value

Credit Agricole SA (France)
1.390%	04/15/2016	#^	$	1,350,000	$	1,362,624
1.106%	10/03/2016	#^		1,420,000		1,429,468
1.031%	04/15/2019	#^		2,300,000		2,320,095
Discover Bank
2.000%	02/21/2018	§		1,980,000		1,976,329
Fifth Third Bancorp
5.450%	01/15/2017			825,000		885,748
Fifth Third Bank/Ohio, Bank Note
1.150%	11/18/2016			600,000		599,126
0.742%	11/18/2016	#		300,000		300,774
HSBC Bank plc (United Kingdom)
0.872%	05/15/2018	#^		2,500,000		2,512,060
Huntington National Bank (The)
1.350%	08/02/2016			400,000		400,360
Huntington National Bank (The), Bank Note
1.300%	11/20/2016			1,100,000		1,095,965
Industrial & Commercial Bank of China Ltd. MTN (China)
2.351%	11/13/2017			880,000		878,864
JPMorgan Chase & Co.
5.250%	05/01/2015	§		1,335,000		1,354,149
1.134%	01/25/2018	#		1,300,000		1,311,192
0.752%	02/15/2017	#		880,000		878,236
JPMorgan Chase & Co. MTN
1.350%	02/15/2017	§		510,000		510,253
1.100%	10/15/2015	§		780,000		781,553
0.854%	02/26/2016	#		870,000		871,970
KeyBank NA
0.723%	11/25/2016	#		380,000		381,169
KeyBank NA, Bank Note
4.950%	09/15/2015	§		600,000		617,194
1.100%	11/25/2016			610,000		609,216
KeyCorp MTN
3.750%	08/13/2015			300,000		305,327
Lloyds Bank plc (United Kingdom)
2.300%	11/27/2018			420,000		424,361
Macquarie Bank Ltd. (Australia)
3.450%	07/27/2015	^		1,210,000		1,229,304
2.000%	08/15/2016	^		3,640,000		3,685,787
1.600%	10/27/2017	^		1,800,000		1,789,393
0.864%	10/27/2017	#^		1,010,000		1,011,807
Manufacturers & Traders Trust Co., Bank Note
1.400%	07/25/2017	§		1,700,000		1,698,572
1.250%	01/30/2017			680,000		678,812
0.535%	03/07/2016	#		800,000		799,880
Mitsubishi UFJ Trust & Banking Corp. (Japan)
1.600%	10/16/2017	^		1,040,000		1,032,958
Mizuho Bank Ltd. (Japan)
1.700%	09/25/2017	^		890,000		886,329
1.300%	04/16/2017	^		810,000		803,001
0.705%	09/25/2017	#^		600,000		600,856
National Australia Bank Ltd. (Australia)
1.300%	06/30/2017	^		2,700,000		2,686,081
Nederlandse Waterschapsbank NV (Netherlands)
0.750%	03/29/2016	^		775,000		777,027
PNC Bank NA, Bank Note
1.150%	11/01/2016			250,000		250,441
Regions Financial Corp.
2.000%	05/15/2018	§		1,150,000		1,139,636
Royal Bank of Scotland Group plc (United Kingdom)
2.550%	09/18/2015	§		2,400,000		2,424,449
1.197%	03/31/2017	#		2,190,000		2,197,978
Standard Chartered plc (United Kingdom)
2.400%	09/08/2019	^		2,900,000		2,896,456

See accompanying notes to financial statements.

269

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Sumitomo Mitsui Banking Corp. (Japan)
0.901%		07/19/2016	#	$	450,000	$	452,241
0.900%		01/18/2016	§		1,070,000		1,069,324
SunTrust Bank
5.200%		01/17/2017	§		895,000		958,957
0.523%		08/24/2015	#		450,000		449,170
SunTrust Bank, Bank Note
1.350%		02/15/2017	§		1,200,000		1,200,408
0.672%		02/15/2017	#		430,000		430,312
Wells Fargo & Co.
0.861%		04/23/2018	#		1,040,000		1,042,550
Wells Fargo & Co. MTN
1.150%		06/02/2017	§		1,770,000		1,761,375
Westpac Banking Corp. (Australia)
1.500%		12/01/2017	§		2,660,000		2,658,792
1.200%		05/19/2017	§		1,850,000		1,842,861

							105,924,376

Beverages—0.4%
Coca-Cola Co. (The)
0.332%		11/01/2016	#		840,000		840,677
PepsiCo, Inc.
0.444%		02/26/2016	#		980,000		981,401
SABMiller Holdings, Inc.
2.450%		01/15/2017	^		810,000		826,825
0.922%		08/01/2018	#^		550,000		552,226
Suntory Holdings Ltd. (Japan)
1.650%		09/29/2017	^		1,620,000		1,616,179

							4,817,308

Biotechnology—0.2%
Amgen, Inc.
1.250%		05/22/2017			2,660,000		2,640,555

Capital Markets—2.1%
Bank of New York Mellon Corp. (The) MTN
0.792%		08/01/2018	#		980,000		982,922
Credit Suisse MTN (Switzerland)
1.375%		05/26/2017	§		3,240,000		3,232,344
Goldman Sachs Group, Inc. (The)
5.625%		01/15/2017			1,000,000		1,072,907
3.625%		02/07/2016	§		1,575,000		1,616,473
Goldman Sachs Group, Inc. (The) MTN
1.332%		11/15/2018	#§		3,630,000		3,669,015
Hutchison Whampoa International 12 II Ltd. (Cayman Islands)
2.000%		11/08/2017	^		530,000		532,390
Macquarie Group Ltd. (Australia)
1.233%		01/31/2017	#^		2,080,000		2,100,667
Morgan Stanley
1.875%		01/05/2018			630,000		628,150
Morgan Stanley MTN
1.514%		04/25/2018	#§		3,090,000		3,141,702
0.971%		07/23/2019	#		2,520,000		2,512,699
Nomura Holdings, Inc. MTN (Japan)
1.691%		09/13/2016	#§		1,510,000		1,532,461
UBS AG MTN (Switzerland)
1.375%		08/14/2017	§		2,500,000		2,485,318

							23,507,048



Coupon Rate	Maturity Date			Face		Value

Chemicals—0.2%
Ashland, Inc.
3.875%	04/15/2018		$	940,000	$	952,925
3.000%	03/15/2016			125,000		126,250
Ecolab, Inc.
1.000%	08/09/2015			230,000		230,634
Ineos Finance plc (United Kingdom)
8.375%	02/15/2019	^		325,000		346,531
Yingde Gases Investment Ltd. (Virgin Islands, British)
8.125%	04/22/2018	^		900,000		830,412

						2,486,752

Commercial Services & Supplies—0.1%
Aramark Services, Inc.
5.750%	03/15/2020	§		720,000		747,000
Mobile Mini, Inc.
7.875%	12/01/2020	§		780,000		815,100

						1,562,100

Communications Equipment—0.2%
Cisco Systems, Inc.
1.100%	03/03/2017	§		1,420,000		1,421,356
0.734%	03/01/2019	#		400,000		402,365
0.515%	03/03/2017	#		820,000		820,583

						2,644,304

Consumer Finance—3.2%
Ally Financial, Inc.
3.250%	09/29/2017			1,710,000		1,714,275
American Express Centurion Bank
0.683%	11/13/2015	#		890,000		891,760
American Express Co.
0.823%	05/22/2018	#§		1,770,000		1,771,420
American Express Credit Corp.
0.743%	07/29/2016	#		1,600,000		1,606,618
American Express Credit Corp. MTN
1.750%	06/12/2015			190,000		191,065
1.125%	06/05/2017	§		580,000		578,380
Capital One Financial Corp.
6.150%	09/01/2016			770,000		827,799
Caterpillar Financial Services Corp. MTN
1.250%	08/18/2017	§		1,070,000		1,066,272
1.000%	11/25/2016			200,000		200,247
1.000%	03/03/2017	§		960,000		957,922
0.474%	02/26/2016	#		800,000		801,090
0.465%	03/03/2017	#		550,000		550,046
Ford Motor Credit Co. LLC
4.250%	02/03/2017	§		1,678,000		1,762,894
3.000%	06/12/2017	§		1,680,000		1,724,703
1.684%	09/08/2017			1,670,000		1,657,789
Ford Motor Credit Co. LLC, Series 1
1.070%	03/12/2019	#		410,000		408,066
General Motors Financial Co., Inc.
4.750%	08/15/2017	§		1,130,000		1,194,523
3.000%	09/25/2017			730,000		739,147
2.750%	05/15/2016			620,000		631,237
Harley-Davidson Financial Services, Inc.
1.150%	09/15/2015	^		915,000		917,655
HSBC USA, Inc.
1.135%	09/24/2018	#§		1,750,000		1,766,935
International Lease Finance Corp.
3.875%	04/15/2018	§		1,820,000		1,823,413

See accompanying notes to financial statements.

270

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
John Deere Capital Corp.
1.050%		10/11/2016		$	720,000	$	721,333
0.519%		10/11/2016	#		360,000		360,664
John Deere Capital Corp. MTN
1.400%		03/15/2017			433,000		434,412
1.125%		06/12/2017	§		1,440,000		1,435,295
1.050%		12/15/2016	§		2,720,000		2,728,688
PACCAR Financial Corp. MTN
1.100%		06/06/2017			570,000		567,990
0.835%		12/06/2018	#		560,000		563,773
0.750%		05/16/2016			380,000		380,053
0.700%		11/16/2015			910,000		912,626
Synchrony Financial
3.000%		08/15/2019			380,000		384,401
1.875%		08/15/2017			1,245,000		1,248,185
Toyota Motor Credit Corp. MTN
1.125%		05/16/2017	§		1,250,000		1,246,001

							34,766,677

Containers & Packaging—0.3%
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc. (Ireland)
3.241%		12/15/2019	#^		2,680,000		2,596,250
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
9.875%		08/15/2019			700,000		745,500

							3,341,750

Diversified Financial Services—0.2%
ERAC USA Finance LLC
1.400%		04/15/2016	^		260,000		260,692
General Electric Capital Corp. MTN
1.250%		05/15/2017			645,000		646,234
0.880%		07/12/2016	#		990,000		997,121

							1,904,047

Diversified Telecommunication Services—0.6%
British Telecommunications plc (United Kingdom)
1.625%		06/28/2016	§		430,000		433,255
1.250%		02/14/2017			200,000		199,107
CC Holdings GS V LLC/Crown Castle GS III Corp.
2.381%		12/15/2017	§		430,000		434,120
Verizon Communications, Inc.
1.771%		09/15/2016	#		900,000		916,699
1.350%		06/09/2017	§		1,870,000		1,862,455
1.013%		06/17/2019	#		540,000		543,386
0.435%		03/06/2015	#^		1,500,000		1,500,216
Windstream Corp.
7.875%		11/01/2017	§		990,000		1,075,388

							6,964,626

Electric Utilities—1.0%
Duke Energy Corp.
0.636%		04/03/2017	#§		620,000		621,175
Electricite de France SA (France)
1.150%		01/20/2017	^		620,000		619,926
0.691%		01/20/2017	#^		350,000		351,314
Georgia Power Co.
0.561%		03/15/2016	#		470,000		469,660



Coupon Rate	Maturity Date			Face		Value

NextEra Energy Capital Holdings, Inc.
2.600%	09/01/2015	§	$	2,000,000	$	2,021,144
1.339%	09/01/2015	§		2,040,000		2,046,481
1.200%	06/01/2015			130,000		130,258
NSTAR Electric Co.
0.472%	05/17/2016	#		720,000		719,669
RJS Power Holdings LLC
5.125%	07/15/2019	^		2,015,000		1,999,887
Southern California Edison Co., Series 14-B
1.125%	05/01/2017			1,100,000		1,097,842
Xcel Energy, Inc.
0.750%	05/09/2016	§		860,000		858,749

						10,936,105

Electrical Equipment—0.1%
Eaton Corp.
0.950%	11/02/2015	§		630,000		630,687

Electronic Equipment, Instruments & Components—0.0%
Amphenol Corp.
1.550%	09/15/2017			380,000		379,191

Energy Equipment & Services—0.4%
Cameron International Corp.
1.400%	06/15/2017			620,000		611,012
Freeport-McMoran Oil & Gas, LLC/FCX Oil & Gas, Inc.
6.500%	11/15/2020			727,000		788,773
Nabors Industries, Inc.
2.350%	09/15/2016	§		1,550,000		1,533,793
National Oilwell Varco, Inc.
1.350%	12/01/2017	§		930,000		918,708

						3,852,286

Food & Staples Retailing—0.5%
CVS Health Corp.
1.200%	12/05/2016			390,000		391,263
Kroger Co. (The)
2.200%	01/15/2017			750,000		762,301
0.758%	10/17/2016	#		1,700,000		1,697,990
Sysco Corp.
1.450%	10/02/2017			600,000		599,742
Walgreen Co.
1.000%	03/13/2015			350,000		350,341
Walgreens Boots Alliance, Inc.
2.700%	11/18/2019			370,000		372,297
1.750%	11/17/2017			490,000		491,555
0.682%	05/18/2016	#		870,000		870,270

						5,535,759

Food Products—0.5%
ConAgra Foods, Inc.
1.300%	01/25/2016			170,000		170,015
General Mills, Inc.
1.400%	10/20/2017			800,000		797,147
0.533%	01/29/2016	#		240,000		240,123
0.433%	01/28/2016	#		570,000		570,085
HJ Heinz Co.
4.250%	10/15/2020	§		1,200,000		1,215,000
Ingredion, Inc.
3.200%	11/01/2015			350,000		355,927
Kellogg Co.
1.125%	05/15/2015			600,000		601,662
Want Want China Finance Ltd. (Virgin Islands, British)
1.875%	05/14/2018	^		850,000		833,899

See accompanying notes to financial statements.

271

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Wm. Wrigley Jr. Co.
2.000%		10/20/2017	^	$	300,000	$	302,368

							5,086,226

Gas Utilities—0.1%
AmeriGas Partners LP/AmeriGas Finance Corp.
6.250%		08/20/2019			1,180,000		1,224,250

Health Care Equipment & Supplies—0.5%
Becton Dickinson and Co.
1.800%		12/15/2017			630,000		632,774
0.691%		06/15/2016	#		460,000		460,275
CareFusion Corp.
1.450%		05/15/2017	§		2,810,000		2,791,724
Medtronic, Inc.
1.500%		03/15/2018	^		590,000		587,636
Stryker Corp.
3.000%		01/15/2015			790,000		790,533

							5,262,942

Health Care Providers & Services—0.7%
Anthem, Inc.
2.375%		02/15/2017	§		1,645,000		1,676,441
1.250%		09/10/2015			1,060,000		1,064,469
Express Scripts Holding Co.
2.100%		02/12/2015			330,000		330,413
1.250%		06/02/2017			860,000		851,581
HCA Holdings, Inc.
7.750%		05/15/2021			400,000		427,000
McKesson Corp.
1.292%		03/10/2017	§		300,000		298,627
0.638%		09/10/2015	#		300,000		300,145
United Surgical Partners International, Inc.
9.000%		04/01/2020			930,000		1,003,237
UnitedHealth Group, Inc.
0.850%		10/15/2015			180,000		180,556
Ventas Realty LP
1.550%		09/26/2016	§		906,000		910,017
1.250%		04/17/2017			230,000		227,985

							7,270,471

Hotels, Restaurants & Leisure—0.1%
Carnival Corp. (Panama)
1.875%		12/15/2017			320,000		317,832
1.200%		02/05/2016	§		450,000		449,859
Scientific Games International, Inc.
6.625%		05/15/2021	^		400,000		280,500

							1,048,191

Household Durables—0.0%
Whirlpool Corp.
1.650%		11/01/2017			410,000		408,920

Independent Power and Renewable Electricity Producers—0.2%
AES Corp.
3.234%		06/01/2019	#§		1,780,000		1,739,950
TransAlta Corp. (Canada)
1.900%		06/03/2017			570,000		567,918

							2,307,868



Coupon Rate	Maturity Date			Face		Value

Industrial Conglomerates—0.0%
Tyco Electronics Group SA (Luxembourg)
1.600%	02/03/2015		$	310,000	$	310,013

Insurance—0.5%
Berkshire Hathaway Finance Corp.
0.950%	08/15/2016			400,000		401,477
Hartford Financial Services Group, Inc. (The)
4.000%	03/30/2015			250,000		251,991
Jackson National Life Global Funding
1.250%	02/21/2017	^		1,000,000		995,377
Pricoa Global Funding I
0.502%	08/19/2015	#^		490,000		490,475
Principal Life Global Funding II
1.000%	12/11/2015	^		1,150,000		1,153,206
Prudential Financial, Inc. MTN
1.012%	08/15/2018	#§		800,000		805,547
QBE Insurance Group Ltd. (Australia)
2.400%	05/01/2018	^		460,000		460,413
TIAA Asset Management Finance Co. LLC
2.950%	11/01/2019	^		1,180,000		1,183,604

						5,742,090

Internet Software & Services—0.2%
Alibaba Group Holding Ltd. (Cayman Islands)
2.500%	11/28/2019	^		200,000		197,529
1.625%	11/28/2017	^		900,000		896,552
Baidu, Inc. (Cayman Islands)
2.250%	11/28/2017	§		560,000		561,168

						1,655,249

IT Services—0.4%
Alliance Data Systems Corp.
5.250%	12/01/2017	^		1,000,000		1,035,000
Computer Sciences Corp.
2.500%	09/15/2015			1,190,000		1,200,950
Fidelity National Information Services, Inc.
2.000%	04/15/2018			470,000		467,831
1.450%	06/05/2017			290,000		288,546
Western Union Co. (The)
1.231%	08/21/2015	#		1,800,000		1,806,151

						4,798,478

Life Sciences Tools & Services—0.2%
Life Technologies Corp.
3.500%	01/15/2016	§		1,500,000		1,518,537
Thermo Fisher Scientific, Inc.
1.300%	02/01/2017	§		520,000		517,352

						2,035,889

Machinery—0.1%
CNH Industrial Capital LLC
3.875%	11/01/2015	§		1,400,000		1,414,000

Marine—0.1%
AP Moeller—Maersk A/S (Denmark)
2.550%	09/22/2019	^		1,450,000		1,455,672

Media—0.4%
DISH DBS Corp.
4.625%	07/15/2017			1,120,000		1,160,600
NBCUniversal Enterprise, Inc.
0.916%	04/15/2018	#^		570,000		575,206

See accompanying notes to financial statements.

272

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Thomson Reuters Corp. (Canada)
1.650%		09/29/2017	§	$	1,380,000	$	1,372,455
1.300%		02/23/2017	§		700,000		696,695

							3,804,956

Metals & Mining—0.7%
Anglo American Capital plc (United Kingdom)
1.181%		04/15/2016	#^		300,000		300,397
ArcelorMittal (Luxembourg)
4.250%		08/05/2015			250,000		254,062
FMG Resources August 2006 Pty Ltd. (Australia)
6.000%		04/01/2017	^		835,000		801,078
Freeport-McMoRan, Inc.
2.300%		11/14/2017			950,000		951,795
2.150%		03/01/2017			500,000		501,085
Glencore Finance Canada Ltd. (Canada)
2.700%		10/25/2017	^		2,480,000		2,510,720
2.050%		10/23/2015	^		630,000		634,225
Glencore Funding LLC
1.591%		01/15/2019	#^		1,880,000		1,913,616

							7,866,978

Oil, Gas & Consumable Fuels—1.5%
Boardwalk Pipelines LP
5.875%		11/15/2016	§		400,000		424,883
BP Capital Markets plc (United Kingdom)
0.742%		05/10/2018	#§		440,000		435,603
0.700%		11/06/2015			1,190,000		1,190,530
Canadian Natural Resources Ltd. (Canada)
1.750%		01/15/2018			1,050,000		1,044,588
CNOOC Finance 2013 Ltd. (Virgin Islands, British)
1.125%		05/09/2016	§		340,000		338,908
CNPC General Capital Ltd. (Virgin Islands, British)
1.133%		05/14/2017	#^		1,100,000		1,102,388
DCP Midstream Operating LP
3.250%		10/01/2015			450,000		456,562
2.700%		04/01/2019			720,000		705,504
Devon Energy Corp.
0.781%		12/15/2016	#		1,060,000		1,055,788
Enbridge, Inc. (Canada)
0.905%		10/01/2016	#		410,000		409,965
0.684%		06/02/2017	#§		640,000		637,611
Enterprise Products Operating LLC
1.250%		08/13/2015	§		320,000		320,894
Hess Corp.
1.300%		06/15/2017			710,000		699,944
Kinder Morgan, Inc.
3.050%		12/01/2019			470,000		466,790
2.000%		12/01/2017			450,000		447,530
Marathon Oil Corp.
0.900%		11/01/2015			1,080,000		1,077,068
Murphy Oil Corp.
2.500%		12/01/2017	§		500,000		497,345
Petrobras Global Finance BV (Netherlands)
2.000%		05/20/2016			1,170,000		1,120,450
Phillips 66
2.950%		05/01/2017			310,000		320,342
Rockies Express Pipeline LLC
3.900%		04/15/2015	^		770,000		768,075



Coupon Rate	Maturity Date			Face		Value

Sabine Pass LNG LP
7.500%	11/30/2016	§	$	1,140,000	$	1,191,300
SandRidge Energy, Inc.
8.750%	01/15/2020	§		445,000		307,050
WPX Energy, Inc.
5.250%	01/15/2017	§		1,145,000		1,162,175

						16,181,293

Pharmaceuticals—0.9%
AbbVie, Inc.
1.750%	11/06/2017			1,620,000		1,624,638
0.992%	11/06/2015	#		1,800,000		1,805,942
Actavis Funding SCS (Luxembourg)
1.300%	06/15/2017			1,100,000		1,080,607
Endo Finance LLC & Endo Finco, Inc.
7.000%	07/15/2019	^		1,400,000		1,466,500
Merck & Co., Inc.
0.592%	05/18/2018	#		1,400,000		1,403,529
Mylan, Inc.
1.800%	06/24/2016			270,000		271,726
1.350%	11/29/2016			440,000		438,039
Perrigo Co. plc (Ireland)
1.300%	11/08/2016	§		1,100,000		1,095,678
Zoetis, Inc.
1.150%	02/01/2016			170,000		169,893

						9,356,552

Real Estate Investment Trusts (REITs)—0.5%
ARC Properties Operating Partnership LP
2.000%	02/06/2017			1,150,000		1,097,129
Digital Realty Trust LP
4.500%	07/15/2015			1,680,000		1,696,066
Health Care REIT, Inc.
3.625%	03/15/2016	§		564,000		580,648
Healthcare Realty Trust, Inc.
6.500%	01/17/2017			840,000		917,733
Vornado Realty LP
4.250%	04/01/2015			600,000		600,000

						4,891,576

Real Estate Management & Development—0.1%
WEA Finance LLC/Westfield UK & Europe Finance plc
2.700%	09/17/2019	^		250,000		250,201
1.750%	09/15/2017	^		780,000		776,309

						1,026,510

Road & Rail—0.6%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
4.875%	11/15/2017			515,000		533,025
Hertz Corp. (The)
6.750%	04/15/2019	§		1,302,000		1,347,570
JB Hunt Transport Services, Inc.
3.375%	09/15/2015	§		970,000		986,814
2.400%	03/15/2019			600,000		600,916
Penske Truck Leasing Co. LP/PTL Finance Corp.
3.125%	05/11/2015	^		950,000		957,778
2.500%	03/15/2016	^		1,100,000		1,115,466
2.500%	06/15/2019	^		440,000		437,773
Ryder System, Inc. MTN
2.500%	03/01/2017			620,000		629,080

						6,608,422

See accompanying notes to financial statements.

273

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Semiconductors & Semiconductor Equipment—0.3%
TSMC Global Ltd. (Virgin Islands, British)
1.625%		04/03/2018	^	$	510,000	$	501,361
0.950%		04/03/2016	^		2,760,000		2,748,795

							3,250,156

Software—0.0%
Autodesk, Inc.
1.950%		12/15/2017	§		490,000		491,872

Specialty Retail—0.1%
AutoZone, Inc.
1.300%		01/13/2017	§		335,000		333,914
Michaels FinCo Holdings LLC/Michaels FinCo, Inc.
7.500%		08/01/2018	^		169,000		172,802
Michaels Stores, Inc.
5.875%		12/15/2020	^		650,000		659,750

							1,166,466

Technology Hardware, Storage & Peripherals—0.2%
Apple, Inc.
0.282%		05/03/2016	#		715,000		715,245
Hewlett-Packard Co.
2.350%		03/15/2015			600,000		601,897
1.170%		01/14/2019	#		760,000		747,729

							2,064,871

Thrifts & Mortgage Finance—0.7%
Abbey National Treasury Services plc (United Kingdom)
1.650%		09/29/2017	§		2,220,000		2,214,916
1.375%		03/13/2017			1,000,000		999,332
0.751%		03/13/2017	#		800,000		800,223
Astoria Financial Corp.
5.000%		06/19/2017	§		1,120,000		1,183,485
BPCE SA MTN (France)
1.484%		04/25/2016	#§		1,500,000		1,517,037
1.082%		02/10/2017	#		410,000		412,929
0.862%		06/23/2017	#		700,000		700,389

							7,828,311

Tobacco—0.2%
BAT International Finance plc (United Kingdom)
1.400%		06/05/2015	^		1,460,000		1,462,774
Reynolds American, Inc.
1.050%		10/30/2015			510,000		510,659

							1,973,433

Trading Companies & Distributors—0.2%
Aircastle Ltd. (Bermuda)
6.750%		04/15/2017	§		1,250,000		1,340,625
GATX Corp.
2.500%		07/30/2019	§		600,000		596,111

							1,936,736

Wireless Telecommunication Services—0.2%
SBA Communications Corp.
5.625%		10/01/2019	§		500,000		513,750
T-Mobile USA, Inc.
6.375%		03/01/2025			430,000		437,955



Coupon Rate	Maturity Date				Face		Value

5.250%	09/01/2018		§	$	1,300,000	$	1,353,625

							2,305,330

TOTAL CORPORATE OBLIGATIONS
(Cost $338,732,881)							338,654,823


FLOATING RATE LOANS—0.4%**
ARAMARK Corp., Extended Term Loan
3.250%	09/06/2019		#		1,940,000		1,915,149
Asurion LLC Non-Amortizing 1st Lien Term Loan
3.750%	03/03/2017		#		300,000		297,376
CDW LLC Term Loan
3.250%	04/29/2020		#		1,484,891		1,443,567
H.J. Heinz Co. 1st Lien Term Loan B2
3.500%	06/05/2020		#		429,696		427,855

TOTAL FLOATING RATE LOANS
(Cost $4,141,702)							4,083,947


MORTGAGE-BACKED SECURITIES—5.9%
Commercial Mortgage-Backed Securities—1.6%
American Homes 4 Rent, Series 2014-SFR1, Class A
1.250%	06/17/2031		#^		525,269		519,624
Colony American Homes, Series 2014-1A, Class A
1.400%	05/17/2031		#^		543,126		540,885
Colony American Homes, Series 2014-2A, Class A
1.112%	07/17/2031		#^		1,897,203		1,870,850
Del Coronado Trust, Series 2013-HDC, Class A
0.961%	03/15/2026		#^		1,040,000		1,038,358
Hilton USA Trust, Series 2013-HLF, Class AFL
1.157%	11/05/2030		#^		2,631,192		2,632,436
Invitation Homes Trust, Series 2013-SFR1, Class A
1.400%	12/17/2030		#^		1,199,026		1,195,720
Invitation Homes Trust, Series 2014-SFR1, Class A
1.162%	06/17/2031		#^		5,220,000		5,163,807
Invitation Homes Trust, Series 2014-SFR2, Class A
1.262%	09/17/2031		#^		3,170,000		3,138,966
LA Arena Funding LLC, Series 1, Class A
7.656%	12/15/2026^				423,921		475,119
Motel 6 Trust, Series 2012-MTL6, Class A1
1.500%	10/05/2025^				774,483		772,427
National Credit Union Administration Guaranteed Notes, Series 2010-C1, Class A1
1.600%	10/29/2020				423,207		424,219

							17,772,411

Non-Agency Mortgage-Backed Securities—1.8%
Bank of America Mortgage Securities, Inc., Series 2002-K, Class 1A4
2.686%	10/20/2032	#			467,747		474,730
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-3, Class 2A1
5.000%	04/25/2019				44,099		45,136
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR2, Class AD
1.550%	04/25/2043		#^		2,453,462		2,308,590
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR3, Class A3
1.550%	05/25/2043		#^		1,276,319		1,216,341
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2013-DN2, Class M1
1.620%	11/25/2023	#			1,687,372		1,682,917

See accompanying notes to financial statements.

274

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date				Face		Value

MORTGAGE-BACKED SECURITIES—(Continued)
Fosse Master Issuer plc, Series 2012-1A, Class 2A2 (United Kingdom)
1.632%		10/18/2054		#^	$	1,761,736	$	1,774,024
GSAMP Trust, Series 2004-SEA2, Class M1
0.820%		03/25/2034	#			1,210,952		1,212,764
JP Morgan Mortgage Trust, Series 2013-1, Class 2A2
2.500%		03/25/2043		#^		883,409		874,497
Option One Mortgage Loan Trust, Series 2005-4, Class A3
0.430%		11/25/2035		#		1,009,016		998,424
Sequoia Mortgage Trust, Series 2012-1, Class 1A1
2.865%		01/25/2042		#		793,738		798,376
Sequoia Mortgage Trust, Series 2012-2, Class A2
3.500%		04/25/2042		#		806,011		821,307
Sequoia Mortgage Trust, Series 2013-1, Class 1A1
1.450%		02/25/2043		#		1,020,604		977,636
Sequoia Mortgage Trust, Series 2013-4, Class A3
1.550%		04/25/2043		#		1,642,759		1,544,903
Springleaf Mortgage Loan Trust, Series 2012-2A, Class A
2.220%		10/25/2057		#^		457,358		464,829
Springleaf Mortgage Loan Trust, Series 2012-3A, Class A
1.570%		12/25/2059		#^		572,790		573,800
Springleaf Mortgage Loan Trust, Series 2013-1A, Class A
1.270%		06/25/2058		#^		1,767,847		1,766,203
Springleaf Mortgage Loan Trust, Series 2013-2A, Class A
1.780%		12/25/2065		#^		723,634		724,175
Structured Asset Investment Loan Trust, Series 2003-BC1, Class A2
0.850%		01/25/2033	#			1,455,818		1,395,369

								19,654,021

U.S. Government Agency Mortgage-Backed Securities—2.5%
Federal Deposit Insurance Corporation Structured Sale Guaranteed Notes, Series 2010-S1, Class 2A
3.250%		04/25/2038^				5,201,063		5,326,810
Federal Home Loan Mortgage Corp.
2.527%		12/01/2039		#		151,568		161,514
2.375%		09/01/2035		#		2,971,283		3,182,457
Federal National Mortgage Association
3.136%		07/01/2041		#		2,262,506		2,404,004
3.002%		06/01/2041		#		1,155,587		1,223,252
2.374%		03/01/2036		#		116,946		125,483
2.137%		03/01/2036		#		1,361,117		1,450,488
Federal National Mortgage Association Connecticut Avenue Securities, Series 2013-C01, Class M1
2.170%		10/25/2023		#		1,697,613		1,706,372
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C01, Class M1
1.770%		01/25/2024		#		1,838,407		1,835,606
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C02, Class 1M1
1.120%		05/25/2024		#		2,189,348		2,149,514
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C02, Class 2M1
1.120%		05/25/2024		#		1,249,742		1,226,262
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C03, Class 1M1
1.370%		07/25/2024		#		5,114,992		5,069,428



Coupon Rate	Maturity Date			Face		Value

FHLMC Multifamily Structured Pass Through Certificates, Series KF01, Class A
0.520%	04/25/2019	#	$	232,321	$	232,569
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 1A
0.607%	10/07/2020	#		986,397		992,504
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 2A
1.840%	10/07/2020			98,178		98,780
National Credit Union Administration Guaranteed Notes, Series 2011-R4, Class 1A
0.537%	03/06/2020	#		702,742		704,633

						27,889,676

TOTAL MORTGAGE-BACKED SECURITIES
(Cost $65,729,586)						65,316,108


CONVERTIBLE DEBT OBLIGATIONS—35.4%
Aerospace & Defense—0.1%
KEYW Holding Corp. (The)
2.500%	07/15/2019			1,180,000		1,070,113

Air Freight & Logistics—0.2%
UTi Worldwide, Inc. (Virgin Islands, British)
4.500%	03/01/2019	^		1,980,000		2,196,563

Automobiles—0.5%
Tesla Motors, Inc.
1.250%	03/01/2021			3,000,000		2,720,625
0.250%	03/01/2019			3,300,000		3,066,938

						5,787,563

Biotechnology—1.5%
BioMarin Pharmaceutical, Inc.
1.500%	10/15/2020			4,475,000		5,507,047
0.750%	10/15/2018			3,155,000		3,724,872
Cepheid, Inc.
1.250%	02/01/2021	^		5,230,000		5,769,344
Incyte Corp.
0.375%	11/15/2018			510,000		764,362
Ligand Pharmaceuticals, Inc.
0.750%	08/15/2019	^		1,125,000		1,103,906

						16,869,531

Building Products—0.1%
Griffon Corp.
4.000%	01/15/2017	^		1,065,000		1,205,447

Capital Markets—0.6%
Ares Capital Corp.
5.125%	06/01/2016			3,225,000		3,317,719
Walter Investment Management Corp.
4.500%	11/01/2019			4,660,000		3,541,600

						6,859,319

Communications Equipment—0.6%
Ciena Corp.
3.750%	10/15/2018	^		2,375,000		2,952,422
0.875%	06/15/2017			2,055,000		2,046,009
Palo Alto Networks, Inc.
0.000%	07/01/2019	^		1,000,000		1,268,125

						6,266,556

See accompanying notes to financial statements.

275

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date			Face		Value

CONVERTIBLE DEBT OBLIGATIONS—(Continued)
Consumer Finance—0.3%
PRA Group, Inc.
3.000%		08/01/2020		$	2,618,000	$	2,946,886

Diversified Consumer Services—0.1%
Ascent Capital Group, Inc.
4.000%		07/15/2020			2,000,000		1,653,750

Diversified Telecommunication Services—0.4%
Clearwire Communications LLC/Clearwire Finance, Inc.
8.250%		12/01/2040	^		4,165,000		4,550,262

Electric Utilities—0.2%
NRG Yield, Inc.
3.500%		02/01/2019	^		2,400,000		2,658,000

Electrical Equipment—0.3%
SolarCity Corp.
1.625%		11/01/2019	^		3,100,000		2,817,125

Electronic Equipment, Instruments & Components—0.4%
InvenSense, Inc.
1.750%		11/01/2018			1,470,000		1,467,244
TTM Technologies, Inc.
1.750%		12/15/2020			1,388,000		1,340,287
Vishay Intertechnology, Inc.
2.250%		11/15/2040	^		1,500,000		1,669,688

							4,477,219

Energy Equipment & Services—0.9%
Bristow Group, Inc.
3.000%		06/15/2038			1,305,000		1,363,725
Helix Energy Solutions Group, Inc.
3.250%		03/15/2032			372,000		414,548
Hornbeck Offshore Services, Inc.
1.500%		09/01/2019			1,935,000		1,613,306
SEACOR Holdings, Inc.
3.000%		11/15/2028			3,500,000		3,206,875
2.500%		12/15/2027			2,790,000		2,964,375

							9,562,829

Health Care Equipment & Supplies—3.1%
Alere, Inc.
3.000%		05/15/2016			2,065,000		2,157,925
Hologic, Inc., Series 2010
2.000%		12/15/2037			2,410,000		3,010,994
Hologic, Inc., Series 2012
2.000%		03/01/2042			6,475,000		7,227,719
Insulet Corp.
2.000%		06/15/2019			1,458,000		1,718,617
Integra LifeSciences Holdings Corp.
1.625%		12/15/2016			2,535,000		2,707,697
NuVasive, Inc.
2.750%		07/01/2017			7,020,000		8,959,275
Spectranetics Corp. (The)
2.625%		06/01/2034			1,925,000		2,476,031
Volcano Corp.
1.750%		12/01/2017			2,895,000		2,882,334
Wright Medical Group, Inc.
2.000%		08/15/2017			2,290,000		2,775,194

							33,915,786



Coupon Rate	Maturity Date			Face		Value

Health Care Providers & Services—2.1%
Brookdale Senior Living, Inc.
2.750%	06/15/2018		$	2,627,000	$	3,587,497
HealthSouth Corp.
2.000%	12/01/2043			3,756,000		4,194,983
Molina Healthcare, Inc.
1.625%	08/15/2044	^		1,630,000		1,821,525
1.625%	08/15/2044			2,145,000		2,397,037
1.125%	01/15/2020			810,000		1,129,950
Omnicare, Inc.
3.500%	02/15/2044			3,355,000		4,026,000
Omnicare, Inc., Series OCR
3.250%	12/15/2035			4,783,000		5,436,073

						22,593,065

Health Care Technology—0.7%
Allscripts Healthcare Solutions, Inc.
1.250%	07/01/2020			4,875,000		4,820,156
Medidata Solutions, Inc.
1.000%	08/01/2018			2,360,000		2,598,950

						7,419,106

Hotels, Restaurants & Leisure—0.3%
MGM Resorts International
4.250%	04/15/2015			2,795,000		3,305,087

Household Durables—1.5%
Jarden Corp.
1.875%	09/15/2018			1,505,000		2,367,553
1.500%	06/15/2019			3,225,000		4,265,063
1.125%	03/15/2034	^		1,881,000		2,117,301
Ryland Group, Inc. (The)
0.250%	06/01/2019			3,850,000		3,582,906
Toll Brothers Finance Corp.
0.500%	09/15/2032			4,065,000		4,166,625

						16,499,448

Industrial Conglomerates—0.5%
Siemens Financieringsmaatschappij NV (Netherlands)
1.050%	08/16/2017			5,000,000		5,467,500

Insurance—0.2%
AmTrust Financial Services, Inc.
2.750%	12/15/2044			1,875,000		1,685,156

Internet & Catalog Retail—2.0%
Ctrip.com International Ltd. (Cayman Islands)
1.250%	10/15/2018			6,195,000		6,055,613
HomeAway, Inc.
0.125%	04/01/2019	^		4,955,000		4,660,797
Priceline Group, Inc. (The)
0.900%	09/15/2021	^		5,300,000		5,061,500
0.350%	06/15/2020			3,085,000		3,455,200
Shutterfly, Inc.
0.250%	05/15/2018			3,110,000		2,960,331

						22,193,441

Internet Software & Services—3.1%
Akamai Technologies, Inc.
0.000%	02/15/2019	^		4,700,000		4,899,773
AOL, Inc.
0.750%	09/01/2019	^		3,785,000		4,026,294
Blucora, Inc.
4.250%	04/01/2019			3,060,000		2,891,700
Dealertrack Technologies, Inc.
1.500%	03/15/2017			60,000		78,112

See accompanying notes to financial statements.

276

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date			Face		Value

CONVERTIBLE DEBT OBLIGATIONS—(Continued)
j2 Global, Inc.
3.250%		06/15/2029		$	2,628,000	$	2,907,225
LinkedIn Corp.
0.500%		11/01/2019	^		780,000		824,366
Twitter, Inc.
1.000%		09/15/2021	^		1,640,000		1,437,050
0.250%		09/15/2019	^		3,870,000		3,381,413
Web.com Group, Inc.
1.000%		08/15/2018			1,815,000		1,668,666
WebMD Health Corp.
2.500%		01/31/2018			2,185,000		2,190,463
1.500%		12/01/2020			4,930,000		4,945,406
Yahoo!, Inc.
0.000%		12/01/2018			3,955,000		4,493,869

							33,744,337

IT Services—0.6%
Cardtronics, Inc.
1.000%		12/01/2020			5,320,000		5,290,075
Euronet Worldwide, Inc.
1.500%		10/01/2044	^		1,030,000		1,051,244

							6,341,319

Life Sciences Tools & Services—0.6%
Illumina, Inc.
0.500%		06/15/2021	^		3,120,000		3,549,000
0.000%		06/15/2019	^		2,890,000		3,182,612

							6,731,612

Machinery—1.1%
Chart Industries, Inc.
2.000%		08/01/2018			1,550,000		1,490,906
Greenbrier Cos., Inc. (The)
3.500%		04/01/2018			920,000		1,388,050
Meritor, Inc.
7.875%		03/01/2026			1,365,000		2,254,809
4.000%		02/15/2027			1,990,000		2,146,713
Navistar International Corp.
4.750%		04/15/2019	^		3,430,000		3,297,087
Trinity Industries, Inc.
3.875%		06/01/2036			1,010,000		1,331,938

							11,909,503

Media—0.9%
Liberty Interactive LLC
1.000%		09/30/2043	^		3,875,000		4,286,719
Liberty Media Corp.
1.375%		10/15/2023			3,630,000		3,598,238
Live Nation Entertainment, Inc.
2.500%		05/15/2019	^		2,350,000		2,488,062

							10,373,019

Metals & Mining—1.2%
Newmont Mining Corp., Series B
1.625%		07/15/2017			2,925,000		2,978,016
Royal Gold, Inc.
2.875%		06/15/2019			3,540,000		3,674,962
RTI International Metals, Inc.
1.625%		10/15/2019			6,465,000		6,315,497

							12,968,475



Coupon Rate	Maturity Date			Face		Value

Oil, Gas & Consumable Fuels—1.2%
Chesapeake Energy Corp.
2.500%	05/15/2037		$	4,050,000	$	3,953,812
Cobalt International Energy, Inc.
3.125%	05/15/2024			3,385,000		2,286,991
Energy XXI Ltd. (Bermuda)
3.000%	12/15/2018			1,295,000		391,737
Goodrich Petroleum Corp.
5.000%	10/01/2032			1,430,000		757,006
PDC Energy, Inc.
3.250%	05/15/2016	^		400,000		463,250
Scorpio Tankers, Inc. (Marshall Islands)
2.375%	07/01/2019	^		3,405,000		3,262,416
Stone Energy Corp.
1.750%	03/01/2017			2,855,000		2,496,341

						13,611,553

Personal Products—0.2%
Herbalife Ltd. (Cayman Islands)
2.000%	08/15/2019	^		2,725,000		2,011,404

Pharmaceuticals—0.9%
Depomed, Inc.
2.500%	09/01/2021			1,710,000		1,850,006
Jazz Investments I Ltd. (Bermuda)
1.875%	08/15/2021	^		4,668,000		5,304,015
Salix Pharmaceuticals Ltd.
1.500%	03/15/2019			645,000		1,179,141
Teva Pharmaceutical Finance Co. LLC, Series C
0.250%	02/01/2026			825,000		1,131,281

						9,464,443

Professional Services—0.2%
Huron Consulting Group, Inc.
1.250%	10/01/2019	^		2,375,000		2,474,453

Real Estate Investment Trusts (REITs)—1.4%
American Realty Capital Properties, Inc.
3.750%	12/15/2020			1,810,000		1,666,340
Colony Financial, Inc.
5.000%	04/15/2023			1,235,000		1,325,309
Extra Space Storage LP
2.375%	07/01/2033	^		2,855,000		3,122,656
National Health Investors, Inc.
3.250%	04/01/2021			1,540,000		1,604,488
Prologis LP
3.250%	03/15/2015			3,500,000		3,898,125
Starwood Property Trust, Inc.
4.550%	03/01/2018			3,640,000		3,885,700

						15,502,618

Real Estate Management & Development—0.6%
Forest City Enterprises, Inc.
4.250%	08/15/2018			1,735,000		1,986,575
3.625%	08/15/2020			3,975,000		4,233,375

						6,219,950

Semiconductors & Semiconductor Equipment—2.5%
Lam Research Corp.
0.500%	05/15/2016			1,995,000		2,628,412
Micron Technology, Inc., Series G
3.000%	11/15/2043			2,975,000		3,928,859
NVIDIA Corp.
1.000%	12/01/2018			8,165,000		9,425,472

See accompanying notes to financial statements.

277

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date			Face		Value

CONVERTIBLE DEBT OBLIGATIONS—(Continued)
NXP Semiconductors NV (Netherlands)
1.000%		12/01/2019	^	$	3,119,000	$	3,210,621
ON Semiconductor Corp., Series B
2.625%		12/15/2026			3,250,000		3,875,625
Photronics, Inc.
3.250%		04/01/2016			940,000		977,012
SunEdison, Inc.
0.250%		01/15/2020	^		2,850,000		2,775,188
SunPower Corp.
0.875%		06/01/2021	^		280,000		253,400
0.750%		06/01/2018			430,000		527,019

							27,601,608

Software—3.6%
Citrix Systems, Inc.
0.500%		04/15/2019	^		3,960,000		4,175,325
Electronic Arts, Inc.
0.750%		07/15/2016			2,250,000		3,400,312
Mentor Graphics Corp.
4.000%		04/01/2031			1,300,000		1,563,250
NetSuite, Inc.
0.250%		06/01/2018			3,790,000		4,263,750
Nuance Communications, Inc.
2.750%		11/01/2031			3,245,000		3,251,084
Proofpoint, Inc.
1.250%		12/15/2018			1,185,000		1,624,191
Red Hat, Inc.
0.250%		10/01/2019	^		4,035,000		4,781,475
Rovi Corp.
2.625%		02/15/2040			575,000		577,875
salesforce.com, Inc.
0.250%		04/01/2018			7,040,000		8,038,800
Synchronoss Technologies, Inc.
0.750%		08/15/2019			1,260,000		1,333,237
TiVo, Inc.
2.000%		10/01/2021	^		1,935,000		1,860,019
Verint Systems, Inc.
1.500%		06/01/2021			3,870,000		4,290,863

							39,160,181

Specialty Retail—0.1%
Restoration Hardware Holdings, Inc.
0.000%		06/15/2019	^		1,065,000		1,105,603

Technology Hardware, Storage & Peripherals—0.2%
Electronics For Imaging, Inc.
0.750%		09/01/2019	^		595,000		605,041
SanDisk Corp.
0.500%		10/15/2020			1,780,000		2,147,125

							2,752,166

Transportation Infrastructure—0.4%
Macquarie Infrastructure Co. LLC
2.875%		07/15/2019			4,310,000		4,918,788

TOTAL CONVERTIBLE DEBT OBLIGATIONS
(Cost $381,858,249)							388,890,784



Coupon Rate	Maturity Date			Face		Value

U.S. TREASURY OBLIGATIONS—12.1%
U.S. Treasury Notes—12.1%
U.S. Treasury Note
1.000%	09/15/2017		$	2,950,000	$	2,951,844
0.875%	09/15/2016	‡‡		8,000,000		8,042,496
0.875%	04/30/2017 -
	07/15/2017			45,449,000		45,455,872
0.750%	01/15/2017			27,645,000		27,666,591
0.625%	02/15/2017			2,390,000		2,384,212
0.625%	07/15/2016	‡‡		15,000,000		15,030,465
0.500%	06/15/2016	‡‡		685,000		685,588
0.500%	08/31/2016			2,500,000		2,499,220
0.375%	10/31/2016			28,000,000		27,886,264

						132,602,552

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $132,487,964)						132,602,552


GOVERNMENT RELATED OBLIGATIONS—2.0%
U.S. Government Agencies—0.8%
Federal Home Loan Bank, Series 3823
0.500%	09/28/2016			5,740,000		5,726,270
Federal Home Loan Mortgage Corp., Series 1
1.000%	07/28/2017			3,000,000		3,000,015

						8,726,285

Non-U.S. Government Agencies—0.5%
Allied Irish Banks plc MTN (Ireland)
2.875%	11/28/2016	EUR		1,000,000		1,247,103
FMS Wertmanagement AoeR (Germany)
1.125%	09/05/2017			1,300,000		1,300,097
0.625%	01/30/2017			2,290,000		2,279,258
Petrobras International Finance Co. SA (Luxembourg)
3.500%	02/06/2017	§		470,000		449,983

						5,276,441

Sovereign Debt—0.1%
Instituto de Credito Oficial (Spain)
1.125%	04/01/2016	^		1,240,000		1,241,633

Supranational—0.3%
International Bank for Reconstruction & Development
0.625%	09/26/2016			3,500,000		3,494,487

U.S. Municipal Bonds—0.2%
California Earthquake Authority Revenue Bonds (California)
1.824%	07/01/2017			1,000,000		999,610
Jobsohio Beverage Systems Ohio Statewide Liquor Profits, Series B (Ohio)
0.872%	01/01/2015			510,000		510,000

						1,509,610

Non-U.S. Regional Authority Bonds—0.1%
Province of British Columbia (Canada)
1.200%	04/25/2017			1,500,000		1,507,680

TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $21,951,899)						21,756,136


ASSET-BACKED SECURITIES—3.7%
Automobiles—2.0%
Ally Master Owner Trust Series 2013-1, Class A1
0.611%	02/15/2018	#		2,200,000		2,203,074

See accompanying notes to financial statements.

278

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date			Face		Value

ASSET-BACKED SECURITIES—(Continued)
Ally Master Owner Trust Series 2013-2, Class A
0.611%		04/15/2018	#	$	1,900,000	$	1,899,380
Capital Auto Receivables Asset Trust Series 2013-1, Class A2
0.620%		07/20/2016			616,013		616,123
Capital Auto Receivables Asset Trust Series 2013-1, Class B
1.290%		04/20/2018			370,000		369,108
Capital Auto Receivables Asset Trust Series 2013-1, Class C
1.740%		10/22/2018			380,000		381,421
Enterprise Fleet Financing LLC Series 2012-1, Class A2
1.140%		11/20/2017	^		292,823		293,023
Fifth Third Auto Trust Series 2014-1, Class A3
0.680%		04/16/2018			1,860,000		1,857,896
Ford Credit Auto Lease Trust Series 2013-B, Class A3
0.760%		09/15/2016			410,000		410,316
Hertz Fleet Lease Funding LP Series 2013-3, Class A
0.712%		12/10/2027	#^		820,000		820,468
Nissan Master Owner Trust Receivables Series 2013-A, Class A
0.461%		02/15/2018	#		5,450,000		5,445,182
Porsche Financial Auto Securitization Trust Series 2014-1, Class A3
0.670%		01/23/2018	^		6,660,000		6,658,035
Santander Drive Auto Receivables Trust Series 2011-1, Class C
3.110%		05/16/2016			897,921		899,775
World Omni Automobile Lease Securitization Trust Series 2013-A, Class A2A
0.730%		05/16/2016			443,763		444,182

							22,297,983

Credit Card—1.0%
Chase Issuance Trust Series 2007-B1, Class B1
0.411%		04/15/2019	#		2,000,000		1,988,397
Citibank Credit Card Issuance Trust Series 2003-A7, Class A7
4.150%		07/07/2017			2,700,000		2,751,216
Discover Card Execution Note Trust Series 2012-A1, Class A1
0.810%		08/15/2017			3,000,000		3,001,479
Gracechurch Card Funding plc (United Kingdom) Series 2012-1A, Class A2
1.068%		02/15/2017	#^EUR		1,200,000		1,453,698
Synchrony Credit Card Master Note Trust Series 2012-1, Class A
1.030%		01/15/2018		$	2,200,000		2,200,450

							11,395,240

Other—0.4%
CenterPoint Energy Transition Bond Co. IV LLC Series 2012-1, Class A1
0.901%		04/15/2018			1,341,167		1,343,518



Coupon Rate	Maturity Date			Face		Value

GreatAmerica Leasing Receivables Funding LLC Series 2013-1, Class C
1.830%	06/17/2019	^	$	270,000	$	269,180
Trade MAPS 1 Ltd. (Ireland) Series 2013-1A, Class A
0.862%	12/10/2018	#^		2,300,000		2,304,101

						3,916,799

Student Loan—0.3%
National Credit Union Administration Guaranteed Notes Series 2010-A1, Class A
0.512%	12/07/2020	#		1,480,354		1,482,027
Nelnet Student Loan Trust Series 2014-2A, Class A1
0.449%	06/25/2021	#^		1,273,949		1,273,650
SLM Student Loan Trust Series 2014-1, Class A1
0.450%	05/28/2019	#		573,765		573,662

						3,329,339

TOTAL ASSET-BACKED SECURITIES
(Cost $41,160,598)						40,939,361



				Shares		Value
MONEY MARKET FUNDS—2.9%
Institutional Money Market Fund—2.9%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11%		¥
(Cost $31,430,317)				31,430,317		31,430,317

TOTAL INVESTMENTS—100.1%
(Cost $1,088,366,319)						1,098,244,874
Other assets less liabilities—(0.1%)						(1,562,291	)

NET ASSETS—100.0%					$	1,096,682,583

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 $251,389,882, which represents 22.9% 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.

279

SCHEDULE OF INVESTMENTS

December 31, 2014


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date		Face		Value

CORPORATE OBLIGATIONS—24.2%
Aerospace & Defense—0.5%
Boeing Co. (The)
6.125%		02/15/2033	$	100,000	$	133,049
4.875%		02/15/2020		200,000		225,713
General Dynamics Corp.
2.250%		11/15/2022		500,000		482,817
Honeywell International, Inc.
5.700%		03/15/2036		300,000		386,100
4.250%		03/01/2021		750,000		841,501
3.350%		12/01/2023		300,000		311,744
L-3 Communications Corp.
4.950%		02/15/2021		300,000		326,499
3.950%		05/28/2024		350,000		353,584
Lockheed Martin Corp.
4.070%		12/15/2042		285,000		288,787
Northrop Grumman Corp.
4.750%		06/01/2043		720,000		807,118
3.500%		03/15/2021		300,000		312,741
1.750%		06/01/2018		500,000		496,815
Precision Castparts Corp.
2.500%		01/15/2023		200,000		192,930
Raytheon Co.
6.750%		03/15/2018		1,150,000		1,328,964
United Technologies Corp.
6.700%		08/01/2028		150,000		202,488
4.500%		06/01/2042		200,000		218,642
3.100%		06/01/2022		1,050,000		1,073,113
1.800%		06/01/2017		300,000		304,100

						8,286,705

Air Freight & Logistics—0.1%
FedEx Corp.
3.875%		08/01/2042		200,000		193,551
2.625%		08/01/2022		200,000		196,166
United Parcel Service, Inc.
6.200%		01/15/2038		300,000		400,318
2.450%		10/01/2022		400,000		392,809

						1,182,844

Airlines—0.1%
American Airlines, Inc., Series 2011-1, Class A
5.250%		01/31/2021		230,114		247,948
Continental Airlines, Inc., Series 2010-1, Class A
4.750%		01/12/2021		248,933		265,114
Delta Air Lines Pass Through Trust, Series 2010-2A
4.950%		05/23/2019		678,271		725,749
United Airlines Pass Through Trust, Series 2014-2, Class A
3.750%		09/03/2026		200,000		201,500

						1,440,311

Auto Components—0.0%
Johnson Controls, Inc.
4.250%		03/01/2021		300,000		324,705
3.625%		07/02/2024		500,000		505,350

						830,055

Automobiles—0.0%
Ford Motor Co.
7.450%		07/16/2031		200,000		272,235
4.750%		01/15/2043		200,000		211,858

						484,093



Coupon Rate	Maturity Date		Face		Value

Banks—3.4%
Associated Banc-Corp
4.250%	01/15/2025	$	400,000	$	401,902
Australia & New Zealand Banking Group Ltd. (Australia)
1.250%	01/10/2017		500,000		500,402
1.250%	06/13/2017		400,000		399,178
Bank of America Corp.
7.800%	09/15/2016		400,000		440,612
6.875%	11/15/2018		250,000		290,898
6.050%	05/16/2016		890,000		942,755
5.875%	01/05/2021		400,000		464,385
5.750%	08/15/2016		700,000		745,502
5.625%	07/01/2020		500,000		569,976
5.490%	03/15/2019		100,000		110,860
4.000%	04/01/2024		500,000		521,216
3.875%	03/22/2017		700,000		732,796
Bank of America Corp. MTN
6.875%	04/25/2018		500,000		574,721
5.875%	02/07/2042		300,000		376,814
5.000%	05/13/2021		300,000		335,216
4.875%	04/01/2044		750,000		831,952
4.250%	10/22/2026		400,000		399,653
3.625%	03/17/2016		500,000		514,199
3.300%	01/11/2023		500,000		500,563
Bank of America Corp., Series L MTN
5.650%	05/01/2018		500,000		555,911
Bank of America NA, Bank Note
1.250%	02/14/2017		1,000,000		998,219
Bank of Montreal MTN (Canada)
2.500%	01/11/2017		400,000		409,866
1.300%	07/14/2017		650,000		647,659
Bank of Nova Scotia (The) (Canada)
1.450%	04/25/2018		300,000		296,965
1.250%	04/11/2017		750,000		747,982
Barclays Bank plc (United Kingdom)
5.125%	01/08/2020		500,000		561,241
Barclays plc (United Kingdom)
2.750%	11/08/2019		400,000		397,926
BB&T Corp.
5.250%	11/01/2019		500,000		557,599
BB&T Corp. MTN
2.450%	01/15/2020		500,000		498,550
1.600%	08/15/2017		400,000		400,040
BNP Paribas SA (France)
4.250%	10/15/2024		400,000		404,921
BNP Paribas SA MTN (France)
2.400%	12/12/2018		600,000		606,279
1.375%	03/17/2017		1,000,000		997,727
BNP Paribas SA, Bank Note (France)
5.000%	01/15/2021		400,000		453,004
Capital One Bank USA NA
8.800%	07/15/2019		500,000		624,053
2.300%	06/05/2019		400,000		397,314
Capital One Bank USA NA, Bank Note
1.200%	02/13/2017		400,000		396,737
Citigroup, Inc.
8.500%	05/22/2019		300,000		374,173
8.125%	07/15/2039		500,000		767,984
6.625%	06/15/2032		350,000		437,235
6.125%	11/21/2017		750,000		836,870
6.125%	08/25/2036		300,000		358,766
6.000%	08/15/2017		600,000		664,226
5.500%	09/13/2025		200,000		221,755
5.375%	08/09/2020		400,000		455,178

See accompanying notes to financial statements.

280

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
4.500%		01/14/2022		$	500,000	$	547,207
4.050%		07/30/2022			300,000		310,903
3.953%		06/15/2016			1,000,000		1,038,436
3.875%		10/25/2023			200,000		208,268
Citizens Bank NA MTN
1.600%		12/04/2017			500,000		498,148
Commonwealth Bank of Australia (Australia)
1.125%		03/13/2017			350,000		348,952
Corpbanca SA (Chile)
3.875%		09/22/2019	^		400,000		401,858
Discover Bank
7.000%		04/15/2020			200,000		235,974
Discover Bank, Bank Note
4.250%		03/13/2026			200,000		208,244
Fifth Third Bancorp
4.300%		01/16/2024			300,000		315,031
Fifth Third Bank/Ohio, Bank Note
2.875%		10/01/2021			400,000		400,568
First Republic Bank
2.375%		06/17/2019			500,000		502,874
HSBC Bank USA NA
4.875%		08/24/2020			400,000		442,063
HSBC Finance Capital Trust IX
5.911%		11/30/2035	#		500,000		507,500
HSBC Holdings plc (United Kingdom)
6.100%		01/14/2042			500,000		670,206
5.250%		03/14/2044			1,000,000		1,124,551
4.250%		03/14/2024			500,000		521,280
4.000%		03/30/2022			500,000		532,986
Industrial & Commercial Bank of China Ltd. MTN (China)
2.351%		11/13/2017			500,000		499,355
Intesa Sanpaolo SpA (Italy)
3.875%		01/15/2019			400,000		414,542
3.125%		01/15/2016			300,000		304,818
JPMorgan Chase & Co.
6.300%		04/23/2019			500,000		581,121
5.600%		07/15/2041			200,000		243,048
4.950%		03/25/2020			1,000,000		1,105,985
4.850%		02/01/2044			500,000		556,906
4.625%		05/10/2021			300,000		330,636
4.500%		01/24/2022			400,000		437,364
3.450%		03/01/2016			500,000		513,347
3.200%		01/25/2023			500,000		501,094
JPMorgan Chase & Co. MTN
1.350%		02/15/2017			1,400,000		1,400,694
JPMorgan Chase Bank NA, Bank Note
6.000%		10/01/2017			500,000		555,296
KeyCorp MTN
5.100%		03/24/2021			500,000		565,060
LBBW (Germany)
7.625%		02/01/2023			200,000		250,364
Lloyds Bank plc (United Kingdom)
2.350%		09/05/2019			400,000		400,151
National City Corp.
6.875%		05/15/2019			500,000		587,943
PNC Bank NA
1.500%		10/18/2017			400,000		399,822
PNC Bank NA, Bank Note
1.300%		10/03/2016			250,000		251,339
1.150%		11/01/2016			500,000		500,882



Coupon Rate	Maturity Date			Face		Value

PNC Funding Corp.
2.700%	09/19/2016		$	400,000	$	410,946
Royal Bank of Canada (Canada)
1.200%	01/23/2017			155,000		154,965
Royal Bank of Canada MTN (Canada)
2.875%	04/19/2016			300,000		308,130
1.400%	10/13/2017			500,000		498,701
1.250%	06/16/2017			500,000		498,133
Royal Bank of Scotland Group plc (United Kingdom)
6.400%	10/21/2019	†		1,000,000		1,162,712
Royal Bank of Scotland plc (The) (United Kingdom)
6.125%	01/11/2021			300,000		353,968
4.375%	03/16/2016			500,000		517,082
Sumitomo Mitsui Banking Corp. (Japan)
3.200%	07/18/2022			200,000		203,234
1.300%	01/10/2017			500,000		499,299
SunTrust Banks, Inc.
3.600%	04/15/2016			500,000		515,860
Svenska Handelsbanken AB (Sweden)
2.250%	06/17/2019			500,000		503,199
Union Bank NA
2.625%	09/26/2018			500,000		507,812
US Bancorp MTN
2.950%	07/15/2022			200,000		197,485
1.650%	05/15/2017			500,000		504,012
US Bank NA, Bank Note
1.100%	01/30/2017			500,000		499,838
Wells Fargo & Co.
5.375%	11/02/2043			350,000		399,744
4.480%	01/16/2024			784,000		837,463
3.676%	06/15/2016			400,000		415,066
1.500%	01/16/2018			500,000		497,630
1.250%	07/20/2016			560,000		562,071
Wells Fargo & Co. MTN
4.600%	04/01/2021			500,000		557,091
3.500%	03/08/2022			300,000		313,475
2.100%	05/08/2017			800,000		814,024
1.150%	06/02/2017			700,000		696,589
Wells Fargo & Co., Series M
3.450%	02/13/2023			300,000		304,369
Wells Fargo Bank NA
5.950%	08/26/2036			100,000		126,944
Wells Fargo Bank NA, Bank Note
6.600%	01/15/2038			300,000		416,904
Westpac Banking Corp. (Australia)
4.875%	11/19/2019			1,000,000		1,116,984

						57,330,326

Beverages—0.7%
Anheuser-Busch InBev Finance, Inc.
2.625%	01/17/2023			200,000		194,488
1.125%	01/27/2017			1,000,000		1,003,306
0.800%	01/15/2016			200,000		200,374
Anheuser-Busch InBev Worldwide, Inc.
8.200%	01/15/2039			300,000		464,652
7.750%	01/15/2019			500,000		606,158
6.875%	11/15/2019			300,000		361,451
5.375%	01/15/2020			500,000		566,949
3.750%	07/15/2042			200,000		188,810
Beam Suntory, Inc.
5.375%	01/15/2016			90,000		94,121
Bottling Group LLC
5.500%	04/01/2016			500,000		529,179

See accompanying notes to financial statements.

281

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Coca-Cola Co. (The)
5.350%		11/15/2017		$	500,000	$	554,829
4.875%		03/15/2019			1,050,000		1,178,366
3.150%		11/15/2020			200,000		209,367
Coca-Cola Enterprises, Inc.
4.500%		09/01/2021			300,000		330,965
Coca-Cola Femsa SAB de CV (Mexico)
2.375%		11/26/2018			350,000		357,248
Diageo Capital plc (United Kingdom)
1.125%		04/29/2018			1,000,000		979,339
Diageo Investment Corp.
7.450%		04/15/2035			750,000		1,092,209
Dr Pepper Snapple Group, Inc.
2.600%		01/15/2019			300,000		302,736
PepsiCo, Inc.
5.500%		01/15/2040			500,000		604,407
5.000%		06/01/2018			400,000		442,634
3.000%		08/25/2021			500,000		515,889
2.750%		03/01/2023			400,000		394,265

							11,171,742

Biotechnology—0.2%
Amgen, Inc.
6.900%		06/01/2038			267,000		354,872
6.150%		06/01/2018			500,000		569,546
5.850%		06/01/2017			250,000		275,530
5.150%		11/15/2041			300,000		339,422
3.875%		11/15/2021			300,000		317,417
3.625%		05/22/2024			400,000		407,363
Celgene Corp.
4.625%		05/15/2044			600,000		624,870
1.900%		08/15/2017			200,000		200,832
Gilead Sciences, Inc.
4.400%		12/01/2021			300,000		331,276
2.050%		04/01/2019			750,000		750,865

							4,171,993

Capital Markets—1.4%
Ameriprise Financial, Inc.
3.700%		10/15/2024			400,000		409,922
Bank of New York Mellon Corp. (The)
3.550%		09/23/2021			300,000		314,102
Bank of New York Mellon Corp. (The) MTN
2.300%		07/28/2016			100,000		102,226
Bank of New York Mellon Corp. (The), Series G
2.200%		05/15/2019			600,000		602,289
BlackRock, Inc.
4.250%		05/24/2021			500,000		551,975
3.375%		06/01/2022			500,000		516,425
Credit Suisse (Switzerland)
5.400%		01/14/2020			200,000		223,906
Credit Suisse MTN (Switzerland)
3.625%		09/09/2024			400,000		407,392
1.375%		05/26/2017			1,000,000		997,637
Deutsche Bank AG (Germany)
6.000%		09/01/2017			650,000		722,524
4.296%		05/24/2028	#		500,000		483,590
Goldman Sachs Group, Inc. (The)
6.750%		10/01/2037			1,000,000		1,259,790
6.250%		09/01/2017			500,000		556,670



Coupon Rate	Maturity Date		Face		Value

6.250%	02/01/2041	$	500,000	$	634,331
6.150%	04/01/2018		500,000		561,459
5.950%	01/15/2027		300,000		344,001
5.750%	01/24/2022		300,000		347,343
5.625%	01/15/2017		750,000		804,680
5.250%	07/27/2021		300,000		338,884
4.000%	03/03/2024		500,000		519,671
3.625%	02/07/2016		500,000		513,166
2.625%	01/31/2019		1,000,000		1,006,686
Goldman Sachs Group, Inc. (The) MTN
7.500%	02/15/2019		300,000		357,161
5.375%	03/15/2020		300,000		336,440
Jefferies Group LLC
6.250%	01/15/2036		230,000		227,188
5.125%	04/13/2018		300,000		316,859
Lazard Group LLC
4.250%	11/14/2020		400,000		422,127
Morgan Stanley
7.250%	04/01/2032		100,000		137,277
6.375%	07/24/2042		300,000		399,889
5.750%	01/25/2021		600,000		689,665
4.875%	11/01/2022		1,000,000		1,063,809
4.750%	03/22/2017		300,000		319,727
3.750%	02/25/2023		300,000		308,284
2.500%	01/24/2019		1,000,000		1,001,866
1.750%	02/25/2016		300,000		301,712
Morgan Stanley MTN
6.625%	04/01/2018		500,000		569,939
5.950%	12/28/2017		500,000		555,958
5.750%	10/18/2016		640,000		687,469
5.450%	01/09/2017		500,000		537,114
Nomura Holdings, Inc. (Japan)
6.700%	03/04/2020		300,000		355,078
Northern Trust Corp.
3.950%	10/30/2025		300,000		312,915
3.375%	08/23/2021		500,000		526,014
State Street Corp.
3.700%	11/20/2023		400,000		421,058
3.100%	05/15/2023		200,000		197,542
UBS AG MTN (Switzerland)
7.375%	06/15/2017		100,000		112,858
5.875%	07/15/2016		700,000		749,181
1.375%	08/14/2017		500,000		497,063

					23,622,862

Chemicals—0.5%
Agrium, Inc. (Canada)
6.125%	01/15/2041		400,000		476,232
Airgas, Inc.
2.950%	06/15/2016		200,000		204,550
2.375%	02/15/2020		300,000		295,075
CF Industries, Inc.
3.450%	06/01/2023		400,000		391,725
Cytec Industries, Inc.
3.950%	05/01/2025		135,000		136,921
Dow Chemical Co. (The)
8.550%	05/15/2019		629,000		782,736
5.250%	11/15/2041		300,000		324,744
4.125%	11/15/2021		150,000		158,720
3.000%	11/15/2022		500,000		489,379
E.I. du Pont de Nemours & Co.
4.900%	01/15/2041		200,000		219,994
4.250%	04/01/2021		300,000		328,338

See accompanying notes to financial statements.

282

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
2.800%		02/15/2023		$	300,000	$	295,623
2.750%		04/01/2016			300,000		307,443
Eastman Chemical Co.
2.700%		01/15/2020			400,000		402,733
Ecolab, Inc.
5.500%		12/08/2041			300,000		362,489
LyondellBasell Industries NV (Netherlands)
5.750%		04/15/2024			500,000		572,895
5.000%		04/15/2019			500,000		545,910
Methanex Corp. (Canada)
3.250%		12/15/2019			400,000		397,084
Monsanto Co.
5.500%		08/15/2025			200,000		230,320
Mosaic Co. (The)
5.625%		11/15/2043			400,000		460,148
Potash Corp of Saskatchewan, Inc. (Canada)
3.625%		03/15/2024	†		250,000		257,011
PPG Industries, Inc.
3.600%		11/15/2020			400,000		416,791
Praxair, Inc.
2.200%		08/15/2022			400,000		383,948
Sigma-Aldrich Corp.
3.375%		11/01/2020			360,000		372,370

							8,813,179

Commercial Services & Supplies—0.1%
Republic Services, Inc.
5.700%		05/15/2041			200,000		247,515
5.500%		09/15/2019			300,000		338,327
Waste Management, Inc.
7.000%		07/15/2028			50,000		65,466
4.750%		06/30/2020			750,000		823,081

							1,474,389

Communications Equipment—0.2%
Cisco Systems, Inc.
5.900%		02/15/2039			500,000		631,554
5.500%		02/22/2016			500,000		527,596
4.950%		02/15/2019			500,000		559,123
Harris Corp.
6.150%		12/15/2040			250,000		304,286
Juniper Networks, Inc.
3.100%		03/15/2016			400,000		408,026
Motorola Solutions, Inc.
7.500%		05/15/2025			340,000		419,266

							2,849,851

Construction Materials—0.0%
CRH America, Inc.
6.000%		09/30/2016			250,000		269,190

Consumer Finance—0.6%
American Express Co.
7.000%		03/19/2018			500,000		578,899
American Express Credit Corp.
2.125%		03/18/2019			500,000		499,871
American Express Credit Corp. MTN
2.800%		09/19/2016			400,000		411,936
American Honda Finance Corp.
2.125%		10/10/2018			500,000		503,495



Coupon Rate	Maturity Date			Face		Value

Capital One Financial Corp.
6.150%	09/01/2016		$	200,000	$	215,013
Caterpillar Financial Services Corp. MTN
2.850%	06/01/2022			300,000		300,616
2.650%	04/01/2016			400,000		409,758
1.625%	06/01/2017			300,000		302,043
Ford Motor Credit Co. LLC
5.875%	08/02/2021			500,000		579,697
5.000%	05/15/2018			200,000		217,479
4.250%	02/03/2017			200,000		210,118
4.250%	09/20/2022			200,000		212,562
3.984%	06/15/2016			300,000		310,730
3.000%	06/12/2017			300,000		307,983
1.724%	12/06/2017			400,000		396,146
1.684%	09/08/2017			400,000		397,075
HSBC USA, Inc.
2.375%	11/13/2019			500,000		500,424
2.250%	06/23/2019			500,000		499,763
John Deere Capital Corp.
1.200%	10/10/2017			300,000		298,493
1.050%	10/11/2016			750,000		751,388
John Deere Capital Corp. MTN
3.900%	07/12/2021			300,000		325,603
2.250%	06/07/2016			200,000		204,508
Toyota Motor Credit Corp. MTN
4.500%	06/17/2020			300,000		331,176
2.625%	01/10/2023			300,000		298,413
1.250%	10/05/2017			400,000		399,074
1.125%	05/16/2017			500,000		498,401

						9,960,664

Containers & Packaging—0.0%
MeadWestvaco Corp.
7.375%	09/01/2019			300,000		354,822
Packaging Corp. of America
4.500%	11/01/2023			250,000		262,344

						617,166

Diversified Consumer Services—0.0%
Massachusetts Institute of Technology
4.678%	07/01/2114			250,000		290,887
Yale University MTN
2.086%	04/15/2019			500,000		502,953

						793,840

Diversified Financial Services—1.1%
Bank One Corp.
8.000%	04/29/2027			300,000		405,621
7.625%	10/15/2026			300,000		398,379
Bear Stearns Cos. LLC (The)
7.250%	02/01/2018			350,000		403,675
6.400%	10/02/2017			400,000		448,249
4.650%	07/02/2018			400,000		433,798
Berkshire Hathaway, Inc.
2.100%	08/14/2019			500,000		503,700
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands)
5.750%	12/01/2043			300,000		359,409
4.625%	12/01/2023			400,000		425,062
3.875%	02/08/2022			400,000		426,172
3.375%	01/19/2017			300,000		313,110
2.250%	01/14/2019			500,000		504,206
GE Capital Trust I
6.375%	11/15/2067	#		130,000		140,342

See accompanying notes to financial statements.

283

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
General Electric Capital Corp.
2.950%		05/09/2016		$	400,000	$	411,808
General Electric Capital Corp. MTN
6.875%		01/10/2039			300,000		425,805
6.375%		11/15/2067	#		600,000		645,000
5.875%		01/14/2038			700,000		887,586
5.625%		09/15/2017			300,000		333,142
5.500%		01/08/2020			500,000		572,923
5.400%		02/15/2017			650,000		705,864
5.375%		10/20/2016			750,000		806,452
4.625%		01/07/2021			300,000		334,819
3.450%		05/15/2024			1,000,000		1,034,495
3.100%		01/09/2023			1,000,000		1,013,567
2.300%		01/14/2019			500,000		508,466
Intercontinental Exchange, Inc.
2.500%		10/15/2018			300,000		305,741
Leucadia National Corp.
6.625%		10/23/2043			200,000		204,647
Moody’s Corp.
2.750%		07/15/2019			500,000		504,650
Murray Street Investment Trust I
4.647%		03/09/2017			1,000,000		1,055,945
NASDAQ OMX Group, Inc. (The)
4.250%		06/01/2024			400,000		410,727
National Rural Utilities Cooperative Finance Corp.
10.375%		11/01/2018			281,000		366,369
3.050%		03/01/2016			250,000		257,045
Shell International Finance BV (Netherlands)
6.375%		12/15/2038			500,000		674,243
5.200%		03/22/2017			500,000		543,091
3.625%		08/21/2042			300,000		286,577
2.375%		08/21/2022			500,000		487,213
Voya Financial, Inc.
5.500%		07/15/2022			500,000		565,690

							18,103,588

Diversified Telecommunication Services—1.1%
AT&T, Inc.
6.150%		09/15/2034			500,000		595,612
5.800%		02/15/2019			550,000		625,291
5.550%		08/15/2041			300,000		335,506
5.500%		02/01/2018			510,000		563,386
5.350%		09/01/2040			307,000		333,622
4.450%		05/15/2021			500,000		537,953
4.350%		06/15/2045			758,000		717,539
3.900%		03/11/2024	†		400,000		411,857
2.950%		05/15/2016			500,000		512,795
1.600%		02/15/2017			400,000		401,025
British Telecommunications plc (United Kingdom)
9.625%		12/15/2030			250,000		393,471
2.350%		02/14/2019			500,000		499,768
Deutsche Telekom International Finance BV (Netherlands)
8.750%		06/15/2030			300,000		444,230
Embarq Corp.
7.082%		06/01/2016			250,000		269,495
Orange SA (France)
9.000%		03/01/2031			500,000		764,602
Qwest Corp.
6.875%		09/15/2033			400,000		403,226
6.500%		06/01/2017			250,000		273,474



Coupon Rate	Maturity Date			Face		Value

Telefonica Emisiones SAU (Spain)
5.134%	04/27/2020		$	600,000	$	664,981
Verizon Communications, Inc.
7.750%	12/01/2030			130,000		179,786
6.900%	04/15/2038			500,000		657,129
6.550%	09/15/2043			1,150,000		1,475,479
6.400%	02/15/2038			500,000		618,960
6.350%	04/01/2019			1,203,000		1,395,308
6.000%	04/01/2041			300,000		354,846
5.850%	09/15/2035			250,000		294,348
5.150%	09/15/2023			1,250,000		1,381,268
5.050%	03/15/2034			400,000		427,488
5.012%	08/21/2054	^		500,000		519,544
4.500%	09/15/2020			150,000		162,987
3.500%	11/01/2021			400,000		409,536
2.625%	02/21/2020	^		214,000		211,805
2.450%	11/01/2022			300,000		281,972
2.000%	11/01/2016			400,000		406,046
Verizon Maryland LLC, Series B
5.125%	06/15/2033			250,000		264,572

						17,788,907

Electric Utilities—1.5%
Alabama Power Co., Series Q
5.500%	10/15/2017			150,000		166,003
Arizona Public Service Co.
4.500%	04/01/2042			300,000		319,023
3.350%	06/15/2024			200,000		206,928
Cleveland Electric Illuminating Co. (The)
5.950%	12/15/2036			300,000		350,507
Cleveland Electric Illuminating Co. (The), Series D
7.880%	11/01/2017			400,000		465,157
Commonwealth Edison Co.
5.900%	03/15/2036			300,000		392,638
5.875%	02/01/2033			200,000		251,757
5.800%	03/15/2018			100,000		112,645
Connecticut Light & Power Co. (The)
4.300%	04/15/2044			250,000		271,464
Connecticut Light & Power Co. (The), Series 09-A
5.500%	02/01/2019			300,000		340,722
Constellation Energy Group, Inc.
5.150%	12/01/2020			400,000		443,448
Dominion Gas Holdings LLC
3.600%	12/15/2024			500,000		509,683
3.550%	11/01/2023			250,000		255,725
DTE Electric Co.
3.450%	10/01/2020			300,000		314,859
3.375%	03/01/2025			300,000		308,480
Duke Energy Carolinas LLC
6.450%	10/15/2032			330,000		448,016
4.300%	06/15/2020			100,000		108,836
4.000%	09/30/2042			300,000		309,144
Duke Energy Corp.
2.150%	11/15/2016			200,000		203,787
Duke Energy Florida, Inc.
6.400%	06/15/2038			350,000		485,599
Duke Energy Indiana, Inc.
3.750%	07/15/2020			300,000		318,265
Entergy Corp.
4.700%	01/15/2017			500,000		526,802
Florida Power & Light Co.
5.950%	02/01/2038			1,000,000		1,333,817
5.625%	04/01/2034			50,000		62,209
5.125%	06/01/2041			200,000		245,041

See accompanying notes to financial statements.

284

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date		Face		Value

CORPORATE OBLIGATIONS—(Continued)
4.950%		06/01/2035	$	100,000	$	115,745
Georgia Power Co., Series 07-A
5.650%		03/01/2037		200,000		250,953
Great Plains Energy, Inc.
4.850%		06/01/2021		400,000		438,560
Indiana Michigan Power Co.
7.000%		03/15/2019		250,000		295,712
Jersey Central Power & Light
5.625%		05/01/2016		500,000		528,367
Kentucky Utilities Co.
5.125%		11/01/2040		500,000		601,797
MidAmerican Energy Co.
4.400%		10/15/2044		500,000		552,182
3.700%		09/15/2023		250,000		268,098
MidAmerican Energy Co. MTN
5.800%		10/15/2036		250,000		322,925
Mississippi Power Co., Series 2012-A
4.250%		03/15/2042		300,000		305,313
NextEra Energy Capital Holdings, Inc.
6.000%		03/01/2019		250,000		285,053
4.500%		06/01/2021		200,000		217,367
Northern States Power Co.
4.125%		05/15/2044		350,000		371,900
Ohio Power Co., Series K
6.000%		06/01/2016		500,000		533,861
Oklahoma Gas & Electric Co.
4.550%		03/15/2044		250,000		280,580
Oncor Electric Delivery Co. LLC
7.500%		09/01/2038		300,000		453,148
5.000%		09/30/2017		300,000		326,107
2.150%		06/01/2019		250,000		249,152
Pacific Gas & Electric Co.
6.050%		03/01/2034		500,000		638,508
4.750%		02/15/2044		250,000		276,077
4.450%		04/15/2042		300,000		317,609
3.400%		08/15/2024		500,000		507,010
PECO Energy Co.
2.375%		09/15/2022		200,000		194,776
Potomac Electric Power Co.
7.900%		12/15/2038		200,000		326,751
PPL Capital Funding, Inc.
4.700%		06/01/2043		200,000		215,775
3.400%		06/01/2023		200,000		200,739
Progress Energy, Inc.
7.050%		03/15/2019		400,000		474,461
4.400%		01/15/2021		300,000		327,417
PSEG Power LLC
8.625%		04/15/2031		300,000		442,994
2.750%		09/15/2016		200,000		205,050
Public Service Co. of Colorado
4.300%		03/15/2044		250,000		270,275
Public Service Co. of Oklahoma, Series G
6.625%		11/15/2037		300,000		405,641
Public Service Electric & Gas Co. MTN
3.650%		09/01/2042		200,000		196,550
Sierra Pacific Power Co., Series T
3.375%		08/15/2023		350,000		364,002
South Carolina Electric & Gas Co.
5.300%		05/15/2033		150,000		180,234



Coupon Rate	Maturity Date			Face		Value

Southern California Edison Co.
6.650%	04/01/2029		$	500,000	$	655,607
4.050%	03/15/2042			300,000		312,603
Southern Co. (The)
2.150%	09/01/2019			500,000		497,331
1.300%	08/15/2017			500,000		498,265
Union Electric Co.
6.400%	06/15/2017			250,000		278,518
Virginia Electric & Power Co.
5.400%	04/30/2018			250,000		279,738
2.950%	01/15/2022			542,000		548,226
1.200%	01/15/2018			300,000		296,477
Westar Energy, Inc.
4.625%	09/01/2043			350,000		401,430
Wisconsin Electric Power
5.625%	05/15/2033			150,000		193,809
Wisconsin Power & Light Co.
4.100%	10/15/2044			350,000		364,105
Xcel Energy, Inc.
4.800%	09/15/2041			200,000		223,954

						25,241,307

Electrical Equipment—0.1%
Eaton Corp.
4.150%	11/02/2042			100,000		99,659
2.750%	11/02/2022			100,000		98,411
1.500%	11/02/2017			300,000		298,467
Emerson Electric Co.
5.000%	04/15/2019			500,000		557,800
2.625%	02/15/2023			270,000		266,805

						1,321,142

Electronic Equipment, Instruments & Components—0.1%
Arrow Electronics, Inc.
4.500%	03/01/2023			300,000		310,614
3.000%	03/01/2018			400,000		410,483
Corning, Inc.
4.750%	03/15/2042			400,000		428,636
Jabil Circuit, Inc.
4.700%	09/15/2022			200,000		200,000
Keysight Technologies, Inc.
3.300%	10/30/2019	^		400,000		397,842

						1,747,575

Energy Equipment & Services—0.4%
Baker Hughes, Inc.
7.500%	11/15/2018			1,000,000		1,194,663
Cameron International Corp.
1.400%	06/15/2017			400,000		394,201
1.150%	12/15/2016			250,000		247,504
Diamond Offshore Drilling, Inc.
4.875%	11/01/2043	†		300,000		256,489
Halliburton Co.
7.450%	09/15/2039			400,000		563,737
Nabors Industries, Inc.
2.350%	09/15/2016			150,000		148,432
Noble Holding International Ltd. (Cayman Islands)
6.200%	08/01/2040			200,000		185,066
2.500%	03/15/2017			300,000		287,142
Pride International, Inc.
6.875%	08/15/2020			200,000		224,658

See accompanying notes to financial statements.

285

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Rowan Cos., Inc.
4.875%		06/01/2022		$	250,000	$	243,643
Transocean, Inc. (Cayman Islands)
6.800%		03/15/2038	†		500,000		429,601
2.500%		10/15/2017			1,000,000		884,619
Weatherford International Ltd. (Bermuda)
9.625%		03/01/2019			400,000		474,847
6.750%		09/15/2040			300,000		280,262
4.500%		04/15/2022			300,000		267,410

							6,082,274

Food & Staples Retailing—0.4%
CVS Health Corp.
4.125%		05/15/2021			200,000		217,167
4.000%		12/05/2023			300,000		318,064
2.250%		12/05/2018			750,000		757,407
Kroger Co. (The)
7.500%		04/01/2031			200,000		270,800
5.400%		07/15/2040			200,000		230,131
2.950%		11/01/2021			400,000		397,327
Walgreen Co.
4.400%		09/15/2042			200,000		200,609
Walgreens Boots Alliance, Inc.
3.800%		11/18/2024			500,000		510,973
1.750%		11/17/2017			200,000		200,635
Wal-Mart Stores, Inc.
7.550%		02/15/2030			250,000		369,114
5.250%		09/01/2035			750,000		905,158
4.875%		07/08/2040			300,000		348,568
4.300%		04/22/2044			750,000		822,149
4.250%		04/15/2021			300,000		331,704
3.625%		07/08/2020			300,000		320,757
2.550%		04/11/2023			500,000		493,413

							6,693,976

Food Products—0.4%
Archer-Daniels Midland Co.
5.450%		03/15/2018			500,000		557,364
ConAgra Foods, Inc.
4.650%		01/25/2043			198,000		207,460
3.250%		09/15/2022			200,000		197,327
1.300%		01/25/2016			400,000		400,035
General Mills, Inc.
5.400%		06/15/2040			300,000		355,381
3.150%		12/15/2021			200,000		206,944
1.400%		10/20/2017	†		400,000		398,574
Hillshire Brands Co. (The)
2.750%		09/15/2015			300,000		302,214
Kellogg Co.
4.000%		12/15/2020			190,000		203,629
Kraft Foods Group, Inc.
6.875%		01/26/2039			380,000		503,942
6.500%		02/09/2040			200,000		257,964
5.375%		02/10/2020			209,000		237,464
Mondelez International, Inc.
6.500%		02/09/2040			139,000		185,901
4.125%		02/09/2016			100,000		103,743
4.000%		02/01/2024			500,000		524,106
2.250%		02/01/2019			750,000		747,642



Coupon Rate	Maturity Date			Face		Value

Tyson Foods, Inc.
2.650%	08/15/2019		$	750,000	$	757,636
Unilever Capital Corp.
4.250%	02/10/2021			300,000		332,564

						6,479,890

Gas Utilities—0.1%
Atmos Energy Corp.
4.125%	10/15/2044			350,000		364,378
ONE Gas, Inc.
3.610%	02/01/2024			500,000		522,886
Piedmont Natural Gas Co., Inc.
4.100%	09/18/2034			300,000		322,364
Southern California Gas Co.
5.125%	11/15/2040			400,000		482,251
4.450%	03/15/2044			200,000		225,449
Southern Natural Gas Co./Southern Natural Issuing Corp.
4.400%	06/15/2021			200,000		208,257

						2,125,585

Health Care Equipment & Supplies—0.3%
Baxter International, Inc.
5.900%	09/01/2016			400,000		430,756
3.200%	06/15/2023			300,000		302,834
2.400%	08/15/2022			300,000		286,472
Becton Dickinson and Co.
5.000%	11/12/2040			300,000		324,182
3.734%	12/15/2024			500,000		515,832
Boston Scientific Corp.
7.375%	01/15/2040			200,000		269,135
6.000%	01/15/2020			200,000		225,643
CareFusion Corp.
6.375%	08/01/2019			250,000		289,541
Covidien International Finance SA (Luxembourg)
6.000%	10/15/2017			250,000		279,954
Medtronic, Inc.
4.450%	03/15/2020			300,000		329,532
4.375%	03/15/2035	^		500,000		532,230
2.750%	04/01/2023			100,000		97,407
1.500%	03/15/2018	^		250,000		248,998
Stryker Corp.
4.375%	05/15/2044			300,000		313,322
4.100%	04/01/2043			200,000		201,696

						4,647,534

Health Care Providers & Services—0.5%
Aetna, Inc.
6.625%	06/15/2036			250,000		334,252
4.125%	11/15/2042			200,000		201,778
1.500%	11/15/2017			200,000		198,578
AmerisourceBergen Corp.
3.400%	05/15/2024			200,000		200,491
Anthem, Inc.
4.650%	01/15/2043			200,000		208,979
3.300%	01/15/2023			300,000		300,232
Cardinal Health, Inc.
4.600%	03/15/2043			200,000		211,408
3.200%	03/15/2023			300,000		298,731
1.700%	03/15/2018			300,000		298,291
Cigna Corp.
5.125%	06/15/2020			300,000		334,727
Dignity Health
3.812%	11/01/2024			400,000		413,002

See accompanying notes to financial statements.

286

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date		Face		Value

CORPORATE OBLIGATIONS—(Continued)
Express Scripts Holding Co.
6.125%		11/15/2041	$	200,000	$	252,901
4.750%		11/15/2021		200,000		221,037
Humana, Inc.
3.850%		10/01/2024		400,000		406,072
McKesson Corp.
4.883%		03/15/2044		400,000		442,396
4.750%		03/01/2021		200,000		221,433
2.850%		03/15/2023		300,000		287,058
Quest Diagnostics, Inc.
6.950%		07/01/2037		300,000		385,258
4.700%		04/01/2021		300,000		325,264
UnitedHealth Group, Inc.
6.625%		11/15/2037		300,000		411,092
6.000%		02/15/2018		500,000		563,230
5.950%		02/15/2041		200,000		261,245
5.375%		03/15/2016		200,000		211,176
1.625%		03/15/2019		400,000		394,687
Ventas Realty LP
1.250%		04/17/2017		500,000		495,621

						7,878,939

Hotels, Restaurants & Leisure—0.2%
Carnival Corp. (Panama)
3.950%		10/15/2020		400,000		419,657
Marriott International, Inc., Series N
3.125%		10/15/2021		400,000		402,872
McDonald’s Corp. MTN
5.350%		03/01/2018		500,000		556,054
Starbucks Corp.
2.000%		12/05/2018		400,000		404,641
Starwood Hotels & Resorts Worldwide, Inc.
4.500%		10/01/2034		400,000		409,281
Wyndham Worldwide Corp.
3.900%		03/01/2023		300,000		296,503
Yum! Brands, Inc.
6.875%		11/15/2037		52,000		67,386
5.350%		11/01/2043		250,000		274,424

						2,830,818

Household Durables—0.0%
Whirlpool Corp. MTN
4.850%		06/15/2021		200,000		219,785

Household Products—0.1%
Clorox Co. (The)
3.800%		11/15/2021		400,000		427,283
Kimberly-Clark Corp.
6.125%		08/01/2017		500,000		559,739
Procter & Gamble Co. (The)
5.800%		08/15/2034		250,000		333,394
5.550%		03/05/2037		250,000		324,421
4.700%		02/15/2019		500,000		557,283

						2,202,120

Independent Power and Renewable Electricity Producers—0.0%
Empresa Nacional de Electricidad SA (Chile)
4.250%		04/15/2024		500,000		504,671



Coupon Rate	Maturity Date			Face		Value

Industrial Conglomerates—0.2%
3M Co. MTN
5.700%	03/15/2037		$	100,000	$	130,258
2.000%	06/26/2022			300,000		291,055
General Electric Co.
5.250%	12/06/2017			500,000		554,884
4.125%	10/09/2042			300,000		311,860
3.375%	03/11/2024			1,000,000		1,035,085
2.700%	10/09/2022			300,000		300,644
Ingersoll-Rand Global Holding Co. Ltd.
2.875%	01/15/2019			120,000		122,008
Ingersoll-Rand Luxembourg Finance SA (Luxembourg)
4.650%	11/01/2044			100,000		102,085
Koninklijke Philips NV (Netherlands)
3.750%	03/15/2022			500,000		521,484
Roper Industries, Inc.
1.850%	11/15/2017			200,000		200,382

						3,569,745

Insurance—1.0%
AEGON Funding Co. LLC
5.750%	12/15/2020			290,000		336,093
Aflac, Inc.
3.625%	06/15/2023			400,000		410,430
Allstate Corp. (The)
3.150%	06/15/2023			1,000,000		1,006,725
American International Group, Inc.
8.175%	05/15/2058	#		300,000		408,000
6.400%	12/15/2020			156,000		186,260
6.250%	05/01/2036			400,000		520,044
2.300%	07/16/2019			650,000		651,358
American International Group, Inc. MTN
5.850%	01/16/2018			500,000		559,442
Aon plc (United Kingdom)
4.450%	05/24/2043			400,000		400,268
3.500%	06/14/2024			400,000		401,604
Arch Capital Group US, Inc.
5.144%	11/01/2043			150,000		167,972
AXA SA (France)
8.600%	12/15/2030			250,000		340,257
Berkshire Hathaway Finance Corp.
4.300%	05/15/2043			300,000		319,368
4.250%	01/15/2021			300,000		330,272
2.000%	08/15/2018			500,000		506,086
1.600%	05/15/2017			400,000		403,653
Chubb Corp. (The)
6.375%	03/29/2067	#		200,000		215,410
CNA Financial Corp.
5.750%	08/15/2021			300,000		342,375
Fidelity National Financial, Inc.
6.600%	05/15/2017			300,000		330,102
First American Financial Corp.
4.600%	11/15/2024			500,000		507,945
Hartford Financial Services Group, Inc. (The)
6.100%	10/01/2041			150,000		188,032
4.000%	10/15/2017			300,000		319,179
Hartford Financial Services Group, Inc. (The) MTN
6.000%	01/15/2019			500,000		567,565
Lincoln National Corp.
6.150%	04/07/2036			250,000		312,960
Markel Corp.
5.000%	03/30/2043			300,000		319,802
MetLife, Inc.
7.717%	02/15/2019			500,000		606,983

See accompanying notes to financial statements.

287

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date		Face		Value

CORPORATE OBLIGATIONS—(Continued)
6.750%		06/01/2016	$	600,000	$	647,077
5.700%		06/15/2035		250,000		312,559
4.875%		11/13/2043		300,000		340,183
3.600%		04/10/2024		500,000		514,129
PartnerRe Finance B LLC
5.500%		06/01/2020		90,000		101,392
Progressive Corp. (The)
6.625%		03/01/2029		150,000		200,809
Prudential Financial, Inc. MTN
6.625%		06/21/2040		100,000		131,908
5.800%		11/16/2041		200,000		243,114
5.700%		12/14/2036		250,000		298,165
5.375%		06/21/2020		300,000		338,991
3.500%		05/15/2024		400,000		407,392
Travelers Cos., Inc. (The)
6.750%		06/20/2036		500,000		706,248
Trinity Acquisition plc (United Kingdom)
4.625%		08/15/2023		500,000		518,902
Unum Group
4.000%		03/15/2024		350,000		358,135
Validus Holdings Ltd. (Bermuda)
8.875%		01/26/2040		200,000		280,353
XLIT Ltd. (Cayman Islands)
2.300%		12/15/2018		400,000		400,637

						16,458,179

Internet & Catalog Retail—0.1%
Amazon.com, Inc.
3.800%		12/05/2024		500,000		513,293
1.200%		11/29/2017		200,000		198,019
Expedia, Inc.
7.456%		08/15/2018		250,000		291,002
QVC, Inc.
5.450%		08/15/2034		350,000		342,534
3.125%		04/01/2019		120,000		120,080

						1,464,928

Internet Software & Services—0.1%
Baidu, Inc. (Cayman Islands)
2.750%		06/09/2019		400,000		399,065
eBay, Inc.
4.000%		07/15/2042		100,000		89,386
2.600%		07/15/2022		100,000		95,055
1.350%		07/15/2017		100,000		99,295
Google, Inc.
3.625%		05/19/2021		300,000		322,341
2.125%		05/19/2016		300,000		306,552

						1,311,694

IT Services—0.3%
Computer Sciences Corp.
4.450%		09/15/2022		200,000		204,915
Fidelity National Information Services, Inc.
2.000%		04/15/2018		200,000		199,077
Fiserv, Inc.
3.500%		10/01/2022		200,000		202,317
International Business Machines Corp.
7.000%		10/30/2025		300,000		396,442
5.700%		09/14/2017		500,000		557,570
3.625%		02/12/2024		250,000		260,961



Coupon Rate	Maturity Date			Face		Value

2.000%	01/05/2016		$	1,000,000	$	1,014,925
1.625%	05/15/2020			400,000		386,035
MasterCard, Inc.
2.000%	04/01/2019			200,000		199,100
Western Union Co. (The)
5.253%	04/01/2020			502,000		551,038
Xerox Corp.
6.350%	05/15/2018			500,000		565,793
4.500%	05/15/2021			200,000		214,026

						4,752,199

Leisure Products—0.0%
Hasbro, Inc.
5.100%	05/15/2044			200,000		210,257
Mattel, Inc.
2.350%	05/06/2019			300,000		299,245

						509,502

Life Sciences Tools & Services—0.1%
Agilent Technologies, Inc.
5.000%	07/15/2020			100,000		108,914
Thermo Fisher Scientific, Inc.
4.150%	02/01/2024			500,000		528,292
2.400%	02/01/2019			750,000		751,843

						1,389,049

Machinery—0.2%
Caterpillar, Inc.
4.750%	05/15/2064			500,000		546,788
3.803%	08/15/2042			385,000		379,957
3.400%	05/15/2024			500,000		514,876
Deere & Co.
4.375%	10/16/2019			1,000,000		1,092,871
Dover Corp.
5.375%	03/01/2041			300,000		374,780
Illinois Tool Works, Inc.
3.500%	03/01/2024			350,000		365,007
Parker-Hannifin Corp. MTN
3.500%	09/15/2022			100,000		104,748

						3,379,027

Media—1.3%
21st Century Fox America, Inc.
8.000%	10/17/2016			150,000		167,573
7.750%	12/01/2045			200,000		301,978
6.200%	12/15/2034			1,000,000		1,280,874
6.150%	02/15/2041			300,000		383,176
5.650%	08/15/2020			500,000		574,310
CBS Corp.
7.875%	07/30/2030			250,000		350,282
5.750%	04/15/2020			200,000		228,317
4.850%	07/01/2042			250,000		254,332
1.950%	07/01/2017			300,000		301,119
Comcast Corp.
7.050%	03/15/2033			1,000,000		1,395,372
6.500%	01/15/2017			750,000		828,553
6.450%	03/15/2037			500,000		667,407
6.300%	11/15/2017			700,000		793,316
5.650%	06/15/2035			200,000		248,649
4.500%	01/15/2043			200,000		213,929
2.850%	01/15/2023	†		500,000		497,551
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
6.375%	03/01/2041			500,000		586,582
5.200%	03/15/2020			200,000		221,403

See accompanying notes to financial statements.

288

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date		Face		Value

CORPORATE OBLIGATIONS—(Continued)
3.800%		03/15/2022	$	300,000	$	305,689
3.500%		03/01/2016		400,000		410,550
Discovery Communications LLC
5.625%		08/15/2019		400,000		449,516
Grupo Televisa SAB (Mexico)
5.000%		05/13/2045		200,000		204,448
Historic TW, Inc.
9.150%		02/01/2023		300,000		408,655
Interpublic Group of Cos., Inc. (The)
4.200%		04/15/2024		250,000		256,192
NBCUniversal Media LLC
6.400%		04/30/2040		200,000		268,914
5.950%		04/01/2041		250,000		322,669
4.375%		04/01/2021		250,000		275,327
Omnicom Group, Inc.
5.900%		04/15/2016		500,000		529,326
Thomson Reuters Corp. (Canada)
6.500%		07/15/2018		300,000		341,243
Time Warner Cable, Inc.
8.750%		02/14/2019		1,000,000		1,238,955
6.750%		06/15/2039		200,000		262,339
5.850%		05/01/2017		400,000		436,858
4.500%		09/15/2042		300,000		309,614
Time Warner Entertainment Co. LP
8.375%		03/15/2023		250,000		337,002
8.375%		07/15/2033		250,000		376,226
Time Warner, Inc.
7.700%		05/01/2032		400,000		566,669
5.875%		11/15/2016		700,000		759,106
5.375%		10/15/2041		250,000		283,381
4.050%		12/15/2023		750,000		788,259
Viacom, Inc.
6.875%		04/30/2036		300,000		381,981
4.500%		03/01/2021		200,000		215,001
4.375%		03/15/2043		200,000		184,879
2.750%		12/15/2019		225,000		225,701
2.500%		12/15/2016		300,000		306,662
Walt Disney Co. (The) MTN
4.125%		06/01/2044		500,000		526,734
3.750%		06/01/2021		200,000		216,380
3.700%		12/01/2042		200,000		197,572
2.350%		12/01/2022		200,000		196,463
1.100%		12/01/2017		250,000		248,679
Walt Disney Co. (The), Series B MTN
7.000%		03/01/2032		210,000		304,742
WPP Finance 2010 (United Kingdom)
3.750%		09/19/2024		300,000		301,716

						21,732,171

Metals & Mining—0.5%
Barrick PD Australia Finance Pty Ltd. (Australia)
5.950%		10/15/2039		400,000		384,421
BHP Billiton Finance USA Ltd. (Australia)
6.500%		04/01/2019		500,000		588,236
5.000%		09/30/2043		350,000		398,326
4.125%		02/24/2042		400,000		392,574
1.625%		02/24/2017		400,000		403,518
Freeport-McMoRan, Inc.
3.875%		03/15/2023		800,000		755,050
3.550%		03/01/2022		400,000		378,397
2.300%		11/14/2017		500,000		500,944



Coupon Rate	Maturity Date			Face		Value

Goldcorp, Inc. (Canada)
3.625%	06/09/2021		$	400,000	$	401,214
Newmont Mining Corp.
6.250%	10/01/2039			200,000		203,511
3.500%	03/15/2022	†		400,000		376,252
Rio Tinto Alcan, Inc. (Canada)
6.125%	12/15/2033			150,000		182,566
Rio Tinto Finance USA Ltd. (Australia)
3.500%	11/02/2020			226,000		234,798
Rio Tinto Finance USA plc (United Kingdom)
4.750%	03/22/2042			300,000		308,315
3.500%	03/22/2022			500,000		500,651
2.250%	12/14/2018			400,000		401,183
2.000%	03/22/2017	†		500,000		506,277
Southern Copper Corp.
7.500%	07/27/2035			250,000		283,748
Teck Resources Ltd. (Canada)
5.200%	03/01/2042			300,000		246,098
3.000%	03/01/2019	†		300,000		292,692
Vale Overseas Ltd. (Cayman Islands)
6.875%	11/21/2036			400,000		423,676
6.250%	01/23/2017			500,000		533,820
4.625%	09/15/2020			500,000		507,723

						9,203,990

Multiline Retail—0.2%
Dollar General Corp.
1.875%	04/15/2018			500,000		483,526
Kohl’s Corp.
4.000%	11/01/2021	†		300,000		311,972
Macy’s Retail Holdings, Inc.
6.900%	04/01/2029			100,000		127,597
6.650%	07/15/2024			100,000		124,237
5.900%	12/01/2016			500,000		542,759
4.300%	02/15/2043			200,000		194,564
Nordstrom, Inc.
4.000%	10/15/2021			100,000		107,135
Target Corp.
6.350%	11/01/2032			500,000		657,506
6.000%	01/15/2018			500,000		563,799
4.000%	07/01/2042			200,000		204,015

						3,317,110

Multi-Utilities—0.3%
Ameren Illinois Co.
2.700%	09/01/2022			400,000		394,568
Berkshire Hathaway Energy Co.
6.125%	04/01/2036			200,000		252,078
Consolidated Edison Co. of New York, Inc., Series 06-C
5.500%	09/15/2016			500,000		537,799
Consolidated Edison Co. of New York, Inc., Series 09-C
5.500%	12/01/2039			300,000		361,406
Consumers Energy Co.
3.125%	08/31/2024			500,000		502,731
Dominion Resources, Inc.
2.500%	12/01/2019			400,000		401,629
Dominion Resources, Inc., Series C
4.900%	08/01/2041			300,000		328,810
NiSource Finance Corp.
5.450%	09/15/2020			500,000		563,352
5.250%	02/15/2043			300,000		345,226
Puget Sound Energy, Inc.
4.434%	11/15/2041			300,000		328,062

See accompanying notes to financial statements.

289

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Sempra Energy
6.150%		06/15/2018		$	250,000	$	283,549

							4,299,210

Oil, Gas & Consumable Fuels—2.2%
Alberta Energy Co. Ltd. (Canada)
7.375%		11/01/2031			400,000		473,241
Anadarko Petroleum Corp.
8.700%		03/15/2019			500,000		613,029
Apache Corp.
5.250%		02/01/2042			500,000		502,101
Apache Finance Canada Corp. (Canada)
7.750%		12/15/2029			150,000		206,632
Boardwalk Pipelines LP
3.375%		02/01/2023			200,000		182,509
BP Capital Markets plc (United Kingdom)
4.500%		10/01/2020			300,000		325,003
3.814%		02/10/2024			350,000		352,945
3.245%		05/06/2022			200,000		196,926
3.200%		03/11/2016			400,000		410,902
2.750%		05/10/2023			500,000		468,421
2.237%		05/10/2019			500,000		499,907
1.846%		05/05/2017			200,000		201,757
Buckeye Partners LP
2.650%		11/15/2018			250,000		246,458
Canadian Natural Resources Ltd. (Canada)
5.850%		02/01/2035			500,000		548,703
3.450%		11/15/2021			200,000		197,600
Cenovus Energy, Inc. (Canada)
5.700%		10/15/2019			200,000		220,559
CenterPoint Energy Resources Corp.
4.500%		01/15/2021			434,000		476,564
Chevron Corp.
3.191%		06/24/2023			400,000		408,202
2.355%		12/05/2022			400,000		388,581
1.345%		11/15/2017			500,000		500,755
0.889%		06/24/2016			300,000		300,745
CNOOC Finance 2013 Ltd. (Virgin Islands, British)
4.250%		05/09/2043			200,000		197,053
3.000%		05/09/2023			200,000		189,626
1.750%		05/09/2018			200,000		196,958
1.125%		05/09/2016			200,000		199,358
ConocoPhillips Canada Funding Co. I (Canada)
5.950%		10/15/2036			500,000		626,458
5.625%		10/15/2016			500,000		540,001
ConocoPhillips Co.
4.300%		11/15/2044			500,000		525,259
ConocoPhillips Holding Co.
6.950%		04/15/2029			500,000		667,729
Continental Resources, Inc.
4.500%		04/15/2023			400,000		381,107
3.800%		06/01/2024	†		300,000		268,880
Devon Energy Corp.
7.950%		04/15/2032			350,000		483,737
5.600%		07/15/2041			100,000		111,487
Ecopetrol SA (Colombia)
4.250%		09/18/2018			500,000		521,250
4.125%		01/16/2025			400,000		381,000
El Paso Pipeline Partners Operating Co. LLC
4.700%		11/01/2042			200,000		181,266



Coupon Rate	Maturity Date			Face		Value

Enable Midstream Partners LP
5.000%	05/15/2044	^	$	350,000	$	330,923
Enbridge Energy Partners LP
9.875%	03/01/2019			300,000		379,845
Encana Corp. (Canada)
5.150%	11/15/2041			300,000		275,865
3.900%	11/15/2021			300,000		296,100
Energy Transfer Partners LP
6.500%	02/01/2042			400,000		461,335
5.200%	02/01/2022			300,000		321,329
Enterprise Products Operating LLC
5.950%	02/01/2041			200,000		235,974
5.100%	02/15/2045			250,000		269,857
4.450%	02/15/2043			200,000		198,388
3.350%	03/15/2023			300,000		297,255
3.200%	02/01/2016			200,000		204,791
2.550%	10/15/2019			400,000		396,415
Enterprise Products Operating LLC, Series D
6.875%	03/01/2033			150,000		192,972
EOG Resources, Inc.
4.100%	02/01/2021			300,000		322,339
Exxon Mobil Corp.
3.176%	03/15/2024			400,000		413,462
Hess Corp.
7.300%	08/15/2031			250,000		311,404
1.300%	06/15/2017			400,000		394,334
Kerr-McGee Corp.
7.875%	09/15/2031			750,000		1,027,990
Kinder Morgan Energy Partners LP
6.550%	09/15/2040			300,000		341,878
6.500%	02/01/2037			300,000		338,243
5.950%	02/15/2018			300,000		331,438
5.000%	03/01/2043			200,000		190,684
4.150%	03/01/2022			500,000		504,639
3.500%	09/01/2023			400,000		380,437
Magellan Midstream Partners LP
4.200%	12/01/2042			200,000		186,878
Marathon Oil Corp.
5.900%	03/15/2018			455,000		506,102
Marathon Petroleum Corp.
5.000%	09/15/2054			400,000		378,233
Nexen Energy ULC (Canada)
6.400%	05/15/2037			500,000		624,796
Noble Energy, Inc.
5.250%	11/15/2043			300,000		305,801
Occidental Petroleum Corp.
2.700%	02/15/2023			300,000		285,655
1.750%	02/15/2017			750,000		754,715
ONEOK Partners LP
6.150%	10/01/2016			160,000		171,860
3.375%	10/01/2022			300,000		278,163
Petrobras Global Finance BV (Netherlands)
7.250%	03/17/2044			250,000		248,125
4.375%	05/20/2023			400,000		345,032
3.250%	03/17/2017			350,000		330,750
Petro-Canada (Canada)
5.950%	05/15/2035			100,000		115,964
Phillips 66
4.300%	04/01/2022			400,000		422,934
Pioneer Natural Resources Co.
3.950%	07/15/2022			200,000		198,279
Plains All American Pipeline LP/PAA Finance Corp.
4.300%	01/31/2043			200,000		189,067
2.850%	01/31/2023			400,000		378,914

See accompanying notes to financial statements.

290

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Statoil ASA (Norway)
5.100%		08/17/2040		$	300,000	$	348,303
3.150%		01/23/2022			500,000		505,500
2.650%		01/15/2024			300,000		292,010
1.250%		11/09/2017			500,000		497,300
1.150%		05/15/2018			300,000		294,468
Suncor Energy, Inc. (Canada)
7.150%		02/01/2032			500,000		657,337
Sunoco Logistics Partners Operations LP
4.950%		01/15/2043			200,000		192,362
3.450%		01/15/2023			200,000		192,127
Talisman Energy, Inc. (Canada)
6.250%		02/01/2038			300,000		305,495
Tennessee Gas Pipeline Co. LLC
7.000%		10/15/2028			350,000		424,784
Texas Eastern Transmission LP
7.000%		07/15/2032			150,000		201,944
Total Capital International SA (France)
3.700%		01/15/2024			250,000		259,355
2.875%		02/17/2022			400,000		396,587
2.100%		06/19/2019			300,000		300,449
Total Capital SA (France)
4.450%		06/24/2020			300,000		329,532
TransCanada PipeLines Ltd. (Canada)
6.350%		05/15/2067	#		1,000,000		972,500
5.850%		03/15/2036			500,000		572,892
3.750%		10/16/2023			400,000		401,207
Valero Energy Corp.
6.625%		06/15/2037			500,000		592,176
6.125%		06/15/2017			250,000		274,761
Western Gas Partners LP
2.600%		08/15/2018			250,000		251,081
Williams Cos., Inc. (The)
7.875%		09/01/2021			230,000		266,041
Williams Partners LP
6.300%		04/15/2040			100,000		112,239
5.250%		03/15/2020			100,000		108,676
4.500%		11/15/2023			350,000		353,838

							36,434,838

Paper & Forest Products—0.1%
International Paper Co.
7.500%		08/15/2021			500,000		624,124
7.300%		11/15/2039			1,000,000		1,330,268

							1,954,392

Pharmaceuticals—0.8%
AbbVie, Inc.
4.400%		11/06/2042			300,000		310,754
2.900%		11/06/2022			300,000		295,872
2.000%		11/06/2018			300,000		299,268
1.750%		11/06/2017			300,000		300,859
Actavis Funding SCS (Luxembourg)
1.300%		06/15/2017			300,000		294,711
Actavis, Inc.
6.125%		08/15/2019			500,000		567,697
AstraZeneca plc (United Kingdom)
5.900%		09/15/2017			250,000		280,487
4.000%		09/18/2042			300,000		299,460



Coupon Rate	Maturity Date		Face		Value

Bristol-Myers Squibb Co.
5.875%	11/15/2036	$	155,000	$	198,923
3.250%	08/01/2042		200,000		175,979
Eli Lilly & Co.
6.770%	01/01/2036		250,000		351,794
GlaxoSmithKline Capital plc (United Kingdom)
2.850%	05/08/2022		300,000		300,510
GlaxoSmithKline Capital, Inc.
2.800%	03/18/2023		1,200,000		1,187,045
Johnson & Johnson
4.950%	05/15/2033		200,000		241,898
4.850%	05/15/2041		200,000		240,763
3.550%	05/15/2021		200,000		216,567
2.150%	05/15/2016		200,000		204,171
Merck & Co., Inc.
6.550%	09/15/2037		200,000		285,220
6.500%	12/01/2033		250,000		347,911
3.600%	09/15/2042		200,000		193,826
2.400%	09/15/2022		200,000		195,529
1.100%	01/31/2018		200,000		197,956
Merck Sharp & Dohme Corp.
5.000%	06/30/2019		500,000		565,022
Mylan, Inc.
5.400%	11/29/2043		250,000		278,508
1.350%	11/29/2016		250,000		248,886
Novartis Capital Corp.
4.400%	05/06/2044		230,000		258,856
Novartis Securities Investment Ltd. (Bermuda)
5.125%	02/10/2019		500,000		561,940
Perrigo Co. plc (Ireland)
2.300%	11/08/2018		300,000		300,038
Pfizer, Inc.
4.400%	05/15/2044		350,000		382,326
3.400%	05/15/2024		350,000		364,862
3.000%	06/15/2023		1,000,000		1,013,138
Pharmacia Corp.
6.500%	12/01/2018		350,000		409,438
Sanofi (France)
2.625%	03/29/2016		400,000		409,828
Teva Pharmaceutical Finance Co. LLC
6.150%	02/01/2036		250,000		310,249
Teva Pharmaceutical Finance IV LLC
2.250%	03/18/2020		200,000		196,695
Wyeth LLC
6.500%	02/01/2034		250,000		338,067
Zoetis, Inc.
4.700%	02/01/2043		200,000		204,345
3.250%	02/01/2023		300,000		296,449
1.150%	02/01/2016		300,000		299,812

					13,425,659

Real Estate Investment Trusts (REITs)—0.8%
Alexandria Real Estate Equities, Inc.
2.750%	01/15/2020		500,000		495,795
American Tower Corp.
4.500%	01/15/2018		500,000		531,370
3.500%	01/31/2023		400,000		387,154
AvalonBay Communities, Inc.
3.625%	10/01/2020		300,000		312,415
AvalonBay Communities, Inc. MTN
2.850%	03/15/2023		300,000		291,025
Boston Properties LP
4.125%	05/15/2021		300,000		320,223
3.125%	09/01/2023		450,000		440,221

See accompanying notes to financial statements.

291

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date		Face		Value

CORPORATE OBLIGATIONS—(Continued)
Brandywine Operating Partnership LP
3.950%		02/15/2023	$	300,000	$	303,057
CBL & Associates LP
4.600%		10/15/2024		400,000		405,882
CubeSmart LP
4.375%		12/15/2023		300,000		318,396
DDR Corp.
4.625%		07/15/2022		200,000		213,832
Duke Realty LP
3.875%		10/15/2022		200,000		206,294
ERP Operating LP
5.375%		08/01/2016		500,000		533,068
3.000%		04/15/2023		200,000		195,413
Federal Realty Investment Trust
2.750%		06/01/2023		200,000		192,998
HCP, Inc.
4.250%		11/15/2023		400,000		421,254
HCP, Inc. MTN
6.700%		01/30/2018		250,000		284,908
Health Care REIT, Inc.
6.125%		04/15/2020		300,000		345,254
4.500%		01/15/2024		200,000		212,181
Highwoods Realty LP
3.200%		06/15/2021		400,000		398,105
Hospitality Properties Trust
5.000%		08/15/2022		300,000		316,607
Host Hotels & Resorts LP
6.000%		10/01/2021		300,000		345,455
Kimco Realty Corp.
3.125%		06/01/2023		200,000		196,309
Lexington Realty Trust
4.400%		06/15/2024		400,000		405,176
Liberty Property LP
3.375%		06/15/2023		300,000		293,006
National Retail Properties, Inc.
3.900%		06/15/2024		400,000		408,733
Omega Healthcare Investors, Inc.
4.950%		04/01/2024		350,000		365,974
Realty Income Corp.
5.875%		03/15/2035		200,000		241,648
Regency Centers LP
3.750%		06/15/2024		200,000		203,922
Simon Property Group LP
4.750%		03/15/2042		400,000		442,928
4.375%		03/01/2021		400,000		439,796
2.800%		01/30/2017		500,000		515,105
2.200%		02/01/2019		400,000		402,474
Ventas Realty LP/Ventas Capital Corp.
4.250%		03/01/2022		400,000		420,916
Vornado Realty LP
2.500%		06/30/2019		500,000		496,191
Weyerhaeuser Co.
7.375%		03/15/2032		300,000		400,481
WP Carey, Inc.
4.600%		04/01/2024		350,000		368,177

						13,071,743

Real Estate Management & Development—0.0%
Tanger Properties LP
3.750%		12/01/2024		500,000		504,891



Coupon Rate	Maturity Date			Face		Value

Road & Rail—0.4%
Burlington Northern Santa Fe LLC
7.950%	08/15/2030		$	300,000	$	433,023
5.650%	05/01/2017			500,000		548,731
5.150%	09/01/2043			350,000		405,183
3.450%	09/15/2021			200,000		209,000
Canadian National Railway Co. (Canada)
2.950%	11/21/2024			100,000		100,007
2.250%	11/15/2022			300,000		290,518
Canadian Pacific Railway Co. (Canada)
7.250%	05/15/2019			300,000		359,017
CSX Corp.
7.375%	02/01/2019			300,000		359,578
6.000%	10/01/2036			334,000		421,307
4.500%	08/01/2054			500,000		526,120
Norfolk Southern Corp.
5.900%	06/15/2019			300,000		344,676
4.800%	08/15/2043			350,000		391,239
3.850%	01/15/2024			200,000		210,683
3.250%	12/01/2021			200,000		205,027
Ryder System, Inc. MTN
2.350%	02/26/2019			400,000		397,629
Union Pacific Corp.
4.821%	02/01/2044			557,000		638,530
3.750%	03/15/2024			500,000		535,752

						6,376,020

Semiconductors & Semiconductor Equipment—0.1%
Intel Corp.
4.800%	10/01/2041			300,000		330,756
4.250%	12/15/2042			200,000		206,973
3.300%	10/01/2021			300,000		315,063
1.350%	12/15/2017			400,000		399,702
Texas Instruments, Inc.
1.650%	08/03/2019			275,000		268,785
0.875%	03/12/2017			750,000		747,218
Xilinx, Inc.
2.125%	03/15/2019			150,000		149,185

						2,417,682

Software—0.3%
Microsoft Corp.
4.500%	10/01/2040			300,000		333,717
3.625%	12/15/2023			750,000		804,106
Oracle Corp.
5.750%	04/15/2018			500,000		565,660
5.375%	07/15/2040			500,000		602,042
5.250%	01/15/2016			500,000		524,089
4.500%	07/08/2044			350,000		381,113
2.800%	07/08/2021			350,000		354,878
2.500%	10/15/2022			400,000		390,321
2.250%	10/08/2019			1,000,000		1,007,822

						4,963,748

Specialty Retail—0.2%
AutoNation, Inc.
6.750%	04/15/2018			200,000		224,492
Bed Bath & Beyond, Inc.
3.749%	08/01/2024	†		500,000		507,488
Gap, Inc. (The)
5.950%	04/12/2021			200,000		227,903
Home Depot, Inc. (The)
5.875%	12/16/2036			550,000		720,740
5.400%	03/01/2016			400,000		422,246
2.000%	06/15/2019			400,000		401,397

See accompanying notes to financial statements.

292

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Lowe’s Cos., Inc.
5.800%		04/15/2040		$	300,000	$	381,408
5.400%		10/15/2016			400,000		430,273
4.250%		09/15/2044			400,000		424,212
TJX Cos., Inc. (The)
2.750%		06/15/2021			300,000		302,309

							4,042,468

Technology Hardware, Storage & Peripherals—0.3%
Apple, Inc.
3.850%		05/04/2043			300,000		300,991
3.450%		05/06/2024			400,000		419,408
2.850%		05/06/2021			500,000		511,923
2.400%		05/03/2023			300,000		291,926
1.050%		05/05/2017	†		500,000		501,401
1.000%		05/03/2018			200,000		197,128
0.450%		05/03/2016			200,000		199,849
EMC Corp.
1.875%		06/01/2018			500,000		498,709
Hewlett-Packard Co.
6.000%		09/15/2041			200,000		225,739
4.650%		12/09/2021			300,000		321,516
3.750%		12/01/2020			500,000		517,641
3.300%		12/09/2016			300,000		309,962
2.200%		12/01/2015			250,000		252,525
Seagate HDD Cayman (Cayman Islands)
4.750%		06/01/2023			400,000		416,178

							4,964,896

Textiles, Apparel & Luxury Goods—0.0%
NIKE, Inc.
3.625%		05/01/2043			300,000		299,169
2.250%		05/01/2023			300,000		291,881

							591,050

Thrifts & Mortgage Finance—0.1%
Abbey National Treasury Services plc (United Kingdom)
3.050%		08/23/2018			350,000		362,673
2.350%		09/10/2019			400,000		399,092
BPCE SA (France)
4.000%		04/15/2024			750,000		785,375

							1,547,140

Tobacco—0.3%
Altria Group, Inc.
9.950%		11/10/2038			97,000		166,441
9.250%		08/06/2019			524,000		674,122
4.250%		08/09/2042			450,000		432,958
4.000%		01/31/2024			500,000		522,282
Lorillard Tobacco Co.
6.875%		05/01/2020			300,000		353,765
Philip Morris International, Inc.
5.650%		05/16/2018			500,000		563,750
4.375%		11/15/2041			200,000		207,383
2.900%		11/15/2021			200,000		203,265
1.625%		03/20/2017			500,000		505,638
1.125%		08/21/2017			300,000		298,929
Reynolds American, Inc.
6.150%		09/15/2043			300,000		349,162

							4,277,695



Coupon Rate	Maturity Date			Face		Value

Trading Companies & Distributors—0.0%
Air Lease Corp.
3.375%	01/15/2019	†	$	200,000	$	203,500
GATX Corp.
4.750%	06/15/2022			300,000		330,415

						533,915

Wireless Telecommunication Services—0.2%
America Movil SAB de CV (Mexico)
6.125%	03/30/2040			300,000		357,963
5.000%	03/30/2020			400,000		443,096
3.125%	07/16/2022			500,000		494,570
Rogers Communications, Inc. (Canada)
6.800%	08/15/2018			500,000		577,540
Telefonica Europe BV (Netherlands)
8.250%	09/15/2030			350,000		487,730
Vodafone Group plc (United Kingdom)
7.875%	02/15/2030			250,000		346,808
6.150%	02/27/2037			200,000		242,110
5.625%	02/27/2017			500,000		542,019
1.500%	02/19/2018			300,000		294,844

						3,786,680

TOTAL CORPORATE OBLIGATIONS
(Cost $393,574,540)						407,446,942


MORTGAGE-BACKED SECURITIES—30.9%
Commercial Mortgage-Backed Securities—1.6%
Banc of America Commercial Mortgage Trust, Series 2006-3, Class A4
5.889%	07/10/2044	#		466,657		491,524
Banc of America Commercial Mortgage Trust, Series 2007-2, Class A2
5.622%	04/10/2049	#		86,971		87,088
Banc of America Commercial Mortgage Trust, Series 2007-5, Class A4
5.492%	02/10/2051			2,000,000		2,137,651
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-6, Class A4
5.152%	09/10/2047	#		728,429		743,806
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-6, Class AM
5.152%	09/10/2047	#		1,000,000		1,033,368
Bear Stearns Commercial Mortgage Securities, Series 2005-T20, Class A4A
5.129%	10/12/2042	#		877,245		892,432
Bear Stearns Commercial Mortgage Securities, Series 2006-T24, Class A4
5.537%	10/12/2041			941,731		994,121
Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class A2
2.962%	11/10/2046			1,000,000		1,032,059
Citigroup Commercial Mortgage Trust, Series 2014-GC19, Class A1
1.199%	03/10/2047			445,213		442,354
Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class A4
3.622%	07/10/2047			650,000		681,841
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A4
5.322%	12/11/2049			1,000,000		1,059,688
COMM Mortgage Trust, Series 2013-CR11, Class B
5.164%	10/10/2046	#		500,000		565,947

See accompanying notes to financial statements.

293

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value

MORTGAGE-BACKED SECURITIES—(Continued)
COMM Mortgage Trust, Series 2013-LC13, Class A4
3.916%		08/10/2046		$	1,000,000	$	1,072,515
COMM Mortgage Trust, Series 2014-CR15, Class A4
4.074%		02/10/2047	#		500,000		542,088
COMM Mortgage Trust, Series 2014-CR16, Class A4
4.051%		04/10/2047			500,000		541,396
COMM Mortgage Trust, Series 2014-UBS2, Class A1
1.298%		03/10/2047			903,841		901,252
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4
5.736%		12/10/2049			1,000,000		1,084,406
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4
5.444%		03/10/2039			1,000,000		1,067,746
GS Mortgage Securities Corp. II, Series 2006-GG6, Class A4
5.553%		04/10/2038	#		800,000		821,427
GS Mortgage Securities Corp. II, Series 2006-GG8, Class A4
5.560%		11/10/2039			1,180,069		1,250,071
GS Mortgage Securities Corp. II, Series 2012-GCJ7, Class A4
3.377%		05/10/2045			1,000,000		1,040,709
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-CB20, Class A4
5.794%		02/12/2051	#		500,000		542,401
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3
5.420%		01/15/2049			470,792		503,077
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-LD12, Class A4
5.882%		02/15/2051	#		1,000,000		1,083,664
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2012-C6, Class A3
3.507%		05/15/2045			500,000		523,556
JPMBB Commercial Mortgage Securities Trust, Series 2014-C21, Class A5
3.775%		08/15/2047			1,000,000		1,061,049
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4
5.869%		06/12/2046	#		483,449		507,599
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-3, Class A4
5.414%		07/12/2046	#		695,684		733,302
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C6, Class A4
2.858%		11/15/2045			500,000		501,970
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class A2
3.085%		08/15/2046			700,000		727,876
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class A4
3.102%		05/15/2046			800,000		811,435
UBS-Barclays Commercial Mortgage Trust, Series 2012-C3, Class A4
3.091%		08/10/2049			550,000		559,485
UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class A5
2.850%		12/10/2045			500,000		499,543
Wachovia Bank Commercial Mortgage Trust, Series 2006-C27, Class AM
5.795%		07/15/2045	#		1,000,000		1,065,207

							27,603,653



Coupon Rate	Maturity Date			Face			Value

U.S. Government Agency Mortgage-Backed Securities—29.3%
Federal Home Loan Mortgage Corp.
7.500%	06/01/2027 - 10/01/2029		$	157,017		$	187,259
7.000%	02/01/2016 - 09/01/2036			243,130			269,343
6.500%	03/01/2016 - 01/01/2039			991,335			1,130,662
6.212%	01/01/2037	#		74,765			79,815
6.000%	11/01/2016 - 10/01/2038			2,712,312			3,082,970
5.707%	02/01/2037	#		116,299			124,442
5.500%	02/01/2018 - 08/01/2039			5,624,156			6,298,585
5.000%	08/01/2017 - 07/01/2041			9,555,474			10,545,334
4.500%	08/01/2018 - 04/01/2044			14,603,961			15,833,546
4.000%	07/01/2018 - 10/01/2044			18,379,621			19,633,356
3.500%	10/01/2025 - 08/01/2044			23,365,304			24,408,158
3.455%	06/01/2041	#		74,645			79,834
3.000%	03/01/2027 - 01/01/2044			24,621,060			25,141,226
2.671%	01/01/2042	#		206,640			215,994
2.500%	08/01/2027 - 07/01/2043			5,567,193			5,668,200
2.446%	10/01/2043	#		693,628			709,154
2.143%	08/01/2043	#		752,334			763,214
2.000%	08/01/2029			1,282,764			1,281,157
Federal Home Loan Mortgage Corp. TBA
4.000%	01/15/2045 - 02/15/2045			7,200,000			7,674,242
3.500%	01/15/2030 - 02/15/2045			3,500,000			3,640,625
3.000%	01/15/2045			800,000			808,188
2.500%	01/15/2030			3,400,000	��		3,458,331
Federal National Mortgage Association
7.500%	06/01/2030 - 07/01/2031			16,598			17,876
7.000%	03/01/2030 - 04/01/2038			525,939			588,328
6.500%	02/01/2017 - 10/01/2039			1,083,576			1,246,072
6.000%	06/01/2016 - 11/01/2039			3,803,027			4,318,255
5.500%	01/01/2018 - 09/01/2041			11,171,581			12,500,865
5.000%	03/01/2018 - 08/01/2041			13,301,005			14,689,659
4.500%	03/01/2018 - 08/01/2044			19,963,332			21,685,567
4.000%	08/01/2018 - 10/01/2044			23,074,533			24,682,845
3.580%	08/01/2040	#		129,296			136,882
3.538%	05/01/2041	#		180,098			190,710
3.500%	06/01/2020 - 10/01/2044			28,850,822			30,242,947
3.481%	02/01/2041	#		105,340			110,686
3.240%	07/01/2040	#		265,986			283,683
3.119%	06/01/2040	#		97,450			104,577

See accompanying notes to financial statements.

294

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value

MORTGAGE-BACKED SECURITIES—(Continued)
3.000%		07/01/2027 - 11/01/2043		$	30,145,891	$	30,823,380
2.941%		05/01/2042	#		268,596		278,222
2.814%		01/01/2042	#		429,959		447,807
2.687%		12/01/2043	#		70,526		73,106
2.615%		01/01/2037	#		277,589		294,874
2.500%		08/01/2027 - 09/01/2043			6,497,203		6,579,377
2.454%		05/01/2035	#		160,426		171,209
2.451%		02/01/2037	#		77,046		82,956
2.234%		03/01/2037	#		1,474,952		1,574,912
2.190%		05/01/2035	#		274,557		293,827
2.000%		09/01/2029			987,163		984,324
Federal National Mortgage Association—ACES, Series 2013-M14
2.505%		04/25/2023	#		923,711		923,477
Federal National Mortgage Association—ACES, Series 2014-M3, Class AB2
3.462%		01/25/2024	#		640,000		675,329
Federal National Mortgage Association TBA
6.500%- 4.500%		01/25/2030 - 01/25/2045			3,700,000		4,000,141
4.000%		01/25/2045 - 02/25/2045			22,190,000		23,681,363
3.500%		01/25/2030 - 02/25/2045			16,700,000		17,419,053
3.000%		01/25/2030 - 01/25/2045			15,900,000		16,192,770
2.500%		01/25/2030			7,300,000		7,432,883
2.000%		01/25/2030			900,000		896,414
FHLMC Multifamily Structured Pass Through Certificates, Series K012, Class A2
4.186%		12/25/2020	#		900,000		993,502
FHLMC Multifamily Structured Pass Through Certificates, Series K014, Class A2
3.871%		04/25/2021			1,500,000		1,634,670
FHLMC Multifamily Structured Pass Through Certificates, Series K017, Class A2
2.873%		12/25/2021			575,000		593,342
FHLMC Multifamily Structured Pass Through Certificates, Series K032, Class A1
3.016%		02/25/2023			449,635		468,686
FHLMC Multifamily Structured Pass Through Certificates, Series K032, Class A2
3.310%		05/25/2023	#		865,000		910,861
FHLMC Multifamily Structured Pass Through Certificates, Series K033, Class A2
3.060%		07/25/2023	#		800,000		827,390
FHLMC Multifamily Structured Pass Through Certificates, Series K714, Class A1
2.075%		12/25/2019			611,193		620,527
Government National Mortgage Association
7.500%		12/15/2029 - 05/15/2032			240,518		293,728
6.500%		03/15/2026 - 01/15/2039			728,784		842,068
6.000%		02/15/2033 - 12/15/2039			1,795,105		2,048,026
5.500%		01/15/2024 - 07/20/2040			3,617,487		4,067,569



Coupon Rate	Maturity Date			Face		Value

5.000%	03/20/2033 - 05/20/2044		$	11,326,630	$	12,548,707
4.500%	04/20/2026 - 05/20/2044			19,100,877		20,939,833
4.000%	08/15/2024 - 09/20/2044			23,458,588		25,209,437
3.500%	12/15/2025 - 09/20/2044			19,523,829		20,538,013
3.500%	12/20/2040 - 05/20/2041	#		929,785		980,710
3.000%	02/20/2041 - 07/20/2042	#		1,203,633		1,253,788
3.000%	04/15/2027 - 11/15/2044			16,734,235		17,184,460
2.500%	12/20/2027 - 07/20/2043			1,452,151		1,466,914
2.500%	12/20/2040 - 11/20/2043	#		596,905		615,033
2.000%	10/20/2042 - 06/20/2043	#		526,643		540,256
Government National Mortgage Association TBA
5.000%- 4.000%	01/15/2045 - 02/15/2045			2,500,000		2,634,565
3.500%	01/15/2045 - 02/15/2045			14,500,000		15,219,601
3.000%	01/15/2045			6,400,000		6,545,300
2.500%	01/15/2045			100,000		98,686

						493,733,683

TOTAL MORTGAGE-BACKED SECURITIES
(Cost $509,002,428)						521,337,336


U.S. TREASURY OBLIGATIONS—34.5%
U.S. Treasury Bonds—5.2%
U.S. Treasury Bond
9.125%	05/15/2018			1,060,000		1,336,842
8.875%	02/15/2019			535,000		694,622
8.500%	02/15/2020			451,000		602,895
8.125%	05/15/2021			220,000		302,689
7.625%	11/15/2022			250,000		352,969
7.500%	11/15/2016			800,000		901,813
7.250%	05/15/2016 - 08/15/2022			3,497,000		4,306,636
7.125%	02/15/2023			2,000,000		2,764,688
6.750%	08/15/2026			290,000		423,264
6.625%	02/15/2027			385,000		561,619
6.500%	11/15/2026			920,000		1,324,585
6.375%	08/15/2027			370,000		534,621
6.250%	08/15/2023 - 05/15/2030			2,095,000		2,962,204
6.125%	11/15/2027			552,000		785,392
6.000%	02/15/2026			400,000		548,250
5.500%	08/15/2028			300,000		409,687
4.750%	02/15/2037 - 02/15/2041			1,038,000		1,443,472
4.625%	02/15/2040			2,470,000		3,358,042
4.500%	02/15/2036 - 08/15/2039			4,204,000		5,607,626
4.375%	11/15/2039 - 05/15/2041			5,670,000		7,453,880
4.250%	05/15/2039 - 11/15/2040			2,903,000		3,749,338
3.875%	08/15/2040			1,120,000		1,367,451

See accompanying notes to financial statements.

295

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value

U.S. TREASURY OBLIGATIONS—(Continued)
3.750%		08/15/2041 - 11/15/2043		$	4,260,000	$	5,122,653
3.625%		08/15/2043 - 02/15/2044			6,530,000		7,683,082
3.500%		02/15/2039			749,000		860,472
3.375%		05/15/2044			4,185,000		4,712,051
3.125%		08/15/2044	†		2,780,000		2,993,496
3.125%		11/15/2041 - 02/15/2043			8,680,000		9,344,487
3.000%		05/15/2042 - 11/15/2044			5,306,000		5,577,932
2.875%		05/15/2043			3,590,000		3,672,459
2.750%		08/15/2042 - 11/15/2042			5,573,000		5,569,776

							87,328,993

U.S. Treasury Notes—29.3%
U.S. Treasury Note
5.125%		05/15/2016			3,280,000		3,490,382
4.875%		08/15/2016			1,050,000		1,123,746
4.750%		08/15/2017			1,849,000		2,030,577
4.625%		11/15/2016 - 02/15/2017			3,220,000		3,472,489
4.500%		02/15/2016 - 05/15/2017			1,860,000		1,966,081
4.250%		11/15/2017			2,430,000		2,650,219
4.000%		08/15/2018			1,750,000		1,919,258
3.875%		05/15/2018			380,000		413,161
3.750%		11/15/2018			2,350,000		2,560,398
3.625%		08/15/2019 - 02/15/2021			6,190,000		6,777,641
3.500%		02/15/2018 - 05/15/2020			2,991,000		3,216,337
3.375%		11/15/2019			2,690,000		2,914,448
3.250%		05/31/2016 - 12/31/2016			8,780,000		9,156,663
3.125%		10/31/2016 - 05/15/2021			11,383,000		12,061,540
3.000%		08/31/2016 - 02/28/2017			4,977,000		5,196,296
2.875%		03/31/2018			1,060,000		1,115,236
2.750%		11/30/2016 - 02/15/2024			11,410,000		11,972,624
2.625%		02/29/2016 - 11/15/2020			11,882,000		12,385,695
2.500%		06/30/2017 - 05/15/2024			12,915,000		13,323,990
2.375%		03/31/2016 - 08/15/2024			13,914,000		14,235,750
2.250%		03/31/2016 - 11/15/2024			17,735,000		18,028,233
2.125%		02/29/2016 - 12/31/2021			20,675,000		20,960,218
2.000%		04/30/2016 - 02/15/2023			29,533,000		29,710,761
1.875%		08/31/2017 - 11/30/2021			10,356,000		10,471,951
1.750%		05/31/2016 - 05/15/2023			15,618,000		15,497,486



Coupon Rate	Maturity Date			Face		Value

1.625%	03/31/2019 - 11/15/2022		$	20,909,000	$	20,817,848
1.500%	06/30/2016 - 10/31/2019			24,767,000		24,875,245
1.500%	11/30/2019	†		2,770,000		2,752,687
1.375%	06/30/2018 - 05/31/2020			21,968,000		21,854,444
1.250%	10/31/2018 - 02/29/2020			11,574,000		11,412,853
1.125%	05/31/2019 - 04/30/2020			15,845,000		15,413,076
1.000%	08/31/2016 - 11/30/2019			37,938,000		37,698,188
0.875%	09/15/2016 - 01/31/2018			40,562,000		40,593,026
0.875%	11/15/2017	†		2,500,000		2,488,280
0.750%	01/15/2017 - 03/31/2018			21,290,000		21,141,368
0.625%	07/15/2016 - 04/30/2018			40,565,000		40,348,161
0.500%	06/15/2016 - 07/31/2017			20,220,000		20,178,132
0.375%	01/31/2016 - 10/31/2016			19,998,000		19,988,336
0.250%	02/29/2016 - 05/15/2016			8,449,000		8,436,101

						494,648,925

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $575,488,315)						581,977,918


GOVERNMENT RELATED OBLIGATIONS—9.3%
U.S. Government Agencies—3.4%
Federal Farm Credit Bank
0.540%	11/07/2016			300,000		299,279
Federal Home Loan Bank
5.500%	07/15/2036			500,000		687,155
4.875%	09/08/2017			1,250,000		1,374,729
4.750%	12/16/2016			1,000,000		1,083,106
2.125%	06/10/2016			500,000		511,309
1.625%	04/28/2017 - 06/14/2019			1,100,000		1,098,851
1.500%	02/28/2017			1,100,000		1,106,759
1.250%	02/28/2018			300,000		299,582
0.625%	11/23/2016			1,750,000		1,748,435
0.375%	06/24/2016			500,000		498,888
Federal Home Loan Bank, Series 1
1.000%	06/21/2017			1,500,000		1,501,777
0.875%	05/24/2017			260,000		259,613
Federal Home Loan Bank, Series 3823
0.500%	09/28/2016			500,000		498,804
Federal Home Loan Bank, Series 656
5.375%	05/18/2016			900,000		960,215
Federal Home Loan Mortgage Corp.
6.750%	03/15/2031			400,000		602,377
6.250%	07/15/2032			650,000		951,767
5.500%	07/18/2016	†		1,000,000		1,076,483
5.125%	11/17/2017			800,000		890,893
4.875%	06/13/2018			1,000,000		1,118,413
3.750%	03/27/2019			500,000		544,392
2.375%	01/13/2022			1,000,000		1,010,946
2.000%	08/25/2016			1,500,000		1,536,189
1.375%	05/01/2020			1,000,000		975,664

See accompanying notes to financial statements.

296

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value

GOVERNMENT RELATED OBLIGATIONS—(Continued)
1.250%		05/12/2017 - 10/02/2019		$	3,600,000	$	3,583,616
1.250%		08/01/2019	†		1,000,000		981,970
1.200%		06/12/2018			200,000		197,879
1.020%		04/30/2018			825,000		812,885
1.000%		03/08/2017			1,000,000		1,003,114
0.875%		10/14/2016 - 02/22/2017			2,000,000		2,005,827
0.700%		09/27/2016			280,000		279,720
0.580%		08/26/2016			1,500,000		1,498,192
0.500%		01/28/2016			300,000		300,034
Federal National Mortgage Association
7.250%		05/15/2030			400,000		623,561
7.125%		01/15/2030			700,000		1,068,577
6.625%		11/15/2030			500,000		743,655
6.250%		05/15/2029			540,000		753,523
6.000%		04/18/2036			250,000		266,598
5.000%		03/15/2016 - 05/11/2017			1,550,000		1,660,657
2.625%		09/06/2024			2,000,000		2,028,030
1.875%		09/18/2018 - 02/19/2019			3,000,000		3,048,858
1.625%		11/27/2018	†		1,000,000		1,005,194
1.250%		09/28/2016 - 01/30/2017			1,000,000		1,009,820
1.125%		04/27/2017			1,000,000		1,005,808
1.070%		09/27/2017			500,000		496,728
1.000%		12/28/2017 - 02/15/2018			970,000		961,561
0.950%		08/23/2017			750,000		745,206
0.875%		02/08/2018 - 05/21/2018			3,000,000		2,958,816
0.375%		07/05/2016			1,000,000		997,472
0.000%		06/01/2017 - 10/09/2019			1,400,000		1,290,745
Federal National Mortgage Association, Series 1
1.000%		04/30/2018			500,000		492,583
Financing Corp. Fico
8.600%		09/26/2019			500,000		650,817
Financing Corp. Fico, Series E
9.650%		11/02/2018			500,000		649,577
Israel Government AID Bond (Israel)
5.500%		04/26/2024			350,000		434,747
Tennessee Valley Authority
5.250%		09/15/2039			500,000		638,940
3.500%		12/15/2042			500,000		496,640
1.750%		10/15/2018			500,000		505,136
Tennessee Valley Authority, Series E
6.250%		12/15/2017			1,200,000		1,376,288

							57,208,400

Non-U.S. Government Agencies—1.5%
Export Development Canada (Canada)
1.750%		08/19/2019			500,000		501,805
0.625%		12/15/2016			350,000		349,128
Export-Import Bank of Korea (Korea, Republic of)
5.000%		04/11/2022			400,000		456,687
3.750%		10/20/2016			500,000		522,415
3.250%		08/12/2026			500,000		504,630



Coupon Rate	Maturity Date			Face		Value

FMS Wertmanagement AoeR (Germany)
1.625%	11/20/2018		$	350,000	$	350,958
0.625%	04/18/2016			400,000		400,247
Japan Bank for International Cooperation (Japan)
2.500%	05/18/2016			400,000		409,976
1.750%	07/31/2018			500,000		502,953
Japan Bank for International Cooperation, Series DTC (Japan)
1.125%	07/19/2017			500,000		499,369
KFW (Germany)
4.875%	01/17/2017			500,000		540,694
4.500%	07/16/2018			500,000		552,889
4.000%	01/27/2020			300,000		331,368
2.625%	02/16/2016			1,000,000		1,024,595
2.125%	01/17/2023			500,000		500,002
2.000%	10/04/2022			500,000		493,424
1.875%	04/01/2019			500,000		505,968
1.250%	02/15/2017			400,000		403,466
0.750%	03/17/2017			2,000,000		1,995,024
0.625%	12/15/2016			350,000		349,297
0.500%	07/15/2016			750,000		749,264
0.000%	04/18/2036			1,500,000		813,171
KFW MTN (Germany)
4.375%	03/15/2018			500,000		547,961
2.750%	09/08/2020 - 10/01/2020			1,000,000		1,045,960
0.500%	04/19/2016			500,000		500,150
Korea Development Bank (The) (Korea, Republic of)
3.875%	05/04/2017			300,000		314,547
3.750%	01/22/2024			750,000		796,295
Korea Finance Corp. (Korea, Republic of)
2.875%	08/22/2018			350,000		358,667
Landwirtschaftliche Rentenbank (Germany)
5.125%	02/01/2017			300,000		326,346
1.750%	04/15/2019	†		250,000		251,486
Oesterreichische Kontrollbank AG (Austria)
2.000%	06/03/2016			300,000		305,927
1.625%	03/12/2019	†		350,000		350,345
Petrobras International Finance Co. SA (Luxembourg)
8.375%	12/10/2018			250,000		266,875
6.750%	01/27/2041			300,000		274,371
6.125%	10/06/2016			500,000		502,805
5.750%	01/20/2020			500,000		484,105
5.375%	01/27/2021			600,000		558,942
Petroleos Mexicanos (Mexico)
8.000%	05/03/2019			1,000,000		1,187,500
6.625%	06/15/2035			500,000		580,000
5.500%	06/27/2044	^		400,000		410,000
5.500%	01/21/2021 - 06/27/2044			900,000		953,750
4.875%	01/18/2024			500,000		520,750
Svensk Exportkredit AB (Sweden)
5.125%	03/01/2017			500,000		544,060
1.875%	06/17/2019			500,000		502,975

						24,341,147

Sovereign Debt—1.5%
Brazilian Government International Bond (Brazil)
11.000%	08/17/2040			260,000		277,420
10.125%	05/15/2027			435,000		667,725
8.875%	04/15/2024			400,000		540,000
7.125%	01/20/2037			460,000		585,350
5.875%	01/15/2019			500,000		560,000
4.875%	01/22/2021			200,000		213,500
4.250%	01/07/2025			500,000		500,625

See accompanying notes to financial statements.

297

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value

GOVERNMENT RELATED OBLIGATIONS—(Continued)
Canada Government International Bond (Canada)
1.625%		02/27/2019		$	750,000	$	753,046
Chile Government International Bond (Chile)
3.875%		08/05/2020			500,000		538,750
Colombia Government International Bond (Colombia)
11.750%		02/25/2020			200,000		284,700
8.125%		05/21/2024			200,000		266,500
7.375%		09/18/2037			200,000		271,000
Israel Government International Bond (Israel)
4.000%		06/30/2022			400,000		435,520
Mexico Government International Bond (Mexico)
6.050%		01/11/2040			500,000		614,000
3.625%		03/15/2022			300,000		307,200
Mexico Government International Bond MTN (Mexico)
5.950%		03/19/2019			1,000,000		1,134,000
4.750%		03/08/2044			800,000		838,000
3.500%		01/21/2021			500,000		511,750
Panama Government International Bond (Panama)
6.700%		01/26/2036			288,000		373,680
5.200%		01/30/2020			450,000		498,375
Peruvian Government International Bond (Peru)
7.350%		07/21/2025			400,000		533,000
6.550%		03/14/2037			500,000		651,250
Philippine Government International Bond (Philippines)
10.625%		03/16/2025			600,000		969,000
9.500%		02/02/2030			400,000		650,500
9.375%		01/18/2017			200,000		234,506
6.500%		01/20/2020			300,000		361,134
5.000%		01/13/2037	†		500,000		586,250
Poland Government International Bond (Poland)
6.375%		07/15/2019			500,000		586,250
5.125%		04/21/2021			1,300,000		1,465,490
Republic of Colombia (Colombia)
5.625%		02/26/2044			500,000		565,000
Republic of Finland (Finland)
6.950%		02/15/2026			150,000		199,989
Republic of Italy (Italy)
6.875%		09/27/2023			450,000		572,487
5.375%		06/15/2033			300,000		358,982
Republic of Korea (Korea, Republic of)
3.875%		09/11/2023			250,000		274,317
South Africa Government International Bond (South Africa)
6.875%		05/27/2019			500,000		573,750
5.375%		07/24/2044			500,000		529,063
4.665%		01/17/2024	†		400,000		416,000
State of Israel (Israel)
5.500%		11/09/2016			300,000		325,680
Turkey Government International Bond (Turkey)
8.000%		02/14/2034			600,000		822,900
7.500%		11/07/2019			500,000		587,375
7.000%		09/26/2016			200,000		217,000
5.750%		03/22/2024			350,000		392,875
4.875%		04/16/2043			1,000,000		1,001,080
3.250%		03/23/2023			800,000		762,000
United Mexican States MTN (Mexico)
8.300%		08/15/2031			950,000		1,432,125



Coupon Rate	Maturity Date			Face		Value

Uruguay Government International Bond (Uruguay)
8.000%	11/18/2022		$	330,815	$	437,503
4.125%	11/20/2045			200,000		180,000

						25,856,647

Supranational—1.6%
African Development Bank
0.750%	10/18/2016			830,000		830,861
African Development Bank, Series GDIF
1.250%	09/02/2016			400,000		403,982
Asian Development Bank MTN
2.500%	03/15/2016			400,000		409,761
2.125%	11/24/2021			400,000		400,774
1.750%	09/11/2018			500,000		504,845
1.375%	03/23/2020			300,000		293,791
1.125%	03/15/2017			500,000		502,816
0.750%	01/11/2017	†		500,000		499,796
Corp. Andina de Fomento
3.750%	01/15/2016			300,000		307,667
Council Of Europe Development Bank
1.750%	11/14/2019			400,000		400,352
Council Of Europe Development Bank MTN
1.500%	02/22/2017			400,000		405,023
European Bank for Reconstruction & Development MTN
2.500%	03/15/2016			500,000		512,518
1.750%	06/14/2019	†		500,000		501,441
1.000%	02/16/2017			500,000		502,085
European Investment Bank
5.125%	09/13/2016 - 05/30/2017			1,750,000		1,892,990
4.875%	02/16/2016 - 02/15/2036			1,150,000		1,302,468
2.875%	09/15/2020			500,000		526,296
2.500%	05/16/2016			1,000,000		1,026,545
2.500%	04/15/2021	†		500,000		514,525
1.875%	03/15/2019	†		1,500,000		1,516,629
1.750%	03/15/2017			500,000		509,803
1.125%	09/15/2017			500,000		500,851
1.000%	03/15/2018 - 06/15/2018			900,000		889,852
European Investment Bank MTN
1.625%	12/18/2018			1,000,000		1,003,051
Inter-American Development Bank
3.000%	02/21/2024	†		250,000		266,525
1.750%	08/24/2018			400,000		403,800
1.375%	10/18/2016	†		300,000		303,399
1.125%	03/15/2017			500,000		502,836
0.625%	09/12/2016			300,000		299,568
Inter-American Development Bank MTN
3.875%	02/14/2020			400,000		440,879
1.250%	01/16/2018			450,000		450,519
0.875%	11/15/2016 - 03/15/2018	†		1,500,000		1,488,550
International Bank for Reconstruction & Development
2.125%	03/15/2016			500,000		510,075
1.875%	10/07/2019	†		450,000		454,444
1.125%	07/18/2017	†		750,000		753,779
0.875%	04/17/2017			700,000		701,305
International Bank for Reconstruction & Development, Series GDIF
1.875%	03/15/2019	†		500,000		507,101
1.375%	04/10/2018			500,000		503,548
0.750%	12/15/2016			500,000		499,996
0.625%	10/14/2016	†		400,000		399,298
0.500%	05/16/2016			500,000		499,330

See accompanying notes to financial statements.

298

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value

GOVERNMENT RELATED OBLIGATIONS—(Continued)
International Finance Corp.
1.750%		09/16/2019	†	$	500,000	$	500,923
1.250%		07/16/2018	†		500,000		497,954
0.625%		11/15/2016			650,000		647,894
International Finance Corp. MTN
2.125%		11/17/2017			500,000		512,569

							27,303,014

U.S. Municipal Bonds—1.0%
American Municipal Power-Ohio, Inc. Revenue Bonds, Series 2010 B (Ohio)
7.499%		02/15/2050			200,000		297,398
Bay Area Toll Authority Revenue Bonds, Series 2009 F-2 (California)
6.263%		04/01/2049			400,000		564,076
California State Public Works Board Revenue Bonds, Series 2009 G-2 (California)
8.361%		10/01/2034			400,000		589,676
City of Chicago Illinois Taxable Project General Obligation Bonds, Series B (Illinois)
6.314%		01/01/2044			350,000		371,119
City of Houston Texas Utility System Taxable First Lien Revenue Bonds, Series B (Texas)
3.828%		05/15/2028			400,000		429,172
City of New York General Obligation Bonds, Series 2010 C-1 (New York)
5.517%		10/01/2037			100,000		122,226
City of New York General Obligation Bonds, Series H (New York)
5.846%		06/01/2040			200,000		259,024
County of Cook Illinois General Obligation Bonds, Series 2010 D (Illinois)
6.229%		11/15/2034			400,000		437,792
Dallas Area Rapid Transit Revenue Bonds, Series 2010 B (Texas)
5.022%		12/01/2048			300,000		370,263
Dallas Convention Center Hotel Development Corp. Revenue Bonds, Series 2009 B (Texas)
7.088%		01/01/2042			200,000		268,984
Dallas County Hospital District General Obligation Bonds, Series 2009 C (Texas)
5.621%		08/15/2044			300,000		386,109
Dallas Independent School District General Obligation Bonds, Series 2010 C (Texas)
6.450%		02/15/2035			300,000		359,658
District of Columbia Water and Sewer Authority Public Utility Taxable Senior Lien Revenue Bonds, Series 2014 A (District of Columbia)
4.814%		10/01/2114			755,000		868,907
Florida Hurricane Catastrophe Fund Finance Corp. Revenue Bonds, Series 2013 A (Florida)
2.107%		07/01/2018			200,000		202,058
Los Angeles Unified School District General Obligation Bonds, Series 2009 KRY (California)
5.755%		07/01/2029			200,000		246,724
5.750%		07/01/2034			300,000		378,870
Metropolitan Government of Nashville & Davidson County Authority General Obligation Bonds, Series 2010 B (Tennessee)
5.707%		07/01/2034			300,000		364,215



Coupon Rate	Maturity Date		Face		Value

Metropolitan Transportation Authority Revenue Bonds, Series 2010 B-1 (New York)
6.648%	11/15/2039	$	300,000	$	407,217
6.548%	11/15/2031		200,000		261,220
Municipal Electric Authority of Georgia Revenue Bonds, Series 2010 A (Georgia)
6.637%	04/01/2057		300,000		398,016
New Jersey Economic Development Authority Revenue Bonds, Series 1997 A (New Jersey)
7.425%	02/15/2029		200,000		255,102
New Jersey State Turnpike Authority Revenue Bonds, Series 2003 B (New Jersey)
4.252%	01/01/2016		25,000		25,000
New Jersey State Turnpike Authority Revenue Bonds, Series 2010 A (New Jersey)
7.102%	01/01/2041		500,000		725,665
New York City Municipal Water Finance Authority Revenue Bonds, Series 2010 GG (New York)
5.724%	06/15/2042		300,000		395,967
New York State Dormitory Authority Revenue Bonds, Series 2010 D (New York)
5.600%	03/15/2040		200,000		254,254
North Texas Tollway Authority Revenue Bonds, Series 2010 B-2 (Texas)
8.910%	02/01/2030		200,000		243,386
Ohio State University General Obligation Bonds, Series 2010 C (Ohio)
4.910%	06/01/2040		300,000		362,547
Oregon General Obligation Bonds (Oregon)
5.762%	06/01/2023		200,000		233,368
Oregon State Department of Transportation Revenue Bonds, Series 2010 A (Oregon)
5.834%	11/15/2034		300,000		389,106
Port Authority of New York & New Jersey Revenue Bonds (New York)
6.040%	12/01/2029		255,000		323,044
4.458%	10/01/2062		200,000		212,486
San Francisco California City & County General Obligation Bonds, Series 2010 DE (California)
6.000%	11/01/2040		200,000		257,478
State of California General Obligation Bonds (California)
7.550%	04/01/2039		500,000		772,095
State of California General Obligation Bonds, Series 2010 (California)
7.625%	03/01/2040		600,000		921,600
State of Connecticut General Obligation Bonds, Series 2008 A (Connecticut)
5.850%	03/15/2032		200,000		252,546
State of Georgia General Obligation Bonds, Series 2009 H (Georgia)
4.503%	11/01/2025		300,000		337,392
State of Illinois General Obligation Bonds (Illinois)
7.350%	07/01/2035		100,000		117,725
5.100%	06/01/2033		500,000		496,845
State of Illinois General Obligation Bonds, Series 2011 (Illinois)
4.961%	03/01/2016		300,000		312,870
State of Texas General Obligation Bonds, Series 2010 A (Texas)
4.681%	04/01/2040		300,000		351,480
State of Utah General Obligation Bonds, Series 2010 B (Utah)
3.539%	07/01/2025		300,000		319,587
University of California Revenue Bonds, Series 2009 R (California)
5.770%	05/15/2043		200,000		257,266

See accompanying notes to financial statements.

299

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date		Face		Value

GOVERNMENT RELATED OBLIGATIONS—(Continued)
University of California Revenue Bonds, Series 2010 H (California)
6.548%		05/15/2048	$	300,000	$	410,502
University of California Revenue Bonds, Series 2013 AH (California)
1.796%		07/01/2019		300,000		297,732

						16,107,767

Non-U.S. Regional Authority Bonds—0.3%
Hydro-Quebec, Series IO (Canada)
8.050%		07/07/2024		250,000		351,801
Province of Manitoba, Series FH (Canada)
4.900%		12/06/2016		500,000		538,994
Province of Ontario (Canada)
5.450%		04/27/2016		1,000,000		1,063,040
4.950%		11/28/2016		1,000,000		1,076,982
4.400%		04/14/2020		200,000		222,836
2.500%		09/10/2021		400,000		403,637
1.200%		02/14/2018		400,000		396,969
Province of Quebec (Canada)
2.750%		08/25/2021		300,000		306,556
Province of Quebec, Series QO (Canada)
2.875%		10/16/2024		700,000		707,920
Region of Lombardy (Italy)
5.804%		10/25/2032		100,000		109,817

						5,178,552

TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $142,244,202)						155,995,527


ASSET-BACKED SECURITIES—0.5%
Automobiles—0.3%
Ally Auto Receivables Trust Series 2012-4, Class A3
0.590%		01/17/2017		201,052		201,048
AmeriCredit Automobile Receivables Trust Series 2013-5, Class A3
0.900%		09/10/2018		500,000		499,964
Capital Auto Receivables Asset Trust Series 2013-4, Class A3
1.090%		03/20/2018		480,000		480,117
CarMax Auto Owner Trust Series 2014-1, Class A3
0.790%		10/15/2018		250,000		249,344
CarMax Auto Owner Trust Series 2013-2, Class A4
0.840%		11/15/2018		575,000		570,350
Ford Credit Auto Owner Trust Series 2013-C, Class A4
1.250%		10/15/2018		500,000		502,482
Ford Credit Auto Owner Trust Series 2012-A, Class A4
1.150%		06/15/2017		500,000		501,620
Honda Auto Receivables Owner Trust Series 2013-4, Class A4
1.040%		02/18/2020		300,000		300,254
Nissan Auto Receivables Owner Trust Series 2012-A, Class A4
1.000%		07/16/2018		450,000		451,435



Coupon Rate	Maturity Date			Face		Value

Santander Drive Auto Receivables Trust Series 2014-1, Class A3
0.870%	01/16/2018		$	500,000	$	500,259

						4,256,873

Credit Card—0.2%
Capital One Multi-Asset Execution Trust Series 2007-A7, Class A7
5.750%	07/15/2020			1,500,000		1,669,808
Chase Issuance Trust Series 2012-A8, Class A8
0.540%	10/16/2017			200,000		199,934
Citibank Credit Card Issuance Trust Series 2014-A2, Class A2
1.020%	02/22/2019			1,000,000		996,629
Citibank Credit Card Issuance Trust Series 2014-A1, Class A1
2.880%	01/23/2023			500,000		513,515

						3,379,886

Other—0.0%
CenterPoint Energy Restoration Bond Co. LLC Series 2009-1, Class A2
3.460%	08/15/2019			400,000		417,372

TOTAL ASSET-BACKED SECURITIES
(Cost $8,100,353)						8,054,131



				Shares		Value
MONEY MARKET FUNDS—8.1%
Institutional Money Market Funds—8.1%
Dreyfus Institutional Cash Advantage Fund, 0.06%		††¥		3,200,000		3,200,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11%		¥		114,399,208		114,399,208
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11%		††¥		4,293,090		4,293,090
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.07%		††¥		5,200,000		5,200,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.07%		††¥		3,200,000		3,200,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.08%		††¥		3,200,000		3,200,000

See accompanying notes to financial statements.

300

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Core Bond Index Fund		Shares		Value

MONEY MARKET FUNDS—(Continued)
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥		3,200,000	$	3,200,000

TOTAL MONEY MARKET FUNDS
(Cost $136,692,298)					136,692,298

TOTAL INVESTMENTS—107.5%
(Cost $1,765,102,136)					1,811,504,152
Other assets less liabilities—(7.5%)					(126,695,217	)

NET ASSETS—100.0%				$	1,684,808,935

Notes to the Schedule of Investments:


MTN		Medium Term Note
REIT		Real Estate Investment Trust
TBA		Security is subject to delayed delivery.
^		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 $3,053,200, 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.
#		Rate is subject to change. Rate shown reflects current rate.
†		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.

301

SCHEDULE OF INVESTMENTS

December 31, 2014


Vantagepoint 500 Stock Index Fund	Shares		Value
COMMON STOCKS—97.0%
Aerospace & Defense—2.6%
Boeing Co. (The)		30,075	$	3,909,149
General Dynamics Corp.		14,295		1,967,278
Honeywell International, Inc.		35,132		3,510,389
L-3 Communications Holdings, Inc.		3,987		503,199
Lockheed Martin Corp.		12,130		2,335,874
Northrop Grumman Corp.		9,121		1,344,344
Precision Castparts Corp.		6,315		1,521,157
Raytheon Co.		13,847		1,497,830
Rockwell Collins, Inc.		6,041		510,344
Textron, Inc.		12,052		507,510
United Technologies Corp.		38,176		4,390,240

				21,997,314

Air Freight & Logistics—0.8%
C.H. Robinson Worldwide, Inc.		6,539		489,706
Expeditors International of Washington, Inc.		8,397		374,590
FedEx Corp.		11,787		2,046,930
United Parcel Service, Inc., Class B		31,582		3,510,971

				6,422,197

Airlines—0.4%
Delta Air Lines, Inc.		38,010		1,869,712
Southwest Airlines Co.		31,091		1,315,771

				3,185,483

Auto Components—0.4%
BorgWarner, Inc.		10,090		554,446
Delphi Automotive plc (United Kingdom)		13,314		968,194
Goodyear Tire & Rubber Co. (The)		12,590		359,696
Johnson Controls, Inc.		30,043		1,452,279

				3,334,615

Automobiles—0.6%
Ford Motor Co.		174,281		2,701,356
General Motors Co.		60,648		2,117,222
Harley-Davidson, Inc.		9,641		635,438

				5,454,016

Banks—5.9%
Bank of America Corp.		473,066		8,463,151
BB&T Corp.		31,739		1,234,330
Citigroup, Inc.		135,895		7,353,278
Comerica, Inc.		8,172		382,776
Fifth Third Bancorp		37,255		759,071
Huntington Bancshares, Inc./Ohio		36,332		382,213
JPMorgan Chase & Co.		168,527		10,546,420
KeyCorp		39,227		545,255
M&T Bank Corp.		5,870		737,389
PNC Financial Services Group, Inc. (The)		23,865		2,177,204
Regions Financial Corp.		60,882		642,914
SunTrust Banks, Inc.		23,570		987,583
U.S. Bancorp/Minnesota		80,896		3,636,275
Wells Fargo & Co.		212,834		11,667,560
Zions Bancorporation		9,087		259,070

				49,774,489



		Shares		Value
Beverages—2.1%
Brown-Forman Corp., Class B			7,242	$	636,137
Coca-Cola Co. (The)			176,908		7,469,056
Coca-Cola Enterprises, Inc.			9,772		432,118
Constellation Brands, Inc., Class A	*		7,423		728,716
Dr. Pepper Snapple Group, Inc.			8,707		624,118
Molson Coors Brewing Co., Class B			7,119		530,508
Monster Beverage Corp.	*		6,427		696,365
PepsiCo, Inc.			67,549		6,387,433

					17,504,451

Biotechnology—2.8%
Alexion Pharmaceuticals, Inc.	*		8,805		1,629,189
Amgen, Inc.			34,071		5,427,169
Biogen Idec, Inc.	*		10,601		3,598,509
Celgene Corp.	*		35,895		4,015,215
Gilead Sciences, Inc.	*		67,757		6,386,775
Regeneron Pharmaceuticals, Inc.	*		3,328		1,365,312
Vertex Pharmaceuticals, Inc.	*		10,817		1,285,060

					23,707,229

Building Products—0.1%
Allegion plc (Ireland)			4,534		251,456
Masco Corp.			16,108		405,921

					657,377

Capital Markets—2.2%
Affiliated Managers Group, Inc.	*		2,381		505,344
Ameriprise Financial, Inc.			8,497		1,123,728
Bank of New York Mellon Corp. (The)			50,913		2,065,540
BlackRock, Inc.			5,676		2,029,511
Charles Schwab Corp. (The)			51,121		1,543,343
E*TRADE Financial Corp.	*		12,713		308,354
Franklin Resources, Inc.			17,155		949,872
Goldman Sachs Group, Inc. (The)			18,395		3,565,503
Invesco Ltd.			19,785		781,903
Legg Mason, Inc.			4,920		262,580
Morgan Stanley			68,834		2,670,759
Northern Trust Corp.			9,866		664,968
State Street Corp.			19,098		1,499,193
T. Rowe Price Group, Inc.			11,675		1,002,416

					18,973,014

Chemicals—2.3%
Air Products & Chemicals, Inc.			8,655		1,248,311
Airgas, Inc.			2,950		339,781
CF Industries Holdings, Inc.			2,225		606,401
Dow Chemical Co. (The)			50,448		2,300,933
E.I. Du Pont de Nemours & Co.			41,109		3,039,599
Eastman Chemical Co.			6,446		488,994
Ecolab, Inc.			12,159		1,270,859
FMC Corp.			5,665		323,075
International Flavors & Fragrances, Inc.			3,471		351,821
LyondellBasell Industries NV, Class A			19,140		1,519,525
Monsanto Co.			21,676		2,589,632
Mosaic Co. (The)			14,205		648,458
PPG Industries, Inc.			6,157		1,423,190
Praxair, Inc.			12,984		1,682,207

See accompanying notes to financial statements.

302

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Sherwin-Williams Co. (The)			3,781	$	994,554
Sigma-Aldrich Corp.			5,294		726,707

					19,554,047

Commercial Services & Supplies—0.4%
ADT Corp. (The)	†		7,993		289,586
Cintas Corp.			4,324		339,174
Pitney Bowes, Inc.			8,353		203,563
Republic Services, Inc.			11,223		451,726
Stericycle, Inc.	*		3,845		504,003
Tyco International plc			19,238		843,779
Waste Management, Inc.			19,698		1,010,901

					3,642,732

Communications Equipment—1.6%
Cisco Systems, Inc.			230,021		6,398,034
F5 Networks, Inc.	*		3,308		431,578
Harris Corp.			4,662		334,825
Juniper Networks, Inc.			17,478		390,109
Motorola Solutions, Inc.			9,711		651,414
QUALCOMM, Inc.			75,151		5,585,974

					13,791,934

Construction & Engineering—0.1%
Fluor Corp.			6,837		414,527
Jacobs Engineering Group, Inc.	*		6,139		274,352
Quanta Services, Inc.	*		10,231		290,458

					979,337

Construction Materials—0.1%
Martin Marietta Materials, Inc.			2,754		303,821
Vulcan Materials Co.			5,982		393,197

					697,018

Consumer Finance—0.9%
American Express Co.			40,402		3,759,002
Capital One Financial Corp.			25,250		2,084,387
Discover Financial Services			20,594		1,348,701
Navient Corp.			19,211		415,150

					7,607,240

Containers & Packaging—0.2%
Avery Dennison Corp.			3,999		207,468
Ball Corp.			6,090		415,155
MeadWestvaco Corp.			7,080		314,281
Owens-Illinois, Inc.	*		7,698		207,769
Sealed Air Corp.			10,120		429,392

					1,574,065

Distributors—0.1%
Genuine Parts Co.			6,932		738,743

Diversified Consumer Services—0.1%
H&R Block, Inc.			11,970		403,150

Diversified Financial Services—2.0%
Berkshire Hathaway, Inc., Class B	*		82,029		12,316,654
CME Group, Inc.			14,111		1,250,940
Intercontinental Exchange, Inc.			4,996		1,095,573
Leucadia National Corp.			13,569		304,217
McGraw Hill Financial, Inc.			12,209		1,086,357
Moody’s Corp.			8,463		810,840



		Shares		Value
NASDAQ OMX Group, Inc. (The)			4,950	$	237,402

					17,101,983

Diversified Telecommunication Services—2.2%
AT&T, Inc.			232,409		7,806,618
CenturyLink, Inc.			25,530		1,010,477
Frontier Communications Corp.	†		45,836		305,726
Level 3 Communications, Inc.	*		12,438		614,189
Verizon Communications, Inc.			186,667		8,732,282
Windstream Holdings, Inc.	†		29,006		239,010

					18,708,302

Electric Utilities—1.8%
American Electric Power Co., Inc.			21,566		1,309,487
Duke Energy Corp.			31,779		2,654,818
Edison International			14,652		959,413
Entergy Corp.			7,928		693,541
Exelon Corp.			37,869		1,404,182
FirstEnergy Corp.			18,748		730,985
NextEra Energy, Inc.			19,375		2,059,369
Northeast Utilities			14,099		754,578
Pepco Holdings, Inc.			10,712		288,474
Pinnacle West Capital Corp.			5,296		361,770
PPL Corp.			29,746		1,080,672
Southern Co. (The)			40,298		1,979,035
Xcel Energy, Inc.			22,506		808,416

					15,084,740

Electrical Equipment—0.5%
AMETEK, Inc.			10,580		556,826
Eaton Corp. plc			21,457		1,458,218
Emerson Electric Co.			30,977		1,912,210
Rockwell Automation, Inc.			6,076		675,651

					4,602,905

Electronic Equipment, Instruments & Components—0.4%
Amphenol Corp., Class A			14,359		772,658
Corning, Inc.			58,405		1,339,227
FLIR Systems, Inc.			5,910		190,952
TE Connectivity Ltd. (Switzerland)			18,400		1,163,800

					3,466,637

Energy Equipment & Services—1.3%
Baker Hughes, Inc.			19,679		1,103,402
Cameron International Corp.	*		9,047		451,898
Diamond Offshore Drilling, Inc.	†		2,601		95,483
Ensco plc, Class A (United Kingdom)			10,832		324,418
FMC Technologies, Inc.	*		10,487		491,211
Halliburton Co.			38,251		1,504,412
Helmerich & Payne, Inc.			4,810		324,290
Nabors Industries Ltd. (Bermuda)			13,342		173,179
National Oilwell Varco, Inc.			19,164		1,255,817
Noble Corp. plc (United Kingdom)	†		10,716		177,564
Schlumberger Ltd.			58,130		4,964,883
Transocean Ltd. (Switzerland)	†		14,675		268,993

					11,135,550

See accompanying notes to financial statements.

303

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Food & Staples Retailing—2.4%
Costco Wholesale Corp.			19,695	$	2,791,766
CVS Health Corp.			51,958		5,004,075
Kroger Co. (The)			21,842		1,402,475
Safeway, Inc.			10,537		370,060
Sysco Corp.			26,017		1,032,615
Walgreens Boots Alliance, Inc.			39,549		3,013,634
Wal-Mart Stores, Inc.			70,807		6,080,905
Whole Foods Market, Inc.			15,815		797,392

					20,492,922

Food Products—1.6%
Archer-Daniels-Midland Co.			28,954		1,505,608
Campbell Soup Co.			8,293		364,892
ConAgra Foods, Inc.			19,367		702,635
General Mills, Inc.			27,609		1,472,388
Hershey Co. (The)			6,427		667,958
Hormel Foods Corp.			6,305		328,490
J.M. Smucker Co. (The)			4,618		466,326
Kellogg Co.			11,193		732,470
Keurig Green Mountain, Inc.			5,398		714,668
Kraft Foods Group, Inc.			26,760		1,676,781
McCormick & Co., Inc. (Non-Voting Shares)			5,872		436,290
Mead Johnson Nutrition Co.			8,791		883,847
Mondelez International, Inc., Class A			75,753		2,751,728
Tyson Foods, Inc., Class A			12,734		510,506

					13,214,587

Gas Utilities—0.0%
AGL Resources, Inc.			5,266		287,050

Health Care Equipment & Supplies—2.2%
Abbott Laboratories			67,539		3,040,606
Baxter International, Inc.			24,075		1,764,457
Becton Dickinson and Co.			8,677		1,207,491
Boston Scientific Corp.	*		58,037		768,990
C.R. Bard, Inc.			3,276		545,847
CareFusion Corp.	*		9,233		547,886
Covidien plc (Ireland)			20,364		2,082,830
DENTSPLY International, Inc.			6,062		322,923
Edwards Lifesciences Corp.	*		4,753		605,437
Intuitive Surgical, Inc.	*		1,586		838,899
Medtronic, Inc.			43,997		3,176,583
St. Jude Medical, Inc.			12,857		836,091
Stryker Corp.			13,205		1,245,628
Varian Medical Systems, Inc.	*		4,684		405,213
Zimmer Holdings, Inc.			7,360		834,771

					18,223,652

Health Care Providers & Services—2.2%
Aetna, Inc.			15,831		1,406,268
AmerisourceBergen Corp.			9,743		878,429
Anthem, Inc.			12,358		1,553,030
Cardinal Health, Inc.			15,218		1,228,549
Cigna Corp.			11,932		1,227,922
DaVita HealthCare Partners, Inc.	*		7,364		557,750
Express Scripts Holding Co.	*		33,161		2,807,742
Humana, Inc.			6,729		966,486
Laboratory Corp. of America Holdings	*		3,704		399,662



		Shares		Value
McKesson Corp.			10,416	$	2,162,153
Patterson Cos., Inc.			4,379		210,630
Quest Diagnostics, Inc.			6,812		456,813
Tenet Healthcare Corp.	*		4,393		222,593
UnitedHealth Group, Inc.			43,303		4,377,500
Universal Health Services, Inc., Class B			4,097		455,832

					18,911,359

Health Care Technology—0.1%
Cerner Corp.	*		13,658		883,126

Hotels, Restaurants & Leisure—1.6%
Carnival Corp.			20,537		930,942
Chipotle Mexican Grill, Inc.	*		1,351		924,773
Darden Restaurants, Inc.			5,759		337,650
Marriott International, Inc., Class A			9,726		758,920
McDonald’s Corp.			44,056		4,128,047
Royal Caribbean Cruises Ltd.			7,460		614,928
Starbucks Corp.			33,658		2,761,639
Starwood Hotels & Resorts Worldwide, Inc.			8,482		687,636
Wyndham Worldwide Corp.			5,531		474,338
Wynn Resorts Ltd.			3,701		550,561
Yum! Brands, Inc.			19,818		1,443,741

					13,613,175

Household Durables—0.4%
D.R. Horton, Inc.			14,270		360,888
Garmin Ltd. (Switzerland)	†		5,229		276,248
Harman International Industries, Inc.			2,920		311,593
Leggett & Platt, Inc.			5,867		249,993
Lennar Corp., Class A			8,455		378,869
Mohawk Industries, Inc.	*		2,930		455,205
Newell Rubbermaid, Inc.			12,870		490,218
PulteGroup, Inc.			15,680		336,493
Whirlpool Corp.			3,550		687,777

					3,547,284

Household Products—1.9%
Clorox Co. (The)			5,528		576,073
Colgate-Palmolive Co.			38,577		2,669,142
Kimberly-Clark Corp.			16,826		1,944,076
Procter & Gamble Co. (The)			121,310		11,050,128

					16,239,419

Independent Power and Renewable Electricity Producers—0.1%
AES Corp. (The)			30,892		425,383
NRG Energy, Inc.			14,558		392,338

					817,721

Industrial Conglomerates—2.3%
3M Co.			28,901		4,749,012
Danaher Corp.			27,413		2,349,568
General Electric Co.			451,727		11,415,141
Roper Industries, Inc.			4,584		716,709

					19,230,430

Insurance—2.7%
ACE Ltd. (Switzerland)			15,100		1,734,688
Aflac, Inc.			20,235		1,236,156
Allstate Corp. (The)			19,118		1,343,040

See accompanying notes to financial statements.

304

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
American International Group, Inc.			63,299	$	3,545,377
Aon plc (United Kingdom)			13,136		1,245,687
Assurant, Inc.			3,483		238,342
Chubb Corp. (The)			10,767		1,114,062
Cincinnati Financial Corp.			6,709		347,727
Genworth Financial, Inc., Class A	*		22,646		192,491
Hartford Financial Services Group, Inc. (The)			19,719		822,085
Lincoln National Corp.			11,352		654,670
Loews Corp.			13,163		553,109
Marsh & McLennan Cos., Inc.			24,327		1,392,478
MetLife, Inc.			50,538		2,733,600
Principal Financial Group, Inc.			11,773		611,490
Progressive Corp. (The)			23,461		633,212
Prudential Financial, Inc.			20,707		1,873,155
Torchmark Corp.			5,526		299,343
Travelers Cos., Inc. (The)			15,099		1,598,229
Unum Group			10,956		382,145
XL Group plc (Ireland)			12,519		430,278

					22,981,364

Internet & Catalog Retail—1.1%
Amazon.com, Inc.	*		16,989		5,272,536
Expedia, Inc.			4,381		373,962
Netflix, Inc.	*		2,651		905,608
Priceline Group, Inc. (The)	*		2,356		2,686,335
TripAdvisor, Inc.	*		4,946		369,269

					9,607,710

Internet Software & Services—3.1%
Akamai Technologies, Inc.	*		8,165		514,068
eBay, Inc.	*		50,755		2,848,371
Facebook, Inc., Class A	*		94,052		7,337,937
Google, Inc., Class A	*		12,822		6,804,123
Google, Inc., Class C	*		12,810		6,743,184
VeriSign, Inc.	*		5,252		299,364
Yahoo!, Inc.	*		40,083		2,024,592

					26,571,639

IT Services—3.2%
Accenture plc, Class A (Ireland)			28,379		2,534,528
Alliance Data Systems Corp.	*		2,872		821,536
Automatic Data Processing, Inc.			21,391		1,783,368
Cognizant Technology Solutions Corp., Class A	*		26,814		1,412,025
Computer Sciences Corp.			6,856		432,271
Fidelity National Information Services, Inc.			12,624		785,213
Fiserv, Inc.	*		11,244		797,987
International Business Machines Corp.			41,580		6,671,095
MasterCard, Inc., Class A			44,190		3,807,410
Paychex, Inc.			14,576		672,974
Teradata Corp.	*		6,931		302,746
Total System Services, Inc.			7,743		262,952
Visa, Inc., Class A			22,081		5,789,638
Western Union Co. (The)			24,633		441,177
Xerox Corp.			49,729		689,244

					27,204,164



		Shares		Value
Leisure Products—0.1%
Hasbro, Inc.			5,019	$	275,995
Mattel, Inc.			15,631		483,701

					759,696

Life Sciences Tools & Services—0.4%
Agilent Technologies, Inc.			15,223		623,230
PerkinElmer, Inc.			4,719		206,362
Thermo Fisher Scientific, Inc.			17,942		2,247,953
Waters Corp.	*		3,616		407,595

					3,485,140

Machinery—1.5%
Caterpillar, Inc.			27,525		2,519,363
Cummins, Inc.			7,558		1,089,637
Deere & Co.			15,970		1,412,866
Dover Corp.			7,429		532,808
Flowserve Corp.			5,934		355,031
Illinois Tool Works, Inc.			16,251		1,538,970
Ingersoll-Rand plc			12,100		767,019
Joy Global, Inc.			4,307		200,362
PACCAR, Inc.			15,902		1,081,495
Pall Corp.			4,797		485,504
Parker-Hannifin Corp.			6,807		877,763
Pentair plc (United Kingdom)			8,605		571,544
Snap-on, Inc.			2,577		352,379
Stanley Black & Decker, Inc.			6,889		661,895
Xylem, Inc.			8,394		319,559

					12,766,195

Media—3.5%
Cablevision Systems Corp., Class A	†		8,790		181,426
CBS Corp. (Non-Voting Shares), Class B			21,384		1,183,391
Comcast Corp., Class A			116,033		6,731,074
DIRECTV	*		22,592		1,958,727
Discovery Communications, Inc., Class A	*		6,563		226,095
Discovery Communications, Inc., Class C	*		12,268		413,677
Gannett Co., Inc.			9,971		318,374
Interpublic Group of Cos., Inc. (The)			18,556		385,408
News Corp., Class A	*		21,193		332,518
Omnicom Group, Inc.			11,062		856,973
Scripps Networks Interactive, Inc., Class A			4,568		343,833
Time Warner Cable, Inc.			12,616		1,918,389
Time Warner, Inc.			37,920		3,239,126
Twenty-First Century Fox, Inc., Class A			83,769		3,217,149
Viacom, Inc., Class B			16,638		1,252,010
Walt Disney Co. (The)			70,365		6,627,679

					29,185,849

Metals & Mining—0.4%
Alcoa, Inc.			50,983		805,022
Allegheny Technologies, Inc.			4,648		161,611
Freeport-McMoRan, Inc.			46,268		1,080,820
Newmont Mining Corp.			22,707		429,162
Nucor Corp.			14,375		705,094

					3,181,709

See accompanying notes to financial statements.

305

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Multiline Retail—0.7%
Dollar General Corp.	*		13,799	$	975,589
Dollar Tree, Inc.	*		9,462		665,935
Family Dollar Stores, Inc.			4,218		334,108
Kohl’s Corp.			9,419		574,936
Macy’s, Inc.			16,040		1,054,630
Nordstrom, Inc.			6,284		498,887
Target Corp.			28,649		2,174,746

					6,278,831

Multi-Utilities—1.2%
Ameren Corp.			10,303		475,277
CenterPoint Energy, Inc.			19,294		452,059
CMS Energy Corp.			12,784		444,244
Consolidated Edison, Inc.			13,168		869,220
Dominion Resources, Inc.			25,877		1,989,941
DTE Energy Co.			7,822		675,586
Integrys Energy Group, Inc.			3,717		289,369
NiSource, Inc.			13,957		592,056
PG&E Corp.			20,917		1,113,621
Public Service Enterprise Group, Inc.			22,486		931,145
SCANA Corp.			6,213		375,265
Sempra Energy			10,208		1,136,763
TECO Energy, Inc.			10,453		214,182
Wisconsin Energy Corp.			9,791		516,377

					10,075,105

Oil, Gas & Consumable Fuels—6.9%
Anadarko Petroleum Corp.			22,754		1,877,205
Apache Corp.			17,250		1,081,057
Cabot Oil & Gas Corp.			18,622		551,397
Chesapeake Energy Corp.			22,343		437,252
Chevron Corp.			85,083		9,544,611
Cimarex Energy Co.			3,735		395,910
ConocoPhillips			55,176		3,810,455
CONSOL Energy, Inc.			10,735		362,950
Denbury Resources, Inc.			14,852		120,747
Devon Energy Corp.			16,964		1,038,366
EOG Resources, Inc.			24,608		2,265,659
EQT Corp.			6,956		526,569
Exxon Mobil Corp.			190,643		17,624,945
Hess Corp.			11,846		874,472
Kinder Morgan, Inc.			75,877		3,210,356
Marathon Oil Corp.			29,406		831,896
Marathon Petroleum Corp.			12,683		1,144,768
Murphy Oil Corp.			7,524		380,112
Newfield Exploration Co.	*		6,284		170,422
Noble Energy, Inc.			15,902		754,232
Occidental Petroleum Corp.			35,005		2,821,753
ONEOK, Inc.			8,897		442,982
Phillips 66			25,149		1,803,183
Pioneer Natural Resources Co.			6,696		996,700
QEP Resources, Inc.			7,210		145,786
Range Resources Corp.			7,553		403,708
Southwestern Energy Co.	*		16,264		443,845
Spectra Energy Corp.			30,320		1,100,616
Tesoro Corp.			5,542		412,048
Valero Energy Corp.			23,875		1,181,812
Williams Cos., Inc. (The)			29,918		1,344,515

					58,100,329

Paper & Forest Products—0.1%
International Paper Co.			19,396		1,039,238



		Shares		Value
Personal Products—0.1%
Avon Products, Inc.			21,240	$	199,443
Estee Lauder Cos., Inc. (The), Class A			9,753		743,179

					942,622

Pharmaceuticals—6.1%
AbbVie, Inc.			71,424		4,673,987
Actavis plc	*		11,871		3,055,714
Allergan, Inc.			13,356		2,839,352
Bristol-Myers Squibb Co.			74,397		4,391,655
Eli Lilly & Co.			44,162		3,046,736
Hospira, Inc.	*		7,277		445,716
Johnson & Johnson			126,043		13,180,317
Mallinckrodt plc	*		5,235		518,422
Merck & Co., Inc.			128,561		7,300,979
Mylan, Inc.	*		16,365		922,495
Perrigo Co. plc (Ireland)			6,329		1,057,956
Pfizer, Inc.			284,163		8,851,677
Zoetis, Inc.			22,293		959,268

					51,244,274

Professional Services—0.2%
Dun & Bradstreet Corp. (The)			1,805		218,333
Equifax, Inc.			5,195		420,120
Nielsen NV			13,983		625,459
Robert Half International, Inc.			6,337		369,954

					1,633,866

Real Estate Investment Trusts (REITs)—2.3%
American Tower Corp. REIT			17,609		1,740,650
Apartment Investment & Management Co., Class A REIT			6,058		225,055
AvalonBay Communities, Inc. REIT			5,833		953,054
Boston Properties, Inc. REIT			6,963		896,068
Crown Castle International Corp. REIT			14,728		1,159,094
Equity Residential REIT			16,039		1,152,242
Essex Property Trust, Inc. REIT			2,842		587,157
General Growth Properties, Inc. REIT			28,035		788,624
HCP, Inc. REIT			20,653		909,352
Health Care REIT, Inc. REIT			14,386		1,088,589
Host Hotels & Resorts, Inc. REIT			34,116		810,937
Iron Mountain, Inc. REIT			9,032		349,177
Kimco Realty Corp. REIT			19,294		485,051
Macerich Co. (The) REIT			6,329		527,902
Plum Creek Timber Co., Inc. REIT			8,064		345,059
Prologis, Inc. REIT			22,228		956,471
Public Storage REIT			6,479		1,197,643
Simon Property Group, Inc. REIT			13,966		2,543,348
Ventas, Inc. REIT			13,236		949,021
Vornado Realty Trust REIT			7,938		934,382
Weyerhaeuser Co. REIT			23,486		842,912

					19,441,788

Real Estate Management & Development—0.1%
CBRE Group, Inc., Class A	*		12,155		416,309

See accompanying notes to financial statements.

306

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Road & Rail—1.0%
CSX Corp.			45,022	$	1,631,147
Kansas City Southern			4,886		596,239
Norfolk Southern Corp.			13,917		1,525,442
Ryder System, Inc.	†		2,592		240,667
Union Pacific Corp.			40,259		4,796,055

					8,789,550

Semiconductors & Semiconductor Equipment—2.4%
Altera Corp.			13,846		511,471
Analog Devices, Inc.			13,791		765,676
Applied Materials, Inc.			53,753		1,339,525
Avago Technologies Ltd. (Singapore)			11,373		1,144,010
Broadcom Corp., Class A			23,733		1,028,351
First Solar, Inc.	*		3,015		134,454
Intel Corp.			218,278		7,921,309
KLA-Tencor Corp.			7,530		529,510
Lam Research Corp.			7,010		556,173
Linear Technology Corp.			10,544		480,806
Microchip Technology, Inc.			8,706		392,728
Micron Technology, Inc.	*		48,277		1,690,178
NVIDIA Corp.			22,818		457,501
Texas Instruments, Inc.			48,003		2,566,480
Xilinx, Inc.			11,628		503,376

					20,021,548

Software—3.7%
Adobe Systems, Inc.	*		21,309		1,549,164
Autodesk, Inc.	*		10,345		621,321
CA, Inc.			13,457		409,766
Citrix Systems, Inc.	*		7,088		452,214
Electronic Arts, Inc.	*		14,287		671,703
Intuit, Inc.			12,536		1,155,694
Microsoft Corp.			370,788		17,223,103
Oracle Corp.			145,816		6,557,346
Red Hat, Inc.	*		8,148		563,353
salesforce.com, Inc.	*		26,388		1,565,072
Symantec Corp.			31,161		799,435

					31,568,171

Specialty Retail—2.4%
AutoNation, Inc.	*		3,210		193,916
AutoZone, Inc.	*		1,424		881,613
Bed Bath & Beyond, Inc.	*		8,633		657,576
Best Buy Co., Inc.			13,455		524,476
CarMax, Inc.	*		9,485		631,511
GameStop Corp., Class A	†		5,556		187,793
Gap, Inc. (The)			12,315		518,585
Home Depot, Inc. (The)			59,567		6,252,748
L Brands, Inc.			11,187		968,235
Lowe’s Cos., Inc.			43,946		3,023,485
O’Reilly Automotive, Inc.	*		4,550		876,421
PetSmart, Inc.			4,570		371,518
Ross Stores, Inc.			9,591		904,048
Staples, Inc.			29,425		533,181
Tiffany & Co.			5,040		538,574
TJX Cos., Inc. (The)			31,173		2,137,844
Tractor Supply Co.			6,281		495,068
Urban Outfitters, Inc.	*		5,103		179,268

					19,875,860



			Shares		Value
Technology Hardware, Storage & Peripherals—4.6%
Apple, Inc.				264,087	$	29,149,923
EMC Corp.				91,154		2,710,920
Hewlett-Packard Co.				83,814		3,363,456
NetApp, Inc.				13,778		571,098
SanDisk Corp.				10,196		999,004
Seagate Technology plc				14,919		992,113
Western Digital Corp.				9,728		1,076,890

						38,863,404

Textiles, Apparel & Luxury Goods—0.8%
Coach, Inc.				11,894		446,739
Fossil Group, Inc.		*		1,945		215,389
Michael Kors Holdings Ltd. (Hong Kong)		*		9,403		706,165
NIKE, Inc., Class B				31,590		3,037,378
PVH Corp.				3,575		458,208
Ralph Lauren Corp.				2,810		520,300
Under Armour, Inc., Class A		*		7,670		520,793
V.F. Corp.				15,240		1,141,476

						7,046,448

Thrifts & Mortgage Finance—0.1%
Hudson City Bancorp, Inc.				22,669		229,411
People’s United Financial, Inc.				15,146		229,916

						459,327

Tobacco—1.4%
Altria Group, Inc.				88,988		4,384,439
Lorillard, Inc.				15,968		1,005,026
Philip Morris International, Inc.				70,032		5,704,107
Reynolds American, Inc.				13,857		890,589

						11,984,161

Trading Companies & Distributors—0.2%
Fastenal Co.		†		11,786		560,542
United Rentals, Inc.		*		4,302		438,847
W.W. Grainger, Inc.				2,791		711,398

						1,710,787

TOTAL COMMON STOCKS
(Cost $486,675,613)						820,794,377



Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.025%	03/12/2015	‡‡
(Cost $1,164,945)			$	1,165,000		1,164,956



				Shares		Value
MONEY MARKET FUNDS—3.1%
Institutional Money Market Funds—3.1%
Dreyfus Institutional Cash Advantage Fund, 0.06%		††¥		400,000		400,000

See accompanying notes to financial statements.

307

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint 500 Stock Index Fund		Shares		Value
MONEY MARKET FUNDS—(Continued)
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11%	¥		23,545,418	$	23,545,418
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11%	††¥		258,787		258,787
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.07%	††¥		400,000		400,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.07%	††¥		400,000		400,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.08%	††¥		400,000		400,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥		400,000		400,000

TOTAL MONEY MARKET FUNDS
(Cost $25,804,205)					25,804,205

TOTAL INVESTMENTS—100.2%
(Cost $513,644,763)					847,763,538
Other assets less liabilities—(0.2%)					(1,682,744	)

NET ASSETS—100.0%				$	846,080,794

Notes to the Schedule of Investments:


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

See accompanying notes to financial statements.

308

SCHEDULE OF INVESTMENTS

December 31, 2014


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—97.5%
Aerospace & Defense—2.5%
AAR Corp.			1,489	$	41,364
Alliant Techsystems, Inc.			1,550		180,188
American Science & Engineering, Inc.			435		22,577
B/E Aerospace, Inc.	*		4,159		241,305
Boeing Co. (The)			27,932		3,630,601
Cubic Corp.			476		25,057
Curtiss-Wright Corp.			2,112		149,086
DigitalGlobe, Inc.	*		3,780		117,067
Engility Holdings, Inc.	*		622		26,622
Esterline Technologies Corp.	*		1,049		115,054
Exelis, Inc.			4,977		87,247
GenCorp, Inc.	*†		1,629		29,811
General Dynamics Corp.			11,394		1,568,042
HEICO Corp.			3,163		191,045
Hexcel Corp.	*		4,757		197,368
Honeywell International, Inc.			29,592		2,956,833
Huntington Ingalls Industries, Inc.			1,577		177,349
KLX, Inc.	*		2,080		85,779
Kratos Defense & Security Solutions, Inc.	*		832		4,177
L-3 Communications Holdings, Inc.			2,864		361,465
Lockheed Martin Corp.			9,739		1,875,439
Moog, Inc., Class A	*		1,446		107,047
National Presto Industries, Inc.	†		535		31,051
Northrop Grumman Corp.			7,805		1,150,379
Orbital Sciences Corp.	*		2,123		57,088
Precision Castparts Corp.			5,732		1,380,724
Raytheon Co.			12,251		1,325,191
Rockwell Collins, Inc.			5,705		481,958
Spirit AeroSystems Holdings, Inc., Class A	*		7,021		302,184
TASER International, Inc.	*†		2,292		60,692
Teledyne Technologies, Inc.	*		1,228		126,165
Textron, Inc.			12,237		515,300
TransDigm Group, Inc.			2,305		452,587
Triumph Group, Inc.			1,644		110,510
United Technologies Corp.			34,141		3,926,215
Vectrus, Inc.	*		276		7,562

					22,118,129

Air Freight & Logistics—0.7%
Atlas Air Worldwide Holdings, Inc.	*		600		29,580
C.H. Robinson Worldwide, Inc.			6,357		476,076
Expeditors International of Washington, Inc.			7,178		320,211
FedEx Corp.			11,554		2,006,468
Forward Air Corp.			1,431		72,079
Hub Group, Inc., Class A	*		2,400		91,392
United Parcel Service, Inc., Class B			27,224		3,026,492
UTi Worldwide, Inc.	*		2,208		26,650
XPO Logistics, Inc.	*†		1,665		68,065

					6,117,013

Airlines—0.7%
Alaska Air Group, Inc.			5,372		321,031
American Airlines Group, Inc.			25,921		1,390,143



		Shares		Value
Copa Holdings SA, Class A (Panama)	†		1,841	$	190,801
Delta Air Lines, Inc.			32,014		1,574,769
JetBlue Airways Corp.	*†		6,414		101,726
SkyWest, Inc.			2,390		31,739
Southwest Airlines Co.			26,758		1,132,399
Spirit Airlines, Inc.	*		3,308		250,019
United Continental Holdings, Inc.	*		13,242		885,757

					5,878,384

Auto Components—0.4%
American Axle & Manufacturing Holdings, Inc.	*		2,113		47,733
BorgWarner, Inc.			8,218		451,579
Cooper Tire & Rubber Co.			3,066		106,237
Dana Holding Corp.			5,645		122,722
Drew Industries, Inc.	*		2,207		112,711
Fuel Systems Solutions, Inc.	*†		769		8,413
Gentex Corp.			6,594		238,241
Gentherm, Inc.	*		2,107		77,158
Goodyear Tire & Rubber Co. (The)			7,281		208,018
Johnson Controls, Inc.			24,673		1,192,693
Lear Corp.			3,353		328,862
Modine Manufacturing Co.	*		1,208		16,429
Motorcar Parts of America, Inc.	*		1,792		55,713
Shiloh Industries, Inc.	*		1,441		22,667
Superior Industries International, Inc.			1,102		21,809
Tenneco, Inc.	*		1,600		90,576
TRW Automotive Holdings Corp.	*		3,548		364,912
Visteon Corp.	*		2,509		268,112

					3,734,585

Automobiles—0.6%
Ford Motor Co.			148,004		2,294,062
General Motors Co.			58,382		2,038,116
Harley-Davidson, Inc.			7,622		502,366
Tesla Motors, Inc.	*†		3,468		771,318
Thor Industries, Inc.			1,221		68,217
Winnebago Industries, Inc.			1,432		31,160

					5,705,239

Banks—5.6%
1st Source Corp.			1,180		40,486
Associated Banc-Corp			5,110		95,199
BancFirst Corp.			642		40,696
BancorpSouth, Inc.			3,611		81,284
Bank of America Corp.			399,758		7,151,671
Bank of Hawaii Corp.			1,898		112,570
Bank of the Ozarks, Inc.			1,248		47,324
BankUnited, Inc.			4,777		138,390
BB&T Corp.			26,530		1,031,752
BBCN Bancorp, Inc./California			7,132		102,558
BOK Financial Corp.			801		48,092
Boston Private Financial Holdings, Inc.			1,297		17,471
Bridge Bancorp, Inc.			3,091		82,684
Bryn Mawr Bank Corp.			1,058		33,115
Capital City Bank Group, Inc.			1,113		17,296
Cardinal Financial Corp.			1,142		22,646

See accompanying notes to financial statements.

309

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Cascade Bancorp	*		219	$	1,137
Cathay General Bancorp			2,082		53,278
Catskill Litigation Trust	*‡d		582		—
Central Pacific Financial Corp.			103		2,214
Chemical Financial Corp.			1,552		47,553
CIT Group, Inc.			7,587		362,886
Citigroup, Inc.			114,505		6,195,866
Citizens & Northern Corp.	†		3,618		74,784
Citizens Financial Group, Inc.			5,381		133,772
City Holding Co.			250		11,632
City National Corp./California			1,548		125,094
CNB Financial Corp./Pennsylvania	†		4,147		76,719
CoBiz Financial, Inc.			1,063		13,957
Comerica, Inc.			7,542		353,267
Commerce Bancshares, Inc./Missouri			3,151		137,039
Community Bank System, Inc.			1,402		53,458
Community Trust Bancorp, Inc.			731		26,762
Cullen/Frost Bankers, Inc.			2,502		176,741
CVB Financial Corp.			4,084		65,426
East West Bancorp, Inc.			6,997		270,854
Fidelity Southern Corp.			1,592		25,647
Fifth Third Bancorp			32,850		669,319
Financial Institutions, Inc.			749		18,837
First BanCorp. (Puerto Rico)	*		322		1,890
First Bancorp/North Carolina			4,779		88,268
First Busey Corp.			2,407		15,670
First Citizens BancShares, Inc./North Carolina, Class A			254		64,209
First Commonwealth Financial Corp.			2,619		24,147
First Connecticut Bancorp, Inc./Farmington CT	†		5,036		82,188
First Financial Bancorp			1,895		35,228
First Financial Bankshares, Inc.	†		1,000		29,880
First Horizon National Corp.			8,735		118,621
First Merchants Corp.			874		19,884
First Midwest Bancorp, Inc./Illinois			2,002		34,254
First Niagara Financial Group, Inc.			10,034		84,587
First of Long Island Corp. (The)			1,479		41,959
First Republic Bank/California			4,803		250,332
FirstMerit Corp.			8,833		166,855
FNB Corp./Pennsylvania			4,685		62,404
Fulton Financial Corp.			6,533		80,748
Glacier Bancorp, Inc.			1,771		49,181
Guaranty Bancorp	†		1,060		15,306
Hancock Holding Co.			2,032		62,382
Hanmi Financial Corp.			900		19,629
Heritage Financial Corp./Washington			4,736		83,117
Hilltop Holdings, Inc.	*		1,180		23,541
Home Bancshares, Inc./Arkansas			2,340		75,254
Huntington Bancshares, Inc./Ohio			26,837		282,325
IBERIABANK Corp.			966		62,645



		Shares		Value
Independent Bank Corp./Massachusetts			874	$	37,416
International Bancshares Corp.			3,248		86,202
Investors Bancorp, Inc.			6,104		68,517
JPMorgan Chase & Co.			141,848		8,876,848
KeyCorp			33,148		460,757
M&T Bank Corp.			5,079		638,024
MB Financial, Inc.			931		30,593
Merchants Bancshares, Inc.			2,994		91,706
MidSouth Bancorp, Inc.			3,675		63,725
MidWestOne Financial Group, Inc.			3,251		93,661
National Penn Bancshares, Inc.			2,758		29,028
NBT Bancorp, Inc.			1,000		26,270
Old National Bancorp/Indiana			3,552		52,854
PacWest Bancorp			3,097		140,790
Park National Corp.	†		728		64,413
Park Sterling Corp.			6,371		46,827
Peoples Bancorp, Inc./Ohio			814		21,107
Pinnacle Financial Partners, Inc.			1,818		71,884
PNC Financial Services Group, Inc. (The)			19,925		1,817,758
Popular, Inc. (Puerto Rico)	*		5,380		183,189
PrivateBancorp, Inc.			1,200		40,080
Prosperity Bancshares, Inc.			2,300		127,328
Regions Financial Corp.			48,889		516,268
Republic Bancorp, Inc./Kentucky, Class A			1,603		39,626
Republic First Bancorp, Inc.	*		7,783		29,186
S&T Bancorp, Inc.			955		28,469
Sandy Spring Bancorp, Inc.			344		8,972
Signature Bank/New York	*		1,900		239,324
Simmons First National Corp., Class A			911		37,032
South State Corp.			2,017		135,300
State Bank Financial Corp.			4,194		83,796
Sterling Bancorp/New York			5,533		79,565
Suffolk Bancorp			3,336		75,761
SunTrust Banks, Inc.			19,144		802,134
Susquehanna Bancshares, Inc.			15,304		205,533
SVB Financial Group	*		1,437		166,793
Synovus Financial Corp.			5,952		161,240
TCF Financial Corp.			6,104		96,993
Texas Capital Bancshares, Inc.	*		2,821		153,265
Tompkins Financial Corp.	†		730		40,369
TowneBank/Virginia	†		1,448		21,894
Trustmark Corp.			2,635		64,663
U.S. Bancorp/Minnesota			66,124		2,972,274
UMB Financial Corp.			1,211		68,894
Umpqua Holdings Corp.			9,721		165,354
United Bankshares, Inc./West Virginia			2,134		79,918
United Community Banks, Inc./Georgia			454		8,599
Valley National Bancorp	†		6,899		66,989
Washington Trust Bancorp, Inc.			500		20,090
Webster Financial Corp.			2,393		77,844
Wells Fargo & Co.			180,865		9,915,019
WesBanco, Inc.			1,699		59,125
Westamerica Bancorporation	†		288		14,118
Western Alliance Bancorp	*		1,400		38,920
Wintrust Financial Corp.			1,017		47,555
Zions Bancorporation			9,159		261,123

					49,684,962

See accompanying notes to financial statements.

310

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Beverages—1.7%
Boston Beer Co., Inc. (The), Class A	*†		609	$	176,330
Brown-Forman Corp., Class B			5,077		445,964
Coca-Cola Bottling Co. Consolidated			437		38,469
Coca-Cola Co. (The)			148,143		6,254,597
Coca-Cola Enterprises, Inc.			8,850		391,347
Constellation Brands, Inc., Class A	*		6,550		643,013
Dr. Pepper Snapple Group, Inc.			7,323		524,913
Molson Coors Brewing Co., Class B			6,229		464,185
Monster Beverage Corp.	*		5,360		580,756
PepsiCo, Inc.			57,768		5,462,542

					14,982,116

Biotechnology—3.1%
ACADIA Pharmaceuticals, Inc.	*†		1,825		57,944
Achillion Pharmaceuticals, Inc.	*†		5,414		66,322
Acorda Therapeutics, Inc.	*		674		27,546
Aegerion Pharmaceuticals, Inc.	*		1,499		31,389
Alexion Pharmaceuticals, Inc.	*		7,220		1,335,917
Alkermes plc (Ireland)	*		5,289		309,724
Alnylam Pharmaceuticals, Inc.	*		2,390		231,830
AMAG Pharmaceuticals, Inc.	*		834		35,545
Amgen, Inc.			28,165		4,486,403
Anacor Pharmaceuticals, Inc.	*		2,424		78,174
Arena Pharmaceuticals, Inc.	*†		9,689		33,621
ARIAD Pharmaceuticals, Inc.	*†		5,175		35,552
Array BioPharma, Inc.	*†		4,333		20,495
Arrowhead Research Corp.	*†		2,896		21,372
BioCryst Pharmaceuticals, Inc.	*†		3,439		41,818
Biogen Idec, Inc.	*		9,025		3,063,536
BioMarin Pharmaceutical, Inc.	*		5,515		498,556
Bluebird Bio, Inc.	*		1,065		97,682
Celgene Corp.	*		30,886		3,454,908
Celldex Therapeutics, Inc.	*†		6,204		113,223
Cepheid, Inc.	*		1,692		91,605
Clovis Oncology, Inc.	*†		1,475		82,600
Cubist Pharmaceuticals, Inc.	*		2,779		279,706
CytRx Corp.	*†		9,490		26,003
Dyax Corp.	*		4,812		67,657
Dynavax Technologies Corp.	*†		2,946		49,670
Emergent Biosolutions, Inc.	*		1,319		35,916
Exact Sciences Corp.	*†		6,789		186,290
Exelixis, Inc.	*†		15,393		22,166
Galectin Therapeutics, Inc.	*†		2,900		10,063
Galena Biopharma, Inc.	*†		15,289		23,086
Genomic Health, Inc.	*†		1,284		41,049
Geron Corp.	*†		4,719		15,337
Gilead Sciences, Inc.	*		57,606		5,429,942
Halozyme Therapeutics, Inc.	*†		6,362		61,393
Heron Therapeutics, Inc.	*		3,218		32,373
ImmunoGen, Inc.	*		1,323		8,070
Immunomedics, Inc.	*†		2,141		10,277
Incyte Corp.	*		4,332		316,713
Inovio Pharmaceuticals, Inc.	*†		4,267		39,171
Insmed, Inc.	*†		2,696		41,707
Intercept Pharmaceuticals, Inc.	*†		335		52,260
Intrexon Corp.	*†		1,662		45,755
Ironwood Pharmaceuticals, Inc.	*		7,019		107,531



		Shares		Value
Isis Pharmaceuticals, Inc.	*†		5,904	$	364,513
Keryx Biopharmaceuticals, Inc.	*†		5,221		73,877
Lexicon Pharmaceuticals, Inc.	*†		2,343		2,132
Ligand Pharmaceuticals, Inc.	*		815		43,366
MannKind Corp.	*†		8,369		43,644
Medivation, Inc.	*		3,462		344,850
Merrimack Pharmaceuticals, Inc.	*†		5,739		64,851
MiMedx Group, Inc.	*†		5,999		69,168
Momenta Pharmaceuticals, Inc.	*†		2,618		31,521
Myriad Genetics, Inc.	*†		4,124		140,463
Neuralstem, Inc.	*†		9,512		25,873
Neurocrine Biosciences, Inc.	*		1,479		33,041
NewLink Genetics Corp.	*†		3,326		132,209
Northwest Biotherapeutics, Inc.	*†		5,699		30,490
Novavax, Inc.	*†		10,201		60,492
NPS Pharmaceuticals, Inc.	*		4,029		144,117
OPKO Health, Inc.	*†		14,466		144,515
Orexigen Therapeutics, Inc.	*†		6,895		41,784
Osiris Therapeutics, Inc.	*†		1,402		22,418
PDL BioPharma, Inc.	†		3,841		29,614
Peregrine Pharmaceuticals, Inc.	*†		20,036		27,850
Pharmacyclics, Inc.	*		2,440		298,314
Progenics Pharmaceuticals, Inc.	*†		793		5,995
Prothena Corp. plc (Ireland)	*		1,778		36,911
PTC Therapeutics, Inc.	*		1,567		81,124
Puma Biotechnology, Inc.	*		687		130,028
Raptor Pharmaceutical Corp.	*†		3,794		39,913
Receptos, Inc.	*		1,037		127,043
Regeneron Pharmaceuticals, Inc.	*		3,165		1,298,441
Retrophin, Inc.	*†		3,586		43,893
Rigel Pharmaceuticals, Inc.	*		1,882		4,272
Sangamo BioSciences, Inc.	*		2,626		39,941
Sarepta Therapeutics, Inc.	*†		2,129		30,807
Seattle Genetics, Inc.	*†		3,191		102,527
Synageva BioPharma Corp.	*†		1,031		95,666
Synergy Pharmaceuticals, Inc.	*†		6,708		20,459
TG Therapeutics, Inc.	*†		4,138		65,546
Threshold Pharmaceuticals, Inc.	*†		6,119		19,458
United Therapeutics Corp.	*		1,828		236,708
Vanda Pharmaceuticals, Inc.	*†		2,680		38,378
Vertex Pharmaceuticals, Inc.	*		9,580		1,138,104
XOMA Corp.	*†		9,130		32,777
ZIOPHARM Oncology, Inc.	*†		16,393		83,113

					26,958,103

Building Products—0.2%
A.O. Smith Corp.			4,024		226,994
Allegion plc (Ireland)			3,761		208,585
American Woodmark Corp.	*		800		32,352
Apogee Enterprises, Inc.			1,250		52,962
Armstrong World Industries, Inc.	*		720		36,806
Fortune Brands Home & Security, Inc.			5,665		256,455
Gibraltar Industries, Inc.	*		1,188		19,317
Griffon Corp.	†		1,288		17,130
Lennox International, Inc.	†		2,437		231,686
Masco Corp.			16,508		416,002
Masonite International Corp.	*		741		45,542
NCI Building Systems, Inc.	*		246		4,556
Owens Corning, Inc.			3,682		131,852
Patrick Industries, Inc.	*		974		42,837
Quanex Building Products Corp.			1,671		31,381
Simpson Manufacturing Co., Inc.			2,084		72,106

See accompanying notes to financial statements.

311

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Trex Co., Inc.	*		1,462	$	62,252
Universal Forest Products, Inc.			1,121		59,637
USG Corp.	*		3,348		93,711

					2,042,163

Capital Markets—2.2%
Actua Corp.	*		4,779		88,268
Affiliated Managers Group, Inc.	*		2,083		442,096
Ameriprise Financial, Inc.			7,046		931,833
Arlington Asset Investment Corp., Class A	†		304		8,089
Ashford, Inc.	*		48		4,512
Bank of New York Mellon Corp. (The)			41,637		1,689,213
BGC Partners, Inc., Class A			7,270		66,520
BlackRock, Inc.			5,053		1,806,751
Calamos Asset Management, Inc., Class A			1,800		23,976
Charles Schwab Corp. (The)			39,829		1,202,438
CIFC Corp.	†		4,547		37,604
Cowen Group, Inc., Class A	*		2,582		12,394
Diamond Hill Investment Group, Inc.			331		45,691
E*TRADE Financial Corp.	*		13,474		326,812
Eaton Vance Corp.			5,282		216,192
Evercore Partners, Inc., Class A			2,410		126,212
Federated Investors, Inc., Class B	†		3,745		123,323
Financial Engines, Inc.	†		1,762		64,401
Franklin Resources, Inc.			15,516		859,121
GAMCO Investors, Inc., Class A			558		49,629
GFI Group, Inc.			2,520		13,734
Goldman Sachs Group, Inc. (The)			17,015		3,298,017
Greenhill & Co., Inc.			495		21,582
Interactive Brokers Group, Inc., Class A			1,570		45,781
INTL FCStone, Inc.	*		507		10,429
Invesco Ltd.			16,610		656,427
Investment Technology Group, Inc.	*		2,078		43,264
Janus Capital Group, Inc.	†		6,411		103,409
KCG Holdings, Inc., Class A	*		444		5,173
Ladenburg Thalmann Financial Services, Inc.	*		18,032		71,226
Lazard Ltd., Class A (Bermuda)			5,918		296,078
Legg Mason, Inc.			3,981		212,466
LPL Financial Holdings, Inc.			1,656		73,775
Morgan Stanley			57,026		2,212,609
Northern Trust Corp.			8,495		572,563
NorthStar Asset Management Group, Inc.			7,137		161,082
Piper Jaffray Cos.	*		963		55,941
Pzena Investment Management, Inc., Class A			6,659		62,994
Raymond James Financial, Inc.			3,472		198,911
Safeguard Scientifics, Inc.	*		678		13,438
SEI Investments Co.			5,918		236,957
State Street Corp.			15,937		1,251,054
Stifel Financial Corp.	*		2,724		138,978
SWS Group, Inc.	*		1,323		9,142
T. Rowe Price Group, Inc.			9,852		845,893
TD Ameritrade Holding Corp.			8,355		298,942
Virtus Investment Partners, Inc.			210		35,803



		Shares		Value
Waddell & Reed Financial, Inc., Class A			3,971	$	197,835
Walter Investment Management Corp.	*†		1,972		32,558
Westwood Holdings Group, Inc.			1,027		63,489
WisdomTree Investments, Inc.	†		3,701		58,013

					19,422,638

Chemicals—2.4%
A. Schulman, Inc.			1,444		58,525
Air Products & Chemicals, Inc.			8,124		1,171,724
Airgas, Inc.			2,915		335,750
Albemarle Corp.	†		3,712		223,203
Ashland, Inc.			2,794		334,609
Axiall Corp.			2,616		111,101
Cabot Corp.			2,693		118,115
Calgon Carbon Corp.	*		3,184		66,164
Celanese Corp., Series A			5,922		355,083
CF Industries Holdings, Inc.			2,079		566,611
Chemtura Corp.	*†		5,201		128,621
Cytec Industries, Inc.			3,288		151,807
Dow Chemical Co. (The)			46,290		2,111,287
E.I. Du Pont de Nemours & Co.			34,621		2,559,877
Eastman Chemical Co.			6,221		471,925
Ecolab, Inc.			9,853		1,029,836
Ferro Corp.	*		1,818		23,561
Flotek Industries, Inc.	*†		1,303		24,405
FMC Corp.			5,510		314,235
H.B. Fuller Co.			2,570		114,442
Huntsman Corp.			5,470		124,607
International Flavors & Fragrances, Inc.			3,643		369,254
Intrepid Potash, Inc.	*†		1,172		16,267
Koppers Holdings, Inc.			1,582		41,100
Kronos Worldwide, Inc.			2,262		29,451
Landec Corp.	*		986		13,617
LSB Industries, Inc.	*		1,411		44,362
LyondellBasell Industries NV, Class A			15,848		1,258,173
Minerals Technologies, Inc.			1,736		120,565
Monsanto Co.			18,989		2,268,616
Mosaic Co. (The)			11,011		502,652
NewMarket Corp.			378		152,534
Olin Corp.			2,796		63,665
OM Group, Inc.			1,147		34,181
OMNOVA Solutions, Inc.	*		6,478		52,731
Platform Specialty Products Corp.	*		1,501		34,853
PolyOne Corp.			3,321		125,899
PPG Industries, Inc.			5,366		1,240,351
Praxair, Inc.			11,160		1,445,890
Quaker Chemical Corp.			483		44,455
Rayonier Advanced Materials, Inc.	†		1,668		37,196
Rentech, Inc.	*		38,127		48,040
Rockwood Holdings, Inc.			2,347		184,944
RPM International, Inc.			4,832		245,031
Scotts Miracle-Gro Co. (The), Class A			1,662		103,576
Sensient Technologies Corp.			2,027		122,309
Sherwin-Williams Co. (The)			3,473		913,538
Sigma-Aldrich Corp.			4,235		581,338
Stepan Co.			1,112		44,569

See accompanying notes to financial statements.

312

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Broad Market Index Fund		Shares			Value
COMMON STOCKS—(Continued)				��
Tredegar Corp.			1,606		$	36,119
Valspar Corp. (The)			4,039			349,293
W.R. Grace & Co.	*		3,427			326,902
Westlake Chemical Corp.			2,558			156,268
Zep, Inc.			936			14,180

						21,417,407

Commercial Services & Supplies—0.6%
ABM Industries, Inc.			2,291			65,637
ACCO Brands Corp.	*		2,302			20,741
ADT Corp. (The)	†		7,488			271,290
Brady Corp., Class A			2,402			65,671
Brink’s Co. (The)			2,084			50,870
Cenveo, Inc.	*		4,741			9,956
Cintas Corp.			3,343			262,225
Civeo Corp.			4,052			16,654
Clean Harbors, Inc.	*†		2,414			115,993
Copart, Inc.	*		2,852			104,069
Covanta Holding Corp.			4,185			92,112
Deluxe Corp.			2,098			130,600
Ennis, Inc.			695			9,362
G&K Services, Inc., Class A			1,008			71,417
Healthcare Services Group, Inc.			4,963			153,505
Herman Miller, Inc.			3,155			92,852
HNI Corp.			2,512			128,263
Interface, Inc.			3,357			55,290
KAR Auction Services, Inc.			2,644			91,615
Kimball International, Inc., Class B			1,500			13,680
Knoll, Inc.			2,701			57,180
Matthews International Corp., Class A			1,052			51,201
McGrath RentCorp			916			32,848
Mobile Mini, Inc.			2,000			81,020
MSA Safety, Inc.			1,444			76,662
NL Industries, Inc.	*		2,111			18,155
Pitney Bowes, Inc.			5,918			144,222
R.R. Donnelley & Sons Co.			10,168			170,873
Republic Services, Inc.			11,229			451,967
Rollins, Inc.			1,486			49,187
Steelcase, Inc., Class A			1,992			35,756
Stericycle, Inc.	*		3,138			411,329
Tetra Tech, Inc.			2,114			56,444
Tyco International plc			15,636			685,795
United Stationers, Inc.			2,556			107,761
Viad Corp.			937			24,980
Waste Connections, Inc.			3,543			155,856
Waste Management, Inc.			17,744			910,622

						5,343,660

Communications Equipment—1.6%
ADTRAN, Inc.			3,197			69,695
ARRIS Group, Inc.	*		3,613			109,076
Aruba Networks, Inc.	*		2,125			38,632
Black Box Corp.			865			20,673
Brocade Communications Systems, Inc.			14,008			165,855
CalAmp Corp.	*†		550			10,065
Ciena Corp.	*		5,950			115,489
Cisco Systems, Inc.			195,330			5,433,104
Comtech Telecommunications Corp.			1,350			42,552



		Shares		Value
Digi International, Inc.	*		1,976	$	18,357
EchoStar Corp., Class A	*		1,877		98,542
Emulex Corp.	*		3,408		19,323
Extreme Networks, Inc.	*		4,491		15,853
F5 Networks, Inc.	*		2,664		347,559
Finisar Corp.	*		7,171		139,189
Harmonic, Inc.	*		2,820		19,768
Harris Corp.			3,891		279,452
Infinera Corp.	*		4,191		61,692
InterDigital, Inc.			2,803		148,279
Ixia	*		2,330		26,212
JDS Uniphase Corp.	*		7,444		102,132
Juniper Networks, Inc.			17,553		391,783
KVH Industries, Inc.	*		375		4,744
Motorola Solutions, Inc.			8,298		556,630
NETGEAR, Inc.	*		1,206		42,909
Numerex Corp., Class A	*		1,800		19,908
Palo Alto Networks, Inc.	*		2,788		341,725
ParkerVision, Inc.	*†		1,052		957
Plantronics, Inc.			1,826		96,815
Polycom, Inc.	*		8,354		112,779
QUALCOMM, Inc.			64,314		4,780,460
Riverbed Technology, Inc.	*		3,698		75,476
Sonus Networks, Inc.	*		10,700		42,479
Ubiquiti Networks, Inc.	†		904		26,795
ViaSat, Inc.	*†		1,190		75,006

					13,849,965

Construction & Engineering—0.2%
AECOM Technology Corp.	*		8,775		266,497
Aegion Corp.	*		1,223		22,760
Ameresco, Inc., Class A	*		5,845		40,915
Chicago Bridge & Iron Co. NV (Netherlands)			4,114		172,706
Comfort Systems USA, Inc.			2,179		37,304
Dycom Industries, Inc.	*		2,076		72,847
EMCOR Group, Inc.			2,908		129,377
Fluor Corp.			6,816		413,254
Furmanite Corp.	*		1,100		8,602
Granite Construction, Inc.			1,889		71,820
Jacobs Engineering Group, Inc.	*		4,968		222,020
KBR, Inc.			6,464		109,565
Layne Christensen Co.	*†		510		4,865
MasTec, Inc.	*		2,049		46,328
Quanta Services, Inc.	*		8,861		251,564
Sterling Construction Co., Inc.	*		4,506		28,793
Tutor Perini Corp.	*		960		23,107

					1,922,324

Construction Materials—0.1%
Eagle Materials, Inc.			2,083		158,370
Headwaters, Inc.	*		2,095		31,404
Martin Marietta Materials, Inc.			2,213		244,138
Vulcan Materials Co.			6,242		410,287

					844,199

Consumer Finance—0.9%
Ally Financial, Inc.	*		6,883		162,576
American Express Co.			34,814		3,239,095
Capital One Financial Corp.			22,188		1,831,619
Cash America International, Inc.			685		15,495
Consumer Portfolio Services, Inc.	*		5,110		37,610
Discover Financial Services			18,027		1,180,588
Enova International, Inc.	*		626		13,935

See accompanying notes to financial statements.

313

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Ezcorp, Inc., Class A	*†		2,031	$	23,864
First Cash Financial Services, Inc.	*		2,461		137,004
Navient Corp.			18,104		391,227
Nelnet, Inc., Class A			481		22,285
PRA Group, Inc.	*†		1,512		87,590
SLM Corp.			18,104		184,480
Synchrony Financial	*		4,282		127,389
World Acceptance Corp.	*†		639		50,769

					7,505,526

Containers & Packaging—0.4%
AEP Industries, Inc.	*		372		21,632
AptarGroup, Inc.			3,130		209,209
Avery Dennison Corp.			3,924		203,577
Ball Corp.			6,557		446,991
Bemis Co., Inc.			3,374		152,539
Berry Plastics Group, Inc.	*		1,604		50,606
Crown Holdings, Inc.	*		5,070		258,063
Graphic Packaging Holding Co.	*		5,287		72,009
Greif, Inc., Class A			852		40,240
MeadWestvaco Corp.			6,183		274,463
Myers Industries, Inc.	†		1,716		30,202
Owens-Illinois, Inc.	*		6,064		163,667
Packaging Corp. of America			4,339		338,659
Rock-Tenn Co., Class A			5,176		315,633
Sealed Air Corp.			7,726		327,814
Silgan Holdings, Inc.			820		43,952
Sonoco Products Co.			3,353		146,526

					3,095,782

Distributors—0.1%
Genuine Parts Co.			6,041		643,789
LKQ Corp.	*		11,438		321,637
Pool Corp.			2,434		154,413
VOXX International Corp.	*		1,218		10,670

					1,130,509

Diversified Consumer Services—0.2%
American Public Education, Inc.	*		698		25,735
Apollo Education Group, Inc.	*		3,118		106,355
Ascent Capital Group, Inc., Class A	*		545		28,847
Career Education Corp.	*		4,167		29,002
Chegg, Inc.	*†		5,262		36,360
DeVry Education Group, Inc.			2,980		141,461
Graham Holdings Co., Class B			226		195,199
Grand Canyon Education, Inc.	*		3,129		145,999
H&R Block, Inc.			11,402		384,019
Houghton Mifflin Harcourt Co.	*		2,131		44,133
ITT Educational Services, Inc.	*†		335		3,219
LifeLock, Inc.	*		3,002		55,567
Regis Corp.	*		1,818		30,470
Service Corp. International			10,864		246,613
Sotheby’s			2,623		113,261
Steiner Leisure Ltd. (Bahamas)	*		1,503		69,454
Strayer Education, Inc.	*†		551		40,928
Universal Technical Institute, Inc.			418		4,113
Weight Watchers International, Inc.	*†		1,826		45,358

					1,746,093



		Shares		Value
Diversified Financial Services—1.7%
Berkshire Hathaway, Inc., Class B	*		68,543	$	10,291,731
CBOE Holdings, Inc.			3,873		245,626
CME Group, Inc.			11,807		1,046,691
Intercontinental Exchange, Inc.			4,413		967,727
Leucadia National Corp.			11,434		256,350
MarketAxess Holdings, Inc.			1,202		86,195
McGraw Hill Financial, Inc.			9,601		854,297
Moody’s Corp.			8,073		773,474
MSCI, Inc.			3,439		163,146
NASDAQ OMX Group, Inc. (The)			5,431		260,471
PHH Corp.	*		2,212		53,000
PICO Holdings, Inc.	*		1,150		21,677
Resource America, Inc., Class A			1,287		11,634
Tiptree Financial, Inc., Class A	*		4,605		37,301
Voya Financial, Inc.			4,191		177,615

					15,246,935

Diversified Telecommunication Services—1.8%
8x8, Inc.	*		3,048		27,920
AT&T, Inc.			197,073		6,619,682
CenturyLink, Inc.			22,585		893,914
Cincinnati Bell, Inc.	*†		8,448		26,949
Cogent Communications Holdings, Inc.			2,886		102,135
Consolidated Communications Holdings, Inc.			561		15,613
Frontier Communications Corp.	†		39,354		262,491
General Communication, Inc., Class A	*		2,516		34,595
Globalstar, Inc.	*†		9,926		27,296
IDT Corp., Class B			1,600		32,496
Level 3 Communications, Inc.	*		11,647		575,129
Lumos Networks Corp.			1,350		22,707
Premiere Global Services, Inc.	*		2,174		23,088
Verizon Communications, Inc.			155,902		7,293,096
Vonage Holdings Corp.	*		11,167		42,546
Windstream Holdings, Inc.	†		21,003		173,065

					16,172,722

Electric Utilities—1.6%
ALLETE, Inc.			1,243		68,539
American Electric Power Co., Inc.			17,879		1,085,613
Cleco Corp.			2,109		115,025
Duke Energy Corp.			27,217		2,273,708
Edison International			12,222		800,297
El Paso Electric Co.			1,748		70,025
Empire District Electric Co. (The)	†		4,477		133,146
Entergy Corp.			6,604		577,718
Exelon Corp.			31,805		1,179,329
FirstEnergy Corp.			16,831		656,241
Great Plains Energy, Inc.			3,450		98,014
Hawaiian Electric Industries, Inc.	†		3,066		102,650
IDACORP, Inc.			1,515		100,278
ITC Holdings Corp.			4,617		186,665
MGE Energy, Inc.			2,338		106,636
NextEra Energy, Inc.			16,412		1,744,431
Northeast Utilities			10,939		585,455

See accompanying notes to financial statements.

314

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
OGE Energy Corp.			6,716	$	238,284
Otter Tail Corp.			1,095		33,901
Pepco Holdings, Inc.			7,066		190,287
Pinnacle West Capital Corp.			3,789		258,827
PNM Resources, Inc.			2,169		64,267
Portland General Electric Co.			1,100		41,613
PPL Corp.			24,605		893,900
Southern Co. (The)			33,220		1,631,434
UIL Holdings Corp.			1,496		65,136
Unitil Corp.			2,609		95,672
Westar Energy, Inc.			4,032		166,280
Xcel Energy, Inc.			16,552		594,548

					14,157,919

Electrical Equipment—0.6%
Acuity Brands, Inc.			1,873		262,351
AMETEK, Inc.			9,526		501,353
AZZ, Inc.			2,357		110,591
Babcock & Wilcox Co. (The)			5,852		177,316
Capstone Turbine Corp.	*†		34,249		25,320
Eaton Corp. plc			17,125		1,163,815
Emerson Electric Co.			27,226		1,680,661
Encore Wire Corp.			1,400		52,262
EnerSys			2,156		133,068
Enphase Energy, Inc.	*		4,495		64,234
Franklin Electric Co., Inc.			1,804		67,704
FuelCell Energy, Inc.	*†		36,395		56,048
Generac Holdings, Inc.	*†		3,020		141,215
General Cable Corp.			1,732		25,807
GrafTech International Ltd.	*		3,487		17,644
Hubbell, Inc., Class B			2,078		221,993
LSI Industries, Inc.			1,083		7,354
Plug Power, Inc.	*†		9,245		27,735
Polypore International, Inc.	*†		2,675		125,859
Powell Industries, Inc.			1,045		51,278
Regal-Beloit Corp.			1,272		95,654
Revolution Lighting Technologies, Inc.	*†		8,587		11,593
Rockwell Automation, Inc.			4,979		553,665
SolarCity Corp.	*†		1,455		77,813
Vicor Corp.	*		1,380		16,698

					5,669,031

Electronic Equipment, Instruments & Components—0.7%
Agilysys, Inc.	*		1,335		16,808
Amphenol Corp., Class A			10,846		583,623
Anixter International, Inc.	*		1,723		152,417
Arrow Electronics, Inc.	*		4,585		265,426
Avnet, Inc.			5,129		220,650
AVX Corp.			2,270		31,780
Badger Meter, Inc.			1,134		67,303
Belden, Inc.			1,894		149,266
Benchmark Electronics, Inc.	*		2,520		64,109
CDW Corp.			1,294		45,510
Checkpoint Systems, Inc.	*		1,441		19,785
Cognex Corp.	*		4,046		167,221
Coherent, Inc.	*		1,348		81,850
Corning, Inc.			52,217		1,197,336
CTS Corp.			1,580		28,171
Daktronics, Inc.			927		11,597
Dolby Laboratories, Inc., Class A			1,370		59,074
DTS, Inc.	*		755		23,216



		Shares		Value
Electro Rent Corp.			950	$	13,338
Electro Scientific Industries, Inc.			1,421		11,027
FARO Technologies, Inc.	*		453		28,394
FEI Co.			1,368		123,599
FLIR Systems, Inc.			5,608		181,194
II-VI, Inc.	*		1,364		18,619
Ingram Micro, Inc., Class A	*		7,190		198,732
Insight Enterprises, Inc.	*		2,054		53,178
InvenSense Inc.	*†		1,864		30,309
IPG Photonics Corp.	*†		2,130		159,580
Itron, Inc.	*		955		40,387
Jabil Circuit, Inc.			8,287		180,905
Keysight Technologies, Inc.	*		6,630		223,895
Kimball Electronics, Inc.	*		1,125		13,522
Knowles Corp.	*†		2,880		67,824
Littelfuse, Inc.			909		87,873
Maxwell Technologies, Inc.	*†		370		3,374
Mercury Systems, Inc.	*		963		13,405
Mesa Laboratories, Inc.			887		68,574
Methode Electronics, Inc.			1,383		50,493
MTS Systems Corp.			1,342		100,690
National Instruments Corp.			5,121		159,212
Newport Corp.	*		1,614		30,843
OSI Systems, Inc.	*		867		61,358
Park Electrochemical Corp.			1,086		27,074
PC Connection, Inc.			854		20,966
Plexus Corp.	*		1,884		77,640
Rofin-Sinar Technologies, Inc.	*		2,200		63,294
Rogers Corp.	*		803		65,396
Sanmina Corp.	*		3,577		84,167
ScanSource, Inc.	*		1,126		45,220
SYNNEX Corp.			104		8,129
Tech Data Corp.	*		2,057		130,064
Trimble Navigation Ltd.	*		8,636		229,199
TTM Technologies, Inc.	*		1,639		12,342
Universal Display Corp.	*†		1,350		37,462
Vishay Intertechnology, Inc.			6,172		87,334
Vishay Precision Group, Inc.	*		440		7,550
Zebra Technologies Corp., Class A	*		2,729		211,252

					6,212,556

Energy Equipment & Services—1.2%
Atwood Oceanics, Inc.	*		1,298		36,824
Baker Hughes, Inc.			17,431		977,356
Basic Energy Services, Inc.	*		1,600		11,216
Bristow Group, Inc.			982		64,606
Cameron International Corp.	*		8,658		432,467
CARBO Ceramics, Inc.	†		1,137		45,537
CHC Group Ltd. (Canada)	*†		5,011		16,135
Dawson Geophysical Co.			924		11,301
Diamond Offshore Drilling, Inc.	†		1,577		57,892
Dresser-Rand Group, Inc.	*		2,924		239,183
Dril-Quip, Inc.	*		880		67,522
Era Group, Inc.	*		713		15,080
Exterran Holdings, Inc.			2,465		80,310
FMC Technologies, Inc.	*		8,237		385,821
Geospace Technologies Corp.	*		1,100		29,150
Gulfmark Offshore, Inc., Class A	†		1,000		24,420
Halliburton Co.			32,724		1,287,035
Helix Energy Solutions Group, Inc.	*		3,853		83,610
Helmerich & Payne, Inc.			3,926		264,691
Hercules Offshore, Inc.	*†		5,226		5,226

See accompanying notes to financial statements.

315

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Hornbeck Offshore Services, Inc.	*		1,800	$	44,946
ION Geophysical Corp.	*		6,136		16,874
Key Energy Services, Inc.	*		7,257		12,119
Matrix Service Co.	*		468		10,446
McDermott International, Inc.	*†		11,704		34,059
Mitcham Industries, Inc.	*		1,100		6,523
Nabors Industries Ltd. (Bermuda)			10,988		142,624
National Oilwell Varco, Inc.			15,901		1,041,993
Newpark Resources, Inc.	*		3,484		33,237
Oceaneering International, Inc.			4,464		262,528
Oil States International, Inc.	*		2,026		99,071
Parker Drilling Co.	*		3,755		11,528
Patterson-UTI Energy, Inc.			6,712		111,352
PHI, Inc.	*		774		28,948
Pioneer Energy Services Corp.	*		2,700		14,958
Rowan Cos. plc, Class A			3,918		91,368
Schlumberger Ltd.			49,527		4,230,101
SEACOR Holdings, Inc.	*		713		52,627
Seadrill Ltd. (Bermuda)	†		15,030		179,458
Seventy Seven Energy, Inc.	*		1,461		7,904
Superior Energy Services, Inc.			7,732		155,800
Tesco Corp.			3,185		40,832
TETRA Technologies, Inc.	*		2,352		15,711
Tidewater, Inc.			2,250		72,922
Unit Corp.	*		1,702		58,038

					10,911,349

Food & Staples Retailing—2.1%
Andersons, Inc. (The)			1,050		55,797
Casey’s General Stores, Inc.			1,608		145,235
Costco Wholesale Corp.			16,259		2,304,713
CVS Health Corp.			44,840		4,318,540
Fresh Market, Inc. (The)	*†		1,489		61,347
Kroger Co. (The)			20,480		1,315,021
Pantry, Inc. (The)	*		1,200		44,472
PriceSmart, Inc.			1,212		110,559
Rite Aid Corp.	*		31,827		239,339
Safeway, Inc.			8,825		309,934
SpartanNash Co.			808		21,121
Sprouts Farmers Market, Inc.	*†		1,313		44,616
SUPERVALU, Inc.	*†		8,154		79,094
Sysco Corp.			20,649		819,559
United Natural Foods, Inc.	*		1,912		147,845
Walgreens Boots Alliance, Inc.			35,702		2,720,492
Wal-Mart Stores, Inc.			60,789		5,220,559
Weis Markets, Inc.			382		18,267
Whole Foods Market, Inc.			14,831		747,779

					18,724,289

Food Products—1.5%
Archer-Daniels-Midland Co.			23,265		1,209,780
B&G Foods, Inc.			4,432		132,517
Bunge Ltd.			5,710		519,096
Campbell Soup Co.			5,629		247,676
Chiquita Brands International, Inc.	*		2,150		31,089
ConAgra Foods, Inc.			14,190		514,813
Darling Ingredients, Inc.	*		7,139		129,644
Dean Foods Co.			3,140		60,853
Farmer Bros. Co.	*		930		27,388
Flowers Foods, Inc.			7,909		151,774
Fresh Del Monte Produce, Inc.	†		567		19,023



		Shares		Value
General Mills, Inc.			24,219	$	1,291,599
Hain Celestial Group, Inc. (The)	*		2,852		166,243
Hershey Co. (The)			5,148		535,032
Hormel Foods Corp.			6,390		332,919
Ingredion, Inc.			3,164		268,434
Inventure Foods, Inc.	*		5,272		67,165
J&J Snack Foods Corp.			761		82,774
J.M. Smucker Co. (The)			4,332		437,445
Kellogg Co.			10,655		697,263
Keurig Green Mountain, Inc.			5,854		775,040
Kraft Foods Group, Inc.			22,510		1,410,477
Lancaster Colony Corp.			1,389		130,066
McCormick & Co., Inc. (Non-Voting Shares)			4,101		304,704
Mead Johnson Nutrition Co.			7,038		707,601
Mondelez International, Inc., Class A			65,380		2,374,928
Post Holdings, Inc.	*		1,156		48,425
Sanderson Farms, Inc.	†		864		72,598
Seaboard Corp.	*		18		75,563
Snyder’s-Lance, Inc.			1,370		41,854
Tootsie Roll Industries, Inc.	†		701		21,486
TreeHouse Foods, Inc.	*		1,256		107,426
Tyson Foods, Inc., Class A			10,231		410,161
WhiteWave Foods Co. (The)	*		4,301		150,492

					13,553,348

Gas Utilities—0.2%
AGL Resources, Inc.			3,698		201,578
Atmos Energy Corp.			2,732		152,282
Chesapeake Utilities Corp.			1,423		70,666
Laclede Group, Inc. (The)			1,025		54,530
National Fuel Gas Co.			3,639		253,020
New Jersey Resources Corp.			1,681		102,877
Northwest Natural Gas Co.	†		1,183		59,032
ONE Gas, Inc.			1,954		80,544
Piedmont Natural Gas Co., Inc.			2,740		107,984
Questar Corp.			7,412		187,375
South Jersey Industries, Inc.			2,014		118,685
Southwest Gas Corp.			1,252		77,386
UGI Corp.			4,080		154,958
WGL Holdings, Inc.			2,315		126,445

					1,747,362

Health Care Equipment & Supplies—2.2%
Abaxis, Inc.	†		749		42,566
Abbott Laboratories			58,115		2,616,337
ABIOMED, Inc.	*		886		33,721
Alere, Inc.	*		3,011		114,418
Align Technology, Inc.	*		2,449		136,924
Analogic Corp.			593		50,174
Baxter International, Inc.			21,536		1,578,373
Becton Dickinson and Co.			7,370		1,025,609
Boston Scientific Corp.	*		53,699		711,512
C.R. Bard, Inc.			2,876		479,199
CareFusion Corp.	*		9,287		551,091
Cerus Corp.	*†		1,010		6,302
CONMED Corp.			1,362		61,236
Cooper Cos., Inc. (The)			1,627		263,720
Covidien plc (Ireland)			17,848		1,825,493
CryoLife, Inc.			937		10,616
Cyberonics, Inc.	*		956		53,230
Cynosure, Inc., Class A	*		314		8,610
DENTSPLY International, Inc.			5,668		301,934

See accompanying notes to financial statements.

316

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
DexCom, Inc.	*		4,391	$	241,725
Edwards Lifesciences Corp.	*		3,593		457,676
Greatbatch, Inc.	*		942		46,441
Haemonetics Corp.	*		2,314		86,590
Halyard Health, Inc.	*		1,817		82,619
HeartWare International, Inc.	*		664		48,758
Hill-Rom Holdings, Inc.			1,576		71,897
Hologic, Inc.	*		9,792		261,838
ICU Medical, Inc.	*		605		49,550
IDEXX Laboratories, Inc.	*		1,985		294,316
Insulet Corp.	*		2,469		113,722
Integra LifeSciences Holdings Corp.	*		1,190		64,534
Intuitive Surgical, Inc.	*		1,385		732,582
Invacare Corp.			1,333		22,341
Masimo Corp.	*		1,500		39,510
Medtronic, Inc.			38,179		2,756,524
Meridian Bioscience, Inc.			1,158		19,061
Merit Medical Systems, Inc.	*		3,149		54,572
Neogen Corp.	*		3,150		156,209
NuVasive, Inc.	*		990		46,688
OraSure Technologies, Inc.	*		1,687		17,106
ResMed, Inc.	†		6,068		340,172
RTI Surgical, Inc.	*		807		4,196
Sirona Dental Systems, Inc.	*		1,664		145,384
Spectranetics Corp. (The)	*†		1,045		36,136
St. Jude Medical, Inc.			10,767		700,178
STAAR Surgical Co.	*		848		7,725
STERIS Corp.	†		2,777		180,088
Stryker Corp.			12,580		1,186,671
SurModics, Inc.	*		3,284		72,576
Teleflex, Inc.			1,322		151,792
Thoratec Corp.	*		2,306		74,853
TransEnterix, Inc.	*†		7,273		21,164
Varian Medical Systems, Inc.	*		4,761		411,874
Volcano Corp.	*		1,970		35,224
West Pharmaceutical Services, Inc.			3,408		181,442
Wright Medical Group, Inc.	*		1,309		35,173
Zimmer Holdings, Inc.			5,894		668,498

					19,788,470

Health Care Providers & Services—2.5%
Aetna, Inc.			14,039		1,247,084
Air Methods Corp.	*†		2,900		127,687
Almost Family, Inc.	*		422		12,217
Amedisys, Inc.	*		1,698		49,836
AmerisourceBergen Corp.			9,159		825,775
AMN Healthcare Services, Inc.	*		1,507		29,537
Amsurg Corp.	*		1,423		77,881
Anthem, Inc.			10,501		1,319,661
BioScrip, Inc.	*		1,095		7,654
Brookdale Senior Living, Inc.	*		4,596		168,535
Cardinal Health, Inc.			13,757		1,110,603
Catamaran Corp.	*		7,215		373,376
Centene Corp.	*		1,972		204,792
Chemed Corp.			1,162		122,789
Cigna Corp.			10,828		1,114,309
Community Health Systems, Inc.	*		4,972		268,090
Cross Country Healthcare, Inc.	*		1,339		16,711
DaVita HealthCare Partners, Inc.	*		7,014		531,240



			Shares		Value
Envision Healthcare Holdings, Inc.	*			1,100	$	38,159
ExamWorks Group, Inc.	*			1,308		54,400
Express Scripts Holding Co.	*	��		28,791		2,437,734
Gentiva Health Services, Inc.	*			1,474		28,080
Hanger, Inc.	*†			1,083		23,718
HCA Holdings, Inc.	*			10,887		798,997
Health Net, Inc.	*			3,209		171,778
HealthSouth Corp.				2,220		85,381
Healthways, Inc.	*			1,362		27,077
Henry Schein, Inc.	*			3,652		497,220
Humana, Inc.				6,153		883,755
Kindred Healthcare, Inc.				2,148		39,051
Laboratory Corp. of America Holdings	*			3,138		338,590
Landauer, Inc.				598		20,416
LifePoint Hospitals, Inc.	*			2,149		154,535
Magellan Health, Inc.	*			1,400		84,042
McKesson Corp.				8,824		1,831,686
MEDNAX, Inc.	*			4,364		288,504
MWI Veterinary Supply, Inc.	*			519		88,183
National Healthcare Corp.	†			431		27,084
National Research Corp., Class A	†			3,750		52,463
Omnicare, Inc.				4,277		311,922
Owens & Minor, Inc.				2,434		85,458
Patterson Cos., Inc.				4,679		225,060
PharMerica Corp.	*			1,365		28,269
Quest Diagnostics, Inc.				6,754		452,923
Team Health Holdings, Inc.	*			3,999		230,062
Tenet Healthcare Corp.	*			4,822		244,331
U.S. Physical Therapy, Inc.				1,300		54,548
UnitedHealth Group, Inc.				37,655		3,806,544
Universal American Corp.	*			1,812		16,815
Universal Health Services, Inc., Class B				3,504		389,855
VCA, Inc.	*			3,442		167,866
WellCare Health Plans, Inc.	*			1,500		123,090

						21,715,373

Health Care Technology—0.1%
Allscripts Healthcare Solutions, Inc.	*			4,515		57,657
athenahealth, Inc.	*†			1,151		167,701
Cerner Corp.	*			11,584		749,021
HMS Holdings Corp.	*			4,230		89,422
Medidata Solutions, Inc.	*			2,616		124,914
Omnicell, Inc.	*			783		25,933
Quality Systems, Inc.				1,536		23,946

						1,238,594

Hotels, Restaurants & Leisure—1.9%
Biglari Holdings, Inc.	*			90		35,956
Bob Evans Farms, Inc.				1,465		74,979
Boyd Gaming Corp.	*			2,619		33,471
Brinker International, Inc.				2,003		117,556
Buffalo Wild Wings, Inc.	*			867		156,389
Carnival Corp.				17,391		788,334
Cheesecake Factory, Inc. (The)				3,444		173,268
Chipotle Mexican Grill, Inc.	*			1,138		778,972
Choice Hotels International, Inc.				1,616		90,528
Churchill Downs, Inc.				638		60,801
Cracker Barrel Old Country Store, Inc.				919		129,358
Darden Restaurants, Inc.				3,930		230,416

See accompanying notes to financial statements.

317

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
DineEquity, Inc.			1,079	$	111,828
Domino’s Pizza, Inc.			1,531		144,174
Dunkin’ Brands Group, Inc.			4,613		196,744
Hilton Worldwide Holdings, Inc.	*		1,826		47,640
Hyatt Hotels Corp., Class A	*		682		41,063
International Game Technology			7,153		123,389
International Speedway Corp., Class A			1,190		37,664
Interval Leisure Group, Inc.			1,886		39,399
Isle of Capri Casinos, Inc.	*		1,250		10,463
Jack in the Box, Inc.			2,874		229,805
Krispy Kreme Doughnuts, Inc.	*†		2,573		50,791
Las Vegas Sands Corp.			15,013		873,156
Life Time Fitness, Inc.	*		1,774		100,444
Marcus Corp. (The)			1,505		27,858
Marriott International, Inc., Class A			9,639		752,131
Marriott Vacations Worldwide Corp.			1,075		80,131
McDonald’s Corp.			37,192		3,484,890
MGM Resorts International	*		16,457		351,851
Morgans Hotel Group Co.	*		2,300		18,032
Norwegian Cruise Line Holdings Ltd.	*		1,279		59,806
Panera Bread Co., Class A	*		1,250		218,500
Papa John’s International, Inc.			2,715		151,497
Penn National Gaming, Inc.	*		2,586		35,506
Pinnacle Entertainment, Inc.	*†		1,629		36,245
Red Robin Gourmet Burgers, Inc.	*		692		53,267
Restaurant Brands International LP	*		80		3,031
Restaurant Brands International, Inc. (Canada)	*		7,913		308,911
Royal Caribbean Cruises Ltd.			5,925		488,398
Ruby Tuesday, Inc.	*		2,816		19,261
Scientific Games Corp., Class A	*†		2,517		32,041
Six Flags Entertainment Corp.			2,984		128,760
Sonic Corp.			3,730		101,568
Speedway Motorsports, Inc.			149		3,259
Starbucks Corp.			28,124		2,307,574
Starwood Hotels & Resorts Worldwide, Inc.			7,446		603,647
Texas Roadhouse, Inc.			3,070		103,643
Vail Resorts, Inc.			1,491		135,875
Wendy’s Co. (The)			11,481		103,673
Wyndham Worldwide Corp.			5,799		497,322
Wynn Resorts Ltd.			3,423		509,206
Yum! Brands, Inc.			16,971		1,236,337

					16,528,808

Household Durables—0.5%
Beazer Homes USA, Inc.	*		4,467		86,481
CSS Industries, Inc.			2,711		74,932
D.R. Horton, Inc.			8,007		202,497
Ethan Allen Interiors, Inc.			1,551		48,034
Garmin Ltd. (Switzerland)	†		4,621		244,127
Harman International Industries, Inc.			2,728		291,105
Helen of Troy Ltd. (Bermuda)	*		1,333		86,725
Hovnanian Enterprises, Inc., Class A	*†		13,407		55,371



		Shares		Value
Jarden Corp.	*		6,571	$	314,620
KB Home	†		3,248		53,754
La-Z-Boy, Inc.			2,404		64,523
Leggett & Platt, Inc.			5,407		230,392
Lennar Corp., Class A			5,675		254,297
M/I Homes, Inc.	*		610		14,006
MDC Holdings, Inc.	†		1,091		28,879
Meritage Homes Corp.	*		1,300		46,787
Mohawk Industries, Inc.	*		1,833		284,775
NACCO Industries, Inc., Class A			309		18,342
Newell Rubbermaid, Inc.			10,591		403,411
NVR, Inc.	*		112		142,837
PulteGroup, Inc.			13,539		290,547
Ryland Group, Inc. (The)			1,852		71,413
Standard Pacific Corp.	*		2,568		18,721
Tempur Sealy International, Inc.	*		1,346		73,909
Toll Brothers, Inc.	*		6,318		216,518
TRI Pointe Homes, Inc.	*		4,048		61,732
Tupperware Brands Corp.			2,427		152,901
Universal Electronics, Inc.	*		639		41,554
Whirlpool Corp.			2,800		542,472

					4,415,662

Household Products—1.7%
Central Garden and Pet Co., Class A	*		1,230		11,746
Church & Dwight Co., Inc.			5,138		404,926
Clorox Co. (The)			4,503		469,258
Colgate-Palmolive Co.			35,450		2,452,786
Energizer Holdings, Inc.			1,856		238,607
Kimberly-Clark Corp.			14,543		1,680,298
Procter & Gamble Co. (The)			102,605		9,346,289
WD-40 Co.			949		80,741

					14,684,651

Independent Power and Renewable Electricity Producers—0.2%
AES Corp. (The)			26,935		370,895
Calpine Corp.	*		16,000		354,080
Dynegy, Inc.	*		5,695		172,843
NRG Energy, Inc.			14,472		390,020
Pattern Energy Group, Inc.	†		1,263		31,146

					1,318,984

Industrial Conglomerates—1.9%
3M Co.			25,066		4,118,845
Carlisle Cos., Inc.			2,452		221,269
Danaher Corp.			23,171		1,985,986
General Electric Co.			379,636		9,593,402
Roper Industries, Inc.			3,563		557,075

					16,476,577

Insurance—3.1%
ACE Ltd. (Switzerland)			12,470		1,432,554
Aflac, Inc.			18,456		1,127,477
Alleghany Corp.	*		614		284,589
Allied World Assurance Co. Holdings AG (Switzerland)			5,025		190,548
Allstate Corp. (The)			17,751		1,247,008
American Equity Investment Life Holding Co.			4,302		125,575
American Financial Group, Inc.			2,657		161,333

See accompanying notes to financial statements.

318

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
American International Group, Inc.			55,668	$	3,117,965
American National Insurance Co.			374		42,733
Aon plc (United Kingdom)			11,889		1,127,434
Arch Capital Group Ltd. (Bermuda)	*		4,284		253,184
Argo Group International Holdings Ltd. (Bermuda)			988		54,804
Arthur J. Gallagher & Co.			4,922		231,728
Aspen Insurance Holdings Ltd. (Bermuda)			3,512		153,720
Assurant, Inc.			2,563		175,386
Assured Guaranty Ltd. (Bermuda)			7,538		195,913
Axis Capital Holdings Ltd. (Bermuda)			5,691		290,753
Baldwin & Lyons, Inc., Class B			945		24,362
Brown & Brown, Inc.	†		5,036		165,735
Chubb Corp. (The)			9,750		1,008,832
Cincinnati Financial Corp.			6,036		312,846
CNA Financial Corp.			1,422		55,046
CNO Financial Group, Inc.			6,600		113,652
Crawford & Co., Class B	†		1,891		19,439
EMC Insurance Group, Inc.			341		12,092
Employers Holdings, Inc.			2,770		65,123
Endurance Specialty Holdings Ltd. (Bermuda)			2,698		161,448
Enstar Group Ltd. (Bermuda)	*		772		118,031
Erie Indemnity Co., Class A			1,023		92,858
Everest Re Group Ltd. (Bermuda)			2,228		379,428
FBL Financial Group, Inc., Class A			1,275		73,988
First American Financial Corp.			3,159		107,090
FNF Group			9,399		323,796
FNFV Group	*		3,132		49,298
Genworth Financial, Inc., Class A	*		16,181		137,538
Hanover Insurance Group, Inc. (The)			2,346		167,317
Hartford Financial Services Group, Inc. (The)			15,915		663,496
HCC Insurance Holdings, Inc.			3,999		214,026
Horace Mann Educators Corp.			2,000		66,360
Independence Holding Co.	†		1,056		14,731
Infinity Property & Casualty Corp.			810		62,581
Kansas City Life Insurance Co.			902		43,323
Kemper Corp.			1,906		68,826
Lincoln National Corp.			10,899		628,545
Loews Corp.			11,788		495,332
Markel Corp.	*		488		333,226
Marsh & McLennan Cos., Inc.			20,404		1,167,925
MBIA, Inc.	*		5,212		49,722
Mercury General Corp.			1,109		62,847
MetLife, Inc.			33,905		1,833,921
Montpelier Re Holdings Ltd. (Bermuda)			3,734		133,752
Navigators Group, Inc. (The)	*		938		68,793
Old Republic International Corp.			10,195		149,153
PartnerRe Ltd. (Bermuda)			2,300		262,499
Phoenix Cos., Inc. (The)	*		210		14,463
Platinum Underwriters Holdings Ltd. (Bermuda)			2,206		161,965
Primerica, Inc.			870		47,206



		Shares		Value
Principal Financial Group, Inc.			10,891	$	565,679
ProAssurance Corp.			2,054		92,738
Progressive Corp. (The)			23,937		646,060
Protective Life Corp.			3,130		218,004
Prudential Financial, Inc.			17,092		1,546,142
Reinsurance Group of America, Inc.			2,454		215,019
RenaissanceRe Holdings Ltd. (Bermuda)			2,164		210,384
RLI Corp.			2,328		115,003
Safety Insurance Group, Inc.			850		54,408
Selective Insurance Group, Inc.			2,122		57,655
StanCorp Financial Group, Inc.			2,460		171,856
State Auto Financial Corp.			488		10,843
Stewart Information Services Corp.			1,239		45,893
Torchmark Corp.			6,045		327,458
Travelers Cos., Inc. (The)			13,074		1,383,883
United Fire Group, Inc.			1,250		37,163
Unum Group			12,054		420,444
Validus Holdings Ltd. (Bermuda)			3,553		147,663
W.R. Berkley Corp.			2,501		128,201
White Mountains Insurance Group Ltd.			300		189,033
XL Group plc (Ireland)			9,901		340,297

					27,067,141

Internet & Catalog Retail—1.1%
1-800-Flowers.com, Inc., Class A	*		793		6,534
Amazon.com, Inc.	*		13,994		4,343,038
Expedia, Inc.			3,588		306,272
FTD Cos., Inc.	*		501		17,445
Groupon, Inc.	*		19,947		164,762
HomeAway, Inc.	*		4,242		126,327
HSN, Inc.			1,886		143,336
Lands’ End, Inc.	*		820		44,247
Liberty Interactive Corp., Series A	*		20,728		609,818
Liberty TripAdvisor Holdings, Inc., Series A	*		3,296		88,663
Liberty Ventures, Series A	*		6,242		235,448
Netflix, Inc.	*		2,120		724,213
Orbitz Worldwide, Inc.	*		4,023		33,109
Overstock.com, Inc.	*		770		18,688
Priceline Group, Inc. (The)	*		1,941		2,213,148
Shutterfly, Inc.	*		2,976		124,084
TripAdvisor, Inc.	*		4,347		324,547
zulily, Inc., Class A	*†		1,125		26,325

					9,550,004

Internet Software & Services—3.0%
Akamai Technologies, Inc.	*		7,479		470,878
Angie’s List, Inc.	*†		1,166		7,264
AOL, Inc.	*		3,989		184,172
Bazaarvoice, Inc.	*†		5,255		42,250
Blucora, Inc.	*		1,323		18,324
Brightcove, Inc.	*		3,636		28,288
ChannelAdvisor Corp.	*†		1,716		37,031
Cimpress NV (Netherlands)	*†		2,666		199,524
Cornerstone OnDemand, Inc.	*†		1,310		46,112
CoStar Group, Inc.	*		1,152		211,542
Dealertrack Technologies, Inc.	*		1,800		79,758

See accompanying notes to financial statements.

319

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Demandware, Inc.	*		750	$	43,155
Digital River, Inc.	*		1,627		40,236
EarthLink Holdings Corp.			5,814		25,524
eBay, Inc.	*		49,126		2,756,951
Envestnet, Inc.	*		860		42,260
Equinix, Inc.			1,654		375,011
Facebook, Inc., Class A	*		73,653		5,746,407
Gogo, Inc.	*†		2,212		36,564
Google, Inc., Class A	*		10,468		5,554,949
Google, Inc., Class C	*		10,591		5,575,102
IAC/InterActiveCorp			2,481		150,820
Internap Corp.	*		1,297		10,324
j2 Global, Inc.			1,614		100,068
LinkedIn Corp., Class A	*		3,488		801,229
LivePerson, Inc.	*		3,333		46,995
Marin Software, Inc.	*		3,014		25,498
Marketo, Inc.	*		1,518		49,669
Millennial Media, Inc.	*†		9,318		14,909
Monster Worldwide, Inc.	*		4,681		21,626
NIC, Inc.			2,450		44,076
Pandora Media, Inc.	*†		6,508		116,038
Rackspace Hosting, Inc.	*		6,130		286,945
RealNetworks, Inc.	*		1,461		10,285
Rocket Fuel, Inc.	*†		1,372		22,117
Shutterstock, Inc.	*†		501		34,619
Stamps.com, Inc.	*		1,050		50,390
Textura Corp.	*†		1,712		48,741
Trulia, Inc.	*†		1,934		89,022
Twitter, Inc.	*		17,160		615,529
Unwired Planet, Inc.	*		2,763		2,763
VeriSign, Inc.	*		4,905		279,585
Web.com Group, Inc.	*		2,467		46,848
WebMD Health Corp.	*†		2,106		83,292
Wix.com Ltd. (Israel)	*		2,051		43,071
XO Group, Inc.	*		2,304		41,956
Xoom Corp.	*†		1,599		27,999
Yahoo!, Inc.	*		35,608		1,798,560
Yelp, Inc.	*		1,673		91,563
Zillow, Inc., Class A	*†		1,791		189,649
Zix Corp.	*		1,015		3,654

					26,669,142

IT Services—3.1%
Accenture plc, Class A (Ireland)			23,994		2,142,904
Acxiom Corp.	*		3,451		69,952
Alliance Data Systems Corp.	*		2,240		640,752
Amdocs Ltd.			6,782		316,414
Automatic Data Processing, Inc.			18,052		1,504,995
Broadridge Financial Solutions, Inc.			5,748		265,443
CACI International, Inc., Class A	*		1,198		103,244
Cardtronics, Inc.	*		3,545		136,766
Ciber, Inc.	*		2,444		8,676
Cognizant Technology Solutions Corp., Class A	*		22,254		1,171,896
Computer Sciences Corp.			5,963		375,967
Convergys Corp.			5,933		120,855
CoreLogic, Inc.	*		3,159		99,793
CSG Systems International, Inc.			2,153		53,976
DST Systems, Inc.			1,853		174,460
EPAM Systems, Inc.	*		938		44,789
Euronet Worldwide, Inc.	*		1,056		57,974



		Shares		Value
Fidelity National Information Services, Inc.			10,986	$	683,329
Fiserv, Inc.	*		10,252		727,584
FleetCor Technologies, Inc.	*		2,714		403,599
Forrester Research, Inc.			963		37,904
Gartner, Inc.	*		3,107		261,640
Genpact Ltd. (Bermuda)	*		6,727		127,342
Global Payments, Inc.			3,238		261,404
Hackett Group, Inc. (The)			1,140		10,021
Heartland Payment Systems, Inc.			2,876		155,160
iGATE Corp.	*		1,397		55,154
International Business Machines Corp.			35,943		5,766,695
Jack Henry & Associates, Inc.			3,591		223,145
Leidos Holdings, Inc.			2,132		92,785
Lionbridge Technologies, Inc.	*		1,165		6,699
ManTech International Corp., Class A			1,217		36,790
MasterCard, Inc., Class A			38,715		3,335,684
MAXIMUS, Inc.			4,208		230,767
ModusLink Global Solutions, Inc.	*†		1,007		3,776
MoneyGram International, Inc.	*		468		4,254
NeuStar, Inc., Class A	*†		3,140		87,292
Paychex, Inc.			11,720		541,112
Sapient Corp.	*		4,150		103,252
Science Applications International Corp.			1,218		60,327
ServiceSource International, Inc.	*†		7,526		35,222
Sykes Enterprises, Inc.	*		1,423		33,398
Syntel, Inc.	*		3,108		139,798
TeleTech Holdings, Inc.	*		2,738		64,836
Teradata Corp.	*		5,364		234,299
Total System Services, Inc.			6,935		235,513
Unisys Corp.	*		1,371		40,417
Vantiv, Inc., Class A	*		2,220		75,302
VeriFone Systems, Inc.	*		4,239		157,691
Visa, Inc., Class A			19,176		5,027,947
Western Union Co. (The)			23,068		413,148
WEX, Inc.	*		1,750		173,110
Xerox Corp.			44,371		614,982

					27,750,234

Leisure Products—0.2%
Arctic Cat, Inc.			689		24,460
Brunswick Corp.			3,797		194,634
Callaway Golf Co.			2,881		22,184
Hasbro, Inc.			4,899		269,396
JAKKS Pacific, Inc.	*†		765		5,202
LeapFrog Enterprises, Inc.	*		1,261		5,952
Mattel, Inc.			13,029		403,182
Polaris Industries, Inc.			2,406		363,883
Sturm Ruger & Co., Inc.	†		1,052		36,431

					1,325,324

Life Sciences Tools & Services—0.6%
Accelerate Diagnostics, Inc.	*		1,363		26,156
Affymetrix, Inc.	*†		2,525		24,922
Agilent Technologies, Inc.			13,260		542,864
Bio-Rad Laboratories, Inc., Class A	*		623		75,109
Bio-Techne Corp.			1,736		160,406
Bruker Corp.	*		4,987		97,845
Cambrex Corp.	*		1,258		27,198

See accompanying notes to financial statements.

320

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Charles River Laboratories International, Inc.	*		2,755	$	175,328
Covance, Inc.	*		2,839		294,802
Fluidigm Corp.	*		1,443		48,672
Illumina, Inc.	*		5,177		955,571
Luminex Corp.	*		1,070		20,073
Mettler-Toledo International, Inc.	*		913		276,146
Pacific Biosciences of California, Inc.	*		6,332		49,643
PAREXEL International Corp.	*		2,306		128,121
PerkinElmer, Inc.			5,266		230,282
QIAGEN NV (Netherlands)	*		6,882		161,452
Quintiles Transnational Holdings, Inc.	*		777		45,742
Sequenom, Inc.	*†		19,756		73,097
Thermo Fisher Scientific, Inc.			14,634		1,833,494
Waters Corp.	*		3,591		404,778

					5,651,701

Machinery—1.9%
Accuride Corp.	*		8,669		37,623
Actuant Corp., Class A			2,022		55,079
AGCO Corp.	†		3,068		138,674
Albany International Corp., Class A			1,437		54,592
Allison Transmission Holdings, Inc.			2,419		82,004
American Railcar Industries, Inc.	†		1,200		61,800
Astec Industries, Inc.			821		32,273
Barnes Group, Inc.			2,018		74,686
Blount International, Inc.			1,532		26,917
Briggs & Stratton Corp.			1,822		37,205
Caterpillar, Inc.			24,087		2,204,683
Chart Industries, Inc.	*		1,070		36,594
CIRCOR International, Inc.			711		42,859
CLARCOR, Inc.			2,354		156,871
Colfax Corp.	*		3,666		189,056
Crane Co.			2,467		144,813
Cummins, Inc.			7,207		1,039,033
Deere & Co.			14,406		1,274,499
Donaldson Co., Inc.			4,058		156,761
Dover Corp.			5,761		413,179
EnPro Industries, Inc.	*		981		61,568
ESCO Technologies, Inc.			1,222		45,092
ExOne Co. (The)	*†		1,154		19,387
Federal Signal Corp.			2,159		33,335
Flowserve Corp.			5,994		358,621
FreightCar America, Inc.			900		23,679
Graco, Inc.			2,883		231,159
Harsco Corp.			3,646		68,873
Hillenbrand, Inc.			1,576		54,372
Hurco Cos., Inc.			300		10,227
Hyster-Yale Materials Handling, Inc.			618		45,238
IDEX Corp.			3,304		257,183
Illinois Tool Works, Inc.			13,130		1,243,411
Ingersoll-Rand plc			11,284		715,293
ITT Corp.			2,488		100,664
John Bean Technologies Corp.			1,164		38,249
Joy Global, Inc.			4,237		197,105
Kadant, Inc.			721		30,779
Kennametal, Inc.			3,196		114,385



		Shares		Value
Lincoln Electric Holdings, Inc.			3,754	$	259,364
Lindsay Corp.	†		808		69,278
Manitowoc Co., Inc. (The)			5,044		111,472
Meritor, Inc.	*		2,791		42,284
Middleby Corp. (The)	*		2,952		292,543
Mueller Industries, Inc.			3,184		108,702
Mueller Water Products, Inc., Class A			3,000		30,720
Navistar International Corp.	*		2,436		81,557
Nordson Corp.			3,044		237,310
Oshkosh Corp.			2,868		139,528
PACCAR, Inc.			13,455		915,075
Pall Corp.			3,831		387,736
Parker-Hannifin Corp.			5,068		653,519
Pentair plc (United Kingdom)			7,818		519,272
Snap-on, Inc.			2,419		330,774
SPX Corp.			2,157		185,329
Standex International Corp.			724		55,936
Stanley Black & Decker, Inc.			5,209		500,481
Tennant Co.			1,280		92,378
Terex Corp.			4,124		114,977
Timken Co. (The)			3,702		158,001
Titan International, Inc.	†		1,356		14,414
Toro Co. (The)			2,040		130,172
TriMas Corp.	*		3,917		122,563
Trinity Industries, Inc.			6,102		170,917
Valmont Industries, Inc.	†		1,162		147,574
Wabash National Corp.	*		6,441		79,611
WABCO Holdings, Inc.	*		2,354		246,652
Wabtec Corp.			3,474		301,856
Watts Water Technologies, Inc., Class A			1,225		77,714
Woodward, Inc.			2,448		120,515
Xylem, Inc.			7,149		272,162

					16,878,207

Marine—0.0%
Kirby Corp.	*		2,358		190,385
Matson, Inc.			1,466		50,606

					240,991

Media—3.4%
AMC Networks, Inc., Class A	*		2,261		144,184
Cablevision Systems Corp., Class A	†		9,044		186,668
CBS Corp. (Non-Voting Shares), Class B			21,165		1,171,271
Charter Communications, Inc., Class A	*		2,812		468,535
Cinemark Holdings, Inc.			3,727		132,607
Clear Channel Outdoor Holdings, Inc., Class A			2,500		26,475
Comcast Corp., Class A			98,672		5,723,963
Crown Media Holdings, Inc., Class A	*		5,899		20,882
Cumulus Media, Inc., Class A	*		2,174		9,196
DIRECTV	*		18,126		1,571,524
Discovery Communications, Inc., Class A	*		9,058		312,048
Discovery Communications, Inc., Class C	*		9,058		305,436
DISH Network Corp., Class A	*		9,231		672,848
DreamWorks Animation SKG, Inc., Class A	*		1,300		29,029

See accompanying notes to financial statements.

321

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Entercom Communications Corp., Class A	*		2,183	$	26,545
Entravision Communications Corp., Class A			2,852		18,481
EW Scripps Co. (The), Class A	*		1,204		26,909
Gannett Co., Inc.			7,301		233,121
Harte-Hanks, Inc.			3,119		24,141
Interpublic Group of Cos., Inc. (The)			17,203		357,306
John Wiley & Sons, Inc., Class A			2,491		147,567
Journal Communications, Inc., Class A	*		3,900		44,577
Liberty Broadband Corp., Class A	*		889		44,530
Liberty Broadband Corp., Class C	*		1,778		88,580
Liberty Media Corp., Series A	*		3,556		125,420
Liberty Media Corp., Series C	*		7,112		249,133
Lions Gate Entertainment Corp.	†		5,038		161,317
Live Nation Entertainment, Inc.	*		5,485		143,213
Madison Square Garden Co. (The), Class A	*		2,261		170,163
McClatchy Co. (The), Class A	*		2,444		8,114
Media General, Inc.	*†		2,225		37,224
Meredith Corp.			2,083		113,149
National CineMedia, Inc.			2,226		31,988
New York Times Co. (The), Class A			5,682		75,116
News Corp., Class A	*		17,563		275,564
Nexstar Broadcasting Group, Inc., Class A			902		46,715
Omnicom Group, Inc.			9,924		768,812
Radio Unica Communications Corp.	*‡d		1,900		—
Regal Entertainment Group, Class A	†		2,743		58,591
Salem Communications Corp., Class A			850		6,647
Scholastic Corp.	†		1,845		67,195
Scripps Networks Interactive, Inc., Class A			3,612		271,875
Sinclair Broadcast Group, Inc., Class A	†		2,049		56,061
Sirius XM Holdings, Inc.	*		109,168		382,088
Starz, Class A	*		4,301		127,740
Thomson Reuters Corp.			13,044		526,195
Time Warner Cable, Inc.			10,867		1,652,436
Time Warner, Inc.			34,131		2,915,470
Time, Inc.	†		4,387		107,964
Twenty-First Century Fox, Inc., Class A			73,544		2,824,457
Viacom, Inc., Class B			16,933		1,274,208
Walt Disney Co. (The)			65,925		6,209,476
World Wrestling Entertainment, Inc., Class A	†		1,030		12,710

					30,485,464



		Shares		Value
Metals & Mining—0.5%
AK Steel Holding Corp.	*†		5,009	$	29,753
Alcoa, Inc.			42,614		672,875
Allegheny Technologies, Inc.			3,760		130,735
Allied Nevada Gold Corp.	*†		3,041		2,646
Ampco-Pittsburgh Corp.			613		11,800
Carpenter Technology Corp.			1,882		92,688
Century Aluminum Co.	*		865		21,106
Cliffs Natural Resources, Inc.	†		4,448		31,759
Coeur Mining, Inc.	*†		7,315		37,380
Commercial Metals Co.			4,080		66,463
Compass Minerals International, Inc.			1,915		166,279
Freeport-McMoRan, Inc.			40,638		949,304
Hecla Mining Co.	†		20,609		57,499
Kaiser Aluminum Corp.			1,591		113,645
Materion Corp.			1,122		39,528
Molycorp, Inc.	*†		7,253		6,387
Newmont Mining Corp.			16,854		318,541
Nucor Corp.			10,963		537,735
Reliance Steel & Aluminum Co.			2,966		181,727
Royal Gold, Inc.			2,286		143,332
RTI International Metals, Inc.	*		1,363		34,429
Schnitzer Steel Industries, Inc., Class A			693		15,634
Southern Copper Corp.			7,739		218,240
Steel Dynamics, Inc.			8,080		159,499
Stillwater Mining Co.	*		3,727		54,936
SunCoke Energy, Inc.			1,473		28,488
Tahoe Resources, Inc.			5,318		73,761
TimkenSteel Corp.			1,851		68,543
United States Steel Corp.			5,607		149,931
US Silica Holdings, Inc.			784		20,141
Walter Energy, Inc.			1,840		2,539
Worthington Industries, Inc.			3,575		107,572

					4,544,895

Multiline Retail—0.7%
Big Lots, Inc.			1,874		74,998
Dillard’s, Inc., Class A			1,535		192,151
Dollar General Corp.	*		12,040		851,228
Dollar Tree, Inc.	*		8,356		588,095
Family Dollar Stores, Inc.			3,743		296,483
Fred’s, Inc., Class A			1,781		31,007
J.C. Penney Co., Inc.	*†		7,928		51,374
Kohl’s Corp.			7,696		469,764
Macy’s, Inc.			14,423		948,312
Nordstrom, Inc.			6,080		482,691
Sears Holdings Corp.	*†		2,729		90,003
Target Corp.			23,009		1,746,613
Tuesday Morning Corp.	*†		1,816		39,407

					5,862,126

Multi-Utilities—1.0%
Alliant Energy Corp.			4,491		298,292
Ameren Corp.			8,429		388,830
Avista Corp.			1,759		62,181
Black Hills Corp.			2,041		108,255
CenterPoint Energy, Inc.			16,026		375,489
CMS Energy Corp.			11,539		400,980
Consolidated Edison, Inc.			10,976		724,526
Dominion Resources, Inc.			21,301		1,638,047
DTE Energy Co.			5,654		488,336
Integrys Energy Group, Inc.			3,108		241,958

See accompanying notes to financial statements.

322

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
MDU Resources Group, Inc.			7,657	$	179,940
NiSource, Inc.			10,893		462,081
NorthWestern Corp.			1,449		81,984
PG&E Corp.			17,518		932,658
Public Service Enterprise Group, Inc.			17,215		712,873
SCANA Corp.			4,791		289,376
Sempra Energy			9,100		1,013,376
TECO Energy, Inc.			7,797		159,761
Vectren Corp.			3,706		171,328
Wisconsin Energy Corp.			9,128		481,411

					9,211,682

Oil, Gas & Consumable Fuels—6.0%
Abraxas Petroleum Corp.	*		7,391		21,730
Adams Resources & Energy, Inc.			1,006		50,250
Alpha Natural Resources, Inc.	*†		8,351		13,946
American Eagle Energy Corp.	*†		6,872		4,279
Anadarko Petroleum Corp.			18,954		1,563,705
Antero Resources Corp.	*†		707		28,690
Apache Corp.			15,202		952,709
Apco Oil and Gas International, Inc.	*		1,181		16,569
Arch Coal, Inc.	†		7,214		12,841
Bill Barrett Corp.	*		4,290		48,863
Bonanza Creek Energy, Inc.	*		2,369		56,856
BPZ Resources, Inc.	*†		4,003		1,157
Cabot Oil & Gas Corp.			16,664		493,421
California Resources Corp.	*		12,078		66,550
Callon Petroleum Co.	*		4,584		24,983
Carrizo Oil & Gas, Inc.	*		1,800		74,880
Cheniere Energy, Inc.	*		8,492		597,837
Chesapeake Energy Corp.			20,459		400,383
Chevron Corp.			72,098		8,087,954
Cimarex Energy Co.			3,372		357,432
Clayton Williams Energy, Inc.	*		550		35,090
Cobalt International Energy, Inc.	*		13,233		117,641
Comstock Resources, Inc.	†		1,735		11,815
Concho Resources, Inc.	*		3,943		393,314
ConocoPhillips			46,362		3,201,760
CONSOL Energy, Inc.			7,662		259,052
Contango Oil & Gas Co.	*		400		11,696
Continental Resources, Inc.	*		4,100		157,276
Delek US Holdings, Inc.			1,285		35,055
Denbury Resources, Inc.			16,015		130,202
Devon Energy Corp.			14,461		885,158
Diamondback Energy, Inc.	*		848		50,693
Emerald Oil, Inc.	*†		4,541		5,449
Energen Corp.			2,644		168,581
Energy XXI Ltd.	†		3,270		10,660
EOG Resources, Inc.			20,396		1,877,860
EQT Corp.			5,288		400,302
EXCO Resources, Inc.	†		10,900		23,653
Exxon Mobil Corp.			162,153		14,991,045
FX Energy, Inc.	*†		3,496		5,419
GasLog Ltd. (Monaco)	†		1,355		27,574
Gastar Exploration, Inc.	*		11,611		27,983
Golar LNG Ltd. (Bermuda)	†		2,827		103,101
Goodrich Petroleum Corp.	*†		1,566		6,953
Gulfport Energy Corp.	*		3,188		133,067



		Shares		Value
Halcon Resources Corp.	*†		11,719	$	20,860
Harvest Natural Resources, Inc.	*†		8,318		15,056
Hess Corp.			11,260		831,213
HollyFrontier Corp.			7,651		286,759
Kinder Morgan, Inc.			49,179		2,080,763
Laredo Petroleum, Inc.	*†		1,385		14,335
Magnum Hunter Resources Corp.	*†		8,937		28,062
Marathon Oil Corp.			25,577		723,573
Marathon Petroleum Corp.			10,217		922,186
Matador Resources Co.	*		1,536		31,073
Miller Energy Resources, Inc.	*†		7,286		9,108
Murphy Oil Corp.			7,752		391,631
Newfield Exploration Co.	*		3,712		100,669
Noble Energy, Inc.			13,077		620,242
Oasis Petroleum, Inc.	*		3,200		52,928
Occidental Petroleum Corp.			30,195		2,434,019
ONEOK, Inc.			7,816		389,159
PBF Energy, Inc., Class A			1,307		34,818
PDC Energy, Inc.	*		1,250		51,588
Peabody Energy Corp.	†		10,624		82,230
Penn Virginia Corp.	*†		6,869		45,885
PetroQuest Energy, Inc.	*		3,346		12,514
Phillips 66			22,053		1,581,200
Pioneer Natural Resources Co.			5,081		756,307
QEP Resources, Inc.			7,412		149,871
Quicksilver Resources, Inc.	*†		3,960		785
Range Resources Corp.			5,516		294,830
Resolute Energy Corp.	*†		5,042		6,655
Rosetta Resources, Inc.	*		3,400		75,854
Sanchez Energy Corp.	*†		1,138		10,572
SandRidge Energy, Inc.	*†		26,990		49,122
Scorpio Tankers, Inc. (Monaco)			12,382		107,600
SemGroup Corp., Class A			2,433		166,393
Ship Finance International Ltd. (Norway)			3,352		47,330
SM Energy Co.			2,262		87,268
Solazyme, Inc.	*†		3,533		9,115
Southwestern Energy Co.	*		12,344		336,868
Spectra Energy Corp.			23,691		859,983
Stone Energy Corp.	*		1,208		20,391
Swift Energy Co.	*†		1,142		4,625
Synergy Resources Corp.	*		3,171		39,764
Targa Resources Corp.			1,879		199,268
Teekay Corp. (Bermuda)			1,691		86,055
Tesoro Corp.			5,939		441,565
TransAtlantic Petroleum Ltd.	*†		3,715		20,024
Triangle Petroleum Corp.	*†		3,646		17,428
Ultra Petroleum Corp.	*†		7,839		103,161
VAALCO Energy, Inc.	*		3,800		17,328
Valero Energy Corp.			20,375		1,008,563
Warren Resources, Inc.	*		3,600		5,796
Western Refining, Inc.			2,500		94,450
Westmoreland Coal Co.	*		1,163		38,623
Whiting Petroleum Corp.	*		7,155		236,099
Williams Cos., Inc. (The)			26,127		1,174,147
World Fuel Services Corp.			1,920		90,106
WPX Energy, Inc.	*		8,069		93,842

					53,355,093

Paper & Forest Products—0.2%
Clearwater Paper Corp.	*		924		63,340
Deltic Timber Corp.			724		49,521
Domtar Corp. (Canada)			2,776		111,651

See accompanying notes to financial statements.

323

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
International Paper Co.			17,689	$	947,777
KapStone Paper and Packaging Corp.			5,716		167,536
Louisiana-Pacific Corp.	*†		4,396		72,798
Neenah Paper, Inc.			652		39,296
P.H. Glatfelter Co.			1,740		44,492
Schweitzer-Mauduit International, Inc.			1,448		61,250
Wausau Paper Corp.			1,903		21,637

					1,579,298

Personal Products—0.1%
Avon Products, Inc.			14,351		134,756
Elizabeth Arden, Inc.	*†		1,017		21,754
Estee Lauder Cos., Inc. (The), Class A			9,518		725,272
Herbalife Ltd.	†		3,985		150,234
Medifast, Inc.	*		734		24,626
Nu Skin Enterprises, Inc., Class A	†		2,249		98,281
USANA Health Sciences, Inc.	*		593		60,836

					1,215,759

Pharmaceuticals—5.2%
AbbVie, Inc.			60,297		3,945,836
AcelRx Pharmaceuticals, Inc.	*†		3,645		24,531
Actavis plc	*		9,752		2,510,262
Alimera Sciences, Inc.	*†		6,205		34,376
Allergan, Inc.			11,483		2,441,171
Avanir Pharmaceuticals, Inc.	*		12,245		207,553
BioDelivery Sciences International, Inc.	*		3,488		41,926
Bristol-Myers Squibb Co.			62,078		3,664,464
Depomed, Inc.	*		3,130		50,424
Eli Lilly & Co.			37,950		2,618,171
Endo International plc (Ireland)	*		5,226		376,899
Horizon Pharma plc	*†		2,686		34,623
Hospira, Inc.	*		5,415		331,669
Impax Laboratories, Inc.	*		4,794		151,874
Jazz Pharmaceuticals plc (Ireland)	*		1,945		318,455
Johnson & Johnson			107,030		11,192,127
Mallinckrodt plc	*		3,948		390,971
Medicines Co. (The)	*		2,018		55,838
Merck & Co., Inc.			111,047		6,306,359
Mylan, Inc.	*		14,632		824,806
Nektar Therapeutics	*		7,926		122,853
Omeros Corp.	*†		2,562		63,486
Pacira Pharmaceuticals, Inc.	*†		2,084		184,767
Pernix Therapeutics Holdings, Inc.	*		4,696		44,095
Perrigo Co. plc (Ireland)			5,212		871,238
Pfizer, Inc.			242,145		7,542,817
POZEN, Inc.	*		1,014		8,112
Prestige Brands Holdings, Inc.	*		1,164		40,414
Salix Pharmaceuticals Ltd.	*		2,346		269,649
SciClone Pharmaceuticals, Inc.	*		1,700		14,892
TherapeuticsMD, Inc.	*†		8,137		36,210
Theravance Biopharma, Inc. (Cayman Islands)	*†		921		13,741
Theravance, Inc.	†		3,224		45,620
VIVUS, Inc.	*†		1,630		4,694



		Shares		Value
XenoPort, Inc.	*		1,939	$	17,005
Zoetis, Inc.			19,148		823,938

					45,625,866

Professional Services—0.4%
Acacia Research Corp.	†		2,593		43,926
Advisory Board Co. (The)	*		1,900		93,062
Barrett Business Services, Inc.			1,310		35,894
CDI Corp.			1,131		20,030
Corporate Executive Board Co. (The)			1,507		109,303
CRA International, Inc.	*		986		29,896
Dun & Bradstreet Corp. (The)			1,546		187,004
Equifax, Inc.			4,141		334,883
FTI Consulting, Inc.	*		1,735		67,023
Heidrick & Struggles International, Inc.			865		19,938
Huron Consulting Group, Inc.	*		988		67,569
IHS, Inc., Class A	*		2,723		310,095
Insperity, Inc.			1,143		38,736
Kelly Services, Inc., Class A			1,173		19,965
Kforce, Inc.			297		7,167
Korn/Ferry International	*		1,624		46,706
ManpowerGroup, Inc.			3,593		244,935
Navigant Consulting, Inc.	*		2,313		35,551
Nielsen NV			9,396		420,283
On Assignment, Inc.	*		1,243		41,255
Resources Connection, Inc.			2,060		33,887
Robert Half International, Inc.			3,922		228,966
Towers Watson & Co., Class A			2,923		330,796
TrueBlue, Inc.	*		2,485		55,291
Verisk Analytics, Inc., Class A	*		5,615		359,641
WageWorks, Inc.	*		834		53,851

					3,235,653

Real Estate Investment Trusts (REITs)—3.6%
Acadia Realty Trust REIT			1,368		43,817
Agree Realty Corp. REIT			814		25,307
Alexander’s, Inc. REIT			78		34,100
Alexandria Real Estate Equities, Inc. REIT			3,569		316,713
Altisource Residential Corp. REIT (Virgin Islands, U.S.)			1,595		30,943
American Campus Communities, Inc. REIT			5,228		216,230
American Capital Agency Corp. REIT			11,950		260,869
American Homes 4 Rent, Class A REIT			2,292		39,033
American Realty Capital Healthcare Trust, Inc. REIT			3,791		45,113
American Realty Capital Properties, Inc. REIT			32,434		293,528
American Tower Corp. REIT			15,051		1,487,791
AmREIT, Inc. REIT			4,367		115,900
Annaly Capital Management, Inc. REIT			37,828		408,921
Anworth Mortgage Asset Corp. REIT			12,920		67,830
Apartment Investment & Management Co., Class A REIT			5,659		210,232
Armada Hoffler Properties, Inc. REIT			2,694		25,566

See accompanying notes to financial statements.

324

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
ARMOUR Residential REIT, Inc. REIT			15,586	$	57,357
Ashford Hospitality Prime, Inc. REIT			840		14,414
Ashford Hospitality Trust, Inc. REIT			4,200		44,016
Associated Estates Realty Corp. REIT			5,662		131,415
AvalonBay Communities, Inc. REIT			5,028		821,525
BioMed Realty Trust, Inc. REIT			6,210		133,763
Boston Properties, Inc. REIT			5,462		702,905
Brandywine Realty Trust REIT			6,105		97,558
Camden Property Trust REIT			4,149		306,362
Capstead Mortgage Corp. REIT	†		2,400		29,472
CareTrust REIT, Inc. REIT			2,939		36,238
CatchMark Timber Trust, Inc., Class A REIT			3,104		35,137
CBL & Associates Properties, Inc. REIT			7,509		145,825
Cedar Realty Trust, Inc. REIT			10,942		80,314
Chambers Street Properties REIT			6,657		53,655
Chatham Lodging Trust REIT			3,723		107,855
Chesapeake Lodging Trust REIT			1,373		51,089
Chimera Investment Corp. REIT			42,645		135,611
Colony Financial, Inc. REIT			6,320		150,542
Columbia Property Trust, Inc. REIT			1,640		41,574
Corporate Office Properties Trust REIT	†		1,904		54,017
Corrections Corp. of America REIT			5,829		211,826
Cousins Properties, Inc. REIT			2,489		28,424
Crown Castle International Corp. REIT			12,722		1,001,221
CubeSmart REIT			8,821		194,679
CYS Investments, Inc. REIT			4,654		40,583
DCT Industrial Trust, Inc. REIT			1,644		58,625
DDR Corp. REIT			10,035		184,243
DiamondRock Hospitality Co. REIT			4,047		60,179
Digital Realty Trust, Inc. REIT			5,165		342,440
Douglas Emmett, Inc. REIT			4,212		119,621
Duke Realty Corp. REIT			14,966		302,313
DuPont Fabros Technology, Inc. REIT			4,666		155,098
EastGroup Properties, Inc. REIT			1,538		97,386
EPR Properties REIT			2,733		157,503
Equity Commonwealth REIT			2,285		58,656
Equity LifeStyle Properties, Inc. REIT			2,280		117,534
Equity One, Inc. REIT			2,619		66,418
Equity Residential REIT			14,255		1,024,079
Essex Property Trust, Inc. REIT			2,445		505,137
Excel Trust, Inc. REIT			6,782		90,811
Extra Space Storage, Inc. REIT			3,500		205,240
Federal Realty Investment Trust REIT			2,295		306,291
FelCor Lodging Trust, Inc. REIT			11,241		121,628
First Industrial Realty Trust, Inc. REIT			6,729		138,348
First Potomac Realty Trust REIT			1,628		20,122



		Shares		Value
Franklin Street Properties Corp. REIT			2,200	$	26,994
Gaming and Leisure Properties, Inc. REIT			3,091		90,690
General Growth Properties, Inc. REIT			21,432		602,882
Geo Group, Inc. (The) REIT			2,829		114,178
Getty Realty Corp. REIT			1,747		31,813
Glimcher Realty Trust REIT			9,231		126,834
Government Properties Income Trust REIT			3,576		82,284
Gramercy Property Trust, Inc. REIT			10,832		74,741
Hatteras Financial Corp. REIT			1,935		35,662
HCP, Inc. REIT			16,845		741,685
Health Care REIT, Inc. REIT			12,097		915,380
Healthcare Realty Trust, Inc. REIT			1,881		51,389
Healthcare Trust of America, Inc., Class A REIT			1,680		45,259
Hersha Hospitality Trust REIT			7,029		49,414
Highwoods Properties, Inc. REIT			2,393		105,962
Home Properties, Inc. REIT			1,390		91,184
Hospitality Properties Trust REIT			2,923		90,613
Host Hotels & Resorts, Inc. REIT			29,698		705,921
Hudson Pacific Properties, Inc. REIT			2,051		61,653
Inland Real Estate Corp. REIT			2,302		25,207
Invesco Mortgage Capital, Inc. REIT			3,087		47,725
Investors Real Estate Trust REIT			2,989		24,420
Iron Mountain, Inc. REIT			8,571		331,355
iStar Financial, Inc. REIT	*		7,235		98,758
Kilroy Realty Corp. REIT			3,732		257,769
Kimco Realty Corp. REIT			15,341		385,673
Kite Realty Group Trust REIT			663		19,055
Lamar Advertising Co., Class A REIT			3,479		186,614
LaSalle Hotel Properties REIT			6,253		253,059
Lexington Realty Trust REIT			9,308		102,202
Liberty Property Trust REIT			4,451		167,491
LTC Properties, Inc. REIT			2,385		102,960
Macerich Co. (The) REIT			5,275		439,988
Mack-Cali Realty Corp. REIT			2,488		47,421
Medical Properties Trust, Inc. REIT			9,571		131,888
MFA Financial, Inc. REIT			10,801		86,300
Mid-America Apartment Communities, Inc. REIT			1,946		145,327
Monmouth Real Estate Investment Corp. REIT	†		3,275		36,254
National Health Investors, Inc. REIT			979		68,491
National Retail Properties, Inc. REIT			3,464		136,378
New York Mortgage Trust, Inc. REIT	†		8,120		62,605
NorthStar Realty Finance Corp. REIT			7,137		125,468
Omega Healthcare Investors, Inc. REIT	†		4,100		160,187
Outfront Media, Inc. REIT			4,516		121,209
Owens Realty Mortgage, Inc. REIT			2,081		30,487

See accompanying notes to financial statements.

325

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Paramount Group, Inc. REIT	*		4,781	$	88,879
Parkway Properties, Inc. REIT			5,570		102,432
Pebblebrook Hotel Trust REIT			4,175		190,505
Pennsylvania Real Estate Investment Trust REIT			1,510		35,425
PennyMac Mortgage Investment Trust REIT			5,770		121,689
Physicians Realty Trust REIT			2,896		48,074
Piedmont Office Realty Trust, Inc., Class A REIT			3,057		57,594
Plum Creek Timber Co., Inc. REIT			6,990		299,102
Post Properties, Inc. REIT			2,078		122,124
Potlatch Corp. REIT			1,618		67,746
Prologis, Inc. REIT			18,429		793,000
PS Business Parks, Inc. REIT			599		47,644
Public Storage REIT			5,376		993,754
QTS Realty Trust, Inc., Class A REIT			1,447		48,966
RAIT Financial Trust REIT	†		7,882		60,455
Ramco-Gershenson Properties Trust REIT			1,275		23,894
Rayonier, Inc. REIT			5,004		139,812
Realty Income Corp. REIT	†		6,943		331,251
Redwood Trust, Inc. REIT	†		1,008		19,858
Regency Centers Corp. REIT			2,745		175,076
Retail Opportunity Investments Corp. REIT			7,505		126,009
Retail Properties of America, Inc., Class A REIT			3,613		60,301
Rexford Industrial Realty, Inc. REIT			2,874		45,151
RLJ Lodging Trust REIT			4,345		145,688
Rouse Properties, Inc. REIT	†		579		10,723
Ryman Hospitality Properties, Inc. REIT	†		2,005		105,744
Sabra Health Care REIT, Inc. REIT			694		21,077
Saul Centers, Inc. REIT			987		56,447
Senior Housing Properties Trust REIT			5,370		118,731
Silver Bay Realty Trust Corp. REIT			489		8,098
Simon Property Group, Inc. REIT			11,684		2,127,773
SL Green Realty Corp. REIT			3,603		428,829
Sovran Self Storage, Inc. REIT			1,269		110,682
Spirit Realty Capital, Inc. REIT			14,667		174,391
Starwood Property Trust, Inc. REIT	†		8,338		193,775
Starwood Waypoint Residential Trust REIT	†		1,667		43,959
Strategic Hotels & Resorts, Inc. REIT	*		13,392		177,176
Sun Communities, Inc. REIT			1,061		64,148
Sunstone Hotel Investors, Inc. REIT			5,275		87,090
Tanger Factory Outlet Centers, Inc. REIT			2,442		90,256
Taubman Centers, Inc. REIT			2,083		159,183
Terreno Realty Corp. REIT			4,464		92,092
Trade Street Residential, Inc. REIT	†		5,386		41,418



		Shares		Value
Two Harbors Investment Corp. REIT			10,028	$	100,481
UDR, Inc. REIT			12,278		378,408
UMH Properties, Inc. REIT			4,155		39,680
Universal Health Realty Income Trust REIT			1,333		64,144
Ventas, Inc. REIT			10,699		767,118
Vornado Realty Trust REIT			7,263		854,928
Washington Prime Group, Inc. REIT			5,842		100,599
Washington Real Estate Investment Trust REIT			1,834		50,728
Weingarten Realty Investors REIT			3,474		121,312
Weyerhaeuser Co. REIT			19,608		703,731
Whitestone REIT REIT			2,786		42,096
WP Carey, Inc. REIT			2,497		175,040

					31,754,057

Real Estate Management & Development—0.2%
Alexander & Baldwin, Inc.			1,466		57,555
Altisource Asset Management Corp. (Virgin Islands, U.S.)	*		55		17,056
Altisource Portfolio Solutions SA (Luxembourg)	*†		359		12,131
CBRE Group, Inc., Class A	*		9,507		325,615
Forest City Enterprises, Inc., Class A	*		9,240		196,812
Forestar Group, Inc.	*†		1,502		23,131
Howard Hughes Corp. (The)	*		1,716		223,801
Jones Lang LaSalle, Inc.			1,311		196,558
Kennedy-Wilson Holdings, Inc.			1,568		39,670
Realogy Holdings Corp.	*		5,690		253,148
St. Joe Co. (The)	*		3,582		65,873
Tejon Ranch Co.	*		858		25,277

					1,436,627

Road & Rail—1.1%
AMERCO			434		123,369
ArcBest Corp.			903		41,872
Avis Budget Group, Inc.	*		4,424		293,444
Con-way, Inc.			2,160		106,229
CSX Corp.			37,182		1,347,104
Genesee & Wyoming, Inc., Class A	*		1,576		141,714
Heartland Express, Inc.			4,220		113,982
Hertz Global Holdings, Inc.	*		15,313		381,906
J.B. Hunt Transport Services, Inc.			3,333		280,805
Kansas City Southern			4,402		537,176
Knight Transportation, Inc.			3,879		130,567
Landstar System, Inc.			2,256		163,628
Norfolk Southern Corp.			11,527		1,263,474
Old Dominion Freight Line, Inc.	*		3,421		265,606
Ryder System, Inc.			2,947		273,629
Saia, Inc.	*		2,493		138,013
Swift Transportation Co.	*		5,786		165,653
Union Pacific Corp.			34,728		4,137,147
Werner Enterprises, Inc.			2,915		90,802
YRC Worldwide, Inc.	*†		1,193		26,831

					10,022,951

See accompanying notes to financial statements.

326

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Semiconductors & Semiconductor Equipment—2.5%
Advanced Energy Industries, Inc.	*		1,428	$	33,844
Advanced Micro Devices, Inc.	*†		21,447		57,264
Alpha & Omega Semiconductor Ltd.	*		8,591		76,030
Altera Corp.			11,427		422,113
Ambarella, Inc.	*†		1,314		66,646
Amkor Technology, Inc.	*		7,211		51,198
Analog Devices, Inc.			11,925		662,076
Applied Materials, Inc.			43,119		1,074,525
Applied Micro Circuits Corp.	*		3,186		20,773
Atmel Corp.	*		18,733		157,264
Avago Technologies Ltd. (Singapore)			9,128		918,186
Axcelis Technologies, Inc.	*		4,095		10,483
Broadcom Corp., Class A			21,893		948,624
Brooks Automation, Inc.			3,103		39,563
Cabot Microelectronics Corp.	*		1,049		49,639
Cavium, Inc.	*		1,864		115,232
CEVA, Inc.	*		692		12,553
Cirrus Logic, Inc.	*		2,946		69,437
Cohu, Inc.			859		10,222
Cree, Inc.	*†		5,646		181,914
Cypress Semiconductor Corp.	*†		4,876		69,629
Diodes, Inc.	*		2,400		66,168
DSP Group, Inc.	*		1,194		12,979
Entegris, Inc.	*		5,738		75,799
Entropic Communications, Inc.	*		12,340		31,220
Exar Corp.	*		1,758		17,932
Fairchild Semiconductor International, Inc.	*		4,903		82,763
First Solar, Inc.	*		2,540		113,271
FormFactor, Inc.	*		1,417		12,186
Freescale Semiconductor Ltd.	*†		1,768		44,607
Integrated Device Technology, Inc.	*		8,168		160,093
Integrated Silicon Solution, Inc.			1,269		21,027
Intel Corp.			187,128		6,790,875
International Rectifier Corp.	*		2,631		104,977
Intersil Corp., Class A			5,757		83,304
IXYS Corp.			1,329		16,745
KLA-Tencor Corp.			5,600		393,792
Kopin Corp.	*		2,431		8,800
Lam Research Corp.			6,125		485,958
Lattice Semiconductor Corp.	*		4,395		30,282
Linear Technology Corp.			7,773		354,449
Marvell Technology Group Ltd. (Bermuda)			18,500		268,250
Maxim Integrated Products, Inc.			9,481		302,159
Micrel, Inc.			3,731		54,137
Microchip Technology, Inc.			6,639		299,485
Micron Technology, Inc.	*		38,531		1,348,970
Microsemi Corp.	*		2,474		70,212
MKS Instruments, Inc.			2,455		89,853
NVE Corp.	*		348		24,635
NVIDIA Corp.			20,184		404,689
OmniVision Technologies, Inc.	*		2,354		61,204
ON Semiconductor Corp.	*		23,913		242,239
PDF Solutions, Inc.	*		974		14,474
Pericom Semiconductor Corp.	*		1,023		13,851



��		Shares		Value
Photronics, Inc.	*		1,388	$	11,534
PMC-Sierra, Inc.	*		7,045		64,532
Power Integrations, Inc.			1,952		100,996
QuickLogic Corp.	*†		8,386		26,332
Rambus, Inc.	*		4,071		45,147
RF Micro Devices, Inc.	*		8,143		135,092
Rubicon Technology, Inc.	*†		4,910		22,439
Rudolph Technologies, Inc.	*		1,247		12,757
Semtech Corp.	*		2,970		81,883
Silicon Image, Inc.	*		2,948		16,273
Silicon Laboratories, Inc.	*		2,124		101,145
Skyworks Solutions, Inc.			5,822		423,318
SunEdison, Inc.	*†		11,936		232,871
SunPower Corp.	*†		1,759		45,435
Synaptics, Inc.	*		1,586		109,180
Teradyne, Inc.			7,938		157,093
Tessera Technologies, Inc.			1,560		55,786
Texas Instruments, Inc.			40,789		2,180,784
TriQuint Semiconductor, Inc.	*		4,918		135,491
Ultra Clean Holdings, Inc.	*		4,664		43,282
Ultratech, Inc.	*		971		18,022
Veeco Instruments, Inc.	*		1,294		45,135
Vitesse Semiconductor Corp.	*		11,946		45,156
Xcerra Corp.	*		1,358		12,439
Xilinx, Inc.			8,908		385,627

					21,656,349

Software—3.8%
ACI Worldwide, Inc.	*		4,959		100,023
Activision Blizzard, Inc.			17,758		357,824
Actuate Corp.	*		2,084		13,754
Adobe Systems, Inc.	*		18,524		1,346,695
Advent Software, Inc.			2,902		88,917
American Software, Inc., Class A			1,950		17,765
ANSYS, Inc.	*		3,449		282,818
Aspen Technology, Inc.	*		3,661		128,208
Autodesk, Inc.	*		9,258		556,035
Blackbaud, Inc.			2,650		114,639
CA, Inc.			11,593		353,007
Cadence Design Systems, Inc.	*		10,745		203,833
Callidus Software, Inc.	*		172		2,809
CDK Global, Inc.			6,017		245,253
Citrix Systems, Inc.	*		7,179		458,020
CommVault Systems, Inc.	*		1,510		78,052
Covisint Corp.	*		1,052		2,788
Ebix, Inc.	†		2,802		47,606
Electronic Arts, Inc.	*		12,060		567,001
Epiq Systems, Inc.			1,087		18,566
FactSet Research Systems, Inc.	†		1,490		209,718
Fair Isaac Corp.			2,628		190,004
FireEye, Inc.	*†		2,952		93,224
Fortinet, Inc.	*		5,654		173,352
Gigamon, Inc.	*†		2,114		37,481
Glu Mobile, Inc.	*†		10,871		42,397
Guidewire Software, Inc.	*		3,146		159,282
Imperva, Inc.	*		1,888		93,324
Informatica Corp.	*		3,171		120,926
Interactive Intelligence Group, Inc.	*†		950		45,505
Intuit, Inc.			11,315		1,043,130
Manhattan Associates, Inc.	*		4,784		194,804
Mentor Graphics Corp.			2,745		60,170
Microsoft Corp.			312,251		14,504,059

See accompanying notes to financial statements.

327

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
MicroStrategy, Inc., Class A	*		513	$	83,311
NetScout Systems, Inc.	*		1,250		45,675
NetSuite, Inc.	*†		1,276		139,301
Nuance Communications, Inc.	*		9,517		135,808
Oracle Corp.			125,148		5,627,906
Pegasystems, Inc.			4,282		88,937
Progress Software Corp.	*		1,983		53,581
Proofpoint, Inc.	*		1,126		54,307
PTC, Inc.	*		4,423		162,103
Qlik Technologies, Inc.	*†		5,245		162,018
Red Hat, Inc.	*		7,251		501,334
Rovi Corp.	*		3,917		88,485
salesforce.com, Inc.	*		22,484		1,333,526
SeaChange International, Inc.	*		958		6,112
ServiceNow, Inc.	*		4,208		285,513
Silver Spring Networks, Inc.	*†		2,969		25,029
SolarWinds, Inc.	*		1,876		93,481
Solera Holdings, Inc.			3,377		172,835
Splunk, Inc.	*		4,640		273,528
SS&C Technologies Holdings, Inc.			3,677		215,068
Symantec Corp.			26,135		670,493
Synopsys, Inc.	*		6,501		282,598
Tableau Software, Inc., Class A	*		632		53,568
Take-Two Interactive Software, Inc.	*		2,643		74,083
TiVo, Inc.	*		2,696		31,921
Tyler Technologies, Inc.	*		1,886		206,404
Ultimate Software Group, Inc. (The)	*		1,242		182,344
VASCO Data Security International, Inc.	*†		3,804		107,311
Verint Systems, Inc.	*		3,366		196,170
VirnetX Holding Corp.	*†		2,400		13,176
VMware, Inc., Class A	*		3,264		269,345
Vringo, Inc.	*†		10,252		5,640
Workday, Inc., Class A	*		3,054		249,237
Zynga, Inc., Class A	*		26,117		69,471

					33,910,608

Specialty Retail—2.6%
Aaron’s, Inc.			2,908		88,897
Abercrombie & Fitch Co., Class A	†		3,072		87,982
Advance Auto Parts, Inc.			3,235		515,271
Aeropostale, Inc.	*†		2,075		4,814
American Eagle Outfitters, Inc.			12,752		176,998
America’s Car-Mart, Inc.	*		354		18,896
ANN, Inc.	*		2,733		99,700
Asbury Automotive Group, Inc.	*		1,342		101,885
Ascena Retail Group, Inc.	*		5,194		65,237
AutoNation, Inc.	*		2,555		154,347
AutoZone, Inc.	*		1,308		809,796
Barnes & Noble, Inc.	*		828		19,226
bebe stores, Inc.			790		1,730
Bed Bath & Beyond, Inc.	*		7,504		571,580
Best Buy Co., Inc.			9,299		362,475
Big 5 Sporting Goods Corp.			1,071		15,669
Brown Shoe Co., Inc.			1,791		57,581
Buckle, Inc. (The)	†		1,236		64,915
Cabela’s, Inc.	*		1,696		89,396
CarMax, Inc.	*		7,970		530,643
Cato Corp. (The), Class A			1,761		74,279



		Shares		Value
Chico’s FAS, Inc.			7,236	$	117,295
Children’s Place, Inc. (The)			1,144		65,208
Conn’s, Inc.	*†		871		16,279
CST Brands, Inc.			2,444		106,583
Destination Maternity Corp.			1,200		19,140
Destination XL Group, Inc.	*		1,930		10,538
Dick’s Sporting Goods, Inc.			2,480		123,132
DSW, Inc., Class A			1,192		44,462
Express, Inc.	*		6,015		88,360
Finish Line, Inc. (The), Class A			1,917		46,602
Five Below, Inc.	*		1,062		43,361
Foot Locker, Inc.			5,840		328,091
GameStop Corp., Class A	†		4,171		140,980
Gap, Inc. (The)			11,079		466,537
Genesco, Inc.	*		921		70,567
GNC Holdings, Inc., Class A			2,440		114,582
Group 1 Automotive, Inc.			1,068		95,714
Guess?, Inc.			1,639		34,550
Haverty Furniture Cos., Inc.			1,111		24,453
Hibbett Sports, Inc.	*		1,396		67,608
Home Depot, Inc. (The)			52,250		5,484,682
Kirkland’s, Inc.	*		833		19,692
L Brands, Inc.			9,309		805,694
Lithia Motors, Inc., Class A			862		74,727
Lowe’s Cos., Inc.			39,727		2,733,218
Lumber Liquidators Holdings, Inc.	*†		769		50,992
MarineMax, Inc.	*		800		16,040
Men’s Wearhouse, Inc. (The)			2,437		107,593
Monro Muffler Brake, Inc.	†		1,487		85,949
Murphy USA, Inc.	*		1,451		99,916
Office Depot, Inc.	*		21,441		183,857
O’Reilly Automotive, Inc.	*		3,911		753,337
Outerwall, Inc.	*		1,075		80,861
Penske Automotive Group, Inc.			1,654		81,162
Pep Boys-Manny, Moe & Jack (The)	*		2,200		21,604
PetSmart, Inc.			3,546		288,272
Pier 1 Imports, Inc.	†		3,712		57,165
Rent-A-Center, Inc.			1,769		64,250
Restoration Hardware Holdings, Inc.	*†		526		50,501
Ross Stores, Inc.			7,877		742,486
Sally Beauty Holdings, Inc.	*		9,008		276,906
Select Comfort Corp.	*		2,104		56,871
Signet Jewelers Ltd. (Bermuda)			3,344		439,970
Sonic Automotive, Inc., Class A			1,649		44,589
Stage Stores, Inc.			2,236		46,285
Staples, Inc.			22,960		416,035
Stein Mart, Inc.			1,261		18,436
Systemax, Inc.	*†		1,358		18,333
Tiffany & Co.			4,057		433,531
TJX Cos., Inc. (The)			26,596		1,823,954
Tractor Supply Co.			5,080		400,406
Ulta Salon Cosmetics & Fragrance, Inc.	*		2,434		311,163
Urban Outfitters, Inc.	*		5,012		176,072
Vitamin Shoppe, Inc.	*		2,795		135,781
West Marine, Inc.	*		803		10,375
Williams-Sonoma, Inc.			3,877		293,411

					22,639,475

Technology Hardware, Storage & Peripherals—3.8%
3D Systems Corp.	*†		4,215		138,547
Apple, Inc.			227,508		25,112,333

See accompanying notes to financial statements.

328

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Cray, Inc.	*		714	$	24,619
Diebold, Inc.			3,079		106,657
Electronics For Imaging, Inc.	*		2,638		112,985
EMC Corp.			79,499		2,364,300
Hewlett-Packard Co.			71,885		2,884,745
Lexmark International, Inc., Class A			1,492		61,575
NCR Corp.	*		6,904		201,183
NetApp, Inc.			11,382		471,784
QLogic Corp.	*		3,731		49,697
Quantum Corp.	*		6,681		11,759
SanDisk Corp.			8,969		878,783
Silicon Graphics International Corp.	*†		1,843		20,973
Stratasys Ltd.	*		1,440		119,678
Violin Memory, Inc.	*		9,447		45,251
Western Digital Corp.			8,356		925,009

					33,529,878

Textiles, Apparel & Luxury Goods—0.9%
Carter’s, Inc.			1,476		128,870
Coach, Inc.			10,479		393,591
Columbia Sportswear Co.			1,304		58,080
Crocs, Inc.	*		3,600		44,964
Culp, Inc.			888		19,252
Deckers Outdoor Corp.	*		1,935		176,162
Fossil Group, Inc.	*		1,614		178,734
Hanesbrands, Inc.			4,099		457,530
Iconix Brand Group, Inc.	*†		2,737		92,483
Kate Spade & Co.	*		4,930		157,809
Michael Kors Holdings Ltd. (Hong Kong)	*		7,314		549,281
Movado Group, Inc.			1,678		47,605
NIKE, Inc., Class B			26,185		2,517,688
Oxford Industries, Inc.			936		51,677
PVH Corp.			2,525		323,629
Quiksilver, Inc.	*†		4,288		9,477
Ralph Lauren Corp.			2,261		418,647
Sequential Brands Group, Inc.	*†		3,524		46,059
Skechers U.S.A., Inc., Class A	*		1,935		106,909
Steven Madden Ltd.	*		2,533		80,625
Under Armour, Inc., Class A	*		7,748		526,089
Unifi, Inc.	*		876		26,044
V.F. Corp.			12,436		931,456
Wolverine World Wide, Inc.	†		5,178		152,596

					7,495,257

Thrifts & Mortgage Finance—0.2%
Astoria Financial Corp.			3,465		46,292
Bank Mutual Corp.			3,756		25,766
BBX Capital Corp., Class A	*		2,244		36,914
Beneficial Mutual Bancorp, Inc.	*		969		11,890
Brookline Bancorp, Inc.			3,765		37,763
Capitol Federal Financial, Inc.			4,787		61,178
Dime Community Bancshares, Inc.			1,638		26,667
ESB Financial Corp.			5,450		103,223
EverBank Financial Corp.			6,660		126,940
Home Loan Servicing Solutions Ltd. (Cayman Islands)			6,384		124,616
Hudson City Bancorp, Inc.			26,577		268,959
MGIC Investment Corp.	*		16,751		156,119



		Shares		Value
New York Community Bancorp, Inc.			12,640	$	202,240
Northwest Bancshares, Inc.			4,608		57,738
Ocwen Financial Corp.	*†		3,358		50,706
People’s United Financial, Inc.			15,654		237,628
Provident Financial Services, Inc.			943		17,030
Radian Group, Inc.			8,446		141,217
Territorial Bancorp, Inc.			2,649		57,086
TFS Financial Corp.			3,398		50,579
Tree.com, Inc.	*		314		15,179
TrustCo Bank Corp. NY			3,435		24,938
Washington Federal, Inc.			3,379		74,845

					1,955,513

Tobacco—1.2%
Alliance One International, Inc.	*		2,000		3,160
Altria Group, Inc.			76,646		3,776,348
Lorillard, Inc.			14,892		937,303
Philip Morris International, Inc.			59,888		4,877,878
Reynolds American, Inc.			11,115		714,361
Universal Corp.	†		1,078		47,410
Vector Group Ltd.			3,356		71,516

					10,427,976

Trading Companies & Distributors—0.3%
Air Lease Corp.			2,229		76,477
Aircastle Ltd.			6,140		131,212
Applied Industrial Technologies, Inc.			2,056		93,733
Beacon Roofing Supply, Inc.	*		2,570		71,446
Fastenal Co.	†		11,276		536,286
GATX Corp.			1,766		101,616
H&E Equipment Services, Inc.			1,600		44,944
HD Supply Holdings, Inc.	*		1,476		43,527
MRC Global, Inc.	*		1,447		21,922
MSC Industrial Direct Co., Inc., Class A	†		1,782		144,787
NOW, Inc.	*†		3,975		102,277
TAL International Group, Inc.	*†		2,773		120,820
United Rentals, Inc.	*		3,667		374,071
Veritiv Corp.	*		338		17,532
W.W. Grainger, Inc.			2,301		586,502
Watsco, Inc.			553		59,171
WESCO International, Inc.	*		1,550		118,125

					2,644,448

Water Utilities—0.1%
American States Water Co.			2,522		94,979
American Water Works Co., Inc.			8,019		427,413
Aqua America, Inc.			5,411		144,474
California Water Service Group			1,930		47,497
Connecticut Water Service, Inc.	†		2,808		101,902
SJW Corp.			1,010		32,441

					848,706

Wireless Telecommunication Services—0.1%
NTELOS Holdings Corp.			1,350		5,657
SBA Communications Corp., Class A	*		5,704		631,775
Shenandoah Telecommunications Co.			1,200		37,500
Sprint Corp.	*		33,577		139,345
Telephone & Data Systems, Inc.			3,217		81,229
T-Mobile US, Inc.	*		9,242		248,979

See accompanying notes to financial statements.

329

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014

Vantagepoint Broad
Market Index Fund

Value

COMMON STOCKS—(Continued)

United States Cellular Corp.

680

27,084

1,171,569

TOTAL COMMON STOCKS

(Cost $446,617,767)

861,803,421

Coupon
Rate

Maturity
Date

Face

Value

U.S. TREASURY OBLIGATIONS—0.1%

U.S. Treasury Bills—0.1%

U.S. Treasury Bill

0.085%

06/04/2015

‡‡

685,000

684,811

0.016%

03/12/2015

‡‡

320,000

319,988

1,004,799

TOTAL U.S. TREASURY OBLIGATIONS

(Cost $1,004,741)

1,004,799

Value

RIGHTS—0.0%

Electronic Equipment, Instruments & Components—0.0%

Gerber Scientific, Inc. CVR

*†‡d

1,608

—

Media—0.0%

Liberty Broadband Corp., Expires 01/09/2015, Strike $40.36

532

5,054

Pharmaceuticals—0.0%

Furiex Pharmaceuticals, Inc. CVR

*‡d

1,998

—

Furiex Pharmaceuticals, Inc. CVR

*‡

394

3,794

Textiles, Apparel & Luxury Goods—0.0%

Mossimo, Inc. CVR

*‡d

2,806

—

Wireless Telecommunication Services—0.0%

Leap Wireless International, Inc. CVR

*‡

3,300

8,349

TOTAL RIGHTS

(Cost $—)

17,197

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

500

TOTAL WARRANTS

(Cost $—)

500



		Shares		Value
MONEY MARKET FUNDS—4.2%
Institutional Money Market Funds—4.2%
Dreyfus Institutional Cash Advantage Fund, 0.06%	††¥		2,700,000	$	2,700,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11%	¥		20,434,605		20,434,605
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11%	††¥		3,498,668		3,498,668
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.07%	††¥		2,700,000		2,700,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.07%	††¥		2,700,000		2,700,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.08%	††¥		2,700,000		2,700,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥		2,700,000		2,700,000

TOTAL MONEY MARKET FUNDS
(Cost $37,433,273)					37,433,273

TOTAL INVESTMENTS—101.8%
(Cost $485,055,781)					900,259,190
Other assets less liabilities—(1.8%)					(15,893,828	)

NET ASSETS—100.0%				$	884,365,362

Notes to the Schedule of Investments:


CVR		Contingent Value Rights
REIT		Real Estate Investment Trust
*		Non-income producing.
†		Denotes all or a portion of the security on loan.
d		Security has no market value at December 31, 2014.
‡		Security valued at fair value as determined by policies approved by the Board of Directors. (Total Market Value $12,643)
‡‡		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.

330

SCHEDULE OF INVESTMENTS

December 31, 2014


Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—99.5%
Aerospace & Defense—1.4%
AAR Corp.			7,916	$	219,906
Aerovironment, Inc.	*		3,832		104,422
Alliant Techsystems, Inc.			5,900		685,875
American Science & Engineering, Inc.			1,394		72,349
Astronics Corp.	*		3,219		178,043
Cubic Corp.			3,920		206,349
Curtiss-Wright Corp.			8,533		602,344
DigitalGlobe, Inc.	*		13,689		423,948
Ducommun, Inc.	*		1,702		43,027
Engility Holdings, Inc.	*		2,873		122,964
Erickson, Inc.	*†		603		5,029
Esterline Technologies Corp.	*		5,740		629,563
Exelis, Inc.			35,218		617,372
GenCorp, Inc.	*†		11,785		215,666
HEICO Corp.			12,091		730,296
Hexcel Corp.	*		18,133		752,338
Huntington Ingalls Industries, Inc.			8,907		1,001,681
KEYW Holding Corp. (The)	*†		5,318		55,201
Kratos Defense & Security Solutions, Inc.	*		9,324		46,807
LMI Aerospace, Inc.	*		1,056		14,890
Moog, Inc., Class A	*		7,309		541,085
National Presto Industries, Inc.	†		975		56,589
Orbital Sciences Corp.	*		11,370		305,739
SIFCO Industries, Inc.			420		12,243
Sparton Corp.	*		1,633		46,279
Spirit AeroSystems Holdings, Inc., Class A	*		21,936		944,125
TASER International, Inc.	*†		9,624		254,844
Teledyne Technologies, Inc.	*		6,808		699,454
Triumph Group, Inc.			9,630		647,329
Vectrus, Inc.	*		1,956		53,594

					10,289,351

Air Freight & Logistics—0.2%
Air Transport Services Group, Inc.	*		10,717		91,738
Atlas Air Worldwide Holdings, Inc.	*		4,497		221,702
Echo Global Logistics, Inc.	*		3,918		114,406
Forward Air Corp.			5,836		293,959
Hub Group, Inc., Class A	*		6,527		248,548
Park-Ohio Holdings Corp.			1,449		91,331
UTi Worldwide, Inc.	*		16,303		196,777
XPO Logistics, Inc.	*†		10,040		410,435

					1,668,896

Airlines—0.6%
Alaska Air Group, Inc.			25,013		1,494,777
Allegiant Travel Co.			2,648		398,074
Copa Holdings SA, Class A (Panama)			6,094		631,582
Hawaiian Holdings, Inc.	*		8,734		227,521
JetBlue Airways Corp.	*		45,430		720,520
Republic Airways Holdings, Inc.	*		9,724		141,873
SkyWest, Inc.			8,900		118,192
Spirit Airlines, Inc.	*		13,004		982,842
Virgin America, Inc.	*		2,531		109,466

					4,824,847



		Shares		Value
Auto Components—1.4%
American Axle & Manufacturing Holdings, Inc.	*		11,657	$	263,332
Cooper Tire & Rubber Co.			10,102		350,034
Cooper-Standard Holding, Inc.	*		2,714		157,086
Dana Holding Corp.			29,595		643,395
Dorman Products, Inc.	*†		4,696		226,676
Drew Industries, Inc.	*		4,435		226,496
Federal-Mogul Holdings Corp.	*		4,327		69,622
Fox Factory Holding Corp.	*		1,589		25,790
Fuel Systems Solutions, Inc.	*†		2,164		23,674
Gentex Corp.			26,752		966,550
Gentherm, Inc.	*		6,384		233,782
Goodyear Tire & Rubber Co. (The)			50,101		1,431,386
Lear Corp.			14,600		1,431,968
Modine Manufacturing Co.	*		7,889		107,290
Motorcar Parts of America, Inc.	*		3,710		115,344
Remy International, Inc.	†		2,247		47,007
Shiloh Industries, Inc.	*		1,469		23,107
Spartan Motors, Inc.			7,093		37,309
Standard Motor Products, Inc.			3,701		141,082
Stoneridge, Inc.	*		4,564		58,693
Strattec Security Corp.			558		46,080
Superior Industries International, Inc.			3,960		78,368
Tenneco, Inc.	*		11,180		632,900
Tower International, Inc.	*		3,444		87,994
TRW Automotive Holdings Corp.	*		19,953		2,052,166
Visteon Corp.	*		8,169		872,939

					10,350,070

Automobiles—0.1%
Thor Industries, Inc.			8,746		488,639
Winnebago Industries, Inc.			5,233		113,870

					602,509

Banks—5.4%
1st Source Corp.			3,248		111,439
American National Bankshares, Inc.			1,246		30,913
Ameris Bancorp			4,403		112,893
Ames National Corp.	†		1,475		38,261
Arrow Financial Corp.			2,171		59,681
Associated Banc-Corp			28,681		534,327
Banc of California, Inc.			3,678		42,187
BancFirst Corp.			1,092		69,222
Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)			5,927		178,403
Bancorp, Inc. (The)/Delaware	*		6,092		66,342
BancorpSouth, Inc.			16,961		381,792
Bank of Hawaii Corp.			8,019		475,607
Bank of Kentucky Financial Corp. (The)			972		46,918
Bank of Marin Bancorp			862		45,333
Bank of the Ozarks, Inc.			14,051		532,814
BankUnited, Inc.			19,168		555,297
Banner Corp.			3,350		144,117
BBCN Bancorp, Inc./California			14,858		213,658
Blue Hills Bancorp, Inc.	*		4,663		63,324
BNC Bancorp			2,917		50,202
BOK Financial Corp.			4,915		295,097

See accompanying notes to financial statements.

331

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Boston Private Financial Holdings, Inc.			15,034	$	202,508
Bridge Bancorp, Inc.			2,704		72,332
Bridge Capital Holdings	*		1,525		34,129
Bryn Mawr Bank Corp.			2,581		80,785
C1 Financial, Inc.	*		533		9,749
Camden National Corp.			1,411		56,214
Capital Bank Financial Corp., Class A	*		3,865		103,582
Capital City Bank Group, Inc.			1,724		26,791
Cardinal Financial Corp.			5,568		110,413
Cascade Bancorp	*		4,328		22,462
Cathay General Bancorp			14,388		368,189
Catskill Litigation Trust	*‡d		583		—
Centerstate Banks, Inc.			6,193		73,759
Central Pacific Financial Corp.			3,221		69,251
Century Bancorp, Inc./Massachussetts, Class A			582		23,315
Chemical Financial Corp.			5,880		180,163
Citizens & Northern Corp.			1,953		40,368
City Holding Co.			2,691		125,212
City National Corp./California			8,450		682,844
CNB Financial Corp./Pennsylvania			3,476		64,306
CoBiz Financial, Inc.			6,918		90,833
Columbia Banking System, Inc.			10,411		287,448
Commerce Bancshares, Inc./Missouri			15,577		677,433
Community Bank System, Inc.			7,504		286,128
Community Trust Bancorp, Inc.			3,220		117,884
CommunityOne Bancorp	*		1,764		20,198
ConnectOne Bancorp, Inc.			4,877		92,663
CU Bancorp	*		1,509		32,730
Cullen/Frost Bankers, Inc.			9,913		700,254
Customers Bancorp, Inc.	*		4,046		78,735
CVB Financial Corp.			20,541		329,067
Eagle Bancorp, Inc.	*		4,554		161,758
East West Bancorp, Inc.			25,629		992,099
Enterprise Bancorp, Inc./Massachussetts	†		1,147		28,962
Enterprise Financial Services Corp.			4,434		87,483
FCB Financial Holdings, Inc., Class A	*		1,350		33,264
Fidelity Southern Corp.			2,407		38,777
Financial Institutions, Inc.			2,448		61,567
First Bancorp, Inc./Maine			1,513		27,370
First BanCorp. (Puerto Rico)	*		22,611		132,727
First Bancorp/North Carolina			2,954		54,560
First Busey Corp.			14,438		93,991
First Business Financial Services, Inc.			635		30,423
First Citizens BancShares, Inc./North Carolina, Class A			1,324		334,694
First Commonwealth Financial Corp.			18,567		171,188
First Community Bancshares, Inc./Virginia			2,951		48,603
First Connecticut Bancorp, Inc./Farmington CT			2,809		45,843
First Financial Bancorp			9,796		182,108
First Financial Bankshares, Inc.	†		12,282		366,986
First Financial Corp./Indiana			1,835		65,363
First Horizon National Corp.			42,621		578,793
First Interstate BancSystem, Inc., Class A			2,926		81,401



		Shares		Value
First Merchants Corp.			7,037	$	160,092
First Midwest Bancorp, Inc./Illinois			14,625		250,234
First NBC Bank Holding Co.	*		2,471		86,979
First Niagara Financial Group, Inc.			62,723		528,755
First of Long Island Corp. (The)			2,148		60,939
First Republic Bank/California			24,686		1,286,634
FirstMerit Corp.			30,125		569,061
Flushing Financial Corp.			5,182		105,039
FNB Corp./Pennsylvania			31,928		425,281
Fulton Financial Corp.			35,157		434,541
German American Bancorp, Inc.			2,006		61,223
Glacier Bancorp, Inc.			13,371		371,313
Great Southern Bancorp, Inc.			1,938		76,880
Great Western Bancorp, Inc.	*		3,036		69,190
Green Bancorp, Inc.	*		768		9,247
Guaranty Bancorp	†		3,103		44,807
Hampton Roads Bankshares, Inc.	*		5,516		9,267
Hancock Holding Co.			14,839		455,557
Hanmi Financial Corp.			5,822		126,978
Heartland Financial USA, Inc.			2,967		80,406
Heritage Commerce Corp.			4,197		37,059
Heritage Financial Corp./Washington			5,246		92,067
Heritage Oaks Bancorp			3,455		28,987
Hilltop Holdings, Inc.	*		11,655		232,517
Home Bancshares, Inc./Arkansas			9,580		308,093
HomeTrust Bancshares, Inc.	*		3,407		56,761
Horizon Bancorp/Indiana			1,400		36,596
Hudson Valley Holding Corp.			2,708		73,549
Huntington Bancshares, Inc./Ohio			148,776		1,565,124
IBERIABANK Corp.			6,028		390,916
Independent Bank Corp./Massachusetts			4,722		202,149
Independent Bank Corp./Michigan			3,690		48,154
Independent Bank Group, Inc.			1,534		59,918
International Bancshares Corp.			10,389		275,724
Investors Bancorp, Inc.			63,654		714,516
Lakeland Bancorp, Inc.			8,284		96,923
Lakeland Financial Corp.			3,085		134,105
Macatawa Bank Corp.			3,843		20,906
MainSource Financial Group, Inc.			4,454		93,178
MB Financial, Inc.			12,213		401,319
Mercantile Bank Corp.			2,847		59,844
Merchants Bancshares, Inc.			1,246		38,165
Metro Bancorp, Inc.	*		2,334		60,497
MidSouth Bancorp, Inc.			1,585		27,484
MidWestOne Financial Group, Inc.			1,528		44,022
National Bank Holdings Corp., Class A			5,972		115,917
National Bankshares, Inc.	†		1,101		33,459
National Penn Bancshares, Inc.			22,622		238,097
NBT Bancorp, Inc.			8,605		226,053
NewBridge Bancorp	*		4,791		41,730
Northrim BanCorp, Inc.			1,031		27,053
OFG Bancorp (Puerto Rico)			8,948		148,984
Old Line Bancshares, Inc.			1,400		22,148
Old National Bancorp/Indiana			22,141		329,458
Opus Bank	*		850		24,114
Pacific Continental Corp.			2,833		40,172
Pacific Premier Bancorp, Inc.	*		2,487		43,100
PacWest Bancorp			18,166		825,826
Palmetto Bancshares, Inc.	†		743		12,408
Park National Corp.			2,151		190,320

See accompanying notes to financial statements.

332

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Park Sterling Corp.			7,082	$	52,053
Peapack Gladstone Financial Corp.			3,579		66,426
Penns Woods Bancorp, Inc.			1,191		58,669
Peoples Bancorp, Inc./Ohio			2,337		60,598
Peoples Financial Services Corp.	†		1,215		60,361
Pinnacle Financial Partners, Inc.			6,904		272,984
Popular, Inc. (Puerto Rico)	*		18,597		633,228
Preferred Bank/California			2,248		62,697
PrivateBancorp, Inc.			12,551		419,203
Prosperity Bancshares, Inc.			12,382		685,468
Renasant Corp.			6,084		176,010
Republic Bancorp, Inc./Kentucky, Class A			2,055		50,800
Republic First Bancorp, Inc.	*		4,979		18,671
S&T Bancorp, Inc.			5,786		172,481
Sandy Spring Bancorp, Inc.			4,178		108,962
Seacoast Banking Corp of Florida	*		3,385		46,544
ServisFirst Bancshares, Inc.			307		10,116
Sierra Bancorp			2,504		43,970
Signature Bank/New York	*		9,010		1,134,900
Simmons First National Corp., Class A			2,738		111,300
South State Corp.			4,489		301,122
Southside Bancshares, Inc.			4,003		115,713
Southwest Bancorp, Inc./Oklahoma			4,075		70,742
Square 1 Financial, Inc., Class A	*		1,000		24,700
State Bank Financial Corp.			5,308		106,054
Sterling Bancorp/New York			14,148		203,448
Stock Yards Bancorp, Inc.			2,661		88,718
Stonegate Bank			1,602		47,451
Suffolk Bancorp			2,229		50,621
Sun Bancorp, Inc./New Jersey	*		1,281		24,851
Susquehanna Bancshares, Inc.			35,211		472,884
SVB Financial Group	*		9,143		1,061,228
Synovus Financial Corp.			25,067		679,065
Talmer Bancorp, Inc., Class A			3,339		46,880
TCF Financial Corp.			30,121		478,623
Texas Capital Bancshares, Inc.	*		8,312		451,591
Tompkins Financial Corp.			2,487		137,531
TowneBank/Virginia	†		4,995		75,524
Trico Bancshares			3,987		98,479
TriState Capital Holdings, Inc.	*		3,661		37,489
Triumph Bancorp, Inc.	*†		1,345		18,225
Trustmark Corp.			12,758		313,081
UMB Financial Corp.			7,216		410,518
Umpqua Holdings Corp.			30,251		514,570
Union Bankshares Corp.			7,839		188,763
United Bankshares, Inc./West Virginia			12,128		454,194
United Community Banks, Inc./Georgia			8,268		156,596
Univest Corp of Pennsylvania			2,741		55,478
Valley National Bancorp	†		42,310		410,830
ViewPoint Financial Group, Inc.			7,553		180,139
Washington Trust Bancorp, Inc.			3,111		125,000
Webster Financial Corp.			16,333		531,312
WesBanco, Inc.			4,384		152,563
West Bancorporation, Inc.			2,473		42,090
Westamerica Bancorporation	†		4,848		237,649
Western Alliance Bancorp	*		13,905		386,559
Wilshire Bancorp, Inc.			11,523		116,728
Wintrust Financial Corp.			8,906		416,445



		Shares		Value
Yadkin Financial Corp.	*		2,908	$	57,142
Zions Bancorporation			36,799		1,049,139

					39,990,543

Beverages—0.1%
Boston Beer Co., Inc. (The), Class A	*†		1,496		433,152
Coca-Cola Bottling Co. Consolidated			798		70,248
Craft Brew Alliance, Inc.	*		1,788		23,852
National Beverage Corp.	*		1,873		42,367

					569,619

Biotechnology—3.9%
ACADIA Pharmaceuticals, Inc.	*†		14,088		447,294
Acceleron Pharma, Inc.	*†		2,755		107,335
Achillion Pharmaceuticals, Inc.	*		16,607		203,436
Acorda Therapeutics, Inc.	*		8,052		329,085
Actinium Pharmaceuticals, Inc.	*†		3,188		18,777
Adamas Pharmaceuticals, Inc.	*†		478		8,303
Aegerion Pharmaceuticals, Inc.	*		5,288		110,731
Agenus, Inc.	*		10,018		39,771
Agios Pharmaceuticals, Inc.	*†		2,645		296,346
Akebia Therapeutics, Inc.	*†		1,261		14,678
Alder Biopharmaceuticals, Inc.	*†		1,350		39,272
Alkermes plc (Ireland)	*		25,969		1,520,745
Alnylam Pharmaceuticals, Inc.	*		12,079		1,171,663
AMAG Pharmaceuticals, Inc.	*		4,474		190,682
Anacor Pharmaceuticals, Inc.	*		5,694		183,632
Applied Genetic Technologies Corp.	*		800		16,816
Ardelyx, Inc.	*		808		15,263
Arena Pharmaceuticals, Inc.	*†		39,027		135,424
ARIAD Pharmaceuticals, Inc.	*†		32,103		220,548
Array BioPharma, Inc.	*		23,016		108,866
Arrowhead Research Corp.	*†		10,508		77,549
Atara Biotherapeutics, Inc.	*		1,004		26,857
Auspex Pharmaceuticals, Inc.	*		1,502		78,825
Avalanche Biotechnologies, Inc.	*†		1,130		61,020
BioCryst Pharmaceuticals, Inc.	*		14,333		174,289
BioSpecifics Technologies Corp.	*		600		23,172
BioTime, Inc.	*†		5,653		21,086
Bluebird Bio, Inc.	*		3,726		341,749
Calithera Biosciences, Inc.	*		1,319		26,644
Cara Therapeutics, Inc.	*		979		9,761
Celldex Therapeutics, Inc.	*†		15,841		289,098
Cellular Dynamics International, Inc.	*		620		3,987
Cepheid, Inc.	*		12,602		682,272
ChemoCentryx, Inc.	*†		4,080		27,866
Chimerix, Inc.	*		5,434		218,773
Clovis Oncology, Inc.	*†		4,327		242,312
Coherus Biosciences, Inc.	*		1,188		19,388
CTI BioPharma Corp.	*†		27,606		65,150
Cubist Pharmaceuticals, Inc.	*		13,517		1,360,486
Cytokinetics, Inc.	*		7,327		58,689
Cytori Therapeutics, Inc.	*†		10,004		4,889
CytRx Corp.	*†		8,979		24,602
Dicerna Pharmaceuticals, Inc.	*†		642		10,574
Dyax Corp.	*		24,136		339,352
Dynavax Technologies Corp.	*†		5,797		97,737
Eleven Biotherapeutics, Inc.	*		819		9,730
Emergent Biosolutions, Inc.	*		4,839		131,766
Enanta Pharmaceuticals, Inc.	*		1,722		87,564

See accompanying notes to financial statements.

333

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Epizyme, Inc.	*		2,156	$	40,684
Esperion Therapeutics, Inc.	*		738		29,845
Exact Sciences Corp.	*†		14,492		397,660
Exelixis, Inc.	*		35,337		50,885
FibroGen, Inc.	*		1,537		42,022
Five Prime Therapeutics, Inc.	*		2,870		77,490
Flexion Therapeutics, Inc.	*		811		16,374
Foundation Medicine, Inc.	*†		2,363		52,506
Galectin Therapeutics, Inc.	*†		2,900		10,063
Galena Biopharma, Inc.	*†		22,766		34,377
Genocea Biosciences, Inc.	*		695		4,865
Genomic Health, Inc.	*†		3,336		106,652
Geron Corp.	*†		25,722		83,596
Halozyme Therapeutics, Inc.	*†		17,334		167,273
Heron Therapeutics, Inc.	*		3,128		31,468
Hyperion Therapeutics, Inc.	*		3,564		85,536
Idera Pharmaceuticals, Inc.	*†		9,693		42,746
Immune Design Corp.	*†		998		30,718
ImmunoGen, Inc.	*		16,516		100,748
Immunomedics, Inc.	*†		12,320		59,136
Incyte Corp.	*		26,383		1,928,861
Infinity Pharmaceuticals, Inc.	*		7,990		134,951
Inovio Pharmaceuticals, Inc.	*†		9,684		88,899
Insmed, Inc.	*		10,185		157,562
Insys Therapeutics, Inc.	*†		1,541		64,969
Intercept Pharmaceuticals, Inc.	*†		2,345		365,820
Intrexon Corp.	*†		5,923		163,060
Ironwood Pharmaceuticals, Inc.	*		21,176		324,416
Isis Pharmaceuticals, Inc.	*		21,361		1,318,828
Karyopharm Therapeutics, Inc.	*†		2,125		79,539
Keryx Biopharmaceuticals, Inc.	*†		16,251		229,952
Kindred Biosciences, Inc.	*†		1,598		11,905
Kite Pharma, Inc.	*†		1,413		81,488
KYTHERA Biopharmaceuticals, Inc.	*†		2,902		100,641
Lexicon Pharmaceuticals, Inc.	*†		45,225		41,150
Ligand Pharmaceuticals, Inc.	*		3,489		185,650
Loxo Oncology, Inc.	*†		592		6,956
MacroGenics, Inc.	*		3,313		116,187
MannKind Corp.	*†		39,287		204,882
Medivation, Inc.	*		13,941		1,388,663
Merrimack Pharmaceuticals, Inc.	*†		19,459		219,887
MiMedx Group, Inc.	*†		15,631		180,225
Mirati Therapeutics, Inc.	*†		1,155		21,391
Momenta Pharmaceuticals, Inc.	*		9,022		108,625
Myriad Genetics, Inc.	*†		13,575		462,364
NanoViricides, Inc.	*		6,452		17,549
Navidea Biopharmaceuticals, Inc.	*†		24,451		46,212
NeoStem, Inc.	*†		3,810		14,364
Neuralstem, Inc.	*†		11,067		30,102
Neurocrine Biosciences, Inc.	*		13,331		297,815
NewLink Genetics Corp.	*†		3,345		132,964
Northwest Biotherapeutics, Inc.	*†		5,720		30,602
Novavax, Inc.	*†		41,600		246,688
NPS Pharmaceuticals, Inc.	*		19,180		686,069
Ohr Pharmaceutical, Inc.	*†		3,386		28,239
OncoMed Pharmaceuticals, Inc.	*†		2,110		45,914
Oncothyreon, Inc.	*		11,389		21,639
Ophthotech Corp.	*		2,382		106,880
OPKO Health, Inc.	*†		35,792		357,562
Orexigen Therapeutics, Inc.	*†		20,793		126,006
Organovo Holdings, Inc.	*†		10,060		72,935



		Shares		Value
Osiris Therapeutics, Inc.	*†		2,675	$	42,773
Otonomy, Inc.	*		1,177		39,229
OvaScience, Inc.	*†		2,401		106,172
PDL BioPharma, Inc.	†		31,234		240,814
Peregrine Pharmaceuticals, Inc.	*†		37,221		51,737
Pharmacyclics, Inc.	*		10,934		1,336,791
Portola Pharmaceuticals, Inc.	*		7,276		206,056
Progenics Pharmaceuticals, Inc.	*†		12,608		95,316
Prothena Corp. plc (Ireland)	*		4,414		91,635
PTC Therapeutics, Inc.	*		4,416		228,616
Puma Biotechnology, Inc.	*†		4,143		784,146
Radius Health, Inc.	*		1,148		44,669
Raptor Pharmaceutical Corp.	*†		12,085		127,134
Receptos, Inc.	*		3,951		484,037
Regado Biosciences, Inc.	*		2,700		2,465
Regulus Therapeutics, Inc.	*†		3,193		51,216
Repligen Corp.	*		6,599		130,660
Retrophin, Inc.	*†		3,563		43,611
Rigel Pharmaceuticals, Inc.	*		19,833		45,021
Sage Therapeutics, Inc.	*†		941		34,441
Sangamo BioSciences, Inc.	*		12,064		183,493
Sarepta Therapeutics, Inc.	*†		8,064		116,686
Seattle Genetics, Inc.	*†		18,413		591,610
Spectrum Pharmaceuticals, Inc.	*†		11,842		82,065
Stemline Therapeutics, Inc.	*		1,454		24,805
Sunesis Pharmaceuticals, Inc.	*		8,964		22,858
Synageva BioPharma Corp.	*†		3,761		348,983
Synergy Pharmaceuticals, Inc.	*†		13,464		41,065
Synta Pharmaceuticals Corp.	*†		9,125		24,181
T2 Biosystems, Inc.	*†		979		18,836
TESARO, Inc.	*		3,116		115,884
TG Therapeutics, Inc.	*†		3,548		56,200
Threshold Pharmaceuticals, Inc.	*†		7,764		24,690
Tokai Pharmaceuticals, Inc.	*†		1,032		15,212
Ultragenyx Pharmaceutical, Inc.	*		1,241		54,455
United Therapeutics Corp.	*		8,718		1,128,894
Vanda Pharmaceuticals, Inc.	*†		6,002		85,949
Verastem, Inc.	*†		2,285		20,885
Versartis, Inc.	*†		1,116		25,054
Vitae Pharmaceuticals, Inc.	*		980		16,307
Vital Therapies, Inc.	*†		850		21,191
Xencor, Inc.	*		2,711		43,484
XOMA Corp.	*†		13,497		48,454
Zafgen, Inc.	*†		1,130		34,849
ZIOPHARM Oncology, Inc.	*†		18,619		94,398

					28,833,936

Building Products—1.1%
A.O. Smith Corp.			13,959		787,427
AAON, Inc.			8,449		189,173
Advanced Drainage Systems, Inc.			2,498		57,404
Allegion plc (Ireland)			17,249		956,630
American Woodmark Corp.	*		1,937		78,332
Apogee Enterprises, Inc.			5,631		238,585
Armstrong World Industries, Inc.	*		8,602		439,734
Builders FirstSource, Inc.	*		9,415		64,681
Continental Building Products, Inc.	*		2,525		44,768
Fortune Brands Home & Security, Inc.			29,801		1,349,091
Gibraltar Industries, Inc.	*		5,228		85,007
Griffon Corp.			8,735		116,176
Insteel Industries, Inc.			2,829		66,708
Lennox International, Inc.			8,898		845,933

See accompanying notes to financial statements.

334

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Masonite International Corp.	*		5,704	$	350,568
NCI Building Systems, Inc.	*		5,766		106,786
Norcraft Cos., Inc.	*		1,233		23,797
Nortek, Inc.	*		1,493		121,426
Owens Corning, Inc.			21,543		771,455
Patrick Industries, Inc.	*		1,413		62,144
PGT, Inc.	*		11,101		106,903
Ply Gem Holdings, Inc.	*		2,526		35,313
Quanex Building Products Corp.			7,593		142,597
Simpson Manufacturing Co., Inc.			7,310		252,926
Trex Co., Inc.	*		5,896		251,052
Universal Forest Products, Inc.			3,904		207,693
USG Corp.	*		17,690		495,143

					8,247,452

Capital Markets—2.0%
Actua Corp.	*		7,645		141,203
Arlington Asset Investment Corp., Class A	†		4,644		123,577
Artisan Partners Asset Management, Inc., Class A			5,307		268,163
Ashford, Inc.	*		165		15,510
BGC Partners, Inc., Class A			30,212		276,440
Calamos Asset Management, Inc., Class A			3,748		49,923
CIFC Corp.	†		2,540		21,006
Cohen & Steers, Inc.	†		3,785		159,273
Cowen Group, Inc., Class A	*		18,898		90,710
Diamond Hill Investment Group, Inc.			582		80,339
E*TRADE Financial Corp.	*		51,742		1,255,002
Eaton Vance Corp.			21,809		892,642
Evercore Partners, Inc., Class A			5,811		304,322
FBR & Co.	*		1,324		32,557
Federated Investors, Inc., Class B	†		16,574		545,782
Fifth Street Asset Management, Inc.	*		1,048		14,620
Financial Engines, Inc.	†		9,169		335,127
FXCM, Inc., Class A	†		7,654		126,827
GAMCO Investors, Inc., Class A			1,052		93,565
GFI Group, Inc.			14,329		78,093
Greenhill & Co., Inc.			5,109		222,752
HFF, Inc., Class A			5,692		204,457
INTL FCStone, Inc.	*		2,698		55,498
Investment Technology Group, Inc.	*		6,129		127,606
Janus Capital Group, Inc.	†		28,508		459,834
KCG Holdings, Inc., Class A	*		9,765		113,762
Ladenburg Thalmann Financial Services, Inc.	*		21,576		85,225
Lazard Ltd., Class A (Bermuda)			22,449		1,123,123
Legg Mason, Inc.			19,086		1,018,620
LPL Financial Holdings, Inc.			15,531		691,906
Manning & Napier, Inc.			2,151		29,727
Medley Management, Inc., Class A	†		1,048		15,406
Moelis & Co., Class A			1,186		41,427
NorthStar Asset Management Group, Inc.			33,156		748,331
OM Asset Management plc (United Kingdom)	*		3,998		64,927
Oppenheimer Holdings, Inc., Class A			2,362		54,916
Piper Jaffray Cos.	*		2,965		172,237
Pzena Investment Management, Inc., Class A			1,908		18,050



		Shares		Value
Raymond James Financial, Inc.			22,710	$	1,301,056
RCS Capital Corp., Class A	†		2,593		31,738
Safeguard Scientifics, Inc.	*		3,658		72,502
SEI Investments Co.			24,088		964,483
Silvercrest Asset Management Group, Inc., Class A			887		13,882
Stifel Financial Corp.	*		11,592		591,424
SWS Group, Inc.	*		6,080		42,013
Virtus Investment Partners, Inc.			1,297		221,125
Waddell & Reed Financial, Inc., Class A			15,605		777,441
Walter Investment Management Corp.	*†		7,174		118,443
Westwood Holdings Group, Inc.			1,390		85,930
WisdomTree Investments, Inc.			18,871		295,803

					14,668,325

Chemicals—2.7%
A. Schulman, Inc.			5,791		234,709
Advanced Emissions Solutions, Inc.	*		4,696		107,022
Albemarle Corp.	†		14,405		866,173
American Vanguard Corp.	†		5,182		60,215
Ashland, Inc.			12,425		1,488,018
Axalta Coating Systems Ltd.	*		9,488		246,878
Axiall Corp.			13,090		555,932
Balchem Corp.			5,542		369,319
Cabot Corp.			12,189		534,610
Calgon Carbon Corp.	*		10,032		208,465
Chase Corp.			1,020		36,710
Chemtura Corp.	*†		15,705		388,385
Cytec Industries, Inc.			12,688		585,805
Ferro Corp.	*		13,500		174,960
Flotek Industries, Inc.	*		9,529		178,478
FutureFuel Corp.			3,443		44,828
H.B. Fuller Co.			8,990		400,325
Hawkins, Inc.			1,853		80,290
Huntsman Corp.			37,536		855,070
Innophos Holdings, Inc.			3,811		222,753
Innospec, Inc.			4,218		180,109
International Flavors & Fragrances, Inc.			14,804		1,500,533
Intrepid Potash, Inc.	*†		10,243		142,173
KMG Chemicals, Inc.			1,157		23,140
Koppers Holdings, Inc.			4,084		106,102
Kraton Performance Polymers, Inc.	*		6,464		134,387
Kronos Worldwide, Inc.			3,735		48,630
Landec Corp.	*		4,989		68,898
LSB Industries, Inc.	*		3,576		112,429
Marrone Bio Innovations, Inc.	*†		880		3,177
Minerals Technologies, Inc.			6,508		451,981
NewMarket Corp.			1,599		645,244
Olin Corp.			14,705		334,833
OM Group, Inc.			5,836		173,913
OMNOVA Solutions, Inc.	*		9,679		78,787
Platform Specialty Products Corp.	*		16,264		377,650
PolyOne Corp.			17,296		655,691
Quaker Chemical Corp.			2,250		207,090
Rayonier Advanced Materials, Inc.	†		7,632		170,194
Rentech, Inc.	*		43,798		55,185
Rockwood Holdings, Inc.			13,169		1,037,717
RPM International, Inc.			24,213		1,227,841
Scotts Miracle-Gro Co. (The), Class A			7,892		491,829

See accompanying notes to financial statements.

335

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Senomyx, Inc.	*†		6,845	$	41,138
Sensient Technologies Corp.			8,971		541,310
Stepan Co.			3,691		147,935
Trecora Resources	*		3,148		46,276
Tredegar Corp.			4,146		93,244
Trinseo SA	*†		1,884		32,876
Tronox Ltd., Class A			11,855		283,097
Valspar Corp. (The)			15,388		1,330,754
W.R. Grace & Co.	*		13,884		1,324,395
Zep, Inc.			4,143		62,766

					19,770,269

Commercial Services & Supplies—2.0%
ABM Industries, Inc.			10,794		309,248
ACCO Brands Corp.	*		19,480		175,515
ADT Corp. (The)	†		31,193		1,130,122
ARC Document Solutions, Inc.	*		7,490		76,548
Brady Corp., Class A			8,619		235,643
Brink’s Co. (The)			9,284		226,622
Casella Waste Systems, Inc., Class A	*		5,820		23,513
Ceco Environmental Corp.			3,330		51,748
Cenveo, Inc.	*		10,269		21,565
Cintas Corp.			18,303		1,435,687
Civeo Corp.			17,148		70,478
Clean Harbors, Inc.	*		11,311		543,494
Copart, Inc.	*		20,565		750,417
Covanta Holding Corp.			19,254		423,781
Deluxe Corp.			9,388		584,403
Ennis, Inc.			4,365		58,797
G&K Services, Inc., Class A			3,785		268,167
Healthcare Services Group, Inc.			12,994		401,904
Heritage-Crystal Clean, Inc.	*		1,400		17,262
Herman Miller, Inc.			10,455		307,691
HNI Corp.			7,967		406,795
InnerWorkings, Inc.	*		7,289		56,781
Interface, Inc.			11,468		188,878
KAR Auction Services, Inc.			24,943		864,275
Kimball International, Inc., Class B			6,806		62,071
Knoll, Inc.			8,621		182,507
Matthews International Corp., Class A			5,531		269,194
McGrath RentCorp			4,288		153,768
Mobile Mini, Inc.			8,255		334,410
MSA Safety, Inc.			5,239		278,139
Multi-Color Corp.			2,526		139,991
NL Industries, Inc.	*		412		3,543
Performant Financial Corp.	*		8,071		53,672
Pitney Bowes, Inc.			36,716		894,769
Quad/Graphics, Inc.			5,802		133,214
Quest Resource Holding Corp.	*†		2,276		3,277
R.R. Donnelley & Sons Co.			35,333		593,771
Rollins, Inc.			11,788		390,183
SP Plus Corp.	*		3,417		86,211
Steelcase, Inc., Class A			15,256		273,845
Team, Inc.	*		4,053		163,984
Tetra Tech, Inc.			12,362		330,065
Unifirst Corp.			2,548		309,455
United Stationers, Inc.			7,455		314,303
US Ecology, Inc.			3,710		148,845
Viad Corp.			3,417		91,097



		Shares		Value
Waste Connections, Inc.			22,495	$	989,555
West Corp.			6,535		215,655

					15,044,858

Communications Equipment—1.3%
ADTRAN, Inc.			10,673		232,671
Alliance Fiber Optic Products, Inc.	†		1,860		26,989
Applied Optoelectronics, Inc.	*†		2,449		27,478
Arista Networks, Inc.	*†		989		60,092
ARRIS Group, Inc.	*		22,701		685,343
Aruba Networks, Inc.	*		19,352		351,819
Bel Fuse, Inc., Class B			1,562		42,705
Black Box Corp.			2,697		64,458
Brocade Communications Systems, Inc.			78,853		933,620
CalAmp Corp.	*†		6,551		119,883
Calix, Inc.	*		6,802		68,156
Ciena Corp.	*		18,562		360,288
Clearfield, Inc.	*†		1,835		22,589
CommScope Holding Co., Inc.	*		12,019		274,394
Comtech Telecommunications Corp.			3,106		97,901
Digi International, Inc.	*		4,346		40,374
EchoStar Corp., Class A	*		8,221		431,603
Emulex Corp.	*		15,840		89,813
Extreme Networks, Inc.	*		15,723		55,502
Finisar Corp.	*		17,651		342,606
Harmonic, Inc.	*		13,859		97,152
Infinera Corp.	*		22,813		335,807
InterDigital, Inc.			6,856		362,682
Ixia	*		9,680		108,900
JDS Uniphase Corp.	*		41,984		576,020
KVH Industries, Inc.	*		3,755		47,501
NETGEAR, Inc.	*		6,435		228,957
Numerex Corp., Class A	*		1,800		19,908
Oclaro, Inc.	*†		15,068		26,821
Palo Alto Networks, Inc.	*		9,955		1,220,184
ParkerVision, Inc.	*†		17,722		16,125
Plantronics, Inc.			7,737		410,216
Polycom, Inc.	*		26,215		353,903
Procera Networks, Inc.	*†		3,968		28,530
Riverbed Technology, Inc.	*		29,215		596,278
Ruckus Wireless, Inc.	*		13,194		158,592
ShoreTel, Inc.	*		9,728		71,501
Sonus Networks, Inc.	*		42,706		169,543
Tessco Technologies, Inc.			867		25,143
Ubiquiti Networks, Inc.			5,050		149,682
ViaSat, Inc.	*		7,422		467,809

					9,799,538

Construction & Engineering—0.7%
AECOM Technology Corp.	*		27,133		824,029
Aegion Corp.	*		6,676		124,240
Ameresco, Inc., Class A	*		5,077		35,539
Argan, Inc.			2,317		77,944
Chicago Bridge & Iron Co. NV (Netherlands)			17,522		735,573
Comfort Systems USA, Inc.			6,272		107,377
Dycom Industries, Inc.	*		6,655		233,524
EMCOR Group, Inc.			12,187		542,200
Furmanite Corp.	*		7,017		54,873
Granite Construction, Inc.			6,783		257,890
Great Lakes Dredge & Dock Corp.	*		9,800		83,888

See accompanying notes to financial statements.

336

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
KBR, Inc.			27,461	$	465,464
Layne Christensen Co.	*†		3,389		32,331
MasTec, Inc.	*		12,504		282,715
MYR Group, Inc.	*		3,380		92,612
Northwest Pipe Co.	*		1,416		42,650
Orion Marine Group, Inc.	*		6,042		66,764
Primoris Services Corp.			6,986		162,355
Quanta Services, Inc.	*		39,534		1,122,370
Sterling Construction Co., Inc.	*		6,325		40,417
Tutor Perini Corp.	*		6,412		154,337

					5,539,092

Construction Materials—0.3%
Eagle Materials, Inc.			8,888		675,754
Headwaters, Inc.	*		14,630		219,304
Martin Marietta Materials, Inc.			11,240		1,239,997
United States Lime & Minerals, Inc.			481		35,046
US Concrete, Inc.	*†		2,151		61,196

					2,231,297

Consumer Finance—0.4%
Cash America International, Inc.			5,250		118,755
Consumer Portfolio Services, Inc.	*		2,748		20,225
Credit Acceptance Corp.	*		1,300		177,333
Encore Capital Group, Inc.	*†		4,850		215,340
Enova International, Inc.	*		4,803		106,915
Ezcorp, Inc., Class A	*		8,825		103,694
First Cash Financial Services, Inc.	*		5,377		299,338
Green Dot Corp., Class A	*		5,205		106,650
JG Wentworth Co., Class A	*		1,635		17,429
Nelnet, Inc., Class A			3,802		176,147
Nicholas Financial, Inc.	*†		1,628		24,257
PRA Group, Inc.	*		9,315		539,618
Regional Management Corp.	*†		3,467		54,813
SLM Corp.			75,250		766,797
Springleaf Holdings, Inc.	*		4,063		146,959
World Acceptance Corp.	*†		1,607		127,676

					3,001,946

Containers & Packaging—1.9%
AEP Industries, Inc.	*		838		48,730
AptarGroup, Inc.			12,077		807,227
Avery Dennison Corp.			17,244		894,619
Ball Corp.			25,081		1,709,772
Bemis Co., Inc.			18,230		824,178
Berry Plastics Group, Inc.	*		16,125		508,744
Crown Holdings, Inc.	*		25,207		1,283,036
Graphic Packaging Holding Co.	*		58,237		793,188
Greif, Inc., Class A			5,997		283,238
Myers Industries, Inc.			4,506		79,306
Owens-Illinois, Inc.	*		29,854		805,759
Packaging Corp. of America			17,889		1,396,236
Rock-Tenn Co., Class A			26,141		1,594,078
Sealed Air Corp.			38,830		1,647,557
Silgan Holdings, Inc.			7,920		424,512
Sonoco Products Co.			18,866		824,444
UFP Technologies, Inc.	*		952		23,405

					13,948,029

Distributors—0.3%
Core-Mark Holding Co., Inc.			4,042		250,321
LKQ Corp.	*		54,237		1,525,144



		Shares		Value
Pool Corp.			8,140	$	516,402
VOXX International Corp.	*		2,945		25,798
Weyco Group, Inc.			1,031		30,590

					2,348,255

Diversified Consumer Services—0.8%
2U, Inc.	*†		1,652		32,478
American Public Education, Inc.	*		3,033		111,827
Apollo Education Group, Inc.	*		17,439		594,844
Ascent Capital Group, Inc., Class A	*		2,543		134,601
Bridgepoint Education, Inc.	*		3,328		37,673
Bright Horizons Family Solutions, Inc.	*		5,955		279,945
Capella Education Co.			2,073		159,538
Career Education Corp.	*		11,632		80,959
Carriage Services, Inc.			2,616		54,805
Chegg, Inc.	*†		12,109		83,673
Collectors Universe, Inc.			1,150		23,989
DeVry Education Group, Inc.			11,393		540,826
Graham Holdings Co., Class B			627		541,546
Grand Canyon Education, Inc.	*		8,434		393,531
Houghton Mifflin Harcourt Co.	*		19,052		394,567
ITT Educational Services, Inc.	*†		4,643		44,619
K12, Inc.	*		7,228		85,796
Liberty Tax, Inc.	*†		737		26,340
LifeLock, Inc.	*		14,155		262,009
Regis Corp.	*		8,692		145,678
Service Corp. International			38,682		878,082
ServiceMaster Global Holdings, Inc.	*		8,112		217,158
Sotheby’s			11,048		477,053
Steiner Leisure Ltd. (Bahamas)	*		2,781		128,510
Strayer Education, Inc.	*†		1,807		134,224
Universal Technical Institute, Inc.			4,524		44,516
Weight Watchers International, Inc.	*†		5,074		126,038

					6,034,825

Diversified Financial Services—0.5%
CBOE Holdings, Inc.			15,799		1,001,973
Gain Capital Holdings, Inc.			3,841		34,646
MarketAxess Holdings, Inc.			6,726		482,321
Marlin Business Services Corp.			1,306		26,812
MSCI, Inc.			21,179		1,004,732
NASDAQ OMX Group, Inc. (The)			20,898		1,002,268
NewStar Financial, Inc.	*		5,723		73,254
PHH Corp.	*		8,601		206,080
PICO Holdings, Inc.	*		3,754		70,763
Resource America, Inc., Class A			3,696		33,412
Tiptree Financial, Inc., Class A	*		1,283		10,392

					3,946,653

Diversified Telecommunication Services—0.6%
8x8, Inc.	*		17,637		161,555
Atlantic Tele-Network, Inc.			1,558		105,305
Cincinnati Bell, Inc.	*		38,778		123,702
Cogent Communications Holdings, Inc.			8,853		313,308
Consolidated Communications Holdings, Inc.			8,837		245,934
FairPoint Communications, Inc.	*		5,376		76,393
Frontier Communications Corp.	†		183,385		1,223,178

See accompanying notes to financial statements.

337

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
General Communication, Inc., Class A	*		6,831	$	93,926
Globalstar, Inc.	*†		54,771		150,620
Hawaiian Telcom Holdco, Inc.	*		1,637		45,132
IDT Corp., Class B			2,274		46,185
inContact, Inc.	*		12,760		112,160
Inteliquent, Inc.			6,478		127,163
Intelsat SA (Luxembourg)	*		6,025		104,594
Iridium Communications, Inc.	*†		14,059		137,075
Lumos Networks Corp.			2,601		43,749
magicJack VocalTec Ltd. (Israel)	*		3,040		24,685
ORBCOMM, Inc.	*		7,135		46,663
Premiere Global Services, Inc.	*		8,185		86,925
Vonage Holdings Corp.	*		36,287		138,254
Windstream Holdings, Inc.	†		111,813		921,339
Zayo Group Holdings, Inc.	*		3,974		121,485

					4,449,330

Electric Utilities—1.6%
ALLETE, Inc.			8,109		447,130
Cleco Corp.			11,079		604,249
El Paso Electric Co.			7,508		300,771
Empire District Electric Co. (The)			7,796		231,853
Great Plains Energy, Inc.			27,842		790,991
Hawaiian Electric Industries, Inc.	†		17,965		601,468
IDACORP, Inc.			9,449		625,429
ITC Holdings Corp.			28,629		1,157,471
MGE Energy, Inc.			6,204		282,964
NRG Yield, Inc., Class A			4,649		219,154
OGE Energy Corp.			36,222		1,285,157
Otter Tail Corp.			6,778		209,847
Pepco Holdings, Inc.			45,648		1,229,301
Pinnacle West Capital Corp.			20,075		1,371,323
PNM Resources, Inc.			14,199		420,716
Portland General Electric Co.			13,802		522,130
Spark Energy, Inc., Class A	†		491		6,918
UIL Holdings Corp.			10,668		464,485
Unitil Corp.			2,617		95,965
Westar Energy, Inc.			23,463		967,614

					11,834,936

Electrical Equipment—1.0%
Acuity Brands, Inc.			7,919		1,109,214
AZZ, Inc.			4,607		216,160
Babcock & Wilcox Co. (The)			20,248		613,514
Capstone Turbine Corp.	*†		62,778		46,412
Encore Wire Corp.			4,068		151,858
EnerSys			8,747		539,865
Enphase Energy, Inc.	*†		4,304		61,504
Franklin Electric Co., Inc.			8,722		327,337
FuelCell Energy, Inc.	*†		38,419		59,165
Generac Holdings, Inc.	*†		12,171		569,116
General Cable Corp.			9,667		144,038
Global Power Equipment Group, Inc.			2,804		38,723
GrafTech International Ltd.	*		22,518		113,941
Hubbell, Inc., Class B			10,754		1,148,850
LSI Industries, Inc.			3,003		20,390
Plug Power, Inc.	*†		33,712		101,136
Polypore International, Inc.	*†		8,493		399,596
Powell Industries, Inc.			1,563		76,696



		Shares		Value
Power Solutions International, Inc.	*		752	$	38,811
PowerSecure International, Inc.	*		4,744		55,268
Preformed Line Products Co.			638		34,854
Regal-Beloit Corp.			8,416		632,883
Revolution Lighting Technologies, Inc.	*†		4,765		6,433
SolarCity Corp.	*†		8,026		429,231
TCP International Holdings Ltd. (Switzerland)	*		1,170		7,196
Thermon Group Holdings, Inc.	*		5,589		135,198
Vicor Corp.	*		3,481		42,120

					7,119,509

Electronic Equipment, Instruments & Components—2.5%
Agilysys, Inc.	*		1,636		20,597
Anixter International, Inc.	*		4,900		433,454
Arrow Electronics, Inc.	*		18,089		1,047,172
Avnet, Inc.			25,372		1,091,503
AVX Corp.			9,165		128,310
Badger Meter, Inc.			2,704		160,482
Belden, Inc.			7,845		618,264
Benchmark Electronics, Inc.	*		10,071		256,206
CDW Corp.			15,342		539,578
Checkpoint Systems, Inc.	*		8,101		111,227
Cognex Corp.	*		15,398		636,399
Coherent, Inc.	*		4,645		282,044
Control4 Corp.	*†		3,718		57,146
CTS Corp.			6,621		118,052
CUI Global, Inc.	*		3,321		24,741
Daktronics, Inc.			7,523		94,113
Dolby Laboratories, Inc., Class A			9,137		393,987
DTS, Inc.	*		3,053		93,880
Electro Rent Corp.			4,267		59,909
Electro Scientific Industries, Inc.			3,685		28,596
Fabrinet (Thailand)	*		6,113		108,445
FARO Technologies, Inc.	*		3,399		213,049
FEI Co.			7,793		704,098
FLIR Systems, Inc.			25,625		827,944
GSI Group, Inc.	*		5,025		73,968
II-VI, Inc.	*		8,787		119,943
Ingram Micro, Inc., Class A	*		27,634		763,804
Insight Enterprises, Inc.	*		7,260		187,961
InvenSense Inc.	*†		12,565		204,307
IPG Photonics Corp.	*†		6,135		459,634
Itron, Inc.	*		7,053		298,271
Jabil Circuit, Inc.			36,755		802,362
Kemet Corp.	*		8,699		36,536
Kimball Electronics, Inc.	*		5,105		61,356
Knowles Corp.	*†		16,111		379,414
Littelfuse, Inc.			4,198		405,821
Maxwell Technologies, Inc.	*†		5,615		51,209
Mercury Systems, Inc.	*		6,981		97,176
Mesa Laboratories, Inc.			539		41,670
Methode Electronics, Inc.			7,334		267,764
MTS Systems Corp.			2,725		204,457
Multi-Fineline Electronix, Inc.	*		1,120		12,578
National Instruments Corp.			18,032		560,615
Newport Corp.	*		6,603		126,183
OSI Systems, Inc.	*		3,445		243,803
Park Electrochemical Corp.			3,495		87,130
PC Connection, Inc.			1,452		35,647
Plexus Corp.	*		5,929		244,334
RealD, Inc.	*		6,791		80,134

See accompanying notes to financial statements.

338

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Rofin-Sinar Technologies, Inc.	*		4,789	$	137,780
Rogers Corp.	*		3,354		273,150
Sanmina Corp.	*		14,516		341,562
ScanSource, Inc.	*		5,403		216,985
Speed Commerce, Inc.	*†		6,434		19,881
SYNNEX Corp.			5,459		426,675
Tech Data Corp.	*		7,274		459,935
Trimble Navigation Ltd.	*		46,797		1,241,992
TTM Technologies, Inc.	*		9,730		73,267
Universal Display Corp.	*†		7,843		217,643
Viasystems Group, Inc.	*		848		13,805
Vishay Intertechnology, Inc.			25,898		366,457
Vishay Precision Group, Inc.	*		2,712		46,538
Zebra Technologies Corp., Class A	*		9,291		719,216

					18,450,159

Energy Equipment & Services—1.4%
Aspen Aerogels, Inc.	*		923		7,365
Atwood Oceanics, Inc.	*		12,186		345,717
Basic Energy Services, Inc.	*		5,491		38,492
Bristow Group, Inc.			6,407		421,516
C&J Energy Services, Inc.	*		8,503		112,325
CARBO Ceramics, Inc.	†		3,679		147,344
CHC Group Ltd. (Canada)	*†		6,642		21,387
Dawson Geophysical Co.			1,539		18,822
Dresser-Rand Group, Inc.	*		13,895		1,136,611
Dril-Quip, Inc.	*		7,215		553,607
Era Group, Inc.	*		3,470		73,390
Exterran Holdings, Inc.			10,606		345,543
FMSA Holdings, Inc.	*		4,125		28,545
Forum Energy Technologies, Inc.	*		11,420		236,737
Frank’s International NV (Netherlands)	†		6,714		111,654
Geospace Technologies Corp.	*		2,532		67,098
Glori Energy, Inc.	*†		2,100		8,778
Gulf Island Fabrication, Inc.			2,377		46,090
Gulfmark Offshore, Inc., Class A	†		5,207		127,155
Helix Energy Solutions Group, Inc.	*		19,957		433,067
Hercules Offshore, Inc.	*†		29,491		29,491
Hornbeck Offshore Services, Inc.	*		6,789		169,521
Independence Contract Drilling, Inc.	*		1,688		8,811
ION Geophysical Corp.	*		22,870		62,892
Key Energy Services, Inc.	*		24,102		40,250
Matrix Service Co.	*		4,454		99,413
McDermott International, Inc.	*†		45,471		132,321
Mitcham Industries, Inc.	*		1,935		11,474
Nabors Industries Ltd. (Bermuda)			55,069		714,796
Natural Gas Services Group, Inc.	*		2,483		57,208
Newpark Resources, Inc.	*		16,681		159,137
North Atlantic Drilling Ltd. (Norway)	†		13,466		21,949
Nuverra Environmental Solutions, Inc.	*		2,403		13,337
Oceaneering International, Inc.			19,639		1,154,970
Oil States International, Inc.	*		8,574		419,269
Parker Drilling Co.	*		23,214		71,267
Patterson-UTI Energy, Inc.			26,449		438,789
PHI, Inc.	*		2,638		98,661
Pioneer Energy Services Corp.	*		11,528		63,865
Profire Energy, Inc.	*†		2,399		5,470
RigNet, Inc.	*		2,457		100,811



		Shares		Value
Rowan Cos. plc, Class A			23,107	$	538,855
RPC, Inc.			12,219		159,336
SEACOR Holdings, Inc.	*		3,616		266,897
Superior Energy Services, Inc.			29,413		592,672
Tesco Corp.			7,240		92,817
TETRA Technologies, Inc.	*		13,207		88,223
Tidewater, Inc.			8,857		287,055
Unit Corp.	*		9,048		308,537
Vantage Drilling Co.	*†		44,721		21,860
Willbros Group, Inc.	*		6,569		41,188

					10,552,385

Food & Staples Retailing—0.7%
Andersons, Inc. (The)			5,380		285,893
Casey’s General Stores, Inc.			7,187		649,130
Chefs’ Warehouse, Inc. (The)	*†		3,665		84,442
Diplomat Pharmacy, Inc.	*		2,530		69,246
Fairway Group Holdings Corp.	*†		2,487		7,834
Fresh Market, Inc. (The)	*†		7,516		309,659
Ingles Markets, Inc., Class A			1,996		74,032
Liberator Medical Holdings, Inc.			5,550		16,095
Natural Grocers by Vitamin Cottage, Inc.	*†		1,404		39,551
Pantry, Inc. (The)	*		3,943		146,128
PriceSmart, Inc.			3,563		325,017
Rite Aid Corp.	*		174,916		1,315,368
Roundy’s, Inc.	*		3,989		19,307
Smart & Final Stores, Inc.	*		2,219		34,905
SpartanNash Co.			7,304		190,926
Sprouts Farmers Market, Inc.	*		17,275		587,004
SUPERVALU, Inc.	*		35,622		345,533
United Natural Foods, Inc.	*		8,967		693,373
Village Super Market, Inc., Class A			1,280		35,034
Weis Markets, Inc.			2,120		101,378

					5,329,855

Food Products—1.3%
Alico, Inc.			494		24,715
B&G Foods, Inc.			9,578		286,382
Boulder Brands, Inc.	*		11,006		121,726
Calavo Growers, Inc.			2,244		106,141
Cal-Maine Foods, Inc.	†		5,508		214,977
Chiquita Brands International, Inc.	*		9,622		139,134
Darling Ingredients, Inc.	*		30,520		554,243
Dean Foods Co.			17,722		343,452
Diamond Foods, Inc.	*		4,466		126,075
Farmer Bros. Co.	*		930		27,389
Flowers Foods, Inc.			30,420		583,760
Fresh Del Monte Produce, Inc.	†		6,328		212,305
Freshpet, Inc.	*†		1,976		33,711
Hain Celestial Group, Inc. (The)	*		17,934		1,045,373
Ingredion, Inc.			13,537		1,148,479
Inventure Foods, Inc.	*		3,145		40,067
J&J Snack Foods Corp.			2,596		282,367
John B. Sanfilippo & Son, Inc.			1,899		86,405
Lancaster Colony Corp.			3,541		331,579
Lifeway Foods, Inc.	*		778		14,416
Limoneira Co.	†		1,586		39,618
Omega Protein Corp.	*		4,824		50,990
Pilgrim’s Pride Corp.	*†		11,285		370,035
Pinnacle Foods, Inc.			10,437		368,426
Post Holdings, Inc.	*†		7,943		332,732

See accompanying notes to financial statements.

339

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Sanderson Farms, Inc.	†		4,407	$	370,298
Seaboard Corp.	*		51		214,096
Seneca Foods Corp., Class A	*		1,290		34,869
Snyder’s-Lance, Inc.			8,591		262,455
Tootsie Roll Industries, Inc.	†		3,451		105,773
TreeHouse Foods, Inc.	*		7,463		638,310
WhiteWave Foods Co. (The)	*		31,135		1,089,414

					9,599,712

Gas Utilities—1.2%
AGL Resources, Inc.			21,670		1,181,232
Atmos Energy Corp.			18,288		1,019,373
Chesapeake Utilities Corp.			2,728		135,472
Laclede Group, Inc. (The)			7,541		401,181
National Fuel Gas Co.			15,029		1,044,966
New Jersey Resources Corp.			7,488		458,266
Northwest Natural Gas Co.	†		4,674		233,233
ONE Gas, Inc.			9,073		373,989
Piedmont Natural Gas Co., Inc.			13,757		542,163
Questar Corp.			31,677		800,795
South Jersey Industries, Inc.			6,062		357,234
Southwest Gas Corp.			8,465		523,222
UGI Corp.			31,373		1,191,546
WGL Holdings, Inc.			9,748		532,436

					8,795,108

Health Care Equipment & Supplies—2.7%
Abaxis, Inc.	†		4,383		249,086
ABIOMED, Inc.	*		6,733		256,258
Accuray, Inc.	*†		15,070		113,778
Alere, Inc.	*		14,597		554,686
Align Technology, Inc.	*		14,552		813,602
Analogic Corp.			2,120		179,373
AngioDynamics, Inc.	*		5,314		101,019
Anika Therapeutics, Inc.	*		2,511		102,298
Antares Pharma, Inc.	*†		19,090		49,061
AtriCure, Inc.	*		5,136		102,515
Atrion Corp.			291		98,943
Cantel Medical Corp.			6,207		268,515
Cardiovascular Systems, Inc.	*		4,717		141,887
Cerus Corp.	*†		16,123		100,608
CONMED Corp.			5,352		240,626
Cooper Cos., Inc. (The)			8,593		1,392,839
CryoLife, Inc.			6,833		77,418
Cyberonics, Inc.	*		4,848		269,937
Cynosure, Inc., Class A	*		4,027		110,420
Derma Sciences, Inc.	*		4,820		44,874
DexCom, Inc.	*		13,537		745,212
Endologix, Inc.	*		11,389		174,138
Exactech, Inc.	*		1,480		34,884
GenMark Diagnostics, Inc.	*		7,868		107,083
Globus Medical, Inc., Class A	*		11,537		274,234
Greatbatch, Inc.	*		4,873		240,239
Haemonetics Corp.	*		9,672		361,926
HeartWare International, Inc.	*†		3,293		241,805
Hill-Rom Holdings, Inc.			10,313		470,479
Hologic, Inc.	*		43,661		1,167,495
ICU Medical, Inc.	*		2,659		217,772
IDEXX Laboratories, Inc.	*		8,673		1,285,946
Inogen, Inc.	*		919		28,829
Insulet Corp.	*		10,118		466,035
Integra LifeSciences Holdings Corp.	*		4,855		263,287



		Shares		Value
Invacare Corp.			6,320	$	105,923
K2M Group Holdings, Inc.	*†		1,500		31,305
LDR Holding Corp.	*		2,771		90,833
Masimo Corp.	*		8,258		217,516
Meridian Bioscience, Inc.			7,174		118,084
Merit Medical Systems, Inc.	*		7,183		124,481
Natus Medical, Inc.	*		6,365		229,395
Neogen Corp.	*		6,836		338,997
Nevro Corp.	*		1,328		51,354
NuVasive, Inc.	*		8,592		405,199
NxStage Medical, Inc.	*		11,835		212,202
Ocular Therapeutix, Inc.	*		942		22,156
OraSure Technologies, Inc.	*		8,723		88,451
Orthofix International NV (Curacao)	*		3,796		114,108
Oxford Immunotec Global plc (United Kingdom)	*		4,173		56,836
PhotoMedex, Inc.	*†		2,664		4,076
Quidel Corp.	*		5,467		158,106
ResMed, Inc.	†		25,201		1,412,768
Rockwell Medical, Inc.	*†		8,627		88,686
Roka Bioscience, Inc.	*†		822		3,625
RTI Surgical, Inc.	*		13,504		70,221
Second Sight Medical Products, Inc.	*†		703		7,213
Sientra, Inc.	*		1,004		16,857
Sirona Dental Systems, Inc.	*		10,294		899,387
Spectranetics Corp. (The)	*		7,119		246,175
STAAR Surgical Co.	*		7,139		65,036
STERIS Corp.			10,682		692,728
SurModics, Inc.	*		3,217		71,096
Symmetry Surgical, Inc.	*		1,476		11,498
Tandem Diabetes Care, Inc.	*†		1,542		19,583
Teleflex, Inc.			7,496		860,691
Thoratec Corp.	*		10,517		341,382
Tornier NV (Netherlands)	*		6,135		156,442
TransEnterix, Inc.	*†		4,614		13,427
TriVascular Technologies, Inc.	*†		1,250		15,712
Unilife Corp.	*†		22,514		75,422
Utah Medical Products, Inc.			525		31,526
Vascular Solutions, Inc.	*		2,721		73,902
Veracyte, Inc.	*†		845		8,163
Volcano Corp.	*		8,883		158,828
West Pharmaceutical Services, Inc.			12,945		689,192
Wright Medical Group, Inc.	*		8,782		235,972
Zeltiq Aesthetics, Inc.	*		4,981		139,020

					20,120,681

Health Care Providers & Services—2.8%
AAC Holdings, Inc.	*		1,004		31,044
Acadia Healthcare Co., Inc.	*		7,668		469,358
Addus HomeCare Corp.	*		874		21,212
Adeptus Health, Inc., Class A	*†		923		34,520
Air Methods Corp.	*		7,403		325,954
Alliance HealthCare Services, Inc.	*		806		16,918
Almost Family, Inc.	*		1,537		44,496
Amedisys, Inc.	*		5,275		154,821
AMN Healthcare Services, Inc.	*		7,678		150,489
Amsurg Corp.	*		7,409		405,495
Bio-Reference Laboratories, Inc.	*†		4,688		150,626
BioScrip, Inc.	*		14,738		103,019
BioTelemetry, Inc.	*		4,248		42,607
Brookdale Senior Living, Inc.	*		31,184		1,143,517
Capital Senior Living Corp.	*		5,534		137,852

See accompanying notes to financial statements.

340

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Centene Corp.	*		10,470	$	1,087,310
Chemed Corp.			3,102		327,788
Civitas Solutions, Inc.	*		2,042		34,775
Community Health Systems, Inc.	*		20,645		1,113,178
Corvel Corp.	*		2,370		88,211
Cross Country Healthcare, Inc.	*		7,318		91,329
Ensign Group, Inc. (The)			3,393		150,615
Envision Healthcare Holdings, Inc.	*		14,304		496,206
ExamWorks Group, Inc.	*		6,025		250,580
Five Star Quality Care, Inc.	*		9,106		37,790
Gentiva Health Services, Inc.	*		5,336		101,651
Hanger, Inc.	*		6,290		137,751
Health Net, Inc.	*		14,497		776,024
HealthEquity, Inc.	*		1,714		43,621
HealthSouth Corp.			15,894		611,283
Healthways, Inc.	*		5,769		114,688
IPC The Hospitalist Co., Inc.	*		3,142		144,186
Kindred Healthcare, Inc.			12,536		227,905
Landauer, Inc.			1,882		64,252
LHC Group, Inc.	*		2,770		86,369
LifePoint Hospitals, Inc.	*		8,108		583,046
Magellan Health, Inc.	*		4,963		297,929
MEDNAX, Inc.	*		18,212		1,203,995
Molina Healthcare, Inc.	*		5,320		284,780
MWI Veterinary Supply, Inc.	*		2,422		411,522
National Healthcare Corp.			1,812		113,866
National Research Corp., Class A			1,929		26,987
Omnicare, Inc.			18,009		1,313,396
Owens & Minor, Inc.			11,941		419,249
Patterson Cos., Inc.			15,531		747,041
PharMerica Corp.	*		5,445		112,766
Premier, Inc., Class A	*		5,486		183,946
Providence Service Corp. (The)	*		2,069		75,394
RadNet, Inc.	*		5,263		44,946
Select Medical Holdings Corp.			13,482		194,141
Skilled Healthcare Group, Inc., Class A	*		4,230		36,251
Surgical Care Affiliates, Inc.	*		1,885		63,430
Team Health Holdings, Inc.	*		12,689		729,998
Tenet Healthcare Corp.	*		17,891		906,537
Triple-S Management Corp., Class B (Puerto Rico)	*		4,524		108,169
Trupanion, Inc.	*†		1,368		9,480
U.S. Physical Therapy, Inc.			2,234		93,739
Universal American Corp.	*		7,130		66,166
Universal Health Services, Inc., Class B			15,989		1,778,936
VCA, Inc.	*		15,968		778,759
WellCare Health Plans, Inc.	*		8,148		668,625

					20,470,534

Health Care Technology—0.4%
Allscripts Healthcare Solutions, Inc.	*		32,180		410,939
athenahealth, Inc.	*†		6,762		985,223
Castlight Health, Inc., Class B	*		2,084		24,383
Computer Programs & Systems, Inc.			2,114		128,426
HealthStream, Inc.	*		3,356		98,935
HMS Holdings Corp.	*		16,863		356,484
Imprivata, Inc.	*†		973		12,649
MedAssets, Inc.	*		11,090		219,138



		Shares		Value
Medidata Solutions, Inc.	*		9,496	$	453,434
Merge Healthcare, Inc.	*		9,619		34,244
Omnicell, Inc.	*		6,227		206,238
Quality Systems, Inc.			8,711		135,804
Veeva Systems, Inc., Class A	*		7,409		195,672
Vocera Communications, Inc.	*		3,339		34,792

					3,296,361

Hotels, Restaurants & Leisure—2.3%
Aramark			7,951		247,674
Belmond Ltd., Class A (Bermuda)	*		18,365		227,175
Biglari Holdings, Inc.	*		243		97,081
BJ’s Restaurants, Inc.	*		4,349		218,363
Bloomin’ Brands, Inc.	*		13,449		332,997
Bob Evans Farms, Inc.			4,353		222,787
Boyd Gaming Corp.	*		13,345		170,549
Bravo Brio Restaurant Group, Inc.	*		3,101		43,135
Brinker International, Inc.			12,044		706,862
Buffalo Wild Wings, Inc.	*		3,402		613,653
Caesars Acquisition Co., Class A	*		7,358		75,861
Caesars Entertainment Corp.	*†		8,076		126,712
Carrols Restaurant Group, Inc.	*		5,985		45,666
Cheesecake Factory, Inc. (The)			9,090		457,318
Choice Hotels International, Inc.			6,118		342,730
Churchill Downs, Inc.			2,351		224,050
Chuy’s Holdings, Inc.	*		3,373		66,347
ClubCorp Holdings, Inc.			3,469		62,199
Cracker Barrel Old Country Store, Inc.			3,443		484,637
Dave & Buster’s Entertainment, Inc.	*†		1,181		32,241
Del Frisco’s Restaurant Group, Inc.	*		3,974		94,343
Denny’s Corp.	*		15,003		154,681
Diamond Resorts International, Inc.	*		5,983		166,926
DineEquity, Inc.			3,180		329,575
Domino’s Pizza, Inc.			10,168		957,521
Dunkin’ Brands Group, Inc.			19,278		822,207
El Pollo Loco Holdings, Inc.	*†		1,346		26,880
Empire Resorts, Inc.	*†		2,600		20,176
Famous Dave’s of America, Inc.	*†		800		21,016
Fiesta Restaurant Group, Inc.	*		4,707		286,186
Habit Restaurants, Inc./The, Class A	*†		949		30,700
Ignite Restaurant Group, Inc.	*		1,280		10,074
International Game Technology			44,673		770,609
International Speedway Corp., Class A			5,069		160,434
Interval Leisure Group, Inc.			6,806		142,177
Intrawest Resorts Holdings, Inc.	*†		3,352		40,023
Isle of Capri Casinos, Inc.	*		5,204		43,557
Jack in the Box, Inc.			7,076		565,797
Jamba, Inc.	*		3,273		49,390
Krispy Kreme Doughnuts, Inc.	*		12,266		242,131
La Quinta Holdings, Inc.	*		8,800		194,128
Life Time Fitness, Inc.	*		7,719		437,050
Marcus Corp. (The)			4,188		77,520
Marriott Vacations Worldwide Corp.			5,140		383,136
Monarch Casino & Resort, Inc.	*		2,050		34,009
Morgans Hotel Group Co.	*		5,643		44,241
Nathan’s Famous, Inc.	*		431		34,480
Noodles & Co.	*†		1,842		48,537
Panera Bread Co., Class A	*		4,426		773,665

See accompanying notes to financial statements.

341

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Papa John’s International, Inc.			5,552	$	309,802
Papa Murphy’s Holdings, Inc.	*		956		11,109
Penn National Gaming, Inc.	*		13,618		186,975
Pinnacle Entertainment, Inc.	*†		10,729		238,720
Popeyes Louisiana Kitchen, Inc.	*		4,381		246,519
Potbelly Corp.	*†		2,452		31,557
Red Robin Gourmet Burgers, Inc.	*		2,741		210,988
Restaurant Brands International LP	*†		391		14,754
Restaurant Brands International, Inc. (Canada)	*		38,401		1,499,175
Ruby Tuesday, Inc.	*		11,736		80,274
Ruth’s Hospitality Group, Inc.			7,796		116,940
Scientific Games Corp., Class A	*†		8,925		113,615
SeaWorld Entertainment, Inc.			13,202		236,316
Six Flags Entertainment Corp.			12,869		555,297
Sonic Corp.			10,276		279,815
Speedway Motorsports, Inc.			1,680		36,742
Texas Roadhouse, Inc.			12,358		417,206
Vail Resorts, Inc.			6,756		615,674
Wendy’s Co. (The)			52,370		472,901
Zoe’s Kitchen, Inc.	*†		939		28,085

					17,461,670

Household Durables—1.9%
Beazer Homes USA, Inc.	*		4,831		93,528
Cavco Industries, Inc.	*		1,545		122,472
Century Communities, Inc.	*		655		11,318
CSS Industries, Inc.			1,584		43,782
D.R. Horton, Inc.			57,862		1,463,330
Dixie Group, Inc. (The)	*†		2,409		22,091
Ethan Allen Interiors, Inc.			4,278		132,490
Flexsteel Industries, Inc.			839		27,058
GoPro, Inc., Class A	*†		3,917		247,633
Harman International Industries, Inc.			12,390		1,322,137
Helen of Troy Ltd. (Bermuda)	*		5,166		336,100
Hovnanian Enterprises, Inc., Class A	*†		21,157		87,378
Installed Building Products, Inc.	*		1,567		27,924
iRobot Corp.	*†		5,589		194,050
Jarden Corp.	*		34,799		1,666,176
KB Home	†		16,227		268,557
La-Z-Boy, Inc.			9,601		257,691
Leggett & Platt, Inc.			25,174		1,072,664
Lennar Corp., Class A			31,943		1,431,366
LGI Homes, Inc.	*†		3,906		58,277
Libbey, Inc.	*		3,551		111,643
Lifetime Brands, Inc.			1,617		27,812
M/I Homes, Inc.	*		4,003		91,909
MDC Holdings, Inc.	†		6,738		178,355
Meritage Homes Corp.	*		6,808		245,020
NACCO Industries, Inc., Class A			829		49,209
New Home Co., Inc. (The)	*		1,400		20,272
NVR, Inc.	*		776		989,656
Ryland Group, Inc. (The)			8,217		316,848
Skullcandy, Inc.	*		3,066		28,177
Standard Pacific Corp.	*		28,766		209,704
Taylor Morrison Home Corp., Class A	*		6,556		123,843
Tempur Sealy International, Inc.	*		10,758		590,722
Toll Brothers, Inc.	*		31,786		1,089,306
TRI Pointe Homes, Inc.	*		26,209		399,687



		Shares		Value
Tupperware Brands Corp.			9,106	$	573,678
Turtle Beach Corp.	*†		1,148		3,662
UCP, Inc., Class A	*		1,249		13,114
Universal Electronics, Inc.	*		3,125		203,219
WCI Communities, Inc.	*†		3,432		67,199
William Lyon Homes, Class A	*		3,916		79,377

					14,298,434

Household Products—0.3%
Central Garden and Pet Co., Class A	*		6,906		65,952
Energizer Holdings, Inc.			11,077		1,424,059
Harbinger Group, Inc.	*		16,262		230,270
Oil-Dri Corp of America			764		24,929
Orchids Paper Products Co.			1,092		31,788
Spectrum Brands Holdings, Inc.			3,789		362,532
WD-40 Co.			2,756		234,481

					2,374,011

Independent Power and Renewable Electricity Producers—0.2%
Abengoa Yield plc (Spain)	†		5,610		153,265
Atlantic Power Corp.			20,459		55,444
Dynegy, Inc.	*		21,545		653,891
Ormat Technologies, Inc.	†		3,707		100,756
Pattern Energy Group, Inc.	†		7,677		189,315
TerraForm Power, Inc., Class A	†		3,780		116,726
Vivint Solar, Inc.	*†		3,399		31,339

					1,300,736

Industrial Conglomerates—0.2%
Carlisle Cos., Inc.			11,632		1,049,672
Raven Industries, Inc.			6,841		171,025

					1,220,697

Insurance—4.7%
Alleghany Corp.	*		2,955		1,369,642
Allied World Assurance Co. Holdings AG (Switzerland)			18,105		686,542
Ambac Financial Group, Inc.	*		7,905		193,672
American Equity Investment Life Holding Co.			13,226		386,067
American Financial Group, Inc.			13,115		796,343
American National Insurance Co.			1,400		159,964
AMERISAFE, Inc.			3,489		147,794
AmTrust Financial Services, Inc.	†		5,176		291,150
Arch Capital Group Ltd. (Bermuda)	*		24,081		1,423,187
Argo Group International Holdings Ltd. (Bermuda)			4,743		263,094
Arthur J. Gallagher & Co.			28,193		1,327,326
Aspen Insurance Holdings Ltd. (Bermuda)			12,135		531,149
Assurant, Inc.			12,981		888,290
Assured Guaranty Ltd. (Bermuda)			30,602		795,346
Atlas Financial Holdings, Inc.	*†		1,852		30,225
Axis Capital Holdings Ltd. (Bermuda)			18,779		959,419
Baldwin & Lyons, Inc., Class B			1,792		46,198
Brown & Brown, Inc.			22,011		724,382
Citizens, Inc.	*†		8,606		65,406
CNO Financial Group, Inc.			37,772		650,434
Crawford & Co., Class B			7,204		74,057
Donegal Group, Inc., Class A			1,264		20,199

See accompanying notes to financial statements.

342

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
eHealth, Inc.	*		3,302	$	82,286
EMC Insurance Group, Inc.			1,041		36,914
Employers Holdings, Inc.			5,724		134,571
Endurance Specialty Holdings Ltd. (Bermuda)			7,852		469,864
Enstar Group Ltd. (Bermuda)	*		1,557		238,050
Erie Indemnity Co., Class A			4,544		412,459
Everest Re Group Ltd. (Bermuda)			8,279		1,409,914
FBL Financial Group, Inc., Class A			1,560		90,527
Federated National Holding Co.			2,947		71,199
Fidelity & Guaranty Life			2,136		51,841
First American Financial Corp.			19,230		651,897
FNF Group			50,468		1,738,623
FNFV Group	*		16,714		263,078
Genworth Financial, Inc., Class A	*		88,268		750,278
Global Indemnity plc (Ireland)	*		1,488		42,215
Greenlight Capital Re Ltd., Class A (Cayman Islands)	*		5,625		183,656
Hallmark Financial Services, Inc.	*		2,249		27,190
Hanover Insurance Group, Inc. (The)			8,274		590,102
HCC Insurance Holdings, Inc.			18,119		969,729
HCI Group, Inc.			1,491		64,471
Heritage Insurance Holdings, Inc.	*		1,150		22,344
Horace Mann Educators Corp.			7,441		246,892
Independence Holding Co.	†		1,901		26,519
Infinity Property & Casualty Corp.			1,953		150,889
Kansas City Life Insurance Co.			423		20,317
Kemper Corp.			8,711		314,554
Maiden Holdings Ltd. (Bermuda)			8,262		105,671
Markel Corp.	*		2,513		1,715,977
MBIA, Inc.	*		27,028		257,847
Meadowbrook Insurance Group, Inc.			10,981		92,899
Mercury General Corp.			5,177		293,381
Montpelier Re Holdings Ltd. (Bermuda)			6,220		222,800
National General Holdings Corp.			5,714		106,338
National Interstate Corp.			1,051		31,320
National Western Life Insurance Co., Class A			368		99,084
Navigators Group, Inc. (The)	*		1,745		127,978
Old Republic International Corp.			47,059		688,473
OneBeacon Insurance Group Ltd., Class A			4,581		74,212
PartnerRe Ltd. (Bermuda)			9,173		1,046,914
Phoenix Cos., Inc. (The)	*		869		59,848
Platinum Underwriters Holdings Ltd. (Bermuda)			4,405		323,415
Primerica, Inc.			10,293		558,498
ProAssurance Corp.			11,196		505,499
Protective Life Corp.			14,435		1,005,398
Reinsurance Group of America, Inc.			12,544		1,099,105
RenaissanceRe Holdings Ltd. (Bermuda)			7,490		728,178
RLI Corp.			8,058		398,065
Safety Insurance Group, Inc.			2,194		140,438
Selective Insurance Group, Inc.			10,774		292,730
StanCorp Financial Group, Inc.			8,007		559,369
State Auto Financial Corp.			2,585		57,439
State National Cos., Inc.	†		4,318		51,730
Stewart Information Services Corp.			4,371		161,902



		Shares		Value
Symetra Financial Corp.			13,661	$	314,886
Third Point Reinsurance Ltd. (Bermuda)	*		9,549		138,365
United Fire Group, Inc.			3,518		104,590
United Insurance Holdings Corp.			2,677		58,760
Universal Insurance Holdings, Inc.			5,131		104,929
Validus Holdings Ltd. (Bermuda)			16,718		694,800
W.R. Berkley Corp.			18,198		932,829
White Mountains Insurance Group Ltd.			1,116		703,203

					34,747,135

Internet & Catalog Retail—0.6%
1-800-Flowers.com, Inc., Class A	*		6,281		51,755
Blue Nile, Inc.	*		2,444		88,008
Coupons.com, Inc.	*†		1,942		34,471
EVINE Live, Inc.	*		6,239		41,115
FTD Cos., Inc.	*		3,867		134,649
Gaiam, Inc., Class A	*		2,600		18,538
Groupon, Inc.	*		86,756		716,605
HomeAway, Inc.	*		17,653		525,706
HSN, Inc.			5,985		454,860
Lands’ End, Inc.	*†		2,788		150,440
Liberty TripAdvisor Holdings, Inc., Series A	*		13,320		358,308
Liberty Ventures, Series A	*		26,205		988,453
Nutrisystem, Inc.			5,029		98,317
Orbitz Worldwide, Inc.	*		8,896		73,214
Overstock.com, Inc.	*		2,104		51,064
PetMed Express, Inc.	†		3,185		45,768
RetailMeNot, Inc.	*†		5,109		74,694
Shutterfly, Inc.	*		7,318		305,124
Travelport Worldwide Ltd. (United Kingdom)	†		4,950		89,100
Wayfair, Inc., Class A	*†		2,087		41,427
zulily, Inc., Class A	*†		2,690		62,946

					4,404,562

Internet Software & Services—1.8%
Aerohive Networks, Inc.	*		4,925		23,640
Amber Road, Inc.	*†		1,500		15,330
Angie’s List, Inc.	*†		7,000		43,610
AOL, Inc.	*		14,192		655,245
Bankrate, Inc.	*		11,716		145,630
Bazaarvoice, Inc.	*†		8,939		71,870
Benefitfocus, Inc.	*†		852		27,980
Blucora, Inc.	*		7,679		106,354
Borderfree, Inc.	*		1,000		8,960
Brightcove, Inc.	*		6,369		49,551
Carbonite, Inc.	*		2,935		41,882
Care.com, Inc.	*		1,199		9,928
ChannelAdvisor Corp.	*†		3,431		74,041
Cimpress NV (Netherlands)	*†		6,206		464,457
comScore, Inc.	*		6,168		286,380
Constant Contact, Inc.	*		5,890		216,163
Cornerstone OnDemand, Inc.	*†		10,183		358,442
CoStar Group, Inc.	*		5,782		1,061,749
Cvent, Inc.	*		2,992		83,297
Dealertrack Technologies, Inc.	*		9,401		416,558
Demand Media, Inc.	*		907		5,551
Demandware, Inc.	*		5,791		333,214
Dice Holdings, Inc.	*		6,835		68,418
Digital River, Inc.	*		5,786		143,088
E2open, Inc.	*†		3,978		38,229

See accompanying notes to financial statements.

343

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
EarthLink Holdings Corp.			20,557	$	90,245
Endurance International Group Holdings, Inc.	*†		4,860		89,570
Envestnet, Inc.	*		5,918		290,811
Everyday Health, Inc.	*		1,300		19,175
Five9, Inc.	*		1,997		8,947
Global Eagle Entertainment, Inc.	*		6,028		82,041
Gogo, Inc.	*†		11,015		182,078
GrubHub, Inc.	*		1,437		52,192
GTT Communications, Inc.	*		2,450		32,413
IAC/InterActiveCorp			13,487		819,875
Internap Corp.	*		8,121		64,643
Intralinks Holdings, Inc.	*		8,511		101,281
j2 Global, Inc.			8,665		537,230
Limelight Networks, Inc.	*		6,937		19,215
Liquidity Services, Inc.	*†		4,692		38,334
LivePerson, Inc.	*		8,795		124,009
LogMeIn, Inc.	*		4,468		220,451
Marchex, Inc., Class B			5,699		26,158
Marin Software, Inc.	*		4,390		37,139
Marketo, Inc.	*		4,239		138,700
Millennial Media, Inc.	*†		8,132		13,011
Monster Worldwide, Inc.	*		16,068		74,234
NIC, Inc.			12,220		219,838
OPOWER, Inc.	*†		1,300		18,499
Pandora Media, Inc.	*		38,232		681,677
Perficient, Inc.	*		5,746		107,048
Q2 Holdings, Inc.	*		1,700		32,028
QuinStreet, Inc.	*		5,214		31,649
Rackspace Hosting, Inc.	*		21,277		995,976
RealNetworks, Inc.	*		4,328		30,469
Reis, Inc.			1,345		35,199
Rightside Group Ltd.	*		907		6,095
Rocket Fuel, Inc.	*†		3,037		48,956
SciQuest, Inc.	*		4,686		67,713
Shutterstock, Inc.	*†		2,575		177,932
SPS Commerce, Inc.	*		2,907		164,623
Stamps.com, Inc.	*		2,445		117,336
TechTarget, Inc.	*		2,374		26,992
Textura Corp.	*†		3,086		87,858
Travelzoo, Inc.	*		1,808		22,817
Tremor Video, Inc.	*†		15,166		43,526
TrueCar, Inc.	*†		1,300		29,770
Trulia, Inc.	*†		7,078		325,800
Unwired Planet, Inc.	*		23,320		23,320
Web.com Group, Inc.	*		9,090		172,619
WebMD Health Corp.	*		7,453		294,766
Wix.com Ltd. (Israel)	*		3,368		70,728
XO Group, Inc.	*		5,737		104,471
Xoom Corp.	*†		5,162		90,387
Yelp, Inc.	*		9,520		521,030
YuMe, Inc.	*†		3,100		15,624
Zillow, Inc., Class A	*		5,809		615,115
Zix Corp.	*		9,536		34,330

					13,025,510

IT Services—2.4%
Acxiom Corp.	*		13,925		282,260
Blackhawk Network Holdings, Inc.	*†		9,680		375,584
Booz Allen Hamilton Holding Corp.			13,242		351,310



		Shares		Value
Broadridge Financial Solutions, Inc.			21,894	$	1,011,065
CACI International, Inc., Class A	*		4,515		389,103
Cardtronics, Inc.	*		8,528		329,010
Cass Information Systems, Inc.			2,024		107,778
Ciber, Inc.	*		14,012		49,743
Computer Task Group, Inc.			2,532		24,130
Convergys Corp.			18,752		381,978
CoreLogic, Inc.	*		16,573		523,541
CSG Systems International, Inc.			5,860		146,910
Datalink Corp.	*†		4,947		63,816
DST Systems, Inc.			5,646		531,571
EPAM Systems, Inc.	*		6,858		327,469
Euronet Worldwide, Inc.	*		9,421		517,213
EVERTEC, Inc. (Puerto Rico)			12,679		280,586
ExlService Holdings, Inc.	*		5,570		159,915
Forrester Research, Inc.			2,455		96,629
Gartner, Inc.	*		16,421		1,382,812
Genpact Ltd. (Bermuda)	*		28,212		534,053
Global Cash Access Holdings, Inc.	*		13,203		94,401
Global Payments, Inc.			12,379		999,357
Hackett Group, Inc. (The)			2,748		24,155
Heartland Payment Systems, Inc.			6,660		359,307
Higher One Holdings, Inc.	*		7,479		31,487
iGATE Corp.	*		6,743		266,214
Information Services Group, Inc.	*		5,257		22,185
Jack Henry & Associates, Inc.			15,332		952,730
Leidos Holdings, Inc.			11,568		503,439
Lionbridge Technologies, Inc.	*		11,139		64,049
Luxoft Holding, Inc. (Switzerland)	*†		1,347		51,873
ManTech International Corp., Class A			4,079		123,308
MAXIMUS, Inc.			12,270		672,887
ModusLink Global Solutions, Inc.	*		10,739		40,271
MoneyGram International, Inc.	*		4,578		41,614
NeuStar, Inc., Class A	*†		10,983		305,327
PRGX Global, Inc.	*†		4,569		26,135
Sabre Corp.			8,995		182,329
Sapient Corp.	*		20,009		497,824
Science Applications International Corp.			7,547		373,803
ServiceSource International, Inc.	*†		9,931		46,477
Sykes Enterprises, Inc.	*		6,610		155,137
Syntel, Inc.	*		5,846		262,953
TeleTech Holdings, Inc.	*		3,175		75,184
Total System Services, Inc.			30,426		1,033,267
Unisys Corp.	*		9,952		293,385
Vantiv, Inc., Class A	*		22,175		752,176
VeriFone Systems, Inc.	*		20,135		749,022
Virtusa Corp.	*		4,567		190,307
WEX, Inc.	*		6,885		681,064

					17,738,143

Leisure Products—0.4%
Arctic Cat, Inc.			2,262		80,301
Black Diamond, Inc.	*		3,789		33,154
Brunswick Corp.			16,527		847,174
Callaway Golf Co.			13,092		100,808
Escalade, Inc.			1,595		24,069
JAKKS Pacific, Inc.	*†		3,244		22,059
Johnson Outdoors, Inc., Class A			785		24,492
LeapFrog Enterprises, Inc.	*		12,080		57,018
Malibu Boats, Inc., Class A	*		1,521		29,310
Marine Products Corp.			3,091		26,088

See accompanying notes to financial statements.

344

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Nautilus, Inc.	*		4,916	$	74,625
Polaris Industries, Inc.			11,856		1,793,101
Smith & Wesson Holding Corp.	*†		9,907		93,819
Sturm Ruger & Co., Inc.	†		3,706		128,339

					3,334,357

Life Sciences Tools & Services—1.2%
Accelerate Diagnostics, Inc.	*		3,846		73,805
Affymetrix, Inc.	*		13,418		132,436
Albany Molecular Research, Inc.	*†		3,704		60,301
Bio-Rad Laboratories, Inc., Class A	*		3,700		446,072
Bio-Techne Corp.			6,895		637,098
Bruker Corp.	*		19,703		386,573
Cambrex Corp.	*		6,259		135,320
Charles River Laboratories International, Inc.	*		9,037		575,115
Covance, Inc.	*		10,275		1,066,956
Enzo Biochem, Inc.	*		5,500		24,420
Fluidigm Corp.	*		5,173		174,485
INC Research Holdings, Inc., Class A	*		1,538		39,511
Luminex Corp.	*		7,419		139,180
Mettler-Toledo International, Inc.	*		5,253		1,588,822
NanoString Technologies, Inc.	*		1,700		23,681
Pacific Biosciences of California, Inc.	*		10,007		78,455
PAREXEL International Corp.	*		10,270		570,601
PerkinElmer, Inc.			20,525		897,558
PRA Health Sciences, Inc.	*		3,221		78,013
QIAGEN NV (Netherlands)	*		42,375		994,118
Quintiles Transnational Holdings, Inc.	*		9,881		581,694
Sequenom, Inc.	*†		20,997		77,689
VWR Corp.	*		4,845		125,340

					8,907,243

Machinery—4.2%
Accuride Corp.	*		5,687		24,682
Actuant Corp., Class A			11,535		314,213
AGCO Corp.	†		16,976		767,315
Alamo Group, Inc.			1,174		56,869
Albany International Corp., Class A			5,205		197,738
Allison Transmission Holdings, Inc.			24,057		815,532
Altra Industrial Motion Corp.			5,386		152,909
American Railcar Industries, Inc.	†		1,579		81,319
ARC Group Worldwide, Inc.	*†		502		5,090
Astec Industries, Inc.			3,453		135,737
Barnes Group, Inc.			10,180		376,762
Blount International, Inc.			9,180		161,293
Briggs & Stratton Corp.			9,174		187,333
Chart Industries, Inc.	*		5,455		186,561
CIRCOR International, Inc.			3,375		203,445
CLARCOR, Inc.			8,929		595,029
Colfax Corp.	*		17,272		890,717
Columbus McKinnon Corp.			3,189		89,420
Commercial Vehicle Group, Inc.	*		7,743		51,568
Crane Co.			9,217		541,038
Donaldson Co., Inc.			25,949		1,002,410
Douglas Dynamics, Inc.			3,681		78,884
Dynamic Materials Corp.			3,125		50,063
Energy Recovery, Inc.	*		6,998		36,879
EnPro Industries, Inc.	*		4,398		276,019



		Shares		Value
ESCO Technologies, Inc.			4,502	$	166,124
ExOne Co. (The)	*†		1,694		28,459
Federal Signal Corp.			11,860		183,118
FreightCar America, Inc.			2,798		73,615
Global Brass & Copper Holdings, Inc.			3,564		46,902
Gorman-Rupp Co. (The)			3,896		125,140
Graco, Inc.			11,092		889,357
Graham Corp.			1,617		46,521
Greenbrier Cos., Inc. (The)	†		4,868		261,558
Harsco Corp.			14,896		281,385
Hillenbrand, Inc.			11,125		383,813
Hurco Cos., Inc.			1,248		42,544
Hyster-Yale Materials Handling, Inc.			2,095		153,354
IDEX Corp.			14,644		1,139,889
ITT Corp.			17,142		693,565
John Bean Technologies Corp.			5,724		188,091
Joy Global, Inc.			18,595		865,039
Kadant, Inc.			2,468		105,359
Kennametal, Inc.			14,470		517,881
L.B. Foster Co., Class A			1,705		82,812
Lincoln Electric Holdings, Inc.			14,600		1,008,714
Lindsay Corp.	†		2,395		205,347
Lydall, Inc.	*		2,982		97,869
Manitex International, Inc.	*†		1,949		24,772
Manitowoc Co., Inc. (The)			24,357		538,290
Meritor, Inc.	*		17,017		257,808
Middleby Corp. (The)	*		10,237		1,014,487
Miller Industries, Inc.	†		1,779		36,985
Mueller Industries, Inc.			9,973		340,478
Mueller Water Products, Inc., Class A			30,046		307,671
Navistar International Corp.	*		10,261		343,538
NN, Inc.			3,390		69,698
Nordson Corp.			11,664		909,325
Omega Flex, Inc.			488		18,451
Oshkosh Corp.			14,375		699,344
Proto Labs, Inc.	*		3,961		266,021
RBC Bearings, Inc.			4,314		278,382
Rexnord Corp.	*		14,371		405,406
Snap-on, Inc.			10,603		1,449,854
SPX Corp.			7,566		650,071
Standex International Corp.			2,170		167,654
Sun Hydraulics Corp.			4,279		168,507
Tennant Co.			3,191		230,294
Terex Corp.			20,136		561,392
Timken Co. (The)			14,447		616,598
Titan International, Inc.			8,071		85,795
Toro Co. (The)			10,162		648,437
TriMas Corp.	*		8,555		267,686
Trinity Industries, Inc.			28,708		804,111
Twin Disc, Inc.			1,926		38,250
Valmont Industries, Inc.	†		4,539		576,453
Wabash National Corp.	*		12,487		154,339
WABCO Holdings, Inc.	*		10,287		1,077,872
Wabtec Corp.			17,566		1,526,310
Watts Water Technologies, Inc., Class A			5,244		332,679
Woodward, Inc.			11,933		587,462
Xerium Technologies, Inc.	*		1,744		27,520
Xylem, Inc.			33,423		1,272,414

					31,619,635

See accompanying notes to financial statements.

345

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Marine—0.2%
Baltic Trading Ltd.			7,920	$	19,879
International Shipholding Corp.			724		10,788
Kirby Corp.	*		10,331		834,125
Knightsbridge Shipping Ltd. (Bermuda)	†		4,827		21,866
Matson, Inc.			7,325		252,859
Navios Maritime Holdings, Inc. (Greece)			12,773		52,497
Safe Bulkers, Inc. (Greece)			6,264		24,492
Scorpio Bulkers, Inc.	*		24,958		49,167
Ultrapetrol Bahamas Ltd. (Bahamas)	*		3,567		7,634

					1,273,307

Media—1.8%
A.H. Belo Corp., Class A			2,998		31,119
AMC Entertainment Holdings, Inc., Class A			3,960		103,673
AMC Networks, Inc., Class A	*		10,774		687,058
Cablevision Systems Corp., Class A			35,735		737,570
Carmike Cinemas, Inc.	*		4,910		128,986
Central European Media Enterprises Ltd., Class A (Bermuda)	*†		9,570		30,720
Cinedigm Corp., Class A	*		12,318		19,955
Cinemark Holdings, Inc.			20,856		742,056
Clear Channel Outdoor Holdings, Inc., Class A			8,401		88,967
Crown Media Holdings, Inc., Class A	*		4,399		15,572
Cumulus Media, Inc., Class A	*		23,598		99,820
Daily Journal Corp.	*†		156		41,030
Dex Media, Inc.	*†		2,722		24,416
DreamWorks Animation SKG, Inc., Class A	*		13,912		310,655
Entercom Communications Corp., Class A	*		3,975		48,336
Entravision Communications Corp., Class A			9,227		59,791
Eros International plc	*†		3,590		75,964
EW Scripps Co. (The), Class A	*		5,253		117,405
Gannett Co., Inc.			41,271		1,317,783
Global Sources Ltd. (Bermuda)	*		2,826		17,973
Gray Television, Inc.	*		10,278		115,114
Harte-Hanks, Inc.			7,272		56,285
Hemisphere Media Group, Inc.	*†		1,387		18,711
Interpublic Group of Cos., Inc. (The)			76,134		1,581,303
John Wiley & Sons, Inc., Class A			8,219		486,894
Journal Communications, Inc., Class A	*		9,165		104,756
Lee Enterprises, Inc.	*†		8,627		31,747
Lions Gate Entertainment Corp.	†		14,824		474,664
Live Nation Entertainment, Inc.	*		26,093		681,288
Loral Space & Communications, Inc.	*		2,438		191,895
Madison Square Garden Co. (The), Class A	*		11,178		841,256
Martha Stewart Living Omnimedia, Inc., Class A	*		6,601		28,450
McClatchy Co. (The), Class A	*		8,865		29,432



		Shares		Value
MDC Partners, Inc., Class A			7,283	$	165,470
Media General, Inc.	*†		9,067		151,691
Meredith Corp.			6,486		352,320
Morningstar, Inc.			3,829		247,775
National CineMedia, Inc.			10,391		149,319
New Media Investment Group, Inc.			6,007		141,945
New York Times Co. (The), Class A			24,566		324,763
Nexstar Broadcasting Group, Inc., Class A			5,657		292,976
Radio One, Inc., Class D	*		4,000		6,680
Radio Unica Communications Corp.	*‡d		1,900		—
ReachLocal, Inc.	*		2,912		10,017
Reading International, Inc., Class A	*		2,976		39,462
Regal Entertainment Group, Class A	†		15,242		325,569
Rentrak Corp.	*		1,688		122,920
Saga Communications, Inc., Class A			1,196		52,002
Salem Communications Corp., Class A			3,266		25,540
Scholastic Corp.			4,805		174,998
SFX Entertainment, Inc.	*†		7,447		33,735
Sinclair Broadcast Group, Inc., Class A	†		12,521		342,575
Sizmek, Inc.	*		5,674		35,519
Starz, Class A	*		17,046		506,266
Time, Inc.	†		19,392		477,237
Townsquare Media, Inc., Class A	*		1,462		19,298
World Wrestling Entertainment, Inc., Class A	†		4,743		58,529

					13,397,250

Metals & Mining—1.2%
AK Steel Holding Corp.	*†		34,225		203,296
Allegheny Technologies, Inc.			19,263		669,774
Allied Nevada Gold Corp.	*†		17,040		14,825
AM Castle & Co.	*†		3,161		25,225
Ampco-Pittsburgh Corp.			986		18,980
Carpenter Technology Corp.			10,099		497,376
Century Aluminum Co.	*		9,652		235,509
Cliffs Natural Resources, Inc.	†		27,203		194,229
Coeur Mining, Inc.	*		19,056		97,376
Commercial Metals Co.			22,078		359,651
Compass Minerals International, Inc.			6,047		525,061
Globe Specialty Metals, Inc.			11,203		193,028
Gold Resource Corp.			6,352		21,470
Handy & Harman Ltd.	*		640		29,459
Haynes International, Inc.			2,542		123,287
Hecla Mining Co.			57,230		159,672
Horsehead Holding Corp.	*		8,467		134,033
Kaiser Aluminum Corp.			3,267		233,362
Materion Corp.			3,982		140,286
Molycorp, Inc.	*†		29,774		26,219
Noranda Aluminum Holding Corp.			14,410		50,723
Olympic Steel, Inc.			1,772		31,506
Reliance Steel & Aluminum Co.			14,182		868,931
Royal Gold, Inc.			11,742		736,223
RTI International Metals, Inc.	*		6,083		153,657

See accompanying notes to financial statements.

346

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Ryerson Holding Corp.	*		1,802	$	17,894
Schnitzer Steel Industries, Inc., Class A			4,380		98,813
Steel Dynamics, Inc.			43,531		859,302
Stillwater Mining Co.	*		21,089		310,852
SunCoke Energy, Inc.			11,225		217,091
Tahoe Resources, Inc.			15,705		217,828
TimkenSteel Corp.			7,314		270,837
United States Steel Corp.			25,690		686,951
Universal Stainless & Alloy Products, Inc.	*		947		23,817
US Silica Holdings, Inc.	†		10,120		259,983
Walter Energy, Inc.			10,993		15,170
Worthington Industries, Inc.			9,711		292,204

					9,013,900

Multiline Retail—0.3%
Big Lots, Inc.			9,319		372,946
Bon-Ton Stores, Inc. (The)	†		2,140		15,858
Burlington Stores, Inc.	*		4,870		230,156
Dillard’s, Inc., Class A			4,234		530,012
Fred’s, Inc., Class A			7,550		131,446
J.C. Penney Co., Inc.	*†		57,530		372,794
Sears Holdings Corp.	*†		5,086		167,736
Tuesday Morning Corp.	*		8,867		192,414

					2,013,362

Multi-Utilities—1.3%
Alliant Energy Corp.			20,178		1,340,223
Avista Corp.			11,016		389,416
Black Hills Corp.			7,951		421,721
CMS Energy Corp.			48,471		1,684,367
Integrys Energy Group, Inc.			14,520		1,130,382
MDU Resources Group, Inc.			34,697		815,379
NorthWestern Corp.			8,462		478,780
SCANA Corp.			25,443		1,536,757
TECO Energy, Inc.			41,588		852,138
Vectren Corp.			14,882		687,995

					9,337,158

Oil, Gas & Consumable Fuels—2.2%
Abraxas Petroleum Corp.	*		16,099		47,331
Adams Resources & Energy, Inc.			479		23,926
Alon USA Energy, Inc.			3,922		49,692
Alpha Natural Resources, Inc.	*†		42,685		71,284
American Eagle Energy Corp.	*†		4,896		3,048
Amyris, Inc.	*†		6,091		12,547
Apco Oil and Gas International, Inc.	*		2,488		34,907
Approach Resources, Inc.	*†		6,656		42,532
Arch Coal, Inc.	†		37,708		67,120
Ardmore Shipping Corp. (Ireland)			2,905		34,773
Bill Barrett Corp.	*		9,354		106,542
Bonanza Creek Energy, Inc.	*		6,309		151,416
BPZ Resources, Inc.	*†		27,149		7,846
Callon Petroleum Co.	*		8,345		45,480
Carrizo Oil & Gas, Inc.	*		8,354		347,526
Clayton Williams Energy, Inc.	*		1,014		64,693
Clean Energy Fuels Corp.	*†		11,637		58,127
Cloud Peak Energy, Inc.	*		11,802		108,342
Comstock Resources, Inc.	†		8,808		59,983
Contango Oil & Gas Co.	*		3,036		88,773
CVR Energy, Inc.	†		2,695		104,323



		Shares		Value
Delek US Holdings, Inc.			11,348	$	309,573
Denbury Resources, Inc.			65,379		531,531
DHT Holdings, Inc. (Bermuda)			19,275		140,900
Diamondback Energy, Inc.	*		7,887		471,485
Dorian LPG Ltd.	*		1,178		16,362
Eclipse Resources Corp.	*		4,964		34,897
Emerald Oil, Inc.	*†		9,095		10,914
Energen Corp.			13,272		846,223
Energy XXI Ltd.	†		16,321		53,206
EP Energy Corp., Class A	*		6,635		69,269
Evolution Petroleum Corp.			6,187		45,969
EXCO Resources, Inc.	†		31,828		69,067
Frontline Ltd. (Bermuda)	*†		8,754		21,973
FX Energy, Inc.	*†		10,537		16,332
GasLog Ltd. (Monaco)	†		7,396		150,509
Gastar Exploration, Inc.	*		14,863		35,820
Golar LNG Ltd. (Bermuda)	†		9,558		348,580
Goodrich Petroleum Corp.	*†		6,111		27,133
Green Plains, Inc.			7,235		179,283
Gulfport Energy Corp.	*		15,141		631,985
Halcon Resources Corp.	*†		45,027		80,148
Hallador Energy Co.			3,197		35,199
Harvest Natural Resources, Inc.	*†		6,776		12,265
Isramco, Inc.	*†		156		21,528
Jones Energy, Inc., Class A	*†		1,795		20,481
Kosmos Energy Ltd. (Bermuda)	*		19,857		166,600
Laredo Petroleum, Inc.	*†		14,988		155,126
Magnum Hunter Resources Corp.	*†		38,845		121,973
Matador Resources Co.	*		12,970		262,383
Memorial Resource Development Corp.	*		9,736		175,540
Midstates Petroleum Co., Inc.	*†		5,381		8,125
Miller Energy Resources, Inc.	*†		4,833		6,041
Navios Maritime Acquisition Corp. (Greece)			13,236		48,047
Newfield Exploration Co.	*		25,358		687,709
Nordic American Offshore Ltd. (Norway)	†		2,988		36,693
Nordic American Tankers Ltd. (Norway)	†		15,457		155,652
Northern Oil and Gas, Inc.	*†		12,515		70,710
Oasis Petroleum, Inc.	*		19,049		315,070
Pacific Ethanol, Inc.	*†		3,263		33,707
Panhandle Oil and Gas, Inc., Class A			3,416		79,524
Parsley Energy, Inc., Class A	*		10,382		165,697
PBF Energy, Inc., Class A			13,296		354,205
PDC Energy, Inc.	*		6,343		261,776
Peabody Energy Corp.	†		48,924		378,672
Penn Virginia Corp.	*†		11,487		76,733
PetroQuest Energy, Inc.	*		14,743		55,139
QEP Resources, Inc.			31,930		645,625
Quicksilver Resources, Inc.	*†		22,131		4,386
Renewable Energy Group, Inc.	*		5,827		56,580
Resolute Energy Corp.	*†		16,674		22,010
REX American Resources Corp.	*		1,034		64,077
Rex Energy Corp.	*†		9,028		46,043
Rice Energy, Inc.	*		9,450		198,167
Ring Energy, Inc.	*†		2,998		31,479
Rosetta Resources, Inc.	*		11,412		254,602
RSP Permian, Inc.	*		4,334		108,957
Sanchez Energy Corp.	*†		9,850		91,507
SandRidge Energy, Inc.	*†		88,853		161,712
Scorpio Tankers, Inc. (Monaco)			30,237		262,760
SemGroup Corp., Class A			7,738		529,202

See accompanying notes to financial statements.

347

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Ship Finance International Ltd. (Norway)			10,743	$	151,691
SM Energy Co.			12,593		485,838
Solazyme, Inc.	*†		13,219		34,105
Stone Energy Corp.	*		10,803		182,355
Swift Energy Co.	*†		7,371		29,853
Synergy Resources Corp.	*		13,246		166,105
Targa Resources Corp.			7,034		745,956
Teekay Corp. (Bermuda)			8,613		438,316
Teekay Tankers Ltd., Class A (Bermuda)			9,900		50,094
TransAtlantic Petroleum Ltd.	*†		3,643		19,636
Triangle Petroleum Corp.	*†		15,408		73,650
Ultra Petroleum Corp.	*†		28,003		368,519
VAALCO Energy, Inc.	*		12,065		55,016
Vertex Energy, Inc.	*†		2,000		8,380
W&T Offshore, Inc.			5,802		42,587
Warren Resources, Inc.	*		17,522		28,210
Western Refining, Inc.			10,072		380,520
Westmoreland Coal Co.	*		3,181		105,641
World Fuel Services Corp.			13,211		619,992
WPX Energy, Inc.	*		36,900		429,147

					16,218,683

Paper & Forest Products—0.4%
Boise Cascade Co.	*		7,675		285,126
Clearwater Paper Corp.	*		3,863		264,809
Deltic Timber Corp.			1,869		127,839
Domtar Corp. (Canada)			11,880		477,814
KapStone Paper and Packaging Corp.			15,462		453,191
Louisiana-Pacific Corp.	*†		25,478		421,916
Neenah Paper, Inc.			2,742		165,260
P.H. Glatfelter Co.			8,163		208,728
Resolute Forest Products, Inc. (Canada)	*		11,015		193,974
Schweitzer-Mauduit International, Inc.			5,613		237,430
Wausau Paper Corp.			7,822		88,936

					2,925,023

Personal Products—0.3%
Avon Products, Inc.			80,700		757,773
Coty, Inc., Class A	*		11,495		237,487
Elizabeth Arden, Inc.	*†		4,409		94,309
Female Health Co. (The)	†		5,170		20,266
Herbalife Ltd.	†		13,700		516,490
IGI Laboratories, Inc.	*		4,628		40,726
Inter Parfums, Inc.			2,745		75,350
Medifast, Inc.	*		2,861		95,987
Nature’s Sunshine Products, Inc.	†		1,727		25,594
Nu Skin Enterprises, Inc., Class A	†		10,792		471,610
Nutraceutical International Corp.	*		1,355		29,214
Revlon, Inc., Class A	*		1,782		60,873
Synutra International, Inc.	*		2,931		17,821
USANA Health Sciences, Inc.	*		1,221		125,262

					2,568,762

Pharmaceuticals—1.5%
AcelRx Pharmaceuticals, Inc.	*†		5,622		37,836
Achaogen, Inc.	*		1,150		15,007
Aerie Pharmaceuticals, Inc.	*		1,295		37,801
Akorn, Inc.	*		11,875		429,875



		Shares		Value
Alimera Sciences, Inc.	*†		2,748	$	15,224
Amphastar Pharmaceuticals, Inc.	*†		1,513		17,566
Ampio Pharmaceuticals, Inc.	*†		7,534		25,842
ANI Pharmaceuticals, Inc.	*		1,107		62,424
Aratana Therapeutics, Inc.	*		4,040		71,993
Auxilium Pharmaceuticals, Inc.	*		9,100		312,903
Avanir Pharmaceuticals, Inc.	*		35,074		594,504
BioDelivery Sciences International, Inc.	*		6,937		83,383
Bio-Path Holdings, Inc.	*†		11,813		31,423
Catalent, Inc.	*		9,507		265,055
Cempra, Inc.	*		4,933		115,975
Corcept Therapeutics, Inc.	*†		9,895		29,685
Depomed, Inc.	*		11,672		188,036
Dermira, Inc.	*		1,364		24,702
Egalet Corp.	*		648		3,687
Endocyte, Inc.	*		5,585		35,130
Horizon Pharma plc	*†		10,579		136,363
Impax Laboratories, Inc.	*		12,242		387,827
Intersect ENT, Inc.	*		960		17,808
Intra-Cellular Therapies, Inc.	*†		2,752		48,573
Jazz Pharmaceuticals plc (Ireland)	*		10,686		1,749,619
Lannett Co., Inc.	*		4,522		193,903
Mallinckrodt plc	*		20,375		2,017,736
Medicines Co. (The)	*		12,102		334,862
Nektar Therapeutics	*		22,632		350,796
Omeros Corp.	*†		5,731		142,014
Pacira Pharmaceuticals, Inc.	*		6,697		593,756
Pain Therapeutics, Inc.	*		6,124		12,432
Pernix Therapeutics Holdings, Inc.	*		5,712		53,636
Phibro Animal Health Corp., Class A			2,360		74,458
POZEN, Inc.	*		5,088		40,704
Prestige Brands Holdings, Inc.	*		9,444		327,896
Relypsa, Inc.	*†		2,823		86,948
Repros Therapeutics, Inc.	*†		4,662		46,480
Revance Therapeutics, Inc.	*		1,284		21,751
Sagent Pharmaceuticals, Inc.	*		4,122		103,503
Salix Pharmaceuticals Ltd.	*		11,379		1,307,902
SciClone Pharmaceuticals, Inc.	*		10,639		93,198
Sucampo Pharmaceuticals, Inc., Class A	*†		1,783		25,461
Supernus Pharmaceuticals, Inc.	*		4,060		33,698
Tetraphase Pharmaceuticals, Inc.	*		4,678		185,763
TherapeuticsMD, Inc.	*†		18,397		81,867
Theravance Biopharma, Inc. (Cayman Islands)	*†		3,979		59,367
Theravance, Inc.	†		15,893		224,886
VIVUS, Inc.	*†		18,805		54,158
XenoPort, Inc.	*		8,506		74,598
Zogenix, Inc.	*†		22,351		30,621
ZS Pharma, Inc.	*†		1,120		46,558

					11,357,193

Professional Services—1.4%
Acacia Research Corp.	†		8,726		147,818
Advisory Board Co. (The)	*		6,712		328,754
Barrett Business Services, Inc.			1,514		41,484
CBIZ, Inc.	*		6,264		53,620
CDI Corp.			2,129		37,705
Corporate Executive Board Co. (The)			6,047		438,589
Corporate Resource Services, Inc.	*		2,873		3,448

See accompanying notes to financial statements.

348

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
CRA International, Inc.	*		1,427	$	43,267
Dun & Bradstreet Corp. (The)			6,702		810,674
Equifax, Inc.			21,960		1,775,905
Exponent, Inc.			2,633		217,222
Franklin Covey Co.	*		1,414		27,375
FTI Consulting, Inc.	*		7,311		282,424
GP Strategies Corp.	*		2,402		81,500
Heidrick & Struggles International, Inc.			3,000		69,150
Hill International, Inc.	*		4,200		16,128
Huron Consulting Group, Inc.	*		4,091		279,783
ICF International, Inc.	*		3,982		163,182
Insperity, Inc.			3,965		134,374
Kelly Services, Inc., Class A			4,508		76,726
Kforce, Inc.			4,412		106,462
Korn/Ferry International	*		8,532		245,380
ManpowerGroup, Inc.			14,445		984,716
Mistras Group, Inc.	*		3,345		61,314
Navigant Consulting, Inc.	*		10,052		154,499
On Assignment, Inc.	*		9,553		317,064
Paylocity Holding Corp.	*		1,348		35,196
Pendrell Corp.	*		26,471		36,530
Resources Connection, Inc.			6,845		112,600
Robert Half International, Inc.			24,695		1,441,694
RPX Corp.	*		9,075		125,053
Towers Watson & Co., Class A			11,816		1,337,217
TriNet Group, Inc.	*		2,531		79,170
TrueBlue, Inc.	*		7,816		173,906
VSE Corp.			653		43,033
WageWorks, Inc.	*		6,123		395,362

					10,678,324

Real Estate Investment Trusts (REITs)—9.1%
Acadia Realty Trust REIT			11,626		372,381
AG Mortgage Investment Trust, Inc. REIT			4,573		84,921
Agree Realty Corp. REIT			2,737		85,093
Alexander’s, Inc. REIT			383		167,440
Alexandria Real Estate Equities, Inc. REIT			13,017		1,155,129
Altisource Residential Corp. REIT (Virgin Islands, U.S.)			10,276		199,354
American Assets Trust, Inc. REIT			6,527		259,840
American Campus Communities, Inc. REIT			18,968		784,516
American Capital Mortgage Investment Corp. REIT			9,452		178,076
American Homes 4 Rent, Class A REIT			26,277		447,497
American Realty Capital Healthcare Trust, Inc. REIT			29,499		351,038
American Residential Properties, Inc. REIT	*		5,398		94,843
AmREIT, Inc. REIT			4,135		109,743
Anworth Mortgage Asset Corp. REIT			21,448		112,602
Apartment Investment & Management Co., Class A REIT			26,505		984,661
Apollo Commercial Real Estate Finance, Inc. REIT	†		9,538		156,042
Apollo Residential Mortgage, Inc. REIT			5,862		92,444



		Shares		Value
Ares Commercial Real Estate Corp. REIT	†		4,696	$	53,910
Armada Hoffler Properties, Inc. REIT			3,047		28,916
ARMOUR Residential REIT, Inc. REIT			66,344		244,146
Ashford Hospitality Prime, Inc. REIT			4,345		74,560
Ashford Hospitality Trust, Inc. REIT			14,414		151,059
Associated Estates Realty Corp. REIT			11,260		261,345
Aviv REIT, Inc. REIT			3,350		115,508
BioMed Realty Trust, Inc. REIT			34,804		749,678
Brandywine Realty Trust REIT			31,542		504,041
Brixmor Property Group, Inc. REIT			9,680		240,451
Camden Property Trust REIT			15,548		1,148,064
Campus Crest Communities, Inc. REIT			10,695		78,180
Capstead Mortgage Corp. REIT	†		17,141		210,491
CareTrust REIT, Inc. REIT			4,565		56,286
CatchMark Timber Trust, Inc., Class A REIT			5,604		63,437
CBL & Associates Properties, Inc. REIT			29,480		572,502
Cedar Realty Trust, Inc. REIT			13,395		98,319
Chambers Street Properties REIT			41,610		335,377
Chatham Lodging Trust REIT			6,873		199,111
Chesapeake Lodging Trust REIT			9,563		355,839
Chimera Investment Corp. REIT			184,876		587,906
Colony Financial, Inc. REIT			18,866		449,388
Columbia Property Trust, Inc. REIT			22,100		560,235
CorEnergy Infrastructure Trust, Inc. REIT			5,092		32,996
CoreSite Realty Corp. REIT			3,409		133,121
Corporate Office Properties Trust REIT			16,231		460,473
Corrections Corp. of America REIT			21,048		764,884
Cousins Properties, Inc. REIT			41,769		477,002
CubeSmart REIT			28,255		623,588
CyrusOne, Inc. REIT			5,326		146,731
CYS Investments, Inc. REIT			31,116		271,332
DCT Industrial Trust, Inc. REIT			14,508		517,355
DDR Corp. REIT			54,693		1,004,163
DiamondRock Hospitality Co. REIT			34,898		518,933
Douglas Emmett, Inc. REIT			25,960		737,264
Duke Realty Corp. REIT			59,877		1,209,515
DuPont Fabros Technology, Inc. REIT			11,161		370,992
Dynex Capital, Inc. REIT	†		9,171		75,661
EastGroup Properties, Inc. REIT			5,650		357,758
Education Realty Trust, Inc. REIT			8,040		294,184
Empire State Realty Trust, Inc., Class A REIT			16,194		284,691
EPR Properties REIT			10,117		583,043
Equity Commonwealth REIT			24,228		621,933
Equity LifeStyle Properties, Inc. REIT			15,064		776,549
Equity One, Inc. REIT			10,911		276,703
Excel Trust, Inc. REIT			12,589		168,567

See accompanying notes to financial statements.

349

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Extra Space Storage, Inc. REIT			20,789	$	1,219,067
Federal Realty Investment Trust REIT			12,098		1,614,599
FelCor Lodging Trust, Inc. REIT			23,021		249,087
First Industrial Realty Trust, Inc. REIT			20,382		419,054
First Potomac Realty Trust REIT			11,442		141,423
Franklin Street Properties Corp. REIT			16,006		196,394
Gaming and Leisure Properties, Inc. REIT			15,341		450,105
Geo Group, Inc. (The) REIT			13,484		544,214
Getty Realty Corp. REIT			4,999		91,032
Gladstone Commercial Corp. REIT			4,657		79,961
Glimcher Realty Trust REIT			27,743		381,189
Government Properties Income Trust REIT			13,244		304,744
Gramercy Property Trust, Inc. REIT			32,823		226,479
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT			5,763		82,007
Hatteras Financial Corp. REIT			17,686		325,953
Healthcare Realty Trust, Inc. REIT			18,090		494,219
Healthcare Trust of America, Inc., Class A REIT			20,982		565,255
Hersha Hospitality Trust REIT			37,283		262,099
Highwoods Properties, Inc. REIT			16,280		720,878
Home Properties, Inc. REIT			10,439		684,798
Hospitality Properties Trust REIT			27,110		840,410
Hudson Pacific Properties, Inc. REIT			9,712		291,943
Inland Real Estate Corp. REIT			16,167		177,029
Invesco Mortgage Capital, Inc. REIT			22,557		348,731
Investors Real Estate Trust REIT			18,364		150,034
Iron Mountain, Inc. REIT			33,744		1,304,543
iStar Financial, Inc. REIT	*		16,514		225,416
Kilroy Realty Corp. REIT			14,709		1,015,951
Kite Realty Group Trust REIT			5,903		169,652
Lamar Advertising Co., Class A REIT			14,504		777,995
LaSalle Hotel Properties REIT			20,307		821,824
Lexington Realty Trust REIT			36,506		400,836
Liberty Property Trust REIT			26,410		993,808
LTC Properties, Inc. REIT			6,423		277,281
Mack-Cali Realty Corp. REIT			16,724		318,759
Medical Properties Trust, Inc. REIT			30,549		420,965
MFA Financial, Inc. REIT			64,747		517,329
Mid-America Apartment Communities, Inc. REIT			13,795		1,030,211
Monmouth Real Estate Investment Corp. REIT	†		11,938		132,154
National Health Investors, Inc. REIT			6,772		473,769
National Retail Properties, Inc. REIT			24,063		947,360
New Residential Investment Corp. REIT			24,480		312,610
New York Mortgage Trust, Inc. REIT	†		15,834		122,080
New York REIT, Inc. REIT			28,736		304,314
NorthStar Realty Finance Corp. REIT			39,110		687,554
Omega Healthcare Investors, Inc. REIT			22,496		878,919



		Shares		Value
One Liberty Properties, Inc. REIT			1,927	$	45,612
Outfront Media, Inc. REIT			21,126		567,022
Owens Realty Mortgage, Inc. REIT			1,733		25,388
Paramount Group, Inc. REIT	*		25,629		476,443
Parkway Properties, Inc. REIT			15,190		279,344
Pebblebrook Hotel Trust REIT			13,001		593,236
Pennsylvania Real Estate Investment Trust REIT			13,304		312,112
PennyMac Mortgage Investment Trust REIT			13,445		283,555
Physicians Realty Trust REIT			9,740		161,684
Piedmont Office Realty Trust, Inc., Class A REIT			28,776		542,140
Post Properties, Inc. REIT			9,776		574,536
Potlatch Corp. REIT			7,237		303,013
PS Business Parks, Inc. REIT			3,550		282,367
QTS Realty Trust, Inc., Class A REIT			2,361		79,896
RAIT Financial Trust REIT	†		13,669		104,841
Ramco-Gershenson Properties Trust REIT			15,005		281,194
Rayonier, Inc. REIT			22,897		639,742
Redwood Trust, Inc. REIT	†		14,817		291,895
Regency Centers Corp. REIT			16,762		1,069,080
Resource Capital Corp. REIT			25,000		126,000
Retail Opportunity Investments Corp. REIT			17,655		296,427
Retail Properties of America, Inc., Class A REIT			42,040		701,648
Rexford Industrial Realty, Inc. REIT			7,687		120,763
RLJ Lodging Trust REIT			23,764		796,807
Rouse Properties, Inc. REIT	†		6,437		119,213
Ryman Hospitality Properties, Inc. REIT	†		8,002		422,025
Sabra Health Care REIT, Inc. REIT			9,783		297,110
Saul Centers, Inc. REIT			1,580		90,360
Select Income REIT REIT			6,360		155,248
Senior Housing Properties Trust REIT			36,322		803,079
Silver Bay Realty Trust Corp. REIT			6,492		107,508
Sovran Self Storage, Inc. REIT			5,817		507,359
Spirit Realty Capital, Inc. REIT			72,199		858,446
STAG Industrial, Inc. REIT			10,256		251,272
Starwood Property Trust, Inc. REIT			40,151		933,109
Starwood Waypoint Residential Trust REIT	†		7,249		191,156
STORE Capital Corp. REIT			5,218		112,761
Strategic Hotels & Resorts, Inc. REIT	*		46,735		618,304
Summit Hotel Properties, Inc. REIT			17,304		215,262
Sun Communities, Inc. REIT			8,480		512,701
Sunstone Hotel Investors, Inc. REIT			36,411		601,146
Tanger Factory Outlet Centers, Inc. REIT			17,012		628,764
Taubman Centers, Inc. REIT			11,557		883,186
Terreno Realty Corp. REIT			6,832		140,944
Trade Street Residential, Inc. REIT	†		3,200		24,608
Two Harbors Investment Corp. REIT			66,093		662,252
UMH Properties, Inc. REIT			3,071		29,328
Universal Health Realty Income Trust REIT			2,317		111,494
Urstadt Biddle Properties, Inc., Class A REIT			4,932		107,912

See accompanying notes to financial statements.

350

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Washington Prime Group, Inc. REIT			29,335	$	505,149
Washington Real Estate Investment Trust REIT			12,190		337,175
Weingarten Realty Investors REIT			22,099		771,697
Western Asset Mortgage Capital Corp. REIT	†		6,991		102,768
Whitestone REIT REIT			5,035		76,079
WP Carey, Inc. REIT			17,823		1,249,392

					67,857,393

Real Estate Management & Development—0.7%
Alexander & Baldwin, Inc.			8,598		337,558
Altisource Asset Management Corp. (Virgin Islands, U.S.)	*		278		86,213
Altisource Portfolio Solutions SA (Luxembourg)	*†		2,211		74,710
AV Homes, Inc.	*		1,495		21,782
Consolidated-Tomoka Land Co.			1,195		66,681
Forest City Enterprises, Inc., Class A	*		29,144		620,767
Forestar Group, Inc.	*		6,325		97,405
Howard Hughes Corp. (The)	*		7,258		946,588
Jones Lang LaSalle, Inc.			8,099		1,214,283
Kennedy-Wilson Holdings, Inc.			12,702		321,361
Marcus & Millichap, Inc.	*		2,013		66,932
RE/MAX Holdings, Inc., Class A			1,946		66,651
Realogy Holdings Corp.	*		26,171		1,164,348
St. Joe Co. (The)	*		11,647		214,188
Tejon Ranch Co.	*		2,591		76,331

					5,375,798

Road & Rail—1.0%
AMERCO			1,307		371,528
ArcBest Corp.			4,426		205,234
Avis Budget Group, Inc.	*		18,872		1,251,780
Celadon Group, Inc.			4,371		99,178
Con-way, Inc.			10,630		522,783
FRP Holdings, Inc.	*†		1,038		40,700
Genesee & Wyoming, Inc., Class A	*		9,284		834,817
Heartland Express, Inc.			9,553		258,027
Knight Transportation, Inc.			10,752		361,912
Landstar System, Inc.			8,364		606,641
Marten Transport Ltd.			3,709		81,079
Old Dominion Freight Line, Inc.	*		11,400		885,096
PAM Transportation Services, Inc.	*		530		27,475
Quality Distribution, Inc.	*		4,707		50,082
Roadrunner Transportation Systems, Inc.	*		4,782		111,660
Ryder System, Inc.			9,637		894,795
Saia, Inc.	*		4,798		265,617
Swift Transportation Co.	*		15,398		440,845
Universal Truckload Services, Inc.			1,615		46,044
USA Truck, Inc.	*		1,050		29,820
Werner Enterprises, Inc.			8,408		261,909
YRC Worldwide, Inc.	*		6,442		144,881

					7,791,903



		Shares		Value
Semiconductors & Semiconductor Equipment—2.8%
Advanced Energy Industries, Inc.	*		7,214	$	170,972
Advanced Micro Devices, Inc.	*†		109,329		291,908
Alpha & Omega Semiconductor Ltd.	*		2,749		24,329
Ambarella, Inc.	*†		4,941		250,608
Amkor Technology, Inc.	*		17,448		123,881
Applied Micro Circuits Corp.	*		14,794		96,457
Atmel Corp.	*		77,240		648,430
Audience, Inc.	*†		1,525		6,710
Axcelis Technologies, Inc.	*		20,883		53,460
Brooks Automation, Inc.			11,493		146,536
Cabot Microelectronics Corp.	*		4,276		202,340
Cascade Microtech, Inc.	*		2,057		30,053
Cavium, Inc.	*		9,354		578,264
CEVA, Inc.	*		3,801		68,950
Cirrus Logic, Inc.	*		11,941		281,449
Cohu, Inc.			4,103		48,826
Cree, Inc.	*†		22,700		731,394
Cypress Semiconductor Corp.	*†		28,584		408,179
Diodes, Inc.	*		6,143		169,362
DSP Group, Inc.	*		4,251		46,208
Entegris, Inc.	*		25,104		331,624
Entropic Communications, Inc.	*		14,187		35,893
Exar Corp.	*		7,230		73,746
Fairchild Semiconductor International, Inc.	*		22,593		381,370
First Solar, Inc.	*		13,656		608,989
FormFactor, Inc.	*		11,437		98,358
Freescale Semiconductor Ltd.	*†		18,512		467,058
Inphi Corp.	*		4,992		92,252
Integrated Device Technology, Inc.	*		24,178		473,889
Integrated Silicon Solution, Inc.			4,746		78,641
International Rectifier Corp.	*		12,910		515,109
Intersil Corp., Class A			24,427		353,459
IXYS Corp.			5,795		73,017
Kopin Corp.	*		10,484		37,952
Lattice Semiconductor Corp.	*		22,371		154,136
M/A-COM Technology Solutions Holdings, Inc.	*		2,726		85,269
MaxLinear, Inc., Class A	*		7,729		57,272
Micrel, Inc.			7,360		106,794
Microsemi Corp.	*		17,114		485,695
MKS Instruments, Inc.			10,265		375,699
Monolithic Power Systems, Inc.			7,140		355,144
Nanometrics, Inc.	*		3,660		61,561
NVE Corp.	*		771		54,579
OmniVision Technologies, Inc.	*		10,823		281,398
ON Semiconductor Corp.	*		80,877		819,284
PDF Solutions, Inc.	*		4,882		72,546
Pericom Semiconductor Corp.	*		5,204		70,462
Photronics, Inc.	*		11,167		92,798
PMC-Sierra, Inc.	*		31,707		290,436
Power Integrations, Inc.			5,526		285,915
QuickLogic Corp.	*†		8,878		27,877
Rambus, Inc.	*		19,622		217,608
RF Micro Devices, Inc.	*		51,742		858,400
Rubicon Technology, Inc.	*†		5,126		23,426
Rudolph Technologies, Inc.	*		5,424		55,488
Semtech Corp.	*		12,745		351,380
Silicon Image, Inc.	*		13,062		72,102
Silicon Laboratories, Inc.	*		8,335		396,913
Skyworks Solutions, Inc.			34,201		2,486,755

See accompanying notes to financial statements.

351

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Spansion, Inc., Class A	*		10,652	$	364,511
SunEdison, Inc.	*†		48,613		948,440
SunPower Corp.	*†		8,859		228,828
Synaptics, Inc.	*		6,838		470,728
Teradyne, Inc.			36,990		732,032
Tessera Technologies, Inc.			10,334		369,544
TriQuint Semiconductor, Inc.	*		30,980		853,499
Ultra Clean Holdings, Inc.	*		7,969		73,952
Ultratech, Inc.	*		4,638		86,081
Veeco Instruments, Inc.	*		7,744		270,111
Vitesse Semiconductor Corp.	*		7,754		29,310
Xcerra Corp.	*		8,847		81,039

					20,646,685

Software—3.7%
A10 Networks, Inc.	*		2,048		8,929
ACI Worldwide, Inc.	*		20,577		415,038
Actuate Corp.	*		9,173		60,542
Advent Software, Inc.			9,899		303,305
American Software, Inc., Class A			3,570		32,523
ANSYS, Inc.	*		16,867		1,383,094
Aspen Technology, Inc.	*		16,834		589,527
AVG Technologies NV (Netherlands)	*		5,989		118,223
Barracuda Networks, Inc.	*		1,892		67,809
Blackbaud, Inc.			8,708		376,708
Bottomline Technologies de, Inc.	*		7,299		184,519
BroadSoft, Inc.	*		4,735		137,410
Cadence Design Systems, Inc.	*		51,749		981,678
Callidus Software, Inc.	*		7,373		120,401
CommVault Systems, Inc.	*		8,682		448,773
Comverse, Inc.	*		3,789		71,157
Covisint Corp.	*		6,884		18,243
Cyan, Inc.	*†		1,292		3,230
Digimarc Corp.	†		993		26,960
Ebix, Inc.	†		6,537		111,064
Ellie Mae, Inc.	*†		5,388		217,244
EnerNOC, Inc.	*		4,402		68,011
Epiq Systems, Inc.			6,758		115,427
ePlus, Inc.	*		904		68,424
FactSet Research Systems, Inc.	†		7,687		1,081,945
Fair Isaac Corp.			5,747		415,508
FireEye, Inc.	*†		15,105		477,016
FleetMatics Group plc (Ireland)	*		6,374		226,213
Fortinet, Inc.	*		25,484		781,339
Gigamon, Inc.	*†		4,019		71,257
Globant SA (Luxembourg)	*		1,102		17,213
Glu Mobile, Inc.	*†		15,011		58,543
Guidance Software, Inc.	*†		2,669		19,350
Guidewire Software, Inc.	*		12,037		609,433
HubSpot, Inc.	*		949		31,896
Imperva, Inc.	*		3,842		189,910
Infoblox, Inc.	*		9,035		182,597
Informatica Corp.	*		19,840		756,598
Interactive Intelligence Group, Inc.	*		3,089		147,963
Jive Software, Inc.	*		6,532		39,388
Kofax Ltd.	*†		11,944		83,966
Manhattan Associates, Inc.	*		13,673		556,765
Mavenir Systems, Inc.	*		940		12,746
Mentor Graphics Corp.			17,566		385,047
MicroStrategy, Inc., Class A	*		1,565		254,156
MobileIron, Inc.	*		2,020		20,119



		Shares		Value
Model N, Inc.	*		3,185	$	33,825
Monotype Imaging Holdings, Inc.			7,430		214,207
NetScout Systems, Inc.	*		6,836		249,787
NetSuite, Inc.	*		7,513		820,194
Nuance Communications, Inc.	*		47,399		676,384
Park City Group, Inc.	*†		1,600		14,432
Paycom Software, Inc.	*		1,100		28,963
Pegasystems, Inc.			5,938		123,332
Progress Software Corp.	*		9,932		268,363
Proofpoint, Inc.	*		6,418		309,540
PROS Holdings, Inc.	*		3,855		105,935
PTC, Inc.	*		21,641		793,143
QAD, Inc., Class A			986		22,303
Qlik Technologies, Inc.	*		15,792		487,815
Qualys, Inc.	*		3,457		130,502
Rally Software Development Corp.	*		4,111		46,742
RealPage, Inc.	*		8,981		197,223
Rosetta Stone, Inc.	*		2,755		26,889
Rovi Corp.	*		17,493		395,167
Rubicon Project, Inc. (The)	*		1,350		21,789
Sapiens International Corp. NV (Israel)	*		3,979		29,325
SeaChange International, Inc.	*		5,522		35,230
ServiceNow, Inc.	*		25,927		1,759,147
Silver Spring Networks, Inc.	*†		5,731		48,312
SolarWinds, Inc.	*		12,044		600,152
Solera Holdings, Inc.			12,189		623,833
Splunk, Inc.	*		21,512		1,268,132
SS&C Technologies Holdings, Inc.			12,280		718,257
Synchronoss Technologies, Inc.	*		6,172		258,360
Synopsys, Inc.	*		27,740		1,205,858
Tableau Software, Inc., Class A	*		6,856		581,115
Take-Two Interactive Software, Inc.	*		14,905		417,787
Tangoe, Inc.	*		6,522		84,982
TeleCommunication Systems, Inc., Class A	*		7,640		23,837
TeleNav, Inc.	*		4,267		28,461
TiVo, Inc.	*		17,362		205,566
TubeMogul, Inc.	*†		578		13,034
Tyler Technologies, Inc.	*		5,956		651,825
Ultimate Software Group, Inc. (The)	*		5,045		740,682
Varonis Systems, Inc.	*†		985		32,338
VASCO Data Security International, Inc.	*†		5,034		142,009
Verint Systems, Inc.	*		10,790		628,841
VirnetX Holding Corp.	*†		7,740		42,493
Vringo, Inc.	*†		10,670		5,870
Yodlee, Inc.	*		1,224		14,933
Zendesk, Inc.	*†		1,829		44,573
Zynga, Inc., Class A	*		127,584		339,373

					27,858,067

Specialty Retail—3.7%
Aaron’s, Inc.			11,702		357,730
Abercrombie & Fitch Co., Class A			13,404		383,891
Aeropostale, Inc.	*		13,291		30,835
American Eagle Outfitters, Inc.			36,160		501,901
America’s Car-Mart, Inc.	*		1,569		83,753
ANN, Inc.	*		8,527		311,065

See accompanying notes to financial statements.

352

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Asbury Automotive Group, Inc.	*		5,664	$	430,011
Ascena Retail Group, Inc.	*		24,015		301,628
AutoNation, Inc.	*		12,688		766,482
Barnes & Noble, Inc.	*		8,200		190,404
bebe stores, Inc.			8,935		19,568
Big 5 Sporting Goods Corp.			4,027		58,915
Boot Barn Holdings, Inc.	*		1,009		18,364
Brown Shoe Co., Inc.			8,500		273,275
Buckle, Inc. (The)	†		5,434		285,394
Build-A-Bear Workshop, Inc.	*		1,985		39,898
Cabela’s, Inc.	*		9,438		497,477
Cato Corp. (The), Class A			4,713		198,794
Chico’s FAS, Inc.			27,602		447,428
Children’s Place, Inc. (The)			4,359		248,463
Christopher & Banks Corp.	*		5,820		33,232
Citi Trends, Inc.	*		3,282		82,870
Conn’s, Inc.	*†		4,892		91,431
Container Store Group, Inc.(The)	*†		2,409		46,084
CST Brands, Inc.			13,615		593,750
Destination Maternity Corp.			2,707		43,177
Destination XL Group, Inc.	*		8,855		48,348
Dick’s Sporting Goods, Inc.			17,488		868,279
DSW, Inc., Class A			13,331		497,246
Express, Inc.	*		16,183		237,728
Finish Line, Inc. (The), Class A			8,628		209,747
Five Below, Inc.	*		10,388		424,142
Foot Locker, Inc.			26,187		1,471,186
Francesca’s Holdings Corp.	*		8,927		149,081
GameStop Corp., Class A	†		19,977		675,223
Genesco, Inc.	*		4,586		351,379
GNC Holdings, Inc., Class A			16,762		787,144
Group 1 Automotive, Inc.			4,317		386,890
Guess?, Inc.			11,904		250,936
Haverty Furniture Cos., Inc.			3,359		73,932
hhgregg, Inc.	*†		2,033		15,390
Hibbett Sports, Inc.	*		4,967		240,552
Kirkland’s, Inc.	*		2,193		51,842
Lithia Motors, Inc., Class A			4,128		357,856
Lumber Liquidators Holdings, Inc.	*†		4,866		322,664
MarineMax, Inc.	*		5,242		105,102
Mattress Firm Holding Corp.	*		2,796		162,392
Men’s Wearhouse, Inc. (The)			8,549		377,438
Michaels Cos., Inc. (The)	*		4,550		112,521
Monro Muffler Brake, Inc.			5,979		345,586
Murphy USA, Inc.	*		8,400		578,424
New York & Co., Inc.	*		3,724		9,831
Office Depot, Inc.	*		96,366		826,338
Outerwall, Inc.	*		3,549		266,956
Pacific Sunwear of California, Inc.	*†		7,414		16,163
Penske Automotive Group, Inc.			7,830		384,218
Pep Boys-Manny, Moe & Jack (The)	*†		10,379		101,922
PetSmart, Inc.			17,819		1,448,596
Pier 1 Imports, Inc.	†		16,713		257,380
Rent-A-Center, Inc.			9,393		341,154
Restoration Hardware Holdings, Inc.	*		5,503		528,343
Sally Beauty Holdings, Inc.	*		29,339		901,881
Sears Hometown and Outlet Stores, Inc.	*		3,457		45,460
Select Comfort Corp.	*		9,527		257,515
Shoe Carnival, Inc.			3,350		86,061
Signet Jewelers Ltd. (Bermuda)			14,463		1,902,897



		Shares		Value
Sonic Automotive, Inc., Class A			7,614	$	205,883
Sportsman’s Warehouse Holdings, Inc.	*		1,594		11,668
Stage Stores, Inc.			6,014		124,490
Stein Mart, Inc.			5,811		84,957
Systemax, Inc.	*		1,358		18,333
Tile Shop Holdings, Inc.	*†		4,808		42,695
Tilly’s, Inc., Class A	*		1,567		15,184
Ulta Salon Cosmetics & Fragrance, Inc.	*		11,709		1,496,879
Urban Outfitters, Inc.	*		19,453		683,384
Vitamin Shoppe, Inc.	*		5,873		285,310
West Marine, Inc.	*		3,373		43,579
Williams-Sonoma, Inc.			17,116		1,295,339
Winmark Corp.			356		30,944
Zumiez, Inc.	*		3,482		134,510

					27,284,718

Technology Hardware, Storage & Peripherals—0.6%
3D Systems Corp.	*†		20,467		672,750
Cray, Inc.	*		7,804		269,082
Diebold, Inc.			11,474		397,459
Dot Hill Systems Corp.	*		9,656		42,680
Eastman Kodak Co.	*		2,841		61,678
Electronics For Imaging, Inc.	*		8,854		379,217
Immersion Corp.	*		5,977		56,602
Intevac, Inc.	*		3,848		29,899
Lexmark International, Inc., Class A			11,222		463,132
NCR Corp.	*		30,422		886,497
Nimble Storage, Inc.	*†		1,724		47,410
QLogic Corp.	*		16,769		223,363
Quantum Corp.	*		33,664		59,249
Silicon Graphics International Corp.	*†		6,293		71,614
Stratasys Ltd.	*		9,193		764,030
Super Micro Computer, Inc.	*		5,995		209,106
Violin Memory, Inc.	*		13,217		63,310

					4,697,078

Textiles, Apparel & Luxury Goods—1.1%
Carter’s, Inc.			9,712		847,955
Columbia Sportswear Co.			5,092		226,798
Crocs, Inc.	*		15,828		197,692
Culp, Inc.			1,780		38,590
Deckers Outdoor Corp.	*		6,122		557,347
Fossil Group, Inc.	*		8,450		935,753
G-III Apparel Group Ltd.	*		3,329		336,262
Hanesbrands, Inc.			17,935		2,001,905
Iconix Brand Group, Inc.	*		8,774		296,473
Kate Spade & Co.	*		23,044		737,638
Movado Group, Inc.			2,952		83,748
Oxford Industries, Inc.			2,482		137,031
Perry Ellis International, Inc.	*		2,045		53,027
Quiksilver, Inc.	*†		26,575		58,731
Sequential Brands Group, Inc.	*†		2,717		35,511
Skechers U.S.A., Inc., Class A	*		7,438		410,950
Steven Madden Ltd.	*		10,610		337,716
Tumi Holdings, Inc.	*		8,914		211,529
Unifi, Inc.	*		3,223		95,820
Vera Bradley, Inc.	*†		3,595		73,266
Vince Holding Corp.	*		1,928		50,398
Wolverine World Wide, Inc.	†		18,151		534,910

					8,259,050

See accompanying notes to financial statements.

353

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Thrifts & Mortgage Finance—1.1%
Anchor BanCorp Wisconsin, Inc.	*†		1,088	$	37,471
Astoria Financial Corp.			17,289		230,981
Bank Mutual Corp.			9,174		62,934
BankFinancial Corp.			3,338		39,589
BBX Capital Corp., Class A	*		1,182		19,444
Beneficial Mutual Bancorp, Inc.	*		4,861		59,644
Berkshire Hills Bancorp, Inc.			4,121		109,866
BofI Holding, Inc.	*†		2,398		186,588
Brookline Bancorp, Inc.			13,692		137,331
Capitol Federal Financial, Inc.			26,562		339,462
Charter Financial Corp.			2,121		24,285
Clifton Bancorp, Inc.			4,406		59,878
Dime Community Bancshares, Inc.			5,399		87,896
ESB Financial Corp.			2,032		38,486
Essent Group Ltd. (Bermuda)	*		7,086		182,181
EverBank Financial Corp.			17,637		336,161
Federal Agricultural Mortgage Corp., Class C			2,090		63,411
First Defiance Financial Corp.			1,548		52,725
First Financial Northwest, Inc.			1,619		19,493
Flagstar Bancorp, Inc.	*		3,160		49,707
Fox Chase Bancorp, Inc.			2,827		47,126
Franklin Financial Corp.	*†		2,537		53,734
Home Loan Servicing Solutions Ltd. (Cayman Islands)			13,537		264,242
HomeStreet, Inc.			4,137		72,025
Hudson City Bancorp, Inc.			95,867		970,174
Kearny Financial Corp.	*		3,008		41,360
Ladder Capital Corp. REIT	*		2,849		55,869
Meridian Bancorp, Inc.	*		2,379		26,692
Meta Financial Group, Inc.	†		883		30,940
MGIC Investment Corp.	*		60,906		567,644
Nationstar Mortgage Holdings, Inc.	*†		4,170		117,552
NMI Holdings, Inc., Class A	*†		8,136		74,282
Northfield Bancorp, Inc.			9,809		145,173
Northwest Bancshares, Inc.			16,950		212,383
OceanFirst Financial Corp.			1,812		31,058
Ocwen Financial Corp.	*†		19,245		290,600
Oritani Financial Corp.			8,540		131,516
PennyMac Financial Services, Inc., Class A	*		2,032		35,154
People’s United Financial, Inc.			56,147		852,311
Provident Financial Services, Inc.			11,086		200,213
Radian Group, Inc.			34,571		578,027
Stonegate Mortgage Corp.	*†		4,364		52,193
Territorial Bancorp, Inc.			1,756		37,842
TFS Financial Corp.			13,559		201,826
Tree.com, Inc.	*		1,518		73,380
TrustCo Bank Corp. NY			15,928		115,637
United Community Financial Corp./OH			6,335		34,019
United Financial Bancorp, Inc.			8,806		126,454
Walker & Dunlop, Inc.	*		3,171		55,619
Washington Federal, Inc.			19,186		424,970
Waterstone Financial, Inc.			5,674		74,613
WSFS Financial Corp.			1,658		127,484

					8,259,645

Tobacco—0.1%
22nd Century Group, Inc.	*		7,200		11,880
Alliance One International, Inc.	*		16,723		26,422



		Shares		Value
Universal Corp.	†		4,068	$	178,911
Vector Group Ltd.	†		12,941		275,773

					492,986

Trading Companies & Distributors—0.9%
Aceto Corp.			4,950		107,415
Air Lease Corp.			19,118		655,939
Aircastle Ltd.			11,324		241,994
Applied Industrial Technologies, Inc.			7,486		341,287
Beacon Roofing Supply, Inc.	*		8,899		247,392
CAI International, Inc.	*		2,855		66,236
DXP Enterprises, Inc.	*		2,271		114,754
GATX Corp.			8,354		480,689
General Finance Corp.	*†		1,900		18,734
H&E Equipment Services, Inc.			6,185		173,737
HD Supply Holdings, Inc.	*		18,748		552,878
Houston Wire & Cable Co.			3,458		41,323
Kaman Corp.			5,326		213,519
MRC Global, Inc.	*		19,397		293,865
MSC Industrial Direct Co., Inc., Class A	†		8,712		707,850
Neff Corp., Class A	*		1,829		20,613
NOW, Inc.	*†		20,167		518,897
Rush Enterprises, Inc., Class A	*		5,998		192,236
Stock Building Supply Holdings, Inc.	*		2,427		37,182
TAL International Group, Inc.	*		6,450		281,026
Textainer Group Holdings Ltd. (Bermuda)			4,142		142,153
Titan Machinery, Inc.	*†		2,896		40,370
Watsco, Inc.			4,599		492,093
WESCO International, Inc.	*		7,872		599,925

					6,582,107

Transportation Infrastructure—0.0%						��
Wesco Aircraft Holdings, Inc.	*		9,134		127,693

Water Utilities—0.5%
American States Water Co.			7,394		278,458
American Water Works Co., Inc.			32,200		1,716,260
Aqua America, Inc.			32,739		874,131
Artesian Resources Corp., Class A			1,201		27,131
California Water Service Group			9,216		226,806
Connecticut Water Service, Inc.			2,093		75,955
Middlesex Water Co.			2,518		58,065
SJW Corp.			2,960		95,075
York Water Co.			2,142		49,716

					3,401,597

Wireless Telecommunication Services—0.1%
Boingo Wireless, Inc.	*		3,174		24,345
NTELOS Holdings Corp.	†		2,906		12,176
RingCentral, Inc., Class A	*		4,655		69,453
Shenandoah Telecommunications Co.			4,906		153,312
Spok Holdings, Inc.			3,582		62,184
Telephone & Data Systems, Inc.			15,625		394,531
United States Cellular Corp.	*		2,164		86,192

					802,193

TOTAL COMMON STOCKS
(Cost $538,189,276)					740,380,888

See accompanying notes to financial statements.

354

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014

Vantagepoint Mid/Small
Company Index Fund

Coupon
Rate

Maturity
Date

Face

Value

U.S. TREASURY OBLIGATIONS—0.0%

U.S. Treasury Bills—0.0%

U.S. Treasury Bill

0.066%

06/04/2015

‡‡

225,000

224,938

0.000%

03/12/2015

‡‡

160,000

159,994

384,932

TOTAL U.S. TREASURY OBLIGATIONS

(Cost $384,937)

384,932

Value

RIGHTS—0.0%

Electronic Equipment, Instruments & Components—0.0%

Gerber Scientific, Inc. CVR

*†‡d

3,478

—

Health Care Providers & Services—0.0%

Providence Service Corp. (The), Expires 02/05/15

*‡d

—

Hotels, Restaurants & Leisure—0.0%

Empire Resorts, Inc.

464

—

Pharmaceuticals—0.0%

Furiex Pharmaceuticals, Inc. CVR

*‡d

2,916

—

Furiex Pharmaceuticals, Inc. CVR

*‡

1,264

12,172

Textiles, Apparel & Luxury Goods—0.0%

Mossimo, Inc. CVR

*‡d

2,807

—

Wireless Telecommunication Services—0.0%

Leap Wireless International, Inc. CVR

*‡

10,198

25,801

TOTAL RIGHTS

(Cost $—)

37,973

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

1,531

TOTAL WARRANTS

(Cost $—)

1,531

MONEY MARKET FUNDS—7.9%

Institutional Money Market Funds—7.9%

Dreyfus Institutional Cash Advantage Fund, 0.06%

††¥

7,900,000

Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11%

3,028,469



		Shares		Value
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11%	††¥		12,000,918	$	12,000,918
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.07%	††¥		12,100,000		12,100,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.07%	††¥		7,900,000		7,900,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.08%	††¥		7,900,000		7,900,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥		7,900,000		7,900,000

TOTAL MONEY MARKET FUNDS
(Cost $58,729,387)					58,729,387

TOTAL INVESTMENTS—107.4%
(Cost $597,303,600)					799,534,711
Other assets less liabilities—(7.4%)					(55,421,909	)

NET ASSETS—100.0%				$	744,112,802

Notes to the Schedule of Investments:


CVR		Contingent Value Rights
REIT		Real Estate Investment Trust
*		Non-income producing.
†		Denotes all or a portion of the security on loan.
d		Security has no market value at December 31, 2014.
‡		Security valued at fair value as determined by policies approved by the Board of Directors. (Total Market Value $39,504)
‡‡		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.

355

SCHEDULE OF INVESTMENTS

December 31, 2014


Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—98.5%
Australia—7.6%
AGL Energy Ltd.	*		15,695	$	171,187
ALS Ltd.			9,199		39,848
Alumina Ltd.	*		66,213		95,658
Amcor Ltd.			29,236		321,664
AMP Ltd.			70,861		315,598
APA Group (STAPLED SECURITY)			19,504		117,907
Asciano Ltd.			23,187		113,553
ASX Ltd.			4,762		142,072
Aurizon Holdings Ltd.			50,888		190,437
AusNet Services (STAPLED SECURITY)			35,545		38,402
Australia & New Zealand Banking Group Ltd.			66,290		1,724,863
Bank of Queensland Ltd.			9,511		93,702
Bendigo & Adelaide Bank Ltd.			10,782		112,111
BHP Billiton Ltd.			76,554		1,809,939
BHP Billiton plc			50,694		1,086,440
Boral Ltd.			17,810		76,429
Brambles Ltd.			36,647		315,686
Caltex Australia Ltd.			3,549		98,474
Coca-Cola Amatil Ltd.			13,631		102,915
Cochlear Ltd.			1,393		87,880
Commonwealth Bank of Australia			38,690		2,688,134
Computershare Ltd.			12,125		115,984
Crown Resorts Ltd.			9,297		95,614
CSL Ltd.			11,373		798,905
Dexus Property Group REIT			21,359		120,910
Federation Centres REIT			35,933		83,661
Flight Centre Travel Group Ltd.	†		1,536		40,659
Fortescue Metals Group Ltd.	†		38,249		83,981
Goodman Group REIT			40,988		189,319
GPT Group (The) REIT			39,152		138,561
Harvey Norman Holdings Ltd.	†		10,998		30,020
Healthscope Ltd.	*		24,482		54,087
Iluka Resources Ltd.			11,171		53,649
Incitec Pivot Ltd.			43,215		111,785
Insurance Australia Group Ltd.			55,999		284,336
Leighton Holdings Ltd.			2,341		42,626
Lend Lease Group (STAPLED SECURITY)			13,810		183,934
Macquarie Group Ltd.			6,932		326,891
Medibank Pvt Ltd.	*		67,391		132,593
Metcash Ltd.	†		22,041		33,218
Mirvac Group REIT			91,000		131,636
National Australia Bank Ltd.			56,866		1,550,752
Newcrest Mining Ltd.	*		18,064		158,944
Novion Property Group REIT			47,514		81,668
Orica Ltd.	†		9,411		144,210
Origin Energy Ltd.			26,575		251,438
Qantas Airways Ltd.	*		10,729		20,839
QBE Insurance Group Ltd.			31,380		284,943
Ramsay Health Care Ltd.			3,058		141,763
REA Group Ltd.			1,387		50,853
Santos Ltd.			24,782		165,538
Scentre Group REIT	*		125,130		354,515
Seek Ltd.			7,529		104,985
Sonic Healthcare Ltd.			8,990		135,251
Stockland REIT			56,727		189,575
Suncorp Group Ltd.			30,850		352,424



		Shares		Value
Sydney Airport (STAPLED SECURITY)		28,089	$	107,539
Tabcorp Holdings Ltd.		17,824		60,169
Tatts Group Ltd.		35,280		99,225
Telstra Corp. Ltd.		103,927		504,548
Toll Holdings Ltd.		17,276		82,294
TPG Telecom Ltd.		6,191		33,866
Transurban Group (STAPLED SECURITY)		44,674		311,321
Treasury Wine Estates Ltd.		16,519		63,760
Wesfarmers Ltd.		26,683		903,424
Westfield Corp. REIT		47,684		349,541
Westpac Banking Corp.		74,128		1,993,732
Woodside Petroleum Ltd.		17,527		542,063
Woolworths Ltd.	†	29,877		742,432
WorleyParsons Ltd.		4,768		39,057

				22,615,937

Austria—0.2%
Andritz AG		1,709		93,954
Erste Group Bank AG		6,666		155,042
IMMOFINANZ AG	*	22,198		55,906
OMV AG		3,747		99,495
Raiffeisen Bank International AG		2,730		41,715
Vienna Insurance Group AG Wiener Versicherung Gruppe		952		42,549
Voestalpine AG		2,547		100,640

				589,301

Belgium—1.3%
Ageas		5,144		182,896
Anheuser-Busch InBev NV		19,179		2,158,431
Belgacom SA	†	3,773		136,898
Colruyt SA	†	1,816		84,425
Delhaize Group SA		2,513		183,010
Groupe Bruxelles Lambert SA		1,906		162,620
Groupe Bruxelles Lambert SA STRIP VVPR	*‡d	127		—
KBC Groep NV	*	5,991		334,358
Solvay SA		1,406		190,253
Telenet Group Holding NV	*	1,140		63,974
UCB SA		3,014		229,177
Umicore SA		2,564		103,176

				3,829,218

Bermuda—0.0%
Seadrill Ltd.	†	9,642		111,560

China—0.0%
Yangzijiang Shipbuilding Holdings Ltd.		55,000		49,842

Denmark—1.5%
A.P. Moller-Maersk A/S, Class A		90		172,226
A.P. Moller-Maersk A/S, Class B		168		334,144
Carlsberg A/S, Class B		2,665		204,672
Coloplast A/S, Class B		2,580		215,906
Danske Bank A/S		15,771		426,383
DSV A/S		4,261		129,743
ISS A/S	*	2,019		57,951
Novo Nordisk A/S, Class B		47,855		2,024,256

See accompanying notes to financial statements.

356

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Novozymes A/S, Class B			5,709	$	240,312
Pandora A/S			2,756		223,393
TDC A/S			20,638		157,404
Tryg A/S			491		54,863
Vestas Wind Systems A/S	*		5,323		193,314
William Demant Holding A/S	*		638		48,374

					4,482,941

Finland—0.9%
Elisa Oyj			3,371		92,012
Fortum Oyj			10,766		233,746
Kone Oyj, Class B	†		7,429		338,226
Metso Oyj			2,482		74,310
Neste Oil Oyj			3,169		77,189
Nokia Oyj			89,666		709,151
Nokian Renkaat Oyj	†		2,497		60,911
Orion Oyj, Class B			2,366		73,584
Sampo Oyj, Class A			10,672		499,603
Stora Enso Oyj, Class R			12,667		113,255
UPM-Kymmene Oyj			12,337		202,181
Wartsila Oyj Abp	†		3,738		167,306

					2,641,474

France—9.4%
Accor SA			4,083		183,535
Aeroports de Paris			710		85,857
Air Liquide SA			8,190		1,013,428
Airbus Group NV			14,084		696,285
Alcatel-Lucent	*		65,506		234,329
Alstom SA	*		5,064		163,327
Arkema SA			1,640		108,464
AtoS			1,895		150,568
AXA SA			43,583		1,004,285
BNP Paribas SA			25,230		1,489,430
Bollore SA	†		12,200		55,560
Bouygues SA			4,005		144,613
Bureau Veritas SA			5,634		124,827
Cap Gemini SA			3,504		250,596
Carrefour SA			14,727		448,163
Casino Guichard Perrachon SA			1,389		127,739
Christian Dior SA			1,359		232,577
Cie de Saint-Gobain			10,716		453,939
Cie Generale des Etablissements Michelin			4,389		396,181
CNP Assurances			4,363		77,348
Credit Agricole SA			25,206		325,372
Danone SA			13,761		899,667
Dassault Systemes SA			2,951		179,953
Edenred			4,747		131,283
Electricite de France SA			5,911		162,720
Essilor International SA			4,931		549,902
Eurazeo SA			945		66,184
Eutelsat Communications SA			3,747		121,177
Fonciere Des Regions REIT			680		62,849
GDF Suez			34,697		809,101
Gecina SA REIT			662		82,643
Groupe Eurotunnel SA (Registered)			10,993		141,922
Hermes International	†		644		229,317
ICADE REIT			860		68,811
Iliad SA			624		149,808
Imerys SA			759		55,840
JCDecaux SA			1,650		56,811



		Shares		Value
Kering		1,815	$	348,789
Klepierre REIT		2,381		102,236
Lafarge SA		4,375		307,125
Lagardere SCA		2,948		76,772
Legrand SA		6,409		336,204
L’Oreal SA		6,032		1,009,587
LVMH Moet Hennessy Louis Vuitton SA		6,706		1,062,242
Natixis SA		22,417		147,921
Numericable-SFR	*	2,368		117,607
Orange SA		44,421		755,455
Pernod Ricard SA		5,075		564,024
Peugeot SA	*	9,317		114,155
Publicis Groupe SA		4,494		322,289
Remy Cointreau SA		587		39,164
Renault SA		4,509		328,419
Rexel SA		6,531		117,010
Safran SA		6,515		401,943
Sanofi		28,377		2,587,144
Schneider Electric SE		12,475		908,545
SCOR SE		3,526		106,839
Societe BIC SA		686		90,979
Societe Generale SA		17,181		719,028
Sodexo SA		2,352		230,224
Suez Environnement Co.		6,532		113,808
Technip SA		2,430		144,749
Thales SA		2,297		124,284
Total SA		51,080		2,616,932
Unibail-Rodamco SE (Paris Exchange) REIT		2,320		595,163
Valeo SA		1,754		218,251
Vallourec SA		2,715		73,581
Veolia Environnement SA		9,980		176,774
Vinci SA		11,861		647,640
Vivendi SA	*	29,061		723,344
Wendel SA		842		94,341
Zodiac Aerospace	†	4,491		151,202

				28,008,181

Germany—8.5%
adidas AG		5,162		358,478
Allianz SE (Registered)		10,981		1,818,742
Axel Springer SE		977		58,927
BASF SE		22,096		1,853,433
Bayer AG (Registered)		19,911		2,714,038
Bayerische Motoren Werke AG		7,939		856,763
Beiersdorf AG		2,520		204,609
Brenntag AG		3,773		210,949
Celesio AG		1,113		35,873
Commerzbank AG	*	23,915		313,683
Continental AG		2,655		560,000
Daimler AG (Registered)		23,164		1,923,864
Deutsche Annington Immobilien SE		5,316		180,487
Deutsche Bank AG (Registered)		33,099		991,128
Deutsche Boerse AG		4,777		339,463
Deutsche Lufthansa AG (Registered)		5,181		85,854
Deutsche Post AG (Registered)		23,184		752,597
Deutsche Telekom AG (Registered)		76,260		1,220,186
Deutsche Wohnen AG		6,745		159,113
E.ON SE		47,963		819,769
Fraport AG Frankfurt Airport Services Worldwide		826		47,662

See accompanying notes to financial statements.

357

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Fresenius Medical Care AG & Co. KGaA			5,211	$	388,933
Fresenius SE & Co. KGaA			9,135		474,965
GEA Group AG			4,341		190,857
Hannover Rueck SE			1,397		126,025
HeidelbergCement AG			3,359		237,078
Henkel AG & Co. KGaA			2,833		274,428
Hugo Boss AG			1,019		124,656
Infineon Technologies AG			26,950		285,181
K+S AG (Registered)			4,066		112,202
Kabel Deutschland Holding AG	*		485		65,727
Lanxess AG			2,157		99,896
Linde AG			4,452		820,069
MAN SE			928		103,350
Merck KGaA			3,134		294,936
Metro AG	*		4,213		128,782
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)			4,145		825,425
OSRAM Licht AG	*		2,007		78,795
ProSiebenSat.1 Media AG (Registered)			5,477		228,847
RWE AG			12,049		371,888
SAP SE			22,335		1,559,617
Siemens AG (Registered)			19,081		2,140,962
Symrise AG			2,681		161,517
Telefonica Deutschland Holding AG	*		14,681		77,807
ThyssenKrupp AG	*		10,785		274,735
TUI AG	*		5,017		80,619
TUI AG			5,985		98,882
United Internet AG (Registered)			2,900		130,630
Volkswagen AG			708		153,497

					25,415,924

Guernsey, Channel Islands—0.1%
Friends Life Group Ltd.			33,639		191,044

Hong Kong—3.0%
AIA Group Ltd.			287,000		1,582,939
ASM Pacific Technology Ltd.			5,500		52,368
Bank of East Asia Ltd.			31,120		124,979
BOC Hong Kong Holdings Ltd.			89,500		298,227
Cathay Pacific Airways Ltd.			31,000		67,590
Cheung Kong Holdings Ltd.			33,000		552,645
Cheung Kong Infrastructure Holdings Ltd.			14,000		102,953
CLP Holdings Ltd.			45,000		389,673
First Pacific Co. Ltd.			61,250		60,484
Galaxy Entertainment Group Ltd.			55,833		310,248
Hang Lung Properties Ltd.			55,000		153,434
Hang Seng Bank Ltd.			17,900		297,506
Henderson Land Development Co. Ltd.			26,290		182,723
HKT Trust & HKT Ltd. (STAPLED SECURITY)			61,100		79,458
Hong Kong & China Gas Co. Ltd.			151,265		344,634
Hong Kong Exchanges and Clearing Ltd.			26,500		585,033
Hutchison Whampoa Ltd.			51,000		583,010
Hysan Development Co. Ltd.			16,000		71,008



		Shares		Value
Kerry Properties Ltd.		15,500	$	55,916
Li & Fung Ltd.		137,200		127,968
Link (The) REIT		55,500		346,084
MTR Corp. Ltd.		34,000		139,103
New World Development Co. Ltd.		130,866		150,235
Noble Group Ltd.		111,309		94,962
NWS Holdings Ltd.		36,500		66,950
PCCW Ltd.		109,000		74,217
Power Assets Holdings Ltd.		33,000		319,044
Shangri-La Asia Ltd.		20,000		27,406
Sino Land Co. Ltd.		69,000		110,766
SJM Holdings Ltd.		51,000		80,626
Sun Hung Kai Properties Ltd.		39,083		592,125
Swire Pacific Ltd., Class A		15,000		194,707
Swire Properties Ltd.		28,400		83,565
Techtronic Industries Co. Ltd.		31,500		101,055
WH Group Ltd.	*^	79,500		45,337
Wharf Holdings Ltd. (The)		35,637		255,841
Wheelock & Co. Ltd.		23,000		106,788
Yue Yuen Industrial Holdings Ltd.		19,500		70,118

				8,881,725

Ireland—0.8%
Bank of Ireland	*	649,084		243,595
CRH plc		17,770		427,288
Experian plc		23,774		400,757
James Hardie Industries plc CDI		10,516		112,261
Kerry Group plc, Class A		3,780		261,146
Shire plc		14,009		993,239

				2,438,286

Israel—0.6%
Bank Hapoalim BM		24,913		117,144
Bank Leumi Le-Israel BM	*	33,915		115,861
Bezeq Israeli Telecommunication Corp. Ltd.		45,959		81,523
Delek Group Ltd.		125		31,354
Israel Chemicals Ltd.		11,239		80,867
Israel Corp. Ltd. (The)	*	66		31,238
Mizrahi Tefahot Bank Ltd.	*	3,712		38,847
NICE-Systems Ltd.		1,431		72,370
Teva Pharmaceutical Industries Ltd.		20,577		1,179,574

				1,748,778

Italy—2.0%
Assicurazioni Generali SpA		27,912		573,113
Atlantia SpA		10,037		233,280
Banca Monte dei Paschi di Siena SpA	*†	110,895		63,174
Banco Popolare SC	*	9,001		108,298
Enel Green Power SpA		39,986		83,777
Enel SpA		157,627		702,625
Eni SpA		61,061		1,069,575
EXOR SpA		2,198		90,188
Finmeccanica SpA	*	9,856		91,610
Intesa Sanpaolo SpA		279,009		809,378
Intesa Sanpaolo SpA RSP		20,778		51,196
Luxottica Group SpA		3,960		217,083
Mediobanca SpA		14,572		118,405
Pirelli & C. SpA		5,743		77,458

See accompanying notes to financial statements.

358

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Prysmian SpA			4,753	$	86,617
Saipem SpA	*†		6,108		64,028
Snam SpA			50,384		249,361
Telecom Italia SpA	*		243,842		260,054
Telecom Italia SpA RSP			139,812		116,889
Terna Rete Elettrica Nazionale SpA			35,219		159,971
UniCredit SpA			105,278		674,370
Unione di Banche Italiane SCpA			20,185		144,368
UnipolSai SpA			19,900		53,578

					6,098,396

Japan—21.1%
ABC-Mart, Inc.			600		29,033
Acom Co. Ltd.	*†		8,000		24,423
Advantest Corp.			4,200		52,056
Aeon Co. Ltd.	†		15,000		150,742
Aeon Credit Service Co. Ltd.	†		3,100		61,228
Aeon Mall Co. Ltd.			2,640		46,783
Air Water, Inc.			4,000		63,358
Aisin Seiki Co. Ltd.			4,700		168,864
Ajinomoto Co., Inc.			14,000		260,636
Alfresa Holdings Corp.			4,800		57,965
Amada Co. Ltd.			9,000		77,119
ANA Holdings, Inc.	†		26,000		64,288
Aozora Bank Ltd.	†		26,000		80,484
Asahi Glass Co. Ltd.	†		25,000		121,704
Asahi Group Holdings Ltd.			9,400		290,811
Asahi Kasei Corp.			31,000		282,795
Asics Corp.	†		3,900		93,894
Astellas Pharma, Inc.			51,975		723,601
Bandai Namco Holdings, Inc.			4,450		94,212
Bank of Kyoto Ltd. (The)			8,000		66,877
Bank of Yokohama Ltd. (The)			27,000		146,645
Benesse Holdings, Inc.			1,700		50,444
Bridgestone Corp.			15,500		537,570
Brother Industries Ltd.			5,800		105,139
Calbee, Inc.			1,900		65,449
Canon, Inc.			27,200		864,518
Casio Computer Co. Ltd.	†		4,600		70,368
Central Japan Railway Co.			3,500		524,567
Chiba Bank Ltd. (The)			18,000		117,952
Chiyoda Corp.			4,000		33,140
Chubu Electric Power Co., Inc.	*		15,800		185,666
Chugai Pharmaceutical Co. Ltd.			5,300		130,133
Chugoku Bank Ltd. (The)			4,000		54,524
Chugoku Electric Power Co., Inc. (The)			7,100		92,829
Citizen Holdings Co. Ltd.			5,200		40,011
COLOPL, Inc.			1,100		24,720
Credit Saison Co. Ltd.			3,800		70,666
Dai Nippon Printing Co. Ltd.			13,000		117,085
Daicel Corp.			7,000		81,763
Daihatsu Motor Co. Ltd.			4,900		63,998
Dai-ichi Life Insurance Co. Ltd. (The)			26,300		399,230
Daiichi Sankyo Co. Ltd.			15,702		219,557
Daikin Industries Ltd.			5,700		365,507
Daito Trust Construction Co. Ltd.			1,800		204,188



		Shares		Value
Daiwa House Industry Co. Ltd.		14,200	$	268,256
Daiwa Securities Group, Inc.		41,000		321,036
Denso Corp.		11,700		545,312
Dentsu, Inc.		5,100		214,411
Don Quijote Holdings Co. Ltd.		1,500		103,121
East Japan Railway Co.		8,000		602,967
Eisai Co. Ltd.	†	6,300		243,641
Electric Power Development Co. Ltd.		2,940		99,345
FamilyMart Co. Ltd.	†	1,600		60,262
FANUC Corp.		4,600		758,450
Fast Retailing Co. Ltd.		1,300		473,064
Fuji Electric Co. Ltd.		14,000		55,816
Fuji Heavy Industries Ltd.		14,200		502,481
FUJIFILM Holdings Corp.		11,000		335,649
Fujitsu Ltd.		44,000		234,593
Fukuoka Financial Group, Inc.		20,000		103,109
GungHo Online Entertainment, Inc.		10,200		36,930
Gunma Bank Ltd. (The)		8,000		51,916
Hachijuni Bank Ltd. (The)		11,000		70,660
Hakuhodo DY Holdings, Inc.		6,400		61,248
Hamamatsu Photonics KK		1,700		80,925
Hankyu Hanshin Holdings, Inc.		28,000		150,195
Hikari Tsushin, Inc.		376		22,870
Hino Motors Ltd.		6,000		78,980
Hirose Electric Co. Ltd.		730		84,697
Hiroshima Bank Ltd. (The)		14,000		66,635
Hisamitsu Pharmaceutical Co., Inc.	†	1,200		37,839
Hitachi Chemical Co. Ltd.	†	2,300		40,634
Hitachi Construction Machinery Co. Ltd.		2,300		48,629
Hitachi High-Technologies Corp.		1,700		48,835
Hitachi Ltd.		117,000		863,550
Hitachi Metals Ltd.		5,000		84,954
Hokuhoku Financial Group, Inc.		32,007		64,543
Hokuriku Electric Power Co.		4,300		54,913
Honda Motor Co. Ltd.		39,500		1,158,862
HOYA Corp.		10,300		348,396
Hulic Co. Ltd.		6,400		63,982
Ibiden Co. Ltd.		3,100		45,775
Idemitsu Kosan Co. Ltd.		2,500		41,283
IHI Corp.		35,000		177,256
Iida Group Holdings Co. Ltd.		4,200		51,162
INPEX Corp.		21,200		236,019
Isetan Mitsukoshi Holdings Ltd.		8,840		109,388
Isuzu Motors Ltd.		14,000		170,524
ITOCHU Corp.		36,200		386,439
Itochu Techno-Solutions Corp.		600		21,171
Iyo Bank Ltd. (The)		6,600		71,483
J. Front Retailing Co. Ltd.		5,300		61,385
Japan Airlines Co. Ltd.		3,000		88,947
Japan Display, Inc.	*†	8,000		24,416
Japan Exchange Group, Inc.		6,600		153,854
Japan Prime Realty Investment Corp. REIT		21		73,068

See accompanying notes to financial statements.

359

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Japan Real Estate Investment Corp. REIT			31	$	149,367
Japan Retail Fund Investment Corp. REIT			57		120,457
Japan Tobacco, Inc.			26,700		734,858
JFE Holdings, Inc.			11,700		260,920
JGC Corp.			5,000		102,934
Joyo Bank Ltd. (The)			16,000		79,230
JSR Corp.			4,300		73,806
JTEKT Corp.	†		4,700		79,100
JX Holdings, Inc.			54,410		211,742
Kajima Corp.			21,000		86,359
Kakaku.com, Inc.	†		3,800		54,365
Kamigumi Co. Ltd.			5,000		44,539
Kaneka Corp.			6,000		32,149
Kansai Electric Power Co., Inc. (The)	*		16,600		157,917
Kansai Paint Co. Ltd.			6,000		92,952
Kao Corp.			12,300		485,045
Kawasaki Heavy Industries Ltd.			33,000		150,069
KDDI Corp.			14,000		879,537
Keihan Electric Railway Co. Ltd.	†		11,000		58,864
Keikyu Corp.			11,000		81,387
Keio Corp.			15,000		107,904
Keisei Electric Railway Co. Ltd.	†		7,000		85,116
Keyence Corp.			1,072		477,678
Kikkoman Corp.	†		3,000		73,527
Kintetsu Corp.			43,000		141,380
Kirin Holdings Co. Ltd.	†		20,200		251,003
Kobe Steel Ltd.			73,000		125,742
Koito Manufacturing Co. Ltd.			2,600		79,539
Komatsu Ltd.			22,300		493,007
Konami Corp.			2,600		47,667
Konica Minolta, Inc.			11,900		129,663
Kubota Corp.			27,688		401,885
Kuraray Co. Ltd.			8,100		92,031
Kurita Water Industries Ltd.			2,700		56,301
Kyocera Corp.			7,700		352,349
Kyowa Hakko Kirin Co. Ltd.			5,000		47,083
Kyushu Electric Power Co., Inc.	*		10,600		106,161
Lawson, Inc.			1,500		90,642
LIXIL Group Corp.			6,600		138,902
M3, Inc.			4,900		81,987
Mabuchi Motor Co. Ltd.			1,400		55,569
Makita Corp.			2,900		130,680
Marubeni Corp.			41,000		245,318
Marui Group Co. Ltd.			5,400		48,706
Maruichi Steel Tube Ltd.			1,000		21,283
Mazda Motor Corp.			13,400		321,809
McDonald’s Holdings Co. Japan Ltd.	†		1,400		30,643
Medipal Holdings Corp.			2,800		32,703
MEIJI Holdings Co. Ltd.			1,502		136,651
Minebea Co. Ltd.	†		7,000		103,375
Miraca Holdings, Inc.			1,300		55,925
Mitsubishi Chemical Holdings Corp.			32,200		156,186
Mitsubishi Corp.			33,400		611,224
Mitsubishi Electric Corp.			47,000		558,269
Mitsubishi Estate Co. Ltd.			29,925		630,546
Mitsubishi Gas Chemical Co., Inc.			9,000		45,170



		Shares		Value
Mitsubishi Heavy Industries Ltd.		73,000	$	402,857
Mitsubishi Logistics Corp.		3,000		43,632
Mitsubishi Materials Corp.		26,000		86,253
Mitsubishi Motors Corp.		15,500		141,600
Mitsubishi Tanabe Pharma Corp.		5,700		83,554
Mitsubishi UFJ Financial Group, Inc.		309,240		1,699,036
Mitsubishi UFJ Lease & Finance Co. Ltd.		11,800		55,493
Mitsui & Co. Ltd.		40,700		545,101
Mitsui Chemicals, Inc.		21,000		59,480
Mitsui Fudosan Co. Ltd.		23,000		616,758
Mitsui OSK Lines Ltd.		27,000		79,994
Mixi, Inc.	†	800		29,496
Mizuho Financial Group, Inc.		560,380		939,367
MS&AD Insurance Group Holdings, Inc.		12,574		297,981
Murata Manufacturing Co. Ltd.		4,900		534,693
Nabtesco Corp.	†	2,600		62,838
Nagoya Railroad Co. Ltd.		18,955		70,574
NEC Corp.		62,000		180,172
Nexon Co. Ltd.		3,800		35,424
NGK Insulators Ltd.		6,477		132,768
NGK Spark Plug Co. Ltd.		4,600		139,773
NH Foods Ltd.		4,000		87,513
NHK Spring Co. Ltd.		3,000		26,104
Nidec Corp.		5,200		335,845
Nikon Corp.	†	8,100		107,624
Nintendo Co. Ltd.		2,500		260,894
Nippon Building Fund, Inc. REIT		33		165,664
Nippon Electric Glass Co. Ltd.		10,500		47,248
Nippon Express Co. Ltd.		19,000		96,288
Nippon Paint Holdings Co. Ltd.	†	3,000		86,934
Nippon Prologis REIT, Inc. REIT		33		71,651
Nippon Steel & Sumitomo Metal Corp.		183,245		454,564
Nippon Telegraph & Telephone Corp.		9,000		459,744
Nippon Yusen K.K.		38,000		107,331
Nissan Motor Co. Ltd.		59,400		518,073
Nisshin Seifun Group, Inc.		5,081		49,189
Nissin Foods Holdings Co. Ltd.		1,500		71,495
Nitori Holdings Co. Ltd.	†	1,700		91,338
Nitto Denko Corp.		3,900		217,915
NOK Corp.		2,000		50,907
Nomura Holdings, Inc.		87,600		495,731
Nomura Real Estate Holdings, Inc.		3,500		59,894
Nomura Research Institute Ltd.		2,750		84,109
NSK Ltd.		11,000		129,874
NTT Data Corp.		3,000		111,764
NTT DOCOMO, Inc.		36,500		531,552
NTT Urban Development Corp.	†	2,400		24,169
Obayashi Corp.		15,000		96,693
Odakyu Electric Railway Co. Ltd.		15,000		132,872
Oji Holdings Corp.		18,000		64,402
Olympus Corp.	*	5,700		199,673

See accompanying notes to financial statements.

360

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Omron Corp.			5,100	$	228,151
Ono Pharmaceutical Co. Ltd.			1,900		168,217
Oracle Corp. Japan			900		36,672
Oriental Land Co. Ltd.			1,200		276,737
ORIX Corp.			31,800		400,133
Osaka Gas Co. Ltd.			45,000		168,073
Otsuka Corp.			1,200		38,050
Otsuka Holdings Co. Ltd.			9,200		275,827
Panasonic Corp.			52,800		621,902
Park24 Co. Ltd.			2,000		29,443
Rakuten, Inc.			18,900		262,820
Recruit Holdings Co. Ltd.	*		3,500		100,518
Resona Holdings, Inc.			53,500		270,255
Ricoh Co. Ltd.			16,900		170,843
Rinnai Corp.			800		53,754
Rohm Co. Ltd.			2,400		144,608
Sankyo Co. Ltd.			1,300		44,595
Sanrio Co. Ltd.	†		1,400		34,591
Santen Pharmaceutical Co. Ltd.			1,700		91,519
SBI Holdings, Inc.			4,710		51,460
Secom Co. Ltd.			5,000		287,273
Sega Sammy Holdings, Inc.			4,048		51,791
Seibu Holdings, Inc.	†		2,700		55,047
Seiko Epson Corp.			3,100		129,717
Sekisui Chemical Co. Ltd.			11,000		132,341
Sekisui House Ltd.			13,200		173,685
Seven & i Holdings Co. Ltd.			18,040		648,923
Seven Bank Ltd.			16,300		68,419
Sharp Corp.	*†		36,000		79,643
Shikoku Electric Power Co., Inc.	*		4,900		59,435
Shimadzu Corp.			5,000		50,860
Shimamura Co. Ltd.			500		43,148
Shimano, Inc.			1,900		246,091
Shimizu Corp.			15,000		101,881
Shin-Etsu Chemical Co. Ltd.			9,800		637,978
Shinsei Bank Ltd.			37,000		64,395
Shionogi & Co. Ltd.			7,100		183,435
Shiseido Co. Ltd.	†		8,800		123,415
Shizuoka Bank Ltd. (The)			13,000		118,876
Showa Shell Sekiyu K.K.			4,400		43,342
SMC Corp.			1,351		354,265
SoftBank Corp.			23,300		1,386,893
Sompo Japan Nipponkoa Holdings, Inc.			7,875		198,038
Sony Corp.			25,300		516,354
Sony Financial Holdings, Inc.			4,300		63,318
Stanley Electric Co. Ltd.			3,200		69,099
Sumitomo Chemical Co. Ltd.			37,000		145,659
Sumitomo Corp.			26,900		276,282
Sumitomo Dainippon Pharma Co. Ltd.			4,000		38,735
Sumitomo Electric Industries Ltd.			18,000		224,807
Sumitomo Heavy Industries Ltd.			15,000		80,685
Sumitomo Metal Mining Co. Ltd.			13,000		193,894
Sumitomo Mitsui Financial Group, Inc.			30,500		1,102,658
Sumitomo Mitsui Trust Holdings, Inc.			81,740		313,088
Sumitomo Realty & Development Co. Ltd.			8,825		300,660



		Shares		Value
Sumitomo Rubber Industries Ltd.		3,600	$	53,518
Suntory Beverage & Food Ltd.		3,200		110,558
Suruga Bank Ltd.		4,800		88,210
Suzuken Co. Ltd.		1,460		40,330
Suzuki Motor Corp.		8,800		263,713
Sysmex Corp.		3,500		155,339
T&D Holdings, Inc.		13,600		163,035
Taiheiyo Cement Corp.		27,000		84,709
Taisei Corp.		26,000		147,472
Taisho Pharmaceutical Holdings Co. Ltd.		690		42,159
Taiyo Nippon Sanso Corp.	†	3,000		33,026
Takashimaya Co. Ltd.		7,000		55,893
Takeda Pharmaceutical Co. Ltd.		19,120		791,526
TDK Corp.		3,000		176,686
Teijin Ltd.		26,000		69,105
Terumo Corp.	†	7,200		163,413
THK Co. Ltd.		2,500		60,080
Tobu Railway Co. Ltd.		25,000		106,904
Toho Co. Ltd.		3,100		70,338
Toho Gas Co. Ltd.		9,000		44,031
Tohoku Electric Power Co., Inc.		11,600		134,983
Tokio Marine Holdings, Inc.		16,500		535,882
Tokyo Electric Power Co., Inc.	*	35,800		145,610
Tokyo Electron Ltd.	†	4,100		310,904
Tokyo Gas Co. Ltd.	†	55,000		296,762
Tokyo Tatemono Co. Ltd.		10,351		75,331
Tokyu Corp.		27,000		167,305
Tokyu Fudosan Holdings Corp.		12,300		85,341
TonenGeneral Sekiyu K.K.	†	7,000		59,756
Toppan Printing Co. Ltd.		14,000		90,964
Toray Industries, Inc.		35,000		279,649
Toshiba Corp.		99,000		417,513
TOTO Ltd.		6,000		69,796
Toyo Seikan Group Holdings Ltd.		3,400		42,233
Toyo Suisan Kaisha Ltd.		2,000		64,398
Toyoda Gosei Co. Ltd.		1,200		24,137
Toyota Industries Corp.		4,100		210,132
Toyota Motor Corp.		65,900		4,106,716
Toyota Tsusho Corp.		4,900		113,827
Trend Micro, Inc.		2,700		74,610
Unicharm Corp.		9,000		215,722
United Urban Investment Corp. REIT		57		89,725
USS Co. Ltd.		5,500		84,506
West Japan Railway Co.		4,000		189,113
Yahoo! Japan Corp.		34,000		121,853
Yakult Honsha Co. Ltd.		2,200		116,127
Yamada Denki Co. Ltd.	†	21,200		71,129
Yamaguchi Financial Group, Inc.		6,000		61,663
Yamaha Corp.		3,900		57,486
Yamaha Motor Co. Ltd.		6,600		132,048
Yamato Holdings Co. Ltd.	†	8,900		176,235
Yamato Kogyo Co. Ltd.		1,200		33,562
Yamazaki Baking Co. Ltd.	†	3,000		37,018
Yaskawa Electric Corp.		5,000		63,866
Yokogawa Electric Corp.		5,500		60,352
Yokohama Rubber Co. Ltd. (The)		4,000		36,421

				63,108,555

Jersey, Channel Islands—0.0%
Randgold Resources Ltd.		2,236		151,802

See accompanying notes to financial statements.

361

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Luxembourg—0.4%
Altice SA	*		2,042	$	161,511
ArcelorMittal			24,713		270,753
Millicom International Cellular SA SDR			1,633		120,997
RTL Group SA			895		85,344
SES SA FDR			7,092		254,461
Tenaris SA			11,466		173,261

					1,066,327

Macau—0.1%
MGM China Holdings Ltd.			22,800		57,568
Sands China Ltd.			57,694		280,863
Wynn Macau Ltd.	†		36,856		102,823

					441,254

Malta—0.0%
BGP Holdings plc	*‡d		142,647		—

Mexico—0.0%
Fresnillo plc			5,567		66,163

Netherlands—3.8%
Aegon NV			44,469		334,228
Akzo Nobel NV	†		5,809		401,925
ASML Holding NV			8,492		917,539
Corio NV REIT			1,559		76,347
Delta Lloyd NV			4,773		104,960
Gemalto NV	†		1,996		162,898
Heineken Holding NV			2,538		158,883
Heineken NV			5,540		393,383
ING Groep NV CVA	*		91,781		1,185,780
Koninklijke Ahold NV			21,268		377,993
Koninklijke Boskalis Westminster NV			2,224		121,664
Koninklijke DSM NV			4,220		257,390
Koninklijke KPN NV			77,651		245,171
Koninklijke Philips NV			23,158		671,258
Koninklijke Vopak NV			1,674		86,850
NN Group NV	*		2,664		79,530
OCI NV	*		1,830		63,629
Qiagen NV	*		5,534		128,904
Randstad Holding NV			2,923		140,644
Royal Dutch Shell plc, Class A			94,122		3,141,122
Royal Dutch Shell plc, Class B			58,191		2,010,560
TNT Express NV			10,558		70,384
Wolters Kluwer NV			7,373		224,989

					11,356,031

New Zealand—0.2%
Auckland International Airport Ltd.			23,175		76,254
Contact Energy Ltd.			7,698		38,230
Fletcher Building Ltd.	†		15,897		102,421
Meridian Energy Ltd.			27,300		37,294
Mighty River Power Ltd.			15,222		35,302
Ryman Healthcare Ltd.			9,185		60,927
Spark New Zealand Ltd.	†		43,732		106,014

					456,442



		Shares		Value
Norway—0.6%
DnB ASA		23,457	$	346,005
Gjensidige Forsikring ASA		5,033		82,125
Norsk Hydro ASA		31,860		179,469
Orkla ASA		19,594		133,386
Statoil ASA	†	26,326		463,518
Telenor ASA		18,251		369,192
Yara International ASA		4,148		184,720

				1,758,415

Portugal—0.1%
Banco Comercial Portugues SA, Class R	*†	753,906		59,159
Banco Espirito Santo SA (Registered)	*‡	71,807		567
EDP—Energias de Portugal SA		56,297		218,300
Galp Energia SGPS SA		9,269		94,127
Jeronimo Martins SGPS SA		5,514		55,253

				427,406

Singapore—1.5%
Ascendas Real Estate Investment Trust REIT		48,786		87,510
CapitaCommercial Trust REIT		52,000		68,653
CapitaLand Ltd.		60,500		150,424
CapitaMall Trust REIT		64,000		98,264
City Developments Ltd.		10,000		77,151
ComfortDelGro Corp. Ltd.		47,000		91,975
DBS Group Holdings Ltd.		41,730		646,036
Genting Singapore plc		148,000		119,997
Global Logistic Properties Ltd.		79,779		148,740
Golden Agri-Resources Ltd.		176,320		61,024
Hutchison Port Holdings Trust		119,000		81,784
Hutchison Port Holdings Trust		23,000		15,410
Jardine Cycle & Carriage Ltd.		2,349		75,256
Keppel Corp. Ltd.		33,400		222,624
Keppel Land Ltd.		16,000		41,218
Oversea-Chinese Banking Corp. Ltd.		70,411		553,992
SembCorp Industries Ltd.		22,340		74,817
Sembcorp Marine Ltd.		23,000		56,435
Singapore Airlines Ltd.		12,400		108,171
Singapore Exchange Ltd.		20,000		117,582
Singapore Press Holdings Ltd.		40,500		128,566
Singapore Technologies Engineering Ltd.		41,000		104,944
Singapore Telecommunications Ltd.		190,159		558,175
StarHub Ltd.		12,730		39,773
Suntec Real Estate Investment Trust REIT		52,000		76,924
United Overseas Bank Ltd.		30,917		570,544
UOL Group Ltd.		12,000		62,734
Wilmar International Ltd.		46,000		112,085

				4,550,808

South Africa—0.0%
Investec plc		13,127		109,982

Spain—3.4%
Abertis Infraestructuras SA		9,870		195,720
ACS Actividades de Construccion y Servicios SA		4,215		146,914

See accompanying notes to financial statements.

362

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Amadeus IT Holding SA, Class A			10,377	$	413,288
Banco Bilbao Vizcaya Argentaria SA			143,882		1,358,880
Banco de Sabadell SA			82,783		219,041
Banco Popular Espanol SA			44,360		221,127
Banco Santander SA			294,882		2,474,980
Bankia SA	*		109,984		163,208
Bankinter SA			14,660		117,774
CaixaBank SA			54,982		288,098
Distribuidora Internacional de Alimentacion SA			14,991		101,580
Enagas SA			4,992		157,453
Ferrovial SA	†		10,277		203,158
Gas Natural SDG SA			8,334		209,355
Grifols SA			3,783		150,955
Iberdrola SA			123,654		833,520
Inditex SA			26,125		745,226
Mapfre SA			23,259		78,615
Red Electrica Corp. SA	†		2,637		232,455
Repsol SA			24,158		452,258
Telefonica SA			100,329		1,440,476
Zardoya Otis SA			4,145		45,967

					10,250,048

Sweden—3.0%
Alfa Laval AB			7,713		145,851
Assa Abloy AB, Class B			8,033		424,275
Atlas Copco AB, Class A			16,008		445,433
Atlas Copco AB, Class B			9,474		242,514
Boliden AB			6,549		104,684
Electrolux AB, Series B			5,683		166,053
Elekta AB, Class B	†		9,760		99,675
Getinge AB, Class B			4,736		107,850
Hennes & Mauritz AB, Class B			22,774		946,146
Hexagon AB, Class B			6,092		187,935
Husqvarna AB, Class B			10,042		73,813
ICA Gruppen AB			1,683		65,533
Industrivarden AB, Class C			3,992		69,294
Investment AB Kinnevik, Class B			5,731		186,368
Investor AB, Class B			10,939		397,718
Lundin Petroleum AB	*		5,158		73,813
Nordea Bank AB			72,096		834,568
Sandvik AB			26,450		257,176
Securitas AB, Class B			7,931		95,947
Skandinaviska Enskilda Banken AB, Class A			36,218		459,917
Skanska AB, Class B			8,785		188,618
SKF AB, Class B			9,931		209,202
Svenska Cellulosa AB SCA, Class B			14,160		305,271
Svenska Handelsbanken AB, Class A			12,056		564,075
Swedbank AB, Class A			21,633		536,735
Swedish Match AB			4,586		143,700
Tele2 AB, Class B			7,688		93,161
Telefonaktiebolaget LM Ericsson, Class B			72,968		883,504
TeliaSonera AB			57,173		367,586
Volvo AB, Class B			36,853		397,404

					9,073,819



		Shares		Value
Switzerland—9.8%
ABB Ltd. (Registered)	*	52,795	$	1,117,044
Actelion Ltd. (Registered)	*	2,536		291,947
Adecco SA (Registered)	*	4,121		283,275
Aryzta AG	*	2,194		168,608
Baloise Holding AG (Registered)		1,117		142,766
Barry Callebaut AG (Registered)	*	53		54,337
Chocoladefabriken Lindt & Sprungli AG (Participation Certificates)		24		118,667
Chocoladefabriken Lindt & Sprungli AG (Registered)		2		115,404
Cie Financiere Richemont SA (Registered)		12,533		1,111,159
Coca-Cola HBC AG CDI	*	5,250		99,957
Credit Suisse Group AG (Registered)	*	36,265		911,022
EMS-Chemie Holding AG (Registered)		200		80,965
Geberit AG (Registered)		885		299,398
Givaudan SA (Registered)	*	222		398,236
Glencore plc	*	252,553		1,165,741
Holcim Ltd. (Registered)	*	5,386		385,014
Julius Baer Group Ltd.	*	5,212		237,970
Kuehne + Nagel International AG (Registered)		1,276		173,326
Lonza Group AG (Registered)	*	1,256		141,415
Nestle SA (Registered)		77,052		5,617,169
Novartis AG (Registered)		54,955		5,096,718
Pargesa Holding SA (Bearer)		689		53,167
Partners Group Holding AG		407		118,411
Roche Holding AG (Genusschein)		16,782		4,546,952
Schindler Holding AG (Participation Certificates)		1,133		163,565
Schindler Holding AG (Registered)		508		72,834
SGS SA (Registered)		128		261,372
Sika AG (Bearer)		51		150,447
Sonova Holding AG (Registered)		1,286		188,927
STMicroelectronics NV		15,057		112,348
Sulzer AG (Registered)		604		64,611
Swatch Group AG (The) (Bearer)		723		321,197
Swatch Group AG (The) (Registered)		1,205		103,996
Swiss Life Holding AG (Registered)	*	786		185,772
Swiss Prime Site AG (Registered)	*	1,302		95,494
Swiss Re AG	*	8,433		706,447
Swisscom AG (Registered)		546		286,507
Syngenta AG (Registered)		2,225		715,688
Transocean Ltd.	†	8,713		159,883
UBS Group AG	*	86,978		1,495,126
Wolseley plc		6,261		357,953
Zurich Insurance Group AG	*	3,588		1,121,258

				29,292,093

See accompanying notes to financial statements.

363

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
United Kingdom—18.5%
3i Group plc			22,934	$	159,914
Aberdeen Asset Management plc			21,473		143,482
Admiral Group plc			4,536		93,056
Aggreko plc			6,270		146,216
Amec Foster Wheeler plc			9,591		126,666
Anglo American plc			33,394		617,938
Antofagasta plc			9,365		109,121
ARM Holdings plc			33,520		514,947
Ashtead Group plc			10,946		194,400
Associated British Foods plc			8,483		414,726
AstraZeneca plc (London Exchange)			30,109		2,126,621
Aviva plc			70,386		528,837
Babcock International Group plc			6,101		99,948
BAE Systems plc			76,216		557,382
Barclays plc			391,075		1,470,180
BG Group plc			81,873		1,095,600
BP plc			439,670		2,790,837
British American Tobacco plc			44,469		2,409,816
British Land Co. plc (The) REIT			23,218		279,978
BT Group plc			193,667		1,204,621
Bunzl plc			7,759		212,109
Burberry Group plc			10,759		272,974
Capita plc			15,771		264,443
Centrica plc			119,816		518,975
CNH Industrial NV			23,774		192,452
Cobham plc			29,128		146,224
Compass Group plc			40,147		686,228
Croda International plc			3,144		129,767
Diageo plc			60,421		1,730,884
Direct Line Insurance Group plc			37,809		171,033
Dixons Carphone plc			23,057		165,619
easyJet plc			3,729		96,503
Fiat Chrysler Automobiles NV	*		21,516		250,010
G4S plc			36,606		157,905
GKN plc			38,048		202,520
GlaxoSmithKline plc			115,702		2,482,223
Hammerson plc REIT			18,350		171,846
Hargreaves Lansdown plc			5,780		90,439
HSBC Holdings plc (London Exchange)			457,386		4,322,186
ICAP plc			12,886		90,230
IMI plc			6,262		122,509
Imperial Tobacco Group plc			22,965		1,010,907
Inmarsat plc			10,921		135,415
InterContinental Hotels Group plc			5,617		226,008
International Consolidated Airlines Group SA	*		23,480		174,909
Intertek Group plc			3,743		135,467
Intu Properties plc REIT			23,208		119,984
ITV plc			91,636		305,672
J. Sainsbury plc			30,422		116,172
Johnson Matthey plc			4,888		257,161
Kingfisher plc			55,378		292,736
Land Securities Group plc REIT			18,929		340,261
Legal & General Group plc			140,320		541,796
Lloyds Banking Group plc	*		1,360,288		1,600,052



		Shares		Value
London Stock Exchange Group plc		5,667	$	194,996
Marks & Spencer Group plc		39,101		289,519
Meggitt plc		18,961		152,527
Melrose Industries plc		25,010		103,528
Merlin Entertainments plc	^	11,023		68,206
National Grid plc		89,748		1,273,460
Next plc		3,729		395,486
Old Mutual plc		117,636		346,693
Pearson plc		19,658		363,046
Persimmon plc	*	7,501		183,204
Petrofac Ltd.		6,704		73,033
Prudential plc		61,112		1,412,877
Reckitt Benckiser Group plc		15,464		1,252,490
Reed Elsevier NV		16,456		392,979
Reed Elsevier plc		26,936		460,120
Rexam plc		17,362		122,228
Rio Tinto Ltd.		10,284		482,123
Rio Tinto plc		30,295		1,396,510
Rolls-Royce Holdings plc	*	44,640		599,686
Royal Bank of Scotland Group plc	*	60,677		369,170
Royal Mail plc		16,607		110,668
RSA Insurance Group plc	*	23,682		159,888
SABMiller plc		23,226		1,210,798
Sage Group plc (The)		25,311		182,811
Schroders plc		3,024		125,684
Segro plc REIT		18,528		106,141
Severn Trent plc		6,028		188,009
Sky plc		25,053		349,648
Smith & Nephew plc		21,399		385,878
Smiths Group plc		9,429		160,332
Sports Direct International plc	*	6,001		66,015
SSE plc		23,313		589,052
Standard Chartered plc (London Exchange)		58,648		877,133
Standard Life plc		57,351		355,248
Subsea 7 SA		6,827		69,860
Tate & Lyle plc		11,052		103,551
Tesco plc		192,050		559,960
Travis Perkins plc		6,056		174,316
Tullow Oil plc		22,677		146,139
Unilever NV CVA		38,801		1,517,807
Unilever plc		30,542		1,240,866
United Utilities Group plc		16,221		230,402
Vodafone Group plc		632,017		2,166,951
Weir Group plc (The)		5,346		153,301
Whitbread plc		4,343		321,409
William Hill plc		22,445		126,121
Wm Morrison Supermarkets plc		49,809		142,118
WPP plc		31,800		661,175

				55,231,067

United States—0.1%
Carnival plc		4,513		203,979

TOTAL COMMON STOCKS
(Cost $287,751,569)				294,646,798

See accompanying notes to financial statements.

364

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Overseas Equity Index Fund			Shares		Value
PREFERRED STOCKS—0.6%
Germany—0.6%
Bayerische Motoren Werke AG				1,259	$	102,860
FUCHS PETROLUB SE				1,724		68,665
Henkel AG & Co. KGaA				4,249		457,693
Porsche Automobil Holding SE				3,795		306,912
Volkswagen AG				3,897		866,129

						1,802,259

United Kingdom—0.0%
Rolls-Royce Holdings plc		*‡		4,150,080		6,468

TOTAL PREFERRED STOCKS
(Cost $1,396,385)						1,808,727



Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.075%	06/04/2015
(Cost $124,961)		‡‡	$	125,000	��	124,966



				Shares		Value
RIGHTS—0.0%
Australia—0.0%
APA Group, Expires 01/15/15, Strike AUD 1.00		*‡		6,501		4,272

Spain—0.0%
Banco Bilbao Vizcaya Argentaria SA, Expires 01/07/15, Strike EUR 1.00		*		143,882		13,754
Repsol SA, Expires 01/08/15, Strike EUR 1.00		*		24,158		13,359

						27,113

TOTAL RIGHTS
(Cost $—)						31,385


MONEY MARKET FUNDS—2.8%
Institutional Money Market Funds—2.8%
Dreyfus Institutional Cash Advantage Fund, 0.06%		††¥		1,200,000		1,200,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11%		¥		1,312,077		1,312,077
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11%		††¥		1,113,767		1,113,767



		Shares		Value
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.07%	††¥	1,200,000	$	1,200,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.07%	††¥	1,200,000		1,200,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.08%	††¥	1,200,000		1,200,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥	1,200,000		1,200,000

TOTAL MONEY MARKET FUNDS
(Cost $8,425,844)				8,425,844

TOTAL INVESTMENTS—102.0%
(Cost $297,698,759)				305,037,720
Other assets less liabilities—(2.0%)				(5,989,797	)

NET ASSETS—100.0%			$	299,047,923

Notes to the Schedule of Investments:


CDI		Chess Depository Interest
CVA		Dutch Certificate of Shares
FDR		Fiduciary Depository Receipt
REIT		Real Estate Investment Trust
RSP		Risparmio (Italian Savings Shares)
SDR		Swedish Depository Receipt
VVPR		Verlaagde Vooheffing Precompte Reduit (Belgian dividend coupon)
*		Non-income producing.
†		Denotes all or a portion of the security on loan.
d		Security has no market value at December 31, 2014.
‡		Security valued at fair value as determined by policies approved by the Board of Directors. (Total Market Value $11,307)
^		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 $113,543, which represents 0.0% of Net Assets. The illiquid 144A securities represented 0.0% 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.
††		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.

365

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2014


Vantagepoint Overseas Equity Index Fund
Percentage of Portfolio by Industry (unaudited):

COMMON STOCKS
Banks			13.4%
Pharmaceuticals			9.2%
Insurance			5.6%
Oil, Gas & Consumable Fuels			5.3%
Food Products			4.0%
Automobiles			3.7%
Chemicals			3.4%
Metals & Mining			3.2%
Diversified Telecommunication Services			3.2%
Machinery			2.5%
Beverages			2.5%
Real Estate Management & Development			2.0%
Capital Markets			1.9%
Wireless Telecommunication Services			1.8%
Real Estate Investment Trusts (REITs)			1.7%
Food & Staples Retailing			1.7%
Electric Utilities			1.7%
Textiles, Apparel & Luxury Goods			1.6%
Media			1.6%
Industrial Conglomerates			1.5%
Tobacco			1.4%
Multi-Utilities			1.4%
Electrical Equipment			1.3%
Hotels, Restaurants & Leisure			1.3%
Auto Components			1.2%
Electronic Equipment, Instruments & Components			1.2%
Trading Companies & Distributors			1.2%
Road & Rail			1.1%
Diversified Financial Services			1.1%
Aerospace & Defense			1.0%
Specialty Retail			1.0%
Software			0.9%
Semiconductors & Semiconductor Equipment			0.8%
Household Durables			0.8%
Health Care Equipment & Supplies			0.7%
Household Products			0.7%
Construction & Engineering			0.7%
Construction Materials			0.6%
Professional Services			0.6%
Building Products			0.6%
Communications Equipment			0.6%
Technology Hardware, Storage & Peripherals			0.6%
Personal Products			0.6%
Health Care Providers & Services			0.5%
Gas Utilities			0.5%
Transportation Infrastructure			0.5%
Commercial Services & Supplies			0.5%
IT Services			0.5%
Multiline Retail			0.4%
Air Freight & Logistics			0.4%
Biotechnology			0.4%
Energy Equipment & Services			0.3%
Marine			0.3%
Airlines			0.2%
Leisure Products			0.2%
Containers & Packaging			0.2%
Internet & Catalog Retail			0.1%
Consumer Finance			0.1%



Independent Power and Renewable Electricity Producers			0.1%
Life Sciences Tools & Services			0.1%
Water Utilities			0.1%
Internet Software & Services			0.1%
Paper & Forest Products			0.1%
Distributors			0.0%
Health Care Technology			0.0%
Diversified Consumer Services			0.0%

			98.5%

PREFERRED STOCKS
Automobiles			0.4%
Household Products			0.2%
Aerospace & Defense			0.0%
Chemicals			0.0%

			0.6%

RIGHTS
Banks			0.0%
Gas Utilities			0.0%
Oil, Gas & Consumable Fuels			0.0%

			0.0%

TOTAL COMMON STOCKS/PREFERRED STOCKS			99.1%

U.S. TREASURY OBLIGATIONS
U.S. Treasury Bills			0.1%

MONEY MARKET FUNDS
Institutional Money Market Funds			2.8%

TOTAL INVESTMENTS			102.0%
Other assets less liabilities			(2.0)%

TOTAL NET ASSETS			100.0%

See accompanying notes to financial statements.

366

SCHEDULE OF INVESTMENTS

December 31, 2014


Vantagepoint Model Portfolio Conservative Growth Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—99.2%
Vantagepoint Aggressive Opportunities Fund Class T			826,875	$	9,525,602
Vantagepoint Core Bond Index Fund Class T			10,655,268		109,749,256
Vantagepoint Discovery Fund Class T			969,907		9,747,564
Vantagepoint Diversifying Strategies Fund Class T			6,033,606		61,120,433
Vantagepoint Equity Income Fund Class T			4,992,093		49,671,325
Vantagepoint Growth & Income Fund Class T			2,803,243		35,685,284
Vantagepoint Growth Fund Class T			2,404,595		32,582,267
Vantagepoint High Yield Fund Class T			6,776,144		64,170,083
Vantagepoint Inflation Focused Fund Class T			4,716,173		49,897,110
Vantagepoint International Fund Class T			4,050,957		41,967,915
Vantagepoint Low Duration Bond Fund Class T			18,323,810		184,520,763
Vantagepoint Select Value Fund Class T			1,471,250		17,449,024

TOTAL AFFILIATED MUTUAL FUNDS
(Cost $634,285,482)					666,086,626


EXCHANGE TRADED FUND—0.8%
Vanguard FTSE Emerging Markets ETF (Cost $6,014,195)			143,250		5,732,865


MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11% (Cost $58,344)	¥		58,344		58,344

TOTAL INVESTMENTS—100.0%
(Cost $640,358,021)					671,877,835
Other assets less liabilities—(0.0%)					(159,552	)

NET ASSETS—100.0%				$	671,718,283

Notes to the Schedule of Investments:


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

See accompanying notes to financial statements.

367

SCHEDULE OF INVESTMENTS

December 31, 2014


Vantagepoint Model Portfolio Traditional Growth Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—98.4%
Vantagepoint Aggressive Opportunities Fund Class T			4,633,627	$	53,379,382
Vantagepoint Core Bond Index Fund Class T			26,402,120		271,941,832
Vantagepoint Discovery Fund Class T			4,655,133		46,784,089
Vantagepoint Diversifying Strategies Fund Class T			20,603,953		208,718,045
Vantagepoint Equity Income Fund Class T			19,357,670		192,608,816
Vantagepoint Growth & Income Fund Class T			15,583,273		198,375,067
Vantagepoint Growth Fund Class T			11,614,977		157,382,933
Vantagepoint High Yield Fund Class T			8,495,801		80,455,232
Vantagepoint Inflation Focused Fund Class T			5,327,359		56,363,462
Vantagepoint International Fund Class T			17,656,281		182,919,070
Vantagepoint Low Duration Bond Fund Class T			16,161,527		162,746,574
Vantagepoint Select Value Fund Class T			6,685,153		79,285,909

TOTAL AFFILIATED MUTUAL FUNDS
(Cost $1,515,750,849)					1,690,960,411


EXCHANGE TRADED FUND—1.6%
Vanguard FTSE Emerging Markets ETF (Cost $28,189,267)			669,600		26,797,392


MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11% (Cost $299,674)	¥		299,674		299,674

TOTAL INVESTMENTS—100.0%
(Cost $1,544,239,790)					1,718,057,477
Other assets less liabilities—(0.0%)					(352,483	)

NET ASSETS—100.0%				$	1,717,704,994

Notes to the Schedule of Investments:


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

See accompanying notes to financial statements.

368

SCHEDULE OF INVESTMENTS

December 31, 2014


Vantagepoint Model Portfolio Long-Term Growth Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—98.0%
Vantagepoint Aggressive Opportunities Fund Class T			9,907,637	$	114,135,982
Vantagepoint Core Bond Index Fund Class T			25,529,938		262,958,357
Vantagepoint Discovery Fund Class T			8,638,482		86,816,743
Vantagepoint Diversifying Strategies Fund Class T			29,042,181		294,197,292
Vantagepoint Equity Income Fund Class T			33,749,351		335,806,045
Vantagepoint Growth & Income Fund Class T			26,201,614		333,546,541
Vantagepoint Growth Fund Class T			18,568,471		251,602,777
Vantagepoint High Yield Fund Class T			6,798,499		64,381,789
Vantagepoint International Fund Class T			29,450,246		305,104,547
Vantagepoint Select Value Fund Class T			13,280,854		157,510,934

TOTAL AFFILIATED MUTUAL FUNDS
(Cost $1,944,361,378)					2,206,061,007


EXCHANGE TRADED FUND—2.0%
Vanguard FTSE Emerging Markets ETF (Cost $47,958,596)			1,130,950		45,260,619


MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11% (Cost $458,133)	¥		458,133		458,133

TOTAL INVESTMENTS—100.0%
(Cost $1,992,778,107)					2,251,779,759
Other assets less liabilities—(0.0%)					(424,091	)

NET ASSETS—100.0%				$	2,251,355,668

Notes to the Schedule of Investments:


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

See accompanying notes to financial statements.

369

SCHEDULE OF INVESTMENTS

December 31, 2014


Vantagepoint Model Portfolio All-Equity Growth Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—97.0%
Vantagepoint Aggressive Opportunities Fund Class T			7,707,362	$	88,788,808
Vantagepoint Discovery Fund Class T			6,092,833		61,232,975
Vantagepoint Equity Income Fund Class T			22,181,376		220,704,692
Vantagepoint Growth & Income Fund Class T			12,975,929		165,183,576
Vantagepoint Growth Fund Class T			9,897,083		134,105,477
Vantagepoint International Fund Class T			15,382,221		159,359,805
Vantagepoint Select Value Fund Class T			8,336,644		98,872,602

TOTAL AFFILIATED MUTUAL FUNDS
(Cost $800,885,099)					928,247,935


EXCHANGE TRADED FUND—3.0%
Vanguard FTSE Emerging Markets ETF (Cost $29,675,468)			706,450		28,272,129


MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11% (Cost $286,097)	¥		286,097		286,097

TOTAL INVESTMENTS—100.0%
(Cost $830,846,664)					956,806,161
Other assets less liabilities—(0.0%)					(177,349	)

NET ASSETS—100.0%				$	956,628,812

Notes to the Schedule of Investments:


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

See accompanying notes to financial statements.

370

SCHEDULE OF INVESTMENTS

December 31, 2014


Vantagepoint Milestone Retirement Income Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—98.8%
Vantagepoint Aggressive Opportunities Fund Class T			101,253	$	1,166,436
Vantagepoint Core Bond Index Fund Class T			6,667,917		68,679,544
Vantagepoint Discovery Fund Class T			118,416		1,190,076
Vantagepoint Diversifying Strategies Fund Class T			2,312,187		23,422,451
Vantagepoint Equity Income Fund Class T			2,462,284		24,499,730
Vantagepoint Growth & Income Fund Class T			1,918,050		24,416,780
Vantagepoint Growth Fund Class T			673,087		9,120,335
Vantagepoint High Yield Fund Class T			1,966,896		18,626,507
Vantagepoint Inflation Focused Fund Class T			3,298,132		34,894,241
Vantagepoint International Fund Class T			2,001,942		20,740,118
Vantagepoint Low Duration Bond Fund Class T			8,690,674		87,515,088
Vantagepoint Mid/Small Company Index Fund Class T			657,205		13,091,521
Vantagepoint Select Value Fund Class T			98,859		1,172,471

TOTAL AFFILIATED MUTUAL FUNDS
(Cost $328,942,548)					328,535,298


EXCHANGE TRADED FUND—1.2%
Vanguard FTSE Emerging Markets ETF (Cost $4,264,231)			101,400		4,058,028


MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11% (Cost $111,368)	¥		111,368		111,368

TOTAL INVESTMENTS—100.0%
(Cost $333,318,147)					332,704,694
Other assets less liabilities—(0.0%)					(110,614	)

NET ASSETS—100.0%				$	332,594,080

Notes to the Schedule of Investments:


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

See accompanying notes to financial statements.

371

SCHEDULE OF INVESTMENTS

December 31, 2014


Vantagepoint Milestone 2010 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—98.7%
Vantagepoint Aggressive Opportunities Fund Class T			45,971	$	529,580
Vantagepoint Core Bond Index Fund Class T			6,058,877		62,406,437
Vantagepoint Discovery Fund Class T			53,760		540,285
Vantagepoint Diversifying Strategies Fund Class T			2,845,154		28,821,413
Vantagepoint Equity Income Fund Class T			2,532,041		25,193,812
Vantagepoint Growth & Income Fund Class T			1,620,249		20,625,772
Vantagepoint Growth Fund Class T			1,104,786		14,969,844
Vantagepoint High Yield Fund Class T			1,739,118		16,469,451
Vantagepoint Inflation Focused Fund Class T			2,665,330		28,199,192
Vantagepoint International Fund Class T			1,975,925		20,470,586
Vantagepoint Low Duration Bond Fund Class T			5,414,623		54,525,257
Vantagepoint Mid/Small Company Index Fund Class T			720,294		14,348,253
Vantagepoint Select Value Fund Class T			44,860		532,043

TOTAL AFFILIATED MUTUAL FUNDS
(Cost $282,083,811)					287,631,925


EXCHANGE TRADED FUND—1.3%
Vanguard FTSE Emerging Markets ETF (Cost $3,939,279)			94,000		3,761,880


MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11% (Cost $57,727)	¥		57,727		57,727

TOTAL INVESTMENTS—100.0%
(Cost $286,080,817)					291,451,532
Other assets less liabilities—(0.0%)					(76,698	)

NET ASSETS—100.0%				$	291,374,834

Notes to the Schedule of Investments:


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

See accompanying notes to financial statements.

372

SCHEDULE OF INVESTMENTS

December 31, 2014


Vantagepoint Milestone 2015 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—98.3%
Vantagepoint Aggressive Opportunities Fund Class T			248,895	$	2,867,273
Vantagepoint Core Bond Index Fund Class T			10,739,896		110,620,929
Vantagepoint Discovery Fund Class T			292,193		2,936,537
Vantagepoint Diversifying Strategies Fund Class T			7,070,443		71,623,589
Vantagepoint Equity Income Fund Class T			5,837,777		58,085,883
Vantagepoint Growth & Income Fund Class T			3,471,284		44,189,440
Vantagepoint Growth Fund Class T			2,722,194		36,885,723
Vantagepoint High Yield Fund Class T			2,852,129		27,009,660
Vantagepoint Inflation Focused Fund Class T			3,566,107		37,729,412
Vantagepoint International Fund Class T			4,797,692		49,704,086
Vantagepoint Low Duration Bond Fund Class T			9,417,587		94,835,102
Vantagepoint Mid/Small Company Index Fund Class T			1,533,039		30,538,128
Vantagepoint Select Value Fund Class T			243,274		2,885,234

TOTAL AFFILIATED MUTUAL FUNDS
(Cost $548,776,055)					569,910,996


EXCHANGE TRADED FUND—1.7%
Vanguard FTSE Emerging Markets ETF (Cost $10,642,991)			252,450		10,103,049


MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11% (Cost $154,470)	¥		154,470		154,470

TOTAL INVESTMENTS—100.0%
(Cost $559,573,516)					580,168,515
Other assets less liabilities—(0.0%)					(111,716	)

NET ASSETS—100.0%				$	580,056,799

Notes to the Schedule of Investments:


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

See accompanying notes to financial statements.

373

SCHEDULE OF INVESTMENTS

December 31, 2014


Vantagepoint Milestone 2020 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—98.0%
Vantagepoint Aggressive Opportunities Fund Class T			387,115	$	4,459,562
Vantagepoint Core Bond Index Fund Class T			13,696,143		141,070,273
Vantagepoint Discovery Fund Class T			457,849		4,601,382
Vantagepoint Diversifying Strategies Fund Class T			9,690,466		98,164,417
Vantagepoint Equity Income Fund Class T			9,138,912		90,932,170
Vantagepoint Growth & Income Fund Class T			5,425,126		69,061,857
Vantagepoint Growth Fund Class T			4,035,761		54,684,561
Vantagepoint High Yield Fund Class T			3,377,555		31,985,445
Vantagepoint Inflation Focused Fund Class T			2,944,371		31,151,447
Vantagepoint International Fund Class T			7,284,232		75,464,649
Vantagepoint Low Duration Bond Fund Class T			8,203,826		82,612,531
Vantagepoint Mid/Small Company Index Fund Class T			2,381,773		47,444,916
Vantagepoint Select Value Fund Class T			378,434		4,488,223

TOTAL AFFILIATED MUTUAL FUNDS
(Cost $697,732,020)					736,121,433


EXCHANGE TRADED FUND—2.0%
Vanguard FTSE Emerging Markets ETF (Cost $16,052,502)			382,100		15,291,642


MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11% (Cost $160,183)	¥		160,183		160,183

TOTAL INVESTMENTS—100.0%
(Cost $713,944,705)					751,573,258
Other assets less liabilities—(0.0%)					(149,992	)

NET ASSETS—100.0%				$	751,423,266

Notes to the Schedule of Investments:


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

See accompanying notes to financial statements.

374

SCHEDULE OF INVESTMENTS

December 31, 2014


Vantagepoint Milestone 2025 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—97.5%
Vantagepoint Aggressive Opportunities Fund Class T			374,984	$	4,319,814
Vantagepoint Core Bond Index Fund Class T			9,880,223		101,766,297
Vantagepoint Discovery Fund Class T			442,109		4,443,193
Vantagepoint Diversifying Strategies Fund Class T			9,154,613		92,736,225
Vantagepoint Equity Income Fund Class T			9,323,383		92,767,657
Vantagepoint Growth & Income Fund Class T			5,101,055		64,936,434
Vantagepoint Growth Fund Class T			4,064,250		55,070,592
Vantagepoint High Yield Fund Class T			2,829,296		26,793,437
Vantagepoint Inflation Focused Fund Class T			1,060,873		11,224,036
Vantagepoint International Fund Class T			7,121,713		73,780,944
Vantagepoint Low Duration Bond Fund Class T			4,885,422		49,196,203
Vantagepoint Mid/Small Company Index Fund Class T			2,280,145		45,420,494
Vantagepoint Select Value Fund Class T			366,382		4,345,286

TOTAL AFFILIATED MUTUAL FUNDS
(Cost $587,841,849)					626,800,612


EXCHANGE TRADED FUND—2.5%
Vanguard FTSE Emerging Markets ETF (Cost $16,934,755)			405,150		16,214,103


MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11% (Cost $187,262)	¥		187,262		187,262

TOTAL INVESTMENTS—100.0%
(Cost $604,963,866)					643,201,977
Other assets less liabilities—(0.0%)					(137,952	)

NET ASSETS—100.0%				$	643,064,025

Notes to the Schedule of Investments:


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

See accompanying notes to financial statements.

375

SCHEDULE OF INVESTMENTS

December 31, 2014


Vantagepoint Milestone 2030 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—97.1%
Vantagepoint Aggressive Opportunities Fund Class T			362,607	$	4,177,232
Vantagepoint Core Bond Index Fund Class T			6,969,840		71,789,354
Vantagepoint Discovery Fund Class T			426,883		4,290,172
Vantagepoint Diversifying Strategies Fund Class T			7,950,852		80,542,136
Vantagepoint Equity Income Fund Class T			8,829,181		87,850,354
Vantagepoint Growth & Income Fund Class T			4,383,416		55,800,881
Vantagepoint Growth Fund Class T			4,126,031		55,907,715
Vantagepoint High Yield Fund Class T			1,902,255		18,014,353
Vantagepoint Inflation Focused Fund Class T			319,669		3,382,098
Vantagepoint International Fund Class T			6,916,607		71,656,048
Vantagepoint Low Duration Bond Fund Class T			1,847,121		18,600,504
Vantagepoint Mid/Small Company Index Fund Class T			2,218,697		44,196,436
Vantagepoint Select Value Fund Class T			353,929		4,197,599

TOTAL AFFILIATED MUTUAL FUNDS
(Cost $484,989,264)					520,404,882


EXCHANGE TRADED FUND—2.9%
Vanguard FTSE Emerging Markets ETF (Cost $16,178,109)			387,050		15,489,741


MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11% (Cost $166,106)	¥		166,106		166,106

TOTAL INVESTMENTS—100.0%
(Cost $501,333,479)					536,060,729
Other assets less liabilities—(0.0%)					(110,169	)

NET ASSETS—100.0%				$	535,950,560

Notes to the Schedule of Investments:


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

See accompanying notes to financial statements.

376

SCHEDULE OF INVESTMENTS

December 31, 2014


Vantagepoint Milestone 2035 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—96.8%
Vantagepoint Aggressive Opportunities Fund Class T			284,011	$	3,271,807
Vantagepoint Core Bond Index Fund Class T			3,344,759		34,451,022
Vantagepoint Discovery Fund Class T			333,223		3,348,886
Vantagepoint Diversifying Strategies Fund Class T			5,514,552		55,862,413
Vantagepoint Equity Income Fund Class T			7,180,015		71,441,152
Vantagepoint Growth & Income Fund Class T			3,429,204		43,653,771
Vantagepoint Growth Fund Class T			3,119,665		42,271,460
Vantagepoint High Yield Fund Class T			833,572		7,893,930
Vantagepoint Inflation Focused Fund Class T			52,717		557,746
Vantagepoint International Fund Class T			5,476,859		56,740,260
Vantagepoint Low Duration Bond Fund Class T			210,842		2,123,177
Vantagepoint Mid/Small Company Index Fund Class T			1,739,469		34,650,224
Vantagepoint Select Value Fund Class T			277,100		3,286,403

TOTAL AFFILIATED MUTUAL FUNDS
(Cost $333,394,539)					359,552,251


EXCHANGE TRADED FUND—3.2%
Vanguard FTSE Emerging Markets ETF (Cost $12,562,342)			299,900		12,001,998


MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11% (Cost $131,671)	¥		131,671		131,671

TOTAL INVESTMENTS—100.0%
(Cost $346,088,552)					371,685,920
Other assets less liabilities—(0.0%)					(61,038	)

NET ASSETS—100.0%				$	371,624,882

Notes to the Schedule of Investments:


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

See accompanying notes to financial statements.

377

SCHEDULE OF INVESTMENTS

December 31, 2014


Vantagepoint Milestone 2040 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—96.5%
Vantagepoint Aggressive Opportunities Fund Class T			297,945	$	3,432,323
Vantagepoint Core Bond Index Fund Class T			1,251,885		12,894,416
Vantagepoint Discovery Fund Class T			351,510		3,532,677
Vantagepoint Diversifying Strategies Fund Class T			5,319,163		53,883,123
Vantagepoint Equity Income Fund Class T			7,959,641		79,198,431
Vantagepoint Growth & Income Fund Class T			3,482,854		44,336,731
Vantagepoint Growth Fund Class T			3,235,445		43,840,286
Vantagepoint High Yield Fund Class T			464,257		4,396,510
Vantagepoint International Fund Class T			5,786,506		59,948,200
Vantagepoint Mid/Small Company Index Fund Class T			1,829,096		36,435,589
Vantagepoint Select Value Fund Class T			290,887		3,449,921

TOTAL AFFILIATED MUTUAL FUNDS
(Cost $317,227,666)					345,348,207


EXCHANGE TRADED FUND—3.5%
Vanguard FTSE Emerging Markets ETF (Cost $12,900,329)			308,550		12,348,171


MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11% (Cost $130,904)	¥		130,904		130,904

TOTAL INVESTMENTS—100.0%
(Cost $330,258,899)					357,827,282
Other assets less liabilities—(0.0%)					(72,774	)

NET ASSETS—100.0%				$	357,754,508

Notes to the Schedule of Investments:


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

See accompanying notes to financial statements.

378

SCHEDULE OF INVESTMENTS

December 31, 2014


Vantagepoint Milestone 2045 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—96.2%
Vantagepoint Aggressive Opportunities Fund Class T			120,434	$	1,387,405
Vantagepoint Discovery Fund Class T			141,058		1,417,637
Vantagepoint Diversifying Strategies Fund Class T			2,064,365		20,912,019
Vantagepoint Equity Income Fund Class T			3,343,993		33,272,730
Vantagepoint Growth & Income Fund Class T			1,247,340		15,878,635
Vantagepoint Growth Fund Class T			1,422,623		19,276,535
Vantagepoint High Yield Fund Class T			148,079		1,402,310
Vantagepoint International Fund Class T			2,338,471		24,226,560
Vantagepoint Mid/Small Company Index Fund Class T			731,531		14,572,094
Vantagepoint Select Value Fund Class T			117,176		1,389,703

TOTAL AFFILIATED MUTUAL FUNDS
(Cost $129,882,329)					133,735,628


EXCHANGE TRADED FUND—3.7%
Vanguard FTSE Emerging Markets ETF (Cost $5,303,772)			127,750		5,112,555


MONEY MARKET FUND—0.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11% (Cost $84,102)	¥		84,102		84,102

TOTAL INVESTMENTS—100.0%
(Cost $135,270,203)					138,932,285
Other assets less liabilities—(0.0%)					(41,194	)

NET ASSETS—100.0%				$	138,891,091

Notes to the Schedule of Investments:


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

See accompanying notes to financial statements.

379

SCHEDULE OF INVESTMENTS

December 31, 2014


Vantagepoint Milestone 2050 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—96.3%
Vantagepoint Aggressive Opportunities Fund Class T			38,099	$	438,902
Vantagepoint Discovery Fund Class T			43,790		440,092
Vantagepoint Diversifying Strategies Fund Class T			651,472		6,599,413
Vantagepoint Equity Income Fund Class T			1,059,268		10,539,717
Vantagepoint Growth & Income Fund Class T			394,943		5,027,625
Vantagepoint Growth Fund Class T			450,842		6,108,907
Vantagepoint High Yield Fund Class T			46,756		442,778
Vantagepoint International Fund Class T			740,362		7,670,151
Vantagepoint Mid/Small Company Index Fund Class T			230,270		4,586,972
Vantagepoint Select Value Fund Class T			37,006		438,897

TOTAL AFFILIATED MUTUAL FUNDS
(Cost $43,822,151)					42,293,454


EXCHANGE TRADED FUND—3.7%
Vanguard FTSE Emerging Markets ETF (Cost $1,683,940)			40,450		1,618,809


MONEY MARKET FUND—0.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.11% (Cost $42,464)	¥		42,464		42,464

TOTAL INVESTMENTS—100.1%
(Cost $45,548,555)					43,954,727
Other assets less liabilities—(0.1%)					(51,755	)

NET ASSETS—100.0%				$	43,902,972

Notes to the Schedule of Investments:


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

See accompanying notes to financial statements.

380

THE VANTAGEPOINT FUNDS

Additional Information

Tax Disclosure

For corporate shareholders, a portion of the ordinary dividends paid during the fund’s year ended December 31, 2014, qualified for the dividends received deduction as follows:


Fund	Corporate Dividend Received Deduction
Equity Income		60.03%
Growth & Income		46.52%
Growth		100.00%
Select Value		35.69%
Aggressive Opportunities		40.22%
Discovery		4.53%
International		0.22%
Diversifying Strategies		2.64%
500 Stock Index		94.16%
Broad Market Index		88.13%
Mid/Small Company Index		48.96%
Model Portfolio Conservative Growth		13.14%
Model Portfolio Traditional Growth		12.32%
Model Portfolio Long-Term Growth		24.59%
Model Portfolio All-Equity Growth		33.42%
Milestone Retirement Income		13.60%
Milestone 2010		15.34%
Milestone 2015		17.19%
Milestone 2020		19.58%
Milestone 2025		21.86%
Milestone 2030		24.11%
Milestone 2035		27.49%
Milestone 2040		29.84%
Milestone 2045		31.02%
Milestone 2050		30.32%

Long Term Capital Gain Designations

Pursuant to Section 852 of the Internal Revenue Code, the Company designated the following capital gain dividends for the year ended December 31, 2014:


Fund	Long Term Capital Gain Dividend
Low Duration Bond	$	1,530,915
Inflation Focused		723,804
Equity Income		350,381,284
Growth & Income		187,998,928
Growth		67,002,902
Select Value		49,430,844
Aggressive Opportunities		146,579,918
Discovery		23,954,412
International		9,043,311
Diversifying Strategies		38,721,655
500 Stock Index		14,512,417
Broad Market Index		9,119,540
Mid/Small Company Index		30,420,648
Model Conservative Growth		52,492,268

381

THE VANTAGEPOINT FUNDS

Additional Information — (Continued)


Fund	Long Term Capital Gain Dividend
Model Traditional Growth	$	95,792,571
Model Long-Term Growth		126,924,026
Model All-Equity Growth		60,290,883
Milestone Retirement Income		13,620,084
Milestone 2010		20,664,477
Milestone 2015		49,371,353
Milestone 2020		52,835,691
Milestone 2025		47,540,231
Milestone 2030		43,780,085
Milestone 2035		31,086,404
Milestone 2040		32,755,987
Milestone 2045		8,428,362
Milestone 2050		1,901,368

Foreign Taxes Paid

For the year ended December 31, 2014, dividends from foreign countries and taxes paid to foreign countries that qualify for foreign tax credits are as follows:


Fund	Net Foreign Source Income		Foreign Tax Credit
International	$	42,070,832	$	2,421,093
Overseas Equity Index		9,456,964		445,617
Model Portfolio Conservative Growth		1,325,541		67,271
Model Portfolio Traditional Growth		5,773,819		293,020
Model Portfolio Long-Term Growth		9,635,192		488,983
Model Portfolio All-Equity Growth		4,999,796		253,738
Milestone Retirement Income		649,830		32,979
Milestone 2010		646,707		32,820
Milestone 2015		15,566,462		79,498
Milestone 2020		2,371,037		120,329
Milestone 2025		2,311,874		117,327
Milestone 2030		2,247,699		114,070
Milestone 2035		1,777,517		90,209
Milestone 2040		1,869,270		94,865
Milestone 2045		751,551		38,141
Milestone 2050		239,121		12,135

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

382

THE VANTAGEPOINT FUNDS

Additional Information — (Continued)

Sources of Income

The following table summarizes the percentage of income received by the Company in 2014 from various obligors:


Fund	U.S. Treasury Obligations			GNMA			FNMA			FHL Bank			FHLMC			Tennessee Valley Authority			Other U.S. Government Agency
Low Duration Bond		8.24	%		0.00	%		1.62	%		0.07	%		0.33	%		0.00	%		0.00	%
Inflation Focused		72.19	%		0.00	%		0.15	%		0.02	%		0.00	%		0.20	%		0.00	%
High Yield		0.53	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Discovery		0.98	%		0.00	%		0.14	%		0.01	%		0.08	%		0.00	%		0.00	%
Diversifying Strategies		1.46	%		0.00	%		0.63	%		0.03	%		0.31	%		0.00	%		0.00	%
Core Bond Index		23.84	%		7.15	%		12.69	%		0.57	%		9.27	%		0.27	%		0.14	%
500 Stock Index		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Broad Market Index		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Mid/Small Company Index		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Overseas Equity Index		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

Qualified Dividend Income

The following are estimates of qualified dividend income received by the Company through December 31, 2014 that qualify for a reduced tax rate pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003.


Fund	Qualified Dividend Income
Equity Income		72.05	%
Growth & Income		76.00	%
Growth		100.00	%
Select Value		38.03	%
Aggressive Opportunities		45.05	%
Discovery		6.35	%
International		65.81	%
Diversifying Strategies		2.72	%
500 Stock Index		97.25	%
Broad Market Index		91.21	%
Mid/Small Company Index		51.45	%
Overseas Equity Index		81.72	%
Model Portfolio Conservative Growth		24.20	%
Model Portfolio Traditional Growth		27.10	%
Model Portfolio Long-Term Growth		44.33	%
Model Portfolio All-Equity Growth		57.30	%
Milestone Retirement Income		25.55	%
Milestone 2010		28.27	%
Milestone 2015		32.07	%
Milestone 2020		36.30	%
Milestone 2025		40.23	%
Milestone 2030		44.59	%
Milestone 2035		50.76	%
Milestone 2040		54.68	%
Milestone 2045		62.99	%
Milestone 2050		55.16	%

383

THE VANTAGEPOINT FUNDS

Additional Information — (Continued)

Directors Table

All titles and committee memberships are as of December 31, 2014 unless otherwise noted.

Independent Directors


Name and Age	Positions Held with the Company	Term/Service Expiration and Length of Time Served†	Principal Occupation(s) During the Past Five Years	Directorship(s) of Public Companies and Other Registered Investment Companies During the Past Five Years
George M. Chamberlain, Jr. (67)	Director, Audit Committee Member, Investment Committee Member, and Nominating and Governance Committee Member	October 31, 2016; Director since January 2012	Director and Vice President, Legal and Business Affairs—SCM Advantage LLC (supply chain consulting) (October 2009–present); Principal—GMC Consulting (corporate consulting) (May 1999–present); Board member—Alzheimer’s Association Delaware Valley Chapter (January 2008–present); Board member—Trapp Family Lodge Cooperative (non-profit) (April 2008–present); Board member and Vice Chair—Walnut Street Theater (January 2000–June 2010)	N/A
Dorothy D. Hayes (64)	Director, Audit Committee Member and Chair, Investment Committee Member, and Nominating and Governance Committee Member	October 31, 2019; Director since April 2013	Director, Chair of the Enterprise Risk Committee, and member of Executive Committee—First Tech Federal Credit Union (2011–present); Director and Chair of the Finance Committee—American Leadership Forum—Silicon Valley (2011– present); Director (2010–present), Chair of the Audit Committee (2010–2013) and Chair of the Board of Directors and member of Executive and Fund Development Committees (2012–present)—Silicon Valley FACES; Trustee, chair of the finance committee, member of the executive committee, and member of the investment committee—Computer History Museum (2006–present); Director and Chair of the Audit Committee—Range Fuels (development-stage biofuels company) (2008–2012); Director and Chair of the Finance Committee—Addison Avenue Federal Credit Union (2002–2010); Trustee—Foothills Foundation, Foothills Congregational Church (church foundation) (2004–present)	N/A

384

THE VANTAGEPOINT FUNDS

Additional Information — (Continued)


Name and Age	Positions Held with the Company	Term/Service Expiration and Length of Time Served†	Principal Occupation(s) During the Past Five Years	Directorship(s) of Public Companies and Other Registered Investment Companies During the Past Five Years
Takashi B. Moriuchi (41)	Director; Investment Committee Member	October 31, 2016; Director since March 2014	Partner—Estancia Capital Management, LLC (private equity firm) (January 2010–present); Board member—Snowden Capital Advisors LLC (investment advisory firm) (January 2014–present); Board member—Spruce Private Investors, LLC (investment advisory firm)(October 2012–present); Director—Equinoxe Alternative Investment Services (alternative investment fund administrator/service provider) (August 2013–present); Trustee—The Philadelphia School (December 2011–present); Assets Committee member—Moorestown Friends School (September 2011–present); Managing Director—Cedar Hill Capital Partners (hedge fund advisory firm)(August 2008–December 2009)	N/A
Timothy M. O’Brien (65)	Chair of the Board and Director, Audit Committee Member, Investment Committee Member and Chair, and Nominating and Governance Committee Member	September 26, 2017; Director since September 2005	Independent Consultant (pension consulting) (2003–present); Trustee, Chair of Audit Committee and member of Investment and Benefits Committees—Public Employees Retirement Association of Colorado (July 2011– present)	N/A
JoAnn H. Price (65)	Director, Investment Committee Member	October 31, 2016; Director since October 2013	President—Fairview Capital Partners, Inc. (private equity firm) (October 1994–present); Board member—The Board of Regents for Higher Education (State of Connecticut) (December 2013–present); Treasurer (2011–present) and Director (October 2001–present)—Apollo Theater Foundation; Director—Hartford Foundation for Public Giving (January 2010–present); Vice Chair (2009–present) and Director (January 2003–present)—YMCA of Greater Hartford; Trustee (January 2002–present) and Former President (2004–2010)—The Amistad Center for Art and Culture; Director—Hartford Communities that Care, Inc. (January 2012–present); Member—Howard University School of Business Board of Visitors (January 2002–present); Trustee—Connecticut Women’s Hall of Fame (January 2012–present)	N/A

385

THE VANTAGEPOINT FUNDS

Additional Information — (Continued)

Name and Age

Positions
Held with
the Company

Term/Service
Expiration
and Length of
Time Served†

Principal Occupation(s)

During the Past Five Years

Directorship(s) of
Public Companies
and Other Registered
Investment
Companies During
the Past Five Years

Catherine A. Zaharis (54)

Director, Investment Committee Member

December 31, 2019; Director since January 1, 2015; Investment Committee Member since January 23, 2015

Business Director, MBA Finance Career Academy—University of Iowa, Tippie College of Business (October 2008–present); Chair (November 2013–present), Board member (October 1999–present) and former member of Investment Committee (October 1999–October 2013)—University of Iowa Foundation; Chair (2014–present) and Board member (2001–present)—National I-Club

N/A

Interested Director and Officers


Name and Age	Positions Held with the Company	Term/Service Expiration and Length of Time Served†	Principal Occupation(s) and Outside Directorship(s) During the Past Five Years	Directorship(s) of Public Companies and Other Registered Investment Companies During the Past Five Years
J. Thomas Lundy (65)**	Director	October 31, 2015; Director since November 2014	Board member (January 2010–present) and Chair of the Board of Directors (January 2014–present)—ICMA Retirement Corporation; County Manager—Catawba County Government, North Carolina (March 1979–present)	N/A
Joan W. McCallen (62)	President and Principal Executive Officer	Since September 2003	Chief Executive Officer and President—ICMA Retirement Corporation (Aug. 2003–present); President and Manager—Vantagepoint Investment Advisers, LLC, and ICMA-RC Services, LLC (broker-dealer); President and Manager—Vantagepoint Transfer Agents, LLC (2003–present); Director and President, VantageTrust Company, LLC (2003–present)	N/A
Karen McBarnette (56)	Vice President and Chief Compliance Officer	Since November 2014	Senior Vice President and Chief Compliance Officer—ICMA Retirement Corporation, (November 2014–present); Chief Compliance Officer—Vantagepoint Investment Advisers, LLC, and VantageTrust Company, LLC (November 2014–present); Acting Chief Compliance Officer—The Vantagepoint Funds, Vantagepoint Investment Advisers, LLC, ICMA Retirement Corporation, VantageTrust Company, LLC (October 2014–November 2014); Vice President (Mutual Fund Compliance)—ICMA Retirement Corporation (2013–November 2014); Director (Compliance—Mutual Funds)—ICMA Retirement Corporation (2008–2013); Senior Compliance Officer—ICMA Retirement Corporation (2006–2008)	N/A

386

THE VANTAGEPOINT FUNDS

Additional Information — (Continued)


Name and Age	Positions Held with the Company	Term/Service Expiration and Length of Time Served†	Principal Occupation(s) and Outside Directorship(s) During the Past Five Years	Directorship(s) of Public Companies and Other Registered Investment Companies During the Past Five Years
Elizabeth S. Glista (50)	Treasurer and Principal Financial Officer	Since March 2009	Senior Vice President and Chief Financial Officer—ICMA Retirement Corporation (April 2009—present); Treasurer—Vantagepoint Investment Advisers, LLC, and Vantagepoint Transfer Agents, LLC (April 2009—present); Treasurer—ICMA-RC Services, LLC (broker-dealer) (April 2009—present); Treasurer—VantageTrust Company, LLC (April 2009—present); Managing Vice President, Financial Operations, Analysis & Treasury—ICMA Retirement Corporation (January 2009—April 2009); Vice President, Financial Planning & Analysis and Treasury—ICMA-RC (January 2000—September 2007 and March 2008—January 2009)	N/A
Angela C. Montez (47)	Secretary	Since December 2006	Managing Vice President, Deputy General Counsel and Assistant Secretary—ICMA Retirement Corporation (2006–present); Assistant Secretary—Vantagepoint Investment Advisers, LLC, Vantagepoint Transfer Agents, LLP and ICMA-RC Services, LLC(broker dealer) (2011–present); Assistant Secretary—VantageTrust Company, LLC (February 2008–present); Secretary—Vantagepoint Investment Advisers, LLC, Vantagepoint Transfer Agents, LLC and ICMA-RC Services, LLC (broker-dealer) (2006–2007); Corporate Counsel—ICMA Retirement Corporation (2000–2006)	N/A
Kathryn B. McGrath (70)	Assistant Secretary	Since March 2008	Senior Vice President, General Counsel and Secretary—ICMA Retirement Corporation (2007–Present); Secretary—Vantagepoint Investment Advisers, LLC, Vantagepoint Transfer Agents, LLP and ICMA-RC Services, LLC(broker-dealer) (2007–present); Secretary—VantageTrust Company, LLC (February 2008-present)	N/A

The business mailing address for the directors and is 777 North Capitol Street, NE, Suite 600, Washington, D.C. 20002.

†

The Declaration of Trust sets forth the length of the Class 1 and Class 2 directors’ terms (five years for Class 1 and Class 2), limits each Class 1 and Class 2 director’s length of service to 12 consecutive years, and prohibits each director from serving a term that begins after he or she has reached age 72. The date shown in this column reflects the expiration date of the director’s current term, the end of the Class 1 or Class 2 director’s 12^th year of service, or the director’s retirement date, whichever occurs first. The Declaration of Trust sets forth the length of the interested director’s term (one year for the Class 3 director), and prohibits each director from serving a term that begins after he or she has reached age 72. The date shown in this column reflects the expiration date of the interested director’s current term, or the director’s retirement date, whichever occurs first.

387

THE VANTAGEPOINT FUNDS

Additional Information — (Continued)

Mr. Lundy is considered to be an “interested person” of the Company (as that term is defined under the 1940 Act), and thus an “interested director,” because he is a director of ICMA Retirement Corporation (“ICMA-RC”), the parent company of VIA and of ICMA-RC Services, LLC (“RC Services”), the distributor of The Vantagepoint Funds’ shares.

Aggregate compensation that was paid to the directors during the December 31, 2014 totaled $123,508. Executive officers do not receive any compensation from the Company. However, the Company pays a portion of the compensation of the Chief Compliance Officer of the Company. The amount paid by the Company during the year ended December 31, 2014 totaled $245,408.

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

F. Subadviser Fees

Presented below are the fees paid by each fund to subadvisers during the year ended December 31, 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 September 1, 2013 through September 30, 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%	$	317,614
	Schroder Investment Management North America Inc.		0.17%		580,982

Inflation Focused	Pacific Investment Management Company, LLC		0.20%		559,863
	BlackRock Financial Management, Inc.		0.10%		283,829

High Yield	Oaktree Capital Management, L.P. (1)		0.50%		543,714
	Western Asset Management Company (1)		0.20%		60,012

Equity Income	Barrow, Hanley, Mewhinney & Strauss, LLC (2)		0.21%		571,706
	T. Rowe Price Associates, Inc.		0.30%		2,387,294
	Southeastern Asset Management, Inc.		0.52%		3,437,020
	SSgA Funds Management, Inc. (2)		0.03%		74,483
	Wellington Management Company LLP (2)		0.25%		1,042,946

Growth & Income	Fiduciary Management, Inc.		0.29%		1,626,583
	T. Rowe Price Associates, Inc.		0.38%		1,540,564
	Wellington Management Company LLP (3)		0.25%		1,768,281

Growth	Atlanta Capital Management Company, LLC		0.30%		1,332,913
	Columbus Circle Investors		0.33%		1,851,803
	Victory Capital Management, Inc.		0.26%		1,448,698
	Westfield Capital Management Company, L.P.		0.32%		2,191,850

Select Value	Artisan Partners Limited Partnership		0.55%		837,831
	Systematic Financial Management, L.P		0.40%		619,030
	WEDGE Capital Management LLP		0.49%		763,433

388

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Additional Information — (Continued)


Fund	Subadviser	Actual Fee as a Percentage of Average Daily Net Assets (net of any subadviser fee waivers)		Dollars Paid

Aggressive Opportunities	Southeastern Asset Management, Inc.		0.57%	$	990,070
	SSgA Funds Management, Inc.		0.03%		114,572
	TimesSquare Capital Management, LLC		0.50%		1,733,061
	Wells Capital Management, Inc.		0.43%		1,255,170

Discovery	Payden & Rygel		0.15%		201,513
	Wellington Management Company LLP		0.73%		994,165

International	Artisan Partners Limited Partnership		0.64%		1,618,463
	GlobeFlex Capital, L.P.		0.40%		1,621,034
	Mondrian Investment Partners Limited		0.43%		2,113,614
	Walter Scott & Partners Limited (4)		0.51%		1,531,845

Diversifying Strategies	Calamos Advisors LLC (5)		0.53%		377,388
	Mellon Capital Management Corporation (6)		0.33%		377,176
	Oaktree Capital Management, L.P. (5)		0.50%		694,604
	Payden & Rygel (Enhanced Cash) (6)		0.10%		100,023
	Payden & Rygel (Enhanced Equity) (6)		0.14%		192,715
	Payden & Rygel (Low Duration-Plus Fixed Income)		0.09%		322,618
	Shenkman Capital Management, Inc.		0.38%		959,882
	SSgA Funds Management, Inc. (6)		0.07%		15,666

Core Bond Index	Mellon Capital Management Corporation		0.01%		144,237

500 Stock Index	Mellon Capital Management Corporation		0.01%		66,771

Broad Market Index	Mellon Capital Management Corporation		0.01%		108,912

Mid/Small Company Index	Mellon Capital Management Corporation		0.01%		101,249

Overseas Equity Index	Mellon Capital Management Corporation		0.04%		120,727

(1)

(2)

(3)

(4)

(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.

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THE VANTAGEPOINT FUNDS

Additional Information — (Continued)

(6)

Directors’ Considerations of an Amended Investment Subadvisory Agreement and an Investment Sub-Subadvisory Agreement

The following relates to the consideration by the Board of Directors (“Directors” or “Board”) of The Vantagepoint Funds (“Company”), during the period beginning July 1, 2014 through December 31, 2014, of the approval of an amendment to an existing investment subadvisory agreement and an investment sub-subadvisory agreement as well as the approval of an investment subadvisory agreement.

Vantagepoint High Yield Fund

Approval of an Amended Investment Subadvisory Agreement and an Investment Sub-Subadvisory Agreement

At a meeting held on September 26, 2014 (“September Meeting”), Vantagepoint Investment Advisers, LLC (“VIA”) recommended, and 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, an amendment to the initial subadvisory agreement between the Company, on behalf of the Vantagepoint High Yield Fund (“High Yield Fund”), VIA and Western Asset Management Company (“Western”), to permit Western to delegate certain subadvisory services relating to non-U.S. dollar denominated and foreign currency investments to its affiliate, Western Asset Management Company Limited (“Western Limited”), in regard to the U.S. high yield mandate Western employs for the High Yield Fund (the “Amended Subadvisory Agreement”).¹ The Amended Subadvisory Agreement also provides that, in the event a disaster or similar emergency disrupts Western’s normal operations, Western’s responsibilities may temporarily be assumed by Western Limited in connection with Western’s business continuity management plan. In connection with the approval of the Amended Subadvisory Agreement, VIA recommended, and the Board of the Company, including a majority of the Independent Directors, also approved, a sub-subadvisory agreement between Western and Western Limited, with respect to the High Yield Fund, to permit Western Limited to provide such delegated subadvisory services to the High Yield Fund (the “Sub-Subadvisory Agreement”). Before approving the appointment of Western Limited as a sub-subadviser to the High Yield Fund and the Amended Subadvisory Agreement and Sub-Subadvisory Agreement, the Board considered the recommendations of, and supporting information provided by, VIA.

With respect to the Board’s consideration of the Amended Subadvisory Agreement and Sub-Subadvisory Agreement for the High Yield Fund, the Directors received written information in advance of the September Meeting from VIA, which included: (1) VIA’s rationale for recommending Western Limited for Board approval as a sub-subadviser of the High Yield Fund; (2) the nature, extent and quality of the services that Western Limited would provide to the High Yield Fund; (3) Western Limited’s experience, investment management business, personnel and operations; (4) Western Limited’s brokerage and trading policies and practices; (5) the level of fees to be charged to Western by Western Limited for the subadvisory services to be provided with regard to the High Yield Fund and a comparison of those fees to the: (a) standard fee schedule Western Limited charges for serving in a sub-subadvisory or subadvisory capacity with respect to accounts with an investment mandate that is similar to the investment mandate that Western employs for the High Yield Fund; (b) fee schedule Western Limited charges for serving in a sub-subadvisory or subadvisory capacity with respect to other investment company clients with a U.S. high yield mandate and a similar investment objective to that of the High Yield Fund; and (c) fees charged by: (i) a group of U.S. separate account investment managers utilizing a U.S. high yield fixed income investment mandate; and (ii) a group of U.S. separate account investment managers utilizing a global high yield fixed income investment mandate; (6) Western Limited’s compliance program; (7) performance information for Western, which included Western Limited’s management of

¹	Amended Subadvisory Agreement also provides that, in the event a disaster or similar emergency disrupts Western’s normal operations, Western’s responsibilities may temporarily be assumed by Western Limited in connection with Western’s business continuity management plan.

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THE VANTAGEPOINT FUNDS

Additional Information — (Continued)

non-U.S. dollar denominated and foreign currency investments (“Investment Performance Information”), and such performance compared to a relevant benchmark; and (8) Western Limited’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 Amended Subadvisory Agreement and Sub-Subadvisory Agreement, the Directors considered the information received in advance of the September Meeting, the presentations made by, and discussions held with, personnel of VIA, Western and Western Limited, and discussions with the Company’s Chief Compliance Officer (“CCO”), as well as a variety of factors. Although not meant to be all-inclusive, the following discusses some of the factors relevant to the Board’s decision to approve the Sub-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 Limited under the Sub-Subadvisory Agreement, the Directors considered the specific investment process to be employed by Western Limited in managing the assets of the High Yield Fund that Western may allocate to it; the qualifications of Western Limited’s investment management personnel with regard to investing in non-U.S. dollar denominated and foreign currency investments; the Investment Performance Information provided by VIA as compared to a relevant benchmark; Western Limited’s infrastructure and whether it appeared to adequately support the services it is to provide with regard to 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 and Western Limited to the High Yield Fund. The Directors acknowledged that Western Limited has experienced portfolio management personnel; and appeared to have adequate infrastructure and support staff to seek to achieve, along with Western, favorable results implementing the mandate that Western 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 Limited were appropriate for the High Yield Fund in light of its investment objective and strategies and, thus, supported a decision to approve the Sub-Subadvisory Agreement.

Investment Performance. The Directors reviewed the Investment Performance Information provided by VIA with respect to the mandate Western employs for the High Yield Fund, and considered this Investment Performance Information versus a relevant benchmark and VIA’s favorable assessment of such performance. Based on the information provided, the Directors concluded that the Investment Performance Information supported a decision to approve the Sub-Subadvisory Agreement.

Sub-Subadvisory Fee, Expense Ratio Impact and Economies of Scale. In evaluating the proposed sub-subadvisory fee to be paid to Western Limited, the Directors considered that the fee to be paid to Western Limited under the Sub-Subadvisory Agreement is to be paid by Western and not by the High Yield Fund and there would be no change in the subadvisory fee Western charges the High Yield Fund. The Directors noted that the fee to be charged to Western by Western Limited under the Sub-Subadvisory Agreement is the same fee that Western charges to the High Yield Fund. The Directors also noted that, according to the information provided by VIA, Western and Western Limited do not currently manage any other accounts with an investment mandate directly comparable to the customized high yield mandate that Western employs on behalf of the High Yield Fund. The Directors, however, considered that, according to the information provided, Western Limited’s proposed fee schedule under the Sub-Subadvisory Agreement was lower than: (i) the standard fee schedule Western Limited charges for serving in a sub-subadvisory or subadvisory capacity with respect to accounts with an investment mandate that is similar to the investment mandate that Western employs for the High Yield Fund; and (ii) the fee schedule Western Limited charges for serving in a sub-subadvisory or subadvisory capacity with respect to other investment company clients 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 Limited is to provide under the Sub-Subadvisory Agreement appeared to be comparable to those Western Limited provides to other registered investment company clients.

391

THE VANTAGEPOINT FUNDS

Additional Information — (Continued)

average dedicated allocation to non-U.S. dollar denominated assets similar to the maximum limit permitted by the High Yield Fund to be opportunistically allocated to such investments. According to the information provided, the proposed effective fee rate to be paid by Western to Western Limited under the Sub-Subadvisory Agreement would be below the median fee charged by such U.S. and global high yield fixed income managers and would rank in the first quartile of such managers.

The Directors further considered that, if Western Limited served as a sub-subadviser to the High Yield Fund, there would be no effect on the overall investment advisory fee and total expense ratio for the High Yield Fund as Western Limited’s sub-subadvisory fee is to be paid by Western.

The foregoing comparisons assisted the Directors in considering the Sub-Subadvisory Agreement by providing them with a basis for evaluating Western Limited’s fee schedule on a relative basis.

The Directors also reviewed the information provided by Western and Western Limited regarding the potential estimated profits to be realized from Western’s and Western Limited’s relationship with the High Yield Fund. In considering the extent to which economies of scale may be realized by Western Limited as the assets of the High Yield Fund that are allocated to it by Western grow, and whether the proposed sub-subadvisory fee level reflects these economies, the Directors considered that Western Limited’s fee is to be paid by Western. The Directors also considered that, although the fee schedules to the Amended Subadvisory Agreement and Sub-Subadvisory Agreement do not include breakpoints, Western and Western Limited stated that the fee charged to the High Yield Fund reflects potential and future economies of scale.

Other Considerations. The Directors considered VIA’s reasons for recommending the arrangement whereby Western Limited would serve in a sub-subadvisory capacity to the High Yield Fund with respect to certain non-U.S. dollar denominated and foreign currency investments in connection with the U.S. high yield mandate Western employs for the High Yield Fund. The Directors also considered VIA’s conclusion that the fee to be paid to Western, and the fee to be paid to Western Limited by Western, is appropriate given the nature and quality of the services to be provided to the High Yield Fund. The Directors concluded that VIA’s recommendations and conclusions supported approval of the Sub-Subadvisory Agreement.

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

Conclusion. After evaluating the information described above and full consideration of the foregoing factors, with no single factor identified as being of paramount importance, the Directors, including a majority of the Independent Directors, concluded that the approval of the Amended Subadvisory Agreement and the Sub-Subadvisory Agreement were in the best interests of the High Yield Fund and its shareholders, and approved the Amended Subadvisory Agreement with Western and the Sub-Subadvisory Agreement between Western and Western Limited.

Vantagepoint Inflation Focused Fund

Approval of an Additional Investment Subadvisory Agreement

At a meeting held on December 12, 2014 (“December Meeting”), VIA recommended, and the Board, including a majority of the Independent Directors, initially approved an additional investment subadvisory agreement (the “Additional Subadvisory Agreement”) between the Company, on behalf of the Vantagepoint Inflation Focused Fund (“Inflation Focused Fund”), VIA and AllianceBernstein L.P. (“AllianceBernstein”). At the December Meeting, VIA also recommended, and the Board of the Company approved: (i) changes to the Inflation Focused Fund’s principal investment strategies that would allow AllianceBernstein to manage the portion of the Fund’s assets allocated to it using a multi-sector inflation strategy²; and (ii) a reduction in the assets allocated to the Inflation Focused Fund’s existing subadvisers, BlackRock Financial Management, Inc. (“BlackRock”) and Pacific Investment Management

At the December Meeting, VIA also recommended and the Board approved a change to the investment objective of the Inflation Focused Fund, effective May 1, 2015. This change in investment objective was approved via written consent by the holders of a majority of the Inflation Focused Fund’s outstanding voting securities as of January 31, 2015.

392

THE VANTAGEPOINT FUNDS

Additional Information — (Continued)

Company, LLC (“PIMCO”). The changes described above will become effective on May 1, 2015 and may be collectively referred to below as the “New Subadviser Structure.” Before approving the New Subadviser Structure, including 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, the Directors received written information in advance of the December Meeting from VIA, which included: (1) VIA’s rationale for recommending the New Subadviser Structure; (2) the process by which VIA selected and recommended AllianceBernstein for Board approval as a subadviser of the Inflation Focused Fund; (3) the nature, extent and quality of the services that AllianceBernstein would provide to the Inflation Focused Fund; (4) AllianceBernstein’s experience, investment management business, personnel and operations; (5) AllianceBernstein’s brokerage and trading policies and practices; (6) the level of subadvisory fees to be charged to the Inflation Focused Fund by AllianceBernstein and a comparison of those fees to the: (a) fees charged by AllianceBernstein for managing other comparable accounts; and (b) fees charged by: (i) a group of U.S. separate account investment managers utilizing a U.S. TIPS/inflation fixed income investment mandate; and (ii) a group of U.S. separate account investment managers utilizing a U.S. core fixed income investment mandate; (7) AllianceBernstein’s compliance program; (8) performance information for AllianceBernstein and such performance compared to a relevant benchmark and peer group; (9) the Inflation Focused Fund’s expected total expense ratio compared to a group of mutual funds categorized by Morningstar as inflation-protected bond funds (“Inflation-Protected Peer Group”), taking into account: (a) the addition of AllianceBernstein as a subadviser; and (b) the proposed amount of the Inflation Focused Fund’s assets to be allocated to each of AllianceBernstein, BlackRock and PIMCO (“proposed target allocation levels”); and (10) AllianceBernstein’s financial condition.

In determining whether to approve the Additional Subadvisory Agreement, the Directors considered the information received in advance of, and at, the December Meeting, the presentations made by, and discussions held with, personnel of VIA and representatives of AllianceBernstein, 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 AllianceBernstein under the Additional Subadvisory Agreement, the Directors considered the specific investment process to be employed by AllianceBernstein in managing the assets of the Inflation Focused Fund to be allocated to it; the qualifications of AllianceBernstein’s investment management personnel with regard to implementing its mandate; the performance information provided for AllianceBernstein as compared to a relevant benchmark and peer group; AllianceBernstein’s infrastructure and whether it appeared to adequately support the mandate it is to implement for the Inflation Focused 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 AllianceBernstein to the Inflation Focused Fund. The Directors acknowledged that AllianceBernstein 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 Inflation Focused Fund. The Directors concluded that the nature, extent and quality of the subadvisory services expected to be provided by AllianceBernstein were appropriate in light of the mandate the subadviser is to employ on behalf of the Inflation Focused Fund and, thus, supported a decision to approve the Additional Subadvisory Agreement.

Investment Performance. The Directors reviewed the investment performance information provided by VIA for AllianceBernstein with respect to the mandate it is to employ for the Inflation Focused 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 AllianceBernstein. The Directors considered comparisons of the subadvisory

393

THE VANTAGEPOINT FUNDS

Additional Information — (Continued)

fee to be charged by AllianceBernstein to the Inflation Focused Fund with AllianceBernstein’s fee schedule for managing other accounts with an investment mandate similar to the mandate it is to employ on behalf of the Inflation Focused Fund. The Directors also considered that, according to the information provided by VIA, AllianceBernstein’s proposed fee schedule for the Inflation Focused Fund reflected the lowest fee rate currently charged by AllianceBernstein to other accounts for which it provides advisory services utilizing a similar mandate, other than for one investment company client for which AllianceBernstein manages a significantly greater amount of assets. Additionally, the nature of the subadvisory services AllianceBernstein is to provide to the Inflation Focused Fund appeared to be comparable to those AllianceBernstein provides to its other subadviser relationships.

The Directors reviewed information provided by VIA (which was based on an independent third-party source) on the fees charged by: (i) a group of U.S. separate account investment managers to accounts with assets comparable to the amount of assets to be allocated initially to AllianceBernstein that employ a U.S. TIPS/inflation fixed income investment mandate; and (ii) a group of U.S. separate account investment managers to accounts with assets comparable to the amount of assets to be allocated initially to AllianceBernstein that employ a U.S. core fixed income investment mandate. According to the information provided, the proposed effective fee rate to be paid by the Inflation Focused Fund to AllianceBernstein at the proposed initial asset allocation level would be at the median fee charged by the U.S. TIPS/inflation fixed income managers and below the median fee charged by the U.S. core fixed income managers, and would rank in the first quartile of the latter group of managers.

The Directors also considered information provided by VIA showing that there would be a one basis point increase in the overall subadvisory fees and, therefore, a one basis point increase in the total expense ratio of the Inflation Focused Fund as a result of the New Subadviser Structure. Referring to the comparative Inflation-Protected Peer Group data provided by VIA in connection with the December Meeting, the Directors noted, however, that if AllianceBernstein served as a subadviser to the Inflation Focused Fund at the proposed subadvisory fee rate, along with the Inflation Focused Fund’s two other existing subadvisers at their current subadvisory fee rates, the expected total expense ratio for the Inflation Focused Fund would continue to be below the average and median expense ratio of the Inflation-Protected Peer Group at the proposed asset allocation levels.

The foregoing comparisons assisted the Directors in considering the Additional Subadvisory Agreement by providing them with a basis for evaluating AllianceBernstein’s fee schedule, including in light of the Inflation Focused Fund’s expected total expense ratio, on a relative basis.

The Directors also reviewed the information provided by AllianceBernstein regarding the estimated profits to be realized from AllianceBernstein’s relationship with the Inflation Focused Fund. In considering the extent to which economies of scale may be realized by AllianceBernstein as the assets of the Inflation Focused Fund to be managed by AllianceBernstein grow, and whether the proposed fee levels reflect these economies, the Directors noted that the proposed fee schedule under the Additional Subadvisory Agreement includes a breakpoint, whereby the Inflation Focused Fund and its shareholders will benefit from reduced subadvisory fee rates as the assets managed by AllianceBernstein increase. The Directors also considered that AllianceBernstein’s proposed subadvisory fee was the product of arms-length negotiations. The Directors further considered the appropriateness of the subadvisory fee structure in light of VIA’s assessment that the proposed subadvisory fee schedule reflects the lowest fee schedule available from AllianceBernstein for like accounts (accounts of similar size and mandate).

Other Considerations. The Directors considered VIA’s judgment that the New Subadviser Structure with the addition of a multi-sector inflation strategy, and the hiring of AllianceBernstein as a subadviser to implement the new multi-sector inflation strategy, would result in additional diversification and sources of active return and improve the Inflation Focused Fund’s risk/return profile.

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

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THE VANTAGEPOINT FUNDS

Additional Information — (Continued)

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

Conclusion. After evaluating the information described above and 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 Inflation Focused Fund and its shareholders, and approved the Additional Subadvisory Agreement with, and the fee to be paid to, AllianceBernstein.

Householding

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

Other Available Information

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

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.

395

THE VANTAGEPOINT FUNDS

Additional Information — (Continued)

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.

MSCI Inc. (“MSCI”). The Vantagepoint Overseas Equity Index Fund is not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to the Fund or any index on which the Fund is based. The Fund’s registration statement contains a more detailed description of the limited relationship MSCI has with the Fund.

396

LOGO

Item 2

(Code of Ethics):

Sub-item 2a. The board of directors of the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, and to persons performing similar functions.

Sub-item 2c. Not applicable.

Sub-item 2d. Not applicable.

Sub-item 2e. Not applicable.

Sub-item 2f. Not applicable.

Item 3 (Audit Committee Financial Expert): Two members of the audit committee of the registrant have been determined by its board of directors to be audit committee financial experts. The audit committee financial experts of the registrant are Dorothy Hayes and Timothy O’Brien, both of whom are independent under the applicable rules.

Item 4

(Principal Accountant Fees and Services):

Sub-item 4a (Audit Fees). The aggregate fees billed for professional services rendered by the registrant’s principal accountant, PricewaterhouseCoopers LLP, for audits of the registrant’s financial statements were $567,054 and $565,244 in 2014 and 2013, respectively.

Sub-item 4b (Audit Related Fees). Not applicable.

Sub-item 4c (Tax Fees). The aggregate fees billed for professional services rendered by PricewaterhouseCoopers LLP for tax compliance, tax advice and tax planning were $123,588 and $78,877 in 2014 and 2013, respectively. These services covered preparation of the registrant’s income tax and excise tax returns, and also included related consulting and tax provision work.

Sub-item 4d (All Other Fees). Not applicable.

Sub-item 4e (1). The registrant’s audit committee pre-approves all audit and non-audit services to be performed by the registrant’s accountant before they are engaged to perform such services.

Sub-item 4e (2). The registrant’s audit committee approved 100% of the services described in Sub-item 4c.

Sub-item 4f. Not applicable.

Sub-item 4g. Not applicable.

Sub-item 4h. Not applicable.

Item 5

(Audit Committee of Listed Registrants): Not applicable to this registrant.

Item 6

(Investments):

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

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

Item 7

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

Item 8

(Portfolio Managers of Closed-End Management Investment Companies): Not applicable to this registrant.

Item 9

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

Item 10

(Submission of Matters to a Vote of Security Holders): Not applicable.

Item 11

(Controls and Procedures):

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

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

Item 12

(Exhibits):

Sub-item 12a(1). The code of ethics exhibit is attached.

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

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


		The Vantagepoint Funds

		By:		/s/ Joan McCallen
				Joan McCallen, Principal Executive Officer

		Date:		March 6, 2015

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


		By:		/s/ Joan McCallen
				Joan McCallen, Principal Executive Officer

		Date:		March 6, 2015

		By:		/s/ Richard Whitty
				Richard Whitty, Principal Financial Officer

		Date:		March 6, 2015

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