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

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08941

The Vantagepoint Funds

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Angela Montez, Secretary of the Registrant

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

(Name and address of agent for service)

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

Date of fiscal year end: 12/31/15

Date of reporting period: 01/01/15 - 06/30/15

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

Table of Contents

Vantagepoint Shareholder Expenses	1
Vantagepoint Funds Returns	3
Vantagepoint Funds Graphical Representation of Portfolio Holdings	6
Vantagepoint Funds
Statements of Assets and Liabilities	9
Statements of Operations	16
Statements of Changes in Net Assets	23
Financial Highlights	38
Notes to Financial Statements	73
Schedules of Investments	130

Shareholder Expenses

As a shareholder of a Vantagepoint Fund, you incur ongoing expenses, such as advisory fees and other fund expenses. The following example is intended to help you understand your ongoing expenses (in dollars and cents) of investing in a fund and to compare these expenses with the ongoing expenses of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2015 to June 30, 2015.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

ACTUAL								HYPOTHETICAL
Beginning Account Value 1/01/15	Ending Account Value 6/30/15		2015 Annualized Expense Ratio(a)		Expenses Paid During Period*		Vantagepoint Funds	Beginning Account Value 1/01/15		Ending Account Value 6/30/15		2015 Annualized Expense Ratio(a)		Expenses Paid During Period*
$1,000.00	$	1,006.70		0.62%	$	3.08	Low Duration Bond Investor Shares	$	1,000.00	$	1,021.72		0.62%	$	3.11
$1,000.00	$	1,007.00		0.37%	$	1.84	Low Duration Bond T Shares	$	1,000.00	$	1,022.96		0.37%	$	1.86
$1,000.00	$	1,001.90		0.65%	$	3.23	Inflation Focused Investor Shares	$	1,000.00	$	1,021.57		0.65%	$	3.26
$1,000.00	$	1,003.80		0.40%	$	1.99	Inflation Focused T Shares	$	1,000.00	$	1,022.81		0.40%	$	2.01
$1,000.00	$	1,024.80		0.82%	$	4.12	High Yield T Shares	$	1,000.00	$	1,020.73		0.82%	$	4.11
$1,000.00	$	988.90		0.78%	$	3.85	Equity Income Investor Shares	$	1,000.00	$	1,020.93		0.78%	$	3.91
$1,000.00	$	989.90		0.53%	$	2.61	Equity Income T Shares	$	1,000.00	$	1,022.17		0.53%	$	2.66
$1,000.00	$	1,023.60		0.77%	$	3.86	Growth & Income Investor Shares	$	1,000.00	$	1,020.98		0.77%	$	3.86
$1,000.00	$	1,024.40		0.52%	$	2.61	Growth & Income T Shares	$	1,000.00	$	1,022.22		0.52%	$	2.61
$1,000.00	$	1,035.40		0.76%	$	3.84	Growth Investor Shares	$	1,000.00	$	1,021.03		0.76%	$	3.81
$1,000.00	$	1,036.90		0.51%	$	2.58	Growth T Shares	$	1,000.00	$	1,022.27		0.51%	$	2.56
$1,000.00	$	1,005.10		0.94%	$	4.67	Select Value Investor Shares	$	1,000.00	$	1,020.13		0.94%	$	4.71
$1,000.00	$	1,006.70		0.69%	$	3.43	Select Value T Shares	$	1,000.00	$	1,021.37		0.69%	$	3.46
$1,000.00	$	1,052.10		0.83%	$	4.22	Aggressive Opportunities Investor Shares	$	1,000.00	$	1,020.68		0.83%	$	4.16
$1,000.00	$	1,053.00		0.58%	$	2.95	Aggressive Opportunities T Shares	$	1,000.00	$	1,021.92		0.58%	$	2.91
$1,000.00	$	1,040.80		0.96%	$	4.86	Discovery Investor Shares	$	1,000.00	$	1,020.03		0.96%	$	4.81
$1,000.00	$	1,041.80		0.71%	$	3.59	Discovery T Shares	$	1,000.00	$	1,021.27		0.71%	$	3.56
$1,000.00	$	1,047.30		0.97%	$	4.92	International Investor Shares	$	1,000.00	$	1,019.98		0.97%	$	4.86
$1,000.00	$	1,050.20		0.72%	$	3.66	International T Shares	$	1,000.00	$	1,021.22		0.72%	$	3.61
$1,000.00	$	1,034.60		0.49%	$	2.47	Diversifying Strategies T Shares	$	1,000.00	$	1,022.36		0.49%	$	2.46
$1,000.00	$	996.60		0.40%	$	1.98	Core Bond Index Class I	$	1,000.00	$	1,022.81		0.40%	$	2.01
$1,000.00	$	998.50		0.20%	$	0.99	Core Bond Index Class II	$	1,000.00	$	1,023.80		0.20%	$	1.00
$1,000.00	$	998.80		0.15%	$	0.74	Core Bond Index T Shares	$	1,000.00	$	1,024.05		0.15%	$	0.75
$1,000.00	$	1,010.00		0.40%	$	1.99	500 Stock Index Class I	$	1,000.00	$	1,022.81		0.40%	$	2.01
$1,000.00	$	1,011.30		0.20%	$	1.00	500 Stock Index Class II	$	1,000.00	$	1,023.80		0.20%	$	1.00
$1,000.00	$	1,011.80		0.15%	$	0.75	500 Stock Index T Shares	$	1,000.00	$	1,024.05		0.15%	$	0.75

(continued)

1

ACTUAL								HYPOTHETICAL
Beginning Account Value 1/01/15	Ending Account Value 6/30/15		2015 Annualized Expense Ratio(a)		Expenses Paid During Period*		Vantagepoint Funds	Beginning Account Value 1/01/15		Ending Account Value 6/30/15		2015 Annualized Expense Ratio(a)		Expenses Paid During Period*
$1,000.00	$	1,017.90		0.40%	$	2.00	Broad Market Index Class I	$	1,000.00	$	1,022.81		0.40%	$	2.01
$1,000.00	$	1,019.20		0.20%	$	1.00	Broad Market Index Class II	$	1,000.00	$	1,023.80		0.20%	$	1.00
$1,000.00	$	1,019.10		0.15%	$	0.75	Broad Market Index T Shares	$	1,000.00	$	1,024.05		0.15%	$	0.75
$1,000.00	$	1,046.70		0.40%	$	2.03	Mid/Small Company Index Class I	$	1,000.00	$	1,022.81		0.40%	$	2.01
$1,000.00	$	1,047.30		0.20%	$	1.02	Mid/Small Company Index Class II	$	1,000.00	$	1,023.80		0.20%	$	1.00
$1,000.00	$	1,047.70		0.15%	$	0.76	Mid/Small Company Index T Shares	$	1,000.00	$	1,024.05		0.15%	$	0.75
$1,000.00	$	1,062.70		0.50%	$	2.56	Overseas Equity Index Class I	$	1,000.00	$	1,022.32		0.50%	$	2.51
$1,000.00	$	1,063.60		0.30%	$	1.53	Overseas Equity Index Class II	$	1,000.00	$	1,023.31		0.30%	$	1.51
$1,000.00	$	1,064.40		0.25%	$	1.28	Overseas Equity Index T Shares	$	1,000.00	$	1,023.55		0.25%	$	1.25
$1,000.00	$	1,013.20		0.83%	$	4.14	Model Portfolio Conservative Growth Investor M Shares**	$	1,000.00	$	1,020.68		0.83%	$	4.16
$1,000.00	$	1,014.40		0.58%	$	2.90	Model Portfolio Conservative Growth TM Shares**	$	1,000.00	$	1,021.92		0.58%	$	2.91
$1,000.00	$	1,018.10		0.84%	$	4.20	Model Portfolio Traditional Growth Investor M Shares**	$	1,000.00	$	1,020.63		0.84%	$	4.21
$1,000.00	$	1,019.60		0.59%	$	2.95	Model Portfolio Traditional Growth TM Shares**	$	1,000.00	$	1,021.87		0.59%	$	2.96
$1,000.00	$	1,021.80		0.88%	$	4.41	Model Portfolio Long-Term Growth Investor M Shares**	$	1,000.00	$	1,020.43		0.88%	$	4.41
$1,000.00	$	1,022.90		0.63%	$	3.16	Model Portfolio Long-Term Growth TM Shares**	$	1,000.00	$	1,021.67		0.63%	$	3.16
$1,000.00	$	1,022.70		0.95%	$	4.76	Model Portfolio All-Equity Growth Investor M Shares**	$	1,000.00	$	1,020.08		0.95%	$	4.76
$1,000.00	$	1,024.20		0.70%	$	3.51	Model Portfolio All-Equity Growth TM Shares**	$	1,000.00	$	1,021.32		0.70%	$	3.51
$1,000.00	$	1,012.20		0.79%	$	3.94	Milestone Retirement Income Investor M Shares**	$	1,000.00	$	1,020.88		0.79%	$	3.96
$1,000.00	$	1,013.20		0.54%	$	2.70	Milestone Retirement Income TM Shares**	$	1,000.00	$	1,022.12		0.54%	$	2.71
$1,000.00	$	1,014.00		0.80%	$	3.99	Milestone 2010 Investor M Shares**	$	1,000.00	$	1,020.83		0.80%	$	4.01
$1,000.00	$	1,014.90		0.55%	$	2.75	Milestone 2010 TM Shares**	$	1,000.00	$	1,022.07		0.55%	$	2.76
$1,000.00	$	1,015.30		0.80%	$	4.00	Milestone 2015 Investor M Shares**	$	1,000.00	$	1,020.83		0.80%	$	4.01
$1,000.00	$	1,017.10		0.55%	$	2.75	Milestone 2015 TM Shares**	$	1,000.00	$	1,022.07		0.55%	$	2.76
$1,000.00	$	1,017.90		0.81%	$	4.05	Milestone 2020 Investor M Shares**	$	1,000.00	$	1,020.78		0.81%	$	4.06
$1,000.00	$	1,019.60		0.56%	$	2.80	Milestone 2020 TM Shares**	$	1,000.00	$	1,022.02		0.56%	$	2.81
$1,000.00	$	1,020.10		0.83%	$	4.16	Milestone 2025 Investor M Shares**	$	1,000.00	$	1,020.68		0.83%	$	4.16
$1,000.00	$	1,020.90		0.58%	$	2.91	Milestone 2025 TM Shares**	$	1,000.00	$	1,021.92		0.58%	$	2.91
$1,000.00	$	1,022.00		0.84%	$	4.21	Milestone 2030 Investor M Shares**	$	1,000.00	$	1,020.63		0.84%	$	4.21
$1,000.00	$	1,022.80		0.59%	$	2.96	Milestone 2030 TM Shares**	$	1,000.00	$	1,021.87		0.59%	$	2.96
$1,000.00	$	1,022.50		0.86%	$	4.31	Milestone 2035 Investor M Shares**	$	1,000.00	$	1,020.53		0.86%	$	4.31
$1,000.00	$	1,024.90		0.61%	$	3.06	Milestone 2035 TM Shares**	$	1,000.00	$	1,021.77		0.61%	$	3.06
$1,000.00	$	1,024.60		0.88%	$	4.42	Milestone 2040 Investor M Shares**	$	1,000.00	$	1,020.43		0.88%	$	4.41
$1,000.00	$	1,025.30		0.63%	$	3.16	Milestone 2040 TM Shares**	$	1,000.00	$	1,021.67		0.63%	$	3.16
$1,000.00	$	1,024.90		0.93%	$	4.67	Milestone 2045 Investor M Shares**	$	1,000.00	$	1,020.18		0.93%	$	4.66
$1,000.00	$	1,026.30		0.68%	$	3.42	Milestone 2045 TM Shares**	$	1,000.00	$	1,021.42		0.68%	$	3.41
$1,000.00	$	1,024.70		1.03%	$	5.17	Milestone 2050 Investor M Shares	$	1,000.00	$	1,019.69		1.03%	$	5.16
$1,000.00	$	1,026.30		0.78%	$	3.92	Milestone 2050 TM Shares	$	1,000.00	$	1,020.93		0.78%	$	3.91

(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. 181/365] (to reflect the one-half year period).

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

2

Vantagepoint Funds Returns*

As of June 30, 2015

	Year to Date		1 Year		3 Years		5 Years		10 Years		Since Inception		Inception Date
ACTIVELY MANAGED FUNDS1
Vantagepoint Low Duration Bond Fund (Investor Shares)		0.67%		0.54%		1.32%		1.70%		2.91%		—	12/4/00
Vantagepoint Low Duration Bond Fund (T Shares)		0.70%		0.79%		1.51%		1.82%		2.97%		—	3/1/13
Vantagepoint Inflation Focused Fund (Investor Shares)		0.19%		-2.66%		-1.39%		2.45%		3.84%		—	7/1/92
Vantagepoint Inflation Focused Fund (T Shares)		0.38%		-2.44%		-1.18%		2.57%		3.90%		—	3/1/13
Vantagepoint High Yield Fund (T Shares)		2.48%		-1.11%		—		—		—		-0.25%	5/1/14
Vantagepoint Equity Income Fund (Investor Shares)		-1.11%		-0.42%		14.37%		14.01%		6.68%		—	4/1/94
Vantagepoint Equity Income Fund (T Shares)		-1.01%		-0.22%		14.59%		14.14%		6.74%		—	3/1/13
Vantagepoint Growth and Income Fund (Investor Shares)		2.36%		6.29%		17.57%		16.62%		7.89%		—	10/2/98
Vantagepoint Growth and Income Fund (T Shares)		2.44%		6.51%		17.78%		16.74%		7.94%		—	3/1/13
Vantagepoint Growth Fund (Investor Shares)		3.54%		9.30%		17.17%		15.95%		6.66%		—	4/1/83
Vantagepoint Growth Fund (T Shares)		3.69%		9.57%		17.39%		16.09%		6.72%		—	3/1/13
Vantagepoint Select Value Fund (Investor Shares)		0.51%		1.99%		16.74%		16.05%		—		7.53%	10/30/07
Vantagepoint Select Value Fund (T Shares)		0.67%		2.30%		16.97%		16.19%		—		7.61%	3/1/13
Vantagepoint Aggressive Opportunities Fund (Investor Shares)		5.21%		5.83%		17.61%		14.25%		8.17%		—	10/1/94
Vantagepoint Aggressive Opportunities (Fund T Shares)		5.30%		6.07%		17.83%		14.38%		8.23%		—	3/1/13
Vantagepoint Discovery Fund (Investor Shares)		4.08%		4.35%		17.72%		16.95%		—		7.06%	10/30/07
Vantagepoint Discovery Fund (T Shares)		4.18%		4.56%		17.93%		17.08%		—		7.14%	3/1/13
Vantagepoint International Fund (Investor Shares)		4.73%		-4.30%		10.52%		9.87%		5.51%		—	10/1/94
Vantagepoint International Fund (T Shares)		5.02%		-4.03%		10.76%		10.02%		5.58%		—	3/1/13
Vantagepoint Diversifying Strategies Fund (T Shares)		3.46%		2.99%		5.19%		4.37%		—		2.72%	10/30/07
INDEX FUNDS1
Vantagepoint Core Bond Index Fund (Class I)		-0.34%		1.50%		1.38%		2.89%		3.98%		—	6/2/97
Vantagepoint Core Bond Index Fund (Class II)		-0.15%		1.77%		1.61%		3.12%		4.19%		—	4/5/99
Vantagepoint Core Bond Index Fund (T Shares)		-0.12%		1.75%		1.59%		3.02%		4.04%		—	3/1/13
Vantagepoint 500 Stock Index Fund (Class I)		1.00%		6.96%		16.82%		16.89%		7.46%		—	6/2/97
Vantagepoint 500 Stock Index Fund (Class II)		1.13%		7.24%		17.08%		17.11%		7.68%		—	4/5/99
Vantagepoint 500 Stock Index Fund (T Shares)		1.18%		7.29%		17.05%		17.03%		7.52%		—	3/1/13
Vantagepoint Broad Market Index Fund (Class I)		1.79%		6.95%		17.26%		17.08%		7.92%		—	10/1/94
Vantagepoint Broad Market Index Fund (Class II)		1.92%		7.15%		17.51%		17.33%		8.14%		—	4/5/99
Vantagepoint Broad Market Index Fund (T Shares)		1.91%		7.24%		17.49%		17.22%		7.98%		—	3/1/13
Vantagepoint Mid/Small Company Index Fund (Class I)		4.67%		5.68%		18.51%		17.64%		9.23%		—	6/2/97
Vantagepoint Mid/Small Company Index Fund (Class II)		4.73%		5.89%		18.74%		17.88%		9.45%		—	4/5/99
Vantagepoint Mid/Small Company Index Fund (T Shares)		4.77%		5.93%		18.72%		17.77%		9.29%		—	3/1/13
Vantagepoint Overseas Equity Index Fund (Class I)		6.27%		-4.46%		11.56%		9.47%		4.81%		—	6/2/97
Vantagepoint Overseas Equity Index Fund (Class II)		6.36%		-4.31%		11.73%		9.68%		5.01%		—	4/5/99
Vantagepoint Overseas Equity Index Fund (T Shares)		6.44%		-4.13%		11.79%		9.61%		4.87%		—	3/1/13

3

	Year to Date		1 Year		3 Years		5 Years		10 Years		Since Inception		Inception Date
MODEL PORTFOLIO FUNDS1
Vantagepoint Model Portfolio Conservative Growth Fund (Investor M Shares)		1.32%		0.86%		6.61%		7.09%		4.96%		—	4/1/96
Vantagepoint Model Portfolio Conservative Growth Fund (TM Shares)		1.44%		1.15%		6.82%		7.21%		5.02%		—	3/1/13
Vantagepoint Model Portfolio Traditional Growth Fund (Investor M Shares)		1.81%		1.77%		9.77%		9.70%		5.88%		—	4/1/96
Vantagepoint Model Portfolio Traditional Growth Fund (TM Shares)		1.96%		2.06%		9.99%		9.84%		5.94%		—	3/1/13
Vantagepoint Model Portfolio Long-Term Growth Fund (Investor M Shares)		2.18%		2.23%		11.99%		11.50%		6.54%		—	4/1/96
Vantagepoint Model Portfolio Long-Term Growth Fund (TM Shares)		2.29%		2.48%		12.21%		11.63%		6.60%		—	3/1/13
Vantagepoint Model Portfolio All-Equity Growth Fund (Investor M Shares)		2.27%		2.32%		15.06%		14.19%		7.07%		—	10/1/00
Vantagepoint Model Portfolio All-Equity Growth Fund (TM Shares)		2.42%		2.61%		15.29%		14.32%		7.14%		—	3/1/13
MILESTONE FUNDS1,2
Vantagepoint Milestone Retirement Income Fund (Investor M Shares)		1.22%		0.88%		4.84%		5.46%		4.34%		—	1/3/05
Vantagepoint Milestone Retirement Income Fund (TM Shares)		1.32%		1.13%		5.02%		5.58%		4.39%		—	3/1/13
Vantagepoint Milestone 2010 Fund (Investor M Shares)		1.40%		1.11%		7.02%		7.71%		5.19%		—	1/3/05
Vantagepoint Milestone 2010 Fund (TM Shares)		1.49%		1.37%		7.21%		7.82%		5.25%		—	3/1/13
Vantagepoint Milestone 2015 Fund (Investor M Shares)		1.53%		1.31%		8.14%		8.72%		5.56%		—	1/3/05
Vantagepoint Milestone 2015 Fund (TM Shares)		1.71%		1.58%		8.37%		8.85%		5.63%		—	3/1/13
Vantagepoint Milestone 2020 Fund (Investor M Shares)		1.79%		1.66%		9.51%		9.76%		5.86%		—	1/3/05
Vantagepoint Milestone 2020 Fund (TM Shares)		1.96%		1.90%		9.73%		9.89%		5.92%		—	3/1/13
Vantagepoint Milestone 2025 Fund (Investor M Shares)		2.01%		1.78%		10.73%		10.82%		6.17%		—	1/3/05
Vantagepoint Milestone 2025 Fund (TM Shares)		2.09%		2.01%		10.94%		10.94%		6.23%		—	3/1/13
Vantagepoint Milestone 2030 Fund (Investor M Shares)		2.20%		1.95%		11.89%		11.85%		6.46%		—	1/3/05
Vantagepoint Milestone 2030 Fund (TM Shares)		2.28%		2.18%		12.09%		11.97%		6.52%		—	3/1/13
Vantagepoint Milestone 2035 Fund (Investor M Shares)		2.25%		1.97%		13.01%		12.87%		6.75%		—	1/3/05
Vantagepoint Milestone 2035 Fund (TM Shares)		2.49%		2.30%		13.25%		13.02%		6.82%		—	3/1/13
Vantagepoint Milestone 2040 Fund (Investor M Shares)		2.46%		2.03%		13.89%		13.57%		6.98%		—	1/3/05
Vantagepoint Milestone 2040 Fund (TM Shares)		2.53%		2.27%		14.10%		13.70%		7.04%		—	3/1/13
Vantagepoint Milestone 2045 Fund (Investor M Shares)		2.49%		2.01%		14.13%		13.65%		—		11.00%	1/4/10
Vantagepoint Milestone 2045 Fund (TM Shares)		2.63%		2.23%		14.35%		13.79%		—		11.12%	3/1/13
Vantagepoint Milestone 2050 Fund (Investor M Shares)		2.47%		1.94%		—		—		—		13.01%	9/10/12
Vantagepoint Milestone 2050 Fund (TM Shares)		2.63%		2.15%		—		—		—		13.25%	3/1/13

4

* Current performance may be higher or lower than the past performance presented in this report. Past performance is no guarantee of future performance. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance is available by calling 800-669-7400 or at www.icmarc.org/vpperformance.

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

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

5

Vantagepoint Funds Graphical Representation of Portfolio Holdings

As of June 30, 2015

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

	Asset-Backed		Corporates		Floating Rate Loans		Mortgage- Backed		U.S. Treasury		U.S. Treasury Inflation Protected		Government Related		Cash/Cash Equivalents1		Other2
Low Duration Bond Fund		14.0%		58.3%		0.6%		5.0%		15.1%		0.0%		3.3%		3.7%		0.0%
Inflation Focused Fund		2.3%		8.3%		0.0%		1.2%		0.1%		83.6%		1.3%		3.2%		0.0%
Core Bond Index Fund		0.6%		24.3%		0.0%		30.3%		35.2%		0.0%		8.9%		0.7%		0.0%
High Yield Fund		0.1%		94.6%		0.6%		1.1%		0.0%		0.0%		0.0%		3.2%		0.4%

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

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

	Equity		Cash/Cash Equivalents1
Equity Income Fund		95.8%		4.2%
500 Stock Index Fund		98.5%		1.5%
Growth & Income Fund		96.8%		3.2%
Broad Market Index Fund		98.7%		1.3%
Growth Fund		97.2%		2.8%
Select Value Fund		94.6%		5.4%
Aggressive Opportunities Fund		96.8%		3.2%
Mid/Small Company Index Fund		98.3%		1.7%

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

Equity Funds’ Sector Allocation (% of Total Investments)

	Consumer Discretionary		Consumer Staples		Energy		Financials		Health Care		Industrials		Information Technology		Materials		Telecomm Services		Utilities		Other
Equity Income Fund		15.8%		3.7%		12.2%		23.3%		7.2%		15.1%		8.9%		3.9%		6.2%		3.9%		0.0%
500 Stock Index Fund		12.8%		9.4%		7.8%		16.6%		15.4%		10.1%		19.6%		3.1%		2.3%		2.8%		0.0%
Growth & Income Fund		16.3%		7.4%		7.4%		18.9%		14.2%		13.1%		16.7%		4.3%		0.4%		1.3%		0.0%
Broad Market Index Fund		13.3%		8.2%		7.2%		17.8%		15.2%		11.0%		19.0%		3.6%		2.0%		2.8%		0.0%
Growth Fund		21.0%		6.7%		2.7%		7.7%		20.9%		7.2%		29.4%		4.4%		0.0%		0.0%		0.0%
Select Value Fund		15.9%		1.8%		7.4%		27.5%		4.8%		13.3%		12.6%		8.2%		1.2%		7.6%		0.0%
Aggressive Opportunities Fund		24.3%		3.5%		4.2%		8.4%		13.3%		20.7%		18.3%		3.4%		3.8%		0.2%		0.0%
Mid/Small Company Index Fund		14.8%		2.9%		4.4%		24.1%		13.0%		14.9%		15.1%		6.1%		0.7%		4.0%		0.0%

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

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

²  Other includes preferred stock and convertible preferred stock.

6

Vantagepoint Funds Graphical Representation of Portfolio Holdings (continued)

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

	Equity		Fixed Income		Convertible		Cash/Cash Equivalents1
Discovery Fund		98.3%		49.0%		0.0%		2.1%
Diversifying Strategies Fund		34.5%		54.2%		39.2%		1.7%

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

Vantagepoint Discovery Fund’s and Diversifying Strategies Fund’s Fixed Income Sector Allocation* (% of Net Assets excluding equities, convertibles, and cash/cash equivalents)

	Asset-Backed		Corporates		Floating Rate Loans		Mortgage-Backed		U.S. Treasury		U.S. Treasury Inflation Protected		Government Related
Discovery Fund		12.0%		45.4%		0.0%		8.4%		32.0%		0.0%		2.2%
Diversifying Strategies Fund		8.5%		55.0%		0.5%		10.5%		20.7%		0.0%		4.7%

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

Vantagepoint Discovery Fund’s and Diversifying Strategies Fund’s Equity Sector Allocation* (% of Total Investments excluding fixed income, convertibles, and cash/cash equivalents)

	Consumer Discretionary		Consumer Staples		Energy		Financials		Health Care		Industrials		Information Technology		Materials		Telecomm Services		Utilities		Other
Discovery Fund		14.2%		2.4%		3.6%		22.6%		15.9%		15.2%		19.0%		3.4%		0.5%		3.0%		0.0%
Diversifying Strategies Fund		12.5%		2.6%		3.2%		34.9%		13.8%		11.1%		14.8%		3.5%		0.8%		2.8%		0.0%

* For these funds, the equity sector allocations were calculated using the actual equity securities held and blending them with the sectors represented in the Russell 2000 Index futures held. This represents the portion of each fund classified as equities above and due to rounding, the allocations may not add up to 100%.

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

	Australia		China		France		Germany		Hong Kong		Italy		Japan		Korea		Netherlands		Singapore		Spain		Sweden		Switzerland		United Kingdom		Cash/Cash Equivalents1		Other**
International Fund		2.9%		2.9%		7.1%		8.4%		5.4%		1.2%		16.1%		2.5%		2.4%		2.1%		2.7%		2.0%		10.6%		15.2%		2.6%		15.9%
Overseas Equity Index Fund		6.9%		0.0%		9.4%		8.8%		3.1%		2.2%		22.6%		0.0%		3.4%		1.4%		3.4%		2.9%		9.6%		18.1%		1.2%		7.0%

** Other represents countries not listed with under a 2.0% individual weighting.

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

7

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

	Low Duration Bond Fund	Core Bond Index Fund	Inflation Focused Fund	High Yield Fund	Equity Income Fund	Growth & Income Fund	Growth Fund	Select Value Fund	Mid/ Small Company Index Fund	Aggressive Opportunities Fund	Discovery Fund	International Fund	Vanguard FTSE EM ETF	Diversifying Strategies Fund
Model Portfolio Conservative Growth Fund	27.6%	16.3%	7.5%	9.7%	7.3%	5.3%	4.8%	2.6%	0.0%	1.4%	1.4%	6.4%	1.0%	9.0%
Model Portfolio Traditional Growth Fund	9.7%	16.1%	3.4%	4.9%	11.0%	11.3%	8.9%	4.5%	0.0%	3.1%	2.6%	11.1%	1.7%	12.0%
Model Portfolio Long-Term Growth Fund	0.0%	12.0%	0.0%	3.0%	14.7%	14.6%	11.0%	6.9%	0.0%	5.0%	3.7%	14.2%	2.1%	13.0%
Model Portfolio All-Equity Growth Fund	0.0%	0.0%	0.0%	0.0%	23.0%	17.3%	14.0%	10.3%	0.0%	9.3%	6.3%	17.0%	3.0%	0.0%
Milestone Retirement Income Fund	26.3%	20.6%	10.5%	5.6%	7.4%	7.4%	2.8%	0.4%	3.9%	0.4%	0.4%	6.3%	1.3%	7.0%
Milestone 2010 Fund	19.0%	21.6%	10.1%	5.9%	8.5%	7.1%	4.9%	0.2%	4.7%	0.2%	0.2%	6.9%	1.4%	9.6%
Milestone 2015 Fund	16.7%	19.3%	6.9%	4.8%	9.8%	7.5%	6.2%	0.5%	5.1%	0.5%	0.5%	8.6%	1.8%	12.0%
Milestone 2020 Fund	11.7%	18.7%	4.4%	4.3%	11.8%	9.0%	7.2%	0.6%	6.1%	0.6%	0.6%	10.1%	2.1%	13.0%
Milestone 2025 Fund	7.9%	16.3%	2.0%	4.2%	14.2%	10.1%	8.4%	0.7%	6.9%	0.7%	0.7%	11.5%	2.5%	14.2%
Milestone 2030 Fund	4.0%	13.5%	0.7%	3.5%	16.2%	10.4%	10.3%	0.8%	8.0%	0.8%	0.8%	13.3%	2.9%	15.0%
Milestone 2035 Fund	0.8%	9.7%	0.2%	2.2%	18.9%	11.6%	11.4%	0.9%	9.1%	0.9%	0.9%	15.2%	3.2%	15.0%
Milestone 2040 Fund	0.0%	4.1%	0.0%	1.3%	21.9%	12.4%	12.2%	1.0%	10.0%	1.0%	1.0%	16.7%	3.5%	15.0%
Milestone 2045 Fund	0.0%	0.0%	0.0%	1.0%	24.0%	11.5%	13.9%	1.0%	10.5%	1.0%	1.0%	17.5%	3.8%	15.0%
Milestone 2050 Fund	0.0%	0.0%	0.0%	1.0%	24.0%	11.5%	13.9%	1.0%	10.5%	1.0%	1.0%	17.5%	3.8%	15.0%

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

8

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

June 30, 2015 (Unaudited)

	Low Duration Bond			Inflation Focused Fund(1)			High Yield Fund			Equity Income
ASSETS:
Investment in securities, at value†	$	842,892,575		$	528,284,326		$	399,632,135		$	2,422,114,394
Cash		29,680			107,406			115,939			86,043
Cash denominated in foreign currencies		3,910			14,706			325,237			—
Receivables:
Dividends		2,303			1,485			955			3,432,856
Interest		3,493,515			2,292,310			5,912,132			—
Security lending income		1,263			358			17,509			163,742
Investments sold		1,498,413			7,791,286			1,284,691			81,466,841
Fund shares sold		866,994			98,542			1,774,087			562,497
Recoverable foreign taxes		—			8,067			14,429			108,419
Variation margin on futures contracts		949			129,225			40,396			—
Variation Margin on Centrally Cleared Swaps		—			400,115			—			—
Due from broker—swap agreements collateral		—			746,000			—			—
Swap agreements, at value (Premium $0, $5,737, $0 and $0)		—			99,985			—			—
Unrealized appreciation on forward foreign currency exchange contracts		—			17,890			9,429			—
Due from Custodian		—			—			—			403,811
Total Assets		848,789,602			539,991,701			409,126,939			2,508,338,603
LIABILITIES:
Payables:
Investments purchased		10,483,734			5,535,616			3,383,481			113,652,681
Distributions		846,437			—			1,756,021			—
Fund shares redeemed		420,889			244,988			49,391			271,817
Collateral for securities loaned		11,412,350			727,900			24,562,130			101,345,843
Swap agreements, at value (Premium $0, $30,185, $0 and $0)		—			1,893,342			—			—
Written Options, at value (Premium $0, $308,374, $0 and $0)		—			284,423			—			—
Unrealized depreciation on forward foreign currency exchange contracts		26,276			32,026			181,505			—
AccruedExpenses:
Advisory fees		67,780			43,457			62,593			193,103
Subadviser fees		270,957			200,595			338,367			1,757,678
Fund services fees		80,124			48,419			31,298			203,875
Administration fees		11,764			11,764			18,285			11,764
Directors’ fees and expenses		1,617			1,214			765			5,266
Other accrued expenses		145,978			98,221			284,743			311,339
Total Liabilities		23,767,906			9,121,965			30,668,579			217,753,366
NET ASSETS	$	825,021,696		$	530,869,736		$	378,458,360		$	2,290,585,237
NET ASSETS REPRESENTED BY:
Paid-in capital	$	823,066,271		$	538,495,749		$	399,020,528		$	1,846,703,968
Undistributed net investment income (loss)		(43,397	)		135,682			(51,764	)		22,956,122
Accumulated net realized gain (loss) on investments, futures contracts, foreign currency transactions, written options and swap agreements		510,186			(3,310,847	)		(6,517,282	)		107,512,847
Net unrealized appreciation (depreciation) on investments, futures contracts, foreign currency transactions, written options and swap agreements		1,488,636			(4,450,848	)		(13,993,122	)		313,412,300
NET ASSETS	$	825,021,696		$	530,869,736		$	378,458,360		$	2,290,585,237
CAPITAL SHARES:
Net Assets—Investor Shares	$	60,901,831		$	24,165,927		$	—		$	50,912,198
Shares Outstanding—Investor Shares		6,041,889			2,280,991			—			5,172,098
Net Asset Value—Investor Shares offering and redemption price per share (net assets divided by shares outstanding)	$	10.08		$	10.59		$	—		$	9.84
Net Assets—T Shares	$	764,119,865		$	506,703,809		$	378,458,360		$	2,239,673,039
Shares Outstanding—T Shares		75,790,572			47,705,710			39,987,657			227,268,141
Net Asset Value—T Shares offering and redemption price per share (net assets divided by shares outstanding)	$	10.08		$	10.62		$	9.46		$	9.85
Cost of investments	$	841,397,517		$	531,125,603		$	413,438,034		$	2,108,702,210
Cost of cash denominated in foreign currencies	$	3,879		$	19,482		$	330,331		$	—
†  Includes securities on loan with values of (Note 7):	$	11,182,703		$	712,220		$	24,067,536		$	98,457,088

(1) Formerly Inflation Protected Securities Fund.

See Notes to Financial Statements

9

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

June 30, 2015 (Unaudited)

	Growth & Income		Growth		Select Value		Aggressive Opportunities
ASSETS:
Investment in securities, at value†	$	1,738,379,635	$	2,306,808,800	$	464,235,284	$	1,195,796,611
Cash		660		1,334		—		—
Cash denominated in foreign currencies		148		—		—		—
Receivables:
Dividends		1,894,267		961,144		778,634		609,234
Security lending income		4,350		5,137		3,899		98,806
Investments sold		4,007,547		16,318,752		1,587,725		87,104,094
Fund shares sold		590,835		113,890		184,286		130,556
Total Assets		1,744,877,442		2,324,209,057		466,789,828		1,283,739,301
LIABILITIES:
Payables:
Investments purchased		1,169,142		—		3,517,317		97,913,216
Fund shares redeemed		157,604		877,249		129,773		231,142
Collateral for securities loaned		9,429,975		—		10,789,218		67,680,538
Due to custodian		39,215		—		—		183,363
Accrued Expenses:
Advisory fees		144,946		193,853		37,582		93,583
Subadviser fees		1,248,048		1,619,330		475,367		941,395
Fund services fees		153,177		199,112		39,211		100,819
Administration fees		11,764		11,755		11,764		11,764
Directors’ fees and expenses		3,720		5,016		1,017		2,515
Other accrued expenses		242,773		288,365		81,781		178,645
Total Liabilities		12,600,364		3,194,680		15,083,030		167,336,980
NET ASSETS	$	1,732,277,078	$	2,321,014,377	$	451,706,798	$	1,116,402,321
NET ASSETS REPRESENTED BY:
Paid-in capital	$	1,215,630,165	$	1,610,625,843	$	364,995,662	$	824,133,156
Undistributed net investment income		11,360,199		6,043,919		2,576,331		8,914,492
Accumulated net realized gain on investments and foreign currency transactions		98,170,183		142,080,617		33,960,494		76,360,969
Net unrealized appreciation on investments and foreign currency transactions		407,116,531		562,263,998		50,174,311		206,993,704
NET ASSETS	$	1,732,277,078	$	2,321,014,377	$	451,706,798	$	1,116,402,321
CAPITAL SHARES:
Net Assets—Investor Shares	$	39,203,242	$	25,286,436	$	7,834,868	$	34,543,040
Shares Outstanding—Investor Shares		3,009,091		1,800,732		657,045		2,852,597
Net Asset Value—Investor Shares offering and redemption price per share (net assets divided by shares outstanding)	$	13.03	$	14.04	$	11.92	$	12.11
Net Assets—T Shares	$	1,693,073,836	$	2,295,727,941	$	443,871,930	$	1,081,859,281
Shares Outstanding—T Shares		129,799,757		163,372,295		37,174,304		89,174,815
Net Asset Value—T Shares offering and redemption price per share (net assets divided by shares outstanding)	$	13.04	$	14.05	$	11.94	$	12.13
Cost of investments	$	1,331,263,105	$	1,744,544,802	$	414,060,973	$	988,802,907
Cost of cash denominated in foreign currencies	$	146	$	—	$	—	$	—
† Includes securities on loan with values of (Note 7):	$	9,309,450	$	—	$	10,477,666	$	66,624,000

See Notes to Financial Statements

10

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

June 30, 2015 (Unaudited)

	Discovery		International			Diversifying Strategies(1)
ASSETS:
Investment in securities, at value†	$	321,496,520	$	1,640,034,995		$	1,121,303,487
Cash		179		—			50,388
Cash denominated in foreign currencies		25		5,614,412			10,453
Receivables:
Dividends		133,062		3,524,068			236,099
Interest		443,160		—			3,883,275
Security lending income		20,362		50,160			—
Investments sold		730,584		601,893			4,711,797
Fund shares sold		24,023		809,635			37,314
Recoverable foreign taxes		—		1,428,175			44,908
Variation margin on futures contracts		577,270		—			1,316,151
Unrealized appreciation on forward foreign currency exchange contracts		—		—			29,674
Total Assets		323,425,185		1,652,063,338			1,131,623,546
LIABILITIES:
Payables:
Investments purchased		2,623,754		1,991,258			7,958,528
Fund shares redeemed		225,475		79,439			461,164
Foreign taxes		—		26,107			—
Collateral for securities loaned		22,133,164		25,821,895			—
Due to custodian		—		143,510			—
Unrealized depreciation on forward foreign currency exchange contracts		—		—			333
Accrued Expenses:
Advisory fees		24,993		135,272			93,375
Subadviser fees		323,938		1,933,228			793,707
Fund services fees		26,357		140,745			93,379
Administration fees		6,385		11,764			11,764
Directors’ fees and expenses		607		3,283			2,392
Other accrued expenses		108,995		532,097			262,571
Total Liabilities		25,473,668		30,818,598			9,677,213
NET ASSETS	$	297,951,517	$	1,621,244,740		$	1,121,946,333
NET ASSETS REPRESENTED BY:
Paid-in capital	$	260,545,839	$	1,456,937,805		$	1,070,960,090
Undistributed net investment income		1,499,118		18,797,766			5,005,607
Accumulated net realized gain (loss) on investments, futures contracts and foreign currency transactions		22,585,926		(451,039	)		39,409,080
Net unrealized appreciation on investments, futures contracts and foreign currency transactions		13,320,634		145,960,208			6,571,556
NET ASSETS	$	297,951,517	$	1,621,244,740		$	1,121,946,333
CAPITAL SHARES:
Net Assets—Investor Shares	$	6,550,845	$	26,003,343		$	—
Shares Outstanding—Investor Shares		627,104		2,395,552			—
Net Asset Value—Investor Shares offering and redemption price per share (net assets divided by shares outstanding)	$	10.45	$	10.85		$	—
Net Assets—T Shares	$	291,400,672	$	1,595,241,397		$	1,121,946,333
Shares Outstanding—T Shares		27,835,959		146,660,399			107,044,757
Net Asset Value—T Shares offering and redemption price per share (net assets divided by shares outstanding)	$	10.47	$	10.88		$	10.48
Cost of investments	$	306,753,016	$	1,493,975,632		$	1,111,032,741
Cost of cash denominated in foreign currencies	$	26	$	5,658,096		$	10,230
† Includes securities on loan with values of (Note 7):	$	21,150,225	$	24,584,301		$	—

(1) Formerly Diversified Assets Fund.

See Notes to Financial Statements

11

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

June 30, 2015 (Unaudited)

	Core Bond Index			500 Stock Index		Broad Market Index		Mid/Small Company Index		Overseas Equity Index
ASSETS:
Investment in securities, at value†	$	1,841,237,353		$	903,266,791	$	932,166,805	$	831,147,934	$	281,051,113
Cash		—			71,589		57,748		—		—
Cash denominated in foreign currencies		—			—		—		—		124,104
Receivables:
Dividends		14,456			1,020,070		1,014,805		850,735		566,173
Interest		9,794,527			—		—		—		—
Security lending income		4,448			3,183		24,292		100,231		14,032
Investments sold		26,718,208			138,582		9,849,084		51,012,805		114,911
Fund shares sold		4,283,710			374,361		437,997		198,062		71,960
Due from investment adviser		68,540			34,496		35,427		30,201		10,989
Recoverable foreign taxes		—			—		—		—		345,293
Variation margin on futures contracts		—			17,053		21,662		36,246		—
Due from Custodian		499,760			—		—		—		—
Total Assets		1,882,621,002			904,926,125		943,607,820		883,376,214		282,298,575
LIABILITIES:
Payables:
Investments purchased		152,700,369			741,990		11,867,388		52,312,312		26,346
Distributions		4,043,540			—		—		—		—
Fund shares redeemed		631,367			902,628		505,691		229,067		388,325
Variation margin on futures contracts		—			—		—		—		3
Collateral for securities loaned		14,109,002			5,203,057		19,587,301		57,069,483		7,924,087
Due to custodian		—			—		—		—		114,071
Accrued Expenses:
Advisory fees		70,120			37,564		38,086		32,242		11,684
Subadviser fees		43,147			22,793		36,399		27,156		29,398
Fund services fees		144,450			83,846		84,616		70,086		25,550
Administration fees		11,764			11,764		11,764		11,764		11,764
Directors’ fees and expenses		3,412			1,580		1,822		1,606		677
Other accrued expenses		333,992			132,748		138,805		108,513		222,269
Total Liabilities		172,091,163			7,137,970		32,271,872		109,862,229		8,754,174
NET ASSETS	$	1,710,529,839		$	897,788,155	$	911,335,948	$	773,513,985	$	273,544,401
NET ASSETS REPRESENTED BY:
Paid-in capital	$	1,707,079,968		$	556,156,103	$	473,956,786	$	526,592,825	$	253,325,343
Undistributed net investment income (loss)		(4,526,360	)		8,778,604		14,665,571		7,616,883		4,679,635
Accumulated net realized gain (loss) on investments, futures contracts and foreign currency transactions		(12,330,593	)		6,050,370		11,363,727		46,753,178		(4,183,679	)
Net unrealized appreciation on investments, futures contracts and foreign currency transactions		20,306,824			326,803,078		411,349,864		192,551,099		19,723,102
NET ASSETS	$	1,710,529,839		$	897,788,155	$	911,335,948	$	773,513,985	$	273,544,401
CAPITAL SHARES:
Net Assets—Class I	$	25,427,124		$	52,359,691	$	50,793,996	$	33,757,733	$	13,214,748
Shares Outstanding—Class I		2,504,522			3,223,672		2,882,328		1,620,127		1,082,434
Net Asset Value—Class I offering and redemption price per share (net assets divided by shares outstanding)	$	10.15		$	16.24	$	17.62	$	20.84	$	12.21
Net Assets—Class II	$	12,990,319		$	21,185,509	$	13,107,622	$	15,387,294	$	3,549,333
Shares Outstanding—Class II		1,270,814			1,388,199		795,468		789,859		312,050
Net Asset Value—Class II offering and redemption price per share (net assets divided by shares outstanding)	$	10.22		$	15.26	$	16.48	$	19.48	$	11.37
Net Assets—T Shares	$	1,672,112,396		$	824,242,955	$	847,434,330	$	724,368,958	$	256,780,320
Shares Outstanding—T Shares		164,763,231			50,637,106		48,013,351		34,705,113		21,004,316
Net Asset Value—T Shares offering and redemption price per share (net assets divided by shares outstanding)	$	10.15		$	16.28	$	17.65	$	20.87	$	12.23
Cost of investments	$	1,820,930,529		$	576,283,605	$	520,656,371	$	638,444,013	$	261,186,271
Cost of cash denominated in foreign currencies	$	—		$	—	$	—	$	—	$	124,338
†  Includes securities on loan with values of (Note 7):	$	13,835,522		$	5,108,428	$	19,137,559	$	55,661,249	$	7,512,075

See Notes to Financial Statements

12

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

June 30, 2015 (Unaudited)

	Model Portfolio Funds
	Conservative Growth		Traditional Growth		Long-Term Growth		All-Equity Growth
ASSETS:
Investment in securities, at value	$	5,701,751	$	27,527,702	$	46,978,801	$	28,992,430
Investments in securities of affiliated Mutual Funds, at value(a)		651,213,918		1,700,865,481		2,213,732,020		930,890,351
Receivables:
Dividends		791,542		1,474,606		1,390,236		265,213
Investments sold		—		798,804		303,978		669,941
Fund shares sold		164,965		8,108		422		4,875
Total Assets		657,872,176		1,730,674,701		2,262,405,457		960,822,810
LIABILITIES:
Payables:
Investments purchased		947,701		1,613,246		1,685,283		311,768
Fund shares redeemed		28,582		806,912		304,400		674,816
Accrued Expenses:
Advisory fees		53,082		127,454		163,233		76,653
Fund services fees		21,187		30,424		23,849		11,452
Administration fees		9,482		9,482		9,482		9,482
Directors’ fees and expenses		1,469		3,762		4,923		2,073
Other accrued expenses		95,535		205,142		225,315		123,890
Total Liabilities		1,157,038		2,796,422		2,416,485		1,210,134
NET ASSETS	$	656,715,138	$	1,727,878,279	$	2,259,988,972	$	959,612,676
NET ASSETS REPRESENTED BY:
Paid-in capital	$	604,124,440	$	1,461,548,529	$	1,816,193,088	$	740,131,725
Undistributed net investment income (loss)		3,698,535		6,032,565		4,613,974		(342,072	)
Accumulated net realized gain on investments		17,901,470		66,586,011		148,322,441		74,321,815
Net unrealized appreciation on investments		30,990,693		193,711,174		290,859,469		145,501,208
NET ASSETS	$	656,715,138	$	1,727,878,279	$	2,259,988,972	$	959,612,676
CAPITAL SHARES:
Net Assets—Investor M Shares	$	102,167,339	$	146,725,539	$	114,860,691	$	54,882,135
Shares Outstanding—Investor M Shares		4,034,709		5,661,813		4,446,397		2,065,296
Net Asset Value—Investor M Shares offering and redemption price per share (net assets divided by shares outstanding)	$	25.32	$	25.91	$	25.83	$	26.57
Net Assets—TM Shares	$	554,547,799	$	1,581,152,740	$	2,145,128,281	$	904,730,541
Shares Outstanding—TM Shares		21,866,521		60,917,496		82,908,366		33,990,062
Net Asset Value—TM Shares offering and redemption price per share (net assets divided by shares outstanding)	$	25.36	$	25.96	$	25.87	$	26.62
Cost of investments	$	5,826,672	$	28,103,348	$	48,313,711	$	29,489,559
Cost of securities of affiliated Mutual Funds	$	620,098,304	$	1,506,578,661	$	1,921,537,641	$	784,892,014

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

See Notes to Financial Statements

13

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

June 30, 2015 (Unaudited)

	Milestone Funds
	Milestone Retirement Income		Milestone 2010		Milestone 2015		Milestone 2020		Milestone 2025
ASSETS:
Investment in securities, at value	$	4,018,814	$	3,695,260	$	9,700,545	$	16,233,971	$	17,467,954
Investments in securities of affiliated Mutual Funds, at value(a)		326,215,516		280,304,090		561,315,778		775,983,828		672,619,085
Receivables:
Dividends		376,877		315,519		580,579		756,923		616,945
Investments sold		—		158,887		—		708,534		—
Fund shares sold		201,874		1,413		386,312		16,137		451,549
Total Assets		330,813,081		284,475,169		571,983,214		793,699,393		691,155,533
LIABILITIES:
Payables:
Investments purchased		492,877		334,758		522,813		986,485		1,135,240
Fund shares redeemed		14,414		160,300		345,492		754,071		157,566
Accrued Expenses:
Advisory fees		27,283		23,615		47,580		65,588		57,211
Fund services fees		18,234		14,684		23,428		26,494		23,969
Administration fees		9,482		9,482		9,482		9,482		9,482
Directors’ fees and expenses		729		645		1,255		1,554		1,303
Other accrued expenses		49,572		47,148		64,924		77,135		67,369
Total Liabilities		612,591		590,632		1,014,974		1,920,809		1,452,140
NET ASSETS	$	330,200,490	$	283,884,537	$	570,968,240	$	791,778,584	$	689,703,393
NET ASSETS REPRESENTED BY:
Paid-in capital	$	319,198,219	$	266,629,816	$	528,001,357	$	718,134,527	$	615,569,858
Undistributed net investment income		1,630,700		1,354,493		2,387,065		2,906,042		2,147,411
Accumulated net realized gain on investments		8,533,518		9,685,688		17,611,446		26,933,876		26,011,577
Net unrealized appreciation on investments		838,053		6,214,540		22,968,372		43,804,139		45,974,547
NET ASSETS	$	330,200,490	$	283,884,537	$	570,968,240	$	791,778,584	$	689,703,393
CAPITAL SHARES:
Net Assets—Investor M Shares	$	88,237,955	$	70,860,142	$	113,619,922	$	128,240,216	$	115,215,655
Shares Outstanding—Investor M Shares		8,210,108		6,514,609		10,043,731		10,743,760		9,438,710
Net Asset Value—Investor M Shares offering and redemption price per share (net assets divided by shares outstanding)	$	10.75	$	10.88	$	11.31	$	11.94	$	12.21
Net Assets—TM Shares	$	241,962,535	$	213,024,395	$	457,348,318	$	663,538,368	$	574,487,738
Shares Outstanding—TM Shares		22,481,929		19,557,411		40,373,675		55,500,923		46,978,293
Net Asset Value—TM Shares offering and redemption price per share (net assets divided by shares outstanding)	$	10.76	$	10.89	$	11.33	$	11.96	$	12.23
Cost of investments	$	4,094,603	$	3,758,769	$	9,900,150	$	16,517,850	$	17,649,537
Cost of securities of affiliated Mutual Funds	$	325,301,674	$	274,026,041	$	538,147,801	$	731,895,810	$	626,462,955

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

See Notes to Financial Statements

14

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

June 30, 2015 (Unaudited)

	Milestone Funds
	Milestone 2030		Milestone 2035		Milestone 2040		Milestone 2045			Milestone 2050
ASSETS:
Investment in securities, at value	$	17,231,962	$	13,180,419	$	13,551,953	$	6,154,312		$	2,241,396
Investments in securities of affiliated Mutual Funds, at value(a)		564,673,834		385,721,240		367,588,943		152,237,257			54,846,066
Receivables:
Dividends		459,413		256,685		182,961		61,603			22,044
Investments sold		—		949		—		—			—
Fund shares sold		498,638		126,501		141,696		216,146			54,761
Total Assets		582,863,847		399,285,794		381,465,553		158,669,318			57,164,267
LIABILITIES:
Payables:
Investments purchased		1,255,558		506,482		448,094		407,566			150,377
Fund shares redeemed		—		35,057		12,935		—			—
Accrued Expenses:
Advisory fees		48,091		33,089		31,742		13,078			4,664
Fund services fees		21,805		16,095		14,644		7,884			2,967
Administration fees		9,482		9,482		9,482		9,982			11,052
Directors’ fees and expenses		1,072		744		721		261			73
Other accrued expenses		66,193		49,215		49,045		38,301			32,130
Total Liabilities		1,402,201		650,164		566,663		477,072			201,263
NET ASSETS	$	581,461,646	$	398,635,630	$	380,898,890	$	158,192,246		$	56,963,004
NET ASSETS REPRESENTED BY:
Paid-in capital	$	513,690,994	$	346,749,199	$	325,784,942	$	141,720,464		$	54,538,207
Undistributed net investment income (loss)		1,352,921		540,954		137,229		(67,349	)		(47,776	)
Accumulated net realized gain on investments		24,343,743		20,308,422		22,355,986		10,146,260			3,182,161
Net unrealized appreciation (depreciation) on investments		42,073,988		31,037,055		32,620,733		6,392,871			(709,588	)
NET ASSETS	$	581,461,646	$	398,635,630	$	380,898,890	$	158,192,246		$	56,963,004
CAPITAL SHARES:
Net Assets—Investor M Shares	$	105,784,942	$	78,065,693	$	70,444,569	$	38,055,546		$	14,441,035
Shares Outstanding—Investor M Shares		8,431,247		6,126,029		5,450,086		2,640,499			1,124,963
Net Asset Value—Investor M Shares offering and redemption price per share (net assets divided by shares outstanding)	$	12.55	$	12.74	$	12.93	$	14.41		$	12.84
Net Assets—TM Shares	$	475,676,704	$	320,569,937	$	310,454,321	$	120,136,700		$	42,521,969
Shares Outstanding—TM Shares		37,839,085		25,112,275		23,973,908		8,318,920			3,304,966
Net Asset Value—TM Shares offering and redemption price per share (net assets divided by shares outstanding)	$	12.57	$	12.77	$	12.95	$	14.44		$	12.87
Cost of investments	$	17,454,829	$	13,370,196	$	13,744,678	$	6,214,368		$	2,276,832
Cost of securities of affiliated Mutual Funds	$	522,376,979	$	354,494,408	$	334,775,485	$	145,784,330		$	55,520,218

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

See Notes to Financial Statements

15

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2015 to June 30, 2015 (Unaudited)

	Low Duration Bond			Inflation Focused Fund(1)			High Yield Fund			Equity Income
INVESTMENT INCOME:
Dividends	$	16,851		$	13,313		$	64,496		$	27,823,902
Interest		6,356,181			1,243,926			11,034,955			—
Security lending income		22,442			501			119,194			878,923
Foreign taxes withheld on dividends		—			—			—			(194,118	)
Total investment income		6,395,474			1,257,740			11,218,645			28,508,707
EXPENSES:
Advisory (Note 4)		406,310			264,920			522,639			1,173,003
Subadviser		520,073			402,729			653,298			3,564,979
Fund services Investor Shares		104,900			43,148			—			93,506
Fund services T Shares		376,352			252,601			186,662			1,146,330
Custodian		65,329			23,165			44,569			40,915
Administration		8,932			8,932			13,784			8,932
Fund accounting		4,847			4,448			11,760			36,200
Legal		31,651			53,073			61,953			92,082
Audit		14,883			14,883			15,974			14,882
Directors		4,587			3,470			2,181			15,026
State license fees and memberships		15,648			13,840			6,977			35,757
Other expenses		41,014			6,281			52,945			71,927
Total expenses		1,594,526			1,091,490			1,572,742			6,293,539
Less waivers (Note 4)		—			—			(51,076	)		(45,926	)
Net Expenses		1,594,526			1,091,490			1,521,666			6,247,613
NET INVESTMENT INCOME		4,800,948			166,250			9,696,979			22,261,094
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		660,582			5,760,185			(5,267,098	)		89,080,302
Forward contracts and foreign currency transactions		22,661			22,938			1,377,275			(7,410	)
Futures contracts		39,192			172,124			(226,276	)		—
Written options		—			(55,244	)		—			—
Swap agreements		—			(93,830	)		—			—
Net realized gain (loss)		722,435			5,806,173			(4,116,099	)		89,072,892
Net change in unrealized appreciation (depreciation) on:
Investments		543,619			(5,469,908	)		4,090,616			(132,079,956	)
Forward contracts and foreign currency transactions		(32,849	)		(14,408	)		(548,000	)		8,047
Futures contracts		42,806			1,102,679			70,310			—
Written options		—			(3,813	)		—			—
Swap agreements		—			482,298			—			—
Net change in unrealized appreciation (depreciation)		553,576			(3,903,152	)		3,612,926			(132,071,909	)
NET GAIN (LOSS)		1,276,011			1,903,021			(503,173	)		(42,999,017	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	6,076,959		$	2,069,271		$	9,193,806		$	(20,737,923	)

(1) Formerly Inflation Protected Securities Fund.

See Notes to Financial Statements

16

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2015 to June 30, 2015 (Unaudited)

	Growth & Income			Growth			Select Value			Aggressive Opportunities
INVESTMENT INCOME:
Dividends	$	15,819,352		$	11,994,951		$	3,747,172		$	6,149,277
Security lending income		108,591			26,181			35,174			610,781
Foreign taxes withheld on dividends		(131,686	)		(53,066	)		(14,398	)		(47,584	)
Total investment income		15,796,257			11,968,066			3,767,948			6,712,474
EXPENSES:
Advisory (Note 4)		866,064			1,163,201			224,972			559,685
Subadviser		2,544,105			3,459,112			1,080,934			1,931,370
Fund services Investor Shares		67,587			42,953			14,221			59,716
Fund services T Shares		846,785			1,150,971			220,918			542,642
Custodian		37,536			33,162			4,451			30,053
Administration		8,932			8,932			8,932			8,932
Fund accounting		25,159			20,455			4,738			19,005
Legal		73,862			86,630			20,351			50,279
Audit		14,883			14,881			14,883			14,883
Directors		10,602			14,286			2,906			7,184
State license fees and memberships		20,860			24,772			12,623			34,711
Other expenses		46,325			56,078			12,492			25,073
Total expenses		4,562,700			6,075,433			1,622,421			3,283,533
Less waivers (Note 4)		(32,495	)		(75,432	)		(63,698	)		—
Net Expenses		4,530,205			6,000,001			1,558,723			3,283,533
NET INVESTMENT INCOME		11,266,052			5,968,065			2,209,225			3,428,941
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		88,773,146			127,541,859			22,904,691			59,373,477
Forward contracts and foreign currency transactions		(3,053	)		—			—			368
Net realized gain		88,770,093			127,541,859			22,904,691			59,373,845
Net change in unrealized appreciation (depreciation) on:
Investments		(57,743,659	)		(47,769,520	)		(21,984,943	)		(4,668,981	)
Forward contracts and foreign currency transactions		24			—			—			(1	)
Net change in unrealized depreciation		(57,743,635	)		(47,769,520	)		(21,984,943	)		(4,668,982	)
NET GAIN		31,026,458			79,772,339			919,748			54,704,863
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	42,292,510		$	85,740,404		$	3,128,973		$	58,133,804

See Notes to Financial Statements

17

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2015 to June 30, 2015 (Unaudited)

	Discovery			International			Diversifying Strategies(1)
INVESTMENT INCOME:
Dividends	$	987,537		$	28,561,195		$	1,597,329
Interest		915,484			—			8,714,858
Security lending income		206,648			394,326			—
Foreign taxes withheld on dividends		(16,276	)		(2,506,056	)		—
Total investment income		2,093,393			26,449,465			10,312,187
EXPENSES:
Advisory (Note 4)		148,993			796,953			555,250
Subadviser		648,216			3,753,680			1,382,585
Fund services Investor Shares		10,716			45,428			—
Fund services T Shares		145,938			784,002			555,271
Custodian		41,950			194,638			104,074
Administration		3,280			8,932			8,932
Fund accounting		14,118			25,883			25,159
Legal		12,040			65,039			47,595
Audit		14,883			14,882			14,883
Directors		1,727			9,348			6,824
State license fees and memberships		11,597			19,565			12,179
Other expenses		10,685			63,882			30,861
Total expenses		1,064,143			5,782,232			2,743,613
NET INVESTMENT INCOME		1,029,250			20,667,233			7,568,574
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		9,068,829			5,274,940			12,668,385
Forward contracts and foreign currency transactions		(214	)		(404,981	)		361,949
Futures contracts		13,191,454			—			31,024,613
Net realized gain		22,260,069			4,869,959			44,054,947
Net change in unrealized appreciation (depreciation) on:
Investments		(4,980,720	)		49,570,530	(a)		392,191
Forward contracts and foreign currency transactions		(74	)		55,794			(37,193	)
Futures contracts		(5,713,442	)		—			(14,243,740	)
Net change in unrealized appreciation (depreciation)		(10,694,236	)		49,626,324			(13,888,742	)
NET GAIN		11,565,833			54,496,283			30,166,205
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	12,595,083		$	75,163,516		$	37,734,779

(1) Formerly Diversified Assets Fund.

(a) Net of decrease in deferred foreign tax of $15,089.

See Notes to Financial Statements

18

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2015 to June 30, 2015 (Unaudited)

	Core Bond Index			500 Stock Index			Broad Market Index			Mid/Small Company Index			Overseas Equity Index
INVESTMENT INCOME:
Dividends	$	73,858		$	8,940,479		$	8,765,822		$	5,563,604		$	6,257,755
Interest		19,807,538			341			193			181			24
Security lending income		33,838			28,147			163,028			633,864			115,206
Foreign taxes withheld on dividends		—			(1,274	)		(2,688	)		(2,805	)		(507,707	)
Total investment income		19,915,234			8,967,693			8,926,355			6,194,844			5,865,278
EXPENSES:
Advisory (Note 4)		423,952			219,731			226,660			187,999			72,759
Subadviser		84,782			43,938			60,211			52,482			58,569
Fund services Class I		36,908			75,944			72,762			48,702			18,639
Fund services Class II		6,422			10,461			6,507			7,523			1,740
Fund services T Shares		829,178			403,687			422,559			352,241			137,567
Custodian		122,802			12,469			37,484			29,677			61,299
Administration		8,932			8,932			8,932			8,932			8,932
Fund accounting		39,874			7,647			13,162			7,904			7,647
Legal		66,879			30,668			35,942			31,853			13,432
Audit		14,899			14,899			14,899			14,899			14,900
Directors		9,689			4,472			5,184			4,577			1,931
State license fees and memberships		24,486			79,174			22,553			31,956			24,704
Other expenses		79,626			31,202			23,821			20,009			31,035
Total expenses		1,748,429			943,224			950,676			798,754			453,154
Less waivers (Note 4)		(414,589	)		(201,843	)		(211,280	)		(176,121	)		(68,784	)
Net Expenses		1,333,840			741,381			739,396			622,633			384,370
NET INVESTMENT INCOME		18,581,394			8,226,312			8,186,959			5,572,211			5,480,908
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		4,680,629			8,674,743			12,716,916			38,222,022			631,996
Forward contracts and foreign currency transactions		—			—			—			—			(49,365	)
Futures contracts		—			686,728			559,433			482,361			370,835
Net realized gain		4,680,629			9,361,471			13,276,349			38,704,383			953,466
Net change in unrealized appreciation (depreciation) on:
Investments		(26,095,192	)		(7,135,589	)		(3,692,975	)		(9,527,190	)		12,525,881
Forward contracts and foreign currency transactions		—			—			—			—			18,433
Futures contracts		—			(342,544	)		(330,557	)		(134,981	)		(115,239	)
Net change in unrealized appreciation (depreciation)		(26,095,192	)		(7,478,133	)		(4,023,532	)		(9,662,171	)		12,429,075
NET GAIN (LOSS)		(21,414,563	)		1,883,338			9,252,817			29,042,212			13,382,541
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,833,169	)	$	10,109,650		$	17,439,776		$	34,614,423		$	18,863,449

See Notes to Financial Statements

19

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2015 to June 30, 2015 (Unaudited)

	Model Portfolio Funds
	Conservative Growth			Traditional Growth			Long-Term Growth			All-Equity Growth
INVESTMENT INCOME:
Dividend income from affiliated Mutual Funds(a)	$	4,199,747		$	6,857,945		$	5,375,664		$	—
Dividend income from non-affiliates		61,616			298,009			507,170			315,332
Total investment income		4,261,363			7,155,954			5,882,834			315,332
EXPENSES:
Advisory (Note 4)		323,702			767,154			981,966			459,187
Fund services Investor M Shares		132,950			178,712			147,716			68,284
Custodian		1,086			1,086			1,086			1,086
Administration		7,077			7,077			7,077			7,077
Fund accounting		16,833			39,820			12,797			17,738
Legal		29,122			74,684			81,080			41,074
Audit		10,893			10,893			10,893			10,893
Directors		4,186			10,724			14,026			5,901
State license fees and memberships		14,348			21,060			24,338			16,040
Other expenses		22,629			51,977			67,165			30,124
Total expenses		562,826			1,163,187			1,348,144			657,404
NET INVESTMENT INCOME (LOSS)		3,698,537			5,992,767			4,534,690			(342,072	)
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments with non-affiliates		(14,165	)		(104,229	)		(249,408	)		(254,912	)
Investments with affiliates		6,459,187			7,704,841			15,798,844			4,115,799
Net realized gain		6,445,022			7,600,612			15,549,436			3,860,887
Net change in unrealized appreciation (depreciation) on:
Investments with non-affiliates		156,409			816,229			1,363,067			906,210
Investments with affiliates		(685,530	)		19,077,258			30,494,750			18,635,501
Net change in unrealized appreciation (depreciation) on investments		(529,121	)		19,893,487			31,857,817			19,541,711
NET GAIN		5,915,901			27,494,099			47,407,253			23,402,598
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	9,614,438		$	33,486,866		$	51,941,943		$	23,060,526

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

See Notes to Financial Statements

20

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2015 to June 30, 2015 (Unaudited)

	Milestone Funds
	Milestone Retirement Income			Milestone 2010			Milestone 2015			Milestone 2020			Milestone 2025
INVESTMENT INCOME:
Dividend income from affiliated Mutual Funds(a)	$	1,925,183		$	1,609,314		$	2,793,309		$	3,386,234		$	2,535,824
Dividend income from non-affiliates		44,516			39,929			107,588			171,642			185,233
Total investment income		1,969,699			1,649,243			2,900,897			3,557,876			2,721,057
EXPENSES:
Advisory (Note 4)		165,488			144,166			288,677			387,716			335,761
Fund services Investor M Shares		110,401			90,276			142,236			156,388			139,666
Custodian		1,452			1,180			1,135			1,729			1,732
Administration		7,077			7,077			7,077			7,077			7,077
Fund accounting		5,841			5,841			—			4,232			5,493
Legal		14,448			12,804			24,868			30,628			25,627
Audit		10,893			10,893			10,893			10,893			10,893
Directors		2,077			1,836			3,576			4,419			3,706
State license fees and memberships		11,118			11,574			14,284			15,354			13,567
Other expenses		10,204			9,103			21,086			33,397			30,124
Total expenses		338,999			294,750			513,832			651,833			573,646
NET INVESTMENT INCOME		1,630,700			1,354,493			2,387,065			2,906,043			2,147,411
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments with non-affiliates		(19,409	)		(16,309	)		(90,940	)		(100,480	)		(152,720	)
Investments with affiliates		1,281,637			2,052,274			5,161,664			5,031,260			3,442,967
Net realized gain		1,262,228			2,035,965			5,070,724			4,930,780			3,290,247
Net change in unrealized appreciation (depreciation) on:
Investments with non-affiliates		130,414			113,890			340,337			476,981			539,069
Investments with affiliates		1,321,092			729,935			2,033,036			5,698,605			7,197,367
Net change in unrealized appreciation on investments		1,451,506			843,825			2,373,373			6,175,586			7,736,436
NET GAIN		2,713,734			2,879,790			7,444,097			11,106,366			11,026,683
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,344,434		$	4,234,283		$	9,831,162		$	14,012,409		$	13,174,094

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

See Notes to Financial Statements

21

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2015 to June 30, 2015 (Unaudited)

	Milestone Funds
	Milestone 2030			Milestone 2035			Milestone 2040			Milestone 2045			Milestone 2050
INVESTMENT INCOME:
Dividend income from affiliated Mutual Funds(a)	$	1,673,002		$	761,214		$	336,511		$	39,351		$	13,459
Dividend income from non-affiliates		179,996			139,763			144,013			63,943			22,677
Total investment income		1,852,998			900,977			480,524			103,294			36,136
EXPENSES:
Advisory (Note 4)		280,105			194,014			186,024			75,087			25,456
Fund services Investor M Shares		126,355			93,384			85,829			45,074			16,260
Custodian		1,720			1,676			1,681			1,584			1,810
Administration		7,077			7,077			7,077			7,437			6,478
Fund accounting		10,570			5,841			5,841			5,989			5,008
Legal		21,059			14,578			14,162			5,095			1,395
Audit		10,893			10,893			10,893			10,893			10,893
Directors		3,044			2,112			2,047			739			205
State license fees and memberships		12,618			11,813			11,757			10,619			12,965
Other expenses		26,635			18,636			17,984			8,126			3,442
Total expenses		500,076			360,024			343,295			170,643			83,912
NET INVESTMENT INCOME (LOSS)		1,352,922			540,953			137,229			(67,349	)		(47,776	)
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments with non-affiliates		(135,299	)		(100,816	)		(80,061	)		(15,572	)		1,612
Investments with affiliates		3,350,957			3,041,484			3,938,033			987,599			286,692
Net realized gain		3,215,658			2,940,668			3,857,972			972,027			288,304
Net change in unrealized appreciation (depreciation) on:
Investments with non-affiliates		465,501			370,567			359,433			131,161			29,695
Investments with affiliates		6,881,237			5,069,120			4,692,917			2,599,628			854,545
Net change in unrealized appreciation on investments		7,346,738			5,439,687			5,052,350			2,730,789			884,240
NET GAIN		10,562,396			8,380,355			8,910,322			3,702,816			1,172,544
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	11,915,318		$	8,921,308		$	9,047,551		$	3,635,467		$	1,124,768

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

See Notes to Financial Statements

22

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Low Duration Bond						Inflation Focused Fund(1)
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014
Increase (decrease) in net assets resulting from operations:
Net investment income	$	4,800,948		$	8,752,116		$	166,250		$	7,231,993
Net realized gain (loss)		722,435			1,721,127			5,806,173			(380,361	)
Net change in unrealized appreciation (depreciation)		553,576			(3,933,552	)		(3,903,152	)		9,566,416
Net increase in net assets resulting from operations		6,076,959			6,539,691			2,069,271			16,418,048
Distributions to shareholders from:
Net investment income—Investor Shares		(285,037	)		(517,424	)		—			(387,582	)
Net investment income—T Shares		(4,521,828	)		(8,289,473	)		—			(8,342,141	)
Net realized gain—Investor Shares		—			(175,848	)		—			(66,255	)
Net realized gain—T Shares		—			(2,127,626	)		—			(1,316,175	)
Total distributions		(4,806,865	)		(11,110,371	)		—			(10,112,153	)
Capital share transactions:
Proceeds from sale of shares—Investor Shares		2,472,379			22,324,799			1,773,743			3,220,170
Proceeds from sale of shares—T Shares		39,265,602			225,659,304			27,311,314			130,810,302
Reinvestment of distributions—Investor Shares		285,037			693,272			—			453,837
Reinvestment of distributions—T Shares		4,521,828			10,417,099			—			9,658,316
Value of shares redeemed—Investor Shares		(3,074,928	)		(9,254,046	)		(2,578,460	)		(7,439,397	)
Value of shares redeemed—T Shares		(17,610,784	)		(49,633,621	)		(22,367,937	)		(201,165,860	)
Net increase (decrease) from capital share transactions		25,859,134			200,206,807			4,138,660			(64,462,632	)
Total increase (decrease) in net assets		27,129,228			195,636,127			6,207,931			(58,156,737	)
NET ASSETS at beginning of period		797,892,468			602,256,341			524,661,805			582,818,542
NET ASSETS at end of period	$	825,021,696		$	797,892,468		$	530,869,736		$	524,661,805
Accumulated net investment income (loss) included in net assets at end of period	$	(43,397	)	$	(37,480	)	$	135,682		$	(30,568	)
SHARE TRANSACTIONS:
Number of shares sold—Investor Shares		244,876			2,202,204			166,083			297,947
Number of shares issued through reinvestment of dividends and distributions—Investor Shares		28,213			68,570			—			41,800
Number of shares redeemed—Investor Shares		(304,391	)		(913,208	)		(241,358	)		(694,041	)
Net increase (decrease) in shares outstanding—Investor Shares		(31,302	)		1,357,566			(75,275	)		(354,294	)
Number of shares sold—T Shares		3,597,864			22,245,686			2,554,855			12,112,802
Number of shares issued through reinvestment of dividends and distributions—T Shares		737,114			1,029,637			—			889,650
Number of shares redeemed—T Shares		(1,744,108	)		(4,893,342	)		(2,089,094	)		(18,573,927	)
Net increase (decrease) in shares outstanding—T Shares		2,590,870			18,381,981			465,761			(5,571,475	)

(1) Formerly Inflation Protected Securities Fund.

See Notes to Financial Statements

23

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	High Yield Fund						Equity Income
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Period from May 1, 2014* to December 31, 2014			For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014
Increase (decrease) in net assets resulting from operations:
Net investment income	$	9,696,979		$	9,378,783		$	22,261,094		$	40,258,127
Net realized gain (loss)		(4,116,099	)		(2,083,183	)		89,072,892			401,484,340
Net change in unrealized appreciation (depreciation)		3,612,926			(17,606,048	)		(132,071,909	)		(248,007,402	)
Net increase (decrease) in net assets resulting from operations		9,193,806			(10,310,448	)		(20,737,923	)		193,735,065
Distributions to shareholders from:
Net investment income—Investor Shares		—			—			—			(820,419	)
Net investment income—T Shares		(9,642,583	)		(9,802,943	)		—			(40,860,125	)
Net realized gain—Investor Shares		—			—			—			(8,634,805	)
Net realized gain—T Shares		—			—			—			(363,285,274	)
Total distributions		(9,642,583	)		(9,802,943	)		—			(413,600,623	)
Capital share transactions:
Proceeds from sale of shares—Investor Shares		—			—			1,012,379			4,816,993
Proceeds from sale of shares—T Shares		15,395,293			380,494,068			61,763,208			244,967,389
Reinvestment of distributions—Investor Shares		—			—			—			9,346,332
Reinvestment of distributions—T Shares		9,642,583			9,802,943			—			404,145,399
Value of shares redeemed—Investor Shares		—			—			(4,549,305	)		(15,106,936	)
Value of shares redeemed—T Shares		(8,269,676	)		(8,044,683	)		(121,730,932	)		(540,918,163	)
Net increase (decrease) from capital share transactions		16,768,200			382,252,328			(63,504,650	)		107,251,014
Total increase (decrease) in net assets		16,319,423			362,138,937			(84,242,573	)		(112,614,544	)
NET ASSETS at beginning of period		362,138,937			—			2,374,827,810			2,487,442,354
NET ASSETS at end of period	$	378,458,360		$	362,138,937		$	2,290,585,237		$	2,374,827,810
Accumulated net investment income (loss) included in net assets at end of period	$	(51,764	)	$	(106,160	)	$	22,956,122		$	695,028
SHARE TRANSACTIONS:
Number of shares sold—Investor Shares		—			—			101,097			420,557
Number of shares issued through reinvestment of dividends and distributions—Investor Shares		—			—			—			936,506
Number of shares redeemed—Investor Shares		—			—			(452,416	)		(1,294,022	)
Net increase (decrease) in shares outstanding—Investor Shares		—			—			(351,319	)		63,041
Number of shares sold—T Shares		1,610,314			38,046,736			6,193,162			21,501,911
Number of shares issued through reinvestment of dividends and distributions—T Shares		1,007,256			1,002,998			—			40,495,531
Number of shares redeemed—T Shares		(860,281	)		(819,366	)		(12,115,270	)		(47,383,766	)
Net increase (decrease) in shares outstanding—T Shares		1,757,289			38,230,368			(5,922,108	)		14,613,676

* Commencement of operations

See Notes to Financial Statements

24

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Growth & Income						Growth
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014
Increase (decrease) in net assets resulting from operations:
Net investment income	$	11,266,052		$	24,813,245		$	5,968,065		$	9,389,846
Net realized gain		88,770,093			203,560,502			127,541,859			261,131,110
Net change in unrealized depreciation		(57,743,635	)		(52,211,164	)		(47,769,520	)		(48,951,875	)
Net increase in net assets resulting from operations		42,292,510			176,162,583			85,740,404			221,569,081
Distributions to shareholders from:
Net investment income—Investor Shares		—			(471,226	)		—			(54,011	)
Net investment income—T Shares		—			(26,151,419	)		—			(12,612,689	)
Net realized gain—Investor Shares		—			(4,333,419	)		—			(654,616	)
Net realized gain—T Shares		—			(198,226,748	)		—			(63,407,955	)
Total distributions		—			(229,182,812	)		—			(76,729,271	)
Capital share transactions:
Proceeds from sale of shares—Investor Shares		3,417,100			5,241,662			1,497,062			1,974,137
Proceeds from sale of shares—T Shares		51,073,256			224,039,742			38,598,094			106,099,073
Reinvestment of distributions—Investor Shares		—			4,799,820			—			708,627
Reinvestment of distributions—T Shares		—			224,378,167			—			76,020,644
Value of shares redeemed—Investor Shares		(2,084,431	)		(12,327,086	)		(677,900	)		(12,301,146	)
Value of shares redeemed—T Shares		(84,776,417	)		(406,823,052	)		(117,190,941	)		(329,773,217	)
Net increase (decrease) from capital share transactions		(32,370,492	)		39,309,253			(77,773,685	)		(157,271,882	)
Total increase (decrease) in net assets		9,922,018			(13,710,976	)		7,966,719			(12,432,072	)
NET ASSETS at beginning of period		1,722,355,060			1,736,066,036			2,313,047,658			2,325,479,730
NET ASSETS at end of period	$	1,732,277,078		$	1,722,355,060		$	2,321,014,377		$	2,313,047,658
Accumulated net investment income included in net assets at end of period	$	11,360,199		$	94,147		$	6,043,919		$	75,854
SHARE TRANSACTIONS:
Number of shares sold—Investor Shares		262,278			382,693			107,603			151,497
Number of shares issued through reinvestment of dividends and distributions—Investor Shares		—			374,693			—			51,914
Number of shares redeemed—Investor Shares		(159,295	)		(873,747	)		(48,744	)		(914,030	)
Net increase (decrease) in shares outstanding—Investor Shares		102,983			(116,361	)		58,859			(710,619	)
Number of shares sold—T Shares		3,922,666			16,354,505			2,787,587			8,262,721
Number of shares issued through reinvestment of dividends and distributions—T Shares		—			17,515,860			—			5,573,361
Number of shares redeemed—T Shares		(6,490,225	)		(29,813,560	)		(8,383,977	)		(25,386,787	)
Net increase (decrease) in shares outstanding—T Shares		(2,567,559	)		4,056,805			(5,596,390	)		(11,550,705	)

See Notes to Financial Statements

25

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Select Value						Aggressive Opportunities
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014
Increase (decrease) in net assets resulting from operations:
Net investment income	$	2,209,225		$	6,019,559		$	3,428,941		$	5,510,678
Net realized gain		22,904,691			63,920,784			59,373,845			158,189,919
Net change in unrealized depreciation		(21,984,943	)		(32,655,980	)		(4,668,982	)		(106,899,354	)
Net increase in net assets resulting from operations		3,128,973			37,284,363			58,133,804			56,801,243
Distributions to shareholders from:
Net investment income—Investor Shares		—			(85,104	)		—			—
Net investment income—T Shares		—			(5,727,626	)		—			(2,251,679	)
Net realized gain—Investor Shares		—			(1,146,087	)		—			(4,926,216	)
Net realized gain—T Shares		—			(60,566,966	)		—			(158,932,923	)
Total distributions		—			(67,525,783	)		—			(166,110,818	)
Capital share transactions:
Proceeds from sale of shares—Investor Shares		661,081			1,820,495			3,815,183			3,335,896
Proceeds from sale of shares—T Shares		23,947,055			68,584,217			17,523,961			74,333,241
Reinvestment of distributions—Investor Shares		—			1,231,191			—			4,894,384
Reinvestment of distributions—T Shares		—			66,294,592			—			161,184,602
Value of shares redeemed—Investor Shares		(1,204,779	)		(3,315,794	)		(3,881,129	)		(4,516,382	)
Value of shares redeemed—T Shares		(29,371,181	)		(126,563,191	)		(63,365,207	)		(268,462,058	)
Net increase (decrease) from capital share transactions		(5,967,824	)		8,051,510			(45,907,192	)		(29,230,317	)
Total increase (decrease) in net assets		(2,838,851	)		(22,189,910	)		12,226,612			(138,539,892	)
NET ASSETS at beginning of period		454,545,649			476,735,559			1,104,175,709			1,242,715,601
NET ASSETS at end of period	$	451,706,798		$	454,545,649		$	1,116,402,321		$	1,104,175,709
Accumulated net investment income included in net assets at end of period	$	2,576,331		$	367,106		$	8,914,492		$	5,485,551
SHARE TRANSACTIONS:
Number of shares sold—Investor Shares		54,691			139,730			312,097			256,980
Number of shares issued through reinvestment of dividends and distributions—Investor Shares		—			103,986			—			424,123
Number of shares redeemed—Investor Shares		(99,643	)		(250,619	)		(320,832	)		(350,328	)
Net increase (decrease) in shares outstanding—Investor Shares		(44,952	)		(6,903	)		(8,735	)		330,775
Number of shares sold—T Shares		1,984,608			5,268,863			1,451,500			5,768,524
Number of shares issued through reinvestment of dividends and distributions—T Shares		—			5,599,205			—			13,967,470
Number of shares redeemed—T Shares		(2,432,678	)		(9,576,653	)		(5,266,188	)		(20,912,573	)
Net increase (decrease) in shares outstanding—T Shares		(448,070	)		1,291,415			(3,814,688	)		(1,176,579	)

See Notes to Financial Statements

26

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Discovery						International
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014
Increase (decrease) in net assets resulting from operations:
Net investment income	$	1,029,250		$	2,401,103		$	20,667,233		$	37,674,215
Net realized gain		22,260,069			26,909,902			4,869,959			67,220,775
Net change in unrealized appreciation (depreciation)		(10,694,236	)		(11,845,019	)		49,626,324			(145,187,701	)
Net increase (decrease) in net assets resulting from operations		12,595,083			17,465,986			75,163,516			(40,292,711	)
Distributions to shareholders from:
Net investment income—Investor Shares		—			(33,955	)		—			(847,023	)
Net investment income—T Shares		—			(1,966,387	)		—			(53,317,861	)
Net realized gain—Investor Shares		—			(815,141	)		—			(110,835	)
Net realized gain—T Shares		—			(34,333,271	)		—			(6,630,935	)
Total distributions		—			(37,148,754	)		—			(60,906,654	)
Capital share transactions:
Proceeds from sale of shares—Investor Shares		2,346,668			5,540,282			2,105,208			11,894,255
Proceeds from sale of shares—T Shares		21,104,434			87,311,145			102,696,139			277,833,649
Reinvestment of distributions—Investor Shares		—			849,096			—			957,858
Reinvestment of distributions—T Shares		—			36,299,658			—			59,948,796
Value of shares redeemed—Investor Shares		(2,446,890	)		(3,256,085	)		(2,363,009	)		(2,287,120	)
Value of shares redeemed—T Shares		(28,207,899	)		(93,351,184	)		(74,589,014	)		(164,351,608	)
Net increase (decrease) from capital share transactions		(7,203,687	)		33,392,912			27,849,324			183,995,830
Total increase in net assets		5,391,396			13,710,144			103,012,840			82,796,465
NET ASSETS at beginning of period		292,560,121			278,849,977			1,518,231,900			1,435,435,435
NET ASSETS at end of period	$	297,951,517		$	292,560,121		$	1,621,244,740		$	1,518,231,900
Accumulated net investment income (loss) included in net assets at end of period	$	1,499,118		$	469,868		$	18,797,766		$	(1,869,467	)
SHARE TRANSACTIONS:
Number of shares sold—Investor Shares		227,896			509,860			193,613			1,049,102
Number of shares issued through reinvestment of dividends and distributions—Investor Shares		—			85,767			—			91,749
Number of shares redeemed—Investor Shares		(239,962	)		(301,173	)		(218,037	)		(203,947	)
Net increase (decrease) in shares outstanding—Investor Shares		(12,066	)		294,454			(24,424	)		936,904
Number of shares sold—T Shares		2,099,641			8,091,291			9,384,012			24,670,625
Number of shares issued through reinvestment of dividends and distributions—T Shares		—			3,662,932			—			5,742,222
Number of shares redeemed—T Shares		(2,729,250	)		(8,620,332	)		(6,785,351	)		(14,340,291	)
Net increase (decrease) in shares outstanding—T Shares		(629,609	)		3,133,891			2,598,661			16,072,556

See Notes to Financial Statements

27

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Diversifying Strategies(1)						Core Bond Index
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014
Increase (decrease) in net assets resulting from operations:
Net investment income	$	7,568,574		$	13,453,986		$	18,581,394		$	34,310,824
Net realized gain		44,054,947			45,036,598			4,680,629			14,213,184
Net change in unrealized appreciation (depreciation)		(13,888,742	)		(18,944,694	)		(26,095,192	)		36,237,737
Net increase (decrease) in net assets resulting from operations		37,734,779			39,545,890			(2,833,169	)		84,761,745
Distributions to shareholders from:
Net investment income—Class I		—			—			(306,106	)		(544,019	)
Net investment income—Class II		—			—			(169,796	)		(544,667	)
Net investment income—T Shares		—			(23,586,169	)		(22,535,509	)		(40,650,554	)
Net realized gain—T Shares		—			(46,251,344	)		—			—
Total distributions		—			(69,837,513	)		(23,011,411	)		(41,739,240	)
Capital share transactions:
Proceeds from sale of shares—Class I		—			—			4,662,405			5,647,559
Proceeds from sale of shares—Class II		—			—			766,305			1,879,808
Proceeds from sale of shares—T Shares		28,558,861			235,173,400			89,587,814			504,565,112
Reinvestment of distributions—Class I		—			—			306,106			544,019
Reinvestment of distributions—Class II		—			—			169,796			544,667
Reinvestment of distributions—T Shares		—			69,837,513			22,535,509			40,650,554
Value of shares redeemed—Class I		—			—			(2,286,964	)		(5,749,889	)
Value of shares redeemed—Class II		—			—			(383,276	)		(17,062,487	)
Value of shares redeemed—T Shares		(41,029,890	)		(271,626,079	)		(63,792,211	)		(168,777,771	)
Net increase (decrease) from capital share transactions		(12,471,029	)		33,384,834			51,565,484			362,241,572
Total increase in net assets		25,263,750			3,093,211			25,720,904			405,264,077
NET ASSETS at beginning of period		1,096,682,583			1,093,589,372			1,684,808,935			1,279,544,858
NET ASSETS at end of period	$	1,121,946,333		$	1,096,682,583		$	1,710,529,839		$	1,684,808,935
Accumulated net investment income (loss) included in net assets at end of period	$	5,005,607		$	(2,562,967	)	$	(4,526,360	)	$	(96,343	)
SHARE TRANSACTIONS:
Number of shares sold—Class I		—			—			449,653			550,726
Number of shares issued through reinvestment of dividends and distributions—Class I		—			—			29,608			53,202
Number of shares redeemed—Class I		—			—			(221,683	)		(562,146	)
Net increase in shares outstanding—Class I		—			—			257,578			41,782
Number of shares sold—Class II		—			—			73,790			182,251
Number of shares issued through reinvestment of dividends and distributions—Class II		—			—			16,310			53,035
Number of shares redeemed—Class II		—			—			(36,805	)		(1,651,045	)
Net increase (decrease) in shares outstanding—Class II		—			—			53,295			(1,415,759	)
Number of shares sold—T Shares		2,742,191			22,385,620			8,662,928			49,497,440
Number of shares issued through reinvestment of dividends and distributions—T Shares		—			6,914,606			2,181,113			3,974,622
Number of shares redeemed—T Shares		(3,950,442	)		(25,903,396	)		(6,166,210	)		(16,514,886	)
Net increase (decrease) in shares outstanding—T Shares		(1,208,251	)		3,396,830			4,677,831			36,957,176

(1) Formerly Diversified Assets Fund.

See Notes to Financial Statements

28

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	500 Stock Index						Broad Market Index
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014
Increase (decrease) in net assets resulting from operations:
Net investment income	$	8,226,312		$	13,321,778		$	8,186,959		$	14,918,832
Net realized gain		9,361,471			23,605,934			13,276,349			12,123,406
Net change in unrealized appreciation (depreciation)		(7,478,133	)		54,883,368			(4,023,532	)		71,057,223
Net increase in net assets resulting from operations		10,109,650			91,811,080			17,439,776			98,099,461
Distributions to shareholders from:
Net investment income—Class I		—			(640,678	)		—			(640,269	)
Net investment income—Class II		—			(343,645	)		—			(213,009	)
Net investment income—T Shares		—			(12,049,184	)		—			(13,458,430	)
Net realized gain—Class I		—			(861,906	)		—			(528,649	)
Net realized gain—Class II		—			(397,104	)		—			(159,115	)
Net realized gain—T Shares		—			(14,168,004	)		—			(9,617,698	)
Total distributions		—			(28,460,521	)		—			(24,617,170	)
Capital share transactions:
Proceeds from sale of shares—Class I		7,146,494			15,072,916			8,496,460			9,534,729
Proceeds from sale of shares—Class II		1,510,466			17,855,525			292,124			1,277,348
Proceeds from sale of shares—T Shares		84,732,121			140,762,443			42,582,478			170,379,043
Reinvestment of distributions—Class I		—			1,500,551			—			1,168,918
Reinvestment of distributions—Class II		—			740,749			—			372,124
Reinvestment of distributions—T Shares		—			26,217,188			—			23,076,128
Value of shares redeemed—Class I		(2,962,366	)		(4,174,845	)		(3,517,010	)		(5,397,274	)
Value of shares redeemed—Class II		(589,813	)		(1,118,082	)		(196,602	)		(6,196,369	)
Value of shares redeemed—T Shares		(48,239,191	)		(75,913,641	)		(38,126,640	)		(163,412,727	)
Net increase from capital share transactions		41,597,711			120,942,804			9,530,810			30,801,920
Total increase in net assets		51,707,361			184,293,363			26,970,586			104,284,211
NET ASSETS at beginning of period		846,080,794			661,787,431			884,365,362			780,081,151
NET ASSETS at end of period	$	897,788,155		$	846,080,794		$	911,335,948		$	884,365,362
Accumulated net investment income included in net assets at end of period	$	8,778,604		$	552,292		$	14,665,571		$	6,478,612
SHARE TRANSACTIONS:
Number of shares sold—Class I		438,519			966,736			482,260			578,469
Number of shares issued through reinvestment of dividends and distributions—Class I		—			92,856			—			67,295
Number of shares redeemed—Class I		(181,431	)		(269,793	)		(198,608	)		(324,033	)
Net increase in shares outstanding—Class I		257,088			789,799			283,652			321,731
Number of shares sold—Class II		99,552			1,188,128			17,837			80,743
Number of shares issued through reinvestment of dividends and distributions—Class II		—			48,830			—			22,942
Number of shares redeemed—Class II		(38,354	)		(74,568	)		(11,874	)		(386,047	)
Net increase (decrease) in shares outstanding—Class II		61,198			1,162,390			5,963			(282,362	)
Number of shares sold—T Shares		5,202,208			8,982,701			2,424,150			10,198,937
Number of shares issued through reinvestment of dividends and distributions—T Shares		—			1,620,345			—			1,328,505
Number of shares redeemed—T Shares		(2,938,481	)		(5,017,073	)		(2,144,193	)		(9,746,463	)
Net increase in shares outstanding—T Shares		2,263,727			5,585,973			279,957			1,780,979

See Notes to Financial Statements

29

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Mid/Small Company Index						Overseas Equity Index
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014
Increase (decrease) in net assets resulting from operations:
Net investment income	$	5,572,211		$	11,694,745		$	5,480,908		$	10,443,102
Net realized gain		38,704,383			41,390,448			953,466			1,000,131
Net change in unrealized appreciation (depreciation)		(9,662,171	)		(3,293,279	)		12,429,075			(30,489,867	)
Net increase (decrease) in net assets resulting from operations		34,614,423			49,791,914			18,863,449			(19,046,634	)
Distributions to shareholders from:
Net investment income—Class I		—			(387,206	)		—			(350,736	)
Net investment income—Class II		—			(237,968	)		—			(114,766	)
Net investment income—T Shares		—			(10,386,755	)		—			(9,532,614	)
Net realized gain—Class I		—			(1,358,208	)		—			—
Net realized gain—Class II		—			(693,040	)		—			—
Net realized gain—T Shares		—			(30,547,748	)		—			—
Total distributions		—			(43,610,925	)		—			(9,998,116	)
Capital share transactions:
Proceeds from sale of shares—Class I		3,187,182			6,453,535			2,008,509			2,881,307
Proceeds from sale of shares—Class II		770,295			9,525,538			154,522			272,901
Proceeds from sale of shares—T Shares		45,043,424			165,951,642			11,083,735			53,656,523
Reinvestment of distributions—Class I		—			1,744,150			—			350,736
Reinvestment of distributions—Class II		—			931,008			—			114,766
Reinvestment of distributions—T Shares		—			40,934,503			—			9,532,614
Value of shares redeemed—Class I		(2,154,448	)		(5,512,482	)		(819,757	)		(1,881,519	)
Value of shares redeemed—Class II		(680,054	)		(1,098,623	)		(76,886	)		(132,908	)
Value of shares redeemed—T Shares		(51,379,639	)		(201,843,999	)		(56,717,094	)		(33,613,310	)
Net increase (decrease) from capital share transactions		(5,213,240	)		17,085,272			(44,366,971	)		31,181,110
Total increase (decrease) in net assets		29,401,183			23,266,261			(25,503,522	)		2,136,360
NET ASSETS at beginning of period		744,112,802			720,846,541			299,047,923			296,911,563
NET ASSETS at end of period	$	773,513,985		$	744,112,802		$	273,544,401		$	299,047,923
Accumulated net investment income (loss) included in net assets at end of period	$	7,616,883		$	2,044,672		$	4,679,635		$	(801,273	)
SHARE TRANSACTIONS:
Number of shares sold—Class I		154,109			320,706			163,786			226,443
Number of shares issued through reinvestment of dividends and distributions—Class I		—			88,044			—			30,158
Number of shares redeemed—Class I		(104,629	)		(274,465	)		(66,646	)		(153,004	)
Net increase in shares outstanding—Class I		49,480			134,285			97,140			103,597
Number of shares sold—Class II		40,271			493,550			13,637			23,049
Number of shares issued through reinvestment of dividends and distributions—Class II		—			50,325			—			10,607
Number of shares redeemed—Class II		(35,314	)		(58,049	)		(6,937	)		(11,426	)
Net increase in shares outstanding—Class II		4,957			485,826			6,700			22,230
Number of shares sold—T Shares		2,176,239			8,358,848			906,530			4,247,249
Number of shares issued through reinvestment of dividends and distributions—T Shares		—			2,065,313			—			819,657
Number of shares redeemed—T Shares		(2,523,016	)		(10,142,417	)		(4,665,777	)		(2,731,197	)
Net increase (decrease) in shares outstanding—T Shares		(346,777	)		281,744			(3,759,247	)		2,335,709

See Notes to Financial Statements

30

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Model Portfolio Funds
	Conservative Growth						Traditional Growth
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014
Increase (decrease) in net assets resulting from operations:
Net investment income	$	3,698,537		$	11,108,231		$	5,992,767		$	30,318,910
Net realized gain		6,445,022			66,038,075			7,600,612			148,124,291
Net change in unrealized appreciation (depreciation)		(529,121	)		(55,203,589	)		19,893,487			(99,924,852	)
Net increase in net assets resulting from operations		9,614,438			21,942,717			33,486,866			78,518,349
Distributions to shareholders from:
Net investment income—Investor M Shares		—			(1,679,979	)		—			(2,182,122	)
Net investment income—TM Shares		—			(9,749,879	)		—			(28,304,882	)
Net realized gain—Investor M Shares		—			(9,055,532	)		—			(8,558,528	)
Net realized gain—TM Shares		—			(45,424,701	)		—			(96,454,822	)
Total distributions		—			(65,910,091	)		—			(135,500,354	)
Capital share transactions:
Proceeds from sale of shares—Investor M Shares		2,303,330			14,633,416			8,492,473			17,958,028
Proceeds from sale of shares—TM Shares		12,341,535			49,918,035			29,595,740			108,786,295
Reinvestment of distributions—Investor M Shares		—			10,735,511			—			10,724,130
Reinvestment of distributions—TM Shares		—			55,174,580			—			124,759,704
Value of shares redeemed—Investor M Shares		(13,020,387	)		(9,320,001	)		(3,920,611	)		(8,388,931	)
Value of shares redeemed—TM Shares		(26,242,061	)		(66,886,742	)		(57,481,183	)		(169,238,358	)
Net increase (decrease) from capital share transactions		(24,617,583	)		54,254,799			(23,313,581	)		84,600,868
Total increase (decrease) in net assets		(15,003,145	)		10,287,425			10,173,285			27,618,863
NET ASSETS at beginning of period		671,718,283			661,430,858			1,717,704,994			1,690,086,131
NET ASSETS at end of period	$	656,715,138		$	671,718,283		$	1,727,878,279		$	1,717,704,994
Accumulated net investment income (loss) included in net assets at end of period	$	3,698,535		$	(2	)	$	6,032,565		$	39,798
SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		90,950			534,409			325,514			663,347
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		—			429,592			—			421,380
Number of shares redeemed—Investor M Shares		(514,128	)		(342,824	)		(150,807	)		(311,618	)
Net increase (decrease) in shares outstanding—Investor M Shares		(423,178	)		621,177			174,707			773,109
Number of shares sold—TM Shares		485,060			1,822,349			1,137,003			4,004,882
Number of shares issued through reinvestment of dividends and distributions—TM Shares		—			2,206,983			—			4,900,224
Number of shares redeemed—TM Shares		(1,033,138	)		(2,446,078	)		(2,206,398	)		(6,263,786	)
Net increase (decrease) in shares outstanding—TM Shares		(548,078	)		1,583,254			(1,069,395	)		2,641,320

See Notes to Financial Statements

31

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Model Portfolio Funds
	Long-Term Growth						All-Equity Growth
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)	$	4,534,690		$	40,282,518		$	(342,072	)	$	14,237,768
Net realized gain		15,549,436			220,788,514			3,860,887			118,879,220
Net change in unrealized appreciation (depreciation)		31,857,817			(140,197,415	)		19,541,711			(76,954,076	)
Net increase in net assets resulting from operations		51,941,943			120,873,617			23,060,526			56,162,912
Distributions to shareholders from:
Net investment income—Investor M Shares		—			(1,911,728	)		—			(745,387	)
Net investment income—TM Shares		—			(38,440,797	)		—			(14,648,523	)
Net realized gain—Investor M Shares		—			(7,759,067	)		—			(3,923,898	)
Net realized gain—TM Shares		—			(135,589,631	)		—			(65,807,969	)
Total distributions		—			(183,701,223	)		—			(85,125,777	)
Capital share transactions:
Proceeds from sale of shares—Investor M Shares		4,877,299			11,781,111			2,469,697			5,826,972
Proceeds from sale of shares—TM Shares		38,214,819			114,209,858			16,112,608			65,042,026
Reinvestment of distributions—Investor M Shares		—			9,657,947			—			4,669,286
Reinvestment of distributions—TM Shares		—			174,030,427			—			80,456,491
Value of shares redeemed—Investor M Shares		(14,240,344	)		(4,607,398	)		(2,532,768	)		(4,250,722	)
Value of shares redeemed—TM Shares		(72,160,413	)		(203,028,544	)		(36,126,199	)		(92,219,928	)
Net increase (decrease) from capital share transactions		(43,308,639	)		102,043,401			(20,076,662	)		59,524,125
Total increase in net assets		8,633,304			39,215,795			2,983,864			30,561,260
NET ASSETS at beginning of period		2,251,355,668			2,212,139,873			956,628,812			926,067,552
NET ASSETS at end of period	$	2,259,988,972		$	2,251,355,668		$	959,612,676		$	956,628,812
Accumulated net investment income (loss) included in net assets at end of period	$	4,613,974		$	79,284		$	(342,072	)	$	—
SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		188,119			441,629			92,457			211,525
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		—			382,039			—			179,726
Number of shares redeemed—Investor M Shares		(550,406	)		(172,492	)		(94,841	)		(154,683	)
Net increase (decrease) in shares outstanding—Investor M Shares		(362,287	)		651,176			(2,384	)		236,568
Number of shares sold—TM Shares		1,469,734			4,236,883			602,622			2,343,768
Number of shares issued through reinvestment of dividends and distributions—TM Shares		—			6,881,393			—			3,095,671
Number of shares redeemed—TM Shares		(2,782,064	)		(7,594,233	)		(1,354,671	)		(3,340,728	)
Net increase (decrease) in shares outstanding—TM Shares		(1,312,330	)		3,524,043			(752,049	)		2,098,711

See Notes to Financial Statements

32

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone Retirement Income						Milestone 2010
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014
Increase (decrease) in net assets resulting from operations:
Net investment income	$	1,630,700		$	5,516,843		$	1,354,493		$	4,866,543
Net realized gain		1,262,228			18,468,092			2,035,965			24,843,236
Net change in unrealized appreciation (depreciation)		1,451,506			(12,287,502	)		843,825			(17,828,647	)
Net increase in net assets resulting from operations		4,344,434			11,697,433			4,234,283			11,881,132
Distributions to shareholders from:
Net investment income—Investor M Shares		—			(1,305,019	)		—			(1,077,886	)
Net investment income—TM Shares		—			(4,227,338	)		—			(3,802,645	)
Net realized gain—Investor M Shares		—			(3,850,669	)		—			(5,347,727	)
Net realized gain—TM Shares		—			(10,680,592	)		—			(16,150,823	)
Total distributions		—			(20,063,618	)		—			(26,379,081	)
Capital share transactions:
Proceeds from sale of shares—Investor M Shares		3,356,679			7,593,942			2,267,104			5,361,424
Proceeds from sale of shares—TM Shares		12,595,872			39,877,402			9,804,393			26,366,192
Reinvestment of distributions—Investor M Shares		—			5,155,688			—			6,425,612
Reinvestment of distributions—TM Shares		—			14,907,930			—			19,953,469
Value of shares redeemed—Investor M Shares		(4,191,993	)		(8,602,035	)		(4,749,454	)		(7,639,609	)
Value of shares redeemed—TM Shares		(18,498,582	)		(41,604,923	)		(19,046,623	)		(34,646,866	)
Net increase (decrease) from capital share transactions		(6,738,024	)		17,328,004			(11,724,580	)		15,820,222
Total increase (decrease) in net assets		(2,393,590	)		8,961,819			(7,490,297	)		1,322,273
NET ASSETS at beginning of period		332,594,080			323,632,261			291,374,834			290,052,561
NET ASSETS at end of period	$	330,200,490		$	332,594,080		$	283,884,537		$	291,374,834
Accumulated net investment income included in net assets at end of period	$	1,630,700		$	—		$	1,354,493		$	—
SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		311,360			682,860			208,065			466,065
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		—			485,469			—			598,846
Number of shares redeemed—Investor M Shares		(388,378	)		(773,091	)		(433,663	)		(660,430	)
Net increase (decrease) in shares outstanding—Investor M Shares		(77,018	)		395,238			(225,598	)		404,481
Number of shares sold—TM Shares		1,165,085			3,574,042			897,702			2,278,112
Number of shares issued through reinvestment of dividends and distributions—TM Shares		—			1,403,760			—			1,859,596
Number of shares redeemed—TM Shares		(1,713,552	)		(3,733,541	)		(1,747,840	)		(2,984,043	)
Net increase (decrease) in shares outstanding—TM Shares		(548,467	)		1,244,261			(850,138	)		1,153,665

See Notes to Financial Statements

33

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone 2015						Milestone 2020
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014
Increase (decrease) in net assets resulting from operations:
Net investment income	$	2,387,065		$	9,854,551		$	2,906,043		$	13,175,944
Net realized gain		5,070,724			61,673,427			4,930,780			74,079,720
Net change in unrealized appreciation (depreciation)		2,373,373			(47,000,368	)		6,175,586			(54,857,918	)
Net increase in net assets resulting from operations		9,831,162			24,527,610			14,012,409			32,397,746
Distributions to shareholders from:
Net investment income—Investor M Shares		—			(1,711,471	)		—			(1,861,034	)
Net investment income—TM Shares		—			(8,160,611	)		—			(11,326,238	)
Net realized gain—Investor M Shares		—			(10,009,324	)		—			(8,789,746	)
Net realized gain—TM Shares		—			(41,073,298	)		—			(46,578,369	)
Total distributions		—			(60,954,704	)		—			(68,555,387	)
Capital share transactions:
Proceeds from sale of shares—Investor M Shares		5,615,800			11,783,100			10,161,219			18,697,050
Proceeds from sale of shares—TM Shares		19,194,896			55,902,459			44,803,642			103,713,550
Reinvestment of distributions—Investor M Shares		—			11,720,795			—			10,650,780
Reinvestment of distributions—TM Shares		—			49,233,909			—			57,904,607
Value of shares redeemed—Investor M Shares		(7,337,440	)		(9,101,662	)		(3,186,274	)		(5,518,303	)
Value of shares redeemed—TM Shares		(36,392,977	)		(59,211,217	)		(25,435,678	)		(46,973,319	)
Net increase (decrease) from capital share transactions		(18,919,721	)		60,327,384			26,342,909			138,474,365
Total increase (decrease) in net assets		(9,088,559	)		23,900,290			40,355,318			102,316,724
NET ASSETS at beginning of period		580,056,799			556,156,509			751,423,266			649,106,542
NET ASSETS at end of period	$	570,968,240		$	580,056,799		$	791,778,584		$	751,423,266
Accumulated net investment income (loss) included in net assets at end of period	$	2,387,065		$	—		$	2,906,042		$	(1	)
SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		496,266			970,292			855,307			1,483,691
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		—			1,052,136			—			907,995
Number of shares redeemed—Investor M Shares		(646,174	)		(745,669	)		(265,433	)		(434,538	)
Net increase (decrease) in shares outstanding—Investor M Shares		(149,908	)		1,276,759			589,874			1,957,148
Number of shares sold—TM Shares		1,686,315			4,581,538			3,731,391			8,223,940
Number of shares issued through reinvestment of dividends and distributions—TM Shares		—			4,419,561			—			4,936,454
Number of shares redeemed—TM Shares		(3,203,176	)		(4,849,219	)		(2,121,385	)		(3,711,996	)
Net increase (decrease) in shares outstanding—TM Shares		(1,516,861	)		4,151,880			1,610,006			9,448,398

See Notes to Financial Statements

34

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone 2025						Milestone 2030
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014
Increase (decrease) in net assets resulting from operations:
Net investment income	$	2,147,411		$	11,470,715		$	1,352,922		$	9,614,442
Net realized gain		3,290,247			67,866,828			3,215,658			62,051,573
Net change in unrealized appreciation (depreciation)		7,736,436			(50,705,637	)		7,346,738			(46,491,817	)
Net increase in net assets resulting from operations		13,174,094			28,631,906			11,915,318			25,174,198
Distributions to shareholders from:
Net investment income—Investor M Shares		—			(1,688,003	)		—			(1,548,006	)
Net investment income—TM Shares		—			(9,785,596	)		—			(8,065,902	)
Net realized gain—Investor M Shares		—			(8,216,873	)		—			(8,239,698	)
Net realized gain—TM Shares		—			(41,721,722	)		—			(37,683,492	)
Total distributions		—			(61,412,194	)		—			(55,537,098	)
Capital share transactions:
Proceeds from sale of shares—Investor M Shares		10,945,989			18,116,854			10,591,267			15,702,934
Proceeds from sale of shares—TM Shares		43,293,751			96,199,824			41,822,383			86,840,925
Reinvestment of distributions—Investor M Shares		—			9,904,876			—			9,787,704
Reinvestment of distributions—TM Shares		—			51,507,318			—			45,749,394
Value of shares redeemed—Investor M Shares		(3,429,926	)		(3,644,017	)		(2,890,894	)		(2,197,728	)
Value of shares redeemed—TM Shares		(17,344,540	)		(37,273,379	)		(15,926,988	)		(28,869,864	)
Net increase from capital share transactions		33,465,274			134,811,476			33,595,768			127,013,365
Total increase in net assets		46,639,368			102,031,188			45,511,086			96,650,465
NET ASSETS at beginning of period		643,064,025			541,032,837			535,950,560			439,300,095
NET ASSETS at end of period	$	689,703,393		$	643,064,025		$	581,461,646		$	535,950,560
Accumulated net investment income (loss) included in net assets at end of period	$	2,147,411		$	—		$	1,352,921		$	(1	)
SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		897,031			1,399,554			842,350			1,176,523
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		—			827,475			—			797,045
Number of shares redeemed—Investor M Shares		(279,355	)		(284,094	)		(231,055	)		(165,939	)
Net increase in shares outstanding—Investor M Shares		617,676			1,942,935			611,295			1,807,629
Number of shares sold—TM Shares		3,528,393			7,448,862			3,312,376			6,510,421
Number of shares issued through reinvestment of dividends and distributions—TM Shares		—			4,299,442			—			3,722,489
Number of shares redeemed—TM Shares		(1,412,760	)		(2,885,818	)		(1,260,087	)		(2,157,387	)
Net increase in shares outstanding—TM Shares		2,115,633			8,862,486			2,052,289			8,075,523

See Notes to Financial Statements

35

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone 2035						Milestone 2040
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014
Increase (decrease) in net assets resulting from operations:
Net investment income	$	540,953		$	6,655,918		$	137,229		$	6,370,767
Net realized gain		2,940,668			45,797,145			3,857,972			48,978,273
Net change in unrealized appreciation (depreciation)		5,439,687			(34,344,832	)		5,052,350			(37,475,098	)
Net increase in net assets resulting from operations		8,921,308			18,108,231			9,047,551			17,873,942
Distributions to shareholders from:
Net investment income—Investor M Shares		—			(1,144,115	)		—			(1,060,406	)
Net investment income—TM Shares		—			(5,511,885	)		—			(5,252,783	)
Net realized gain—Investor M Shares		—			(6,266,123	)		—			(6,467,907	)
Net realized gain—TM Shares		—			(26,456,625	)		—			(28,048,682	)
Total distributions		—			(39,378,748	)		—			(40,829,778	)
Capital share transactions:
Proceeds from sale of shares—Investor M Shares		7,020,746			10,527,060			5,610,340			11,991,278
Proceeds from sale of shares—TM Shares		27,025,985			64,105,420			26,641,395			54,199,207
Reinvestment of distributions—Investor M Shares		—			7,410,238			—			7,528,313
Reinvestment of distributions—TM Shares		—			31,968,510			—			33,301,465
Value of shares redeemed—Investor M Shares		(1,580,106	)		(1,439,661	)		(3,711,400	)		(2,229,277	)
Value of shares redeemed—TM Shares		(14,377,185	)		(22,918,332	)		(14,443,504	)		(18,863,398	)
Net increase from capital share transactions		18,089,440			89,653,235			14,096,831			85,927,588
Total increase in net assets		27,010,748			68,382,718			23,144,382			62,971,752
NET ASSETS at beginning of period		371,624,882			303,242,164			357,754,508			294,782,756
NET ASSETS at end of period	$	398,635,630		$	371,624,882		$	380,898,890		$	357,754,508
Accumulated net investment income included in net assets at end of period	$	540,954		$	1		$	137,229		$	—
SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		549,105			777,522			433,212			869,021
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		—			594,722			—			596,538
Number of shares redeemed—Investor M Shares		(123,508	)		(105,486	)		(286,473	)		(160,925	)
Net increase in shares outstanding—Investor M Shares		425,597			1,266,758			146,739			1,304,634
Number of shares sold—TM Shares		2,108,540			4,735,052			2,051,104			3,913,831
Number of shares issued through reinvestment of dividends and distributions—TM Shares		—			2,565,691			—			2,636,696
Number of shares redeemed—TM Shares		(1,116,511	)		(1,681,454	)		(1,107,534	)		(1,355,985	)
Net increase in shares outstanding—TM Shares		992,029			5,619,289			943,570			5,194,542

See Notes to Financial Statements

36

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone 2045						Milestone 2050
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)	$	(67,349	)	$	2,393,517		$	(47,776	)	$	726,653
Net realized gain		972,027			14,990,657			288,304			4,307,229
Net change in unrealized appreciation (depreciation)		2,730,789			(10,822,033	)		884,240			(3,291,903	)
Net increase in net assets resulting from operations		3,635,467			6,562,141			1,124,768			1,741,979
Distributions to shareholders from:
Net investment income—Investor M Shares		—			(522,165	)		—			(167,840	)
Net investment income—TM Shares		—			(1,871,443	)		—			(558,782	)
Net realized gain—Investor M Shares		—			(2,194,672	)		—			(559,349	)
Net realized gain—TM Shares		—			(6,917,009	)		—			(1,645,280	)
Total distributions		—			(11,505,289	)		—			(2,931,251	)
Capital share transactions:
Proceeds from sale of shares—Investor M Shares		4,798,796			8,215,181			3,231,671			4,290,403
Proceeds from sale of shares—TM Shares		19,384,317			35,879,629			13,597,099			23,294,633
Reinvestment of distributions—Investor M Shares		—			2,716,837			—			727,189
Reinvestment of distributions—TM Shares		—			8,788,452			—			2,204,062
Value of shares redeemed—Investor M Shares		(968,922	)		(738,372	)		(177,558	)		(480,379	)
Value of shares redeemed—TM Shares		(7,548,503	)		(9,223,174	)		(4,715,948	)		(7,233,559	)
Net increase from capital share transactions		15,665,688			45,638,553			11,935,264			22,802,349
Total increase in net assets		19,301,155			40,695,405			13,060,032			21,613,077
NET ASSETS at beginning of period		138,891,091			98,195,686			43,902,972			22,289,895
NET ASSETS at end of period	$	158,192,246		$	138,891,091		$	56,963,004		$	43,902,972
Accumulated net investment loss included in net assets at end of period	$	(67,349	)	$	—		$	(47,776	)	$	—
SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		332,875			551,549			252,014			328,072
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		—			193,232			—			58,036
Number of shares redeemed—Investor M Shares		(67,013	)		(49,530	)		(13,879	)		(36,959	)
Net increase in shares outstanding—Investor M Shares		265,862			695,251			238,135			349,149
Number of shares sold—TM Shares		1,336,696			2,413,890			1,051,324			1,782,433
Number of shares issued through reinvestment of dividends and distributions—TM Shares		—			624,623			—			175,762
Number of shares redeemed—TM Shares		(515,155	)		(620,985	)		(360,840	)		(555,548	)
Net increase in shares outstanding—TM Shares		821,541			2,417,528			690,484			1,402,647

See Notes to Financial Statements

37

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Low Duration Bond Investor Shares
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, beginning of period	$	10.06		$	10.12		$	10.19		$	9.96		$	10.04		$	9.95
Income from investment operations:
Net investment income		0.05			0.10			0.13	^		0.16			0.19			0.25
Net realized and unrealized gain (loss)		0.02			(0.03	)		(0.06	)		0.23			(0.08	)		0.10
Total from investment operations		0.07			0.07			0.07			0.39			0.11			0.35
Less distributions:
Net investment income		(0.05	)		(0.10	)		(0.11	)		(0.16	)		(0.19	)		(0.26	)
Realized gains		—			(0.03	)		(0.03	)		—			—			—
Total distributions		(0.05	)		(0.13	)		(0.14	)		(0.16	)		(0.19	)		(0.26	)
Net Asset Value, end of period	$	10.08		$	10.06		$	10.12		$	10.19		$	9.96		$	10.04
Total return		0.67	%††		0.68	%		0.75	%		3.97	%		1.14	%		3.58	%
Ratios to Average Net Assets:
Expenses		0.62	%†		0.62	%		0.63	%		0.63	%		0.62	%		0.64	%
Net investment income		0.95	%†		0.97	%		1.30	%		1.55	%		1.93	%		2.51	%
Supplemental Data:
Net assets, end of period (000)	$	60,902		$	61,116		$	47,700		$	592,262		$	524,463		$	537,709
Portfolio turnover		33	%††		75	%		64	%		63	%		66	%		70	%
	Low Duration Bond T Shares
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	10.07		$	10.12		$	10.20
Income from investment operations:
Net investment income		0.06			0.12			0.12	^
Net realized and unrealized gain (loss)		0.01			(0.02	)		(0.06	)
Total from investment operations		0.07			0.10			0.06
Less distributions:
Net investment income		(0.06	)		(0.12	)		(0.11	)
Realized gains		—			(0.03	)		(0.03	)
Total distributions		(0.06	)		(0.15	)		(0.14	)
Net Asset Value, end of period	$	10.08		$	10.07		$	10.12
Total return		0.70	%††		1.02	%		0.65	%††
Ratios to Average Net Assets:
Expenses		0.37	%†		0.37	%		0.39	%†
Net investment income		1.20	%†		1.22	%		1.43	%†
Supplemental Data:
Net assets, end of period (000)	$	764,120		$	736,776		$	554,556
Portfolio turnover		33	%††		75	%		64	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

38

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Inflation Focused Investor Shares(1)
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, beginning of period	$	10.57		$	10.49		$	11.86		$	11.68		$	10.99		$	10.72
Income from investment operations:
Net investment income (loss)		(0.05	)		0.12	^		(0.31	)^		0.17			0.34			0.19
Net realized and unrealized gain (loss)		0.07			0.15			(0.76	)		0.62			0.91			0.44
Total from investment operations		0.02			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 period	$	10.59		$	10.57		$	10.49		$	11.86		$	11.68		$	10.99
Total return		0.19	%††		2.51	%		(9.05	)%		6.84	%		11.53	%		5.95	%
Ratios to Average Net Assets:
Expenses		0.65	%†		0.64	%		0.64	%		0.63	%		0.64	%		0.65	%
Net investment income (loss)		0.00	%**†		1.07	%		(2.67	)%		1.39	%		2.94	%		1.73	%
Supplemental Data:
Net assets, end of period (000)	$	24,166		$	24,895		$	28,441		$	669,336		$	584,191		$	492,002
Portfolio turnover		58	%††		75	%		57	%		73	%		109	%		97	%
	Inflation Focused T Shares(1)
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	10.58		$	10.50		$	11.78
Income from investment operations:
Net investment income (loss)		0.00	#		0.14	^		0.14	^
Net realized and unrealized gain (loss)		0.04			0.15			(1.10	)
Total from investment operations		0.04			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 period	$	10.62		$	10.58		$	10.50
Total return		0.38	%††		2.68	%		(8.19	)%††
Ratios to Average Net Assets:
Expenses		0.40	%†		0.39	%		0.40	%†
Net investment income (loss)		0.07	%†		1.32	%		1.46	%†
Supplemental Data:
Net assets, end of period (000)	$	506,704		$	499,767		$	554,377
Portfolio turnover		58	%††		75	%		57	%††

(1) Formerly Inflation Protected Securities Fund.

* Commencement of operations

^ Calculated based upon average shares outstanding.

# Rounds to less than $0.01

†† Not annualized

† Annualized

** Rounds to less than 0.01%

See Notes to Financial Statements

39

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	High Yield T Shares
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Period from May 1, 2014* to December 31, 2014
Net Asset Value, beginning of period	$	9.47		$	10.00
Income from investment operations:
Net investment income		0.25			0.25
Net realized and unrealized loss		(0.01	)		(0.51	)
Total from investment operations		0.24			(0.26	)
Less distributions:
Net investment income		(0.25	)		(0.27	)
Realized gains		—			—
Total distributions		(0.25	)		(0.27	)
Net Asset Value, end of period	$	9.46	**	$	9.47
Total return		2.48	%**††		(2.70	)%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.84	%†		0.92	%†
Expenses net of reimbursements/waivers, if any		0.82	%†		0.92	%†
Net Investment Income before reimbursements/waivers		5.17	%†		4.03	%†
Net Investment income net of reimbursements/waivers, if any		5.20	%†		4.03	%†
Supplemental Data:
Net assets, end of period (000)	$	378,458		$	362,139
Portfolio turnover		33	%††		76	%††

* Commencement of operations

** Financial reporting includes trade date activity as of June 30, 2015. The inclusion of this activity caused the Fund’s NAV to round down to $9.46 (the adjusted price) from $9.47 (the stated price for June 30, 2015, prior to the inclusion of that day’s activity).

†† Not annualized

† Annualized

See Notes to Financial Statements

40

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Equity Income Investor Shares
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, beginning of period	$	9.95		$	11.10		$	9.01		$	8.27		$	8.64		$	7.70
Income from investment operations:
Net investment income		0.16			0.17			0.16	^		0.15			0.12			0.08
Net realized and unrealized gain (loss)		(0.27	)		0.74			2.63			1.03			(0.13	)		0.94
Total from investment operations		(0.11	)		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 period	$	9.84		$	9.95		$	11.10		$	9.01		$	8.27		$	8.64
Total return		(1.11	)%††		8.13	%		31.11	%		14.33	%		0.04	%		13.28	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.78	%†		0.78	%		0.81	%		0.82	%		0.84	%		0.85	%
Expenses net of reimbursements/waivers, if any		0.78	%†		0.78	%		0.81	%		0.82	%		0.83	%		0.85	%
Net Investment Income before reimbursements/waivers		1.65	%†		1.44	%		1.69	%		1.64	%		1.32	%		1.19	%
Net Investment income net of reimbursements/waivers, if any		1.65	%†		1.44	%		1.69	%		1.64	%		1.32	%		1.19	%
Supplemental Data:
Net assets, end of period (000)	$	50,912		$	54,955		$	60,614		$	2,020,305		$	1,817,557		$	1,867,505
Portfolio turnover		16	%††		56	%		18	%		15	%		18	%		18	%
	Equity Income T Shares
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	9.95		$	11.10		$	9.62
Income from investment operations:
Net investment income		0.10			0.21			0.13	^
Net realized and unrealized gain (loss)		(0.20	)		0.73			2.08
Total from investment operations		(0.10	)		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 period	$	9.85		$	9.95		$	11.10
Total return		(1.01	)%††		8.43	%		23.03	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.53	%†		0.53	%		0.57	%†
Expenses net of reimbursements/waivers, if any		0.53	%†		0.53	%		0.57	%†
Net Investment Income before reimbursements/waivers		1.90	%†		1.68	%		1.41	%†
Net Investment income net of reimbursements/waivers, if any		1.90	%†		1.69	%		1.41	%†
Supplemental Data:
Net assets, end of period (000)	$	2,239,673		$	2,319,873		$	2,426,828
Portfolio turnover		16	%††		56	%		18	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

41

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Growth & Income Investor Shares
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, beginning of period	$	12.73		$	13.22		$	10.71		$	9.49		$	9.67		$	8.49
Income from investment operations:
Net investment income		0.04			0.22			0.11	^		0.14			0.11			0.08
Net realized and unrealized gain (loss)		0.26			1.21			3.51			1.42			(0.18	)		1.18
Total from investment operations		0.30			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 period	$	13.03		$	12.73		$	13.22		$	10.71		$	9.49		$	9.67
Total return		2.36	%††		10.67	%		34.01	%		16.53	%		(0.69	)%		14.81	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.77	%†		0.77	%		0.78	%		0.78	%		0.78	%		0.79	%
Expenses net of reimbursements/waivers, if any		0.77	%†		0.77	%		0.78	%		0.78	%		0.78	%		0.79	%
Net Investment Income before reimbursements/waivers		1.06	%†		1.23	%		0.93	%		1.32	%		1.12	%		0.91	%
Net Investment income net of reimbursements/waivers, if any		1.06	%†		1.23	%		0.93	%		1.32	%		1.12	%		0.91	%
Supplemental Data:
Net assets, end of period (000)	$	39,203		$	37,003		$	39,944		$	1,305,504		$	1,162,482		$	1,228,122
Portfolio turnover		14	%††		28	%		35	%		25	%		40	%		46	%
	Growth & Income T Shares
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	12.73		$	13.22		$	11.44
Income from investment operations:
Net investment income		0.08			0.21			0.13	^
Net realized and unrealized gain		0.23			1.26			2.79
Total from investment operations		0.31			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 period	$	13.04		$	12.73		$	13.22
Total return		2.44	%††		10.98	%		25.69	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.52	%†		0.52	%		0.54	%†
Expenses net of reimbursements/waivers, if any		0.52	%†		0.52	%		0.53	%†
Net Investment Income before reimbursements/waivers		1.30	%†		1.47	%		1.18	%†
Net Investment income net of reimbursements/waivers, if any		1.31	%†		1.48	%		1.18	%†
Supplemental Data:
Net assets, end of period (000)	$	1,693,074		$	1,685,352		$	1,696,122
Portfolio turnover		14	%††		28	%		35	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

42

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Growth Investor Shares
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, beginning of period	$	13.56		$	12.70	**	$	9.53		$	8.36		$	8.78		$	7.70
Income from investment operations:
Net investment income (loss)		0.02	^		0.27			0.03	^		0.05			0.04			0.05
Net realized and unrealized gain (loss)		0.46			1.01			3.18			1.18			(0.42	)		1.09
Total from investment operations		0.48			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 period	$	14.04		$	13.56		$	12.70	**	$	9.53		$	8.36		$	8.78
Total return		3.54	%††		10.05	%		33.71	%**		14.67	%		(4.27	)%		14.76	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.77	%†		0.78	%		0.77	%		0.78	%		0.83	%		0.86	%
Expenses net of reimbursements/waivers, if any		0.76	%†		0.78	%		0.77	%		0.78	%		0.81	%		0.84	%
Net Investment Income before reimbursements/waivers		0.26	%†		0.17	%		0.33	%		0.57	%		0.47	%		0.64	%
Net Investment income net of reimbursements/waivers, if any		0.26	%†		0.17	%		0.33	%		0.57	%		0.49	%		0.66	%
Supplemental Data:
Net assets, end of period (000)	$	25,286		$	23,614		$	31,157		$	1,880,929		$	1,751,075		$	1,971,807
Portfolio turnover		28	%††		47	%		53	%		87	%		70	%		117	%
	Growth T Shares
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	13.55		$	12.71		$	10.07
Income from investment operations:
Net investment income		0.04	^		0.06			0.06	^
Net realized and unrealized gain		0.46			1.25			2.64
Total from investment operations		0.50			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 period	$	14.05		$	13.55		$	12.71
Total return		3.69	%††		10.24	%		26.87	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.52	%†		0.53	%		0.53	%†
Expenses net of reimbursements/waivers, if any		0.51	%†		0.53	%		0.53	%†
Net Investment Income before reimbursements/waivers		0.51	%†		0.42	%		0.60	%†
Net Investment income net of reimbursements/waivers, if any		0.52	%†		0.42	%		0.60	%†
Supplemental Data:
Net assets, end of period (000)	$	2,295,728		$	2,289,433		$	2,294,323
Portfolio turnover		28	%††		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

43

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Select Value Investor Shares
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, beginning of period	$	11.86		$	12.86		$	10.95		$	9.73		$	9.84		$	8.25
Income from investment operations:
Net investment income		0.04	^		0.17			0.10	^		0.19			0.10			0.09
Net realized and unrealized gain (loss)		0.02			0.87			3.67			1.42			(0.12	)		1.59
Total from investment operations		0.06			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 period	$	11.92		$	11.86		$	12.86		$	10.95		$	9.73		$	9.84
Total return		0.51	%††		8.11	%		34.65	%		16.55	%		(0.16	)%		20.34	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.97	%†		0.97	%		0.98	%		0.99	%		0.99	%		1.00	%
Expenses net of reimbursements/waivers, if any		0.94	%†		0.97	%		0.98	%		0.99	%		0.99	%		1.00	%
Net Investment Income before reimbursements/waivers		0.70	%†		1.06	%		0.84	%		1.73	%		0.96	%		1.01	%
Net Investment income net of reimbursements/waivers, if any		0.72	%†		1.06	%		0.84	%		1.73	%		0.96	%		1.01	%
Supplemental Data:
Net assets, end of period (000)	$	7,835		$	8,325		$	9,120		$	355,590		$	320,019		$	338,336
Portfolio turnover		27	%††		66	%		77	%		51	%		60	%		68	%
	Select Value T Shares
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	11.86		$	12.87		$	12.00
Income from investment operations:
Net investment income		0.06	^		0.19			0.15	^
Net realized and unrealized gain		0.02			0.88			2.60
Total from investment operations		0.08			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 period	$	11.94		$	11.86		$	12.87
Total return		0.67	%††		8.32	%		23.15	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.72	%†		0.72	%		0.73	%†
Expenses net of reimbursements/waivers, if any		0.69	%†		0.72	%		0.73	%†
Net Investment Income before reimbursements/waivers		0.96	%†		1.31	%		1.34	%†
Net Investment income net of reimbursements/waivers, if any		0.99	%†		1.31	%		1.34	%†
Supplemental Data:
Net assets, end of period (000)	$	443,872		$	446,220		$	467,616
Portfolio turnover		27	%††		66	%		77	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

44

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Aggressive Opportunities Investor Shares
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, beginning of period	$	11.51		$	12.85		$	10.20		$	9.26		$	11.34		$	9.52
Income from investment operations:
Net investment income		0.03			0.03	^		0.00	#^		0.07			0.03			0.01
Net realized and unrealized gain (loss)		0.57			0.63			3.90			1.35			(1.23	)		1.81
Total from investment operations		0.60			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 period	$	12.11		$	11.51		$	12.85		$	10.20		$	9.26		$	11.34
Total return		5.21	%††		5.13	%		38.53	%		15.44	%		(10.42	)%		19.12	%
Ratios to Average Net Assets:
Expenses		0.83	%†		0.83	%		0.82	%		0.90	%		0.91	%		0.93	%
Net investment income		0.37	%†		0.24	%		0.00	%**		0.61	%		0.21	%		0.05	%
Supplemental Data:
Net assets, end of period (000)	$	34,543		$	32,941		$	32,513		$	993,729		$	957,271		$	1,147,570
Portfolio turnover		31	%††		49	%		51	%		94	%		53	%		96	%
	Aggressive Opportunities T Shares
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	11.52		$	12.85		$	11.04
Income from investment operations:
Net investment income		0.04			0.06	^		0.04	^
Net realized and unrealized gain		0.57			0.64			3.05
Total from investment operations		0.61			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 period	$	12.13		$	11.52		$	12.85
Total return		5.30	%††		5.44	%		28.23	%††
Ratios to Average Net Assets:
Expenses		0.58	%†		0.58	%		0.59	%†
Net investment income		0.62	%†		0.49	%		0.42	%†
Supplemental Data:
Net assets, end of period (000)	$	1,081,859		$	1,071,234		$	1,210,202
Portfolio turnover		31	%††		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

45

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Discovery Investor Shares
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, beginning of period	$	10.04		$	10.86		$	9.48		$	8.74		$	9.42		$	7.54
Income from investment operations:
Net investment income		0.01			0.38		��	0.08	^		0.12			0.10			0.08
Net realized and unrealized gain (loss)		0.40			0.26			3.61			1.25			(0.68	)		1.89
Total from investment operations		0.41			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 period	$	10.45		$	10.04		$	10.86		$	9.48		$	8.74		$	9.42
Total return		4.08	%††		6.07	%		39.34	%		15.74	%		(6.15	)%		26.08	%
Ratios to Average Net Assets:
Expenses		0.96	%†		0.95	%		0.97	%		0.97	%		0.95	%		0.98	%
Net investment income		0.44	%†		0.65	%		0.79	%		1.25	%		1.05	%		0.97	%
Supplemental Data:
Net assets, end of period (000)	$	6,551		$	6,419		$	3,742		$	212,873		$	193,872		$	212,770
Portfolio turnover		40	%††		100	%		77	%		81	%		86	%		73	%
	Discovery T Shares
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	10.05		$	10.86		$	10.27
Income from investment operations:
Net investment income		0.04			0.09			0.10	^
Net realized and unrealized gain		0.38			0.58			2.82
Total from investment operations		0.42			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 period	$	10.47		$	10.05		$	10.86
Total return		4.18	%††		6.37	%		28.84	%††
Ratios to Average Net Assets:
Expenses		0.71	%†		0.70	%		0.71	%†
Net investment income		0.70	%†		0.88	%		1.00	%†
Supplemental Data:
Net assets, end of period (000)	$	291,401		$	286,141		$	275,107
Portfolio turnover		40	%††		100	%		77	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

46

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	International Investor Shares
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, beginning of period	$	10.36		$	11.08	**	$	9.63		$	8.32		$	9.34		$	8.85
Income from investment operations:
Net investment income		0.19			0.24	^		0.06	^		0.22			0.20			0.15
Net realized and unrealized gain (loss)		0.30			(0.54	)		1.61			1.32			(1.01	)		0.52
Total from investment operations		0.49			(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 period	$	10.85		$	10.36		$	11.08	**	$	9.63		$	8.32		$	9.34
Total return		4.73	%††		(2.76	)%		17.43	%**		18.57	%		(8.57	)%		7.61	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.97	%†		0.98	%		0.97	%		0.98	%		0.97	%		0.98	%
Expenses net of reimbursements/waivers, if any		0.97	%†		0.97	%		0.97	%		0.98	%		0.95	%		0.98	%
Net Investment Income before reimbursements/waivers		2.35	%†		2.15	%		0.61	%		2.32	%		2.25	%		1.95	%
Net Investment income net of reimbursements/waivers, if any		2.35	%†		2.15	%		0.61	%		2.32	%		2.26	%		1.95	%
Supplemental Data:
Net assets, end of period (000)	$	26,003		$	25,061		$	16,440		$	1,305,510		$	1,139,964		$	1,218,763
Portfolio turnover		23	%††		34	%		51	%		49	%		50	%		53	%
	International T Shares
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	10.36		$	11.09		$	9.85
Income from investment operations:
Net investment income		0.14			0.28	^		0.21	^
Net realized and unrealized gain (loss)		0.38			(0.57	)		1.28
Total from investment operations		0.52			(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 period	$	10.88		$	10.36		$	11.09
Total return		5.02	%††		(2.68	)%		15.14	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.72	%†		0.73	%		0.75	%†
Expenses net of reimbursements/waivers, if any		0.72	%†		0.72	%		0.75	%†
Net Investment Income before reimbursements/waivers		2.60	%†		2.53	%		2.38	%†
Net Investment income net of reimbursements/waivers, if any		2.60	%†		2.54	%		2.38	%†
Supplemental Data:
Net assets, end of period (000)	$	1,595,241		$	1,493,171		$	1,418,996
Portfolio turnover		23	%††		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

47

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Diversifying Strategies T Shares(1)
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, beginning of period	$	10.13		$	10.43		$	10.16		$	10.01		$	10.16		$	9.85
Income from investment operations:
Net investment income		0.07			0.14			0.12	^		0.12			0.10			0.06
Net realized and unrealized gain (loss)		0.28			0.25			0.47			0.23			(0.09	)		0.44
Total from investment operations		0.35			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 period	$	10.48		$	10.13		$	10.43		$	10.16		$	10.01		$	10.16
Total return		3.46	%††		3.75	%		5.81	%		3.53	%		0.10	%		5.04	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.49	%†		0.52	%		0.66	%		0.89	%		0.91	%		0.91	%
Expenses net of reimbursements/waivers, if any		0.49	%†		0.50	%		0.59	%		0.80	%		0.85	%		0.91	%
Net Investment Income before reimbursements/waivers		1.36	%†		1.22	%		1.13	%		1.04	%		0.93	%		1.06	%
Net Investment income net of reimbursements/waivers, if any		1.36	%†		1.24	%		1.19	%		1.12	%		1.00	%		1.06	%
Supplemental Data:
Net assets, end of period (000)	$	1,121,946		$	1,096,683		$	1,093,589		$	964,774		$	849,777		$	870,591
Portfolio turnover		41	%††		103	%		70	%		71	%		73	%		63	%

(1) Formerly Diversified Assets Fund.

^ Calculated based upon average shares outstanding.

† Annualized

†† Not annualized

See Notes to Financial Statements

48

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Core Bond Index Class I
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, beginning of period	$	10.31		$	10.00		$	10.54		$	10.47		$	10.10		$	9.89
Income from investment operations:
Net investment income		0.14			0.21			0.23	^		0.25			0.31			0.34
Net realized and unrealized gain (loss)		(0.17	)		0.35			(0.50	)		0.14			0.42			0.26
Total from investment operations		(0.03	)		0.56			(0.27	)		0.39			0.73			0.60
Less distributions:
Net investment income		(0.13	)		(0.25	)		(0.27	)		(0.32	)		(0.36	)		(0.39	)
Realized gains		—			—			—			—			—			—
Total distributions		(0.13	)		(0.25	)		(0.27	)		(0.32	)		(0.36	)		(0.39	)
Net Asset Value, end of period	$	10.15		$	10.31		$	10.00		$	10.54		$	10.47		$	10.10
Total return		(0.34	)%††		5.65	%		(2.62	)%		3.80	%		7.41	%		6.13	%
Ratios to Average Net Assets:
Expenses		0.40	%†		0.41	%		0.40	%		0.41	%		0.41	%		0.42	%
Net investment income		1.95	%†		1.98	%		2.23	%		2.38	%		3.00	%		3.31	%
Supplemental Data:
Net assets, end of period (000)	$	25,427		$	23,155		$	22,055		$	905,486		$	813,431		$	824,963
Portfolio turnover		59	%††		160	%		120	%		64	%		57	%		85	%
	Core Bond Index Class II
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, beginning of period	$	10.37		$	10.06		$	10.60		$	10.53		$	10.16		$	9.94
Income from investment operations:
Net investment income		0.11			0.29			0.25	^		0.27			0.33			0.36
Net realized and unrealized gain (loss)		(0.12	)		0.29			(0.50	)		0.14			0.43			0.27
Total from investment operations		(0.01	)		0.58			(0.25	)		0.41			0.76			0.63
Less distributions:
Net investment income		(0.14	)		(0.27	)		(0.29	)		(0.34	)		(0.39	)		(0.41	)
Realized gains		—			—			—			—			—			—
Total distributions		(0.14	)		(0.27	)		(0.29	)		(0.34	)		(0.39	)		(0.41	)
Net Asset Value, end of period	$	10.22		$	10.37		$	10.06		$	10.60		$	10.53		$	10.16
Total return		(0.15	)%††		5.81	%		(2.38	)%		3.98	%		7.57	%		6.41	%
Ratios to Average Net Assets:
Expenses		0.20	%†		0.21	%		0.20	%		0.21	%		0.21	%		0.22	%
Net investment income		2.15	%†		2.18	%		2.40	%		2.59	%		3.15	%		3.51	%
Supplemental Data:
Net assets, end of period (000)	$	12,990		$	12,631		$	26,490		$	337,639		$	320,809		$	282,359
Portfolio turnover		59	%††		160	%		120	%		64	%		57	%		85	%

^ Calculated based upon average shares outstanding.

† Annualized

†† Not annualized

See Notes to Financial Statements

49

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Core Bond Index T Shares
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	10.30		$	10.00		$	10.46
Income from investment operations:
Net investment income		0.11			0.23			0.19	^
Net realized and unrealized gain (loss)		(0.12	)		0.35			(0.40	)
Total from investment operations		(0.01	)		0.58			(0.21	)
Less distributions:
Net investment income		(0.14	)		(0.28	)		(0.25	)
Realized gains		—			—			—
Total distributions		(0.14	)		(0.28	)		(0.25	)
Net Asset Value, end of period	$	10.15		$	10.30		$	10.00
Total return		(0.12	)%††		5.82	%		(2.06	)%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.20	%†		0.21	%		0.21	%†
Expenses net of reimbursements/waivers, if any		0.15	%†		0.16	%		0.16	%†
Net Investment Income before reimbursements/waivers		2.15	%†		2.18	%		2.17	%†
Net Investment income net of reimbursements/waivers, if any		2.20	%†		2.23	%		2.22	%†
Supplemental Data:
Net assets, end of period (000)	$	1,672,112		$	1,649,023		$	1,231,000
Portfolio turnover		59	%††		160	%		120	%††

* Commencement of operations

^ Calculated based upon average shares outstanding.

† Annualized

†† Not annualized

See Notes to Financial Statements

50

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	500 Stock Index Class I
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, beginning of period	$	16.08		$	14.66		$	11.32		$	9.96		$	9.95		$	8.81
Income from investment operations:
Net investment income		0.12			0.25	^		0.23	^		0.20			0.17			0.15
Net realized and unrealized gain		0.04			1.70			3.36			1.36			0.00	#		1.13
Total from investment operations		0.16			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 period	$	16.24		$	16.08		$	14.66		$	11.32		$	9.96		$	9.95
Total return		1.00	%††		13.27	%		31.78	%		15.62	%		1.72	%		14.56	%
Ratios to Average Net Assets:
Expenses		0.40	%†		0.40	%		0.41	%		0.42	%		0.42	%		0.43	%
Net investment income		1.64	%†		1.64	%		1.78	%		1.89	%		1.65	%		1.63	%
Supplemental Data:
Net assets, end of period (000)	$	52,360		$	47,690		$	31,916		$	111,410		$	94,197		$	102,642
Portfolio turnover		2	%††		6	%		8	%		3	%		3	%		3	%
	500 Stock Index Class II
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, beginning of period	$	15.09		$	13.80	**	$	10.65	***	$	9.39		$	9.39		$	8.32
Income from investment operations:
Net investment income		0.10			0.28	^		0.24	^		0.22			0.18			0.16
Net realized and unrealized gain		0.07			1.57			3.19			1.26			0.00	#		1.07
Total from investment operations		0.17			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 period	$	15.26		$	15.09		$	13.80	**	$	10.65	***	$	9.39		$	9.39
Total return		1.13	%††		13.42	%		32.23	%**		15.74	%***		1.97	%		14.78	%
Ratios to Average Net Assets:
Expenses		0.20	%†		0.20	%		0.21	%		0.22	%		0.22	%		0.23	%
Net investment income		1.84	%†		1.86	%		2.12	%		2.09	%		1.86	%		1.84	%
Supplemental Data:
Net assets, end of period (000)	$	21,186		$	20,026		$	2,271		$	341,571		$	287,072		$	281,443
Portfolio turnover		2	%††		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).

† Annualized

†† Not annualized

See Notes to Financial Statements

51

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	500 Stock Index T Shares
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	16.09		$	14.67		$	12.06
Income from investment operations:
Net investment income		0.15			0.29	^		0.22	^
Net realized and unrealized gain		0.04			1.69			2.67
Total from investment operations		0.19			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 period	$	16.28		$	16.09		$	14.67
Total return		1.18	%††		13.48	%		23.99	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.20	%†		0.20	%		0.21	%†
Expenses net of reimbursements/waivers, if any		0.15	%†		0.15	%		0.16	%†
Net Investment Income before reimbursements/waivers		1.84	%†		1.83	%		1.86	%†
Net Investment income net of reimbursements/waivers, if any		1.89	%†		1.88	%		1.91	%†
Supplemental Data:
Net assets, end of period (000)	$	824,243		$	778,364		$	627,600
Portfolio turnover		2	%††		6	%		8	%††

* Commencement of operations

^ Calculated based upon average shares outstanding.

† Annualized

†† Not annualized

See Notes to Financial Statements

52

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Broad Market Index Class I
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, beginning of period	$	17.31		$	15.84		$	12.23		$	10.85		$	10.92		$	9.47
Income from investment operations:
Net investment income		0.07			0.26	^		0.23	^		0.24			0.20			0.16
Net realized and unrealized gain (loss)		0.24			1.67			3.80			1.45			(0.11	)		1.43
Total from investment operations		0.31			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 period	$	17.62		$	17.31		$	15.84		$	12.23		$	10.85		$	10.92
Total return		1.79	%††		12.17	%		33.04	%		15.64	%		0.85	%		16.84	%
Ratios to Average Net Assets:
Expenses		0.40	%†		0.40	%		0.40	%		0.42	%		0.41	%		0.42	%
Net investment income		1.57	%†		1.57	%		1.68	%		1.89	%		1.56	%		1.55	%
Supplemental Data:
Net assets, end of period (000)	$	50,794		$	44,988		$	36,076		$	126,835		$	114,674		$	131,673
Portfolio turnover		3	%††		3	%		9	%		3	%		1	%		6	%
	Broad Market Index Class II
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, beginning of period	$	16.17		$	14.82		$	11.46		$	10.19		$	10.27		$	8.91
Income from investment operations:
Net investment income		0.09			0.27	^		0.24	^		0.24			0.19			0.16
Net realized and unrealized gain (loss)		0.22			1.57			3.57			1.37			(0.09	)		1.36
Total from investment operations		0.31			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 period	$	16.48		$	16.17		$	14.82		$	11.46		$	10.19		$	10.27
Total return		1.92	%††		12.38	%		33.36	%		15.82	%		1.07	%		17.12	%
Ratios to Average Net Assets:
Expenses		0.20	%†		0.20	%		0.20	%		0.22	%		0.21	%		0.22	%
Net investment income		1.77	%†		1.76	%		1.97	%		2.09	%		1.77	%		1.75	%
Supplemental Data:
Net assets, end of period (000)	$	13,108		$	12,767		$	15,887		$	427,467		$	389,031		$	406,029
Portfolio turnover		3	%††		3	%		9	%		3	%		1	%		6	%

^ Calculated based upon average shares outstanding.

† Annualized

†† Not annualized

See Notes to Financial Statements

53

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Broad Market Index T Shares
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	17.32		$	15.85	**	$	13.05
Income from investment operations:
Net investment income		0.16			0.30	^		0.23	^
Net realized and unrealized gain		0.17			1.67			3.02
Total from investment operations		0.33			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 period	$	17.65		$	17.32		$	15.85	**
Total return		1.91	%††		12.41	%		25.01	%**††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.20	%†		0.20	%		0.21	%†
Expenses net of reimbursements/waivers, if any		0.15	%†		0.15	%		0.16	%†
Net Investment Income before reimbursements/waivers		1.77	%†		1.77	%		1.81	%†
Net Investment income net of reimbursements/waivers, if any		1.82	%†		1.82	%		1.86	%†
Supplemental Data:
Net assets, end of period (000)	$	847,434		$	826,610		$	728,118
Portfolio turnover		3	%††		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

54

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Mid/Small Company Index Class I
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, beginning of period	$	19.91		$	19.75		$	15.67		$	14.02		$	15.39		$	12.35
Income from investment operations:
Net investment income		0.10			0.28	^		0.19	^		0.28			0.16			0.13
Net realized and unrealized gain (loss)		0.83			1.06			5.60			2.21			(0.78	)		3.31
Total from investment operations		0.93			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 period	$	20.84		$	19.91		$	19.75		$	15.67		$	14.02		$	15.39
Total return		4.67	%††		6.80	%		37.19	%		17.89	%		(3.91	)%		27.93	%
Ratios to Average Net Assets:
Expenses		0.40	%†		0.40	%		0.41	%		0.43	%		0.43	%		0.45	%
Net investment income		1.25	%†		1.37	%		1.10	%		1.87	%		1.11	%		1.16	%
Supplemental Data:
Net assets, end of period (000)	$	33,758		$	31,273		$	28,367		$	297,378		$	247,732		$	243,794
Portfolio turnover		11	%††		15	%		37	%		14	%		15	%		14	%
	Mid/Small Company Index Class II
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, beginning of period	$	18.60	*	$	18.53		$	14.78		$	13.26		$	14.60		$	11.73
Income from investment operations:
Net investment income		0.13			0.31	^		0.20	^		0.30			0.19			0.15
Net realized and unrealized gain (loss)		0.75			0.99			5.30			2.09			(0.76	)		3.14
Total from investment operations		0.88			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 period	$	19.48		$	18.60	*	$	18.53		$	14.78		$	13.26		$	14.60
Total return		4.73	%††		7.05	%*		37.42	%		18.17	%		(3.70	)%		28.15	%
Ratios to Average Net Assets:
Expenses		0.20	%†		0.20	%		0.21	%		0.23	%		0.23	%		0.25	%
Net investment income		1.45	%†		1.65	%		1.23	%		2.07	%		1.30	%		1.35	%
Supplemental Data:
Net assets, end of period (000)	$	15,387		$	14,596		$	5,541		$	194,775		$	160,710		$	161,178
Portfolio turnover		11	%††		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).

† Annualized

†† Not annualized

See Notes to Financial Statements

55

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Mid/Small Company Index T Shares
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	19.92		$	19.76		$	16.91
Income from investment operations:
Net investment income		0.15			0.33	^		0.26	^
Net realized and unrealized gain		0.80			1.06			4.34
Total from investment operations		0.95			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 period	$	20.87		$	19.92		$	19.76
Total return		4.77	%††		7.05	%		27.41	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.20	%†		0.20	%		0.22	%†
Expenses net of reimbursements/waivers, if any		0.15	%†		0.15	%		0.17	%†
Net Investment Income before reimbursements/waivers		1.44	%†		1.56	%		1.59	%†
Net Investment income net of reimbursements/waivers, if any		1.49	%†		1.61	%		1.64	%†
Supplemental Data:
Net assets, end of period (000)	$	724,369		$	698,244		$	686,939
Portfolio turnover		11	%††		15	%		37	%††

* Commencement of operations

^ Calculated based upon average shares outstanding.

† Annualized

†† Not annualized

See Notes to Financial Statements

56

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Overseas Equity Index Class I
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, beginning of period	$	11.49		$	12.59		$	10.61		$	9.19		$	10.82		$	10.30
Income from investment operations:
Net investment income		0.18			0.35			0.22	^		0.29			0.33			0.23
Net realized and unrealized gain (loss)		0.54			(1.09	)		2.04			1.41			(1.68	)		0.52
Total from investment operations		0.72			(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 period	$	12.21		$	11.49		$	12.59		$	10.61		$	9.19		$	10.82
Total return		6.27	%††		(5.88	)%		21.35	%		18.51	%		(12.42	)%		7.37	%
Ratios to Average Net Assets:
Expenses		0.50	%†		0.51	%		0.54	%		0.55	%		0.54	%		0.56	%
Net investment income		3.60	%†		3.08	%		1.91	%		2.92	%		2.93	%		2.27	%
Supplemental Data:
Net assets, end of period (000)	$	13,215		$	11,318		$	11,103		$	55,335		$	44,911		$	57,649
Portfolio turnover		1	%††		8	%		11	%		6	%		2	%		2	%
	Overseas Equity Index Class II
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, beginning of period	$	10.69		$	11.75		$	9.91		$	8.60		$	10.16		$	9.69
Income from investment operations:
Net investment income		0.25			0.55			0.15	^		0.29			0.31			0.23
Net realized and unrealized gain (loss)		0.43			(1.22	)		1.99			1.32			(1.57	)		0.50
Total from investment operations		0.68			(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 period	$	11.37		$	10.69		$	11.75		$	9.91		$	8.60		$	10.16
Total return		6.36	%††		(5.75	)%		21.68	%		18.74	%		(12.28	)%		7.54	%
Ratios to Average Net Assets:
Expenses		0.30	%†		0.31	%		0.34	%		0.35	%		0.34	%		0.36	%
Net investment income		3.79	%†		3.34	%		1.49	%		3.10	%		3.11	%		2.45	%
Supplemental Data:
Net assets, end of period (000)	$	3,549		$	3,264		$	3,327		$	173,354		$	132,873		$	149,208
Portfolio turnover		1	%††		8	%		11	%		6	%		2	%		2	%

^ Calculated based upon average shares outstanding.

† Annualized

†† Not annualized

See Notes to Financial Statements

57

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Overseas Equity Index T Shares
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	11.49		$	12.60		$	10.91
Income from investment operations:
Net investment income		0.24			0.41			0.28	^
Net realized and unrealized gain (loss)		0.50			(1.13	)		1.71
Total from investment operations		0.74			(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 period	$	12.23	**	$	11.49		$	12.60
Total return		6.44	%**††		(5.72	)%		18.34	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.30	%†		0.31	%		0.35	%†
Expenses net of reimbursements/waivers, if any		0.25	%†		0.26	%		0.30	%†
Net Investment Income before reimbursements/waivers		3.72	%†		3.30	%		2.78	%†
Net Investment income net of reimbursements/waivers, if any		3.77	%†		3.35	%		2.83	%†
Supplemental Data:
Net assets, end of period (000)	$	256,780		$	284,466		$	282,482
Portfolio turnover		1	%††		8	%		11	%††

* Commencement of operations

** Financial reporting includes trade date activity as of June 30, 2015. The inclusion of this activity caused the Fund’s NAV to round up to $12.23 (the adjusted price) from $12.22 (the stated price for June 30, 2015, prior to the inclusion of that day’s activity).

^ Calculated based upon average shares outstanding.

† Annualized

†† Not annualized

See Notes to Financial Statements

58

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Model Portfolio Conservative Growth Investor M Shares
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, beginning of period	$	24.99		$	26.81		$	24.89		$	23.46		$	23.62		$	22.13
Income from investment operations:
Net investment income		0.13			0.48			0.22	^		0.46			0.43			0.40
Net realized and unrealized gain (loss)		0.20			0.37			2.52			1.62			(0.16	)		1.50
Total from investment operations		0.33			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 period	$	25.32		$	24.99		$	26.81		$	24.89		$	23.46		$	23.62
Total return		1.32	%††		3.15	%		11.03	%		8.88	%		1.15	%		8.60	%
Ratios to Average Net Assets:
Expenses		0.38	%†		0.38	%		0.24	%		0.13	%		0.12	%		0.13	%
Net investment income		0.89	%†		1.50	%		0.86	%		1.66	%		1.67	%		1.80	%
Supplemental Data:
Net assets, end of period (000)	$	102,167		$	111,406		$	102,862		$	607,812		$	556,164		$	586,912
Portfolio turnover		2	%††		32	%		11	%		7	%		14	%		23	%
	Model Portfolio Conservative Growth TM Shares
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	25.00		$	26.81		$	25.52
Income from investment operations:
Net investment income		0.15			0.57			0.35	^
Net realized and unrealized gain		0.21			0.35			1.82
Total from investment operations		0.36			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 period	$	25.36		$	25.00		$	26.81
Total return		1.44	%††		3.43	%		8.50	%††
Ratios to Average Net Assets:
Expenses		0.13	%†		0.13	%		0.13	%†
Net investment income		1.16	%†		1.70	%		1.59	%†
Supplemental Data:
Net assets, end of period (000)	$	554,548		$	560,313		$	558,569
Portfolio turnover		2	%††		32	%		11	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

59

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Model Portfolio Traditional Growth Investor M Shares
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, beginning of period	$	25.45		$	26.38		$	23.25		$	21.52		$	22.17		$	20.28
Income from investment operations:
Net investment income		0.05			0.55			0.16	^		0.42			0.38			0.33
Net realized and unrealized gain (loss)		0.41			0.64			3.96			1.99			(0.50	)		1.89
Total from investment operations		0.46			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 period	$	25.91		$	25.45		$	26.38		$	23.25		$	21.52		$	22.17
Total return		1.81	%††		4.51	%		17.74	%		11.20	%		(0.56	)%		10.95	%
Ratios to Average Net Assets:
Expenses		0.36	%†		0.36	%		0.18	%		0.11	%		0.11	%		0.12	%
Net investment income		0.47	%†		1.61	%		0.64	%		1.66	%		1.52	%		1.57	%
Supplemental Data:
Net assets, end of period (000)	$	146,726		$	139,645		$	124,346		$	1,493,678		$	1,366,108		$	1,495,757
Portfolio turnover		2	%††		18	%		9	%		7	%		13	%		15	%
	Model Portfolio Traditional Growth TM Shares
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	25.46		$	26.38		$	24.12
Income from investment operations:
Net investment income		0.09			0.65			0.35	^
Net realized and unrealized gain		0.41			0.62			2.96
Total from investment operations		0.50			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 period	$	25.96		$	25.46		$	26.38
Total return		1.96	%††		4.80	%		13.71	%††
Ratios to Average Net Assets:
Expenses		0.11	%†		0.11	%		0.12	%†
Net investment income		0.71	%†		1.79	%		1.64	%†
Supplemental Data:
Net assets, end of period (000)	$	1,581,153		$	1,578,060		$	1,565,740
Portfolio turnover		2	%††		18	%		9	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

60

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Model Portfolio Long-Term Growth Investor M Shares
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, beginning of period	$	25.28		$	26.06		$	22.20		$	20.32		$	21.41		$	19.30
Income from investment operations:
Net investment income		0.04			0.60			0.11	^		0.38			0.35			0.27
Net realized and unrealized gain (loss)		0.51			0.80			4.90			2.24			(0.77	)		2.15
Total from investment operations		0.55			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 period	$	25.83		$	25.28		$	26.06		$	22.20		$	20.32		$	21.41
Total return		2.18	%††		5.39	%		22.55	%		12.93	%		(1.98	)%		12.54	%
Ratios to Average Net Assets:
Expenses		0.36	%†		0.36	%		0.16	%		0.11	%		0.11	%		0.12	%
Net investment income		0.16	%†		1.63	%		0.48	%		1.65	%		1.42	%		1.40	%
Supplemental Data:
Net assets, end of period (000)	$	114,861		$	121,562		$	108,362		$	1,896,812		$	1,712,228		$	1,848,430
Portfolio turnover		1	%††		15	%		10	%		7	%		11	%		10	%
	Model Portfolio Long-Term Growth TM Shares
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	25.29		$	26.07		$	23.25
Income from investment operations:
Net investment income		0.05			0.71			0.35	^
Net realized and unrealized gain		0.53			0.76			3.67
Total from investment operations		0.58			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 period	$	25.87		$	25.29		$	26.07
Total return		2.29	%††		5.64	%		17.28	%††
Ratios to Average Net Assets:
Expenses		0.11	%†		0.11	%		0.11	%†
Net investment income		0.41	%†		1.81	%		1.67	%†
Supplemental Data:
Net assets, end of period (000)	$	2,145,128		$	2,129,793		$	2,103,778
Portfolio turnover		1	%††		15	%		10	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

61

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Model Portfolio All-Equity Growth Investor M Shares
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, beginning of period	$	25.98		$	26.85		$	21.34		$	18.69		$	19.81		$	17.38
Income from investment operations:
Net investment income (loss)		(0.04	)		0.41			0.05	^		0.32			0.28			0.16
Net realized and unrealized gain (loss)		0.63			1.20			6.43			2.67			(1.12	)		2.43
Total from investment operations		0.59			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 period	$	26.57		$	25.98		$	26.85		$	21.34		$	18.69		$	19.81
Total return		2.27	%††		5.98	%		30.36	%		16.00	%		(4.23	)%		14.93	%
Ratios to Average Net Assets:
Expenses		0.37	%†		0.37	%		0.17	%		0.12	%		0.12	%		0.13	%
Net investment income (loss)		(0.31	)%†		1.32	%		0.20	%		1.37	%		1.24	%		0.95	%
Supplemental Data:
Net assets, end of period (000)	$	54,882		$	53,715		$	49,174		$	709,330		$	649,826		$	715,090
Portfolio turnover		2	%††		13	%		8	%		9	%		9	%		6	%
	Model Portfolio All-Equity Growth TM Shares
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	25.99		$	26.86		$	22.67
Income from investment operations:
Net investment income (loss)		(0.01	)		0.73			0.30	^
Net realized and unrealized gain		0.64			0.94			4.91
Total from investment operations		0.63			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 period	$	26.62		$	25.99		$	26.86
Total return		2.42	%††		6.23	%		22.98	%††
Ratios to Average Net Assets:
Expenses		0.12	%†		0.12	%		0.12	%†
Net investment income (loss)		(0.06	)%†		1.53	%		1.45	%†
Supplemental Data:
Net assets, end of period (000)	$	904,731		$	902,913		$	876,894
Portfolio turnover		2	%††		13	%		8	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

62

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone Retirement Income Investor M Shares
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, beginning of period	$	10.62		$	10.90		$	10.58		$	10.18		$	10.33		$	9.81
Income from investment operations:
Net investment income		0.04			0.19			0.11	^		0.20			0.20			0.12
Net realized and unrealized gain		0.09			0.19			0.54			0.53			0.05			0.56
Total from investment operations		0.13			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 period	$	10.75		$	10.62		$	10.90		$	10.58		$	10.18		$	10.33
Total return		1.22	%††		3.50	%		6.14	%		7.18	%		2.37	%		6.93	%
Ratios to Average Net Assets:
Expenses		0.39	%†		0.39	%		0.30	%		0.14	%		0.15	%		0.18	%
Net investment income		0.80	%†		1.48	%		1.04	%		1.66	%		1.79	%		2.49	%
Supplemental Data:
Net assets, end of period (000)	$	88,238		$	87,999		$	86,048		$	238,158		$	220,063		$	215,961
Portfolio turnover		3	%††		37	%		10	%		8	%		19	%		25	%
	Milestone Retirement Income TM Shares
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	10.62		$	10.91		$	10.75
Income from investment operations:
Net investment income		0.06			0.22			0.14	^
Net realized and unrealized gain		0.08			0.18			0.37
Total from investment operations		0.14			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 period	$	10.76		$	10.62		$	10.91
Total return		1.32	%††		3.66	%		4.76	%††
Ratios to Average Net Assets:
Expenses		0.14	%†		0.14	%		0.14	%†
Net investment income		1.05	%†		1.73	%		1.56	%†
Supplemental Data:
Net assets, end of period (000)	$	241,963		$	244,595		$	237,584
Portfolio turnover		3	%††		37	%		10	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

63

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2010 Investor M Shares
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, beginning of period	$	10.73		$	11.33		$	10.65		$	10.10		$	10.24		$	9.56
Income from investment operations:
Net investment income		0.04			0.21			0.10	^		0.20			0.19			0.10
Net realized and unrealized gain (loss)		0.11			0.24			1.08			0.76			(0.04	)		0.71
Total from investment operations		0.15			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 period	$	10.88		$	10.73		$	11.33		$	10.65		$	10.10		$	10.24
Total return		1.40	%††		3.94	%		11.12	%		9.53	%		1.41	%		8.51	%
Ratios to Average Net Assets:
Expenses		0.39	%†		0.39	%		0.29	%		0.14	%		0.15	%		0.18	%
Net investment income		0.75	%†		1.48	%		0.88	%		1.58	%		1.75	%		2.11	%
Supplemental Data:
Net assets, end of period (000)	$	70,860		$	72,333		$	71,804		$	234,023		$	222,275		$	217,770
Portfolio turnover		4	%††		39	%		15	%		11	%		22	%		33	%
	Milestone 2010 TM Shares
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	10.73		$	11.34		$	10.92
Income from investment operations:
Net investment income		0.06			0.24			0.15	^
Net realized and unrealized gain		0.10			0.23			0.79
Total from investment operations		0.16			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 period	$	10.89		$	10.73		$	11.34
Total return		1.49	%††		4.11	%		8.68	%††
Ratios to Average Net Assets:
Expenses		0.14	%†		0.14	%		0.14	%†
Net investment income		1.00	%†		1.73	%		1.54	%†
Supplemental Data:
Net assets, end of period (000)	$	213,024		$	219,041		$	218,248
Portfolio turnover		4	%††		39	%		15	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

64

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2015 Investor M Shares
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, beginning of period	$	11.14		$	11.92		$	10.87		$	10.16		$	10.35		$	9.53
Income from investment operations:
Net investment income		0.04			0.22			0.10	^		0.20			0.18			0.12
Net realized and unrealized gain (loss)		0.13			0.29			1.39			0.84			(0.10	)		0.85
Total from investment operations		0.17			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 period	$	11.31		$	11.14		$	11.92		$	10.87		$	10.16		$	10.35
Total return		1.53	%††		4.23	%		13.75	%		10.25	%		0.70	%		10.20	%
Ratios to Average Net Assets:
Expenses		0.38	%†		0.38	%		0.26	%		0.13	%		0.14	%		0.15	%
Net investment income		0.63	%†		1.54	%		0.86	%		1.68	%		1.72	%		1.96	%
Supplemental Data:
Net assets, end of period (000)	$	113,620		$	113,514		$	106,285		$	434,638		$	381,855		$	363,144
Portfolio turnover		4	%††		35	%		11	%		8	%		20	%		15	%
	Milestone 2015 TM Shares
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	11.14		$	11.92		$	11.21
Income from investment operations:
Net investment income		0.05			0.26			0.16	^
Net realized and unrealized gain		0.14			0.28			1.02
Total from investment operations		0.19			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 period	$	11.33		$	11.14		$	11.92
Total return		1.71	%††		4.48	%		10.51	%††
Ratios to Average Net Assets:
Expenses		0.13	%†		0.13	%		0.13	%†
Net investment income		0.88	%†		1.78	%		1.65	%†
Supplemental Data:
Net assets, end of period (000)	$	457,348		$	466,543		$	449,872
Portfolio turnover		4	%††		35	%		11	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

65

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2020 Investor M Shares
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, beginning of period	$	11.73		$	12.33		$	10.94		$	10.10		$	10.34		$	9.43
Income from investment operations:
Net investment income		0.03			0.24			0.11	^		0.21			0.18			0.14
Net realized and unrealized gain (loss)		0.18			0.32			1.73			0.92			(0.20	)		0.92
Total from investment operations		0.21			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 period	$	11.94		$	11.73		$	12.33		$	10.94		$	10.10		$	10.34
Total return		1.79	%††		4.49	%		16.83	%		11.25	%		(0.26	)%		11.27	%
Ratios to Average Net Assets:
Expenses		0.38	%†		0.38	%		0.25	%		0.13	%		0.13	%		0.15	%
Net investment income		0.54	%†		1.67	%		0.92	%		1.81	%		1.73	%		1.93	%
Supplemental Data:
Net assets, end of period (000)	$	128,240		$	119,097		$	101,059		$	470,664		$	386,327		$	344,033
Portfolio turnover		3	%††		21	%		9	%		7	%		16	%		10	%
	Milestone 2020 TM Shares
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	11.73		$	12.33		$	11.33
Income from investment operations:
Net investment income		0.05			0.28			0.18	^
Net realized and unrealized gain		0.18			0.30			1.29
Total from investment operations		0.23			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 period	$	11.96		$	11.73		$	12.33
Total return		1.96	%††		4.73	%		13.02	%††
Ratios to Average Net Assets:
Expenses		0.13	%†		0.13	%		0.13	%†
Net investment income		0.79	%†		1.91	%		1.83	%†
Supplemental Data:
Net assets, end of period (000)	$	663,538		$	632,326		$	548,048
Portfolio turnover		3	%††		21	%		9	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

66

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2025 Investor M Shares
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, beginning of period	$	11.97		$	12.61		$	10.90		$	9.97		$	10.27		$	9.28
Income from investment operations:
Net investment income		0.02			0.26			0.11	^		0.20			0.17			0.13
Net realized and unrealized gain (loss)		0.22			0.34			2.03			1.02			(0.26	)		1.00
Total from investment operations		0.24			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 period	$	12.21		$	11.97		$	12.61		$	10.90		$	9.97		$	10.27
Total return		2.01	%††		4.76	%		19.67	%		12.24	%		(0.85	)%		12.25	%
Ratios to Average Net Assets:
Expenses		0.38	%†		0.38	%		0.26	%		0.14	%		0.14	%		0.16	%
Net investment income		0.43	%†		1.75	%		0.97	%		1.85	%		1.71	%		1.77	%
Supplemental Data:
Net assets, end of period (000)	$	115,216		$	105,615		$	86,764		$	383,446		$	301,275		$	267,155
Portfolio turnover		3	%††		18	%		8	%		5	%		15	%		7	%
	Milestone 2025 TM Shares
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	11.98		$	12.62		$	11.35
Income from investment operations:
Net investment income		0.04			0.30			0.19	^
Net realized and unrealized gain		0.21			0.33			1.54
Total from investment operations		0.25			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 period	$	12.23		$	11.98		$	12.62
Total return		2.09	%††		4.99	%		15.23	%††
Ratios to Average Net Assets:
Expenses		0.13	%†		0.13	%		0.13	%†
Net investment income		0.68	%†		1.98	%		1.91	%†
Supplemental Data:
Net assets, end of period (000)	$	574,488		$	537,449		$	454,269
Portfolio turnover		3	%††		18	%		8	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

67

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2030 Investor M Shares
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, beginning of period	$	12.28		$	13.02		$	11.03		$	10.00		$	10.34		$	9.26
Income from investment operations:
Net investment income		0.02			0.28			0.11	^		0.20			0.17			0.12
Net realized and unrealized gain (loss)		0.25			0.38			2.35			1.13			(0.32	)		1.09
Total from investment operations		0.27			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 period	$	12.55		$	12.28		$	13.02		$	11.03		$	10.00		$	10.34
Total return		2.20	%††		5.04	%		22.33	%		13.28	%		(1.46	)%		13.11	%
Ratios to Average Net Assets:
Expenses		0.38	%†		0.38	%		0.27	%		0.14	%		0.15	%		0.16	%
Net investment income		0.28	%†		1.78	%		0.95	%		1.81	%		1.65	%		1.53	%
Supplemental Data:
Net assets, end of period (000)	$	105,785		$	96,057		$	78,295		$	305,077		$	236,452		$	211,155
Portfolio turnover		3	%††		19	%		8	%		5	%		14	%		7	%
	Milestone 2030 TM Shares
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	12.29		$	13.03		$	11.54
Income from investment operations:
Net investment income		0.03			0.31			0.20	^
Net realized and unrealized gain		0.25			0.38			1.79
Total from investment operations		0.28			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 period	$	12.57		$	12.29		$	13.03
Total return		2.28	%††		5.27	%		17.22	%††
Ratios to Average Net Assets:
Expenses		0.13	%†		0.13	%		0.14	%†
Net investment income		0.53	%†		2.03	%		1.88	%†
Supplemental Data:
Net assets, end of period (000)	$	475,677		$	439,894		$	361,005
Portfolio turnover		3	%††		19	%		8	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

68

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2035 Investor M Shares
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, beginning of period	$	12.46		$	13.22		$	10.99		$	9.86		$	10.28		$	9.10
Income from investment operations:
Net investment income		0.00	#		0.29			0.11	^		0.20			0.16			0.10
Net realized and unrealized gain (loss)		0.28			0.40			2.64			1.23			(0.39	)		1.20
Total from investment operations		0.28			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 period	$	12.74		$	12.46		$	13.22		$	10.99		$	9.86		$	10.28
Total return		2.25	%††		5.24	%		25.02	%		14.47	%		(2.24	)%		14.33	%
Ratios to Average Net Assets:
Expenses		0.39	%†		0.39	%		0.29	%		0.15	%		0.17	%		0.19	%
Net investment income		0.08	%†		1.76	%		0.90	%		1.78	%		1.62	%		1.35	%
Supplemental Data:
Net assets, end of period (000)	$	78,066		$	71,010		$	58,607		$	202,649		$	150,472		$	133,121
Portfolio turnover		4	%††		20	%		8	%		5	%		13	%		7	%
	Milestone 2035 TM Shares
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	12.46		$	13.22		$	11.55
Income from investment operations:
Net investment income		0.02			0.32			0.20	^
Net realized and unrealized gain		0.29			0.41			2.01
Total from investment operations		0.31			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 period	$	12.77		$	12.46		$	13.22
Total return		2.49	%††		5.48	%		19.17	%††
Ratios to Average Net Assets:
Expenses		0.14	%†		0.14	%		0.14	%†
Net investment income		0.33	%†		2.03	%		1.85	%†
Supplemental Data:
Net assets, end of period (000)	$	320,570		$	300,615		$	244,635
Portfolio turnover		4	%††		20	%		8	%††

^ Calculated based upon average shares outstanding.

# Rounds to less than $0.01

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

69

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2040 Investor M Shares
	For the Period from January 1, 2015 to June 30,  2015 (Unaudited)			For the Year Ended December 31,
				2014			2013			2012			2011			2010
Net Asset Value, beginning of period	$	12.62		$	13.50		$	11.16		$	9.86		$	10.30		$	9.07
Income from investment operations:
Net investment income (loss)		(0.01	)		0.30			0.10	^		0.20			0.17			0.10
Net realized and unrealized gain (loss)		0.32			0.42			2.93			1.31			(0.44	)		1.25
Total from investment operations		0.31			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 period	$	12.93		$	12.62		$	13.50		$	11.16		$	9.86		$	10.30
Total return		2.46	%††		5.34	%		27.12	%		15.33	%		(2.61	)%		14.91	%
Ratios to Average Net Assets:
Expenses		0.39	%†		0.39	%		0.28	%		0.16	%		0.17	%		0.18	%
Net investment income (loss)		(0.13	)%†		1.76	%		0.82	%		1.77	%		1.67	%		1.20	%
Supplemental Data:
Net assets, end of period (000)	$	70,445		$	66,928		$	53,970		$	197,376		$	146,032		$	132,306
Portfolio turnover		5	%††		22	%		8	%		4	%		14	%		21	%
	Milestone 2040 TM Shares
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	12.63		$	13.50		$	11.77
Income from investment operations:
Net investment income		0.01			0.33			0.20	^
Net realized and unrealized gain		0.31			0.44			2.24
Total from investment operations		0.32			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 period	$	12.95		$	12.63		$	13.50
Total return		2.53	%††		5.65	%		20.74	%††
Ratios to Average Net Assets:
Expenses		0.14	%†		0.14	%		0.14	%†
Net investment income		0.12	%†		2.00	%		1.80	%†
Supplemental Data:
Net assets, end of period (000)	$	310,454		$	290,826		$	240,813
Portfolio turnover		5	%††		22	%		8	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

70

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2045 Investor M Shares
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31,												For the Period from January 4, 2010* to December 31, 2010
				2014			2013			2012			2011
Net Asset Value, beginning of period	$	14.06		$	14.52		$	11.99		$	10.71		$	11.33		$	10.00
Income from investment operations:
Net investment income (loss)		(0.02	)		0.32			0.13	^		0.22			0.17			0.10
Net realized and unrealized gain (loss)		0.37			0.47			3.19			1.43			(0.49	)		1.36
Total from investment operations		0.35			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 period	$	14.41		$	14.06		$	14.52		$	11.99		$	10.71		$	11.33
Total return		2.49	%††		5.42	%		27.69	%		15.49	%		(2.81	)%		14.62	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.42	%†		0.43	%		0.39	%		0.25	%		0.36	%		0.87	%†
Expenses net of reimbursements/waivers, if any		0.42	%†		0.43	%		0.39	%		0.25	%		0.35	%		0.34	%†
Net Investment income (loss) before reimbursements/waivers		(0.28	)%†		1.82	%		0.95	%		1.91	%		1.68	%		1.67	%†
Net Investment income (loss) net of reimbursements/waivers, if any		(0.28	)%†		1.82	%		0.95	%		1.91	%		1.69	%		2.19	%†
Supplemental Data:
Net assets, end of period (000)	$	38,056		$	33,389		$	24,388		$	53,824		$	33,434		$	22,363
Portfolio turnover		4	%††		24	%		9	%		18	%		14	%		8	%††
	Milestone 2045 TM Shares
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	14.07		$	14.53		$	12.66
Income from investment operations:
Net investment income		0.00	#		0.35			0.22	^
Net realized and unrealized gain		0.37			0.47			2.46
Total from investment operations		0.37			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 period	$	14.44		$	14.07		$	14.53
Total return		2.63	%††		5.65	%		21.21	%††
Ratios to Average Net Assets:
Expenses		0.17	%†		0.18	%		0.21	%†
Net investment income (loss)		(0.03	)%†		2.11	%		1.87	%†
Supplemental Data:
Net assets, end of period (000)	$	120,137		$	105,502		$	73,807
Portfolio turnover		4	%††		24	%		9	%††

# Rounds to less than $0.01

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

71

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2050 Investor M Shares
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31,						For the Period from September 10, 2012* to December 31, 2012
				2014			2013
Net Asset Value, beginning of period	$	12.53		$	12.74		$	10.25		$	10.00
Income from investment operations:
Net investment income (loss)		(0.02	)		0.27			0.13	^		0.02
Net realized and unrealized gain		0.33			0.40			2.66			0.25
Total from investment operations		0.31			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 period	$	12.84		$	12.53		$	12.74		$	10.25
Total return		2.47	%††		5.26	%		27.24	%		2.66	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.52	%†		0.60	%		1.05	%		9.98	%†
Expenses net of reimbursements/waivers, if any		0.52	%†		0.54	%		0.56	%		0.36	%†
Net Investment income (loss) before reimbursements/waivers		(0.37	)%†		1.79	%		0.65	%		(6.43	)%†
Net Investment income (loss) net of reimbursements/waivers, if any		(0.37	)%†		1.86	%		1.14	%		3.19	%†
Supplemental Data:
Net assets, end of period (000)	$	14,441		$	11,111		$	6,848		$	6,769
Portfolio turnover		7	%††		29	%		24	%		1	%††
	Milestone 2050 TM Shares
	For the Period from January 1, 2015 to June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014			For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of period	$	12.54		$	12.74		$	10.83
Income from investment operations:
Net investment income (loss)		(0.01	)		0.30			0.24	^
Net realized and unrealized gain		0.34			0.41			1.99
Total from investment operations		0.33			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 period	$	12.87		$	12.54		$	12.74
Total return		2.63	%††		5.55	%		20.61	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.27	%†		0.35	%		0.78	%†
Expenses net of reimbursements/waivers, if any		0.27	%†		0.29	%		0.37	%†
Net Investment income (loss) before reimbursements/waivers		(0.12	)%†		2.31	%		1.95	%†
Net Investment income (loss) net of reimbursements/waivers, if any		(0.12	)%†		2.37	%		2.36	%†
Supplemental Data:
Net assets, end of period (000)	$	42,522		$	32,792		$	15,442
Portfolio turnover		7	%††		29	%		24	%††

* Commencement of operations

^ Calculated based upon average shares outstanding.

† Annualized

†† Not annualized

See Notes to Financial Statements

72

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. Organization

The Vantagepoint Funds (the “Company”) was organized as a Delaware statutory trust on July 28, 1998 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company consisted of the following series as of June 30, 2015:

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 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 funds of each Model Portfolio Fund and the target investment allocation to each underlying fund as of June 30, 2015 were as follows:

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

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THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

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

The Model Portfolio Funds invest in the T Shares of the underlying Vantagepoint Funds.

The Milestone Funds Structure

The Milestone Funds invest in the underlying funds as defined above. Subject to the supervision of the Board, VIA may make changes to the underlying fund allocations for the Milestone Funds based on its periodic analysis to identify the allocation of assets among the different underlying funds that it believes is appropriate for each Milestone Fund. Each Milestone Fund invests in a combination of underlying funds that is believed to be appropriate for investors who expect to begin making gradual withdrawals from the Milestone Fund, typically at or after retirement, in or around the year stated in the Milestone Fund’s name, except for the Milestone Retirement Income Fund 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 allocations. The underlying funds of each Milestone Fund and the target investment allocation to each underlying fund as of June 30, 2015, were as follows:

	Milestone Funds
	Retirement Income			2010			2015			2020			2025
Fixed Income—%
Low Duration Bond		26.30	%		18.95	%		16.65	%		11.69	%		7.85	%
Core Bond Index		20.60	%		21.61	%		19.28	%		18.73	%		16.25	%
Inflation Focused		10.50	%		10.08	%		6.90	%		4.38	%		2.01	%
High Yield		5.60	%		5.93	%		4.77	%		4.31	%		4.17	%
Total Fixed Income—%		63.00	%		56.57	%		47.60	%		39.11	%		30.28	%
Equity—%
Equity Income		7.35	%		8.46	%		9.76	%		11.82	%		14.15	%
Growth & Income		7.35	%		7.05	%		7.48	%		8.98	%		10.05	%
Growth		2.75	%		4.89	%		6.24	%		7.15	%		8.43	%
Select Value		0.35	%		0.18	%		0.49	%		0.58	%		0.66	%

74

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

	Milestone Funds
	Retirement Income			2010			2015			2020			2025
Mid/Small Company Index		3.90	%		4.68	%		5.11	%		6.08	%		6.92	%
Aggressive Opportunities		0.35	%		0.18	%		0.49	%		0.58	%		0.66	%
Discovery		0.35	%		0.18	%		0.49	%		0.58	%		0.66	%
International		6.30	%		6.90	%		8.57	%		10.06	%		11.48	%
Third Party Emerging Markets ETF		1.30	%		1.36	%		1.77	%		2.06	%		2.51	%
Total Equity—%		30.00	%		33.88	%		40.40	%		47.89	%		55.52	%
Multi-Strategy—%
Diversifying Strategies		7.00	%		9.55	%		12.00	%		13.00	%		14.20	%
Total Multi-Strategy—%		7.00	%		9.55	%		12.00	%		13.00	%		14.20	%
Total—%		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%
	Milestone Funds
	2030			2035			2040			2045			2050
Fixed Income—%
Low Duration Bond		3.97	%		0.77	%		0.00	%		0.00	%		0.00	%
Core Bond Index		13.48	%		9.73	%		4.14	%		0.00	%		0.00	%
Inflation Focused		0.68	%		0.19	%		0.00	%		0.00	%		0.00	%
High Yield		3.47	%		2.24	%		1.30	%		1.00	%		1.00	%
Total Fixed Income—%		21.60	%		12.93	%		5.44	%		1.00	%		1.00	%
Equity—%
Equity Income		16.21	%		18.93	%		21.87	%		24.00	%		24.00	%
Growth & Income		10.41	%		11.58	%		12.41	%		11.45	%		11.45	%
Growth		10.27	%		11.36	%		12.18	%		13.90	%		13.90	%
Select Value		0.77	%		0.87	%		0.96	%		1.00	%		1.00	%
Mid/Small Company Index		8.02	%		9.14	%		10.00	%		10.45	%		10.45	%
Aggressive Opportunities		0.77	%		0.87	%		0.96	%		1.00	%		1.00	%
Discovery		0.77	%		0.87	%		0.96	%		1.00	%		1.00	%
International		13.28	%		15.21	%		16.73	%		17.45	%		17.45	%
Third Party Emerging Markets ETF		2.90	%		3.24	%		3.49	%		3.75	%		3.75	%
Total Equity—%		63.40	%		72.07	%		79.56	%		84.00	%		84.00	%
Multi-Strategy—%
Diversifying Strategies		15.00	%		15.00	%		15.00	%		15.00	%		15.00	%
Total Multi-Strategy—%		15.00	%		15.00	%		15.00	%		15.00	%		15.00	%
Total—%		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%

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

Since the Model Portfolio Funds and Milestone Funds invested entirely in underlying funds during the period, investment earnings for this period are composed of:

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

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

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

75

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Subadviser Changes from January 1, 2015 to June 30, 2015

At a meeting held on June 19, 2015, VIA recommended and the Board approved the termination of Atlanta Capital Management Company LLC as a subadviser to the Growth Fund.

2. Significant Accounting Policies

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

Fair Value Measurements

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

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

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

76

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

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 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

77

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

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.

The valuation techniques used by the funds to measure fair value during the six month period ended June 30, 2015 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.

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The following is a summary of the inputs used as of June 30, 2015, 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	$	—		$	480,754,372		$	—	$	480,754,372
Floating Rate Loans		—			4,938,582			—		4,938,582
Mortgage-Backed Securities		—			41,111,175			—		41,111,175
U.S. Treasury Obligations		—			124,232,865			—		124,232,865
Government Related Obligations		—			27,400,975			—		27,400,975
Asset-Backed Securities		—			115,857,104			—		115,857,104
Money Market Funds		48,597,502			—			—		48,597,502
Total Investments in Securities	$	48,597,502		$	794,295,073		$	—	$	842,892,575
Derivative Instruments:
Assets:
Futures		26,359			—			—		26,359
Total Assets	$	26,359		$	—		$	—	$	26,359
Liabilities:
Futures		(6,536	)		—			—		(6,536	)
Forward Currency Contracts		—			(26,276	)		—		(26,276	)
Total Liabilities	$	(6,536	)	$	(26,276	)	$	—	$	(32,812	)
Total Derivative Instruments	$	19,823		$	(26,276	)	$	—	$	(6,453	)
Inflation Focused Fund
Investments in Securities:
Corporate Obligations	$	—		$	43,904,533		$	—	$	43,904,533
Mortgage-Backed Securities		—			6,169,004			—		6,169,004
U.S. Treasury Obligations		—			444,138,633			—		444,138,633
Government Related Obligations		—			6,817,662			—		6,817,662
Asset-Backed Securities		—			12,398,811			—		12,398,811
Purchased Options		28,266			296,977			—		325,243
Certificates of Deposit		—			999,620			—		999,620
Money Market Funds		13,530,820			—			—		13,530,820
Total Investments in Securities	$	13,559,086		$	514,725,240		$	—	$	528,284,326
Derivative Instruments:
Assets:
Futures		385,162			—			—		385,162
Forward Currency Contracts		—			17,890			—		17,890
Swap Agreements		—			378,511			—		378,511
Total Assets	$	385,162		$	396,401		$	—	$	781,563
Liabilities:
Written Options		(11,516	)		(272,907	)		—		(284,423	)
Futures		(16,908	)		—			—		(16,908	)
Forward Currency Contracts		—			(32,026	)		—		(32,026	)
Swap Agreements		—			(2,361,439	)		—		(2,361,439	)
Total Liabilities	$	(28,424	)	$	(2,666,372	)	$	—	$	(2,694,796	)
Total Derivative Instruments	$	356,738		$	(2,269,971	)	$	—	$	(1,913,233	)

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Investment Type	Level 1			Level 2			Level 3		Total
High Yield Fund
Investments in Securities:
Preferred Stocks	$	1,165,852		$	—		$	—	$	1,165,852
Convertible Preferred Stocks		—			262,913			—		262,913
Corporate Obligations		—			357,962,075			—		357,962,075
Floating Rate Loans		—			2,343,040			—		2,343,040
Mortgage-Backed Securities		—			4,021,963			—		4,021,963
Asset-Backed Securities		—			484,933			—		484,933
Money Market Funds		33,391,359			—			—		33,391,359
Total Investments in Securities	$	34,557,211		$	365,074,924		$	—	$	399,632,135
Derivative Instruments:
Assets:
Forward Currency Contracts		—			9,429			—		9,429
Total Assets	$	—		$	9,429		$	—	$	9,429
Liabilities:
Futures		(13,299	)		—			—		(13,299	)
Forward Currency Contracts		—			(181,505	)		—		(181,505	)
Total Liabilities	$	(13,299	)	$	(181,505	)	$	—	$	(194,804	)
Total Derivative Instruments	$	(13,299	)	$	(172,076	)	$	—	$	(185,375	)
Equity Income Fund
Investments in Securities:
Common Stocks	$	2,174,005,698		$	21,926,117		$	—	$	2,195,931,815
Money Market Funds		226,182,579			—			—		226,182,579
Total Investments in Securities	$	2,400,188,277		$	21,926,117		$	—	$	2,422,114,394
Growth & Income Fund
Investments in Securities:
Common Stocks	$	1,661,255,630		$	14,346,170		$	—	$	1,675,601,800
Money Market Funds		62,777,835			—			—		62,777,835
Total Investments in Securities	$	1,724,033,465		$	14,346,170		$	—	$	1,738,379,635
Growth Fund
Investments in Securities:
Common Stocks	$	2,255,500,313		$	—		$	—	$	2,255,500,313
Money Market Funds		51,308,487			—			—		51,308,487
Total Investments in Securities	$	2,306,808,800		$	—		$	—	$	2,306,808,800
Select Value Fund
Investments in Securities:
Common Stocks	$	427,075,442		$	—		$	—	$	427,075,442
Money Market Funds		37,159,842			—			—		37,159,842
Total Investments in Securities	$	464,235,284		$	—		$	—	$	464,235,284
Aggressive Opportunities Fund
Investments in Securities:
Common Stocks	$	1,080,583,022		$	—		$	—	$	1,080,583,022
Money Market Funds		115,213,589			—			—		115,213,589
Total Investments in Securities	$	1,195,796,611		$	—		$	—	$	1,195,796,611

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Investment Type	Level 1			Level 2			Level 3		Total
Discovery Fund
Investments in Securities:
Common Stocks	$	146,046,410		$	790,509		$	—	$	146,836,919
Corporate Obligations		—			66,528,599			—		66,528,599
Mortgage-Backed Securities		—			12,087,380			—		12,087,380
U.S. Treasury Obligations		—			46,813,417			—		46,813,417
Government Related Obligations		—			3,364,498			—		3,364,498
Asset-Backed Securities		—			17,422,448			—		17,422,448
Money Market Funds		28,443,259			—			—		28,443,259
Total Investments in Securities	$	174,489,669		$	147,006,851		$	—	$	321,496,520
Derivative Instruments:
Liabilities:
Futures		(1,422,800	)		—			—		(1,422,800	)
Total Liabilities	$	(1,422,800	)	$	—		$	—	$	(1,422,800	)
Total Derivative Instruments	$	(1,422,800	)	$	—		$	—	$	(1,422,800	)
International Fund
Investments in Securities:
Common Stocks	$	180,956,496		$	1,387,464,447		$	—	$	1,568,420,943
Preferred Stocks		—			10,787,772			—		10,787,772
Money Market Funds		60,826,280			—			—		60,826,280
Total Investments in Securities	$	241,782,776		$	1,398,252,219		$	—	$	1,640,034,995
Diversifying Strategies Fund
Investments in Securities:
Common Stocks	$	52,412,577		$	—		$	—	$	52,412,577
Convertible Preferred Stocks		10,152,842			7,922,606			—		18,075,448
Corporate Obligations		—			340,658,791			—		340,658,791
Floating Rate Loans		—			4,038,095			—		4,038,095
Mortgage-Backed Securities		—			65,030,015			—		65,030,015
Convertible Debt Obligations		—			413,435,064			—		413,435,064
U.S. Treasury Obligations		—			127,789,402			—		127,789,402
Government Related Obligations		—			28,801,347			—		28,801,347
Asset-Backed Securities		—			52,344,673			—		52,344,673
Money Market Funds		18,718,075			—			—		18,718,075
Total Investments in Securities	$	81,283,494		$	1,040,019,993		$	—	$	1,121,303,487
Derivative Instruments:
Assets:
Futures		11,426			—			—		11,426
Forward Currency Contracts		—			29,674			—		29,674
Total Assets	$	11,426		$	29,674		$	—	$	41,100
Liabilities:
Futures		(3,737,524	)		—			—		(3,737,524	)
Forward Currency Contracts		—			(333	)		—		(333	)
Total Liabilities	$	(3,737,524	)	$	(333	)	$	—	$	(3,737,857	)
Total Derivative Instruments	$	(3,726,098	)	$	29,341		$	—	$	(3,696,757	)

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Investment Type	Level 1			Level 2		Level 3		Total
Core Bond Index Fund
Investments in Securities:
Corporate Obligations	$	—		$	416,171,549	$	—	$	416,171,549
Mortgage-Backed Securities		—			517,980,257		—		517,980,257
U.S. Treasury Obligations		—			603,213,134		—		603,213,134
Government Related Obligations		—			152,399,220		—		152,399,220
Asset-Backed Securities		—			9,974,641		—		9,974,641
Money Market Funds		141,498,552			—		—		141,498,552
Total Investments in Securities	$	141,498,552		$	1,699,738,801	$	—	$	1,841,237,353
500 Stock Index Fund
Investments in Securities:
Common Stocks	$	884,311,812		$	—	$	—	$	884,311,812
U.S. Treasury Obligations		—			670,003		—		670,003
Money Market Funds		18,284,976			—		—		18,284,976
Total Investments in Securities	$	902,596,788		$	670,003	$	—	$	903,266,791
Derivative Instruments:
Liabilities:
Futures		(180,108	)		—		—		(180,108	)
Total Liabilities	$	(180,108	)	$	—	$	—	$	(180,108	)
Total Derivative Instruments	$	(180,108	)	$	—	$	—	$	(180,108	)
Broad Market Index Fund
Investments in Securities:
Common Stocks	$	899,292,937		$	—	$	—	$	899,292,937
U.S. Treasury Obligations		—			634,975		—		634,975
Rights		—			13,114		—		13,114
Warrants		—			107		—		107
Money Market Funds		32,225,672			—		—		32,225,672
Total Investments in Securities	$	931,518,609		$	648,196	$	—	$	932,166,805
Derivative Instruments:
Liabilities:
Futures		(160,570	)		—		—		(160,570	)
Total Liabilities	$	(160,570	)	$	—	$	—	$	(160,570	)
Total Derivative Instruments	$	(160,570	)	$	—	$	—	$	(160,570	)
Mid/Small Company Index Fund
Investments in Securities:
Common Stocks	$	760,084,904		$	—	$	—	$	760,084,904
U.S. Treasury Obligations		—			754,990		—		754,990
Rights		—			40,990		—		40,990
Warrants		—			328		—		328
Money Market Funds		70,266,722			—		—		70,266,722
Total Investments in Securities	$	830,351,626		$	796,308	$	—	$	831,147,934
Derivative Instruments:
Liabilities:
Futures		(152,822	)		—		—		(152,822	)
Total Liabilities	$	(152,822	)	$	—	$	—	$	(152,822	)
Total Derivative Instruments	$	(152,822	)	$	—	$	—	$	(152,822	)

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Investment Type	Level 1			Level 2		Level 3		Total
Overseas Equity Index Fund
Investments in Securities:
Common Stocks	$	—		$	268,663,974	$	—	$	268,663,974
Preferred Stocks		—			1,615,068		—		1,615,068
U.S. Treasury Obligations		—			169,989		—		169,989
Rights		—			1,369		—		1,369
Money Market Funds		10,600,713			—		—		10,600,713
Total Investments in Securities	$	10,600,713		$	270,450,400	$	—	$	281,051,113
Derivative Instruments:
Liabilities:
Futures		(132,308	)		—		—		(132,308	)
Total Liabilities	$	(132,308	)	$	—	$	—	$	(132,308	)
Total Derivative Instruments	$	(132,308	)	$	—	$	—	$	(132,308	)

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

As of June 30, 2015 the funds did not hold significant investments in Level 3 securities. During the six month period ended June 30, 2015, the Diversifying Strategies Fund had securities transferred from Level 1 to Level 2 with a total market value of $3,374,868 or 0.30% 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. In the case of a bankruptcy or other organizational proceeding of the counterparty, the fund may obtain no or limited recovery and any recovery may be significantly delayed.

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

amounts actually received. The portion of foreign currency gains and losses related to fluctuations in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gains/(losses) from security transactions.

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

AUD	— Australian Dollar	GBP	— British Pound
CAD	— Canadian Dollar	KRW	— South Korean Won
CHF	— Swiss Franc	USD	— U.S. Dollar
EUR	— European Monetary Unit

Options (other than Swaptions)

Exchange traded options normally will be priced based on the last reported sale price or official closing price (if available) on the exchange on which the option is primarily traded, as provided by a pricing service. If on a particular day, an option does not trade on its primary exchange, the fund’s custodian will calculate and use the mean between the closing bid and closing offer reported to the exchange and obtained from a pricing service and such options are generally categorized as Level 1 in the hierarchy.

Purchased options on Euro-Bund futures trade on foreign exchanges and are marked to market daily with variation margin payments received or made by the funds daily based on fluctuation in value. There is no premium paid at the time of purchase. These options are generally categorized as Level 1 in the hierarchy.

Non-exchange traded (i.e., over-the-counter) options normally will be priced using an option valuation model, which incorporates relevant parameters (e.g., implied volatility; current value of underlier). Such prices will be provided by a pricing service and these options are generally categorized as Level 2 in the hierarchy.

In the event a pricing service is unable to provide a price for a particular option, the option may be priced based on the average of two or more independent broker-dealer quotations, pursuant to the Valuation Procedures, or at its fair value determined in accordance with the Valuation Procedures and is generally categorized as Level 2 in the hierarchy.

Futures

Futures contracts normally will be priced at their settlement prices established and reported each day on the exchange on which they are traded, as provided by a pricing service and are generally categorized as Level 1 in the hierarchy. In the event a pricing service is unable to provide a price for a particular futures contract, the value of the contract will be priced at its fair value in accordance with the Valuation Procedures and generally such futures are categorized as Level 2 in the hierarchy.

Futures exchange abbreviations utilized throughout the notes to these financial statements are defined as follows:

CBT	— Chicago Board of Trade Exchange	MSE	— Montreal Exchange
CME	— Chicago Mercantile Exchange	NYF	— New York Futures Exchange
EUX	— Eurex Exchange

Forward Currency Contracts

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

Credit Default Swaps

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

income security in the event of a default or other agreed upon credit related event by the issuer of the debt obligation. The use of credit default swaps may be limited by a fund’s limitations on illiquid investments. When used for hedging purposes, a fund would be the buyer of a credit default swap contract. In that case, the fund would be entitled to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract in the event of a default or other agreed upon credit related event by a third party, such as a U.S. or foreign issuer, on the debt obligation. In return, the fund would pay to the counterparty a periodic stream of payments over the term of the contract provided that no applicable event (e.g., default or other agreed upon event) has occurred. If no such event occurs, the fund would have spent the stream of payments and received no return from the contract. Credit default swaps involve the risk that the investment may expire worthless and would generate income only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk that the seller may fail to satisfy its payment obligations to the fund in the event of a default. When a fund is the seller of a credit default swap contract, it receives the stream of payments but is obligated to pay upon default of the referenced debt obligation or other agreed upon credit event. As the seller, a fund would effectively add leverage to its portfolio because, in addition to its total assets, the fund would be subject to investment exposure on the notional amount of the swap. In addition to the risks applicable to swaps generally, credit default swaps involve special risks because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).

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 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.

85

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

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.

Federal Income Taxes

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

The FASB issued Interpretation ASC 740, “Income Taxes,” (“ASC 740”) which establishes guidelines for recognizing, measuring, and disclosing tax return positions in financial statements. Management has evaluated the Company’s tax positions and determined that the application of ASC 740 had no material impact on the Company’s financial statements. Accordingly, no adjustments for unrecognized tax benefits or related interest or penalties were required as of June 30, 2015. 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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

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.

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.

3. Tax Basis Unrealized Appreciation (Depreciation)

As of June 30, 2015, 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	$	841,506,640	$	3,080,160	$	1,694,225	$	1,385,935
Inflation Focused		540,212,704		1,335,520		13,263,898		(11,928,378	)
High Yield		413,480,803		2,280,789		16,129,457		(13,848,668	)
Equity Income		2,135,402,984		397,080,172		110,368,762		286,711,410
Growth & Income		1,336,782,617		433,288,967		31,691,949		401,597,018
Growth		1,746,948,917		587,829,015		27,969,132		559,859,883
Select Value		414,674,642		75,176,326		25,615,684		49,560,642
Aggressive Opportunities		991,477,075		234,619,091		30,299,555		204,319,536
Discovery		306,428,735		23,832,538		8,764,753		15,067,785
International		1,502,475,703		225,136,175		87,576,883		137,559,292
Diversifying Strategies		1,112,106,838		25,671,856		16,475,207		9,196,649
Core Bond Index		1,831,881,693		30,414,294		21,058,634		9,355,660
500 Stock Index		580,794,993		333,232,493		10,760,695		322,471,798
Broad Market Index		522,157,235		442,047,993		32,038,423		410,009,570
Mid/Small Company Index		636,991,266		231,958,274		37,801,606		194,156,668
Overseas Equity Index		264,722,319		41,786,402		25,457,608		16,328,794
Model Portfolio Conservative Growth		633,431,044		30,830,837		7,346,212		23,484,625
Model Portfolio Traditional Growth		1,559,905,741		176,818,907		8,331,465		168,487,442
Model Portfolio Long-Term Growth		1,988,207,567		278,677,574		6,174,320		272,503,254
Model Portfolio All-Equity Growth		829,500,173		130,931,042		548,434		130,382,608
Milestone Retirement Income		331,398,053		4,471,165		5,634,888		(1,163,723	)
Milestone 2010		279,110,462		8,928,293		4,039,405		4,888,888
Milestone 2015		556,256,855		20,633,471		5,874,003		14,759,468
Milestone 2020		758,798,616		40,387,918		6,968,735		33,419,183
Milestone 2025		652,391,555		42,356,003		4,660,519		37,695,484
Milestone 2030		546,542,141		38,558,602		3,194,947		35,363,655
Milestone 2035		372,344,913		28,273,688		1,716,942		26,556,746
Milestone 2040		353,505,200		28,840,520		1,204,824		27,635,696
Milestone 2045		152,105,811		7,742,782		1,457,024		6,285,758
Milestone 2050		57,831,896		894,020		1,638,454		(744,434	)

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

4. 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	$	18,461,301	$	23,051,168	$	1,644,589	$	149,549,427
Average Notional Balance Short		11,447,481		27,069,463		8,568,739		—
Forward Foreign Currency Exchange Contracts:
Average Settlement Value—Deliver USD	$	—	$	80,548	$	430,697	$	—
Average Settlement Value—Receive USD		1,067,168		988,723		25,845,435		—
Exchange-Traded Options:
Average Market Value Purchased	$	—	$	24,045	$	—	$	—
Average Market Value Written		—		5,833		—		—
Swaptions:
Average Notional Balance Purchased	$	—	$	9,842,857	$	—	$	—
Average Notional Balance Written		—		22,757,143		—		—
Inflation Linked Swaps:
Average Notional Balance—Pays Fixed Rate	$	—	$	64,587,143	$	—	$	—
Average Notional Balance—Receives Fixed Rate		—		828,571		—		—
Interest Rate Swaps:
Average Notional Balance—Pays Fixed Rate	$	—	$	9,815,057	$	—	$	—
Average Notional Balance—Receives Fixed Rate		—		7,446,292		—		—
Credit Default Swaps:
Average Notional Balance—Pays Fixed Rate	$	—	$	385,000	$	—	$	—
Average Notional Balance—Receives Fixed Rate		—		1,840,000		—		—
	International Fund		Diversifying Strategies Fund		500 Stock Index Fund		Broad Market Index Fund
Futures Contracts:
Average Notional Balance Long	$	—	$	349,979,868	$	23,888,454	$	13,749,916
Average Notional Balance Short		—		8,539,173		—		—
Forward Foreign Currency Exchange Contracts:
Average Settlement Value—Deliver USD	$	—	$	199,435	$	—	$	—
Average Settlement Value—Receive USD		—		3,577,179		—		—
	Mid/Small Company Index Fund		Overseas Equity Index Fund
Futures Contracts:
Average Notional Balance Long	$	12,873,251	$	3,824,279
Average Notional Balance Short		—		—

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Futures Contracts (“Futures”)

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

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

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

Futures may be used by the following funds for the following purposes:

Manage Risk:

Obtain or Adjust Investment Exposure:

Fund

Interest Rate Risk

Credit Risk

Stock Market Risk

Foreign Currency Risk

To Certain Assets or Asset Classes

To Foreign Currencies

Low Duration Bond

*

*

*

*

*

Inflation 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).

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

During the six month period ended June 30, 2015, 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 June 30, 2015, 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
	74	CBT	U.S. 2 Year Treasury Note	September 2015	$	16,201,375	$	26,359
	Sold
	113	CBT	U.S. 5 Year Treasury Note	September 2015	$	13,476,133	$	(6,536	)
							$	19,823
	Inflation Focused Fund
Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
	Purchased
	9	MSE	Canadian 10 Year Bond	September 2015	$	1,008,807	$	3,945
	89	CBT	U.S. 10 Year Treasury Note	September 2015		11,229,297		17,575
	75	CBT	U.S. 5 Year Treasury Note	September 2015		8,944,336		(6,120	)
							$	15,400
	Sold
	6	CME	90-Day EURODollar	December 2015	$	1,491,975	$	(2,741	)
	5	CME	90-Day EURODollar	March 2016		1,241,000		(2,334	)
	12	EUX	Euro—Bobl	September 2015		1,733,547		210
	17	CBT	U.S. 2 Year Treasury Note	September 2015		3,721,938		(5,713	)
	51	CBT	U.S. Long Bond	September 2015		7,693,031		70,377
	59	CBT	U.S. Ultra Bond	September 2015		9,089,688		293,055
							$	352,854
							$	368,254
	High Yield Fund
Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Depreciation
	Purchased
	18	CBT	U.S. 10 Year Treasury Note	September 2015	$	2,271,094	$	(7,168	)
	Sold
	50	CBT	U.S. 5 Year Treasury Note	September 2015	$	5,962,891	$	(6,131	)
							$	(13,299	)

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

	Discovery Fund
Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Depreciation
	Purchased
	1,179	NYF	E-MINI Russell 2000 Index	September 2015	$	147,422,160	$	(1,422,800	)
	Diversifying Strategies Fund
Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
	Purchased
	2,680	NYF	E-MINI Russell 2000 Index	September 2015	$	335,107,200	$	(3,732,851	)
	32	CBT	U.S. 2 Year Treasury Note	September 2015		7,006,000		11,426
							$	(3,721,425	)
	Sold
	82	CBT	U.S. 5 Year Treasury Note	September 2015	$	9,779,141	$	(4,673	)
							$	(3,726,098	)
	500 Stock Index Fund
Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Depreciation
	Purchased
	137	CME	E-MINI S&P 500 Index	September 2015	$	14,072,640	$	(180,108	)
	Broad Market Index Fund
Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Depreciation
	Purchased
	9	NYF	E-MINI Russell 2000 Index	September 2015	$	1,125,360	$	(8,427	)
	100	CME	E-MINI S&P 500 Index	September 2015		10,272,000		(142,402	)
	7	CME	E-MINI S&P MidCap 400	September 2015		1,048,670		(9,741	)
							$	(160,570	)
	Mid/Small Company Index Fund
Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Depreciation
	Purchased
	62	NYF	E-MINI Russell 2000 Index	September 2015	$	7,752,480	$	(57,346	)
	46	CME	E-MINI S&P MidCap 400	September 2015		6,891,260		(95,476	)
							$	(152,822	)

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

	Overseas Equity Index Fund
Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Depreciation
	Purchased
	37	NYF	MINI MSCI EAFE Equity Index	September 2015	$	3,392,900	$	(132,308	)

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 denominated in U.S. dollars held by a fund.

Certain funds also may enter into forward currency contracts to obtain or adjust investment exposure to a foreign currency.

Forward currency contracts may be used by the following funds for the following purposes:

Fund	Manage Foreign Currency Risk		Obtain or Adjust Investment Exposure to Foreign Currencies
Low Duration Bond		*		*
Inflation Focused		*		*
High Yield		*		*
Equity Income		*
Growth & Income		*
Growth		*
Select Value		*
Aggressive Opportunities		*
Discovery		*		*
International		*		*
Diversifying Strategies		*		*
Overseas Equity Index		*

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

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

During the six month period ended June 30, 2015, the following funds purchased and/or sold forward foreign currency exchange contracts: Low Duration Bond Fund, Inflation Focused Fund, High Yield Fund, and Diversifying Strategies Fund.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

As of June 30, 2015, the following funds had open forward currency contracts outstanding:

Low Duration Bond Fund

Contract Type	Counterparty	Currency to Deliver	In Exchange For		Exchange Date		Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at June 30, 2015		Net Unrealized Depreciation
Sale	HSBC Bank plc	GBP		USD		07/09/2015	$	1,073,547	$	1,099,823	$	(26,276	)
Inflation Focused Fund
Contract Type	Counterparty	Currency to Deliver	In Exchange For		Exchange Date		Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at June 30, 2015		Net Unrealized Appreciation/ (Depreciation)
Purchase	JPMorgan Chase Bank NA	USD		GBP		07/10/2015	$	563,834	$	567,912	$	4,078
Sale	JPMorgan Chase Bank NA	AUD		USD		08/07/2015	$	771,782	$	777,164	$	(5,382	)
Sale	JPMorgan Chase Bank NA	CAD		USD		07/23/2015		528,621		521,020		7,601
Sale	JPMorgan Chase Bank NA	EUR		USD		07/30/2015		805,683		799,472		6,211
Sale	JPMorgan Chase Bank NA	GBP		USD		07/10/2015		1,075,250		1,100,647		(25,397	)
Sale	JPMorgan Chase Bank NA	KRW		USD		08/07/2015		517,685		518,932		(1,247	)
											$	(18,214	)
											$	(14,136	)
High Yield Fund
Contract Type	Counterparty	Currency to Deliver	In Exchange For		Exchange Date		Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at June 30, 2015		Net Unrealized Appreciation/ (Depreciation)
Purchase	JPMorgan Chase Bank NA	USD		GBP		07/03/2015	$	322,304	$	331,448	$	9,144
Sale	JPMorgan Chase Bank NA	CHF		USD		07/03/2015	$	157,730	$	157,445	$	285
Sale	JPMorgan Chase Bank NA	EUR		USD		07/03/2015		20,544,559		20,568,042		(23,483	)
Sale	JPMorgan Chase Bank NA	GBP		USD		07/03/2015		6,009,254		6,167,276		(158,022	)
											$	(181,220	)
											$	(172,076	)

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (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 June 30, 2015		Net Unrealized Appreciation/ (Depreciation)
Purchase	JPMorgan Chase Bank NA	USD		EUR		07/09/2015	$	30,437	$	30,104	$	(333	)
Sale	JPMorgan Chase Bank NA	EUR		USD		07/09/2015	$	2,358,815	$	2,329,141	$	29,674
											$	29,341

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

94

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

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

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

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

During the six month period ended June 30, 2015, the Inflation Focused Fund purchased and/or sold put and/or call options:

Written option activity for the six month period ended June 30, 2015 was as follows:

	Call Options				Put Options				Total
Inflation Focused	Number of Contracts		Premium		Number of Contracts		Premium		Number of Contracts		Premium
Beginning balance as of 12/31/2014		—	$	—		—	$	—		—	$	—
Written		67		22,934		—		—		67		22,934
Expired		—		—		—		—		—		—
Ending balance as of 06/30/2015		67	$	22,934		—	$	—		67	$	22,934

As of June 30, 2015, the following fund had open written option contracts:

Inflation Focused Fund

Option Type	Description	# Contracts		Strike Price		Expiration Date		Net Unrealized Appreciation/ (Depreciation)
Written Call	U.S. 10 Year Treasury Note		67	$	130.50		8/21/2015	$	11,418

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

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negotiated bilaterally and traded over-the-counter between the two parties. Such bilateral swaps are 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. Centralized clearing will be required for additional categories of swaps on a phased in basis based on CFTC approval of contracts for central clearing. 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.

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 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.

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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 six month period ended June 30, 2015, the Inflation Focused Fund participated in interest rate, inflation linked, and credit default swaps.

As of June 30, 2015 the following swaps were outstanding:

Inflation Focused Fund

Centrally Cleared Interest Rate Swaps
Rates Exchanged								Net Unrealized Appreciation (Depreciation)
Payments Made By The Fund	Payments Received By The Fund	Termination Date		Notional Amount	Premium
1.04%	3 Month CDOR		05/28/2017	CAD   5,030,000	$	—		$	(8,807	)
1.05%	3 Month CDOR		06/05/2017	CAD   4,680,000		—			(14,018	)
2.10%	3 Month BBSW		05/29/2017	AUD   6,660,000		—			6,738
2.22%	3 Month BBSW		06/09/2017	AUD   5,880,000		—			(3,686	)
2.40%	6 Month Libor		06/05/2045	GBP      160,000		—			(3,792	)
2.48%	3 Month Libor		06/09/2025	USD      470,000		—			(2,527	)
2.49%	3 Month Libor		06/09/2025	USD      350,000		—			(1,955	)
2.75%	3 Month Libor		06/17/2025	USD   3,600,000		(198,842	)		99,069
2.75%	3 Month Libor		06/19/2043	USD   1,000,000		117,550			(86,169	)
3.25%	3 Month Libor		06/17/2045	USD   1,800,000		(234,162	)		114,598
3.37%	3 Month BKBM		06/09/2017	NZD   9,220,000		—			(41,332	)
3.50%	3 Month Libor		12/18/2043	USD      700,000		25,066			(106,063	)
3.50%	3 Month Libor		12/17/2044	USD   2,200,000		(88,530	)		(167,724	)
3.75%	3 Month Libor		06/18/2044	USD      300,000		(23,448	)		(26,419	)
3 Month BKBM	4.07%		06/09/2025	NZD   2,150,000		—			(16,368	)
3 Month Libor	2.29%		07/01/2023	USD   1,620,000		—			4,462
3 Month Libor	1.81%		06/09/2020	USD 14,600,000		—			56,828
6 Month BBSW	3.38%		06/09/2025	AUD      640,000		—			2,568
6 Month BBSW	3.08%		05/29/2025	AUD   1,030,000		—			(17,184	)
6 Month Libor	1.65%		06/05/2020	GBP   1,700,000		—			(2,238	)
					$	(402,366	)	$	(214,019	)

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
BNP Paribas SA	1.83%		CPI Urban Consumers NSA		11/29/2016	USD	1,100,000	$	(245	)	$	(25,623	)
BNP Paribas SA	2.25%		CPI Urban Consumers NSA		07/15/2017	USD	5,100,000		6,020			(274,045	)
BNP Paribas SA	2.50%		CPI Urban Consumers NSA		07/15/2022	USD	2,900,000		42,218			(291,109	)
Citibank NA	1.71%		CPI Urban Consumers NSA		04/15/2019	USD	2,220,000		—			(3,114	)

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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
Citibank NA	1.75%		CPI Urban Consumers NSA		04/15/2020	USD	6,425,000	$	—		$	10,678
Citibank NA	1.89%		CPI Urban Consumers NSA		01/15/2022	USD	3,160,000		—			4,538
Citibank NA	1.90%		CPI Urban Consumers NSA		01/15/2020	USD	2,130,000		—			10,825
Citibank NA	1.90%		CPI Urban Consumers NSA		07/15/2022	USD	4,230,000		—			29,612
Citibank NA	1.92%		CPI Urban Consumers NSA		07/15/2022	USD	5,310,000		—			26,045
Citibank NA	1.95%		CPI Urban Consumers NSA		07/15/2020	USD	2,660,000		—			1,150
Citibank NA	1.95%		CPI Urban Consumers NSA		07/15/2021	USD	4,750,000		—			5,389
Citibank NA	1.96%		CPI Urban Consumers NSA		07/15/2021	USD	3,190,000		—			(18,594	)
Citibank NA	1.96%		CPI Urban Consumers NSA		01/15/2023	USD	1,570,000		—			593
Deutsche Bank AG	(0.07)%		CPI Urban Consumers NSA		12/22/2015	USD	2,600,000		—			1,237
Deutsche Bank AG	1.47%		CPI Urban Consumers NSA		11/21/2016	USD	500,000		—			(7,261	)
Deutsche Bank AG	1.73%		CPI Urban Consumers NSA		03/04/2019	USD	375,000		—			(1,034	)
Deutsche Bank AG	1.80%		CPI Urban Consumers NSA		01/17/2016	USD	1,200,000		(440	)		(19,086	)
Deutsche Bank AG	1.83%		CPI Urban Consumers NSA		11/29/2016	USD	2,400,000		(706	)		(55,734	)
Deutsche Bank AG	1.85%		CPI Urban Consumers NSA		11/29/2016	USD	3,600,000		—			(86,885	)
Deutsche Bank AG	1.86%		CPI Urban Consumers NSA		11/05/2016	USD	2,000,000		—			(49,427	)
Deutsche Bank AG	1.93%		CPI Urban Consumers NSA		02/10/2017	USD	2,900,000		—			(68,451	)
Deutsche Bank AG	2.17%		CPI Urban Consumers NSA		11/01/2018	USD	1,300,000		—			(51,775	)
Deutsche Bank AG	2.50%		CPI Urban Consumers NSA		07/15/2022	USD	500,000		3,650			(46,562	)
Goldman Sachs Bank USA	1.73%		CPI Urban Consumers NSA		04/15/2016	USD	4,100,000		(8,702	)		(86,248	)
Goldman Sachs Bank USA	2.21%		CPI Urban Consumers NSA		10/11/2018	USD	5,200,000		—			(216,468	)
Royal Bank of Scotland plc	1.93%		CPI Urban Consumers NSA		10/31/2016	USD	5,300,000		—			(143,154	)
Royal Bank of Scotland plc	1.94%		CPI Urban Consumers NSA		10/23/2016	USD	1,100,000		(3,245	)		(26,576	)
Royal Bank of Scotland plc	1.55%		CPI Urban Consumers NSA		11/05/2016	USD	7,500,000		—			(122,555	)
Royal Bank of Scotland plc	2.25%		CPI Urban Consumers NSA		07/15/2017	USD	4,200,000		2,313			(223,038	)
UBS AG	2.06%		CPI Urban Consumers NSA		05/12/2025	USD	2,900,000		—			(16,902	)
								$	40,863		$	(1,743,574	)

Credit Default Swaps
Referenced Obligation	Swap Counterparty		Buy/Sell Protection		Fund Pays Fixed Rate			Fund Receives Fixed Rate		Termination Date		Notional Amount			Premium			Net Unrealized Appreciation/ (Depreciation)
Credit Default on Corporate and Government Issues
Advanced Micro Devices, Inc.		Citibank NA		Buy		5.00	%		—		03/20/2019		USD	85,000	$	5,737		$	4,181
Sprint Communications, Inc.		Citibank NA		Buy		5.00	%		—		06/20/2019		USD	140,000		(6,934	)		(7,649	)
Sprint Communications, Inc.		Citibank NA		Buy		5.00	%		—		06/20/2019		USD	160,000		(8,211	)		(8,742	)
															$	(9,408	)	$	(12,210	)

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Credit Default Swaps
Referenced Obligation	Swap Counterparty		Buy/Sell Protection		Fund Pays Fixed Rate		Fund Receives Fixed Rate			Termination Date		Notional Amount			Premium			Net Unrealized Appreciation/ (Depreciation)
Credit Default on Indices
CMBX.NA.AAA. Series 8 Index		Citibank NA		Sell		—		0.50	%		10/17/2057		USD	1,575,000	$	(58,233	)	$	(9,205	)
CMBX.NA.BBB-. Series 6 Index		Citibank NA		Sell		—		3.00	%		05/11/2063		USD	265,000		2,330			(3,920	)
															$	(55,903	)	$	(13,125	)

Swap Options (“Swaptions”)

A swaption is a contract that gives the holder the right (but not the obligation), in return for the payment of a premium, to enter into a new swap agreement, or shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms.

Certain funds may enter into swaptions to manage certain risks (e.g., interest rate risk, which is the risk that interest rates will rise, causing bond prices to fall, and credit risk, which is the risk that the issuer of a debt instrument will default on its obligation to pay interest and/or principal on the instrument in a timely manner). Some funds also may use swaptions to manage foreign currency risk or to obtain or adjust investment exposure to certain assets or asset classes.

Swaptions may be used by the following funds for the following purposes:

	Manage Risk:		Obtain or Adjust Investment Exposure:
Fund	Interest Rate Risk	Credit Risk	To Certain Assets or Asset Classes
Low Duration Bond	*	*	*
Inflation Focused	*	*	*
High Yield	*	*	*
Discovery	*	*	*
Diversifying Strategies	*	*	*

When a fund purchases a swaption, it risks losing the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a fund writes a swaption, upon exercise of the option the fund will become obligated according to the terms of the underlying agreement (i.e., the fund may be required to enter into a new swap agreement, or to shorten, extend, cancel, or otherwise modify an existing swap agreement, even when there has been an unfavorable change in the value of the underlying swap). The use of swaptions includes counterparty risk, which is the risk that the other party to a swaption may not fulfill its obligations.

When a fund writes a call or put swaption, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the swaption written. These liabilities are reflected as written options at value on the Statement of Assets and Liabilities. Certain swaptions may be written with premiums to be determined on a future date. Premiums received from writing swaptions that expire are treated as realized gains. Premiums received from writing swaptions that are exercised or closed are added to the proceeds or offset against amounts paid on the underlying swap to determine the realized gain or loss.

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

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based upon implied volatility parameters at specified terms. When a fund enters into a closing sale transaction, the fund will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the cost of the swaption. When a fund exercises a put swaption, it will realize a gain or loss from the underlying swap and the proceeds will be decreased by the premium originally paid. When a fund exercises a call swaption, the cost of the swap that the fund purchases upon exercise will be increased by the premium originally paid. Swaptions written are reported as a liability in a fund’s Statement of Assets and Liabilities. Gains and losses are reported in a fund’s Statement of Operations.

During the six month period ended June 30, 2015, the Inflation Focused Fund participated in interest rate swaptions.

Written swaption activity for the six month period ended June 30, 2015 was as follows:

	Call Swaptions						Put Swaptions						Total
Inflation Focused	Notional Amount			Premium			Notional Amount			Premium			Notional Amount			Premium
Beginning balance as of 12/31/2014	$	15,300,000		$	125,340		$	16,800,000		$	327,280		$	32,100,000		$	452,620
Written		13,700,000			114,220			—			—			13,700,000			114,220
Closed		(15,300,000	)		(125,340	)		—			—			(15,300,000	)		(125,340	)
Expired		(6,900,000	)		(108,780	)		(8,400,000	)		(47,280	)		(15,300,000	)		(156,060	)
Ending balance as of 06/30/2015	$	6,800,000		$	5,440		$	8,400,000		$	280,000		$	15,200,000		$	285,440

As of June 30, 2015, 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	$	9,883
OTC	Morgan Stanley Capital Services LLC	Call—Interest Rate Swaption		3,400,000		0.52%		1/19/2016		1,173
OTC	Morgan Stanley Capital Services LLC	Call—Interest Rate Swaption		3,400,000		0.66%		1/19/2016		1,477
									$	12,533

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 June 30, 2015. 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).

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	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	$	26,359	*	Payable for variation margin on futures contracts	$	6,536	*
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts		—		Unrealized depreciation on forward foreign currency exchange contracts		26,276
Total		$	26,359			$	32,812
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)	$	1,084,735	*	Swap agreements, at value, payable for variation margin on futures contracts and written options, at value (a)	$	2,592,391	*
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts		17,890		Unrealized depreciation on forward foreign currency exchange contracts		32,026
Credit	Swap agreements, at value		9,918		Swap agreements, at value		100,564
Total		$	1,112,543			$	2,724,981
High Yield Fund
Interest rate	Receivable for variation margin on futures contracts	$	—		Payable for variation margin on futures contracts	$	13,299	*
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts		9,429		Unrealized depreciation on forward foreign currency exchange contracts		181,505
Total		$	9,429			$	194,804
Discovery Fund
Stock market	Receivable for variation margin on futures contracts	$	—		Payable for variation margin on futures contracts	$	1,422,800	*
Total		$	—			$	1,422,800
Diversifying Strategies Fund
Interest rate	Receivable for variation margin on futures contracts	$	11,426	*	Payable for variation margin on futures contracts	$	4,673	*
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts		29,674		Unrealized depreciation on forward foreign currency exchange contracts		333
Stock market	Receivable for variation margin on futures contracts		—		Payable for variation margin on futures contracts		3,732,851	*
Total		$	41,100			$	3,737,857
500 Stock Index Fund
Stock market	Receivable for variation margin on futures contracts	$	—		Payable for variation margin on futures contracts	$	180,108	*
Total		$	—			$	180,108

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets and Liabilities Location	Value		Statement of Assets and Liabilities Location	Value
Broad Market Index Fund
Stock market	Receivable for variation margin on futures contracts	$	—	Payable for variation margin on futures contracts	$	160,570	*
Total		$	—		$	160,570
Mid/Small Company Index Fund
Stock market	Receivable for variation margin on futures contracts	$	—	Payable for variation margin on futures contracts	$	152,822	*
Total		$	—		$	152,822
Overseas Equity Index Fund
Stock market	Receivable for variation margin on futures contracts	$	—	Payable for variation margin on futures contracts	$	132,308	*
Total		$	—		$	132,308

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

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

The following tables reflect the funds’ gains (losses) related to derivative activities by certain risk exposure types (primary risks to which a fund is exposed as a result of holding the derivative contract) for the six month period ended June 30, 2015, in accordance with ASC 815. These gains (losses) are included in net realized gain (loss) or net change in unrealized appreciation (depreciation) in the Statements of Operations. Note that the risk exposure listed below are not indicative of the intended purpose of the related derivative (e.g., managing risk or obtaining or adjusting investment exposure, as discussed elsewhere in this report).

Low Duration Bond Fund1
Realized Gain (Loss)
Risk Exposure	Options		Futures		Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	—	$	39,192	$	—		$	—	$	39,192
Foreign currency		—		—		22,576			—		22,576
Total	$	—	$	39,192	$	22,576		$	—	$	61,768
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options		Futures		Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	—	$	42,806	$	—		$	—	$	42,806
Foreign currency		—		—		(32,881	)		—		(32,881	)
Total	$	—	$	42,806	$	(32,881	)	$	—	$	9,925

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Inflation Focused Fund2
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	(235,632	)**	$	172,124		$	—		$	(94,421	)	$	(157,929	)
Foreign currency		—			—			5,528			—			5,528
Credit		—			—			—			591			591
Total	$	(235,632	)**	$	172,124		$	5,528		$	(93,830	)	$	(151,810	)
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	49,405	**	$	1,102,679		$	—		$	507,633		$	1,659,717
Foreign currency		—			—			(14,136	)		—			(14,136	)
Credit		—			—			—			(25,335	)		(25,335	)
Total	$	49,405	**	$	1,102,679		$	(14,136	)	$	482,298		$	1,620,246
High Yield Fund 3
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	—		$	(226,276	)	$	—		$	—		$	(226,276	)
Foreign currency		—			—			1,064,064			—			1,064,064
Total	$	—		$	(226,276	)	$	1,064,064		$	—		$	837,788
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	—		$	70,310		$	—		$	—		$	70,310
Foreign currency		—			—			(566,358	)		—			(566,358	)
Total	$	—		$	70,310		$	(566,358	)	$	—		$	(496,048	)
Discovery Fund4
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	—		$	10,178		$	—		$	—		$	10,178
Foreign currency		—			—			—			—			—
Stock market		—			13,181,276			—			—			13,181,276
Total	$	—		$	13,191,454		$	—		$	—		$	13,191,454
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	—		$	7,257		$	—		$	—		$	7,257
Stock market		—			(5,720,699	)		—			—			(5,720,699	)
Total	$	—		$	(5,713,442	)	$	—		$	—		$	(5,713,442	)

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Diversifying Strategies Fund5
Realized Gain (Loss)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	—	$	14,144		$	—		$	—	$	14,144
Foreign currency		—		—			332,710			—		332,710
Stock market		—		31,010,469			—			—		31,010,469
Total	$	—	$	31,024,613		$	332,710		$	—	$	31,357,323
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	—	$	32,660		$	—		$	—	$	32,660
Foreign currency		—		—			(39,555	)		—		(39,555	)
Stock market		—		(14,276,400	)		—			—		(14,276,400	)
Total	$	—	$	(14,243,740	)	$	(39,555	)	$	—	$	(14,283,295	)
500 Stock Index Fund6
Realized Gain (Loss)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—	$	686,728		$	—		$	—	$	686,728
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—	$	(342,544	)	$	—		$	—	$	(342,544	)
Broad Market Index Fund7
Realized Gain (Loss)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—	$	559,433		$	—		$	—	$	559,433
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—	$	(330,557	)	$	—		$	—	$	(330,557	)
Mid/Small Company Index Fund8
Realized Gain (Loss)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—	$	482,361		$	—		$	—	$	482,361
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—	$	(134,981	)	$	—		$	—	$	(134,981	)

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Overseas Equity Index Fund9
Realized Gain (Loss)
Risk Exposure	Options		Futures			Forward Currency Contracts		Swap Agreements		Total
Stock market	$	—	$	370,835		$	—	$	—	$	370,835
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options		Futures			Forward Currency Contracts		Swap Agreements		Total
Stock market	$	—	$	(115,239	)	$	—	$	—	$	(115,239	)

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

(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 or credit 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. 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.

(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.

(5) The Diversifying Strategies Fund used foreign currency contracts to obtain and adjust investment exposure to foreign currencies. The fund used futures to obtain and adjust investment exposure to stocks and to manage interest rate risk on fixed income securities.

(6) The 500 Stock Index Fund used futures to obtain or adjust investment exposure to stocks when it was believed that using futures would be more efficient or cost effective than trading in the securities directly.

(7) The Broad Market Index Fund used futures to obtain or adjust investment exposure to equity issues when it was believed that using futures would be more efficient or cost effective than trading in the securities directly.

(8) The Mid/Small Company Index Fund used futures to obtain or adjust investment exposure to equity issues when it was believed that using futures would be more efficient or cost effective than trading in the securities directly.

(9) The Overseas Equity Index Fund used 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	$	26,359	$	(6,536	)	$	—	$	—	$	19,823
Forward Foreign Currency Contracts		—		(26,276	)		—		—		(26,276	)
Total derivatives subject to a master netting arrangement or similar arrangement		—		(26,276	)		—		—		(26,276	)
Total derivatives not subject to a master netting arrangement or similar arrangement		26,359		(6,536	)		—		—		19,823
Total derivatives	$	26,359	$	(32,812	)	$	—	$	—	$	(6,453	)

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

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	$	385,162	$	(16,908	)	$	—		$	—	$	368,254
Forward Foreign Currency Contracts		17,890		(32,026	)		—			—		(14,136	)
Written Options		—		(284,423	)		—	��		—		(284,423	)
Swap agreements		—		(1,793,357	)		—			746,000		(1,047,357	)
Total derivatives subject to a master netting arrangement or similar arrangement		17,890		(2,109,806	)		—			746,000		(1,345,916	)
Total derivatives not subject to a master netting arrangement or similar arrangement		385,162		(16,908	)		—			—		368,254
Total derivatives	$	403,052	$	(2,126,714	)	$	—		$	746,000	$	(977,662	)

(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	$	—	$	(13,299	)	$	—	$	—	$	(13,299	)
Forward Foreign Currency Contracts		9,429		(181,505	)		—		—		(172,076	)
Total derivatives subject to a master netting arrangement or similar arrangement		9,429		(181,505	)		—		—		(172,076	)
Total derivatives not subject to a master netting arrangement or similar arrangement		—		(13,299	)		—		—		(13,299	)
Total derivatives	$	9,429	$	(194,804	)	$	—	$	—	$	(185,375	)

(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	$	—	$	(1,422,800	)	$	—	$	1,422,800	$	—
Total derivatives not subject to a master netting arrangement or similar arrangement		—		(1,422,800	)		—		1,422,800		—
Total derivatives	$	—	$	(1,422,800	)	$	—	$	1,422,800	$	—

(a) Per GAAP disclosure requirements, the table above does not include the additional collateral received from or pledged to the counterparty. Total additional collateral pledged was $5,690,943.

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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	$	11,426	$	(3,737,524	)	$	—	$	3,726,098	$	—
Forward Foreign Currency Contracts		29,674		(333	)		—		—		29,341
Total derivatives subject to a master netting arrangement or similar arrangement		29,674		(333	)		—		—		29,341
Total derivatives not subject to a master netting arrangement or similar arrangement		11,426		(3,737,524	)		—		3,726,098		—
Total derivatives	$	41,100	$	(3,737,857	)	$	—	$	3,726,098	$	29,341

(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 $12,613,987.

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	$	—	$	(180,108	)	$	—	$	180,108	$	—
Total derivatives not subject to a master netting arrangement or similar arrangement		—		(180,108	)		—		180,108		—
Total derivatives	$	—	$	(180,108	)	$	—	$	180,108	$	—

(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 $489,888.

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	$	—	$	(160,570	)	$	—	$	160,570	$	—
Total derivatives not subject to a master netting arrangement or similar arrangement		—		(160,570	)		—		160,570		—
Total derivatives	$	—	$	(160,570	)	$	—	$	160,570	$	—

(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 $474,396.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

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	$	—	$	(152,822	)	$	—	$	152,822	$	—
Total derivatives not subject to a master netting arrangement or similar arrangement		—		(152,822	)		—		152,822		—
Total derivatives	$	—	$	(152,822	)	$	—	$	152,822	$	—

(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 $602,159.

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	$	—	$	(132,308	)	$	—	$	132,308	$	—
Total derivatives not subject to a master netting arrangement or similar arrangement		—		(132,308	)		—		132,308		—
Total derivatives	$	—	$	(132,308	)	$	—	$	132,308	$	—

(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 $37,679.

5. 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. From May 1, 2015 through April 30, 2016, VIA has contractually agreed to waive a portion of its fee for the High Yield Fund. For the six month period ended June 30, 2015, the amount of this waiver was $51,076. For these services, VIA earned $12,396,959 in the aggregate for the six month period ended June 30, 2015.

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. 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

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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 through April 30, 2016. For these services, VTA earned $9,576,053 in the aggregate for the six month period ended June 30, 2015.

VIA and the Company contract with one or more subadvisers (“Subadvisers”) for the day-to-day management of each of the funds other than the Model Portfolio Funds and Milestone Funds. Each Subadviser is paid a fee by the funds during the year based on average net assets under management. The fee structure for many of the Subadvisers provides for a range of fees so that as average net assets under management increases the rate of fee paid to the Subadviser decreases. Other Subadvisers charge one fee no matter what amount of assets they have under management. Additional information about each Subadviser’s fee is presented in the Company’s prospectus and statement of additional information. Fees paid by each fund to Subadvisers during the six month period ended June 30, 2015 are presented in the “Additional Information” section of these Notes. The Subadvisers’ fees during the six month period ended June 30, 2015 are shown here as an annual percentage of average net assets under management.

Fund	Subadviser	Actual Fee as a Percentage of Average Daily Net Assets (net of any  subadviser fee waivers)
Low Duration Bond	Payden & Rygel		0.09	%
	Schroder Investment Management North America Inc.		0.17	%
Inflation Focused	AllianceBernstein LP (1)		0.19	%
	Pacific Investment Management Company, LLC		0.20	%
	BlackRock Financial Management, Inc.		0.10	%
High Yield	Oaktree Capital Management, L.P.		0.50	%
	Western Asset Management Company		0.20	%
Equity Income	T. Rowe Price Associates, Inc.		0.30	%
	Southeastern Asset Management, Inc.		0.52	%
	SSGA Funds Management, Inc.		0.03	%
	Wellington Management Company LLP		0.25	%
Growth & Income	Fiduciary Management, Inc.		0.29	%
	T. Rowe Price Associates, Inc.		0.37	%
	Wellington Management Company LLP		0.25	%
Growth	Atlanta Capital Management Company, LLC (2)		0.30	%
	Columbus Circle Investors (2)		0.32	%
	Victory Capital Management, Inc. (2)		0.25	%
	Westfield Capital Management Company, L.P.		0.32	%
Select Value	Artisan Partners Limited Partnership		0.55	%
	Systematic Financial Management, L.P.		0.36	%
	WEDGE Capital Management LLP		0.50	%
Aggressive Opportunities	Southeastern Asset Management, Inc.		0.58	%
	SSGA Funds Management, Inc.		0.03	%
	TimesSquare Capital Management, LLC		0.50	%
	Wells Capital Management Inc.		0.43	%
Discovery	Payden & Rygel		0.15	%
	Wellington Management Company LLP		0.73	%

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Fund	Subadviser	Actual Fee as a Percentage of Average Daily Net Assets (net of any  subadviser fee waivers)
International	Artisan Partners Limited Partnership		0.64	%
	GlobeFlex Capital, LP		0.40	%
	Mondrian Investment Partners Limited		0.43	%
	Walter Scott & Partners Limited		0.50	%
Diversifying Strategies	Oaktree Capital Management, L.P.		0.50	%
	Payden & Rygel (Low Duration)		0.10	%
	Payden & Rygel (Enhanced Equity)		0.14	%
	Shenkman Capital Management, Inc.		0.38	%
	SSGA Funds Management, Inc.		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, 2015, AllianceBernstein L.P. became a subadviser to the Inflation Focused Fund.

(2) Effective June 20, 2015, the fee schedules charged by Columbus Circle Investors and Victory Capital Management Inc. were amended and the percentage shown above represents a blended rate of the previous fee schedule and the current fee schedule. Effective July 2, 2015, Atlanta Capital Management Company LLC ceased serving as a subadviser to the Growth Fund.

Expenses

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

Fee Waivers

VIA will waive its management fee or reimburse expenses to the extent necessary as a result of any increase in subadvisory fees payable by the Growth Fund that would cause the aggregate management and subadvisory fees of the Growth Fund to exceed 0.54% as a result of subadvisory changes. This commitment will continue until such time as shareholders approve an increase in this limit. For the six month period ended June 30, 2015 no waiver or reimbursement was required.

From September 10, 2012 through April 30, 2016, VIA contractually agreed to waive fees or reimburse expenses (other than the extraordinary expenses) of the Milestone 2050 Fund to limit the fund’s total annual operating expenses to 0.85% for the TM Shares and 1.10% for the Investor M Shares. For the six month period ended June 30, 2015, no waiver or reimbursement was made.

From May 1, 2015 through April 30, 2016, VIA has contractually agreed to waive a portion of its advisory fee (0.08% of daily net assets) for the High Yield Fund. For the six month period ended June 30, 2015, the amount of this waiver was $51,076.

For the Index Funds, VTA has contractually agreed to waive a portion of its fees (0.05% of daily net assets) of the T Shares beginning March 1, 2013 through April 30, 2015. For the six month period ended June 30, 2015, the amount of this waiver for the Core Bond Index Fund was $414,589, 500 Stock Index Fund was $201,843, Broad

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Market Index Fund was $211,280, Mid/Small Company Index Fund was $176,121, and Overseas Equity Index Fund was $68,784.

T. Rowe Price Associates, Inc. (“T. Rowe Price”) voluntarily waives a portion of its aggregate subadvisory fees for the Growth & Income and Equity Income Funds. These voluntary fee waivers were first implemented on May 1, 2003. The fee for each fund managed by T. Rowe Price is voluntarily reduced by the following percentages, which are determined based on the total amount of assets managed by T. Rowe Price for the Company: a 2.5% waiver on the first $500 million in total assets provided the total amount of assets managed by T. Rowe Price is between $250 and $500 million and a 5% waiver on total assets above $500 million. For the six month period ended June 30, 2015, the fee waiver for the Equity Income Fund totaled $45,926 and the fee waiver for Growth & Income Fund totaled $32,495.

Columbus Circle Investors voluntarily agreed to change its subadvisory fee for the Growth Fund and charge the following fees first $300,000,000 at 0.35%, next $200,000,000 at 0.30%, and over $500,000,000 at 0.15% from May 1, 2015 to June 19, 2015. For the six month period ended June 30, 2015, the fee waiver was $22,031.

Victory Capital Management Inc. voluntarily agreed to change its subadvisory fee for the Growth Fund and charge the following fees first $100,000,000 at 0.29%, next $100,000,000 at 0.25%, and over $200,000,000 at 0.15% from May 1, 2015 to June 19, 2015. For the six month period ended June 30, 2015, the fee waiver was $53,401.

Systematic Financial Management, LP voluntarily agreed to change its subadvisory fee for the Select Value Fund and charge a flat fee of 0.15% on all assets starting on May 1, 2015. For the six month period ended June 30, 2015, the fee waiver was $63,698.

6. Investment Portfolio Transactions

Purchases and sales of investments, exclusive of short-term securities, for each fund for the six month period ended June 30, 2015 were as follows:

	U.S. Government Obligations				Other Securities
Fund	Purchases at Cost		Sales Proceeds		Purchases at Cost		Sales Proceeds
Low Duration Bond	$	101,865,633	$	141,604,416	$	171,362,062	$	117,693,092
Inflation Focused		225,396,515		259,656,944		66,503,551		29,794,570
High Yield		5,700,706		5,700,706		147,829,753		110,877,446
Equity Income		—		—		365,181,067		356,243,898
Growth & Income		—		—		234,819,037		247,277,011
Growth		—		—		636,137,332		693,808,241
Select Value		—		—		118,103,442		123,300,339
Aggressive Opportunities		—		—		339,188,118		382,229,637
Discovery		53,616,509		58,136,959		67,809,443		58,659,485
International		—		—		399,339,782		354,917,185
Diversifying Strategies		149,238,822		154,577,231		322,392,083		294,940,168
Core Bond Index		273,094,756		246,109,951		790,222,478		766,551,130
500 Stock Index		—		—		78,545,220		16,430,138
Broad Market Index		—		—		54,314,235		25,704,830
Mid/Small Company Index		—		—		82,777,086		91,724,254
Overseas Equity Index		—		—		3,780,889		42,984,983
Model Portfolio Conservative Growth		—		—		11,364,165		32,340,265
Model Portfolio Traditional Growth		—		—		29,500,541		47,016,537
Model Portfolio Long-Term Growth		—		—		32,849,288		72,046,240
Model Portfolio All-Equity Growth		—		—		17,742,964		38,377,984
Milestone Retirement Income		—		—		10,435,945		15,570,305
Milestone 2010		—		—		10,146,656		20,526,897
Milestone 2015		—		—		22,860,252		39,446,917

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	U.S. Government Obligations				Other Securities
Fund	Purchases at Cost		Sales Proceeds		Purchases at Cost		Sales Proceeds
Milestone 2020	$	—	$	—	$	55,591,897	$	26,454,119
Milestone 2025		—		—		54,217,650		18,758,567
Milestone 2030		—		—		50,596,652		15,825,479
Milestone 2035		—		—		33,522,294		14,968,833
Milestone 2040		—		—		31,263,896		17,136,689
Milestone 2045		—		—		22,208,343		6,633,322
Milestone 2050		—		—		15,387,077		3,506,190

7. Portfolio Securities Loaned

Certain funds lend securities to approved borrowers to seek to earn additional income. As of June 30, 2015 certain funds had loaned securities, which were collateralized by cash or other forms of collateral at least equal to the market value of the securities loaned as provided for in the Company’s Securities Lending Agency Agreement with JPMorgan Chase Bank, N.A. The funds receive dividends and interest on the loaned securities and a portion of interest earned on reinvested collateral. All securities loaned are marked to market daily in U.S. dollars and collateral is received and released accordingly on the following day to achieve the required collateralization for the previous day’s market value. The fund may terminate a loan at any time and generally expects to receive the securities loaned within the normal settlement period for the security involved. As with other extensions of credit, there are risks of delay in recovery or even loss of rights in collateral in the event of default or insolvency of the borrower. The fund may not retain voting rights on securities while they are on loan. Voting rights on the loaned securities may pass to the borrower. The funds, however, are entitled to terminate or recall the loans to vote proxies or otherwise obtain rights to vote or consent with respect to a material event.

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

The market value of the securities on loan and the value of the related collateral as of June 30, 2015, were as follows:

Fund	Securities on Loan		Collateral		Collateralization
Low Duration Bond	$	11,182,703	$	11,412,350		102	%
Inflation Focused		712,220		727,900		102	%
High Yield		24,067,536		24,562,130		102	%
Equity Income		98,457,088		101,345,843		103	%
Growth & Income		9,309,450		9,429,975		101	%
Select Value		10,477,666		10,789,218		103	%
Aggressive Opportunities		66,624,000		67,680,538		102	%
Discovery		21,150,225		22,133,164		105	%
International		24,584,301		25,821,895		105	%
Core Bond Index		13,835,522		14,109,002		102	%
500 Stock Index		5,108,428		5,203,057		102	%
Broad Market Index		19,137,559		19,587,301		102	%
Mid/Small Company Index		55,661,249		57,069,483		103	%
Overseas Equity Index		7,512,075		7,924,087		105	%

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Securities Lending Transactions Accounted for as Secured Borrowings

The following table presents the liabilities under the outstanding securities lending transactions as of June 30, 2015, in accordance with guidance presented in FASB ASU 2014-11, Balance Sheet (Topic) 860: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (“ASU 2014-11”). As the securities loans are subject to termination by the Funds or the borrower at any time, the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous.

The securities lending transactions are governed by Securities Lending Agency Agreements with the applicable counterparties, which are not considered to be master netting arrangements. As a result the liabilities associated with the securities lending transactions are not disclosed in Note 3 of the Notes to Financial Statements.

Fund	Common Stock		Warrants		Rights		Corporate Obligations		Government Related Obligations		US Treasury Obligations		Total Borrowings
Low Duration Bond	$	—	$	—	$	—	$	8,141,008	$	3,271,342	$	—	$	11,412,350
Inflation Focused		—		—		—		727,900		—		—		727,900
High Yield		—		—		—		24,562,130		—		—		24,562,130
Equity Income		101,345,843		—		—		—		—		—		101,345,843
Growth & Income		9,429,975		—		—		—		—		—		9,429,975
Select Value		10,789,218		—		—		—		—		—		10,789,218
Aggressive Opportunities		67,680,538		—		—		—		—		—		67,680,538
Discovery		21,056,495		—		—		1,076,669		—		—		22,133,164
International		25,821,895		—		—		—		—		—		25,821,895
Core Bond Index		—		—		—		4,762,861		7,265,106		2,081,035		14,109,002
500 Stock Index		5,203,057		—		—		—		—		—		5,203,057
Broad Market Index		19,587,301		—		—		—		—		—		19,587,301
Mid/Small Company Index		57,069,455		28		—		—		—		—		57,069,483
Overseas Equity Index		7,912,318		—		11,769		—		—		—		7,924,087

Note: Disaggregation reflects the securities on loan, NOT the invested collateral.

Ratio of market value on loan in each category is applied to the amount of the liability for sec lending collateral.

8. Transactions with Affiliated Funds

As of June 30, 2015, 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 June 30, 2015:

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		22.13	%		20.41	%		0.00	%		0.00	%		10.59	%
Inflation Focused		9.37	%		11.08	%		0.00	%		0.00	%		6.61	%
High Yield		16.77	%		22.26	%		18.04	%		0.00	%		4.88	%
Equity Income		2.06	%		8.21	%		14.38	%		9.60	%		1.05	%
Growth & Income		1.97	%		11.22	%		18.95	%		9.57	%		1.38	%
Growth		1.35	%		6.67	%		10.73	%		5.81	%		0.39	%
Select Value		3.67	%		17.17	%		34.22	%		21.84	%		0.25	%
Aggressive Opportunities		0.82	%		4.74	%		10.14	%		7.97	%		0.10	%
Discovery		3.07	%		15.25	%		28.40	%		20.19	%		0.38	%
International		2.53	%		11.67	%		19.49	%		10.03	%		1.26	%

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Vantagepoint Fund	Model Portfolio Conservative Growth			Model Portfolio Traditional Growth			Model Portfolio Long-Term Growth			Model Portfolio All-Equity Growth			Milestone Retirement Income
Diversifying Strategies		5.26	%		18.64	%		26.46	%		0.00	%		2.05	%
Core Bond Index		6.31	%		16.25	%		15.99	%		0.00	%		4.02	%
Mid/Small Company Index		0.00	%		0.00	%		0.00	%		0.00	%		1.64	%

Vantagepoint Fund	Milestone 2010			Milestone 2015			Milestone 2020			Milestone 2025			Milestone 2030
Low Duration Bond		6.59	%		11.64	%		11.32	%		6.65	%		2.84	%
Inflation Focused		5.46	%		7.52	%		6.51	%		2.66	%		0.76	%
High Yield		4.47	%		7.23	%		9.06	%		7.64	%		5.36	%
Equity Income		1.03	%		2.41	%		4.04	%		4.21	%		4.09	%
Growth & Income		1.14	%		2.44	%		4.08	%		3.97	%		3.47	%
Growth		0.59	%		1.52	%		2.44	%		2.50	%		2.57	%
Select Value		0.11	%		0.61	%		1.01	%		1.00	%		0.99	%
Aggressive Opportunities		0.05	%		0.25	%		0.41	%		0.40	%		0.40	%
Discovery		0.17	%		0.93	%		1.55	%		1.53	%		1.51	%
International		1.19	%		2.98	%		4.87	%		4.83	%		4.73	%
Diversifying Strategies		2.41	%		6.10	%		9.18	%		8.74	%		7.78	%
Core Bond Index		3.63	%		6.51	%		8.77	%		6.66	%		4.67	%
Mid/Small Company Index		1.69	%		3.73	%		6.20	%		6.14	%		6.00	%
Vantagepoint Fund	Milestone 2035			Milestone 2040			Milestone 2045			Milestone 2050
Low Duration Bond		0.38	%		0.00	%		0.00	%		0.00	%
Inflation Focused		0.15	%		0.00	%		0.00	%		0.00	%
High Yield		2.38	%		1.33	%		0.42	%		0.15	%
Equity Income		3.28	%		3.62	%		1.62	%		0.60	%
Growth & Income		2.65	%		2.72	%		1.04	%		0.38	%
Growth		1.95	%		2.00	%		0.95	%		0.34	%
Select Value		0.77	%		0.81	%		0.35	%		0.13	%
Aggressive Opportunities		0.31	%		0.33	%		0.14	%		0.05	%
Discovery		1.17	%		1.23	%		0.53	%		0.19	%
International		3.71	%		3.91	%		1.70	%		0.61	%
Diversifying Strategies		5.35	%		5.13	%		2.13	%		0.77	%
Core Bond Index		2.31	%		0.94	%		0.00	%		0.00	%
Mid/Small Company Index		4.69	%		4.91	%		2.13	%		0.77	%

9. Control Persons and Principal Holders of Securities

A majority of the voting shares of each fund are held either directly, or indirectly through the Model Portfolio Funds and the Milestone Funds, by VantageTrust, a group trust sponsored and maintained by VantageTrust Company, LLC (“Trust Company”), 777 N. Capitol Street, N.E., Washington, DC 20002. VantageTrust was established for the purpose of holding and investing the assets of public sector retirement and deferred compensation plans. The Trust Company, a New Hampshire non-depository banking company, has the power to vote the shares of the funds 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

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (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 June 30, 2015:

Fund	% owned by VantageTrust
Low Duration Bond		77.09	%
Inflation Focused		78.21	%
High Yield		86.14	%
Equity Income		90.49	%
Growth & Income		85.14	%
Growth		94.35	%
Select Value		92.09	%
Aggressive Opportunities		94.93	%
Discovery		91.67	%
International Fund		85.45	%
Diversifying Strategies		86.81	%
Core Bond Index		87.29	%
500 Stock Index		91.65	%
Broad Market Index		80.30	%
Mid/Small Company Index		86.24	%
Overseas Equity Index		93.77	%
Model Portfolio Conservative Growth		84.42	%
Model Portfolio Traditional Growth		91.50	%
Model Portfolio Long-Term Growth		94.91	%
Model Portfolio All-Equity Growth		94.27	%
Milestone Retirement Income		73.25	%
Milestone 2010		75.01	%
Milestone 2015		80.08	%
Milestone 2020		83.78	%
Milestone 2025		83.27	%
Milestone 2030		81.78	%
Milestone 2035		80.39	%
Milestone 2040		81.48	%
Milestone 2045		75.91	%
Milestone 2050		74.61	%

Principal Holders. Below are the names, addresses, and percentage of ownership of each person (or entity) that owns of record or is known to own beneficially 5% or more of any class of any fund’s outstanding shares as of June 30, 2015:

Name	Address	Fund and Class	Percentage Owned
VantageTrust	777 N. Capitol Street, NE	Low Duration Bond Fund—T Shares	83.24%
	Washington, DC 20002	Inflation Focused Fund—T Shares	81.95%
		High Yield Fund—T Shares	86.14%
		Equity Income Fund—T Shares	92.55%
		Growth & Income Fund—T Shares	87.11%
		Growth Fund—T Shares	95.39%
		Select Value Fund—T Shares	93.72%
		Aggressive Opportunities Fund—T Shares	97.97%
		Discovery Fund—T Shares	93.74%
		International Fund—T Shares	86.85%
		Diversifying Strategies Fund—T Shares	86.81%
		Core Bond Index Fund—T Shares	89.29%
		500 Stock Index Fund—T Shares	100.00%

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Name	Address	Fund and Class	Percentage Owned
		Broad Market Index Fund—T Shares	86.45%
		Mid/Small Company Index Fund—T Shares	92.23%
		Overseas Index Fund—T Shares	100.00%
		Model Portfolio Conservative Growth Fund—TM Shares	100.00%
		Model Portfolio Traditional Growth Fund—TM Shares	100.00%
		Model Portfolio Long-Term Growth Fund—TM Shares	100.00%
		Model Portfolio All-Equity Growth Fund—TM Shares	100.00%
		Milestone Retirement Income Fund—TM Shares	100.00%
		Milestone 2010 Fund—TM Shares	100.00%
		Milestone 2015 Fund—TM Shares	100.00%
		Milestone 2020 Fund—TM Shares	100.00%
		Milestone 2025 Fund—TM Shares	100.00%
		Milestone 2030 Fund—TM Shares	100.00%
		Milestone 2035 Fund—TM Shares	100.00%
		Milestone 2040 Fund—TM Shares	100.00%
		Milestone 2045 Fund—TM Shares	100.00%
		Milestone 2050 Fund—TM Shares	100.00%
State College Borough General Employees Pension Plan	243 South Allen Street State College, PA 16801	Low Duration Bond Fund—Investor Shares International Fund—Investor Shares Core Bond Index Fund—Class II 500 Stock Index Fund—Class II Mid/Small Company Index Fund—Class II	12.35% 18.60% 24.82% 35.50% 24.44%
State College Borough Police Pension Plan	243 South Allen Street State College, PA 16801	Low Duration Bond Fund—Investor Shares International Fund—Investor Shares 500 Stock Index Fund—Class II Core Bond Index Fund—Class II Mid/Small Company Index Fund—Class II	13.80% 20.79% 39.68% 27.74% 27.32%
Prudential Retirement Insurance and Annuity Company	One Commercial Plaza 280 Trumbull Street Hartford, CT 06103-3599	Inflation Focused Fund—T Shares Growth & Income Fund—T Shares Broad Market Index Fund—T Shares	8.92% 5.48% 13.55%
New York Life Trust Company	169 Lackawanna Ave Parsippany, NJ 07054-1007	Inflation Focused Fund—Investor Shares Equity Income Fund—Investor Shares Growth & Income Fund—Investor Shares Select Value Fund—Investor Shares Aggressive Opportunities Fund—Investor Shares Discovery Fund—Investor Shares International Fund—Investor Shares Broad Market Index Fund—Class I	7.39% 7.58% 10.86% 9.88% 9.30% 26.53% 10.75% 11.81%

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Name	Address	Fund and Class	Percentage Owned
County of Sacramento	700 H Street Suite 4667 Sacramento, CA 95814	Mid/Small Company Index Fund—Class II Overseas Equity 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 Milestone 2045 Fund—Investor M Shares	5.42% 10.24% 6.58% 9.30% 10.72% 14.37% 14.71% 21.43%
County of Orange	333 NW. Santa Anna Blvd. 2nd Floor Santa Ana, CA 92701	Select Value Fund—Investor Shares Aggressive Opportunities Fund Investor Shares Discovery Fund—Investor Shares Core Bond Index Fund—Class II 500 Stock Index Fund—Class II Mid/Small Company Index Fund—Class II Overseas Equity 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 Milestone 2045 Fund—Investor M Shares	9.37% 6.41% 12.16% 7.21% 11.48% 18.27% 17.46% 5.01% 6.14% 5.77% 6.16% 5.02% 5.05%
Orange County Library District	101 East Central Blvd. Orlando, FL 32801	Broad Market Index Fund—Class II Mid/Small Company Index Fund—Class II Overseas Equity Index Fund—Class II	37.68% 10.70% 61.06%
City of St. Charles	200 North Second Street St. Charles, MO 63301	Core Bond Index Fund—Class II	15.09%
City of San Pablo	1 Alvarado Square San Pablo, CA 94086	Model Portfolio Long-Term Growth Fund—Investor M Shares	6.45%
Delta Charter Township	7710 W. Saginaw Hwy Lansing, MI 48917	Model Portfolio Conservative Growth Fund—Investor M Shares	10.83%
City of Port St. Lucie	121 S.W. Port St. Lucie Blvd. Port St. Lucie, FL 34984	Low Duration Bond Fund—Investor Class Broad Market Index Fund—Class II	6.85% 44.04%
Town of Concord	P.O. Box 535 Concord, MA 01742	Milestone 2030 Fund—Investor M Shares	6.36%
City of Gaithersburg	31South Summit Ave. Gaithersburg, MD 20887	Model Portfolio Long-Term Growth Fund—Investor M Shares	6.36%
County of Loudon	1 Harrison St. SE Leesburg, VA 20177	Milestone 2045 Fund—Investor M Shares	5.45%
City of Mill Valley	26 Corte Madera Ave. Mill Valley, CA 94941	Model Portfolio Conservative Growth Fund—Investor M Shares	6.67%
City of Brentwood	5211 Maryland Way Brentwood, TN 37027	Core Bond Index Fund—Class II	7.63%
Town of Groton	45 Fort Mill Rd. Groton, CT 06340	Model Portfolio Conservative Growth Fund—Investor M Shares	5.60%

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (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 six month period ended June 30, 2015, the funds recaptured the following amounts of brokerage commissions:

Fund	Recaptured Brokerage Commissions
Equity Income	$	1,085
Growth & Income		8,821
Growth		65,808
Select Value		19,917
Aggressive Opportunities		29,411
Discovery		4,361
International		94,158

11. Subsequent Events

Management has evaluated events or transactions that may have occurred since June 30, 2015 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.

13. Tax Disclosure

The Company received updated information concerning the tax character of distributions made by certain issuers during 2014, and as a result, pursuant to Section 852 of the Internal Revenue Code, has modified its reported designation of capital gain dividends for the year ended December 31, 2014, as follows:

Fund	Long Term Capital Gain Dividend
Growth		67,117,182
Mid/Small Company Index		31,140,800
Milestone 2010		20,667,370
Milestone 2015		49,374,043
Milestone 2020		52,841,236
Milestone 2025		47,545,157
Milestone 2030		43,785,595
Milestone 2035		31,090,737
Milestone 2040		32,760,735
Milestone 2045		8,430,308
Milestone 2050		1,901,983

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Additional Information (Unaudited)

A. Subadviser Fees

Presented below are the fees paid by each fund to subadvisers during the six months period ended June 30, 2015. 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 October 1, 2014 through March 31, 2015.

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%	$	183,643
	Schroder Investment Management North America Inc.		0.17%		329,079
Inflation Focused	AllianceBernstein L.P. (1)		0.19%		—
	Pacific Investment Management Company, LLC		0.20%		263,842
	BlackRock Financial Management, Inc.		0.10%		134,995
High Yield	Oaktree Capital Management, L.P.		0.50%		450,800
	Western Asset Management Company		0.20%		180,640
Equity Income	T. Rowe Price Associates, Inc.		0.30%		1,130,733
	Southeastern Asset Management, Inc.		0.52%		1,519,866
	SSGA Funds Management, Inc.		0.03%		58,294
	Wellington Management Company LLP		0.25%		824,678
Growth & Income	Fiduciary Management, Inc.		0.29%		838,067
	T. Rowe Price Associates, Inc.		0.37%		774,837
	Wellington Management Company LLP		0.25%		881,078
Growth	Atlanta Capital Management Company, LLC (2)		0.30%		680,577
	Columbus Circle Investors (2)		0.32%		944,238
	Victory Capital Management, Inc. (2)		0.25%		727,713
	Westfield Capital Management Company, L.P.		0.32%		1,118,060
Select Value	Artisan Partners Limited Partnership		0.55%		399,093
	Systematic Financial Management, L.P		0.36%		296,419
	WEDGE Capital Management LLP		0.50%		377,470
Aggressive Opportunities	Southeastern Asset Management, Inc.		0.58%		463,973
	SSGA Funds Management, Inc.		0.03%		53,917
	TimesSquare Capital Management, LLC		0.50%		821,658
	Wells Capital Management, Inc.		0.43%		595,974
Discovery	Payden & Rygel		0.15%		105,947
	Wellington Management Company LLP		0.73%		513,858
International	Artisan Partners Limited Partnership		0.64%		854,773
	GlobeFlex Capital, L.P.		0.40%		854,491
	Mondrian Investment Partners Limited		0.43%		1,105,200
	Walter Scott & Partners Limited		0.50%		782,709
Diversifying Strategies	Oaktree Capital Management, L.P.		0.50%		529,646
	Payden & Rygel (Low Duration)		0.10%		130,153
	Payden & Rygel (Enhanced Equity)		0.14%		238,680
	Shenkman Capital Management, Inc.		0.38%		403,026
	SSGA Funds Management, Inc.		0.07%		21,012
Core Bond Index	Mellon Capital Management Corporation		0.01%		84,216
500 Stock Index	Mellon Capital Management Corporation		0.01%		41,674

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Fund	Subadviser	Actual Fee as a Percentage of Average Daily Net Assets (net of any subadviser fee waivers)		Dollars Paid
Broad Market Index	Mellon Capital Management Corporation		0.01%	$	58,843
Mid/Small Company Index	Mellon Capital Management Corporation		0.01%		51,864
Overseas Equity Index	Mellon Capital Management Corporation		0.04%		60,301

(1) Effective May 1, 2015, AllianceBernstein L.P. became a subadviser to the Inflation Focused Fund.

(2) Effective June 20, 2015, the fee schedules charged by Columbus Circle Investors and Victory Capital Management Inc. were amended and the percentage shown above represents a blended rate of the previous fee schedule and the current fee schedule. Effective July 2, 2015, Atlanta Capital Management Company LLC ceased serving as a subadviser to the Growth Fund.

B. Directors’ Considerations of Investment Advisory and 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 January 1, 2015 through June 30, 2015, of the approval of the Master Investment Advisory Agreements (“Advisory Agreement” or “Advisory Agreements”) between VIA and each series of the Company (each series, a “Fund” and collectively, the “Funds”), and certain Investment Subadvisory Agreements (“Subadvisory Agreement” or “Subadvisory Agreements”) for the Funds.

Annual Consideration of the Advisory Agreements and Certain Subadvisory Agreements

At a meeting held on January 23, 2015 (“January Meeting”), the Board, including a majority of the Directors who are not “interested persons” as defined in the Investment Company Act of 1940 (“Independent Directors”), approved the continuance of the Advisory Agreements between VIA and each Fund. In addition, the Board, including a majority of the Independent Directors, approved the continuance of the Subadvisory Agreements with respect to the following subadvisers and Funds (may be referred to collectively as the “Sub-Advised Funds”): Artisan Partners Limited Partnership (“Artisan”) (International and Select Value Funds); Atlanta Capital Management Company, LLC (“Atlanta Capital”) (Growth Fund); BlackRock Financial Management, Inc. (Inflation Focused Fund); Columbus Circle Investors (Growth Fund); Fiduciary Management, Inc. (Growth & Income Fund); GlobeFlex Capital, LP (International Fund); Mellon Capital Management Corporation (“Mellon”) (Index Funds)¹; Mondrian Investment Partners Limited (International Fund); Oaktree Capital Management, L.P. (“Oaktree”) (Diversifying Strategies and High Yield Funds); Pacific Investment Management Company, LLC (“PIMCO”) (Inflation Focused Fund); Payden & Rygel (Low Duration Bond, Discovery and Diversifying Strategies Funds); Schroder Investment Management North America Inc. (Low Duration Bond Fund); Shenkman Capital Management, Inc. (Diversifying Strategies Fund); Southeastern Asset Management, Inc. (Aggressive Opportunities and Equity Income Funds); SSGA Funds Management, Inc. (“SSGA”) (Aggressive Opportunities, Diversifying Strategies and Equity Income Funds); Systematic Financial Management, L.P. (Select Value Fund); T. Rowe Price Associates, Inc. (“T. Rowe Price”) (Equity Income and Growth & Income Funds); TimesSquare Capital Management, LLC (Aggressive Opportunities Fund); Victory Capital Management Inc. (Growth Fund); Walter Scott & Partners Limited (“Walter Scott”) (International Fund); WEDGE Capital Management LLP (Select Value Fund); Wellington Management Company, LLP (“Wellington”) (Discovery, Equity Income and Growth & Income Funds); Wells Capital Management Inc. (Aggressive Opportunities Fund); and Westfield Capital Management Company, L.P. (Growth Fund).

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

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

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

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

Nature, Extent and Quality of Services. In examining the nature, extent and quality of the services to be provided by VIA, the Directors considered the qualifications, experience and capability of VIA’s management and other personnel and the extent of care and conscientiousness with which VIA performs its duties. In this regard, the Directors considered, among other matters: (a) the asset allocation services provided, and the monitoring of the performance of the underlying funds performed, by VIA with respect to the Model Portfolio Funds³ and the Milestone Funds⁴; (b) the subadviser selection process and fee negotiation process whereby VIA seeks to achieve an appropriate and competitive level of fee and fee structure, and VIA’s on-going monitoring of the appropriateness and competitiveness of each subadvisory fee and fee structure; (c) the process by which VIA evaluates and monitors the subadvisers, including with respect to portfolio security brokerage and trading practices; (d) VIA’s process for identifying instances where there may be a need to replace a subadviser, reallocate assets, or both, and its process with regard to the efficient and economical implementation of such changes; (e) the cash management services provided to the Sub-Advised Funds; and (f) the nature of the non-investment advisory services provided to the Funds, such as the supervision of the Funds’ other third-party service providers by VIA or its affiliates.

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

³  For purposes of this discussion, the term “Model Portfolio Funds” refers to the Model Portfolio Conservative Growth Fund, Model Portfolio Traditional Growth Fund, Model Portfolio Long-Term Growth Fund and Model Portfolio All-Equity Growth Fund.

⁴  For purposes of this discussion, the term “Milestone Funds” refers to the Milestone Retirement Income Fund, Milestone 2010 Fund, Milestone 2015 Fund, Milestone 2020 Fund, Milestone 2025 Fund, Milestone 2030 Fund, Milestone 2035 Fund, Milestone 2040 Fund, Milestone 2045 Fund and Milestone 2050 Fund.

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

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

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

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

Investment Performance. The Board placed emphasis on the investment performance of each of the Funds. While consideration was given to performance reports provided in connection with, and discussions held at, prior Board or Investment Committee meetings, as applicable, particular attention was given to the performance reports provided specifically in connection with the January Meeting. In particular, the Directors reviewed the performance of each Fund over a ten-year period ending June 30, 2014, or shorter period, as applicable, relative to its stated investment objective, benchmark and Lipper peer group.⁵ The Directors also considered updated performance information for each Fund relative to its benchmark and, with respect to applicable Funds, its Morningstar, Inc. (“Morningstar”) peer category (“Morningstar peer group”), through October 31, 2014.

In reviewing the performance of the Funds, the Directors considered that for each of the one-, three-, five- and ten-year cumulative periods ended June 30, 2014, or shorter period, as applicable, the performance of each of the following Funds was in one of the first three quintiles of its Lipper peer group for all such periods⁶: Low Duration Bond Fund; Equity Income Fund; Growth & Income Fund; Discovery Fund; International Fund; 500 Stock Index Fund; Broad Market Index Fund (Class II); Mid/Small Company Index Fund; Overseas Equity Index Fund; Model Portfolio Conservative Growth Fund; Model Portfolio Long-Term Growth Fund; Milestone 2015 Fund; Milestone 2020 Fund; Milestone 2025 Fund; Milestone 2030 Fund; Milestone 2035 Fund; Milestone 2040 Fund; Milestone 2045 Fund; and Milestone 2050 Fund. In addition, the Directors considered that for the one-, three-, five- and ten-year cumulative periods ended June 30, 2014, or shorter period, as applicable, the performance of each of the following Funds was in one of the first three quintiles of its Lipper peer group for all but one of those periods: Inflation Focused Fund; Select Value Fund; and Milestone 2010 Fund.

With regard to the performance of the High Yield Fund relative to its Lipper peer group, the Board considered VIA’s explanation that the Fund underperformed its peer group largely due to a lower quality bias during a period when higher quality credits generally outperformed lower quality credits. The Board also considered that VIA recommended, and the Board approved at its June 20, 2014 meeting, an additional subadviser for the Fund that

⁵  With respect to the High Yield Fund, the performance period reviewed relative to the Fund’s Lipper peer group was from the Fund’s inception on May 1, 2014 through September 30, 2014.

⁶  For purposes of the following discussion, the performance of the Funds refers to the Investor Shares of the Sub-Advised Funds (excluding the Index Funds, the Diversifying Strategies Fund and the High Yield Fund), the Class I and Class II Shares of the Index Funds, the T Shares of the Diversifying Strategies Fund and the High Yield Fund and the Investor M Shares of the Model Portfolio Funds and Milestone Funds. In addition, for the Index Funds, only other passively managed (pure) index funds were included in the Lipper peer group.

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began managing a portion of the Fund’s assets in August 2014. The Board noted that VIA believes the current positioning of the High Yield Fund, with two complementary subadvisers, will serve investors well over the longer-term.

With regard to the performance of the Growth Fund relative to its Lipper peer group, the Board considered that, in order to improve the Fund’s performance, VIA recommended, and the Board approved, changes to the subadvisory structure of the Fund, that were implemented in January 2012, and noted that VIA considered such changes to have been beneficial to the Growth Fund since their implementation. The Directors also considered that the Fund’s performance was in the third quintile of its Lipper peer group for the one-, two- and three-year periods ended June 30, 2014, and the Fund outperformed its Morningstar peer group median for the one-year period ended June 30, 2014.

With regard to the performance of the Aggressive Opportunities Fund relative to its Lipper peer group, the Board considered that, in order to improve the Fund’s performance, VIA recommended, and the Board approved, changes to the subadvisory structure of the Fund, which were implemented in August 2012 and included the addition of a new index strategy. The Board noted that VIA considered such changes to have been beneficial to the Aggressive Opportunities Fund since their implementation. The Directors also considered that the Fund’s performance was in the second quintile of its Lipper peer group for the one- and two-year periods, and third quintile for the three-year period, ended June 30, 2014. In addition, the Directors considered that the Fund outperformed its Morningstar peer group median for the calendar year-to-date and one-year periods ended June 30, 2014, and the Fund’s performance was at the median of its Morningstar peer group for the three-year period ended June 30, 2014.

With regard to the performance of the Diversifying Strategies Fund relative to its Lipper peer group, the Directors considered that the Fund’s performance was in the third quintile of its Lipper peer group for the since inception period (October 2007) through June 30, 2014. The Directors also considered VIA’s explanation that the Diversifying Strategies Fund’s performance relative to its Lipper peer group for the one-, three- and five-year periods ended June 30, 2014, was likely due to its underweighting to stocks relative to its Lipper peer group. The Directors also considered that the Fund outperformed its Morningstar peer group median for the calendar year-to-date and one- and three-year periods ended June 30, 2014. Furthermore, the Directors considered that, in order to improve the Diversifying Strategies Fund’s risk/return profile and performance, VIA recommended, and the Board approved, certain principal investment strategy and subadviser changes, with certain changes implemented in February 2014 and certain changes implemented in May 2014. The Directors noted that the May 2014 changes were implemented in order to enhance the Fund’s potential to participate in rising equity market environments and VIA believes the changes will better position the Fund going forward.

With regard to the performance of the Core Bond Index Fund and the Broad Market Index Fund (Class I shares only) relative to their respective Lipper peer groups, the Directors considered VIA’s explanation [regarding the impact on the relative performance of the Class I shares of each Index Fund of including institutional share classes, which typically have lower fees, in each Fund’s Lipper peer group, as index fund performance rankings are largely driven by fees. With respect to the performance of the Broad Market Index Fund relative to its Lipper peer group, the Directors also considered that the performance of the Class I Shares of the Fund was in the third quintile of its Lipper peer group for the one-year period ended June 30, 2014. In addition, the Board took into consideration VIA’s assessment that each of the Index Funds performed as expected relative to its benchmark when taking into account fees and expenses of the Fund.

With respect to the performance of the Model Portfolio Traditional Growth Fund relative to its Lipper peer group, the Directors considered VIA’s explanation that the Model Portfolio Traditional Growth Fund’s performance relative to its Lipper peer group for each of the one-, three-, five- and ten-year periods ended June 30, 2014 was likely primarily due to differing characteristics within the asset classes in which the Fund was invested. The Directors noted that the Fund outperformed its custom benchmark for the one-year period ended June 30, 2014.

With respect to the performance of the Model Portfolio All-Equity Growth Fund relative to its Lipper peer group, the Directors considered that the Fund’s performance was in the third quintile of its Lipper peer group for the one- and ten-year periods ended June 30, 2014. The Directors also considered VIA’s explanation that the Model Portfolio All-Equity Growth Fund’s performance relative to its Lipper peer group over the other periods was likely primarily due to

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differing characteristics within the equity asset classes in which the Fund was invested. The Directors also considered that the Fund outperformed its Morningstar peer group median for the one- and ten-year periods ended June 30, 2014.

With respect to the Milestone Retirement Income Fund, the Directors considered that the Fund’s performance relative to its Lipper peer group was in the third quintile for the since-inception (January 2005) period through June 30, 2014. The Directors also considered VIA’s explanation that the Milestone Retirement Income Fund’s performance relative to its Lipper peer group over the other periods was likely primarily due to its conservative orientation and relative characteristics within the asset classes in which the Fund was invested. The Directors also noted that the Fund outperformed its benchmark (the Barclays U.S. Intermediate Aggregate Bond Index) for all cumulative trailing time periods ended June 30, 2014.

In addition, with regard to the Model Portfolio Funds and Milestone Funds, in order to improve the risk/return profile and performance of each Fund, VIA recommended, and the Board approved at a meeting held on February 5, 2014, certain principal investment strategy, target allocation and asset class changes with regard to the underlying funds in which these Funds invest, and such changes were implemented in May 2014.

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

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

Management Fees and Expenses. The Board considered the fees payable under each Advisory Agreement and under each Subadvisory Agreement for the Sub-Advised Funds. The Board reviewed the information compiled by Lipper comparing each Fund’s contractual management fee rate (at common asset levels based on the Fund’s total net assets as of June 30, 2014) and actual management fee rate (which includes the effect of any fee waivers/reimbursements) as a percentage of total assets—these fee rates include advisory, subadvisory and administrative service fees—to other funds in its Lipper expense group.⁷ Based on the data provided on management fee rates, on a Fund-by-Fund basis, the Board noted that: (i) each Fund’s contractual management fee rate at a common asset level, was at or lower than the median of its Lipper expense group, except for the High Yield Fund, Mid/Small Company Index Fund (Class I), Model Portfolio Traditional Growth Fund (Investor M), Model Portfolio Long-Term Growth Fund (Investor M), Model Portfolio All-Equity Growth Fund (Investor M), and the Investor M shares of each of the Milestone Funds (other than the Milestone 2025 and Milestone 2045 Funds); and (ii) the actual management fee rate of each Fund was at or lower than the median of its Lipper expense group, except for the Inflation Focused Fund (Investor Shares), High Yield Fund, Core Bond Index Fund (Class I and Class II), 500 Stock Index Fund (Class I), Broad Market Index Fund (Class I), Mid/Small Company Index Fund (Class I), Model Portfolio Conservative Growth Fund (Investor M), Model Portfolio Traditional Growth Fund (Investor M), Model Portfolio Long-Term Growth Fund (Investor M), Model Portfolio All-Equity Growth Fund (Investor M), and each share class of each of the Milestone Funds (other than Milestone Retirement Income Fund (TM Shares), Milestone 2030 Fund, Milestone 2040 Fund (TM Shares), and Milestone 2050 Fund (TM Shares)). With respect to the Inflation Focused Fund, Core Bond Index Fund, 500 Stock Index Fund, Broad Market Index Fund, Mid-Small Company Index Fund and Milestone 2050 Fund, as well as the other Sub-Advised Funds (other than the High Yield Fund), the Directors considered that, based on the data provided, each Fund’s actual adviser fee (advisory and subadvisory fee) as a percentage of average net assets for the latest fiscal year was either at or below the median of its Lipper expense group. With respect to the High Yield Fund, Model Portfolio Funds (other than the Model Portfolio Conservative Growth Fund) and Milestone Funds, the Directors noted that most of the other funds in such Funds’ Lipper expense groups waive a portion of their management fees. Also, at the January Meeting, the Board and VIA agreed to a contractual waiver of a portion of

⁷  All Lipper expense data for the Funds (other than the High Yield Fund) was based on the June 30, 2014 unaudited semi-annual report data, and actual expense data for such Funds was annualized to reflect a fiscal year end of December 31, 2014. The High Yield Fund’s fiscal expense data as of September 30, 2014 and contractual management fees were provided by VIA. With respect to the Sub-Advised Funds, the Lipper expense group referred to in this discussion was not limited to funds with subadvisory arrangements.

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VIA’s investment advisory fee for the High Yield Fund for a one-year period beginning May 1, 2015 through April 30, 2016. In addition, the Board considered that the actual total expense ratio of each Model Portfolio Fund and Milestone Fund (other than the TM shares of the Milestone 2050 Fund) was at or lower than the median of its Lipper expense group and noted VIA’s view that it is more relevant to focus on fees at the total expense level because of disparities across the funds comprising the Lipper expense groups in terms of the classification of certain fees and expenses.

The Board also reviewed the information compiled by Lipper comparing each Fund’s total expense ratio to other funds in its Lipper expense group. Based on this comparative expense data, the Board noted that the actual total expense ratio for each Fund (other than the High Yield Fund, Class I Shares of the Core Bond Index, Broad Market Index, Mid/Small Company Index, and Overseas Equity Index Funds and TM Shares of the Milestone 2050 Fund) was at or lower than the median of its Lipper expense group. With respect to the Class I Shares of the Core Bond Index, Broad Market Index, Mid/Small Company Index, and Overseas Equity Index Funds, the Board noted that the actual total expense ratio of the Class I Shares of each of these Funds as reported by Lipper was in the third quintile of their respective Lipper expense group.

With regard to the total expense ratio of the Milestone 2050 Fund, the Board noted that VIA has contractually agreed to waive fees and/or reimburse expenses of the Fund for the period May 1, 2015 through April 30, 2016 in order to limit the total annual operating expenses of the TM Shares to 0.85% and the Investor M Shares to 1.10%. In addition, with regard to the total expense ratio of the High Yield Fund, the Board noted VIA’s explanation that the addition of a second subadviser for the Fund in August 2014 resulted in a lower total subadvisory fee and a corresponding reduction in the High Yield Fund’s total expense ratio, and would have resulted in an actual total expense ratio that was lower than the Fund’s Lipper expense group median, if such lower total subadvisory fee had been in effect since the Fund’s inception through September 30, 2014.

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

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

With respect to the Equity Income Fund, the Directors also considered that T. Rowe Price had agreed to, and the Board was being asked to approve at the January Meeting, an amendment to the fee schedule of the Fund’s Subadvisory Agreement with T. Rowe Price that would provide an additional fee breakpoint that would apply to all of the Fund’s assets under T. Rowe Price’s management when such assets reach $1 billion (i.e., a flat rate on all assets once the Fund’s assets under T. Rowe Price’s management reach $1 billion) and related transitional credits (“Amended Fee Schedule”). In considering the Amended Fee Schedule, the Board took into consideration that T. Rowe Price represented that the Amended Fee Schedule would not affect the nature, quality and scope of the services T. Rowe Price provides to the Equity Income Fund.

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

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

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

Economies of Scale. With respect to whether economies of scale are realized by VIA as a Fund’s assets increase and whether advisory fee levels reflect these economies of scale for the benefit of Fund investors, the Board considered, on a Fund-by-Fund basis, the current level of advisory fee charged and fee structure and concluded that VIA’s fee structure with respect to each Fund was appropriate at this time.

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

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

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

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

127

THE VANTAGEPOINT FUNDS

Additional Information (Unaudited) — (Continued)

Vantagepoint Equity Income Fund and Vantagepoint Growth & Income Fund

At a meeting held on March 12, 2015, VIA recommended, and the Board, including a majority of the Independent Directors, approved, an amendment to the Subadvisory Agreements with T. Rowe Price for the Equity Income Fund and Growth & Income Fund to permit T. Rowe Price to delegate certain of its non-investment advisory, administrative and operational obligations to a third-party service provider.

Vantagepoint Growth Fund

At a meeting held on June 19, 2015 (“June Meeting”), VIA recommended, and the Board, including a majority of the Independent Directors, approved, an amended fee schedule to the Subadvisory Agreement with Columbus Circle Investors for the Growth Fund. The contractual fee schedule for the Growth Fund was amended, effective for subadvisory fees calculated beginning June 19, 2015, to provide an additional breakpoint for assets over $500 million. In approving the amended fee schedule with Columbus Circle Investors, the Board took into consideration VIA’s assessment that the contractual fee to be paid to Columbus Circle Investors by the Growth Fund under the amended fee schedule would be more advantageous to the Fund and its shareholders, and reduce the fee payable to Columbus Circle Investors based on the current assets of the Fund allocated to Columbus Circle Investors, and VIA’s conclusion that the amended fee schedule is in the best interests of the Fund and its shareholders. In addition, the Board considered that Columbus Circle Investors represented to VIA that the amended fee schedule would not affect the nature, quality or scope of services Columbus Circle Investors provides to the Growth Fund.

In addition, at the June Meeting, VIA recommended, and the Board, including a majority of the Independent Directors, approved, an amended fee schedule to the Subadvisory Agreement with Victory Capital Management Inc. for the Growth Fund. The contractual fee schedule for the Growth Fund was amended, effective for subadvisory fees calculated beginning June 19, 2015, to provide an additional breakpoint for assets over $200 million. In approving the amended fee schedule with Victory Capital Management Inc., the Board took into consideration VIA’s assessment that the contractual fee to be paid to Victory Capital Management Inc. by the Growth Fund under the amended fee schedule would be more advantageous to the Fund and its shareholders, and reduce the fee payable to Victory Capital Management Inc. based on the current assets of the Fund allocated to Victory Capital Management Inc., and VIA’s conclusion that the amended fee schedule is in the best interests of the Fund and its shareholders. In addition, the Board considered that Victory Capital Management Inc. represented to VIA that the amended fee schedule would not affect the nature, quality or scope of services Victory Capital Management Inc. provides to the Growth Fund.

C. Householding

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

D. 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, 2015 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

128

THE VANTAGEPOINT FUNDS

Additional Information (Unaudited) — (Continued)

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

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

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

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

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

3) Russell’s publication of the Russell Indexes in no way suggests or implies an opinion by Russell as to the attractiveness or appropriateness of investment in any or all securities upon which the Russell Indexes are based. RUSSELL MAKES NO REPRESENTATION, WARRANTY, OR GUARANTEE AS TO THE ACCURACY, COMPLETENESS, RELIABILITY, OR OTHERWISE OF THE RUSSELL INDEXES OR ANY DATA INCLUDED IN THE RUSSELL INDEXES. RUSSELL MAKES.

NO REPRESENTATION, WARRANTY OR GUARANTEE REGARDING THE USE, OR THE RESULTS OF USE, OF THE RUSSELL INDEXES OR ANY DATA INCLUDED THEREIN, OR ANY SECURITY (OR COMBINATION THEREOF) COMPRISING THE RUSSELL INDEXES. RUSSELL MAKES NO OTHER EXPRESS OR IMPLIED WARRANTY, AND EXPRESSLY DISCLAIMS ANY WARRANTY, OF ANY KIND, INCLUDING WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE RUSSELL INDEX(ES) OR ANY DATA OR ANY SECURITY (OR COMBINATION THEREOF) INCLUDED THEREIN.

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.

129

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—58.3%
Aerospace & Defense—0.1%
L-3 Communications Corp.
1.500%		05/28/2017		$	970,000	$	963,787
Auto Components—0.1%
Continental Rubber of America Corp.
4.500%		09/15/2019	^		865,000		890,076
Johnson Controls, Inc.
1.400%		11/02/2017			200,000		199,340
							1,089,416
Automobiles—1.0%
Daimler Finance North America LLC
1.650%		03/02/2018	^		1,100,000		1,095,706
1.375%		08/01/2017	^		980,000		978,907
1.250%		01/11/2016	^		650,000		651,958
Hyundai Capital America
2.125%		10/02/2017	^		265,000		267,728
2.000%		03/19/2018	^		600,000		600,608
1.625%		10/02/2015	^		580,000		580,744
Nissan Motor Acceptance Corp.
1.950%		09/12/2017	^		650,000		654,721
1.000%		03/15/2016	^		1,115,000		1,117,260
Volkswagen Group of America Finance LLC
1.600%		11/20/2017	^		680,000		681,026
1.250%		05/23/2017	^		1,520,000		1,522,470
							8,151,128
Banks—14.3%
ABN AMRO Bank NV (Netherlands)
1.079%		10/28/2016	#^		730,000		733,851
ANZ New Zealand Int’l Ltd. (New Zealand)
1.125%		03/24/2016	^		710,000		712,334
Bank of America Corp.
6.500%		08/01/2016			6,600,000		6,963,990
3.875%		03/22/2017			200,000		208,022
3.700%		09/01/2015			635,000		637,656
Bank of America Corp. MTN
1.700%		08/25/2017			830,000		831,388
1.351%		03/22/2018	#		1,480,000		1,494,467
1.250%		01/11/2016			790,000		792,036
Bank of America Corp., Series L MTN
5.650%		05/01/2018			3,750,000		4,122,116
Bank of America Corp., Series 1
3.750%		07/12/2016			520,000		533,205
Bank of Tokyo-Mitsubishi UFJ Ltd. (The) (Japan)
1.450%		09/08/2017	^		1,130,000		1,126,173
0.732%		02/26/2016	#^		1,250,000		1,251,245
Banque Federative du Credit Mutuel SA (France)
1.129%		10/28/2016	#^		1,500,000		1,507,923
Barclays Bank plc (United Kingdom)
0.856%		02/17/2017	#		1,100,000		1,096,668
Barclays Bank plc, Bank Note (United Kingdom)
6.750%		05/22/2019			4,250,000		4,931,084
2.500%		02/20/2019			2,250,000		2,266,177
BB&T Corp. MTN
1.600%		08/15/2017			420,000		421,547
0.938%		02/01/2019	#		1,540,000		1,540,213
BNP Paribas SA (France)
0.878%		12/12/2016	#		1,520,000		1,523,497

Coupon Rate	Maturity Date			Face		Value
BNZ International Funding Ltd. (New Zealand)
1.900%	02/26/2018	^	$	1,200,000	$	1,206,130
Capital One Bank USA NA, Bank Note
1.200%	02/13/2017			6,400,000		6,370,150
1.150%	11/21/2016			430,000		428,625
Capital One NA, Bank Note
1.650%	02/05/2018			1,070,000		1,062,463
1.500%	09/05/2017			1,040,000		1,036,140
CIT Group, Inc.
5.250%	03/15/2018			475,000		492,219
Citigroup, Inc.
6.125%	11/21/2017			4,350,000		4,787,553
4.450%	01/10/2017			1,545,000		1,614,746
2.400%	02/18/2020			4,228,000		4,180,181
1.850%	11/24/2017			940,000		942,842
1.550%	08/14/2017			1,930,000		1,927,613
1.074%	04/01/2016	#		1,320,000		1,322,879
Citizens Bank NA MTN
1.600%	12/04/2017			1,300,000		1,298,625
Compass Bank, Bank Note
1.850%	09/29/2017			1,000,000		999,343
Credit Agricole SA (France)
1.435%	04/15/2016	#^		1,080,000		1,086,955
1.121%	10/03/2016	#^		1,090,000		1,095,760
1.075%	04/15/2019	#^		700,000		705,664
Fifth Third Bancorp
5.450%	01/15/2017			355,000		376,462
Fifth Third Bank/Ohio, Bank Note
1.150%	11/18/2016			900,000		898,177
HSBC Bank plc (United Kingdom)
0.914%	05/15/2018	#^		3,840,000		3,858,981
Huntington National Bank (The)
1.375%	04/24/2017			360,000		358,822
1.350%	08/02/2016			300,000		300,280
0.703%	04/24/2017	#		300,000		299,400
Huntington National Bank (The), Bank Note
1.300%	11/20/2016			590,000		589,238
Industrial & Commercial Bank of China Ltd. MTN (China)
2.351%	11/13/2017			590,000		594,982
JPMorgan Chase & Co.
3.150%	07/05/2016			8,090,000		8,255,044
1.177%	01/25/2018	#		750,000		755,414
JPMorgan Chase & Co. MTN
1.350%	02/15/2017			1,540,000		1,541,712
KeyBank NA, Bank Note
4.950%	09/15/2015			520,000		523,396
1.100%	11/25/2016			320,000		320,539
KeyCorp MTN
3.750%	08/13/2015			560,000		561,690
Lloyds Bank plc (United Kingdom)
2.300%	11/27/2018			320,000		323,646
Macquarie Bank Ltd. (Australia)
2.000%	08/15/2016	^		1,300,000		1,313,386
1.600%	10/27/2017	^		1,260,000		1,260,140
0.907%	10/27/2017	#^		710,000		711,684
Manufacturers & Traders Trust Co., Bank Note
1.400%	07/25/2017			1,160,000		1,158,715
1.250%	01/30/2017			870,000		869,798
Mitsubishi UFJ Trust & Banking Corp. (Japan)
1.600%	10/16/2017	^		740,000		739,023
Mizuho Bank Ltd. (Japan)
1.700%	09/25/2017	^		610,000		610,329
1.300%	04/16/2017	^		610,000		607,867
0.731%	09/25/2017	#^		400,000		399,466

See accompanying notes to financial statements.

130

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
National Australia Bank Ltd. (Australia)
1.300%		06/30/2017	^	$	260,000	$	260,251
Nederlandse Waterschapsbank NV (Netherlands)
1.250%		09/18/2017	^		2,200,000		2,212,925
PNC Bank NA, Bank Note
1.150%		11/01/2016			400,000		400,590
Regions Financial Corp.
2.000%		05/15/2018			920,000		920,017
Royal Bank of Canada (Canada)
0.625%		12/04/2015			3,914,000		3,916,372
Royal Bank of Scotland Group plc (United Kingdom)
2.550%		09/18/2015			445,000		446,267
1.875%		03/31/2017			1,000,000		995,338
Royal Bank of Scotland plc (The) (United Kingdom)
4.375%		03/16/2016			274,000		280,100
3.950%		09/21/2015			4,990,000		5,020,554
Santander US Debt SAU (Spain)
3.781%		10/07/2015	^		900,000		906,278
Standard Chartered Bank (United Kingdom)
6.400%		09/26/2017	^		1,500,000		1,637,646
Standard Chartered plc (United Kingdom)
3.200%		05/12/2016	^		4,100,000		4,175,194
2.400%		09/08/2019	^		2,000,000		1,998,198
Sumitomo Mitsui Banking Corp. (Japan)
1.300%		01/10/2017			590,000		590,707
0.945%		07/19/2016	#		330,000		330,667
0.900%		01/18/2016			480,000		480,413
SunTrust Bank
5.200%		01/17/2017			1,320,000		1,393,092
SunTrust Bank, Bank Note
1.350%		02/15/2017			1,540,000		1,539,635
							117,983,915
Beverages—0.3%
Heineken NV (Netherlands)
0.800%		10/01/2015	^		250,000		250,087
SABMiller Holdings, Inc.
2.450%		01/15/2017	^		720,000		731,424
0.968%		08/01/2018	#^		370,000		371,281
Suntory Holdings Ltd. (Japan)
1.650%		09/29/2017	^		1,130,000		1,132,096
							2,484,888
Biotechnology—0.2%
Amgen, Inc.
1.250%		05/22/2017			1,740,000		1,739,516
Capital Markets—1.9%
Bank of New York Mellon Corp. (The) MTN
0.838%		08/01/2018	#		750,000		753,282
Credit Suisse (Switzerland)
1.750%		01/29/2018	†		800,000		797,188
Credit Suisse MTN (Switzerland)
1.375%		05/26/2017			2,210,000		2,208,977
Goldman Sachs Group, Inc. (The)
3.625%		02/07/2016			1,350,000		1,371,989
Goldman Sachs Group, Inc. (The) MTN
1.374%		11/15/2018	#		910,000		918,816
Hutchison Whampoa International 12 II Ltd. (Cayman Islands)
2.000%		11/08/2017	^		480,000		483,021

Coupon Rate	Maturity Date			Face		Value
Macquarie Group Ltd. (Australia)
1.278%	01/31/2017	#^	$	1,540,000	$	1,547,762
Morgan Stanley
1.417%	01/27/2020	#		2,010,000		2,039,913
Morgan Stanley MTN
6.625%	04/01/2018			740,000		830,637
1.017%	07/23/2019	#		1,930,000		1,918,874
Nomura Holdings, Inc. MTN (Japan)
1.736%	09/13/2016	#		1,310,000		1,320,004
UBS AG MTN (Switzerland)
1.800%	03/26/2018			1,600,000		1,598,253
						15,788,716
Chemicals—0.1%
Ashland, Inc.
3.875%	04/15/2018			1,050,000		1,082,812
Commercial Services & Supplies—0.1%
Mobile Mini, Inc.
7.875%	12/01/2020			700,000		736,750
Communications Equipment—0.3%
QUALCOMM, Inc.
1.400%	05/18/2018			2,610,000		2,602,990
Consumer Finance—4.9%
Ally Financial, Inc.
3.250%	09/29/2017			1,200,000		1,203,000
American Express Co.
0.874%	05/22/2018	#		1,410,000		1,406,589
American Express Credit Corp.
0.789%	07/29/2016	#		1,120,000		1,121,954
American Express Credit Corp. MTN
2.750%	09/15/2015			2,500,000		2,509,747
1.125%	06/05/2017			230,000		229,199
American Honda Finance Corp.
1.125%	10/07/2016			600,000		601,828
Capital One Financial Corp.
2.450%	04/24/2019			2,500,000		2,502,515
Caterpillar Financial Services Corp. MTN
1.250%	08/18/2017			730,000		731,372
1.000%	03/03/2017			1,030,000		1,032,541
Ford Motor Credit Co. LLC
4.250%	02/03/2017			800,000		831,820
3.000%	06/12/2017			690,000		706,126
1.724%	12/06/2017			2,004,000		1,994,770
1.684%	09/08/2017			1,350,000		1,346,813
1.214%	01/09/2018	#		3,469,000		3,474,571
Ford Motor Credit Co. LLC, Series 1
1.118%	03/12/2019	#		1,060,000		1,052,855
General Motors Financial Co., Inc.
3.000%	09/25/2017			890,000		908,339
2.400%	04/10/2018			1,900,000		1,905,989
Harley-Davidson Financial Services, Inc.
1.150%	09/15/2015	^		420,000		420,192
HSBC Finance Corp.
0.713%	06/01/2016	#		5,347,000		5,339,520
HSBC USA, Inc.
1.700%	03/05/2018			1,410,000		1,406,668
1.162%	09/24/2018	#		900,000		904,354
International Lease Finance Corp.
3.875%	04/15/2018			1,095,000		1,103,212
2.236%	06/15/2016	#†		1,295,000		1,296,619
John Deere Capital Corp.
1.050%	10/11/2016			560,000		562,503

See accompanying notes to financial statements.

131

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
John Deere Capital Corp. MTN
1.350%		01/16/2018		$	595,000	$	597,127
1.125%		06/12/2017			1,240,000		1,241,188
PACCAR Financial Corp. MTN
1.100%		06/06/2017			370,000		370,457
0.879%		12/06/2018	#		290,000		291,399
0.800%		02/08/2016			300,000		300,464
Synchrony Financial
3.000%		08/15/2019			580,000		584,679
1.875%		08/15/2017			460,000		460,046
1.509%		02/03/2020	#		380,000		382,095
Toyota Motor Credit Corp. MTN
1.125%		05/16/2017			1,750,000		1,754,354
							40,574,905
Containers & Packaging—0.2%
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc.
(Ireland)
3.286%		12/15/2019	#^		1,730,000		1,688,912
Diversified Financial Services—3.8%
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands)
2.250%		01/14/2019			8,000,000		8,059,072
ERAC USA Finance LLC
1.400%		04/15/2016	^		230,000		230,439
GE Capital UK Funding MTN (Ireland)
0.722%		03/20/2017	#	GBP	700,000		1,097,663
General Electric Capital Corp. MTN
6.000%		08/07/2019		$	600,000		686,231
5.500%		01/08/2020			3,323,000		3,769,302
1.250%		05/15/2017			1,715,000		1,719,353
0.926%		07/12/2016	#		7,757,000		7,800,998
Moody’s Corp.
2.750%		07/15/2019			6,918,000		6,983,472
Nationwide Building Society (United Kingdom)
2.350%		01/21/2020	^		1,200,000		1,197,079
							31,543,609
Diversified Telecommunication Services—3.3%
AT&T, Inc.
2.450%		06/30/2020			7,275,000		7,139,765
1.700%		06/01/2017			4,785,000		4,805,580
British Telecommunications plc (United Kingdom)
1.625%		06/28/2016			320,000		321,704
CC Holdings GS V LLC/Crown Castle GS III Corp.
2.381%		12/15/2017			370,000		374,497
Deutsche Telekom International Finance BV (Netherlands)
3.125%		04/11/2016	^		3,000,000		3,051,603
Verizon Communications, Inc.
2.625%		02/21/2020			4,350,000		4,344,919
2.036%		09/14/2018	#		4,134,000		4,280,125
1.816%		09/15/2016	#		280,000		283,530
1.350%		06/09/2017			1,240,000		1,238,829
0.700%		11/02/2015			580,000		579,235
Windstream Services LLC
7.875%		11/01/2017			880,000		938,300
							27,358,087

Coupon Rate	Maturity Date			Face		Value
Electric Utilities—0.8%
Duke Energy Corp.
0.663%	04/03/2017	#	$	460,000	$	460,599
Electricite de France SA (France)
1.150%	01/20/2017	^		790,000		791,567
0.735%	01/20/2017	#^		450,000		450,796
Georgia Power Co.
0.606%	03/15/2016	#		1,394,000		1,392,874
NextEra Energy Capital Holdings, Inc.
1.339%	09/01/2015			1,100,000		1,101,067
Southern California Edison Co.
1.845%	02/01/2022			2,200,000		2,198,887
						6,395,790
Electrical Equipment—0.1%
Eaton Corp.
0.950%	11/02/2015			560,000		560,408
Electronic Equipment, Instruments & Components—0.1%
Amphenol Corp.
1.550%	09/15/2017			470,000		470,758
Energy Equipment & Services—0.8%
Cameron International Corp.
1.400%	06/15/2017			400,000		397,575
Ensco plc (United Kingdom)
4.700%	03/15/2021			3,682,000		3,755,139
Freeport-McMoran Oil & Gas, LLC/FCX Oil & Gas, Inc.
6.500%	11/15/2020			399,000		422,940
Nabors Industries, Inc.
2.350%	09/15/2016			1,200,000		1,203,858
National Oilwell Varco, Inc.
1.350%	12/01/2017			830,000		821,343
						6,600,855
Food & Staples Retailing—0.4%
Kroger Co. (The)
2.200%	01/15/2017			650,000		659,316
0.804%	10/17/2016	#		910,000		910,671
Sysco Corp.
1.450%	10/02/2017			420,000		424,200
Walgreens Boots Alliance, Inc.
1.750%	11/17/2017			330,000		331,488
0.726%	05/18/2016	#		590,000		590,038
Woolworths Ltd. (Australia)
2.550%	09/22/2015	^		58,000		58,231
						2,973,944
Food Products—2.2%
ConAgra Foods, Inc.
1.350%	09/10/2015			200,000		200,101
1.300%	01/25/2016			300,000		300,083
General Mills, Inc.
1.400%	10/20/2017			1,070,000		1,068,918
HJ Heinz Co.
2.000%	07/02/2018	^		9,233,000		9,236,749
1.600%	06/30/2017	^		1,270,000		1,270,748
Ingredion, Inc.
3.200%	11/01/2015			310,000		312,043
Tyson Foods, Inc.
2.650%	08/15/2019			4,604,000		4,638,788
Want Want China Finance Ltd. (Virgin Islands, British)
1.875%	05/14/2018	^		680,000		673,268

See accompanying notes to financial statements.

132

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Wm. Wrigley Jr. Co.
2.000%		10/20/2017	^	$	200,000	$	201,860
1.400%		10/21/2016	^		200,000		200,576
							18,103,134
Gas Utilities—0.1%
AmeriGas Partners LP/AmeriGas Finance Corp.
6.250%		08/20/2019			1,000,000		1,022,500
Health Care Equipment & Supplies—1.1%
Becton Dickinson and Co.
1.800%		12/15/2017			430,000		430,308
1.450%		05/15/2017			1,800,000		1,799,503
0.736%		06/15/2016	#		310,000		310,217
Medtronic, Inc.
2.500%		03/15/2020	^		4,724,000		4,735,012
1.500%		03/15/2018	^		390,000		389,271
Zimmer Biomet Holdings, Inc.
2.700%		04/01/2020			280,000		278,922
2.000%		04/01/2018			910,000		910,929
							8,854,162
Health Care Providers & Services—1.5%
Anthem, Inc.
2.375%		02/15/2017			5,430,000		5,524,933
2.300%		07/15/2018			3,000,000		3,020,043
1.250%		09/10/2015			550,000		550,328
Express Scripts Holding Co.
1.250%		06/02/2017			570,000		567,596
McKesson Corp.
1.292%		03/10/2017			400,000		399,582
Tenet Healthcare Corp.
6.250%		11/01/2018			735,000		800,231
UnitedHealth Group, Inc.
0.850%		10/15/2015			1,358,000		1,359,120
							12,221,833
Hotels, Restaurants & Leisure—0.0%
Carnival Corp. (Panama)
1.875%		12/15/2017			280,000		281,336
Household Durables—0.1%
Whirlpool Corp.
1.650%		11/01/2017			490,000		491,950
Independent Power and Renewable Electricity Producers—0.3%
AES Corp.
3.283%		06/01/2019	#		1,140,000		1,142,850
Talen Energy Supply LLC
5.125%		07/15/2019	^		1,340,000		1,319,900
TransAlta Corp. (Canada)
1.900%		06/03/2017			360,000		358,356
							2,821,106
Insurance—2.1%
Aflac, Inc.
3.450%		08/15/2015	†		2,937,000		2,945,312
Metropolitan Life Global Funding I
2.000%		04/14/2020	^		4,000,000		3,946,556
0.805%		07/15/2016	#^		4,000,000		4,019,156

Coupon Rate	Maturity Date			Face		Value
Principal Life Global Funding II
1.000%	12/11/2015	^	$	660,000	$	661,183
Prudential Covered Trust, Series 2012-1
2.997%	09/30/2015	^		1,592,500		1,600,924
Prudential Financial, Inc. MTN
6.100%	06/15/2017			2,500,000		2,717,790
1.054%	08/15/2018	#		600,000		604,318
TIAA Asset Management Finance Co. LLC
2.950%	11/01/2019	^		810,000		816,483
						17,311,722
Internet Software & Services—0.3%
Alibaba Group Holding Ltd. (Cayman Islands)
2.500%	11/28/2019	^		200,000		198,021
1.625%	11/28/2017	^		600,000		600,141
Baidu, Inc. (Cayman Islands)
2.250%	11/28/2017			500,000		503,299
IAC/InterActiveCorp
4.875%	11/30/2018			350,000		362,250
Tencent Holdings Ltd. (Cayman Islands)
2.000%	05/02/2017	^		800,000		803,084
						2,466,795
IT Services—0.2%
Computer Sciences Corp.
2.500%	09/15/2015			270,000		270,817
Fidelity National Information Services, Inc.
2.000%	04/15/2018			380,000		379,904
1.450%	06/05/2017			190,000		189,661
International Business Machines Corp.
1.125%	02/06/2018			1,100,000		1,093,432
						1,933,814
Life Sciences Tools & Services—0.2%
Life Technologies Corp.
3.500%	01/15/2016			1,300,000		1,316,361
Thermo Fisher Scientific, Inc.
1.300%	02/01/2017			400,000		399,490
						1,715,851
Machinery—0.2%
CNH Industrial Capital LLC
3.875%	07/16/2018	^†		790,000		791,975
3.875%	11/01/2015			1,035,000		1,040,175
						1,832,150
Marine—0.1%
AP Moeller - Maersk A/S (Denmark)
2.550%	09/22/2019	^		1,000,000		1,007,891
Media—0.5%
DirecTV Holdings LLC/DirecTV Financing Co., Inc.
3.125%	02/15/2016			500,000		506,001
DISH DBS Corp.
4.625%	07/15/2017			1,000,000		1,032,500
NBCUniversal Enterprise, Inc.
0.960%	04/15/2018	#^		500,000		502,615
Thomson Reuters Corp. (Canada)
1.650%	09/29/2017			950,000		950,208
1.300%	02/23/2017			400,000		399,229
Time Warner, Inc.
3.150%	07/15/2015			440,000		440,461
						3,831,014

See accompanying notes to financial statements.

133

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Metals & Mining—3.6%
Anglo American Capital plc (United Kingdom)
2.625%		09/27/2017	^	$	4,400,000	$	4,426,528
1.225%		04/15/2016	#^		350,000		349,245
ArcelorMittal (Luxembourg)
4.500%		08/05/2015			1,000,000		1,000,935
Barrick North America Finance LLC
6.800%		09/15/2018			6,056,000		6,875,540
Freeport-McMoRan, Inc.
2.300%		11/14/2017			640,000		638,392
2.150%		03/01/2017			490,000		490,909
Glencore Finance Canada Ltd. (Canada)
2.700%		10/25/2017	^		5,735,000		5,797,689
Glencore Funding LLC
2.500%		01/15/2019	^		417,000		412,666
2.125%		04/16/2018	^		910,000		903,762
1.635%		01/15/2019	#^		1,230,000		1,229,779
Rio Tinto Finance USA Ltd. (Australia)
6.500%		07/15/2018			3,500,000		3,970,995
1.875%		11/02/2015			3,435,000		3,449,070
							29,545,510
Oil, Gas & Consumable Fuels—5.0%
Boardwalk Pipelines LP
5.875%		11/15/2016			320,000		332,003
BP Capital Markets plc (United Kingdom)
1.674%		02/13/2018			1,360,000		1,365,286
0.789%		05/10/2018	#		240,000		239,358
Canadian Natural Resources Ltd. (Canada)
1.750%		01/15/2018			700,000		695,694
CNOOC Finance 2013 Ltd. (Virgin Islands, British)
1.125%		05/09/2016			620,000		619,612
CNOOC Nexen Finance 2014 ULC (Canada)
1.625%		04/30/2017			590,000		591,104
CNPC General Capital Ltd. (Virgin Islands, British)
1.175%		05/14/2017	#^		700,000		699,240
ConocoPhillips Co.
1.500%		05/15/2018			710,000		709,781
Devon Energy Corp.
2.250%		12/15/2018			1,973,000		1,979,941
Enbridge, Inc. (Canada)
0.734%		06/02/2017	#		420,000		415,169
Enterprise Products Operating LLC
1.250%		08/13/2015			280,000		280,139
Hess Corp.
1.300%		06/15/2017			460,000		457,850
Kinder Morgan, Inc.
3.050%		12/01/2019			4,295,000		4,294,635
2.000%		12/01/2017			300,000		299,264
Marathon Oil Corp.
0.900%		11/01/2015			630,000		629,894
Murphy Oil Corp.
2.500%		12/01/2017			430,000		429,449
Phillips 66
2.950%		05/01/2017			5,616,000		5,775,107
Phillips 66 Partners LP
2.646%		02/15/2020			5,616,000		5,530,558
Sabine Pass LNG LP
7.500%		11/30/2016			1,010,000		1,068,085

Coupon Rate	Maturity Date			Face		Value
Sinopec Capital 2013 Ltd. (Virgin Islands, British)
1.250%	04/24/2016	^	$	630,000	$	630,237
Statoil ASA (Norway)
0.736%	11/08/2018	#		800,000		799,570
0.564%	05/15/2018	#		2,285,000		2,282,720
Suncor Energy, Inc. (Canada)
6.100%	06/01/2018			7,071,000		7,890,642
Total Capital International SA (France)
0.849%	08/10/2018	#		780,000		783,457
TransCanada PipeLines Ltd. (Canada)
0.962%	06/30/2016	#		1,300,000		1,301,347
WPX Energy, Inc.
5.250%	01/15/2017			990,000		1,017,225
						41,117,367
Pharmaceuticals—3.3%
AbbVie, Inc.
2.500%	05/14/2020			920,000		911,596
1.800%	05/14/2018			9,389,000		9,367,894
1.750%	11/06/2017			1,450,000		1,454,628
Actavis Funding SCS (Luxembourg)
3.000%	03/12/2020			2,603,000		2,615,411
2.350%	03/12/2018			1,630,000		1,639,666
1.850%	03/01/2017			1,110,000		1,115,872
1.543%	03/12/2020	#		820,000		830,024
1.300%	06/15/2017			700,000		695,605
Actavis, Inc.
3.250%	10/01/2022			1,193,000		1,158,299
Baxalta, Inc.
2.000%	06/22/2018	^		320,000		319,808
1.061%	06/22/2018	#^		580,000		580,250
EMD Finance LLC
1.700%	03/19/2018	^		4,098,000		4,100,561
Merck & Co., Inc.
0.636%	05/18/2018	#		1,120,000		1,124,613
Mylan, Inc.
1.800%	06/24/2016			200,000		200,148
1.350%	11/29/2016			340,000		339,085
Perrigo Co. plc (Ireland)
1.300%	11/08/2016			700,000		697,267
						27,150,727
Real Estate Investment Trusts (REITs)—0.2%
ARC Properties Operating Partnership LP
2.000%	02/06/2017			220,000		213,950
Health Care REIT, Inc.
3.625%	03/15/2016			440,000		446,648
Liberty Property LP
6.625%	10/01/2017			445,000		490,990
Ventas Realty LP
1.550%	09/26/2016			481,000		482,919
1.250%	04/17/2017			290,000		289,414
						1,923,921
Real Estate Management & Development—0.1%
WEA Finance LLC/Westfield UK & Europe Finance plc
2.700%	09/17/2019	^		400,000		400,977
1.750%	09/15/2017	^		330,000		331,098
						732,075
Road & Rail—0.6%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
4.875%	11/15/2017	†		465,000		477,788

See accompanying notes to financial statements.

134

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Hertz Corp. (The)
6.750%		04/15/2019		$	1,000,000	$	1,034,400
JB Hunt Transport Services, Inc.
3.375%		09/15/2015			850,000		854,314
2.400%		03/15/2019			770,000		777,700
Penske Truck Leasing Co. LP/PTL Finance Corp.
3.750%		05/11/2017	^		345,000		357,101
2.500%		03/15/2016	^		620,000		624,441
2.500%		06/15/2019	^		290,000		287,501
Ryder System, Inc. MTN
2.500%		03/01/2017			540,000		549,967
							4,963,212
Semiconductors & Semiconductor Equipment—0.0%
TSMC Global Ltd. (Virgin Islands, British)
1.625%		04/03/2018	^		410,000		405,579
Software—0.1%
Autodesk, Inc.
1.950%		12/15/2017			430,000		432,101
Specialty Retail—0.1%
AutoZone, Inc.
1.300%		01/13/2017			440,000		440,895
Technology Hardware, Storage & Peripherals—1.0%
Hewlett-Packard Co.
5.500%		03/01/2018			1,000,000		1,094,831
3.000%		09/15/2016			4,436,000		4,527,439
2.650%		06/01/2016			750,000		759,599
1.217%		01/14/2019	#		650,000		641,419
Seagate HDD Cayman (Cayman Islands)
3.750%		11/15/2018			780,000		813,818
							7,837,106
Thrifts & Mortgage Finance—0.6%
Abbey National Treasury Services plc (United Kingdom)
1.650%		09/29/2017			1,700,000		1,705,576
Astoria Financial Corp.
5.000%		06/19/2017			690,000		724,994
BPCE SA (France)
1.625%		02/10/2017			550,000		555,197
BPCE SA MTN (France)
1.527%		04/25/2016	#		800,000		806,155
0.891%		06/23/2017	#		490,000		490,182
Santander Bank NA
2.000%		01/12/2018			900,000		900,418
							5,182,522
Tobacco—1.5%
BAT International Finance plc (United Kingdom)
1.850%		06/15/2018	^		770,000		772,395
0.796%		06/15/2018	#^		580,000		580,081
Reynolds American, Inc.
3.250%		06/12/2020			700,000		709,836
2.300%		06/12/2018			3,991,000		4,023,678
1.050%		10/30/2015			290,000		289,028
RJ Reynolds Tobacco Holdings, Inc.
6.875%		05/01/2020			2,834,000		3,301,537
2.300%		08/21/2017	†		2,877,000		2,888,594
							12,565,149

Coupon Rate	Maturity Date			Face		Value
Trading Companies & Distributors—0.2%
Aircastle Ltd. (Bermuda)
6.750%	04/15/2017		$	635,000	$	677,863
GATX Corp.
2.500%	07/30/2019			700,000		693,925
						1,371,788
Wireless Telecommunication Services—0.3%
SBA Communications Corp.
5.625%	10/01/2019			430,000		448,813
T-Mobile USA, Inc.
5.250%	09/01/2018	†		720,000		741,600
Vodafone Group plc (United Kingdom)
0.662%	02/19/2016	#		1,210,000		1,209,563
						2,399,976
TOTAL CORPORATE OBLIGATIONS
(Cost $479,445,967)						480,754,372
FLOATING RATE LOANS—0.6%**
ABC Supply Co., Term Loan B
3.500%	04/16/2020	#		982,500		979,798
ARAMARK Corp., Extended Term Loan
3.250%	09/06/2019	#		1,455,000		1,455,778
Asurion LLC, Non-Amortizing 1st Lien Term Loan
3.750%	03/03/2017	#		400,000		399,564
CDW LLC, Term Loan
3.250%	04/29/2020	#		982,418		976,037
Dole Food Co., Inc. Tranche B Term Loan
4.500%	11/01/2018	#		954,167		956,848
H.J. Heinz Co., 1st Lien Term Loan B2
3.250%	06/05/2020	#		170,333		170,557
TOTAL FLOATING RATE LOANS
(Cost $4,943,432)						4,938,582
MORTGAGE-BACKED SECURITIES—5.0%
Commercial Mortgage-Backed Securities—1.9%
American Homes 4 Rent, Series 2014-SFR1, Class A
1.250%	06/17/2031	#^		667,861		666,949
Colony American Homes, Series 2014-1A, Class A
1.400%	05/17/2031	#^		703,775		701,435
Colony American Homes, Series 2014-2A, Class A
1.137%	07/17/2031	#^		1,238,971		1,227,111
Colony American Homes, Series 2015-1A, Class A
1.387%	07/17/2032	#^		2,430,000		2,410,465
Hilton USA Trust, Series 2013-HLF, Class AFL
1.185%	11/05/2030	#^		1,389,506		1,389,751
Invitation Homes Trust, Series 2013-SFR1, Class A
1.400%	12/17/2030	#^		915,759		913,601
Invitation Homes Trust, Series 2014-SFR1, Class A
1.185%	06/17/2031	#^		3,570,000		3,536,678
Invitation Homes Trust, Series 2014-SFR2, Class A
1.286%	09/17/2031	#^		2,220,000		2,202,697

See accompanying notes to financial statements.

135

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
MORTGAGE-BACKED SECURITIES—(Continued)
Invitation Homes Trust, Series 2015-SFR3, Class A
1.483%		08/17/2032	#^	$	900,000	$	905,003
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2015-CSMO, Class A
1.436%		01/15/2032	#^		1,600,000		1,598,442
							15,552,132
Non-Agency Mortgage-Backed Securities—2.2%
Banc of America Mortgage Trust, Series 2004-L, Class 1A1
2.693%		01/25/2035	#		303,214		301,919
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR2, Class AD
1.550%		04/25/2043	#^		1,241,814		1,171,015
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2013-DN2, Class M1
1.637%		11/25/2023	#		770,248		771,434
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2015-HQ1, Class M1
1.237%		03/25/2025	#		817,201		815,173
Federal National Mortgage Association Connecticut Avenue Securities, Series 2013-C01, Class M1
2.187%		10/25/2023	#		1,061,940		1,075,921
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C01, Class M1
1.787%		01/25/2024	#		1,214,331		1,221,788
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C02, Class 1M1
1.137%		05/25/2024	#		1,266,847		1,257,327
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C03, Class 1M1
1.387%		07/25/2024	#		2,980,440		2,978,957
Fosse Master Issuer plc, Series 2012-1A, Class 2A2 (United Kingdom)
1.676%		10/18/2054	#^		1,315,479		1,319,964
GSAMP Trust, Series 2004-SEA2, Class M1
0.837%		03/25/2034	#		782,231		783,807
JP Morgan Mortgage Trust, Series 2013-1, Class 2A2
2.500%		03/25/2043	#^		672,064		665,080
MLCC Mortgage Investors Trust, Series 2004-1, Class 2A2
2.165%		12/25/2034	#		785,261		788,100
Sequoia Mortgage Trust, Series 2012-1, Class 1A1
2.865%		01/25/2042	#		657,743		661,490
Sequoia Mortgage Trust, Series 2012-2, Class A2
3.500%		04/25/2042	#		432,832		438,573
Sequoia Mortgage Trust, Series 2013-1, Class 1A1
1.450%		02/25/2043	#		766,096		743,937

Coupon Rate	Maturity Date			Face		Value
Sequoia Mortgage Trust, Series 2013-4, Class A3
1.550%	04/25/2043	#	$	870,753	$	846,575
Springleaf Mortgage Loan Trust, Series 2012-3A, Class A
1.570%	12/25/2059	#^		395,520		397,292
Springleaf Mortgage Loan Trust, Series 2013-1A, Class A
1.270%	06/25/2058	#^		764,705		765,677
Springleaf Mortgage Loan Trust, Series 2013-2A, Class A
1.780%	12/25/2065	#^		472,835		475,107
Structured Asset Mortgage Investments II Trust, Series 2004-AR5, Class 2A1
2.160%	10/19/2034	#		201,350		167,863
Wells Fargo Mortgage Backed Securities Trust, Series 2004-S, Class B1
2.717%	09/25/2034	#		683,495		623,855
						18,270,854
U.S. Government Agency Mortgage-Backed Securities—0.9%
Federal Deposit Insurance Corporation Structured Sale Guaranteed Notes, Series 2010-S1, Class 2A
3.250%	04/25/2038	^		744,566		763,892
Federal National Mortgage Association
3.135%	07/01/2041	#		1,778,428		1,898,094
2.978%	06/01/2041	#		848,734		903,205
1.989%	10/01/2034	#		756,986		801,079
1.929%	09/01/2034	#		71,594		75,637
1.915%	09/01/2034	#		107,245		113,331
1.807%	10/01/2034	#		116,674		123,115
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 2A
1.840%	10/07/2020			47,005		47,175
National Credit Union Administration Guaranteed Notes, Series 2010-R3, Class 1A
0.744%	12/08/2020	#		2,543,290		2,562,661
						7,288,189
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $41,221,410)						41,111,175
U.S. TREASURY OBLIGATIONS—15.1%
U.S. Treasury Bills—1.1%
U.S. Treasury Bill
0.010%	08/20/2015			8,500,000		8,500,000
U.S. Treasury Notes—14.0%
U.S. Treasury Note
1.375%	03/31/2020			1,990,000		1,970,566
1.125%	06/15/2018			1,370,000		1,375,244
1.000%	09/15/2017- 02/15/2018			32,050,000		32,172,964
0.875%	07/15/2017- 11/15/2017			7,005,000		7,030,022
0.750%	10/31/2017			17,951,000		17,936,980
0.625%	12/31/2016- 02/15/2017			17,030,000		17,060,982
0.500%	01/31/2017			5,710,000		5,708,664
0.375%	10/31/2016			20,900,000		20,888,568
0.375%	03/15/2016	‡‡		315,000		315,394

See accompanying notes to financial statements.

136

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—(Continued)
0.250%		10/31/2015		$	11,266,000	$	11,273,481
							115,732,865
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $123,986,121)							124,232,865
GOVERNMENT RELATED OBLIGATIONS—3.3%
U.S. Government Agencies—0.5%
Federal Home Loan Bank, Series 3823
0.500%		09/28/2016			3,870,000		3,871,637
Non-U.S. Government Agencies—0.5%
FMS Wertmanagement AoeR (Germany)
1.125%		09/05/2017			1,600,000		1,607,843
0.625%		01/30/2017			1,620,000		1,619,334
Korea Expressway Corp. (Korea, Republic of)
1.625%		04/28/2017	^		700,000		700,372
							3,927,549
Sovereign Debt—0.7%
Bank of England Euro Note (United Kingdom)
1.250%		03/16/2018	^		2,500,000		2,511,250
Caisse d’Amortissement de la Dette Sociale (France)
1.250%		03/12/2018	^†		1,410,000		1,413,134
Instituto de Credito Oficial (Spain)
1.125%		04/01/2016	^		1,610,000		1,613,373
							5,537,757
Supranational—0.6%
Asian Development Bank MTN
0.750%		07/28/2017	†		2,210,000		2,208,429
European Investment Bank
1.125%		12/15/2016- 08/15/2018			3,210,000		3,222,214
							5,430,643
U.S. Municipal Bonds—0.8%
California Earthquake Authority Revenue Bonds (California)
1.824%		07/01/2017			700,000		704,578
California General Obligation Bonds (California)
1.050%		02/01/2016			755,000		757,642
Florida Hurricane Catastrophe Fund Finance Corp. Revenue Bonds, Series A (Florida)
2.995%		07/01/2020			3,125,000		3,187,813
1.298%		07/01/2016			1,955,000		1,966,378
							6,616,411
Non-U.S. Regional Authority Bonds—0.2%
Province of British Columbia (Canada)
1.200%		04/25/2017			2,000,000		2,016,978
TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $27,175,440)							27,400,975
ASSET-BACKED SECURITIES—14.0%
Automobiles—3.3%
Ally Master Owner Trust Series 2013-2, Class A
0.636%		04/15/2018	#		1,600,000		1,600,919

Coupon Rate	Maturity Date			Face		Value
Capital Auto Receivables Asset Trust Series 2014-2, Class A1
0.487%	06/20/2016	#	$	972,157	$	972,103
Capital Auto Receivables Asset Trust Series 2013-1, Class C
1.740%	10/22/2018			330,000		331,017
Capital Auto Receivables Asset Trust Series 2013-1, Class B
1.290%	04/20/2018			330,000		330,127
CarMax Auto Owner Trust Series 2015-2, Class A3
1.370%	03/16/2020			3,515,000		3,520,084
Ford Credit Auto Owner Trust Series 2013-A, Class A3
0.550%	07/15/2017			1,367,495		1,367,825
Harley-Davidson Motorcycle Trust Series 2014-1, Class A3
1.100%	09/15/2019			5,502,000		5,501,766
Nissan Auto Receivables Owner Trust Series 2011-A, Class A4
1.940%	09/15/2017			50,750		50,778
Porsche Financial Auto Securitization Trust Series 2014-1, Class A3
0.670%	01/23/2018	^		7,789,000		7,794,187
Toyota Auto Receivables Owner Trust Series 2014-B, Class A4
1.310%	09/16/2019			400,000		401,142
Volkswagen Auto Loan Enhanced Trust Series 2014-1, Class A3
0.910%	10/22/2018			5,436,000		5,422,663
						27,292,611
Credit Card—8.3%
American Express Credit Account Master Trust Series 2014-1, Class A
0.556%	12/15/2021	#		5,989,000		5,988,108
BA Credit Card Trust Series 2014-A1, Class A
0.565%	06/15/2021	#		5,600,000		5,601,501
Cabela’s Credit Card Master Note Trust Series 2014-2, Class A
0.636%	07/15/2022	#		2,531,000		2,528,738
Cabela’s Credit Card Master Note Trust Series 2014-1, Class A
0.536%	03/16/2020	#		2,195,000		2,196,620
Capital One Multi-Asset Execution Trust Series 2007-A7, Class A7
5.750%	07/15/2020			2,100,000		2,302,812
Capital One Multi-Asset Execution Trust Series 2007-A5, Class A5
0.226%	07/15/2020	#		4,900,000		4,870,321
Capital One Multi-Asset Execution Trust Series 2014-A3, Class A3
0.554%	01/18/2022	#		1,800,000		1,803,588
Chase Issuance Trust Series 2013-A9, Class A
0.605%	11/16/2020	#		9,000,000		9,023,454
Chase Issuance Trust Series 2006-A2, Class A2
5.160%	04/16/2018			2,114,000		2,174,736
Chase Issuance Trust Series 2007-B1, Class B1
0.436%	04/15/2019	#		1,500,000		1,491,354

See accompanying notes to financial statements.

137

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
ASSET-BACKED SECURITIES—(Continued)
Citibank Credit Card Issuance Trust Series 2008-A2, Class A2
1.337%		01/23/2020	#	$	3,300,000	$	3,371,376
Citibank Credit Card Issuance Trust Series 2006-A3, Class A3
5.300%		03/15/2018			960,000		990,854
Citibank Credit Card Issuance Trust Series 2013-A6, Class A6
1.320%		09/07/2018			3,897,000		3,917,658
Discover Card Execution Note Trust Series 2013-A6, Class A6
0.623%		04/15/2021	#		5,558,000		5,576,252
Discover Card Execution Note Trust Series 2014-A1, Class A1
0.604%		07/15/2021	#		3,200,000		3,210,685
Discover Card Execution Note Trust Series 2007-A1, Class A1
5.650%		03/16/2020			750,000		821,823
Synchrony Credit Card Master Note Trust Series 2012-6, Class A
1.360%		08/17/2020			4,840,000		4,839,114
Synchrony Credit Card Master Note Trust Series 2012-3, Class A
0.636%		03/15/2020	#		5,720,000		5,727,619
Synchrony Credit Card Master Note Trust Series 2015-2, Class A
1.600%		04/15/2021			2,315,000		2,315,138
							68,751,751
Other—2.3%
CenterPoint Energy Transition Bond Co. IV LLC Series 2012-1, Class A1
0.901%		04/15/2018			1,043,915		1,044,435
CNH Equipment Trust Series 2015-B, Class A3
1.370%		07/15/2020			7,400,000		7,401,979
Global SC Finance II SRL (Barbados) Series 2014-1A, Class A1
3.190%		07/17/2029	^		1,744,000		1,742,605
GreatAmerica Leasing Receivables Funding LLC Series 2013-1, Class C
1.830%		06/17/2019	^		250,000		249,782
Kubota Credit Owner Trust Series 2015-1A, Class A2
0.940%		12/15/2017	^		1,785,000		1,787,269
MMAF Equipment Finance LLC Series 2015-AA, Class A3
1.390%		10/16/2019	^		3,095,000		3,097,168
TAL Advantage V LLC Series 2014-2A, Class A1
1.700%		05/20/2039	^		2,173,357		2,160,347
Trade MAPS 1 Ltd. (Ireland) Series 2013-1A, Class A
0.885%		12/10/2018	#^		1,800,000		1,800,570
							19,284,155

Coupon Rate	Maturity Date			Face		Value
Student Loan—0.1%
Nelnet Student Loan Trust Series 2014-2A, Class A1
0.467%	06/25/2021	#^	$	528,599	$	528,587
TOTAL ASSET-BACKED SECURITIES
(Cost $116,027,645)						115,857,104
			Shares		Value
MONEY MARKET FUNDS—5.9%
Institutional Money Market Funds—5.9%
Dreyfus Institutional Cash Advantage Fund, 0.08%		††¥		1,800,000		1,800,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%		¥		37,185,152		37,185,152
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%		††¥		2,412,350		2,412,350
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.11%		††¥		1,800,000		1,800,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.10%		††¥		1,800,000		1,800,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.12%		††¥		1,800,000		1,800,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.11%		††¥		1,800,000		1,800,000
TOTAL MONEY MARKET FUNDS
(Cost $48,597,502)						48,597,502
TOTAL INVESTMENTS—102.2%
(Cost $841,397,517)						842,892,575
Other assets less liabilities—(2.2%)						(17,870,879	)
NET ASSETS—100.0%					$	825,021,696

See accompanying notes to financial statements.

138

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

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 $154,256,251, which represents 18.7% 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.

139

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

Vantagepoint Inflation Focused Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—8.3%
Aerospace & Defense—0.0%
KLX, Inc.
5.875%		12/01/2022	^	$	156,000	$	158,323
Automobiles—0.0%
General Motors Co.
3.500%		10/02/2018			154,000		159,392
Banks—1.6%
Bank of America Corp.
5.750%		12/01/2017			1,100,000		1,198,996
5.625%		07/01/2020			230,000		259,508
Bank of America Corp. MTN
4.000%		04/01/2024			255,000		259,958
Bank of America Corp., Perpetual Bond, Series Z
6.500%		10/23/2024	#		150,000		155,438
Bank of America Corp., Series L
2.600%		01/15/2019			1,300,000		1,315,259
Barclays Bank plc, Bank Note (United Kingdom)
3.750%		05/15/2024			255,000		256,398
BNP Paribas SA, Bank Note (France)
5.000%		01/15/2021			230,000		254,410
Citigroup, Inc.
3.300%		04/27/2025			270,000		260,172
Citigroup, Inc., Perpetual Bond, Series P
5.950%		05/15/2025	#		105,000		101,477
Credit Agricole SA (France)
8.125%		09/19/2033	#		1,000,000		1,103,750
Intesa Sanpaolo SpA (Italy)
6.500%		02/24/2021	^		500,000		571,076
2.375%		01/13/2017			700,000		703,702
JPMorgan Chase & Co.
3.875%		02/01/2024			250,000		254,352
3.200%		01/25/2023			265,000		260,167
KBC Bank NV (Belgium)
8.000%		01/25/2023	#		400,000		438,500
PNC Bank NA MTN
3.250%		06/01/2025			300,000		293,849
Santander Holdings USA, Inc.
2.650%		04/17/2020			267,000		262,783
Santander UK plc (United Kingdom)
5.000%		11/07/2023	^		200,000		205,004
Societe Generale SA (France)
5.200%		04/15/2021	^		235,000		263,995
							8,418,794
Capital Markets—1.1%
Goldman Sachs Group, Inc. (The) MTN
3.850%		07/08/2024			2,600,000		2,600,689
1.883%		11/29/2023	#		205,000		208,759
Morgan Stanley
2.650%		01/27/2020			260,000		259,702
Morgan Stanley, Series F
3.875%		04/29/2024			255,000		258,004
UBS AG (Switzerland)
7.625%		08/17/2022			300,000		352,094
5.125%		05/15/2024			1,300,000		1,288,364
UBS AG MTN (Switzerland)
4.750%		05/22/2023	#		900,000		909,418
							5,877,030

Coupon Rate	Maturity Date			Face			Value
Chemicals—0.1%
LyondellBasell Industries NV (Netherlands)
5.750%	04/15/2024		$	230,000		$	262,459
Communications Equipment—0.1%
Motorola Solutions, Inc.
7.500%	05/15/2025			215,000			260,029
Consumer Finance—0.2%
Ford Motor Credit Co. LLC
5.875%	08/02/2021			225,000			256,484
Navient Corp. MTN
7.250%	01/25/2022			95,000			100,462
6.250%	01/25/2016			734,000			749,598
					��
							1,106,544
Diversified Telecommunication Services—0.8%
AT&T, Inc.
3.000%	02/15/2022			265,000			259,053
0.702%	03/30/2017	#		3,000,000			2,990,934
Sprint Capital Corp.
6.900%	05/01/2019			300,000			306,750
Verizon Communications, Inc.
7.350%	04/01/2039			205,000			256,549
4.600%	04/01/2021			240,000			258,231
							4,071,517
Electric Utilities—0.3%
Electricite de France SA (France)
1.150%	01/20/2017	^		200,000			200,396
0.735%	01/20/2017	#^		700,000			701,239
Entergy Corp.
4.000%	07/15/2022			131,000			132,204
Exelon Corp.
2.850%	06/15/2020			345,000			347,394
							1,381,233
Energy Equipment & Services—0.1%
Diamond Offshore Drilling, Inc.
3.450%	11/01/2023			275,000			260,512
Food & Staples Retailing—0.1%
Kroger Co. (The)
3.850%	08/01/2023			250,000			256,866
Walgreens Boots Alliance, Inc.
3.800%	11/18/2024			263,000			258,079
							514,945
Food Products—0.1%
Grupo Bimbo SAB de CV (Mexico)
3.875%	06/27/2024	^		255,000			254,788
HJ Heinz Co.
3.500%	07/15/2022	^		137,000			137,529
2.800%	07/02/2020	^		105,000			105,202
Tyson Foods, Inc.
2.650%	08/15/2019			260,000			261,965
							759,484
Health Care Equipment & Supplies—0.8%
Baxter International, Inc.
1.850%	06/15/2018			260,000			259,326
Becton Dickinson and Co.
3.734%	12/15/2024			255,000			254,644
Medtronic, Inc.
4.375%	03/15/2035	^		1,300,000			1,292,557

See accompanying notes to financial statements.

140

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Inflation Focused Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Zimmer Biomet Holdings, Inc.
3.550%		04/01/2025		$	2,600,000	$	2,517,198
							4,323,725
Health Care Providers & Services—0.1%
HCA, Inc.
6.500%		02/15/2020			145,000		162,400
Laboratory Corp. of America Holdings
3.600%		02/01/2025			265,000		253,955
							416,355
Hotels, Restaurants & Leisure—0.0%
Wyndham Worldwide Corp.
4.250%		03/01/2022			245,000		245,865
Household Products—0.0%
Spectrum Brands, Inc.
5.750%		07/15/2025	^		155,000		158,100
Insurance—0.3%
American International Group, Inc.
6.400%		12/15/2020			215,000		255,902
Hartford Financial Services Group, Inc. (The)
5.125%		04/15/2022			235,000		260,998
Lincoln National Corp.
4.000%		09/01/2023			255,000		262,570
MetLife, Inc., Perpetual Bond, Series C
5.250%		06/15/2020	#		201,000		199,744
MetLife, Inc., Series D
4.368%		09/15/2023			245,000		260,871
Nationwide Mutual Insurance Co.
9.375%		08/15/2039	^		70,000		105,398
Prudential Financial, Inc.
5.375%		05/15/2045	#		265,000		261,687
							1,607,170
Media—0.3%
21st Century Fox America, Inc.
6.150%		02/15/2041			215,000		250,530
4.500%		02/15/2021			240,000		260,891
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
5.875%		10/01/2019			230,000		259,873
5.150%		03/15/2042			160,000		151,057
Time Warner, Inc.
3.550%		06/01/2024			260,000		254,037
Viacom, Inc.
3.875%		04/01/2024			265,000		259,950
							1,436,338
Metals & Mining—0.1%
Freeport-McMoRan, Inc.
4.550%		11/14/2024			275,000		256,715
Glencore Funding LLC
4.000%		04/16/2025	^		275,000		256,313
Newmont Mining Corp.
4.875%		03/15/2042			240,000		202,074
							715,102
Multiline Retail—0.0%
Macy’s Retail Holdings, Inc.
3.875%		01/15/2022			250,000		259,582

Coupon Rate	Maturity Date			Face		Value
Multi-Utilities—0.0%
Berkshire Hathaway Energy Co.
6.125%	04/01/2036		$	215,000	$	254,072
Oil, Gas & Consumable Fuels—1.2%
BG Energy Capital plc (United Kingdom)
6.500%	11/30/2072	#		800,000		858,696
BP Capital Markets plc (United Kingdom)
3.814%	02/10/2024			255,000		259,915
Canadian Natural Resources Ltd. (Canada)
0.657%	03/30/2016	#		600,000		599,025
Chevron Corp.
2.411%	03/03/2022			266,000		258,880
ConocoPhillips
6.000%	01/15/2020			220,000		254,947
Energy Transfer Partners LP
4.050%	03/15/2025			270,000		255,109
EnLink Midstream Partners LP
4.400%	04/01/2024			255,000		256,136
Enterprise Products Operating LLC
2.550%	10/15/2019			260,000		260,187
Kinder Morgan Energy Partners LP
3.950%	09/01/2022			265,000		259,545
Kinder Morgan, Inc.
2.000%	12/01/2017	†		1,900,000		1,895,339
Petrobras Global Finance BV (Netherlands)
5.750%	01/20/2020			210,000		208,601
4.875%	03/17/2020	†		200,000		190,668
Plains All American Pipeline LP/PAA Finance Corp.
3.600%	11/01/2024			190,000		183,747
Reliance Holding USA, Inc.
5.400%	02/14/2022	^		250,000		269,958
Spectra Energy Partners LP
4.600%	06/15/2021			240,000		258,233
						6,268,986
Pharmaceuticals—0.7%
AbbVie, Inc.
3.600%	05/14/2025			263,000		260,483
Actavis Funding SCS (Luxembourg)
3.800%	03/15/2025			260,000		255,917
3.450%	03/15/2022			500,000		495,998
1.850%	03/01/2017			1,900,000		1,910,051
1.158%	09/01/2016	#		300,000		301,161
Perrigo Finance plc (Ireland)
3.500%	12/15/2021			257,000		257,859
Valeant Pharmaceuticals International, Inc. (Canada)
6.125%	04/15/2025	^		150,000		154,687
						3,636,156
Real Estate Investment Trusts (REITs)—0.1%
American Tower Corp.
4.700%	03/15/2022			250,000		261,046
Semiconductors & Semiconductor Equipment—0.1%
Advanced Micro Devices, Inc.
6.750%	03/01/2019			86,000		78,475
KLA-Tencor Corp.
4.650%	11/01/2024			259,000		259,344
						337,819
Specialty Retail—0.0%
Sonic Automotive, Inc.
5.000%	05/15/2023			160,000		157,200

See accompanying notes to financial statements.

141

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Inflation Focused Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Tobacco—0.1%
Altria Group, Inc.								��
2.625%		01/14/2020		$	259,000	$	258,267
Reynolds American, Inc.
4.000%		06/12/2022			184,000		188,233
							446,500
Wireless Telecommunication Services—0.0%
Sprint Corp.
7.625%		02/15/2025			159,000		150,255
TOTAL CORPORATE OBLIGATIONS
(Cost $44,335,337)							43,904,533
MORTGAGE-BACKED SECURITIES—1.2%
Commercial Mortgage-Backed Securities—0.8%
CGRBS Commercial Mortgage Trust, Series 2013-VN05, Class A
3.369%		03/13/2035	^		350,000		355,437
Citigroup Commercial Mortgage Trust, Series 2008-C7, Class 1A
6.263%		12/10/2049	#		366,165		397,341
Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class A5
3.137%		02/10/2048			520,000		512,722
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD3, Class A5
5.617%		10/15/2048			332,269		344,692
COMM Mortgage Trust, Series 2014-KYO, Class A
1.088%		06/11/2027	#^		400,000		399,963
COMM Mortgage Trust, Series 2015-CR22, Class A5
3.309%		03/10/2048			390,000		389,545
Extended Stay America Trust, Series 2013-ESH7, Class 17
2.295%		12/05/2031	^		343,000		340,119
GS Mortgage Securities Corp. II, Series 2007-GG10, Class A4
5.989%		08/10/2045	#		246,911		263,708
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class 1A
5.439%		01/15/2049			395,515		418,235
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2014-INN, Class A
1.106%		06/15/2029	#^		262,000		261,434
LSTAR Commercial Mortgage Trust, Series 2015-3, Class A2
2.729%		04/20/2048	#^		211,000		212,089
Merrill Lynch Mortgage Trust, Series 2006-C2, Class 1A
5.739%		08/12/2043	#		92,123		95,483
ML-CFC Commercial Mortgage Trust, Series 2006-4, Class 1A
5.166%		12/12/2049			349,251		364,832
							4,355,600
Non-Agency Mortgage-Backed Securities—0.4%
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2014-DN3, Class M3
4.187%		08/25/2024	#		250,000		249,556

Coupon Rate	Maturity Date			Face		Value
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2014-DN4, Class M3
4.737%	10/25/2024	#	$	250,000	$	256,125
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2014-HQ2, Class M3
3.937%	09/25/2024	#		250,000		244,755
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2014-HQ3, Class M3
4.937%	10/25/2024	#		250,000		259,730
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2015-DNA2, Class M2
2.787%	12/25/2027	#		525,700		528,122
Federal National Mortgage Association Connecticut Avenue Securities, Series 2015-C01, Class M2
4.737%	02/25/2025	#		112,700		113,967
Federal National Mortgage Association Connecticut Avenue Securities, Series 2015-C02, Class M2
4.185%	05/25/2025	#		165,000		161,149
						1,813,404
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $6,245,887)						6,169,004
U.S. TREASURY OBLIGATIONS—83.7%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.025%	09/03/2015			523,000		523,005
U.S. Treasury Inflation Protected Securities Bonds—35.0%
U.S. Treasury Bond
3.875%	04/15/2029	‡‡		5,460,000		11,148,815
3.625%	04/15/2028			5,163,000		10,308,179
3.375%	04/15/2032			1,708,100		3,214,929
2.500%	01/15/2029			14,880,000		20,247,397
2.375%	01/15/2025- 01/15/2027			34,769,400		50,085,120
2.125%	02/15/2040- 02/15/2041			9,240,100		12,450,907
2.000%	01/15/2026			6,601,000		9,045,492
1.750%	01/15/2028			15,023,000		19,246,402
1.375%	02/15/2044			18,661,000		20,267,618
0.750%	02/15/2042- 02/15/2045			28,439,500		26,884,511
0.625%	02/15/2043			3,181,000		2,909,865
						185,809,235
U.S. Treasury Inflation Protected Securities Notes—48.6%
U.S. Treasury Note
2.500%	07/15/2016			5,586,800		6,790,209
2.000%	01/15/2016			6,500,000		7,862,265
1.875%	07/15/2019			1,400,000		1,692,537
1.625%	01/15/2018			446,000		532,386
1.375%	07/15/2018- 01/15/2020			6,364,800		7,442,337
1.250%	07/15/2020			3,895,000		4,526,724
1.125%	01/15/2021			6,300,000		7,215,868
0.625%	07/15/2021- 01/15/2024			30,237,500		32,222,660

See accompanying notes to financial statements.

142

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Inflation Focused Fund
Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—(Continued)
0.375%		07/15/2023		$	26,783,000	$	27,361,641
0.250%		01/15/2025			20,475,000		20,093,366
0.125%		04/15/2016- 07/15/2024			138,470,300		142,066,400
							257,806,393
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $446,703,228)							444,138,633
GOVERNMENT RELATED OBLIGATIONS—1.3%
U.S. Government Agencies—0.1%
New Valley Generation I
7.299%		03/15/2019			461,589		518,872
Non-U.S. Government Agencies—0.2%
Export-Import Bank of Korea (Korea, Republic of)
4.000%		01/29/2021			1,200,000		1,280,929
Sovereign Debt—1.0%
Slovenia Government International Bond (Slovenia)
5.250%		02/18/2024			400,000		438,000
4.750%		05/10/2018			4,300,000		4,579,861
							5,017,861
TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $6,702,177)							6,817,662
ASSET-BACKED SECURITIES—2.3%
Automobiles—1.7%
Ally Master Owner Trust Series 2015-3, Class A
1.630%		05/15/2020			530,000		530,101
Ally Master Owner Trust Series 2012-4, Class A
1.720%		07/15/2019			500,000		503,640
Avis Budget Rental Car Funding AESOP LLC Series 2014-1A, Class A
2.460%		07/20/2020	^		500,000		503,780
Avis Budget Rental Car Funding AESOP LLC Series 2012-3A, Class A
2.100%		03/20/2019	^		360,000		362,703
Bank of The West Auto Trust Series 2015-1, Class A3
1.310%		10/15/2019	^		527,000		527,004
California Republic Auto Receivables Trust Series 2015-1, Class A4
1.820%		09/15/2020			370,000		371,766
California Republic Auto Receivables Trust Series 2015-2, Class A3
1.310%		08/15/2019			530,000		530,073
CarMax Auto Owner Trust Series 2013-4, Class A4
1.280%		05/15/2019			317,000		317,466
Chrysler Capital Auto Receivables Trust Series 2014-AA, Class A4
1.310%		05/15/2019	^		370,000		370,475
Drive Auto Receivables Trust Series 2015-BA, Class 2A
0.930%		12/15/2017	^		177,000		177,020

Coupon Rate	Maturity Date			Face		Value
Enterprise Fleet Financing LLC Series 2015-1, Class A2
1.300%	09/20/2020	^	$	520,000	$	520,735
Ford Credit Auto Lease Trust Series 2014-B, Class A3
0.890%	09/15/2017			526,000		526,744
Ford Credit Floorplan Master Owner Trust A Series 2015-2, Class A1
1.980%	01/15/2022			500,000		497,726
GE Dealer Floorplan Master Note Trust Series 2014-1, Class A
0.567%	07/20/2019	#		350,000		348,299
GM Financial Automobile Leasing Trust Series 2015-2, Class A3
1.680%	12/20/2018			480,000		481,404
GMF Floorplan Owner Revolving Trust Series 2015-1, Class A1
1.650%	05/15/2020	^		181,677		181,765
Harley-Davidson Motorcycle Trust Series 2015-2, Class A3
1.300%	03/16/2020			527,000		526,871
Harley-Davidson Motorcycle Trust Series 2013-1, Class A4
0.870%	07/15/2019			370,000		369,175
Hertz Vehicle Financing LLC Series 2013-1A, Class B2
2.480%	08/25/2019	^		158,000		154,900
Hyundai Auto Lease Securitization Trust Series 2015-B, Class A3
1.400%	11/15/2018	^		175,000		174,965
Porsche Innovative Lease Owner Trust Series 2015-1, Class A4
1.430%	05/21/2021	^		528,000		527,693
TCF Auto Receivables Owner Trust Series 2015-1A, Class A2
1.020%	08/15/2018	^		242,000		242,138
						8,746,443
Credit Card—0.1%
Barclays Dryrock Issuance Trust Series 2015-2, Class A
1.560%	03/15/2021			158,000		158,042
World Financial Network Credit Card Master Trust Series 2012-B, Class A
1.760%	05/17/2021			520,000		525,019
						683,061
Home Equity—0.4%
Argent Securities, Inc. Series 2005-W2, Class A2B1
0.385%	10/25/2035	#		493		493
First Franklin Mortgage Loan Asset Backed Certificates Series 2005-FF11, Class A2D
0.867%	11/25/2035	#		604,309		602,706
First Franklin Mortgage Loan Asset Backed Certificates Series 2005-FF6, Class M2
0.627%	05/25/2036	#		1,300,000		1,185,201
Long Beach Mortgage Loan Trust Series 2005-2, Class M3
1.117%	04/25/2035	#		300,000		292,956
Saxon Asset Securities Trust Series 2003-1, Class AF7
4.034%	06/25/2033			86,399		87,691
						2,169,047

See accompanying notes to financial statements.

143

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Inflation Focused Fund
Coupon Rate	Maturity Date			Face		Value
ASSET-BACKED SECURITIES—(Continued)
Other—0.1%
H/2 Asset Funding Ltd. Series 2015-1
1.861%		06/24/2049	#‡	$	209,000	$	209,000
Macquarie Equipment Funding Trust Series 2014-A, Class A2
0.800%		11/21/2016	^		525,200		526,378
Park Place Securities, Inc. Series 2004-WWF1, Class M2
1.207%		12/25/2034	#		44,968		45,123
							780,501
Student Loan—0.0%
North Carolina State Education Assistance Authority Series 2011-2, Class A1
0.727%		10/26/2020	#		19,735		19,759
TOTAL ASSET-BACKED SECURITIES
(Cost $12,270,373)							12,398,811
				Notional/ Contracts		Value
PURCHASED OPTIONS—0.0%
Call—U.S. 1 Year Swaption, Expires 01/19/2016, Strike 0.80%					3,400,000		3,627
Call—U.S. 10 Year Treasury Note, Expires 08/21/2015, Strike $128.50					67		28,266
Put—U.S. 30 Year Swaption, Expires 12/11/2017, Strike 2.68%					2,000,000		293,350
TOTAL PURCHASED OPTIONS
(Cost $337,881)							325,243
Coupon Rate	Maturity Date			Face		Value
CERTIFICATES OF DEPOSIT—0.2%
Banks—0.2%
Banco Bilbao Vizcaya Argentaria (Spain)
1.027%		10/23/2015
(Cost $999,900)			EUR		1,000,000		999,620
				Shares		Value
MONEY MARKET FUNDS—2.5%
Institutional Money Market Funds—2.5%
Dreyfus Institutional Cash Advantage Fund, 0.08%			��†¥		125,000		125,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%			¥		12,802,920		12,802,920

		Shares		Value
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%	††¥	102,900	$	102,900
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.11%	††¥	125,000		125,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.10%	††¥	125,000		125,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.12%	††¥	125,000		125,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.11%	††¥	125,000		125,000
TOTAL MONEY MARKET FUNDS
(Cost $13,530,820)				13,530,820
TOTAL INVESTMENTS—99.5%
(Cost $531,125,603)				528,284,326
Other assets less liabilities—0.5%				2,585,410
NET ASSETS—100.0%			$	530,869,736

Notes to the Schedule of Investments:

EUR	European Monetary Unit
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 $10,673,163, which represents 2.0% of Net Assets. The illiquid 144A securities represented 2.0% 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.
‡‡	Security or a portion of the security has been pledged as collateral for futures contracts and/or options contracts.
‡	Security valued at fair value as determined by policies approved by the Board of Directors. (Total Market Value $209,000)
††	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.

144

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

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	$	1,165,852
CONVERTIBLE PREFERRED STOCKS—0.1%
Oil, Gas & Consumable Fuels—0.1%
Rex Energy Corp., Perpetual, Series A
6.000%
(Cost $396,610)					5,400		262,913
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—94.6%
Aerospace & Defense—0.9%
Ducommun, Inc.
9.750%		07/15/2018		$	590,000		621,772
Huntington Ingalls Industries, Inc.
5.000%		12/15/2021	^		900,000		919,125
LMI Aerospace, Inc.
7.375%		07/15/2019			300,000		300,750
Spirit AeroSystems, Inc.
5.250%		03/15/2022			785,000		814,437
TA Manufacturing Ltd. (United Kingdom)
3.625%		04/15/2023	^		EUR 590,000		641,408
							3,297,492
Air Freight & Logistics—0.5%
Air Medical Merger Sub Corp.
6.375%		05/15/2023	^	$	710,000		670,950
XPO Logistics, Inc.
7.875%		09/01/2019	^		700,000		750,645
6.500%		06/15/2022	^		660,000		647,625
							2,069,220
Airlines—0.8%
American Airlines Pass Through Trust, Series 2013-2, Class B
5.600%		07/15/2020	^		900,405		931,918
Intrepid Aviation Group Holdings LLC/Intrepid Finance Co.
6.875%		02/15/2019	^		820,000		766,700
United Airlines Pass Through Trust, Series 2013-1, Class B
5.375%		08/15/2021			1,309,344		1,371,538
							3,070,156
Auto Components—1.2%
Goodyear Tire & Rubber Co. (The)
7.000%		05/15/2022			1,065,000		1,161,915
Grupo Antolin Dutch BV (Netherlands)
4.750%		04/01/2021			EUR 650,000		739,146
Pittsburgh Glass Works LLC
8.000%		11/15/2018	^	$	765,000		808,987
Schaeffler Holding Finance BV (Netherlands)
6.875%		08/15/2018	^		420,000		435,750
6.750%		11/15/2022	^		580,000		628,575
ZF North America Capital, Inc.
4.750%		04/29/2025	^		230,000		223,532

Coupon Rate	Maturity Date			Face		Value
4.500%	04/29/2022	^	$	395,000	$	388,404
						4,386,309
Automobiles—0.3%
FCA US LLC/CG Co.-Issuer, Inc.
8.250%	06/15/2021			750,000		819,375
General Motors Co.
5.200%	04/01/2045			380,000		377,781
						1,197,156
Banks—1.5%
Bank of America Corp., Perpetual Bond, Series Z
6.500%	10/23/2024	#		280,000		290,150
Barclays Bank plc (United Kingdom)
7.625%	11/21/2022			240,000		273,762
Barclays plc, Perpetual Bond (United Kingdom)
8.250%	12/15/2018	#		260,000		275,070
CIT Group, Inc.
5.000%	08/15/2022			2,535,000		2,515,987
Citigroup, Inc., Perpetual Bond, Series P
5.950%	05/15/2025	#		1,140,000		1,101,753
HSBC Holdings plc, Perpetual Bond (United Kingdom)
6.375%	09/17/2024	#		410,000		411,538
6.375%	03/30/2025	#		390,000		392,925
Royal Bank of Scotland Group plc, Perpetual Bond (United
Kingdom)
7.648%	09/30/2031	#		410,000		512,500
						5,773,685
Beverages—0.5%
Carolina Beverage Group LLC/Carolina Beverage Group Finance, Inc.
10.625%	08/01/2018	^		490,000		482,650
Constellation Brands, Inc.
6.000%	05/01/2022			1,000,000		1,092,720
4.750%	11/15/2024			140,000		140,700
DS Services of America, Inc.
10.000%	09/01/2021	^		300,000		352,500
						2,068,570
Building Products—1.2%
Brundage-Bone Concrete Pumping, Inc.
10.375%	09/01/2021	^		350,000		367,500
Building Materials Corp. of America
6.750%	05/01/2021	^		900,000		941,625
Hardwoods Acquisition, Inc.
7.500%	08/01/2021	^		380,000		368,600
NWH Escrow Corp.
7.500%	08/01/2021	^		250,000		236,250
Summit Materials LLC/Summit Materials Finance Corp.
6.125%	07/15/2023	^		1,000,000		1,005,000
USG Corp.
5.875%	11/01/2021	^		1,335,000		1,411,762
5.500%	03/01/2025	^		230,000		230,000
						4,560,737
Capital Markets—0.8%
Argos Merger Sub, Inc.
7.125%	03/15/2023	^		400,000		420,000
Carlson Travel Holdings, Inc.
7.500%	08/15/2019	^		920,000		936,100
DH Services Luxembourg Sarl (Luxembourg)
7.750%	12/15/2020	^		1,000,000		1,042,500

See accompanying notes to financial statements.

145

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint High Yield Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Walter Investment Management Corp.
7.875%		12/15/2021	†	$	680,000	$	633,250
							3,031,850
Chemicals—2.0%
CBC Ammo LLC/CBC FinCo, Inc.
7.250%		11/15/2021	^		860,000		810,550
Celanese US Holdings LLC
4.625%		11/15/2022			260,000		258,700
Chemours Co. (The)
7.000%		05/15/2025	^		150,000		145,875
6.625%		05/15/2023	^		835,000		810,994
6.125%		05/15/2023	^		EUR 845,000		918,290
Eco Services Operations LLC/Eco Finance Corp.
8.500%		11/01/2022	^	$	300,000		303,000
Evolution Escrow Issuer LLC
7.500%		03/15/2022	^		365,000		346,750
Hexion, Inc.
8.875%		02/01/2018			780,000		707,850
Ineos Finance plc (United Kingdom)
4.000%		05/01/2023	^		EUR 930,000		990,195
Platform Specialty Products Corp.
6.500%		02/01/2022	^	$	515,000		534,312
PSPC Escrow Corp.
6.000%		02/01/2023			EUR 315,000		356,823
6.000%		02/01/2023	^		EUR 315,000		356,823
Techniplas LLC
10.000%		05/01/2020	^	$	170,000		172,125
Tronox Finance LLC
6.375%		08/15/2020			770,000		718,025
							7,430,312
Commercial Services & Supplies—2.8%
ACCO Brands Corp.
6.750%		04/30/2020			1,320,000		1,392,600
ADT Corp. (The)
6.250%		10/15/2021	†		1,195,000		1,260,725
5.250%		03/15/2020			35,000		36,837
Ancestry.com Holdings LLC
9.625%		10/15/2018	^		670,000		685,912
Clean Harbors, Inc.
5.250%		08/01/2020			1,410,000		1,438,200
Covanta Holding Corp.
6.375%		10/01/2022			1,015,000		1,067,019
Garda World Security Corp. (Canada)
7.250%		11/15/2021	^		100,000		96,500
Iron Mountain Europe plc (United Kingdom)
6.125%		09/15/2022			GBP 715,000		1,158,900
Jaguar Holding Co. I
9.375%		10/15/2017	^	$	650,000		665,405
Monitronics International, Inc.
9.125%		04/01/2020			620,000		601,400
TMS International Corp.
7.625%		10/15/2021	^		610,000		597,800
West Corp.
5.375%		07/15/2022	^		1,720,000		1,614,650
							10,615,948

Coupon Rate	Maturity Date			Face		Value
Communications Equipment—0.8%
CommScope Technologies Finance LLC
6.000%	06/15/2025	^	$	490,000	$	489,388
CommScope, Inc.
5.500%	06/15/2024	^		725,000		707,781
5.000%	06/15/2021	^		695,000		680,231
4.375%	06/15/2020	^		70,000		70,875
ViaSat, Inc.
6.875%	06/15/2020			1,000,000		1,060,000
						3,008,275
Construction & Engineering—0.3%
AECOM
5.875%	10/15/2024	^		210,000		213,413
Michael Baker Holdings LLC/Micahel Baker Finance Corp.
8.875%	04/15/2019	^		1,000,000		920,000
						1,133,413
Construction Materials—0.1%
Cemex SAB de CV (Mexico)
6.125%	05/05/2025	^†		300,000		296,760
Consumer Finance—2.1%
Ally Financial, Inc.
8.000%	11/01/2031			200,000		240,250
7.500%	09/15/2020			799,000		932,832
5.125%	09/30/2024			395,000		397,469
4.625%	05/19/2022	†		235,000		232,356
4.625%	03/30/2025			1,360,000		1,298,800
4.125%	02/13/2022			880,000		847,000
Navient Corp.
5.875%	03/25/2021			690,000		691,290
5.875%	10/25/2024			70,000		65,975
5.000%	10/26/2020			385,000		378,263
Navient Corp. MTN
5.500%	01/15/2019			190,000		194,203
4.875%	06/17/2019			2,540,000		2,520,950
						7,799,388
Containers & Packaging—2.5%
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc. (Ireland)
4.250%	01/15/2022			EUR 685,000		760,824
3.286%	12/15/2019	#^		EUR 1,000,000		976,250
Ball Corp.
5.250%	07/01/2025		$	610,000		603,900
Berry Plastics Corp.
5.500%	05/15/2022			1,040,000		1,047,800
BWAY Holding Co.
9.125%	08/15/2021	^		400,000		414,000
Cascades, Inc. (Canada)
5.500%	07/15/2022	^		1,290,000		1,252,912
Coveris Holdings SA (Luxembourg)
7.875%	11/01/2019	^		580,000		580,000
Kloeckner Pentaplast of America, Inc.
7.125%	11/01/2020	^		EUR 440,000		491,760
Pactiv LLC
8.375%	04/15/2027		$	500,000		497,500
Plastipak Holdings, Inc.
6.500%	10/01/2021	^		785,000		802,663
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
7.875%	08/15/2019			1,000,000		1,043,750
Sealed Air Corp.
4.500%	09/15/2023	^		EUR 635,000		718,549

See accompanying notes to financial statements.

146

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint High Yield Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
SIG Combibloc Holdings SCA (Luxembourg)
7.750%		02/15/2023	^		EUR 330,000	$	383,794
							9,573,702
Distributors—0.3%
American Builders & Contractors Supply Co., Inc.
5.625%		04/15/2021	^	$	750,000		766,875
VWR Funding, Inc.
4.625%		04/15/2022	^		EUR 500,000		539,309
							1,306,184
Diversified Consumer Services—0.3%
Modular Space Corp.
10.250%		01/31/2019	^	$	616,000		535,920
Service Corp. International
5.375%		01/15/2022			675,000		712,125
							1,248,045
Diversified Financial Services—2.5%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust (Ireland)
5.000%		10/01/2021	^		750,000		773,438
4.625%		07/01/2022			500,000		501,875
4.500%		05/15/2021	^		2,440,000		2,458,300
4.250%		07/01/2020			550,000		551,031
Ausdrill Finance Pty Ltd. (Australia)
6.875%		11/01/2019	^		580,000		490,100
Denali Borrower LLC/Denali Finance Corp.
5.625%		10/15/2020	^		790,000		832,462
Energizer SpinCo., Inc.
5.500%		06/15/2025	^		745,000		737,550
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.
5.875%		03/15/2022	^		1,700,000		1,823,250
Quicken Loans, Inc.
5.750%		05/01/2025	^		1,010,000		969,600
TMX Finance LLC/TitleMax Finance Corp.
8.500%		09/15/2018	^		320,000		264,000
							9,401,606
Diversified Telecommunication Services—5.7%
Altice Financing SA (Luxembourg)
6.625%		02/15/2023	^		EUR 1,360,000		1,353,608
5.250%		02/15/2023	^		EUR 270,000		304,020
Altice Finco SA (Luxembourg)
7.625%		02/15/2025	^	$	540,000		519,750
CenturyLink, Inc.
5.625%		04/01/2025	^		860,000		779,375
CenturyLink, Inc., Series T
5.800%		03/15/2022			190,000		182,162
CenturyLink, Inc., Series V
5.625%		04/01/2020			1,000,000		1,005,000
CenturyLink, Inc., Series W
6.750%		12/01/2023			320,000		322,200
Frontier Communications Corp.
7.625%		04/15/2024			490,000		434,875
6.875%		01/15/2025			185,000		155,400
Intelsat Jackson Holdings SA (Luxembourg)
7.500%		04/01/2021			2,965,000		2,942,762
Intelsat Luxembourg SA (Luxembourg)
8.125%		06/01/2023	†		510,000		425,850

Coupon Rate	Maturity Date			Face		Value
Level 3 Financing, Inc.
6.125%	01/15/2021		$	1,875,000	$	1,971,000
5.625%	02/01/2023	^		1,000,000		1,013,750
5.375%	08/15/2022			275,000		278,781
5.125%	05/01/2023	^†		490,000		478,363
Oi SA (Brazil)
5.750%	02/10/2022	^		1,400,000		1,219,750
Sprint Capital Corp.
8.750%	03/15/2032			750,000		731,250
Telenet Finance V Luxembourg SCA (Luxembourg)
6.250%	08/15/2022			EUR 630,000		758,983
UPCB Finance IV Ltd. (Cayman Islands)
5.375%	01/15/2025	^	$	910,000		873,145
Virgin Media Finance plc (United Kingdom)
7.000%	04/15/2023			GBP 765,000		1,285,245
6.375%	04/15/2023	^		GBP 560,000		581,000
6.000%	10/15/2024	^		GBP 680,000		692,750
4.875%	02/15/2022			GBP 500,000		472,500
Wind Acquisition Finance SA (Luxembourg)
7.000%	04/23/2021			EUR 680,000		785,010
4.000%	07/15/2020	^		EUR 350,000		390,198
Windstream Services LLC
7.750%	10/01/2021		$	650,000		598,000
7.500%	04/01/2023	†		1,000,000		877,500
						21,432,227
Electric Utilities—0.6%
Miran Mid-Atlantic Pass Through Trust, Series C
10.060%	12/30/2028			1,948,589		2,102,040
Electronic Equipment, Instruments & Components—0.6%
Sanmina Corp.
4.375%	06/01/2019	^		2,200,000		2,200,000
Energy Equipment & Services—2.1%
Atwood Oceanics, Inc.
6.500%	02/01/2020			440,000		426,800
CGG SA (France)
6.875%	01/15/2022			200,000		167,000
6.500%	06/01/2021			800,000		668,000
Forum Energy Technologies, Inc.
6.250%	10/01/2021			725,000		721,375
FTS International, Inc.
6.250%	05/01/2022	†		520,000		384,800
Hercules Offshore, Inc.
10.250%	04/01/2019	^		770,000		269,500
KCA Deutag UK Finance plc (United Kingdom)
7.250%	05/15/2021	^		1,500,000		1,252,500
Key Energy Services, Inc.
6.750%	03/01/2021			920,000		547,400
Pacific Drilling V Ltd. (Virgin Islands, British)
7.250%	12/01/2017	^†		500,000		432,500
Paragon Offshore plc (United Kingdom)
6.750%	07/15/2022	^		1,285,000		430,475
Parker Drilling Co.
6.750%	07/15/2022			360,000		312,300
PHI, Inc.
5.250%	03/15/2019			760,000		706,800
Precision Drilling Corp. (Canada)
6.500%	12/15/2021			450,000		438,750
Seventy Seven Energy, Inc.
6.500%	07/15/2022			400,000		258,000
Shelf Drilling Holdings Ltd. (Cayman Islands)
8.625%	11/01/2018	^†		1,000,000		895,000
						7,911,200

See accompanying notes to financial statements.

147

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint High Yield Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Food & Staples Retailing—0.6%
Beverages & More, Inc.
10.000%		11/15/2018	^	$	790,000	$	789,013
Ingles Markets, Inc.
5.750%		06/15/2023			1,060,000		1,082,578
Rite Aid Corp.
6.125%		04/01/2023	^		270,000		279,112
							2,150,703
Food Products—2.4%
Darling Global Finance BV (Netherlands)
4.750%		05/30/2022	^		EUR 830,000		909,132
EWOS Holding AS (Norway)
6.750%		11/01/2020			EUR 695,000		776,758
HJ Heinz Co.
4.875%		02/15/2025	^	$	1,120,000		1,222,200
4.250%		10/15/2020			70,000		71,487
HJ Heinz Finance Co.
7.125%		08/01/2039	^		240,000		298,800
JBS USA LLC/JBS USA Finance, Inc.
7.250%		06/01/2021	^		1,320,000		1,397,550
Pilgrim’s Pride Corp.
5.750%		03/15/2025	^		1,100,000		1,113,750
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp.
4.875%		05/01/2021			1,085,000		1,071,437
Post Holdings, Inc.
6.000%		12/15/2022	^		735,000		710,194
R&R Ice Cream plc (United Kingdom)
5.500%		05/15/2020			GBP 100,000		160,464
R&R Pik plc (United Kingdom)
9.250%		05/15/2018			EUR 450,000		509,208
Simmons Foods, Inc.
7.875%		10/01/2021	^†	$	990,000		913,275
							9,154,255
Gas Utilities—0.7%
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.750%		03/01/2025			165,000		165,413
5.500%		06/01/2024			2,375,000		2,385,687
							2,551,100
Health Care Equipment & Supplies—1.1%
ConvaTec Finance International SA (Luxembourg)
8.250%		01/15/2019	^		1,320,000		1,301,850
DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp.
8.125%		06/15/2021	^		1,420,000		1,466,150
Mallinckrodt International Finance SA/Mallinckrodt CB LLC (Luxembourg)
5.750%		08/01/2022	^		1,235,000		1,267,419
							4,035,419
Health Care Providers & Services—7.5%
Acadia Healthcare Co., Inc.
5.625%		02/15/2023	^		830,000		844,525
5.125%		07/01/2022			1,250,000		1,243,750
Amsurg Corp.
5.625%		07/15/2022			905,000		916,312
BioScrip, Inc.
8.875%		02/15/2021			300,000		256,125
CHS/Community Health Systems, Inc.
6.875%		02/01/2022			2,125,000		2,247,187

Coupon Rate	Maturity Date			Face		Value
DaVita HealthCare Partners, Inc.
5.750%	08/15/2022		$	2,745,000	$	2,919,994
5.000%	05/01/2025			1,140,000		1,100,100
Envision Healthcare Corp.
5.125%	07/01/2022	^		1,150,000		1,161,500
ExamWorks Group, Inc.
5.625%	04/15/2023			1,260,000		1,296,679
Fresenius Medical Care US Finance II, Inc.
5.875%	01/31/2022	^		1,000,000		1,065,000
Fresenius Medical Care US Finance, Inc.
5.750%	02/15/2021	^		250,000		267,500
HCA Holdings, Inc.
6.250%	02/15/2021			2,000,000		2,160,000
HCA, Inc.
7.500%	02/15/2022			280,000		322,350
5.375%	02/01/2025			3,115,000		3,173,562
HealthSouth Corp.
5.125%	03/15/2023			1,065,000		1,062,337
Holding Medi-Partenaires SAS (France)
7.000%	05/15/2020			EUR 465,000		552,231
HomeVi SAS (France)
6.875%	08/15/2021			EUR 730,000		856,771
IASIS Healthcare LLC/IASIS Capital Corp.
8.375%	05/15/2019		$	940,000		975,250
Kindred Healthcare, Inc.
8.750%	01/15/2023	^		270,000		294,300
LifePoint Health, Inc.
5.500%	12/01/2021			1,035,000		1,071,225
MedImpact Holdings, Inc.
10.500%	02/01/2018	^		1,200,000		1,269,060
Tenet Healthcare Corp.
8.125%	04/01/2022			900,000		986,400
8.000%	08/01/2020			650,000		678,438
6.750%	06/15/2023	^		625,000		638,281
Universal Hospital Services, Inc.
7.625%	08/15/2020			900,000		837,000
						28,195,877
Health Care Technology—0.3%
IMS Health, Inc.
6.000%	11/01/2020	^		EUR 335,000		345,887
4.125%	04/01/2023	^		EUR 555,000		600,025
						945,912
Hotels, Restaurants & Leisure—4.7%
1011778 BC ULC/New Red Finance, Inc. (Canada)
6.000%	04/01/2022	^	$	630,000		648,900
4.625%	01/15/2022	^		1,266,000		1,250,175
Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Prope
8.000%	10/01/2020			790,000		748,035
Carrols Restaurant Group, Inc.
8.000%	05/01/2022	^		370,000		390,350
CEC Entertainment, Inc.
8.000%	02/15/2022			300,000		299,250
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp.
5.375%	06/01/2024			910,000		924,742
Choctaw Resort Development Enterprise
7.250%	11/15/2019	^		479,000		476,605
Churchill Downs, Inc.
5.375%	12/15/2021			1,705,000		1,756,150
Downstream Development Authority of the Quapaw Tribe of Oklahoma
10.500%	07/01/2019	^		320,000		307,200

See accompanying notes to financial statements.

148

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint High Yield Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
ESH Hospitality, Inc.
5.250%		05/01/2025	^	$	490,000	$	478,975
Greektown Holdings LLC/Greektown Mothership Corp.
8.875%		03/15/2019	^		370,000		390,350
Hilton Worldwide Finance LLC/Hilton Worldwide Finance
Corp.
5.625%		10/15/2021			750,000		782,775
Landry’s Holdings II, Inc.
10.250%		01/01/2018	^		250,000		260,000
Landry’s, Inc.
9.375%		05/01/2020	^		425,000		457,938
MCE Finance Ltd. (Cayman Islands)
5.000%		02/15/2021	^†		1,250,000		1,193,750
MGM Resorts International
6.625%		12/15/2021			500,000		525,000
NCL Corp. Ltd. (Bermuda)
5.250%		11/15/2019	^		1,080,000		1,111,050
Pinnacle Entertainment, Inc.
7.750%		04/01/2022			1,195,000		1,317,487
Scientific Games International, Inc.
7.000%		01/01/2022	^		605,000		627,688
6.250%		09/01/2020	†		1,550,000		1,212,875
Six Flags Entertainment Corp.
5.250%		01/15/2021	^		1,780,000		1,828,950
Speedway Motorsports, Inc.
5.125%		02/01/2023			400,000		396,000
Viking Cruises Ltd. (Bermuda)
6.250%		05/15/2025	^		520,000		518,700
							17,902,945
Household Durables—1.1%
Shea Homes LP/Shea Homes Funding Corp.
6.125%		04/01/2025	^		610,000		617,625
5.875%		04/01/2023	^		300,000		305,250
Standard Pacific Corp.
5.875%		11/15/2024			360,000		372,600
Taylor Morrison Communities, Inc./Monarch Communities, Inc.
5.875%		04/15/2023	^		150,000		148,875
5.250%		04/15/2021	^		500,000		495,000
Tempur Sealy International, Inc.
6.875%		12/15/2020			995,000		1,059,675
Toll Brothers Finance Corp.
6.750%		11/01/2019			190,000		211,850
Woodside Homes Co. LLC/Woodside Homes Finance, Inc.
6.750%		12/15/2021	^		1,080,000		1,026,000
							4,236,875
Household Products—0.8%
Century Intermediate Holding Co. 2
9.750%		02/15/2019	^		690,000		720,188
Spectrum Brands, Inc.
6.625%		11/15/2022			1,385,000		1,481,950
5.750%		07/15/2025	^		520,000		530,400
Sun Products Corp. (The)
7.750%		03/15/2021	^		110,000		99,825
							2,832,363

Coupon Rate	Maturity Date			Face		Value
Independent Power and Renewable Electricity Producers—2.3%
AES Corp.
5.500%	03/15/2024		$	860,000	$	832,050
Calpine Corp.
5.500%	02/01/2024			1,220,000		1,186,450
Dynegy, Inc.
7.625%	11/01/2024	^		280,000		297,500
6.750%	11/01/2019	^		1,000,000		1,045,500
5.875%	06/01/2023	†		10,000		9,825
NRG Energy, Inc.
6.625%	03/15/2023			500,000		517,500
6.250%	07/15/2022			1,750,000		1,785,000
NRG REMA LLC, Series C
9.681%	07/02/2026			500,000		538,750
Red Oak Power LLC, Series B
9.200%	11/30/2029			560,000		630,000
Talen Energy Supply LLC
6.500%	06/01/2025	^†		120,000		120,150
5.125%	07/15/2019	^		735,000		723,975
Terraform Power Operating LLC
5.875%	02/01/2023	^		935,000		953,700
						8,640,400
Industrial Conglomerates—0.1%
CTP Transportation Products LLC/CTP Finance, Inc.
8.250%	12/15/2019	^		340,000		353,600
Insurance—0.8%
CNO Financial Group, Inc.
5.250%	05/30/2025			630,000		641,781
4.500%	05/30/2020			130,000		132,275
Fidelity & Guaranty Life Holdings, Inc.
6.375%	04/01/2021	^		700,000		731,500
Genworth Holdings, Inc.
7.700%	06/15/2020			350,000		379,743
4.900%	08/15/2023			210,000		186,440
HUB International Ltd.
7.875%	10/01/2021	^		860,000		879,350
						2,951,089
Internet & Catalog Retail—0.2%
Netflix, Inc.
5.875%	02/15/2025	^		700,000		728,077
5.500%	02/15/2022	^		190,000		197,125
						925,202
Internet Software & Services—0.4%
Cogent Communications Group, Inc.
5.375%	03/01/2022	^		980,000		971,425
Equinix, Inc.
5.750%	01/01/2025			350,000		348,250
5.375%	01/01/2022			340,000		342,550
						1,662,225
IT Services—1.3%
Compiler Finance Sub, Inc.
7.000%	05/01/2021	^		990,000		757,350
First Data Corp.
11.250%	01/15/2021			940,000		1,045,750
8.250%	01/15/2021	^		2,945,000		3,114,337
						4,917,437

See accompanying notes to financial statements.

149

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint High Yield Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Leisure Products—0.2%
PortAventura Entertainment Barcelona BV (Netherlands)
7.250%		12/01/2020			EUR 540,000	$	629,779
Machinery—0.9%
Apex Tool Group LLC
7.000%		02/01/2021	^†	$	1,185,000		1,063,537
BlueLine Rental Finance Corp.
7.000%		02/01/2019	^		925,000		955,063
Milacron LLC/Mcron Finance Corp.
7.750%		02/15/2021	^		1,260,000		1,304,100
							3,322,700
Marine—0.1%
CMA CGM SA (France)
7.750%		01/15/2021	^		EUR 420,000		469,408
Media—6.4%
Altice SA (Luxembourg)
7.625%		02/15/2025	^		EUR 200,000		188,500
7.250%		05/15/2022			EUR 690,000		778,862
AMC Entertainment, Inc.
5.750%		06/15/2025	^	$	250,000		245,625
Arqiva Broadcast Finance plc (United Kingdom)
9.500%		03/31/2020			GBP 480,000		833,376
Cablevision Systems Corp.
5.875%		09/15/2022		$	910,000		884,975
Carmike Cinemas, Inc.
6.000%		06/15/2023	^		210,000		212,625
CCO Holdings LLC/CCO Holdings Capital Corp.
6.500%		04/30/2021			650,000		681,281
5.375%		05/01/2025	^		190,000		185,488
5.125%		05/01/2023	^		700,000		682,500
Cequel Communications Holdings I LLC/Cequel Capital Corp.
5.125%		12/15/2021	^		915,000		834,366
CSC Holdings LLC
5.250%		06/01/2024			750,000		723,750
DISH DBS Corp.
7.875%		09/01/2019			410,000		455,715
6.750%		06/01/2021			30,000		31,350
5.875%		07/15/2022			2,930,000		2,878,725
Gibson Brands, Inc.
8.875%		08/01/2018	^		600,000		609,000
iHeartCommunications, Inc.
10.000%		01/15/2018	†		790,000		638,913
LGE HoldCo VI BV (Netherlands)
7.125%		05/15/2024			EUR 100,000		124,353
Mediacom Broadband LLC/Mediacom Broadband Corp.
5.500%		04/15/2021		$	850,000		831,938
New Cotai LLC/New Cotai Capital Corp.
10.625%		05/01/2019	^		1,372,353		1,193,947
Numericable-SFR (France)
6.000%		05/15/2022	^		880,000		869,550
5.625%		05/15/2024			EUR 1,170,000		1,319,049
Sinclair Television Group, Inc.
5.375%		04/01/2021		$	1,000,000		1,011,250
Time Warner Cable, Inc.
7.300%		07/01/2038			280,000		316,406
Time, Inc.
5.750%		04/15/2022	^		1,605,000		1,556,850

Coupon Rate	Maturity Date			Face		Value
Tribune Media Co.
5.875%	07/15/2022	^	$	280,000	$	282,800
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH (Germany)
5.750%	01/15/2023			EUR 216,000		260,072
5.625%	04/15/2023			EUR 558,000		672,242
Univision Communications, Inc.
6.750%	09/15/2022	^	$	1,000,000		1,061,250
5.125%	02/15/2025	^		600,000		580,620
Vougeot Bidco plc (United Kingdom)
7.875%	07/15/2020			GBP 530,000		886,059
WMG Acquisition Corp.
5.625%	04/15/2022	^	$	1,710,000		1,718,550
Ziggo Bond Finance BV (Netherlands)
4.625%	01/15/2025	^		EUR 625,000		693,297
						24,243,284
Metals & Mining—2.5%
ArcelorMittal (Luxembourg)
6.125%	06/01/2025		$	460,000		459,713
5.125%	06/01/2020			250,000		254,062
Barminco Finance Pty Ltd. (Australia)
9.000%	06/01/2018	^†		525,000		493,500
Cliffs Natural Resources, Inc.
8.250%	03/31/2020	^†		615,000		584,250
Coeur Mining, Inc.
7.875%	02/01/2021	†		420,000		358,050
Eldorado Gold Corp. (Canada)
6.125%	12/15/2020	^		770,000		766,150
First Quantum Minerals Ltd. (Canada)
7.250%	05/15/2022	^		1,045,000		1,001,894
FMG Resources August 2006 Pty Ltd. (Australia)
9.750%	03/01/2022	^†		720,000		745,200
6.875%	04/01/2022	^†		800,000		564,000
HudBay Minerals, Inc. (Canada)
9.500%	10/01/2020			605,000		644,325
Novelis, Inc. (Canada)
8.750%	12/15/2020			865,000		919,062
Ryerson, Inc./Joseph T Ryerson & Son, Inc.
9.000%	10/15/2017			500,000		505,000
Steel Dynamics, Inc.
5.500%	10/01/2024			355,000		355,888
5.125%	10/01/2021			380,000		382,660
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.
7.375%	02/01/2020	^		1,200,000		1,218,000
Thompson Creek Metals Co., Inc. (Canada)
12.500%	05/01/2019			370,000		344,100
						9,595,854
Multiline Retail—1.0%
Dufry Finance SCA (Luxembourg)
5.500%	10/15/2020	^		340,000		351,222
Family Tree Escrow LLC
5.750%	03/01/2023	^		1,400,000		1,470,000
Neiman Marcus Group Ltd. LLC
8.750%	10/15/2021	^†		920,000		992,450
8.000%	10/15/2021	^		1,000,000		1,057,500
						3,871,172
Oil, Gas & Consumable Fuels—12.2%
American Energy-Permian Basin LLC/AEPB Finance Corp.
8.000%	06/15/2020	^		410,000		403,850

See accompanying notes to financial statements.

150

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint High Yield Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Antero Resources Corp.
5.375%		11/01/2021		$	750,000	$	723,750
5.125%		12/01/2022			150,000		142,500
Approach Resources, Inc.
7.000%		06/15/2021			310,000		280,550
Baytex Energy Corp. (Canada)
5.125%		06/01/2021	^		860,000		810,550
Blue Racer Midstream LLC/Blue Racer Finance Corp.
6.125%		11/15/2022	^		310,000		320,850
BreitBurn Energy Partners LP/BreitBurn Finance Corp.
8.625%		10/15/2020			300,000		265,500
7.875%		04/15/2022			110,000		91,850
California Resources Corp.
6.000%		11/15/2024	†		800,000		692,000
5.500%		09/15/2021	†		895,000		783,304
Calumet Specialty Products Partners LP/Calumet Finance Corp.
6.500%		04/15/2021			1,500,000		1,485,000
Carrizo Oil & Gas, Inc.
7.500%		09/15/2020			330,000		348,975
6.250%		04/15/2023			205,000		206,537
Chesapeake Energy Corp.
7.250%		12/15/2018	†		1,750,000		1,811,250
4.875%		04/15/2022			750,000		654,375
CITGO Petroleum Corp.
6.250%		08/15/2022	^		960,000		948,000
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp.
6.375%		03/15/2024	†		880,000		633,600
Comstock Resources, Inc.
9.500%		06/15/2020	†		50,000		21,375
7.750%		04/01/2019	†		440,000		187,000
CrownRock LP/CrownRock Finance, Inc.
7.750%		02/15/2023	^		370,000		395,900
Denbury Resources, Inc.
5.500%		05/01/2022	†		905,000		812,237
Energy XXI Gulf Coast, Inc.
11.000%		03/15/2020	^		620,000		545,600
EP Energy LLC/Everest Acquisition Finance, Inc.
6.375%		06/15/2023	^		540,000		543,375
EXCO Resources, Inc.
7.500%		09/15/2018			380,000		243,200
Foresight Energy LLC/Foresight Energy Finance Corp.
7.875%		08/15/2021	^		380,000		342,000
Genesis Energy LP/Genesis Energy Finance Corp.
6.000%		05/15/2023			330,000		330,990
Gulfport Energy Corp.
7.750%		11/01/2020			150,000		157,875
6.625%		05/01/2023	^		865,000		880,137
Halcon Resources Corp.
9.750%		07/15/2020	†		40,000		27,100
8.875%		05/15/2021			1,150,000		761,875
8.625%		02/01/2020	^†		460,000		455,975
Jones Energy Holdings LLC/Jones Energy Finance Corp.
6.750%		04/01/2022			1,200,000		1,149,000
Laredo Petroleum, Inc.
6.250%		03/15/2023			80,000		81,800
5.625%		01/15/2022			695,000		691,525
Linn Energy LLC/Linn Energy Finance Corp.
6.500%		05/15/2019			30,000		24,375
6.500%		09/15/2021			270,000		203,850
6.250%		11/01/2019			3,755,000		2,957,062

Coupon Rate	Maturity Date			Face		Value
Magnum Hunter Resources Corp.
9.750%	05/15/2020	†	$	1,040,000	$	936,000
MarkWest Energy Partners LP/MarkWest Energy Finance Corp.
4.875%	12/01/2024			780,000		766,350
4.875%	06/01/2025			580,000		568,400
Matador Resources Co.
6.875%	04/15/2023	^		410,000		420,763
MEG Energy Corp. (Canada)
7.000%	03/31/2024	^		10,000		9,638
6.500%	03/15/2021	^		950,000		919,125
Murphy Oil USA, Inc.
6.000%	08/15/2023			170,000		177,225
Murray Energy Corp.
11.250%	04/15/2021	^		1,140,000		960,450
Natural Resource Partners LP/NRP Finance Corp.
9.125%	10/01/2018			1,315,000		1,170,350
Navios Maritime Acquisition Corp./Navios Acquisition Finance US, Inc. (Marshall Islands)
8.125%	11/15/2021	^		1,000,000		988,750
Oasis Petroleum, Inc.
6.875%	03/15/2022	†		925,000		943,500
6.875%	01/15/2023			260,000		258,050
Parsley Energy LLC/Parsley Finance Corp.
7.500%	02/15/2022	^		360,000		367,088
Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp.
6.500%	05/15/2021			2,445,000		2,588,644
Petrobras Global Finance BV (Netherlands)
6.850%	06/05/2115			270,000		222,172
QEP Resources, Inc.
5.375%	10/01/2022			540,000		524,178
Range Resources Corp.
5.750%	06/01/2021			1,750,000		1,806,875
4.875%	05/15/2025	^		875,000		853,256
Rice Energy, Inc.
7.250%	05/01/2023	^		310,000		319,300
6.250%	05/01/2022	†		660,000		658,350
Rockies Express Pipeline LLC
7.500%	07/15/2038	^		250,000		272,500
6.875%	04/15/2040	^		668,000		704,740
5.625%	04/15/2020	^		530,000		544,575
Rose Rock Midstream LP/Rose Rock Finance Corp.
5.625%	11/15/2023	^		380,000		369,550
Sabine Pass Liquefaction LLC
5.625%	03/01/2025	^		1,055,000		1,048,406
Samson Investment Co.
9.750%	02/15/2020			850,000		53,125
Sanchez Energy Corp.
7.750%	06/15/2021	†		1,100,000		1,100,000
6.125%	01/15/2023	†		120,000		108,000
SM Energy Co.
5.625%	06/01/2025			670,000		664,841
Southern Star Central Corp.
5.125%	07/15/2022	^		865,000		882,300
Stone Energy Corp.
7.500%	11/15/2022			495,000		433,125
Teine Energy Ltd. (Canada)
6.875%	09/30/2022	^		220,000		213,400
Tesoro Logistics LP/Tesoro Logistics Finance Corp.
5.500%	10/15/2019	^		705,000		734,963
Triangle USA Petroleum Corp.
6.750%	07/15/2022	^		240,000		187,200
Ultra Petroleum Corp. (Canada)
6.125%	10/01/2024	^		855,000		754,538
5.750%	12/15/2018	^		600,000		579,000

See accompanying notes to financial statements.

151

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint High Yield Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Whiting Petroleum Corp.
6.250%		04/01/2023	^	$	535,000	$	533,663
							46,057,082
Paper & Forest Products—0.1%
Resolute Forest Products, Inc.
5.875%		05/15/2023	†		310,000		283,650
Verso Paper Holdings LLC/Verso Paper, Inc.
11.750%		01/15/2019			240,000		141,600
							425,250
Personal Products—0.7%
NBTY, Inc.
9.000%		10/01/2018			900,000		932,625
Prestige Brands, Inc.
5.375%		12/15/2021	^†		1,740,000		1,748,700
							2,681,325
Pharmaceuticals—3.7%
Capsugel SA (Luxembourg)
7.000%		05/15/2019	^		645,000		657,571
Concordia Healthcare Corp. (Canada)
7.000%		04/15/2023	^		800,000		802,000
DPx Holdings BV (Netherlands)
7.500%		02/01/2022	^		500,000		523,125
Endo Finance LLC
5.750%		01/15/2022	^		1,365,000		1,385,475
Endo Finance LLC/Endo Finco, Inc.
5.375%		01/15/2023	^		210,000		207,900
Endo Finance LLC/Endo Ltd./Endo Finco, Inc.
6.000%		07/15/2023	^		970,000		993,037
6.000%		02/01/2025	^		120,000		122,550
Grifols Worldwide Operations Ltd. (Ireland)
5.250%		04/01/2022			400,000		402,000
JLL/Delta Dutch Pledgeco BV (Netherlands)
8.750%		05/01/2020	^		1,280,000		1,302,400
Lantheus Medical Imaging, Inc.
9.750%		05/15/2017			1,250,000		1,288,438
Valeant Pharmaceuticals International, Inc.
6.750%		08/15/2021	^		1,385,000		1,447,325
Valeant Pharmaceuticals International, Inc. (Canada)
6.125%		04/15/2025	^		890,000		917,813
5.875%		05/15/2023	^		1,265,000		1,299,787
5.625%		12/01/2021	^		845,000		866,125
5.500%		03/01/2023	^		985,000		997,313
5.375%		03/15/2020	^		830,000		859,050
							14,071,909
Real Estate Investment Trusts (REITs)—0.5%
Communications Sales & Leasing, Inc.
8.250%		10/15/2023	^		770,000		758,450
CTR Partnership LP/CareTrust Capital Corp.
5.875%		06/01/2021			840,000		858,900
GEO Group, Inc. (The)
5.875%		10/15/2024			440,000		455,400
							2,072,750
Real Estate Management & Development—0.6%
CBRE Services, Inc.
5.250%		03/15/2025			910,000		944,125

Coupon Rate	Maturity Date			Face		Value
Greystar Real Estate Partners LLC
8.250%	12/01/2022	^	$	550,000	$	583,000
Howard Hughes Corp. (The)
6.875%	10/01/2021	^		770,000		820,050
						2,347,175
Road & Rail—1.5%
Ashtead Capital, Inc.
6.500%	07/15/2022	^		2,305,000		2,454,825
Florida East Coast Holdings Corp.
6.750%	05/01/2019	^		430,000		432,150
Jack Cooper Holdings Corp.
10.250%	06/01/2020	^		890,000		827,700
Jurassic Holdings III, Inc.
6.875%	02/15/2021	^		420,000		329,700
Loxam SAS (France)
7.000%	07/23/2022			EUR 720,000		815,736
Watco Cos. LLC/Watco Finance Corp.
6.375%	04/01/2023	^	$	900,000		915,750
						5,775,861
Semiconductors & Semiconductor Equipment—0.2%
Micron Technology, Inc.
5.250%	08/01/2023	^		360,000		346,050
NXP BV/NXP Funding LLC (Netherlands)
4.625%	06/15/2022	^		560,000		553,700
						899,750
Software—1.1%
Activision Blizzard, Inc.
5.625%	09/15/2021	^		440,000		462,000
Audatex North America, Inc.
6.000%	06/15/2021	^		1,870,000		1,928,437
Interface Security Systems Holdings, Inc./Interface Security Systems LLC
9.250%	01/15/2018			590,000		595,900
Open Text Corp. (Canada)
5.625%	01/15/2023	^		585,000		580,612
SS&C Technologies Holdings, Inc.
5.875%	07/15/2023	^		745,000		754,313
						4,321,262
Specialty Retail—2.3%
AmeriGas Finance LLC/AmeriGas Finance Corp.
7.000%	05/20/2022			1,260,000		1,341,900
DBP Holding Corp.
7.750%	10/15/2020	^		1,080,000		885,600
GameStop Corp.
5.500%	10/01/2019	^		330,000		340,313
Guitar Center, Inc.
9.625%	04/15/2020	^†		1,060,000		885,100
Men’s Wearhouse, Inc. (The)
7.000%	07/01/2022			695,000		747,125
Michaels Stores, Inc.
5.875%	12/15/2020	^†		1,250,000		1,315,625
Pendragon plc (United Kingdom)
6.875%	05/01/2020			GBP 550,000		919,513
Rent-A-Center, Inc.
6.625%	11/15/2020	†	$	845,000		830,212
Sally Holdings LLC/Sally Capital, Inc.
5.750%	06/01/2022			1,310,000		1,372,225
						8,637,613

See accompanying notes to financial statements.

152

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint High Yield Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Technology Hardware, Storage & Peripherals—0.3%
NCR Corp.
5.875%		12/15/2021		$	990,000	$	1,023,412
Textiles, Apparel & Luxury Goods—0.7%
Empire Today LLC/Empire Today Finance Corp.
11.375%		02/01/2017	^		500,000		400,000
Levi Strauss & Co.
5.000%		05/01/2025	^		1,360,000		1,322,600
William Carter Co. (The)
5.250%		08/15/2021			500,000		515,000
Wolverine World Wide, Inc.
6.125%		10/15/2020			375,000		399,375
							2,636,975
Tobacco—0.2%
Alliance One International, Inc.
9.875%		07/15/2021	†		680,000		597,550
Trading Companies & Distributors—1.4%
Flexi-Van Leasing, Inc.
7.875%		08/15/2018	^		1,725,000		1,759,500
H&E Equipment Services, Inc.
7.000%		09/01/2022	†		1,000,000		1,036,250
United Rentals North America, Inc.
6.125%		06/15/2023			1,910,000		1,960,137
WESCO Distribution, Inc.
5.375%		12/15/2021			470,000		477,050
							5,232,937
Transportation Infrastructure—0.2%
Moto Finance plc (United Kingdom)
6.375%		09/01/2020	^		GBP 275,000		442,896
syncreon Group BV/syncreon Global Finance US, Inc. (Netherlands)
8.625%		11/01/2021	^	$	480,000		366,000
							808,896
Wireless Telecommunication Services—3.1%
Matterhorn Telecom Holding SA (Luxembourg)
4.875%		05/01/2023	^		EUR 265,000		282,008
Matterhorn Telecom SA (Luxembourg)
3.875%		05/01/2022	^		EUR 430,000		456,111
3.625%		05/01/2022	^		CHF 150,000		153,337
Sprint Communications, Inc.
8.375%		08/15/2017	$		1,750,000		1,898,750
Sprint Corp.
7.625%		02/15/2025			460,000		434,700
7.250%		09/15/2021			5,305,000		5,185,638
T-Mobile USA, Inc.
6.633%		04/28/2021			1,500,000		1,560,000
6.464%		04/28/2019			1,000,000		1,032,500
6.000%		03/01/2023			240,000		246,300
VimpelCom Holdings BV (Netherlands)
5.950%		02/13/2023	^		700,000		621,110
							11,870,454
TOTAL CORPORATE OBLIGATIONS
(Cost $371,528,203)							357,962,075

Coupon Rate	Maturity Date			Face		Value
FLOATING RATE LOANS—0.6%**
Lantheus Medical Imaging, Inc. Term Loan B
7.000%	06/25/2022	#	$	390,000	$	385,613
Murray Energy Corporation, 1st Lien Term Loan B2
7.500%	04/16/2020	#		980,000		911,243
Panda Temple Power LLC, Term Loan
7.250%	01/01/2020	#		448,875		433,164
TPF II LC LLC, Term Loan B
5.508%	09/24/2021	#		606,950		613,020
TOTAL FLOATING RATE LOANS
(Cost $2,378,767)						2,343,040
MORTGAGE-BACKED SECURITIES—1.1%
Non-Agency Mortgage-Backed Securities—1.1%
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2014-HQ3, Class M3
4.937%	10/25/2024	#		2,500,000		2,597,297
Nomura Resecuritization Trust, Series 2015-6R, Class A5
0.356%	05/26/2046	#^		2,380,000		1,424,666
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $4,077,465)						4,021,963
ASSET-BACKED SECURITIES—0.1%
Home Equity—0.1%
Mastr Asset Backed Securities Trust Series 2006-FRE1, Class A4
0.477%	12/25/2035
(Cost $474,484)		#		539,013		484,933
				Shares		Value
MONEY MARKET FUNDS—8.8%
Institutional Money Market Funds—8.8%
Dreyfus Institutional Cash Advantage Fund, 0.08%		††¥		4,000,000		4,000,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%		¥		8,829,229		8,829,229
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%		††¥		4,362,130		4,362,130
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.11%		††¥		4,200,000		4,200,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.10%		††¥		4,000,000		4,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.12%		††¥		4,000,000		4,000,000

See accompanying notes to financial statements.

153

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint High Yield Fund
		Shares		Value
MONEY MARKET FUNDS—(Continued)
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.11%	††¥		4,000,000	$	4,000,000
TOTAL MONEY MARKET FUNDS
(Cost $33,391,359)					33,391,359
TOTAL INVESTMENTS—105.6%
(Cost $413,438,034)					399,632,135
Other assets less liabilities—(5.6%)					(21,173,775	)
NET ASSETS—100.0%				$	378,458,360

Notes to the Schedule of Investments:

CHF	Swiss Franc
EUR	European Monetary Unit
GBP	British Pound Sterling
MTN	Medium Term Note
REIT	Real Estate Investment Trust
#	Rate is subject to change. Rate shown reflects current rate.
^	Securities are not registered under the Securities Act of 1933. These securities may be resold only in transactions exempt from registration, generally to qualified institutional buyers under Securities Act Rule 144A. Such securities are considered illiquid unless deemed liquid by a subadviser under the liquidity procedures adopted by the Board of Directors. The total market value of 144A securities was $178,236,515, which represents 47.1% of Net Assets. The illiquid 144A securities represented 0.2% of Net Assets, and 0.4% of total 144A securities held.
†	Denotes all or a portion of the security on loan.
**	Floating Rate Loan positions may involve multiple underlying tranches. In those instances, the position presented reflects the aggregate of those respective underlying tranches and the rate presented reflects their weighted average rate.
††	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.

154

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—95.8%
Aerospace & Defense—1.7%
Boeing Co. (The)			67,100	$	9,308,112
General Dynamics Corp.			3,520		498,749
Honeywell International, Inc.			70,100		7,148,097
L-3 Communications Holdings, Inc.			4,600		521,548
Lockheed Martin Corp.			2,800		520,520
Northrop Grumman Corp.			3,200		507,616
Orbital ATK, Inc.			6,700		491,512
Precision Castparts Corp.			2,600		519,662
Raytheon Co.			5,400		516,672
Spirit AeroSystems Holdings, Inc.,
Class A	*		117,145		6,455,861
Textron, Inc.			11,300		504,319
Triumph Group, Inc.			7,925		522,970
United Technologies Corp.			95,760		10,622,657
					38,138,295
Air Freight & Logistics—1.3%
FedEx Corp.			132,620		22,598,448
United Parcel Service, Inc., Class B			84,600		8,198,586
					30,797,034
Airlines—0.0%
Copa Holdings SA, Class A (Panama)			6,315		521,556
JetBlue Airways Corp.	*		25,100		521,076
					1,042,632
Auto Components—0.3%
Gentex Corp.			31,120		510,990
Goodyear Tire & Rubber Co. (The)			17,000		512,550
Johnson Controls, Inc.			117,800		5,834,634
Lear Corp.			4,415		495,628
					7,353,802
Automobiles—0.4%
Ford Motor Co.			302,405		4,539,099
General Motors Co.			137,272		4,575,276
Harley-Davidson, Inc.			9,200		518,420
					9,632,795
Banks—8.7%
Associated Banc-Corp			25,600		518,912
Bank of America Corp.			826,016		14,058,792
Bank of Hawaii Corp.			7,600		506,768
BankUnited, Inc.			14,000		503,020
BB&T Corp.			12,500		503,875
BOK Financial Corp.			7,270		505,847
CIT Group, Inc.			10,955		509,298
Citigroup, Inc.			302,325		16,700,433
Citizens Financial Group, Inc.			19,400		529,814
City National Corp./California			5,800		524,262
Comerica, Inc.			10,100		518,332
Commerce Bancshares, Inc./Missouri			11,170		522,421
Cullen/Frost Bankers, Inc.			6,400		502,912
East West Bancorp, Inc.			11,600		519,912
Fifth Third Bancorp			24,800		516,336
First Horizon National Corp.			32,200		504,574

		Shares		Value
First Niagara Financial Group, Inc.		53,100	$	501,264
First Republic Bank/California		8,300		523,149
Huntington Bancshares, Inc./Ohio		44,900		507,819
JPMorgan Chase & Co.		708,480		48,006,605
KeyCorp		34,500		518,190
M&T Bank Corp.		66,320		8,285,357
PacWest Bancorp		10,727		501,594
People’s United Financial, Inc.		31,000		502,510
PNC Financial Services Group, Inc. (The)		288,985		27,641,415
Popular, Inc. (Puerto Rico)	*	15,260		440,404
Regions Financial Corp.		336,100		3,481,996
Signature Bank/New York	*	3,500		512,365
SunTrust Banks, Inc.		216,100		9,296,622
SVB Financial Group	*	3,600		518,328
Synovus Financial Corp.		16,385		504,986
TCF Financial Corp.		30,100		499,961
U.S. Bancorp/Minnesota		332,800		14,443,520
Wells Fargo & Co.		787,520		44,290,125
Zions Bancorporation		15,800		501,413
				199,423,131
Beverages—0.8%
Anheuser-Busch InBev NV ADR
(Belgium)		57,670		6,959,039
Brown-Forman Corp., Class A		4,700		523,674
Brown-Forman Corp., Class B		5,300		530,954
Diageo plc ADR (United Kingdom)		30,850		3,579,834
Molson Coors Brewing Co., Class B		6,980		487,274
PepsiCo, Inc.		67,300		6,281,782
				18,362,557
Biotechnology—0.6%
Alkermes plc (Ireland)	*	7,780		500,565
Alnylam Pharmaceuticals, Inc.	*	4,310		516,640
Amgen, Inc.		41,500		6,371,080
Gilead Sciences, Inc.		50,130		5,869,220
				13,257,505
Building Products—0.8%
Armstrong World Industries, Inc.	*	9,700		516,816
Fortune Brands Home & Security, Inc.		194,330		8,904,200
Masco Corp.		193,600		5,163,312
Owens Corning, Inc.		12,320		508,200
USG Corp.	*	102,900		2,859,591
				17,952,119
Capital Markets—2.8%
Ameriprise Financial, Inc.		64,330		8,036,747
Bank of New York Mellon Corp. (The)		18,100		759,657
BlackRock, Inc.		30,935		10,702,891
Charles Schwab Corp. (The)		15,300		499,545
E*TRADE Financial Corp.	*	17,285		517,686
Franklin Resources, Inc.		328,250		16,094,097
Goldman Sachs Group, Inc. (The)		40,740		8,506,105
Interactive Brokers Group, Inc., Class A		12,090		502,460

See accompanying notes to financial statements.

155

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Invesco Ltd.			168,300	$	6,309,567
Legg Mason, Inc.			10,230		527,152
Morgan Stanley			13,500		523,665
Northern Trust Corp.			127,300		9,733,358
Och-Ziff Capital Management Group LLC, Class A			38,300		468,026
Raymond James Financial, Inc.			8,400		500,472
State Street Corp.			6,500		500,500
TD Ameritrade Holding Corp.			13,725		505,355
Waddell & Reed Financial, Inc., Class A			10,900		515,679
					65,202,962
Chemicals—1.3%
Air Products & Chemicals, Inc.			3,720		509,008
Airgas, Inc.			5,000		528,900
Albemarle Corp.			8,703		481,015
Ashland, Inc.			4,020		490,038
Axalta Coating Systems Ltd.	*		123,590		4,088,357
Cabot Corp.			12,900		481,041
Celanese Corp., Series A			7,095		509,989
Cytec Industries, Inc.			8,540		516,926
Dow Chemical Co. (The)			166,025		8,495,499
E.I. Du Pont de Nemours & Co.			83,961		5,369,306
Eastman Chemical Co.			6,100		499,102
FMC Corp.			10,000		525,500
Huntsman Corp.			22,225		490,506
Mosaic Co. (The)			11,200		524,720
Platform Specialty Products Corp.	*		19,400		496,252
Potash Corp. of Saskatchewan, Inc.
(Canada)			103,300		3,199,201
Praxair, Inc.			4,300		514,065
Scotts Miracle-Gro Co. (The), Class A			8,400		497,364
Sigma-Aldrich Corp.			3,820		532,317
Westlake Chemical Corp.			7,375		505,851
					29,254,957
Commercial Services & Supplies—0.2%
ADT Corp. (The)			15,620		524,363
Clean Harbors, Inc.	*		9,485		509,724
KAR Auction Services, Inc.			13,800		516,120
Pitney Bowes, Inc.			24,800		516,088
R.R. Donnelley & Sons Co.	†		28,075		489,347
Republic Services, Inc.			12,675		496,480
Tyco International plc			26,830		1,032,419
Waste Connections, Inc.			10,640		501,357
Waste Management, Inc.			11,335		525,377
					5,111,275
Communications Equipment—2.1%
ARRIS Group, Inc.	*		16,600		507,960
Brocade Communications Systems, Inc.			42,185		501,158
Cisco Systems, Inc.			1,027,430		28,213,228
CommScope Holding Co., Inc.	*		16,900		515,619
EchoStar Corp., Class A	*		10,035		488,504
Harris Corp.			111,830		8,600,845
JDS Uniphase Corp.	*		42,830		495,971
Juniper Networks, Inc.			19,700		511,609

		Shares		Value
QUALCOMM, Inc.		127,600	$	7,991,588
				47,826,482
Construction & Engineering—0.1%
AECOM	*	15,400		509,432
Chicago Bridge & Iron Co. NV (Netherlands)		9,800		490,392
Fluor Corp.		9,200		487,692
Jacobs Engineering Group, Inc.	*	12,530		508,969
KBR, Inc.		26,550		517,194
Quanta Services, Inc.	*	17,300		498,586
				3,012,265
Construction Materials—0.4%
Martin Marietta Materials, Inc.		3,500		495,285
Vulcan Materials Co.		91,900		7,713,167
				8,208,452
Consumer Finance—0.5%
Ally Financial, Inc.	*	22,555		505,909
American Express Co.		97,400		7,569,928
Capital One Financial Corp.		5,725		503,628
Discover Financial Services		8,720		502,446
Navient Corp.		28,580		520,442
Santander Consumer USA Holdings, Inc.	*	19,745		504,880
SLM Corp.	*	53,115		524,245
Springleaf Holdings, Inc.	*	11,300		518,783
Synchrony Financial	*	15,700		517,001
				11,667,262
Containers & Packaging—0.4%
AptarGroup, Inc.		8,000		510,160
Avery Dennison Corp.		8,600		524,084
Bemis Co., Inc.		11,300		508,613
Crown Holdings, Inc.	*	9,400		497,354
Graphic Packaging Holding Co.		38,300		533,519
MeadWestvaco Corp.	*	93,600		4,416,984
Owens-Illinois, Inc.		22,300		511,562
Rock-Tenn Co., Class A		8,600		517,720
Sonoco Products Co.		11,735		502,962
				8,522,958
Distributors—0.2%
Genuine Parts Co.		58,252		5,215,301
Diversified Consumer Services—1.0%
Graham Holdings Co., Class B		21,458		23,068,423
H&R Block, Inc.		17,400		515,910
				23,584,333
Diversified Financial Services—0.5%
Berkshire Hathaway, Inc., Class B	*	3,600		489,996
CME Group, Inc.		5,400		502,524
Intercontinental Exchange, Inc.		39,205		8,766,630
Leucadia National Corp.		20,900		507,452
NASDAQ OMX Group, Inc. (The)		10,600		517,386
Voya Financial, Inc.		10,800		501,876
				11,285,864
Diversified Telecommunication Services—5.8%
AT&T, Inc.		343,242		12,191,956
CenturyLink, Inc.		137,360		4,035,637
Frontier Communications Corp.	†	104,500		517,275

See accompanying notes to financial statements.

156

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Level 3 Communications, Inc.	*		1,232,651	$	64,923,728
Telefonica SA (Spain)			242,890		3,460,064
Verizon Communications, Inc.			374,959		17,476,839
Vivendi SA ADR (France)			1,153,400		29,169,486
Zayo Group Holdings, Inc.	*		19,200		493,824
					132,268,809
Electric Utilities—2.5%
American Electric Power Co., Inc.			9,725		515,133
Duke Energy Corp.			134,023		9,464,704
Edison International			94,335		5,243,139
Entergy Corp.			112,260		7,914,330
Eversource Energy			160,190		7,274,228
Exelon Corp.			204,750		6,433,245
FirstEnergy Corp.			175,500		5,712,525
Great Plains Energy, Inc.			20,900		504,944
Hawaiian Electric Industries, Inc.			17,800		529,194
ITC Holdings Corp.			16,270		523,569
NextEra Energy, Inc.			44,490		4,361,355
OGE Energy Corp.			17,800		508,546
Pepco Holdings, Inc.			19,095		514,419
Pinnacle West Capital Corp.			9,400		534,766
PPL Corp.			17,900		527,513
Southern Co. (The)			12,300		515,370
Westar Energy, Inc.			15,000		513,300
Xcel Energy, Inc.			174,500		5,615,410
					57,205,690
Electrical Equipment—1.1%
Babcock & Wilcox Co. (The)			15,300		501,840
Eaton Corp. plc			224,245		15,134,295
Emerson Electric Co.			144,300		7,998,549
Hubbell, Inc., Class B			4,800		519,744
Regal Beloit Corp.			7,025		509,945
					24,664,373
Electronic Equipment, Instruments & Components—0.5%
Arrow Electronics, Inc.	*		9,000		502,200
Avnet, Inc.			12,000		493,320
Corning, Inc.			347,400		6,854,202
Dolby Laboratories, Inc., Class A			12,700		503,936
FLIR Systems, Inc.			16,700		514,694
Ingram Micro, Inc., Class A	*		19,800		495,594
Jabil Circuit, Inc.			24,070		512,450
Keysight Technologies, Inc.	*		16,500		514,635
National Instruments Corp.			17,200		506,712
Trimble Navigation Ltd.	*		21,900		513,774
					11,411,517
Energy Equipment & Services—1.0%
Baker Hughes, Inc.			8,230		507,791
Cameron International Corp.	*		9,825		514,535
Diamond Offshore Drilling, Inc.	†		117,500		3,032,675
Dril-Quip, Inc.	*		6,700		504,175
Ensco plc, Class A (United Kingdom)			22,800		507,756
FMC Technologies, Inc.	*		12,600		522,774

		Shares		Value
Frank’s International NV (Netherlands)	†	26,900	$	506,796
Halliburton Co.		209,320		9,015,413
Helmerich & Payne, Inc.		7,215		508,080
Nabors Industries Ltd. (Bermuda)		35,680		514,863
National Oilwell Varco, Inc.		10,600		511,768
Noble Corp. plc (United Kingdom)		33,400		514,026
Oceaneering International, Inc.		11,200		521,808
Patterson-UTI Energy, Inc.		27,140		510,639
Rowan Cos. plc, Class A		24,100		508,751
RPC, Inc.		38,200		528,306
Schlumberger Ltd.		31,300		2,697,747
Seadrill Ltd. (Bermuda)	†	47,650		492,701
Superior Energy Services, Inc.		24,630		518,215
Weatherford International plc (Switzerland)	*	41,900		514,113
				23,452,932
Food & Staples Retailing—0.5%
CVS Health Corp.		81,530		8,550,867
Rite Aid Corp.	*	59,400		495,990
Sysco Corp.		13,200		476,520
Walgreens Boots Alliance, Inc.		6,130		517,617
Wal-Mart Stores, Inc.		7,400		524,882
Whole Foods Market, Inc.		13,030		513,903
				11,079,779
Food Products—1.5%
Archer-Daniels-Midland Co.		181,700		8,761,574
Bunge Ltd.		5,900		518,020
Campbell Soup Co.		98,100		4,674,465
ConAgra Foods, Inc.		37,610		1,644,309
Flowers Foods, Inc.		24,600		520,290
Ingredion, Inc.		6,240		498,014
J.M. Smucker Co. (The)		4,525		490,555
Kellogg Co.		44,720		2,803,944
Kraft Foods Group, Inc.		90,460		7,701,765
McCormick & Co., Inc. (Non-Voting Shares)		45,100		3,650,845
Mondelez International, Inc., Class A		12,940		532,352
Pilgrim’s Pride Corp.	†	21,960		504,421
Pinnacle Foods, Inc.		11,265		513,008
Tyson Foods, Inc., Class A		11,860		505,592
				33,319,154
Gas Utilities—0.1%
AGL Resources, Inc.		10,735		499,822
Atmos Energy Corp.		10,255		525,876
National Fuel Gas Co.		8,720		513,521
Questar Corp.		24,100		503,931
UGI Corp.		14,702		506,484
				2,549,634
Health Care Equipment & Supplies—1.0%
Abbott Laboratories		10,335		507,242
Alere, Inc.	*	9,840		519,060
Baxter International, Inc.		88,385		6,180,763
Boston Scientific Corp.	*	28,400		502,680
Cooper Cos., Inc. (The)		2,900		516,113
DENTSPLY International, Inc.		9,800		505,190
Hill-Rom Holdings, Inc.		9,500		516,135
Medtronic plc (Ireland)		140,585		10,417,348

See accompanying notes to financial statements.

157

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
St. Jude Medical, Inc.			7,100	$	518,797
Stryker Corp.			5,300		506,521
Teleflex, Inc.			3,900		528,255
Zimmer Biomet Holdings, Inc.			4,520		493,720
					21,711,824
Health Care Providers & Services—0.8%
Aetna, Inc.			4,025		513,027
Anthem, Inc.			3,120		512,117
Brookdale Senior Living, Inc.	*		14,900		517,030
Cardinal Health, Inc.			5,800		485,170
Catamaran Corp.	*		8,700		531,396
Community Health Systems, Inc.	*		7,990		503,130
DaVita HealthCare Partners, Inc.	*		6,435		511,389
Express Scripts Holding Co.	*		5,660		503,400
HCA Holdings, Inc.	*		5,550		503,496
Health Net, Inc.	*		8,110		520,013
Humana, Inc.			2,725		521,238
Laboratory Corp. of America Holdings	*		4,159		504,154
LifePoint Health, Inc.	*		6,375		554,306
MEDNAX, Inc.	*		7,100		526,181
Omnicare, Inc.			5,640		531,570
Patterson Cos., Inc.			10,700		520,555
Quest Diagnostics, Inc.			7,300		529,396
UnitedHealth Group, Inc.			77,015		9,395,830
Universal Health Services, Inc., Class B			3,555		505,166
VCA, Inc.	*		9,360		509,231
					19,197,795
Health Care Technology—0.0%
Allscripts Healthcare Solutions, Inc.	*		37,545		513,616
Hotels, Restaurants & Leisure—4.0%
Aramark			16,775		519,522
Carnival Corp.			144,700		7,146,733
Darden Restaurants, Inc.			7,055		501,469
Hilton Worldwide Holdings, Inc.	*		243,190		6,699,885
Hyatt Hotels Corp., Class A	*		8,840		501,140
International Game Technology plc (United Kingdom)	*		28,500		506,160
Las Vegas Sands Corp.			86,100		4,526,277
McDonald’s Corp.			369,300		35,109,351
MGM Resorts International	*		28,500		520,125
Norwegian Cruise Line Holdings Ltd.	*		122,580		6,869,383
Royal Caribbean Cruises Ltd.			6,400		503,616
Wendy’s Co. (The)			45,333		511,356
Wynn Resorts Ltd.			283,420		27,965,051
					91,880,068
Household Durables—0.8%
D.R. Horton, Inc.			18,590		508,622
Garmin Ltd. (Switzerland)			10,935		480,374
Lennar Corp., Class A			9,900		505,296
Lennar Corp., Class B			11,900		513,128
Mohawk Industries, Inc.	*		2,700		515,430
Newell Rubbermaid, Inc.			161,615		6,643,993
PulteGroup, Inc.			334,380		6,737,757
Toll Brothers, Inc.	*		13,500		515,565
Tupperware Brands Corp.			7,900		509,866

		Shares		Value
Whirlpool Corp.		3,000	$	519,150
				17,449,181
Household Products—0.4%
Clorox Co. (The)		62,200		6,470,044
Colgate-Palmolive Co.		8,015		524,261
Energizer Holdings, Inc.		3,745		492,655
Kimberly-Clark Corp.		4,900		519,253
Procter & Gamble Co. (The)		6,300		492,912
				8,499,125
Independent Power and Renewable Electricity Producers—0.2%
AES Corp. (The)		251,400		3,333,564
Calpine Corp.	*	28,525		513,165
NRG Energy, Inc.		20,990		480,251
Talen Energy Corp.	*d	—		—
TerraForm Power, Inc., Class A	*	13,500		512,730
				4,839,710
Industrial Conglomerates—5.1%
3M Co.		43,855		6,766,826
Carlisle Cos., Inc.		5,025		503,103
CK Hutchison Holdings Ltd. ADR (Hong Kong)	*	1,907,000		44,223,330
Danaher Corp.		6,120		523,811
General Electric Co.		1,305,380		34,683,947
Koninklijke Philips NV NYRS (Netherlands)	†	1,185,140		30,173,664
Roper Technologies, Inc.		3,020		520,829
				117,395,510
Insurance—7.3%
ACE Ltd. (Switzerland)		85,160		8,659,069
Aflac, Inc.		8,000		497,600
Alleghany Corp.	*	1,105		517,980
Allied World Assurance Co. Holdings AG (Switzerland)		11,670		504,377
Allstate Corp. (The)		7,800		505,986
American Financial Group, Inc.		8,000		520,320
American International Group, Inc.		120,850		7,470,947
American National Insurance Co.		5,000		511,600
AmTrust Financial Services, Inc.		8,300		543,733
Aon plc (United Kingdom)		349,892		34,877,235
Arch Capital Group Ltd. (Bermuda)	*	7,600		508,896
Arthur J. Gallagher & Co.		10,635		503,036
Aspen Insurance Holdings Ltd.
(Bermuda)		10,880		521,152
Assurant, Inc.		7,800		522,600
Assured Guaranty Ltd. (Bermuda)		19,000		455,810
Axis Capital Holdings Ltd. (Bermuda)		10,000		533,700
Brown & Brown, Inc.		15,800		519,188
Chubb Corp. (The)		39,600		3,767,544
Cincinnati Financial Corp.		10,500		526,890
CNA Financial Corp.		13,645		521,375

See accompanying notes to financial statements.

158

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Endurance Specialty Holdings Ltd. (Bermuda)			8,000	$	525,600
Everest Re Group Ltd. (Bermuda)			2,800		509,628
FNF Group			14,100		521,559
Genworth Financial, Inc., Class A	*		66,000		499,620
Hanover Insurance Group, Inc. (The)			6,900		510,807
Hartford Financial Services Group, Inc. (The)			12,300		511,311
HCC Insurance Holdings, Inc.			6,925		532,117
Lincoln National Corp.			8,400		497,448
Loews Corp.			1,101,424		42,415,838
Markel Corp.	*		605		484,411
Marsh & McLennan Cos., Inc.			327,305		18,558,194
Mercury General Corp.			9,300		517,545
MetLife, Inc.			295,370		16,537,766
Old Republic International Corp.			32,400		506,412
PartnerRe Ltd. (Bermuda)			4,110		528,135
Principal Financial Group, Inc.			107,865		5,532,396
ProAssurance Corp.			11,000		508,310
Progressive Corp. (The)			18,200		506,506
Prudential Financial, Inc.			5,715		500,177
Reinsurance Group of America, Inc.			5,300		502,811
RenaissanceRe Holdings Ltd. (Bermuda)			5,015		509,073
StanCorp Financial Group, Inc.			6,600		499,026
Sun Life Financial, Inc. (Canada)			86,800		2,899,120
Torchmark Corp.			8,700		506,514
Travelers Cos., Inc. (The)			5,435		525,347
Unum Group			116,435		4,162,551
Validus Holdings Ltd. (Bermuda)			11,600		510,284
W.R. Berkley Corp.			10,065		522,675
White Mountains Insurance Group Ltd.			800		523,952
Willis Group Holdings plc (United Kingdom)			49,200		2,307,480
XL Group plc (Ireland)			14,035		522,102
					167,683,753
Internet & Catalog Retail—0.0%
HomeAway, Inc.	*		16,510		513,791
Liberty Interactive Corp. QVC Group, Series A	*		17,900		496,725
					1,010,516
Internet Software & Services—1.0%
Google, Inc., Class C	*		42,849		22,303,333
Yahoo!, Inc.	*		12,920		507,627
Zillow Group, Inc., Class A	*		5,900		511,766
					23,322,726
IT Services—0.8%
Amdocs Ltd.			9,200		502,228
Automatic Data Processing, Inc.			6,400		513,472

		Shares		Value
Black Knight Financial Services, Inc., Class A	*	16,800	$	518,616
Booz Allen Hamilton Holding Corp.		20,000		504,800
Computer Sciences Corp.		46,700		3,065,388
CoreLogic, Inc.	*	12,600		500,094
DST Systems, Inc.		4,200		529,116
Fidelity National Information Services, Inc.		8,400		519,120
International Business Machines Corp.		43,300		7,043,178
Leidos Holdings, Inc.		12,360		498,973
Paychex, Inc.		10,300		482,864
Teradata Corp.	*	14,190		525,030
Western Union Co. (The)		158,900		3,230,437
Xerox Corp.		48,185		512,688
				18,946,004
Leisure Products—0.4%
Brunswick Corp.		10,200		518,772
Hasbro, Inc.		6,800		508,572
Mattel, Inc.		315,735		8,111,232
Vista Outdoor, Inc.	*	11,500		516,350
				9,654,926
Life Sciences Tools & Services—0.2%
Agilent Technologies, Inc.		12,400		478,392
Bio-Rad Laboratories, Inc., Class A	*	3,500		527,135
Bio-Techne Corp.		5,120		504,167
PerkinElmer, Inc.		9,500		500,080
QIAGEN NV (Netherlands)	*	20,075		497,659
Quintiles Transnational Holdings, Inc.	*	7,200		522,792
Thermo Fisher Scientific, Inc.		3,800		493,088
VWR Corp.	*	19,000		507,870
				4,031,183
Machinery—4.1%
AGCO Corp.		9,100		516,698
Allison Transmission Holdings, Inc.		17,900		523,754
Caterpillar, Inc.		5,920		502,134
CNH Industrial NV (United Kingdom)	†	3,841,200		35,646,336
Colfax Corp.	*	11,400		526,110
Crane Co.		8,900		522,697
Cummins, Inc.		4,000		524,760
Deere & Co.	†	73,215		7,105,516
Donaldson Co., Inc.		14,000		501,200
Dover Corp.		7,425		521,087
Flowserve Corp.		65,200		3,433,432
IDEX Corp.		6,430		505,269
Illinois Tool Works, Inc.		162,120		14,880,995
Ingersoll-Rand plc		100,870		6,800,655
ITT Corp.		12,445		520,699
Joy Global, Inc.		99,225		3,591,945
Kennametal, Inc.		14,535		495,934
Lincoln Electric Holdings, Inc.		8,025		488,642
Manitowoc Co., Inc. (The)		26,500		519,400
Oshkosh Corp.		12,000		508,560
PACCAR, Inc.		7,900		504,099
Parker-Hannifin Corp.		4,400		511,852
Pentair plc (United Kingdom)		8,200		563,750

See accompanying notes to financial statements.

159

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
SPX Corp.			7,525	$	544,735
Stanley Black & Decker, Inc.			61,125		6,432,795
Terex Corp.			22,330		519,173
Timken Co. (The)			13,750		502,838
Trinity Industries, Inc.			18,905		499,659
Valmont Industries, Inc.	†		4,335		515,301
Xylem, Inc.			139,840		5,183,869
					94,413,894
Marine—0.0%
Kirby Corp.	*		6,800		521,288
Media—3.9%
Cablevision Systems Corp., Class A	†		194,800		4,663,512
CBS Corp. (Non-Voting Shares),
Class B			107,710		5,977,905
Clear Channel Outdoor Holdings, Inc.,
Class A			51,940		526,152
Comcast Corp., Class A			8,400		503,496
Comcast Corp., Class A			211,090		12,694,953
Discovery Communications, Inc.,
Class A	*		15,800		525,508
Discovery Communications, Inc.,
Class C	*		16,800		522,144
DISH Network Corp., Class A	*		7,280		492,929
Gannett Co., Inc.	*		38,100		533,019
John Wiley & Sons, Inc., Class A			9,600		521,952
Liberty Broadband Corp., Class A	*		9,925		505,877
Liberty Broadband Corp., Class C	*		9,927		507,865
Liberty Media Corp., Series A	*		13,600		490,144
Liberty Media Corp., Series C	*		13,800		495,420
New York Times Co. (The), Class A			172,400		2,353,260
News Corp., Class A	*		197,400		2,880,066
News Corp., Class B	*		35,200		501,248
Scripps Networks Interactive, Inc.,
Class A			444,500		29,056,965
TEGNA, Inc.			14,400		461,808
Thomson Reuters Corp.			157,420		5,992,979
Time Warner, Inc.			126,633		11,068,991
Tribune Media Co., Class A			9,800		523,222
Twenty-First Century Fox, Inc., Class A			15,245		496,149
Twenty-First Century Fox, Inc., Class B			16,300		525,186
Viacom, Inc., Class B			35,300		2,281,792
Walt Disney Co. (The)			45,600		5,204,784
					90,307,326
Metals & Mining—1.0%
Alcoa, Inc.			43,945		489,987
Allegheny Technologies, Inc.			16,160		488,032
Freeport-McMoRan, Inc.			25,740		479,279
Newmont Mining Corp.			183,200		4,279,552
Nucor Corp.			210,170		9,262,192
Reliance Steel & Aluminum Co.			8,000		483,840
Royal Gold, Inc.			8,055		496,107
Southern Copper Corp. (Mexico)			17,500		514,675
Steel Dynamics, Inc.			252,860		5,237,995
Tahoe Resources, Inc.			40,970		496,966
United States Steel Corp.	†		24,100		496,942
					22,725,567

		Shares		Value
Multiline Retail—1.3%
Dillard’s, Inc., Class A		4,750	$	499,652
Dollar General Corp.		89,170		6,932,076
Family Dollar Stores, Inc.		6,615		521,328
J.C. Penney Co., Inc.	*†	60,400		511,588
Kohl’s Corp.		121,255		7,591,776
Macy’s, Inc.		99,600		6,720,012
Nordstrom, Inc.		74,620		5,559,190
Sears Holdings Corp.	*†	18,790		501,693
Target Corp.		6,200		506,106
				29,343,421
Multi-Utilities—0.8%
Alliant Energy Corp.		8,900		513,708
Ameren Corp.		13,600		512,448
CenterPoint Energy, Inc.		26,600		506,198
CMS Energy Corp.		16,200		515,808
Consolidated Edison, Inc.		8,800		509,344
Dominion Resources, Inc.		7,400		494,838
DTE Energy Co.		6,900		515,016
MDU Resources Group, Inc.		26,800		523,404
NiSource, Inc.		244,340		11,139,461
PG&E Corp.		10,160		498,856
Public Service Enterprise Group, Inc.		13,000		510,640
SCANA Corp.		10,100		511,565
Sempra Energy		5,315		525,866
TECO Energy, Inc.		28,800		508,608
Vectren Corp.		13,600		523,328
WEC Energy Group, Inc.		19,272		866,678
				19,175,766
Oil, Gas & Consumable Fuels—10.6%
Anadarko Petroleum Corp.		130,080		10,154,045
Antero Resources Corp.	*	15,100		518,534
Apache Corp.		194,545		11,211,628
BP plc ADR (United Kingdom)	†	89,598		3,580,336
California Resources Corp.		74,108		447,612
Canadian Natural Resources Ltd. (Canada)		79,500		2,159,220
Cheniere Energy, Inc.	*	7,500		519,450
Chesapeake Energy Corp.	†	2,467,520		27,562,198
Chevron Corp.		264,268		25,493,934
Cimarex Energy Co.		4,630		510,735
Cobalt International Energy, Inc.	*	51,400		499,094
Concho Resources, Inc.	*	4,500		512,370
ConocoPhillips		51,760		3,178,582
CONSOL Energy, Inc.		1,505,080		32,720,439
Continental Resources, Inc.	*	12,100		512,919
CVR Energy, Inc.	†	13,780		518,679
Denbury Resources, Inc.		80,910		514,588
Devon Energy Corp.		8,560		509,234
Diamondback Energy, Inc.		6,900		520,122
Energen Corp.		7,525		513,958
EOG Resources, Inc.		97,730		8,556,261
EP Energy Corp., Class A	*†	38,815		494,115
EQT Corp.		6,415		521,796
Exxon Mobil Corp.		268,955		22,377,056
Golar LNG Ltd. (Bermuda)		10,840		507,312
Gulfport Energy Corp.	*	13,100		527,275
Hess Corp.		149,345		9,988,194
HollyFrontier Corp.		12,300		525,087
Kinder Morgan, Inc.		13,655		524,215

See accompanying notes to financial statements.

160

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Kosmos Energy Ltd.	*		61,200	$	515,916
Laredo Petroleum, Inc.	*†		40,210		505,842
Marathon Oil Corp.			360,665		9,572,049
Marathon Petroleum Corp.			10,200		533,562
Murphy Oil Corp.			649,336		26,992,898
Newfield Exploration Co.	*		14,100		509,292
Noble Energy, Inc.			11,830		504,904
Occidental Petroleum Corp.			142,810		11,106,334
ONEOK, Inc.			12,850		507,318
PBF Energy, Inc., Class A			18,585		528,186
Phillips 66			6,630		534,113
Pioneer Natural Resources Co.			38,690		5,365,916
QEP Resources, Inc.			28,495		527,442
Range Resources Corp.			10,400		513,552
Rice Energy, Inc.	*†		24,260		505,336
Royal Dutch Shell plc ADR (Netherlands)	†		154,481		8,806,962
SM Energy Co.			11,200		516,544
Southwestern Energy Co.	*		223,710		5,084,928
Spectra Energy Corp.			16,275		530,565
Targa Resources Corp.			5,800		517,476
Teekay Corp. (Bermuda)			11,300		483,866
Tesoro Corp.			6,180		521,654
Valero Energy Corp.			8,430		527,718
Whiting Petroleum Corp.	*		14,740		495,264
World Fuel Services Corp.			10,845		520,018
WPX Energy, Inc.	*		40,435		496,542
					243,403,185
Paper & Forest Products—0.7%
Domtar Corp. (Canada)			11,765		487,071
International Paper Co.			305,005		14,515,188
					15,002,259
Personal Products—0.1%
Avon Products, Inc.	†		348,915		2,184,208
Herbalife Ltd.	*		9,600		528,864
Nu Skin Enterprises, Inc., Class A			10,900		513,717
					3,226,789
Pharmaceuticals—4.3%
Allergan plc	*		1,700		515,882
AstraZeneca plc ADR (United
Kingdom)			103,150		6,571,687
Bristol-Myers Squibb Co.			297,980		19,827,589
Endo International plc (Ireland)	*		6,500		517,725
GlaxoSmithKline plc (United Kingdom)			163,557		3,400,668
Hospira, Inc.	*		5,895		522,945
Johnson & Johnson			128,215		12,495,834
Mallinckrodt plc	*		4,460		525,031
Merck & Co., Inc.			483,310		27,514,838
Mylan NV	*		7,500		508,950
Perrigo Co. plc (Ireland)			2,720		502,738
Pfizer, Inc.			512,396		17,180,638
Roche Holding AG (Genusschein) (Switzerland)			29,900		8,383,706
					98,468,231
Professional Services—0.4%
Dun & Bradstreet Corp. (The)			4,020		490,440
IHS, Inc., Class A	*		4,000		514,520

		Shares		Value
ManpowerGroup, Inc.		5,620	$	502,315
Nielsen NV		164,135		7,348,324
Towers Watson & Co., Class A		3,680		462,944
				9,318,543
Real Estate Investment Trusts (REITs)—2.2%
Alexandria Real Estate Equities, Inc. REIT		6,000		524,760
American Campus Communities, Inc. REIT		13,800		520,122
American Capital Agency Corp. REIT		27,310		501,685
American Homes 4 Rent, Class A REIT		32,000		513,280
American Realty Capital Properties, Inc. REIT		62,210		505,767
Annaly Capital Management, Inc. REIT		54,315		499,155
Apartment Investment & Management Co., Class A REIT		14,300		528,099
Apple Hospitality REIT, Inc. REIT		26,800		505,716
AvalonBay Communities, Inc. REIT		3,215		513,982
BioMed Realty Trust, Inc. REIT		27,165		525,371
Boston Properties, Inc. REIT		4,300		520,472
Brandywine Realty Trust REIT		39,200		520,576
Brixmor Property Group, Inc. REIT		22,900		529,677
Camden Property Trust REIT		6,815		506,218
CBL & Associates Properties, Inc. REIT		32,400		524,880
Chimera Investment Corp. REIT		36,538		500,936
Columbia Property Trust, Inc. REIT		21,215		520,828
Communications Sales & Leasing, Inc. REIT	†	19,200		474,624
Corporate Office Properties Trust REIT		21,700		510,818
Corrections Corp. of America REIT		15,700		519,356
DDR Corp. REIT		33,600		519,456
Digital Realty Trust, Inc. REIT		68,600		4,574,248
Douglas Emmett, Inc. REIT		19,300		519,942
Duke Realty Corp. REIT		27,300		506,961
Empire State Realty Trust, Inc., Class A REIT		30,800		525,448
Equity Commonwealth REIT	*	20,250		519,817
Equity Residential REIT		7,500		526,275
Essex Property Trust, Inc. REIT		2,403		510,637
Gaming and Leisure Properties, Inc. REIT		14,105		517,089
General Growth Properties, Inc. REIT		19,600		502,936
HCP, Inc. REIT		13,935		508,209
Health Care REIT, Inc. REIT		8,020		526,353
Healthcare Trust of America, Inc., Class A REIT		21,400		512,530
Home Properties, Inc. REIT		7,000		511,350
Hospitality Properties Trust REIT		18,200		524,524
Host Hotels & Resorts, Inc. REIT		25,590		507,450
Iron Mountain, Inc. REIT		16,179		501,549
Kilroy Realty Corp. REIT		7,700		517,055
Kimco Realty Corp. REIT		23,000		518,420
Liberty Property Trust REIT		16,000		515,520

See accompanying notes to financial statements.

161

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Macerich Co. (The) REIT			6,700	$	499,820
MFA Financial, Inc. REIT			66,645		492,507
Mid-America Apartment Communities, Inc. REIT			6,800		495,108
National Retail Properties, Inc. REIT			14,340		502,043
NorthStar Realty Finance Corp. REIT			32,162		511,376
Omega Healthcare Investors, Inc. REIT			15,280		524,562
Outfront Media, Inc. REIT			20,134		508,182
Paramount Group, Inc. REIT			127,800		2,193,048
Piedmont Office Realty Trust, Inc.,
Class A REIT	†		28,805		506,680
Plum Creek Timber Co., Inc. REIT			12,510		507,531
Post Properties, Inc. REIT			9,725		528,748
Prologis, Inc. REIT			13,900		515,690
Public Storage REIT			2,800		516,236
Rayonier, Inc. REIT			125,345		3,202,565
Realty Income Corp. REIT			11,440		507,822
Regency Centers Corp. REIT			8,820		520,204
Retail Properties of America, Inc., Class A REIT			37,190		518,057
Senior Housing Properties Trust REIT			29,880		524,394
SL Green Realty Corp. REIT			4,725		519,230
Spirit Realty Capital, Inc. REIT			53,040		512,897
Starwood Property Trust, Inc. REIT			22,000		474,540
Taubman Centers, Inc. REIT			7,400		514,300
Two Harbors Investment Corp. REIT			48,200		469,468
UDR, Inc. REIT			15,750		504,472
Ventas, Inc. REIT			8,200		509,138
Vornado Realty Trust REIT			5,520		524,014
Weingarten Realty Investors REIT			16,135		527,453
Weyerhaeuser Co. REIT			202,130		6,367,095
WP Carey, Inc. REIT			8,925		526,040
WP GLIMCHER, Inc. REIT			37,270		504,263
					50,159,574
Real Estate Management & Development—0.1%
Forest City Enterprises, Inc., Class A	*		23,200		512,720
Howard Hughes Corp. (The)	*		3,510		503,826
Jones Lang LaSalle, Inc.			2,910		497,610
Realogy Holdings Corp.	*		10,960		512,051
					2,026,207
Road & Rail—0.4%
AMERCO			1,620		529,594
CSX Corp.			15,545		507,544
Genesee & Wyoming, Inc., Class A	*		6,815		519,167
Kansas City Southern			5,755		524,856
Norfolk Southern Corp.			6,015		525,471
Ryder System, Inc.			5,525		482,719
Union Pacific Corp.			54,400		5,188,128
					8,277,479

		Shares		Value
Semiconductors & Semiconductor Equipment—2.8%
Altera Corp.		10,400	$	532,480
Analog Devices, Inc.		203,950		13,090,531
Applied Materials, Inc.		356,020		6,842,704
Broadcom Corp., Class A		10,030		516,445
Cree, Inc.	*†	19,260		501,338
Cypress Semiconductor Corp.	*	43,200		508,032
First Solar, Inc.	*	10,400		488,592
Freescale Semiconductor Ltd.	*	12,500		499,625
Intel Corp.		410,715		12,491,897
Lam Research Corp.		6,380		519,013
Marvell Technology Group Ltd.
(Bermuda)		547,580		7,219,842
Maxim Integrated Products, Inc.		299,140		10,342,766
Micron Technology, Inc.	*	22,130		416,929
NVIDIA Corp.		23,800		478,618
ON Semiconductor Corp.	*	42,900		501,501
SunEdison, Inc.	*	16,820		503,086
SunPower Corp.	*†	16,345		464,361
Teradyne, Inc.		26,100		503,469
Texas Instruments, Inc.		123,600		6,366,636
Xilinx, Inc.		11,600		512,256
				63,300,121
Software—1.4%
Activision Blizzard, Inc.		20,885		505,626
ANSYS, Inc.	*	5,550		506,382
Autodesk, Inc.	*	9,965		498,997
CA, Inc.		96,105		2,814,915
Microsoft Corp.		382,865		16,903,490
Nuance Communications, Inc.	*	29,380		514,444
Oracle Corp.		12,900		519,870
SS&C Technologies Holdings, Inc.		8,300		518,750
Symantec Corp.		369,635		8,594,014
Synopsys, Inc.	*	10,200		516,630
Zynga, Inc., Class A	*	174,875		500,142
				32,393,260
Specialty Retail—1.2%
Aaron’s, Inc.		14,490		524,683
Best Buy Co., Inc.		15,650		510,346
Cabela’s, Inc.	*†	10,060		502,799
CST Brands, Inc.		12,985		507,194
Dick’s Sporting Goods, Inc.		9,715		502,946
DSW, Inc., Class A		15,100		503,887
Foot Locker, Inc.		7,630		511,286
GameStop Corp., Class A	†	11,700		502,632
Home Depot, Inc. (The)		71,860		7,985,802
Lowe’s Cos., Inc.		91,445		6,124,072
Murphy USA, Inc.	*	9,090		507,404
Office Depot, Inc.	*	60,000		519,600
Penske Automotive Group, Inc.		9,550		497,650
Staples, Inc.		416,300		6,373,553
Tiffany & Co.		5,500		504,900
				26,578,754
Technology Hardware, Storage & Peripherals—0.2%
3D Systems Corp.	*	25,900		505,568
EMC Corp.		20,120		530,967
Hewlett-Packard Co.		16,240		487,363
Lexmark International, Inc., Class A		11,500		508,300
NCR Corp.	*	16,510		496,951

See accompanying notes to financial statements.

162

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
NetApp, Inc.			16,270	$	513,481
SanDisk Corp.			7,860		457,609
Western Digital Corp.			6,200		486,204
					3,986,443
Textiles, Apparel & Luxury Goods—0.5%
Coach, Inc.			66,500		2,301,565
Fossil Group, Inc.	*		7,300		506,328
PVH Corp.			62,740		7,227,648
Ralph Lauren Corp.			3,730		493,703
					10,529,244
Thrifts & Mortgage Finance—0.1%
Hudson City Bancorp, Inc.			51,400		507,832
New York Community Bancorp, Inc.	†		28,800		529,344
TFS Financial Corp.			30,330		510,151
					1,547,327
Tobacco—0.3%
Altria Group, Inc.			10,285		503,039
British American Tobacco plc (United Kingdom)			95,058		5,118,162
Philip Morris International, Inc.			6,310		505,873
					6,127,074
Trading Companies & Distributors—0.1%
Air Lease Corp.			14,900		505,110
GATX Corp.			9,400		499,610
MSC Industrial Direct Co., Inc., Class A			7,300		509,321
NOW, Inc.	*†		25,300		503,723
WESCO International, Inc.	*		7,415		508,966
					2,526,730
Transportation Infrastructure—0.0%
Macquarie Infrastructure Corp.			6,100		504,043
Water Utilities—0.0%
American Water Works Co., Inc.			10,300		500,889
Aqua America, Inc.			21,400		524,086
					1,024,975
Wireless Telecommunication Services—0.2%
SBA Communications Corp., Class A	*		4,400		505,868
Sprint Corp.	*		108,175		493,278
Telephone & Data Systems, Inc.			17,600		517,440
T-Mobile US, Inc.	*		13,500		523,395
United States Cellular Corp.	*		13,300		501,011
Vodafone Group plc (United Kingdom)			428,608		1,563,517
					4,104,509
TOTAL COMMON STOCKS
(Cost $1,882,519,631)					2,195,931,815

		Shares		Value
MONEY MARKET FUNDS—9.9%
Institutional Money Market Funds—9.9%
Dreyfus Institutional Cash Advantage Fund, 0.08%	††¥	16,468,000	$	16,468,000
Fidelity Institutional Money Market: Money Market Portfolio— Institutional Class, 0.14%	¥	124,836,736		124,836,736
Fidelity Institutional Money Market: Money Market Portfolio— Institutional Class, 0.14%	††¥	19,498,843		19,498,843
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class, 0.11%	††¥	15,975,000		15,975,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.10%	††¥	16,468,000		16,468,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.12%	††¥	16,468,000		16,468,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.11%	††¥	16,468,000		16,468,000
TOTAL MONEY MARKET FUNDS
(Cost $226,182,579)				226,182,579
TOTAL INVESTMENTS—105.7%
(Cost $2,108,702,210)				2,422,114,394
Other assets less liabilities—(5.7%)				(131,529,157	)
NET ASSETS—100.0%			$	2,290,585,237

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.
d	Security has no market value at June 30, 2015.
††	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.

163

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

Vantagepoint Growth & Income Fund		Shares		Value
COMMON STOCKS—96.8%
Aerospace & Defense—3.7%
Boeing Co. (The)			46,300	$	6,422,736
Honeywell International, Inc.			261,075		26,621,818
Precision Castparts Corp.			12,600		2,518,362
Spirit AeroSystems Holdings, Inc., Class A	*		143,670		7,917,654
Textron, Inc.			23,300		1,039,879
Triumph Group, Inc.			127,000		8,380,730
United Technologies Corp.			100,410		11,138,481
					64,039,660
Air Freight & Logistics—1.2%
Expeditors International of Washington, Inc.			360,550		16,623,158
FedEx Corp.			20,200		3,442,080
					20,065,238
Airlines—0.4%
American Airlines Group, Inc.			105,400		4,209,149
Delta Air Lines, Inc.			600		24,648
United Continental Holdings, Inc.	*		66,600		3,530,466
					7,764,263
Auto Components—0.0%
BorgWarner, Inc.			4,700		267,148
Delphi Automotive plc (United Kingdom)			4,700		399,923
					667,071
Automobiles—0.2%
Tesla Motors, Inc.	*†		10,000		2,682,600
Banks—6.8%
Citigroup, Inc.			444,550		24,556,942
Comerica, Inc.			412,100		21,148,972
JPMorgan Chase & Co.			403,318		27,328,828
M&T Bank Corp.			85,300		10,656,529
PNC Financial Services Group, Inc. (The)			163,100		15,600,515
Wells Fargo & Co.			330,830		18,605,879
					117,897,665
Beverages—1.9%
Anheuser-Busch InBev NV ADR (Belgium)			82,390		9,942,001
Coca-Cola Co. (The)			319,000		12,514,370
Constellation Brands, Inc., Class A			7,800		904,956
Diageo plc ADR (United Kingdom)			80,460		9,336,579
Monster Beverage Corp.	*		1,200		160,824
					32,858,730
Biotechnology—4.1%
Alexion Pharmaceuticals, Inc.	*		54,400		9,833,888
Amgen, Inc.			53,830		8,263,982
Biogen, Inc.	*		27,900		11,269,926
Celgene Corp.	*		75,000		8,680,125
Gilead Sciences, Inc.			170,900		20,008,972
Regeneron Pharmaceuticals, Inc.	*		7,300		3,723,949

		Shares		Value
Vertex Pharmaceuticals, Inc.	*	74,190	$	9,160,981
				70,941,823
Building Products—0.6%
Fortune Brands Home & Security, Inc.		220,440		10,100,561
Capital Markets—4.5%
Ameriprise Financial, Inc.		22,300		2,785,939
Bank of New York Mellon Corp. (The)		715,450		30,027,436
BlackRock, Inc.		30,020		10,386,320
Goldman Sachs Group, Inc. (The)		43,600		9,103,244
Invesco Ltd.		339,900		12,742,851
Morgan Stanley		140,600		5,453,874
Northern Trust Corp.		7,300		558,158
State Street Corp.		36,700		2,825,900
TD Ameritrade Holding Corp.		109,000		4,013,380
				77,897,102
Chemicals—2.9%
Ashland, Inc.		9,400		1,145,860
Dow Chemical Co. (The)		145,900		7,465,703
Ecolab, Inc.		35,600		4,025,292
Potash Corp. of Saskatchewan, Inc. (Canada)		932,400		28,876,428
PPG Industries, Inc.		8,000		917,760
Sherwin-Williams Co. (The)		27,800		7,645,556
				50,076,599
Communications Equipment—1.3%
Cisco Systems, Inc.		809,150		22,219,259
Consumer Finance—1.0%
American Express Co.		234,175		18,200,081
Diversified Financial Services—2.2%
Berkshire Hathaway, Inc., Class B	*	199,050		27,092,695
Intercontinental Exchange, Inc.		49,380		11,041,862
				38,134,557
Diversified Telecommunication Services—0.4%
Verizon Communications, Inc.		142,600		6,646,586
Electric Utilities—0.9%
Edison International		142,350		7,911,813
Xcel Energy, Inc.		221,200		7,118,216
				15,030,029
Electrical Equipment—0.7%
Eaton Corp. plc		189,380		12,781,256
Electronic Equipment, Instruments & Components—1.2%
TE Connectivity Ltd. (Switzerland)		319,475		20,542,242
Energy Equipment & Services—1.7%
Halliburton Co.		206,410		8,890,079
Schlumberger Ltd.		236,950		20,422,720
				29,312,799
Food & Staples Retailing—0.5%
Costco Wholesale Corp.		5,400		729,324
CVS Health Corp.		46,200		4,845,456
Walgreens Boots Alliance, Inc.		37,300		3,149,612
				8,724,392

See accompanying notes to financial statements.

164

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Growth & Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Food Products—3.2%
Danone SA ADR (France)			1,642,800	$	21,274,260
Ingredion, Inc.			111,500		8,898,815
Keurig Green Mountain, Inc.			700		53,641
Kraft Foods Group, Inc.			97,180		8,273,905
Nestle SA ADR (Switzerland)			246,375		17,778,420
					56,279,041
Health Care Equipment & Supplies—1.4%
Baxter International, Inc.			100,890		7,055,238
Becton Dickinson and Co.			19,900		2,818,835
Cooper Cos., Inc. (The)			1,100		195,767
Intuitive Surgical, Inc.	*		5,900		2,858,550
Medtronic plc (Ireland)			143,495		10,632,979
Stryker Corp.			15,700		1,500,449
					25,061,818
Health Care Providers & Services—3.8%
Aetna, Inc.			3,300		420,618
AmerisourceBergen Corp.			122,100		12,984,114
Anthem, Inc.			19,400		3,184,316
Cardinal Health, Inc.			31,700		2,651,705
Cigna Corp.			3,800		615,600
Humana, Inc.			4,500		860,760
McKesson Corp.			56,100		12,611,841
UnitedHealth Group, Inc.			260,050		31,726,100
					65,055,054
Hotels, Restaurants & Leisure—2.2%
Carnival Corp.			4,400		217,316
Chipotle Mexican Grill, Inc.	*		2,500		1,512,475
Hilton Worldwide Holdings, Inc.	*		425,681		11,727,511
Las Vegas Sands Corp.			7,700		404,789
Marriott International, Inc., Class A			7,971		592,963
MGM Resorts International	*		64,500		1,177,125
Norwegian Cruise Line Holdings Ltd.	*		246,000		13,785,840
Royal Caribbean Cruises Ltd.			3,100		243,939
Starbucks Corp.			136,800		7,334,532
Starwood Hotels & Resorts Worldwide, Inc.			1,000		81,090
Wynn Resorts Ltd.			5,800		572,286
					37,649,866
Household Durables—0.6%
PulteGroup, Inc.			533,170		10,743,376
Industrial Conglomerates—2.7%
3M Co.			74,150		11,441,345
Danaher Corp.			136,500		11,683,035
General Electric Co.			428,400		11,382,588
Koninklijke Philips NV NYRS (Netherlands)			343,379		8,742,429
Roper Technologies, Inc.			18,200		3,138,772
					46,388,169
Insurance—3.3%
ACE Ltd. (Switzerland)			62,960		6,401,773
Aon plc (United Kingdom)			1,900		189,392
Marsh & McLennan Cos., Inc.			148,690		8,430,723
Principal Financial Group, Inc.			205,400		10,534,966

		Shares		Value
Progressive Corp. (The)		764,900	$	21,287,167
XL Group plc (Ireland)		269,900		10,040,280
				56,884,301
Internet & Catalog Retail—2.5%
Amazon.com, Inc.	*	49,400		21,444,046
Ctrip.com International Ltd. ADR (China)	*	9,300		675,366
Expedia, Inc.		400		43,740
Netflix, Inc.	*	10,300		6,766,482
Priceline Group, Inc. (The)	*	10,700		12,319,659
Vipshop Holdings Ltd. ADR (China)	*†	117,000		2,603,250
				43,852,543
Internet Software & Services—4.0%
Akamai Technologies, Inc.	*	10,600		740,092
Alibaba Group Holding Ltd. ADR (China)	*	59,738		4,914,645
Baidu, Inc. ADR (China)	*	41,900		8,341,452
eBay, Inc.	*	275,225		16,579,554
Facebook, Inc., Class A	*	142,700		12,238,665
Google, Inc., Class A	*	15,700		8,478,628
Google, Inc., Class C	*	20,054		10,438,308
LinkedIn Corp., Class A	*	9,800		2,024,974
Tencent Holdings Ltd. (China)		273,800		5,475,051
				69,231,369
IT Services—3.2%
Accenture plc, Class A (Ireland)		297,600		28,801,728
Cognizant Technology Solutions Corp., Class A	*	15,700		959,113
Fiserv, Inc.	*	40,400		3,346,332
MasterCard, Inc., Class A		118,400		11,068,032
Visa, Inc., Class A		167,200		11,227,480
				55,402,685
Leisure Products—0.0%
Polaris Industries, Inc.		400		59,244
Life Sciences Tools & Services—0.3%
Thermo Fisher Scientific, Inc.		43,800		5,683,488
Machinery—2.3%
Flowserve Corp.		5,500		289,630
Ingersoll-Rand plc		6,600		444,972
PACCAR, Inc.		332,850		21,239,159
Stanley Black & Decker, Inc.		147,600		15,533,424
Wabtec Corp.		28,400		2,676,416
				40,183,601
Media—4.0%
CBS Corp. (Non-Voting Shares), Class B		183,660		10,193,130
Comcast Corp., Class A		443,425		26,667,579
Omnicom Group, Inc.		299,275		20,796,620
Thomson Reuters Corp.		178,010		6,776,841
Time Warner, Inc.		5,600		489,496
Walt Disney Co. (The)		32,400		3,698,136
				68,621,802
Metals & Mining—0.7%
Barrick Gold Corp. (Canada)		194,500		2,073,370
Steel Dynamics, Inc.		485,720		10,061,690
				12,135,060

See accompanying notes to financial statements.

165

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Growth & Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Multiline Retail—2.0%
Dollar General Corp.			340,975	$	26,507,396
Nordstrom, Inc.			112,040		8,346,980
					34,854,376
Multi-Utilities—0.4%
National Grid plc ADR (United Kingdom)	†		113,940		7,357,106
Oil, Gas & Consumable Fuels—5.5%
BG Group plc (United Kingdom)			532,646		8,871,119
Chevron Corp.			216,740		20,908,908
Cimarex Energy Co.			6,000		661,860
Concho Resources, Inc.	*		6,200		705,932
Continental Resources, Inc.	*		700		29,673
Devon Energy Corp.			346,400		20,607,336
EOG Resources, Inc.			146,790		12,851,464
EQT Corp.			34,600		2,814,364
Marathon Oil Corp.			351,770		9,335,976
Pioneer Natural Resources Co.			62,700		8,695,863
Range Resources Corp.			23,435		1,157,220
Southwestern Energy Co.	*		361,970		8,227,578
					94,867,293
Paper & Forest Products—0.6%
International Paper Co.			206,420		9,823,528
Personal Products—0.9%
Estee Lauder Cos., Inc. (The), Class A			20,500		1,776,530
Unilever plc ADR (United Kingdom)			319,100		13,708,536
					15,485,066
Pharmaceuticals—4.1%
AbbVie, Inc.			2,600		174,694
Allergan plc	*		34,853		10,576,491
AstraZeneca plc ADR (United Kingdom)			121,800		7,759,878
Bristol-Myers Squibb Co.			202,500		13,474,350
Eli Lilly & Co.			24,000		2,003,760
Merck & Co., Inc.			289,930		16,505,715
Perrigo Co. plc (Ireland)			300		55,449
Roche Holding AG ADR (Switzerland)			290,550		10,189,589
Shire plc ADR (Ireland)			8,400		2,028,516
Valeant Pharmaceuticals International, Inc.	*		36,700		8,152,905
					70,921,347
Professional Services—0.5%
IHS, Inc., Class A	*		7,100		913,273
Nielsen NV			164,000		7,342,280
Verisk Analytics, Inc.	*		3,500		254,660
					8,510,213
Real Estate Investment Trusts (REITs)—0.4%
American Tower Corp. REIT			74,100		6,912,789
Road & Rail—0.7%
Canadian Pacific Railway Ltd. (Canada)			6,200		993,426
J.B. Hunt Transport Services, Inc.			12,600		1,034,334
Kansas City Southern			500		45,600

		Shares		Value
Union Pacific Corp.		104,700	$	9,985,239
				12,058,599
Semiconductors & Semiconductor Equipment—2.4%
Intel Corp.		539,910		16,421,362
Marvell Technology Group Ltd. (Bermuda)		713,000		9,400,905
Maxim Integrated Products, Inc.		451,970		15,626,863
				41,449,130
Software—3.5%
Electronic Arts, Inc.	*	26,100		1,735,650
Intuit, Inc.		1,600		161,232
Microsoft Corp.		870,200		38,419,330
Red Hat, Inc.	*	36,881		2,800,374
salesforce.com, Inc.	*	91,300		6,357,219
ServiceNow, Inc.	*	14,100		1,047,771
Symantec Corp.		433,140		10,070,505
				60,592,081
Specialty Retail—3.3%
AutoZone, Inc.	*	2,600		1,733,940
CarMax, Inc.	*	19,500		1,291,095
Home Depot, Inc. (The)		142,320		15,816,022
L Brands, Inc.		18,600		1,594,578
Lowe’s Cos., Inc.		85,000		5,692,450
O’Reilly Automotive, Inc.	*	22,300		5,039,354
Ross Stores, Inc.		466,700		22,686,287
Tractor Supply Co.		31,800		2,860,092
				56,713,818
Technology Hardware, Storage & Peripherals—0.6%
Apple, Inc.		77,100		9,670,268
Textiles, Apparel & Luxury Goods—0.9%
Hanesbrands, Inc.		93,700		3,122,084
NIKE, Inc., Class B		22,100		2,387,242
PVH Corp.		86,950		10,016,640
V.F. Corp.		1,000		69,740
				15,595,706
Tobacco—0.6%
British American Tobacco plc ADR (United Kingdom)		101,400		10,976,550
TOTAL COMMON STOCKS
(Cost $1,268,485,270)				1,675,601,800
MONEY MARKET FUNDS—3.6%
Institutional Money Market Funds—3.6%
Dreyfus Institutional Cash Advantage Fund, 0.08%	††¥	1,500,000		1,500,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%	¥	53,347,860		53,347,860

See accompanying notes to financial statements.

166

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Growth & Income Fund		Shares		Value
MONEY MARKET FUNDS—(Continued)
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%	††¥		1,572,975	$	1,572,975
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.11%	††¥		1,857,000		1,857,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.10%	††¥		1,500,000		1,500,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.12%	††¥		1,500,000		1,500,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.11%	††¥		1,500,000		1,500,000
TOTAL MONEY MARKET FUNDS
(Cost $62,777,835)					62,777,835
TOTAL INVESTMENTS—100.4%
(Cost $1,331,263,105)					1,738,379,635
Other assets less liabilities—(0.4%)					(6,102,557	)
NET ASSETS—100.0%				$	1,732,277,078

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.

167

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

Vantagepoint Growth Fund		Shares		Value
COMMON STOCKS—97.2%
Aerospace & Defense—1.4%
Honeywell International, Inc.			93,736	$	9,558,260
Precision Castparts Corp.			56,205		11,233,693
Textron, Inc.			236,830		10,569,723
					31,361,676
Airlines—1.5%
Delta Air Lines, Inc.			277,842		11,413,750
United Continental Holdings, Inc.	*		435,326		23,076,631
					34,490,381
Auto Components—1.3%
Delphi Automotive plc (United Kingdom)			367,950		31,308,866
Banks—1.3%
Citigroup, Inc.			345,860		19,105,306
Wells Fargo & Co.			202,342		11,379,714
					30,485,020
Beverages—2.9%
Coca-Cola Co. (The)			263,295		10,329,063
Coca-Cola Enterprises, Inc.			236,260		10,263,135
Constellation Brands, Inc., Class A			198,862		23,071,969
Monster Beverage Corp.	*		140,300		18,803,006
PepsiCo, Inc.			55,427		5,173,556
					67,640,729
Biotechnology—7.1%
Alexion Pharmaceuticals, Inc.	*		122,227		22,094,975
Biogen, Inc.	*		48,883		19,745,799
Celgene Corp.	*		495,234		57,315,907
Gilead Sciences, Inc.			553,481		64,801,555
					163,958,236
Capital Markets—2.8%
Affiliated Managers Group, Inc.	*		67,000		14,646,200
Charles Schwab Corp. (The)			471,200		15,384,680
Morgan Stanley			394,800		15,314,292
Raymond James Financial, Inc.			122,805		7,316,722
State Street Corp.			150,500		11,588,500
					64,250,394
Chemicals—4.2%
Celanese Corp., Series A			150,936		10,849,280
Dow Chemical Co. (The)			278,260		14,238,564
Ecolab, Inc.			65,738		7,432,995
Monsanto Co.			139,313		14,849,373
PPG Industries, Inc.			192,632		22,098,743
Praxair, Inc.			31,662		3,785,192
Sherwin-Williams Co. (The)			86,200		23,706,724
					96,960,871
Communications Equipment—0.7%
Juniper Networks, Inc.			125,680		3,263,910
Palo Alto Networks, Inc.	*		42,589		7,440,298
QUALCOMM, Inc.			72,270		4,526,270
					15,230,478
Consumer Finance—1.6%
American Express Co.			142,792		11,097,794
Capital One Financial Corp.			193,400		17,013,398

		Shares		Value
Discover Financial Services		173,180	$	9,978,632
				38,089,824
Containers & Packaging—0.1%
Rock-Tenn Co., Class A		43,700		2,630,740
Diversified Financial Services—1.5%
Intercontinental Exchange, Inc.		56,778		12,696,129
McGraw Hill Financial, Inc.		224,365		22,537,464
				35,233,593
Electrical Equipment—0.5%
AMETEK, Inc.		133,950		7,337,781
Eaton Corp. plc		54,941		3,707,968
				11,045,749
Energy Equipment & Services—0.9%
Cameron International Corp.	*	108,051		5,658,631
Core Laboratories NV (Netherlands)		38,406		4,379,820
Schlumberger Ltd.		123,512		10,645,499
				20,683,950
Food & Staples Retailing—2.3%
Costco Wholesale Corp.		236,690		31,967,351
CVS Health Corp.		155,353		16,293,423
Whole Foods Market, Inc.		121,071		4,775,040
				53,035,814
Food Products—0.2%
Hershey Co. (The)		56,359		5,006,370
Health Care Equipment & Supplies—1.6%
Cooper Cos., Inc. (The)		74,918		13,333,156
Edwards Lifesciences Corp.	*	61,039		8,693,785
IDEXX Laboratories, Inc.	*	172,700		11,076,978
Intuitive Surgical, Inc.	*	10,749		5,207,891
				38,311,810
Health Care Providers & Services—2.7%
AmerisourceBergen Corp.		61,744		6,565,857
Cardinal Health, Inc.		113,990		9,535,264
Centene Corp.	*	166,100		13,354,440
Cigna Corp.		33,284		5,392,008
Express Scripts Holding Co.	*	113,033		10,053,155
McKesson Corp.		80,145		18,017,397
				62,918,121
Health Care Technology—0.7%
Cerner Corp.	*	243,600		16,823,016
Hotels, Restaurants & Leisure—3.5%
Hilton Worldwide Holdings, Inc.	*	298,675		8,228,496
Panera Bread Co., Class A	*	24,790		4,332,548
Royal Caribbean Cruises Ltd.		137,195		10,795,875
Starbucks Corp.		942,032		50,507,046
Yum! Brands, Inc.		79,200		7,134,336
				80,998,301
Household Durables—0.4%
Whirlpool Corp.		48,990		8,477,720
Industrial Conglomerates—0.3%
Danaher Corp.		68,387		5,853,243
Insurance—0.3%
Marsh & McLennan Cos., Inc.		114,529		6,493,794

See accompanying notes to financial statements.

168

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Growth Fund		Shares		Value
COMMON STOCKS—(Continued)
Internet & Catalog Retail—3.6%
Amazon.com, Inc.	*		77,332	$	33,569,048
Netflix, Inc.	*		9,450		6,208,083
Priceline Group, Inc. (The)	*		37,598		43,289,209
					83,066,340
Internet Software & Services—6.0%
Alibaba Group Holding Ltd. ADR (China)	*		122,500		10,078,075
Facebook, Inc., Class A	*		763,412		65,474,030
Google, Inc., Class A	*		38,171		20,613,867
Google, Inc., Class C	*		84,829		44,154,343
					140,320,315
IT Services—6.3%
Alliance Data Systems Corp.	*		50,000		14,597,000
Cognizant Technology Solutions Corp., Class A	*		119,870		7,322,858
FleetCor Technologies, Inc.	*		60,490		9,440,070
International Business Machines Corp.			61,770		10,047,508
MasterCard, Inc., Class A			324,283		30,313,975
Visa, Inc., Class A			1,106,195		74,280,994
					146,002,405
Life Sciences Tools & Services—0.8%
Illumina, Inc.	*		38,715		8,453,807
Thermo Fisher Scientific, Inc.			70,050		9,089,688
					17,543,495
Machinery—0.9%
Caterpillar, Inc.			166,975		14,162,819
PACCAR, Inc.			121,650		7,762,487
					21,925,306
Media—3.5%
Comcast Corp., Class A			429,319		25,819,244
Twenty-First Century Fox, Inc., Class A			582,948		18,972,043
Walt Disney Co. (The)			325,743		37,180,306
					81,971,593
Multiline Retail—1.9%
Dollar Tree, Inc.	*		166,030		13,114,710
Kohl’s Corp.			176,800		11,069,448
Nordstrom, Inc.			64,514		4,806,293
Target Corp.			184,600		15,068,898
					44,059,349
Oil, Gas & Consumable Fuels—1.7%
Cabot Oil & Gas Corp.			129,000		4,068,660
EOG Resources, Inc.			179,520		15,716,976
Suncor Energy, Inc. (Canada)			342,600		9,428,352
Valero Energy Corp.			165,020		10,330,252
					39,544,240
Personal Products—1.1%
Estee Lauder Cos., Inc. (The), Class A			298,192		25,841,319
Pharmaceuticals—7.4%
AbbVie, Inc.			379,880		25,524,137
Allergan plc	*		126,775		38,471,142

		Shares		Value
Bristol-Myers Squibb Co.		430,138	$	28,621,383
Jazz Pharmaceuticals plc (Ireland)	*	119,202		20,987,896
Mylan NV	*	285,748		19,390,859
Novartis AG ADR (Switzerland)		65,045		6,396,525
Perrigo Co. plc (Ireland)		32,464		6,000,321
Teva Pharmaceutical Industries Ltd. ADR (Israel)		436,778		25,813,580
				171,205,843
Professional Services—0.6%
Nielsen NV		179,960		8,056,809
Towers Watson & Co., Class A		44,841		5,640,998
				13,697,807
Road & Rail—1.4%
Canadian Pacific Railway Ltd. (Canada)		105,700		16,936,311
Genesee & Wyoming, Inc., Class A	*	19,791		1,507,678
Kansas City Southern		22,484		2,050,541
Union Pacific Corp.		128,675		12,271,735
				32,766,265
Semiconductors & Semiconductor Equipment—4.5%
Analog Devices, Inc.		134,649		8,642,446
ARM Holdings plc ADR (United Kingdom)		167,330		8,244,349
Avago Technologies Ltd. (Singapore)		31,699		4,213,748
Lam Research Corp.		252,964		20,578,621
Linear Technology Corp.		163,971		7,252,437
NXP Semiconductors NV (Netherlands)	*	316,378		31,068,320
Skyworks Solutions, Inc.		167,600		17,447,160
Texas Instruments, Inc.		149,392		7,695,182
				105,142,263
Software—4.4%
Adobe Systems, Inc.	*	396,780		32,143,148
Oracle Corp.		108,884		4,388,025
salesforce.com, Inc.	*	219,005		15,249,318
ServiceNow, Inc.	*	205,513		15,271,671
Splunk, Inc.	*	99,438		6,922,874
Tableau Software, Inc., Class A	*	69,846		8,053,244
VMware, Inc., Class A	*	224,179		19,221,107
				101,249,387
Specialty Retail—4.3%
Advance Auto Parts, Inc.		76,500		12,185,685
Home Depot, Inc. (The)		104,260		11,586,414
L Brands, Inc.		117,674		10,088,192
Lowe’s Cos., Inc.		194,674		13,037,318
Ross Stores, Inc.		83,075		4,038,276
Tractor Supply Co.		193,300		17,385,402
Ulta Salon Cosmetics & Fragrance, Inc.	*	193,465		29,880,669
Urban Outfitters, Inc.	*	67,000		2,345,000
				100,546,956
Technology Hardware, Storage & Peripherals—6.7%
Apple, Inc.		1,084,455		136,017,769
EMC Corp.		742,698		19,599,800
				155,617,569

See accompanying notes to financial statements.

169

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Growth Fund		Shares		Value
COMMON STOCKS—(Continued)
Textiles, Apparel & Luxury Goods—1.8%
NIKE, Inc., Class B			227,110	$	24,532,422
Under Armour, Inc., Class A	*		99,970		8,341,497
V.F. Corp.			140,732		9,814,650
					42,688,569
Trading Companies & Distributors—0.5%
United Rentals, Inc.	*		125,800		11,022,596
TOTAL COMMON STOCKS
(Cost $1,693,236,315)					2,255,500,313
MONEY MARKET FUNDS—2.2%
Institutional Money Market Fund—2.2%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%	¥
(Cost $51,308,487)			51,308,487		51,308,487
TOTAL INVESTMENTS—99.4%
(Cost $1,744,544,802)					2,306,808,800
Other assets less liabilities—0.6%					14,205,577
NET ASSETS—100.0%				$	2,321,014,377

Notes to the Schedule of Investments:

ADR	American Depositary Receipt
*	Non-income producing.
¥	The rate quoted is the annualized seven-day yield of the
	fund at period end.

See accompanying notes to financial statements.

170

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

Vantagepoint Select Value Fund		Shares		Value
COMMON STOCKS—94.6%
Aerospace & Defense—2.1%
L-3 Communications Holdings, Inc.			8,910	$	1,010,216
Rockwell Collins, Inc.			29,321		2,707,794
Spirit AeroSystems Holdings, Inc., Class A	*		24,015		1,323,466
TransDigm Group, Inc.	*		20,219		4,542,603
					9,584,079
Airlines—0.2%
American Airlines Group, Inc.			17,920		715,635
Auto Components—1.9%
Dana Holding Corp.			214,300		4,410,294
Delphi Automotive plc (United Kingdom)			34,500		2,935,605
Magna International, Inc. (Canada)			20,605		1,155,734
					8,501,633
Automobiles—0.5%
Harley-Davidson, Inc.			43,525		2,452,634
Banks—5.0%
CIT Group, Inc.			94,900		4,411,901
Fifth Third Bancorp			161,400		3,360,348
M&T Bank Corp.			53,170		6,642,528
SunTrust Banks, Inc.			75,230		3,236,395
TCF Financial Corp.			95,502		1,586,288
Webster Financial Corp.			87,360		3,455,088
					22,692,548
Capital Markets—2.4%
E*TRADE Financial Corp.	*		122,185		3,659,441
Invesco Ltd.			66,725		2,501,520
Lazard Ltd., Class A (Bermuda)			23,805		1,338,793
Northern Trust Corp.			24,505		1,873,653
Raymond James Financial, Inc.			25,035		1,491,585
					10,864,992
Chemicals—3.4%
Albemarle Corp.			16,070		888,189
Ashland, Inc.			36,100		4,400,590
Celanese Corp., Series A			60,159		4,324,229
Eastman Chemical Co.			33,951		2,777,871
Mosaic Co. (The)			48,440		2,269,414
Olin Corp.			29,700		800,415
					15,460,708
Commercial Services & Supplies—1.6%
KAR Auction Services, Inc.			40,965		1,532,091
Republic Services, Inc.			88,249		3,456,713
Steelcase, Inc., Class A			127,100		2,403,461
					7,392,265
Communications Equipment—0.7%
Ciena Corp.	*		82,335		1,949,693
Harris Corp.			17,605		1,354,000
					3,303,693
Construction & Engineering—1.9%
Fluor Corp.			42,210		2,237,552
Jacobs Engineering Group, Inc.	*		70,041		2,845,066

		Shares		Value
KBR, Inc.		110,505	$	2,152,637
Quanta Services, Inc.	*	42,350		1,220,527
				8,455,782
Consumer Finance—0.4%
Discover Financial Services		24,890		1,434,162
Synchrony Financial	*	15,875		522,764
				1,956,926
Containers & Packaging—2.1%
Berry Plastics Group, Inc.	*	31,110		1,007,964
Crown Holdings, Inc.	*	16,460		870,898
Owens-Illinois, Inc.	*	154,900		3,553,406
Packaging Corp. of America		45,000		2,812,050
Sonoco Products Co.		29,730		1,274,228
				9,518,546
Diversified Consumer Services—1.1%
H&R Block, Inc.		90,994		2,697,972
ServiceMaster Global Holdings, Inc.	*	58,290		2,108,349
				4,806,321
Diversified Financial Services—1.2%
Intercontinental Exchange, Inc.		9,577		2,141,513
Voya Financial, Inc.		65,225		3,031,006
				5,172,519
Diversified Telecommunication Services—0.8%
Level 3 Communications, Inc.	*	67,405		3,550,221
Electric Utilities—3.1%
Edison International		35,400		1,967,532
Exelon Corp.		67,690		2,126,820
Great Plains Energy, Inc.		126,200		3,048,992
Pinnacle West Capital Corp.		81,600		4,642,224
Xcel Energy, Inc.		71,497		2,300,773
				14,086,341
Electrical Equipment—0.4%
Hubbell, Inc., Class B		15,762		1,706,709
Electronic Equipment, Instruments & Components—3.5%
Arrow Electronics, Inc.	*	68,109		3,800,482
Avnet, Inc.		97,896		4,024,505
FLIR Systems, Inc.		102,164		3,148,694
Keysight Technologies, Inc.	*	149,524		4,663,654
				15,637,335
Energy Equipment & Services—1.8%
Ensco plc, Class A (United Kingdom)		35,167		783,169
Helmerich & Payne, Inc.		15,770		1,110,524
McDermott International, Inc.	*†	171,801		917,417
Precision Drilling Corp. (Canada)	†	342,815		2,303,717
SEACOR Holdings, Inc.	*	39,700		2,816,318
				7,931,145
Food & Staples Retailing—0.8%
Kroger Co. (The)		48,067		3,485,338
Food Products—0.9%
Pinnacle Foods, Inc.		24,270		1,105,256

See accompanying notes to financial statements.

171

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Select Value Fund		Shares		Value
COMMON STOCKS—(Continued)
Tyson Foods, Inc., Class A			70,165	$	2,991,134
					4,096,390
Gas Utilities—0.7%
Atmos Energy Corp.			35,175		1,803,774
UGI Corp.			41,050		1,414,172
					3,217,946
Health Care Equipment & Supplies—1.1%
Boston Scientific Corp.	*		93,750		1,659,375
Globus Medical, Inc., Class A	*		60,340		1,548,928
Hologic, Inc.	*		44,875		1,707,942
					4,916,245
Health Care Providers & Services—3.2%
Cigna Corp.			17,479		2,831,598
HCA Holdings, Inc.	*		25,955		2,354,638
Laboratory Corp. of America Holdings	*		14,220		1,723,748
MEDNAX, Inc.	*		10,705		793,348
Universal Health Services, Inc., Class B			32,800		4,660,880
VCA, Inc.	*		38,105		2,073,102
					14,437,314
Hotels, Restaurants & Leisure—2.2%
Bloomin’ Brands, Inc.			41,085		877,165
Darden Restaurants, Inc.			44,600		3,170,168
Royal Caribbean Cruises Ltd.			19,200		1,510,848
Wyndham Worldwide Corp.			51,600		4,226,556
					9,784,737
Household Durables—0.7%
D.R. Horton, Inc.			113,500		3,105,360
Independent Power and Renewable Electricity Producers—0.6%
Dynegy, Inc.	*		38,195		1,117,204
NRG Energy, Inc.			61,150		1,399,112
					2,516,316
Insurance—10.3%
Alleghany Corp.	*		8,616		4,038,836
Allied World Assurance Co. Holdings AG (Switzerland)			56,269		2,431,946
Allstate Corp. (The)			118,877		7,711,551
Aon plc (United Kingdom)			31,629		3,152,779
Arch Capital Group Ltd. (Bermuda)	*		49,235		3,296,776
Endurance Specialty Holdings Ltd. (Bermuda)			49,700		3,265,290
FNF Group			83,300		3,081,267
Hartford Financial Services Group, Inc. (The)			49,330		2,050,648
HCC Insurance Holdings, Inc.			29,400		2,259,096
Lincoln National Corp.			105,187		6,229,174
Loews Corp.			50,751		1,954,421
Progressive Corp. (The)			96,056		2,673,238
Torchmark Corp.			52,125		3,034,718
XL Group plc (Ireland)			36,320		1,351,104
					46,530,844

		Shares		Value
Internet & Catalog Retail—1.1%
Expedia, Inc.		6,105	$	667,582
Liberty Interactive Corp. QVC Group, Series A	*	84,398		2,342,045
Liberty Ventures, Series A	*	51,424		2,019,420
				5,029,047
Internet Software & Services—0.6%
IAC/InterActiveCorp		33,751		2,688,605
IT Services—2.4%
Computer Sciences Corp.		87,767		5,761,026
Convergys Corp.		69,155		1,762,761
CoreLogic, Inc.	*	20,645		819,400
Teradata Corp.	*	63,723		2,357,751
				10,700,938
Leisure Products—1.6%
Brunswick Corp.		111,019		5,646,426
Mattel, Inc.		53,110		1,364,396
				7,010,822
Machinery—3.8%
Allison Transmission Holdings, Inc.		128,665		3,764,738
Dover Corp.		43,800		3,073,884
ITT Corp.		62,015		2,594,708
Joy Global, Inc.		65,926		2,386,521
Kennametal, Inc.		72,345		2,468,411
Stanley Black & Decker, Inc.		10,270		1,080,815
Trinity Industries, Inc.		64,965		1,717,025
				17,086,102
Media—1.8%
Gannett Co., Inc.	*	38,965		545,120
Omnicom Group, Inc.		36,193		2,515,052
Starz, Class A	*	23,780		1,063,442
TEGNA, Inc.		117,790		3,777,525
				7,901,139
Metals & Mining—1.9%
Alcoa, Inc.		60,575		675,411
Goldcorp, Inc. (Canada)	†	161,619		2,618,228
Kinross Gold Corp. (Canada)	*	436,085		1,011,717
Nucor Corp.		75,502		3,327,373
United States Steel Corp.	†	55,325		1,140,802
				8,773,531
Multiline Retail—1.6%
Kohl’s Corp.		12,975		812,365
Nordstrom, Inc.		85,147		6,343,451
				7,155,816
Multi-Utilities—2.7%
Ameren Corp.		37,370		1,408,102
DTE Energy Co.		31,015		2,314,960
PG&E Corp.		121,335		5,957,548
SCANA Corp.		51,373		2,602,042
				12,282,652
Oil, Gas & Consumable Fuels—5.2%
Denbury Resources, Inc.	†	250,394		1,592,506
EnCana Corp. (Canada)	†	131,470		1,448,800
Energen Corp.		53,710		3,668,393

See accompanying notes to financial statements.

172

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Select Value Fund		Shares		Value
COMMON STOCKS—(Continued)
Hess Corp.			67,347	$	4,504,167
Murphy Oil Corp.			61,800		2,569,026
Newfield Exploration Co.	*		70,790		2,556,935
QEP Resources, Inc.			91,200		1,688,112
SM Energy Co.			44,461		2,050,541
Southwestern Energy Co.	*		82,233		1,869,156
Valero Energy Corp.			25,925		1,622,905
					23,570,541
Paper & Forest Products—0.3%
International Paper Co.			29,050		1,382,489
Pharmaceuticals—0.2%
Lannett Co., Inc.	*†		13,140		781,042
Professional Services—0.3%
ManpowerGroup, Inc.			17,229		1,539,928
Real Estate Investment Trusts (REITs)—6.0%
American Capital Agency Corp. REIT			60,148		1,104,919
AvalonBay Communities, Inc. REIT			18,800		3,005,556
BioMed Realty Trust, Inc. REIT			130,248		2,518,996
CBL & Associates Properties, Inc. REIT			240,925		3,902,985
Duke Realty Corp. REIT			163,754		3,040,912
DuPont Fabros Technology, Inc. REIT			63,175		1,860,504
EPR Properties REIT			27,900		1,528,362
Hatteras Financial Corp. REIT			75,183		1,225,483
Liberty Property Trust REIT			81,985		2,641,557
MFA Financial, Inc. REIT			302,100		2,232,519
SL Green Realty Corp. REIT			21,485		2,360,986
Sunstone Hotel Investors, Inc. REIT			125,053		1,877,045
					27,299,824
Real Estate Management & Development—0.8%
CBRE Group, Inc., Class A	*		98,360		3,639,320
Road & Rail—1.5%
Con-way, Inc.			27,145		1,041,554
Ryder System, Inc.			22,754		1,988,017
Werner Enterprises, Inc.			146,200		3,837,750
					6,867,321
Semiconductors & Semiconductor Equipment—3.3%
Analog Devices, Inc.			43,842		2,813,999
Applied Materials, Inc.			68,900		1,324,258
Broadcom Corp., Class A			57,790		2,975,607
Integrated Device Technology, Inc.	*		48,855		1,060,153
KLA-Tencor Corp.			12,540		704,873
Marvell Technology Group Ltd. (Bermuda)			212,100		2,796,539
Micron Technology, Inc.	*		52,125		982,035
NXP Semiconductors NV (Netherlands)	*		8,515		836,173
Skyworks Solutions, Inc.			11,985		1,247,639
					14,741,276

		Shares		Value
Software—1.1%
Check Point Software Technologies Ltd. (Israel)	*	15,830	$	1,259,276
Electronic Arts, Inc.	*	26,355		1,752,608
Synopsys, Inc.	*	40,045		2,028,279
				5,040,163
Specialty Retail—1.6%
American Eagle Outfitters, Inc.	†	178,295		3,070,240
Bed Bath & Beyond, Inc.	*	42,067		2,901,782
Foot Locker, Inc.		19,105		1,280,226
				7,252,248
Technology Hardware, Storage & Peripherals—0.3%
Western Digital Corp.		19,540		1,532,327
Textiles, Apparel & Luxury Goods—0.9%
Coach, Inc.	†	88,736		3,071,153
PVH Corp.		9,925		1,143,360
				4,214,513
Trading Companies & Distributors—0.7%
AerCap Holdings NV (Netherlands)	*	29,495		1,350,576
GATX Corp.		37,225		1,978,509
				3,329,085
Wireless Telecommunication Services—0.3%
SBA Communications Corp., Class A	*	11,970		1,376,191
TOTAL COMMON STOCKS
(Cost $376,901,131)				427,075,442
MONEY MARKET FUNDS—8.2%
Institutional Money Market Funds—8.2%
Dreyfus Institutional Cash Advantage Fund, 0.08%	††¥	2,100,000		2,100,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%	¥	26,370,624		26,370,624
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%	††¥	1,289,218		1,289,218
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.11%	††¥	1,100,000		1,100,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.10%	††¥	2,100,000		2,100,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.12%	††¥	2,100,000		2,100,000

See accompanying notes to financial statements.

173

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Select Value Fund		Shares		Value
MONEY MARKET FUNDS—(Continued)
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.11%	††¥		2,100,000	$	2,100,000
TOTAL MONEY MARKET FUNDS
(Cost $37,159,842)					37,159,842
TOTAL INVESTMENTS—102.8%
(Cost $414,060,973)					464,235,284
Other assets less liabilities—(2.8%)					(12,528,486	)
NET ASSETS—100.0%				$	451,706,798

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.

174

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—96.8%
Aerospace & Defense—2.4%
B/E Aerospace, Inc.			11,897	$	653,145
Hexcel Corp.			97,600		4,854,624
Huntington Ingalls Industries, Inc.			30,800		3,467,772
L-3 Communications Holdings, Inc.			38,300		4,342,454
Rockwell Collins, Inc.			51,846		4,787,978
Spirit AeroSystems Holdings, Inc., Class A	*		11,771		648,700
TASER International, Inc.	*†		115,600		3,850,636
Textron, Inc.			14,600		651,598
TransDigm Group, Inc.	*		14,544		3,267,601
					26,524,508
Air Freight & Logistics—0.7%
C.H. Robinson Worldwide, Inc.			10,722		668,946
Expeditors International of Washington, Inc.			14,269		657,872
FedEx Corp.			35,900		6,117,360
					7,444,178
Airlines—1.1%
Alaska Air Group, Inc.			10,216		658,217
JetBlue Airways Corp.	*		31,600		656,016
Ryanair Holdings plc ADR (Ireland)			77,500		5,529,625
Southwest Airlines Co.			19,358		640,556
Spirit Airlines, Inc.	*		58,205		3,614,531
United Continental Holdings, Inc.	*		12,207		647,093
					11,746,038
Auto Components—1.1%
BorgWarner, Inc.			107,476		6,108,936
Delphi Automotive plc (United Kingdom)			7,500		638,175
Gentex Corp.			39,104		642,088
Gentherm, Inc.	*		58,540		3,214,431
Lear Corp.			5,635		632,585
Visteon Corp.	*		6,300		661,374
					11,897,589
Automobiles—0.1%
Harley-Davidson, Inc.			11,684		658,393
Thor Industries, Inc.			11,518		648,233
					1,306,626
Banks—0.2%
BankUnited, Inc.			24,000		862,320
Signature Bank/New York	*		4,801		702,819
SVB Financial Group	*		4,535		652,949
					2,218,088
Beverages—1.0%
Brown-Forman Corp., Class A			6,200		690,804
Brown-Forman Corp., Class B			46,542		4,662,577
Coca-Cola Enterprises, Inc.			15,006		651,861
Constellation Brands, Inc., Class A			31,737		3,682,127
Dr. Pepper Snapple Group, Inc.			8,976		654,350
Monster Beverage Corp.	*		4,882		654,286
					10,996,005

		Shares		Value
Biotechnology—3.3%
Agios Pharmaceuticals, Inc.	*	6,300	$	700,182
Alkermes plc (Ireland)	*	10,215		657,233
Alnylam Pharmaceuticals, Inc.	*	31,284		3,750,013
AMAG Pharmaceuticals, Inc.	*†	55,341		3,821,850
BioMarin Pharmaceutical, Inc.	*	23,433		3,205,166
Bluebird Bio, Inc.	*	15,300		2,576,061
Cepheid, Inc.	*	66,653		4,075,831
Incyte Corp.	*	6,542		681,742
Intercept Pharmaceuticals, Inc.	*†	2,585		623,967
Intrexon Corp.	*	13,600		663,680
Isis Pharmaceuticals, Inc.	*	10,800		621,540
Juno Therapeutics, Inc.	*	13,600		725,288
Medivation, Inc.	*	57,307		6,544,459
Novavax, Inc.	*	243,703		2,714,851
OPKO Health, Inc.	*	43,400		697,872
Puma Biotechnology, Inc.	*†	8,800		1,027,400
Receptos, Inc.	*	3,600		684,180
Seattle Genetics, Inc.	*†	14,000		677,600
Ultragenyx Pharmaceutical, Inc.	*	12,000		1,228,680
United Therapeutics Corp.	*	7,706		1,340,459
				37,018,054
Building Products—0.8%
A.O. Smith Corp.		9,285		668,334
Allegion plc (Ireland)		81,489		4,900,748
Armstrong World Industries, Inc.	*	12,234		651,828
Fortune Brands Home & Security, Inc.		14,507		664,711
Lennox International, Inc.		6,117		658,740
Masco Corp.		24,358		649,628
USG Corp.	*	23,860		663,069
				8,857,058
Capital Markets—3.0%
Affiliated Managers Group, Inc.	*	4,539		992,225
Ameriprise Financial, Inc.		5,240		654,633
Apollo Global Management LLC, Class A		191,800		4,248,370
Artisan Partners Asset Management, Inc., Class A		13,555		629,765
Eaton Vance Corp.		16,510		646,036
Evercore Partners, Inc., Class A		7,950		428,982
Federated Investors, Inc., Class B		19,471		652,084
Franklin Resources, Inc.		87,100		4,270,513
Interactive Brokers Group, Inc., Class A		16,000		664,960
Invesco Ltd.		99,265		3,721,445
Lazard Ltd., Class A (Bermuda)		11,575		650,978
Legg Mason, Inc.		12,890		664,222
LPL Financial Holdings, Inc.	†	14,333		666,341
NorthStar Asset Management Group, Inc.		34,214		632,617
Och-Ziff Capital Management Group LLC, Class A		181,500		2,217,930
Raymond James Financial, Inc.		59,100		3,521,178
SEI Investments Co.		131,011		6,423,469
T. Rowe Price Group, Inc.		8,591		667,779
TD Ameritrade Holding Corp.		17,700		651,714
Waddell & Reed Financial, Inc., Class A		13,748		650,418
				33,655,659

See accompanying notes to financial statements.

175

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Chemicals—1.9%
Airgas, Inc.			6,203	$	656,153
Ashland, Inc.			5,300		646,070
Axalta Coating Systems Ltd.	*		166,466		5,506,695
Celanese Corp., Series A			9,326		670,353
CF Industries Holdings, Inc.			10,500		674,940
Cytec Industries, Inc.			10,700		647,671
Eastman Chemical Co.			8,014		655,706
Ecolab, Inc.			42,900		4,850,703
FMC Corp.			12,577		660,921
Huntsman Corp.			28,565		630,430
International Flavors & Fragrances, Inc.			5,986		654,210
NewMarket Corp.			1,449		643,197
Platform Specialty Products Corp.	*		24,455		625,559
RPM International, Inc.			12,954		634,357
Scotts Miracle-Gro Co. (The), Class A			11,087		656,461
Sherwin-Williams Co. (The)			2,394		658,398
Sigma-Aldrich Corp.			4,807		669,855
Valspar Corp. (The)			7,941		649,733
W.R. Grace & Co.	*		6,490		650,947
					21,442,359
Commercial Services & Supplies—1.2%
Cintas Corp.			7,802		659,971
Clean Harbors, Inc.	*		12,443		668,687
Copart, Inc.	*		83,909		2,977,091
Covanta Holding Corp.			30,945		655,725
KAR Auction Services, Inc.			17,560		656,744
Pitney Bowes, Inc.			31,165		648,544
R.R. Donnelley & Sons Co.			36,680		639,332
Rollins, Inc.			25,274		721,067
Stericycle, Inc.	*		34,253		4,586,819
Tyco International plc			17,020		654,930
					12,868,910
Communications Equipment—0.5%
Arista Networks, Inc.	*†		7,800		637,572
ARRIS Group, Inc.	*		21,750		665,550
CommScope Holding Co., Inc.	*		21,305		650,016
F5 Networks, Inc.	*		5,290		636,651
Harris Corp.			8,552		657,734
Juniper Networks, Inc.			24,800		644,056
Motorola Solutions, Inc.			11,445		656,256
Palo Alto Networks, Inc.	*		3,778		660,017
					5,207,852
Construction & Engineering—0.1%
AECOM	*		19,500		645,060
Quanta Services, Inc.	*		22,900		659,978
					1,305,038
Construction Materials—0.4%
Eagle Materials, Inc.			8,545		652,240
Martin Marietta Materials, Inc.			4,565		645,993
Vulcan Materials Co.			43,700		3,667,741
					4,965,974
Consumer Finance—0.2%
Ally Financial, Inc.	*		29,750		667,292

		Shares		Value
Credit Acceptance Corp.	*	2,900	$	713,922
Santander Consumer USA Holdings, Inc.	*	26,726		683,384
SLM Corp.	*	68,395		675,059
				2,739,657
Containers & Packaging—0.6%
AptarGroup, Inc.		10,357		660,466
Avery Dennison Corp.		11,500		700,810
Ball Corp.		9,234		647,765
Bemis Co., Inc.		14,500		652,645
Crown Holdings, Inc.	*	12,352		653,544
Graphic Packaging Holding Co.		48,200		671,426
Owens-Illinois, Inc.	*	28,173		646,289
Packaging Corp. of America		10,289		642,960
Rock-Tenn Co., Class A		10,800		650,160
Sealed Air Corp.		13,379		687,413
Silgan Holdings, Inc.		12,473		658,075
				7,271,553
Distributors—0.5%
Genuine Parts Co.		7,285		652,226
LKQ Corp.	*	22,054		667,023
Pool Corp.		64,500		4,526,610
				5,845,859
Diversified Consumer Services—2.0%
Bright Horizons Family Solutions, Inc.	*	71,100		4,109,580
Graham Holdings Co., Class B		5,850		6,289,043
H&R Block, Inc.		21,885		648,890
Service Corp. International		22,550		663,646
ServiceMaster Global Holdings, Inc.	*	294,670		10,658,214
				22,369,373
Diversified Financial Services—0.8%
CBOE Holdings, Inc.		11,626		665,240
Intercontinental Exchange, Inc.		2,907		650,034
Leucadia National Corp.		27,513		668,016
McGraw Hill Financial, Inc.		61,282		6,155,777
Moody’s Corp.		6,084		656,829
MSCI, Inc.		10,292		633,472
				9,429,368
Diversified Telecommunication Services—2.1%
Level 3 Communications, Inc.	*	278,954		14,692,507
Vivendi SA ADR (France)		310,800		7,860,132
Zayo Group Holdings, Inc.	*	24,000		617,280
				23,169,919
Electric Utilities—0.1%
ITC Holdings Corp.		20,525		660,495
Electrical Equipment—1.8%
Acuity Brands, Inc.		28,765		5,177,125
AMETEK, Inc.		86,830		4,756,547
Babcock & Wilcox Co. (The)	*	20,100		659,280
Hubbell, Inc., Class B		36,622		3,965,430
Regal Beloit Corp.		9,200		667,828
Rockwell Automation, Inc.		5,293		659,720
Sensata Technologies Holding NV (Netherlands)	*	75,500		3,981,870
SolarCity Corp.	*†	12,270		657,058
				20,524,858

See accompanying notes to financial statements.

176

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Electronic Equipment, Instruments & Components—1.2%
Amphenol Corp., Class A			11,926	$	691,350
Belden, Inc.			30,600		2,485,638
CDW Corp.			18,320		628,010
Cognex Corp.			88,300		4,247,230
FLIR Systems, Inc.			21,422		660,226
Ingram Micro, Inc., Class A	*		25,300		633,259
IPG Photonics Corp.	*		7,820		666,068
Jabil Circuit, Inc.			30,300		645,087
Keysight Technologies, Inc.	*		20,803		648,846
National Instruments Corp.			21,725		640,018
Trimble Navigation Ltd.	*		28,616		671,331
Zebra Technologies Corp., Class A	*		5,851		649,754
					13,266,817
Energy Equipment & Services—0.6%
Cameron International Corp.	*		47,100		2,466,627
Dresser-Rand Group, Inc.	*		7,575		645,239
FMC Technologies, Inc.	*		16,313		676,826
Oceaneering International, Inc.			60,039		2,797,217
RPC, Inc.	†		48,053		664,573
					7,250,482
Food & Staples Retailing—0.5%
Rite Aid Corp.	*		77,798		649,613
Sprouts Farmers Market, Inc.	*		123,677		3,336,806
Sysco Corp.			17,500		631,750
Whole Foods Market, Inc.			16,387		646,303
					5,264,472
Food Products—1.2%
Campbell Soup Co.			14,061		670,007
ConAgra Foods, Inc.			15,300		668,916
Flowers Foods, Inc.			30,914		653,831
Hain Celestial Group, Inc. (The)	*		9,630		634,232
Hershey Co. (The)			7,651		679,638
Hormel Foods Corp.			11,577		652,596
Ingredion, Inc.			8,011		639,358
Kellogg Co.			10,600		664,620
Keurig Green Mountain, Inc.			8,579		657,409
McCormick & Co., Inc. (Non-Voting Shares)			8,220		665,409
Mead Johnson Nutrition Co.			7,364		664,380
Pilgrim’s Pride Corp.	†		26,155		600,780
Tyson Foods, Inc., Class A			14,935		636,679
WhiteWave Foods Co. (The)	*		99,557		4,866,346
					13,354,201
Health Care Equipment & Supplies—3.0%
Alere, Inc.	*		94,200		4,969,050
Align Technology, Inc.	*		80,951		5,076,437
Boston Scientific Corp.	*		256,415		4,538,545
C.R. Bard, Inc.			3,830		653,781
Cooper Cos., Inc. (The)			26,476		4,711,934
DENTSPLY International, Inc.			12,760		657,778
DexCom, Inc.	*		59,186		4,733,696
Edwards Lifesciences Corp.	*		4,652		662,584
Hill-Rom Holdings, Inc.			12,620		685,645
Hologic, Inc.	*		18,690		711,341
IDEXX Laboratories, Inc.	*		28,685		1,839,856

		Shares		Value
Intuitive Surgical, Inc.	*	1,401	$	678,785
ResMed, Inc.	†	11,918		671,818
Sirona Dental Systems, Inc.	*	6,802		683,057
St. Jude Medical, Inc.		9,170		670,052
Varian Medical Systems, Inc.	*	7,840		661,147
Zimmer Biomet Holdings, Inc.		5,942		649,045
				33,254,551
Health Care Providers & Services—4.1%
Acadia Healthcare Co., Inc.	*	8,600		673,638
AmerisourceBergen Corp.		6,207		660,052
Brookdale Senior Living, Inc.	*	18,700		648,890
Catamaran Corp.	*	10,952		668,948
Centene Corp.	*	8,658		696,103
Community Health Systems, Inc.	*	64,100		4,036,377
DaVita HealthCare Partners, Inc.	*	140,264		11,146,780
Envision Healthcare Holdings, Inc.	*	297,027		11,726,626
Health Net, Inc.	*	10,300		660,436
Henry Schein, Inc.	*	4,605		654,463
Laboratory Corp. of America Holdings	*	5,560		673,983
LifePoint Health, Inc.	*	8,000		695,600
MEDNAX, Inc.	*	8,895		659,208
Omnicare, Inc.		7,100		669,175
Patterson Cos., Inc.		13,697		666,359
Premier, Inc., Class A	*	123,890		4,764,809
Tenet Healthcare Corp.	*	12,370		715,976
Universal Health Services, Inc., Class B		4,717		670,286
VCA, Inc.	*	82,100		4,466,651
				45,554,360
Health Care Technology—0.4%
Allscripts Healthcare Solutions, Inc.	*	47,300		647,064
athenahealth, Inc.	*†	5,772		661,356
Cerner Corp.	*	9,686		668,915
IMS Health Holdings, Inc.	*	21,290		652,538
Inovalon Holdings, Inc., Class A	*	24,100		672,390
Veeva Systems, Inc., Class A	*†	24,300		681,129
				3,983,392
Hotels, Restaurants & Leisure—3.8%
Aramark		21,202		656,626
Brinker International, Inc.		11,392		656,749
Chipotle Mexican Grill, Inc.	*	1,143		691,504
Choice Hotels International, Inc.		12,196		661,633
Darden Restaurants, Inc.		9,400		668,152
Dave & Buster’s Entertainment, Inc.	*	111,039		4,007,397
Domino’s Pizza, Inc.		39,345		4,461,723
Dunkin’ Brands Group, Inc.	†	12,853		706,915
Extended Stay America, Inc.		34,800		653,196
Hilton Worldwide Holdings, Inc.	*	23,895		658,307
International Game Technology plc (United Kingdom)	*	35,900		637,584
Marriott International, Inc., Class A		8,756		651,359
McDonald’s Corp.		88,300		8,394,681
MGM Resorts International	*	35,880		654,810
Norwegian Cruise Line Holdings Ltd.	*	11,396		638,632

See accompanying notes to financial statements.

177

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Panera Bread Co., Class A	*		3,816	$	666,922
Six Flags Entertainment Corp.			14,516		651,043
Starwood Hotels & Resorts Worldwide, Inc.			8,158		661,532
Vail Resorts, Inc.			30,000		3,276,000
Wyndham Worldwide Corp.			50,705		4,153,246
Wynn Resorts Ltd.			84,752		8,362,480
					42,570,491
Household Durables—1.9%
D.R. Horton, Inc.			23,999		656,613
GoPro, Inc., Class A	*		11,800		622,096
Harman International Industries, Inc.			37,300		4,436,462
Jarden Corp.	*		92,048		4,763,484
Leggett & Platt, Inc.			13,593		661,707
Lennar Corp., Class A			13,025		664,796
Lennar Corp., Class B			15,700		676,984
Mohawk Industries, Inc.	*		3,500		668,150
Newell Rubbermaid, Inc.			15,590		640,905
NVR, Inc.	*		533		714,220
Tempur Sealy International, Inc.	*		76,803		5,061,318
Toll Brothers, Inc.	*		17,500		668,325
Tupperware Brands Corp.			9,982		644,238
Whirlpool Corp.			3,705		641,150
					21,520,448
Household Products—0.5%
Church & Dwight Co., Inc.			50,214		4,073,862
Clorox Co. (The)			6,270		652,205
Spectrum Brands Holdings, Inc.			6,820		695,572
					5,421,639
Independent Power and Renewable Electricity Producers—0.1%
Calpine Corp.	*		35,850		644,942
TerraForm Power, Inc., Class A	*		17,100		649,458
					1,294,400
Industrial Conglomerates—2.8%
Carlisle Cos., Inc.			65,800		6,587,896
CK Hutchison Holdings Ltd. ADR (Hong Kong)	*		680,000		15,769,200
Koninklijke Philips NV NYRS (Netherlands)			329,062		8,377,919
Roper Technologies, Inc.			3,805		656,210
					31,391,225
Insurance—2.7%
AmTrust Financial Services, Inc.			10,500		687,855
Aon plc (United Kingdom)			101,414		10,108,947
Arthur J. Gallagher & Co.			13,854		655,294
Assured Guaranty Ltd. (Bermuda)			139,000		3,334,610
Erie Indemnity Co., Class A			8,179		671,251
Loews Corp.			244,800		9,427,248
Markel Corp.	*		800		640,544
RenaissanceRe Holdings Ltd. (Bermuda)			47,400		4,811,574
					30,337,323

		Shares		Value
Internet & Catalog Retail—0.6%
Expedia, Inc.		6,103	$	667,363
Groupon, Inc.	*†	125,690		632,221
HomeAway, Inc.	*	21,469		668,115
Liberty Interactive Corp. QVC Group, Series A	*	23,353		648,046
Liberty Ventures, Series A	*	16,364		642,614
TripAdvisor, Inc.	*	7,321		637,952
Vipshop Holdings Ltd. ADR (China)	*	151,000		3,359,750
				7,256,061
Internet Software & Services—2.2%
Akamai Technologies, Inc.	*	9,383		655,121
CoStar Group, Inc.	*	51,447		10,354,223
Equinix, Inc. REIT		2,672		678,688
GoDaddy, Inc., Class A	*	21,600		608,904
Google, Inc., Class C	*	12,174		6,336,689
IAC/InterActiveCorp		8,262		658,151
LendingClub Corp.	*	41,600		613,600
LinkedIn Corp., Class A	*	3,118		644,272
Pandora Media, Inc.	*	40,873		635,167
Rackspace Hosting, Inc.	*	17,659		656,738
Twitter, Inc.	*	19,005		688,361
VeriSign, Inc.	*	10,531		649,973
Yelp, Inc.	*	14,895		640,932
Zillow Group, Inc., Class A	*†	7,465		647,514
				24,468,333
IT Services—6.8%
Alliance Data Systems Corp.	*	46,256		13,503,977
Amdocs Ltd.		101,700		5,551,803
Black Knight Financial Services, Inc., Class A	*	83,590		2,580,423
Booz Allen Hamilton Holding Corp.		153,531		3,875,122
Broadridge Financial Solutions, Inc.		12,966		648,430
CoreLogic, Inc.	*	17,400		690,606
DST Systems, Inc.		5,256		662,151
EPAM Systems, Inc.	*	49,900		3,554,377
Euronet Worldwide, Inc.	*	67,232		4,148,214
Fidelity National Information Services, Inc.		10,609		655,636
Fiserv, Inc.	*	7,809		646,819
FleetCor Technologies, Inc.	*	8,406		1,311,840
Gartner, Inc.	*	97,264		8,343,306
Genpact Ltd.	*	31,000		661,230
Global Payments, Inc.		56,231		5,817,097
Jack Henry & Associates, Inc.		10,094		653,082
Leidos Holdings, Inc.		16,100		649,957
NeuStar, Inc., Class A	*†	117,400		3,429,254
Paychex, Inc.		13,912		652,195
Sabre Corp.		27,331		650,478
Teradata Corp.	*	17,777		657,749
Total System Services, Inc.		16,218		677,426
Vantiv, Inc., Class A	*	241,866		9,236,863
VeriFone Systems, Inc.	*	19,055		647,108
Western Union Co. (The)		31,198		634,255
WEX, Inc.	*	44,600		5,083,062
				75,622,460

See accompanying notes to financial statements.

178

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Leisure Products—0.7%
Brunswick Corp.			65,700	$	3,341,502
Hasbro, Inc.			8,557		639,978
Polaris Industries, Inc.			23,814		3,527,092
Vista Outdoor, Inc.	*		14,500		651,050
					8,159,622
Life Sciences Tools & Services—0.5%
Bio-Techne Corp.			6,707		660,438
Bruker Corp.	*		33,692		687,654
Charles River Laboratories International, Inc.	*		9,154		643,892
Mettler-Toledo International, Inc.	*		1,892		646,042
PerkinElmer, Inc.			12,130		638,523
Quintiles Transnational Holdings, Inc.	*		8,965		650,949
VWR Corp.	*		25,000		668,250
Waters Corp.	*		5,136		659,360
					5,255,108
Machinery—4.2%
Allison Transmission Holdings, Inc.			102,056		2,986,159
CNH Industrial NV (United Kingdom)	†		1,064,200		9,875,776
Donaldson Co., Inc.			18,569		664,770
Flowserve Corp.			54,738		2,882,503
Graco, Inc.			9,337		663,207
IDEX Corp.			8,224		646,242
Ingersoll-Rand plc			9,823		662,267
Lincoln Electric Holdings, Inc.			10,692		651,036
Middleby Corp. (The)	*		5,870		658,790
Nordson Corp.			8,373		652,173
PACCAR, Inc.			10,366		661,455
Pall Corp.			13,674		1,701,729
Parker-Hannifin Corp.			5,683		661,103
Proto Labs, Inc.	*†		29,000		1,956,920
Snap-on, Inc.			19,276		3,069,703
Stanley Black & Decker, Inc.			6,340		667,222
Toro Co. (The)			9,744		660,448
Valmont Industries, Inc.	†		5,535		657,945
WABCO Holdings, Inc.	*		79,215		9,800,480
Wabtec Corp.			69,941		6,591,240
					46,771,168
Media—4.1%
AMC Networks, Inc., Class A	*		8,068		660,366
Cablevision Systems Corp., Class A	†		27,605		660,864
Charter Communications, Inc., Class A	*†		36,275		6,212,094
Cinemark Holdings, Inc.			152,094		6,109,616
Clear Channel Outdoor Holdings, Inc., Class A			69,244		701,442
Discovery Communications, Inc., Class A	*		19,265		640,754
Discovery Communications, Inc., Class C	*		20,665		642,268
DreamWorks Animation SKG, Inc., Class A	*†		415,300		10,955,614
Interpublic Group of Cos., Inc. (The)			33,761		650,574

		Shares		Value
Lions Gate Entertainment Corp.	†	17,980	$	666,159
Live Nation Entertainment, Inc.	*	23,065		634,057
Madison Square Garden Co. (The), Class A	*	7,900		659,571
Markit Ltd. (United Kingdom)	*	168,800		4,316,216
Morningstar, Inc.		8,188		651,355
Omnicom Group, Inc.		9,489		659,391
Regal Entertainment Group, Class A	†	31,276		653,981
Scripps Networks Interactive, Inc., Class A		134,385		8,784,747
Sirius XM Holdings, Inc.	*	175,250		653,683
Starz, Class A	*	15,313		684,797
				45,597,549
Metals & Mining—0.2%
Compass Minerals International, Inc.		8,072		663,034
Royal Gold, Inc.		10,700		659,013
Steel Dynamics, Inc.		30,200		625,593
Tahoe Resources, Inc.		52,093		631,888
				2,579,528
Multiline Retail—0.7%
Dillard’s, Inc., Class A		6,185		650,600
Dollar General Corp.		8,193		636,924
Dollar Tree, Inc.	*	56,649		4,474,705
Family Dollar Stores, Inc.		8,479		668,230
Macy’s, Inc.		9,407		634,690
Nordstrom, Inc.		8,844		658,878
Sears Holdings Corp.	*†	23,659		631,695
				8,355,722
Oil, Gas & Consumable Fuels—3.4%
Cabot Oil & Gas Corp.		21,572		680,381
Chesapeake Energy Corp.	†	595,950		6,656,762
CONSOL Energy, Inc.		315,700		6,863,318
Continental Resources, Inc.	*	74,036		3,138,386
CVR Energy, Inc.	†	17,350		653,054
Diamondback Energy, Inc.		48,700		3,671,006
HollyFrontier Corp.		16,075		686,242
Memorial Resource Development Corp.	*	35,200		667,744
Murphy Oil Corp.		166,800		6,933,876
ONEOK, Inc.		17,031		672,384
Range Resources Corp.		81,257		4,012,471
Sanchez Energy Corp.	*†	84,720		830,256
Targa Resources Corp.		7,375		657,998
Teekay Corp. (Bermuda)		15,175		649,793
Tesoro Corp.		7,818		659,917
World Fuel Services Corp.		13,751		659,360
				38,092,948
Paper & Forest Products—0.1%
International Paper Co.		13,827		658,027
Personal Products—0.2%
Coty, Inc., Class A	*	20,814		665,424
Herbalife Ltd.	*†	12,102		666,699
Nu Skin Enterprises, Inc., Class A	†	13,724		646,812
				1,978,935

See accompanying notes to financial statements.

179

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Pharmaceuticals—1.5%
Akorn, Inc.	*		14,900	$	650,534
Catalent, Inc.	*		170,552		5,002,290
Endo International plc (Ireland)	*		59,514		4,740,290
GW Pharmaceuticals plc ADR (United Kingdom)	*		12,600		1,547,784
Hospira, Inc.	*		7,500		665,325
Jazz Pharmaceuticals plc (Ireland)	*		12,345		2,173,584
Mallinckrodt plc	*		5,542		652,404
Perrigo Co. plc (Ireland)			3,613		667,791
Zoetis, Inc.			12,086		582,787
					16,682,789
Professional Services—2.9%
Dun & Bradstreet Corp. (The)			5,273		643,306
Equifax, Inc.			76,702		7,446,997
IHS, Inc., Class A	*		30,975		3,984,314
Nielsen NV			238,597		10,681,988
Robert Half International, Inc.			11,923		661,727
Towers Watson & Co., Class A			32,000		4,025,600
Verisk Analytics, Inc.	*		62,270		4,530,765
					31,974,697
Real Estate Investment Trusts (REITs)—1.1%
Boston Properties, Inc. REIT			5,464		661,363
Columbia Property Trust, Inc. REIT			26,725		656,099
Crown Castle International Corp. REIT			8,208		659,102
Digital Realty Trust, Inc. REIT			10,100		673,468
Empire State Realty Trust, Inc., Class A REIT			38,800		661,928
Equity LifeStyle Properties, Inc. REIT			12,702		667,871
Extra Space Storage, Inc. REIT			10,206		665,635
Federal Realty Investment Trust REIT			5,181		663,634
Gaming and Leisure Properties, Inc. REIT			17,855		654,564
Health Care REIT, Inc. REIT			10,123		664,373
Healthcare Trust of America, Inc., Class A REIT			28,062		672,085
Iron Mountain, Inc. REIT			21,249		658,719
Lamar Advertising Co., Class A REIT			11,495		660,733
Omega Healthcare Investors, Inc. REIT			19,265		661,367
Plum Creek Timber Co., Inc. REIT			16,385		664,739
Post Properties, Inc. REIT			12,300		668,751
Tanger Factory Outlet Centers, Inc. REIT			20,677		655,461
Taubman Centers, Inc. REIT			9,384		652,188
Weyerhaeuser Co. REIT			20,997		661,406
					12,583,486
Real Estate Management & Development—0.5%
CBRE Group, Inc., Class A	*		17,977		665,149
Howard Hughes Corp. (The)	*		21,790		3,127,737
Jones Lang LaSalle, Inc.			3,865		660,915
Realogy Holdings Corp.	*		14,366		671,179
					5,124,980

		Shares		Value
Road & Rail—1.6%
AMERCO		2,030	$	663,627
Avis Budget Group, Inc.	*	120,440		5,308,995
Genesee & Wyoming, Inc., Class A	*	67,040		5,107,107
Hertz Global Holdings, Inc.	*	34,944		633,185
J.B. Hunt Transport Services, Inc.		7,945		652,205
Landstar System, Inc.		9,987		667,831
Old Dominion Freight Line, Inc.	*	65,875		4,519,355
				17,552,305
Semiconductors & Semiconductor Equipment—2.2%
Altera Corp.		13,043		667,802
Ambarella, Inc.	*	30,700		3,152,583
Ambarella, Inc.	*d	18,300		—
Analog Devices, Inc.		10,339		663,609
Applied Materials, Inc.		33,288		639,795
Atmel Corp.		65,484		645,345
Freescale Semiconductor Ltd.	*	16,084		642,877
KLA-Tencor Corp.		11,655		655,127
Lam Research Corp.		56,099		4,563,654
Linear Technology Corp.		14,438		638,593
Maxim Integrated Products, Inc.		18,949		655,162
Microchip Technology, Inc.	†	13,516		640,996
NXP Semiconductors NV (Netherlands)	*	33,600		3,299,520
ON Semiconductor Corp.	*	53,500		625,415
Qorvo, Inc.	*	7,900		634,133
Skyworks Solutions, Inc.		6,191		644,483
SunEdison, Inc.	*	21,190		633,793
SunPower Corp.	*†	21,615		614,082
Tower Semiconductor Ltd. (Israel)	*	122,300		1,888,312
Veeco Instruments, Inc.	*	57,400		1,649,676
Xilinx, Inc.		14,496		640,143
				24,195,100
Software—4.9%
ANSYS, Inc.	*	7,307		666,691
Autodesk, Inc.	*	12,553		628,591
Cadence Design Systems, Inc.	*	34,124		670,878
CDK Global, Inc.		12,000		647,760
Citrix Systems, Inc.	*	9,478		664,976
CyberArk Software Ltd. (Israel)	*	41,666		2,617,458
Electronic Arts, Inc.	*	9,925		660,013
FactSet Research Systems, Inc.		3,913		635,902
FireEye, Inc.	*	12,920		631,917
Fleetmatics Group plc (Ireland)	*	73,437		3,439,055
Fortinet, Inc.	*	15,956		659,461
Guidewire Software, Inc.	*	64,742		3,426,794
Imperva, Inc.	*	22,150		1,499,555
Informatica Corp.	*	14,053		681,149
Intuit, Inc.		6,315		636,363
King Digital Entertainment plc (Ireland)		47,900		682,575
Mobileye NV (Israel)	*†	31,900		1,696,123
NetSuite, Inc.	*	7,055		647,296
PTC, Inc.	*	15,975		655,295
Qlik Technologies, Inc.	*	111,800		3,908,528
Red Hat, Inc.	*	8,484		644,190
ServiceNow, Inc.	*	8,507		632,155
SolarWinds, Inc.	*	79,123		3,649,944
Solera Holdings, Inc.		127,207		5,668,344
Splunk, Inc.	*	80,360		5,594,663

See accompanying notes to financial statements.

180

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
SS&C Technologies Holdings, Inc.			10,400	$	650,000
Synopsys, Inc.	*		13,300		673,645
Tableau Software, Inc., Class A	*		45,358		5,229,777
Tyler Technologies, Inc.	*		36,870		4,770,241
Ultimate Software Group, Inc. (The)	*		4,000		657,360
Workday, Inc., Class A	*		8,400		641,676
					54,568,375
Specialty Retail—5.0%
Aaron’s, Inc.			18,257		661,086
Advance Auto Parts, Inc.			3,963		631,266
AutoNation, Inc.	*		10,391		654,425
AutoZone, Inc.	*		948		632,221
Bed Bath & Beyond, Inc.	*		9,667		666,830
Cabela’s, Inc.	*†		13,265		662,985
Caleres, Inc.			82,400		2,618,672
CarMax, Inc.	*		9,844		651,771
CST Brands, Inc.			16,367		639,295
Dick’s Sporting Goods, Inc.			12,793		662,294
DSW, Inc., Class A			19,700		657,389
Foot Locker, Inc.			9,985		669,095
Gap, Inc. (The)			17,215		657,096
GNC Holdings, Inc., Class A			14,776		657,236
L Brands, Inc.			7,667		657,292
Lithia Motors, Inc., Class A			39,100		4,424,556
Men’s Wearhouse, Inc. (The)			61,500		3,940,305
Michaels Cos., Inc. (The)	*		180,814		4,865,705
Murphy USA, Inc.	*		11,445		638,860
Office Depot, Inc.	*		75,500		653,830
O’Reilly Automotive, Inc.	*		28,654		6,475,231
Penske Automotive Group, Inc.			12,582		655,648
Ross Stores, Inc.			91,046		4,425,746
Sally Beauty Holdings, Inc.	*		166,578		5,260,533
Signet Jewelers Ltd. (Bermuda)			5,148		660,179
Tiffany & Co.			7,154		656,737
Tractor Supply Co.			53,521		4,813,679
Ulta Salon Cosmetics & Fragrance, Inc.	*		4,306		665,062
Urban Outfitters, Inc.	*		18,923		662,305
Williams-Sonoma, Inc.			64,562		5,311,516
					55,888,845
Technology Hardware, Storage & Peripherals—0.1%
3D Systems Corp.	*†		32,700		638,304
NetApp, Inc.			20,464		645,844
					1,284,148
Textiles, Apparel & Luxury Goods—2.0%
Carter’s, Inc.			46,875		4,982,813
Coach, Inc.			18,740		648,591
Columbia Sportswear Co.			60,485		3,656,923
Fossil Group, Inc.	*		9,219		639,430
Hanesbrands, Inc.			142,024		4,732,240
Kate Spade & Co.	*		29,295		631,014
lululemon athletica, Inc. (Canada)	*		65,899		4,303,205
Michael Kors Holdings Ltd. (United Kingdom)	*		14,723		619,691
Ralph Lauren Corp.			4,940		653,858
Skechers U.S.A., Inc., Class A	*		6,000		658,740
Under Armour, Inc., Class A	*		7,846		654,670
					22,181,175

		Shares		Value
Trading Companies & Distributors—1.1%
AerCap Holdings NV (Netherlands)	*	82,300	$	3,768,517
Air Lease Corp.		18,700		633,930
Fastenal Co.	†	114,313		4,821,722
HD Supply Holdings, Inc.	*	19,015		668,948
MSC Industrial Direct Co., Inc., Class A		9,537		665,396
United Rentals, Inc.	*	7,513		658,289
W.W. Grainger, Inc.		2,792		660,727
Watsco, Inc.		5,400		668,196
				12,545,725
Wireless Telecommunication Services—1.5%
SBA Communications Corp., Class A	*	150,275		17,277,117
TOTAL COMMON STOCKS
(Cost $873,589,318)				1,080,583,022
MONEY MARKET FUNDS—10.3%
Institutional Money Market Funds—10.3%
Dreyfus Institutional Cash Advantage Fund, 0.08%	††¥	12,557,000		12,557,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%	¥	47,533,051		47,533,051
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%	††¥	7,459,538		7,459,538
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.11%	††¥	9,993,000		9,993,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.10%	††¥	12,557,000		12,557,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.12%	††¥	12,557,000		12,557,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.11%	††¥	12,557,000		12,557,000
TOTAL MONEY MARKET FUNDS
(Cost $115,213,589)				115,213,589
TOTAL INVESTMENTS—107.1%
(Cost $988,802,907)				1,195,796,611
Other assets less liabilities—(7.1%)				(79,394,290	)
NET ASSETS—100.0%			$	1,116,402,321

See accompanying notes to financial statements.

181

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

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.
d	Security has no market value at June 30, 2015.
††	Represents reinvestment of collateral received in conjunction with securities lending.
¥	The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to financial statements.

182

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

Vantagepoint Discovery Fund			Shares		Value
COMMON STOCKS—49.3%
Aerospace & Defense—0.4%
Astronics Corp.		*		5,100	$	361,539
Astronics Corp., Class B		*		12,007		846,494
						1,208,033
Air Freight & Logistics—0.5%
Park-Ohio Holdings Corp.				32,250		1,562,835
Auto Components—0.4%
Standard Motor Products, Inc.				31,067		1,091,073
Automobiles—0.6%
Winnebago Industries, Inc.		†		75,000		1,769,250
Banks—2.6%
Bank of Marin Bancorp				30,626		1,557,945
Blue Hills Bancorp, Inc.		*		109,000		1,526,000
Flushing Financial Corp.				74,094		1,556,715
Heritage Financial Corp./Washington	��			91,160		1,629,029
TriCo Bancshares				66,897		1,608,873
						7,878,562
Biotechnology—3.3%
Arena Pharmaceuticals, Inc.		*†		308,040		1,429,306
Cara Therapeutics, Inc.		*		122,862		1,492,773
Dicerna Pharmaceuticals, Inc.		*		115,059		1,605,073
Ironwood Pharmaceuticals, Inc.		*		122,500		1,477,350
Otonomy, Inc.		*		46,022		1,058,046
Trevena, Inc.		*		217,551		1,361,869
Zafgen, Inc.		*		40,239		1,393,477
						9,817,894
Building Products—0.5%
Insteel Industries, Inc.				73,219		1,369,195
Capital Markets—1.1%
Alaris Royalty Corp. (Canada)				55,600		1,357,281
HFF, Inc., Class A				37,216		1,553,024
Westwood Holdings Group, Inc.				7,575		451,243
						3,361,548
Chemicals—0.7%
Advanced Emissions Solutions, Inc.		*		61,320		797,160
Orion Engineered Carbons SA (Luxembourg)				76,301		1,408,517
						2,205,677
Commercial Services & Supplies—1.2%
CECO Environmental Corp.				163,678		1,854,472
Heritage-Crystal Clean, Inc.		*		118,876		1,747,477
						3,601,949
Communications Equipment—1.8%
CalAmp Corp.		*†		71,377		1,303,344
Mitel Networks Corp. (Canada)		*†		265,756		2,346,626
ParkerVision, Inc.		*†		622,671		233,564
Radware Ltd. (Israel)		*		67,131		1,490,308
						5,373,842
Construction & Engineering—0.6%
EMCOR Group, Inc.				34,435		1,644,960

		Shares		Value
Consumer Finance—0.6%
Regional Management Corp.	*	101,300	$	1,809,218
Containers & Packaging—0.6%
Myers Industries, Inc.		100,762		1,914,478
Electric Utilities—0.9%
ALLETE, Inc.		27,638		1,282,127
Spark Energy, Inc., Class A	†	90,735		1,429,983
				2,712,110
Electronic Equipment, Instruments & Components—0.7%
Control4 Corp.	*†	45,023		400,255
Newport Corp.	*	77,600		1,471,296
Speed Commerce, Inc.	*†	501,498		140,419
				2,011,970
Energy Equipment & Services—0.3%
Aspen Aerogels, Inc.	*	48,255		319,448
Superior Drilling Products, Inc.	*†	249,754		689,321
				1,008,769
Food Products—0.9%
Darling Ingredients, Inc.	*	75,793		1,111,125
Freshpet, Inc.	*†	79,500		1,478,700
				2,589,825
Health Care Equipment & Supplies—1.4%
Anika Therapeutics, Inc.	*	48,987		1,618,041
EndoChoice Holdings, Inc.	*	58,530		956,965
Globus Medical, Inc., Class A	*	59,679		1,531,960
				4,106,966
Health Care Providers & Services—1.3%
Aceto Corp.		74,380		1,831,979
Ensign Group, Inc. (The)		41,875		2,138,138
				3,970,117
Hotels, Restaurants & Leisure—1.6%
Del Frisco’s Restaurant Group, Inc.	*	87,472		1,629,603
Red Robin Gourmet Burgers, Inc.	*	16,925		1,452,504
Ruth’s Hospitality Group, Inc.		103,145		1,662,697
				4,744,804
Household Durables—2.7%
iRobot Corp.	*†	53,852		1,716,802
M/I Homes, Inc.	*	69,625		1,717,649
New Home Co., Inc. (The)	*	129,741		2,235,437
William Lyon Homes, Class A	*	90,007		2,310,480
				7,980,368
Independent Power and Renewable Electricity Producers—0.5%
Pattern Energy Group, Inc.	†	46,838		1,329,262
Insurance—0.5%
James River Group Holdings Ltd. (Bermuda)		60,679		1,569,766
Internet Software & Services—1.2%
Constant Contact, Inc.	*	44,991		1,293,941
Marchex, Inc., Class B		239,641		1,186,223
Textura Corp.	*†	43,371		1,207,015
				3,687,179

See accompanying notes to financial statements.

183

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Discovery Fund		Shares		Value
COMMON STOCKS—(Continued)
IT Services—2.0%
ExlService Holdings, Inc.	*		49,297	$	1,704,690
Global Cash Access Holdings, Inc.	*		284,114		2,199,042
Perficient, Inc.	*		100,948		1,942,240
					5,845,972
Life Sciences Tools & Services—0.6%
Albany Molecular Research, Inc.	*†		94,358		1,907,919
Machinery—3.1%
Alamo Group, Inc.			25,686		1,403,483
Altra Industrial Motion Corp.			51,015		1,386,588
Luxfer Holdings plc ADR (United Kingdom)			85,459		1,110,967
Lydall, Inc.	*		52,935		1,564,759
NN, Inc.			85,872		2,191,453
Titan International, Inc.	†		159,014		1,707,810
					9,365,060
Metals & Mining—0.2%
New Gold, Inc. (Canada)	*		174,056		468,210
Romarco Minerals, Inc. (Canada)	*		245,150		83,418
					551,628
Oil, Gas & Consumable Fuels—1.4%
Abraxas Petroleum Corp.	*		433,977		1,280,232
Bill Barrett Corp.	*†		119,355		1,025,259
Karoon Gas Australia Ltd. (Australia)	*		455,718		790,509
Synergy Resources Corp.	*		103,863		1,187,154
					4,283,154
Pharmaceuticals—1.5%
KemPharm, Inc.	*†		84,093		1,544,789
Phibro Animal Health Corp., Class A			37,915		1,476,410
XenoPort, Inc.	*		213,679		1,309,852
					4,331,051
Professional Services—0.1%
Franklin Covey Co.	*		20,491		415,762
Real Estate Investment Trusts (REITs)—4.2%
Arbor Realty Trust, Inc. REIT			192,587		1,301,888
Armada Hoffler Properties, Inc. REIT			141,430		1,412,886
CareTrust REIT, Inc. REIT			112,961		1,431,216
Easterly Government Properties, Inc. REIT			91,195		1,451,824
Gladstone Commercial Corp. REIT			69,255		1,146,863
Medical Properties Trust, Inc. REIT			114,434		1,500,230
Pebblebrook Hotel Trust REIT			29,642		1,271,049
STAG Industrial, Inc. REIT			67,373		1,347,460
Summit Hotel Properties, Inc. REIT			119,900		1,559,899
					12,423,315
Road & Rail—0.5%
Celadon Group, Inc.			70,185		1,451,426

				Shares		Value
Semiconductors & Semiconductor Equipment—1.9%
Exar Corp.		*		199,023	$	1,946,445
Inphi Corp.		*		83,514		1,909,130
Rambus, Inc.		*		132,862		1,925,170
						5,780,745
Software—2.7%
ePlus, Inc.		*		20,795		1,593,937
Sapiens International Corp. NV (Israel)				168,755		1,751,677
Silver Spring Networks, Inc.		*†		98,279		1,219,642
Tangoe, Inc.		*		148,706		1,870,721
Zix Corp.		*		299,768		1,549,801
						7,985,778
Specialty Retail—0.7%
Shoe Carnival, Inc.				68,340		1,972,292
Textiles, Apparel & Luxury Goods—0.9%
Crocs, Inc.		*		176,500		2,596,315
Thrifts & Mortgage Finance—1.2%
EverBank Financial Corp.				88,499		1,739,005
WSFS Financial Corp.				64,043		1,751,576
						3,490,581
Trading Companies & Distributors—1.4%
CAI International, Inc.		*		73,678		1,517,030
H&E Equipment Services, Inc.				67,956		1,357,081
Textainer Group Holdings Ltd. (Bermuda)		†		47,757		1,242,160
						4,116,271
TOTAL COMMON STOCKS
(Cost $132,296,655)						146,836,919
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—22.3%
Aerospace & Defense—0.1%
L-3 Communications Corp.
1.500%	05/28/2017		$	360,000		357,694
Auto Components—0.0%
Johnson Controls, Inc.
1.400%	11/02/2017			70,000		69,769
Banks—4.7%
Bank of America Corp.
3.875%	03/22/2017			70,000		72,808
3.700%	09/01/2015			425,000		426,777
0.829%	05/02/2017	#		100,000		99,263
Bank of America Corp. MTN
1.700%	08/25/2017			300,000		300,502
1.351%	03/22/2018	#		590,000		595,767
1.250%	01/11/2016			190,000		190,490
Bank of America Corp., Series 1
3.750%	07/12/2016			130,000		133,301
Barclays Bank plc (United Kingdom)
0.856%	02/17/2017	#		300,000		299,091
BB&T Corp. MTN
1.600%	08/15/2017			150,000		150,552
0.938%	02/01/2019	#		650,000		650,090

See accompanying notes to financial statements.

184

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Discovery Fund
Coupon Rate		Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
BNZ International Funding Ltd. (New Zealand)
1.900%			02/26/2018	^	$	500,000	$	502,554
Capital One NA, Bank Note
1.650%			02/05/2018			390,000		387,253
1.500%			09/05/2017			360,000		358,664
CIT Group, Inc.
5.250%			03/15/2018			175,000		181,344
Citigroup, Inc.
4.450%			01/10/2017			225,000		235,157
1.974%			05/15/2018	#		325,000		333,740
1.850%			11/24/2017			250,000		250,756
1.550%			08/14/2017			670,000		669,171
1.074%			04/01/2016	#		540,000		541,178
Compass Bank, Bank Note
1.850%			09/29/2017			250,000		249,836
Credit Agricole SA (France)
1.075%			04/15/2019	#^		670,000		675,422
Fifth Third Bancorp
5.450%			01/15/2017			245,000		259,812
Fifth Third Bank/Ohio, Bank Note
1.150%			11/18/2016			400,000		399,190
HSBC Bank plc (United Kingdom)
0.914%			05/15/2018	#^		360,000		361,779
Huntington National Bank (The)
1.375%			04/24/2017			250,000		249,182
0.703%			04/24/2017	#		250,000		249,500
Huntington National Bank (The), Bank Note
1.300%			11/20/2016			260,000		259,664
JPMorgan Chase & Co.
1.177%			01/25/2018	#		280,000		282,021
0.794%			02/15/2017	#		800,000		801,434
JPMorgan Chase & Co. MTN
1.350%			02/15/2017			640,000		640,711
1.100%			10/15/2015			250,000		250,237
KeyBank NA, Bank Note
4.950%			09/15/2015			200,000		201,306
KeyCorp MTN
3.750%			08/13/2015			230,000		230,694
Macquarie Bank Ltd. (Australia)
1.600%			10/27/2017	^		420,000		420,047
Manufacturers & Traders Trust Co., Bank Note
1.400%			07/25/2017			410,000		409,546
1.250%			01/30/2017			380,000		379,912
PNC Bank NA, Bank Note
1.150%			11/01/2016			250,000		250,369
Regions Financial Corp.
2.000%			05/15/2018			370,000		370,007
SunTrust Bank, Bank Note
1.350%			02/15/2017			670,000		669,841
								13,988,968
	��
Beverages—0.2%
PepsiCo, Inc.
1.250%			04/30/2018			500,000		498,127
Biotechnology—0.2%
Amgen, Inc.
1.250%			05/22/2017			630,000		629,825

Coupon Rate	Maturity Date			Face		Value
Capital Markets—1.3%
Goldman Sachs Group, Inc. (The)
3.625%	02/07/2016		$	1,225,000	$	1,244,953
Goldman Sachs Group, Inc. (The), Series 1
1.478%	04/30/2018	#		240,000		242,699
Macquarie Group Ltd. (Australia)
1.278%	01/31/2017	#^		670,000		673,377
Morgan Stanley
1.417%	01/27/2020	#		710,000		720,566
Morgan Stanley MTN
6.625%	04/01/2018			260,000		291,846
1.017%	07/23/2019	#		690,000		686,022
						3,859,463
Chemicals—0.1%
Ashland, Inc.
3.875%	04/15/2018			375,000		386,719
Commercial Services & Supplies—0.1%
Mobile Mini, Inc.
7.875%	12/01/2020			430,000		452,575
Communications Equipment—0.5%
Cisco Systems, Inc.
0.596%	06/15/2018	#		460,000		461,141
QUALCOMM, Inc.
1.400%	05/18/2018			940,000		937,475
						1,398,616
Consumer Finance—3.0%
Ally Financial, Inc.
3.250%	09/29/2017			400,000		401,000
American Express Co.
0.874%	05/22/2018	#		800,000		798,065
American Express Credit Corp.
0.789%	07/29/2016	#		550,000		550,960
Caterpillar Financial Services Corp.
0.700%	11/06/2015			150,000		150,184
Caterpillar Financial Services Corp. MTN
1.250%	08/18/2017			260,000		260,488
1.000%	11/25/2016			130,000		130,350
1.000%	03/03/2017			540,000		541,332
Ford Motor Credit Co. LLC
4.250%	02/03/2017			600,000		623,865
3.000%	06/12/2017			280,000		286,544
1.684%	09/08/2017			450,000		448,937
General Motors Financial Co., Inc.
3.000%	09/25/2017			310,000		316,388
2.400%	04/10/2018			700,000		702,206
Harley-Davidson Financial Services, Inc.
1.150%	09/15/2015	^		160,000		160,073
HSBC USA, Inc.
1.700%	03/05/2018			530,000		528,748
International Lease Finance Corp.
3.875%	04/15/2018			435,000		438,262
2.236%	06/15/2016	#†		560,000		560,700
John Deere Capital Corp.
1.050%	10/11/2016			240,000		241,073
John Deere Capital Corp. MTN
1.350%	01/16/2018			205,000		205,733
1.125%	06/12/2017			460,000		460,441
1.050%	12/15/2016			270,000		270,309
PACCAR Financial Corp. MTN
1.100%	06/06/2017			140,000		140,173
0.879%	12/06/2018	#		130,000		130,627

See accompanying notes to financial statements.

185

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Discovery Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Synchrony Financial
1.875%		08/15/2017		$	415,000	$	415,041
1.509%		02/03/2020	#		140,000		140,772
							8,902,271
Containers & Packaging—0.2%
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc. (Ireland)
3.286%		12/15/2019	#^		670,000		654,087
Diversified Financial Services—0.6%
General Electric Capital Corp. MTN
1.250%		05/15/2017			1,490,000		1,493,782
National Rural Utilities Cooperative Finance Corp.
1.100%		01/27/2017			360,000		360,807
							1,854,589
Diversified Telecommunication Services—0.7%
CC Holdings GS V LLC/Crown Castle GS III Corp.
2.381%		12/15/2017			130,000		131,580
Verizon Communications, Inc.
2.036%		09/14/2018	#		280,000		289,897
1.816%		09/15/2016	#		400,000		405,043
1.350%		06/09/2017			450,000		449,575
1.053%		06/17/2019	#		120,000		119,362
0.700%		11/02/2015			210,000		209,723
Windstream Services LLC
7.875%		11/01/2017			340,000		362,525
							1,967,705
Electric Utilities—0.7%
Duke Energy Corp.
0.663%		04/03/2017	#		200,000		200,261
Georgia Power Co.
0.750%		08/10/2015			500,000		500,107
NextEra Energy Capital Holdings, Inc.
1.339%		09/01/2015			500,000		500,485
Southern California Edison Co.
1.845%		02/01/2022			800,000		799,595
							2,000,448
Electronic Equipment, Instruments & Components—0.1%
Amphenol Corp.
1.550%		09/15/2017			160,000		160,258
Energy Equipment & Services—0.3%
Cameron International Corp.
1.400%		06/15/2017			160,000		159,030
1.150%		12/15/2016			300,000		298,356
Freeport-McMoran Oil & Gas, LLC/FCX Oil & Gas, Inc.
6.500%		11/15/2020			169,000		179,140
Nabors Industries, Inc.
2.350%		09/15/2016			200,000		200,643
							837,169
Food & Staples Retailing—0.6%
Kroger Co. (The)
2.200%		01/15/2017			500,000		507,166
0.804%		10/17/2016	#		800,000		800,590

Coupon Rate	Maturity Date			Face		Value
Sysco Corp.
1.450%	10/02/2017		$	140,000	$	141,400
Walgreens Boots Alliance, Inc.
1.750%	11/17/2017			120,000		120,541
0.726%	05/18/2016	#		210,000		210,014
						1,779,711
Food Products—0.7%
ConAgra Foods, Inc.
1.350%	09/10/2015			70,000		70,036
1.300%	01/25/2016			110,000		110,030
General Mills, Inc.
1.400%	10/20/2017			340,000		339,656
0.875%	01/29/2016			90,000		90,088
HJ Heinz Co.
2.000%	07/02/2018	^		410,000		410,166
1.600%	06/30/2017	^		480,000		480,283
Want Want China Finance Ltd. (Virgin Islands, British)
1.875%	05/14/2018	^		290,000		287,129
Wm. Wrigley Jr. Co.
2.000%	10/20/2017	^		100,000		100,930
1.400%	10/21/2016	^		100,000		100,288
						1,988,606
Health Care Equipment & Supplies—0.6%
Becton Dickinson and Co.
1.800%	12/15/2017			150,000		150,107
1.450%	05/15/2017			670,000		669,815
0.736%	06/15/2016	#		610,000		610,426
Zimmer Biomet Holdings, Inc.
2.000%	04/01/2018			450,000		450,460
						1,880,808
Health Care Providers & Services—0.5%
Anthem, Inc.
2.375%	02/15/2017			465,000		473,130
1.250%	09/10/2015			190,000		190,113
Express Scripts Holding Co.
1.250%	06/02/2017			210,000		209,114
McKesson Corp.
1.292%	03/10/2017			200,000		199,791
Tenet Healthcare Corp.
6.250%	11/01/2018			260,000		283,075
						1,355,223
Household Durables—0.1%
Whirlpool Corp.
1.650%	11/01/2017			170,000		170,676
Independent Power and Renewable Electricity Producers—0.3%
AES Corp.
3.283%	06/01/2019	#		430,000		431,075
Talen Energy Supply LLC
5.125%	07/15/2019	^		475,000		467,875
TransAlta Corp. (Canada)
1.900%	06/03/2017			130,000		129,406
						1,028,356
Insurance—0.5%
Metropolitan Life Global Funding I
0.651%	04/10/2017	#^		690,000		692,484
Principal Life Global Funding II
1.000%	12/11/2015	^		230,000		230,412

See accompanying notes to financial statements.

186

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Discovery Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Prudential Financial, Inc. MTN
1.054%		08/15/2018	#	$	300,000	$	302,159
TIAA Asset Management Finance Co. LLC
2.950%		11/01/2019	^		280,000		282,241
							1,507,296
Internet Software & Services—0.3%
Alibaba Group Holding Ltd. (Cayman Islands)
1.625%		11/28/2017	^		200,000		200,047
eBay, Inc.
0.700%		07/15/2015			220,000		220,008
IAC/InterActiveCorp
4.875%		11/30/2018			150,000		155,250
Tencent Holdings Ltd. (Cayman Islands)
2.000%		05/02/2017	^		300,000		301,157
							876,462
IT Services—0.2%
Computer Sciences Corp.
2.500%		09/15/2015			100,000		100,302
Fidelity National Information Services, Inc.
2.000%		04/15/2018			150,000		149,962
1.450%		06/05/2017			70,000		69,875
International Business Machines Corp.
1.125%		02/06/2018			300,000		298,209
							618,348
Life Sciences Tools & Services—0.1%
Thermo Fisher Scientific, Inc.
1.300%		02/01/2017			180,000		179,771
Machinery—0.1%
CNH Industrial Capital LLC
3.875%		07/16/2018	^†		300,000		300,750
Marine—0.1%
AP Moeller - Maersk A/S (Denmark)
2.550%		09/22/2019	^		350,000		352,762
Media—0.2%
DISH DBS Corp.
4.625%		07/15/2017			245,000		252,963
NBCUniversal Enterprise, Inc.
0.960%		04/15/2018	#^		240,000		241,255
							494,218
Metals & Mining—0.7%
ArcelorMittal (Luxembourg)
4.500%		08/05/2015			350,000		350,327
Freeport-McMoRan, Inc.
2.300%		11/14/2017			230,000		229,422
2.150%		03/01/2017			80,000		80,149
Glencore Finance Canada Ltd. (Canada)
2.700%		10/25/2017	^		800,000		808,745
Glencore Funding LLC
1.635%		01/15/2019	#^		600,000		599,892
							2,068,535
Multi-Utilities—0.2%
Dominion Resources, Inc.
1.250%		03/15/2017			540,000		539,009

Coupon Rate	Maturity Date			Face		Value
TECO Finance, Inc.
0.871%	04/10/2018	#	$	190,000	$	190,650
						729,659
Oil, Gas & Consumable Fuels—0.7%
CNOOC Nexen Finance 2014 ULC (Canada)
1.625%	04/30/2017			260,000		260,487
ConocoPhillips Co.
1.500%	05/15/2018			260,000		259,919
Enterprise Products Operating LLC
1.250%	08/13/2015			100,000		100,050
Hess Corp.
1.300%	06/15/2017			180,000		179,159
Kinder Morgan, Inc.
3.050%	12/01/2019			110,000		109,991
2.000%	12/01/2017			110,000		109,730
Marathon Oil Corp.
0.900%	11/01/2015			220,000		219,963
Murphy Oil Corp.
2.500%	12/01/2017	†		250,000		249,679
Sabine Pass LNG LP
7.500%	11/30/2016			370,000		391,279
WPX Energy, Inc.
5.250%	01/15/2017			355,000		364,762
						2,245,019
Pharmaceuticals—1.6%
AbbVie, Inc.
2.500%	05/14/2020			330,000		326,986
1.800%	05/14/2018			470,000		468,943
1.750%	11/06/2017			520,000		521,660
1.200%	11/06/2015			520,000		520,518
Actavis Funding SCS (Luxembourg)
2.350%	03/12/2018			620,000		623,676
1.850%	03/01/2017			420,000		422,222
1.543%	03/12/2020	#		310,000		313,790
1.300%	06/15/2017			300,000		298,116
Baxalta, Inc.
2.000%	06/22/2018	^		120,000		119,928
1.061%	06/22/2018	#^		220,000		220,095
Eli Lilly & Co.
1.250%	03/01/2018			230,000		229,456
Merck & Co., Inc.
0.636%	05/18/2018	#		470,000		471,936
Mylan, Inc.
1.800%	06/24/2016			80,000		80,059
1.350%	11/29/2016			150,000		149,596
						4,766,981
Real Estate Investment Trusts (REITs)—0.4%
ARC Properties Operating Partnership LP
2.000%	02/06/2017			80,000		77,800
Health Care REIT, Inc.
3.625%	03/15/2016			375,000		380,666
Liberty Property LP
6.625%	10/01/2017			385,000		424,790
Ventas Realty LP
1.550%	09/26/2016			211,000		211,842
1.250%	04/17/2017			120,000		119,757
						1,214,855
Real Estate Management & Development—0.1%
WEA Finance LLC/Westfield UK & Europe Finance plc
1.750%	09/15/2017	^		240,000		240,798

See accompanying notes to financial statements.

187

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Discovery Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Road & Rail—0.3%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
4.875%		11/15/2017	†	$	165,000	$	169,538
Penske Truck Leasing Co. LP/PTL Finance Corp.
3.750%		05/11/2017	^		250,000		258,769
2.500%		03/15/2016	^		230,000		231,647
2.500%		06/15/2019	^		110,000		109,052
							769,006
Semiconductors & Semiconductor Equipment—0.1%
TSMC Global Ltd. (Virgin Islands, British)
1.625%		04/03/2018	^		200,000		197,844
Software—0.0%
Autodesk, Inc.
1.950%		12/15/2017			150,000		150,733
Specialty Retail—0.1%
AutoZone, Inc.
1.300%		01/13/2017			220,000		220,447
Technology Hardware, Storage & Peripherals—0.3%
Hewlett-Packard Co.
1.217%		01/14/2019	#		580,000		572,343
Seagate HDD Cayman (Cayman Islands)
3.750%		11/15/2018			350,000		365,174
							937,517
Thrifts & Mortgage Finance—0.3%
Astoria Financial Corp.
5.000%		06/19/2017			240,000		252,172
BPCE SA MTN (France)
0.891%		06/23/2017	#		350,000		350,130
Santander Bank NA
2.000%		01/12/2018			300,000		300,139
							902,441
Tobacco—0.1%
Reynolds American, Inc.
2.300%		06/12/2018			320,000		322,620
1.050%		10/30/2015			100,000		99,665
							422,285
Trading Companies & Distributors—0.3%
Air Lease Corp.
4.500%		01/15/2016			600,000		609,375
Aircastle Ltd. (Bermuda)
6.750%		04/15/2017			230,000		245,525
GATX Corp.
1.250%		03/04/2017			100,000		99,746
							954,646
Wireless Telecommunication Services—0.0%
SBA Communications Corp.
5.625%		10/01/2019			150,000		156,563
TOTAL CORPORATE OBLIGATIONS
(Cost $66,352,101)							66,528,599

Coupon Rate	Maturity Date			Face		Value
MORTGAGE-BACKED SECURITIES—4.1%
Commercial Mortgage-Backed Securities—2.0%
American Homes 4 Rent, Series 2014-SFR1, Class A
1.250%	06/17/2031	#^	$	294,644	$	294,242
Colony American Homes, Series 2014-1A, Class A
1.400%	05/17/2031	#^		303,014		302,007
Colony American Homes, Series 2014-2A, Class A
1.137%	07/17/2031	#^		475,765		471,211
Colony American Homes, Series 2015-1A, Class A
1.387%	07/17/2032	#^		890,000		882,845
Hilton USA Trust, Series 2013-HLF, Class AFL
1.185%	11/05/2030	#^		601,134		601,240
Invitation Homes Trust, Series 2013-SFR1, Class A
1.400%	12/17/2030	#^		389,686		388,767
Invitation Homes Trust, Series 2014-SFR1, Class A
1.185%	06/17/2031	#^		1,270,000		1,258,146
Invitation Homes Trust, Series 2014-SFR2, Class A
1.286%	09/17/2031	#^		770,000		763,998
Invitation Homes Trust, Series 2015-SFR3, Class A
1.483%	08/17/2032	#^		330,000		331,835
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2015-CSMO, Class A
1.436%	01/15/2032	#^		610,000		609,406
National Credit Union Administration Guaranteed Notes, Series 2010-C1, Class A1
1.600%	10/29/2020			62,008		62,030
						5,965,727
Non-Agency Mortgage-Backed Securities—1.9%
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR2, Class AD
1.550%	04/25/2043	#^		486,986		459,222
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2013-DN2, Class M1
1.637%	11/25/2023	#		337,827		338,348
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2015-HQ1, Class M1
1.237%	03/25/2025	#		295,374		294,641
Federal National Mortgage Association Connecticut Avenue Securities, Series 2013-C01, Class M1
2.187%	10/25/2023	#		495,572		502,096
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C01, Class M1
1.787%	01/25/2024	#		525,952		529,182
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C02, Class 1M1
1.137%	05/25/2024	#		465,045		461,550

See accompanying notes to financial statements.

188

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Discovery Fund
Coupon Rate	Maturity Date			Face		Value
MORTGAGE-BACKED SECURITIES—(Continued)
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C02, Class 2M1
1.137%		05/25/2024	#	$	256,848	$	255,420
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C03, Class 1M1
1.387%		07/25/2024	#		1,089,456		1,088,914
GSAMP Trust, Series 2004-SEA2, Class M1
0.837%		03/25/2034	#		312,892		313,523
Sequoia Mortgage Trust, Series 2012-2, Class A2
3.500%		04/25/2042	#		166,474		168,682
Sequoia Mortgage Trust, Series 2013-1, Class 1A1
1.450%		02/25/2043	#		255,365		247,979
Sequoia Mortgage Trust, Series 2013-4, Class A3
1.550%		04/25/2043	#		351,497		341,737
Springleaf Mortgage Loan Trust, Series 2012-3A, Class A
1.570%		12/25/2059	#^		143,826		144,469
Springleaf Mortgage Loan Trust, Series 2013-1A, Class A
1.270%		06/25/2058	#^		312,410		312,807
Springleaf Mortgage Loan Trust, Series 2013-2A, Class A
1.780%		12/25/2065	#^		189,134		190,043
							5,648,613
U.S. Government Agency Mortgage-Backed Securities—0.2%
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 1A
0.635%		10/07/2020	#		382,913		384,938
National Credit Union Administration Guaranteed Notes, Series 2011-R6, Class 1A
0.565%		05/07/2020	#		88,069		88,102
							473,040
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $12,154,385)							12,087,380
U.S. TREASURY OBLIGATIONS—15.7%
U.S. Treasury Notes—15.7%
U.S. Treasury Note
1.125%		06/15/2018			140,000		140,536
1.000%		09/15/2017- 02/15/2018			12,035,000		12,075,326
0.875%		04/30/2017- 11/15/2017			11,100,000		11,142,273
0.500%		01/31/2017	‡‡		9,190,000		9,187,850
0.500%		08/31/2016			7,500,000		7,511,130
0.375%		10/31/2016			6,760,000		6,756,302
							46,813,417
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $46,740,048)							46,813,417

Coupon Rate	Maturity Date			Face		Value
GOVERNMENT RELATED OBLIGATIONS—1.1%
U.S. Government Agencies—0.4%
Federal Home Loan Bank, Series 3823
0.500%	09/28/2016		$	1,340,000	$	1,340,567
Non-U.S. Government Agencies—0.1%
Korea Expressway Corp. (Korea, Republic of)
1.625%	04/28/2017	^		300,000		300,159
Sovereign Debt—0.2%
Instituto de Credito Oficial (Spain)
1.125%	04/01/2016	^		710,000		711,487
Supranational—0.3%
European Investment Bank
1.125%	12/15/2016			765,000		770,715
U.S. Municipal Bonds—0.1%
California Earthquake Authority Revenue Bonds (California)
1.824%	07/01/2017			240,000		241,570
TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $3,354,738)						3,364,498
ASSET-BACKED SECURITIES—5.9%
Automobiles—3.5%
Ally Master Owner Trust Series 2013-2, Class A
0.636%	04/15/2018	#		600,000		600,345
Ally Master Owner Trust Series 2013-1, Class A1
0.636%	02/15/2018	#		500,000		500,171
Capital Auto Receivables Asset Trust Series 2013-1, Class C
1.740%	10/22/2018			120,000		120,370
Capital Auto Receivables Asset Trust Series 2013-1, Class B
1.290%	04/20/2018			120,000		120,046
Capital Auto Receivables Asset Trust Series 2015-2, Class A2
1.390%	09/20/2018			830,000		830,370
CarMax Auto Owner Trust Series 2015-2, Class A3
1.370%	03/16/2020			1,320,000		1,321,909
Chrysler Capital Auto Receivables Trust Series 2014-AA, Class A3
0.830%	09/17/2018	^		865,000		865,513
Hyundai Auto Lease Securitization Trust Series 2014-A, Class A3
0.750%	04/17/2017	^		1,870,000		1,870,708
Nissan Master Owner Trust Receivables Series 2013-A, Class A
0.486%	02/15/2018	#		1,250,000		1,250,173
Porsche Financial Auto Securitization Trust Series 2014-1, Class A3
0.670%	01/23/2018	^		1,590,000		1,591,059
Porsche Innovative Lease Owner Trust Series 2015-1, Class A3
1.190%	07/23/2018	^		1,400,000		1,399,000
						10,469,664

See accompanying notes to financial statements.

189

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Discovery Fund
Coupon Rate	Maturity Date			Face		Value
ASSET-BACKED SECURITIES—(Continued)
Credit Card—0.3%
Synchrony Credit Card Master Note Trust Series 2015-2, Class A
1.600%		04/15/2021		$	870,000	$	870,051
Other—1.7%
CenterPoint Energy Transition Bond Co. IV LLC Series 2012-1, Class A1
0.901%		04/15/2018			385,883		386,075
CNH Equipment Trust Series 2015-B, Class A3
1.370%		07/15/2020			2,700,000		2,700,722
GreatAmerica Leasing Receivables Funding LLC Series 2013-1, Class C
1.830%		06/17/2019	^		100,000		99,913
Kubota Credit Owner Trust Series 2015-1A, Class A2
0.940%		12/15/2017	^		635,000		635,807
MMAF Equipment Finance LLC Series 2015-AA, Class A3
1.390%		10/16/2019	^		1,160,000		1,160,813
							4,983,330
Student Loan—0.4%
Missouri Higher Education Loan Authority Series 2012-1, Class A1
1.014%		01/26/2026	#		401,171		402,916
National Credit Union Administration Guaranteed Notes Series 2010-A1, Class A
0.524%		12/07/2020	#		515,088		515,655
Nelnet Student Loan Trust Series 2014-2A, Class A1
0.467%		06/25/2021	#^		180,837		180,832
							1,099,403
TOTAL ASSET-BACKED SECURITIES
(Cost $17,411,830)							17,422,448
					Shares		Value
MONEY MARKET FUNDS—9.5%
Institutional Money Market Funds—9.5%
Dreyfus Institutional Cash Advantage Fund, 0.08%			††¥		3,600,000		3,600,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%			¥		6,310,095		6,310,095
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%			††¥		4,133,164		4,133,164
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.11%			††¥		3,600,000		3,600,000

		Shares		Value
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.10%	††¥	3,600,000	$	3,600,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.12%	††¥	3,600,000		3,600,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.11%	††¥	3,600,000		3,600,000
TOTAL MONEY MARKET FUNDS
(Cost $28,443,259)				28,443,259
TOTAL INVESTMENTS—107.9%
(Cost $306,753,016)				321,496,520
Other assets less liabilities—(7.9%)				(23,545,003	)
NET ASSETS—100.0%			$	297,951,517

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 $26,507,417, which represents 8.9% 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.

190

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

Vantagepoint International Fund		Shares		Value
COMMON STOCKS—96.7%
Australia—2.9%
Aristocrat Leisure Ltd.			382,600	$	2,256,149
Cochlear Ltd.			43,600		2,694,413
CSL Ltd.			143,400		9,559,958
Dexus Property Group REIT			555,000		3,122,989
Harvey Norman Holdings Ltd.			994,700		3,454,015
Insurance Australia Group Ltd.			596,700		2,565,437
Oil Search Ltd.			211,900		1,164,748
QBE Insurance Group Ltd.			711,863		7,495,988
Ramsay Health Care Ltd.			75,400		3,571,539
Sonic Healthcare Ltd.			222,400		3,662,189
Suncorp Group Ltd.			225,000		2,327,865
Telstra Corp. Ltd.			532,300		2,519,136
Woolworths Ltd.	†		164,200		3,411,953
					47,806,379
Austria—0.2%
voestalpine AG	†		78,300		3,263,340
Belgium—0.7%
AGFA-Gevaert NV	*		540,671		1,508,587
Anheuser-Busch InBev NV			48,749		5,866,478
Telenet Group Holding NV	*		39,358		2,141,370
UCB SA			31,359		2,254,877
					11,771,312
Brazil—0.9%
Ambev SA ADR			259,324		1,581,876
CCR SA			610,100		2,937,569
Cia Brasileira de Distribuicao (Preference) ADR			38,900		920,763
Cielo SA			220,376		3,115,218
CPFL Energia SA ADR			140,654		1,723,012
EcoRodovias Infraestrutura e Logistica SA			303,600		759,708
Souza Cruz SA			165,000		1,302,869
TOTVS SA			100,300		1,257,823
Vale SA ADR			18,700		110,143
Vale SA ADR			42,200		248,558
Vale SA (Preference) ADR			255,000		1,287,750
					15,245,289
Canada—1.8%
BCE, Inc.			145,500		6,181,129
Canadian Natural Resources Ltd.			65,000		1,764,211
Canfor Corp.	*		129,600		2,822,354
CI Financial Corp.			104,200		2,803,139
Element Financial Corp.	*		262,500		4,150,821
Empire Co. Ltd., Class A			45,700		3,218,758
Power Corp of Canada			88,600		2,265,720
Suncor Energy, Inc.			142,200		3,916,477
Western Forest Products, Inc.			1,068,500		1,907,730
					29,030,339
Chile—0.1%
Enersis SA ADR			132,300		2,094,309
China—2.9%
AAC Technologies Holdings, Inc.			222,000		1,251,926
Baidu, Inc. ADR	*		73,710		14,674,187
China Cinda Asset Management Co. Ltd., H Shares	*		4,639,840		2,580,499
CNOOC Ltd.			5,025,000		7,127,849

		Shares			Value
ENN Energy Holdings Ltd.		206,000		$	1,238,748
Hengan International Group Co. Ltd.		327,500			3,887,454
JD.com, Inc. ADR	*	8,619			293,908
Mindray Medical International Ltd. ADR		16,500			470,250
Mindray Medical International Ltd. ADR		78,900			2,248,650
Ping An Insurance Group Co. of China Ltd., H Shares		273,064			3,685,142
Tencent Holdings Ltd.		421,300			8,424,539
Want Want China Holdings Ltd.		1,052,000			1,110,735
					46,993,887
Denmark—1.2%
Chr Hansen Holding A/S		63,510			3,096,879
DSV A/S		81,932			2,653,034
Novo Nordisk A/S, Class B		179,517			9,850,974
Vestas Wind Systems A/S		71,746			3,576,073
					19,176,960
Finland—0.6%
Huhtamaki Oyj		134,500			4,156,680
Kone Oyj, Class B	†	125,500			5,094,051
					9,250,731
France—7.1%
Air Liquide SA		43,230			5,485,478
AXA SA		86,100			2,182,794
Bureau Veritas SA		111,400			2,567,991
Cie de Saint-Gobain		248,750			11,228,922
Danone SA		85,995			5,570,279
Essilor International SA		70,500			8,445,938
Etablissements Maurel et Prom	*	170,300			1,267,657
Ipsen SA		44,800			2,483,215
Klepierre REIT		48,400			2,133,930
L’Oreal SA		62,465			11,176,304
LVMH Moet Hennessy Louis Vuitton SE		46,379			8,153,912
Orange SA		116,330			1,797,806
Pernod Ricard SA	†	18,066			2,088,475
Peugeot SA	*	181,500			3,742,865
Renault SA		39,300			4,120,504
Safran SA		32,000			2,174,701
Sanofi		149,353			14,775,487
Schneider Electric SE		41,048			2,842,124
TOTAL SA		237,021			11,626,111
UBISOFT Entertainment	*	122,200			2,184,778
Valeo SA		31,400			4,966,948
Zodiac Aerospace		136,278			4,439,088
					115,455,307
Germany—7.7%
adidas AG		78,000			5,968,123
Allianz SE (Registered)		15,409	��		2,403,051
BASF SE		32,224			2,835,485
Bayer AG (Registered)		111,415			15,602,572
Bayerische Motoren Werke AG		34,977			3,830,489
Beiersdorf AG		40,215			3,369,628
Continental AG		19,632			4,648,414
Daimler AG (Registered)		104,193			9,491,528
Deutsche Post AG (Registered)		75,536			2,207,110
Deutsche Telekom AG (Registered)		926,755			15,977,532

See accompanying notes to financial statements.

191

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint International Fund		Shares		Value
COMMON STOCKS—(Continued)
Duerr AG			44,064	$	4,104,669
Fresenius Medical Care AG & Co. KGaA			26,882		2,225,462
Fresenius SE & Co. KGaA			56,670		3,638,579
Krones AG			41,912		4,379,504
Linde AG			35,647		6,755,590
Merck KGaA			35,883		3,577,186
RWE AG			557,618		11,993,461
SAP SE			268,308		18,802,033
Volkswagen AG			14,350		3,322,693
					125,133,109
Hong Kong—5.4%
AIA Group Ltd.			3,579,000		23,401,858
ASM Pacific Technology Ltd.			105,500		1,044,062
Beijing Enterprises Holdings Ltd.			625,500		4,700,287
Beijing Enterprises Water Group Ltd.	*		270,000		221,148
Belle International Holdings Ltd.			2,305,837		2,655,173
China Mobile Ltd.			840,734		10,756,280
China Resources Power Holdings Co. Ltd.			1,520,000		4,236,303
CK Hutchison Holdings Ltd.			219,000		3,219,734
CLP Holdings Ltd.			803,500		6,828,989
Hang Lung Properties Ltd.			1,947,000		5,786,336
HKT Trust & HKT Ltd. (STAPLED SECURITY)			2,774,000		3,259,685
Hong Kong & China Gas Co. Ltd.			2,968,000		6,219,016
Hong Kong Exchanges and Clearing Ltd.			82,000		2,889,235
Hopewell Holdings Ltd.			331,000		1,211,871
Jardine Matheson Holdings Ltd.			46,100		2,613,870
Link (The) REIT			366,000		2,141,809
Orient Overseas International Ltd.			328,000		1,674,163
Sino Land Co. Ltd.			1,297,000		2,164,845
Yue Yuen Industrial Holdings Ltd.			831,000		2,779,618
					87,804,282
India—0.9%
Axis Bank Ltd. GDR	*		30,869		1,346,359
ICICI Bank Ltd. ADR			164,700		1,716,174
Infosys Ltd. ADR	†		327,486		5,190,653
Larsen & Toubro Ltd. GDR			64,273		1,790,845
Tata Motors Ltd. ADR			140,116		4,829,799
					14,873,830
Indonesia—0.5%
Bank Mandiri Persero Tbk PT			1,975,100		1,484,742
Bank Rakyat Indonesia Persero Tbk PT			2,042,400		1,580,752
Bumitama Agri Ltd.			651,600		479,019
Perusahaan Gas Negara Persero Tbk PT			6,284,000		2,029,780
Semen Indonesia Persero Tbk PT			839,000		753,678
Telekomunikasi Indonesia Persero Tbk PT ADR			28,900		1,253,971
					7,581,942

		Shares		Value
Ireland—1.6%
Bank of Ireland	*	5,925,800	$	2,395,638
Experian plc		334,300		6,080,379
ICON plc	*	61,700		4,152,410
Medtronic plc		138,085		10,232,098
Smurfit Kappa Group plc		123,900		3,381,738
				26,242,263
Israel—1.2%
Bank Hapoalim BM		420,978		2,265,685
Teva Pharmaceutical Industries Ltd.		66,268		3,921,606
Teva Pharmaceutical Industries Ltd. ADR		221,400		13,084,740
Teva Pharmaceutical Industries Ltd. ADR		200		11,820
				19,283,851
Italy—1.2%
ACEA SpA		281,738		3,580,057
Eni SpA		690,966		12,272,677
Telecom Italia SpA RSP		3,819,900		3,895,390
				19,748,124
Japan—16.1%
Aisin Seiki Co. Ltd.	†	75,300		3,201,701
Bridgestone Corp.		63,100		2,332,339
Canon, Inc.	†	407,900		13,231,615
Daikin Industries Ltd.		93,600		6,728,752
Daito Trust Construction Co. Ltd.		83,100		8,600,459
Daiwa House Industry Co. Ltd.		175,000		4,077,141
Denso Corp.		117,100		5,826,090
FANUC Corp.		32,900		6,731,853
FUJIFILM Holdings Corp.		125,400		4,475,278
Honda Motor Co. Ltd.		630,400		20,374,435
IHI Corp.		977,000		4,549,081
INPEX Corp.		392,000		4,449,574
Japan Airlines Co. Ltd.		86,000		2,997,050
JFE Holdings, Inc.		111,900		2,479,245
Kao Corp.		153,600		7,143,473
Kawasaki Kisen Kaisha Ltd.		902,600		2,129,362
Keyence Corp.		13,892		7,487,467
Kobe Steel Ltd.		1,327,500		2,233,403
Komatsu Ltd.		300,300		6,025,014
Kuroda Electric Co. Ltd.		179,800		3,346,116
Kyowa Exeo Corp.		222,000		2,583,331
Medipal Holdings Corp.		240,300		3,913,911
Mitsubishi Corp.		122,500		2,693,041
MS&AD Insurance Group Holdings, Inc.		148,600		4,625,665
NGK Insulators Ltd.		196,000		5,043,289
Nippon Telegraph & Telephone Corp.		142,254		5,151,836
Nippon Yusen K.K.		813,600		2,265,107
Nissan Motor Co. Ltd.	†	390,600		4,080,580
NTT DOCOMO, Inc.		579,300		11,121,727
Olympus Corp.		195,600		6,753,091
Ono Pharmaceutical Co. Ltd.		1,500		163,717
ORIX Corp.		258,000		3,831,166
Paltac Corp.		204,700		3,622,682
Rakuten, Inc.		187,700		3,030,254
Seiko Epson Corp.		172,800		3,062,090
Seven & i Holdings Co. Ltd.		210,500		9,035,845

See accompanying notes to financial statements.

192

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint International Fund		Shares		Value
COMMON STOCKS—(Continued)
Shin-Etsu Chemical Co. Ltd.			91,300	$	5,661,596
Showa Corp.	†		225,400		2,242,947
Sumitomo Mitsui Financial Group, Inc.			30,300		1,348,932
Sumitomo Rubber Industries Ltd.	†		268,300		4,156,052
T&D Holdings, Inc.			256,800		3,828,253
Takeda Pharmaceutical Co. Ltd.			310,600		14,992,243
Tokai Rika Co. Ltd.			135,100		3,374,488
Tokio Marine Holdings, Inc.			486,000		20,212,303
Toyota Motor Corp.			184,000		12,312,780
West Japan Railway Co.			51,300		3,282,129
					260,808,503
Jordan—0.0%
Hikma Pharmaceuticals plc			12,213		370,978
Kazakhstan—0.1%
KazMunaiGas Exploration Production JSC GDR			92,845		920,448
Korea, Republic of—2.5%
Dongbu Insurance Co. Ltd.			45,344		2,292,940
Hankook Tire Worldwide Co. Ltd.			196,398		2,946,268
Hanwha Corp.			162,276		6,860,331
Hyundai Marine & Fire Insurance Co. Ltd.			71,640		1,892,396
Hyundai Mobis Co. Ltd.			22,444		4,260,940
Hyundai Motor Co.			10,196		1,241,225
Hyundai Steel Co.			56,062		3,401,184
Korea Electric Power Corp.			93,339		3,815,241
Korea Gas Corp.			31,718		1,228,261
LG Display Co. Ltd.			114,559		2,645,009
LG Electronics, Inc.			60,981		2,578,286
LG Household & Health Care Ltd.			2,000		1,386,389
NAVER Corp.			2,250		1,277,183
Orion Corp.			31		29,070
Samsung Electronics Co. Ltd.			2,378		2,698,046
Samsung Electronics Co. Ltd. GDR			1,530		872,075
SK Telecom Co. Ltd.			3,511		785,608
					40,210,452
Luxembourg—0.1%
Tenaris SA ADR			43,900		1,186,178
Macau—0.1%
Sands China Ltd.			326,400		1,096,965
Malaysia—0.6%
AMMB Holdings Bhd			1,875,800		2,994,806
Genting Malaysia Bhd			1,542,400		1,715,759
Guinness Anchor Bhd			227,000		858,297
Tenaga Nasional Bhd			967,700		3,241,684
Top Glove Corp. Bhd			830,700		1,464,013
					10,274,559
Mexico—1.2%
America Movil SAB de CV, Series L ADR			44,900		956,819
Coca-Cola Femsa SAB de CV ADR			14,400		1,144,080

		Shares		Value
Fibra Uno Administracion SA de CV REIT		1,582,600	$	3,756,755
Grupo Financiero Santander Mexico SAB de CV, Class B ADR		135,600		1,240,740
Grupo Financiero Santander Mexico SAB de CV, Class B ADR		68,800		629,520
Grupo Televisa SAB ADR		241,785		9,386,094
Kimberly-Clark de Mexico SAB de CV, Class A		504,300		1,088,332
Wal-Mart de Mexico SAB de CV		565,200		1,374,748
				19,577,088
Netherlands—2.4%
ASML Holding NV		83,413		8,676,407
Koninklijke Ahold NV		728,066		13,667,736
NXP Semiconductors NV	*	36,300		3,564,660
Royal Dutch Shell plc, Class A	†	438,885		12,481,839
				38,390,642
New Zealand—0.2%
Air New Zealand Ltd.		1,969,600		3,402,988
Norway—0.3%
Yara International ASA		80,300		4,184,283
Peru—0.1%
Credicorp Ltd.		10,856		1,508,115
Philippines—0.2%
Jollibee Foods Corp.		103,490		452,732
Philippine Long Distance Telephone Co. ADR		45,100		2,809,730
Philippine Long Distance Telephone Co. ADR		6,300		392,490
				3,654,952
Russia—0.1%
Gazprom OAO ADR		339,212		1,787,647
Singapore—2.1%
Boustead Projects Pte Ltd.	*	401,700		266,935
Boustead Singapore Ltd.		128,300		118,979
DBS Group Holdings Ltd.		628,505		9,643,563
Singapore Airlines Ltd.		378,900		3,016,811
Singapore Telecommunications Ltd.		3,463,300		10,807,988
United Overseas Bank Ltd.		625,827		10,707,259
				34,561,535
South Africa—0.4%
Bidvest Group Ltd. (The)		69,901		1,768,721
Mondi plc		125,400		2,699,771
Shoprite Holdings Ltd.		93,700		1,335,597
Woolworths Holdings Ltd.		83,476		676,414
				6,480,503
Spain—2.7%
Distribuidora Internacional de Alimentacion SA		464,000		3,555,901
Gamesa Corp. Tecnologica SA	*	187,300		2,958,912
Grifols SA		35,695		1,441,431
Grifols SA ADR		34,307		1,062,488
Grifols SA, Class B		2,427		75,456
Iberdrola SA		2,170,659		14,655,311

See accompanying notes to financial statements.

193

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint International Fund		Shares		Value
COMMON STOCKS—(Continued)
Inditex SA			190,900	$	6,226,647
Telefonica SA			984,839		14,029,421
					44,005,567
Sweden—2.0%
Autoliv, Inc. SDR			24,369		2,845,318
Boliden AB			138,000		2,515,837
Hennes & Mauritz AB, Class B			130,300		5,015,083
Hexpol AB			389,000		4,010,036
Loomis AB, Class B			92,737		2,600,516
Swedbank AB, Class A			111,142		2,591,211
TeliaSonera AB	†		2,125,613		12,527,804
					32,105,805
Switzerland—10.6%
ABB Ltd. (Registered)	*		753,160		15,784,980
Actelion Ltd. (Registered)	*		30,246		4,429,571
Adecco SA (Registered)	*		89,356		7,251,910
Flughafen Zuerich AG (Registered)			2,846		2,203,108
Geberit AG (Registered)			11,587		3,863,044
Givaudan SA (Registered)	*		3,200		5,540,180
Holcim Ltd. (Registered)	*		36,564		2,697,895
Kuehne + Nagel International AG (Registered)			30,200		4,010,051
Lonza Group AG (Registered)	*		21,715		2,902,540
Nestle SA (Registered)			361,783		26,102,872
Novartis AG (Registered)			226,564		22,284,940
Roche Holding AG			12,186		3,339,137
Roche Holding AG (Genusschein)			42,898		12,028,235
SGS SA (Registered)			2,150		3,920,730
Swatch Group AG (The) (Bearer)			5,600		2,182,197
Swiss Re AG			25,137		2,225,196
Syngenta AG (Registered)			66,830		27,268,105
Wolseley plc			72,700		4,636,396
Zurich Insurance Group AG	*		62,083		18,899,908
					171,570,995
Taiwan—1.4%
Asustek Computer, Inc.			267,000		2,600,306
MediaTek, Inc.			211,000		2,884,283
Mega Financial Holding Co. Ltd.			2,458,000		2,213,993
Taiwan Mobile Co. Ltd.			818,000		2,731,370
Taiwan Semiconductor Manufacturing Co. Ltd.			997,000		4,534,974
Taiwan Semiconductor Manufacturing Co. Ltd. ADR			330,100		7,496,572
					22,461,498
Thailand—0.1%
PTT Exploration & Production PCL	‡		183,200		589,284
PTT PCL	‡		107,500		1,139,431
					1,728,715
Turkey—0.2%
Tupras Turkiye Petrol Rafinerileri AS	*		73,617		1,864,982
Turk Telekomunikasyon AS			612,878		1,610,114
					3,475,096

		Shares		Value
United Kingdom—15.2%
Aggreko plc		119,700	$	2,703,700
Babcock International Group plc		202,772		3,435,454
Barratt Developments plc		295,200		2,847,301
BP plc		1,811,129		12,019,884
British American Tobacco plc		87,900		4,732,757
British Land Co. plc (The) REIT		190,700		2,375,379
BT Group plc		970,940		6,875,560
Bunzl plc		83,500		2,277,834
Capita plc		122,400		2,378,309
Compass Group plc		479,800		7,935,485
Croda International plc		91,804		3,969,524
Delphi Automotive plc		49,556		4,216,720
Diageo plc		189,015		5,473,835
Dixons Carphone plc		360,100		2,560,634
Fiat Chrysler Automobiles NV	*	291,400		4,274,886
GlaxoSmithKline plc		905,169		18,820,226
Hammerson plc REIT		265,100		2,562,008
Imperial Tobacco Group plc		66,200		3,188,339
Inchcape plc		317,200		4,037,800
InterContinental Hotels Group plc		63,261		2,550,478
International Consolidated Airlines Group SA	*	530,152		4,119,867
Intertek Group plc		76,800		2,952,960
Johnson Matthey plc		139,065		6,631,754
Liberty Global plc, Series A	*	85,985		4,649,209
Liberty Global plc, Series A	*	13,813		746,869
Liberty Global plc, Series C	*	34,078		1,725,369
Liberty Global plc, Series C	*	131,698		6,667,870
Lloyds Banking Group plc		2,958,784		3,971,278
London Stock Exchange Group plc		58,200		2,165,079
LondonMetric Property plc REIT		1,066,500		2,704,422
Man Group plc		813,700		2,005,500
National Grid plc		1,293,668		16,650,581
Next plc		26,000		3,043,091
Old Mutual plc		1,070,900		3,389,777
Prudential plc		140,100		3,376,348
Reckitt Benckiser Group plc		64,500		5,562,114
Rolls-Royce Holdings plc	*‡	55,554,000		87,289
Rolls-Royce Holdings plc	*	394,000		5,381,744
SABMiller plc		188,966		9,797,965
SABMiller plc		58,698		3,040,232
Schroders plc (Non-Voting Shares)		67,100		2,566,064
Severn Trent plc		103,500		3,382,004
Sky plc		232,200		3,781,990
Smith & Nephew plc		147,000		2,486,842
Standard Chartered plc (Hong Kong Exchange)		48,198		780,868
Standard Chartered plc (London Exchange)		265,249		4,247,806
Tesco plc		3,293,593		10,973,534
Unilever NV CVA		83,200		3,478,521
Unilever plc		347,259		14,911,010
Vodafone Group plc		1,822,599		6,648,651
WPP plc		201,919		4,532,311
				245,695,032

See accompanying notes to financial statements.

194

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint International Fund		Shares		Value
COMMON STOCKS—(Continued)
United States—1.1%
Carnival plc			34,894	$	1,784,120
Cognizant Technology Solutions Corp., Class A	*		66,434		4,058,453
Flextronics International Ltd.	*		219,100		2,478,021
Royal Caribbean Cruises Ltd.			17,391		1,368,498
Valeant Pharmaceuticals International, Inc.	*		15,500		3,438,419
WABCO Holdings, Inc.	*		10,934		1,352,754
Yum! Brands, Inc.			40,385		3,637,881
Yum! Brands, Inc.			988		88,999
					18,207,145
TOTAL COMMON STOCKS
(Cost $1,422,216,055)					1,568,420,943
PREFERRED STOCKS—0.7%
Germany—0.7%
Draegerwerk AG & Co. KGaA			16,123		1,726,998
Henkel AG & Co. KGaA			21,421		2,403,781
Porsche Automobil Holding SE			48,444		4,084,632
Volkswagen AG			11,084		2,572,361
TOTAL PREFERRED STOCKS
(Cost $10,933,297)					10,787,772
MONEY MARKET FUNDS—3.8%
Institutional Money Market Funds—3.8%
Dreyfus Institutional Cash Advantage Fund, 0.08%	††¥		4,300,000		4,300,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%	¥		35,004,385		35,004,385
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%	††¥		4,321,895		4,321,895
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.11%	††¥		4,300,000		4,300,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.10%	††¥		4,300,000		4,300,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.12%	††¥		4,300,000		4,300,000

		Shares		Value
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.11%	††¥	4,300,000	$	4,300,000
TOTAL MONEY MARKET FUNDS
(Cost $60,826,280)				60,826,280
TOTAL INVESTMENTS—101.2%
(Cost $1,493,975,632)				1,640,034,995
Other assets less liabilities—(1.2%)				(18,790,255	)
NET ASSETS—100.0%			$	1,621,244,740

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 $1,816,004).
††	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.

195

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint International Fund
Percentage of Portfolio by Industry:
COMMON STOCKS
Pharmaceuticals	8.7%
Insurance	6.6%
Diversified Telecommunication Services	5.3%
Chemicals	5.1%
Oil, Gas & Consumable Fuels	4.6%
Automobiles	4.4%
Banks	3.2%
Food & Staples Retailing	2.9%
Auto Components	2.6%
Personal Products	2.5%
Machinery	2.3%
Food Products	2.3%
Wireless Telecommunication Services	2.2%
Media	2.1%
Health Care Equipment & Supplies	2.1%
Electric Utilities	2.0%
Multi-Utilities	2.0%
Beverages	1.8%
Semiconductors & Semiconductor Equipment	1.7%
Technology Hardware, Storage & Peripherals	1.7%
Professional Services	1.6%
Electrical Equipment	1.6%
Internet Software & Services	1.5%
Software	1.4%
Hotels, Restaurants & Leisure	1.4%
Building Products	1.3%
Real Estate Management & Development	1.3%
Textiles, Apparel & Luxury Goods	1.3%
Real Estate Investment Trusts (REITs)	1.2%
Biotechnology	1.0%
Diversified Financial Services	1.0%
Health Care Providers & Services	1.0%
Metals & Mining	1.0%
Electronic Equipment, Instruments & Components	0.9%
Airlines	0.8%
Specialty Retail	0.8%
IT Services	0.8%
Trading Companies & Distributors	0.8%
Industrial Conglomerates	0.8%
Aerospace & Defense	0.7%
Gas Utilities	0.7%
Marine	0.6%
Tobacco	0.6%
Capital Markets	0.6%
Household Products	0.5%
Containers & Packaging	0.5%
Paper & Forest Products	0.5%
Commercial Services & Supplies	0.5%
Distributors	0.5%
Life Sciences Tools & Services	0.4%
Road & Rail	0.4%
Transportation Infrastructure	0.4%
Multiline Retail	0.4%
Household Durables	0.3%
Independent Power and Renewable Electricity Producers	0.3%
Construction & Engineering	0.3%
Construction Materials	0.2%
Water Utilities	0.2%

Internet & Catalog Retail	0.2%
Air Freight & Logistics	0.1%
Energy Equipment & Services	0.1%
Health Care Technology	0.1%
TOTAL COMMON STOCKS	96.7%
PREFERRED STOCKS
Automobiles	0.4%
Household Products	0.2%
Health Care Equipment & Supplies	0.1%
TOTAL PREFERRED STOCKS	0.7%
MONEY MARKET FUNDS
Institutional Money Market Funds	3.8%
TOTAL INVESTMENTS	101.2%
Other assets less liabilities	(1.2)%
TOTAL NET ASSETS	100.0%

See accompanying notes to financial statements.

196

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

Vantagepoint Diversifying Strategies Fund		Shares		Value
COMMON STOCKS—4.7%
Oil, Gas & Consumable Fuels—0.0%
Halcon Resources Corp.	*		1	$	1
Real Estate Investment Trusts (REITs)—4.7%
Acadia Realty Trust REIT			6,525		189,943
Alexandria Real Estate Equities, Inc. REIT			6,863		600,238
American Campus Communities, Inc. REIT			10,768		405,846
American Homes 4 Rent, Class A REIT			13,600		218,144
Apartment Investment & Management Co., Class A REIT			15,000		553,950
Ashford Hospitality Prime, Inc. REIT			2,200		33,044
Ashford Hospitality Trust, Inc. REIT			8,300		70,218
Associated Estates Realty Corp. REIT			5,500		157,465
AvalonBay Communities, Inc. REIT			12,617		2,017,080
BioMed Realty Trust, Inc. REIT			18,600		359,724
BioMed Realty Trust, Inc. REIT			700		13,538
Boston Properties, Inc. REIT			14,645		1,772,631
Brandywine Realty Trust REIT			17,200		228,416
Brixmor Property Group, Inc. REIT			16,259		376,071
Camden Property Trust REIT			8,324		618,307
CBL & Associates Properties, Inc. REIT			16,353		264,919
Cedar Realty Trust, Inc. REIT			7,000		44,800
Columbia Property Trust, Inc. REIT			12,000		294,600
Corporate Office Properties Trust REIT			8,874		208,894
Cousins Properties, Inc. REIT			19,700		204,486
CubeSmart REIT			16,000		370,560
DCT Industrial Trust, Inc. REIT			8,425		264,882
DDR Corp. REIT			28,700		443,702
DiamondRock Hospitality Co. REIT			19,200		245,952
Digital Realty Trust, Inc. REIT			12,985		865,840
Douglas Emmett, Inc. REIT			13,059		351,809
Duke Realty Corp. REIT			33,115		614,946
DuPont Fabros Technology, Inc. REIT			6,300		185,535
EastGroup Properties, Inc. REIT			3,068		172,514
Education Realty Trust, Inc. REIT			4,566		143,190
Equity Commonwealth REIT	*		12,400		318,308
Equity LifeStyle Properties, Inc. REIT			7,681		403,867

	Shares		Value
Equity One, Inc. REIT	7,661	$	178,808
Equity Residential REIT	34,747		2,438,197
Essex Property Trust, Inc. REIT	6,238		1,325,575
Extra Space Storage, Inc. REIT	10,613		692,180
Federal Realty Investment Trust REIT	6,517		834,763
FelCor Lodging Trust, Inc. REIT	12,000		118,560
First Industrial Realty Trust, Inc. REIT	10,600		198,538
First Potomac Realty Trust REIT	5,334		54,940
Franklin Street Properties Corp. REIT	8,254		93,353
General Growth Properties, Inc. REIT	60,055		1,541,011
HCP, Inc. REIT	44,072		1,607,306
Health Care REIT, Inc. REIT	33,481		2,197,358
Healthcare Realty Trust, Inc. REIT	9,500		220,970
Hersha Hospitality Trust REIT	4,775		122,431
Highwoods Properties, Inc. REIT	8,938		357,073
Home Properties, Inc. REIT	5,500		401,775
Hospitality Properties Trust REIT	14,350		413,567
Host Hotels & Resorts, Inc. REIT	72,316		1,434,026
Inland Real Estate Corp. REIT	8,500		80,070
Kilroy Realty Corp. REIT	8,400		564,060
Kimco Realty Corp. REIT	39,172		882,937
Kite Realty Group Trust REIT	7,975		195,148
LaSalle Hotel Properties REIT	10,853		384,847
Liberty Property Trust REIT	14,293		460,520
LTC Properties, Inc. REIT	3,400		141,440
Macerich Co. (The) REIT	13,374		997,700
Mack-Cali Realty Corp. REIT	8,000		147,440
Mid-America Apartment Communities, Inc. REIT	7,205		524,596
New York REIT, Inc. REIT	15,600		155,220
Parkway Properties, Inc. REIT	8,100		141,264
Pebblebrook Hotel Trust REIT	6,900		295,872
Pennsylvania Real Estate Investment Trust REIT	6,600		140,844
Piedmont Office Realty Trust, Inc., Class A REIT	14,800		260,332
Post Properties, Inc. REIT	5,240		284,899
Prologis, Inc. REIT	50,011		1,855,408
PS Business Parks, Inc. REIT	1,850		133,477
Public Storage REIT	13,862		2,555,737
Ramco-Gershenson Properties Trust REIT	7,400		120,768
Regency Centers Corp. REIT	9,022		532,118
Rexford Industrial Realty, Inc. REIT	5,500		80,190
Rouse Properties, Inc. REIT	3,600		58,860
Saul Centers, Inc. REIT	1,078		53,027
Senior Housing Properties Trust REIT	22,550		395,752

See accompanying notes to financial statements.

197

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Diversifying Strategies Fund		Shares		Value
COMMON STOCKS—(Continued)
Silver Bay Realty Trust Corp. REIT			3,800	$	61,902
Simon Property Group, Inc. REIT			29,712		5,140,770
SL Green Realty Corp. REIT			9,506		1,044,614
Sovran Self Storage, Inc. REIT			3,413		296,624
Strategic Hotels & Resorts, Inc. REIT	*		26,400		319,968
Sun Communities, Inc. REIT			4,824		298,268
Sunstone Hotel Investors, Inc. REIT			20,041		300,815
Tanger Factory Outlet Centers, Inc. REIT			9,036		286,441
Taubman Centers, Inc. REIT			5,846		406,297
UDR, Inc. REIT			24,568		786,913
Universal Health Realty Income Trust REIT			1,300		60,398
Urban Edge Properties REIT			8,895		184,927
Ventas, Inc. REIT			31,587		1,961,237
Vornado Realty Trust REIT			16,738		1,588,938
Washington Real Estate Investment Trust REIT			6,400		166,080
Weingarten Realty Investors REIT			10,800		353,052
WP GLIMCHER, Inc. REIT			17,765		240,360
Xenia Hotels & Resorts, Inc. REIT			10,515		228,596
					52,412,576
TOTAL COMMON STOCKS
(Cost $50,578,567)					52,412,577
CONVERTIBLE PREFERRED STOCKS—1.6%
Diversified Telecommunication Services—0.2%
Iridium Communications, Inc., Perpetual 7.000%			16,500		1,768,338
Energy Equipment & Services—0.1%
McDermott International, Inc. (Panama) 6.250%			55,000		1,068,650
Health Care Equipment & Supplies—0.2%
Alere, Inc., Perpetual, Series B 3.000%			6,600		2,356,992
Health Care Providers & Services—0.0%
Amsurg Corp., Series A-1 5.250%			200		27,890
Oil, Gas & Consumable Fuels—0.4%
Chesapeake Energy Corp., Perpetual 5.750%	^		2,776		1,896,355
Goodrich Petroleum Corp., Perpetual, Series B 5.375%			14,565		101,955
Halcon Resources Corp., Perpetual, Series A 5.750%			2,010		435,925

					Shares		Value
Penn Virginia Corp., Perpetual, Series B 6.000%			^		24,052	$	1,375,474
Rex Energy Corp., Perpetual, Series A 6.000%					10,300		501,481
Sanchez Energy Corp., Perpetual, Class A 4.875%					26,820		774,428
							5,085,618
Pharmaceuticals—0.3%
Allergan plc, Series A (Ireland) 5.500%					3,000		3,127,740
Real Estate Investment Trusts (REITs)—0.4%
American Tower Corp. 5.500%					29,400		2,940,000
Crown Castle International Corp., Series A 4.500%					16,475		1,700,220
							4,640,220
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $21,775,971)							18,075,448
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—30.3%
Aerospace & Defense—0.1%
L-3 Communications Corp.
1.500%		05/28/2017		$	1,500,000		1,490,392
Auto Components—0.1%
Continental Rubber of America Corp.
4.500%		09/15/2019	^		520,000		535,075
Johnson Controls, Inc.
1.400%		11/02/2017			300,000		299,010
							834,085
Automobiles—1.4%
Daimler Finance North America LLC
1.650%		03/02/2018	^		1,630,000		1,623,636
1.375%		08/01/2017	^		1,450,000		1,448,383
1.250%		01/11/2016	^		740,000		742,230
0.958%		08/01/2016	#^		580,000		582,579
Hyundai Capital America
3.750%		04/06/2016	^		2,150,000		2,190,227
2.125%		10/02/2017	^		465,000		469,787
2.000%		03/19/2018	^		900,000		900,911
1.625%		10/02/2015	^		1,010,000		1,011,296
1.450%		02/06/2017	^		1,340,000		1,336,245
Nissan Motor Acceptance Corp.
1.000%		03/15/2016	^		1,920,000		1,923,892
Volkswagen Group of America Finance LLC
1.600%		11/20/2017	^		1,020,000		1,021,539
1.250%		05/23/2017	^		2,360,000		2,363,835
							15,614,560
Banks—7.9%
ABN AMRO Bank NV (Netherlands)
1.079%		10/28/2016	#^		780,000		784,115

See accompanying notes to financial statements.

198

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
ANZ New Zealand Int’l Ltd. (New Zealand)
1.400%		04/27/2017	^	$	370,000	$	370,587
1.125%		03/24/2016	^		400,000		401,315
0.799%		04/27/2017	#^		440,000		440,560
Banco do Nordeste do Brasil SA (Brazil)
3.625%		11/09/2015	^		1,320,000		1,326,600
Banco Santander Chile (Chile)
1.176%		04/11/2017	#^		900,000		898,016
Bank of America Corp.
3.875%		03/22/2017			280,000		291,231
3.700%		09/01/2015			1,370,000		1,375,729
1.500%		10/09/2015			360,000		360,850
0.829%		05/02/2017	#		900,000		893,369
Bank of America Corp. MTN
1.700%		08/25/2017	§		1,240,000		1,242,073
1.351%		03/22/2018	#		1,700,000		1,716,618
1.250%		01/11/2016			570,000		571,469
Bank of America Corp., Series 1
3.750%		07/12/2016	§		385,000		394,777
Bank of Ireland MTN (Ireland)
2.750%		06/05/2016		EUR	1,000,000		1,133,847
Bank of Tokyo-Mitsubishi UFJ Ltd. (The) (Japan)
1.450%		09/08/2017	^	$	1,660,000		1,654,377
1.200%		03/10/2017	^		600,000		598,611
0.692%		03/10/2017	#^		490,000		489,838
Banque Federative du Credit Mutuel SA (France)
1.129%		10/28/2016	#^		2,730,000		2,744,420
Barclays Bank plc (United Kingdom)
0.856%		02/17/2017	#§		1,830,000		1,824,457
BB&T Corp. MTN
1.600%		08/15/2017	§		480,000		481,768
0.938%		02/01/2019	#§		1,940,000		1,940,268
BNP Paribas SA (France)
0.878%		12/12/2016	#		2,860,000		2,866,581
BNZ International Funding Ltd. (New Zealand)
1.900%		02/26/2018	^		1,900,000		1,909,705
Capital One Bank USA NA, Bank Note
1.150%		11/21/2016	§		570,000		568,177
Capital One NA, Bank Note
1.650%		02/05/2018	§		1,560,000		1,549,012
1.500%		09/05/2017	§		1,520,000		1,514,359
CIT Group, Inc.
5.250%		03/15/2018	§		725,000		751,281
Citigroup, Inc.
4.450%		01/10/2017	§		675,000		705,472
1.974%		05/15/2018	#§		1,100,000		1,129,582
1.850%		11/24/2017			720,000		722,177
1.550%		08/14/2017			2,690,000		2,686,672
1.074%		04/01/2016	#		2,420,000		2,425,278
0.551%		06/09/2016	#		1,030,000		1,025,552
Citizens Bank NA MTN
1.600%		12/04/2017	§		1,900,000		1,897,990
Compass Bank, Bank Note
1.850%		09/29/2017	§		1,220,000		1,219,198
Credit Agricole SA (France)
1.435%		04/15/2016	#^		650,000		654,186
1.121%		10/03/2016	#^		1,420,000		1,427,503
1.075%		04/15/2019	#^		2,300,000		2,318,612
Fifth Third Bancorp
5.450%		01/15/2017			825,000		874,875

Coupon Rate	Maturity Date			Face		Value
Fifth Third Bank/Ohio, Bank Note
1.150%	11/18/2016		$	600,000	$	598,785
0.786%	11/18/2016	#		300,000		300,530
HSBC Bank plc (United Kingdom)
0.914%	05/15/2018	#^		2,500,000		2,512,357
Huntington National Bank (The)
1.350%	08/02/2016	§		400,000		400,374
Huntington National Bank (The), Bank Note
1.300%	11/20/2016			1,100,000		1,098,580
Industrial & Commercial Bank of China Ltd. MTN (China)
2.351%	11/13/2017			880,000		887,431
JPMorgan Chase & Co.
1.177%	01/25/2018	#		1,300,000		1,309,383
0.794%	02/15/2017	#		880,000		881,578
JPMorgan Chase & Co. MTN
1.350%	02/15/2017	§		510,000		510,567
1.100%	10/15/2015			780,000		780,739
0.902%	02/26/2016	#		870,000		871,327
KeyBank NA
0.772%	11/25/2016	#		380,000		380,266
KeyBank NA, Bank Note
4.950%	09/15/2015			600,000		603,919
1.100%	11/25/2016			610,000		611,027
KeyCorp MTN
3.750%	08/13/2015			300,000		300,905
Lloyds Bank plc (United Kingdom)
2.300%	11/27/2018			420,000		424,785
Macquarie Bank Ltd. (Australia)
3.450%	07/27/2015	^		1,210,000		1,212,438
2.000%	08/15/2016	^		3,640,000		3,677,481
1.600%	10/27/2017	^		1,800,000		1,800,200
0.907%	10/27/2017	#^		1,010,000		1,012,396
Manufacturers & Traders Trust Co., Bank Note
1.400%	07/25/2017	§		1,700,000		1,698,116
1.250%	01/30/2017			680,000		679,842
0.579%	03/07/2016	#		800,000		800,117
Mitsubishi UFJ Trust & Banking Corp. (Japan)
1.600%	10/16/2017	^		1,040,000		1,038,627
Mizuho Bank Ltd. (Japan)
1.700%	09/25/2017	^		890,000		890,480
1.300%	04/16/2017	^		810,000		807,167
0.731%	09/25/2017	#^		600,000		599,200
National Australia Bank Ltd. (Australia)
1.300%	06/30/2017	^		740,000		740,713
Nederlandse Waterschapsbank NV (Netherlands)
1.250%	09/18/2017	^		3,300,000		3,319,387
0.750%	03/29/2016	^		775,000		777,089
PNC Bank NA, Bank Note
1.150%	11/01/2016			250,000		250,369
Regions Financial Corp.
2.000%	05/15/2018	§		1,150,000		1,150,022
Standard Chartered plc (United Kingdom)
2.400%	09/08/2019	^		2,900,000		2,897,387
Sumitomo Mitsui Banking Corp. (Japan)
0.945%	07/19/2016	#§		450,000		450,910
0.900%	01/18/2016			1,070,000		1,070,920
SunTrust Bank
5.200%	01/17/2017	§		895,000		944,559
0.572%	08/24/2015	#		450,000		449,946
SunTrust Bank, Bank Note
1.350%	02/15/2017	§		1,200,000		1,199,716
0.714%	02/15/2017	#		430,000		429,747
						88,550,489

See accompanying notes to financial statements.

199

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Beverages—0.3%
SABMiller Holdings, Inc.
2.450%		01/15/2017	^	$	810,000	$	822,851
0.968%		08/01/2018	#^		550,000		551,905
Suntory Holdings Ltd. (Japan)
1.650%		09/29/2017	^		1,620,000		1,623,005
							2,997,761
Biotechnology—0.2%
Amgen, Inc.
1.250%		05/22/2017	§		2,660,000		2,659,261
Capital Markets—2.0%
Bank of New York Mellon Corp. (The) MTN
0.838%		08/01/2018	#§		980,000		984,289
Credit Suisse (Switzerland)
1.750%		01/29/2018	§		1,200,000		1,195,782
Credit Suisse MTN (Switzerland)
1.375%		05/26/2017	§		3,240,000		3,238,500
Goldman Sachs Group, Inc. (The)
5.625%		01/15/2017			1,000,000		1,059,307
3.625%		02/07/2016			1,575,000		1,600,654
Goldman Sachs Group, Inc. (The) MTN
1.374%		11/15/2018	#§		1,240,000		1,252,013
Hutchison Whampoa International 12 II Ltd. (Cayman Islands)
2.000%		11/08/2017	^		530,000		533,336
Macquarie Group Ltd. (Australia)
1.278%		01/31/2017	#^		2,080,000		2,090,483
Morgan Stanley
1.417%		01/27/2020	#§		2,880,000		2,922,860
Morgan Stanley MTN
6.625%		04/01/2018			630,000		707,165
1.017%		07/23/2019	#		2,520,000		2,505,472
Nomura Holdings, Inc. MTN (Japan)
1.736%		09/13/2016	#		1,510,000		1,521,532
UBS AG MTN (Switzerland)
1.800%		03/26/2018			2,300,000		2,297,488
							21,908,881
Chemicals—0.1%
Ashland, Inc.
3.875%		04/15/2018			940,000		969,375
Ecolab, Inc.
1.000%		08/09/2015			230,000		230,043
							1,199,418
Commercial Services & Supplies—0.1%
Aramark Services, Inc.
5.750%		03/15/2020	§		720,000		753,030
Mobile Mini, Inc.
7.875%		12/01/2020	§		780,000		820,950
							1,573,980
Communications Equipment—0.4%
Cisco Systems, Inc.
0.783%		03/01/2019	#		400,000		401,949
0.596%		06/15/2018	#		820,000		822,034
QUALCOMM, Inc.
1.400%		05/18/2018			3,770,000		3,759,874
							4,983,857

Coupon Rate	Maturity Date			Face		Value
Consumer Finance—3.5%
Ally Financial, Inc.
3.250%	09/29/2017	§	$	1,710,000	$	1,714,275
American Express Centurion Bank
0.727%	11/13/2015	#		890,000		890,909
American Express Co.
0.874%	05/22/2018	#§		1,770,000		1,765,718
American Express Credit Corp.
0.789%	07/29/2016	#		1,600,000		1,602,792
American Express Credit Corp. MTN
1.125%	06/05/2017	§		580,000		577,980
Capital One Financial Corp.
6.150%	09/01/2016			770,000		812,953
Caterpillar Financial Services Corp. MTN
1.250%	08/18/2017	§		1,070,000		1,072,011
1.000%	11/25/2016			200,000		200,538
1.000%	03/03/2017	§		960,000		962,368
0.522%	02/26/2016	#		800,000		801,172
0.513%	03/03/2017	#		550,000		551,011
Ford Motor Credit Co. LLC
4.250%	02/03/2017			1,678,000		1,744,743
3.000%	06/12/2017	§		1,680,000		1,719,263
1.684%	09/08/2017			1,670,000		1,666,057
Ford Motor Credit Co. LLC, Series 1
1.118%	03/12/2019	#		410,000		407,236
General Motors Financial Co., Inc.
4.750%	08/15/2017	§		1,130,000		1,193,106
3.000%	09/25/2017			730,000		745,042
2.750%	05/15/2016			620,000		627,541
2.400%	04/10/2018			2,900,000		2,909,141
Harley-Davidson Financial Services, Inc.
1.150%	09/15/2015	^		915,000		915,419
HSBC USA, Inc.
1.700%	03/05/2018	§		1,650,000		1,646,101
1.162%	09/24/2018	#		1,750,000		1,758,467
International Lease Finance Corp.
3.875%	04/15/2018	§		1,820,000		1,833,650
John Deere Capital Corp.
1.050%	10/11/2016			720,000		723,217
0.566%	10/11/2016	#		360,000		360,888
John Deere Capital Corp. MTN
1.400%	03/15/2017	§		433,000		437,218
1.125%	06/12/2017			760,000		760,728
1.050%	12/15/2016	§		2,720,000		2,723,114
PACCAR Financial Corp. MTN
1.100%	06/06/2017			320,000		320,395
0.879%	12/06/2018	#		560,000		562,701
0.750%	05/16/2016			380,000		380,577
0.700%	11/16/2015			910,000		910,841
Synchrony Financial
3.000%	08/15/2019	§		380,000		383,065
1.875%	08/15/2017			1,245,000		1,245,125
1.509%	02/03/2020	#		550,000		553,032
Toyota Motor Credit Corp. MTN
1.125%	05/16/2017			1,250,000		1,253,110
						38,731,504
Containers & Packaging—0.2%
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc. (Ireland)
3.286%	12/15/2019	#^§		2,680,000		2,616,350
Diversified Financial Services—0.1%
ERAC USA Finance LLC
1.400%	04/15/2016	^		260,000		260,496

See accompanying notes to financial statements.

200

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
General Electric Capital Corp. MTN
1.250%		05/15/2017		$	645,000	$	646,637
Nationwide Building Society (United Kingdom)
2.350%		01/21/2020	^§		700,000		698,296
							1,605,429
Diversified Telecommunication Services—0.6%
British Telecommunications plc (United Kingdom)
1.625%		06/28/2016	§		430,000		432,290
1.250%		02/14/2017			200,000		199,762
CC Holdings GS V LLC/Crown Castle GS III Corp.
2.381%		12/15/2017	§		430,000		435,227
Intelsat Luxembourg SA (Luxembourg)
7.750%		06/01/2021			1,040,000		872,300
Verizon Communications, Inc.
1.816%		09/15/2016	#§		900,000		911,345
1.350%		06/09/2017	§		1,870,000		1,868,235
1.053%		06/17/2019	#§		540,000		537,128
Windstream Services LLC
7.875%		11/01/2017	§		990,000		1,055,587
							6,311,874
Electric Utilities—1.1%
Duke Energy Corp.
0.663%		04/03/2017	#§		620,000		620,808
Electricite de France SA (France)
1.150%		01/20/2017	^		620,000		621,229
0.735%		01/20/2017	#^		350,000		350,620
Georgia Power Co.
0.606%		03/15/2016	#		470,000		469,620
NextEra Energy Capital Holdings, Inc.
2.600%		09/01/2015			2,000,000		2,005,724
1.339%		09/01/2015			2,040,000		2,041,979
NSTAR Electric Co.
0.516%		05/17/2016	#		720,000		718,582
Southern California Edison Co.
1.845%		02/01/2022			3,100,000		3,098,431
Southern California Edison Co., Series 14-B
1.125%		05/01/2017			1,100,000		1,099,113
Xcel Energy, Inc.
0.750%		05/09/2016			860,000		857,668
							11,883,774
Electrical Equipment—0.1%
Eaton Corp.
0.950%		11/02/2015			630,000		630,459
Electronic Equipment, Instruments & Components—0.0%
Amphenol Corp.
1.550%		09/15/2017			380,000		380,613
Energy Equipment & Services—0.4%
Cameron International Corp.
1.400%		06/15/2017			620,000		616,241
Freeport-McMoran Oil & Gas, LLC/FCX Oil & Gas, Inc.
6.500%		11/15/2020	§		727,000		770,620
Nabors Industries, Inc.
2.350%		09/15/2016			1,550,000		1,554,983
National Oilwell Varco, Inc.
1.350%		12/01/2017	§		930,000		920,300
							3,862,144

Coupon Rate	Maturity Date			Face		Value
Food & Staples Retailing—0.4%
Kroger Co. (The)
2.200%	01/15/2017	§	$	750,000	$	760,750
0.804%	10/17/2016	#		1,700,000		1,701,253
Sysco Corp.
1.450%	10/02/2017			600,000		606,000
Walgreens Boots Alliance, Inc.
1.750%	11/17/2017			490,000		492,209
0.726%	05/18/2016	#§		870,000		870,056
						4,430,268
Food Products—0.7%
ConAgra Foods, Inc.
1.300%	01/25/2016			170,000		170,047
General Mills, Inc.
1.400%	10/20/2017			800,000		799,191
0.579%	01/29/2016	#		240,000		240,024
0.479%	01/28/2016	#		570,000		569,352
HJ Heinz Co.
4.250%	10/15/2020			1,200,000		1,225,500
2.000%	07/02/2018	^		1,670,000		1,670,678
1.600%	06/30/2017	^		1,950,000		1,951,148
Ingredion, Inc.
3.200%	11/01/2015			350,000		352,307
Want Want China Finance Ltd. (Virgin Islands, British)
1.875%	05/14/2018	^		850,000		841,585
Wm. Wrigley Jr. Co.
2.000%	10/20/2017	^		300,000		302,790
						8,122,622
Gas Utilities—0.1%
AmeriGas Partners LP/AmeriGas Finance Corp.
6.250%	08/20/2019			1,180,000		1,206,550
Health Care Equipment & Supplies—0.6%
Becton Dickinson and Co.
1.800%	12/15/2017			630,000		630,452
1.450%	05/15/2017			2,810,000		2,809,224
0.736%	06/15/2016	#		460,000		460,321
Medtronic, Inc.
1.500%	03/15/2018	^		590,000		588,897
Zimmer Biomet Holdings, Inc.
2.700%	04/01/2020	§		180,000		179,307
2.000%	04/01/2018	§		1,590,000		1,591,624
						6,259,825
Health Care Providers & Services—0.6%
Anthem, Inc.
2.375%	02/15/2017	§		1,645,000		1,673,759
1.250%	09/10/2015			1,060,000		1,060,632
Express Scripts Holding Co.
1.250%	06/02/2017			860,000		856,373
HCA, Inc.
5.375%	02/01/2025			245,000		249,606
McKesson Corp.
1.292%	03/10/2017	§		300,000		299,686
0.682%	09/10/2015	#		300,000		299,990
Tenet Healthcare Corp.
6.250%	11/01/2018			1,080,000		1,175,850
United Surgical Partners International, Inc.
9.000%	04/01/2020			930,000		992,775
UnitedHealth Group, Inc.
0.850%	10/15/2015			180,000		180,149
						6,788,820

See accompanying notes to financial statements.

201

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Hotels, Restaurants & Leisure—0.1%
Carnival Corp. (Panama)
1.875%		12/15/2017		$	320,000	$	321,527
1.200%		02/05/2016	§		450,000		450,630
Scientific Games International, Inc.
6.625%		05/15/2021			400,000		312,000
							1,084,157
Household Durables—0.0%
Whirlpool Corp.
1.650%		11/01/2017			410,000		411,631
Independent Power and Renewable Electricity Producers—0.4%
AES Corp.
3.283%		06/01/2019	#		1,780,000		1,784,450
Talen Energy Supply LLC
5.125%		07/15/2019	^		2,015,000		1,984,775
TransAlta Corp. (Canada)
1.900%		06/03/2017			570,000		567,397
							4,336,622
Insurance—0.5%
Jackson National Life Global Funding
1.250%		02/21/2017	^		1,000,000		1,001,608
Pricoa Global Funding I
0.547%		08/19/2015	#^		490,000		490,082
Principal Life Global Funding II
1.000%		12/11/2015	^		1,150,000		1,152,061
Prudential Financial, Inc. MTN
1.054%		08/15/2018	#§		800,000		805,757
QBE Insurance Group Ltd. (Australia)
2.400%		05/01/2018	^		460,000		462,860
TIAA Asset Management Finance Co. LLC
2.950%		11/01/2019	^		1,180,000		1,189,444
							5,101,812
Internet Software & Services—0.2%
Alibaba Group Holding Ltd. (Cayman Islands)
2.500%		11/28/2019	^		200,000		198,021
1.625%		11/28/2017	^		900,000		900,212
Baidu, Inc. (Cayman Islands)
2.250%		11/28/2017	§		560,000		563,695
							1,661,928
IT Services—0.5%
Alliance Data Systems Corp.
5.250%		12/01/2017	^		1,000,000		1,037,500
Computer Sciences Corp.
2.500%		09/15/2015			1,190,000		1,193,602
Fidelity National Information Services, Inc.
2.000%		04/15/2018	§		470,000		469,881
1.450%		06/05/2017			290,000		289,482
International Business Machines Corp.
1.125%		02/06/2018			900,000		894,626
Western Union Co. (The)
1.281%		08/21/2015	#		1,800,000		1,801,345
							5,686,436

Coupon Rate	Maturity Date			Face		Value
Life Sciences Tools & Services—0.2%
Life Technologies Corp.
3.500%	01/15/2016		$	1,500,000	$	1,518,877
Thermo Fisher Scientific, Inc.
1.300%	02/01/2017	§		520,000		519,337
						2,038,214
Machinery—0.2%
CNH Industrial Capital LLC
3.875%	07/16/2018	^		1,220,000		1,223,050
3.875%	11/01/2015			1,400,000		1,407,000
						2,630,050
Marine—0.1%
AP Moeller - Maersk A/S (Denmark)
2.550%	09/22/2019	^		1,450,000		1,461,442
Media—0.3%
DISH DBS Corp.
4.625%	07/15/2017	§		1,120,000		1,156,400
NBCUniversal Enterprise, Inc.
0.960%	04/15/2018	#^		570,000		572,981
Thomson Reuters Corp. (Canada)
1.650%	09/29/2017	§		1,380,000		1,380,302
1.300%	02/23/2017	§		700,000		698,651
						3,808,334
Metals & Mining—0.7%
Anglo American Capital plc (United Kingdom)
1.225%	04/15/2016	#^		300,000		299,353
ArcelorMittal (Luxembourg)
4.500%	08/05/2015			250,000		250,234
Freeport-McMoRan, Inc.
2.300%	11/14/2017			950,000		947,613
2.150%	03/01/2017			500,000		500,927
Glencore Finance Canada Ltd. (Canada)
2.700%	10/25/2017	^		2,480,000		2,507,109
2.050%	10/23/2015	^		630,000		631,660
Glencore Funding LLC
2.125%	04/16/2018	^		1,340,000		1,330,814
1.635%	01/15/2019	#^		1,880,000		1,879,662
						8,347,372
Multi-Utilities—0.0%
TECO Finance, Inc.
0.871%	04/10/2018	#		440,000		441,505
Oil, Gas & Consumable Fuels—1.4%
Boardwalk Pipelines LP
5.875%	11/15/2016	§		400,000		415,004
BP Capital Markets plc (United Kingdom)
1.674%	02/13/2018	§		1,980,000		1,987,697
0.789%	05/10/2018	#§		440,000		438,822
0.700%	11/06/2015	§		1,190,000		1,191,047
Canadian Natural Resources Ltd. (Canada)
1.750%	01/15/2018	§		1,050,000		1,043,541
CNOOC Finance 2013 Ltd. (Virgin Islands, British)
1.125%	05/09/2016	§		340,000		339,787
CNPC General Capital Ltd. (Virgin Islands, British)
1.175%	05/14/2017	#^		1,100,000		1,098,807
ConocoPhillips Co.
1.500%	05/15/2018			1,030,000		1,029,682
Devon Energy Corp.
0.826%	12/15/2016	#		1,060,000		1,048,152

See accompanying notes to financial statements.

202

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Enbridge, Inc. (Canada)
0.934%		10/01/2016	#	$	410,000	$	409,468
0.734%		06/02/2017	#§		640,000		632,638
Enterprise Products Operating LLC
1.250%		08/13/2015			320,000		320,159
Hess Corp.
1.300%		06/15/2017			710,000		706,681
Kinder Morgan, Inc.
3.050%		12/01/2019			470,000		469,960
2.000%		12/01/2017			450,000		448,896
Marathon Oil Corp.
0.900%		11/01/2015			1,080,000		1,079,818
Murphy Oil Corp.
2.500%		12/01/2017	§		500,000		499,359
Phillips 66
2.950%		05/01/2017			310,000		318,783
Sabine Pass LNG LP
7.500%		11/30/2016			1,140,000		1,205,561
WPX Energy, Inc.
5.250%		01/15/2017	§		1,145,000		1,176,488
							15,860,350
Pharmaceuticals—2.0%
AbbVie, Inc.
2.500%		05/14/2020	§		1,340,000		1,327,759
1.800%		05/14/2018			1,880,000		1,875,774
1.750%		11/06/2017	§		1,620,000		1,625,171
1.040%		11/06/2015	#		1,800,000		1,802,766
Actavis Funding SCS (Luxembourg)
2.350%		03/12/2018			2,400,000		2,414,232
1.850%		03/01/2017			1,640,000		1,648,676
1.543%		03/12/2020	#§		1,210,000		1,224,792
1.300%		06/15/2017	§		1,100,000		1,093,093
Baxalta, Inc.
2.000%		06/22/2018	^		490,000		489,705
1.061%		06/22/2018	#^		890,000		890,384
Endo Finance LLC
5.750%		01/15/2022	^		180,000		182,700
Endo Finance LLC/Endo Finco, Inc.
7.000%		07/15/2019	^		1,400,000		1,455,300
Endo Finance LLC/Endo Ltd./Endo Finco, Inc.
6.000%		02/01/2025	^		375,000		382,969
Merck & Co., Inc.
0.636%		05/18/2018	#		1,400,000		1,405,767
Mylan, Inc.
1.800%		06/24/2016			270,000		270,200
1.350%		11/29/2016	§		440,000		438,815
Perrigo Co. plc (Ireland)
1.300%		11/08/2016	§		1,100,000		1,095,706
Valeant Pharmaceuticals International, Inc. (Canada)
6.125%		04/15/2025	^		710,000		732,187
5.500%		03/01/2023	^		1,320,000		1,336,500
Zoetis, Inc.
1.150%		02/01/2016			170,000		170,062
							21,862,558
Real Estate Investment Trusts (REITs)—0.2%
ARC Properties Operating Partnership LP
2.000%		02/06/2017			300,000		291,750
Health Care REIT, Inc.
3.625%		03/15/2016			564,000		572,522

Coupon Rate	Maturity Date			Face		Value
Ventas Realty LP
1.550%	09/26/2016	§	$	906,000	$	909,614
1.250%	04/17/2017	§		230,000		229,535
						2,003,421
Real Estate Management & Development—0.1%
WEA Finance LLC/Westfield UK & Europe Finance plc
2.700%	09/17/2019	^		250,000		250,611
1.750%	09/15/2017	^		780,000		782,594
						1,033,205
Road & Rail—0.6%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
4.875%	11/15/2017	§		515,000		529,162
Hertz Corp. (The)
6.750%	04/15/2019			1,302,000		1,346,789
JB Hunt Transport Services, Inc.
3.375%	09/15/2015			970,000		974,923
2.400%	03/15/2019	§		600,000		606,000
Penske Truck Leasing Co. LP/PTL Finance Corp.
3.750%	05/11/2017	^		570,000		589,993
2.500%	03/15/2016	^		1,100,000		1,107,880
2.500%	06/15/2019	^		440,000		436,208
Ryder System, Inc. MTN
2.500%	03/01/2017			620,000		631,444
						6,222,399
Semiconductors & Semiconductor Equipment—0.3%
TSMC Global Ltd. (Virgin Islands, British)
1.625%	04/03/2018	^		510,000		504,501
0.950%	04/03/2016	^		2,760,000		2,753,550
						3,258,051
Software—0.0%
Autodesk, Inc.
1.950%	12/15/2017	§		490,000		492,395
Specialty Retail—0.0%
AutoZone, Inc.
1.300%	01/13/2017	§		335,000		335,681
Technology Hardware, Storage & Peripherals—0.1%
Apple, Inc.
0.329%	05/03/2016	#		715,000		715,200
Hewlett-Packard Co.
1.217%	01/14/2019	#		760,000		749,967
						1,465,167
Thrifts & Mortgage Finance—0.8%
Abbey National Treasury Services plc (United Kingdom)
1.650%	09/29/2017	§		2,220,000		2,227,281
1.375%	03/13/2017			1,000,000		1,002,498
0.796%	03/13/2017	#		800,000		799,446
Astoria Financial Corp.
5.000%	06/19/2017	§		1,120,000		1,176,802
BPCE SA MTN (France)
1.527%	04/25/2016	#§		1,500,000		1,511,541
1.129%	02/10/2017	#		410,000		412,423
0.891%	06/23/2017	#§		700,000		700,260
Santander Bank NA
2.000%	01/12/2018	§		1,200,000		1,200,558
						9,030,809

See accompanying notes to financial statements.

203

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Tobacco—0.3%
BAT International Finance plc (United Kingdom)
1.850%		06/15/2018	^	$	470,000	$	471,462
0.796%		06/15/2018	#^		1,460,000		1,460,203
Reynolds American, Inc.
3.250%		06/12/2020			430,000		436,042
2.300%		06/12/2018			720,000		725,895
1.050%		10/30/2015			510,000		508,291
							3,601,893
Trading Companies & Distributors—0.1%
Aircastle Ltd. (Bermuda)
6.750%		04/15/2017			955,000		1,019,463
GATX Corp.
2.500%		07/30/2019	§		600,000		594,793
							1,614,256
Wireless Telecommunication Services—0.2%
SBA Communications Corp.
5.625%		10/01/2019	§		850,000		887,187
T-Mobile USA, Inc.
5.250%		09/01/2018			1,300,000		1,339,000
							2,226,187
TOTAL CORPORATE OBLIGATIONS
(Cost $340,251,593)							340,658,791
FLOATING RATE LOANS—0.3%**
ARAMARK Corp., Extended Term Loan
3.250%		09/06/2019	#		1,940,000		1,941,038
Asurion LLC, Non-Amortizing 1st Lien Term Loan
3.750%		03/03/2017	#		300,000		299,673
CDW LLC, Term Loan
3.250%		04/29/2020	#		1,477,337		1,467,742
H.J. Heinz Co., 1st Lien Term Loan B2
3.250%		06/05/2020	#		329,209		329,642
TOTAL FLOATING RATE LOANS
(Cost $4,033,281)							4,038,095
MORTGAGE-BACKED SECURITIES—5.8%
Commercial Mortgage-Backed Securities—2.1%
American Homes 4 Rent, Series 2014-SFR1, Class A
1.250%		06/17/2031	#^		520,539		519,828
Colony American Homes, Series 2014-1A, Class A
1.400%		05/17/2031	#^		537,606		535,818
Colony American Homes, Series 2014-2A, Class A
1.137%		07/17/2031	#^		1,893,147		1,875,026
Colony American Homes, Series 2015-1A, Class A
1.387%		07/17/2032	#^		3,490,000		3,461,944
Del Coronado Trust, Series 2013-HDC, Class A
0.986%		03/15/2026	#^		1,040,000		1,040,505
Hilton USA Trust, Series 2013-HLF, Class AFL
1.185%		11/05/2030	#^		2,631,192		2,631,656

Coupon Rate	Maturity Date			Face		Value
Invitation Homes Trust, Series 2013-SFR1, Class A
1.400%	12/17/2030	#^	$	1,188,539	$	1,185,737
Invitation Homes Trust, Series 2014-SFR1, Class A
1.185%	06/17/2031	#^		5,220,000		5,171,276
Invitation Homes Trust, Series 2014-SFR2, Class A
1.286%	09/17/2031	#^		3,170,000		3,145,293
Invitation Homes Trust, Series 2015-SFR3, Class A
1.483%	08/17/2032	#^		1,380,000		1,387,672
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2015-CSMO, Class A
1.436%	01/15/2032	#^		2,390,000		2,387,673
LA Arena Funding LLC, Series 1, Class A
7.656%	12/15/2026	^		423,921		470,927
National Credit Union Administration Guaranteed Notes, Series 2010-C1, Class A1
1.600%	10/29/2020			147,270		147,321
						23,960,676
Non-Agency Mortgage-Backed Securities—2.4%
Bank of America Mortgage Securities, Inc., Series 2002-K, Class 1A4
2.706%	10/20/2032	#		420,619		426,534
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-3, Class 2A1
5.000%	04/25/2019			37,284		38,094
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR2, Class AD
1.550%	04/25/2043	#^		2,280,717		2,150,688
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2013-DN2, Class M1
1.637%	11/25/2023	#		1,439,147		1,441,363
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2015-HQ1, Class M1
1.237%	03/25/2025	#		718,743		716,960
Federal National Mortgage Association Connecticut Avenue Securities, Series 2013-C01, Class M1
2.187%	10/25/2023	#		1,472,558		1,491,944
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C01, Class M1
1.787%	01/25/2024	#		1,639,734		1,649,803
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C02, Class 1M1
1.137%	05/25/2024	#		1,948,379		1,933,737
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C02, Class 2M1
1.137%	05/25/2024	#		1,064,086		1,058,168
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C03, Class 1M1
1.387%	07/25/2024	#		4,427,860		4,425,657
Fosse Master Issuer plc, Series 2012-1A, Class 2A2 (United Kingdom)
1.676%	10/18/2054	#^		1,485,029		1,490,092

See accompanying notes to financial statements.

204

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
MORTGAGE-BACKED SECURITIES—(Continued)
GSAMP Trust, Series 2004-SEA2, Class M1
0.837%		03/25/2034	#	$	886,528	$	888,315
JP Morgan Mortgage Trust, Series 2013-1, Class 2A2
2.500%		03/25/2043	#^		769,818		761,819
Option One Mortgage Loan Trust, Series 2005-4, Class A3
0.447%		11/25/2035	#		801,511		794,686
Sequoia Mortgage Trust, Series 2012-1, Class 1A1
2.865%		01/25/2042	#		682,104		685,990
Sequoia Mortgage Trust, Series 2012-2, Class A2
3.500%		04/25/2042	#		499,421		506,045
Sequoia Mortgage Trust, Series 2013-1, Class 1A1
1.450%		02/25/2043	#		868,242		843,129
Sequoia Mortgage Trust, Series 2013-4, Class A3
1.550%		04/25/2043	#		1,501,849		1,460,148
Springleaf Mortgage Loan Trust, Series 2012-2A, Class A
2.220%		10/25/2057	#^		341,760		343,461
Springleaf Mortgage Loan Trust, Series 2012-3A, Class A
1.570%		12/25/2059	#^		431,477		433,409
Springleaf Mortgage Loan Trust, Series 2013-1A, Class A
1.270%		06/25/2058	#^		1,403,514		1,405,297
Springleaf Mortgage Loan Trust, Series 2013-2A, Class A
1.780%		12/25/2065	#^		630,446		633,476
Structured Asset Investment Loan Trust, Series 2003-BC1, Class A2
0.867%		01/25/2033	#		1,400,250		1,342,086
							26,920,901
U.S. Government Agency Mortgage-Backed Securities—1.3%
Federal Deposit Insurance Corporation Structured Sale Guaranteed Notes, Series 2010-S1, Class 2A
3.250%		04/25/2038	^		4,746,607		4,869,814
Federal Home Loan Mortgage Corp.
2.483%		12/01/2039	#		117,687		125,809
2.421%		09/01/2035	#		2,572,835		2,762,834
Federal National Mortgage Association
3.135%		07/01/2041	#		2,037,782		2,174,899
2.978%		06/01/2041	#		954,826		1,016,105
2.377%		03/01/2036	#		103,004		111,274
2.137%		03/01/2036	#		1,344,164		1,433,893
FHLMC Multifamily Structured Pass Through Certificates, Series KF01, Class A
0.537%		04/25/2019	#		108,995		108,575
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 1A
0.635%		10/07/2020	#		915,468		920,311
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 2A
1.840%		10/07/2020			53,533		53,726

Coupon Rate	Maturity Date			Face		Value
National Credit Union Administration Guaranteed Notes, Series 2011-R4, Class 1A
0.565%	03/06/2020	#	$	570,082	$	571,198
						14,148,438
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $65,162,757)						65,030,015
CONVERTIBLE DEBT OBLIGATIONS—36.8%
Aerospace & Defense—0.1%
KEYW Holding Corp. (The)
2.500%	07/15/2019			1,180,000		1,028,075
Air Freight & Logistics—0.3%
Echo Global Logistics, Inc.
2.500%	05/01/2020			1,545,000		1,666,669
UTi Worldwide, Inc. (Virgin Islands, British)
4.500%	03/01/2019			1,980,000		2,031,975
						3,698,644
Automobiles—0.4%
Tesla Motors, Inc.
0.250%	03/01/2019			4,350,000		4,322,813
Biotechnology—1.4%
BioMarin Pharmaceutical, Inc.
0.750%	10/15/2018			2,781,000		4,300,121
Cepheid, Inc.
1.250%	02/01/2021			6,220,000		7,219,088
Emergent BioSolutions, Inc.
2.875%	01/15/2021			1,323,000		1,642,174
Ironwood Pharmaceuticals, Inc.
2.250%	06/15/2022	^		1,035,000		1,018,828
Ligand Pharmaceuticals, Inc.
0.750%	08/15/2019	^		930,000		1,346,756
						15,526,967
Building Products—0.1%
Griffon Corp.
4.000%	01/15/2017	^		905,000		1,105,231
Capital Markets—0.9%
Ares Capital Corp.
5.125%	06/01/2016			2,965,000		3,068,775
4.375%	01/15/2019			1,150,000		1,176,594
Horizon Pharma Investment Ltd. (Bermuda)
2.500%	03/15/2022	^		2,067,000		2,866,671
RWT Holdings, Inc.
5.625%	11/15/2019	^		1,780,000		1,712,137
Walter Investment Management Corp.
4.500%	11/01/2019			1,995,000		1,643,381
						10,467,558
Communications Equipment—1.0%
Brocade Communications Systems, Inc.
1.375%	01/01/2020	^		5,710,000		5,952,675
CalAmp Corp.
1.625%	05/15/2020	^		1,190,000		1,134,219
Ciena Corp.
0.875%	06/15/2017			1,090,000		1,099,537
Finisar Corp.
0.500%	12/15/2033			2,195,000		2,131,894
InterDigital, Inc.
1.500%	03/01/2020	^		1,450,000		1,492,594
						11,810,919

See accompanying notes to financial statements.

205

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CONVERTIBLE DEBT OBLIGATIONS—(Continued)
Construction Materials—0.1%
Cemex SAB de CV (Mexico)
3.720%		03/15/2020	^	$	1,535,000	$	1,616,547
Consumer Finance—0.5%
Encore Capital Group, Inc.
3.000%		07/01/2020			2,205,000		2,357,972
PRA Group, Inc.
3.000%		08/01/2020			2,923,000		3,355,969
							5,713,941
Diversified Telecommunication Services—0.4%
Clearwire Communications LLC/Clearwire Finance, Inc.
8.250%		12/01/2040	^		4,635,000		5,046,356
Electrical Equipment—0.3%
SolarCity Corp.
1.625%		11/01/2019	^		3,780,000		3,477,600
Electronic Equipment, Instruments & Components—0.3%
InvenSense, Inc.
1.750%		11/01/2018			1,470,000		1,423,144
TTM Technologies, Inc.
1.750%		12/15/2020			1,853,000		2,166,852
								��
							3,589,996
Energy Equipment & Services—0.6%
Hornbeck Offshore Services, Inc.
1.500%		09/01/2019			2,820,000		2,308,875
SEACOR Holdings, Inc.
3.000%		11/15/2028			250,000		223,750
2.500%		12/15/2027			4,300,000		4,423,625
							6,956,250
Health Care Equipment & Supplies—2.9%
Alere, Inc.
3.000%		05/15/2016			2,625,000		3,269,766
HeartWare International, Inc.
1.750%		12/15/2021	^		1,805,000		1,784,694
Hologic, Inc.
0.000%		12/15/2043			2,020,000		2,455,562
Hologic, Inc., Series 2012
2.000%		03/01/2042			5,297,000		6,998,661
Insulet Corp.
2.000%		06/15/2019			1,648,000		1,598,560
Integra LifeSciences Holdings Corp.
1.625%		12/15/2016			3,240,000		3,954,825
NuVasive, Inc.
2.750%		07/01/2017			5,580,000		7,114,500
Spectranetics Corp. (The)
2.625%		06/01/2034			2,015,000		2,083,006
Wright Medical Group, Inc.
2.000%		02/15/2020	^		3,540,000		3,774,525
							33,034,099
Health Care Providers & Services—1.0%
Brookdale Senior Living, Inc.
2.750%		06/15/2018			2,667,000		3,488,769
HealthSouth Corp.
2.000%		12/01/2043			1,231,000		1,571,833
Healthways, Inc.
1.500%		07/01/2018			880,000		824,450

Coupon Rate	Maturity Date			Face		Value
Molina Healthcare, Inc.
1.625%	08/15/2044	^	$	1,765,000	$	2,344,141
1.625%	08/15/2044			2,625,000		3,486,328
Omnicare, Inc., Series OCR
3.250%	12/15/2035			40,000		49,325
						11,764,846
Health Care Technology—0.8%
Allscripts Healthcare Solutions, Inc.
1.250%	07/01/2020			3,790,000		3,875,275
Medidata Solutions, Inc.
1.000%	08/01/2018			4,275,000		5,071,219
						8,946,494
Household Durables—1.3%
Jarden Corp.
1.875%	09/15/2018			645,000		1,084,406
1.125%	03/15/2034			3,701,000		4,327,857
Ryland Group, Inc. (The)
0.250%	06/01/2019			4,628,000		4,489,160
Toll Brothers Finance Corp.
0.500%	09/15/2032			4,870,000		5,076,975
						14,978,398
Independent Power and Renewable Electricity Producers—0.5%
NRG Yield, Inc.
3.500%	02/01/2019	^		1,710,000		1,856,419
3.250%	06/01/2020	^		3,780,000		3,787,087
						5,643,506
Industrial Conglomerates—0.4%
Siemens Financieringsmaatschappij NV (Netherlands)
1.050%	08/16/2017			4,000,000		4,289,320
Insurance—0.2%
AmTrust Financial Services, Inc.
2.750%	12/15/2044			1,895,000		1,841,703
Internet & Catalog Retail—2.0%
Ctrip.com International Ltd. (Cayman Islands)
1.990%	07/01/2025	^		1,620,000		1,580,513
1.250%	10/15/2018			810,000		926,437
1.000%	07/01/2020	^		3,060,000		2,996,888
HomeAway, Inc.
0.125%	04/01/2019			5,330,000		5,133,456
Priceline Group, Inc. (The)
0.900%	09/15/2021	^		3,405,000		3,256,031
0.350%	06/15/2020			5,880,000		6,548,850
Shutterfly, Inc.
0.250%	05/15/2018			1,690,000		1,709,013
						22,151,188
Internet Software & Services—3.5%
Akamai Technologies, Inc.
0.000%	02/15/2019			5,085,000		5,317,029
Blucora, Inc.
4.250%	04/01/2019			3,900,000		3,880,500
Envestnet, Inc.
1.750%	12/15/2019			1,105,000		1,075,303
j2 Global, Inc.
3.250%	06/15/2029			3,368,000		3,921,615
LinkedIn Corp.
0.500%	11/01/2019	^		6,060,000		6,090,330
Twitter, Inc.
0.250%	09/15/2019	^		4,310,000		3,873,613

See accompanying notes to financial statements.

206

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CONVERTIBLE DEBT OBLIGATIONS—(Continued)
Web.com Group, Inc.
1.000%		08/15/2018		$	5,180,000	$	5,154,100
WebMD Health Corp.
2.500%		01/31/2018			2,605,000		2,665,241
1.500%		12/01/2020			4,030,000		4,347,362
Yahoo!, Inc.
0.000%		12/01/2018			2,605,000		2,684,778
							39,009,871
IT Services—1.0%
Cardtronics, Inc.
1.000%		12/01/2020			5,745,000		5,666,006
Euronet Worldwide, Inc.
1.500%		10/01/2044	^		4,775,000		5,285,328
							10,951,334
Life Sciences Tools & Services—0.8%
Illumina, Inc.
0.500%		06/15/2021			3,120,000		3,859,050
0.000%		06/15/2019			4,330,000		5,090,456
							8,949,506
Machinery—0.8%
Chart Industries, Inc.
2.000%		08/01/2018			4,334,000		4,209,397
Meritor, Inc.
4.000%		02/15/2027			3,130,000		3,237,594
Navistar International Corp.
4.750%		04/15/2019			1,470,000		1,265,119
							8,712,110
Media—0.5%
Liberty Media Corp.
1.375%		10/15/2023			3,750,000		3,581,250
Live Nation Entertainment, Inc.
2.500%		05/15/2019			2,050,000		2,217,844
							5,799,094
Metals & Mining—1.5%
Newmont Mining Corp., Series B
1.625%		07/15/2017			3,795,000		3,844,809
Royal Gold, Inc.
2.875%		06/15/2019			4,190,000		4,310,462
RTI International Metals, Inc.
1.625%		10/15/2019			6,620,000		7,211,663
United States Steel Corp.
2.750%		04/01/2019			1,240,000		1,372,525
							16,739,459
Oil, Gas & Consumable Fuels—1.7%
Cheniere Energy, Inc.
4.250%		03/15/2045			1,720,000		1,296,450
Chesapeake Energy Corp.
2.500%		05/15/2037			4,070,000		3,876,675
Cobalt International Energy, Inc.
3.125%		05/15/2024			3,385,000		2,468,934
Goodrich Petroleum Corp.
5.000%		10/01/2032			1,430,000		722,150
Scorpio Tankers, Inc. (Marshall Islands)
2.375%		07/01/2019	^		3,405,000		3,651,863

Coupon Rate	Maturity Date			Face		Value
Whiting Petroleum Corp.
1.250%	04/01/2020	^	$	6,430,000	$	7,056,925
						19,072,997
Personal Products—0.2%
Herbalife Ltd. (Cayman Islands)
2.000%	08/15/2019			2,325,000		2,063,449
Pharmaceuticals—0.7%
Jazz Investments I Ltd. (Bermuda)
1.875%	08/15/2021	^		4,668,000		5,452,807
Medicines Co. (The)
2.500%	01/15/2022	^		2,065,000		2,268,919
Teva Pharmaceutical Finance Co. LLC, Series C
0.250%	02/01/2026			240,000		336,600
						8,058,326
Professional Services—0.5%
Huron Consulting Group, Inc.
1.250%	10/01/2019	^		4,985,000		5,439,881
Real Estate Investment Trusts (REITs)—1.1%
Colony Financial, Inc.
5.000%	04/15/2023			1,475,000		1,552,437
Extra Space Storage LP
2.375%	07/01/2033	^		2,185,000		2,665,700
National Health Investors, Inc.
3.250%	04/01/2021			3,600,000		3,570,750
Starwood Property Trust, Inc.
4.550%	03/01/2018			4,090,000		4,281,719
						12,070,606
Real Estate Management & Development—0.2%
Forest City Enterprises, Inc.
3.625%	08/15/2020			2,005,000		2,190,463
Semiconductors & Semiconductor Equipment—2.6%
Lam Research Corp.
0.500%	05/15/2016			895,000		1,191,469
Microchip Technology, Inc.
1.625%	02/15/2025	^		4,385,000		4,445,294
NVIDIA Corp.
1.000%	12/01/2018			6,530,000		7,513,581
NXP Semiconductors NV (Netherlands)
1.000%	12/01/2019	^		4,098,000		4,797,221
ON Semiconductor Corp.
1.000%	12/01/2020	^		4,270,000		4,245,981
Photronics, Inc.
3.250%	04/01/2019			510,000		574,069
SunEdison, Inc.
3.375%	06/01/2025	^		1,325,000		1,375,516
2.625%	06/01/2023	^		1,335,000		1,358,362
0.250%	01/15/2020	^		1,855,000		2,263,100
SunPower Corp.
0.875%	06/01/2021			1,065,000		1,026,394
						28,790,987
Software—4.5%
Citrix Systems, Inc.
0.500%	04/15/2019			6,180,000		6,558,525
Electronic Arts, Inc.
0.750%	07/15/2016			285,000		596,006
FireEye, Inc., Series A
1.000%	06/01/2035	^		3,675,000		3,941,437
FireEye, Inc., Series B
1.625%	06/01/2035	^		1,145,000		1,226,581

See accompanying notes to financial statements.

207

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CONVERTIBLE DEBT OBLIGATIONS—(Continued)
NetSuite, Inc.
0.250%		06/01/2018		$	4,205,000	$	4,399,481
Nuance Communications, Inc.
2.750%		11/01/2031			1,200,000		1,220,250
1.500%		11/01/2035			1,957,000		2,031,611
Proofpoint, Inc.
0.750%		06/15/2020	^		2,120,000		2,288,275
Red Hat, Inc.
0.250%		10/01/2019	^		4,430,000		5,443,362
Rovi Corp.
0.500%		03/01/2020	^		3,410,000		3,132,938
Salesforce.com, Inc.
0.250%		04/01/2018			6,085,000		7,412,291
Synchronoss Technologies, Inc.
0.750%		08/15/2019			3,259,000		3,654,154
TiVo, Inc.
2.000%		10/01/2021	^		3,560,000		3,259,625
Verint Systems, Inc.
1.500%		06/01/2021			3,870,000		4,397,288
Workday, Inc.
0.750%		07/15/2018			890,000		1,007,369
							50,569,193
Specialty Retail—0.3%
Restoration Hardware Holdings, Inc.
0.000%		06/15/2019	^		1,655,000		1,699,478
0.000%		07/15/2020	^		1,170,000		1,167,806
							2,867,284
Technology Hardware, Storage & Peripherals—0.7%
Electronics For Imaging, Inc.
0.750%		09/01/2019	^		4,320,000		4,517,100
SanDisk Corp.
0.500%		10/15/2020			3,240,000		3,156,975
							7,674,075
Textiles, Apparel & Luxury Goods—0.3%
Iconix Brand Group, Inc.
1.500%		03/15/2018			3,192,000		3,271,800
Transportation Infrastructure—0.4%
Macquarie Infrastructure Corp.
2.875%		07/15/2019			3,545,000		4,194,178
TOTAL CONVERTIBLE DEBT OBLIGATIONS
(Cost $401,556,429)							413,435,064
U.S. TREASURY OBLIGATIONS—11.4%
U.S. Treasury Notes—11.4%
U.S. Treasury Note
1.125%		06/15/2018			1,490,000		1,495,704
1.000%		09/15/2017-
		02/15/2018			47,430,000		47,616,699
0.875%		04/30/2017-
		11/15/2017			43,179,000		43,350,967
0.875%		09/15/2016	‡‡		8,000,000		8,046,872
0.625%		07/15/2016	‡‡		9,000,000		9,025,308
0.625%		02/15/2017-
		05/31/2017			4,590,000		4,590,755
0.500%		01/31/2017			12,330,000		12,327,115

Coupon Rate	Maturity Date			Face		Value
0.500%	06/15/2016	‡‡	$	685,000	$	686,338
0.375%	10/31/2016			650,000		649,644
						127,789,402
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $127,530,888)						127,789,402
GOVERNMENT RELATED OBLIGATIONS—2.6%
U.S. Government Agencies—0.4%
Federal Home Loan Bank, Series 3823
0.500%	09/28/2016			4,340,000		4,341,836
Non-U.S. Government Agencies—0.4%
Allied Irish Banks plc MTN (Ireland)
2.875%	11/28/2016		EUR	1,000,000		1,139,435
FMS Wertmanagement AoeR (Germany)
1.125%	09/05/2017		$	1,300,000		1,306,372
0.625%	01/30/2017			2,290,000		2,289,059
						4,734,866
Sovereign Debt—0.6%
Bank of England Euro Note (United Kingdom)
1.250%	03/16/2018	^		3,600,000		3,616,200
Caisse d’Amortissement de la Dette Sociale (France)
1.250%	03/12/2018	^		2,155,000		2,159,790
Instituto de Credito Oficial (Spain)
1.125%	04/01/2016	^		1,240,000		1,242,598
						7,018,588
Supranational—0.9%
Asian Development Bank MTN
0.750%	07/28/2017			3,250,000		3,247,689
European Investment Bank
1.125%	12/15/2016- 08/15/2018			3,425,000		3,433,918
International Bank for Reconstruction & Development
0.625%	09/26/2016			3,500,000		3,505,177
						10,186,784
U.S. Municipal Bonds—0.1%
California Earthquake Authority Revenue Bonds (California)
1.824%	07/01/2017			1,000,000		1,006,540
Non-U.S. Regional Authority Bonds—0.2%
Province of British Columbia (Canada)
1.200%	04/25/2017			1,500,000		1,512,733
TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $28,991,748)						28,801,347
ASSET-BACKED SECURITIES—4.7%
Automobiles—2.8%
Ally Master Owner Trust Series 2013-1, Class A1
0.636%	02/15/2018	#		2,200,000		2,200,755
Ally Master Owner Trust Series 2013-2, Class A
0.636%	04/15/2018	#		1,900,000		1,901,091
Capital Auto Receivables Asset Trust Series 2015-2, Class A2
1.390%	09/20/2018			1,880,000		1,880,837
Capital Auto Receivables Asset Trust Series 2013-1, Class C
1.740%	10/22/2018			380,000		381,171

See accompanying notes to financial statements.

208

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
ASSET-BACKED SECURITIES—(Continued)
Capital Auto Receivables Asset Trust Series 2013-1, Class B
1.290%		04/20/2018		$	370,000	$	370,142
CarMax Auto Owner Trust Series 2015-2, Class A3
1.370%		03/16/2020			2,985,000		2,989,318
Fifth Third Auto Trust Series 2014-1, Class A3
0.680%		04/16/2018			1,860,000		1,858,279
Ford Credit Auto Lease Trust Series 2013-B, Class A3
0.760%		09/15/2016			298,013		298,159
Hertz Fleet Lease Funding LP Series 2013-3, Class A
0.735%		12/10/2027	#^		588,237		588,491
Nissan Master Owner Trust Receivables Series 2013-A, Class A
0.486%		02/15/2018	#		5,450,000		5,450,752
Porsche Financial Auto Securitization Trust Series 2014-1, Class A3
0.670%		01/23/2018	^		6,660,000		6,664,435
Porsche Innovative Lease Owner Trust Series 2015-1, Class A3
1.190%		07/23/2018	^		3,300,000		3,297,644
Santander Drive Auto Receivables Trust Series 2014-3, Class B
1.450%		05/15/2019			2,800,000		2,805,015
World Omni Automobile Lease Securitization Trust Series 2013-A, Class A2A
0.730%		05/16/2016			156,799		156,837
							30,842,926
Credit Card—0.6%
Chase Issuance Trust Series 2007-B1, Class B1
0.436%		04/15/2019	#		2,000,000		1,988,472
Citibank Credit Card Issuance Trust Series 2003-A7, Class A7
4.150%		07/07/2017			2,700,000		2,701,668
Synchrony Credit Card Master Note Trust Series 2015-2, Class A
1.600%		04/15/2021			1,965,000		1,965,117
							6,655,257
Other—1.1%
CenterPoint Energy Transition Bond Co. IV LLC Series 2012-1, Class A1
0.901%		04/15/2018			1,076,410		1,076,946
CNH Equipment Trust Series 2015-B, Class A3
1.370%		07/15/2020			3,400,000		3,400,909
GreatAmerica Leasing Receivables Funding LLC Series 2013-1, Class C
1.830%		06/17/2019	^		270,000		269,765
Kubota Credit Owner Trust Series 2015-1A, Class A2
0.940%		12/15/2017	^		2,635,000		2,638,349
MMAF Equipment Finance LLC Series 2015-AA, Class A3
1.390%		10/16/2019	^		2,635,000		2,636,846

Coupon Rate	Maturity Date			Face		Value
Trade MAPS 1 Ltd. (Ireland) Series 2013-1A, Class A
0.885%	12/10/2018	#^	$	2,300,000	$	2,300,729
						12,323,544
Student Loan—0.2%
National Credit Union Administration Guaranteed Notes Series 2010-A1, Class A
0.524%	12/07/2020	#		1,322,058		1,323,512
Nelnet Student Loan Trust Series 2014-2A, Class A1
0.467%	06/25/2021	#^		876,362		876,341
SLM Student Loan Trust Series 2014-1, Class A1
0.467%	05/28/2019	#		323,131		323,093
						2,522,946
TOTAL ASSET-BACKED SECURITIES
(Cost $52,433,432)						52,344,673
			Shares		Value
MONEY MARKET FUNDS—1.7%
Institutional Money Market Fund—1.7%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14% (Cost $18,718,075)		¥		18,718,075		18,718,075
TOTAL INVESTMENTS—99.9%
(Cost $1,111,032,741)						1,121,303,487
Other assets less liabilities—0.1%						642,846
NET ASSETS—100.0%					$	1,121,946,333

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 $303,702,060, which represents 27.1% 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.
§	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.
**	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.

209

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—24.3%
Aerospace & Defense—0.6%
Boeing Co. (The)
6.125%		02/15/2033	$	100,000	$	125,238
4.875%		02/15/2020		200,000		225,799
General Dynamics Corp.
2.250%		11/15/2022		500,000		474,553
Honeywell International, Inc.
5.700%		03/15/2036		300,000		361,393
4.250%		03/01/2021		750,000		830,200
3.350%		12/01/2023		300,000		307,597
L-3 Communications Corp.
4.950%		02/15/2021		300,000		320,544
3.950%		05/28/2024		350,000		340,849
Lockheed Martin Corp.
4.070%		12/15/2042		285,000		270,381
3.800%		03/01/2045		300,000		268,573
Northrop Grumman Corp.
4.750%		06/01/2043		720,000		730,210
3.850%		04/15/2045		300,000		265,072
3.500%		03/15/2021		300,000		309,984
1.750%		06/01/2018		500,000		499,140
Precision Castparts Corp.
4.375%		06/15/2045		500,000		497,220
2.500%		01/15/2023		200,000		191,916
1.250%		01/15/2018		500,000		497,271
Raytheon Co.
6.750%		03/15/2018		1,150,000		1,311,801
United Technologies Corp.
6.700%		08/01/2028		150,000		193,640
4.500%		06/01/2042		200,000		203,655
3.100%		06/01/2022		1,050,000		1,059,329
1.800%		06/01/2017		300,000		304,456
						9,588,821
Air Freight & Logistics—0.1%
FedEx Corp.
4.500%		02/01/2065		300,000		262,848
3.875%		08/01/2042		200,000		173,810
2.625%		08/01/2022		200,000		194,176
United Parcel Service, Inc.
6.200%		01/15/2038		300,000		375,761
2.450%		10/01/2022		400,000		386,373
						1,392,968
Airlines—0.1%
American Airlines Pass Through Trust, Series 2011-1, Class A
5.250%		01/31/2021		216,837		234,184
Continental Airlines, Inc., Series 2010-1, Class A
4.750%		01/12/2021		239,786		254,772
Delta Air Lines Pass Through Trust, Series 2010-2A
4.950%		05/23/2019		630,644		668,482
United Airlines Pass Through Trust, Series 2014-2, Class A
3.750%		09/03/2026		200,000		198,000
						1,355,438
Auto Components—0.1%
BorgWarner, Inc.
3.375%		03/15/2025		300,000		295,802

Coupon Rate	Maturity Date			Face		Value
Johnson Controls, Inc.
4.250%	03/01/2021		$	300,000	$	317,334
3.625%	07/02/2024			500,000		501,821
						1,114,957
Automobiles—0.1%
Ford Motor Co.
7.450%	07/16/2031			200,000		256,210
4.750%	01/15/2043			200,000		194,653
General Motors Co.
5.200%	04/01/2045			500,000		497,080
4.000%	04/01/2025			380,000		374,512
3.500%	10/02/2018			500,000		517,505
						1,839,960
Banks—3.4%
Agricultural Bank of China (China)
2.750%	05/21/2020			500,000		497,464
Associated Banc-Corp
4.250%	01/15/2025			400,000		394,861
Australia & New Zealand Banking Group Ltd. (Australia)
1.250%	01/10/2017			500,000		501,543
1.250%	06/13/2017			400,000		400,804
Bank of America Corp.
7.800%	09/15/2016			400,000		429,459
6.875%	11/15/2018			250,000		287,094
5.875%	01/05/2021			400,000		458,198
5.750%	08/15/2016			700,000		733,204
5.625%	07/01/2020			500,000		564,148
5.490%	03/15/2019			100,000		109,700
3.875%	03/22/2017			700,000		728,077
Bank of America Corp. MTN
6.875%	04/25/2018			500,000		565,206
5.875%	02/07/2042			300,000		347,218
5.000%	05/13/2021			300,000		329,751
4.875%	04/01/2044			750,000		764,751
4.250%	10/22/2026			400,000		392,710
4.000%	04/01/2024			500,000		509,721
4.000%	01/22/2025			500,000		488,103
3.300%	01/11/2023			500,000		493,231
Bank of America Corp., Series L MTN
5.650%	05/01/2018			500,000		549,615
Bank of America Corp., Series L
4.750%	04/21/2045			350,000		325,828
3.950%	04/21/2025	†		200,000		193,024
2.250%	04/21/2020			200,000		196,581
Bank of America NA, Bank Note
1.250%	02/14/2017			1,000,000		999,843
Bank of Montreal (Canada)
1.400%	04/10/2018			750,000		745,940
Bank of Montreal MTN (Canada)
2.500%	01/11/2017			400,000		409,101
1.300%	07/14/2017			650,000		650,440
Bank of Nova Scotia (The) (Canada)
1.450%	04/25/2018			300,000		298,762
Bank of Nova Scotia (The), Bank Note (Canada)
1.250%	04/11/2017			750,000		751,897
Barclays Bank plc, Bank Note (United Kingdom)
5.125%	01/08/2020			500,000		556,494
Barclays plc (United Kingdom)
2.875%	06/08/2020			250,000		248,529
2.750%	11/08/2019			400,000		397,488
BB&T Corp.
5.250%	11/01/2019			500,000		551,306

See accompanying notes to financial statements.

210

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
BB&T Corp. MTN
2.450%		01/15/2020		$	500,000	$	501,435
1.600%		08/15/2017			400,000		401,474
BNP Paribas SA (France)
4.250%		10/15/2024			400,000		395,067
BNP Paribas SA MTN (France)
2.400%		12/12/2018			600,000		607,504
1.375%		03/17/2017			1,000,000		999,220
BNP Paribas SA, Bank Note (France)
5.000%		01/15/2021			400,000		442,453
Capital One Bank USA NA
8.800%		07/15/2019			500,000		613,896
2.300%		06/05/2019			400,000		397,373
Capital One Bank USA NA, Bank Note
1.200%		02/13/2017			400,000		398,134
Citigroup, Inc.
8.500%		05/22/2019			300,000		366,220
8.125%		07/15/2039			500,000		719,953
6.625%		06/15/2032			350,000		415,425
6.125%		11/21/2017			750,000		825,440
6.000%		08/15/2017			600,000		652,939
5.500%		09/13/2025			200,000		216,585
5.375%		08/09/2020			400,000		447,712
4.500%		01/14/2022			500,000		539,343
4.050%		07/30/2022			300,000		307,664
3.875%		10/25/2023			200,000		204,465
3.300%		04/27/2025			1,000,000		963,599
1.550%		08/14/2017			750,000		749,072
Citizens Bank NA MTN
1.600%		12/04/2017			500,000		499,471
Commonwealth Bank of Australia (Australia)
1.125%		03/13/2017			350,000		350,409
Corpbanca SA (Chile)
3.875%		09/22/2019	^		400,000		407,010
Credit Suisse Group Funding Guernsey Ltd. (Guernsey)
4.875%		05/15/2045	^		350,000		338,058
Discover Bank
7.000%		04/15/2020			200,000		233,009
Discover Bank, Bank Note
4.250%		03/13/2026			200,000		198,438
Fifth Third Bancorp
4.300%		01/16/2024			300,000		308,426
Fifth Third Bank/Ohio, Bank Note
2.875%		10/01/2021			400,000		396,404
First Republic Bank
2.375%		06/17/2019			500,000		499,964
HSBC Bank USA NA
4.875%		08/24/2020			400,000		443,016
HSBC Holdings plc (United Kingdom)
6.100%		01/14/2042			500,000		606,493
5.250%		03/14/2044			1,000,000		1,041,170
4.250%		03/14/2024			500,000		505,905
4.000%		03/30/2022			500,000		523,950
Industrial & Commercial Bank of China Ltd. MTN (China)
2.351%		11/13/2017			500,000		504,222
Intesa Sanpaolo SpA (Italy)
3.875%		01/15/2019			400,000		411,871
JPMorgan Chase & Co.
6.300%		04/23/2019			500,000		573,106
5.600%		07/15/2041			200,000		227,243

Coupon Rate	Maturity Date				Face		Value
4.950%	03/25/2020			$	1,000,000	$	1,102,976
4.850%	02/01/2044				500,000		517,849
4.625%	05/10/2021				300,000		324,747
4.500%	01/24/2022				400,000		429,035
3.200%	01/25/2023				500,000		490,880
3.125%	01/23/2025				1,000,000		955,923
JPMorgan Chase & Co. MTN
1.350%	02/15/2017				1,400,000		1,401,557
KeyCorp MTN
5.100%	03/24/2021				500,000		555,432
LBBW (Germany)
7.625%	02/01/2023				200,000		254,690
Lloyds Bank plc (United Kingdom)
3.500%	05/14/2025				500,000		491,931
2.350%	09/05/2019				400,000		400,520
Manufacturers & Traders Trust Co., Bank Note
2.100%	02/06/2020				500,000		492,946
National City Corp.
6.875%	05/15/2019				500,000		580,363
PNC Bank NA
1.500%	10/18/2017				400,000		400,672
PNC Bank NA, Bank Note
1.300%	10/03/2016				250,000		251,095
1.150%	11/01/2016				500,000		500,737
PNC Funding Corp.
2.700%	09/19/2016				400,000		407,011
Royal Bank of Canada (Canada)
1.200%	01/23/2017				155,000		155,690
Royal Bank of Canada MTN (Canada)
1.400%	10/13/2017				500,000		501,618
1.250%	06/16/2017				500,000		501,200
Royal Bank of Scotland Group plc (United Kingdom)
6.400%	10/21/2019				1,000,000		1,118,583
Royal Bank of Scotland plc (The) (United Kingdom)
6.125%	01/11/2021		†		300,000		344,660
Sumitomo Mitsui Banking Corp. (Japan)
3.200%	07/18/2022				200,000		199,917
1.750%	01/16/2018				300,000		301,252
1.300%	01/10/2017				500,000		500,599
Svenska Handelsbanken AB (Sweden)
2.250%	06/17/2019				500,000		502,793
Toronto-Dominion Bank (The) MTN (Canada)
1.625%	03/13/2018	��			200,000		201,202
Union Bank NA
2.625%	09/26/2018				500,000		508,297
US Bancorp MTN
2.950%	07/15/2022				200,000		197,043
1.650%	05/15/2017				500,000		506,157
US Bank NA, Bank Note
1.100%	01/30/2017				500,000		501,252
Wells Fargo & Co.
5.375%	11/02/2043				350,000		374,540
4.480%	01/16/2024				784,000		826,227
3.900%	05/01/2045				390,000		351,868
1.500%	01/16/2018				500,000		499,247
1.250%	07/20/2016				560,000		562,461
Wells Fargo & Co. MTN
4.600%	04/01/2021				500,000		548,155
3.500%	03/08/2022				300,000		308,437
3.000%	02/19/2025				340,000		326,035
2.100%	05/08/2017				800,000		813,789
1.150%	06/02/2017				700,000		698,425
Wells Fargo & Co., Series M
3.450%	02/13/2023				300,000		298,673

See accompanying notes to financial statements.

211

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Wells Fargo & Co., Series N
2.150%		01/30/2020	$	750,000	$	743,322
Wells Fargo Bank NA
5.950%		08/26/2036		100,000		119,969
Wells Fargo Bank NA, Bank Note
6.600%		01/15/2038		300,000		389,709
Westpac Banking Corp. (Australia)
4.875%		11/19/2019		1,000,000		1,109,724
						58,672,437
Beverages—0.5%
Anheuser-Busch InBev Finance, Inc.
2.625%		01/17/2023		200,000		192,143
1.125%		01/27/2017		1,000,000		1,003,013
Anheuser-Busch InBev Worldwide, Inc.
8.200%		01/15/2039		300,000		447,457
7.750%		01/15/2019		500,000		593,754
6.875%		11/15/2019		300,000		358,370
5.375%		01/15/2020		500,000		564,298
3.750%		07/15/2042		200,000		177,010
Coca-Cola Co. (The)
3.200%		11/01/2023		350,000		353,913
3.150%		11/15/2020		200,000		208,709
Coca-Cola Enterprises, Inc.
4.500%		09/01/2021		300,000		328,692
Coca-Cola Femsa SAB de CV (Mexico)
2.375%		11/26/2018		350,000		355,810
Diageo Capital plc (United Kingdom)
1.125%		04/29/2018		500,000		494,020
Diageo Investment Corp.
7.450%		04/15/2035		750,000		1,009,110
Dr Pepper Snapple Group, Inc.
2.600%		01/15/2019		300,000		302,760
PepsiCo, Inc.
5.500%		01/15/2040		500,000		569,884
5.000%		06/01/2018		400,000		438,886
3.000%		08/25/2021		500,000		512,653
2.750%		03/01/2023		400,000		394,102
						8,304,584
Biotechnology—0.3%
Amgen, Inc.
6.900%		06/01/2038		267,000		335,344
6.150%		06/01/2018		500,000		562,129
5.850%		06/01/2017		250,000		270,795
5.150%		11/15/2041		300,000		309,194
4.400%		05/01/2045		270,000		249,796
3.875%		11/15/2021		300,000		315,038
3.625%		05/22/2024		400,000		397,542
Celgene Corp.
4.625%		05/15/2044		600,000		574,764
1.900%		08/15/2017		200,000		202,177
Gilead Sciences, Inc.
4.500%		02/01/2045		1,000,000		998,576
4.400%		12/01/2021		300,000		327,917
2.050%		04/01/2019		750,000		754,662
						5,297,934
Capital Markets—1.4%
Ameriprise Financial, Inc.
3.700%		10/15/2024		400,000		409,255

Coupon Rate	Maturity Date			Face		Value
BlackRock, Inc.
4.250%	05/24/2021		$	500,000	$	546,841
3.375%	06/01/2022			500,000		515,005
Credit Suisse (Switzerland)
5.400%	01/14/2020			200,000		221,357
Credit Suisse MTN (Switzerland)
3.625%	09/09/2024			400,000		398,086
1.375%	05/26/2017			1,000,000		999,537
Credit Suisse USA, Inc.
7.125%	07/15/2032			750,000		975,179
Deutsche Bank AG (Germany)
6.000%	09/01/2017			650,000		707,595
4.296%	05/24/2028	#		500,000		473,363
Goldman Sachs Group, Inc. (The)
6.750%	10/01/2037			1,000,000		1,176,557
6.250%	09/01/2017			500,000		547,545
6.250%	02/01/2041			500,000		592,994
6.150%	04/01/2018			500,000		556,152
5.950%	01/15/2027			300,000		336,870
5.750%	01/24/2022			300,000		341,524
5.625%	01/15/2017			750,000		794,480
5.250%	07/27/2021			300,000		333,417
4.000%	03/03/2024			500,000		509,280
3.500%	01/23/2025			500,000		485,481
2.625%	01/31/2019			1,000,000		1,012,891
Goldman Sachs Group, Inc. (The) MTN
7.500%	02/15/2019			300,000		352,553
5.375%	03/15/2020			300,000		334,266
Jefferies Group LLC
6.250%	01/15/2036			230,000		229,378
5.125%	04/13/2018			300,000		318,978
Lazard Group LLC
4.250%	11/14/2020			400,000		421,088
Morgan Stanley
7.250%	04/01/2032			100,000		132,387
6.375%	07/24/2042			300,000		369,122
5.750%	01/25/2021			600,000		684,083
4.875%	11/01/2022			1,000,000		1,065,349
4.750%	03/22/2017			300,000		316,562
3.750%	02/25/2023			300,000		303,643
2.500%	01/24/2019			1,000,000		1,009,787
Morgan Stanley MTN
6.625%	04/01/2018			500,000		561,242
5.950%	12/28/2017			500,000		549,799
5.750%	10/18/2016			640,000		676,575
5.450%	01/09/2017			500,000		529,966
3.700%	10/23/2024			400,000		398,847
Nomura Holdings, Inc. (Japan)
6.700%	03/04/2020			300,000		352,225
Northern Trust Corp.
3.950%	10/30/2025			300,000		310,372
3.375%	08/23/2021			500,000		523,223
State Street Corp.
3.700%	11/20/2023			400,000		413,640
3.100%	05/15/2023			200,000		196,139
UBS AG MTN (Switzerland)
7.375%	06/15/2017			100,000		110,677
5.875%	07/15/2016			700,000		731,023
1.375%	08/14/2017			500,000		498,347
						23,322,680
Chemicals—0.5%
Agrium, Inc. (Canada)
6.125%	01/15/2041			400,000		451,552

See accompanying notes to financial statements.

212

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Airgas, Inc.
2.375%		02/15/2020	$	300,000	$	296,737
CF Industries, Inc.
3.450%		06/01/2023		400,000		387,942
Cytec Industries, Inc.
3.950%		05/01/2025		135,000		133,086
Dow Chemical Co. (The)
8.550%		05/15/2019		629,000		767,546
5.250%		11/15/2041		300,000		307,127
4.125%		11/15/2021		150,000		157,547
3.000%		11/15/2022		500,000		481,797
E.I. du Pont de Nemours & Co.
4.900%		01/15/2041		200,000		212,116
4.250%		04/01/2021		300,000		326,026
2.800%		02/15/2023		300,000		292,613
Eastman Chemical Co.
2.700%		01/15/2020		400,000		399,124
Ecolab, Inc.
5.500%		12/08/2041		300,000		328,935
LyondellBasell Industries NV (Netherlands)
5.750%		04/15/2024		500,000		570,564
5.000%		04/15/2019		500,000		542,072
Methanex Corp. (Canada)
3.250%		12/15/2019		400,000		402,854
Monsanto Co.
5.500%		08/15/2025		200,000		227,652
Mosaic Co. (The)
5.625%		11/15/2043		400,000		427,705
Potash Corp of Saskatchewan, Inc. (Canada)
3.625%		03/15/2024		250,000		253,060
PPG Industries, Inc.
3.600%		11/15/2020		400,000		418,117
Praxair, Inc.
2.200%		08/15/2022		400,000		381,219
Rockwood Specialties Group, Inc.
4.625%		10/15/2020		250,000		260,625
Sigma-Aldrich Corp.
3.375%		11/01/2020		360,000		374,139
Valspar Corp. (The)
4.400%		02/01/2045		200,000		182,762
						8,582,917
Commercial Services & Supplies—0.1%
Republic Services, Inc.
5.700%		05/15/2041		200,000		227,874
5.500%		09/15/2019		300,000		335,403
Waste Management, Inc.
4.750%		06/30/2020		750,000		827,802
						1,391,079
Communications Equipment—0.2%
Cisco Systems, Inc.
5.900%		02/15/2039		500,000		598,389
4.950%		02/15/2019		500,000		552,348
2.450%		06/15/2020		420,000		423,285
Harris Corp.
6.150%		12/15/2040		250,000		281,441
4.854%		04/27/2035		250,000		240,309
3.832%		04/27/2025		300,000		292,210

Coupon Rate	Maturity Date		Face		Value
Juniper Networks, Inc.
4.350%	06/15/2025	$	750,000	$	747,797
Motorola Solutions, Inc.
7.500%	05/15/2025		340,000		411,209
QUALCOMM, Inc.
4.800%	05/20/2045		140,000		134,657
4.650%	05/20/2035		100,000		96,986
3.450%	05/20/2025		250,000		243,923
2.250%	05/20/2020		340,000		338,491
					4,361,045
Consumer Finance—0.6%
American Express Co.
7.000%	03/19/2018		500,000		567,406
American Express Credit Corp.
2.125%	03/18/2019		500,000		501,294
American Express Credit Corp. MTN
2.800%	09/19/2016		400,000		408,440
American Honda Finance Corp.
2.125%	10/10/2018		500,000		507,809
Capital One Financial Corp.
6.150%	09/01/2016		200,000		211,157
Caterpillar Financial Services Corp. MTN
2.850%	06/01/2022		300,000		299,452
1.625%	06/01/2017		300,000		303,161
Ford Motor Credit Co. LLC
5.875%	08/02/2021		500,000		569,965
5.000%	05/15/2018		200,000		215,161
4.250%	02/03/2017		200,000		207,955
4.250%	09/20/2022		200,000		208,610
3.000%	06/12/2017		300,000		307,011
1.724%	12/06/2017		400,000		398,158
1.684%	09/08/2017		400,000		399,056
General Motors Financial Co., Inc.
3.000%	09/25/2017		500,000		510,303
HSBC USA, Inc.
2.375%	11/13/2019		500,000		499,032
2.250%	06/23/2019		500,000		496,399
John Deere Capital Corp.
1.200%	10/10/2017		300,000		299,699
1.050%	10/11/2016		750,000		753,352
John Deere Capital Corp. MTN
3.900%	07/12/2021		300,000		323,480
Toyota Motor Credit Corp. MTN
4.500%	06/17/2020		300,000		330,093
2.625%	01/10/2023		300,000		295,935
1.450%	01/12/2018		300,000		300,400
1.250%	10/05/2017		400,000		401,153
1.125%	05/16/2017		500,000		501,244
					9,815,725
Containers & Packaging—0.0%
MeadWestvaco Corp.
7.375%	09/01/2019		300,000		351,842
Packaging Corp. of America
4.500%	11/01/2023		250,000		258,259
					610,101
Diversified Consumer Services—0.1%
Massachusetts Institute of Technology
4.678%	07/01/2114		250,000		252,109
University of Notre Dame du Lac, Series 2015
3.438%	02/15/2045		250,000		226,208
Yale University MTN
2.086%	04/15/2019		500,000		505,529
					983,846

See accompanying notes to financial statements.

213

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Diversified Financial Services—1.1%
Bank One Corp.
8.000%		04/29/2027		$	300,000	$	399,748
7.625%		10/15/2026			300,000		382,271
Bear Stearns Cos. LLC (The)
7.250%		02/01/2018			350,000		396,630
6.400%		10/02/2017			400,000		440,374
4.650%		07/02/2018			400,000		431,198
Berkshire Hathaway, Inc.
2.100%		08/14/2019			500,000		503,797
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands)
5.750%		12/01/2043			300,000		331,195
4.625%		12/01/2023			400,000		413,400
3.875%		02/08/2022			400,000		416,727
3.375%		01/19/2017			300,000		309,995
2.250%		01/14/2019			500,000		503,692
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA MTN (Netherlands)
3.375%		05/21/2025			500,000		488,409
GE Capital Trust I
6.375%		11/15/2067	#		130,000		139,165
General Electric Capital Corp.
2.950%		05/09/2016			200,000		203,928
General Electric Capital Corp. MTN
6.875%		01/10/2039			800,000		1,076,274
6.375%		11/15/2067	#		600,000		646,500
5.875%		01/14/2038			700,000		838,897
5.625%		09/15/2017			300,000		326,782
5.500%		01/08/2020			500,000		567,154
5.400%		02/15/2017			650,000		694,756
5.375%		10/20/2016			450,000		474,568
4.625%		01/07/2021			300,000		330,543
3.450%		05/15/2024			1,000,000		1,014,417
3.100%		01/09/2023			1,000,000		998,239
2.300%		01/14/2019			500,000		507,185
Intercontinental Exchange, Inc.
2.500%		10/15/2018			300,000		306,733
JPMorgan Chase Bank NA, Bank Note
6.000%		10/01/2017			500,000		545,350
Leucadia National Corp.
6.625%		10/23/2043			200,000		188,603
Moody’s Corp.
2.750%		07/15/2019	†		500,000		504,732
Murray Street Investment Trust I
4.647%		03/09/2017			1,000,000		1,050,681
NASDAQ OMX Group, Inc. (The)
4.250%		06/01/2024			400,000		407,359
National Rural Utilities Cooperative Finance Corp.
10.375%		11/01/2018			281,000		357,757
2.850%		01/27/2025			150,000		144,306
Shell International Finance BV (Netherlands)
6.375%		12/15/2038			500,000		630,811
5.200%		03/22/2017			500,000		535,501
4.375%		05/11/2045			170,000		168,496
3.625%		08/21/2042			300,000		263,445
3.250%		05/11/2025			200,000		198,470
2.375%		08/21/2022			500,000		484,100
2.125%		05/11/2020			330,000		329,669

Coupon Rate	Maturity Date			Face		Value
Voya Financial, Inc.
5.500%	07/15/2022		$	500,000	$	562,247
						19,514,104
Diversified Telecommunication Services—1.1%
AT&T, Inc.
6.150%	09/15/2034			500,000		552,459
5.800%	02/15/2019			550,000		615,432
5.550%	08/15/2041			300,000		308,439
5.500%	02/01/2018			510,000		557,693
5.350%	09/01/2040			307,000		303,280
4.750%	05/15/2046			150,000		137,023
4.500%	05/15/2035			150,000		138,332
4.450%	05/15/2021			500,000		534,338
4.350%	06/15/2045			758,000		649,634
3.900%	03/11/2024	†		1,150,000		1,161,823
3.400%	05/15/2025			100,000		95,568
3.000%	06/30/2022			100,000		96,707
2.450%	06/30/2020			100,000		98,141
1.600%	02/15/2017			400,000		401,713
British Telecommunications plc (United Kingdom)
9.625%	12/15/2030			250,000		371,915
2.350%	02/14/2019			500,000		502,639
Deutsche Telekom International Finance BV (Netherlands)
8.750%	06/15/2030			300,000		423,073
Orange SA (France)
9.000%	03/01/2031			500,000		707,218
Qwest Corp.
6.875%	09/15/2033			400,000		397,516
6.500%	06/01/2017			250,000		270,412
Telefonica Emisiones SAU (Spain)
5.134%	04/27/2020			600,000		657,032
Verizon Communications, Inc.
7.750%	12/01/2030			130,000		169,124
6.900%	04/15/2038			500,000		599,908
6.550%	09/15/2043			1,150,000		1,349,901
6.400%	02/15/2038			500,000		571,330
6.350%	04/01/2019			703,000		804,026
6.000%	04/01/2041			300,000		331,155
5.850%	09/15/2035			250,000		272,170
5.150%	09/15/2023			1,250,000		1,370,858
5.050%	03/15/2034			400,000		403,895
5.012%	08/21/2054			1,100,000		1,013,451
4.500%	09/15/2020			900,000		971,989
3.500%	11/01/2021			400,000		406,079
2.625%	02/21/2020			214,000		213,750
2.450%	11/01/2022			300,000		282,101
2.000%	11/01/2016			400,000		404,175
Verizon Maryland LLC, Series B
5.125%	06/15/2033			250,000		245,011
						18,389,310
Electric Utilities—1.4%
Alabama Power Co., Series Q
5.500%	10/15/2017			150,000		164,400
Arizona Public Service Co.
4.500%	04/01/2042			300,000		301,900
3.350%	06/15/2024			200,000		201,258
Cleveland Electric Illuminating Co. (The)
5.950%	12/15/2036			300,000		328,520
Cleveland Electric Illuminating Co. (The), Series D
7.880%	11/01/2017			400,000		456,484
Commonwealth Edison Co.
5.900%	03/15/2036			300,000		358,027
5.875%	02/01/2033			200,000		235,602

See accompanying notes to financial statements.

214

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
5.800%		03/15/2018		$	100,000	$	111,297
Connecticut Light & Power Co. (The)
4.300%		04/15/2044			250,000		248,010
Connecticut Light & Power Co. (The), Series 09-A
5.500%		02/01/2019			300,000		336,388
Constellation Energy Group, Inc.
5.150%		12/01/2020			400,000		443,132
DTE Electric Co.
3.450%		10/01/2020			300,000		314,890
3.375%		03/01/2025			300,000		304,075
Duke Energy Carolinas LLC
6.450%		10/15/2032			330,000		420,614
4.300%		06/15/2020			100,000		109,557
4.000%		09/30/2042			300,000		284,314
3.750%		06/01/2045	†		300,000		274,292
Duke Energy Corp.
2.150%		11/15/2016			200,000		203,142
Duke Energy Florida, Inc.
6.400%		06/15/2038			350,000		451,159
Duke Energy Indiana, Inc.
3.750%		07/15/2020			300,000		319,707
Entergy Corp.
4.700%		01/15/2017			500,000		520,531
Florida Power & Light Co.
5.950%		02/01/2038			1,000,000		1,223,854
5.625%		04/01/2034			50,000		59,346
5.125%		06/01/2041			200,000		223,036
4.950%		06/01/2035			100,000		109,957
Georgia Power Co., Series 07-A
5.650%		03/01/2037			200,000		228,335
Great Plains Energy, Inc.
4.850%		06/01/2021			400,000		439,161
Indiana Michigan Power Co.
7.000%		03/15/2019			250,000		291,216
Jersey Central Power & Light
5.625%		05/01/2016			500,000		516,672
Kentucky Utilities Co.
5.125%		11/01/2040			500,000		559,380
MidAmerican Energy Co.
4.400%		10/15/2044			500,000		501,728
3.700%		09/15/2023			250,000		260,192
MidAmerican Energy Co. MTN
5.800%		10/15/2036			250,000		299,641
Mississippi Power Co., Series 2012-A
4.250%		03/15/2042			300,000		268,104
NextEra Energy Capital Holdings, Inc.
6.000%		03/01/2019			250,000		280,593
4.500%		06/01/2021			200,000		216,294
Northern States Power Co.
4.125%		05/15/2044			350,000		344,558
Oklahoma Gas & Electric Co.
4.550%		03/15/2044			250,000		258,851
Oncor Electric Delivery Co. LLC
7.500%		09/01/2038			300,000		423,202
5.000%		09/30/2017			300,000		323,516
2.150%		06/01/2019			250,000		248,221
Pacific Gas & Electric Co.
6.050%		03/01/2034			500,000		602,889
4.750%		02/15/2044			250,000		258,747
4.450%		04/15/2042			300,000		294,526
3.400%		08/15/2024			500,000		500,515

Coupon Rate	Maturity Date		Face		Value
PECO Energy Co.
2.375%	09/15/2022	$	200,000	$	191,006
Potomac Electric Power Co.
7.900%	12/15/2038		200,000		299,368
PPL Capital Funding, Inc.
4.700%	06/01/2043		200,000		200,660
3.400%	06/01/2023		200,000		199,632
Progress Energy, Inc.
7.050%	03/15/2019		400,000		464,523
4.400%	01/15/2021		300,000		321,477
PSEG Power LLC
8.625%	04/15/2031		300,000		413,687
2.750%	09/15/2016		200,000		204,072
Public Service Co. of Colorado
4.300%	03/15/2044		250,000		252,506
Public Service Co. of Oklahoma, Series G
6.625%	11/15/2037		300,000		381,153
Public Service Electric & Gas Co. MTN
3.650%	09/01/2042		200,000		179,034
Sierra Pacific Power Co., Series T
3.375%	08/15/2023		350,000		354,313
South Carolina Electric & Gas Co.
5.300%	05/15/2033		150,000		162,143
Southern California Edison Co.
6.650%	04/01/2029		500,000		633,069
4.050%	03/15/2042		300,000		288,219
Southern California Edison Co., Series C
3.600%	02/01/2045		300,000		268,112
Southern Co. (The)
2.150%	09/01/2019		500,000		495,337
1.300%	08/15/2017		500,000		499,483
Union Electric Co.
6.400%	06/15/2017		250,000		274,020
Virginia Electric & Power Co.
5.400%	04/30/2018		250,000		276,966
2.950%	01/15/2022		542,000		540,757
1.200%	01/15/2018		300,000		299,116
Westar Energy, Inc.
4.625%	09/01/2043		350,000		367,206
Wisconsin Electric Power
5.625%	05/15/2033		150,000		175,860
Wisconsin Power & Light Co.
4.100%	10/15/2044		350,000		340,183
Xcel Energy, Inc.
4.800%	09/15/2041		200,000		208,186
					23,409,921
Electrical Equipment—0.1%
Eaton Corp.
4.150%	11/02/2042		100,000		92,619
2.750%	11/02/2022		100,000		97,423
1.500%	11/02/2017		300,000		299,966
Emerson Electric Co.
5.000%	04/15/2019		500,000		554,365
2.625%	02/15/2023		270,000		263,938
					1,308,311
Electronic Equipment, Instruments & Components—0.1%
Arrow Electronics, Inc.
4.500%	03/01/2023		300,000		307,084
3.000%	03/01/2018		400,000		406,581
Corning, Inc.
4.750%	03/15/2042		400,000		410,488
Jabil Circuit, Inc.
4.700%	09/15/2022		200,000		202,750

See accompanying notes to financial statements.

215

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Keysight Technologies, Inc.
3.300%		10/30/2019	^	$	400,000	$	401,776
							1,728,679
Energy Equipment & Services—0.3%
Baker Hughes, Inc.
7.500%		11/15/2018			1,000,000		1,175,395
Cameron International Corp.
1.400%		06/15/2017			400,000		397,575
1.150%		12/15/2016			250,000		248,630
Diamond Offshore Drilling, Inc.
4.875%		11/01/2043	†		300,000		239,397
Ensco plc (United Kingdom)
4.700%		03/15/2021			200,000		203,973
4.500%		10/01/2024			250,000		239,283
Halliburton Co.
7.450%		09/15/2039			400,000		541,590
Nabors Industries, Inc.
2.350%		09/15/2016			150,000		150,482
Noble Holding International Ltd. (Cayman Islands)
6.200%		08/01/2040			200,000		169,835
2.500%		03/15/2017			300,000		299,749
Pride International, Inc.
6.875%		08/15/2020			200,000		228,984
Rowan Cos., Inc.
4.875%		06/01/2022			250,000		248,666
Weatherford International Ltd. (Bermuda)
9.625%		03/01/2019			400,000		467,396
6.750%		09/15/2040			300,000		278,202
4.500%		04/15/2022			300,000		282,123
							5,171,280
Food & Staples Retailing—0.5%
Costco Wholesale Corp.
2.250%		02/15/2022			300,000		291,521
CVS Health Corp.
4.125%		05/15/2021			200,000		214,203
4.000%		12/05/2023			300,000		310,435
2.250%		12/05/2018			750,000		759,867
Kroger Co. (The)
7.500%		04/01/2031			200,000		258,148
5.400%		07/15/2040			200,000		218,033
2.950%		11/01/2021			400,000		398,011
Sysco Corp.
2.600%		06/12/2022			500,000		488,945
2.350%		10/02/2019			750,000		757,500
Walgreen Co.
4.400%		09/15/2042			200,000		179,559
Walgreens Boots Alliance, Inc.
3.800%		11/18/2024			500,000		490,644
1.750%		11/17/2017			200,000		200,902
Wal-Mart Stores, Inc.
7.550%		02/15/2030			250,000		354,815
5.250%		09/01/2035			750,000		853,187
4.875%		07/08/2040			300,000		320,607
4.300%		04/22/2044			750,000		753,830
4.250%		04/15/2021			300,000		329,483
3.625%		07/08/2020			300,000		319,547
2.550%		04/11/2023			500,000		483,277
							7,982,514

Coupon Rate	Maturity Date			Face		Value
Food Products—0.3%
Archer-Daniels Midland Co.
5.450%	03/15/2018		$	500,000	$	551,049
ConAgra Foods, Inc.
4.650%	01/25/2043			198,000		168,582
3.250%	09/15/2022			200,000		186,454
General Mills, Inc.
5.400%	06/15/2040			300,000		326,536
3.150%	12/15/2021			200,000		203,367
1.400%	10/20/2017			400,000		399,596
Kellogg Co.
4.150%	11/15/2019			300,000		320,175
4.000%	12/15/2020			190,000		202,260
Kraft Foods Group, Inc.
6.875%	01/26/2039			380,000		467,144
6.500%	02/09/2040			200,000		235,889
5.375%	02/10/2020			209,000		233,524
Mondelez International, Inc.
6.500%	02/09/2040			139,000		172,692
4.000%	02/01/2024			500,000		518,777
2.250%	02/01/2019			750,000		751,836
Tyson Foods, Inc.
2.650%	08/15/2019			750,000		755,667
Unilever Capital Corp.
4.250%	02/10/2021			300,000		330,194
						5,823,742
Gas Utilities—0.1%
Atmos Energy Corp.
4.125%	10/15/2044			350,000		335,146
ONE Gas, Inc.
3.610%	02/01/2024			500,000		516,484
Piedmont Natural Gas Co., Inc.
4.100%	09/18/2034			300,000		296,514
Southern California Gas Co.
5.125%	11/15/2040			400,000		456,798
4.450%	03/15/2044			200,000		207,922
Southern Natural Gas Co. LLC/Southern Natural Issuing Corp.
4.400%	06/15/2021			200,000		206,752
						2,019,616
Health Care Equipment & Supplies—0.4%
Abbott Laboratories
2.950%	03/15/2025			200,000		192,512
2.000%	03/15/2020			200,000		198,606
Baxter International, Inc.
5.900%	09/01/2016			400,000		423,342
3.200%	06/15/2023			300,000		307,493
2.400%	08/15/2022			300,000		284,725
Becton Dickinson and Co.
6.375%	08/01/2019			250,000		288,311
5.000%	11/12/2040			300,000		303,070
3.734%	12/15/2024			500,000		499,302
Boston Scientific Corp.
7.375%	01/15/2040			200,000		248,635
6.000%	01/15/2020			200,000		226,703
3.850%	05/15/2025			500,000		486,108
Covidien International Finance SA (Luxembourg)
6.000%	10/15/2017			250,000		275,657
Medtronic, Inc.
4.625%	03/15/2045	^		500,000		507,403
4.450%	03/15/2020			300,000		327,451
4.375%	03/15/2035	^		500,000		497,137
3.500%	03/15/2025	^		1,000,000		997,807

See accompanying notes to financial statements.

216

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
2.750%		04/01/2023		$	400,000	$	387,033
1.500%		03/15/2018	^		250,000		249,533
Stryker Corp.
4.375%		05/15/2044			300,000		291,671
4.100%		04/01/2043			200,000		183,790
							7,176,289
Health Care Providers & Services—0.4%
Aetna, Inc.
6.625%		06/15/2036			250,000		308,006
4.125%		11/15/2042			200,000		177,918
1.500%		11/15/2017			200,000		200,604
AmerisourceBergen Corp.
3.400%		05/15/2024			200,000		199,290
Anthem, Inc.
4.650%		01/15/2043			200,000		184,036
4.650%		08/15/2044			300,000		275,442
3.300%		01/15/2023			300,000		288,803
Cardinal Health, Inc.
4.600%		03/15/2043			200,000		193,665
3.200%		03/15/2023			300,000		297,233
1.700%		03/15/2018			300,000		298,971
Cigna Corp.
5.125%		06/15/2020			300,000		336,755
4.500%		03/15/2021			650,000		707,601
Dignity Health
3.812%		11/01/2024			400,000		410,121
Express Scripts Holding Co.
6.125%		11/15/2041			200,000		233,119
4.750%		11/15/2021			200,000		217,321
Humana, Inc.
3.850%		10/01/2024			400,000		399,166
McKesson Corp.
4.883%		03/15/2044			400,000		399,028
4.750%		03/01/2021			200,000		219,858
2.850%		03/15/2023			300,000		287,010
Quest Diagnostics, Inc.
4.700%		04/01/2021			300,000		324,853
UnitedHealth Group, Inc.
6.625%		11/15/2037			300,000		385,341
6.000%		02/15/2018			500,000		556,096
5.950%		02/15/2041			200,000		239,064
1.625%		03/15/2019			400,000		395,430
							7,534,731
Hotels, Restaurants & Leisure—0.2%
Carnival Corp. (Panama)
3.950%		10/15/2020			400,000		420,469
Marriott International, Inc., Series N
3.125%		10/15/2021			400,000		400,176
McDonald’s Corp. MTN
5.350%		03/01/2018			500,000		548,485
Starbucks Corp.
2.000%		12/05/2018			400,000		406,723
Starwood Hotels & Resorts Worldwide, Inc.
4.500%		10/01/2034			400,000		374,109
Wyndham Worldwide Corp.
3.900%		03/01/2023			300,000		294,409
Yum! Brands, Inc.
6.875%		11/15/2037			52,000		60,476
5.350%		11/01/2043			250,000		240,865
							2,745,712

Coupon Rate	Maturity Date		Face		Value
Household Durables—0.0%
Whirlpool Corp. MTN
4.850%	06/15/2021	$	200,000	$	221,098
Household Products—0.2%
Clorox Co. (The)
3.800%	11/15/2021		400,000		423,748
Colgate-Palmolive Co. MTN
0.900%	05/01/2018		1,000,000		993,056
Kimberly-Clark Corp.
6.125%	08/01/2017		500,000		550,181
Procter & Gamble Co. (The)
5.800%	08/15/2034		250,000		310,150
5.550%	03/05/2037		250,000		302,371
4.700%	02/15/2019		500,000		551,414
					3,130,920
Independent Power and Renewable Electricity Producers—0.0%
Empresa Nacional de Electricidad SA (Chile)
4.250%	04/15/2024		500,000		507,825
Industrial Conglomerates—0.2%
3M Co. MTN
5.700%	03/15/2037		100,000		121,075
2.000%	06/26/2022		300,000		289,369
General Electric Co.
5.250%	12/06/2017		500,000		544,834
4.125%	10/09/2042		300,000		289,342
3.375%	03/11/2024		1,000,000		1,016,450
2.700%	10/09/2022		300,000		293,557
Ingersoll-Rand Global Holding Co. Ltd.
2.875%	01/15/2019		120,000		122,113
Ingersoll-Rand Luxembourg Finance SA (Luxembourg)
4.650%	11/01/2044		100,000		96,906
Koninklijke Philips NV (Netherlands)
3.750%	03/15/2022		500,000		507,486
Roper Technologies, Inc.
1.850%	11/15/2017		200,000		201,420
					3,482,552
Insurance—0.9%
ACE INA Holdings, Inc.
3.150%	03/15/2025		300,000		293,442
AEGON Funding Co. LLC
5.750%	12/15/2020		290,000		331,998
Aflac, Inc.
3.625%	06/15/2023		400,000		404,641
2.400%	03/16/2020		300,000		302,435
Allstate Corp. (The)
3.150%	06/15/2023		1,000,000		1,003,031
American International Group, Inc.
6.400%	12/15/2020		156,000		185,677
6.250%	05/01/2036		400,000		475,883
3.875%	01/15/2035		300,000		271,868
2.300%	07/16/2019		650,000		649,460
American International Group, Inc. MTN
5.850%	01/16/2018		500,000		551,571
Aon plc (United Kingdom)
4.450%	05/24/2043		400,000		372,755
3.500%	06/14/2024		400,000		394,657
Arch Capital Group US, Inc.
5.144%	11/01/2043		150,000		153,624
AXA SA (France)
8.600%	12/15/2030		250,000		336,289

See accompanying notes to financial statements.

217

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Berkshire Hathaway Finance Corp.
4.300%		05/15/2043		$	300,000	$	291,050
4.250%		01/15/2021			300,000		327,879
2.000%		08/15/2018			500,000		507,395
1.600%		05/15/2017			400,000		404,408
Chubb Corp. (The)
6.375%		03/29/2067	#		200,000		210,300
CNA Financial Corp.
5.750%		08/15/2021			300,000		340,142
Fidelity National Financial, Inc.
6.600%		05/15/2017			300,000		324,821
First American Financial Corp.
4.600%		11/15/2024			500,000		505,418
Hartford Financial Services Group, Inc. (The)
6.100%		10/01/2041			150,000		179,328
Hartford Financial Services Group, Inc. (The) MTN
6.000%		01/15/2019			500,000		559,154
Lincoln National Corp.
6.150%		04/07/2036			250,000		290,456
Markel Corp.
5.000%		03/30/2043			300,000		296,058
MetLife, Inc.
7.717%		02/15/2019			500,000		597,346
5.700%		06/15/2035			250,000		291,443
4.875%		11/13/2043			300,000		312,083
3.600%		04/10/2024			500,000		504,800
PartnerRe Finance B LLC
5.500%		06/01/2020			90,000		100,531
Principal Financial Group, Inc.
3.400%		05/15/2025			350,000		342,612
Progressive Corp. (The)
6.625%		03/01/2029			150,000		191,088
Prudential Financial, Inc. MTN
6.625%		06/21/2040			100,000		123,295
5.800%		11/16/2041			200,000		224,917
5.700%		12/14/2036			250,000		277,468
5.375%		06/21/2020			300,000		338,838
3.500%		05/15/2024			400,000		396,184
Travelers Cos., Inc. (The)
6.750%		06/20/2036			500,000		670,930
Trinity Acquisition plc (United Kingdom)
4.625%		08/15/2023			500,000		515,966
Unum Group
4.000%		03/15/2024			350,000		354,957
Validus Holdings Ltd. (Bermuda)
8.875%		01/26/2040			200,000		256,441
XLIT Ltd. (Cayman Islands)
2.300%		12/15/2018			400,000		403,026
							15,865,665
Internet & Catalog Retail—0.1%
Amazon.com, Inc.
3.800%		12/05/2024			500,000		502,835
1.200%		11/29/2017			200,000		199,202
Expedia, Inc.
7.456%		08/15/2018			250,000		287,301
QVC, Inc.
5.450%		08/15/2034			350,000		318,510
3.125%		04/01/2019			120,000		119,298
							1,427,146

Coupon Rate	Maturity Date		Face		Value
Internet Software & Services—0.1%
Baidu, Inc. (Cayman Islands)
2.750%	06/09/2019	$	400,000	$	400,940
eBay, Inc.
4.000%	07/15/2042		100,000		81,333
2.600%	07/15/2022		100,000		92,976
1.350%	07/15/2017		100,000		99,881
Google, Inc.
3.625%	05/19/2021		300,000		321,675
					996,805
IT Services—0.3%
Computer Sciences Corp.
4.450%	09/15/2022		200,000		205,611
Fidelity National Information Services, Inc.
2.000%	04/15/2018		200,000		199,949
1.450%	06/05/2017		750,000		748,660
Fiserv, Inc.
3.500%	10/01/2022		200,000		199,404
International Business Machines Corp.
7.000%	10/30/2025		300,000		387,637
5.700%	09/14/2017		500,000		548,344
3.625%	02/12/2024		250,000		253,478
1.625%	05/15/2020		400,000		389,244
MasterCard, Inc.
2.000%	04/01/2019		200,000		200,776
Western Union Co. (The)
5.253%	04/01/2020		502,000		548,049
Xerox Corp.
6.350%	05/15/2018		500,000		557,591
4.500%	05/15/2021		200,000		212,724
					4,451,467
Leisure Products—0.0%
Hasbro, Inc.
5.100%	05/15/2044		200,000		197,356
Mattel, Inc.
2.350%	05/06/2019		300,000		299,758
					497,114
Life Sciences Tools & Services—0.1%
Agilent Technologies, Inc.
5.000%	07/15/2020		100,000		109,627
Thermo Fisher Scientific, Inc.
4.150%	02/01/2024		500,000		510,367
2.400%	02/01/2019		750,000		749,825
					1,369,819
Machinery—0.2%
Caterpillar, Inc.
4.750%	05/15/2064		500,000		490,800
3.803%	08/15/2042		385,000		355,204
3.400%	05/15/2024		500,000		508,171
Deere & Co.
4.375%	10/16/2019		500,000		548,649
Dover Corp.
5.375%	03/01/2041		300,000		340,015
Illinois Tool Works, Inc.
3.500%	03/01/2024		350,000		358,423
Parker-Hannifin Corp. MTN
3.500%	09/15/2022		100,000		103,626
Stanley Black & Decker, Inc.
3.400%	12/01/2021		290,000		296,846
					3,001,734

See accompanying notes to financial statements.

218

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Media—1.1%
21st Century Fox America, Inc.
8.000%		10/17/2016	$	150,000	$	162,856
7.750%		12/01/2045		200,000		273,268
6.200%		12/15/2034		1,000,000		1,164,042
6.150%		02/15/2041		300,000		349,577
5.650%		08/15/2020		500,000		571,681
CBS Corp.
7.875%		07/30/2030		250,000		325,853
5.750%		04/15/2020		200,000		225,506
4.850%		07/01/2042		250,000		231,134
1.950%		07/01/2017		300,000		302,888
Comcast Corp.
7.050%		03/15/2033		1,000,000		1,284,564
6.500%		01/15/2017		250,000		270,480
6.450%		03/15/2037		500,000		619,073
5.650%		06/15/2035		200,000		226,975
4.600%		08/15/2045		250,000		248,455
4.500%		01/15/2043		200,000		196,024
3.375%		08/15/2025		400,000		395,226
2.850%		01/15/2023		500,000		486,367
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
6.375%		03/01/2041		500,000		539,601
5.200%		03/15/2020		200,000		220,815
3.800%		03/15/2022		300,000		302,169
Discovery Communications LLC
5.625%		08/15/2019		400,000		447,677
Grupo Televisa SAB (Mexico)
5.000%		05/13/2045		200,000		191,800
Historic TW, Inc.
9.150%		02/01/2023		300,000		396,881
Interpublic Group of Cos., Inc. (The)
4.200%		04/15/2024		250,000		253,537
NBCUniversal Media LLC
6.400%		04/30/2040		200,000		248,857
5.950%		04/01/2041		250,000		293,506
4.375%		04/01/2021		250,000		270,976
Thomson Reuters Corp. (Canada)
6.500%		07/15/2018		300,000		338,765
3.950%		09/30/2021		200,000		209,757
Time Warner Cable, Inc.
8.750%		02/14/2019		1,000,000		1,188,592
6.750%		06/15/2039		200,000		214,182
5.850%		05/01/2017		400,000		427,333
4.500%		09/15/2042		300,000		245,587
Time Warner Entertainment Co. LP
8.375%		03/15/2023		250,000		311,239
8.375%		07/15/2033		250,000		307,632
Time Warner, Inc.
7.700%		05/01/2032		400,000		526,814
5.375%		10/15/2041		250,000		257,357
4.050%		12/15/2023		750,000		770,434
Viacom, Inc.
6.875%		04/30/2036		300,000		334,826
4.500%		03/01/2021		200,000		211,840
4.375%		03/15/2043		200,000		162,623
2.750%		12/15/2019		225,000		225,216
2.500%		12/15/2016		300,000		304,693
Walt Disney Co. (The) MTN
4.125%		06/01/2044		500,000		493,048

Coupon Rate	Maturity Date			Face		Value
3.750%	06/01/2021		$	200,000	$	214,021
3.700%	12/01/2042			200,000		184,162
2.350%	12/01/2022			200,000		193,672
1.100%	12/01/2017			250,000		249,942
Walt Disney Co. (The), Series B MTN
7.000%	03/01/2032			210,000		287,339
WPP Finance 2010 (United Kingdom)
3.750%	09/19/2024			300,000		299,606
						18,458,468
Metals & Mining—0.5%
Barrick PD Australia Finance Pty Ltd. (Australia)
5.950%	10/15/2039			400,000		385,625
BHP Billiton Finance USA Ltd. (Australia)
6.500%	04/01/2019			500,000		578,994
5.000%	09/30/2043			350,000		364,705
4.125%	02/24/2042			400,000		369,338
1.625%	02/24/2017			400,000		403,780
Freeport-McMoRan, Inc.
3.875%	03/15/2023			800,000		727,922
3.550%	03/01/2022			400,000		370,790
2.300%	11/14/2017			500,000		498,744
Goldcorp, Inc. (Canada)
3.625%	06/09/2021			400,000		398,374
Newmont Mining Corp.
6.250%	10/01/2039			200,000		196,586
3.500%	03/15/2022			400,000		382,298
Rio Tinto Alcan, Inc. (Canada)
6.125%	12/15/2033			150,000		169,324
Rio Tinto Finance USA Ltd. (Australia)
3.500%	11/02/2020			226,000		235,739
Rio Tinto Finance USA plc (United Kingdom)
4.750%	03/22/2042			300,000		293,385
3.500%	03/22/2022			500,000		505,005
2.250%	12/14/2018			400,000		402,570
2.000%	03/22/2017			500,000		505,993
Southern Copper Corp.
7.500%	07/27/2035			250,000		281,235
5.875%	04/23/2045			500,000		476,850
Teck Resources Ltd. (Canada)
5.200%	03/01/2042			300,000		219,589
3.000%	03/01/2019	†		300,000		289,378
Vale Overseas Ltd. (Cayman Islands)
6.875%	11/21/2036			400,000		388,724
6.250%	01/23/2017			500,000		529,182
4.625%	09/15/2020	†		500,000		526,690
						9,500,820
Multiline Retail—0.2%
Dollar General Corp.
1.875%	04/15/2018			500,000		498,035
Kohl’s Corp.
4.000%	11/01/2021			300,000		316,164
Macy’s Retail Holdings, Inc.
6.900%	04/01/2029			100,000		122,569
6.650%	07/15/2024			100,000		121,768
5.900%	12/01/2016			500,000		532,905
4.300%	02/15/2043			200,000		180,860
Nordstrom, Inc.
4.000%	10/15/2021			100,000		106,402
Target Corp.
6.350%	11/01/2032			500,000		619,465
6.000%	01/15/2018			500,000		556,521
4.000%	07/01/2042			200,000		189,450
						3,244,139

See accompanying notes to financial statements.

219

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Multi-Utilities—0.3%
Ameren Illinois Co.
2.700%		09/01/2022	$	400,000	$	393,168
Berkshire Hathaway Energy Co.
6.125%		04/01/2036		200,000		236,346
2.400%		02/01/2020		750,000		747,520
Consolidated Edison Co. of New York, Inc., Series 06-C
5.500%		09/15/2016		500,000		526,856
Consolidated Edison Co. of New York, Inc., Series 09-C
5.500%		12/01/2039		300,000		343,739
Consumers Energy Co.
3.125%		08/31/2024		500,000		497,171
Dominion Resources, Inc.
2.500%		12/01/2019		400,000		401,604
Dominion Resources, Inc., Series C
4.900%		08/01/2041		300,000		306,682
NiSource Finance Corp.
5.450%		09/15/2020		500,000		563,705
5.250%		02/15/2043		300,000		320,885
Puget Sound Energy, Inc.
4.434%		11/15/2041		300,000		299,781
Sempra Energy
6.150%		06/15/2018		250,000		280,826
						4,918,283
Oil, Gas & Consumable Fuels—2.4%
Alberta Energy Co. Ltd. (Canada)
7.375%		11/01/2031		400,000		468,250
Anadarko Petroleum Corp.
8.700%		03/15/2019		500,000		605,039
Apache Corp.
5.250%		02/01/2042		500,000		495,143
Apache Finance Canada Corp. (Canada)
7.750%		12/15/2029		150,000		204,133
Boardwalk Pipelines LP
3.375%		02/01/2023		200,000		181,651
BP Capital Markets plc (United Kingdom)
4.500%		10/01/2020		300,000		328,392
3.814%		02/10/2024		350,000		356,746
3.245%		05/06/2022		200,000		200,692
2.750%		05/10/2023		500,000		478,725
2.237%		05/10/2019		500,000		504,051
1.846%		05/05/2017		200,000		202,500
Buckeye Partners LP
2.650%		11/15/2018		250,000		249,286
Canadian Natural Resources Ltd. (Canada)
5.850%		02/01/2035		500,000		530,177
3.450%		11/15/2021		200,000		202,903
Cenovus Energy, Inc. (Canada)
5.700%		10/15/2019		200,000		223,620
CenterPoint Energy Resources Corp.
4.500%		01/15/2021		434,000		466,959
Chevron Corp.
3.191%		06/24/2023		400,000		402,311
2.355%		12/05/2022		400,000		383,179
1.345%		11/15/2017		500,000		502,208
CNOOC Finance 2013 Ltd. (Virgin Islands, British)
4.250%		05/09/2043		200,000		188,810
3.000%		05/09/2023		200,000		189,800
1.750%		05/09/2018		200,000		199,332

Coupon Rate	Maturity Date			Face		Value
Columbia Pipeline Group, Inc.
5.800%	06/01/2045	^	$	350,000	$	346,123
ConocoPhillips Canada Funding Co. I (Canada)
5.950%	10/15/2036			500,000		584,865
5.625%	10/15/2016			500,000		528,691
ConocoPhillips Co.
4.300%	11/15/2044			500,000		479,179
ConocoPhillips Holding Co.
6.950%	04/15/2029			500,000		640,449
Continental Resources, Inc.
4.500%	04/15/2023			400,000		386,307
3.800%	06/01/2024			300,000		274,346
Devon Energy Corp.
7.950%	04/15/2032			350,000		455,960
5.600%	07/15/2041			100,000		105,057
Dominion Gas Holdings LLC
3.600%	12/15/2024			500,000		498,546
3.550%	11/01/2023			250,000		253,748
Ecopetrol SA (Colombia)
4.250%	09/18/2018			500,000		521,875
4.125%	01/16/2025			400,000		370,120
Enable Midstream Partners LP
5.000%	05/15/2044	^		350,000		292,906
Enbridge Energy Partners LP
9.875%	03/01/2019			300,000		371,283
Encana Corp. (Canada)
5.150%	11/15/2041			300,000		277,672
3.900%	11/15/2021			300,000		306,521
Energy Transfer Partners LP
6.500%	02/01/2042			400,000		413,368
5.200%	02/01/2022			300,000		314,530
5.150%	03/15/2045			300,000		266,011
4.050%	03/15/2025			750,000		708,635
Enterprise Products Operating LLC
5.950%	02/01/2041			200,000		218,425
5.100%	02/15/2045			250,000		244,075
4.450%	02/15/2043			200,000		181,440
3.350%	03/15/2023			300,000		293,479
2.550%	10/15/2019			400,000		400,288
1.650%	05/07/2018			200,000		199,938
Enterprise Products Operating LLC, Series D
6.875%	03/01/2033			150,000		183,947
EOG Resources, Inc.
4.100%	02/01/2021			300,000		322,606
Exxon Mobil Corp.
3.567%	03/06/2045			300,000		272,285
3.176%	03/15/2024			400,000		406,216
2.709%	03/06/2025			300,000		291,694
Hess Corp.
7.300%	08/15/2031			250,000		290,952
1.300%	06/15/2017			400,000		398,130
Kerr-McGee Corp.
7.875%	09/15/2031			750,000		963,026
Kinder Morgan Energy Partners LP
6.550%	09/15/2040			300,000		309,050
6.500%	02/01/2037			300,000		310,304
5.950%	02/15/2018			300,000		328,031
5.000%	03/01/2043			200,000		175,135
4.700%	11/01/2042			200,000		167,652
4.150%	03/01/2022			500,000		501,522
3.500%	09/01/2023			400,000		373,548
Magellan Midstream Partners LP
4.200%	12/01/2042			200,000		176,304

See accompanying notes to financial statements.

220

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Marathon Oil Corp.
5.900%		03/15/2018		$	455,000	$	499,990
Marathon Petroleum Corp.
5.000%		09/15/2054			400,000		363,881
Nexen Energy ULC (Canada)
6.400%		05/15/2037			500,000		600,978
Noble Energy, Inc.
5.250%		11/15/2043			300,000		293,339
Occidental Petroleum Corp.
2.700%		02/15/2023			300,000		290,401
1.750%		02/15/2017			750,000		756,971
ONEOK Partners LP
6.150%		10/01/2016			160,000		169,066
4.900%		03/15/2025			200,000		198,216
3.375%		10/01/2022			300,000		276,423
Petrobras Global Finance BV (Netherlands)
8.375%		12/10/2018	†		250,000		273,732
7.250%		03/17/2044	†		250,000		233,340
6.750%		01/27/2041			300,000		264,219
6.125%		10/06/2016			500,000		515,000
5.750%		01/20/2020			500,000		496,670
5.375%		01/27/2021			600,000		578,580
4.375%		05/20/2023			400,000		349,484
3.250%		03/17/2017			350,000		346,014
Petro-Canada (Canada)
5.950%		05/15/2035			100,000		115,193
Phillips 66
4.300%		04/01/2022			400,000		420,400
Pioneer Natural Resources Co.
3.950%		07/15/2022			200,000		201,884
Plains All American Pipeline LP/PAA Finance Corp.
4.300%		01/31/2043			200,000		170,964
2.850%		01/31/2023			400,000		376,052
Regency Energy Partners LP/Regency Energy Finance
Corp.
5.875%		03/01/2022			250,000		266,484
Southwestern Energy Co.
3.300%		01/23/2018			250,000		256,518
Statoil ASA (Norway)
5.100%		08/17/2040			300,000		324,608
3.150%		01/23/2022			500,000		505,122
2.650%		01/15/2024			300,000		287,632
1.250%		11/09/2017			500,000		499,347
1.150%		05/15/2018	†		300,000		297,730
Suncor Energy, Inc. (Canada)
7.150%		02/01/2032			500,000		641,362
Sunoco Logistics Partners Operations LP
4.950%		01/15/2043			200,000		175,807
3.450%		01/15/2023			200,000		189,582
Talisman Energy, Inc. (Canada)
6.250%		02/01/2038			300,000		295,407
Tennessee Gas Pipeline Co. LLC
7.000%		10/15/2028			350,000		412,920
Texas Eastern Transmission LP
7.000%		07/15/2032			150,000		186,668
Total Capital International SA (France)
3.700%		01/15/2024			250,000		258,007
2.875%		02/17/2022			400,000		400,197
2.100%		06/19/2019			300,000		302,140

Coupon Rate	Maturity Date			Face		Value
Total Capital SA (France)
4.450%	06/24/2020		$	300,000	$	329,936
TransCanada PipeLines Ltd. (Canada)
6.350%	05/15/2067	#		1,000,000		952,500
5.850%	03/15/2036			500,000		553,101
3.750%	10/16/2023			400,000		405,920
Valero Energy Corp.
6.625%	06/15/2037			500,000		566,420
6.125%	06/15/2017			250,000		271,848
Western Gas Partners LP
2.600%	08/15/2018			250,000		252,245
Williams Cos., Inc. (The)
7.875%	09/01/2021			230,000		270,328
Williams Partners LP
6.300%	04/15/2040			100,000		101,904
5.250%	03/15/2020			100,000		108,807
4.500%	11/15/2023			350,000		352,209
4.125%	11/15/2020			300,000		311,525
4.000%	09/15/2025			70,000		65,704
						40,600,921
Paper & Forest Products—0.1%
International Paper Co.
7.500%	08/15/2021			500,000		624,321
7.300%	11/15/2039			1,000,000		1,227,722
						1,852,043
Pharmaceuticals—0.8%
AbbVie, Inc.
4.700%	05/14/2045			220,000		217,259
4.500%	05/14/2035			230,000		225,740
4.400%	11/06/2042			300,000		284,955
3.600%	05/14/2025			390,000		386,267
2.900%	11/06/2022			300,000		290,965
2.500%	05/14/2020			420,000		416,163
2.000%	11/06/2018			300,000		300,373
1.750%	11/06/2017			300,000		300,958
Actavis Funding SCS (Luxembourg)
4.750%	03/15/2045			500,000		477,875
4.550%	03/15/2035			300,000		286,140
3.000%	03/12/2020			560,000		562,670
2.350%	03/12/2018			300,000		301,779
1.300%	06/15/2017			300,000		298,116
Actavis, Inc.
6.125%	08/15/2019			500,000		565,017
AstraZeneca plc (United Kingdom)
5.900%	09/15/2017			250,000		274,765
4.000%	09/18/2042			300,000		282,040
Bristol-Myers Squibb Co.
3.250%	08/01/2042			200,000		168,057
GlaxoSmithKline Capital plc (United Kingdom)
2.850%	05/08/2022			300,000		297,648
GlaxoSmithKline Capital, Inc.
2.800%	03/18/2023			1,200,000		1,177,378
Johnson & Johnson
4.950%	05/15/2033			200,000		229,169
4.850%	05/15/2041			200,000		223,821
3.550%	05/15/2021			200,000		215,492
Merck & Co., Inc.
6.550%	09/15/2037			200,000		261,839
6.500%	12/01/2033			250,000		328,587
3.600%	09/15/2042			200,000		177,719
2.400%	09/15/2022			200,000		192,644
1.100%	01/31/2018			200,000		199,692

See accompanying notes to financial statements.

221

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Merck Sharp & Dohme Corp.
5.000%		06/30/2019		$	500,000	$	557,057
Mylan, Inc.
5.400%		11/29/2043			250,000		256,618
1.350%		11/29/2016			250,000		249,327
Novartis Capital Corp.
4.400%		05/06/2044			230,000		238,091
Novartis Securities Investment Ltd. (Bermuda)
5.125%		02/10/2019			500,000		556,652
Perrigo Co. plc (Ireland)
2.300%		11/08/2018			300,000		300,563
Pfizer, Inc.
4.400%		05/15/2044	†		350,000		346,122
3.400%		05/15/2024			350,000		353,157
3.000%		06/15/2023			1,000,000		997,432
Pharmacia Corp.
6.500%		12/01/2018			350,000		404,839
Teva Pharmaceutical Finance Co. LLC
6.150%		02/01/2036			13,000		15,432
Teva Pharmaceutical Finance IV LLC
2.250%		03/18/2020			200,000		196,684
Wyeth LLC
6.500%		02/01/2034			250,000		315,638
Zoetis, Inc.
4.700%		02/01/2043			200,000		191,403
3.250%		02/01/2023			300,000		291,124
							14,213,267
Real Estate Investment Trusts (REITs)—0.7%
Alexandria Real Estate Equities, Inc.
2.750%		01/15/2020			500,000		495,437
American Tower Corp.
4.500%		01/15/2018			500,000		529,410
3.500%		01/31/2023			400,000		384,855
AvalonBay Communities, Inc.
3.625%		10/01/2020			300,000		312,917
AvalonBay Communities, Inc. MTN
2.850%		03/15/2023			300,000		289,767
Boston Properties LP
4.125%		05/15/2021			300,000		319,550
3.125%		09/01/2023			450,000		438,218
Brandywine Operating Partnership LP
3.950%		02/15/2023			300,000		298,115
CBL & Associates LP
4.600%		10/15/2024			400,000		394,586
CubeSmart LP
4.375%		12/15/2023			300,000		310,843
DDR Corp.
4.625%		07/15/2022			200,000		210,312
Duke Realty LP
3.875%		10/15/2022			200,000		202,808
ERP Operating LP
5.375%		08/01/2016			500,000		522,825
3.000%		04/15/2023			200,000		194,215
Federal Realty Investment Trust
2.750%		06/01/2023			200,000		191,235
HCP, Inc.
4.250%		11/15/2023			400,000		403,924
HCP, Inc. MTN
6.700%		01/30/2018			250,000		278,977

Coupon Rate	Maturity Date		Face		Value
Health Care REIT, Inc.
6.125%	04/15/2020	$	300,000	$	343,101
4.500%	01/15/2024		200,000		208,012
Highwoods Realty LP
3.200%	06/15/2021		400,000		398,582
Hospitality Properties Trust
5.000%	08/15/2022		300,000		312,718
Host Hotels & Resorts LP
6.000%	10/01/2021		300,000		340,954
Kimco Realty Corp.
3.125%	06/01/2023		200,000		191,826
Lexington Realty Trust
4.400%	06/15/2024		200,000		201,229
Liberty Property LP
3.375%	06/15/2023		300,000		290,297
National Retail Properties, Inc.
3.900%	06/15/2024		400,000		400,248
Omega Healthcare Investors, Inc.
4.950%	04/01/2024		350,000		358,607
Realty Income Corp.
5.875%	03/15/2035		200,000		224,685
2.000%	01/31/2018		100,000		100,773
Regency Centers LP
3.750%	06/15/2024		200,000		200,280
Simon Property Group LP
4.750%	03/15/2042		400,000		412,245
4.375%	03/01/2021		400,000		433,661
2.800%	01/30/2017		500,000		511,870
Ventas Realty LP
1.250%	04/17/2017		500,000		498,990
Ventas Realty LP/Ventas Capital Corp.
4.250%	03/01/2022		400,000		414,738
Vornado Realty LP
2.500%	06/30/2019		250,000		249,890
Weingarten Realty Investors
3.375%	10/15/2022		170,000		165,533
Weyerhaeuser Co.
7.375%	03/15/2032		300,000		376,115
WP Carey, Inc.
4.600%	04/01/2024		350,000		352,035
					12,764,383
Real Estate Management & Development—0.0%
Brookfield Asset Management, Inc. (Canada)
4.000%	01/15/2025		300,000		297,500
Tanger Properties LP
3.750%	12/01/2024		500,000		495,043
					792,543
Road & Rail—0.4%
Burlington Northern Santa Fe LLC
7.950%	08/15/2030		300,000		420,872
5.650%	05/01/2017		500,000		539,164
5.150%	09/01/2043		350,000		377,719
3.450%	09/15/2021		200,000		206,887
3.000%	04/01/2025		300,000		287,905
Canadian National Railway Co. (Canada)
2.950%	11/21/2024		100,000		98,174
2.250%	11/15/2022		300,000		286,840
Canadian Pacific Railway Co. (Canada)
7.250%	05/15/2019		300,000		354,496
CSX Corp.
7.375%	02/01/2019		300,000		351,975
6.000%	10/01/2036		334,000		398,164
4.500%	08/01/2054		500,000		471,249

See accompanying notes to financial statements.

222

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Norfolk Southern Corp.
5.900%		06/15/2019		$	300,000	$	340,780
4.800%		08/15/2043			350,000		357,913
3.850%		01/15/2024			200,000		205,918
3.250%		12/01/2021			200,000		205,495
Ryder System, Inc. MTN
2.350%		02/26/2019			400,000		399,554
Union Pacific Corp.
4.821%		02/01/2044			557,000		593,784
3.750%		03/15/2024			500,000		526,389
							6,423,278
Semiconductors & Semiconductor Equipment—0.2%
Intel Corp.
4.800%		10/01/2041			300,000		301,613
4.250%		12/15/2042			200,000		188,302
3.300%		10/01/2021			300,000		313,389
1.350%		12/15/2017			400,000		400,002
KLA-Tencor Corp.
3.375%		11/01/2019			350,000		359,869
Texas Instruments, Inc.
1.650%		08/03/2019			275,000		271,282
0.875%		03/12/2017			750,000		751,345
Xilinx, Inc.
2.125%		03/15/2019			150,000		149,830
							2,735,632
Software—0.3%
Microsoft Corp.
4.500%		10/01/2040			300,000		306,445
3.750%		02/12/2045			300,000		271,188
3.625%		12/15/2023			750,000		781,256
2.700%		02/12/2025			300,000		289,455
1.850%		02/12/2020			300,000		300,367
Oracle Corp.
5.750%		04/15/2018			500,000		556,508
5.375%		07/15/2040			500,000		554,190
4.500%		07/08/2044			350,000		347,843
3.900%		05/15/2035			280,000		260,924
2.800%		07/08/2021			350,000		354,555
2.500%		10/15/2022			400,000		385,824
2.250%		10/08/2019			1,000,000		1,006,402
							5,414,957
Specialty Retail—0.2%
AutoNation, Inc.
6.750%		04/15/2018			200,000		222,636
Bed Bath & Beyond, Inc.
3.749%		08/01/2024	†		500,000		499,705
Gap, Inc. (The)
5.950%		04/12/2021			200,000		226,137
Home Depot, Inc. (The)
5.875%		12/16/2036			550,000		663,284
2.000%		06/15/2019			400,000		401,087
Lowe’s Cos., Inc.
5.800%		04/15/2040			300,000		354,440
5.400%		10/15/2016			400,000		422,838
4.250%		09/15/2044			400,000		387,712
Staples, Inc.
4.375%		01/12/2023	†		170,000		170,938

Coupon Rate	Maturity Date			Face		Value
TJX Cos., Inc. (The)
2.750%	06/15/2021		$	300,000	$	303,825
						3,652,602
Technology Hardware, Storage & Peripherals—0.3%
Apple, Inc.
4.375%	05/13/2045			450,000		444,549
3.850%	05/04/2043			300,000		273,727
3.450%	05/06/2024			400,000		408,358
3.200%	05/13/2025			350,000		348,629
2.850%	05/06/2021			500,000		507,757
2.400%	05/03/2023			300,000		287,290
2.000%	05/06/2020			440,000		437,750
1.050%	05/05/2017			500,000		501,632
1.000%	05/03/2018			200,000		198,060
EMC Corp.
1.875%	06/01/2018			500,000		501,181
Hewlett-Packard Co.
6.000%	09/15/2041			200,000		198,455
4.650%	12/09/2021			300,000		318,868
3.750%	12/01/2020			500,000		515,881
3.300%	12/09/2016			300,000		308,050
Seagate HDD Cayman (Cayman Islands)
4.750%	06/01/2023			400,000		406,933
						5,657,120
Textiles, Apparel & Luxury Goods—0.0%
NIKE, Inc.
3.625%	05/01/2043			300,000		274,214
2.250%	05/01/2023			300,000		289,476
						563,690
Thrifts & Mortgage Finance—0.1%
Abbey National Treasury Services plc (United Kingdom)
3.050%	08/23/2018			350,000		362,379
2.350%	09/10/2019			400,000		400,334
BPCE SA (France)
4.000%	04/15/2024			750,000		758,655
Santander Bank NA
2.000%	01/12/2018			300,000		300,139
						1,821,507
Tobacco—0.3%
Altria Group, Inc.
9.950%	11/10/2038			97,000		156,653
9.250%	08/06/2019			524,000		658,343
4.250%	08/09/2042			450,000		400,903
4.000%	01/31/2024			500,000		508,655
Philip Morris International, Inc.
5.650%	05/16/2018			1,500,000		1,666,485
4.375%	11/15/2041			200,000		192,024
2.900%	11/15/2021			200,000		202,008
1.125%	08/21/2017			300,000		299,561
Reynolds American, Inc.
6.150%	09/15/2043			300,000		323,296
4.450%	06/12/2025			400,000		408,326
RJ Reynolds Tobacco Holdings, Inc.
6.875%	05/01/2020			300,000		349,492
						5,165,746
Trading Companies & Distributors—0.0%
Air Lease Corp.
3.750%	02/01/2022			140,000		140,118
3.375%	01/15/2019	†		200,000		204,250

See accompanying notes to financial statements.

223

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
GATX Corp.
4.750%		06/15/2022		$	300,000	$	319,319
							663,687
Wireless Telecommunication Services—0.2%
America Movil SAB de CV (Mexico)
6.125%		03/30/2040			300,000		348,879
5.000%		03/30/2020			400,000		443,280
3.125%		07/16/2022			500,000		494,570
Rogers Communications, Inc. (Canada)
6.800%		08/15/2018			200,000		228,520
Telefonica Europe BV (Netherlands)
8.250%		09/15/2030			350,000		470,631
Vodafone Group plc (United Kingdom)
7.875%		02/15/2030			250,000		310,894
6.150%		02/27/2037			200,000		214,246
5.625%		02/27/2017			500,000		531,472
1.500%		02/19/2018			300,000		295,125
							3,337,617
TOTAL CORPORATE OBLIGATIONS
(Cost $414,419,938)							416,171,549
MORTGAGE-BACKED SECURITIES—30.3%
Commercial Mortgage-Backed Securities— 1.6%
Banc of America Commercial Mortgage Trust, Series 2006-3, Class A4
5.889%		07/10/2044	#		462,298		476,448
Banc of America Commercial Mortgage Trust, Series 2007-2, Class A2
5.634%		04/10/2049	#		48,812		48,954
Banc of America Commercial Mortgage Trust, Series 2007-5, Class A4
5.492%		02/10/2051			1,706,589		1,803,701
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-6, Class A4
5.328%		09/10/2047	#		583,913		587,004
Bear Stearns Commercial Mortgage Securities, Series 2005-T20, Class A4A
5.256%		10/12/2042	#		486,922		487,929
Bear Stearns Commercial Mortgage Securities, Series 2006-T24, Class A4
5.537%		10/12/2041			904,197		940,130
Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class A2
2.962%		11/10/2046			1,000,000		1,034,224
Citigroup Commercial Mortgage Trust, Series 2014-GC19, Class A1
1.199%		03/10/2047			403,190		402,481
Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class A4
3.622%		07/10/2047			650,000		669,371
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A4
5.322%		12/11/2049			1,000,000		1,042,690
COMM Mortgage Trust, Series 2013-CR11, Class B
5.331%		10/10/2046	#		500,000		558,087

Coupon Rate	Maturity Date			Face		Value
COMM Mortgage Trust, Series 2013-LC13, Class A4
3.916%	08/10/2046		$	1,000,000	$	1,066,015
COMM Mortgage Trust, Series 2014-CR15, Class A4
4.074%	02/10/2047	#		500,000		534,691
COMM Mortgage Trust, Series 2014-CR16, Class A4
4.051%	04/10/2047			500,000		533,380
COMM Mortgage Trust, Series 2014-UBS2, Class A1
1.298%	03/10/2047			830,248		828,206
COMM Mortgage Trust, Series 2015-LC19, Class A4
3.183%	02/10/2048			1,000,000		993,865
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4
5.736%	12/10/2049			1,000,000		1,062,567
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4
5.444%	03/10/2039			906,539		953,766
GS Mortgage Securities Corp. II, Series 2006-GG6, Class A4
5.553%	04/10/2038	#		800,000		804,810
GS Mortgage Securities Corp. II, Series 2006-GG8, Class A4
5.560%	11/10/2039			1,083,153		1,123,587
GS Mortgage Securities Corp. II, Series 2012-GCJ7, Class A4
3.377%	05/10/2045			1,000,000		1,038,835
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-CB20, Class A4
5.794%	02/12/2051	#		448,592		481,216
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-LD12, Class A4
5.882%	02/15/2051	#		1,000,000		1,064,491
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class A3
5.420%	01/15/2049			466,473		488,502
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2012-C6, Class A3
3.507%	05/15/2045			500,000		524,506
JPMBB Commercial Mortgage Securities Trust, Series 2014-C21, Class A5
3.775%	08/15/2047			1,000,000		1,040,687
JPMBB Commercial Mortgage Securities Trust, Series 2014-C22, Class A4
3.801%	09/15/2047			500,000		520,103
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4
6.059%	06/12/2046	#		461,956		473,320
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-3, Class A4
5.414%	07/12/2046	#		682,127		703,796
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C6, Class A4
2.858%	11/15/2045			500,000		498,697
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class A2
3.085%	08/15/2046			700,000		726,194
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class A4
3.102%	05/15/2046			800,000		802,885

See accompanying notes to financial statements.

224

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
MORTGAGE-BACKED SECURITIES—(Continued)
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C15, Class A4
4.051%		04/15/2047		$	1,000,000	$	1,062,657
UBS-Barclays Commercial Mortgage Trust, Series 2012-C3, Class A4
3.091%		08/10/2049			550,000		555,856
UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class A5
2.850%		12/10/2045			500,000		496,446
Wachovia Bank Commercial Mortgage Trust, Series 2006-C27, Class AM
5.795%		07/15/2045	#		1,000,000		1,042,697
							27,472,794
U.S. Government Agency Mortgage-Backed Securities—28.7%
Federal Home Loan Mortgage Corp.
7.500%		06/01/2027- 10/01/2029			146,315		175,118
7.000%		02/01/2016- 09/01/2036			215,001		235,534
6.500%		03/01/2016- 01/01/2039			842,313		969,347
6.253%		01/01/2037	#		62,437		66,432
6.000%		11/01/2016- 10/01/2038			2,340,416		2,661,500
5.759%		02/01/2037	#		84,211		89,693
5.500%		02/01/2018- 08/01/2039			4,853,409		5,441,099
5.000%		08/01/2017- 07/01/2041			8,118,457		8,941,971
4.500%		08/01/2018- 09/01/2044			13,021,376		14,081,068
4.000%		07/01/2018- 12/01/2044			21,503,024		22,799,723
3.500%		10/01/2025- 08/01/2044			21,290,360		22,049,463
3.267%		06/01/2041	#		58,554		62,531
3.000%		03/01/2027- 06/01/2045			25,706,326		25,925,465
2.671%		01/01/2042	#		202,692		213,141
2.500%		08/01/2027- 07/01/2043			6,340,421		6,457,024
2.429%		10/01/2043	#		631,337		646,001
2.144%		08/01/2043	#		716,107		727,484
2.000%		08/01/2029			1,234,639		1,228,529
Federal Home Loan Mortgage Corp. TBA
5.000%- 4.000%		07/15/2045			2,425,000		2,550,001
3.500%		07/15/2030- 08/15/2045			9,750,000		10,031,027
3.000%		07/15/2030- 08/15/2045			3,250,000		3,274,949
2.500%		07/15/2030- 08/15/2030			3,325,000		3,363,103
Federal National Mortgage Association
7.500%		06/01/2030- 07/01/2031			15,928		17,242
7.000%		03/01/2030- 04/01/2038			479,280		549,750

Coupon Rate	Maturity Date			Face		Value
6.500%	02/01/2017- 10/01/2039		$	826,982	$	969,954
6.000%	06/01/2016- 11/01/2039			3,267,465		3,713,389
5.500%	01/01/2018- 09/01/2041			9,697,238		10,885,532
5.000%	03/01/2018- 08/01/2041			11,495,484		12,688,226
4.500%	03/01/2018- 02/01/2045			21,253,744		22,999,837
4.000%	08/01/2018- 02/01/2045			24,934,493		26,509,540
3.551%	08/01/2040	#		99,848		106,331
3.523%	05/01/2041	#		149,327		158,576
3.502%	02/01/2041	#		95,480		100,081
3.500%	01/01/2021- 12/01/2044			28,804,944		29,944,221
3.000%	01/01/2026- 11/01/2043			30,565,160		30,985,452
2.941%	05/01/2042	#		248,510		256,857
2.816%	01/01/2042	#		364,518		382,458
2.685%	12/01/2043	#		60,421		63,110
2.500%	08/01/2027- 09/01/2043			7,258,851		7,314,107
2.464%	06/01/2040	#		88,950		95,039
2.462%	05/01/2035	#		150,196		160,865
2.445%	02/01/2037	#		62,124		66,890
2.000%	09/01/2029- 05/01/2030			1,827,166		1,810,652
Federal National Mortgage Association-ACES, Series 2012-M5, Class A2
2.715%	02/25/2022			1,000,000		1,019,893
Federal National Mortgage Association-ACES, Series 2013-M14
2.585%	04/25/2023	#		918,961		917,389
Federal National Mortgage Association-ACES, Series 2014-M3, Class AB2
3.462%	01/25/2024	#		640,000		669,480
Federal National Mortgage Association TBA
6.500%- 4.000%	07/25/2045			18,025,000		19,076,724
3.500%	07/25/2030- 08/25/2045			22,975,000		23,687,735
3.000%	07/25/2030- 08/25/2045			18,475,000		18,525,749
2.500%	07/25/2030			7,050,000		7,135,954
FHLMC Multifamily Structured Pass Through Certificates, Series K012, Class A2
4.186%	12/25/2020	#		900,000		990,574
FHLMC Multifamily Structured Pass Through Certificates, Series K014, Class A2
3.871%	04/25/2021			1,500,000		1,628,410
FHLMC Multifamily Structured Pass Through Certificates, Series K017, Class A2
2.873%	12/25/2021			575,000		592,095
FHLMC Multifamily Structured Pass Through Certificates, Series K029, Class A2
3.320%	02/25/2023			1,000,000		1,049,419
FHLMC Multifamily Structured Pass Through Certificates, Series K032, Class A1
3.016%	02/25/2023			435,171		455,123
FHLMC Multifamily Structured Pass Through Certificates, Series K032, Class A2
3.310%	05/25/2023	#		865,000		904,471

See accompanying notes to financial statements.

225

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
MORTGAGE-BACKED SECURITIES—(Continued)
FHLMC Multifamily Structured Pass Through Certificates, Series K033, Class A2
3.060%		07/25/2023	#	$	800,000	$	821,505
FHLMC Multifamily Structured Pass Through Certificates, Series K714, Class A1
2.075%		12/25/2019			565,058		573,965
Government National Mortgage Association
7.500%		12/15/2029- 05/15/2032			225,754		280,321
6.500%		03/15/2026- 01/15/2039			684,947		789,621
6.000%		02/15/2033- 12/15/2039			1,607,584		1,849,287
5.500%		01/15/2024- 07/20/2040			3,139,683		3,582,180
5.000%		03/20/2033- 10/20/2044			9,839,279		10,935,326
4.500%		04/20/2026- 03/20/2045			16,790,267		18,216,269
4.000%		08/15/2024- 12/20/2044			24,037,411		25,567,802
3.500%		12/15/2025- 12/20/2044			18,998,143		19,778,672
3.500%		03/20/2041- 05/20/2041	#		592,724		619,271
3.000%		04/15/2027- 12/20/2044			16,569,992		16,848,847
3.000%		11/20/2041- 07/20/2042	#		798,919		828,829
2.500%		12/20/2027- 07/20/2043			1,375,957		1,372,254
2.500%		01/20/2043- 11/20/2043	#		309,345		318,377
2.000%		06/20/2043	#		119,836		123,651
Government National Mortgage Association TBA
5.000%- 4.000%		07/15/2045			725,000		708,736
3.500%		07/15/2045- 08/15/2045			18,950,000		19,665,628
3.000%		07/15/2045- 08/15/2045			9,025,000		9,109,305
2.500%		07/15/2045			100,000		96,289
							490,507,463
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $510,329,611)							517,980,257
U.S. TREASURY OBLIGATIONS—35.2%
U.S. Treasury Bonds—5.2%
U.S. Treasury Bond
9.125%		05/15/2018			1,060,000		1,306,698
8.875%		02/15/2019			535,000		680,746
8.500%		02/15/2020			451,000		591,409
7.625%		11/15/2022			2,250,000		3,117,656
7.500%		11/15/2016			360,000		394,833
7.250%		08/15/2022			1,720,000		2,321,732
7.125%		02/15/2023			1,790,000		2,428,946
6.625%		02/15/2027			715,000		1,018,875
6.500%		11/15/2026			920,000		1,294,110
6.375%		08/15/2027			370,000		521,498

Coupon Rate	Maturity Date			Face		Value
6.250%	08/15/2023		$	915,000	$	1,194,360
6.125%	11/15/2027			552,000		765,771
5.500%	08/15/2028			1,030,000		1,369,980
5.000%	05/15/2037			2,040,000		2,734,398
4.750%	02/15/2037- 02/15/2041			3,338,000		4,339,087
4.625%	02/15/2040			2,330,000		2,971,661
4.500%	02/15/2036- 08/15/2039			2,134,000		2,681,271
4.375%	11/15/2039- 05/15/2041			4,130,000		5,086,061
4.250%	05/15/2039- 11/15/2040			3,073,000		3,716,008
3.875%	08/15/2040			1,970,000		2,250,110
3.750%	11/15/2043			3,940,000		4,432,500
3.625%	08/15/2043- 02/15/2044			7,830,000		8,612,329
3.375%	05/15/2044			5,185,000		5,447,086
3.125%	11/15/2041- 08/15/2044			12,150,000		12,192,552
3.000%	05/15/2042- 05/15/2045			6,871,000		6,727,831
2.875%	05/15/2043			3,590,000		3,421,719
2.750%	08/15/2042- 11/15/2042			5,573,000		5,185,677
2.500%	02/15/2045			3,335,000		2,935,767
						89,740,671
U.S. Treasury Notes—30.0%
U.S. Treasury Note
4.875%	08/15/2016			2,500,000		2,625,585
4.750%	08/15/2017	†		1,849,000		2,007,609
4.625%	11/15/2016- 02/15/2017			3,220,000		3,419,418
4.500%	05/15/2017			1,000,000		1,072,422
4.250%	11/15/2017			2,430,000		2,627,817
4.000%	08/15/2018			1,750,000		1,911,739
3.875%	05/15/2018			3,380,000		3,659,905
3.750%	11/15/2018			2,350,000		2,552,688
3.625%	08/15/2019- 02/15/2021			8,390,000		9,149,990
3.500%	02/15/2018- 05/15/2020			6,851,000		7,404,914
3.375%	11/15/2019			2,690,000		2,904,361
3.250%	07/31/2016- 03/31/2017			5,533,000		5,744,296
3.125%	10/31/2016- 05/15/2021			11,583,000		12,213,542
3.000%	08/31/2016- 02/28/2017			4,017,000		4,153,371
2.875%	03/31/2018			1,060,000		1,115,898
2.750%	11/30/2016- 02/15/2024			19,084,000		19,890,968
2.625%	01/31/2018- 11/15/2020			11,950,000		12,488,420
2.500%	06/30/2017- 05/15/2024			11,535,000		11,773,715
2.375%	07/31/2017- 08/15/2024			15,884,000		16,234,927
2.250%	11/30/2017- 11/15/2024			17,460,000		17,608,840
2.125%	08/31/2020- 05/15/2025			25,943,000		26,098,868
2.000%	07/31/2020- 02/15/2025			40,473,000		40,391,827

See accompanying notes to financial statements.

226

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date		Face		Value
U.S. TREASURY OBLIGATIONS—(Continued)
1.875%		08/31/2017- 05/31/2022	$	17,312,000	$	17,478,194
1.750%		09/30/2019- 05/15/2023		19,023,000		18,792,601
1.625%		03/31/2019- 08/15/2022		22,310,000		22,426,613
1.500%		08/31/2018- 01/31/2022		27,247,000		27,290,163
1.375%		06/30/2018- 05/31/2020		31,278,000		31,234,313
1.250%		10/31/2018- 02/29/2020		12,442,000		12,358,567
1.125%		05/31/2019- 04/30/2020		7,890,000		7,739,191
1.000%		08/31/2016- 11/30/2019		41,777,000		41,729,103
0.875%		09/15/2016- 07/31/2019		47,282,000		47,447,260
0.750%		01/15/2017- 03/31/2018		22,090,000		22,086,492
0.625%		08/15/2016- 04/30/2018		36,195,000		36,173,021
0.500%		07/31/2016- 07/31/2017		18,920,000		18,922,327
0.375%		10/31/2016		2,745,000		2,743,498
						513,472,463
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $604,226,708)						603,213,134
GOVERNMENT RELATED OBLIGATIONS—8.9%
U.S. Government Agencies—3.3%
Federal Farm Credit Bank
0.540%		11/07/2016		300,000		300,055
Federal Home Loan Bank
5.500%		07/15/2036		500,000		648,185
4.875%		09/08/2017		1,250,000		1,359,335
4.750%		12/16/2016		1,000,000		1,059,689
1.625%		06/14/2019		1,000,000		1,005,561
1.500%		02/28/2017		1,100,000		1,101,921
0.625%		11/23/2016- 05/30/2017		3,750,000		3,747,910
Federal Home Loan Bank, Series 1
1.000%		06/21/2017		1,500,000		1,508,280
0.875%		05/24/2017		260,000		260,904
Federal Home Loan Bank, Series 3823
0.500%		09/28/2016		500,000		500,211
Federal Home Loan Mortgage Corp.
6.750%		03/15/2031		400,000		574,318
6.250%		07/15/2032		650,000		904,827
5.500%		07/18/2016		1,000,000		1,052,892
5.125%		11/17/2017		800,000		880,471
4.875%		06/13/2018		1,000,000		1,111,096
3.750%		03/27/2019		500,000		543,405
2.375%		01/13/2022		1,000,000		1,013,081
2.000%		08/25/2016		1,500,000		1,526,847
1.375%		05/01/2020		1,000,000		986,248
1.250%		05/12/2017- 10/02/2019		3,000,000		2,988,282

Coupon Rate	Maturity Date		Face		Value
1.200%	06/12/2018	$	200,000	$	199,461
1.020%	04/30/2018		825,000		820,091
1.000%	03/08/2017		1,000,000		1,006,467
0.875%	10/14/2016- 02/22/2017		2,500,000		2,512,868
Federal National Mortgage Association
7.250%	05/15/2030		400,000		597,417
7.125%	01/15/2030		700,000		1,038,224
6.625%	11/15/2030		500,000		707,737
6.250%	05/15/2029		540,000		738,769
6.000%	04/18/2036		250,000		260,819
5.000%	05/11/2017		650,000		701,647
2.625%	09/06/2024		2,000,000		2,003,208
1.875%	09/18/2018- 02/19/2019		2,000,000		2,041,110
1.750%	11/26/2019		750,000		754,416
1.625%	04/26/2018- 11/27/2018		1,500,000		1,516,131
1.250%	09/28/2016- 01/30/2017		1,000,000		1,010,179
1.125%	04/27/2017- 04/30/2018		2,000,000		2,006,086
1.070%	07/28/2017- 09/27/2017		1,125,000		1,127,641
1.000%	12/28/2017- 02/15/2018		970,000		966,546
0.950%	08/23/2017		750,000		750,172
0.875%	10/26/2017- 05/21/2018		5,000,000		4,988,188
0.375%	07/05/2016		1,000,000		999,904
0.000%	06/01/2017		400,000		393,963
0.000%	10/09/2019		1,000,000		913,908
Federal National Mortgage Association, Series 1
1.000%	04/30/2018		500,000		496,965
Financing Corp.
8.600%	09/26/2019		500,000		639,740
Financing Corp., Series E
9.650%	11/02/2018		500,000		636,450
Israel Government AID Bond (Israel)
5.500%	04/26/2024		350,000		427,669
Tennessee Valley Authority
5.250%	09/15/2039		500,000		609,696
3.500%	12/15/2042		500,000		468,204
1.750%	10/15/2018		500,000		504,602
Tennessee Valley Authority, Series E
6.250%	12/15/2017		1,200,000		1,353,190
					56,264,986
Non-U.S. Government Agencies—1.3%
Export Development Canada (Canada)
1.750%	08/19/2019		500,000		504,137
0.625%	12/15/2016		350,000		350,402
Export-Import Bank of Korea (Korea, Republic of)
5.000%	04/11/2022		400,000		451,003
3.750%	10/20/2016		500,000		517,157
3.250%	08/12/2026		500,000		492,422
2.250%	01/21/2020		300,000		297,415
FMS Wertmanagement AoeR (Germany)
1.625%	11/20/2018		350,000		353,524
Japan Bank for International Cooperation (Japan)
1.750%	07/31/2018		500,000		505,578
Japan Bank for International Cooperation, Series DTC (Japan)
2.125%	02/10/2025		500,000		479,562
1.125%	07/19/2017		500,000		500,902

See accompanying notes to financial statements.

227

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
GOVERNMENT RELATED OBLIGATIONS—(Continued)
KFW (Germany)
4.875%		01/17/2017		$	500,000	$	532,350
4.500%		07/16/2018			500,000		549,406
4.000%		01/27/2020			300,000		330,356
2.125%		01/17/2023			500,000		494,805
2.000%		10/04/2022			500,000		492,548
2.000%		05/02/2025	†		730,000		695,505
1.875%		04/01/2019-
		06/30/2020			1,600,000		1,613,074
1.250%		02/15/2017			400,000		403,826
0.750%		03/17/2017			2,000,000		2,002,316
0.625%		12/15/2016			350,000		350,118
0.500%		07/15/2016			750,000		750,409
0.000%		04/18/2036			750,000		383,425
KFW MTN (Germany)
4.375%		03/15/2018			500,000		544,070
2.750%		09/08/2020- 10/01/2020			1,000,000		1,044,884
Korea Development Bank (The) (Korea, Republic of)
3.875%		05/04/2017			300,000		312,450
3.750%		01/22/2024			750,000		784,820
2.875%		08/22/2018			350,000		360,829
Landwirtschaftliche Rentenbank (Germany)
5.125%		02/01/2017			300,000		320,786
1.750%		04/15/2019			250,000		253,078
Oesterreichische Kontrollbank AG (Austria)
2.000%		06/03/2016			300,000		304,127
1.625%		03/12/2019	†		350,000		353,129
Petroleos Mexicanos (Mexico)
8.000%		05/03/2019			1,000,000		1,174,100
6.625%		06/15/2035			500,000		536,250
5.625%		01/23/2046	^		250,000		234,363
5.500%		06/27/2044			400,000		370,000
5.500%		01/21/2021			500,000		543,500
5.500%		06/27/2044	^		400,000		370,000
4.875%		01/18/2024			500,000		513,750
Svensk Exportkredit AB (Sweden)
5.125%		03/01/2017			500,000		535,903
1.875%		06/17/2019			500,000		506,489
							22,112,768
Sovereign Debt—1.5%
Brazilian Government International Bond (Brazil)
11.000%		08/17/2040			260,000		263,380
10.125%		05/15/2027			435,000		643,800
8.875%		04/15/2024			400,000		527,000
7.125%		01/20/2037			460,000		522,100
5.875%		01/15/2019			500,000		556,250
4.875%		01/22/2021			200,000		209,500
4.250%		01/07/2025			500,000		483,375
Canada Government International Bond (Canada)
1.625%		02/27/2019			750,000		757,492
Chile Government International Bond (Chile)
3.875%		08/05/2020			500,000		542,750
Colombia Government International Bond (Colombia)
11.750%		02/25/2020			200,000		273,000
8.125%		05/21/2024			200,000		257,300
7.375%		09/18/2037			200,000		248,000
6.125%		01/18/2041			500,000		545,000

Coupon Rate	Maturity Date			Face		Value
5.625%	02/26/2044		$	500,000	$	508,750
Finland Government International Bond (Finland)
6.950%	02/15/2026			150,000		201,436
Israel Government International Bond (Israel)
5.500%	11/09/2016			300,000		319,557
4.000%	06/30/2022			400,000		429,680
Italy Government International Bond (Italy)
6.875%	09/27/2023			450,000		562,488
5.375%	06/15/2033			300,000		336,185
Mexico Government International Bond (Mexico)
6.050%	01/11/2040			500,000		570,000
3.625%	03/15/2022			300,000		304,350
Mexico Government International Bond MTN (Mexico)
8.300%	08/15/2031			950,000		1,403,625
5.950%	03/19/2019			1,000,000		1,124,000
4.750%	03/08/2044			800,000		764,000
3.500%	01/21/2021	†		500,000		511,250
Panama Government International Bond (Panama)
6.700%	01/26/2036			288,000		357,120
5.200%	01/30/2020			450,000		497,025
3.750%	03/16/2025			300,000		297,000
Peruvian Government International Bond (Peru)
7.350%	07/21/2025			400,000		523,000
6.550%	03/14/2037			500,000		625,000
Philippine Government International Bond (Philippines)
10.625%	03/16/2025			600,000		959,250
9.500%	02/02/2030			400,000		649,000
9.375%	01/18/2017			200,000		225,250
6.500%	01/20/2020			300,000		357,000
5.000%	01/13/2037			500,000		580,000
Poland Government International Bond (Poland)
6.375%	07/15/2019			500,000		579,000
5.125%	04/21/2021			1,300,000		1,445,470
Republic of Korea (Korea, Republic of)
3.875%	09/11/2023			250,000		270,387
South Africa Government International Bond (South Africa)
6.875%	05/27/2019			500,000		571,250
5.375%	07/24/2044	†		500,000		499,886
4.665%	01/17/2024	†		400,000		411,000
Turkey Government International Bond (Turkey)
8.000%	02/14/2034			600,000		775,200
7.500%	11/07/2019			500,000		577,750
7.000%	09/26/2016			200,000		214,200
5.750%	03/22/2024			350,000		380,625
4.875%	04/16/2043			1,000,000		913,710
4.250%	04/14/2026			280,000		267,235
3.250%	03/23/2023			800,000		747,000
Uruguay Government International Bond (Uruguay)
8.000%	11/18/2022			330,815		426,751
4.125%	11/20/2045	†		200,000		171,500
						26,184,877
Supranational—1.7%
African Development Bank
0.750%	10/18/2016			830,000		832,226
African Development Bank, Series GDIF
1.250%	09/02/2016			400,000		403,495
Asian Development Bank MTN
2.125%	11/24/2021	†		400,000		402,190
2.000%	01/22/2025			250,000		239,954
1.875%	02/18/2022			500,000		493,272
1.750%	09/11/2018			500,000		508,618
1.500%	01/22/2020	†		250,000		248,522
1.375%	03/23/2020			300,000		295,504

See accompanying notes to financial statements.

228

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
GOVERNMENT RELATED OBLIGATIONS—(Continued)
1.125%		03/15/2017		$	500,000	$	503,729
0.750%		01/11/2017			500,000		501,039
Council Of Europe Development Bank
1.750%		11/14/2019			400,000		402,637
Council Of Europe Development Bank MTN
1.500%		02/22/2017			400,000		405,289
European Bank for Reconstruction & Development MTN
1.875%		02/23/2022			400,000		393,210
1.750%		06/14/2019			500,000		503,315
1.000%		02/16/2017			500,000		503,415
European Investment Bank
5.125%		09/13/2016- 05/30/2017			1,750,000		1,859,242
4.875%		01/17/2017			400,000		426,021
4.875%		02/15/2036	†		350,000		430,171
2.875%		09/15/2020	†		500,000		525,124
2.500%		04/15/2021			500,000		514,239
1.875%		03/15/2019			1,500,000		1,524,508
1.750%		03/15/2017			500,000		508,874
1.375%		06/15/2020	†		580,000		568,293
1.250%		05/15/2018			300,000		301,053
1.125%		09/15/2017			500,000		502,923
1.000%		03/15/2018- 06/15/2018			900,000		897,150
European Investment Bank MTN
1.625%		12/18/2018			1,000,000		1,010,758
Inter-American Development Bank
3.000%		02/21/2024			250,000		263,614
2.125%		01/15/2025			250,000		243,183
1.750%		08/24/2018			400,000		406,817
1.375%		10/18/2016			300,000		303,227
1.125%		03/15/2017	†		500,000		503,903
0.625%		09/12/2016			300,000		300,486
Inter-American Development Bank MTN
3.875%		02/14/2020			400,000		439,535
1.875%		06/16/2020			750,000		757,451
1.250%		01/16/2018			450,000		453,463
0.875%		11/15/2016			500,000		502,151
0.875%		03/15/2018	†		1,000,000		996,633
International Bank for Reconstruction & Development
1.875%		10/07/2019	†		450,000		455,966
1.125%		07/18/2017	†		750,000		756,802
0.875%		04/17/2017	†		700,000		702,486
International Bank for Reconstruction & Development, Series GDIF
1.875%		03/15/2019			500,000		509,379
1.625%		02/10/2022			400,000		387,544
1.375%		04/10/2018	†		500,000		505,476
1.000%		11/15/2017			1,060,000		1,061,256
0.750%		12/15/2016			500,000		501,128
0.625%		10/14/2016			400,000		400,512
International Finance Corp.
1.750%		09/16/2019			500,000		501,567
1.250%		07/16/2018	†		500,000		501,508
0.625%		11/15/2016			650,000		649,829
International Finance Corp. MTN
2.125%		11/17/2017			500,000		514,072
Nordic Investment Bank
1.125%		03/19/2018			300,000		300,111
							28,622,870

Coupon Rate	Maturity Date		Face		Value
U.S. Municipal Bonds—0.9%
American Municipal Power-Ohio, Inc. Revenue Bonds, Series 2010 B (Ohio)
7.499%	02/15/2050	$	200,000	$	272,364
Bay Area Toll Authority Revenue Bonds, Series 2009 F-2 (California)
6.263%	04/01/2049		400,000		517,408
California State Public Works Board Revenue Bonds, Series 2009 G-2 (California)
8.361%	10/01/2034		400,000		570,496
City of Chicago Illinois Taxable Project General Obligation Bonds, Series B (Illinois)
6.314%	01/01/2044		350,000		310,821
City of Houston Texas Utility System Taxable First Lien Revenue Bonds, Series B (Texas)
3.828%	05/15/2028		400,000		412,632
City of New York General Obligation Bonds, Series 2010 C-1 (New York)
5.517%	10/01/2037		100,000		118,693
City of New York General Obligation Bonds, Series H (New York)
5.846%	06/01/2040		200,000		246,032
County of Cook Illinois General Obligation Bonds, Series 2010 D (Illinois)
6.229%	11/15/2034		400,000		405,544
Dallas Area Rapid Transit Revenue Bonds, Series 2010 B (Texas)
5.022%	12/01/2048		300,000		341,499
Dallas Convention Center Hotel Development Corp. Revenue Bonds, Series 2009 B (Texas)
7.088%	01/01/2042		200,000		251,690
Dallas County Hospital District General Obligation Bonds, Series 2009 C (Texas)
5.621%	08/15/2044		300,000		364,284
Dallas Independent School District General Obligation Bonds, Series 2010 C (Texas)
6.450%	02/15/2035		300,000		350,823
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		765,842
Florida Hurricane Catastrophe Fund Finance Corp. Revenue Bonds, Series 2013 A (Florida)
2.107%	07/01/2018		200,000		201,748
Los Angeles Unified School District General Obligation Bonds, Series 2009 KRY (California)
5.755%	07/01/2029		200,000		232,914
5.750%	07/01/2034		300,000		360,243
Metropolitan Government of Nashville & Davidson County Authority General Obligation Bonds, Series 2010 B (Tennessee)
5.707%	07/01/2034		300,000		356,766
Metropolitan Transportation Authority Revenue Bonds, Series 2010 B-1 (New York)
6.648%	11/15/2039		300,000		388,500
6.548%	11/15/2031		200,000		253,268
Municipal Electric Authority of Georgia Revenue Bonds, Series 2010 A (Georgia)
6.637%	04/01/2057		300,000		363,807
New Jersey Economic Development Authority Revenue Bonds, Series 1997 A (New Jersey)
7.425%	02/15/2029		200,000		228,834
New Jersey State Turnpike Authority Revenue Bonds, Series 2010 A (New Jersey)
7.102%	01/01/2041		500,000		677,215

See accompanying notes to financial statements.

229

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date		Face		Value
GOVERNMENT RELATED OBLIGATIONS—(Continued)
New York City Municipal Water Finance Authority Revenue Bonds, Series 2010 GG (New York)
5.724%		06/15/2042	$	300,000	$	366,861
New York State Dormitory Authority Revenue Bonds, Series 2010 D (New York)
5.600%		03/15/2040		200,000		243,478
North Texas Tollway Authority Revenue Bonds, Series 2010 B-2 (Texas)
8.910%		02/01/2030		200,000		237,142
Ohio State University General Obligation Bonds, Series 2010 C (Ohio)
4.910%		06/01/2040		300,000		341,244
Oregon General Obligation Bonds (Oregon)
5.762%		06/01/2023		200,000		232,014
Oregon State Department of Transportation Revenue Bonds, Series 2010 A (Oregon)
5.834%		11/15/2034		300,000		374,223
Port Authority of New York & New Jersey Revenue Bonds (New York)
6.040%		12/01/2029		255,000		314,214
4.458%		10/01/2062		200,000		197,016
San Francisco California City & County General Obligation Bonds, Series 2010 DE (California)
6.000%		11/01/2040		200,000		243,782
State of California General Obligation Bonds (California)
7.550%		04/01/2039		500,000		723,285
7.300%		10/01/2039		200,000		283,084
State of California General Obligation Bonds, Series 2010 (California)
7.625%		03/01/2040		600,000		879,378
State of Connecticut General Obligation Bonds, Series 2008 A (Connecticut)
5.850%		03/15/2032		200,000		240,780
State of Georgia General Obligation Bonds, Series 2009 H (Georgia)
4.503%		11/01/2025		300,000		327,978
State of Illinois General Obligation Bonds (Illinois)
7.350%		07/01/2035		100,000		110,793
5.100%		06/01/2033		500,000		466,475
State of Texas General Obligation Bonds, Series 2010 A (Texas)
4.681%		04/01/2040		300,000		333,768
State of Utah General Obligation Bonds, Series 2010 B (Utah)
3.539%		07/01/2025		300,000		312,648
University of California Revenue Bonds, Series 2009 R (California)
5.770%		05/15/2043		200,000		243,812
University of California Revenue Bonds, Series 2010 H (California)
6.548%		05/15/2048		300,000		373,338
University of California Revenue Bonds, Series 2013 AH (California)
1.796%		07/01/2019		300,000		297,381
						15,134,117
Non-U.S. Regional Authority Bonds—0.2%
Hydro-Quebec, Series IO (Canada)
8.050%		07/07/2024		250,000		342,392
Province of Manitoba, Series FH (Canada)
4.900%		12/06/2016		500,000		530,058

Coupon Rate	Maturity Date			Face		Value
Province of Ontario (Canada)
4.950%	11/28/2016		$	1,000,000	$	1,058,940
4.400%	04/14/2020	†		200,000		222,641
2.500%	09/10/2021			400,000		404,951
1.200%	02/14/2018			400,000		400,273
Province of Quebec (Canada)
2.750%	08/25/2021			300,000		307,437
Province of Quebec, Series QO (Canada)
2.875%	10/16/2024			700,000		705,785
Region of Lombardy (Italy)
5.804%	10/25/2032			100,000		107,125
						4,079,602
TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $140,424,407)						152,399,220
ASSET-BACKED SECURITIES—0.6%
Automobiles—0.3%
Ally Auto Receivables Trust Series 2012-4, Class A3
0.590%	01/17/2017			56,296		56,306
AmeriCredit Automobile Receivables Trust Series 2014-4, Class A3
1.270%	07/08/2019			1,000,000		1,002,557
AmeriCredit Automobile Receivables Trust Series 2013-5, Class A3
0.900%	09/10/2018			500,000		500,053
CarMax Auto Owner Trust Series 2014-1, Class A3
0.790%	10/15/2018			250,000		249,710
CarMax Auto Owner Trust Series 2013-2, Class A4
0.840%	11/15/2018			575,000		573,611
Fifth Third Auto Trust Series 2014-3, Class A4
1.470%	05/17/2021			500,000		500,863
Ford Credit Auto Owner Trust Series 2013-C, Class A4
1.250%	10/15/2018			500,000		502,580
Honda Auto Receivables Owner Trust Series 2014-4, Class A3
0.990%	09/17/2018			500,000		500,858
Honda Auto Receivables Owner Trust Series 2013-4, Class A4
1.040%	02/18/2020			300,000		300,657
Santander Drive Auto Receivables Trust Series 2014-1, Class A3
0.870%	01/16/2018			500,000		500,146
						4,687,341
Credit Card—0.3%
Barclays Dryrock Issuance Trust Series 2015-1, Class A
2.200%	12/15/2022			500,000		502,504
Capital One Multi-Asset Execution Trust Series 2007-A7, Class A7
5.750%	07/15/2020			1,500,000		1,644,865
Chase Issuance Trust Series 2012-A8, Class A8
0.540%	10/16/2017			200,000		200,037
Citibank Credit Card Issuance Trust Series 2014-A5, Class A5
2.680%	06/07/2023			1,000,000		1,022,199

See accompanying notes to financial statements.

230

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
ASSET-BACKED SECURITIES—(Continued)
Citibank Credit Card Issuance Trust Series 2014-A2, Class A2
1.020%		02/22/2019		$	1,000,000	$	999,903
Citibank Credit Card Issuance Trust Series 2014-A1, Class A1
2.880%		01/23/2023			500,000		515,576
							4,885,084
Other—0.0%
CenterPoint Energy Restoration Bond Co. LLC Series 2009-1, Class A2
3.460%		08/15/2019			389,205		402,216
TOTAL ASSET-BACKED SECURITIES
(Cost $10,031,313)							9,974,641
				Shares		Value
MONEY MARKET FUNDS—8.3%
Institutional Money Market Funds—8.3%
Dreyfus Institutional Cash Advantage Fund, 0.08%			††¥		1,950,000		1,950,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%			¥		127,389,550		127,389,550
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%			††¥		3,359,002		3,359,002
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.11%			††¥		2,950,000		2,950,000

		Shares		Value
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.10%	††¥	1,950,000	$	1,950,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.12%	††¥	1,950,000		1,950,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.11%	††¥	1,950,000		1,950,000
TOTAL MONEY MARKET FUNDS
(Cost $141,498,552)				141,498,552
TOTAL INVESTMENTS—107.6%
(Cost $1,820,930,529)				1,841,237,353
Other assets less liabilities—(7.6%)				(130,707,514	)
NET ASSETS—100.0%			$	1,710,529,839

Notes to the Schedule of Investments:

MTN	Medium Term Note
REIT	Real Estate Investment Trust
TBA	Security is subject to delayed delivery.
†	Denotes all or a portion of the security on loan.
^	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 $4,642,116, which represents 0.3% of Net Assets. The illiquid 144A securities represented 0.3% of Net Assets, and 100.0% of total 144A securities held.
#	Rate is subject to change. Rate shown reflects current 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.

231

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—98.5%
Aerospace & Defense—2.6%
Boeing Co. (The)			31,204	$	4,328,619
General Dynamics Corp.			15,338		2,173,241
Honeywell International, Inc.			37,991		3,873,942
L-3 Communications Holdings, Inc.			4,129		468,146
Lockheed Martin Corp.			13,046		2,425,251
Northrop Grumman Corp.			9,460		1,500,640
Precision Castparts Corp.			6,806		1,360,315
Raytheon Co.			14,994		1,434,626
Rockwell Collins, Inc.			6,266		578,665
Textron, Inc.			13,835		617,456
United Technologies Corp.			40,092		4,447,406
					23,208,307
Air Freight & Logistics—0.7%
C.H. Robinson Worldwide, Inc.			6,787		423,441
Expeditors International of Washington, Inc.			9,728		448,510
FedEx Corp.			12,820		2,184,528
United Parcel Service, Inc., Class B			33,753		3,271,003
					6,327,482
Airlines—0.5%
American Airlines Group, Inc.			34,007		1,358,070
Delta Air Lines, Inc.			39,419		1,619,332
Southwest Airlines Co.			32,240		1,066,822
					4,044,224
Auto Components—0.4%
BorgWarner, Inc.	†		11,280		641,155
Delphi Automotive plc (United Kingdom)			13,811		1,175,178
Goodyear Tire & Rubber Co. (The)			13,052		393,518
Johnson Controls, Inc.			31,166		1,543,652
					3,753,503
Automobiles—0.6%
Ford Motor Co.			192,250		2,885,672
General Motors Co.			65,806		2,193,314
Harley-Davidson, Inc.			10,002		563,613
					5,642,599
Banks—6.1%
Bank of America Corp.			509,757		8,676,064
BB&T Corp.			35,466		1,429,634
Citigroup, Inc.			147,026		8,121,716
Comerica, Inc.			8,476		434,988
Fifth Third Bancorp			38,645		804,589
Huntington Bancshares, Inc./Ohio			37,710		426,500
JPMorgan Chase & Co.			180,591		12,236,846
KeyCorp			40,687		611,119
M&T Bank Corp.			6,579		821,915
People’s United Financial, Inc.			15,668		253,978
PNC Financial Services Group, Inc. (The)			25,326		2,422,432
Regions Financial Corp.			63,188		654,628
SunTrust Banks, Inc.			25,676		1,104,582

			Shares		Value
U.S. Bancorp/Minnesota				86,475	$	3,753,015
Wells Fargo & Co.				227,088		12,771,429
Zions Bancorporation				9,431		299,293
						54,822,728
Beverages—2.1%
Brown-Forman Corp., Class B				7,507		752,051
Coca-Cola Co. (The)				190,452		7,471,432
Coca-Cola Enterprises, Inc.				10,145		440,699
Constellation Brands, Inc., Class A				8,250		957,165
Dr. Pepper Snapple Group, Inc.				9,036		658,724
Molson Coors Brewing Co., Class B				7,390		515,896
Monster Beverage Corp.		*		7,176		961,728
PepsiCo, Inc.				71,860		6,707,412
						18,465,107
Biotechnology—3.2%
Alexion Pharmaceuticals, Inc.		*		10,864		1,963,885
Amgen, Inc.				36,800		5,649,536
Biogen, Inc.		*		11,385		4,598,857
Celgene Corp.		*		38,851		4,496,421
Gilead Sciences, Inc.				71,306		8,348,506
Regeneron Pharmaceuticals, Inc.		*		3,595		1,833,917
Vertex Pharmaceuticals, Inc.		*		11,814		1,458,793
						28,349,915
Building Products—0.1%
Allegion plc (Ireland)	��			4,697		282,477
Masco Corp.				16,707		445,576
						728,053
Capital Markets—2.3%
Affiliated Managers Group, Inc.		*		2,712		592,843
Ameriprise Financial, Inc.				8,809		1,100,508
Bank of New York Mellon Corp. (The)				54,190		2,274,354
BlackRock, Inc.				6,062		2,097,331
Charles Schwab Corp. (The)				56,084		1,831,143
E*TRADE Financial Corp.		*		13,203		395,430
Franklin Resources, Inc.				18,803		921,911
Goldman Sachs Group, Inc. (The)				19,664		4,105,647
Invesco Ltd.				20,514		769,070
Legg Mason, Inc.				5,090		262,288
Morgan Stanley				74,926		2,906,379
Northern Trust Corp.				10,240		782,950
State Street Corp.				19,801		1,524,677
T. Rowe Price Group, Inc.				12,775		993,001
						20,557,532
Chemicals—2.3%
Air Products & Chemicals, Inc.				9,417		1,288,528
Airgas, Inc.				3,064		324,110
CF Industries Holdings, Inc.				11,540		741,791
Dow Chemical Co. (The)				52,310		2,676,703
E.I. Du Pont de Nemours & Co.				43,988		2,813,033
Eastman Chemical Co.				7,447		609,314
Ecolab, Inc.				13,141		1,485,853
FMC Corp.				6,597		346,672
International Flavors & Fragrances, Inc.				3,980		434,974
LyondellBasell Industries NV, Class A				19,019		1,968,847

See accompanying notes to financial statements.

232

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Monsanto Co.			23,495	$	2,504,332
Mosaic Co. (The)			14,737		690,428
PPG Industries, Inc.			13,276		1,523,023
Praxair, Inc.			13,888		1,660,310
Sherwin-Williams Co. (The)			3,919		1,077,803
Sigma-Aldrich Corp.			5,910		823,559
					20,969,280
Commercial Services & Supplies—0.4%
ADT Corp. (The)	†		8,287		278,195
Cintas Corp.			4,489		379,725
Pitney Bowes, Inc.			8,694		180,922
Republic Services, Inc.			11,650		456,330
Stericycle, Inc.	*		3,989		534,167
Tyco International plc			19,949		767,638
Waste Management, Inc.			20,421		946,513
					3,543,490
Communications Equipment—1.5%
Cisco Systems, Inc.			247,438		6,794,648
F5 Networks, Inc.	*		3,432		413,041
Harris Corp.			6,240		479,918
Juniper Networks, Inc.			18,112		470,369
Motorola Solutions, Inc.			9,344		535,785
QUALCOMM, Inc.			79,067		4,951,966
					13,645,727
Construction & Engineering—0.1%
Fluor Corp.			7,094		376,053
Jacobs Engineering Group, Inc.	*		6,358		258,262
Quanta Services, Inc.	*		10,595		305,348
					939,663
Construction Materials—0.1%
Martin Marietta Materials, Inc.	†		2,859		404,577
Vulcan Materials Co.			6,205		520,786
					925,363
Consumer Finance—0.8%
American Express Co.			42,568		3,308,385
Capital One Financial Corp.			26,841		2,361,202
Discover Financial Services			21,358		1,230,648
Navient Corp.			19,899		362,361
					7,262,596
Containers & Packaging—0.2%
Avery Dennison Corp.			4,153		253,084
Ball Corp.			6,323		443,558
MeadWestvaco Corp.			16,203		764,620
Owens-Illinois, Inc.	*		7,978		183,015
Sealed Air Corp.			10,478		538,360
					2,182,637
Distributors—0.1%
Genuine Parts Co.			7,191		643,810
Diversified Consumer Services—0.1%
H&R Block, Inc.			13,998		415,041
Diversified Financial Services—2.0%
Berkshire Hathaway, Inc., Class B	*		88,331		12,022,733
CME Group, Inc.			15,121		1,407,160
Intercontinental Exchange, Inc.			5,390		1,205,258

		Shares		Value
Leucadia National Corp.			16,133	$	391,709
McGraw Hill Financial, Inc.			13,356		1,341,610
Moody’s Corp.			8,769		946,701
NASDAQ OMX Group, Inc. (The)			6,137		299,547
					17,614,718
Diversified Telecommunication Services—2.2%
AT&T, Inc.			251,497		8,933,173
CenturyLink, Inc.			26,494		778,394
Frontier Communications Corp.	†		55,958		276,992
Level 3 Communications, Inc.	*		14,104		742,858
Verizon Communications, Inc.			197,890		9,223,653
					19,955,070
Electric Utilities—1.6%
American Electric Power Co., Inc.			23,390		1,238,968
Duke Energy Corp.			33,554		2,369,583
Edison International			16,074		893,393
Entergy Corp.			9,003		634,711
Eversource Energy			15,709		713,346
Exelon Corp.			41,078		1,290,671
FirstEnergy Corp.			20,958		682,183
NextEra Energy, Inc.			21,584		2,115,880
Pepco Holdings, Inc.			13,037		351,217
Pinnacle West Capital Corp.			5,484		311,985
PPL Corp.			32,675		962,932
Southern Co. (The)			44,320		1,857,008
Xcel Energy, Inc.			25,035		805,626
					14,227,503
Electrical Equipment—0.5%
AMETEK, Inc.			11,973		655,881
Eaton Corp. plc			23,138		1,561,584
Emerson Electric Co.			33,044		1,831,629
Rockwell Automation, Inc.			6,700		835,088
					4,884,182
Electronic Equipment, Instruments & Components—0.4%
Amphenol Corp., Class A			14,884		862,826
Corning, Inc.			60,570		1,195,046
FLIR Systems, Inc.			6,148		189,481
TE Connectivity Ltd. (Switzerland)			19,800		1,273,140
					3,520,493
Energy Equipment & Services—1.3%
Baker Hughes, Inc.			21,221		1,309,336
Cameron International Corp.	*		9,378		491,126
Diamond Offshore Drilling, Inc.	†		2,715		70,074
Ensco plc, Class A (United Kingdom)			11,230		250,092
FMC Technologies, Inc.	*		10,881		451,453
Halliburton Co.			41,391		1,782,710
Helmerich & Payne, Inc.			4,993		351,607
National Oilwell Varco, Inc.	†		19,854		958,551
Noble Corp. plc (United Kingdom)	†		11,135		171,368
Schlumberger Ltd.			61,847		5,330,593
Transocean Ltd. (Switzerland)	†		15,253		245,878
					11,412,788

See accompanying notes to financial statements.

233

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Food & Staples Retailing—2.3%
Costco Wholesale Corp.			21,378	$	2,887,313
CVS Health Corp.			54,572		5,723,511
Kroger Co. (The)			23,413		1,697,677
Sysco Corp.			28,275		1,020,727
Walgreens Boots Alliance, Inc.			42,340		3,575,190
Wal-Mart Stores, Inc.			76,589		5,432,458
Whole Foods Market, Inc.			17,339		683,850
					21,020,726
Food Products—1.6%
Archer-Daniels-Midland Co.			30,037		1,448,384
Campbell Soup Co.			8,595		409,552
ConAgra Foods, Inc.			20,088		878,247
General Mills, Inc.			28,633		1,595,431
Hershey Co. (The)			7,137		633,980
Hormel Foods Corp.			6,533		368,265
J.M. Smucker Co. (The)			4,791		519,392
Kellogg Co.			12,454		780,866
Keurig Green Mountain, Inc.			5,604		429,435
Kraft Foods Group, Inc.			28,602		2,435,174
McCormick & Co., Inc. (Non-Voting Shares)			6,090		492,986
Mead Johnson Nutrition Co.			9,734		878,201
Mondelez International, Inc., Class A			80,122		3,296,219
Tyson Foods, Inc., Class A			14,299		609,566
					14,775,698
Gas Utilities—0.0%
AGL Resources, Inc.			5,469		254,637
Health Care Equipment & Supplies—2.2%
Abbott Laboratories			73,275		3,596,337
Baxter International, Inc.			26,407		1,846,641
Becton Dickinson and Co.			10,192		1,443,697
Boston Scientific Corp.	*		63,830		1,129,791
C.R. Bard, Inc.			3,709		633,126
DENTSPLY International, Inc.			6,301		324,817
Edwards Lifesciences Corp.	*		5,369		764,707
Intuitive Surgical, Inc.	*		1,743		844,483
Medtronic plc (Ireland)			69,119		5,121,718
St. Jude Medical, Inc.			13,338		974,608
Stryker Corp.			14,289		1,365,600
Varian Medical Systems, Inc.	*		4,853		409,253
Zimmer Biomet Holdings, Inc.			8,166		891,972
					19,346,750
Health Care Providers & Services—2.9%
Aetna, Inc.			17,126		2,182,880
AmerisourceBergen Corp.			10,096		1,073,609
Anthem, Inc.			12,813		2,103,126
Cardinal Health, Inc.			15,779		1,319,913
Cigna Corp.			12,373		2,004,426
DaVita HealthCare Partners, Inc.	*		8,309		660,316
Express Scripts Holding Co.	*		35,319		3,141,272
HCA Holdings, Inc.	*		14,150		1,283,688
Henry Schein, Inc.	*		4,195		596,193
Humana, Inc.			7,208		1,378,746
Laboratory Corp. of America Holdings	*		4,654		564,158
McKesson Corp.			11,321		2,545,074
Patterson Cos., Inc.			4,524		220,093

		Shares		Value
Quest Diagnostics, Inc.			7,057	$	511,774
Tenet Healthcare Corp.	*		4,560		263,933
UnitedHealth Group, Inc.			46,253		5,642,866
Universal Health Services, Inc., Class B			4,252		604,209
					26,096,276
Health Care Technology—0.1%
Cerner Corp.	*		14,940		1,031,756
Hotels, Restaurants & Leisure—1.7%
Carnival Corp.			21,301		1,052,056
Chipotle Mexican Grill, Inc.	*		1,494		903,855
Darden Restaurants, Inc.			5,969		424,277
Marriott International, Inc., Class A			10,082		750,000
McDonald’s Corp.			46,636		4,433,685
Royal Caribbean Cruises Ltd.			7,741		609,139
Starbucks Corp.			72,804		3,903,386
Starwood Hotels & Resorts Worldwide, Inc.			8,382		679,696
Wyndham Worldwide Corp.			5,737		469,918
Wynn Resorts Ltd.			3,839		378,794
Yum! Brands, Inc.			21,096		1,900,328
					15,505,134
Household Durables—0.4%
D.R. Horton, Inc.	†		16,911		462,685
Garmin Ltd. (Switzerland)			5,434		238,716
Harman International Industries, Inc.			3,374		401,304
Leggett & Platt, Inc.			7,152		348,159
Lennar Corp., Class A			8,758		447,008
Mohawk Industries, Inc.	*		3,035		579,381
Newell Rubbermaid, Inc.			13,330		547,996
PulteGroup, Inc.			16,244		327,317
Whirlpool Corp.			3,682		637,170
					3,989,736
Household Products—1.7%
Clorox Co. (The)			6,288		654,078
Colgate-Palmolive Co.			41,448		2,711,114
Kimberly-Clark Corp.			17,451		1,849,282
Procter & Gamble Co. (The)			131,636		10,299,201
					15,513,675
Independent Power and Renewable Electricity Producers—0.1%
AES Corp. (The)	†		31,996		424,267
NRG Energy, Inc.			17,220		393,994
Talen Energy Corp.	*		1		10
					818,271
Industrial Conglomerates—2.4%
3M Co.			30,792		4,751,205
Danaher Corp.			29,856		2,555,375
General Electric Co.			488,889		12,989,781
Roper Technologies, Inc.			4,754		819,875
					21,116,236
Insurance—2.7%
ACE Ltd. (Switzerland)			15,700		1,596,376
Aflac, Inc.			20,990		1,305,578
Allstate Corp. (The)			19,827		1,286,177

See accompanying notes to financial statements.

234

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
American International Group, Inc.			64,697	$	3,999,568
Aon plc (United Kingdom)			13,615		1,357,143
Assurant, Inc.			3,601		241,267
Chubb Corp. (The)			11,163		1,062,048
Cincinnati Financial Corp.			6,959		349,203
Genworth Financial, Inc., Class A	*		23,488		177,804
Hartford Financial Services Group, Inc. (The)			20,442		849,774
Lincoln National Corp.			12,517		741,257
Loews Corp.			14,890		573,414
Marsh & McLennan Cos., Inc.			26,287		1,490,473
MetLife, Inc.			54,304		3,040,481
Principal Financial Group, Inc.			13,189		676,464
Progressive Corp. (The)			26,589		739,972
Prudential Financial, Inc.			22,114		1,935,417
Torchmark Corp.			5,743		334,357
Travelers Cos., Inc. (The)			15,653		1,513,019
Unum Group			12,769		456,492
XL Group plc (Ireland)			15,153		563,692
					24,289,976
Internet & Catalog Retail—1.5%
Amazon.com, Inc.	*		18,454		8,010,697
Expedia, Inc.			4,548		497,324
Netflix, Inc.	*		2,941		1,932,060
Priceline Group, Inc. (The)	*		2,487		2,863,457
TripAdvisor, Inc.	*		5,135		447,464
					13,751,002
Internet Software & Services—3.3%
Akamai Technologies, Inc.	*		8,467		591,166
eBay, Inc.	*		53,486		3,221,997
Equinix, Inc. REIT			2,676		679,704
Facebook, Inc., Class A	*		102,193		8,764,583
Google, Inc., Class A	*		13,841		7,474,694
Google, Inc., Class C	*		13,907		7,238,732
VeriSign, Inc.	*†		5,434		335,386
Yahoo!, Inc.	*		41,569		1,633,246
					29,939,508
IT Services—3.4%
Accenture plc, Class A (Ireland)			30,524		2,954,113
Alliance Data Systems Corp.	*		2,980		869,981
Automatic Data Processing, Inc.			22,955		1,841,680
Cognizant Technology Solutions Corp., Class A	*		29,623		1,809,669
Computer Sciences Corp.			7,095		465,716
Fidelity National Information Services, Inc.			14,083		870,329
Fiserv, Inc.	*		11,654		965,301
International Business Machines Corp.			44,554		7,247,153
MasterCard, Inc., Class A			47,370		4,428,147
Paychex, Inc.			16,184		758,706
Teradata Corp.	*		7,184		265,808
Total System Services, Inc.			8,023		335,121
Visa, Inc., Class A			94,051		6,315,525
Western Union Co. (The)			25,519		518,801
Xerox Corp.			51,525		548,226
					30,194,276

		Shares		Value
Leisure Products—0.1%
Hasbro, Inc.			5,210	$	389,656
Mattel, Inc.			16,206		416,332
					805,988
Life Sciences Tools & Services—0.4%
Agilent Technologies, Inc.			15,791		609,217
PerkinElmer, Inc.			5,881		309,576
Thermo Fisher Scientific, Inc.			19,314		2,506,184
Waters Corp.	*		4,165		534,703
					3,959,680
Machinery—1.5%
Caterpillar, Inc.			29,477		2,500,239
Cummins, Inc.			8,243		1,081,399
Deere & Co.	†		16,323		1,584,147
Dover Corp.			7,708		540,948
Flowserve Corp.			6,164		324,596
Illinois Tool Works, Inc.			16,852		1,546,845
Ingersoll-Rand plc			12,500		842,750
Joy Global, Inc.			4,473		161,923
PACCAR, Inc.			17,351		1,107,167
Pall Corp.			4,978		619,512
Parker-Hannifin Corp.			7,054		820,592
Pentair plc (United Kingdom)			8,918		613,113
Snap-on, Inc.			2,676		426,153
Stanley Black & Decker, Inc.			7,791		819,925
Xylem, Inc.			8,703		322,620
					13,311,929
Media—3.6%
Cablevision Systems Corp., Class A	†		11,518		275,741
CBS Corp. (Non-Voting Shares), Class B			22,176		1,230,768
Comcast Corp., Class A			121,958		7,334,554
DIRECTV	*		24,467		2,270,293
Discovery Communications, Inc., Class A	*†		6,815		226,667
Discovery Communications, Inc., Class C	*		12,729		395,617
Gannett Co., Inc.	*		5,178		72,433
Interpublic Group of Cos., Inc. (The)			19,260		371,140
News Corp., Class A	*		24,662		359,819
Omnicom Group, Inc.	†		12,180		846,388
Scripps Networks Interactive, Inc., Class A			4,736		309,592
TEGNA, Inc.			10,355		332,085
Time Warner Cable, Inc.			13,664		2,434,515
Time Warner, Inc.			40,334		3,525,595
Twenty-First Century Fox, Inc., Class A			85,853		2,794,086
Viacom, Inc., Class B			17,261		1,115,751
Walt Disney Co. (The)			75,771		8,648,502
					32,543,546
Metals & Mining—0.3%
Alcoa, Inc.			58,792		655,531
Allegheny Technologies, Inc.			4,832		145,926
Freeport-McMoRan, Inc.			50,954		948,763
Newmont Mining Corp.			25,660		599,418
Nucor Corp.			14,916		657,348
					3,006,986

See accompanying notes to financial statements.

235

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Multiline Retail—0.8%
Dollar General Corp.			14,314	$	1,112,770
Dollar Tree, Inc.	*		9,811		774,971
Family Dollar Stores, Inc.			4,381		345,267
Kohl’s Corp.			9,762		611,199
Macy’s, Inc.			16,622		1,121,486
Nordstrom, Inc.			6,523		485,963
Target Corp.			30,979		2,528,816
					6,980,472
Multi-Utilities—1.1%
Ameren Corp.			11,914		448,920
CenterPoint Energy, Inc.			20,023		381,038
CMS Energy Corp.			13,251		421,912
Consolidated Edison, Inc.			14,475		837,813
Dominion Resources, Inc.			28,643		1,915,357
DTE Energy Co.			8,835		659,444
NiSource, Inc.			15,733		717,267
PG&E Corp.			22,734		1,116,239
Public Service Enterprise Group, Inc.			24,799		974,105
SCANA Corp.			6,455		326,946
Sempra Energy			11,061		1,094,375
TECO Energy, Inc.			10,852		191,646
WEC Energy Group, Inc.			15,723		707,072
					9,792,134
Oil, Gas & Consumable Fuels—6.4%
Anadarko Petroleum Corp.			24,666		1,925,428
Apache Corp.			17,889		1,030,943
Cabot Oil & Gas Corp.			19,323		609,447
Chesapeake Energy Corp.	†		23,222		259,390
Chevron Corp.			91,100		8,788,417
Cimarex Energy Co.			4,292		473,451
ConocoPhillips			59,785		3,671,397
CONSOL Energy, Inc.			11,125		241,858
Devon Energy Corp.			18,423		1,095,984
EOG Resources, Inc.			26,680		2,335,834
EQT Corp.			7,214		586,787
Exxon Mobil Corp.			203,117		16,899,334
Hess Corp.			11,809		789,786
Kinder Morgan, Inc.			84,160		3,230,902
Marathon Oil Corp.			32,434		860,798
Marathon Petroleum Corp.			26,304		1,375,962
Murphy Oil Corp.			7,807		324,537
Newfield Exploration Co.	*		8,094		292,355
Noble Energy, Inc.			18,345		782,965
Occidental Petroleum Corp.			37,446		2,912,175
ONEOK, Inc.			10,228		403,801
Phillips 66			26,079		2,100,924
Pioneer Natural Resources Co.			7,292		1,011,328
Range Resources Corp.			7,837		386,991
Southwestern Energy Co.	*		18,620		423,233
Spectra Energy Corp.			32,573		1,061,880
Tesoro Corp.			5,755		485,780
Valero Energy Corp.			24,754		1,549,600
Williams Cos., Inc. (The)			32,107		1,842,621
					57,753,908
Paper & Forest Products—0.1%
International Paper Co.			20,114		957,225

		Shares		Value
Personal Products—0.1%
Estee Lauder Cos., Inc. (The), Class A			10,759	$	932,375
Pharmaceuticals—6.4%
AbbVie, Inc.			83,432		5,605,796
Allergan plc	*		18,935		5,746,015
Bristol-Myers Squibb Co.			80,617		5,364,255
Eli Lilly & Co.			47,474		3,963,604
Endo International plc (Ireland)	*		9,838		783,597
Hospira, Inc.	*		8,161		723,962
Johnson & Johnson			134,666		13,124,548
Mallinckrodt plc	*		5,433		639,573
Merck & Co., Inc.			137,541		7,830,209
Mylan NV	*		19,972		1,355,300
Perrigo Co. plc (Ireland)			7,097		1,311,739
Pfizer, Inc.			298,773		10,017,859
Zoetis, Inc.			24,105		1,162,343
					57,628,800
Professional Services—0.2%
Dun & Bradstreet Corp. (The)			1,866		227,652
Equifax, Inc.			5,895		572,346
Nielsen NV			17,605		788,176
Robert Half International, Inc.			6,567		364,468
					1,952,642
Real Estate Investment Trusts (REITs)—2.3%
American Tower Corp. REIT			20,583		1,920,188
Apartment Investment & Management Co.,
Class A REIT			7,792		287,759
AvalonBay Communities, Inc. REIT			6,353		1,015,654
Boston Properties, Inc. REIT			7,223		874,272
Crown Castle International Corp. REIT			15,952		1,280,946
Equity Residential REIT			17,324		1,215,625
Essex Property Trust, Inc. REIT			3,243		689,137
General Growth Properties, Inc. REIT			30,862		791,919
HCP, Inc. REIT			22,769		830,385
Health Care REIT, Inc. REIT			17,032		1,117,810
Host Hotels & Resorts, Inc. REIT			35,401		702,002
Iron Mountain, Inc. REIT			9,348		289,788
Kimco Realty Corp. REIT			19,993		450,642
Macerich Co. (The) REIT			6,568		489,973
Plum Creek Timber Co., Inc. REIT			8,363		339,287
Prologis, Inc. REIT			25,427		943,342
Public Storage REIT			7,090		1,307,183
Realty Income Corp. REIT			10,673		473,774
Simon Property Group, Inc. REIT			15,112		2,614,678
SL Green Realty Corp. REIT			4,677		513,956
Ventas, Inc. REIT			16,054		996,793
Vornado Realty Trust REIT			8,235		781,749
Weyerhaeuser Co. REIT			25,972		818,118
					20,744,980
Real Estate Management & Development—0.1%
CBRE Group, Inc., Class A	*		14,059		520,183
Road & Rail—0.9%
CSX Corp.			48,302		1,577,060

See accompanying notes to financial statements.

236

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
J.B. Hunt Transport Services, Inc.			4,465	$	366,532
Kansas City Southern			5,074		462,749
Norfolk Southern Corp.			15,012		1,311,448
Ryder System, Inc.			2,682		234,326
Union Pacific Corp.			42,766		4,078,594
					8,030,709
Semiconductors & Semiconductor Equipment—2.4%
Altera Corp.			14,360		735,232
Analog Devices, Inc.			15,268		979,977
Applied Materials, Inc.			58,213		1,118,854
Avago Technologies Ltd. (Singapore)			12,504		1,662,157
Broadcom Corp., Class A			25,892		1,333,179
First Solar, Inc.	*		3,850		180,873
Intel Corp.			229,548		6,981,702
KLA-Tencor Corp.			7,807		438,831
Lam Research Corp.			7,948		646,570
Linear Technology Corp.			11,999		530,716
Microchip Technology, Inc.	†		10,200		483,735
Micron Technology, Inc.	*		52,597		990,927
NVIDIA Corp.			23,694		476,486
Qorvo, Inc.	*		7,251		582,038
Skyworks Solutions, Inc.			9,014		938,357
Texas Instruments, Inc.			50,899		2,621,808
Xilinx, Inc.			12,074		533,188
					21,234,630
Software—3.7%
Adobe Systems, Inc.	*		23,184		1,878,136
Autodesk, Inc.	*		10,730		537,305
CA, Inc.			15,716		460,322
Citrix Systems, Inc.	*		7,360		516,378
Electronic Arts, Inc.	*		14,815		985,197
Intuit, Inc.			13,322		1,342,458
Microsoft Corp.			392,510		17,329,316
Oracle Corp.			155,402		6,262,701
Red Hat, Inc.	*		9,149		694,684
salesforce.com, Inc.	*		29,450		2,050,603
Symantec Corp.			32,325		751,556
					32,808,656
Specialty Retail—2.3%
AutoNation, Inc.	*		3,337		210,164
AutoZone, Inc.	*		1,562		1,041,698
Bed Bath & Beyond, Inc.	*		8,947		617,164
Best Buy Co., Inc.			13,948		454,844
CarMax, Inc.	*†		9,846		651,904
GameStop Corp., Class A	†		5,740		246,590
Gap, Inc. (The)			12,766		487,278
Home Depot, Inc. (The)			63,027		7,004,191
L Brands, Inc.			11,604		994,811
Lowe’s Cos., Inc.			45,254		3,030,660
O’Reilly Automotive, Inc.	*		4,975		1,124,251
Ross Stores, Inc.			19,890		966,853
Staples, Inc.			30,511		467,123
Tiffany & Co.			5,231		480,206
TJX Cos., Inc. (The)			33,226		2,198,565
Tractor Supply Co.			6,512		585,689
Urban Outfitters, Inc.	*		5,272		184,520
					20,746,511

			Shares		Value
Technology Hardware, Storage & Peripherals—4.8%
Apple, Inc.				279,528	$	35,059,799
EMC Corp.				95,040		2,508,106
Hewlett-Packard Co.				88,320		2,650,483
NetApp, Inc.				14,307		451,529
SanDisk Corp.				10,563		614,978
Seagate Technology plc				15,475		735,062
Western Digital Corp.				10,637		834,154
						42,854,111
Textiles, Apparel & Luxury Goods—0.9%
Coach, Inc.		†		13,468		466,127
Fossil Group, Inc.		*		2,021		140,177
Hanesbrands, Inc.		†		19,006		633,280
Michael Kors Holdings Ltd. (United Kingdom)		*		9,747		410,251
NIKE, Inc., Class B				33,985		3,671,060
PVH Corp.				4,178		481,306
Ralph Lauren Corp.				2,913		385,565
Under Armour, Inc., Class A		*		7,953		663,598
V.F. Corp.				16,523		1,152,314
						8,003,678
Thrifts & Mortgage Finance—0.0%
Hudson City Bancorp, Inc.				23,486		232,042
Tobacco—1.4%
Altria Group, Inc.				95,541		4,672,910
Philip Morris International, Inc.				75,005		6,013,151
Reynolds American, Inc.				20,094		1,500,218
						12,186,279
Trading Companies & Distributors—0.2%
Fastenal Co.		†		13,342		562,766
United Rentals, Inc.		*		4,468		391,486
W.W. Grainger, Inc.				2,893		684,628
						1,638,880
TOTAL COMMON STOCKS
(Cost $557,328,714)						884,311,812
Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.090%	12/10/2015	‡‡	$	20,000		19,996
0.055%	09/17/2015	‡‡		650,000		650,007
						670,003
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $669,915)						670,003
				Shares		Value
MONEY MARKET FUNDS—2.0%
Institutional Money Market Funds—2.0%
Dreyfus Institutional Cash Advantage Fund, 0.08%		††¥		800,000		800,000

See accompanying notes to financial statements.

237

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint 500 Stock Index Fund		Shares		Value
MONEY MARKET FUNDS—(Continued)
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%	¥		13,081,919	$	13,081,919
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%	††¥		1,203,057		1,203,057
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.11%	††¥		800,000		800,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.10%	††¥		800,000		800,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.12%	††¥		800,000		800,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.11%	††¥		800,000		800,000
TOTAL MONEY MARKET FUNDS
(Cost $18,284,976)					18,284,976
TOTAL INVESTMENTS—100.6%
(Cost $576,283,605)					903,266,791
Other assets less liabilities—(0.6%)					(5,478,636	)
NET ASSETS—100.0%				$	897,788,155

Notes to the Schedule of Investments:

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

See accompanying notes to financial statements.

238

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—98.7%
Aerospace & Defense—2.5%
AAR Corp.			1,489	$	47,454
Aerojet Rocketdyne Holdings, Inc.	*		1,629		33,574
American Science & Engineering, Inc.			435		19,057
Astronics Corp.	*		645		45,724
B/E Aerospace, Inc.			4,159		228,329
Boeing Co. (The)			27,027		3,749,186
Cubic Corp.			476		22,648
Curtiss-Wright Corp.			2,112		152,993
DigitalGlobe, Inc.	*		3,780		105,046
Engility Holdings, Inc.			622		15,650
Esterline Technologies Corp.	*		1,049		100,012
General Dynamics Corp.			11,990		1,698,863
HEICO Corp.	†		2,276		132,691
Hexcel Corp.			4,757		236,613
Honeywell International, Inc.			30,506		3,110,697
Huntington Ingalls Industries, Inc.			1,897		213,583
KLX, Inc.	*		2,079		91,746
Kratos Defense & Security Solutions, Inc.	*		832		5,242
L-3 Communications Holdings, Inc.			3,222		365,310
Lockheed Martin Corp.			10,595		1,969,611
Moog, Inc., Class A	*		1,446		102,203
National Presto Industries, Inc.			535		42,971
Northrop Grumman Corp.			7,805		1,238,107
Orbital ATK, Inc.			2,503		183,620
Precision Castparts Corp.			5,732		1,145,655
Raytheon Co.			12,251		1,172,176
Rockwell Collins, Inc.			5,705		526,857
Spirit AeroSystems Holdings, Inc., Class A	*		6,517		359,152
TASER International, Inc.	*†		2,292		76,347
Teledyne Technologies, Inc.	*		1,228		129,566
Textron, Inc.			12,237		546,137
TransDigm Group, Inc.	*		2,305		517,864
Triumph Group, Inc.			1,644		108,488
United Technologies Corp.			34,929		3,874,674
Vectrus, Inc.	*		276		6,864
					22,374,710
Air Freight & Logistics—0.6%
Atlas Air Worldwide Holdings, Inc.	*		600		32,976
C.H. Robinson Worldwide, Inc.			6,357		396,613
Expeditors International of Washington, Inc.			7,178		330,942
FedEx Corp.			11,554		1,968,801
Forward Air Corp.			1,431		74,784
Hub Group, Inc., Class A	*		2,400		96,816
United Parcel Service, Inc., Class B			27,680		2,682,469
UTi Worldwide, Inc.	*		2,208		22,058
XPO Logistics, Inc.	*†		1,665		75,225
					5,680,684
Airlines—0.6%
Alaska Air Group, Inc.			5,372		346,118
Allegiant Travel Co.			412		73,286
American Airlines Group, Inc.			27,796		1,110,033
Copa Holdings SA, Class A (Panama)	†		1,841		152,048

		Shares		Value
Delta Air Lines, Inc.			33,027	$	1,356,749
Hawaiian Holdings, Inc.	*		1,288		30,590
JetBlue Airways Corp.	*		8,572		177,955
Republic Airways Holdings, Inc.	*		2,384		21,885
SkyWest, Inc.			2,390		35,946
Southwest Airlines Co.			26,758		885,422
Spirit Airlines, Inc.	*		3,308		205,427
United Continental Holdings, Inc.	*		14,383		762,443
					5,157,902
Auto Components—0.5%
American Axle & Manufacturing Holdings, Inc.	*		2,113		44,183
BorgWarner, Inc.			8,954		508,945
Cooper Tire & Rubber Co.			3,066		103,723
Dana Holding Corp.			5,645		116,174
Delphi Automotive plc (United Kingdom)			10,302		876,597
Dorman Products, Inc.	*†		1,022		48,708
Drew Industries, Inc.			2,207		128,050
Gentex Corp.			13,188		216,547
Gentherm, Inc.	*		2,107		115,695
Goodyear Tire & Rubber Co. (The)			9,437		284,526
Johnson Controls, Inc.			25,420		1,259,053
Lear Corp.			3,353		376,408
Modine Manufacturing Co.	*		1,208		12,962
Motorcar Parts of America, Inc.	*		1,792		53,921
Remy International, Inc.			559		12,359
Superior Industries International, Inc.			1,102		20,178
Tenneco, Inc.	*		2,375		136,420
Visteon Corp.	*		2,509		263,395
					4,577,844
Automobiles—0.6%
Ford Motor Co.			150,351		2,256,768
General Motors Co.			63,102		2,103,190
Harley-Davidson, Inc.			8,168		460,267
Tesla Motors, Inc.	*†		3,639		976,198
Thor Industries, Inc.			1,221		68,718
Winnebago Industries, Inc.	†		1,432		33,781
					5,898,922
Banks—5.9%
1st Source Corp.			1,180		40,262
Ameris Bancorp			1,457		36,848
Associated Banc-Corp			5,110		103,580
BancFirst Corp.			642		42,019
Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)			1,260		40,547
BancorpSouth, Inc.			3,611		93,019
Bank of America Corp.			413,023		7,029,651
Bank of Hawaii Corp.			1,898		126,559
Bank of the Ozarks, Inc.			2,505		114,604
BankUnited, Inc.			4,777		171,638
Banner Corp.			860		41,220
BB&T Corp.			27,493		1,108,243
BBCN Bancorp, Inc./California			7,132		105,482
BOK Financial Corp.			801		55,734
Boston Private Financial Holdings, Inc.			1,297		17,393
Bridge Bancorp, Inc.			3,091		82,499

See accompanying notes to financial statements.

239

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Bryn Mawr Bank Corp.			1,058	$	31,909
Capital City Bank Group, Inc.			1,113		16,996
Cardinal Financial Corp.			1,142		24,884
Cascade Bancorp	*		219		1,134
Cathay General Bancorp			2,082		67,561
Catskill Litigation Trust	*‡d		582		—
Central Pacific Financial Corp.			103		2,446
Chemical Financial Corp.			1,552		51,309
CIT Group, Inc.			7,587		352,720
Citigroup, Inc.			119,454		6,598,639
Citizens & Northern Corp.			3,618		74,350
Citizens Financial Group, Inc.			8,979		245,217
City Holding Co.			250		12,313
City National Corp./California			1,548		139,924
CNB Financial Corp./Pennsylvania			4,147		76,305
CoBiz Financial, Inc.			1,063		13,893
Columbia Banking System, Inc.			1,334		43,408
Comerica, Inc.			7,542		387,055
Commerce Bancshares, Inc./Missouri			3,151		147,372
Community Bank System, Inc.	†		1,402		52,954
Community Trust Bancorp, Inc.			731		25,490
Cullen/Frost Bankers, Inc.			2,502		196,607
CVB Financial Corp.			4,084		71,919
East West Bancorp, Inc.			6,997		313,606
Fidelity Southern Corp.			1,592		27,764
Fifth Third Bancorp			32,850		683,937
Financial Institutions, Inc.			2,741		68,086
First BanCorp. (Puerto Rico)	*		322		1,552
First Bancorp/Southern Pines NC			4,779		79,714
First Busey Corp.			2,407		15,814
First Citizens BancShares, Inc./North Carolina, Class A			254		66,812
First Commonwealth Financial Corp.			2,619		25,116
First Connecticut Bancorp, Inc./Farmington CT			5,036		79,921
First Financial Bancorp			1,895		33,996
First Financial Bankshares, Inc.	†		1,000		34,640
First Horizon National Corp.			8,735		136,877
First Merchants Corp.			874		21,588
First Midwest Bancorp, Inc./Illinois			2,002		37,978
First Niagara Financial Group, Inc.			10,034		94,721
First of Long Island Corp. (The)			1,479		40,998
First Republic Bank/California			4,803		302,733
FirstMerit Corp.			8,833		183,991
FNB Corp./Pennsylvania			4,685		67,089
Fulton Financial Corp.			6,533		85,321
Glacier Bancorp, Inc.			1,771		52,103
Guaranty Bancorp			1,060		17,501
Hancock Holding Co.			2,032		64,841
Hanmi Financial Corp.			900		22,356
Heritage Financial Corp./Washington			4,736		84,632
Hilltop Holdings, Inc.	*		1,510		36,376
Home Bancshares, Inc./Arkansas			2,340		85,550
HomeTrust Bancshares, Inc.	*		5,108		85,610

		Shares		Value
Huntington Bancshares, Inc./Ohio			31,066	$	351,356
IBERIABANK Corp.			966		65,910
Independent Bank Corp./Massachusetts	†		874		40,982
International Bancshares Corp.			3,248		87,274
Investors Bancorp, Inc.			13,623		167,563
JPMorgan Chase & Co.			147,172		9,972,375
KeyCorp			33,148		497,883
LegacyTexas Financial Group, Inc.			1,733		52,337
M&T Bank Corp.			5,079		634,519
MB Financial, Inc.			2,119		72,978
Merchants Bancshares, Inc.			2,994		99,012
MidWestOne Financial Group, Inc.			1,842		60,639
National Penn Bancshares, Inc.			2,758		31,110
NBT Bancorp, Inc.			1,000		26,170
Old National Bancorp/Indiana			3,552		51,362
PacWest Bancorp			3,898		182,270
Park National Corp.	†		728		63,605
Park Sterling Corp.			6,371		45,871
Peoples Bancorp, Inc./Ohio			2,756		64,325
People’s United Financial, Inc.			15,654		253,751
Pinnacle Financial Partners, Inc.			1,818		98,845
PNC Financial Services Group, Inc. (The)			20,829		1,992,294
Popular, Inc. (Puerto Rico)	*		5,380		155,267
PrivateBancorp, Inc.			2,295		91,387
Prosperity Bancshares, Inc.			2,300		132,802
Regions Financial Corp.			53,680		556,125
Republic Bancorp, Inc./Kentucky, Class A			1,603		41,197
S&T Bancorp, Inc.			955		28,258
Sandy Spring Bancorp, Inc.			344		9,625
Signature Bank/New York	*		1,900		278,141
Simmons First National Corp., Class A			911		42,525
South State Corp.			2,017		153,272
State Bank Financial Corp.			4,194		91,010
Sterling Bancorp/New York	†		5,533		81,335
Suffolk Bancorp			3,336		85,602
SunTrust Banks, Inc.			20,095		864,487
Susquehanna Bancshares, Inc.			12,101		170,866
SVB Financial Group	*		1,736		249,949
Synovus Financial Corp.			5,952		183,441
TCF Financial Corp.			6,104		101,387
Texas Capital Bancshares, Inc.	*		2,821		175,579
Tompkins Financial Corp.			730		39,216
Towne Bank/Virginia	†		1,448		23,588
Trustmark Corp.			2,635		65,822
U.S. Bancorp/Minnesota			67,244		2,918,390
UMB Financial Corp.			1,211		69,051
Umpqua Holdings Corp.			9,721		174,881
Union Bankshares Corp.			1,503		34,930
United Bankshares, Inc./West Virginia			2,134		85,851
United Community Banks, Inc./Georgia			454		9,475
Valley National Bancorp			6,899		71,129
Washington Trust Bancorp, Inc.			500		19,740
Webster Financial Corp.			2,393		94,643
Wells Fargo & Co.			184,684		10,386,628
WesBanco, Inc.			3,097		105,360

See accompanying notes to financial statements.

240

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Westamerica Bancorporation	†		288	$	14,587
Western Alliance Bancorp	*		2,725		91,996
Wintrust Financial Corp.			1,017		54,287
Zions Bancorporation			9,159		290,661
					53,649,847
Beverages—1.7%
Boston Beer Co., Inc. (The), Class A	*		609		141,282
Brown-Forman Corp., Class B			5,966		597,674
Coca-Cola Bottling Co. Consolidated			437		66,018
Coca-Cola Co. (The)			155,960		6,118,311
Coca-Cola Enterprises, Inc.			8,850		384,444
Constellation Brands, Inc., Class A			6,550		759,931
Dr. Pepper Snapple Group, Inc.			7,323		533,847
Molson Coors Brewing Co., Class B			6,229		434,846
Monster Beverage Corp.	*		5,360		718,347
PepsiCo, Inc.			58,971		5,504,353
					15,259,053
Biotechnology—3.6%
ACADIA Pharmaceuticals, Inc.	*		3,025		126,687
Achillion Pharmaceuticals, Inc.	*†		5,414		47,968
Acorda Therapeutics, Inc.	*		674		22,464
Advaxis, Inc.	*		2,266		46,068
Aegerion Pharmaceuticals, Inc.	*		1,499		28,436
Agenus, Inc.	*		5,420		46,775
Agios Pharmaceuticals, Inc.	*†		838		93,135
Alder Biopharmaceuticals, Inc.	*		922		48,838
Alexion Pharmaceuticals, Inc.	*		8,417		1,521,451
Alkermes plc (Ireland)	*		5,289		340,294
Alnylam Pharmaceuticals, Inc.	*		2,817		337,674
AMAG Pharmaceuticals, Inc.	*†		834		57,596
Amgen, Inc.			29,524		4,532,524
Amicus Therapeutics, Inc.	*		3,392		47,997
Anacor Pharmaceuticals, Inc.	*		2,424		187,690
Arena Pharmaceuticals, Inc.	*†		9,689		44,957
ARIAD Pharmaceuticals, Inc.	*†		5,175		42,797
Array BioPharma, Inc.	*†		4,333		31,241
Arrowhead Research Corp.	*†		2,896		20,706
Atara Biotherapeutics, Inc.	*		882		46,534
BioCryst Pharmaceuticals, Inc.	*		3,439		51,344
Biogen Idec, Inc.	*		9,257		3,739,273
BioMarin Pharmaceutical, Inc.	*		5,932		811,379
Bluebird Bio, Inc.	*		1,335		224,774
Calithera Biosciences, Inc.	*		5,564		39,727
Catalyst Pharmaceuticals, Inc.	*		11,128		45,959
Celgene Corp.	*		31,269		3,618,918
Celldex Therapeutics, Inc.	*		6,204		156,465
Cellular Biomedicine Group, Inc.	*		1,275		47,825
Cepheid, Inc.	*		2,341		143,152
Chimerix, Inc.	*		1,123		51,883
Clovis Oncology, Inc.	*†		1,475		129,623
Coherus Biosciences, Inc.	*		1,685		48,697
CytRx Corp.	*†		9,490		35,303
Dyax Corp.	*		4,812		127,518
Dynavax Technologies Corp.	*†		2,946		69,010
Eagle Pharmaceuticals, Inc./DE	*		528		42,694
Emergent BioSolutions, Inc.	*		1,319		43,461
Epizyme, Inc.	*		1,889		45,336

		Shares		Value
Esperion Therapeutics, Inc.	*		547	$	44,723
Exact Sciences Corp.	*†		5,314		158,038
Exelixis, Inc.	*†		15,393		57,878
FibroGen, Inc.	*		1,930		45,355
Five Prime Therapeutics, Inc.	*		1,885		46,823
Galena Biopharma, Inc.	*†		15,289		25,991
Genomic Health, Inc.	*†		1,284		35,682
Geron Corp.	*†		4,719		20,197
Gilead Sciences, Inc.			58,101		6,802,465
Halozyme Therapeutics, Inc.	*		6,362		143,654
Heron Therapeutics, Inc.	*†		3,218		100,273
Idera Pharmaceuticals, Inc.	*		13,094		48,579
ImmunoGen, Inc.	*†		1,323		19,025
Immunomedics, Inc.	*†		2,141		8,692
Incyte Corp.	*		5,355		558,045
Inovio Pharmaceuticals, Inc.	*†		4,267		34,819
Insmed, Inc.	*		2,696		65,836
Intercept Pharmaceuticals, Inc.	*†		507		122,380
Intrexon Corp.	*†		1,662		81,106
Invitae Corp.	*		3,036		45,176
Ironwood Pharmaceuticals, Inc.	*		7,019		84,649
Isis Pharmaceuticals, Inc.	*†		5,904		339,775
Karyopharm Therapeutics, Inc.	*		1,683		45,794
Keryx Biopharmaceuticals, Inc.	*†		5,221		52,106
Kite Pharma, Inc.	*		750		45,728
KYTHERA Biopharmaceuticals, Inc.	*		607		45,713
La Jolla Pharmaceutical Co.	*		2,037		49,927
Lexicon Pharmaceuticals, Inc.	*†		334		2,689
Ligand Pharmaceuticals, Inc.	*		815		82,234
Lion Biotechnologies, Inc.	*		4,777		43,805
MacroGenics, Inc.	*		1,247		47,349
MannKind Corp.	*†		8,369		47,620
Medivation, Inc.	*		3,462		395,360
Merrimack Pharmaceuticals, Inc.	*†		5,739		70,963
MiMedx Group, Inc.	*†		5,999		69,528
Mirati Therapeutics, Inc.	*		1,481		46,607
Momenta Pharmaceuticals, Inc.	*		2,618		59,717
Myriad Genetics, Inc.	*†		4,124		140,175
Neurocrine Biosciences, Inc.	*		2,588		123,603
NewLink Genetics Corp.	*†		2,670		118,201
Northwest Biotherapeutics, Inc.	*†		5,699		56,591
Novavax, Inc.	*		10,201		113,639
Oncothyreon, Inc.	*		11,784		44,072
OPKO Health, Inc.	*†		12,920		207,754
Orexigen Therapeutics, Inc.	*†		6,895		34,130
Organovo Holdings, Inc.	*		11,074		41,749
Osiris Therapeutics, Inc.	*†		1,402		27,283
Otonomy, Inc.	*		2,044		46,992
OvaScience, Inc.	*		1,412		40,849
PDL BioPharma, Inc.	†		3,841		24,698
Peregrine Pharmaceuticals, Inc.	*†		20,036		26,247
Pfenex, Inc.	*		2,406		46,676
Portola Pharmaceuticals, Inc.	*		1,194		54,387
Progenics Pharmaceuticals, Inc.	*†		793		5,916
Prothena Corp. plc (Ireland)	*		1,778		93,647
PTC Therapeutics, Inc.	*		1,567		75,420
Puma Biotechnology, Inc.	*†		853		99,588
Radius Health, Inc.	*		715		48,405
Raptor Pharmaceutical Corp.	*†		3,794		59,907
Receptos, Inc.	*		1,037		197,082
Regeneron Pharmaceuticals, Inc.	*		3,165		1,614,561
Regulus Therapeutics, Inc.	*		4,506		49,386
Repligen Corp.	*		1,117		46,099

See accompanying notes to financial statements.

241

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Retrophin, Inc.	*†		3,586	$	118,876
Rigel Pharmaceuticals, Inc.	*		1,882		6,041
Sangamo BioSciences, Inc.	*		2,626		29,122
Sarepta Therapeutics, Inc.	*†		2,129		64,785
Seattle Genetics, Inc.	*†		3,191		154,444
Sorrento Therapeutics, Inc.	*		2,737		48,226
Synergy Pharmaceuticals, Inc.	*†		6,708		55,676
TESARO, Inc.	*		795		46,738
TG Therapeutics, Inc.	*†		4,138		68,649
Threshold Pharmaceuticals, Inc.	*†		6,119		24,721
Trovagene, Inc.	*		4,449		45,157
Ultragenyx Pharmaceutical, Inc.	*		569		58,260
United Therapeutics Corp.	*		1,828		317,981
Vanda Pharmaceuticals, Inc.	*†		2,680		34,009
Vertex Pharmaceuticals, Inc.	*		9,580		1,182,938
Vital Therapies, Inc.	*		2,106		44,437
XOMA Corp.	*†		9,130		35,424
Zafgen, Inc.	*		1,187		41,106
ZIOPHARM Oncology, Inc.	*†		9,911		118,933
					33,071,054
Building Products—0.3%
A.O. Smith Corp.			4,024		289,647
Allegion plc (Ireland)			3,761		226,187
American Woodmark Corp.	*		800		43,880
Apogee Enterprises, Inc.			1,250		65,800
Armstrong World Industries, Inc.	*		1,413		75,285
Builders FirstSource, Inc.	*		3,379		43,386
Fortune Brands Home & Security, Inc.			5,665		259,570
Gibraltar Industries, Inc.	*		1,188		24,200
Griffon Corp.			1,288		20,505
Lennox International, Inc.			2,019		217,426
Masco Corp.			16,508		440,268
Masonite International Corp.	*		741		51,951
NCI Building Systems, Inc.	*		246		3,707
Owens Corning, Inc.			3,682		151,882
Patrick Industries, Inc.	*		1,461		55,591
Quanex Building Products Corp.			1,671		35,810
Simpson Manufacturing Co., Inc.			2,084		70,856
Trex Co., Inc.	*		1,462		72,267
Universal Forest Products, Inc.			1,121		58,326
USG Corp.	*		3,348		93,041
					2,299,585
Capital Markets—2.3%
Actua Corp.	*		4,779		68,149
Affiliated Managers Group, Inc.	*		2,083		455,344
Ameriprise Financial, Inc.			7,388		922,983
Arlington Asset Investment Corp., Class A	†		304		5,946
Artisan Partners Asset Management, Inc., Class A			707		32,847
Ashford, Inc.	*		48		4,189
Bank of New York Mellon Corp. (The)			44,286		1,858,683
BGC Partners, Inc., Class A			7,270		63,613
BlackRock, Inc.			5,053		1,748,237
Calamos Asset Management, Inc., Class A			1,800		22,050
Charles Schwab Corp. (The)			44,155		1,441,661
CIFC Corp.	†		4,547		36,058

		Shares		Value
Cowen Group, Inc., Class A	*		2,582	$	16,525
Diamond Hill Investment Group, Inc.			331		66,087
E*TRADE Financial Corp.	*		13,474		403,546
Eaton Vance Corp.			5,282		206,685
Evercore Partners, Inc., Class A			2,410		130,044
Federated Investors, Inc., Class B			3,745		125,420
Financial Engines, Inc.	†		1,762		74,850
Franklin Resources, Inc.			15,516		760,749
GAMCO Investors, Inc., Class A			558		38,340
Goldman Sachs Group, Inc. (The)			17,298		3,611,649
Greenhill & Co., Inc.			495		20,458
HFF, Inc., Class A			949		39,602
Interactive Brokers Group, Inc., Class A			1,570		65,249
INTL FCStone, Inc.	*		507		16,853
Invesco Ltd.			16,610		622,709
Investment Technology Group, Inc.			2,078		51,534
Janus Capital Group, Inc.			6,411		109,756
KCG Holdings, Inc., Class A	*†		444		5,475
Ladenburg Thalmann Financial Services, Inc.	*†		18,032		63,112
Lazard Ltd., Class A (Bermuda)			5,918		332,828
Legg Mason, Inc.			3,981		205,141
LPL Financial Holdings, Inc.	†		2,478		115,202
Morgan Stanley			60,297		2,338,921
Northern Trust Corp.			9,019		689,593
NorthStar Asset Management Group, Inc.		��	7,137		131,963
Piper Jaffray Cos.	*		963		42,025
Pzena Investment Management, Inc., Class A			6,659		73,582
Raymond James Financial, Inc.			4,128		245,946
Safeguard Scientifics, Inc.	*		678		13,194
SEI Investments Co.			5,918		290,160
State Street Corp.			16,546		1,274,042
Stifel Financial Corp.	*		2,724		157,284
T. Rowe Price Group, Inc.			9,852		765,796
TD Ameritrade Holding Corp.			9,598		353,398
Virtus Investment Partners, Inc.			210		27,773
Waddell & Reed Financial, Inc., Class A			3,971		187,868
Walter Investment Management Corp.	*†		1,972		45,100
Westwood Holdings Group, Inc.			1,027		61,178
WisdomTree Investments, Inc.	†		3,701		81,292
					20,520,689
Chemicals—2.4%
A. Schulman, Inc.			1,444		63,132
Air Products & Chemicals, Inc.			8,124		1,111,607
Airgas, Inc.			2,915		308,349
Albemarle Corp.			4,839		267,452
Ashland, Inc.			2,794		340,589
Axalta Coating Systems Ltd.	*		1,343		44,426
Axiall Corp.			2,616		94,307
Balchem Corp.			655		36,497
Cabot Corp.			2,693		100,422
Calgon Carbon Corp.			3,184		61,706
Celanese Corp., Series A			5,922		425,673
CF Industries Holdings, Inc.			10,395		668,191
Chemtura Corp.	*		5,201		147,240

See accompanying notes to financial statements.

242

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Cytec Industries, Inc.			3,288	$	199,023
Dow Chemical Co. (The)			45,536		2,330,077
E.I. Du Pont de Nemours & Co.			35,815		2,290,369
Eastman Chemical Co.			6,221		509,002
Ecolab, Inc.			10,184		1,151,505
Ferro Corp.	*		1,818		30,506
Flotek Industries, Inc.	*†		1,303		16,327
FMC Corp.			5,510		289,550
H.B. Fuller Co.			2,570		104,393
Huntsman Corp.			7,052		155,638
Innophos Holdings, Inc.			588		30,952
International Flavors & Fragrances, Inc.			3,643		398,143
Intrepid Potash, Inc.	*†		1,172		13,994
Koppers Holdings, Inc.			1,582		39,107
Kronos Worldwide, Inc.			2,262		24,792
LSB Industries, Inc.	*		1,411		57,625
LyondellBasell Industries NV, Class A			15,517		1,606,320
Minerals Technologies, Inc.			1,736		118,274
Monsanto Co.			18,989		2,024,037
Mosaic Co. (The)			12,715		595,698
NewMarket Corp.			378		167,790
Olin Corp.			2,796		75,352
OM Group, Inc.			1,147		38,539
OMNOVA Solutions, Inc.	*		6,478		48,520
Platform Specialty Products Corp.	*		3,070		78,531
PolyOne Corp.			3,321		130,084
PPG Industries, Inc.			10,732		1,231,175
Praxair, Inc.			11,518		1,376,977
Quaker Chemical Corp.			483		42,910
Rayonier Advanced Materials, Inc.			1,668		27,122
Rentech, Inc.	*		38,127		40,796
RPM International, Inc.			4,832		236,623
Scotts Miracle-Gro Co. (The), Class A			1,662		98,407
Sensient Technologies Corp.			2,027		138,525
Sherwin-Williams Co. (The)			3,473		955,144
Sigma-Aldrich Corp.			4,492		625,960
Stepan Co.			1,112		60,170
Tredegar Corp.			1,606		35,509
Tronox Ltd., Class A			1,637		23,949
Valspar Corp. (The)			4,039		330,471
W.R. Grace & Co.	*		3,427		343,728
Westlake Chemical Corp.			2,558		175,453
					21,936,658
Commercial Services & Supplies—0.6%
ABM Industries, Inc.			2,291		75,305
ACCO Brands Corp.	*		2,302		17,887
ADT Corp. (The)	†		7,488		251,372
Brady Corp., Class A			2,402		59,426
Brink’s Co. (The)			2,084		61,332
Cintas Corp.			3,889		328,971
Civeo Corp.			4,052		12,440
Clean Harbors, Inc.	*		2,414		129,728
Copart, Inc.	*		3,803		134,931
Covanta Holding Corp.			4,185		88,680
Deluxe Corp.			2,098		130,076
Ennis, Inc.			695		12,920
Essendant, Inc.			2,556		100,323
G&K Services, Inc., Class A			1,008		69,693
Healthcare Services Group, Inc.			4,963		164,027

		Shares		Value
Herman Miller, Inc.			3,155	$	91,274
HNI Corp.			2,512		128,489
Interface, Inc.			3,357		84,093
KAR Auction Services, Inc.			4,303		160,932
Kimball International, Inc., Class B			1,500		18,240
Knoll, Inc.			2,701		67,606
Matthews International Corp., Class A			1,052		55,903
McGrath RentCorp			916		27,874
Mobile Mini, Inc.			2,000		84,080
MSA Safety, Inc.			1,444		70,048
NL Industries, Inc.	*		2,111		15,643
Pitney Bowes, Inc.			7,953		165,502
R.R. Donnelley & Sons Co.	†		10,168		177,228
Republic Services, Inc.			11,229		439,840
Rollins, Inc.			2,229		63,593
Steelcase, Inc., Class A			1,992		37,669
Stericycle, Inc.	*		3,138		420,210
Tetra Tech, Inc.			2,114		54,203
Tyco International plc			15,636		601,673
Unifirst Corp.			300		33,555
US Ecology, Inc.			824		40,145
Viad Corp.			937		25,402
Waste Connections, Inc.			4,341		204,548
Waste Management, Inc.			17,744		822,434
West Corp.			1,023		30,792
					5,558,087
Communications Equipment—1.5%
ADTRAN, Inc.			3,197		51,951
Applied Optoelectronics, Inc.	*		2,394		41,560
Arista Networks, Inc.	*		527		43,077
ARRIS Group, Inc.	*		3,613		110,558
Black Box Corp.			865		17,300
Brocade Communications Systems, Inc.			14,008		166,415
CalAmp Corp.	*†		550		10,043
Ciena Corp.	*		5,950		140,896
Cisco Systems, Inc.			200,168		5,496,613
CommScope Holding Co., Inc.	*		1,638		49,975
Comtech Telecommunications Corp.			1,350		39,218
Digi International, Inc.	*		1,976		18,871
EchoStar Corp., Class A	*		1,877		91,372
Extreme Networks, Inc.	*		4,491		12,081
F5 Networks, Inc.	*		2,664		320,612
Finisar Corp.	*		7,171		128,146
Harmonic, Inc.	*		2,820		19,261
Harris Corp.			4,595		353,401
Infinera Corp.	*		4,191		87,927
InterDigital, Inc.			2,803		159,463
Ixia	*		2,330		28,985
JDS Uniphase Corp.	*		7,444		86,202
Juniper Networks, Inc.			17,553		455,851
KVH Industries, Inc.	*		375		5,044
Motorola Solutions, Inc.			8,298		475,807
NETGEAR, Inc.	*		1,206		36,204
Palo Alto Networks, Inc.	*		2,788		487,064
Plantronics, Inc.			1,826		102,822
Polycom, Inc.	*		8,354		95,570
QUALCOMM, Inc.			65,083		4,076,148
Sonus Networks, Inc.	*		2,140		14,809
Ubiquiti Networks, Inc.	†		904		28,851

See accompanying notes to financial statements.

243

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
ViaSat, Inc.	*		1,190	$	71,709
					13,323,806
Construction & Engineering—0.2%
AECOM	*		7,449		246,413
Aegion Corp.	*		1,223		23,164
Ameresco, Inc., Class A	*		5,845		44,714
Chicago Bridge & Iron Co. NV (Netherlands)	†		4,114		205,864
Comfort Systems USA, Inc.			2,179		50,008
Dycom Industries, Inc.	*		2,076		122,173
EMCOR Group, Inc.			2,908		138,915
Fluor Corp.			6,816		361,316
Furmanite Corp.	*		1,100		8,932
Granite Construction, Inc.			1,889		67,078
Jacobs Engineering Group, Inc.	*		4,968		201,800
KBR, Inc.			6,464		125,919
MasTec, Inc.	*		2,049		40,714
Quanta Services, Inc.	*		8,861		255,374
Tutor Perini Corp.	*		960		20,717
					1,913,101
Construction Materials—0.1%
Eagle Materials, Inc.			2,083		158,995
Headwaters, Inc.	*		2,095		38,171
Martin Marietta Materials, Inc.			2,213		313,162
Summit Materials, Inc., Class A	*		1,761		44,905
Vulcan Materials Co.			6,242		523,891
					1,079,124
Consumer Finance—0.8%
Ally Financial, Inc.	*		15,003		336,517
American Express Co.			34,718		2,698,283
Capital One Financial Corp.			22,188		1,951,878
Cash America International, Inc.			685		17,940
Credit Acceptance Corp.	*		253		62,284
Discover Financial Services			18,027		1,038,716
Encore Capital Group, Inc.	*†		851		36,372
Enova International, Inc.	*		626		11,694
Ezcorp, Inc., Class A	*		2,031		15,090
First Cash Financial Services, Inc.	*		2,461		112,197
Navient Corp.			18,104		329,674
Nelnet, Inc., Class A			481		20,832
PRA Group, Inc.	*†		1,512		94,213
Santander Consumer USA Holdings, Inc.	*		1,889		48,302
SLM Corp.	*		18,104		178,686
Springleaf Holdings, Inc.	*		1,077		49,445
Synchrony Financial	*		4,282		141,006
World Acceptance Corp.	*†		639		39,305
					7,182,434
Containers & Packaging—0.4%
AEP Industries, Inc.	*		372		20,534
AptarGroup, Inc.			3,130		199,600
Avery Dennison Corp.			3,924		239,129
Ball Corp.			6,557		459,974
Bemis Co., Inc.			3,374		151,864
Berry Plastics Group, Inc.	*		2,675		86,670
Crown Holdings, Inc.	*		5,070		268,254
Graphic Packaging Holding Co.			11,052		153,954
Greif, Inc., Class A			852		30,544
MeadWestvaco Corp.			6,183		291,776

		Shares		Value
Myers Industries, Inc.			1,716	$	32,604
Owens-Illinois, Inc.	*		6,064		139,108
Packaging Corp. of America			4,339		271,144
Rock-Tenn Co., Class A	†		5,176		311,595
Sealed Air Corp.			7,726		396,962
Silgan Holdings, Inc.			1,615		85,207
Sonoco Products Co.			3,353		143,710
					3,282,629
Distributors—0.1%
Core-Mark Holding Co., Inc.			515		30,514
Genuine Parts Co.			6,041		540,851
LKQ Corp.	*		11,438		345,942
Pool Corp.			2,434		170,818
VOXX International Corp.	*		1,218		10,085
					1,098,210
Diversified Consumer Services—0.2%
2U, Inc.	*		1,540		49,573
American Public Education, Inc.	*		698		17,953
Apollo Education Group, Inc.	*		3,118		40,160
Ascent Capital Group, Inc., Class A	*		545		23,293
Bright Horizons Family Solutions, Inc.	*		712		41,154
Career Education Corp.	*		4,167		13,751
Chegg, Inc.	*†		5,262		41,254
DeVry Education Group, Inc.			2,980		89,340
Graham Holdings Co., Class B			183		196,734
Grand Canyon Education, Inc.	*		3,129		132,670
H&R Block, Inc.			11,402		338,069
Houghton Mifflin Harcourt Co.	*		2,131		53,701
LifeLock, Inc.	*†		3,002		49,233
Regis Corp.	*		1,818		28,652
Service Corp. International			10,864		319,727
ServiceMaster Global Holdings, Inc.	*		2,577		93,210
Sotheby’s	†		2,623		118,665
Steiner Leisure Ltd. (Bahamas)	*		1,503		80,831
Strayer Education, Inc.	*		551		23,748
Universal Technical Institute, Inc.			418		3,595
Weight Watchers International, Inc.	*†		1,826		8,856
					1,764,169
Diversified Financial Services—1.7%
Berkshire Hathaway, Inc., Class B	*		72,434		9,858,992
CBOE Holdings, Inc.			3,873		221,613
CME Group, Inc.			12,281		1,142,870
FNFV Group	*		3,132		48,170
Intercontinental Exchange, Inc.			4,413		986,791
Leucadia National Corp.			12,939		314,159
MarketAxess Holdings, Inc.			1,202		111,510
McGraw Hill Financial, Inc.			10,592		1,063,966
Moody’s Corp.			7,473		806,785
MSCI, Inc.			4,088		251,617
NASDAQ OMX Group, Inc. (The)			5,431		265,087
PHH Corp.	*		2,212		57,578
PICO Holdings, Inc.	*		1,150		16,928
Resource America, Inc., Class A			1,287		10,824
Tiptree Financial, Inc., Class A			4,605		33,386
Voya Financial, Inc.			7,075		328,775
					15,519,051

See accompanying notes to financial statements.

244

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Diversified Telecommunication Services—1.8%
8x8, Inc.	*		3,048	$	27,310
AT&T, Inc.			204,825		7,275,384
CenturyLink, Inc.			22,585		663,547
Cincinnati Bell, Inc.	*		8,448		32,271
Cogent Communications Holdings, Inc.			2,886		97,662
Consolidated Communications Holdings, Inc.			561		11,787
Frontier Communications Corp.	†		39,354		194,802
General Communication, Inc., Class A	*		2,516		42,797
Globalstar, Inc.	*†		9,926		20,944
IDT Corp., Class B			1,600		28,928
Level 3 Communications, Inc.	*		11,647		613,448
Lumos Networks Corp.			1,350		19,967
Premiere Global Services, Inc.	*		2,174		22,370
Straight Path Communications, Inc., Class B	*		1,402		45,972
Verizon Communications, Inc.			162,222		7,561,167
Vonage Holdings Corp.	*		11,167		54,830
Windstream Holdings, Inc.	†		3,500		22,330
Zayo Group Holdings, Inc.	*		2,335		60,056
					16,795,572
Electric Utilities—1.4%
ALLETE, Inc.			1,243		57,663
American Electric Power Co., Inc.			19,257		1,020,043
Cleco Corp.			2,109		113,570
Duke Energy Corp.			28,089		1,983,645
Edison International			12,740		708,089
El Paso Electric Co.			1,748		60,586
Empire District Electric Co. (The)			4,477		97,599
Entergy Corp.			6,604		465,582
Eversource Energy			11,975		543,785
Exelon Corp.			33,253		1,044,809
FirstEnergy Corp.			16,831		547,849
Great Plains Energy, Inc.			4,631		111,885
Hawaiian Electric Industries, Inc.			3,066		91,152
IDACORP, Inc.			1,515		85,052
ITC Holdings Corp.			5,429		174,705
MGE Energy, Inc.			2,338		90,551
NextEra Energy, Inc.			17,311		1,696,997
OGE Energy Corp.			6,716		191,876
Otter Tail Corp.			1,095		29,127
Pepco Holdings, Inc.			8,859		238,662
Pinnacle West Capital Corp.			3,789		215,556
PNM Resources, Inc.			2,169		53,358
Portland General Electric Co.			1,970		65,325
PPL Corp.			27,620		813,961
Southern Co. (The)			36,691		1,537,353
UIL Holdings Corp.			1,496		68,547
Unitil Corp.			2,609		86,149
Westar Energy, Inc.			4,032		137,975
Xcel Energy, Inc.			18,979		610,744
					12,942,195
Electrical Equipment—0.6%
Acuity Brands, Inc.			1,873		337,103
AMETEK, Inc.			9,526		521,834
AZZ, Inc.			2,357		122,093

		Shares		Value
Babcock & Wilcox Co. (The)	*		5,852	$	191,946
Eaton Corp. plc			18,634		1,257,609
Emerson Electric Co.			27,226		1,509,137
Encore Wire Corp.			1,400		62,006
EnerSys			2,156		151,545
Enphase Energy, Inc.	*†		4,495		34,207
Franklin Electric Co., Inc.			1,804		58,323
FuelCell Energy, Inc.	*†		36,395		35,554
Generac Holdings, Inc.	*†		3,020		120,045
General Cable Corp.			1,732		34,172
GrafTech International Ltd.	*		3,487		17,296
Hubbell, Inc., Class B			2,078		225,006
LSI Industries, Inc.			1,083		10,115
Plug Power, Inc.	*†		9,245		22,650
Polypore International, Inc.	*		2,675		160,179
Powell Industries, Inc.			1,045		36,753
Regal Beloit Corp.			1,272		92,335
Rockwell Automation, Inc.			5,377		670,189
SolarCity Corp.	*		1,455		77,915
Vicor Corp.	*		1,380		16,822
					5,764,834
Electronic Equipment, Instruments & Components—0.7%
Agilysys, Inc.	*		1,335		12,255
Amphenol Corp., Class A			12,278		711,756
Anixter International, Inc.	*		1,723		112,253
Arrow Electronics, Inc.	*		4,585		255,843
Avnet, Inc.			5,129		210,853
AVX Corp.			2,270		30,554
Badger Meter, Inc.			1,134		71,998
Belden, Inc.			1,894		153,850
Benchmark Electronics, Inc.	*		2,520		54,886
CDW Corp.			3,545		121,523
Checkpoint Systems, Inc.			1,441		14,669
Cognex Corp.			4,046		194,613
Coherent, Inc.	*		1,348		85,571
Corning, Inc.			52,217		1,030,241
CTS Corp.			1,580		30,447
Daktronics, Inc.			927		10,994
Dolby Laboratories, Inc., Class A			1,370		54,362
DTS, Inc.	*		755		23,020
Electro Rent Corp.			950		10,317
FARO Technologies, Inc.	*		453		21,155
FEI Co.			1,368		113,448
FLIR Systems, Inc.			5,608		172,839
II-VI, Inc.	*		1,364		25,889
Ingram Micro, Inc., Class A	*		7,190		179,966
Insight Enterprises, Inc.	*		2,054		61,435
InvenSense Inc.	*†		1,864		28,146
IPG Photonics Corp.	*		2,130		181,423
Itron, Inc.	*		955		32,890
Jabil Circuit, Inc.			8,287		176,430
Keysight Technologies, Inc.	*		6,630		206,790
Kimball Electronics, Inc.	*		1,125		16,414
Knowles Corp.	*†		2,880		52,128
Littelfuse, Inc.			909		86,255
Mercury Systems, Inc.	*		963		14,098
Mesa Laboratories, Inc.	†		887		78,854
Methode Electronics, Inc.			1,383		37,963
MTS Systems Corp.			1,342		92,531
National Instruments Corp.			5,121		150,865
Newport Corp.	*		1,614		30,601
OSI Systems, Inc.	*		867		61,375

See accompanying notes to financial statements.

245

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Park Electrochemical Corp.			1,086	$	20,808
PC Connection, Inc.			854		21,128
Plexus Corp.	*		1,884		82,670
Rofin-Sinar Technologies, Inc.	*		2,200		60,720
Rogers Corp.	*		803		53,110
Sanmina Corp.	*		3,577		72,112
ScanSource, Inc.	*		1,126		42,856
SYNNEX Corp.			547		40,035
Tech Data Corp.	*		2,057		118,401
Trimble Navigation Ltd.	*		8,636		202,601
TTM Technologies, Inc.	*		1,639		16,374
Universal Display Corp.	*		1,350		69,835
Vishay Intertechnology, Inc.			6,172		72,089
Vishay Precision Group, Inc.	*		440		6,626
Zebra Technologies Corp., Class A	*		2,729		303,055
					6,193,920
Energy Equipment & Services—1.3%
Atwood Oceanics, Inc.	†		2,474		65,413
Baker Hughes, Inc.			17,431		1,075,493
Basic Energy Services, Inc.	*†		7,861		59,351
Bristow Group, Inc.	†		982		52,341
C&J Energy Services Ltd.	*		3,382		44,642
Cameron International Corp.	*		8,658		453,419
CARBO Ceramics, Inc.	†		1,137		47,333
Diamond Offshore Drilling, Inc.	†		2,656		68,551
Dresser-Rand Group, Inc.	*		2,924		249,066
Dril-Quip, Inc.	*		1,338		100,684
Ensco plc, Class A (United Kingdom)			5,129		114,223
Era Group, Inc.	*		713		14,602
Exterran Holdings, Inc.			2,465		80,482
FMC Technologies, Inc.	*		8,237		341,753
Forum Energy Technologies, Inc.	*		2,107		42,730
Geospace Technologies Corp.	*		1,100		25,355
Gulfmark Offshore, Inc., Class A	†		1,000		11,600
Halliburton Co.			32,724		1,409,423
Helix Energy Solutions Group, Inc.	*		3,853		48,663
Helmerich & Payne, Inc.			3,926		276,469
Hornbeck Offshore Services, Inc.	*†		1,800		36,954
ION Geophysical Corp.	*		6,136		6,566
Key Energy Services, Inc.	*†		31,574		56,833
Matrix Service Co.	*		468		8,555
McDermott International, Inc.	*†		11,704		62,499
Nabors Industries Ltd. (Bermuda)			10,988		158,557
National Oilwell Varco, Inc.			16,514		797,296
Newpark Resources, Inc.	*		3,484		28,325
Noble Corp. plc (United Kingdom)			3,485		53,634
Oceaneering International, Inc.			4,464		207,978
Oil States International, Inc.	*		2,026		75,428
Parker Drilling Co.	*		3,755		12,467
Patterson-UTI Energy, Inc.			6,712		126,286
PHI, Inc.	*		774		23,235
Pioneer Energy Services Corp.	*		2,700		17,118
Rowan Cos. plc, Class A			3,918		82,709
Schlumberger Ltd.			50,798		4,378,280
SEACOR Holdings, Inc.	*		713		50,580
Seadrill Ltd. (Bermuda)	†		15,030		155,410
Seventy Seven Energy, Inc.	*†		10,182		43,681
Superior Energy Services, Inc.			7,732		162,681
Tesco Corp.			3,185		34,717
TETRA Technologies, Inc.	*		2,352		15,006
Tidewater, Inc.	†		2,250		51,143

		Shares		Value
Unit Corp.	*†		1,702	$	46,158
US Silica Holdings, Inc.	†		2,169		63,682
Weatherford International plc (Switzerland)	*		23,505		288,406
					11,625,777
Food & Staples Retailing—2.0%
Andersons, Inc. (The)			1,050		40,950
Casey’s General Stores, Inc.			1,608		153,950
Costco Wholesale Corp.			17,075		2,306,150
CVS Health Corp.			45,214		4,742,044
Fresh Market, Inc. (The)	*†		1,489		47,856
Kroger Co. (The)			20,480		1,485,005
PriceSmart, Inc.			1,212		110,583
Rite Aid Corp.	*		36,454		304,391
SpartanNash Co.			808		26,292
Sprouts Farmers Market, Inc.	*		3,116		84,070
SUPERVALU, Inc.	*		8,154		65,966
Sysco Corp.			22,074		796,871
United Natural Foods, Inc.	*		1,912		121,756
Walgreens Boots Alliance, Inc.			34,353		2,900,767
Wal-Mart Stores, Inc.			61,258		4,345,030
Weis Markets, Inc.			382		16,101
Whole Foods Market, Inc.			14,831		584,935
					18,132,717
Food Products—1.6%
Archer-Daniels-Midland Co.			25,110		1,210,804
B&G Foods, Inc.			4,432		126,445
Bunge Ltd.			5,710		501,338
Cal-Maine Foods, Inc.	†		956		49,903
Campbell Soup Co.			6,386		304,293
ConAgra Foods, Inc.			15,655		684,437
Darling Ingredients, Inc.	*		7,139		104,658
Dean Foods Co.			3,140		50,774
Farmer Bros. Co.	*		930		21,855
Flowers Foods, Inc.			7,909		167,275
Fresh Del Monte Produce, Inc.			567		21,920
General Mills, Inc.			24,219		1,349,483
Hain Celestial Group, Inc. (The)	*		3,503		230,708
Hershey Co. (The)			5,678		504,377
Hormel Foods Corp.			6,390		360,204
Ingredion, Inc.			3,164		252,519
Inventure Foods, Inc.	*		5,272		53,511
J&J Snack Foods Corp.			761		84,220
J.M. Smucker Co. (The)			4,332		469,632
Kellogg Co.			10,655		668,068
Keurig Green Mountain, Inc.			5,854		448,592
Kraft Foods Group, Inc.			23,054		1,962,817
Lancaster Colony Corp.			1,389		126,191
Landec Corp.	*		986		14,228
McCormick & Co., Inc. (Non-Voting Shares)			4,577		370,508
Mead Johnson Nutrition Co.			7,592		684,950
Mondelez International, Inc., Class A			65,517		2,695,369
Pilgrim’s Pride Corp.	†		1,940		44,562
Pinnacle Foods, Inc.			2,615		119,087
Post Holdings, Inc.	*		1,156		62,343
Sanderson Farms, Inc.	†		864		64,938
Seaboard Corp.	*†		18		64,782
Snyder’s-Lance, Inc.			1,370		44,210
Tootsie Roll Industries, Inc.	†		722		23,328
TreeHouse Foods, Inc.	*		1,256		101,774

See accompanying notes to financial statements.

246

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Tyson Foods, Inc., Class A			11,336	$	483,254
WhiteWave Foods Co. (The)	*		5,862		286,534
					14,813,891
Gas Utilities—0.2%
AGL Resources, Inc.			4,652		216,597
Atmos Energy Corp.			3,593		184,249
Chesapeake Utilities Corp.			1,423		76,629
Laclede Group, Inc. (The)			1,025		53,362
National Fuel Gas Co.			3,639		214,301
New Jersey Resources Corp.			3,362		92,623
Northwest Natural Gas Co.			1,183		49,899
ONE Gas, Inc.			1,954		83,162
Piedmont Natural Gas Co., Inc.	†		2,740		96,749
Questar Corp.			7,412		154,985
South Jersey Industries, Inc.			4,028		99,612
Southwest Gas Corp.			1,252		66,619
UGI Corp.			6,633		228,507
WGL Holdings, Inc.			2,315		125,681
					1,742,975
Health Care Equipment & Supplies—2.2%
Abaxis, Inc.			749		38,559
Abbott Laboratories			59,088		2,900,039
ABIOMED, Inc.	*		886		58,237
Alere, Inc.	*		3,011		158,830
Align Technology, Inc.	*		2,449		153,577
Analogic Corp.			593		46,788
Baxter International, Inc.			21,536		1,506,012
Becton Dickinson and Co.			8,091		1,146,090
Boston Scientific Corp.	*		53,699		950,472
C.R. Bard, Inc.			2,876		490,933
Cantel Medical Corp.			828		44,439
Cerus Corp.	*†		9,553		49,580
CONMED Corp.			1,362		79,364
Cooper Cos., Inc. (The)			1,627		289,557
CryoLife, Inc.			937		10,569
Cyberonics, Inc.	*		956		56,844
Cynosure, Inc., Class A	*		314		12,114
DENTSPLY International, Inc.			5,668		292,185
DexCom, Inc.	*		3,795		303,524
Edwards Lifesciences Corp.	*		3,865		550,492
Endologix, Inc.	*		2,429		37,261
GenMark Diagnostics, Inc.	*		4,863		44,059
Globus Medical, Inc., Class A	*		1,444		37,067
Greatbatch, Inc.	*		942		50,793
Haemonetics Corp.	*		2,314		95,707
Halyard Health, Inc.	*†		1,817		73,589
HeartWare International, Inc.	*		664		48,266
Hill-Rom Holdings, Inc.			1,576		85,624
Hologic, Inc.	*		9,792		372,684
ICU Medical, Inc.	*		605		57,874
IDEXX Laboratories, Inc.	*		3,970		254,636
Inogen, Inc.	*		1,047		46,696
Insulet Corp.	*		2,469		76,502
Integra LifeSciences Holdings Corp.	*		1,190		80,170
Intuitive Surgical, Inc.	*		1,385		671,033
Invacare Corp.			1,333		28,833
Masimo Corp.	*		1,500		58,110
Medtronic plc (Ireland)			55,919		4,143,598
Meridian Bioscience, Inc.			1,158		21,585
Merit Medical Systems, Inc.	*		3,149		67,829

		Shares		Value
Natus Medical, Inc.	*		956	$	40,687
Neogen Corp.	*		3,150		149,436
NuVasive, Inc.	*		1,746		82,726
NxStage Medical, Inc.	*		1,869		26,699
OraSure Technologies, Inc.	*		1,687		9,093
ResMed, Inc.	†		6,068		342,053
Rockwell Medical, Inc.	*		2,762		44,523
RTI Surgical, Inc.	*		807		5,213
Sirona Dental Systems, Inc.	*		2,048		205,660
Spectranetics Corp. (The)	*†		1,045		24,045
St. Jude Medical, Inc.			10,767		786,745
STAAR Surgical Co.	*†		848		8,192
STERIS Corp.	†		2,777		178,950
Stryker Corp.			12,962		1,238,778
SurModics, Inc.	*		3,284		76,911
Teleflex, Inc.			1,322		179,065
Thoratec Corp.	*		2,306		102,778
Tornier NV (Netherlands)	*		1,423		35,561
TransEnterix, Inc.	*		7,273		21,819
Unilife Corp.	*		19,810		42,592
Varian Medical Systems, Inc.	*		4,761		401,495
West Pharmaceutical Services, Inc.			3,408		197,937
Wright Medical Group, Inc.	*		1,309		34,374
Zeltiq Aesthetics, Inc.	*		1,083		31,916
Zimmer Biomet Holdings, Inc.			6,581		718,843
					20,476,212
Health Care Providers & Services—2.9%
Acadia Healthcare Co., Inc.	*		1,342		105,119
Adeptus Health, Inc., Class A	*		511		48,540
Aetna, Inc.			14,039		1,789,411
Air Methods Corp.	*		2,900		119,886
Almost Family, Inc.	*		422		16,842
Amedisys, Inc.	*		1,698		67,462
AmerisourceBergen Corp.			9,159		973,968
AMN Healthcare Services, Inc.	*		1,507		47,606
Amsurg Corp.	*		1,423		99,539
Anthem, Inc.			10,756		1,765,490
BioScrip, Inc.	*†		1,095		3,975
Brookdale Senior Living, Inc.	*		5,640		195,708
Cardinal Health, Inc.			13,757		1,150,773
Catamaran Corp.	*		7,895		482,227
Centene Corp.	*		3,944		317,098
Chemed Corp.	†		1,162		152,338
Cigna Corp.			10,551		1,709,262
Community Health Systems, Inc.	*		4,972		313,087
Cross Country Healthcare, Inc.	*		1,339		16,978
DaVita HealthCare Partners, Inc.	*		7,014		557,403
Envision Healthcare Holdings, Inc.	*		4,871		192,307
ExamWorks Group, Inc.	*		1,308		51,143
Express Scripts Holding Co.	*		29,330		2,608,610
Genesis Healthcare, Inc.	*		6,839		45,137
Hanger, Inc.	*		1,083		25,386
HCA Holdings, Inc.	*		12,387		1,123,749
Health Net, Inc.	*		3,209		205,761
HealthSouth Corp.			3,032		139,654
Healthways, Inc.	*		1,362		16,317
Henry Schein, Inc.	*		3,652		519,022
Humana, Inc.			6,153		1,176,946
Kindred Healthcare, Inc.			2,526		51,253
Laboratory Corp. of America Holdings	*		3,900		472,758
Landauer, Inc.			598		21,313

See accompanying notes to financial statements.

247

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
LifePoint Health, Inc.	*		2,149	$	186,856
Magellan Health, Inc.	*		1,400		98,098
McKesson Corp.			9,025		2,028,910
MEDNAX, Inc.	*		4,364		323,416
Molina Healthcare, Inc.	*		681		47,874
National HealthCare Corp.			431		28,011
National Research Corp., Class A			3,750		53,287
Omnicare, Inc.			4,277		403,107
Owens & Minor, Inc.			2,434		82,756
Patterson Cos., Inc.			4,679		227,633
PharMerica Corp.	*		1,365		45,454
Premier, Inc., Class A	*		1,076		41,383
Quest Diagnostics, Inc.			6,754		489,800
Select Medical Holdings Corp.			2,537		41,099
Team Health Holdings, Inc.	*		3,999		261,255
Tenet Healthcare Corp.	*		4,822		279,097
U.S. Physical Therapy, Inc.			1,300		71,188
UnitedHealth Group, Inc.			37,988		4,634,536
Universal American Corp.	*		1,812		18,337
Universal Health Services, Inc., Class B			3,504		497,918
VCA, Inc.	*		3,442		187,262
WellCare Health Plans, Inc.	*		1,500		127,245
					26,756,590
Health Care Technology—0.2%
Allscripts Healthcare Solutions, Inc.	*		4,515		61,765
athenahealth, Inc.	*†		1,388		159,037
Cerner Corp.	*		11,584		799,991
HMS Holdings Corp.	*†		4,230		72,629
IMS Health Holdings, Inc.	*		3,258		99,858
MedAssets, Inc.	*		1,860		41,032
Medidata Solutions, Inc.	*		2,616		142,101
Omnicell, Inc.	*		783		29,527
Quality Systems, Inc.	†		1,536		25,451
Veeva Systems, Inc., Class A	*†		1,186		33,244
					1,464,635
Hotels, Restaurants & Leisure—2.0%
Aramark			4,681		144,971
Biglari Holdings, Inc.	*†		90		37,238
Bloomin’ Brands, Inc.			1,949		41,611
Bob Evans Farms, Inc.			1,465		74,788
Boyd Gaming Corp.	*		2,619		39,154
Brinker International, Inc.			2,003		115,473
Buffalo Wild Wings, Inc.	*		867		135,850
Carnival Corp.			17,391		858,942
Cheesecake Factory, Inc. (The)			3,444		187,819
Chipotle Mexican Grill, Inc.	*		1,207		730,223
Choice Hotels International, Inc.			1,616		87,668
Churchill Downs, Inc.			638		79,782
Cracker Barrel Old Country Store, Inc.	†		919		137,078
Darden Restaurants, Inc.			4,499		319,789
Diamond Resorts International, Inc.	*		1,233		38,901
DineEquity, Inc.			1,079		106,918
Domino’s Pizza, Inc.			1,974		223,852
Dunkin’ Brands Group, Inc.	†		4,613		253,715
Fiesta Restaurant Group, Inc.	*		595		29,750
Hilton Worldwide Holdings, Inc.	*		17,127		471,849
Hyatt Hotels Corp., Class A	*		1,435		81,350

		Shares		Value
International Speedway Corp., Class A			1,190	$	43,637
Interval Leisure Group, Inc.			1,886		43,095
Isle of Capri Casinos, Inc.	*		1,250		22,688
Jack in the Box, Inc.			2,028		178,788
Krispy Kreme Doughnuts, Inc.	*		2,573		49,556
Las Vegas Sands Corp.			15,013		789,233
Marcus Corp. (The)			1,505		28,866
Marriott International, Inc., Class A			9,363		696,514
Marriott Vacations Worldwide Corp.			1,075		98,631
McDonald’s Corp.			38,282		3,639,470
MGM Resorts International	*		16,457		300,340
Morgans Hotel Group Co.	*		2,300		15,502
Norwegian Cruise Line Holdings Ltd.	*		3,618		202,753
Panera Bread Co., Class A	*		1,250		218,463
Papa John’s International, Inc.			2,099		158,705
Penn National Gaming, Inc.	*		2,586		47,453
Pinnacle Entertainment, Inc.	*		1,629		60,729
Popeyes Louisiana Kitchen, Inc.	*		752		45,112
Red Robin Gourmet Burgers, Inc.	*		692		59,387
Royal Caribbean Cruises Ltd.			6,343		499,131
Ruby Tuesday, Inc.	*		2,816		17,656
Scientific Games Corp., Class A	*†		2,517		39,114
SeaWorld Entertainment, Inc.			2,129		39,259
Six Flags Entertainment Corp.			2,984		133,832
Sonic Corp.			3,730		107,424
Speedway Motorsports, Inc.			149		3,375
Starbucks Corp.			59,142		3,170,898
Starwood Hotels & Resorts Worldwide, Inc.			7,446		603,796
Texas Roadhouse, Inc.			3,070		114,910
Vail Resorts, Inc.			1,491		162,817
Wendy’s Co. (The)	†		11,481		129,506
Wyndham Worldwide Corp.			5,799		474,996
Wynn Resorts Ltd.			3,423		337,747
Yum! Brands, Inc.			16,971		1,528,748
					18,258,852
Household Durables—0.6%
Beazer Homes USA, Inc.	*		4,467		89,117
CSS Industries, Inc.			2,711		82,008
D.R. Horton, Inc.			12,534		342,930
Ethan Allen Interiors, Inc.			1,551		40,853
Garmin Ltd. (Switzerland)			4,621		203,000
GoPro, Inc., Class A	*		1,896		99,957
Harman International Industries, Inc.			2,728		324,468
Helen of Troy Ltd. (Bermuda)	*		1,333		129,954
Hovnanian Enterprises, Inc., Class A	*†		13,407		35,663
Jarden Corp.	*		7,443		385,175
KB Home			3,248		53,917
La-Z-Boy, Inc.			2,404		63,321
Leggett & Platt, Inc.			5,407		263,213
Lennar Corp., Class A			6,464		329,923
M/I Homes, Inc.	*		610		15,049
MDC Holdings, Inc.			1,091		32,697
Meritage Homes Corp.	*		1,300		61,217
Mohawk Industries, Inc.	*		2,377		453,769
NACCO Industries, Inc., Class A			309		18,775
Newell Rubbermaid, Inc.			10,591		435,396
NVR, Inc.	*		147		196,980
PulteGroup, Inc.			13,539		272,811

See accompanying notes to financial statements.

248

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Ryland Group, Inc. (The)			1,852	$	85,877
Standard Pacific Corp.	*		2,568		22,881
Tempur Sealy International, Inc.	*		1,991		131,207
Toll Brothers, Inc.	*		6,318		241,284
TRI Pointe Homes, Inc.	*		4,048		61,934
Tupperware Brands Corp.			2,427		156,639
Universal Electronics, Inc.	*		639		31,848
Whirlpool Corp.			3,016		521,919
					5,183,782
Household Products—1.5%
Central Garden & Pet Co., Class A	*		1,230		14,034
Church & Dwight Co., Inc.			5,138		416,846
Clorox Co. (The)			4,830		502,417
Colgate-Palmolive Co.			35,450		2,318,784
Energizer Holdings, Inc.			2,126		279,675
HRG Group, Inc.	*		2,642		34,346
Kimberly-Clark Corp.			14,543		1,541,122
Procter & Gamble Co. (The)			105,887		8,284,599
Spectrum Brands Holdings, Inc.			533		54,361
WD-40 Co.			949		82,715
					13,528,899
Independent Power and Renewable Electricity Producers—0.1%
Abengoa Yield plc (Spain)	†		1,011		31,665
AES Corp. (The)			26,935		357,158
Calpine Corp.	*		16,000		287,840
Dynegy, Inc.	*		5,695		166,579
NRG Energy, Inc.			14,472		331,119
NRG Yield, Inc., Class A	†		641		14,096
NRG Yield, Inc., Class C	†		641		14,031
Pattern Energy Group, Inc.	†		1,263		35,844
Talen Energy Corp.	*		3,450		59,200
TerraForm Power, Inc., Class A	*		1,079		40,980
					1,338,512
Industrial Conglomerates—1.9%
3M Co.			25,252		3,896,384
Carlisle Cos., Inc.			2,452		245,494
Danaher Corp.			23,594		2,019,410
General Electric Co.			394,656		10,486,010
Roper Technologies, Inc.			3,837		661,729
					17,309,027
Insurance—3.0%
ACE Ltd. (Switzerland)			12,753		1,296,725
Aflac, Inc.			17,160		1,067,352
Alleghany Corp.	*		614		287,819
Allied World Assurance Co. Holdings AG (Switzerland)			5,025		217,181
Allstate Corp. (The)			17,394		1,128,349
Ambac Financial Group, Inc.	*		1,330		22,131
American Equity Investment Life Holding Co.			4,302		116,068
American Financial Group, Inc.			2,657		172,811
American International Group, Inc.			53,838		3,328,265
American National Insurance Co.			374		38,268
AmTrust Financial Services, Inc.	†		678		44,416

		Shares		Value
Aon plc (United Kingdom)			11,889	$	1,185,096
Arch Capital Group Ltd. (Bermuda)	*		4,284		286,857
Argo Group International Holdings Ltd. (Bermuda)			1,086		60,490
Arthur J. Gallagher & Co.			5,697		269,468
Aspen Insurance Holdings Ltd. (Bermuda)			3,512		168,225
Assurant, Inc.			2,563		171,721
Assured Guaranty Ltd. (Bermuda)			7,538		180,837
Axis Capital Holdings Ltd. (Bermuda)			4,847		258,684
Baldwin & Lyons, Inc., Class B			945		21,754
Brown & Brown, Inc.			5,036		165,483
Chubb Corp. (The)			9,750		927,615
Cincinnati Financial Corp.			6,036		302,887
CNA Financial Corp.			1,422		54,335
CNO Financial Group, Inc.			6,600		121,110
Crawford & Co., Class B			1,891		15,941
EMC Insurance Group, Inc.			512		12,823
Employers Holdings, Inc.			2,770		63,101
Endurance Specialty Holdings Ltd. (Bermuda)			2,698		177,259
Enstar Group Ltd. (Bermuda)	*		772		119,621
Erie Indemnity Co., Class A			1,023		83,958
Everest Re Group Ltd. (Bermuda)			2,228		405,518
FBL Financial Group, Inc., Class A			1,275		73,593
First American Financial Corp.			3,159		117,546
FNF Group			10,681		395,090
Genworth Financial, Inc., Class A	*		16,181		122,490
Hanover Insurance Group, Inc. (The)			2,346		173,674
Hartford Financial Services Group, Inc. (The)			16,799		698,334
HCC Insurance Holdings, Inc.			3,999		307,283
Horace Mann Educators Corp.			2,000		72,760
Independence Holding Co.			1,056		13,929
Infinity Property & Casualty Corp.			810		61,430
Kansas City Life Insurance Co.			902		41,230
Kemper Corp.			1,906		73,476
Lincoln National Corp.			10,899		645,439
Loews Corp.			11,788		453,956
Markel Corp.	*		549		439,573
Marsh & McLennan Cos., Inc.			21,030		1,192,401
MBIA, Inc.	*		5,212		31,324
Mercury General Corp.			1,109		61,716
MetLife, Inc.			35,958		2,013,288
Montpelier Re Holdings Ltd. (Bermuda)			2,618		103,411
Navigators Group, Inc. (The)	*		938		72,751
Old Republic International Corp.			10,195		159,348
PartnerRe Ltd. (Bermuda)			2,300		295,550
Primerica, Inc.			1,747		79,820
Principal Financial Group, Inc.			10,891		558,599
ProAssurance Corp.			2,054		94,915
Progressive Corp. (The)			23,937		666,167
Prudential Financial, Inc.			18,098		1,583,937
Reinsurance Group of America, Inc.			2,454		232,811
RenaissanceRe Holdings Ltd. (Bermuda)			2,374		240,985
RLI Corp.			2,328		119,636
Safety Insurance Group, Inc.			850		49,054
Selective Insurance Group, Inc.			2,122		59,522
StanCorp Financial Group, Inc.			2,460		186,001

See accompanying notes to financial statements.

249

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
State Auto Financial Corp.			488	$	11,688
Stewart Information Services Corp.			1,239		49,312
Symetra Financial Corp.			2,025		48,944
Torchmark Corp.			6,045		351,940
Travelers Cos., Inc. (The)			13,074		1,263,733
United Fire Group, Inc.			1,250		40,950
Unum Group			12,054		430,931
Validus Holdings Ltd. (Bermuda)			3,553		156,296
W.R. Berkley Corp.			3,415		177,341
White Mountains Insurance Group Ltd.			300		196,482
XL Group plc (Ireland)			9,901		368,317
					27,359,141
Internet & Catalog Retail—1.4%
1-800-Flowers.com, Inc., Class A	*		793		8,295
Amazon.com, Inc.	*		14,851		6,446,671
Expedia, Inc.			3,588		392,348
FTD Cos., Inc.	*		501		14,123
Groupon, Inc.	*†		19,947		100,333
HomeAway, Inc.	*		4,242		132,011
HSN, Inc.			1,886		132,378
Lands’ End, Inc.	*†		820		20,361
Liberty Interactive Corp. QVC Group, Series A	*		20,728		575,202
Liberty TripAdvisor Holdings, Inc., Series A	*		3,296		106,197
Liberty Ventures, Series A	*		6,242		245,123
Netflix, Inc.	*		2,292		1,505,706
Orbitz Worldwide, Inc.	*		4,023		45,943
Overstock.com, Inc.	*		770		17,356
Priceline Group, Inc. (The)	*		2,013		2,317,708
Shutterfly, Inc.	*		2,976		142,283
Travelport Worldwide Ltd. (United Kingdom)			3,216		44,316
TripAdvisor, Inc.	*		4,347		378,798
Wayfair, Inc., Class A	*		1,230		46,297
zulily, Inc., Class A	*†		1,125		14,670
					12,686,119
Internet Software & Services—3.2%
Akamai Technologies, Inc.	*		7,479		522,184
Angie’s List, Inc.	*		1,166		7,183
Bazaarvoice, Inc.	*		5,255		30,952
Blucora, Inc.	*		1,323		21,366
Box, Inc., Class A	*		2,480		46,227
Brightcove, Inc.	*		3,636		24,943
ChannelAdvisor Corp.	*†		1,716		20,506
Cimpress NV (Netherlands)	*†		1,843		155,107
comScore, Inc.	*		860		45,804
Constant Contact, Inc.	*		925		26,603
Cornerstone OnDemand, Inc.	*		1,310		45,588
CoStar Group, Inc.	*		1,152		231,852
Dealertrack Technologies, Inc.	*		1,800		113,022
Demandware, Inc.	*		750		53,310
EarthLink Holdings Corp.			5,814		43,547
eBay, Inc.	*		49,126		2,959,350
Envestnet, Inc.	*		860		34,770
Equinix, Inc. REIT			1,891		480,314
Facebook, Inc., Class A	*		84,009		7,205,032
Five9, Inc.	*		8,371		43,780
Gogo, Inc.	*†		2,212		47,403

		Shares		Value
Google, Inc., Class A	*		11,185	$	6,040,347
Google, Inc., Class C	*		11,389		5,928,088
GrubHub, Inc.	*		1,288		43,882
IAC/InterActiveCorp			2,481		197,636
Internap Corp.	*		1,297		11,997
j2 Global, Inc.			1,614		109,655
LendingClub Corp.	*		2,826		41,684
LinkedIn Corp., Class A	*		3,943		814,742
LivePerson, Inc.	*		3,333		32,697
LogMeIn, Inc.	*		724		46,691
Marin Software, Inc.	*		3,014		20,314
Marketo, Inc.	*		1,518		42,595
Millennial Media, Inc.	*†		9,318		15,095
Monster Worldwide, Inc.	*		4,681		30,614
NIC, Inc.			2,450		44,786
OPOWER, Inc.	*		3,942		45,372
Pandora Media, Inc.	*		6,508		101,134
Q2 Holdings, Inc.	*		1,718		48,533
Rackspace Hosting, Inc.	*		6,130		227,975
RealNetworks, Inc.	*		1,461		7,904
Rocket Fuel, Inc.	*†		1,372		11,250
Shutterstock, Inc.	*†		501		29,379
Stamps.com, Inc.	*		1,050		77,249
Textura Corp.	*†		1,712		47,645
TrueCar, Inc.	*		3,602		43,188
Twitter, Inc.	*		20,897		756,889
VeriSign, Inc.	*†		4,905		302,737
Web.com Group, Inc.	*		2,467		59,751
WebMD Health Corp.	*		2,106		93,254
Wix.com Ltd. (Israel)	*		2,051		48,445
XO Group, Inc.	*		2,304		37,670
Xoom Corp.	*†		1,599		33,667
Yahoo!, Inc.	*		36,324		1,427,170
Yelp, Inc.	*†		2,689		115,708
Zillow Group, Inc., Class A	*†		2,649		229,774
					29,324,360
IT Services—3.3%
Accenture plc, Class A (Ireland)			24,894		2,409,241
Acxiom Corp.	*		3,451		60,669
Alliance Data Systems Corp.	*		2,240		653,946
Amdocs Ltd.			6,782		370,229
Automatic Data Processing, Inc.			18,580		1,490,673
Blackhawk Network Holdings, Inc.	*		1,059		43,631
Booz Allen Hamilton Holding Corp.			1,716		43,312
Broadridge Financial Solutions, Inc.			5,748		287,458
CACI International, Inc., Class A	*		1,198		96,906
Cardtronics, Inc.	*		3,545		131,342
Ciber, Inc.	*		2,444		8,432
Cognizant Technology Solutions Corp., Class A	*		23,855		1,457,302
Computer Sciences Corp.			5,963		391,411
Convergys Corp.			5,933		151,232
CoreLogic, Inc.	*		3,159		125,381
CSG Systems International, Inc.			2,153		68,164
DST Systems, Inc.			1,853		233,441
EPAM Systems, Inc.	*		938		66,814
Euronet Worldwide, Inc.	*		1,761		108,654
EVERTEC, Inc. (Puerto Rico)			1,742		37,000
Fidelity National Information Services, Inc.			10,986		678,935

See accompanying notes to financial statements.

250

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Fiserv, Inc.	*		10,252	$	849,173
FleetCor Technologies, Inc.	*		3,265		509,536
Forrester Research, Inc.			963		34,687
Gartner, Inc.	*		3,107		266,519
Genpact Ltd.	*		6,727		143,487
Global Payments, Inc.			3,238		334,971
Hackett Group, Inc. (The)			1,140		15,310
Heartland Payment Systems, Inc.			2,876		155,448
IGATE Corp.	*		1,397		66,623
International Business Machines Corp.			36,224		5,892,196
Jack Henry & Associates, Inc.			3,591		232,338
Leidos Holdings, Inc.			2,132		86,069
Lionbridge Technologies, Inc.	*		1,165		7,188
ManTech International Corp., Class A			1,217		35,293
MasterCard, Inc., Class A			39,138		3,658,620
MAXIMUS, Inc.			3,502		230,187
ModusLink Global Solutions, Inc.	*†		1,007		3,424
MoneyGram International, Inc.	*		468		4,301
NeuStar, Inc., Class A	*†		3,140		91,719
Paychex, Inc.			12,658		593,407
Sabre Corp.			1,898		45,172
Science Applications International Corp.			1,218		64,371
ServiceSource International, Inc.	*†		7,526		41,167
Sykes Enterprises, Inc.	*		1,423		34,508
Syntel, Inc.	*		3,108		147,568
TeleTech Holdings, Inc.			2,738		74,145
Teradata Corp.	*		5,364		198,468
Total System Services, Inc.			6,935		289,675
Unisys Corp.	*		1,371		27,406
Vantiv, Inc., Class A	*		4,812		183,770
VeriFone Systems, Inc.	*		4,239		143,956
Visa, Inc., Class A			78,025		5,239,379
Western Union Co. (The)			23,068		468,972
WEX, Inc.	*		1,750		199,448
Xerox Corp.			44,371		472,107
					29,754,781
Leisure Products—0.2%
Arctic Cat, Inc.			689		22,882
Brunswick Corp.			3,797		193,115
Callaway Golf Co.			2,881		25,756
Hasbro, Inc.			4,899		366,396
JAKKS Pacific, Inc.	*†		765		7,566
Mattel, Inc.			13,029		334,715
Polaris Industries, Inc.			2,406		356,353
Sturm Ruger & Co., Inc.	†		1,052		60,437
Vista Outdoor, Inc.	*		3,100		139,190
					1,506,410
Life Sciences Tools & Services—0.7%
Accelerate Diagnostics, Inc.	*†		1,363		35,179
Affymetrix, Inc.	*†		2,525		27,573
Agilent Technologies, Inc.			13,260		511,571
Bio-Rad Laboratories, Inc., Class A	*		623		93,830
Bio-Techne Corp.			1,736		170,944
Bruker Corp.	*		4,987		101,785
Cambrex Corp.	*		1,258		55,276
Charles River Laboratories International, Inc.	*		2,755		193,787

		Shares		Value
Fluidigm Corp.	*		1,443	$	34,921
Illumina, Inc.	*		5,353		1,168,881
Luminex Corp.	*		1,070		18,468
Mettler-Toledo International, Inc.	*		1,030		351,704
NanoString Technologies, Inc.	*		2,986		46,044
Pacific Biosciences of California, Inc.	*†		6,332		36,472
PAREXEL International Corp.	*		2,306		148,299
PerkinElmer, Inc.			5,266		277,202
QIAGEN NV (Netherlands)	*		8,728		216,367
Quintiles Transnational Holdings, Inc.	*		2,085		151,392
Sequenom, Inc.	*†		19,756		60,058
Thermo Fisher Scientific, Inc.			15,363		1,993,503
Waters Corp.	*		3,591		461,013
					6,154,269
Machinery—1.9%
Accuride Corp.	*		8,669		33,376
Actuant Corp., Class A			2,022		46,688
AGCO Corp.			3,068		174,201
Albany International Corp., Class A			1,437		57,193
Allison Transmission Holdings, Inc.			4,045		118,357
American Railcar Industries, Inc.	†		1,200		58,368
Astec Industries, Inc.			821		34,334
Barnes Group, Inc.			2,018		78,682
Blount International, Inc.	*		1,532		16,729
Briggs & Stratton Corp.			1,822		35,092
Caterpillar, Inc.			24,087		2,043,059
Chart Industries, Inc.	*		1,070		38,253
CIRCOR International, Inc.			711		38,771
CLARCOR, Inc.			2,354		146,513
Colfax Corp.	*†		3,666		169,186
Crane Co.			2,467		144,887
Cummins, Inc.			7,207		945,486
Deere & Co.			13,917		1,350,645
Donaldson Co., Inc.			5,274		188,809
Dover Corp.			6,400		449,152
EnPro Industries, Inc.			981		56,133
ESCO Technologies, Inc.			1,222		45,715
ExOne Co. (The)	*†		1,154		12,809
Federal Signal Corp.			2,159		32,191
Flowserve Corp.			5,994		315,644
FreightCar America, Inc.			900		18,792
Graco, Inc.			2,883		204,780
Greenbrier Cos., Inc. (The)	†		661		30,968
Harsco Corp.			3,646		60,159
Hillenbrand, Inc.			1,576		48,383
Hurco Cos., Inc.			300		10,386
Hyster-Yale Materials Handling, Inc.			618		42,815
IDEX Corp.			3,304		259,628
Illinois Tool Works, Inc.			12,642		1,160,409
Ingersoll-Rand plc			11,284		760,767
ITT Corp.			3,588		150,122
John Bean Technologies Corp.			1,164		43,755
Joy Global, Inc.			4,237		153,379
Kadant, Inc.			721		34,031
Kennametal, Inc.			3,196		109,048
Lincoln Electric Holdings, Inc.			3,754		228,581
Lindsay Corp.	†		808		71,031
Manitowoc Co., Inc. (The)	†		5,044		98,862
Meritor, Inc.	*		2,791		36,618
Middleby Corp. (The)	*		2,952		331,303

See accompanying notes to financial statements.

251

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Mueller Industries, Inc.			3,184	$	110,548
Mueller Water Products, Inc., Class A			3,000		27,300
Navistar International Corp.	*†		2,436		55,127
Nordson Corp.			3,044		237,097
Oshkosh Corp.			2,868		121,546
PACCAR, Inc.			13,455		858,564
Pall Corp.			4,280		532,646
Parker-Hannifin Corp.			5,733		666,920
Pentair plc (United Kingdom)			7,818		537,488
Proto Labs, Inc.	*†		538		36,304
RBC Bearings, Inc.	*		737		52,887
Rexnord Corp.	*		1,467		35,076
Snap-on, Inc.			2,419		385,226
SPX Corp.			2,157		156,145
Standex International Corp.			724		57,869
Stanley Black & Decker, Inc.			6,058		637,544
Tennant Co.			1,280		83,635
Terex Corp.			4,124		95,883
Timken Co. (The)			3,702		135,382
Titan International, Inc.	†		1,356		14,563
Toro Co. (The)			2,040		138,271
TriMas Corp.	*		3,917		115,943
Trinity Industries, Inc.			6,102		161,276
Valmont Industries, Inc.	†		1,162		138,127
Wabash National Corp.	*		6,441		80,770
WABCO Holdings, Inc.	*		2,354		291,237
Wabtec Corp.			3,474		327,390
Watts Water Technologies, Inc., Class A			1,225		63,516
Woodward, Inc.			2,448		134,616
Xylem, Inc.			7,149		265,013
					17,037,999
Marine—0.0%
Kirby Corp.	*		2,358		180,764
Matson, Inc.			1,466		61,631
					242,395
Media—3.5%
AMC Networks, Inc., Class A	*		2,261		185,063
Cablevision Systems Corp., Class A	†		9,044		216,513
Carmike Cinemas, Inc.	*		1,250		33,175
CBS Corp. (Non-Voting Shares), Class B			20,355		1,129,702
Charter Communications, Inc., Class A	*†		3,058		523,682
Cinemark Holdings, Inc.			3,727		149,714
Clear Channel Outdoor Holdings, Inc., Class A			2,500		25,325
Comcast Corp., Class A			12,070		723,476
Comcast Corp., Class A			86,319		5,191,225
Crown Media Holdings, Inc., Class A	*		5,899		26,663
Cumulus Media, Inc., Class A	*†		2,174		4,413
DIRECTV	*		18,126		1,681,912
Discovery Communications, Inc., Class A	*†		7,696		255,969
Discovery Communications, Inc., Class C	*		9,058		281,523
DISH Network Corp., Class A	*		9,231		625,031

		Shares		Value
DreamWorks Animation SKG, Inc., Class A	*†		3,056	$	80,617
Entercom Communications Corp., Class A	*		2,183		24,930
Entravision Communications Corp., Class A			2,852		23,472
EW Scripps Co. (The), Class A			3,222		73,623
Gannett Co., Inc.	*		4,309		60,276
Global Eagle Entertainment, Inc.	*		3,427		44,620
Harte-Hanks, Inc.			3,119		18,589
IMAX Corp. (Canada)	*		1,071		43,129
Interpublic Group of Cos., Inc. (The)			17,203		331,502
John Wiley & Sons, Inc., Class A			2,491		135,436
Journal Media Group, Inc.			1,061		8,796
Liberty Broadband Corp., Class A	*		889		45,312
Liberty Broadband Corp., Class C	*		2,329		119,152
Liberty Media Corp., Series A	*		3,556		128,158
Liberty Media Corp., Series C	*		7,112		255,321
Lions Gate Entertainment Corp.	†		5,038		186,658
Live Nation Entertainment, Inc.	*		5,485		150,783
Madison Square Garden Co. (The), Class A	*		2,261		188,771
MDC Partners, Inc., Class A			1,459		28,742
Media General, Inc.	*		2,225		36,757
Meredith Corp.			2,083		108,628
Morningstar, Inc.			619		49,241
National CineMedia, Inc.			2,226		35,527
New Media Investment Group, Inc.			1,586		28,437
New York Times Co. (The), Class A			5,682		77,559
News Corp., Class A	*		17,563		256,244
Nexstar Broadcasting Group, Inc., Class A			902		50,512
Omnicom Group, Inc.			9,924		689,619
Radio Unica Communications Corp.	*‡d		1,900		—
Regal Entertainment Group, Class A	†		2,743		57,356
Rentrak Corp.	*†		466		32,527
Scholastic Corp.			1,845		81,420
Scripps Networks Interactive, Inc., Class A			3,612		236,116
Sinclair Broadcast Group, Inc., Class A			2,049		57,188
Sirius XM Holdings, Inc.	*		109,168		407,197
Starz, Class A	*		4,301		192,341
TEGNA, Inc.			8,617		276,347
Thomson Reuters Corp.			13,044		496,585
Time Warner Cable, Inc.			10,867		1,936,173
Time Warner, Inc.			33,306		2,911,277
Time, Inc.			4,387		100,945
Tribune Media Co., Class A			1,483		79,177
Twenty-First Century Fox, Inc., Class A			54,889		1,786,362
Twenty-First Century Fox, Inc., Class B			13,516		435,486
Viacom, Inc., Class B			14,998		969,471
Walt Disney Co. (The)			67,361		7,688,585

See accompanying notes to financial statements.

252

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
World Wrestling Entertainment, Inc., Class A	†		1,030	$	16,995
					32,095,345
Metals & Mining—0.4%
AK Steel Holding Corp.	*†		5,009		19,385
Alcoa, Inc.			45,750		510,112
Allegheny Technologies, Inc.			3,760		113,552
Carpenter Technology Corp.			1,882		72,796
Century Aluminum Co.	*†		865		9,022
Cliffs Natural Resources, Inc.	†		4,448		19,260
Coeur Mining, Inc.	*†		7,315		41,769
Commercial Metals Co.			4,080		65,606
Compass Minerals International, Inc.			1,915		157,298
Freeport-McMoRan, Inc.			40,638		756,680
Globe Specialty Metals, Inc.			2,174		38,480
Hecla Mining Co.			20,609		54,202
Kaiser Aluminum Corp.			1,591		132,180
Materion Corp.			1,122		39,551
Newmont Mining Corp.			18,299		427,465
Nucor Corp.			11,762		518,351
Reliance Steel & Aluminum Co.			2,966		179,384
Royal Gold, Inc.			2,286		140,795
RTI International Metals, Inc.	*		1,363		42,962
Schnitzer Steel Industries, Inc., Class A			693		12,107
Southern Copper Corp. (Mexico)	†		6,259		184,077
Steel Dynamics, Inc.			8,080		167,377
Stillwater Mining Co.	*		3,727		43,196
SunCoke Energy, Inc.			1,473		19,149
Tahoe Resources, Inc.			5,318		64,507
TimkenSteel Corp.			1,851		49,958
United States Steel Corp.	†		5,607		115,616
Worthington Industries, Inc.			3,575		107,464
					4,102,301
Multiline Retail—0.7%
Big Lots, Inc.			1,874		84,311
Burlington Stores, Inc.	*		1,691		86,579
Dillard’s, Inc., Class A			1,535		161,467
Dollar General Corp.			12,040		935,990
Dollar Tree, Inc.	*		8,356		660,040
Family Dollar Stores, Inc.			3,743		294,986
Fred’s, Inc., Class A			1,781		34,356
J.C. Penney Co., Inc.	*†		7,928		67,150
Kohl’s Corp.			7,696		481,847
Macy’s, Inc.			14,423		973,120
Nordstrom, Inc.			6,080		452,960
Sears Holdings Corp.	*†		2,729		72,864
Target Corp.			24,581		2,006,547
Tuesday Morning Corp.	*		1,816		20,457
					6,332,674
Multi-Utilities—0.9%
Alliant Energy Corp.			4,491		259,220
Ameren Corp.			9,195		346,468
Avista Corp.			1,759		53,913
Black Hills Corp.			2,041		89,090
CenterPoint Energy, Inc.			16,026		304,975
CMS Energy Corp.			11,539		367,402
Consolidated Edison, Inc.			11,479		664,405
Dominion Resources, Inc.			23,083		1,543,560

		Shares		Value
DTE Energy Co.			6,665	$	497,476
MDU Resources Group, Inc.			7,657		149,541
NiSource, Inc.			11,700		533,403
NorthWestern Corp.			1,449		70,639
PG&E Corp.			18,114		889,397
Public Service Enterprise Group, Inc.			19,471		764,821
SCANA Corp.			4,791		242,664
Sempra Energy			9,595		949,329
TECO Energy, Inc.			7,797		137,695
Vectren Corp.			3,706		142,607
WEC Energy Group, Inc.			12,634		568,143
					8,574,748
Oil, Gas & Consumable Fuels—5.8%
Abraxas Petroleum Corp.	*		7,391		21,803
Adams Resources & Energy, Inc.			1,006		44,868
Anadarko Petroleum Corp.			19,406		1,514,832
Antero Resources Corp.	*†		1,673		57,451
Apache Corp.			15,202		876,091
Approach Resources, Inc.	*		6,809		46,642
Bill Barrett Corp.	*		4,290		36,851
Bonanza Creek Energy, Inc.	*		2,369		43,234
Cabot Oil & Gas Corp.			16,664		525,583
California Resources Corp.			12,078		72,951
Callon Petroleum Co.	*		4,584		38,139
Carrizo Oil & Gas, Inc.	*		1,800		88,632
Cheniere Energy, Inc.	*		8,974		621,539
Chesapeake Energy Corp.	†		20,459		228,527
Chevron Corp.			74,826		7,218,464
Cimarex Energy Co.			3,372		371,965
Clayton Williams Energy, Inc.	*†		550		36,163
Clean Energy Fuels Corp.	*		6,729		37,817
Cobalt International Energy, Inc.	*		13,233		128,492
Concho Resources, Inc.	*		4,263		485,385
ConocoPhillips			48,132		2,955,786
CONSOL Energy, Inc.			8,802		191,355
Contango Oil & Gas Co.	*		400		4,908
Continental Resources, Inc.	*		4,100		173,799
Delek US Holdings, Inc.			1,285		47,314
Denbury Resources, Inc.	†		16,015		101,855
Devon Energy Corp.			16,247		966,534
Diamondback Energy, Inc.			1,955		147,368
Energen Corp.			2,644		180,585
Energy XXI Ltd.	†		18,095		47,590
EOG Resources, Inc.			21,474		1,880,049
EQT Corp.			5,757		468,274
Erin Energy Corp.	*		10,398		40,656
EXCO Resources, Inc.			44,447		52,447
Exxon Mobil Corp.			165,397		13,761,030
GasLog Ltd. (Monaco)	†		1,355		27,032
Gastar Exploration, Inc.	*		11,611		35,878
Golar LNG Ltd. (Bermuda)			2,827		132,304
Green Plains, Inc.			1,442		39,727
Gulfport Energy Corp.	*		3,188		128,317
Halcon Resources Corp.	*†		47,624		55,244
Hess Corp.			10,596		708,660
HollyFrontier Corp.			7,651		326,621
Kinder Morgan, Inc.			67,841		2,604,416
Kosmos Energy Ltd.	*		4,050		34,142
Laredo Petroleum, Inc.	*†		4,696		59,076
Magnum Hunter Resources Corp.	*†		35,199		65,822
Marathon Oil Corp.			25,577		678,814

See accompanying notes to financial statements.

253

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Marathon Petroleum Corp.			20,434	$	1,068,903
Matador Resources Co.	*		1,536		38,400
Memorial Resource Development Corp.	*		1,812		34,374
Murphy Oil Corp.			7,752		322,251
Newfield Exploration Co.	*		4,963		179,264
Noble Energy, Inc.			13,822		589,923
Northern Oil and Gas, Inc.	*		6,464		43,761
Oasis Petroleum, Inc.	*†		3,200		50,720
Occidental Petroleum Corp.			30,779		2,393,683
ONEOK, Inc.			7,816		308,576
Panhandle Oil and Gas, Inc., Class A			2,234		46,221
Parsley Energy, Inc., Class A	*		2,069		36,042
PBF Energy, Inc., Class A			2,597		73,807
PDC Energy, Inc.	*		1,250		67,050
Peabody Energy Corp.	†		10,624		23,267
Penn Virginia Corp.	*†		6,869		30,086
Phillips 66			22,053		1,776,590
Pioneer Natural Resources Co.			5,398		748,649
QEP Resources, Inc.			7,412		137,196
Range Resources Corp.			6,231		307,687
Rice Energy, Inc.	*†		1,911		39,806
Rosetta Resources, Inc.	*		3,400		78,676
RSP Permian, Inc.	*		1,558		43,795
Sanchez Energy Corp.	*†		5,494		53,841
SandRidge Energy, Inc.	*†		26,990		23,670
Scorpio Tankers, Inc. (Monaco)			12,382		124,934
SemGroup Corp., Class A			2,433		193,375
Ship Finance International Ltd. (Norway)	†		3,352		54,705
SM Energy Co.			2,262		104,323
Solazyme, Inc.	*†		3,533		11,094
Southwestern Energy Co.	*		14,266		324,266
Spectra Energy Corp.			25,236		822,694
Stone Energy Corp.	*		1,208		15,209
Synergy Resources Corp.	*		6,874		78,570
Targa Resources Corp.			1,879		167,644
Teekay Corp. (Bermuda)			1,691		72,409
Tesoro Corp.			5,939		501,311
TransAtlantic Petroleum Ltd.	*†		3,715		18,984
Triangle Petroleum Corp.	*†		12,434		62,419
Ultra Petroleum Corp.	*†		7,839		98,144
Uranium Energy Corp. (Canada)	*		27,356		43,496
Valero Energy Corp.			20,375		1,275,475
Western Refining, Inc.			2,500		109,050
Westmoreland Coal Co.	*		1,163		24,167
Whiting Petroleum Corp.	*		7,154		240,374
Williams Cos., Inc. (The)			29,372		1,685,659
World Fuel Services Corp.			2,641		126,636
WPX Energy, Inc.	*		8,069		99,087
					53,181,295
Paper & Forest Products—0.2%
Boise Cascade Co.	*		1,240		45,483
Clearwater Paper Corp.	*		924		52,945
Deltic Timber Corp.			724		48,971
Domtar Corp. (Canada)			2,776		114,926
International Paper Co.			17,689		841,820
KapStone Paper and Packaging Corp.			5,716		132,154
Louisiana-Pacific Corp.	*		4,396		74,864
Neenah Paper, Inc.			652		38,442

		Shares		Value
P.H. Glatfelter Co.			1,740	$	38,263
Schweitzer-Mauduit International, Inc.			1,448		57,746
Wausau Paper Corp.			1,903		17,470
					1,463,084
Personal Products—0.2%
Avon Products, Inc.	†		14,351		89,837
Coty, Inc., Class A	*		1,829		58,473
Elizabeth Arden, Inc.	*†		1,017		14,503
Estee Lauder Cos., Inc. (The), Class A			8,993		779,333
Herbalife Ltd.	*†		3,985		219,534
Medifast, Inc.	*		734		23,723
Natural Health Trends Corp.			1,040		43,119
Nu Skin Enterprises, Inc., Class A	†		2,249		105,995
USANA Health Sciences, Inc.	*		593		81,039
					1,415,556
Pharmaceuticals—5.3%
AbbVie, Inc.			67,445		4,531,630
Aerie Pharmaceuticals, Inc.	*		2,445		43,154
Akorn, Inc.	*		1,934		84,438
Alimera Sciences, Inc.	*†		6,205		28,605
Allergan plc	*		15,125		4,589,833
ANI Pharmaceuticals, Inc.	*		726		45,048
Aratana Therapeutics, Inc.	*		3,394		51,317
Assembly Biosciences, Inc.	*		2,765		53,254
BioDelivery Sciences International, Inc.	*		3,488		27,764
Bristol-Myers Squibb Co.			64,856		4,315,518
Catalent, Inc.	*		1,249		36,633
Cempra, Inc.	*		1,297		44,565
Depomed, Inc.	*		3,130		67,170
Eli Lilly & Co.			38,598		3,222,547
Endo International plc (Ireland)	*		6,207		494,388
Hospira, Inc.	*		6,514		577,857
IGI Laboratories, Inc.	*		7,413		46,702
Impax Laboratories, Inc.	*		3,833		176,011
Intra-Cellular Therapies, Inc.	*		1,438		45,944
Jazz Pharmaceuticals plc (Ireland)	*		2,145		377,670
Johnson & Johnson			109,398		10,661,929
Lannett Co., Inc.	*†		723		42,975
Mallinckrodt plc	*		4,278		503,606
Medicines Co. (The)	*		2,018		57,735
Merck & Co., Inc.			111,705		6,359,366
Mylan NV	*		15,281		1,036,969
Nektar Therapeutics	*†		7,926		99,154
Omeros Corp.	*†		2,562		46,090
Pacira Pharmaceuticals, Inc.	*		2,084		147,381
Pernix Therapeutics Holdings, Inc.	*		4,696		27,800
Perrigo Co. plc (Ireland)			5,502		1,016,935
Pfizer, Inc.			243,347		8,159,425
POZEN, Inc.	*		1,014		10,454
Prestige Brands Holdings, Inc.	*		1,164		53,823
Relypsa, Inc.	*		1,369		45,300
Revance Therapeutics, Inc.	*		1,376		44,005
SciClone Pharmaceuticals, Inc.	*		1,700		16,694
Tetraphase Pharmaceuticals, Inc.	*		1,989		94,358
TherapeuticsMD, Inc.	*†		8,137		63,957
Theravance Biopharma, Inc. (Cayman Islands)	*†		921		11,991

See accompanying notes to financial statements.

254

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Theravance, Inc.	†		3,224	$	58,258
VIVUS, Inc.	*†		1,630		3,847
XenoPort, Inc.	*		1,939		11,886
Zoetis, Inc.			19,148		923,317
ZS Pharma, Inc.	*		876		45,894
					48,403,197
Professional Services—0.4%
Acacia Research Corp.	†		2,593		22,741
Advisory Board Co. (The)	*		1,900		103,873
Barrett Business Services, Inc.			1,310		47,579
CDI Corp.			1,131		14,703
CEB, Inc.			1,507		131,199
CRA International, Inc.	*		986		27,480
Dun & Bradstreet Corp. (The)			1,546		188,612
Equifax, Inc.			4,628		449,333
FTI Consulting, Inc.	*		1,735		71,551
Heidrick & Struggles International, Inc.			865		22,559
Huron Consulting Group, Inc.	*		988		69,249
IHS, Inc., Class A	*		2,723		350,260
Insperity, Inc.			1,143		58,179
Kelly Services, Inc., Class A			1,173		18,006
Kforce, Inc.			297		6,792
Korn/Ferry International			1,624		56,466
ManpowerGroup, Inc.			3,593		321,142
Navigant Consulting, Inc.	*		2,313		34,394
Nielsen NV			12,449		557,342
On Assignment, Inc.	*		1,243		48,825
Resources Connection, Inc.			2,060		33,145
Robert Half International, Inc.			5,264		292,152
Towers Watson & Co., Class A			2,923		367,713
TrueBlue, Inc.	*		2,485		74,302
Verisk Analytics, Inc.	*		6,160		448,202
WageWorks, Inc.	*		834		33,735
					3,849,534
Real Estate Investment Trusts (REITs)—3.5%
Acadia Realty Trust REIT			1,368		39,822
Agree Realty Corp. REIT			814		23,744
Alexander’s, Inc. REIT			78		31,980
Alexandria Real Estate Equities, Inc. REIT			3,569		312,145
Altisource Residential Corp. REIT (Virgin Islands, U.S.)			1,595		26,876
American Assets Trust, Inc. REIT			791		31,015
American Campus Communities, Inc. REIT			5,228		197,043
American Capital Agency Corp. REIT			13,555		249,005
American Capital Mortgage Investment Corp. REIT			1,863		29,789
American Homes 4 Rent, Class A REIT			4,795		76,912
American Realty Capital Properties, Inc. REIT			36,108		293,558
American Tower Corp. REIT			16,142		1,505,887
Annaly Capital Management, Inc. REIT			37,828		347,639
Anworth Mortgage Asset Corp. REIT			12,920		63,696
Apartment Investment & Management Co., Class A REIT			5,659		208,987

		Shares		Value
Apollo Residential Mortgage, Inc. REIT			5,132	$	75,389
Apple Hospitality REIT, Inc. REIT			2,476		46,722
Ares Commercial Real Estate Corp. REIT			2,901		33,042
Armada Hoffler Properties, Inc. REIT			2,694		26,913
ARMOUR Residential REIT, Inc. REIT			15,586		43,797
Ashford Hospitality Prime, Inc. REIT			840		12,617
Ashford Hospitality Trust, Inc. REIT			4,200		35,532
Associated Estates Realty Corp. REIT			4,054		116,066
AvalonBay Communities, Inc. REIT			5,028		803,826
BioMed Realty Trust, Inc. REIT			6,210		120,101
Boston Properties, Inc. REIT			5,931		717,888
Brandywine Realty Trust REIT			6,105		81,074
Brixmor Property Group, Inc. REIT			3,278		75,820
Camden Property Trust REIT			4,149		308,188
Campus Crest Communities, Inc. REIT			8,251		45,711
Capstead Mortgage Corp. REIT	†		2,400		26,640
CareTrust REIT, Inc. REIT			2,939		37,237
CatchMark Timber Trust, Inc., Class A REIT			3,104		35,913
CBL & Associates Properties, Inc. REIT			7,509		121,646
Cedar Realty Trust, Inc. REIT			10,942		70,029
Chambers Street Properties REIT			6,657		52,923
Chatham Lodging Trust REIT			3,723		98,548
Chesapeake Lodging Trust REIT			1,373		41,849
Chimera Investment Corp. REIT			8,529		116,933
Colony Capital, Inc., Class A REIT			6,320		143,148
Columbia Property Trust, Inc. REIT			4,869		119,534
Communications Sales & Leasing, Inc. REIT	†		4,200		103,824
Corporate Office Properties Trust REIT			3,067		72,197
Corrections Corp. of America REIT			5,829		192,823
Cousins Properties, Inc. REIT			5,850		60,723
Crown Castle International Corp. REIT			12,722		1,021,577
CubeSmart REIT			8,821		204,294
CYS Investments, Inc. REIT			4,654		35,975
DCT Industrial Trust, Inc. REIT			2,947		92,654
DDR Corp. REIT			10,035		155,141
DiamondRock Hospitality Co. REIT			7,285		93,321
Digital Realty Trust, Inc. REIT			5,165		344,402
Douglas Emmett, Inc. REIT			4,212		113,471
Duke Realty Corp. REIT			14,966		277,919
DuPont Fabros Technology, Inc. REIT			4,666		137,414
EastGroup Properties, Inc. REIT			1,538		86,482
Education Realty Trust, Inc. REIT			1,291		40,486
Empire State Realty Trust, Inc., Class A REIT			1,901		32,431
EPR Properties REIT			2,733		149,714
Equity Commonwealth REIT	*		3,755		96,391
Equity LifeStyle Properties, Inc. REIT			3,131		164,628
Equity One, Inc. REIT			2,619		61,127

See accompanying notes to financial statements.

255

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Equity Residential REIT			14,255	$	1,000,273
Essex Property Trust, Inc. REIT			2,445		519,562
Excel Trust, Inc. REIT			6,782		106,952
Extra Space Storage, Inc. REIT			4,201		273,989
Federal Realty Investment Trust REIT			2,620		335,596
FelCor Lodging Trust, Inc. REIT			11,241		111,061
First Industrial Realty Trust, Inc. REIT			6,729		126,034
First Potomac Realty Trust REIT			1,628		16,768
Franklin Street Properties Corp. REIT			2,200		24,882
Gaming and Leisure Properties, Inc. REIT			3,091		113,316
General Growth Properties, Inc. REIT			21,432		549,945
GEO Group, Inc. (The) REIT			2,829		96,639
Getty Realty Corp. REIT			1,747		28,581
Gladstone Commercial Corp. REIT			1,994		33,021
Government Properties Income Trust REIT	†		3,576		66,335
Gramercy Property Trust, Inc. REIT			2,708		63,286
Hatteras Financial Corp. REIT			1,935		31,541
HCP, Inc. REIT			17,728		646,540
Health Care REIT, Inc. REIT			12,695		833,173
Healthcare Realty Trust, Inc. REIT			3,032		70,524
Healthcare Trust of America, Inc., Class A REIT			4,623		110,721
Hersha Hospitality Trust REIT			1,757		45,056
Highwoods Properties, Inc. REIT			3,408		136,150
Home Properties, Inc. REIT			1,873		136,823
Hospitality Properties Trust REIT			5,604		161,507
Host Hotels & Resorts, Inc. REIT			29,698		588,911
Hudson Pacific Properties, Inc. REIT			2,051		58,187
Inland Real Estate Corp. REIT			2,302		21,685
Invesco Mortgage Capital, Inc. REIT			3,087		44,206
Investors Real Estate Trust REIT	†		2,989		21,341
Iron Mountain, Inc. REIT			8,571		265,701
iStar Financial, Inc. REIT	*		7,235		96,370
Kilroy Realty Corp. REIT			3,732		250,604
Kimco Realty Corp. REIT			15,341		345,786
Kite Realty Group Trust REIT			663		16,224
Lamar Advertising Co., Class A REIT			3,479		199,973
LaSalle Hotel Properties REIT			6,253		221,731
Lexington Realty Trust REIT			9,308		78,932
Liberty Property Trust REIT			5,315		171,249
LTC Properties, Inc. REIT			2,385		99,216
Macerich Co. (The) REIT			5,677		423,504
Mack-Cali Realty Corp. REIT			2,488		45,854
Medical Properties Trust, Inc. REIT			9,571		125,476
MFA Financial, Inc. REIT			10,801		79,819
Mid-America Apartment Communities, Inc. REIT			2,544		185,229
Monmouth Real Estate Investment Corp. REIT	†		3,275		31,833
National Health Investors, Inc. REIT			979		60,992
National Retail Properties, Inc. REIT			4,264		149,283
National Storage Affiliates Trust REIT			3,630		45,012

		Shares		Value
New Residential Investment Corp. REIT			2,710	$	41,300
New York Mortgage Trust, Inc. REIT	†		8,120		60,738
New York REIT, Inc. REIT			3,795		37,760
NexPoint Residential Trust, Inc. REIT			3,176		42,654
NorthStar Realty Finance Corp. REIT			9,912		157,601
Omega Healthcare Investors, Inc. REIT			5,241		179,924
Outfront Media, Inc. REIT			5,065		127,841
Paramount Group, Inc. REIT			4,781		82,042
Parkway Properties, Inc. REIT			5,570		97,141
Pebblebrook Hotel Trust REIT			4,175		179,024
Pennsylvania Real Estate Investment Trust REIT			1,510		32,223
PennyMac Mortgage Investment Trust REIT			5,770		100,571
Physicians Realty Trust REIT			5,898		90,593
Piedmont Office Realty Trust, Inc., Class A REIT	†		5,563		97,853
Plum Creek Timber Co., Inc. REIT			6,990		283,584
Post Properties, Inc. REIT			2,078		112,981
Potlatch Corp. REIT			1,618		57,148
Preferred Apartment Communities, Inc., Class A REIT			4,568		45,452
Prologis, Inc. REIT			19,768		733,393
PS Business Parks, Inc. REIT			599		43,218
Public Storage REIT			5,693		1,049,618
QTS Realty Trust, Inc., Class A REIT			1,447		52,743
RAIT Financial Trust REIT			7,882		48,159
Ramco-Gershenson Properties Trust REIT			1,275		20,808
Rayonier, Inc. REIT			5,004		127,852
Realty Income Corp. REIT			7,887		350,104
Redwood Trust, Inc. REIT	†		1,008		15,826
Regency Centers Corp. REIT			3,446		203,245
Resource Capital Corp. REIT			7,405		28,657
Retail Opportunity Investments Corp. REIT			7,505		117,228
Retail Properties of America, Inc., Class A REIT			8,943		124,576
Rexford Industrial Realty, Inc. REIT			2,874		41,903
RLJ Lodging Trust REIT			4,345		129,394
Rouse Properties, Inc. REIT	†		579		9,467
Ryman Hospitality Properties, Inc. REIT			2,005		106,486
Sabra Health Care REIT, Inc. REIT			1,749		45,019
Saul Centers, Inc. REIT			987		48,551
Select Income REIT REIT			1,356		27,988
Senior Housing Properties Trust REIT			7,433		130,449
Silver Bay Realty Trust Corp. REIT			489		7,966
Simon Property Group, Inc. REIT			12,308		2,129,530
SL Green Realty Corp. REIT			3,603		395,934
Sovran Self Storage, Inc. REIT			1,269		110,289
Spirit Realty Capital, Inc. REIT			14,667		141,830
STAG Industrial, Inc. REIT			1,440		28,800
Starwood Property Trust, Inc. REIT			8,338		179,851
Starwood Waypoint Residential Trust REIT	†		1,667		39,608
Strategic Hotels & Resorts, Inc. REIT	*		13,392		162,311

See accompanying notes to financial statements.

256

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Summit Hotel Properties, Inc. REIT			3,330	$	43,323
Sun Communities, Inc. REIT			1,743		107,770
Sunstone Hotel Investors, Inc. REIT			7,992		119,960
Tanger Factory Outlet Centers, Inc. REIT			2,442		77,411
Taubman Centers, Inc. REIT			2,083		144,768
Terreno Realty Corp. REIT			4,464		87,941
Trade Street Residential, Inc. REIT	†		5,386		35,871
Two Harbors Investment Corp. REIT			10,028		97,673
UDR, Inc. REIT			12,278		393,264
UMH Properties, Inc. REIT			4,155		40,719
Universal Health Realty Income Trust REIT			1,333		61,931
Urban Edge Properties REIT			3,631		75,488
Ventas, Inc. REIT			12,478		774,759
Vornado Realty Trust REIT			7,263		689,477
Washington Real Estate Investment Trust REIT			1,834		47,592
Weingarten Realty Investors REIT			4,755		155,441
Weyerhaeuser Co. REIT			19,608		617,652
Whitestone REIT REIT			2,786		36,274
WP Carey, Inc. REIT			3,428		202,046
WP GLIMCHER, Inc. REIT			7,678		103,883
Xenia Hotels & Resorts, Inc. REIT			1,947		42,328
					32,080,375
Real Estate Management & Development—0.2%
Alexander & Baldwin, Inc.			1,466		57,760
Altisource Asset Management Corp. (Virgin Islands, U.S.)	*		55		7,936
Altisource Portfolio Solutions SA (Luxembourg)	*†		359		11,054
CBRE Group, Inc., Class A	*		10,844		401,228
Forest City Enterprises, Inc., Class A	*		9,240		204,204
Forestar Group, Inc.	*		1,502		19,766
Howard Hughes Corp. (The)	*		1,716		246,315
Jones Lang LaSalle, Inc.			1,597		273,087
Kennedy-Wilson Holdings, Inc.			2,891		71,090
Realogy Holdings Corp.	*		5,690		265,837
St. Joe Co. (The)	*		3,582		55,628
Tejon Ranch Co.	*		858		22,059
					1,635,964
Road & Rail—0.9%
AMERCO			434		141,879
ArcBest Corp.			903		28,715
Avis Budget Group, Inc.	*		4,424		195,010
Con-way, Inc.			2,160		82,879
CSX Corp.			39,531		1,290,687
Genesee & Wyoming, Inc., Class A	*		2,019		153,807
Heartland Express, Inc.			4,220		85,371
Hertz Global Holdings, Inc.	*		16,933		306,826
J.B. Hunt Transport Services, Inc.			3,333		273,606
Kansas City Southern			4,402		401,462
Knight Transportation, Inc.			3,879		103,725

		Shares		Value
Landstar System, Inc.			2,256	$	150,859
Norfolk Southern Corp.			11,947		1,043,690
Old Dominion Freight Line, Inc.	*		3,421		234,698
Ryder System, Inc.			2,947		257,479
Saia, Inc.	*		2,493		97,950
Swift Transportation Co.	*		5,786		131,169
Union Pacific Corp.			34,306		3,271,763
Werner Enterprises, Inc.			2,915		76,519
YRC Worldwide, Inc.	*		1,193		15,485
					8,343,579
Semiconductors & Semiconductor Equipment—2.4%
Advanced Energy Industries, Inc.	*		1,428		39,256
Advanced Micro Devices, Inc.	*†		21,447		51,473
Alpha & Omega Semiconductor Ltd.	*		8,591		75,085
Altera Corp.			11,427		585,062
Ambarella, Inc.	*†		1,314		134,935
Amkor Technology, Inc.	*		7,211		43,122
Analog Devices, Inc.			11,925		765,406
Applied Materials, Inc.			47,127		905,781
Applied Micro Circuits Corp.	*†		3,186		21,506
Atmel Corp.			18,733		184,614
Avago Technologies Ltd. (Singapore)			9,814		1,304,575
Axcelis Technologies, Inc.	*		4,095		12,121
Broadcom Corp., Class A			21,893		1,127,271
Brooks Automation, Inc.			3,103		35,529
Cabot Microelectronics Corp.	*		1,049		49,418
Cavium, Inc.	*		1,864		128,262
CEVA, Inc.	*		692		13,446
Cirrus Logic, Inc.	*		2,946		100,252
Cohu, Inc.			859		11,365
Cree, Inc.	*†		5,646		146,965
Cypress Semiconductor Corp.	*		9,062		106,569
Diodes, Inc.	*		2,400		57,864
DSP Group, Inc.	*		1,194		12,334
Entegris, Inc.	*		5,738		83,603
Exar Corp.	*		1,758		17,193
Fairchild Semiconductor International, Inc.	*		4,903		85,214
First Solar, Inc.	*		2,540		119,329
FormFactor, Inc.	*		1,417		13,036
Freescale Semiconductor Ltd.	*		3,120		124,706
Inphi Corp.	*		1,850		42,291
Integrated Device Technology, Inc.	*		8,168		177,246
Integrated Silicon Solution, Inc.			1,269		28,096
Intel Corp.			188,288		5,726,780
Intersil Corp., Class A			5,757		72,020
IXYS Corp.			1,329		20,334
KLA-Tencor Corp.			6,325		355,528
Kopin Corp.	*		2,431		8,387
Lam Research Corp.			6,125		498,269
Lattice Semiconductor Corp.	*		4,395		25,887
Linear Technology Corp.			8,735		386,349
Marvell Technology Group Ltd. (Bermuda)			18,500		243,922
Maxim Integrated Products, Inc.			10,774		372,511
MaxLinear, Inc., Class A	*		2,714		32,839
Micrel, Inc.			3,731		51,861
Microchip Technology, Inc.	†		7,528		357,015
Micron Technology, Inc.	*		41,994		791,167
Microsemi Corp.	*		2,474		86,466

See accompanying notes to financial statements.

257

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
MKS Instruments, Inc.			2,455	$	93,143
Monolithic Power Systems, Inc.			740		37,525
NVE Corp.			348		27,283
NVIDIA Corp.			20,184		405,900
OmniVision Technologies, Inc.	*		2,354		61,663
ON Semiconductor Corp.	*		23,913		279,543
PDF Solutions, Inc.	*		974		15,584
Pericom Semiconductor Corp.			1,023		13,452
Photronics, Inc.	*		1,388		13,200
PMC-Sierra, Inc.	*		7,045		60,305
Power Integrations, Inc.			1,952		88,191
Qorvo, Inc.	*		5,125		411,384
Rambus, Inc.	*		4,071		58,989
Rudolph Technologies, Inc.	*		1,247		14,976
Semtech Corp.	*		2,970		58,954
Silicon Laboratories, Inc.	*		2,124		114,717
Skyworks Solutions, Inc.			7,339		763,990
SunEdison, Inc.	*		11,936		357,006
SunPower Corp.	*†		1,759		49,973
Synaptics, Inc.	*		1,586		137,562
Teradyne, Inc.			7,938		153,124
Tessera Technologies, Inc.			1,560		59,249
Texas Instruments, Inc.			42,217		2,174,598
Ultra Clean Holdings, Inc.	*		4,664		29,057
Ultratech, Inc.	*		971		18,022
Veeco Instruments, Inc.	*		1,294		37,190
Xcerra Corp.	*		1,358		10,280
Xilinx, Inc.			9,816		433,475
					21,610,595
Software—3.9%
ACI Worldwide, Inc.	*		4,959		121,843
Activision Blizzard, Inc.			17,758		429,921
Adobe Systems, Inc.	*		19,011		1,540,081
Advent Software, Inc.			2,902		128,297
American Software, Inc., Class A			1,950		18,525
ANSYS, Inc.	*		3,449		314,687
Aspen Technology, Inc.	*		3,661		166,759
Autodesk, Inc.	*		9,258		463,594
Blackbaud, Inc.			2,650		150,918
Bottomline Technologies de, Inc.	*		1,479		41,131
BroadSoft, Inc.	*		1,277		44,146
CA, Inc.			11,593		339,559
Cadence Design Systems, Inc.	*†		10,745		211,247
Callidus Software, Inc.	*		172		2,680
CDK Global, Inc.			6,017		324,798
Citrix Systems, Inc.	*		7,179		503,679
CommVault Systems, Inc.	*		1,510		64,039
Ebix, Inc.	†		2,802		91,373
Electronic Arts, Inc.	*		12,060		801,990
Ellie Mae, Inc.	*†		793		55,343
Epiq Systems, Inc.			1,087		18,349
FactSet Research Systems, Inc.			1,490		242,140
Fair Isaac Corp.			1,781		161,679
FireEye, Inc.	*†		4,133		202,145
Fleetmatics Group plc (Ireland)	*		995		46,596
Fortinet, Inc.	*		5,654		233,680
Gigamon, Inc.	*		2,114		69,741
Glu Mobile, Inc.	*†		10,871		67,509
Guidewire Software, Inc.	*		3,146		166,518
Imperva, Inc.	*		1,888		127,818
Infoblox, Inc.	*		1,770		46,392
Informatica Corp.	*		4,237		205,367

		Shares		Value
Interactive Intelligence Group, Inc.	*		950	$	42,246
Intuit, Inc.			11,315		1,140,213
King Digital Entertainment plc (Ireland)			3,283		46,783
Manhattan Associates, Inc.	*		4,025		240,091
Mentor Graphics Corp.			2,745		72,550
Microsoft Corp.			318,580		14,065,307
MicroStrategy, Inc., Class A	*		513		87,251
MobileIron, Inc.	*		7,330		43,320
Monotype Imaging Holdings, Inc.			1,419		34,212
NetScout Systems, Inc.	*†		1,250		45,837
NetSuite, Inc.	*		1,276		117,073
Nuance Communications, Inc.	*		9,517		166,643
Oracle Corp.			126,105		5,082,031
Paycom Software, Inc.	*		1,251		42,722
Pegasystems, Inc.			4,282		98,015
Progress Software Corp.	*		1,983		54,532
Proofpoint, Inc.	*		1,126		71,692
PTC, Inc.	*		4,423		181,431
Qlik Technologies, Inc.	*		5,245		183,365
Qualys, Inc.	*		1,070		43,174
Rally Software Development Corp.	*		2,363		45,960
RealPage, Inc.	*		1,770		33,754
Red Hat, Inc.	*		7,251		550,568
Rovi Corp.	*†		3,917		62,476
salesforce.com, Inc.	*		24,529		1,707,954
SeaChange International, Inc.	*		958		6,716
ServiceNow, Inc.	*		5,161		383,514
Silver Spring Networks, Inc.	*†		2,969		36,845
SolarWinds, Inc.	*		1,876		86,540
Solera Holdings, Inc.			3,377		150,479
Splunk, Inc.	*		4,640		323,037
SS&C Technologies Holdings, Inc.			3,677		229,812
Symantec Corp.			26,135		607,639
Synchronoss Technologies, Inc.	*		807		36,904
Synopsys, Inc.	*		6,501		329,276
Tableau Software, Inc., Class A	*		1,492		172,028
Take-Two Interactive Software, Inc.	*		2,643		72,868
TiVo, Inc.	*		2,696		27,337
Tyler Technologies, Inc.	*		1,886		244,011
Ultimate Software Group, Inc. (The)	*		1,242		204,110
VASCO Data Security International, Inc.	*†		3,804		114,843
Verint Systems, Inc.	*		3,366		204,468
VirnetX Holding Corp.	*†		2,400		10,080
VMware, Inc., Class A	*		3,264		279,855
Workday, Inc., Class A	*		3,482		265,990
Zendesk, Inc.	*		1,894		42,066
Zix Corp.	*		1,015		5,248
Zynga, Inc., Class A	*		26,117		74,695
					35,570,105
Specialty Retail—2.5%
Aaron’s, Inc.			2,908		105,299
Abercrombie & Fitch Co., Class A	†		3,072		66,079
Advance Auto Parts, Inc.			3,235		515,303
American Eagle Outfitters, Inc.	†		12,752		219,589

See accompanying notes to financial statements.

258

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
America’s Car-Mart, Inc.	*		354	$	17,459
ANN, Inc.	*		2,733		131,976
Asbury Automotive Group, Inc.	*		1,342		121,612
Ascena Retail Group, Inc.	*		5,194		86,506
AutoNation, Inc.	*		2,555		160,914
AutoZone, Inc.	*		1,308		872,305
Barnes & Noble, Inc.	*		828		21,495
bebe stores, Inc.			790		1,580
Bed Bath & Beyond, Inc.	*		7,504		517,626
Best Buy Co., Inc.			10,336		337,057
Big 5 Sporting Goods Corp.			1,071		15,219
Buckle, Inc. (The)	†		1,236		56,572
Cabela’s, Inc.	*†		1,696		84,766
Caleres, Inc.			1,791		56,918
CarMax, Inc.	*		8,677		574,504
Cato Corp. (The), Class A			1,761		68,256
Chico’s FAS, Inc.			7,236		120,335
Children’s Place, Inc. (The)			1,144		74,829
Conn’s, Inc.	*†		871		34,579
CST Brands, Inc.			2,444		95,463
Destination XL Group, Inc.	*		1,930		9,669
Dick’s Sporting Goods, Inc.			3,116		161,315
DSW, Inc., Class A			2,162		72,146
Express, Inc.	*		6,015		108,932
Finish Line, Inc. (The), Class A			1,917		53,331
Five Below, Inc.	*		2,091		82,657
Foot Locker, Inc.			5,840		391,338
GameStop Corp., Class A	†		4,171		179,186
Gap, Inc. (The)			11,079		422,885
Genesco, Inc.	*		921		60,814
GNC Holdings, Inc., Class A			3,393		150,921
Group 1 Automotive, Inc.			1,068		97,006
Guess?, Inc.	†		1,639		31,420
Haverty Furniture Cos., Inc.			1,111		24,020
Hibbett Sports, Inc.	*		1,396		65,026
Home Depot, Inc. (The)			51,526		5,726,084
Kirkland’s, Inc.			833		23,216
L Brands, Inc.			9,309		798,060
Lithia Motors, Inc., Class A			862		97,544
Lowe’s Cos., Inc.			38,080		2,550,218
Lumber Liquidators Holdings, Inc.	*†		769		15,926
MarineMax, Inc.	*		800		18,808
Men’s Wearhouse, Inc. (The)			2,437		156,139
Monro Muffler Brake, Inc.			1,487		92,432
Murphy USA, Inc.	*		1,451		80,995
Office Depot, Inc.	*		21,441		185,679
O’Reilly Automotive, Inc.	*		4,131		933,523
Outerwall, Inc.	†		1,075		81,818
Penske Automotive Group, Inc.			1,654		86,190
Pep Boys-Manny, Moe & Jack (The)	*		2,200		26,994
Pier 1 Imports, Inc.			3,712		46,882
Rent-A-Center, Inc.			1,769		50,151
Restoration Hardware Holdings, Inc.	*		916		89,429
Ross Stores, Inc.			16,624		808,093
Sally Beauty Holdings, Inc.	*		9,008		284,473
Select Comfort Corp.	*		2,104		63,267
Signet Jewelers Ltd. (Bermuda)			3,344		428,834
Sonic Automotive, Inc., Class A			1,649		39,296
Stage Stores, Inc.	†		2,236		39,197
Staples, Inc.			22,960		351,518
Stein Mart, Inc.			1,261		13,203

		Shares		Value
Systemax, Inc.	*		1,358	$	11,733
Tiffany & Co.			4,057		372,433
TJX Cos., Inc. (The)			27,266		1,804,191
Tractor Supply Co.			5,080		456,895
Ulta Salon Cosmetics & Fragrance, Inc.	*		2,434		375,931
Urban Outfitters, Inc.	*		5,012		175,420
Vitamin Shoppe, Inc.	*		2,795		104,170
West Marine, Inc.	*		803		7,741
Williams-Sonoma, Inc.			3,877		318,961
					22,982,351
Technology Hardware, Storage & Peripherals—3.8%
3D Systems Corp.	*†		4,215		82,277
Apple, Inc.			226,696		28,433,346
Cray, Inc.	*		714		21,070
Diebold, Inc.			3,079		107,765
Electronics For Imaging, Inc.	*		2,638		114,779
EMC Corp.			79,499		2,097,979
Hewlett-Packard Co.			74,164		2,225,662
Lexmark International, Inc., Class A			1,492		65,946
NCR Corp.	*		6,904		207,810
NetApp, Inc.			11,382		359,216
QLogic Corp.	*		3,731		52,943
Quantum Corp.	*		6,681		11,224
SanDisk Corp.			8,969		522,175
Silicon Graphics International Corp.	*†		1,843		11,924
Stratasys Ltd.	*†		1,886		65,878
Super Micro Computer, Inc.	*		964		28,515
Violin Memory, Inc.	*†		9,447		23,145
Western Digital Corp.			8,356		655,278
					35,086,932
Textiles, Apparel & Luxury Goods—0.9%
Carter’s, Inc.			1,981		210,580
Coach, Inc.			10,479		362,678
Columbia Sportswear Co.			1,304		78,840
Crocs, Inc.	*		3,600		52,956
Culp, Inc.			888		27,528
Deckers Outdoor Corp.	*		1,935		139,262
Fossil Group, Inc.	*		1,614		111,947
G-III Apparel Group Ltd.	*		730		51,356
Hanesbrands, Inc.			16,396		546,315
Iconix Brand Group, Inc.	*		2,737		68,343
Kate Spade & Co.	*		4,930		106,192
lululemon athletica, Inc. (Canada)	*		3,021		197,271
Michael Kors Holdings Ltd. (United Kingdom)	*		7,995		336,510
Movado Group, Inc.			1,678		45,574
NIKE, Inc., Class B			27,296		2,948,514
Oxford Industries, Inc.			936		81,853
PVH Corp.			2,844		327,629
Quiksilver, Inc.	*†		4,288		2,842
Ralph Lauren Corp.			2,261		299,266
Sequential Brands Group, Inc.	*†		3,524		53,882
Skechers U.S.A., Inc., Class A	*		1,935		212,444
Steven Madden Ltd.	*		2,533		108,362
Tumi Holdings, Inc.	*		1,971		40,445
Under Armour, Inc., Class A	*		7,748		646,493
Unifi, Inc.	*		876		29,346
V.F. Corp.			13,034		908,991

See accompanying notes to financial statements.

259

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Wolverine World Wide, Inc.			5,178	$	147,469
					8,142,888
Thrifts & Mortgage Finance—0.2%
Astoria Financial Corp.			3,465		47,782
Bank Mutual Corp.			3,756		28,808
BBX Capital Corp., Class A	*		2,244		36,443
Beneficial Bancorp, Inc.	*		1,065		13,302
BofI Holding, Inc.	*		418		44,187
Brookline Bancorp, Inc.			3,765		42,507
Capitol Federal Financial, Inc.			4,787		57,635
Dime Community Bancshares, Inc.			1,638		27,748
Essent Group Ltd. (Bermuda)	*		1,445		39,521
EverBank Financial Corp.			6,660		130,869
HomeStreet, Inc.	*		2,076		47,374
Hudson City Bancorp, Inc.			26,577		262,581
LendingTree, Inc.	*		314		24,683
MGIC Investment Corp.	*		16,751		190,626
New York Community Bancorp, Inc.	†		14,869		273,292
Northwest Bancshares, Inc.			4,608		59,075
Ocwen Financial Corp.	*†		3,358		34,252
Provident Financial Services, Inc.			2,960		56,210
Radian Group, Inc.			8,446		158,447
Territorial Bancorp, Inc.			2,805		68,049
TFS Financial Corp.			3,398		57,154
TrustCo Bank Corp. NY			3,435		24,148
United Financial Bancorp, Inc.			2,519		33,881
Washington Federal, Inc.			3,379		78,900
					1,837,474
Tobacco—1.1%
Altria Group, Inc.			77,466		3,788,862
Philip Morris International, Inc.			61,906		4,963,004
Reynolds American, Inc.			15,953		1,191,051
Universal Corp.	†		1,078		61,791
Vector Group Ltd.	†		3,356		78,732
					10,083,440
Trading Companies & Distributors—0.3%
Air Lease Corp.			3,250		110,175
Aircastle Ltd.			6,140		139,194
Applied Industrial Technologies, Inc.			2,056		81,520
Beacon Roofing Supply, Inc.	*		2,570		85,375
Fastenal Co.	†		11,276		475,622
GATX Corp.			1,766		93,863
H&E Equipment Services, Inc.			1,600		31,952
HD Supply Holdings, Inc.	*		4,092		143,957
MRC Global, Inc.	*		4,499		69,464
MSC Industrial Direct Co., Inc., Class A			1,782		124,330
NOW, Inc.	*†		3,975		79,142
Rush Enterprises, Inc., Class A	*		1,260		33,025
TAL International Group, Inc.	*†		2,773		87,627
United Rentals, Inc.	*		3,667		321,302
Veritiv Corp.	*		338		12,323
W.W. Grainger, Inc.			2,301		544,532
Watsco, Inc.			940		116,316
WESCO International, Inc.	*†		1,550		106,392
					2,656,111

			Shares		Value
Transportation Infrastructure—0.0%
Macquarie Infrastructure Corp.				1,654	$	136,670
Water Utilities—0.1%
American States Water Co.				2,522		94,298
American Water Works Co., Inc.				8,019		389,964
Aqua America, Inc.				5,411		132,515
California Water Service Group				1,930		44,101
Connecticut Water Service, Inc.				2,808		95,921
SJW Corp.				1,010		30,997
						787,796
Wireless Telecommunication Services—0.2%
NTELOS Holdings Corp.		*		1,350		6,237
SBA Communications Corp., Class A		*		5,704		655,789
Shenandoah Telecommunications Co.				1,200		41,076
Sprint Corp.		*†		33,577		153,111
Telephone & Data Systems, Inc.				3,217		94,580
T-Mobile US, Inc.		*		10,397		403,092
United States Cellular Corp.		*		680		25,615
						1,379,500
TOTAL COMMON STOCKS
(Cost $487,795,831)						899,292,937
Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.078%	09/17/2015	‡‡	$	455,000		455,005
0.072%	12/10/2015	‡‡		180,000		179,970
						634,975
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $634,868)						634,975
				Shares		Value
RIGHTS—0.0%
Electronic Equipment, Instruments & Components—0.0%
Gerber Scientific, Inc. CVR		*†‡d		1,608		—
Health Care Providers & Services—0.0%
BioScrip, Inc., Expires 07/27/2015		*‡d		3		—
Pharmaceuticals—0.0%
Furiex Pharmaceuticals, Inc. CVR		*‡d		1,998		—
Furiex Pharmaceuticals, Inc. CVR		*‡		394		3,940

See accompanying notes to financial statements.

260

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
RIGHTS—(Continued)
Wireless Telecommunication Services—0.0%
Leap Wireless International, Inc. CVR	*‡		3,300	$	9,174
TOTAL RIGHTS
(Cost $—)					13,114
WARRANTS—0.0%
Communications Equipment—0.0%
Pegasus Wireless Corp.	*‡d		540		—
Oil, Gas & Consumable Fuels—0.0%
Magnum Hunter Resources Corp., Expires
04/15/2016	*†‡		893		107
TOTAL WARRANTS
(Cost $—)					107
MONEY MARKET FUNDS—3.5%
Institutional Money Market Funds—3.5%
Dreyfus Institutional Cash Advantage Fund, 0.08%	††¥		3,300,000		3,300,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%	¥		12,638,371		12,638,371
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%	††¥		3,087,301		3,087,301
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.11%	††¥		3,300,000		3,300,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.10%	††¥		3,300,000		3,300,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.12%	††¥		3,300,000		3,300,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.11%	††¥		3,300,000		3,300,000
TOTAL MONEY MARKET FUNDS
(Cost $32,225,672)					32,225,672
TOTAL INVESTMENTS—102.3%
(Cost $520,656,371)					932,166,805
Other assets less liabilities—(2.3%)					(20,830,857	)
NET ASSETS—100.0%				$	911,335,948

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 June 30, 2015.
‡	Security valued at fair value as determined by policies approved by the Board of Directors. (Total Market Value $13,221)
‡‡	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.

261

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—98.3%
Aerospace & Defense—1.4%
AAR Corp.			6,459	$	205,848
Aerojet Rocketdyne Holdings, Inc.	*		11,732		241,797
Aerovironment, Inc.	*		3,832		99,939
American Science & Engineering, Inc.			1,394		61,071
Astronics Corp.	*		3,219		228,195
B/E Aerospace, Inc.			18,211		999,784
Cubic Corp.			3,920		186,514
Curtiss-Wright Corp.			8,517		616,971
DigitalGlobe, Inc.	*		13,689		380,417
Ducommun, Inc.	*		1,702		43,690
Engility Holdings, Inc.			2,873		72,285
Esterline Technologies Corp.	*		5,740		547,252
HEICO Corp.	†		3,430		199,969
HEICO Corp., Class A			7,117		361,330
Hexcel Corp.			17,234		857,219
Huntington Ingalls Industries, Inc.			8,690		978,407
KEYW Holding Corp. (The)	*†		5,318		49,564
KLX, Inc.	*		8,507		375,414
Kratos Defense & Security Solutions, Inc.	*		9,324		58,741
Moog, Inc., Class A	*		7,309		516,600
National Presto Industries, Inc.			975		78,312
Orbital ATK, Inc.			10,656		781,724
Sparton Corp.	*		1,633		44,614
Spirit AeroSystems Holdings, Inc.,
Class A	*		24,892		1,371,798
TASER International, Inc.	*†		9,624		320,575
Teledyne Technologies, Inc.	*		6,318		666,612
Triumph Group, Inc.			9,017		595,032
Vectrus, Inc.	*		1,956		48,646
					10,988,320
Air Freight & Logistics—0.3%
Air Transport Services Group, Inc.	*		10,717		112,421
Atlas Air Worldwide Holdings, Inc.	*		4,497		247,155
Echo Global Logistics, Inc.	*†		5,230		170,812
Forward Air Corp.			5,836		304,989
Hub Group, Inc., Class A	*		6,527		263,299
Park-Ohio Holdings Corp.			1,449		70,219
Radiant Logistics, Inc.	*		7,088		51,813
UTi Worldwide, Inc.	*		16,303		162,867
XPO Logistics, Inc.	*†		12,436		561,859
					1,945,434
Airlines—0.6%
Alaska Air Group, Inc.			23,128		1,490,137
Allegiant Travel Co.			2,409		428,513
Copa Holdings SA, Class A (Panama)			6,094		503,303
Hawaiian Holdings, Inc.	*		8,734		207,433
JetBlue Airways Corp.	*		54,992		1,141,634
Republic Airways Holdings, Inc.	*		9,724		89,266
SkyWest, Inc.			8,900		133,856
Spirit Airlines, Inc.	*		13,043		809,970
Virgin America, Inc.	*†		4,287		117,807
					4,921,919

		Shares		Value
Auto Components—1.1%
American Axle & Manufacturing Holdings, Inc.	*	11,657	$	243,748
Cooper Tire & Rubber Co.		10,990		371,792
Cooper-Standard Holding, Inc.	*	2,714		166,830
Dana Holding Corp.		29,263		602,233
Dorman Products, Inc.	*†	4,696		223,811
Drew Industries, Inc.		4,435		257,319
Federal-Mogul Holdings Corp.	*	4,327		49,111
Fox Factory Holding Corp.	*	1,589		25,551
Gentex Corp.		53,729		882,230
Gentherm, Inc.	*	6,384		350,545
Goodyear Tire & Rubber Co. (The)		48,263		1,455,129
Lear Corp.		13,865		1,556,485
Metaldyne Performance Group, Inc.		2,010		36,482
Modine Manufacturing Co.	*	7,889		84,649
Motorcar Parts of America, Inc.	*	3,710		111,634
Remy International, Inc.		5,235		115,746
Standard Motor Products, Inc.		3,701		129,979
Stoneridge, Inc.	*	4,564		53,444
Strattec Security Corp.		558		38,335
Superior Industries International, Inc.		3,960		72,508
Tenneco, Inc.	*	11,180		642,179
Tower International, Inc.	*	3,444		89,716
Visteon Corp.	*	8,193		860,101
				8,419,557
Automobiles—0.1%
Thor Industries, Inc.		8,641		486,316
Winnebago Industries, Inc.	†	5,233		123,446
				609,762
Banks—6.0%
1st Source Corp.		3,248		110,822
Access National Corp.		1,903		36,994
American National Bankshares, Inc.		1,246		29,667
Ameris Bancorp		6,090		154,016
Ames National Corp.	†	1,475		37,023
Arrow Financial Corp.		2,171		58,682
Associated Banc-Corp		28,681		581,364
Banc of California, Inc.		7,820		107,525
BancFirst Corp.		1,092		71,471
Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		5,927		190,731
Bancorp, Inc. (The)/Delaware	*	6,092		56,534
BancorpSouth, Inc.		16,961		436,915
Bank of Hawaii Corp.		8,019		534,707
Bank of Marin Bancorp		862		43,850
Bank of the Ozarks, Inc.		14,069		643,657
BankUnited, Inc.		18,870		677,999
Banner Corp.		4,196		201,114
Bar Harbor Bankshares		1,565		55,448
BBCN Bancorp, Inc./California		14,858		219,750
Berkshire Hills Bancorp, Inc.		5,723		162,991
Blue Hills Bancorp, Inc.	*	4,663		65,282
BNC Bancorp		2,917		56,386
BOK Financial Corp.		4,915		341,986
Boston Private Financial Holdings, Inc.		15,034		201,606
Bridge Bancorp, Inc.		2,704		72,170
Bridge Capital Holdings	*	1,525		45,445

See accompanying notes to financial statements.

262

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Bryn Mawr Bank Corp.			2,581	$	77,843
BSB Bancorp, Inc./Massachusetts	*		2,122		46,917
C1 Financial, Inc.	*		533		10,330
Camden National Corp.			1,411		54,606
Capital Bank Financial Corp., Class A	*		3,865		112,356
Capital City Bank Group, Inc.			1,724		26,325
Cardinal Financial Corp.			5,568		121,327
Cascade Bancorp	*		4,328		22,419
Cathay General Bancorp			14,388		466,891
Catskill Litigation Trust	*‡d		583		—
CenterState Banks, Inc.			6,193		83,667
Central Pacific Financial Corp.			3,221		76,499
Century Bancorp, Inc./Massachussetts, Class A			582		23,664
Chemical Financial Corp.			5,880		194,393
Citizens & Northern Corp.			1,953		40,134
City Holding Co.			2,691		132,532
City National Corp./California			8,873		802,030
CNB Financial Corp./Pennsylvania			3,476		63,958
CoBiz Financial, Inc.			6,918		90,418
Columbia Banking System, Inc.			10,411		338,774
Commerce Bancshares, Inc./Missouri			14,745		689,624
Community Bank System, Inc.	†		7,504		283,426
Community Trust Bancorp, Inc.			3,220		112,281
CommunityOne Bancorp	*		1,764		18,998
ConnectOne Bancorp, Inc.			4,877		105,002
CU Bancorp	*		1,509		33,439
Cullen/Frost Bankers, Inc.			9,798		769,927
Customers Bancorp, Inc.	*		4,046		108,797
CVB Financial Corp.			20,159		355,000
Eagle Bancorp, Inc.	*		5,693		250,264
East West Bancorp, Inc.			25,697		1,151,740
Enterprise Bancorp, Inc./Massachussetts			1,147		26,886
Enterprise Financial Services Corp.			4,434		100,962
Farmers Capital Bank Corp.	*		1,965		55,865
FCB Financial Holdings, Inc., Class A	*		4,615		146,757
Fidelity Southern Corp.			2,407		41,978
Financial Institutions, Inc.			2,448		60,808
First Bancorp, Inc./Maine			1,513		29,413
First BanCorp. (Puerto Rico)	*		21,654		104,372
First Bancorp/Southern Pines NC			2,954		49,273
First Busey Corp.			14,438		94,858
First Business Financial Services, Inc.			635		29,769
First Citizens BancShares, Inc./North Carolina, Class A			1,414		371,939
First Commonwealth Financial Corp.			18,567		178,058
First Community Bancshares, Inc./Virginia			2,951		53,767
First Connecticut Bancorp, Inc./Farmington CT			2,809		44,579
First Financial Bancorp			9,796		175,740
First Financial Bankshares, Inc.	†		12,140		420,530
First Financial Corp./Indiana			1,835		65,620
First Horizon National Corp.			42,621		667,871

		Shares		Value
First Interstate BancSystem, Inc., Class A		2,926	$	81,167
First Merchants Corp.		7,037		173,814
First Midwest Bancorp, Inc./Illinois		14,472		274,534
First NBC Bank Holding Co.	*	2,471		88,956
First Niagara Financial Group, Inc.		63,523		599,657
First of Long Island Corp. (The)		2,148		59,543
First Republic Bank/California		25,481		1,606,067
FirstMerit Corp.		30,125		627,504
Flushing Financial Corp.		5,182		108,874
FNB Corp./Pennsylvania		31,928		457,209
Franklin Financial Network, Inc.	*	1,429		32,781
Fulton Financial Corp.		31,811		415,452
German American Bancorp, Inc.		2,006		59,077
Glacier Bancorp, Inc.		13,371		393,375
Great Southern Bancorp, Inc.		1,938		81,667
Great Western Bancorp, Inc.		6,921		166,865
Green Bancorp, Inc.	*	768		11,796
Guaranty Bancorp		3,103		51,231
Hampton Roads Bankshares, Inc.	*†	5,516		11,473
Hancock Holding Co.		14,839		473,513
Hanmi Financial Corp.		5,822		144,618
Heartland Financial USA, Inc.		2,967		110,432
Heritage Commerce Corp.		4,197		40,333
Heritage Financial Corp./Washington		5,246		93,746
Heritage Oaks Bancorp		3,455		27,191
Hilltop Holdings, Inc.	*	13,172		317,313
Home Bancshares, Inc./Arkansas		9,580		350,245
HomeTrust Bancshares, Inc.	*	3,407		57,101
Horizon Bancorp/Indiana		1,400		34,944
Hudson Valley Holding Corp.		2,708		76,393
Huntington Bancshares, Inc./Ohio		144,795		1,637,631
IBERIABANK Corp.		6,710		457,823
Independent Bank Corp./Massachusetts	†	4,982		233,606
Independent Bank Corp./Michigan		3,690		50,036
Independent Bank Group, Inc.		1,534		65,809
International Bancshares Corp.		10,389		279,152
Investors Bancorp, Inc.		62,528		769,094
Lakeland Bancorp, Inc.		8,284		98,497
Lakeland Financial Corp.		3,085		133,796
LegacyTexas Financial Group, Inc.		7,553		228,101
MainSource Financial Group, Inc.		4,454		97,765
MB Financial, Inc.		12,213		420,616
Mercantile Bank Corp.		2,847		60,954
Merchants Bancshares, Inc.		1,246		41,205
Metro Bancorp, Inc.		2,334		61,011
MidWestOne Financial Group, Inc.		1,528		50,302
National Bank Holdings Corp., Class A		5,972		124,397
National Bankshares, Inc.	†	1,101		32,215
National Commerce Corp.	*	1,581		40,790
National Penn Bancshares, Inc.		22,622		255,176
NBT Bancorp, Inc.		8,644		226,213
NewBridge Bancorp		4,791		42,784
OFG Bancorp (Puerto Rico)		8,948		95,475
Old National Bancorp/Indiana	†	22,141		320,159
Old Second Bancorp, Inc.	*	7,722		50,965
Opus Bank		850		30,753

See accompanying notes to financial statements.

263

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Pacific Continental Corp.			2,833	$	38,331
Pacific Premier Bancorp, Inc.	*		5,195		88,107
PacWest Bancorp			18,210		851,500
Palmetto Bancshares, Inc.			743		14,689
Park National Corp.			2,151		187,933
Park Sterling Corp.			7,082		50,990
Peapack Gladstone Financial Corp.			3,821		84,903
Penns Woods Bancorp, Inc.			1,191		52,511
Peoples Bancorp, Inc./Ohio			2,337		54,546
Peoples Financial Services Corp.	†		1,215		48,126
People’s United Financial, Inc.			56,147		910,143
Pinnacle Financial Partners, Inc.			6,758		367,432
Popular, Inc. (Puerto Rico)	*		18,597		536,709
Preferred Bank/California			2,248		67,552
PrivateBancorp, Inc.			13,460		535,977
Prosperity Bancshares, Inc.			12,519		722,847
QCR Holdings, Inc.			1,869		40,669
Renasant Corp.	†		6,084		198,338
Republic Bancorp, Inc./Kentucky, Class A			2,055		52,814
S&T Bancorp, Inc.			5,786		171,208
Sandy Spring Bancorp, Inc.			4,178		116,900
Seacoast Banking Corp of Florida	*		3,385		53,483
ServisFirst Bancshares, Inc.			3,599		135,214
Sierra Bancorp			2,504		43,344
Signature Bank/New York	*		9,048		1,324,537
Simmons First National Corp., Class A			4,533		211,600
South State Corp.			4,489		341,119
Southside Bancshares, Inc.	†		4,202		122,824
Southwest Bancorp, Inc./Oklahoma			4,075		75,836
Square 1 Financial, Inc., Class A	*		2,803		76,662
State Bank Financial Corp.			7,113		154,352
Sterling Bancorp/New York	†		17,622		259,043
Stock Yards Bancorp, Inc.			2,661		100,559
Stonegate Bank			1,602		47,531
Suffolk Bancorp			2,229		57,196
Sun Bancorp, Inc./New Jersey	*		1,281		24,659
Susquehanna Bancshares, Inc.			32,706		461,809
SVB Financial Group	*		9,247		1,331,383
Synovus Financial Corp.			23,838		734,687
Talmer Bancorp, Inc., Class A			9,085		152,174
TCF Financial Corp.			30,121		500,310
Texas Capital Bancshares, Inc.	*		8,312		517,339
Tompkins Financial Corp.			2,487		133,602
Towne Bank/Virginia			8,546		139,214
TriCo Bancshares			3,987		95,887
TriState Capital Holdings, Inc.	*		3,661		47,337
Triumph Bancorp, Inc.	*		1,345		17,687
Trustmark Corp.			12,758		318,695
UMB Financial Corp.			7,148		407,579
Umpqua Holdings Corp.			38,346		689,845
Union Bankshares Corp.			7,839		182,178
United Bankshares, Inc./West Virginia			12,998		522,910
United Community Banks, Inc./Georgia			9,994		208,575
Univest Corp of Pennsylvania			2,741		55,807
Valley National Bancorp			42,310		436,216
Washington Trust Bancorp, Inc.			3,111		122,822
Webster Financial Corp.			16,333		645,970
WesBanco, Inc.			6,492		220,858

		Shares		Value
West Bancorporation, Inc.		2,473	$	49,064
Westamerica Bancorporation	†	4,848		245,551
Western Alliance Bancorp	*	13,905		469,433
Wilshire Bancorp, Inc.		11,523		145,536
Wintrust Financial Corp.		8,781		468,730
Yadkin Financial Corp.	*	2,908		60,923
Zions Bancorporation		36,269		1,150,997
				46,261,259
Beverages—0.1%
Boston Beer Co., Inc. (The), Class A	*	1,496		347,057
Castle Brands, Inc.	*	17,449		24,254
Coca-Cola Bottling Co. Consolidated		798		120,554
Craft Brew Alliance, Inc.	*	1,788		19,775
MGP Ingredients, Inc.		2,804		47,163
National Beverage Corp.	*	1,873		42,124
				600,927
Biotechnology—4.2%
Abeona Therapeutics, Inc.	*	2,706		13,692
ACADIA Pharmaceuticals, Inc.	*	14,088		590,005
Acceleron Pharma, Inc.	*	2,755		87,168
Achillion Pharmaceuticals, Inc.	*†	22,375		198,243
Acorda Therapeutics, Inc.	*	7,234		241,109
Adamas Pharmaceuticals, Inc.	*	478		12,533
Aduro Biotech, Inc.	*	1,337		40,551
Advaxis, Inc.	*	4,854		98,682
Aegerion Pharmaceuticals, Inc.	*	5,288		100,313
Affimed NV (Germany)	*	4,006		53,961
Agenus, Inc.	*†	10,018		86,455
Agios Pharmaceuticals, Inc.	*†	4,403		489,349
Akebia Therapeutics, Inc.	*	1,261		12,976
Alder Biopharmaceuticals, Inc.	*	3,508		185,819
Alkermes plc (Ireland)	*	26,752		1,721,224
AMAG Pharmaceuticals, Inc.	*	5,072		350,272
Amicus Therapeutics, Inc.	*	15,440		218,476
Anacor Pharmaceuticals, Inc.	*	7,185		556,335
Anthera Pharmaceuticals, Inc.	*	5,735		49,436
Applied Genetic Technologies Corp.	*	800		12,272
Ardelyx, Inc.	*	808		12,904
Arena Pharmaceuticals, Inc.	*†	48,025		222,836
ARIAD Pharmaceuticals, Inc.	*†	31,851		263,408
Array BioPharma, Inc.	*†	27,688		199,631
Arrowhead Research Corp.	*†	10,508		75,132
Asterias Biotherapeutics, Inc.	*	2,738		12,595
Atara Biotherapeutics, Inc.	*†	2,421		127,732
aTyr Pharma, Inc.	*	1,583		29,317
Avalanche Biotechnologies, Inc.	*	1,130		18,351
Bellicum Pharmaceuticals, Inc.	*†	1,480		31,480
BioCryst Pharmaceuticals, Inc.	*	14,147		211,215
BioSpecifics Technologies Corp.	*	600		30,960
BioTime, Inc.	*†	13,816		50,152
Bluebird Bio, Inc.	*	5,716		962,403
Blueprint Medicines Corp.	*	1,500		39,735
Calithera Biosciences, Inc.	*†	1,319		9,418
Cara Therapeutics, Inc.	*	979		11,895
Catalyst Pharmaceuticals, Inc.	*	12,063		49,820
Celldex Therapeutics, Inc.	*	18,365		463,165
Cellular Biomedicine Group, Inc.	*	1,575		59,078
Cepheid, Inc.	*	12,602		770,612
ChemoCentryx, Inc.	*†	4,080		33,578

See accompanying notes to financial statements.

264

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Chimerix, Inc.	*		7,160	$	330,792
Cidara Therapeutics, Inc.	*		1,263		17,707
Clovis Oncology, Inc.	*		4,327		380,257
Coherus Biosciences, Inc.	*		3,895		112,566
Concert Pharmaceuticals, Inc.	*		2,462		36,659
CorMedix, Inc.	*		8,138		31,575
CTI BioPharma Corp.	*†		27,606		53,832
Curis, Inc.	*		17,810		58,951
Cytokinetics, Inc.	*		7,327		49,237
CytRx Corp.	*†		8,979		33,402
Dicerna Pharmaceuticals, Inc.	*		642		8,956
Dyax Corp.	*		26,926		713,539
Dynavax Technologies Corp.	*†		6,021		141,042
Eagle Pharmaceuticals, Inc./DE	*		1,374		111,102
Emergent BioSolutions, Inc.	*		4,839		159,445
Enanta Pharmaceuticals, Inc.	*†		2,735		123,048
Epizyme, Inc.	*†		4,867		116,808
Esperion Therapeutics, Inc.	*		2,239		183,061
Exact Sciences Corp.	*†		16,765		498,591
Exelixis, Inc.	*†		35,337		132,867
Fibrocell Science, Inc.	*		6,435		33,913
FibroGen, Inc.	*		7,817		183,700
Five Prime Therapeutics, Inc.	*		4,816		119,629
Flexion Therapeutics, Inc.	*		811		17,753
Foundation Medicine, Inc.	*†		2,363		79,964
Galena Biopharma, Inc.	*†		22,766		38,702
Genocea Biosciences, Inc.	*		695		9,542
Genomic Health, Inc.	*†		3,336		92,707
Geron Corp.	*†		25,722		110,090
Halozyme Therapeutics, Inc.	*		19,740		445,729
Heron Therapeutics, Inc.	*†		4,864		151,562
Idera Pharmaceuticals, Inc.	*†		23,598		87,549
Ignyta, Inc.	*		2,939		44,350
Immune Design Corp.	*†		998		20,609
ImmunoGen, Inc.	*†		16,516		237,500
Immunomedics, Inc.	*†		12,320		50,019
Infinity Pharmaceuticals, Inc.	*		7,990		87,491
Inovio Pharmaceuticals, Inc.	*†		15,004		122,433
Insmed, Inc.	*		11,890		290,354
Insys Therapeutics, Inc.	*†		4,076		146,410
Intercept Pharmaceuticals, Inc.	*†		2,817		679,968
Intrexon Corp.	*†		8,137		397,086
Invitae Corp.	*†		1,280		19,046
Ironwood Pharmaceuticals, Inc.	*		21,176		255,383
Isis Pharmaceuticals, Inc.	*†		21,564		1,241,008
Juno Therapeutics, Inc.	*†		1,820		97,061
Karyopharm Therapeutics, Inc.	*		3,911		106,418
Keryx Biopharmaceuticals, Inc.	*†		19,730		196,905
Kite Pharma, Inc.	*†		4,825		294,180
KYTHERA Biopharmaceuticals, Inc.	*		4,525		340,778
La Jolla Pharmaceutical Co.	*		1,850		45,344
Lexicon Pharmaceuticals, Inc.	*†		6,460		52,003
Ligand Pharmaceuticals, Inc.	*		3,158		318,642
Lion Biotechnologies, Inc.	*		7,211		66,125
Loxo Oncology, Inc.	*†		592		10,674
MacroGenics, Inc.	*		4,835		183,585
MannKind Corp.	*†		39,287		223,543
Medgenics, Inc.	*		4,409		27,027
Merrimack Pharmaceuticals, Inc.	*†		20,540		253,977
MiMedx Group, Inc.	*†		18,959		219,735
Mirati Therapeutics, Inc.	*†		1,155		36,348

			Shares		Value
Momenta Pharmaceuticals, Inc.		*	10,684	$	243,702
Myriad Genetics, Inc.		*†	12,479		424,161
Navidea Biopharmaceuticals, Inc.		*†	24,451		39,366
Neurocrine Biosciences, Inc.		*	15,739		751,695
NewLink Genetics Corp.		*†	3,345		148,083
Northwest Biotherapeutics, Inc.		*†	10,776		107,006
Novavax, Inc.		*	50,463		562,158
Ocata Therapeutics, Inc.		*	9,346		49,253
OncoMed Pharmaceuticals, Inc.		*†	2,110		47,475
Oncothyreon, Inc.		*†	21,119		78,985
Ophthotech Corp.		*	4,033		209,958
OPKO Health, Inc.		*†	41,180		662,174
Orexigen Therapeutics, Inc.		*†	20,793		102,925
Organovo Holdings, Inc.		*†	10,060		37,926
Osiris Therapeutics, Inc.		*†	2,675		52,056
Otonomy, Inc.		*	1,177		27,059
OvaScience, Inc.		*†	3,581		103,598
PDL BioPharma, Inc.		†	31,902		205,130
Peregrine Pharmaceuticals, Inc.		*†	37,221		48,760
Pfenex, Inc.		*	2,613		50,692
Portola Pharmaceuticals, Inc.		*	8,751		398,608
Progenics Pharmaceuticals, Inc.		*†	12,608		94,056
Proteon Therapeutics, Inc.		*	2,021		36,095
Prothena Corp. plc (Ireland)		*	6,024		317,284
PTC Therapeutics, Inc.		*	5,862		282,138
Puma Biotechnology, Inc.		*†	4,540		530,045
Radius Health, Inc.		*	4,872		329,834
Raptor Pharmaceutical Corp.		*	15,936		251,629
Receptos, Inc.		*	5,449		1,035,582
Regulus Therapeutics, Inc.		*†	3,193		34,995
Repligen Corp.		*	6,276		259,011
Retrophin, Inc.		*†	5,669		187,927
Rigel Pharmaceuticals, Inc.		*	19,833		63,664
Sage Therapeutics, Inc.		*	2,302		168,046
Sangamo BioSciences, Inc.		*	12,064		133,790
Sarepta Therapeutics, Inc.		*†	8,064		245,388
Seattle Genetics, Inc.		*†	17,039		824,688
Sorrento Therapeutics, Inc.		*	4,542		80,030
Spark Therapeutics, Inc.		*†	1,420		85,583
Spectrum Pharmaceuticals, Inc.		*†	11,842		80,999
Stemline Therapeutics, Inc.		*	4,320		50,846
Synergy Pharmaceuticals, Inc.		*†	18,460		153,218
Synta Pharmaceuticals Corp.		*†	9,125		20,349
T2 Biosystems, Inc.		*†	979		15,889
TESARO, Inc.		*	4,143		243,567
TG Therapeutics, Inc.		*†	6,336		105,114
Threshold Pharmaceuticals, Inc.		*†	7,764		31,367
Tobira Therapeutics, Inc.		*†	300		5,175
Tokai Pharmaceuticals, Inc.		*†	1,032		13,726
Trevena, Inc.		*	6,488		40,615
Trovagene, Inc.		*	3,916		39,747
Ultragenyx Pharmaceutical, Inc.		*	6,010		615,364
United Therapeutics Corp.		*	8,280		1,440,306
Vanda Pharmaceuticals, Inc.		*†	6,002		76,165
Verastem, Inc.		*†	7,817		58,940
Versartis, Inc.		*	3,713		56,512
Vitae Pharmaceuticals, Inc.		*	980		14,112
Vital Therapies, Inc.		*†	2,772		58,489
XBiotech, Inc.	��	*	1,056		19,093
Xencor, Inc.		*	4,826		106,027
XOMA Corp.		*†	13,497		52,368
Zafgen, Inc.		*	2,753		95,336
ZIOPHARM Oncology, Inc.		*†	19,328		231,937
					32,468,383

See accompanying notes to financial statements.

265

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Building Products—1.1%
A.O. Smith Corp.			13,280	$	955,894
AAON, Inc.			8,408		189,348
Advanced Drainage Systems, Inc.			5,638		165,363
Allegion plc (Ireland)			17,114		1,029,236
American Woodmark Corp.	*		2,540		139,319
Apogee Enterprises, Inc.			5,631		296,416
Armstrong World Industries, Inc.	*		7,123		379,513
Builders FirstSource, Inc.	*		9,415		120,889
Continental Building Products, Inc.	*		5,293		112,159
Fortune Brands Home & Security, Inc.			28,607		1,310,773
Gibraltar Industries, Inc.	*		5,228		106,494
Griffon Corp.			6,061		96,491
Insteel Industries, Inc.			2,829		52,902
Lennox International, Inc.			7,307		786,891
Masonite International Corp.	*		5,577		391,003
NCI Building Systems, Inc.	*		5,766		86,894
Nortek, Inc.	*		1,493		124,113
Owens Corning, Inc.			21,719		895,909
Patrick Industries, Inc.	*		2,120		80,647
PGT, Inc.	*		10,546		153,022
Ply Gem Holdings, Inc.	*		2,526		29,782
Quanex Building Products Corp.			7,593		162,718
Simpson Manufacturing Co., Inc.			7,310		248,540
Trex Co., Inc.	*		5,896		291,439
Universal Forest Products, Inc.			3,904		203,125
USG Corp.	*		16,424		456,423
					8,865,303
Capital Markets—2.0%
Actua Corp.	*		7,645		109,018
Arlington Asset Investment Corp., Class A	†		4,644		90,837
Artisan Partners Asset Management, Inc., Class A			6,146		285,543
Ashford, Inc.	*		165		14,400
BGC Partners, Inc., Class A			30,212		264,355
Calamos Asset Management, Inc., Class��A			3,748		45,913
CIFC Corp.			2,540		20,142
Cohen & Steers, Inc.			3,785		128,993
Cowen Group, Inc., Class A	*		18,898		120,947
Diamond Hill Investment Group, Inc.			582		116,202
E*TRADE Financial Corp.	*		51,769		1,550,482
Eaton Vance Corp.			21,049		823,647
Evercore Partners, Inc., Class A			5,811		313,562
Federated Investors, Inc., Class B			17,578		588,687
Fifth Street Asset Management, Inc.	†		1,048		10,773
Financial Engines, Inc.	†		9,169		389,499
GAMCO Investors, Inc., Class A			1,052		72,283
Greenhill & Co., Inc.			5,109		211,155
HFF, Inc., Class A			6,628		276,586
INTL FCStone, Inc.	*		2,698		89,681
Investment Technology Group, Inc.			6,129		151,999
Janus Capital Group, Inc.	†		26,322		450,633
KCG Holdings, Inc., Class A	*†		6,920		85,324
Ladenburg Thalmann Financial Services, Inc.	*†		21,576		75,516
Lazard Ltd., Class A (Bermuda)			22,649		1,273,780
Legg Mason, Inc.			17,550		904,351

		Shares		Value
LPL Financial Holdings, Inc.	†	14,836	$	689,726
Medley Management, Inc., Class A	†	1,048		12,408
Moelis & Co., Class A		2,936		84,293
NorthStar Asset Management Group, Inc.		33,156		613,054
OM Asset Management plc (United Kingdom)		3,998		71,124
Oppenheimer Holdings, Inc., Class A		2,362		62,073
Piper Jaffray Cos.	*	2,965		129,393
Pzena Investment Management, Inc., Class A		1,908		21,083
Raymond James Financial, Inc.		22,885		1,363,488
RCS Capital Corp., Class A	*†	8,145		62,391
Safeguard Scientifics, Inc.	*	3,658		71,185
SEI Investments Co.		24,088		1,181,035
Stifel Financial Corp.	*	12,241		706,795
Virtu Financial, Inc., Class A	*	3,045		71,497
Virtus Investment Partners, Inc.		1,297		171,528
Waddell & Reed Financial, Inc., Class A		15,071		713,009
Walter Investment Management Corp.	*†	7,174		164,069
Westwood Holdings Group, Inc.		1,390		82,802
WisdomTree Investments, Inc.	†	18,871		414,502
ZAIS Group Holdings, Inc.	*	992		10,813
				15,160,576
Chemicals—2.5%
A. Schulman, Inc.		5,719		250,035
Albemarle Corp.		20,086		1,110,153
American Vanguard Corp.		5,182		71,512
Ashland, Inc.		12,102		1,475,234
Axalta Coating Systems Ltd.	*	17,243		570,398
Axiall Corp.		13,166		474,634
Balchem Corp.		5,542		308,800
Cabot Corp.		11,377		424,248
Calgon Carbon Corp.		10,032		194,420
Chase Corp.		1,020		40,545
Chemtura Corp.	*	12,399		351,016
Core Molding Technologies, Inc.	*	2,010		45,908
Cytec Industries, Inc.		12,771		773,029
Ferro Corp.	*	13,500		226,530
Flotek Industries, Inc.	*†	9,529		119,398
FutureFuel Corp.		3,443		44,311
H.B. Fuller Co.		8,990		365,174
Hawkins, Inc.		1,853		74,843
Huntsman Corp.		37,565		829,059
Innophos Holdings, Inc.		3,811		200,611
Innospec, Inc.		4,218		189,979
International Flavors & Fragrances, Inc.		14,439		1,578,038
Intrepid Potash, Inc.	*†	10,243		122,301
KMG Chemicals, Inc.		2,509		63,829
Koppers Holdings, Inc.		4,084		100,956
Kraton Performance Polymers, Inc.	*	6,464		154,360
Kronos Worldwide, Inc.		3,735		40,936
LSB Industries, Inc.	*	3,576		146,044
Minerals Technologies, Inc.		6,469		440,733
NewMarket Corp.		1,530		679,152
Olin Corp.		14,705		396,300
OM Group, Inc.		5,836		196,090

See accompanying notes to financial statements.

266

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
OMNOVA Solutions, Inc.	*		9,679	$	72,496
Platform Specialty Products Corp.	*		21,100		539,738
PolyOne Corp.			16,368		641,135
Quaker Chemical Corp.			2,250		199,890
Rayonier Advanced Materials, Inc.			7,632		124,096
Rentech, Inc.	*		43,798		46,864
RPM International, Inc.			23,780		1,164,507
Scotts Miracle-Gro Co. (The), Class A			7,892		467,285
Senomyx, Inc.	*†		6,845		36,689
Sensient Technologies Corp.			8,381		572,757
Stepan Co.			3,691		199,720
Trecora Resources	*		3,148		47,535
Tredegar Corp.			4,146		91,668
Trinseo SA	*†		1,884		50,567
Tronox Ltd., Class A			10,343		151,318
Valhi, Inc.			5,006		28,334
Valspar Corp. (The)			14,563		1,191,545
W.R. Grace & Co.	*		13,050		1,308,915
					18,993,635
Commercial Services & Supplies—2.0%
ABM Industries, Inc.			10,618		349,014
ACCO Brands Corp.	*		19,480		151,360
ADT Corp. (The)			30,665		1,029,424
ARC Document Solutions, Inc.	*		7,490		56,999
Brady Corp., Class A			8,619		213,234
Brink’s Co. (The)			9,284		273,228
Casella Waste Systems, Inc., Class A	*		5,820		32,650
CECO Environmental Corp.			3,330		37,729
Cintas Corp.			17,119		1,448,096
Civeo Corp.			17,148		52,644
Clean Harbors, Inc.	*		10,523		565,506
Copart, Inc.	*		22,341		792,659
Covanta Holding Corp.			19,254		407,992
Deluxe Corp.			9,381		581,622
Ennis, Inc.			4,365		81,145
Essendant, Inc.			7,455		292,609
G&K Services, Inc., Class A			3,785		261,695
Healthcare Services Group, Inc.			12,994		429,452
Heritage-Crystal Clean, Inc.	*		1,400		20,580
Herman Miller, Inc.			10,455		302,463
HNI Corp.			7,967		407,512
InnerWorkings, Inc.	*		7,289		48,618
Interface, Inc.			11,468		287,273
KAR Auction Services, Inc.			26,000		972,400
Kimball International, Inc., Class B			6,806		82,761
Knoll, Inc.			8,621		215,784
Matthews International Corp., Class A			5,531		293,917
McGrath RentCorp			4,288		130,484
Mobile Mini, Inc.			8,255		347,040
MSA Safety, Inc.			5,239		254,144
Multi-Color Corp.			2,526		161,361
NL Industries, Inc.	*		412		3,053
Pitney Bowes, Inc.			36,716		764,060
Quad/Graphics, Inc.			4,337		80,278
R.R. Donnelley & Sons Co.			37,286		649,895
Rollins, Inc.			17,682		504,468
SP Plus Corp.	*		3,417		89,218

		Shares		Value
Steelcase, Inc., Class A		15,256	$	288,491
Team, Inc.	*	4,053		163,133
Tetra Tech, Inc.		11,033		282,886
TRC Cos., Inc.	*	4,481		45,482
Unifirst Corp.		2,548		284,994
US Ecology, Inc.		3,710		180,751
Viad Corp.		3,417		92,635
Waste Connections, Inc.		22,112		1,041,917
West Corp.		9,011		271,231
				15,323,887
Communications Equipment—1.0%
ADTRAN, Inc.		10,673		173,436
Aerohive Networks, Inc.	*†	4,925		34,376
Alliance Fiber Optic Products, Inc.	†	1,860		34,503
Applied Optoelectronics, Inc.	*	2,449		42,515
Arista Networks, Inc.	*†	5,551		453,739
ARRIS Group, Inc.	*	24,051		735,961
Bel Fuse, Inc., Class B		1,562		32,052
Black Box Corp.		2,697		53,940
Brocade Communications Systems, Inc.		74,806		888,695
CalAmp Corp.	*†	6,551		119,621
Calix, Inc.	*	6,802		51,763
Ciena Corp.	*	20,704		490,271
Clearfield, Inc.	*†	1,835		29,195
CommScope Holding Co., Inc.	*	18,054		550,827
Comtech Telecommunications Corp.		3,106		90,229
Digi International, Inc.	*	4,346		41,504
EchoStar Corp., Class A	*	8,146		396,547
EMCORE Corp.	*	6,509		39,184
Extreme Networks, Inc.	*	15,723		42,295
Finisar Corp.	*	19,473		347,982
Harmonic, Inc.	*	13,859		94,657
Infinera Corp.	*	22,813		478,617
InterDigital, Inc.		6,856		390,038
Ixia	*	9,680		120,419
JDS Uniphase Corp.	*	41,984		486,175
KVH Industries, Inc.	*	3,755		50,505
Mitel Networks Corp. (Canada)	*	—		1
NETGEAR, Inc.	*	6,435		193,179
Novatel Wireless, Inc.	*	9,873		32,087
Oclaro, Inc.	*†	15,068		34,054
Plantronics, Inc.		7,045		396,704
Polycom, Inc.	*	26,249		300,288
Ruckus Wireless, Inc.	*	13,194		136,426
ShoreTel, Inc.	*	9,728		65,956
Sonus Networks, Inc.	*	8,541		59,104
Ubiquiti Networks, Inc.	†	5,050		161,171
ViaSat, Inc.	*	7,422		447,250
				8,095,266
Construction & Engineering—0.9%
AECOM	*	27,133		897,560
Aegion Corp.	*	6,676		126,443
Ameresco, Inc., Class A	*	5,077		38,839
Argan, Inc.		2,317		93,445
Chicago Bridge & Iron Co. NV (Netherlands)	†	17,519		876,651
Comfort Systems USA, Inc.		6,272		143,942
Dycom Industries, Inc.	*	6,525		383,996
EMCOR Group, Inc.		11,257		537,747
Furmanite Corp.	*	7,017		56,978

See accompanying notes to financial statements.

267

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Granite Construction, Inc.			6,783	$	240,864
Great Lakes Dredge & Dock Corp.	*		9,800		58,408
HC2 Holdings, Inc.	*		5,163		46,209
Jacobs Engineering Group, Inc.	*		21,453		871,421
KBR, Inc.			25,853		503,616
MasTec, Inc.	*		12,504		248,455
MYR Group, Inc.	*		3,380		104,645
Northwest Pipe Co.	*		1,416		28,844
NV5 Holdings, Inc.	*		1,341		32,533
Orion Marine Group, Inc.	*		6,042		43,623
Primoris Services Corp.			6,986		138,323
Quanta Services, Inc.	*		36,666		1,056,714
Tutor Perini Corp.	*		6,412		138,371
					6,667,627
Construction Materials—0.4%
Eagle Materials, Inc.			9,338		712,770
Headwaters, Inc.	*		14,286		260,291
Martin Marietta Materials, Inc.			11,936		1,689,063
Summit Materials, Inc., Class A	*		4,092		104,346
United States Lime & Minerals, Inc.			481		27,956
US Concrete, Inc.	*		3,190		120,869
					2,915,295
Consumer Finance—0.4%
Cash America International, Inc.			5,250		137,498
Credit Acceptance Corp.	*		1,484		365,331
Encore Capital Group, Inc.	*†		4,850		207,289
Enova International, Inc.	*		4,803		89,720
Ezcorp, Inc., Class A	*		8,825		65,570
First Cash Financial Services, Inc.	*		5,377		245,137
Green Dot Corp., Class A	*		7,869		150,455
JG Wentworth Co., Class A	*		1,635		15,042
Nelnet, Inc., Class A			3,802		164,665
PRA Group, Inc.	*†		8,672		540,352
Regional Management Corp.	*		1,193		21,307
SLM Corp.	*		78,831		778,062
Springleaf Holdings, Inc.	*		8,856		406,579
World Acceptance Corp.	*†		1,607		98,847
					3,285,854
Containers & Packaging—1.8%
AEP Industries, Inc.	*		838		46,258
AptarGroup, Inc.			11,235		716,456
Avery Dennison Corp.			16,301		993,383
Ball Corp.			24,622		1,727,233
Bemis Co., Inc.			17,427		784,389
Berry Plastics Group, Inc.	*		20,733		671,749
Crown Holdings, Inc.	*		24,835		1,314,020
Graphic Packaging Holding Co.			58,763		818,569
Greif, Inc., Class A			5,997		214,993
Myers Industries, Inc.			4,506		85,614
Owens-Illinois, Inc.	*		29,854		684,851
Packaging Corp. of America			17,482		1,092,450
Rock-Tenn Co., Class A	†		25,177		1,515,655
Sealed Air Corp.			37,601		1,931,939
Silgan Holdings, Inc.			7,295		384,884
Sonoco Products Co.			18,040		773,194
					13,755,637

		Shares		Value
Distributors—0.3%
Core-Mark Holding Co., Inc.		4,042	$	239,489
Fenix Parts, Inc.	*	3,617		36,242
LKQ Corp.	*	54,301		1,642,334
Pool Corp.		8,140		571,265
VOXX International Corp.	*	2,945		24,385
Weyco Group, Inc.		1,031		30,744
				2,544,459
Diversified Consumer Services—0.8%
2U, Inc.	*	4,002		128,824
American Public Education, Inc.	*	3,033		78,009
Apollo Education Group, Inc.	*	17,439		224,614
Ascent Capital Group, Inc., Class A	*	2,543		108,688
Bridgepoint Education, Inc.	*	3,328		31,816
Bright Horizons Family Solutions, Inc.	*	6,507		376,105
Cambium Learning Group, Inc.	*	3,401		14,522
Capella Education Co.		2,073		111,258
Career Education Corp.	*	11,632		38,386
Carriage Services, Inc.		2,616		62,470
Chegg, Inc.	*†	12,109		94,935
Collectors Universe, Inc.		1,150		22,931
DeVry Education Group, Inc.		11,393		341,562
Graham Holdings Co., Class B		627		674,056
Grand Canyon Education, Inc.	*	8,434		357,602
Houghton Mifflin Harcourt Co.	*	23,971		604,069
K12, Inc.	*	7,228		91,434
Liberty Tax, Inc.		737		18,241
LifeLock, Inc.	*†	16,527		271,043
Regis Corp.	*	8,692		136,986
Service Corp. International		36,870		1,085,084
ServiceMaster Global Holdings, Inc.	*	17,264		624,439
Sotheby’s		11,048		499,811
Steiner Leisure Ltd. (Bahamas)	*	2,781		149,562
Strayer Education, Inc.	*	1,807		77,882
Universal Technical Institute, Inc.		4,524		38,906
Weight Watchers International, Inc.	*†	5,074		24,609
				6,287,844
Diversified Financial Services—0.6%
CBOE Holdings, Inc.		14,968		856,469
FNFV Group	*	14,486		222,795
GAIN Capital Holdings, Inc.		3,841		36,720
MarketAxess Holdings, Inc.		6,726		623,971
Marlin Business Services Corp.		1,306		22,045
MSCI, Inc.		20,142		1,239,740
NASDAQ OMX Group, Inc. (The)		20,709		1,010,806
NewStar Financial, Inc.	*†	5,723		62,953
On Deck Capital, Inc.	*†	2,030		23,508
PHH Corp.	*	8,601		223,884
PICO Holdings, Inc.	*	3,754		55,259
Resource America, Inc., Class A		3,696		31,083
Tiptree Financial, Inc., Class A		1,283		9,302
				4,418,535
Diversified Telecommunication Services—0.5%
8x8, Inc.	*	17,637		158,028
Atlantic Tele-Network, Inc.		1,558		107,627
Cincinnati Bell, Inc.	*	38,778		148,132
Cogent Communications Holdings, Inc.		8,853		299,586

See accompanying notes to financial statements.

268

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Consolidated Communications Holdings, Inc.			8,837	$	185,665
FairPoint Communications, Inc.	*†		4,904		89,351
Frontier Communications Corp.	†		183,753		909,577
General Communication, Inc., Class A	*		6,831		116,195
Globalstar, Inc.	*†		81,721		172,431
Hawaiian Telcom Holdco, Inc.	*		1,637		42,726
IDT Corp., Class B			4,372		79,046
inContact, Inc.	*		12,760		125,941
Inteliquent, Inc.			6,478		119,195
Intelsat SA (Luxembourg)	*†		4,106		40,732
Iridium Communications, Inc.	*†		14,059		127,796
Lumos Networks Corp.			2,601		38,469
ORBCOMM, Inc.	*		13,699		92,468
Pacific DataVision, Inc.	*		2,080		87,630
Premiere Global Services, Inc.	*		8,185		84,224
Straight Path Communications, Inc., Class B	*		1,498		49,119
Vonage Holdings Corp.	*		35,182		172,744
Windstream Holdings, Inc.	†		17,774		113,398
Zayo Group Holdings, Inc.	*		24,161		621,421
					3,981,501
Electric Utilities—1.3%
ALLETE, Inc.			9,060		420,293
Cleco Corp.			11,079		596,604
El Paso Electric Co.			7,508		260,227
Empire District Electric Co. (The)			7,796		169,953
Genie Energy Ltd., Class B	*		3,281		34,352
Great Plains Energy, Inc.			27,842		672,663
Hawaiian Electric Industries, Inc.			19,939		592,786
IDACORP, Inc.			9,447		530,355
ITC Holdings Corp.			27,753		893,092
MGE Energy, Inc.			6,204		240,281
OGE Energy Corp.			36,533		1,043,748
Otter Tail Corp.			6,778		180,295
Pepco Holdings, Inc.			46,052		1,240,641
Pinnacle West Capital Corp.			20,236		1,151,226
PNM Resources, Inc.			14,199		349,295
Portland General Electric Co.			13,802		457,674
Spark Energy, Inc., Class A	†		491		7,738
UIL Holdings Corp.			10,625		486,838
Unitil Corp.			2,617		86,413
Westar Energy, Inc.			23,749		812,691
					10,227,165
Electrical Equipment—1.0%
Acuity Brands, Inc.			7,747		1,394,305
Allied Motion Technologies, Inc.			1,634		36,700
AZZ, Inc.			4,607		238,643
Babcock & Wilcox Co. (The)			19,158		628,382
Encore Wire Corp.			4,068		180,172
EnerSys			8,123		570,966
Enphase Energy, Inc.	*†		4,304		32,754
Franklin Electric Co., Inc.			8,722		281,982
FuelCell Energy, Inc.	*†		38,419		37,532
Generac Holdings, Inc.	*†		12,171		483,797
General Cable Corp.			9,667		190,730
GrafTech International Ltd.	*		22,518		111,689
Hubbell, Inc., Class B			10,351		1,120,806

		Shares		Value
LSI Industries, Inc.		3,003	$	28,048
Plug Power, Inc.	*†	33,712		82,594
Polypore International, Inc.	*	8,422		504,309
Powell Industries, Inc.		1,563		54,971
Power Solutions International, Inc.	*†	752		40,623
PowerSecure International, Inc.	*	4,744		70,022
Preformed Line Products Co.		638		24,065
Regal Beloit Corp.		8,020		582,172
SolarCity Corp.	*†	10,266		549,744
Thermon Group Holdings, Inc.	*	5,589		134,527
Vicor Corp.	*	3,481		42,433
				7,421,966
Electronic Equipment, Instruments & Components—2.4%
Agilysys, Inc.	*	1,636		15,018
Anixter International, Inc.	*	4,900		319,235
Arrow Electronics, Inc.	*	17,152		957,082
Avnet, Inc.		24,293		998,685
AVX Corp.		9,165		123,361
Badger Meter, Inc.		2,704		171,677
Belden, Inc.		7,845		637,249
Benchmark Electronics, Inc.	*	10,071		219,346
CDW Corp.		22,748		779,801
Checkpoint Systems, Inc.		8,101		82,468
Cognex Corp.		15,572		749,013
Coherent, Inc.	*	4,645		294,865
Control4 Corp.	*†	1,373		12,206
CTS Corp.		6,621		127,587
Daktronics, Inc.		7,523		89,223
Dolby Laboratories, Inc., Class A		8,260		327,757
DTS, Inc.	*	3,053		93,086
Electro Rent Corp.		4,267		46,340
Fabrinet (Thailand)	*	6,113		114,496
FARO Technologies, Inc.	*	3,399		158,733
FEI Co.		7,441		617,082
FLIR Systems, Inc.		25,625		789,763
GSI Group, Inc.	*	5,025		75,526
II-VI, Inc.	*	8,787		166,777
Ingram Micro, Inc., Class A	*	28,955		724,744
Insight Enterprises, Inc.	*	7,260		217,147
InvenSense Inc.	*†	12,565		189,732
IPG Photonics Corp.	*	6,135		522,549
Itron, Inc.	*	7,053		242,905
Jabil Circuit, Inc.		34,705		738,869
Keysight Technologies, Inc.	*	28,881		900,798
Kimball Electronics, Inc.	*	5,104		74,467
Knowles Corp.	*†	16,111		291,609
Littelfuse, Inc.		4,198		398,348
Mercury Systems, Inc.	*	6,981		102,202
Mesa Laboratories, Inc.	†	539		47,917
Methode Electronics, Inc.		7,276		199,726
MTS Systems Corp.		2,725		187,889
Multi-Fineline Electronix, Inc.	*	1,120		24,483
National Instruments Corp.		19,808		583,544
Newport Corp.	*	6,603		125,193
OSI Systems, Inc.	*	3,445		243,872
Park Electrochemical Corp.		3,495		66,964
PC Connection, Inc.		1,452		35,922
Plexus Corp.	*	5,929		260,165
RealD, Inc.	*	6,791		83,733
Rofin-Sinar Technologies, Inc.	*	4,789		132,176
Rogers Corp.	*	3,354		221,834
Sanmina Corp.	*	14,516		292,643

See accompanying notes to financial statements.

269

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
ScanSource, Inc.	*		5,403	$	205,638
SYNNEX Corp.			5,376		393,469
Tech Data Corp.	*		6,588		379,205
Trimble Navigation Ltd.	*		46,393		1,088,380
TTM Technologies, Inc.	*		10,328		103,177
Universal Display Corp.	*		7,224		373,698
Vishay Intertechnology, Inc.			23,277		271,875
Vishay Precision Group, Inc.	*		2,712		40,843
Zebra Technologies Corp., Class A	*		9,309		1,033,764
					18,765,856
Energy Equipment & Services—1.6%
Atwood Oceanics, Inc.	†		12,095		319,792
Basic Energy Services, Inc.	*†		5,491		41,457
Bristow Group, Inc.	†		6,407		341,493
C&J Energy Services Ltd.	*		8,503		112,240
CARBO Ceramics, Inc.	†		3,679		153,157
Diamond Offshore Drilling, Inc.			10,283		265,404
Dresser-Rand Group, Inc.	*		14,038		1,195,757
Dril-Quip, Inc.	*		7,215		542,929
Ensco plc, Class A (United Kingdom)			39,959		889,887
Era Group, Inc.	*		3,470		71,066
Exterran Holdings, Inc.			12,176		397,546
FMSA Holdings, Inc.	*†		10,656		87,273
Forum Energy Technologies, Inc.	*		11,420		231,598
Frank’s International NV (Netherlands)			6,714		126,492
Geospace Technologies Corp.	*		2,532		58,363
Gulfmark Offshore, Inc., Class A	†		5,207		60,401
Helix Energy Solutions Group, Inc.	*		18,113		228,767
Hornbeck Offshore Services, Inc.	*†		6,789		139,378
Independence Contract Drilling, Inc.	*†		1,688		14,972
ION Geophysical Corp.	*		22,870		24,471
Key Energy Services, Inc.	*		24,102		43,384
Matrix Service Co.	*		4,454		81,419
McDermott International, Inc.	*†		45,471		242,815
Nabors Industries Ltd. (Bermuda)			58,381		842,438
Natural Gas Services Group, Inc.	*		2,483		56,662
Newpark Resources, Inc.	*		16,681		135,616
Noble Corp. plc (United Kingdom)			40,517		623,557
Nordic American Offshore Ltd. (Norway)	†		2,988		24,322
North Atlantic Drilling Ltd. (Norway)	†		13,466		16,024
Oceaneering International, Inc.			18,192		847,565
Oil States International, Inc.	*		8,574		319,210
Parker Drilling Co.	*		23,214		77,070
Patterson-UTI Energy, Inc.			26,449		497,638
PHI, Inc.	*		2,638		79,193
Pioneer Energy Services Corp.	*		11,528		73,087
RigNet, Inc.	*		2,457		75,110
Rowan Cos. plc, Class A			23,237		490,533
RPC, Inc.	†		12,219		168,989
SEACOR Holdings, Inc.	*		3,635		257,867
Seadrill Ltd. (Bermuda)			62,894		650,324
Seventy Seven Energy, Inc.	*		9,000		38,610
Superior Energy Services, Inc.			26,989		567,848
Tesco Corp.			7,240		78,916

		Shares		Value
TETRA Technologies, Inc.	*	13,207	$	84,261
Tidewater, Inc.	†	8,857		201,320
Unit Corp.	*	9,048		245,382
US Silica Holdings, Inc.	†	10,120		297,123
				12,418,726
Food & Staples Retailing—0.7%
Andersons, Inc. (The)		5,380		209,820
Casey’s General Stores, Inc.		7,206		689,902
Chefs’ Warehouse, Inc. (The)	*	3,665		77,845
Diplomat Pharmacy, Inc.	*	6,150		275,212
Fairway Group Holdings Corp.	*†	2,487		8,854
Fresh Market, Inc. (The)	*†	7,516		241,564
Ingles Markets, Inc., Class A		1,996		95,349
Natural Grocers by Vitamin Cottage, Inc.	*	1,404		34,566
PriceSmart, Inc.		3,187		290,782
Rite Aid Corp.	*	176,414		1,473,057
Smart & Final Stores, Inc.	*	2,219		39,654
SpartanNash Co.		7,304		237,672
Sprouts Farmers Market, Inc.	*	26,281		709,061
SUPERVALU, Inc.	*	45,485		367,974
United Natural Foods, Inc.	*	8,967		571,019
Village Super Market, Inc., Class A		1,280		40,563
Weis Markets, Inc.		2,120		89,358
				5,452,252
Food Products—1.4%
Alico, Inc.		494		22,408
Arcadia Biosciences, Inc.	*	2,130		13,568
B&G Foods, Inc.		11,037		314,886
Boulder Brands, Inc.	*	11,006		76,382
Calavo Growers, Inc.		2,921		151,688
Cal-Maine Foods, Inc.	†	5,508		287,518
Darling Ingredients, Inc.	*	30,976		454,108
Dean Foods Co.		17,835		288,392
Diamond Foods, Inc.	*	4,466		140,143
Farmer Bros. Co.	*	930		21,855
Flowers Foods, Inc.		32,116		679,253
Fresh Del Monte Produce, Inc.		6,328		244,640
Freshpet, Inc.	*†	1,976		36,754
Hain Celestial Group, Inc. (The)	*	18,606		1,225,391
Ingredion, Inc.		12,783		1,020,211
Inventure Foods, Inc.	*	3,145		31,922
J&J Snack Foods Corp.		2,596		287,299
John B. Sanfilippo & Son, Inc.		1,899		98,558
Lancaster Colony Corp.		3,173		288,267
Landec Corp.	*	4,989		71,991
Lifeway Foods, Inc.	*	778		14,930
Limoneira Co.	†	1,586		35,257
Omega Protein Corp.	*	4,824		66,330
Pilgrim’s Pride Corp.	†	11,285		259,216
Pinnacle Foods, Inc.		19,912		906,792
Post Holdings, Inc.	*	9,802		528,622
Sanderson Farms, Inc.	†	3,975		298,761
Seaboard Corp.	*†	51		183,549
Seneca Foods Corp., Class A	*	1,290		35,823
Snyder’s-Lance, Inc.		8,591		277,232
Tootsie Roll Industries, Inc.	†	3,554		114,830
TreeHouse Foods, Inc.	*	7,463		604,727
WhiteWave Foods Co. (The)	*	31,263		1,528,135
				10,609,438

See accompanying notes to financial statements.

270

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Gas Utilities—1.0%
AGL Resources, Inc.			21,903	$	1,019,804
Atmos Energy Corp.			18,427		944,937
Chesapeake Utilities Corp.			2,728		146,903
Laclede Group, Inc. (The)			7,541		392,584
National Fuel Gas Co.			15,081		888,120
New Jersey Resources Corp.			14,976		412,589
Northwest Natural Gas Co.			4,674		197,149
ONE Gas, Inc.			9,073		386,147
Piedmont Natural Gas Co., Inc.			13,757		485,760
Questar Corp.			31,677		662,366
South Jersey Industries, Inc.			12,124		299,826
Southwest Gas Corp.			8,465		450,423
UGI Corp.			30,794		1,060,853
WGL Holdings, Inc.			8,938		485,244
					7,832,705
Health Care Equipment & Supplies—3.1%
Abaxis, Inc.			4,420		227,542
ABIOMED, Inc.	*		7,470		491,003
Accuray, Inc.	*†		15,070		101,572
Alere, Inc.	*		15,402		812,455
Align Technology, Inc.	*		14,450		906,159
Analogic Corp.			2,120		167,268
AngioDynamics, Inc.	*		5,314		87,150
Anika Therapeutics, Inc.	*		2,511		82,938
Antares Pharma, Inc.	*†		19,090		39,707
AtriCure, Inc.	*		5,136		126,551
Atrion Corp.			291		114,162
Cantel Medical Corp.			6,207		333,130
Cardiovascular Systems, Inc.	*		4,717		124,765
Cerus Corp.	*†		16,123		83,678
CONMED Corp.			5,207		303,412
Cooper Cos., Inc. (The)			8,619		1,533,923
Corindus Vascular Robotics, Inc.	*		5,896		20,695
CryoLife, Inc.			3,944		44,488
Cutera, Inc.	*		3,793		58,716
Cyberonics, Inc.	*		4,848		288,262
Cynosure, Inc., Class A	*		4,027		155,362
DENTSPLY International, Inc.			24,141		1,244,469
DexCom, Inc.	*		14,052		1,123,879
Endologix, Inc.	*		11,389		174,707
Entellus Medical, Inc.	*†		920		23,800
Exactech, Inc.	*		1,480		30,828
GenMark Diagnostics, Inc.	*†		7,868		71,284
Globus Medical, Inc., Class A	*		11,537		296,155
Greatbatch, Inc.	*		4,185		225,655
Haemonetics Corp.	*		9,672		400,034
Halyard Health, Inc.	*		7,452		301,806
HeartWare International, Inc.	*		3,325		241,694
Hill-Rom Holdings, Inc.			10,313		560,305
Hologic, Inc.	*		43,971		1,673,536
ICU Medical, Inc.	*		2,585		247,281
IDEXX Laboratories, Inc.	*		16,739		1,073,639
Inogen, Inc.	*		2,611		116,451
Insulet Corp.	*		10,118		313,506
Integra LifeSciences Holdings Corp.	*		4,760		320,681
Invacare Corp.			6,320		136,702
InVivo Therapeutics Holdings Corp.	*		4,253		68,686
iRadimed Corp.	*		736		17,127
K2M Group Holdings, Inc.	*		1,500		36,030

		Shares		Value
LDR Holding Corp.	*	3,996	$	172,827
LeMaitre Vascular, Inc.		3,113		37,543
Masimo Corp.	*	8,258		319,915
Meridian Bioscience, Inc.		7,174		133,723
Merit Medical Systems, Inc.	*	7,183		154,722
Natus Medical, Inc.	*	6,191		263,489
Neogen Corp.	*	6,836		324,300
Nevro Corp.	*	2,561		137,654
NuVasive, Inc.	*	8,592		407,089
NxStage Medical, Inc.	*	11,835		169,063
OraSure Technologies, Inc.	*	8,723		47,017
Orthofix International NV (Curacao)	*	3,796		125,724
Oxford Immunotec Global plc (United Kingdom)	*	4,716		65,317
Quidel Corp.	*	5,467		125,468
ResMed, Inc.	†	25,166		1,418,607
Rockwell Medical, Inc.	*†	8,627		139,067
RTI Surgical, Inc.	*	13,504		87,236
Second Sight Medical Products, Inc.	*†	703		9,568
Sientra, Inc.	*	1,004		25,331
Sirona Dental Systems, Inc.	*	9,968		1,000,987
Spectranetics Corp. (The)	*†	7,119		163,808
STAAR Surgical Co.	*†	7,139		68,963
STERIS Corp.	†	10,682		688,348
SurModics, Inc.	*	3,217		75,342
Tandem Diabetes Care, Inc.	*	1,542		16,715
Teleflex, Inc.		7,496		1,015,333
Thoratec Corp.	*	9,731		433,711
Tornier NV (Netherlands)	*	6,135		153,314
TransEnterix, Inc.	*	4,614		13,842
Unilife Corp.	*†	22,514		48,405
Utah Medical Products, Inc.		525		31,306
Vascular Solutions, Inc.	*	2,721		94,473
Veracyte, Inc.	*†	845		9,413
West Pharmaceutical Services, Inc.		13,084		759,919
Wright Medical Group, Inc.	*	8,782		230,615
Zeltiq Aesthetics, Inc.	*	4,981		146,790
				23,916,137
Health Care Providers & Services—2.9%
AAC Holdings, Inc.	*†	1,004		43,734
Acadia Healthcare Co., Inc.	*	9,112		713,743
Aceto Corp.		4,950		121,918
Addus HomeCare Corp.	*	874		24,350
Adeptus Health, Inc., Class A	*	923		87,676
Air Methods Corp.	*	7,403		306,040
Alliance HealthCare Services, Inc.	*	806		15,064
Almost Family, Inc.	*	1,537		61,342
Amedisys, Inc.	*	5,275		209,576
AMN Healthcare Services, Inc.	*	9,117		288,006
Amsurg Corp.	*	8,548		597,933
Bio-Reference Laboratories, Inc.	*	4,688		193,380
BioScrip, Inc.	*†	14,738		53,499
BioTelemetry, Inc.	*	4,248		40,059
Brookdale Senior Living, Inc.	*	32,640		1,132,608
Capital Senior Living Corp.	*	5,534		135,583
Centene Corp.	*	21,140		1,699,656
Chemed Corp.		3,102		406,672
Civitas Solutions, Inc.	*	2,042		43,556
Community Health Systems, Inc.	*	21,399		1,347,495
Corvel Corp.	*	2,370		75,887
Cross Country Healthcare, Inc.	*	4,565		57,884

See accompanying notes to financial statements.

271

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Ensign Group, Inc. (The)			4,445	$	226,962
Envision Healthcare Holdings, Inc.	*		32,009		1,263,715
ExamWorks Group, Inc.	*		7,022		274,560
Five Star Quality Care, Inc.	*		9,106		43,709
Genesis Healthcare, Inc.	*		4,230		27,918
Hanger, Inc.	*		6,290		147,438
Health Net, Inc.	*		13,802		884,984
HealthEquity, Inc.	*		5,980		191,659
HealthSouth Corp.			15,894		732,078
Healthways, Inc.	*		5,769		69,113
IPC Healthcare, Inc.	*		3,142		174,035
Kindred Healthcare, Inc.			15,596		316,443
Landauer, Inc.			1,882		67,074
LHC Group, Inc.	*		2,770		105,953
LifePoint Health, Inc.	*		8,108		704,991
Magellan Health, Inc.	*		4,963		347,757
MEDNAX, Inc.	*		16,689		1,236,822
Molina Healthcare, Inc.	*		6,173		433,962
National HealthCare Corp.			1,812		117,762
National Research Corp., Class A			1,929		27,411
Nobilis Health Corp.	*		8,378		56,970
Omnicare, Inc.			17,326		1,632,976
Owens & Minor, Inc.			11,945		406,130
Patterson Cos., Inc.			15,531		755,583
PharMerica Corp.	*		5,445		181,319
Premier, Inc., Class A	*		6,572		252,759
Providence Service Corp. (The)	*		2,069		91,615
RadNet, Inc.	*		5,263		35,209
Select Medical Holdings Corp.			18,164		294,257
Surgical Care Affiliates, Inc.	*		3,635		139,511
Team Health Holdings, Inc.	*		12,689		828,972
Tenet Healthcare Corp.	*		18,004		1,042,072
Triple-S Management Corp., Class B (Puerto Rico)	*		4,524		116,086
Trupanion, Inc.	*†		1,368		11,272
U.S. Physical Therapy, Inc.			2,234		122,334
Universal American Corp.	*		7,130		72,156
VCA, Inc.	*		14,695		799,481
WellCare Health Plans, Inc.	*		7,874		667,951
					22,556,660
Health Care Technology—0.5%
Allscripts Healthcare Solutions, Inc.	*		32,180		440,222
athenahealth, Inc.	*†		7,053		808,133
Castlight Health, Inc., Class B	*†		2,084		16,964
Computer Programs & Systems, Inc.	†		2,114		112,930
Connecture, Inc.	*		1,160		12,250
HealthStream, Inc.	*		3,356		102,090
HMS Holdings Corp.	*		15,079		258,907
Imprivata, Inc.	*		973		15,918
Inovalon Holdings, Inc., Class A	*		4,490		125,271
MedAssets, Inc.	*		11,090		244,645
Medidata Solutions, Inc.	*		10,151		551,402
Merge Healthcare, Inc.	*		17,338		83,222
Omnicell, Inc.	*		6,227		234,820
Press Ganey Holdings, Inc.	*		1,639		46,990
Quality Systems, Inc.	†		8,711		144,341
Veeva Systems, Inc., Class A	*†		12,113		339,527

		Shares		Value
Vocera Communications, Inc.	*	3,339	$	38,232
				3,575,864
Hotels, Restaurants & Leisure—2.3%
Aramark		33,166		1,027,151
Belmond Ltd., Class A (Bermuda)	*	18,365		229,379
Biglari Holdings, Inc.	*	354		146,467
BJ’s Restaurants, Inc.	*	3,615		175,147
Bloomin’ Brands, Inc.		21,197		452,556
Bob Evans Farms, Inc.		4,353		222,221
Bojangles’, Inc.	*	2,172		51,824
Boyd Gaming Corp.	*	13,345		199,508
Bravo Brio Restaurant Group, Inc.	*	3,101		42,018
Brinker International, Inc.		10,935		630,403
Buffalo Wild Wings, Inc.	*	3,402		533,059
Caesars Acquisition Co., Class A	*	7,358		50,623
Caesars Entertainment Corp.	*†	8,076		49,425
Carrols Restaurant Group, Inc.	*	5,985		62,244
Cheesecake Factory, Inc. (The)		9,090		495,723
Choice Hotels International, Inc.		6,118		331,901
Churchill Downs, Inc.		2,351		293,992
Chuy’s Holdings, Inc.	*†	3,373		90,363
ClubCorp Holdings, Inc.		7,381		176,258
Cracker Barrel Old Country Store, Inc.	†	3,443		513,558
Dave & Buster’s Entertainment, Inc.	*	3,767		135,951
Del Frisco’s Restaurant Group, Inc.	*	3,974		74,036
Denny’s Corp.	*	15,003		174,185
Diamond Resorts International, Inc.	*	7,268		229,305
DineEquity, Inc.		2,860		283,397
Domino’s Pizza, Inc.		9,861		1,118,237
Dunkin’ Brands Group, Inc.	†	17,222		947,210
El Pollo Loco Holdings, Inc.	*†	1,346		27,876
Eldorado Resorts, Inc.	*	7,389		57,782
Empire Resorts, Inc.	*†	2,600		13,234
Extended Stay America, Inc.		9,562		179,479
Fiesta Restaurant Group, Inc.	*	4,707		235,350
Habit Restaurants, Inc. (The), Class A	*†	949		29,694
International Game Technology plc (United Kingdom)	*	15,076		267,750
International Speedway Corp., Class A		5,069		185,880
Interval Leisure Group, Inc.		6,806		155,517
Intrawest Resorts Holdings, Inc.	*	3,352		38,950
Isle of Capri Casinos, Inc.	*	5,204		94,453
Jack in the Box, Inc.		6,693		590,055
Jamba, Inc.	*†	3,273		50,699
Kona Grill, Inc.	*	2,212		42,935
Krispy Kreme Doughnuts, Inc.	*	12,266		236,243
La Quinta Holdings, Inc.	*	15,875		362,744
Marcus Corp. (The)		4,188		80,326
Marriott Vacations Worldwide Corp.		4,646		426,270
Monarch Casino & Resort, Inc.	*	2,050		42,148
Morgans Hotel Group Co.	*	5,643		38,034
Noodles & Co.	*†	1,842		26,893
Panera Bread Co., Class A	*	4,426		773,532
Papa John’s International, Inc.		5,552		419,787
Papa Murphy’s Holdings, Inc.	*†	956		19,808
Penn National Gaming, Inc.	*	13,618		249,890
Pinnacle Entertainment, Inc.	*	10,729		399,977

See accompanying notes to financial statements.

272

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Popeyes Louisiana Kitchen, Inc.	*		4,381	$	262,816
Potbelly Corp.	*†		2,452		30,037
Red Robin Gourmet Burgers, Inc.	*		2,741		235,233
Ruby Tuesday, Inc.	*		11,736		73,585
Ruth’s Hospitality Group, Inc.			8,073		130,137
Scientific Games Corp., Class A	*†		8,925		138,694
SeaWorld Entertainment, Inc.			13,202		243,445
Shake Shack, Inc., Class A	*†		1,010		60,873
Six Flags Entertainment Corp.			12,878		577,578
Sonic Corp.			10,276		295,949
Speedway Motorsports, Inc.			1,680		38,052
Texas Roadhouse, Inc.			12,358		462,560
Vail Resorts, Inc.			6,753		737,428
Wendy’s Co. (The)			48,753		549,934
Zoe’s Kitchen, Inc.	*���		3,187		130,476
					17,748,244
Household Durables—2.3%
Bassett Furniture Industries, Inc.			1,723		48,950
Beazer Homes USA, Inc.	*		4,831		96,378
Cavco Industries, Inc.	*		1,545		116,555
Century Communities, Inc.	*		2,504		50,406
CSS Industries, Inc.			1,584		47,916
D.R. Horton, Inc.			58,534		1,601,490
Ethan Allen Interiors, Inc.			4,278		112,683
Flexsteel Industries, Inc.			839		36,153
GoPro, Inc., Class A	*		15,187		800,659
Green Brick Partners, Inc.	*		3,764		41,216
Harman International Industries, Inc.			12,451		1,480,922
Helen of Troy Ltd. (Bermuda)	*		5,166		503,633
Hooker Furniture Corp.			1,732		43,491
Hovnanian Enterprises, Inc., Class A	*†		21,157		56,278
Installed Building Products, Inc.	*		3,344		81,861
iRobot Corp.	*†		5,589		178,177
Jarden Corp.	*		34,373		1,778,803
KB Home			16,450		273,070
La-Z-Boy, Inc.			9,601		252,890
Leggett & Platt, Inc.			24,611		1,198,063
Lennar Corp., Class A			31,143		1,589,539
Lennar Corp., Class B			1,554		67,008
LGI Homes, Inc.	*†		3,906		77,261
Libbey, Inc.			3,551		146,763
Lifetime Brands, Inc.			1,617		23,883
M/I Homes, Inc.	*		4,003		98,754
MDC Holdings, Inc.			6,738		201,938
Meritage Homes Corp.	*		6,808		320,589
NACCO Industries, Inc., Class A			829		50,370
New Home Co., Inc. (The)	*†		1,400		24,122
NVR, Inc.	*		728		975,520
PulteGroup, Inc.			62,947		1,268,382
Ryland Group, Inc. (The)			8,217		381,022
Skullcandy, Inc.	*		3,066		23,516
Standard Pacific Corp.	*		24,042		214,214
Taylor Morrison Home Corp., Class A	*		6,556		133,480
Tempur Sealy International, Inc.	*		10,908		718,837
Toll Brothers, Inc.	*		31,423		1,200,044
TRI Pointe Homes, Inc.	*		26,209		400,998
Tupperware Brands Corp.			9,106		587,701
Universal Electronics, Inc.	*		3,125		155,750

		Shares		Value
WCI Communities, Inc.	*	1,561	$	38,073
William Lyon Homes, Class A	*	3,916		100,524
ZAGG, Inc.	*	4,728		37,446
				17,635,328
Household Products—0.3%
Central Garden & Pet Co., Class A	*	6,906		78,798
Energizer Holdings, Inc.		11,100		1,460,205
HRG Group, Inc.	*	13,829		179,777
Oil-Dri Corp of America		764		23,210
Orchids Paper Products Co.		1,092		26,284
Spectrum Brands Holdings, Inc.		4,299		438,455
WD-40 Co.		2,756		240,213
				2,446,942
Independent Power and Renewable Electricity Producers—0.3%
Abengoa Yield plc (Spain)	†	8,416		263,589
Atlantic Power Corp.		20,459		63,014
Dynegy, Inc.	*	22,711		664,297
NRG Yield, Inc., Class A	†	4,649		102,231
NRG Yield, Inc., Class C	†	4,649		101,767
Ormat Technologies, Inc.		5,845		220,239
Pattern Energy Group, Inc.	†	9,048		256,782
Talen Energy Corp.	*	13,362		229,292
TerraForm Power, Inc., Class A	*	8,743		332,059
Vivint Solar, Inc.	*†	3,399		41,366
				2,274,636
Industrial Conglomerates—0.2%
Carlisle Cos., Inc.		11,765		1,177,912
Raven Industries, Inc.		6,841		139,077
				1,316,989
Insurance—4.1%
Alleghany Corp.	*	2,867		1,343,935
Allied World Assurance Co. Holdings AG (Switzerland)		17,106		739,321
Ambac Financial Group, Inc.	*	7,905		131,539
American Equity Investment Life Holding Co.		13,226		356,837
American Financial Group, Inc.		12,355		803,569
American National Insurance Co.		1,400		143,248
AMERISAFE, Inc.		3,489		164,192
AmTrust Financial Services, Inc.	†	6,663		436,493
Arch Capital Group Ltd. (Bermuda)	*	22,181		1,485,240
Argo Group International Holdings Ltd. (Bermuda)		5,217		290,587
Arthur J. Gallagher & Co.		30,521		1,443,643
Aspen Insurance Holdings Ltd. (Bermuda)		11,332		542,803
Assurant, Inc.		12,390		830,130
Assured Guaranty Ltd. (Bermuda)		27,045		648,810
Atlas Financial Holdings, Inc.	*	1,852		36,725
Axis Capital Holdings Ltd. (Bermuda)		18,043		962,955
Baldwin & Lyons, Inc., Class B		1,792		41,252
Brown & Brown, Inc.		20,755		682,009
Citizens, Inc.	*†	8,606		64,201
CNO Financial Group, Inc.		35,341		648,507
Crawford & Co., Class B		3,721		31,368
Donegal Group, Inc., Class A		1,264		19,251

See accompanying notes to financial statements.

273

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
eHealth, Inc.	*		3,302	$	41,902
EMC Insurance Group, Inc.			1,562		39,147
Employers Holdings, Inc.			5,724		130,393
Endurance Specialty Holdings Ltd. (Bermuda)			8,398		551,749
Enstar Group Ltd. (Bermuda)	*		1,557		241,257
Erie Indemnity Co., Class A			4,544		372,926
Everest Re Group Ltd. (Bermuda)			7,969		1,450,438
FBL Financial Group, Inc., Class A			1,560		90,043
Federated National Holding Co.			2,947		71,317
Fidelity & Guaranty Life			2,136		50,474
First American Financial Corp.			19,230		715,548
Genworth Financial, Inc., Class A	*		88,917		673,102
Global Indemnity plc (Ireland)	*		1,488		41,783
Greenlight Capital Re Ltd., Class A
(Cayman Islands)	*		5,625		164,081
Hallmark Financial Services, Inc.	*		2,249		25,594
Hanover Insurance Group, Inc. (The)			8,258		611,340
HCC Insurance Holdings, Inc.			17,161		1,318,651
HCI Group, Inc.			1,491		65,917
Heritage Insurance Holdings, Inc.	*		4,070		93,569
Horace Mann Educators Corp.			7,441		270,704
Independence Holding Co.			1,901		25,074
Infinity Property & Casualty Corp.			1,953		148,116
James River Group Holdings Ltd.
(Bermuda)			1,940		50,188
Kansas City Life Insurance Co.			423		19,335
Kemper Corp.			7,836		302,078
Maiden Holdings Ltd. (Bermuda)			8,262		130,374
MBIA, Inc.	*		27,028		162,438
Meadowbrook Insurance Group, Inc.			10,981		94,437
Mercury General Corp.			5,146		286,375
Montpelier Re Holdings Ltd. (Bermuda)			6,220		245,690
National General Holdings Corp.			5,714		119,023
National Interstate Corp.			1,051		28,713
National Western Life Insurance Co., Class A			368		88,132
Navigators Group, Inc. (The)	*		1,745		135,342
Old Republic International Corp.			47,059		735,532
OneBeacon Insurance Group Ltd., Class A			4,581		66,470
PartnerRe Ltd. (Bermuda)			8,531		1,096,234
Patriot National, Inc.	*		1,460		23,360
Primerica, Inc.			9,548		436,248
ProAssurance Corp.			10,364		478,920
Reinsurance Group of America, Inc.			11,868		1,125,917
RenaissanceRe Holdings Ltd. (Bermuda)			8,376		850,248
RLI Corp.			8,090		415,745
Safety Insurance Group, Inc.			2,194		126,616
Selective Insurance Group, Inc.			10,825		303,641
StanCorp Financial Group, Inc.			7,560		571,612
State Auto Financial Corp.			2,585		61,911
State National Cos., Inc.	†		4,318		46,764
Stewart Information Services Corp.			4,354		173,289
Symetra Financial Corp.			13,661		330,186
Third Point Reinsurance Ltd. (Bermuda)	*		14,471		213,447
Torchmark Corp.			21,776		1,267,799

		Shares		Value
United Fire Group, Inc.		3,518	$	115,250
United Insurance Holdings Corp.		2,677		41,601
Universal Insurance Holdings, Inc.		5,131		124,170
Validus Holdings Ltd. (Bermuda)		15,127		665,437
W.R. Berkley Corp.		17,391		903,115
White Mountains Insurance Group Ltd.		1,071		701,441
				31,576,818
Internet & Catalog Retail—0.6%
1-800-Flowers.com, Inc., Class A	*	6,281		65,699
Blue Nile, Inc.	*	2,444		74,273
Etsy, Inc.	*	3,200		44,960
EVINE Live, Inc.	*	6,239		16,783
FTD Cos., Inc.	*	3,867		109,011
Groupon, Inc.	*†	86,756		436,383
HomeAway, Inc.	*	17,567		546,685
HSN, Inc.		5,985		420,087
Lands’ End, Inc.	*†	2,788		69,226
Liberty TripAdvisor Holdings, Inc., Series A	*	13,320		429,170
Liberty Ventures, Series A	*	25,329		994,670
Nutrisystem, Inc.		5,029		125,122
Orbitz Worldwide, Inc.	*	18,781		214,479
Overstock.com, Inc.	*	2,104		47,424
PetMed Express, Inc.	†	3,185		55,005
Shutterfly, Inc.	*	7,318		349,874
Travelport Worldwide Ltd. (United Kingdom)	†	17,398		239,744
Wayfair, Inc., Class A	*†	3,421		128,766
zulily, Inc., Class A	*	10,777		140,532
				4,507,893
Internet Software & Services—1.8%
Amber Road, Inc.	*	1,500		10,530
Angie’s List, Inc.	*	7,000		43,120
Apigee Corp.	*	1,341		13,316
Bankrate, Inc.	*	11,716		122,901
Bazaarvoice, Inc.	*	8,939		52,651
Benefitfocus, Inc.	*†	852		37,360
Blucora, Inc.	*	7,679		124,016
Box, Inc., Class A	*†	2,200		41,008
Brightcove, Inc.	*	6,369		43,691
Carbonite, Inc.	*	2,935		34,662
Care.com, Inc.	*	1,199		7,098
ChannelAdvisor Corp.	*†	3,431		41,000
Cimpress NV (Netherlands)	*	5,874		494,356
comScore, Inc.	*	6,168		328,508
Constant Contact, Inc.	*	5,890		169,396
Cornerstone OnDemand, Inc.	*	9,155		318,594
CoStar Group, Inc.	*	5,790		1,165,295
Coupons.com, Inc.	*†	9,970		107,576
Cvent, Inc.	*	2,992		77,134
Dealertrack Technologies, Inc.	*	9,401		590,289
Demandware, Inc.	*	5,708		405,725
DHI Group, Inc.	*	6,835		60,763
EarthLink Holdings Corp.		20,557		153,972
Endurance International Group Holdings, Inc.	*†	9,873		203,976
Envestnet, Inc.	*	5,918		239,265
Everyday Health, Inc.	*	1,300		16,614
Five9, Inc.	*	1,997		10,444
GoDaddy, Inc., Class A	*	3,779		106,530
Gogo, Inc.	*†	11,015		236,051

See accompanying notes to financial statements.

274

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
GrubHub, Inc.	*		12,271	$	418,073
GTT Communications, Inc.	*		4,161		99,323
Hortonworks, Inc.	*†		1,260		31,903
IAC/InterActiveCorp			13,116		1,044,821
Internap Corp.	*		12,233		113,155
Intralinks Holdings, Inc.	*		8,511		101,366
j2 Global, Inc.			8,665		588,700
LendingClub Corp.	*†		11,800		174,050
Limelight Networks, Inc.	*		17,003		66,992
Liquidity Services, Inc.	*		4,692		45,184
LivePerson, Inc.	*		8,795		86,279
LogMeIn, Inc.	*		4,468		288,141
Marchex, Inc., Class B			5,699		28,210
Marin Software, Inc.	*		4,390		29,589
Marketo, Inc.	*		5,996		168,248
MaxPoint Interactive, Inc.	*		1,797		14,520
Millennial Media, Inc.	*†		8,132		13,174
Monster Worldwide, Inc.	*		16,068		105,085
New Relic, Inc.	*		1,000		35,190
NIC, Inc.			12,220		223,382
OPOWER, Inc.	*†		1,300		14,963
Pandora Media, Inc.	*		38,388		596,550
Q2 Holdings, Inc.	*		3,289		92,914
QuinStreet, Inc.	*		5,214		33,630
Rackspace Hosting, Inc.	*		21,526		800,552
RealNetworks, Inc.	*		4,328		23,414
Reis, Inc.			1,345		29,832
RetailMeNot, Inc.	*		5,109		91,093
Rocket Fuel, Inc.	*†		3,037		24,903
SciQuest, Inc.	*		4,686		69,400
Shutterstock, Inc.	*†		3,401		199,435
SPS Commerce, Inc.	*		2,907		191,281
Stamps.com, Inc.	*		2,445		179,879
TechTarget, Inc.	*		2,374		21,200
Textura Corp.	*†		3,086		85,883
Travelzoo, Inc.	*		1,808		20,394
TrueCar, Inc.	*†		7,966		95,512
United Online, Inc.	*		3,846		60,267
Web.com Group, Inc.	*		9,090		220,160
WebMD Health Corp.	*		7,369		326,299
Wix.com Ltd. (Israel)	*		3,368		79,552
XO Group, Inc.	*		5,737		93,800
Xoom Corp.	*†		5,162		108,686
Yelp, Inc.	*		11,359		488,778
Zillow Group, Inc., Class A	*†		7,921		687,068
					13,566,671
IT Services—2.6%
6D Global Technologies, Inc.	*		5,185		33,910
Acxiom Corp.	*		13,925		244,801
Black Knight Financial Services, Inc., Class A	*		3,315		102,334
Blackhawk Network Holdings, Inc.	*		9,680		398,816
Booz Allen Hamilton Holding Corp.			17,612		444,527
Broadridge Financial Solutions, Inc.			21,411		1,070,764
CACI International, Inc., Class A	*		4,452		360,122
Cardtronics, Inc.	*		7,614		282,099
Cass Information Systems, Inc.			2,024		113,789
Ciber, Inc.	*		14,012		48,341

		Shares		Value
Convergys Corp.		18,752	$	477,988
CoreLogic, Inc.	*	16,573		657,782
CSG Systems International, Inc.		5,860		185,528
Datalink Corp.	*	4,947		44,226
DST Systems, Inc.		6,401		806,398
EPAM Systems, Inc.	*	8,500		605,455
Euronet Worldwide, Inc.	*	9,488		585,410
EVERTEC, Inc. (Puerto Rico)		12,578		267,157
ExlService Holdings, Inc.	*	5,570		192,611
Forrester Research, Inc.		2,455		88,429
Gartner, Inc.	*	14,838		1,272,804
Genpact Ltd.	*	28,467		607,201
Global Cash Access Holdings, Inc.	*	13,203		102,191
Global Payments, Inc.		11,893		1,230,331
Hackett Group, Inc. (The)		4,524		60,757
Heartland Payment Systems, Inc.		6,660		359,973
IGATE Corp.	*	6,743		321,574
Jack Henry & Associates, Inc.		14,629		946,496
Leidos Holdings, Inc.		11,568		467,000
Lionbridge Technologies, Inc.	*	11,139		68,728
Luxoft Holding, Inc. (Switzerland)	*	3,073		173,778
ManTech International Corp., Class A		4,079		118,291
MAXIMUS, Inc.		11,779		774,234
ModusLink Global Solutions, Inc.	*†	10,739		36,513
MoneyGram International, Inc.	*	4,578		42,072
NeuStar, Inc., Class A	*†	10,710		312,839
Perficient, Inc.	*	5,746		110,553
PFSweb, Inc.	*	3,159		43,784
Sabre Corp.		19,098		454,532
Science Applications International Corp.		7,524		397,643
ServiceSource International, Inc.	*	9,931		54,323
Sykes Enterprises, Inc.	*	6,610		160,292
Syntel, Inc.	*	5,846		277,568
TeleTech Holdings, Inc.		3,175		85,979
Teradata Corp.	*	24,238		896,806
Total System Services, Inc.		29,535		1,233,677
Unisys Corp.	*	8,668		173,273
Vantiv, Inc., Class A	*	25,276		965,290
VeriFone Systems, Inc.	*	20,135		683,785
Virtusa Corp.	*	4,567		234,744
WEX, Inc.	*	6,911		787,647
				20,465,165
Leisure Products—0.5%
Arctic Cat, Inc.		2,262		75,121
Black Diamond, Inc.	*	3,789		35,010
Brunswick Corp.		16,571		842,801
Callaway Golf Co.		13,092		117,043
Escalade, Inc.		1,595		29,332
JAKKS Pacific, Inc.	*†	3,244		32,083
Johnson Outdoors, Inc., Class A		785		18,487
Malibu Boats, Inc., Class A	*	1,521		30,557
Marine Products Corp.		3,091		19,288
Nautilus, Inc.	*	4,916		105,743
Performance Sports Group Ltd.	*	7,260		130,680
Polaris Industries, Inc.		11,847		1,754,659
Smith & Wesson Holding Corp.	*†	9,907		164,357
Sturm Ruger & Co., Inc.		3,706		212,910
Vista Outdoor, Inc.	*	11,969		537,408
				4,105,479

See accompanying notes to financial statements.

275

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Life Sciences Tools & Services—1.2%
Accelerate Diagnostics, Inc.	*†		3,846	$	99,265
Affymetrix, Inc.	*†		13,418		146,524
Albany Molecular Research, Inc.	*†		3,704		74,895
Bio-Rad Laboratories, Inc., Class A	*		3,700		557,257
Bio-Techne Corp.			6,858		675,307
Bruker Corp.	*		19,703		402,138
Cambrex Corp.	*		6,259		275,020
Charles River Laboratories International, Inc.	*		8,482		596,624
Fluidigm Corp.	*		5,173		125,187
Harvard Bioscience, Inc.	*		8,764		49,955
INC Research Holdings, Inc., Class A	*		1,538		61,705
Luminex Corp.	*		7,419		128,052
Mettler-Toledo International, Inc.	*		5,019		1,713,788
NanoString Technologies, Inc.	*		1,700		26,214
NeoGenomics, Inc.	*		8,573		46,380
Pacific Biosciences of California, Inc.	*†		10,007		57,640
PAREXEL International Corp.	*		9,861		634,161
PerkinElmer, Inc.			20,525		1,080,436
PRA Health Sciences, Inc.	*		3,221		117,019
QIAGEN NV (Netherlands)	*		41,448		1,027,496
Quintiles Transnational Holdings, Inc.	*		13,675		992,942
Sequenom, Inc.	*†		20,997		63,831
VWR Corp.	*		4,845		129,507
					9,081,343
Machinery—3.9%
Accuride Corp.	*		5,687		21,895
Actuant Corp., Class A			11,535		266,343
AGCO Corp.			13,790		782,996
Alamo Group, Inc.			1,174		64,147
Albany International Corp., Class A			5,205		207,159
Allison Transmission Holdings, Inc.			31,292		915,604
Altra Industrial Motion Corp.			5,386		146,391
American Railcar Industries, Inc.	†		1,579		76,803
Astec Industries, Inc.			3,453		144,404
Barnes Group, Inc.			10,193		397,425
Blount International, Inc.			9,180		100,246
Blue Bird Corp.	*		1,333		17,316
Briggs & Stratton Corp.			9,174		176,691
Chart Industries, Inc.	*		5,455		195,016
CIRCOR International, Inc.			3,375		184,039
CLARCOR, Inc.			8,929		555,741
Colfax Corp.	*†		17,272		797,103
Columbus McKinnon Corp.			3,189		79,725
Commercial Vehicle Group, Inc.	*		2,891		20,844
Crane Co.			8,619		506,194
Donaldson Co., Inc.			24,497		876,993
Douglas Dynamics, Inc.			3,681		79,068
EnPro Industries, Inc.			4,385		250,910
ESCO Technologies, Inc.			4,502		168,420
ExOne Co. (The)	*†		1,694		18,803
Federal Signal Corp.			11,860		176,833
FreightCar America, Inc.			2,798		58,422
Global Brass & Copper Holdings, Inc.			3,564		60,624
Gorman-Rupp Co. (The)			3,896		109,400
Graco, Inc.			10,516		746,951

		Shares		Value
Graham Corp.		1,617	$	33,132
Greenbrier Cos., Inc. (The)	†	4,868		228,066
Harsco Corp.		14,896		245,784
Hillenbrand, Inc.		11,125		341,538
Hurco Cos., Inc.		1,248		43,206
Hyster-Yale Materials Handling, Inc.		2,095		145,142
IDEX Corp.		13,962		1,097,134
ITT Corp.		15,997		669,314
John Bean Technologies Corp.		5,724		215,165
Joy Global, Inc.		17,464		632,197
Kadant, Inc.		2,466		116,395
Kennametal, Inc.		14,470		493,716
L.B. Foster Co., Class A		1,705		59,010
Lincoln Electric Holdings, Inc.		13,514		822,867
Lindsay Corp.	†	2,395		210,544
Lydall, Inc.	*	2,982		88,148
Manitowoc Co., Inc. (The)	†	24,357		477,397
Meritor, Inc.	*	17,017		223,263
Middleby Corp. (The)	*	10,243		1,149,572
Miller Industries, Inc.		1,779		35,491
Mueller Industries, Inc.		9,973		346,263
Mueller Water Products, Inc., Class A		30,046		273,419
Navistar International Corp.	*	10,261		232,206
NN, Inc.		3,390		86,513
Nordson Corp.		10,908		849,624
Omega Flex, Inc.		488		18,378
Oshkosh Corp.		14,432		611,628
Proto Labs, Inc.	*†	3,961		267,288
RBC Bearings, Inc.	*	4,314		309,573
Rexnord Corp.	*	17,730		423,924
Snap-on, Inc.		10,368		1,651,104
SPX Corp.		7,635		552,698
Standex International Corp.		2,170		173,448
Sun Hydraulics Corp.		4,279		163,073
Tennant Co.		3,191		208,500
Terex Corp.		18,844		438,123
Timken Co. (The)		14,447		528,327
Titan International, Inc.	†	8,071		86,683
Toro Co. (The)		10,162		688,780
TriMas Corp.	*	8,555		253,228
Trinity Industries, Inc.		27,697		732,032
Twin Disc, Inc.		1,926		35,901
Valmont Industries, Inc.	†	4,229		502,701
Wabash National Corp.	*	12,487		156,587
WABCO Holdings, Inc.	*	9,778		1,209,734
Wabtec Corp.		17,235		1,624,226
Watts Water Technologies, Inc., Class A		5,244		271,901
Woodward, Inc.		11,933		656,196
Xerium Technologies, Inc.	*	1,744		31,741
Xylem, Inc.		32,415		1,201,624
				30,115,010
Marine—0.2%
Eagle Bulk Shipping, Inc.	*	5,824		40,593
Golden Ocean Group Ltd. (Bermuda)	†	15,589		60,018
Kirby Corp.	*	9,967		764,070
Matson, Inc.		8,167		343,341
Navios Maritime Holdings, Inc. (Greece)		12,773		47,516
Safe Bulkers, Inc. (Greece)		6,264		20,170

See accompanying notes to financial statements.

276

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Scorpio Bulkers, Inc.	*		24,958	$	40,681
Ultrapetrol Bahamas Ltd. (Bahamas)	*		3,567		4,031
					1,320,420
Media—2.1%
AMC Entertainment Holdings, Inc., Class A			3,960		121,493
AMC Networks, Inc., Class A	*		10,774		881,852
Cablevision Systems Corp., Class A			36,173		865,982
Carmike Cinemas, Inc.	*		4,910		130,311
Central European Media Enterprises Ltd., Class A (Bermuda)	*†		9,570		20,863
Cinemark Holdings, Inc.			20,856		837,786
Clear Channel Outdoor Holdings, Inc., Class A			8,401		85,102
Crown Media Holdings, Inc., Class A	*		4,399		19,883
Cumulus Media, Inc., Class A	*†		23,598		47,904
Daily Journal Corp.	*†		156		30,656
DreamWorks Animation SKG, Inc., Class A	*†		13,912		366,999
Entercom Communications Corp., Class A	*		3,975		45,394
Entravision Communications Corp., Class A			9,227		75,938
Eros International plc	*		3,590		90,181
EW Scripps Co. (The), Class A			9,996		228,409
Gannett Co., Inc.	*		20,241		283,165
Global Eagle Entertainment, Inc.	*		8,562		111,477
Gray Television, Inc.	*		10,278		161,159
Harte-Hanks, Inc.			7,272		43,341
Hemisphere Media Group, Inc.	*†		1,387		16,505
IMAX Corp. (Canada)	*		9,835		396,055
Interpublic Group of Cos., Inc. (The)			73,971		1,425,421
John Wiley & Sons, Inc., Class A			8,253		448,716
Journal Media Group, Inc.			3,100		25,699
Liberty Broadband Corp., Class A	*		4,185		213,309
Liberty Broadband Corp., Class C	*		11,051		565,369
Lions Gate Entertainment Corp.	†		16,681		618,031
Live Nation Entertainment, Inc.	*		26,093		717,297
Loral Space & Communications, Inc.	*		2,438		153,887
Madison Square Garden Co. (The), Class A	*		11,178		933,251
Martha Stewart Living Omnimedia, Inc., Class A	*		6,601		41,190
MDC Partners, Inc., Class A			7,283		143,475
Media General, Inc.	*		15,322		253,119
Meredith Corp.			6,486		338,245
Morningstar, Inc.			3,700		294,335
National CineMedia, Inc.			10,391		165,840
New Media Investment Group, Inc.			8,704		156,063
New York Times Co. (The), Class A			24,566		335,326
Nexstar Broadcasting Group, Inc., Class A			5,657		316,792
Radio Unica Communications Corp.	*‡d		1,900		—

		Shares		Value
Reading International, Inc., Class A	*	2,976	$	41,218
Regal Entertainment Group, Class A		15,242		318,710
Rentrak Corp.	*†	1,688		117,822
Saga Communications, Inc., Class A		404		15,291
Scholastic Corp.		4,805		212,045
SFX Entertainment, Inc.	*†	7,447		33,437
Sinclair Broadcast Group, Inc., Class A		12,521		349,461
Sizmek, Inc.	*	5,674		40,285
Starz, Class A	*	15,464		691,550
TEGNA, Inc.		40,481		1,298,226
Time, Inc.		19,392		446,210
Townsquare Media, Inc., Class A	*	1,462		19,854
Tribune Media Co., Class A		13,636		728,026
Tribune Publishing Co.		4,213		65,470
World Wrestling Entertainment, Inc., Class A	†	4,743		78,260
				16,461,685
Metals & Mining—1.0%
AK Steel Holding Corp.	*†	34,225		132,451
Allegheny Technologies, Inc.		20,305		613,211
Carpenter Technology Corp.		9,228		356,939
Century Aluminum Co.	*	9,652		100,670
Cliffs Natural Resources, Inc.	†	27,203		117,789
Coeur Mining, Inc.	*†	27,518		157,128
Commercial Metals Co.		22,078		355,014
Compass Minerals International, Inc.		6,047		496,701
Globe Specialty Metals, Inc.		11,203		198,293
Handy & Harman Ltd.	*	640		22,176
Haynes International, Inc.		2,542		125,371
Hecla Mining Co.		71,520		188,098
Horsehead Holding Corp.	*†	11,121		130,338
Kaiser Aluminum Corp.		3,267		271,422
Materion Corp.		3,982		140,365
Olympic Steel, Inc.		1,772		30,904
Reliance Steel & Aluminum Co.		13,327		806,017
Royal Gold, Inc.		11,742		723,190
RTI International Metals, Inc.	*	6,083		191,736
Ryerson Holding Corp.	*	1,802		16,398
Schnitzer Steel Industries, Inc., Class A		4,380		76,519
Steel Dynamics, Inc.		43,531		901,745
Stillwater Mining Co.	*	21,089		244,421
SunCoke Energy, Inc.		11,225		145,925
Tahoe Resources, Inc.		29,785		361,292
TimkenSteel Corp.		7,314		197,405
United States Steel Corp.	†	27,050		557,771
Worthington Industries, Inc.		8,660		260,320
				7,919,609
Multiline Retail—0.3%
Big Lots, Inc.		10,075		453,274
Burlington Stores, Inc.	*	12,664		648,397
Dillard’s, Inc., Class A		4,234		445,375
Fred’s, Inc., Class A		7,550		145,640
J.C. Penney Co., Inc.	*†	57,339		485,661
Sears Holdings Corp.	*†	2,629		70,194
Tuesday Morning Corp.	*	7,151		80,556
				2,329,097

See accompanying notes to financial statements.

277

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Multi-Utilities—0.9%
Alliant Energy Corp.			20,345	$	1,174,313
Avista Corp.			11,016		337,640
Black Hills Corp.			7,951		347,061
CMS Energy Corp.			49,261		1,568,470
MDU Resources Group, Inc.			34,697		677,633
NorthWestern Corp.			8,462		412,523
SCANA Corp.			25,512		1,292,183
TECO Energy, Inc.			43,517		768,510
Vectren Corp.			14,882		572,659
					7,150,992
Oil, Gas & Consumable Fuels—2.7%
Abraxas Petroleum Corp.	*		16,099		47,492
Adams Resources & Energy, Inc.			479		21,363
Alon USA Energy, Inc.			3,922		74,126
Approach Resources, Inc.	*†		6,656		45,594
Ardmore Shipping Corp. (Ireland)			2,905		35,179
Bill Barrett Corp.	*†		9,354		80,351
Bonanza Creek Energy, Inc.	*		7,758		141,583
California Resources Corp.			50,525		305,171
Callon Petroleum Co.	*		13,623		113,343
Carrizo Oil & Gas, Inc.	*		9,567		471,079
Clayton Williams Energy, Inc.	*†		1,014		66,670
Clean Energy Fuels Corp.	*†		11,637		65,400
Cloud Peak Energy, Inc.	*		11,802		54,997
Cobalt International Energy, Inc.	*		61,515		597,311
CONSOL Energy, Inc.			39,077		849,534
Contango Oil & Gas Co.	*		3,036		37,252
CVR Energy, Inc.	†		2,695		101,440
Delek US Holdings, Inc.			10,301		379,283
Denbury Resources, Inc.			65,412		416,020
DHT Holdings, Inc. (Bermuda)			14,863		115,485
Diamondback Energy, Inc.			10,981		827,748
Dorian LPG Ltd.	*		4,126		68,822
Earthstone Energy, Inc.	*		341		6,660
Eclipse Resources Corp.	*†		4,964		26,111
Energen Corp.			13,396		914,947
Energy Fuels, Inc. (Canada)	*		11,451		50,957
Energy XXI Ltd.	†		16,321		42,924
EP Energy Corp., Class A	*†		6,635		84,463
Erin Energy Corp.	*		3,633		14,205
Evolution Petroleum Corp.			6,187		40,772
EXCO Resources, Inc.	†		31,828		37,557
Frontline Ltd. (Bermuda)	*†		20,415		49,813
GasLog Ltd. (Monaco)	†		7,396		147,550
Gastar Exploration, Inc.	*		14,863		45,927
Golar LNG Ltd. (Bermuda)			15,355		718,614
Green Plains, Inc.			7,235		199,324
Gulfport Energy Corp.	*		17,550		706,387
Halcon Resources Corp.	*†		45,027		52,231
Hallador Energy Co.			3,197		26,663
Isramco, Inc.	*†		156		21,531
Jones Energy, Inc., Class A	*		1,795		16,245
Kosmos Energy Ltd.	*		27,232		229,566
Laredo Petroleum, Inc.	*†		21,880		275,250
Magnum Hunter Resources Corp.	*†		38,845		72,640
Matador Resources Co.	*		13,199		329,975
Memorial Resource Development Corp.	*		14,196		269,298
Navios Maritime Acquisition Corp. (Monaco)			13,236		47,517

		Shares		Value
Newfield Exploration Co.	*	29,057	$	1,049,539
Nordic American Tankers Ltd. (Norway)	†	15,457		219,953
Northern Oil and Gas, Inc.	*†	12,515		84,726
Oasis Petroleum, Inc.	*†	26,060		413,051
Pacific Ethanol, Inc.	*†	3,263		33,674
Panhandle Oil and Gas, Inc., Class A		3,416		70,677
Par Petroleum Corp.	*	2,565		48,017
Parsley Energy, Inc., Class A	*	14,403		250,900
PBF Energy, Inc., Class A		15,092		428,915
PDC Energy, Inc.	*	7,494		401,978
Peabody Energy Corp.	†	48,924		107,144
Penn Virginia Corp.	*†	11,487		50,313
QEP Resources, Inc.		31,662		586,064
Renewable Energy Group, Inc.	*	5,827		67,360
REX American Resources Corp.	*	1,034		65,804
Rex Energy Corp.	*†	9,028		50,466
Rice Energy, Inc.	*†	12,619		262,854
Ring Energy, Inc.	*†	2,998		33,548
Rosetta Resources, Inc.	*	14,041		324,909
RSP Permian, Inc.	*	9,197		258,528
Sanchez Energy Corp.	*†	9,850		96,530
SandRidge Energy, Inc.	*†	88,853		77,924
Scorpio Tankers, Inc. (Monaco)		34,067		343,736
SemGroup Corp., Class A		7,738		615,016
Ship Finance International Ltd. (Norway)	†	10,743		175,326
SM Energy Co.		12,407		572,211
Solazyme, Inc.	*†	13,219		41,508
Stone Energy Corp.	*	10,803		136,010
Synergy Resources Corp.	*	16,234		185,555
Targa Resources Corp.		9,868		880,423
Teekay Corp. (Bermuda)		8,545		365,897
Teekay Tankers Ltd., Class A (Bermuda)		18,100		119,641
TransAtlantic Petroleum Ltd.	*†	3,643		18,616
Triangle Petroleum Corp.	*†	9,008		45,220
Ultra Petroleum Corp.	*†	28,003		350,598
Uranium Energy Corp. (Canada)	*	24,102		38,322
W&T Offshore, Inc.		5,802		31,795
Western Refining, Inc.		12,302		536,613
Westmoreland Coal Co.	*	3,181		66,101
Whiting Petroleum Corp.	*	35,226		1,183,594
World Fuel Services Corp.		13,309		638,167
WPX Energy, Inc.	*	36,900		453,132
				21,122,725
Paper & Forest Products—0.3%
Boise Cascade Co.	*	6,701		245,793
Clearwater Paper Corp.	*	3,863		221,350
Deltic Timber Corp.		1,869		126,419
Domtar Corp. (Canada)		11,880		491,832
KapStone Paper and Packaging Corp.		15,462		357,482
Louisiana-Pacific Corp.	*	25,478		433,890
Neenah Paper, Inc.		3,298		194,450
P.H. Glatfelter Co.		8,163		179,504
Schweitzer-Mauduit International, Inc.		5,613		223,846
Wausau Paper Corp.		7,822		71,806
				2,546,372

See accompanying notes to financial statements.

278

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Personal Products—0.4%
Avon Products, Inc.	†		81,600	$	510,816
Coty, Inc., Class A	*		14,470		462,606
Elizabeth Arden, Inc.	*†		4,409		62,872
Herbalife Ltd.	*†		13,099		721,624
Inter Parfums, Inc.			2,745		93,138
Medifast, Inc.	*		1,758		56,819
Natural Health Trends Corp.			1,262		52,322
Nature’s Sunshine Products, Inc.			1,727		23,746
Nu Skin Enterprises, Inc., Class A	†		10,792		508,627
Nutraceutical International Corp.	*		1,355		33,523
Revlon, Inc., Class A	*		1,782		65,417
Synutra International, Inc.	*†		2,931		20,957
USANA Health Sciences, Inc.	*		1,136		155,246
					2,767,713
Pharmaceuticals—0.9%
Aerie Pharmaceuticals, Inc.	*		3,415		60,275
Agile Therapeutics, Inc.	*		2,727		23,425
Akorn, Inc.	*		13,724		599,190
Alimera Sciences, Inc.	*†		2,748		12,668
Amphastar Pharmaceuticals, Inc.	*†		5,239		92,102
ANI Pharmaceuticals, Inc.	*		1,107		68,689
Aratana Therapeutics, Inc.	*		6,947		105,039
Assembly Biosciences, Inc.	*		2,298		44,259
BioDelivery Sciences International, Inc.	*		6,937		55,219
Carbylan Therapeutics, Inc.	*		3,215		22,987
Catalent, Inc.	*		14,343		420,680
Cempra, Inc.	*		5,816		199,838
Collegium Pharmaceutical, Inc.	*		1,749		31,202
Corcept Therapeutics, Inc.	*†		9,895		59,469
Corium International, Inc.	*		2,276		31,158
Depomed, Inc.	*		11,247		241,361
Dermira, Inc.	*		1,364		23,938
Durect Corp.	*		18,002		43,025
Endocyte, Inc.	*†		5,585		28,986
Flex Pharma, Inc.	*†		940		16,168
Foamix Pharmaceuticals Ltd. (Israel)	*		3,622		37,125
Heska Corp.	*		1,493		44,327
IGI Laboratories, Inc.	*†		4,628		29,156
Impax Laboratories, Inc.	*		13,109		601,965
Intersect ENT, Inc.	*		2,341		67,023
Intra-Cellular Therapies, Inc.	*		4,239		135,436
Lannett Co., Inc.	*†		4,522		268,788
Medicines Co. (The)	*		12,102		346,238
Nektar Therapeutics	*†		22,632		283,126
Ocular Therapeutix, Inc.	*		942		19,810
Omeros Corp.	*†		7,562		136,040
Pacira Pharmaceuticals, Inc.	*		6,293		445,041
Paratek Pharmaceuticals, Inc.			1,952		50,303
Pernix Therapeutics Holdings, Inc.	*		5,712		33,815
Phibro Animal Health Corp., Class A			2,360		91,898
POZEN, Inc.	*		5,088		52,457
Prestige Brands Holdings, Inc.	*		9,444		436,691
Relypsa, Inc.	*		5,646		186,826
Revance Therapeutics, Inc.	*		2,634		84,235
Sagent Pharmaceuticals, Inc.	*		4,122		100,206
SciClone Pharmaceuticals, Inc.	*		10,639		104,475

		Shares		Value
Sucampo Pharmaceuticals, Inc., Class A	*	4,057	$	66,657
Supernus Pharmaceuticals, Inc.	*	7,075		120,134
Tetraphase Pharmaceuticals, Inc.	*	5,979		283,644
TherapeuticsMD, Inc.	*†	23,864		187,571
Theravance Biopharma, Inc. (Cayman Islands)	*†	3,979		51,807
Theravance, Inc.	†	15,893		287,187
VIVUS, Inc.	*†	18,805		44,380
XenoPort, Inc.	*	8,506		52,142
Zogenix, Inc.	*†	22,351		37,550
ZS Pharma, Inc.	*†	3,080		161,361
				7,027,092
Professional Services—1.2%
Acacia Research Corp.	†	8,726		76,527
Advisory Board Co. (The)	*	7,899		431,838
Barrett Business Services, Inc.		1,514		54,988
CBIZ, Inc.	*	6,264		60,385
CDI Corp.		2,129		27,677
CEB, Inc.		6,047		526,452
CRA International, Inc.	*	1,427		39,771
Dun & Bradstreet Corp. (The)		6,441		785,802
Exponent, Inc.		5,180		231,960
Franklin Covey Co.	*	1,414		28,690
FTI Consulting, Inc.	*	7,311		301,506
GP Strategies Corp.	*	2,402		79,842
Heidrick & Struggles International, Inc.		3,000		78,240
Hill International, Inc.	*	4,200		22,092
Huron Consulting Group, Inc.	*	4,091		286,738
ICF International, Inc.	*	3,982		138,813
Insperity, Inc.		3,965		201,819
Kelly Services, Inc., Class A		4,508		69,198
Kforce, Inc.		4,412		100,902
Korn/Ferry International		8,532		296,658
ManpowerGroup, Inc.		13,987		1,250,158
Mistras Group, Inc.	*	3,345		63,488
Navigant Consulting, Inc.	*	7,864		116,938
On Assignment, Inc.	*	9,553		375,242
Paylocity Holding Corp.	*	2,614		93,712
Pendrell Corp.	*	26,471		36,265
Resources Connection, Inc.		6,845		110,136
Robert Half International, Inc.		24,178		1,341,879
RPX Corp.	*	9,075		153,368
Towers Watson & Co., Class A		12,290		1,546,082
TriNet Group, Inc.	*	6,844		173,495
TrueBlue, Inc.	*	7,816		233,698
Volt Information Sciences, Inc.	*	2,500		24,275
VSE Corp.		653		34,942
WageWorks, Inc.	*	6,123		247,675
				9,641,251
Real Estate Investment Trusts (REITs)—9.0%
Acadia Realty Trust REIT		12,824		373,307
AG Mortgage Investment Trust, Inc. REIT		4,573		79,021
Agree Realty Corp. REIT		3,910		114,055
Alexander’s, Inc. REIT		383		157,030
Alexandria Real Estate Equities, Inc. REIT		13,141		1,149,312
Altisource Residential Corp. REIT (Virgin Islands, U.S.)		10,276		173,151
American Assets Trust, Inc. REIT		6,527		255,924

See accompanying notes to financial statements.

279

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
American Campus Communities, Inc. REIT			20,678	$	779,354
American Capital Mortgage Investment Corp. REIT			9,452		151,137
American Homes 4 Rent, Class A REIT			29,160		467,726
American Residential Properties, Inc. REIT	*		5,398		99,863
Anworth Mortgage Asset Corp. REIT			21,448		105,739
Apartment Investment & Management Co., Class A REIT			28,592		1,055,903
Apollo Commercial Real Estate Finance, Inc. REIT			11,457		188,239
Apollo Residential Mortgage, Inc. REIT			5,862		86,113
Apple Hospitality REIT, Inc. REIT			31,030		585,536
Ares Commercial Real Estate Corp. REIT			4,696		53,487
Armada Hoffler Properties, Inc. REIT			6,723		67,163
ARMOUR Residential REIT, Inc. REIT			66,344		186,427
Ashford Hospitality Prime, Inc. REIT			4,345		65,262
Ashford Hospitality Trust, Inc. REIT			16,019		135,521
Associated Estates Realty Corp. REIT			10,987		314,558
BioMed Realty Trust, Inc. REIT			37,455		724,380
Bluerock Residential Growth REIT, Inc. REIT			3,018		38,208
Brandywine Realty Trust REIT			31,542		418,878
Brixmor Property Group, Inc. REIT			29,130		673,777
Camden Property Trust REIT			15,700		1,166,196
Campus Crest Communities, Inc. REIT			10,695		59,250
Capstead Mortgage Corp. REIT	†		17,141		190,265
CareTrust REIT, Inc. REIT			4,565		57,839
CatchMark Timber Trust, Inc., Class A REIT			6,582		76,154
CBL & Associates Properties, Inc. REIT			29,480		477,576
Cedar Realty Trust, Inc. REIT			13,395		85,728
Chambers Street Properties REIT			41,610		330,799
Chatham Lodging Trust REIT			7,473		197,810
Chesapeake Lodging Trust REIT			11,279		343,784
Chimera Investment Corp. REIT			36,975		506,927
Colony Capital, Inc., Class A REIT			20,195		457,417
Columbia Property Trust, Inc. REIT			23,421		574,986
Communications Sales & Leasing,
Inc. REIT	†		21,328		527,228
CorEnergy Infrastructure Trust, Inc. REIT	†		11,757		74,304
CoreSite Realty Corp. REIT			4,187		190,257
Corporate Office Properties Trust REIT			17,595		414,186
Corrections Corp. of America REIT			21,048		696,268
Cousins Properties, Inc. REIT			38,843		403,190
CubeSmart REIT			30,008		694,985
CyrusOne, Inc. REIT			8,678		255,567
CYS Investments, Inc. REIT			30,410		235,069

		Shares		Value
DCT Industrial Trust, Inc. REIT		15,679	$	492,948
DDR Corp. REIT		55,477		857,674
DiamondRock Hospitality Co. REIT		34,898		447,043
Douglas Emmett, Inc. REIT		25,960		699,362
Duke Realty Corp. REIT		60,446		1,122,482
DuPont Fabros Technology, Inc. REIT		11,161		328,691
Dynex Capital, Inc. REIT		9,171		69,883
Easterly Government Properties, Inc. REIT		2,430		38,686
EastGroup Properties, Inc. REIT		5,650		317,699
Education Realty Trust, Inc. REIT		8,040		252,134
Empire State Realty Trust, Inc., Class A REIT		19,460		331,988
EPR Properties REIT		10,708		586,584
Equity Commonwealth REIT	*	24,135		619,545
Equity LifeStyle Properties, Inc. REIT		15,064		792,065
Equity One, Inc. REIT		12,551		292,940
Excel Trust, Inc. REIT		12,205		192,473
Extra Space Storage, Inc. REIT		20,803		1,356,772
Federal Realty Investment Trust REIT		12,299		1,575,379
FelCor Lodging Trust, Inc. REIT		27,508		271,779
First Industrial Realty Trust, Inc. REIT		20,382		381,755
First Potomac Realty Trust REIT		11,442		117,853
Franklin Street Properties Corp. REIT		16,006		181,028
Gaming and Leisure Properties, Inc. REIT		15,341		562,401
GEO Group, Inc. (The) REIT		13,535		462,356
Getty Realty Corp. REIT		4,999		81,784
Gladstone Commercial Corp. REIT		4,952		82,005
Government Properties Income Trust REIT	†	11,666		216,404
Gramercy Property Trust, Inc. REIT		11,007		257,234
Great Ajax Corp. REIT	†	740		10,493
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		5,763		115,548
Hatteras Financial Corp. REIT		17,686		288,282
Healthcare Realty Trust, Inc. REIT		16,773		390,140
Healthcare Trust of America, Inc., Class A REIT		23,255		556,957
Hersha Hospitality Trust REIT		9,321		238,984
Highwoods Properties, Inc. REIT		16,280		650,386
Home Properties, Inc. REIT		10,553		770,897
Hospitality Properties Trust REIT		27,110		781,310
Hudson Pacific Properties, Inc. REIT		13,638		386,910
Independence Realty Trust, Inc. REIT		6,416		48,312
InfraREIT, Inc. REIT		4,070		115,425
Inland Real Estate Corp. REIT		16,167		152,293
Invesco Mortgage Capital, Inc. REIT		22,557		323,016
Investors Real Estate Trust REIT	†	18,364		131,119
Iron Mountain, Inc. REIT		37,122		1,150,782
iStar Financial, Inc. REIT	*	16,647		221,738
Kilroy Realty Corp. REIT		15,853		1,064,529
Kite Realty Group Trust REIT		13,974		341,944
Lamar Advertising Co., Class A REIT		14,650		842,082
LaSalle Hotel Properties REIT		20,307		720,086

See accompanying notes to financial statements.

280

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Lexington Realty Trust REIT			36,506	$	309,571
Liberty Property Trust REIT			27,481		885,438
LTC Properties, Inc. REIT			6,423		267,197
Mack-Cali Realty Corp. REIT			16,724		308,223
Medical Properties Trust, Inc. REIT			38,714		507,541
MFA Financial, Inc. REIT			64,747		478,480
Mid-America Apartment Communities, Inc. REIT			13,789		1,003,977
Monmouth Real Estate Investment Corp. REIT	†		12,517		121,665
Monogram Residential Trust, Inc. REIT			26,665		240,518
National Health Investors, Inc. REIT			6,772		421,896
National Retail Properties, Inc. REIT			24,283		850,148
National Storage Affiliates Trust REIT			3,668		45,483
New Residential Investment Corp. REIT			36,919		562,646
New Senior Investment Group, Inc. REIT			10,635		142,190
New York Mortgage Trust, Inc. REIT	†		20,960		156,781
New York REIT, Inc. REIT			28,736		285,923
NexPoint Residential Trust, Inc. REIT			3,035		40,760
NorthStar Realty Finance Corp. REIT			60,643		964,224
Omega Healthcare Investors, Inc. REIT			32,136		1,103,229
One Liberty Properties, Inc. REIT	†		1,927		41,007
Orchid Island Capital, Inc. REIT			2,938		32,935
Outfront Media, Inc. REIT			25,141		634,559
Paramount Group, Inc. REIT			31,410		538,996
Parkway Properties, Inc. REIT			13,255		231,167
Pebblebrook Hotel Trust REIT			13,001		557,483
Pennsylvania Real Estate Investment Trust REIT			11,787		251,535
PennyMac Mortgage Investment Trust REIT			13,445		234,346
Physicians Realty Trust REIT			13,618		209,172
Piedmont Office Realty Trust, Inc., Class A REIT			29,029		510,620
Plum Creek Timber Co., Inc. REIT			30,305		1,229,474
Post Properties, Inc. REIT			9,776		531,521
Potlatch Corp. REIT			7,237		255,611
Preferred Apartment Communities, Inc., Class A REIT			5,824		57,949
PS Business Parks, Inc. REIT			3,550		256,132
QTS Realty Trust, Inc., Class A REIT			4,080		148,716
RAIT Financial Trust REIT			13,669		83,518
Ramco-Gershenson Properties Trust REIT			15,103		246,481
Rayonier, Inc. REIT			22,897		585,018
Redwood Trust, Inc. REIT	†		14,817		232,627
Regency Centers Corp. REIT			16,967		1,000,714
Resource Capital Corp. REIT			25,000		96,750
Retail Opportunity Investments Corp. REIT			15,407		240,657

		Shares		Value
Retail Properties of America, Inc., Class A REIT		44,256	$	616,486
Rexford Industrial Realty, Inc. REIT		11,430		166,649
RLJ Lodging Trust REIT		23,764		707,692
Rouse Properties, Inc. REIT	†	6,437		105,245
Ryman Hospitality Properties, Inc. REIT		8,002		424,986
Sabra Health Care REIT, Inc. REIT		11,198		288,237
Saul Centers, Inc. REIT		1,580		77,720
Select Income REIT REIT		10,670		220,229
Senior Housing Properties Trust REIT		43,299		759,897
Silver Bay Realty Trust Corp. REIT		6,492		105,755
Sovran Self Storage, Inc. REIT		6,613		574,736
Spirit Realty Capital, Inc. REIT		81,290		786,074
STAG Industrial, Inc. REIT		10,256		205,120
Starwood Property Trust, Inc. REIT		43,762		943,946
Starwood Waypoint Residential Trust REIT	†	7,249		172,236
STORE Capital Corp. REIT		5,218		104,882
Strategic Hotels & Resorts, Inc. REIT	*	50,095		607,151
Summit Hotel Properties, Inc. REIT		16,868		219,453
Sun Communities, Inc. REIT		8,364		517,146
Sunstone Hotel Investors, Inc. REIT		36,744		551,527
Tanger Factory Outlet Centers, Inc. REIT		17,060		540,802
Taubman Centers, Inc. REIT		11,065		769,018
Terreno Realty Corp. REIT		8,644		170,287
Trade Street Residential, Inc. REIT	†	3,200		21,312
Two Harbors Investment Corp. REIT		66,093		643,746
UMH Properties, Inc. REIT		3,071		30,096
United Development Funding IV REIT		4,907		85,774
Universal Health Realty Income Trust REIT		2,317		107,648
Urban Edge Properties REIT		14,216		295,551
Urstadt Biddle Properties, Inc., Class A REIT		4,932		92,130
Washington Real Estate Investment Trust REIT		12,190		316,331
Weingarten Realty Investors REIT		22,099		722,416
Western Asset Mortgage Capital Corp. REIT	†	6,991		103,257
Whitestone REIT REIT		5,035		65,556
WP Carey, Inc. REIT		18,645		1,098,936
WP GLIMCHER, Inc. REIT		34,712		469,653
Xenia Hotels & Resorts, Inc. REIT		18,223		396,168
				69,791,762
Real Estate Management & Development—0.8%
Alexander & Baldwin, Inc.		8,598		338,761
Altisource Asset Management Corp. (Virgin Islands, U.S.)	*	278		40,113
Altisource Portfolio Solutions SA (Luxembourg)	*†	2,211		68,077

See accompanying notes to financial statements.

281

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
AV Homes, Inc.	*		1,495	$	21,483
Consolidated-Tomoka Land Co.			576		33,201
Forest City Enterprises, Inc., Class A	*		38,548		851,911
Forestar Group, Inc.	*		6,325		83,237
FRP Holdings, Inc.	*		1,038		33,662
Howard Hughes Corp. (The)	*		7,280		1,044,971
Jones Lang LaSalle, Inc.			8,163		1,395,873
Kennedy-Wilson Holdings, Inc.			16,344		401,899
Marcus & Millichap, Inc.	*		2,013		92,880
RE/MAX Holdings, Inc., Class A			1,946		69,102
Realogy Holdings Corp.	*		26,175		1,222,896
St. Joe Co. (The)	*		11,647		180,878
Tejon Ranch Co.	*		2,591		66,614
					5,945,558
Road & Rail—0.8%
AMERCO			1,307		427,271
ArcBest Corp.			4,426		140,747
Avis Budget Group, Inc.	*		18,906		833,376
Celadon Group, Inc.			4,371		90,392
Con-way, Inc.			10,768		413,168
Covenant Transportation Group, Inc., Class A	*		1,878		47,063
Genesee & Wyoming, Inc., Class A	*		9,711		739,784
Heartland Express, Inc.			9,553		193,257
Knight Transportation, Inc.			10,752		287,508
Landstar System, Inc.			7,950		531,617
Marten Transport Ltd.			3,709		80,485
Old Dominion Freight Line, Inc.	*		12,317		845,008
PAM Transportation Services, Inc.	*		530		30,767
Quality Distribution, Inc.	*		4,707		72,770
Roadrunner Transportation Systems, Inc.	*		4,782		123,376
Ryder System, Inc.			9,637		841,985
Saia, Inc.	*		4,134		162,425
Swift Transportation Co.	*		15,398		349,073
Universal Truckload Services, Inc.			1,615		35,465
USA Truck, Inc.	*		1,050		22,292
Werner Enterprises, Inc.			8,408		220,710
YRC Worldwide, Inc.	*		6,442		83,617
					6,572,156
Semiconductors & Semiconductor Equipment—2.3%
Advanced Energy Industries, Inc.	*		7,214		198,313
Advanced Micro Devices, Inc.	*†		109,329		262,390
Alpha & Omega Semiconductor Ltd.	*		2,749		24,026
Ambarella, Inc.	*†		5,416		556,169
Amkor Technology, Inc.	*		17,448		104,339
Applied Micro Circuits Corp.	*†		14,794		99,860
Atmel Corp.			74,662		735,794
Axcelis Technologies, Inc.	*		20,883		61,814
Brooks Automation, Inc.			11,493		131,595
Cabot Microelectronics Corp.	*		4,276		201,442
Cascade Microtech, Inc.	*		2,057		31,318
Cavium, Inc.	*		9,875		679,499
CEVA, Inc.	*		3,801		73,853
Cirrus Logic, Inc.	*		11,686		397,675
Cohu, Inc.			4,103		54,283
Cree, Inc.	*†		20,309		528,643

			Shares		Value
Cypress Semiconductor Corp.		*	61,044	$	717,877
Diodes, Inc.		*	6,143		148,108
DSP Group, Inc.		*	4,251		43,913
Entegris, Inc.		*	25,104		365,765
Exar Corp.		*	7,230		70,709
Fairchild Semiconductor International, Inc.		*	20,905		363,329
First Solar, Inc.		*	13,526		635,452
FormFactor, Inc.		*	11,437		105,220
Inphi Corp.		*	6,382		145,893
Integrated Device Technology, Inc.		*	26,175		567,998
Integrated Silicon Solution, Inc.			6,582		145,726
Intersil Corp., Class A			24,533		306,908
IXYS Corp.			5,795		88,664
Kopin Corp.		*	10,484		36,170
Lattice Semiconductor Corp.		*	22,371		131,765
M/A-COM Technology Solutions Holdings, Inc.		*	4,029		154,109
Marvell Technology Group Ltd. (Bermuda)			77,904		1,027,164
Mattson Technology, Inc.		*	11,987		40,156
MaxLinear, Inc., Class A		*	10,155		122,876
Micrel, Inc.			7,360		102,304
Microsemi Corp.		*	17,114		598,134
MKS Instruments, Inc.			10,145		384,901
Monolithic Power Systems, Inc.			7,140		362,069
Nanometrics, Inc.		*	3,660		58,999
NeoPhotonics Corp.		*	4,471		40,820
NVE Corp.			771		60,446
OmniVision Technologies, Inc.		*	9,565		250,555
ON Semiconductor Corp.		*	76,852		898,400
PDF Solutions, Inc.		*	4,882		78,112
Pericom Semiconductor Corp.			5,204		68,433
Photronics, Inc.		*	11,167		106,198
PMC-Sierra, Inc.		*	31,707		271,412
Power Integrations, Inc.			5,526		249,665
Rambus, Inc.		*	19,622		284,323
Rudolph Technologies, Inc.		*	5,424		65,142
Semtech Corp.		*	11,469		227,660
Sigma Designs, Inc.		*	5,668		67,619
Silicon Laboratories, Inc.		*	7,659		413,663
SunEdison, Inc.		*	49,108		1,468,820
SunPower Corp.		*†	8,859		251,684
Synaptics, Inc.		*	6,702		581,298
Teradyne, Inc.			36,990		713,537
Tessera Technologies, Inc.			10,128		384,661
Ultra Clean Holdings, Inc.		*	4,140		25,792
Ultratech, Inc.		*	4,638		86,081
Veeco Instruments, Inc.		*	7,852		225,666
Xcerra Corp.		*	8,847		66,972
					17,752,181
	��
Software—4.0%
A10 Networks, Inc.		*	2,048		13,189
ACI Worldwide, Inc.		*	20,577		505,577
Advent Software, Inc.			9,669		427,467
American Software, Inc., Class A			3,570		33,915
ANSYS, Inc.		*	16,072		1,466,409
Aspen Technology, Inc.		*	15,627		711,810
AVG Technologies NV (Netherlands)		*	5,989		162,961
Barracuda Networks, Inc.		*	1,892		74,961
Blackbaud, Inc.			8,659		493,130

See accompanying notes to financial statements.

282

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Bottomline Technologies de, Inc.	*		7,299	$	202,985
BroadSoft, Inc.	*		5,660		195,666
Cadence Design Systems, Inc.	*		52,247		1,027,176
Callidus Software, Inc.	*		10,914		170,040
Code Rebel Corp.	*		283		9,161
CommVault Systems, Inc.	*		8,682		368,204
Comverse, Inc.	*		3,789		76,083
Cyan, Inc.	*		5,700		29,868
Digimarc Corp.	*†		993		44,824
Digital Turbine, Inc.	*		12,757		38,526
Ebix, Inc.	†		4,796		156,398
Ellie Mae, Inc.	*†		5,388		376,029
EnerNOC, Inc.	*		4,402		42,699
Epiq Systems, Inc.			4,713		79,555
ePlus, Inc.	*		904		69,292
FactSet Research Systems, Inc.			7,465		1,213,137
Fair Isaac Corp.			5,747		521,713
FireEye, Inc.	*		23,805		1,164,303
Fleetmatics Group plc (Ireland)	*		6,374		298,494
Fortinet, Inc.	*		25,225		1,042,549
Gigamon, Inc.	*		4,019		132,587
Globant SA (Luxembourg)	*		2,557		77,810
Glu Mobile, Inc.	*†		20,771		128,988
Guidance Software, Inc.	*†		2,669		22,606
Guidewire Software, Inc.	*		12,708		672,634
HubSpot, Inc.	*		3,107		154,045
Imperva, Inc.	*		4,986		337,552
Infoblox, Inc.	*		10,997		288,231
Informatica Corp.	*		19,003		921,075
Interactive Intelligence Group, Inc.	*		3,089		137,368
Jive Software, Inc.	*		6,532		34,293
King Digital Entertainment plc (Ireland)			12,874		183,455
Manhattan Associates, Inc.	*		13,182		786,306
Mentor Graphics Corp.			17,566		464,269
MicroStrategy, Inc., Class A	*		1,565		266,175
MobileIron, Inc.	*†		2,020		11,938
Model N, Inc.	*		3,185		37,933
Monotype Imaging Holdings, Inc.			7,430		179,137
NetScout Systems, Inc.	*		6,836		250,676
NetSuite, Inc.	*		7,149		655,921
Nuance Communications, Inc.	*		45,269		792,660
Park City Group, Inc.	*†		1,600		19,824
Paycom Software, Inc.	*		5,164		176,351
Pegasystems, Inc.			5,938		135,921
Progress Software Corp.	*		9,869		271,398
Proofpoint, Inc.	*		7,342		467,465
PROS Holdings, Inc.	*		3,855		81,379
PTC, Inc.	*		20,602		845,094
QAD, Inc., Class A			986		26,060
Qlik Technologies, Inc.	*		16,791		587,013
Qualys, Inc.	*†		4,326		174,554
Rally Software Development Corp.	*		4,111		79,959
RealPage, Inc.	*		8,981		171,268
Rovi Corp.	*†		17,493		279,013
Rubicon Project, Inc. (The)	*		4,246		63,520
Sapiens International Corp. NV (Israel)			3,979		41,302
SeaChange International, Inc.	*		5,522		38,709
Silver Spring Networks, Inc.	*†		5,731		71,122
SolarWinds, Inc.	*		12,044		555,590
Solera Holdings, Inc.			12,037		536,369

		Shares			Value
Splunk, Inc.	*	22,355		$	1,556,355
SS&C Technologies Holdings, Inc.		12,280			767,500
Synchronoss Technologies, Inc.	*	7,055			322,625
Synopsys, Inc.	*	27,702			1,403,106
Tableau Software, Inc., Class A	*	8,621			994,001
Take-Two Interactive Software, Inc.	*	14,905			410,931
Tangoe, Inc.	*	6,522			82,047
TeleCommunication Systems, Inc., Class A	*	7,640			25,288
TeleNav, Inc.	*	4,267			34,349
TiVo, Inc.	*	17,362			176,051
TubeMogul, Inc.	*	578			8,260
Tyler Technologies, Inc.	*	5,956			770,587
Ultimate Software Group, Inc. (The)	*	5,104			838,791
Varonis Systems, Inc.	*†	985			21,759
VASCO Data Security International, Inc.	*†	5,034	��		151,977
Verint Systems, Inc.	*	10,790			655,439
VirnetX Holding Corp.	*†	7,740			32,508
Workiva, Inc.	*†	1,260			17,426
Yodlee, Inc.	*	1,224			17,675
Zendesk, Inc.	*	8,789			195,204
Zix Corp.	*	9,536			49,301
Zynga, Inc., Class A	*	127,584			364,890
					31,069,761
Specialty Retail—3.2%
Aaron’s, Inc.		11,702			423,729
Abercrombie & Fitch Co., Class A	†	13,404			288,320
American Eagle Outfitters, Inc.		36,161			622,692
America’s Car-Mart, Inc.	*	1,569			77,383
ANN, Inc.	*	8,527			411,769
Asbury Automotive Group, Inc.	*	4,897			443,766
Ascena Retail Group, Inc.	*	24,015			399,970
AutoNation, Inc.	*	12,731			801,798
Barnes & Noble, Inc.	*	8,802			228,500
bebe stores, Inc.		8,935			17,870
Big 5 Sporting Goods Corp.		4,027			57,224
Boot Barn Holdings, Inc.	*	1,009			32,288
Buckle, Inc. (The)	†	4,773			218,460
Build-A-Bear Workshop, Inc.	*	1,985			31,740
Cabela’s, Inc.	*	9,418			470,712
Caleres, Inc.		7,389			234,822
Cato Corp. (The), Class A		4,713			182,676
Chico’s FAS, Inc.		25,717			427,674
Children’s Place, Inc. (The)		3,720			243,325
Christopher & Banks Corp.	*	5,820			23,338
Citi Trends, Inc.	*	3,282			79,424
Conn’s, Inc.	*†	4,892			194,212
Container Store Group, Inc.(The)	*†	2,409			40,640
CST Brands, Inc.		13,615			531,802
Destination XL Group, Inc.	*	8,855			44,364
Dick’s Sporting Goods, Inc.		16,483			853,325
DSW, Inc., Class A		13,331			444,855
Express, Inc.	*	16,183			293,074
Finish Line, Inc. (The), Class A		8,628			240,031
Five Below, Inc.	*	9,423			372,491
Foot Locker, Inc.		25,094			1,681,549
Francesca’s Holdings Corp.	*	6,736			90,734

See accompanying notes to financial statements.

283

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
GameStop Corp., Class A	†		19,166	$	823,371
Genesco, Inc.	*		4,131		272,770
GNC Holdings, Inc., Class A			15,552		691,753
Group 1 Automotive, Inc.			4,317		392,113
Guess?, Inc.			10,311		197,662
Haverty Furniture Cos., Inc.			3,359		72,622
Hibbett Sports, Inc.	*		4,967		231,363
Kirkland’s, Inc.			2,193		61,119
Lithia Motors, Inc., Class A			4,128		467,124
Lumber Liquidators Holdings, Inc.	*†		4,866		100,775
MarineMax, Inc.	*		5,242		123,239
Mattress Firm Holding Corp.	*†		3,562		217,104
Men’s Wearhouse, Inc. (The)			8,549		547,734
Michaels Cos., Inc. (The)	*		10,491		282,313
Monro Muffler Brake, Inc.			5,981		371,779
Murphy USA, Inc.	*		8,400		468,888
Office Depot, Inc.	*		96,366		834,530
Outerwall, Inc.	†		3,549		270,114
Party City Holdco, Inc.	*		4,028		81,648
Penske Automotive Group, Inc.			7,830		408,021
Pep Boys-Manny, Moe & Jack (The)	*		10,379		127,350
Pier 1 Imports, Inc.			16,713		211,085
Rent-A-Center, Inc.			9,393		266,292
Restoration Hardware Holdings, Inc.	*		5,897		575,724
Sally Beauty Holdings, Inc.	*		28,184		890,051
Select Comfort Corp.	*		9,527		286,477
Shoe Carnival, Inc.			3,350		96,681
Sonic Automotive, Inc., Class A			6,032		143,743
Sportsman’s Warehouse Holdings, Inc.	*†		1,594		18,124
Stage Stores, Inc.	†		6,014		105,425
Stein Mart, Inc.			5,811		60,841
Systemax, Inc.	*		1,358		11,733
Tile Shop Holdings, Inc.	*†		4,808		68,226
Tilly’s, Inc., Class A	*		1,567		15,153
Ulta Salon Cosmetics & Fragrance, Inc.	*		11,463		1,770,460
Urban Outfitters, Inc.	*		17,530		613,550
Vitamin Shoppe, Inc.	*		5,873		218,887
West Marine, Inc.	*		3,373		32,516
Williams-Sonoma, Inc.			16,402		1,349,393
Winmark Corp.			356		35,066
Zumiez, Inc.	*		3,482		92,726
					24,410,102
Technology Hardware, Storage & Peripherals—0.5%
3D Systems Corp.	*†		19,309		376,912
Avid Technology, Inc.	*		5,174		69,021
Cray, Inc.	*		7,969		235,165
Diebold, Inc.			11,474		401,590
Dot Hill Systems Corp.	*		9,656		59,095
Eastman Kodak Co.	*†		2,841		47,729
Electronics For Imaging, Inc.	*		8,827		384,063
Imation Corp.	*		9,204		37,368
Immersion Corp.	*		5,977		75,729
Lexmark International, Inc., Class A			11,222		496,012
NCR Corp.	*		30,422		915,702
Nimble Storage, Inc.	*†		8,285		232,477

		Shares		Value
QLogic Corp.	*	16,769	$	237,952
Quantum Corp.	*	33,664		56,555
Silicon Graphics International Corp.	*†	6,293		40,716
Stratasys Ltd.	*†	8,699		303,856
Super Micro Computer, Inc.	*	7,006		207,237
Violin Memory, Inc.	*†	13,217		32,382
				4,209,561
Textiles, Apparel & Luxury Goods—1.0%
Carter’s, Inc.		9,384		997,519
Cherokee, Inc.		2,244		63,236
Columbia Sportswear Co.		5,092		307,862
Crocs, Inc.	*	15,828		232,830
Culp, Inc.		1,780		55,180
Deckers Outdoor Corp.	*	6,122		440,600
Fossil Group, Inc.	*	7,545		523,321
G-III Apparel Group Ltd.	*	7,227		508,419
Iconix Brand Group, Inc.	*	8,774		219,087
Kate Spade & Co.	*	23,044		496,368
lululemon athletica, Inc. (Canada)	*	19,280		1,258,984
Movado Group, Inc.		2,952		80,176
Oxford Industries, Inc.		2,482		217,051
Perry Ellis International, Inc.	*	2,045		48,610
Quiksilver, Inc.	*†	26,575		17,614
Sequential Brands Group, Inc.	*†	2,717		41,543
Skechers U.S.A., Inc., Class A	*	7,249		795,868
Steven Madden Ltd.	*	10,610		453,896
Superior Uniform Group, Inc.		1,946		32,187
Tumi Holdings, Inc.	*	8,914		182,915
Unifi, Inc.	*	3,223		107,971
Vera Bradley, Inc.	*	3,595		40,516
Vince Holding Corp.	*	1,928		23,097
Wolverine World Wide, Inc.		18,151		516,940
				7,661,790
Thrifts & Mortgage Finance—1.0%
Anchor BanCorp Wisconsin, Inc.	*	1,088		41,322
Astoria Financial Corp.		17,095		235,740
Bank Mutual Corp.		9,174		70,365
BankFinancial Corp.		3,338		39,322
BBX Capital Corp., Class A	*†	1,182		19,196
Bear State Financial, Inc.	*	3,492		32,615
Beneficial Bancorp, Inc.	*	13,779		172,100
BofI Holding, Inc.	*	2,919		308,567
Brookline Bancorp, Inc.		13,692		154,583
Capitol Federal Financial, Inc.		26,562		319,806
Charter Financial Corp.		2,121		26,322
Clifton Bancorp, Inc.		4,406		61,640
Dime Community Bancshares, Inc.		5,399		91,459
Essent Group Ltd. (Bermuda)	*	8,671		237,152
EverBank Financial Corp.		15,600		306,540
Federal Agricultural Mortgage Corp., Class C		2,090		60,735
First Defiance Financial Corp.		1,548		58,096
Flagstar Bancorp, Inc.	*	3,160		58,397
Fox Chase Bancorp, Inc.		2,827		47,833
Heritage Financial Group, Inc.		1,481		44,697
Hingham Institution for Savings		344		39,598
HomeStreet, Inc.	*	5,119		116,816
Hudson City Bancorp, Inc.		95,867		947,166
Impac Mortgage Holdings, Inc.	*	2,260		43,256
Kearny Financial Corp./MD	*	15,392		171,775
Ladder Capital Corp. REIT		6,653		115,430

See accompanying notes to financial statements.

284

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
LendingTree, Inc.	*		1,079	$	84,820
Meridian Bancorp, Inc.	*		9,036		121,173
Meta Financial Group, Inc.			883		37,898
MGIC Investment Corp.	*		60,906		693,110
Nationstar Mortgage Holdings, Inc.	*†		6,708		112,694
NMI Holdings, Inc., Class A	*		8,136		65,251
Northfield Bancorp, Inc.			9,809		147,625
Northwest Bancshares, Inc.			16,950		217,299
OceanFirst Financial Corp.			1,812		33,794
Ocwen Financial Corp.	*†		16,651		169,840
Oritani Financial Corp.			8,540		137,067
PennyMac Financial Services, Inc., Class A	*		2,032		36,820
Provident Financial Services, Inc.			11,086		210,523
Radian Group, Inc.			34,571		648,552
Stonegate Mortgage Corp.	*†		4,364		43,945
Territorial Bancorp, Inc.			1,756		42,601
TFS Financial Corp.			13,559		228,062
TrustCo Bank Corp. NY			15,928		111,974
United Community Financial Corp./OH			13,341		71,374
United Financial Bancorp, Inc.			8,806		118,441
Walker & Dunlop, Inc.	*		3,171		84,792
Washington Federal, Inc.			17,557		409,956
Waterstone Financial, Inc.			5,674		74,897
WSFS Financial Corp.			4,974		136,039
					7,859,075
Tobacco—0.1%
Universal Corp.	†		4,068		233,178
Vector Group Ltd.	†		12,941		303,596
					536,774
Trading Companies & Distributors—0.9%
Air Lease Corp.			18,852		639,083
Aircastle Ltd.			11,324		256,715
Applied Industrial Technologies, Inc.			7,486		296,820
Beacon Roofing Supply, Inc.	*		8,899		295,625
CAI International, Inc.	*		2,855		58,784
DXP Enterprises, Inc.	*		2,271		105,601
GATX Corp.			8,354		444,015
H&E Equipment Services, Inc.			6,185		123,514
HD Supply Holdings, Inc.	*		29,282		1,030,141
Kaman Corp.			5,326		223,372
Lawson Products, Inc./DE	*		1,517		35,619
MRC Global, Inc.	*		19,397		299,490
MSC Industrial Direct Co., Inc., Class A			8,802		614,116
Neff Corp., Class A	*		1,829		18,455
NOW, Inc.	*†		20,212		402,421
Real Industry, Inc.	*		3,920		44,492
Rush Enterprises, Inc., Class A	*		5,998		157,208
Stock Building Supply Holdings, Inc.	*		2,427		47,448
TAL International Group, Inc.	*†		6,450		203,820
Textainer Group Holdings Ltd. (Bermuda)	†		4,142		107,733
Titan Machinery, Inc.	*†		2,896		42,658
Veritiv Corp.	*		1,304		47,544
Watsco, Inc.			4,599		569,080

				Shares		Value
WESCO International, Inc.		*		7,914	$	543,217
						6,606,971
Transportation Infrastructure—0.1%
Macquarie Infrastructure Corp.				11,848		979,000
Wesco Aircraft Holdings, Inc.		*		9,134		138,380
						1,117,380
Water Utilities—0.4%
American States Water Co.				7,394		276,462
American Water Works Co., Inc.				32,089		1,560,488
Aqua America, Inc.				31,655		775,231
Artesian Resources Corp., Class A				1,201		25,329
California Water Service Group				9,216		210,586
Connecticut Water Service, Inc.				2,093		71,497
Consolidated Water Co. Ltd. (Cayman Islands)				3,860		48,636
Middlesex Water Co.				2,518		56,806
SJW Corp.				2,960		90,842
York Water Co.				2,142		44,682
						3,160,559
Wireless Telecommunication Services—0.1%
Boingo Wireless, Inc.		*		3,174		26,217
NTELOS Holdings Corp.		*		2,906		13,426
RingCentral, Inc., Class A		*		9,046		167,261
Shenandoah Telecommunications Co.				4,906		167,932
Spok Holdings, Inc.				3,582		60,321
Telephone & Data Systems, Inc.				15,625		459,375
United States Cellular Corp.		*		2,164		81,519
						976,051
TOTAL COMMON STOCKS
(Cost $567,422,393)						760,084,904
Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.057%	09/17/2015	‡‡	$	655,000		655,007
0.050%	12/10/2015	‡‡		100,000		99,983
						754,990
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $754,898)						754,990
				Shares		Value
RIGHTS—0.0%
Electronic Equipment, Instruments & Components—0.0%
Gerber Scientific, Inc. CVR		*†‡d		3,478		—

See accompanying notes to financial statements.

285

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
RIGHTS—(Continued)
Health Care Providers & Services—0.0%
BioScrip, Inc., Expires 07/27/2015	*‡d		43	$	—
Pharmaceuticals—0.0%
Furiex Pharmaceuticals, Inc. CVR	*‡d		2,916		—
Furiex Pharmaceuticals, Inc. CVR	*‡		1,264		12,640
Wireless Telecommunication Services—0.0%
Leap Wireless International, Inc. CVR	*‡		10,198		28,350
TOTAL RIGHTS
(Cost $—)					40,990
WARRANTS—0.0%
Communications Equipment—0.0%
Pegasus Wireless Corp.	*‡d		200		—
Oil, Gas & Consumable Fuels—0.0%
Magnum Hunter Resources Corp., Expires 04/15/2016	*†‡		2,734		328
TOTAL WARRANTS
(Cost $—)					328
MONEY MARKET FUNDS—9.1%
Institutional Money Market Funds—9.1%
Dreyfus Institutional Cash Advantage Fund, 0.08%	††¥		9,000,000		9,000,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%	¥		13,197,239		13,197,239
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%	††¥		11,669,483		11,669,483
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.11%	††¥		9,400,000		9,400,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.10%	††¥		9,000,000		9,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.12%	††¥		9,000,000		9,000,000

		Shares		Value
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.11%	††¥	9,000,000	$	9,000,000
TOTAL MONEY MARKET FUNDS
(Cost $70,266,722)				70,266,722
TOTAL INVESTMENTS—107.5%
(Cost $638,444,013)				831,147,934
Other assets less liabilities—(7.5%)				(57,633,949	)
NET ASSETS—100.0%			$	773,513,985

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 June 30, 2015.
‡	Security valued at fair value as determined by policies approved by the Board of Directors. (Total Market Value $41,318)
‡‡	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.

286

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—98.2%
Australia—6.9%
AGL Energy Ltd.			14,327	$	171,622
Alumina Ltd.			56,582		66,603
Amcor Ltd.			25,116		265,413
AMP Ltd.			61,053		283,305
APA Group (STAPLED SECURITY)			22,355		141,989
Aristocrat Leisure Ltd.			11,305		66,664
Asciano Ltd.			20,125		103,126
ASX Ltd.			4,254		130,829
Aurizon Holdings Ltd.			43,435		171,582
AusNet Services (STAPLED SECURITY)			35,545		38,237
Australia & New Zealand Banking Group Ltd.			57,024		1,415,174
Bank of Queensland Ltd.	†		8,103		79,729
Bendigo & Adelaide Bank Ltd.			9,545		90,254
BHP Billiton Ltd.			66,213		1,350,667
BHP Billiton plc			43,462		854,536
Boral Ltd.			17,810		80,232
Brambles Ltd.			32,621		266,113
Caltex Australia Ltd.			5,397		132,486
CIMIC Group Ltd.			2,341		39,217
Coca-Cola Amatil Ltd.			11,804		83,265
Cochlear Ltd.			1,176		72,675
Commonwealth Bank of Australia			33,463		2,194,401
Computershare Ltd.			10,689		96,270
Crown Resorts Ltd.			7,806		73,345
CSL Ltd.			9,731		648,730
Dexus Property Group REIT			19,062		107,262
Federation Centres REIT			68,717		154,621
Flight Centre Travel Group Ltd.	†		1,052		27,650
Fortescue Metals Group Ltd.	†		30,180		44,448
Goodman Group REIT			35,333		170,647
GPT Group (The) REIT	†		34,422		113,478
Harvey Norman Holdings Ltd.			10,998		38,190
Healthscope Ltd.			24,482		51,264
Iluka Resources Ltd.			8,491		50,213
Incitec Pivot Ltd.	†		37,354		110,745
Insurance Australia Group Ltd.			48,847		210,012
Lend Lease Group (STAPLED SECURITY)			11,336		131,070
Macquarie Group Ltd.			6,044		378,689
Medibank Pvt Ltd.	*		58,985		91,398
Mirvac Group REIT			81,090		115,527
National Australia Bank Ltd.			53,902		1,384,423
Newcrest Mining Ltd.	*		15,398		155,045
Orica Ltd.	†		7,582		124,457
Origin Energy Ltd.			23,141		213,575
Platinum Asset Management Ltd.			4,617		26,608
Qantas Airways Ltd.	*		10,729		26,071
QBE Insurance Group Ltd.			28,365		298,686
Ramsay Health Care Ltd.			2,754		130,451
REA Group Ltd.			1,013		30,555
Santos Ltd.	†		20,206		121,997
Scentre Group REIT			112,189		324,081
Seek Ltd.			6,528		70,742
Sonic Healthcare Ltd.			8,011		131,915
South32 Ltd.	*		68,690		94,866
South32 Ltd.	*		45,490		61,469
Stockland REIT			48,173		152,117
Suncorp Group Ltd.			26,539		274,574

		Shares		Value
Sydney Airport (STAPLED SECURITY)		24,480	$	93,934
Tabcorp Holdings Ltd.		17,824		62,478
Tatts Group Ltd.		30,349		87,018
Telstra Corp. Ltd.		89,254		422,399
TPG Telecom Ltd.		6,191		42,762
Transurban Group (STAPLED SECURITY)		38,098		273,148
Treasury Wine Estates Ltd.		12,908		49,571
Wesfarmers Ltd.		23,395		703,561
Westfield Corp. REIT		41,555		291,871
Westpac Banking Corp.		64,352		1,592,199
Woodside Petroleum Ltd.		15,550		410,313
Woolworths Ltd.	†	25,897		538,120
WorleyParsons Ltd.		4,768		38,281
				18,938,965
Austria—0.2%
Andritz AG		1,454		80,517
Erste Group Bank AG	*	5,620		160,122
OMV AG		3,151		86,746
Raiffeisen Bank International AG	*	2,730		39,725
voestalpine AG	†	2,255		93,982
				461,092
Belgium—1.3%
Ageas		4,285		165,330
Anheuser-Busch InBev NV		16,595		1,997,050
Colruyt SA		1,527		68,498
Delhaize Group		2,125		172,842
Groupe Bruxelles Lambert SA		1,714		138,211
KBC Groep NV		5,227		350,409
Proximus		3,337		118,086
Solvay SA		1,194		164,492
Telenet Group Holding NV	*	1,140		62,024
UCB SA		2,589		186,163
Umicore SA		1,948		92,504
				3,515,609
Bermuda—0.0%
Seadrill Ltd.	†	7,457		77,445
China—0.0%
Yangzijiang Shipbuilding Holdings Ltd.		41,000		43,063
Denmark—1.6%
A.P. Moller-Maersk A/S, Class A		82		143,812
A.P. Moller-Maersk A/S, Class B		150		271,206
Carlsberg A/S, Class B		2,269		205,584
Coloplast A/S, Class B		2,377		155,891
Danske Bank A/S		14,450		424,787
DSV A/S		3,797		122,950
ISS A/S		3,137		103,319
Novo Nordisk A/S, Class B		39,244		2,153,510
Novozymes A/S, Class B		5,005		237,791
Pandora A/S		2,388		256,242
TDC A/S		16,446		120,555
Tryg A/S		2,455		51,187
Vestas Wind Systems A/S		4,636		231,075
William Demant Holding A/S	*	442		33,690
				4,511,599
Finland—0.8%
Elisa Oyj		2,815		89,188

See accompanying notes to financial statements.

287

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Fortum Oyj			9,211	$	163,633
Kone Oyj, Class B			6,376		258,802
Metso Oyj	†		2,482		68,215
Neste Oyj			2,603		66,403
Nokia Oyj			76,416		520,925
Nokian Renkaat Oyj			2,497		78,232
Orion Oyj, Class B			1,954		68,446
Sampo Oyj, Class A			9,269		436,820
Stora Enso Oyj, Class R			11,146		114,862
UPM-Kymmene Oyj			11,435		202,353
Wartsila Oyj Abp			3,034		142,164
					2,210,043
France—9.4%
Accor SA			4,352		220,255
Aeroports de Paris			587		66,308
Air Liquide SA			7,101		901,050
Airbus Group SE			12,258		798,454
Alcatel-Lucent	*		58,351		212,820
Alstom SA	*		4,600		130,660
Arkema SA			1,424		102,937
Atos SE			1,709		127,702
AXA SA			40,737		1,032,758
BNP Paribas SA			21,831		1,324,765
Bollore SA			19,093		102,137
Bouygues SA			4,267		160,415
Bureau Veritas SA			5,001		115,283
Cap Gemini SA			3,082		273,424
Carrefour SA			11,645		374,195
Casino Guichard Perrachon SA			1,223		92,829
Christian Dior SE			1,137		222,589
Cie de Saint-Gobain			9,781		441,528
Cie Generale des Etablissements Michelin			3,890		409,321
CNP Assurances			3,623		60,637
Credit Agricole SA	†		21,289		317,844
Danone SA			11,916		771,852
Dassault Systemes SA			2,734		198,473
Edenred			4,254		105,111
Electricite de France SA			5,341		119,471
Essilor International SA			4,259		510,231
Eurazeo SA			745		49,483
Eutelsat Communications SA			3,336		107,764
Fonciere Des Regions REIT			566		48,155
GDF Suez			30,467		567,245
Gecina SA REIT			662		81,665
Groupe Eurotunnel SE (Registered)			9,895		143,470
Hermes International			554		206,852
ICADE REIT			653		46,708
Iliad SA			568		126,291
Imerys SA			759		58,225
JCDecaux SA			1,650		69,000
Kering			1,562		279,266
Klepierre REIT			3,475		153,211
Lafarge SA			3,923		259,377
Lagardere SCA			2,448		71,631
Legrand SA			5,572		313,603
L’Oreal SA			5,199		930,211
LVMH Moet Hennessy Louis Vuitton SE			5,751		1,011,086
Natixis SA			20,340		146,801
Numericable-SFR	*		2,106		112,032

		Shares		Value
Orange SA		38,070	$	588,347
Pernod Ricard SA		4,463		515,934
Peugeot SA	*	8,273		170,604
Publicis Groupe SA		3,827		283,669
Remy Cointreau SA		587		42,408
Renault SA		3,932		412,260
Rexel SA		5,567		89,833
Safran SA		5,972		405,854
Sanofi		24,515		2,425,268
Schneider Electric SE		11,567		800,888
SCOR SE		3,131		110,717
Societe BIC SA		585		93,312
Societe Generale SA		14,894		698,883
Sodexo SA		2,023		192,585
Suez Environnement Co.		6,532		121,946
Technip SA		2,239		138,760
Thales SA		2,015		121,748
TOTAL SA		44,182		2,167,170
Unibail-Rodamco SE (Paris Exchange) REIT		2,061		523,504
Valeo SA		1,627		257,364
Vallourec SA		2,068		42,248
Veolia Environnement SA		9,227		188,918
Vinci SA		9,895		574,283
Vivendi SA		23,922		606,581
Wendel SA		575		70,656
Zodiac Aerospace		4,047		131,826
				25,750,691
Germany—8.2%
adidas AG		4,415		337,811
Allianz SE (Registered)		9,424		1,469,683
Axel Springer SE		977		51,312
BASF SE		18,948		1,667,291
Bayer AG (Registered)		17,074		2,391,045
Bayerische Motoren Werke AG		6,807		745,465
Beiersdorf AG		2,135		178,892
Brenntag AG	†	3,211		184,252
Commerzbank AG	*	21,361		273,071
Continental AG		2,256		534,170
Daimler AG (Registered)		19,867		1,809,797
Deutsche Annington Immobilien SE		9,105		256,925
Deutsche Bank AG (Registered)		28,377		853,203
Deutsche Boerse AG		4,065		336,695
Deutsche Lufthansa AG (Registered)	*	5,181		66,846
Deutsche Post AG (Registered)		19,886		581,055
Deutsche Telekom AG (Registered)		65,410		1,127,688
Deutsche Wohnen AG		6,101		139,871
E.ON SE		41,059		547,500
Evonik Industries AG		1,955		74,648
Fraport AG Frankfurt Airport Services Worldwide		826		51,883
Fresenius Medical Care AG & Co. KGaA		4,548		376,512
Fresenius SE & Co. KGaA		7,874		505,562
GEA Group AG		3,680		164,176
Hannover Rueck SE		1,231		119,144
HeidelbergCement AG		2,925		231,826
Henkel AG & Co. KGaA		2,101		200,343
Hugo Boss AG		1,342		150,031
Infineon Technologies AG		22,973		285,086

See accompanying notes to financial statements.

288

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
K+S AG (Registered)			3,624	$	152,816
Kabel Deutschland Holding AG	*		485		64,900
Lanxess AG			1,835		108,269
Linde AG			3,818		723,563
MAN SE			791		81,493
Merck KGaA			2,692		268,366
Metro AG			3,209		101,354
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)			3,551		629,573
OSRAM Licht AG			2,007		96,016
ProSiebenSat.1 Media AG (Registered)			4,432		218,915
RWE AG			10,156		218,439
SAP SE			20,266		1,420,166
Siemens AG (Registered)			16,358		1,654,962
Symrise AG			2,681		166,504
Telefonica Deutschland Holding AG			11,974		68,979
ThyssenKrupp AG			7,436		193,443
TUI AG			9,661		156,318
United Internet AG (Registered)			2,588		115,024
Volkswagen AG			644		149,116
					22,299,999
Hong Kong—3.1%
AIA Group Ltd.			248,400		1,624,203
ASM Pacific Technology Ltd.			5,500		54,430
Bank of East Asia Ltd.			23,720		103,628
BOC Hong Kong Holdings Ltd.			76,500		318,397
Cathay Pacific Airways Ltd.			24,000		58,966
Cheung Kong Infrastructure Holdings Ltd.			14,000		108,674
Cheung Kong Property Holdings Ltd.	*		57,964		480,818
CK Hutchison Holdings Ltd.			55,464		815,431
CLP Holdings Ltd.			39,500		335,713
First Pacific Co. Ltd.			47,250		39,828
Galaxy Entertainment Group Ltd.			49,833		198,284
Hang Lung Properties Ltd.			46,000		136,708
Hang Seng Bank Ltd.			16,100		314,448
Henderson Land Development Co. Ltd.			24,519		167,610
HKT Trust & HKT Ltd. (STAPLED SECURITY)			61,100		71,798
Hong Kong & China Gas Co. Ltd.			142,891		299,407
Hong Kong Exchanges and Clearing Ltd.			23,100		813,919
Hysan Development Co. Ltd.			13,000		56,296
Kerry Properties Ltd.			15,500		60,757
Li & Fung Ltd.			121,200		96,084
Link (The) REIT			47,500		277,967
MTR Corp. Ltd.			31,000		144,230
New World Development Co. Ltd.			106,866		139,636
Noble Group Ltd.			92,409		52,062
NWS Holdings Ltd.			36,500		52,762
PCCW Ltd.			90,000		53,681
Power Assets Holdings Ltd.			28,500		259,846
Shangri-La Asia Ltd.			20,000		27,885
Sino Land Co. Ltd.			61,000		101,816

		Shares		Value
SJM Holdings Ltd.	†	42,000	$	45,413
Sun Hung Kai Properties Ltd.		35,083		567,740
Swire Pacific Ltd., Class A		12,500		156,962
Swire Properties Ltd.		23,800		75,910
Techtronic Industries Co. Ltd.		27,500		89,915
WH Group Ltd.	*^	79,500		54,109
Wharf Holdings Ltd. (The)		28,915		192,156
Wheelock & Co. Ltd.		20,000		102,053
Yue Yuen Industrial Holdings Ltd.		15,500		51,846
				8,601,388
Ireland—0.9%
Bank of Ireland	*	557,220		225,561
CRH plc		16,918		476,969
Experian plc		20,889		379,937
James Hardie Industries plc CDI		9,103		121,163
Kerry Group plc, Class A		3,309		245,464
Shire plc		12,152		976,408
				2,425,502
Israel—0.6%
Azrieli Group		769		30,693
Bank Hapoalim BM		21,625		116,385
Bank Leumi Le-Israel BM	*	29,964		126,613
Bezeq Israeli Telecommunication Corp. Ltd.		37,466		63,803
Delek Group Ltd.		82		24,177
Israel Chemicals Ltd.		9,426		65,835
Israel Corp. Ltd. (The)		66		23,294
Mizrahi Tefahot Bank Ltd.		2,579		31,962
NICE-Systems Ltd.		1,178		74,817
Teva Pharmaceutical Industries Ltd.		17,727		1,049,048
				1,606,627
Italy—2.2%
Assicurazioni Generali SpA		24,217		436,482
Atlantia SpA		8,800		217,429
Banca Monte dei Paschi di Siena SpA	*	47,355		92,272
Banco Popolare SC	*	7,911		130,259
Enel Green Power SpA		39,986		78,165
Enel SpA		144,882		656,648
Eni SpA		52,369		930,158
EXOR SpA		2,198		104,998
Finmeccanica SpA	*	8,623		108,470
Intesa Sanpaolo SpA		260,970		947,709
Intesa Sanpaolo SpA RSP		20,778		66,337
Luxottica Group SpA		3,498		232,680
Mediobanca SpA		11,465		112,411
Pirelli & C. SpA		4,768		80,470
Prysmian SpA		3,947		85,320
Saipem SpA	*†	6,108		64,544
Snam SpA		43,578		207,389
Telecom Italia SpA	*	205,426		261,058
Telecom Italia SpA RSP		122,663		125,087
Terna Rete Elettrica Nazionale SpA		31,986		141,434
UniCredit SpA		98,316		660,770
Unione di Banche Italiane SCpA		18,139		145,550
UnipolSai SpA		14,660		36,318
				5,921,958

See accompanying notes to financial statements.

289

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Japan—22.6%
ABC-Mart, Inc.			600	$	36,721
Acom Co. Ltd.	*†		8,000		30,667
Advantest Corp.	†		3,100		32,232
Aeon Co. Ltd.			13,800		195,823
Aeon Credit Service Co. Ltd.	†		2,300		63,812
Aeon Mall Co. Ltd.			2,640		49,436
Air Water, Inc.			3,000		54,847
Aisin Seiki Co. Ltd.			3,900		165,825
Ajinomoto Co., Inc.			12,000		259,503
Alfresa Holdings Corp.			3,600		56,020
Amada Holdings Co. Ltd.			7,400		78,108
ANA Holdings, Inc.			26,000		70,495
Aozora Bank Ltd.			26,000		98,098
Asahi Glass Co. Ltd.	†		19,000		114,067
Asahi Group Holdings Ltd.	†		8,000		254,065
Asahi Kasei Corp.			27,000		221,470
Asics Corp.			3,300		85,250
Astellas Pharma, Inc.			44,075		627,886
Bandai Namco Holdings, Inc.			3,750		72,467
Bank of Kyoto Ltd. (The)			7,000		80,522
Bank of Yokohama Ltd. (The)			24,000		146,975
Benesse Holdings, Inc.	†		1,700		42,618
Bridgestone Corp.			13,300		491,602
Brother Industries Ltd.			4,900		69,318
Calbee, Inc.			1,500		63,192
Canon, Inc.	†		21,900		710,401
Casio Computer Co. Ltd.	†		4,600		90,734
Central Japan Railway Co.			3,000		541,364
Chiba Bank Ltd. (The)			14,000		106,607
Chiyoda Corp.			4,000		35,404
Chubu Electric Power Co., Inc.			13,300		198,225
Chugai Pharmaceutical Co. Ltd.			4,700		162,119
Chugoku Bank Ltd. (The)			3,200		50,438
Chugoku Electric Power Co., Inc. (The)			5,900		86,066
Citizen Holdings Co. Ltd.			5,200		36,279
COLOPL, Inc.	†		1,100		22,227
Credit Saison Co. Ltd.			3,000		64,232
Dai Nippon Printing Co. Ltd.			11,000		113,507
Daicel Corp.			6,000		76,993
Daihatsu Motor Co. Ltd.	†		3,900		55,509
Dai-ichi Life Insurance Co. Ltd. (The)			22,100		433,989
Daiichi Sankyo Co. Ltd.			12,902		238,436
Daikin Industries Ltd.			4,900		352,253
Daito Trust Construction Co. Ltd.			1,500		155,243
Daiwa House Industry Co. Ltd.			12,100		281,905
Daiwa Securities Group, Inc.			35,000		261,825
Denso Corp.			10,100		502,506
Dentsu, Inc.	†		4,400		227,623
Don Quijote Holdings Co. Ltd.			2,600		110,627
East Japan Railway Co.			7,000		629,295
Eisai Co. Ltd.			5,300		355,337
Electric Power Development Co. Ltd.			2,540		89,728
FamilyMart Co. Ltd.	†		1,200		55,182
FANUC Corp.			4,200		859,386
Fast Retailing Co. Ltd.			1,100		498,818
Fuji Electric Co. Ltd.			11,000		47,310
Fuji Heavy Industries Ltd.			12,000		441,249
FUJIFILM Holdings Corp.			9,600		342,605
Fujitsu Ltd.			39,000		217,907

		Shares		Value
Fukuoka Financial Group, Inc.		17,000	$	88,113
GungHo Online Entertainment, Inc.	†	10,200		39,694
Gunma Bank Ltd. (The)		8,000		59,027
Hachijuni Bank Ltd. (The)		9,000		67,860
Hakuhodo DY Holdings, Inc.	†	5,000		53,472
Hamamatsu Photonics KK		2,800		82,564
Hankyu Hanshin Holdings, Inc.		25,000		147,574
Hikari Tsushin, Inc.		376		25,342
Hino Motors Ltd.		6,000		74,174
Hirose Electric Co. Ltd.	†	566		81,096
Hiroshima Bank Ltd. (The)		11,000		65,684
Hisamitsu Pharmaceutical Co., Inc.		1,200		46,584
Hitachi Chemical Co. Ltd.		2,300		41,425
Hitachi Construction Machinery Co. Ltd.		2,300		40,263
Hitachi High-Technologies Corp.		1,200		33,734
Hitachi Ltd.		101,000		665,342
Hitachi Metals Ltd.		4,000		61,494
Hokuhoku Financial Group, Inc.		25,007		58,998
Hokuriku Electric Power Co.		3,100		46,177
Honda Motor Co. Ltd.		33,600		1,085,947
HOYA Corp.		9,000		360,448
Hulic Co. Ltd.		4,800		42,538
Ibiden Co. Ltd.		2,200		37,205
Idemitsu Kosan Co. Ltd.		1,600		31,389
IHI Corp.		28,000		130,373
Iida Group Holdings Co. Ltd.		3,200		50,871
INPEX Corp.		18,300		207,722
Isetan Mitsukoshi Holdings Ltd.		7,540		134,707
Isuzu Motors Ltd.		11,900		156,123
ITOCHU Corp.		33,300		439,800
Itochu Techno-Solutions Corp.	†	1,200		29,884
Iyo Bank Ltd. (The)		5,300		65,068
J. Front Retailing Co. Ltd.		5,300		99,753
Japan Airlines Co. Ltd.		2,500		87,124
Japan Airport Terminal Co. Ltd.	†	895		48,711
Japan Display, Inc.	*	8,000		30,197
Japan Exchange Group, Inc.		5,500		178,305
Japan Prime Realty Investment Corp. REIT		17		52,783
Japan Real Estate Investment Corp. REIT		25		113,457
Japan Retail Fund Investment Corp. REIT		49		97,985
Japan Tobacco, Inc.		22,900		814,078
JFE Holdings, Inc.		10,200		225,990
JGC Corp.		4,000		75,509
Joyo Bank Ltd. (The)		13,000		72,793
JSR Corp.	†	3,500		61,787
JTEKT Corp.		4,700		88,879
JX Holdings, Inc.		46,410		200,090
Kajima Corp.	†	18,000		84,542
Kakaku.com, Inc.	†	2,900		41,959
Kamigumi Co. Ltd.		5,000		46,934
Kaneka Corp.		6,000		43,818
Kansai Electric Power Co., Inc. (The)	*	14,900		164,951
Kansai Paint Co. Ltd.		5,000		77,466
Kao Corp.		10,500		488,323
Kawasaki Heavy Industries Ltd.		30,000		139,836
KDDI Corp.	†	36,000		868,750
Keihan Electric Railway Co. Ltd.	†	11,000		64,057
Keikyu Corp.		9,000		67,890

See accompanying notes to financial statements.

290

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Keio Corp.			13,000	$	92,987
Keisei Electric Railway Co. Ltd.			6,000		71,337
Keyence Corp.			972		523,886
Kikkoman Corp.			3,000		93,671
Kintetsu Corp.	†		39,000		132,810
Kirin Holdings Co. Ltd.			16,700		230,029
Kobe Steel Ltd.			65,000		109,357
Koito Manufacturing Co. Ltd.			2,100		81,768
Komatsu Ltd.			19,100		383,209
Konami Corp.			1,700		31,600
Konica Minolta, Inc.			9,400		109,558
Kubota Corp.			23,688		375,606
Kuraray Co. Ltd.			6,900		84,286
Kurita Water Industries Ltd.			2,000		46,588
Kyocera Corp.			6,800		353,549
Kyowa Hakko Kirin Co. Ltd.			5,000		65,339
Kyushu Electric Power Co., Inc.	*		9,000		104,345
Lawson, Inc.			1,300		88,961
LIXIL Group Corp.			5,800		115,047
M3, Inc.			4,200		84,426
Mabuchi Motor Co. Ltd.			1,100		69,578
Makita Corp.			2,600		140,813
Marubeni Corp.			35,500		203,722
Marui Group Co. Ltd.			5,400		72,957
Maruichi Steel Tube Ltd.			1,000		24,820
Mazda Motor Corp.			11,200		219,171
McDonald’s Holdings Co. Japan Ltd.	†		1,400		29,567
Medipal Holdings Corp.			2,800		45,605
MEIJI Holdings Co. Ltd.			1,302		167,997
Minebea Co. Ltd.			7,000		115,559
Miraca Holdings, Inc.			1,300		64,953
Mitsubishi Chemical Holdings Corp.			27,300		171,625
Mitsubishi Corp.			28,300		622,147
Mitsubishi Electric Corp.			40,000		516,508
Mitsubishi Estate Co. Ltd.			25,925		558,375
Mitsubishi Gas Chemical Co., Inc.			9,000		50,393
Mitsubishi Heavy Industries Ltd.			64,000		389,053
Mitsubishi Logistics Corp.			3,000		39,374
Mitsubishi Materials Corp.	†		23,000		88,314
Mitsubishi Motors Corp.	†		13,900		118,206
Mitsubishi Tanabe Pharma Corp.			4,800		71,913
Mitsubishi UFJ Financial Group, Inc.			263,140		1,893,152
Mitsubishi UFJ Lease & Finance Co. Ltd.			11,800		64,528
Mitsui & Co. Ltd.			35,400		480,949
Mitsui Chemicals, Inc.			16,000		59,444
Mitsui Fudosan Co. Ltd.			19,000		531,675
Mitsui OSK Lines Ltd.	†		23,000		73,623
Mixi, Inc.	†		800		39,690
Mizuho Financial Group, Inc.			478,580		1,035,519
MS&AD Insurance Group Holdings, Inc.			10,574		329,151
Murata Manufacturing Co. Ltd.			4,200		732,965
Nabtesco Corp.			2,600		65,218
Nagoya Railroad Co. Ltd.	†		18,955		70,874
NEC Corp.			52,000		157,360
Nexon Co. Ltd.			2,300		31,665
NGK Insulators Ltd.			5,477		140,929
NGK Spark Plug Co. Ltd.	†		3,600		99,699

		Shares		Value
NH Foods Ltd.		3,000	$	68,414
NHK Spring Co. Ltd.		3,000		33,031
Nidec Corp.		4,500		336,770
Nikon Corp.	†	7,000		80,897
Nintendo Co. Ltd.		2,154		359,347
Nippon Building Fund, Inc. REIT		30		131,296
Nippon Electric Glass Co. Ltd.		7,500		37,927
Nippon Express Co. Ltd.		19,000		93,355
Nippon Paint Holdings Co. Ltd.		3,000		84,542
Nippon Prologis REIT, Inc. REIT		33		60,725
Nippon Steel & Sumitomo Metal Corp.		160,245		415,492
Nippon Telegraph & Telephone Corp.		15,600		564,966
Nippon Yusen K.K.		32,000		89,090
Nissan Motor Co. Ltd.		52,300		546,376
Nisshin Seifun Group, Inc.		4,081		54,242
Nissin Foods Holdings Co. Ltd.		1,200		52,576
Nitori Holdings Co. Ltd.		1,400		114,140
Nitto Denko Corp.		3,400		279,216
NOK Corp.		2,000		61,968
Nomura Holdings, Inc.		75,400		509,089
Nomura Real Estate Holdings, Inc.	†	2,700		56,669
Nomura Research Institute Ltd.		2,350		91,894
NSK Ltd.		10,000		154,192
NTT Data Corp.		2,600		113,544
NTT DOCOMO, Inc.		31,300		600,915
NTT Urban Development Corp.		2,400		23,839
Obayashi Corp.		13,000		94,798
Odakyu Electric Railway Co. Ltd.	†	12,000		111,963
Oji Holdings Corp.		18,000		78,225
Olympus Corp.		5,300		182,983
Omron Corp.		4,000		173,753
Ono Pharmaceutical Co. Ltd.		1,700		185,546
Oracle Corp. Japan		900		37,625
Oriental Land Co. Ltd.	†	4,200		267,914
ORIX Corp.		27,400		406,876
Osaka Gas Co. Ltd.		38,000		149,978
Otsuka Corp.		900		42,013
Otsuka Holdings Co. Ltd.		8,100		258,092
Panasonic Corp.		45,300		620,438
Park24 Co. Ltd.		2,000		34,239
Rakuten, Inc.		16,600		267,993
Recruit Holdings Co. Ltd.	†	3,000		91,483
Resona Holdings, Inc.		44,800		244,345
Ricoh Co. Ltd.		15,300		158,492
Rinnai Corp.		800		62,996
Rohm Co. Ltd.		2,000		133,998
Sankyo Co. Ltd.		900		31,863
Sanrio Co. Ltd.	†	900		24,453
Santen Pharmaceutical Co. Ltd.		7,500		106,115
SBI Holdings, Inc.		4,710		64,750
Secom Co. Ltd.		4,300		279,352
Sega Sammy Holdings, Inc.		4,048		52,929
Seibu Holdings, Inc.		2,700		62,525
Seiko Epson Corp.		5,400		95,690
Sekisui Chemical Co. Ltd.		9,000		110,484
Sekisui House Ltd.		12,100		192,160
Seven & i Holdings Co. Ltd.		15,440		662,772
Seven Bank Ltd.		13,000		60,180
Sharp Corp.	*†	36,000		43,744
Shikoku Electric Power Co., Inc.	†	3,900		58,382
Shimadzu Corp.		5,000		67,861
Shimamura Co. Ltd.	†	500		52,495

See accompanying notes to financial statements.

291

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Shimano, Inc.			1,600	$	218,337
Shimizu Corp.			13,000		109,402
Shin-Etsu Chemical Co. Ltd.			8,600		533,294
Shinsei Bank Ltd.			37,000		74,565
Shionogi & Co. Ltd.			6,100		236,395
Shiseido Co. Ltd.			7,700		174,646
Shizuoka Bank Ltd. (The)			11,000		114,826
Showa Shell Sekiyu K.K.	†		4,400		38,445
SMC Corp.			1,051		316,266
SoftBank Corp.			20,000		1,178,060
Sompo Japan Nipponkoa Holdings, Inc.			6,875		251,737
Sony Corp.	*		24,000		681,525
Sony Financial Holdings, Inc.			3,400		59,530
Stanley Electric Co. Ltd.	†		3,200		66,646
Sumitomo Chemical Co. Ltd.	†		31,000		186,261
Sumitomo Corp.			23,800		277,018
Sumitomo Dainippon Pharma Co. Ltd.	†		4,000		44,081
Sumitomo Electric Industries Ltd.			15,600		241,447
Sumitomo Heavy Industries Ltd.			12,000		69,892
Sumitomo Metal Mining Co. Ltd.			10,481		159,405
Sumitomo Mitsui Financial Group, Inc.			26,500		1,179,759
Sumitomo Mitsui Trust Holdings, Inc.			68,740		314,458
Sumitomo Realty & Development Co. Ltd.			6,825		239,195
Sumitomo Rubber Industries Ltd.			3,600		55,765
Suntory Beverage & Food Ltd.			2,800		111,471
Suruga Bank Ltd.			4,000		85,685
Suzuken Co. Ltd.			1,606		51,381
Suzuki Motor Corp.			7,800		263,246
Sysmex Corp.			3,000		178,673
T&D Holdings, Inc.			12,300		183,363
Taiheiyo Cement Corp.			27,000		78,958
Taisei Corp.			21,000		120,561
Taisho Pharmaceutical Holdings Co. Ltd.			690		46,611
Taiyo Nippon Sanso Corp.			3,000		36,305
Takashimaya Co. Ltd.			5,000		45,322
Takeda Pharmaceutical Co. Ltd.			16,220		782,918
TDK Corp.			2,500		191,431
Teijin Ltd.			20,000		77,609
Terumo Corp.			6,600		158,269
THK Co. Ltd.			2,500		53,951
Tobu Railway Co. Ltd.			22,000		94,500
Toho Co. Ltd.			2,500		62,163
Toho Gas Co. Ltd.	†		9,000		53,281
Tohoku Electric Power Co., Inc.			9,200		124,563
Tokio Marine Holdings, Inc.			14,200		590,565
Tokyo Electric Power Co., Inc.	*		29,700		161,803
Tokyo Electron Ltd.			3,500		222,450
Tokyo Gas Co. Ltd.			47,000		249,508
Tokyo Tatemono Co. Ltd.			4,176		57,955
Tokyu Corp.			23,000		153,931
Tokyu Fudosan Holdings Corp.			10,200		78,612
TonenGeneral Sekiyu K.K.			5,000		46,510
Toppan Printing Co. Ltd.			10,000		83,599
Toray Industries, Inc.			31,000		262,033
Toshiba Corp.			83,000		284,632
TOTO Ltd.			6,000		108,143

		Shares		Value
Toyo Seikan Group Holdings Ltd.	†	3,400	$	54,548
Toyo Suisan Kaisha Ltd.		2,000		72,874
Toyoda Gosei Co. Ltd.		1,200		28,925
Toyota Industries Corp.		3,500		199,312
Toyota Motor Corp.		56,500		3,780,827
Toyota Tsusho Corp.		4,300		115,383
Trend Micro, Inc.		2,200		75,255
Unicharm Corp.		7,900		187,661
United Urban Investment Corp. REIT		57		80,494
USS Co. Ltd.		4,600		82,961
West Japan Railway Co.		3,400		217,529
Yahoo! Japan Corp.		29,800		120,274
Yakult Honsha Co. Ltd.	†	1,800		106,613
Yamada Denki Co. Ltd.		13,300		53,204
Yamaguchi Financial Group, Inc.		4,000		49,809
Yamaha Corp.		3,900		78,603
Yamaha Motor Co. Ltd.		5,300		115,803
Yamato Holdings Co. Ltd.		7,400		143,084
Yamazaki Baking Co. Ltd.		2,000		33,302
Yaskawa Electric Corp.		5,000		63,952
Yokogawa Electric Corp.		4,200		54,093
Yokohama Rubber Co. Ltd. (The)	†	2,000		40,131
				61,824,068
Jersey, Channel Islands—0.0%
Randgold Resources Ltd.		1,806		121,140
Luxembourg—0.4%
Altice SA	*	1,851		255,363
ArcelorMittal		20,218		196,349
Millicom International Cellular SA SDR		1,423		104,975
RTL Group SA		749		67,710
SES SA FDR		6,698		225,173
Tenaris SA		10,308		139,037
				988,607
Macau—0.1%
MGM China Holdings Ltd.	†	22,800		37,230
Sands China Ltd.		50,494		169,700
Wynn Macau Ltd.	†	36,856		61,412
				268,342
Malta—0.0%
BGP Holdings plc	*‡d	142,647		—
Mexico—0.0%
Fresnillo plc		4,434		48,352
Netherlands—3.4%
Aegon NV		36,847		271,864
Akzo Nobel NV	†	5,184		378,479
ASML Holding NV		7,210		749,966
Delta Lloyd NV	†	4,966		81,490
Gemalto NV		1,632		145,881
Heineken Holding NV		2,072		145,226
Heineken NV		4,864		369,797
ING Groep NV CVA		79,532		1,320,659
Koninklijke Ahold NV		18,673		350,542
Koninklijke Boskalis Westminster NV		1,713		84,087

See accompanying notes to financial statements.

292

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Koninklijke DSM NV	†		3,775	$	219,178
Koninklijke KPN NV			68,354		262,058
Koninklijke Philips NV	†		19,159		488,985
Koninklijke Vopak NV			1,409		71,264
NN Group NV			2,724		76,714
OCI NV	*		1,830		51,865
Qiagen NV	*		4,888		120,131
Randstad Holding NV			2,657		172,884
Royal Dutch Shell plc, Class A			80,394		2,273,073
Royal Dutch Shell plc, Class B			50,319		1,432,608
TNT Express NV	†		8,588		72,936
Wolters Kluwer NV			6,349		188,970
					9,328,657
New Zealand—0.1%
Auckland International Airport Ltd.			18,348		61,409
Contact Energy Ltd.			7,698		26,123
Fletcher Building Ltd.			13,385		73,654
Meridian Energy Ltd.			27,300		39,960
Mighty River Power Ltd.			15,222		28,787
Ryman Healthcare Ltd.			9,185		49,296
Spark New Zealand Ltd.	†		38,064		72,046
					351,275
Norway—0.6%
DnB ASA			20,353		338,951
Gjensidige Forsikring ASA			4,247		68,384
Norsk Hydro ASA			29,440		123,558
Orkla ASA			17,744		139,221
Statoil ASA	†		23,405		418,552
Telenor ASA			15,836		347,202
Yara International ASA			3,858		201,033
					1,636,901
Portugal—0.2%
Banco Comercial Portugues SA, Class R	*		753,906		65,901
Banco Espirito Santo SA (Registered)	*‡		71,807		660
EDP - Energias de Portugal SA			48,092		183,230
Galp Energia SGPS SA			8,025		94,465
Jeronimo Martins SGPS SA			5,514		71,097
					415,353
Singapore—1.4%
Ascendas Real Estate Investment Trust REIT			40,186		73,369
CapitaLand Commercial Trust REIT			41,900		48,494
CapitaLand Ltd.			54,400		141,264
CapitaLand Mall Trust REIT			54,000		86,135
City Developments Ltd.			8,000		58,052
ComfortDelGro Corp. Ltd.			47,000		109,150
DBS Group Holdings Ltd.			36,330		557,435
Genting Singapore plc			127,600		84,719
Global Logistic Properties Ltd.			64,479		121,045
Golden Agri-Resources Ltd.			176,320		53,688
Hutchison Port Holdings Trust, Class U			119,400		75,204
Jardine Cycle & Carriage Ltd.			2,349		57,669
Keppel Corp. Ltd.			31,200		190,168

		Shares		Value
Oversea-Chinese Banking Corp. Ltd.		62,826	$	474,460
SembCorp Industries Ltd.		22,340		64,478
Sembcorp Marine Ltd.		16,000		33,709
Singapore Airlines Ltd.		10,600		84,398
Singapore Exchange Ltd.		17,100		99,336
Singapore Press Holdings Ltd.		32,100		97,189
Singapore Technologies Engineering Ltd.		35,000		85,694
Singapore Telecommunications Ltd.		167,559		522,905
StarHub Ltd.		12,730		37,318
Suntec Real Estate Investment Trust REIT		52,000		66,605
United Overseas Bank Ltd.		26,817		458,811
UOL Group Ltd.		9,600		49,275
Wilmar International Ltd.		40,000		97,355
				3,827,925
South Africa—0.1%
Investec plc		11,400		102,429
Mondi plc		7,706		165,904
				268,333
Spain—3.4%
Abertis Infraestructuras SA		8,256		135,581
Abertis Infraestructuras SA	*‡	412		6,766
ACS Actividades de Construccion y Servicios SA		3,870		124,831
Aena SA	*^	1,191		124,242
Amadeus IT Holding SA, Class A		9,421		376,088
Banco Bilbao Vizcaya Argentaria SA		130,150		1,282,493
Banco de Sabadell SA	*‡	1,746		4,229
Banco de Sabadell SA	†	103,475		250,636
Banco Popular Espanol SA		35,030		170,443
Banco Santander SA		296,536		2,085,840
Bankia SA	*	97,616		124,278
Bankinter SA		14,660		108,732
CaixaBank SA		53,685		249,812
Distribuidora Internacional de Alimentacion SA		13,077		100,217
Enagas SA	†	4,476		121,848
Endesa SA	†	6,302		120,694
Ferrovial SA		8,849		192,257
Gas Natural SDG SA	†	7,051		160,109
Grifols SA		3,024		122,115
Iberdrola SA		111,787		754,735
Inditex SA		22,426		731,476
Mapfre SA		18,751		64,805
Red Electrica Corp. SA	†	2,245		180,273
Repsol SA	†	21,534		379,550
Repsol SA	*	633		11,157
Telefonica SA		91,802		1,307,756
Zardoya Otis SA		4,145		45,239
Zardoya Otis SA	*‡	165		1,801
				9,338,003
Sweden—2.9%
Alfa Laval AB		5,964		104,972
Assa Abloy AB, Class B		20,488		385,703
Atlas Copco AB, Class A		13,916		389,346
Atlas Copco AB, Class B		8,330		207,506
Boliden AB		5,735		104,553
Electrolux AB, Series B		4,834		151,464

See accompanying notes to financial statements.

293

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Elekta AB, Class B	†		8,257	$	51,778
Getinge AB, Class B			4,148		99,867
Hennes & Mauritz AB, Class B			19,773		761,038
Hexagon AB, Class B			5,340		193,418
Husqvarna AB, Class B			7,765		58,491
ICA Gruppen AB			1,683		59,710
Industrivarden AB, Class C			3,159		59,533
Investment AB Kinnevik, Class B			4,800		151,823
Investor AB, Class B			9,616		358,539
Lundin Petroleum AB	*		4,323		74,168
Nordea Bank AB			62,470		779,111
Sandvik AB			21,655		239,402
Securitas AB, Class B			6,722		88,777
Skandinaviska Enskilda Banken AB, Class A			31,063		397,338
Skanska AB, Class B			8,150		165,152
SKF AB, Class B			8,507		194,113
Svenska Cellulosa AB SCA, Class B			12,160		309,207
Svenska Handelsbanken AB			31,067		453,524
Swedbank AB, Class A			18,780		437,845
Swedish Match AB			4,067		115,627
Tele2 AB, Class B			6,419		74,752
Telefonaktiebolaget LM Ericsson, Class B			63,332		659,611
TeliaSonera AB			54,236		319,653
Volvo AB, Class B			31,810		395,001
					7,841,022
Switzerland—9.6%
ABB Ltd. (Registered)	*		45,852		960,982
Actelion Ltd. (Registered)	*		2,122		310,770
Adecco SA (Registered)	*		3,509		284,782
Aryzta AG	*		1,766		86,893
Baloise Holding AG (Registered)			1,004		122,419
Barry Callebaut AG (Registered)	*		41		46,734
Chocoladefabriken Lindt & Sprungli AG (Participation Certificates)			21		111,077
Chocoladefabriken Lindt & Sprungli AG (Registered)			2		125,181
Cie Financiere Richemont SA (Registered)			10,740		872,924
Coca-Cola HBC AG	*		4,475		96,039
Credit Suisse Group AG (Registered)	*		31,411		866,551
Dufry AG	*		567		79,007
EMS-Chemie Holding AG (Registered)			168		70,979
Geberit AG (Registered)			787		262,382
Givaudan SA (Registered)	*		195		337,605
Glencore plc	*		231,866		929,830
Holcim Ltd. (Registered)	*		4,836		356,827
Julius Baer Group Ltd.	*		4,649		260,874
Kuehne + Nagel International AG (Registered)			1,082		143,671
Lonza Group AG (Registered)	*		1,141		152,512
Nestle SA (Registered)			66,640		4,808,117
Novartis AG (Registered)			47,532		4,675,269
Pargesa Holding SA (Bearer)			689		46,393
Partners Group Holding AG			353		105,507
Roche Holding AG (Genusschein)			14,516		4,070,163

		Shares		Value
Schindler Holding AG (Participation Certificates)		921	$	150,631
Schindler Holding AG (Registered)		415		67,775
SGS SA (Registered)		113		206,066
Sika AG (Bearer)		43		151,656
Sonova Holding AG (Registered)		1,173		158,619
STMicroelectronics NV		13,417		109,844
Sulzer AG (Registered)		484		49,785
Swatch Group AG (The) (Bearer)		648		252,511
Swatch Group AG (The) (Registered)		1,029		77,293
Swiss Life Holding AG (Registered)	*	657		150,440
Swiss Prime Site AG (Registered)	*	1,302		98,798
Swiss Re AG		7,232		640,196
Swisscom AG (Registered)		548		307,125
Syngenta AG (Registered)		1,912		780,138
Transocean Ltd.	†	7,840		127,101
UBS Group AG	*	75,318		1,597,983
Wolseley plc		5,380		343,106
Zurich Insurance Group AG	*	3,081		937,948
				26,390,503
United Kingdom—18.1%
3i Group plc		20,656		167,607
Aberdeen Asset Management plc		19,312		122,497
Admiral Group plc		4,536		98,841
Aggreko plc		5,641		127,415
Amec Foster Wheeler plc		8,262		106,110
Anglo American plc		28,965		418,441
Antofagasta plc		7,943		85,974
ARM Holdings plc		29,499		482,718
Ashtead Group plc		10,146		174,864
Associated British Foods plc		7,499		337,922
AstraZeneca plc (London Exchange)		26,059		1,649,281
Aviva plc		82,189		636,585
Babcock International Group plc		5,190		87,931
BAE Systems plc		66,275		469,587
Barclays plc		340,227		1,394,471
Barratt Developments plc		20,816		200,777
BG Group plc		70,347		1,171,616
BP plc		376,651		2,499,712
British American Tobacco plc		38,474		2,071,537
British Land Co. plc (The) REIT		19,673		245,049
BT Group plc		172,460		1,221,249
Bunzl plc		7,177		195,785
Burberry Group plc		9,016		222,428
Capita plc		13,843		268,978
Centrica plc		103,671		430,181
CNH Industrial NV		19,811		180,774
Cobham plc		23,052		95,205
Compass Group plc		34,183		565,358
Croda International plc		2,765		119,556
Diageo plc		51,876		1,502,318
Direct Line Insurance Group plc		28,298		149,370
Dixons Carphone plc		20,700		147,196
easyJet plc		3,174		77,155
Fiat Chrysler Automobiles NV	*	18,301		268,479
G4S plc		32,920		138,808
GKN plc		35,219		185,034
GlaxoSmithKline plc		100,405		2,087,615
Hammerson plc REIT		16,758		161,955

See accompanying notes to financial statements.

294

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Hargreaves Lansdown plc			4,868	$	88,199
HSBC Holdings plc (London Exchange)			397,038		3,555,243
ICAP plc			11,067		92,055
IMI plc			5,473		96,749
Imperial Tobacco Group plc			19,955		961,077
Inmarsat plc			8,666		124,578
InterContinental Hotels Group plc			4,873		196,464
International Consolidated Airlines Group SA	*		16,548		129,100
Intertek Group plc			3,337		128,308
Intu Properties plc REIT			20,398		98,536
ITV plc			78,105		323,155
J. Sainsbury plc			26,863		111,823
Johnson Matthey plc			4,235		201,959
Kingfisher plc			49,352		269,190
Land Securities Group plc REIT			16,439		310,846
Legal & General Group plc			124,171		485,516
Lloyds Banking Group plc			1,177,571		1,580,535
London Stock Exchange Group plc			6,481		241,098
Marks & Spencer Group plc			35,019		295,418
Meggitt plc			17,100		125,219
Melrose Industries plc			19,949		77,536
Merlin Entertainments plc	^		15,001		100,610
National Grid plc			76,980		990,796
Next plc			2,963		346,795
Old Mutual plc			102,487		324,408
Pearson plc			17,278		327,150
Persimmon plc	*		6,314		195,898
Petrofac Ltd.			5,356		77,934
Prudential plc			52,927		1,275,517
Reckitt Benckiser Group plc			13,305		1,147,348
Reed Elsevier NV			13,506		321,250
Reed Elsevier plc			23,788		386,571
Rexam plc			15,138		131,293
Rio Tinto Ltd.			9,130		377,678
Rio Tinto plc			26,210		1,078,096
Rolls-Royce Holdings plc	*‡		5,752,800		9,039
Rolls-Royce Holdings plc	*		38,614		527,438
Royal Bank of Scotland Group plc	*		51,831		286,600
Royal Mail plc			14,333		115,875
RSA Insurance Group plc			21,533		134,275
SABMiller plc			19,963		1,035,090
Sage Group plc (The)			23,142		186,282
Schroders plc			2,696		134,522
Segro plc REIT			16,214		103,306
Severn Trent plc			4,996		163,251
Sky plc			21,774		354,647
Smith & Nephew plc			18,626		315,101
Smiths Group plc			8,545		151,466
Sports Direct International plc	*		6,001		67,661
SSE plc			20,244		488,407
Standard Chartered plc (London Exchange)			50,861		814,509
Standard Life plc			40,462		282,143
Subsea 7 SA	*		5,497		53,768
Tate & Lyle plc			9,259		75,593
Taylor Wimpey plc			68,271		199,097
Tesco plc			166,603		555,085

			Shares		Value
Travis Perkins plc			5,078	$	168,182
Tullow Oil plc			19,932		106,522
Unilever NV CVA			33,585		1,404,160
Unilever plc			26,441		1,135,354
United Utilities Group plc			14,084		197,266
Vodafone Group plc			547,101		1,995,767
Weir Group plc (The)			4,347		115,857
Whitbread plc			3,752		291,490
William Hill plc			17,834		112,968
Wm Morrison Supermarkets plc			44,341		125,874
WPP plc			26,957		605,082
					49,452,004
United States—0.1%
Carnival plc			3,902		199,508
TOTAL COMMON STOCKS
(Cost $249,174,053)					268,663,974
PREFERRED STOCKS—0.6%
Germany—0.6%
Bayerische Motoren Werke AG			1,105		93,564
FUCHS PETROLUB SE			1,407		59,492
Henkel AG & Co. KGaA			3,694		414,526
Porsche Automobil Holding SE			3,219		271,415
Volkswagen AG			3,344		776,071
TOTAL PREFERRED STOCKS
(Cost $1,241,514)					1,615,068
Coupon Rate	Maturity Date		Face		Value
U.S. TREASURY OBLIGATIONS—0.0%
U.S. Treasury Bills—0.0%
U.S. Treasury Bill
0.021%12/10/2015	‡‡	$	70,000		69,988
0.011%09/17/2015	‡‡		100,000		100,001
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $169,991)					169,989
			Shares		Value
RIGHTS—0.0%
Singapore—0.0%
Jardine Cycle & Carriage Ltd., Expires 07/15/2015, Strike SGD 26.00	*‡		261		1,369
TOTAL RIGHTS
(Cost $—)					1,369
MONEY MARKET FUNDS—3.9%
Institutional Money Market Funds—3.9%
Dreyfus Institutional Cash Advantage Fund, 0.08%	††¥		1,500,000		1,500,000

See accompanying notes to financial statements.

295

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
MONEY MARKET FUNDS—(Continued)
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%	¥		2,676,626	$	2,676,626
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%	††¥		424,087		424,087
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.11%	††¥		1,500,000		1,500,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.10%	††¥		1,500,000		1,500,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.12%	††¥		1,500,000		1,500,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.11%	††¥		1,500,000		1,500,000
TOTAL MONEY MARKET FUNDS
(Cost $10,600,713)					10,600,713
TOTAL INVESTMENTS—102.7%
(Cost $261,186,271)					281,051,113
Other assets less liabilities—(2.7%)					(7,506,712	)
NET ASSETS—100.0%				$	273,544,401

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
†	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 $23,864).
^	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 $278,961, which represents 0.1% of Net Assets. The illiquid 144A securities represented 0.1% of Net Assets, and 100.0% of total 144A securities held.
d	Security has no market value at June 30, 2015.
‡‡	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.

296

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2015 (Unaudited)

Vantagepoint Overseas Equity Index Fund
Percentage of Portfolio by Industry:
COMMON STOCKS
Banks	13.5%
Pharmaceuticals	9.2%
Insurance	5.5%
Oil, Gas & Consumable Fuels	4.8%
Automobiles	3.8%
Chemicals	3.5%
Food Products	3.4%
Diversified Telecommunication Services	3.3%
Metals & Mining	2.8%
Machinery	2.5%
Beverages	2.4%
Capital Markets	2.1%
Real Estate Management & Development	2.0%
Wireless Telecommunication Services	1.8%
Electric Utilities	1.7%
Media	1.7%
Food & Staples Retailing	1.6%
Real Estate Investment Trusts (REITs)	1.6%
Textiles, Apparel & Luxury Goods	1.6%
Industrial Conglomerates	1.4%
Tobacco	1.4%
Auto Components	1.3%
Electrical Equipment	1.3%
Electronic Equipment, Instruments & Components	1.2%
Trading Companies & Distributors	1.2%
Multi-Utilities	1.2%
Diversified Financial Services	1.2%
Hotels, Restaurants & Leisure	1.2%
Specialty Retail	1.1%
Road & Rail	1.1%
Personal Products	1.1%
Household Durables	1.0%
Software	1.0%
Aerospace & Defense	1.0%
Health Care Equipment & Supplies	0.8%
Semiconductors & Semiconductor Equipment	0.8%
Construction & Engineering	0.7%
Household Products	0.7%
Construction Materials	0.6%
Technology Hardware, Storage & Peripherals	0.6%
Building Products	0.6%
Professional Services	0.6%
Commercial Services & Supplies	0.6%
Transportation Infrastructure	0.5%
IT Services	0.5%
Health Care Providers & Services	0.5%
Communications Equipment	0.5%
Gas Utilities	0.5%
Multiline Retail	0.4%
Air Freight & Logistics	0.4%
Biotechnology	0.4%
Marine	0.3%
Energy Equipment & Services	0.3%
Containers & Packaging	0.2%
Leisure Products	0.2%
Airlines	0.2%
Paper & Forest Products	0.2%
Consumer Finance	0.1%

Water Utilities	0.1%
Internet & Catalog Retail	0.1%
Independent Power and Renewable Electricity Producers	0.1%
Internet Software & Services	0.1%
Life Sciences Tools & Services	0.1%
Distributors	0.0%
Health Care Technology	0.0%
Diversified Consumer Services	0.0%
	98.2%
PREFERRED STOCKS
Automobiles	0.4%
Household Products	0.2%
Chemicals	0.0%
	0.6%
RIGHTS
Distributors	0.0%
	0.0%
TOTAL COMMON STOCKS/PREFERRED STOCKS	98.8%
U.S. TREASURY OBLIGATIONS
U.S. Treasury Bills	0.0%
MONEY MARKET FUNDS
Institutional Money Market Funds	3.9%
TOTAL INVESTMENTS	102.7%
Other assets less liabilities	(2.7)%
TOTAL NET ASSETS	100.0%

See accompanying notes to financial statements.

297

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

Vantagepoint Model Portfolio Conservative Growth Fund		Shares			Value
AFFILIATED MUTUAL FUNDS—99.2%
Vantagepoint Aggressive Opportunities Fund Class T			750,750		$	9,106,602
Vantagepoint Core Bond Index Fund Class T			10,639,863			107,994,609
Vantagepoint Discovery Fund Class T			873,699			9,147,627
Vantagepoint Diversifying Strategies Fund Class T			5,633,011			59,033,956
Vantagepoint Equity Income Fund Class T			4,790,774			47,189,121
Vantagepoint Growth & Income Fund Class T			2,612,573			34,067,946
Vantagepoint Growth Fund Class T			2,227,325			31,293,911
Vantagepoint High Yield Fund Class T			6,705,201			63,498,254
Vantagepoint Inflation Focused Fund Class T			4,685,279			49,757,663
Vantagepoint International Fund Class T			3,767,749	��		40,993,109
Vantagepoint Low Duration Bond Fund Class T			18,110,874			182,557,614
Vantagepoint Select Value Fund Class T			1,388,066			16,573,506
TOTAL AFFILIATED MUTUAL FUNDS
(Cost $620,098,304)						651,213,918
EXCHANGE TRADED FUND—0.8%
Vanguard FTSE Emerging Markets ETF (Cost $5,670,293)			135,650			5,545,372
MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%
(Cost $156,379)	¥		156,379			156,379
TOTAL INVESTMENTS—100.0%
(Cost $625,924,976)						656,915,669
Other assets less liabilities—(0.0%)						(200,531	)
NET ASSETS—100.0%					$	656,715,138

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.

298

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

Vantagepoint Model Portfolio Traditional Growth Fund		Shares	Value
AFFILIATED MUTUAL FUNDS—98.4%
Vantagepoint Aggressive Opportunities Fund Class T		4,357,757	$	52,859,589
Vantagepoint Core Bond Index Fund Class T		27,388,432		277,992,587
Vantagepoint Discovery Fund Class T		4,340,007		45,439,878
Vantagepoint Diversifying Strategies Fund Class T		19,956,230		209,141,293
Vantagepoint Equity Income Fund Class T		19,091,909		188,055,299
Vantagepoint Growth & Income Fund Class T		14,895,507		194,237,416
Vantagepoint Growth Fund Class T		11,017,408		154,794,580
Vantagepoint High Yield Fund Class T		8,902,003		84,301,970
Vantagepoint Inflation Focused Fund Class T		5,539,979		58,834,580
Vantagepoint International Fund Class T		17,397,172		189,281,232
Vantagepoint Low Duration Bond Fund Class T		16,705,350		168,389,931
Vantagepoint Select Value Fund Class T		6,493,897		77,537,126
TOTAL AFFILIATED MUTUAL FUNDS
(Cost $1,506,578,661)				1,700,865,481
EXCHANGE TRADED FUND—1.6%
Vanguard FTSE Emerging Markets ETF (Cost $27,446,070)		657,300		26,870,424
MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%
(Cost $657,278)	¥	657,278		657,278
TOTAL INVESTMENTS—100.0%
(Cost $1,534,682,009)				1,728,393,183
Other assets less liabilities—(0.0%)				(514,904	)
NET ASSETS—100.0%			$	1,727,878,279

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.

299

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

Vantagepoint Model Portfolio Long-Term Growth Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—97.9%
Vantagepoint Aggressive Opportunities Fund Class T			9,334,185	$	113,223,659
Vantagepoint Core Bond Index Fund Class T			26,955,722		273,600,579
Vantagepoint Discovery Fund Class T			8,084,465		84,644,351
Vantagepoint Diversifying Strategies Fund Class T			28,325,119		296,847,246
Vantagepoint Equity Income Fund Class T			33,415,475		329,142,429
Vantagepoint Growth & Income Fund Class T			25,170,090		328,217,978
Vantagepoint Growth Fund Class T			17,723,486		249,014,971
Vantagepoint High Yield Fund Class T			7,214,940		68,325,479
Vantagepoint International Fund Class T			29,055,541		316,124,282
Vantagepoint Select Value Fund Class T			12,947,324		154,591,046
TOTAL AFFILIATED MUTUAL FUNDS
(Cost $1,921,537,641)					2,213,732,020
EXCHANGE TRADED FUND—2.0%
Vanguard FTSE Emerging Markets ETF
(Cost $47,134,818)			1,120,350		45,799,908
MONEY MARKET FUND—0.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%
(Cost $1,178,893)	¥		1,178,893		1,178,893
TOTAL INVESTMENTS—100.0%
(Cost $1,969,851,352)					2,260,710,821
Other assets less liabilities—(0.0%)					(721,849	)
NET ASSETS—100.0%				$	2,259,988,972

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.

300

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

Vantagepoint Model Portfolio All-Equity Growth Fund		Shares	Value
AFFILIATED MUTUAL FUNDS—97.0%
Vantagepoint Aggressive Opportunities Fund Class T		7,337,297	$	89,001,409
Vantagepoint Discovery Fund Class T		5,745,404		60,154,378
Vantagepoint Equity Income Fund Class T		22,310,340		219,756,852
Vantagepoint Growth & Income Fund Class T		12,713,762		165,787,455
Vantagepoint Growth Fund Class T		9,595,343		134,814,576
Vantagepoint International Fund Class T		14,957,624		162,738,945
Vantagepoint Select Value Fund Class T		8,261,033		98,636,736
TOTAL AFFILIATED MUTUAL FUNDS
(Cost $784,892,014)				930,890,351
EXCHANGE TRADED FUND—2.9%
Vanguard FTSE Emerging Markets ETF (Cost $28,894,421)		694,650		28,397,292
MONEY MARKET FUND—0.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%
(Cost $595,138)	¥	595,138		595,138
TOTAL INVESTMENTS—100.0%
(Cost $814,381,573)				959,882,781
Other assets less liabilities—(0.0%)				(270,105	)
NET ASSETS—100.0%			$	959,612,676

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.

301

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

Vantagepoint Milestone Retirement Income Fund		Shares	Value
AFFILIATED MUTUAL FUNDS—98.8%
Vantagepoint Aggressive Opportunities Fund Class T		94,063	$	1,140,987
Vantagepoint Core Bond Index Fund Class T		6,774,268		68,758,823
Vantagepoint Discovery Fund Class T		109,194		1,143,261
Vantagepoint Diversifying Strategies Fund Class T		2,193,053		22,983,199
Vantagepoint Equity Income Fund Class T		2,434,781		23,982,595
Vantagepoint Growth & Income Fund Class T		1,836,114		23,942,924
Vantagepoint Growth Fund Class T		639,105		8,979,431
Vantagepoint High Yield Fund Class T		1,953,372		18,498,433
Vantagepoint Inflation Focused Fund Class T		3,303,362		35,081,700
Vantagepoint International Fund Class T		1,880,406		20,458,816
Vantagepoint Low Duration Bond Fund Class T		8,669,733		87,390,912
Vantagepoint Mid/Small Company Index Fund Class T		609,053		12,710,940
Vantagepoint Select Value Fund Class T		95,770		1,143,495
TOTAL AFFILIATED MUTUAL FUNDS
(Cost $325,301,674)				326,215,516
EXCHANGE TRADED FUND—1.2%
Vanguard FTSE Emerging Markets ETF (Cost $4,032,973)		96,800		3,957,184
MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%
(Cost $61,630)	¥	61,630		61,630
TOTAL INVESTMENTS—100.0%
(Cost $329,396,277)				330,234,330
Other assets less liabilities—(0.0%)				(33,840	)
NET ASSETS—100.0%			$	330,200,490

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.

302

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

Vantagepoint Milestone 2010 Fund		Shares	Value
AFFILIATED MUTUAL FUNDS—98.7%
Vantagepoint Aggressive Opportunities Fund Class T		41,605	$	504,667
Vantagepoint Core Bond Index Fund Class T		6,112,135		62,038,174
Vantagepoint Discovery Fund Class T		48,244		505,115
Vantagepoint Diversifying Strategies Fund Class T		2,581,112		27,050,055
Vantagepoint Equity Income Fund Class T		2,396,378		23,604,322
Vantagepoint Growth & Income Fund Class T		1,513,953		19,741,945
Vantagepoint Growth Fund Class T		977,440		13,733,035
Vantagepoint High Yield Fund Class T		1,786,080		16,914,179
Vantagepoint Inflation Focused Fund Class T		2,727,441		28,965,420
Vantagepoint International Fund Class T		1,767,769		19,233,324
Vantagepoint Low Duration Bond Fund Class T		5,396,268		54,394,378
Vantagepoint Mid/Small Company Index Fund Class T		628,385		13,114,390
Vantagepoint Select Value Fund Class T		42,302		505,086
TOTAL AFFILIATED MUTUAL FUNDS
(Cost $274,026,041)				280,304,090
EXCHANGE TRADED FUND—1.3%
Vanguard FTSE Emerging Markets ETF (Cost $3,652,773)		87,800		3,589,264
MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%
(Cost $105,996)	¥	105,996		105,996
TOTAL INVESTMENTS—100.0%
(Cost $277,784,810)				283,999,350
Other assets less liabilities—(0.0%)				(114,813	)
NET ASSETS—100.0%			$	283,884,537

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.

303

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

Vantagepoint Milestone 2015 Fund		Shares	Value
AFFILIATED MUTUAL FUNDS—98.3%
Vantagepoint Aggressive Opportunities Fund Class T		228,677	$	2,773,847
Vantagepoint Core Bond Index Fund Class T		10,964,505		111,289,727
Vantagepoint Discovery Fund Class T		264,827		2,772,736
Vantagepoint Diversifying Strategies Fund Class T		6,531,980		68,455,150
Vantagepoint Equity Income Fund Class T		5,594,918		55,109,939
Vantagepoint Growth & Income Fund Class T		3,243,425		42,294,258
Vantagepoint Growth Fund Class T		2,517,109		35,365,378
Vantagepoint High Yield Fund Class T		2,891,359		27,381,174
Vantagepoint Inflation Focused Fund Class T		3,760,652		39,938,128
Vantagepoint International Fund Class T		4,435,736		48,260,805
Vantagepoint Low Duration Bond Fund Class T		9,522,192		95,983,692
Vantagepoint Mid/Small Company Index Fund Class T		1,385,511		28,915,605
Vantagepoint Select Value Fund Class T		232,440		2,775,339
TOTAL AFFILIATED MUTUAL FUNDS
(Cost $538,147,801)				561,315,778
EXCHANGE TRADED FUND—1.7%
Vanguard FTSE Emerging Markets ETF (Cost $9,755,305)		233,750		9,555,700
MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%
(Cost $144,845)	¥	144,845		144,845
TOTAL INVESTMENTS—100.0%
(Cost $548,047,951)				571,016,323
Other assets less liabilities—(0.0%)				(48,083	)
NET ASSETS—100.0%			$	570,968,240

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.

304

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

Vantagepoint Milestone 2020 Fund		Shares	Value
AFFILIATED MUTUAL FUNDS—98.0%
Vantagepoint Aggressive Opportunities Fund Class T		375,646	$	4,556,591
Vantagepoint Core Bond Index Fund Class T		14,775,322		149,969,521
Vantagepoint Discovery Fund Class T		440,958		4,616,834
Vantagepoint Diversifying Strategies Fund Class T		9,827,348		102,990,604
Vantagepoint Equity Income Fund Class T		9,382,106		92,413,749
Vantagepoint Growth & Income Fund Class T		5,412,423		70,578,001
Vantagepoint Growth Fund Class T		4,021,990		56,508,955
Vantagepoint High Yield Fund Class T		3,621,912		34,299,505
Vantagepoint Inflation Focused Fund Class T		3,303,746		35,085,783
Vantagepoint International Fund Class T		7,262,053		79,011,140
Vantagepoint Low Duration Bond Fund Class T		9,265,705		93,398,304
Vantagepoint Mid/Small Company Index Fund Class T		2,300,073		48,002,521
Vantagepoint Select Value Fund Class T		381,266		4,552,320
TOTAL AFFILIATED MUTUAL FUNDS
(Cost $731,895,810)				775,983,828
EXCHANGE TRADED FUND—2.0%
Vanguard FTSE Emerging Markets ETF (Cost $15,957,271)		383,400		15,673,392
MONEY MARKET FUND—0.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%
(Cost $560,579)	¥	560,579		560,579
TOTAL INVESTMENTS—100.1%
(Cost $748,413,660)				792,217,799
Other assets less liabilities—(0.1%)				(439,215	)
NET ASSETS—100.0%			$	791,778,584

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.

305

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

Vantagepoint Milestone 2025 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—97.5%
Vantagepoint Aggressive Opportunities Fund Class T			372,574	$	4,519,321
Vantagepoint Core Bond Index Fund Class T			11,222,140		113,904,717
Vantagepoint Discovery Fund Class T			436,735		4,572,612
Vantagepoint Diversifying Strategies Fund Class T			9,360,177		98,094,659
Vantagepoint Equity Income Fund Class T			9,792,877		96,459,836
Vantagepoint Growth & Income Fund Class T			5,268,913		68,706,623
Vantagepoint Growth Fund Class T			4,126,270		57,974,090
Vantagepoint High Yield Fund Class T			3,055,147		28,932,238
Vantagepoint Inflation Focused Fund Class T			1,328,779		14,111,629
Vantagepoint International Fund Class T			7,205,332		78,394,011
Vantagepoint Low Duration Bond Fund Class T			5,444,228		54,877,816
Vantagepoint Mid/Small Company Index Fund Class T			2,278,604		47,554,468
Vantagepoint Select Value Fund Class T			378,314		4,517,065
TOTAL AFFILIATED MUTUAL FUNDS
(Cost $626,462,955)					672,619,085
EXCHANGE TRADED FUND—2.5%
Vanguard FTSE Emerging Markets ETF
(Cost $17,062,979)			412,950		16,881,396
MONEY MARKET FUND—0.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%
(Cost $586,558)	¥		586,558		586,558
TOTAL INVESTMENTS—100.1%
(Cost $644,112,492)					690,087,039
Other assets less liabilities—(0.1%)					(383,646	)
NET ASSETS—100.0%				$	689,703,393

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.

306

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

Vantagepoint Milestone 2030 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—97.1%
Vantagepoint Aggressive Opportunities Fund Class T			367,014	$	4,451,883
Vantagepoint Core Bond Index Fund Class T			7,863,033		79,809,781
Vantagepoint Discovery Fund Class T			431,131		4,513,944
Vantagepoint Diversifying Strategies Fund Class T			8,322,998		87,225,014
Vantagepoint Equity Income Fund Class T			9,508,775		93,661,437
Vantagepoint Growth & Income Fund Class T			4,609,408		60,106,683
Vantagepoint Growth Fund Class T			4,238,984		59,557,723
Vantagepoint High Yield Fund Class T			2,145,110		20,314,188
Vantagepoint Inflation Focused Fund Class T			379,212		4,027,230
Vantagepoint International Fund Class T			7,047,860		76,680,721
Vantagepoint Low Duration Bond Fund Class T			2,320,785		23,393,517
Vantagepoint Mid/Small Company Index Fund Class T			2,227,040		46,478,334
Vantagepoint Select Value Fund Class T			372,980		4,453,379
TOTAL AFFILIATED MUTUAL FUNDS
(Cost $522,376,979)					564,673,834
EXCHANGE TRADED FUND—2.9%
Vanguard FTSE Emerging Markets ETF
(Cost $16,777,223)			404,950		16,554,356
MONEY MARKET FUND—0.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%
(Cost $677,606)	¥		677,606		677,606
TOTAL INVESTMENTS—100.1%
(Cost $539,831,808)					581,905,796
Other assets less liabilities—(0.1%)					(444,150	)
NET ASSETS—100.0%				$	581,461,646

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.

307

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

Vantagepoint Milestone 2035 Fund		Shares	Value
AFFILIATED MUTUAL FUNDS—96.8%
Vantagepoint Aggressive Opportunities Fund Class T		284,903	$	3,455,877
Vantagepoint Core Bond Index Fund Class T		3,899,927		39,584,255
Vantagepoint Discovery Fund Class T		333,766		3,494,525
Vantagepoint Diversifying Strategies Fund Class T		5,725,163		59,999,713
Vantagepoint Equity Income Fund Class T		7,628,437		75,140,106
Vantagepoint Growth & Income Fund Class T		3,522,693		45,935,916
Vantagepoint Growth Fund Class T		3,220,581		45,249,168
Vantagepoint High Yield Fund Class T		952,034		9,015,761
Vantagepoint Inflation Focused Fund Class T		72,814		773,283
Vantagepoint International Fund Class T		5,527,115		60,135,008
Vantagepoint Low Duration Bond Fund Class T		309,492		3,119,680
Vantagepoint Mid/Small Company Index Fund Class T		1,742,203		36,359,785
Vantagepoint Select Value Fund Class T		289,628		3,458,163
TOTAL AFFILIATED MUTUAL FUNDS
(Cost $354,494,408)				385,721,240
EXCHANGE TRADED FUND—3.2%
Vanguard FTSE Emerging Markets ETF (Cost $12,956,601)		312,300		12,766,824
MONEY MARKET FUND—0.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%
(Cost $413,595)	¥	413,595		413,595
TOTAL INVESTMENTS—100.1%
(Cost $367,864,604)				398,901,659
Other assets less liabilities—(0.1%)				(266,029	)
NET ASSETS—100.0%			$	398,635,630

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.

308

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

Vantagepoint Milestone 2040 Fund		Shares	Value
AFFILIATED MUTUAL FUNDS—96.5%
Vantagepoint Aggressive Opportunities Fund Class T		300,868	$	3,649,530
Vantagepoint Core Bond Index Fund Class T		1,588,811		16,126,427
Vantagepoint Discovery Fund Class T		350,715		3,671,981
Vantagepoint Diversifying Strategies Fund Class T		5,489,032		57,525,051
Vantagepoint Equity Income Fund Class T		8,411,920		82,857,414
Vantagepoint Growth & Income Fund Class T		3,610,178		47,076,718
Vantagepoint Growth Fund Class T		3,307,370		46,468,543
Vantagepoint High Yield Fund Class T		529,950		5,018,631
Vantagepoint International Fund Class T		5,835,429		63,489,473
Vantagepoint Mid/Small Company Index Fund Class T		1,823,451		38,055,432
Vantagepoint Select Value Fund Class T		305,674		3,649,743
TOTAL AFFILIATED MUTUAL FUNDS
(Cost $334,775,485)				367,588,943
EXCHANGE TRADED FUND—3.5%
Vanguard FTSE Emerging Markets ETF (Cost $13,337,689)		321,550		13,144,964
MONEY MARKET FUND—0.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%
(Cost $406,989)	¥	406,989		406,989
TOTAL INVESTMENTS—100.1%
(Cost $348,520,163)				381,140,896
Other assets less liabilities—(0.1%)				(242,006	)
NET ASSETS—100.0%			$	380,898,890

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.

309

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

Vantagepoint Milestone 2045 Fund		Shares	Value
AFFILIATED MUTUAL FUNDS—96.2%
Vantagepoint Aggressive Opportunities Fund Class T		130,281	$	1,580,314
Vantagepoint Discovery Fund Class T		151,447		1,585,649
Vantagepoint Diversifying Strategies Fund Class T		2,277,848		23,871,852
Vantagepoint Equity Income Fund Class T		3,849,642		37,918,977
Vantagepoint Growth & Income Fund Class T		1,386,127		18,075,092
Vantagepoint Growth Fund Class T		1,562,856		21,958,132
Vantagepoint High Yield Fund Class T		169,585		1,605,969
Vantagepoint International Fund Class T		2,533,355		27,562,898
Vantagepoint Mid/Small Company Index Fund Class T		790,484		16,497,409
Vantagepoint Select Value Fund Class T		132,409		1,580,965
TOTAL AFFILIATED MUTUAL FUNDS
(Cost $145,784,330)				152,237,257
EXCHANGE TRADED FUND—3.7%
Vanguard FTSE Emerging Markets ETF (Cost $5,948,820)		144,050		5,888,764
MONEY MARKET FUND—0.2%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%
(Cost $265,548)	¥	265,548		265,548
TOTAL INVESTMENTS—100.1%
(Cost $151,998,698)				158,391,569
Other assets less liabilities—(0.1%)				(199,323	)
NET ASSETS—100.0%			$	158,192,246

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.

310

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

Vantagepoint Milestone 2050 Fund		Shares	Value
AFFILIATED MUTUAL FUNDS—96.3%
Vantagepoint Aggressive Opportunities Fund Class T		46,974	$	569,800
Vantagepoint Discovery Fund Class T		54,303		568,549
Vantagepoint Diversifying Strategies Fund Class T		821,685		8,611,258
Vantagepoint Equity Income Fund Class T		1,386,837		13,660,341
Vantagepoint Growth & Income Fund Class T		499,426		6,512,514
Vantagepoint Growth Fund Class T		563,550		7,917,879
Vantagepoint High Yield Fund Class T		60,954		577,233
Vantagepoint International Fund Class T		911,152		9,913,334
Vantagepoint Mid/Small Company Index Fund Class T		284,875		5,945,334
Vantagepoint Select Value Fund Class T		47,724		569,824
TOTAL AFFILIATED MUTUAL FUNDS
(Cost $55,520,218)				54,846,066
EXCHANGE TRADED FUND—3.7%
Vanguard FTSE Emerging Markets ETF (Cost $2,155,064)		51,850		2,119,628
MONEY MARKET FUND—0.2%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.14%
(Cost $121,768)	¥	121,768		121,768
TOTAL INVESTMENTS—100.2%
(Cost $57,797,050)				57,087,462
Other assets less liabilities—(0.2%)				(124,458	)
NET ASSETS—100.0%			$	56,963,004

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.

311

Item 2 (Code of Ethics):

Sub-item 2a. Not applicable

Sub-item 2c. Not applicable.

Sub-item 2d. Not applicable.

Sub-item 2e. Not applicable.

Sub-item 2f. Not applicable.

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

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

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

Item 6 (Investments):

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

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

Item 7 (Disclosure of Proxy Voting Policies & Procedures for Closed-end Management Investment Companies):

Not applicable to this registrant.

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

Item 9 (Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers):

Not applicable to this registrant.

Item 10 (Submission of Matters to a Vote of Security Holders): Not applicable.

Item 11 (Controls and Procedures):

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

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

Item 12 (Exhibits):

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

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

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

The Vantagepoint Funds
By:	/s/ Robert Schultze
	Robert Schultze, Principal Executive Officer
Date:	August 31, 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/ Robert Schultze
	Robert Schultze, Principal Executive Officer
Date:	August 31, 2015

By:	/s/ Gregory Dyson
	Gregory Dyson, Principal Financial Officer
Date:	August 31, 2015