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

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08941

The Vantagepoint Funds

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Angela Montez, Secretary of the Registrant

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

(Name and address of agent for service)

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

Date of fiscal year end: 12/31/15

Date of reporting period: 01/01/15 - 12/31/15

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

TABLE OF CONTENTS
Shareholder Expenses	1
Management’s Discussion of Market Conditions	3
Management’s Discussion of Fund Performance	4
VANTAGEPOINT FUNDS
Report of Independent Registered Public Accounting Firm	92
Statements of Assets and Liabilities	93
Statements of Operations	100
Statements of Changes in Net Assets	107
Financial Highlights	122
Notes to Financial Statements	157
Additional Information	209
Schedules of Investments	231

Shareholder Expenses

As a shareholder of a Vantagepoint Fund, you incur ongoing expenses, such as advisory fees and other fund expenses. The following example is intended to help you understand your ongoing expenses (in dollars and cents) of investing in a fund and to compare these expenses with the ongoing expenses of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2015 to December 31, 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 section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number for your fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

ACTUAL								HYPOTHETICAL
Beginning Account Value 7/01/15	Ending Account Value 12/31/15		2015 Annualized Expense Ratio(a)		Expenses Paid During Period*		Vantagepoint Funds	Beginning Account Value 7/01/15		Ending Account Value 12/31/15		2015 Annualized Expense Ratio(a)		Expenses Paid During Period*
$1,000.00	$	995.00		0.62%	$	3.12	Low Duration Bond Investor Shares	$	1,000.00	$	1,022.08		0.62%	$	3.16
$1,000.00	$	996.30		0.37%	$	1.86	Low Duration Bond T Shares	$	1,000.00	$	1,023.34		0.37%	$	1.89
$1,000.00	$	979.20		0.66%	$	3.29	Inflation Focused Investor Shares	$	1,000.00	$	1,021.88		0.66%	$	3.36
$1,000.00	$	980.20		0.41%	$	2.05	Inflation Focused T Shares	$	1,000.00	$	1,023.14		0.41%	$	2.09
$1,000.00	$	927.10		0.69%	$	3.35	High Yield T Shares	$	1,000.00	$	1,021.73		0.69%	$	3.52
$1,000.00	$	934.50		0.75%	$	3.66	Equity Income Investor Shares	$	1,000.00	$	1,021.42		0.75%	$	3.82
$1,000.00	$	936.20		0.50%	$	2.44	Equity Income T Shares	$	1,000.00	$	1,022.68		0.50%	$	2.55
$1,000.00	$	974.30		0.77%	$	3.83	Growth & Income Investor Shares	$	1,000.00	$	1,021.32		0.77%	$	3.92
$1,000.00	$	976.20		0.52%	$	2.59	Growth & Income T Shares	$	1,000.00	$	1,022.58		0.52%	$	2.65
$1,000.00	$	1,007.10		0.77%	$	3.90	Growth Investor Shares	$	1,000.00	$	1,021.32		0.77%	$	3.92
$1,000.00	$	1,008.70		0.52%	$	2.63	Growth T Shares	$	1,000.00	$	1,022.58		0.52%	$	2.65
$1,000.00	$	925.70		0.90%	$	4.37	Select Value Investor Shares	$	1,000.00	$	1,020.67		0.90%	$	4.58
$1,000.00	$	926.80		0.65%	$	3.16	Select Value T Shares	$	1,000.00	$	1,021.93		0.65%	$	3.31
$1,000.00	$	927.30		0.83%	$	4.03	Aggressive Opportunities Investor Shares	$	1,000.00	$	1,021.02		0.83%	$	4.23
$1,000.00	$	928.10		0.58%	$	2.82	Aggressive Opportunities T Shares	$	1,000.00	$	1,022.28		0.58%	$	2.96
$1,000.00	$	883.00		0.91%	$	4.32	Discovery Investor Shares	$	1,000.00	$	1,020.62		0.91%	$	4.63
$1,000.00	$	884.40		0.66%	$	3.13	Discovery T Shares	$	1,000.00	$	1,021.88		0.66%	$	3.36
$1,000.00	$	935.20		0.96%	$	4.68	International Investor Shares	$	1,000.00	$	1,020.37		0.96%	$	4.89
$1,000.00	$	935.00		0.71%	$	3.46	International T Shares	$	1,000.00	$	1,021.63		0.71%	$	3.62
$1,000.00	$	951.00		0.49%	$	2.41	Diversifying Strategies T Shares	$	1,000.00	$	1,022.74		0.49%	$	2.50
$1,000.00	$	1,003.80		0.40%	$	2.02	Core Bond Index Class I	$	1,000.00	$	1,023.19		0.40%	$	2.04
$1,000.00	$	1,004.70		0.20%	$	1.01	Core Bond Index Class II	$	1,000.00	$	1,024.20		0.20%	$	1.02
$1,000.00	$	1,005.10		0.15%	$	0.76	Core Bond Index T Shares	$	1,000.00	$	1,024.45		0.15%	$	0.77
$1,000.00	$	999.50		0.40%	$	2.02	500 Stock Index Class I	$	1,000.00	$	1,023.19		0.40%	$	2.04
$1,000.00	$	1,001.10		0.20%	$	1.01	500 Stock Index Class II	$	1,000.00	$	1,024.20		0.20%	$	1.02
$1,000.00	$	1,000.70		0.15%	$	0.76	500 Stock Index T Shares	$	1,000.00	$	1,024.45		0.15%	$	0.77

(continued)

1

ACTUAL								HYPOTHETICAL
Beginning Account Value 7/01/15	Ending Account Value 12/31/15		2015 Annualized Expense Ratio(a)		Expenses Paid During Period*		Vantagepoint Funds	Beginning Account Value 7/01/15		Ending Account Value 12/31/15		2015 Annualized Expense Ratio(a)		Expenses Paid During Period*
$1,000.00	$	983.90		0.40%	$	2.00	Broad Market Index Class I	$	1,000.00	$	1,023.19		0.40%	$	2.04
$1,000.00	$	984.90		0.20%	$	1.00	Broad Market Index Class II	$	1,000.00	$	1,024.20		0.20%	$	1.02
$1,000.00	$	985.10		0.15%	$	0.75	Broad Market Index T Shares	$	1,000.00	$	1,024.45		0.15%	$	0.77
$1,000.00	$	924.80		0.40%	$	1.94	Mid/Small Company Index Class I	$	1,000.00	$	1,023.19		0.40%	$	2.04
$1,000.00	$	925.90		0.20%	$	0.97	Mid/Small Company Index Class II	$	1,000.00	$	1,024.20		0.20%	$	1.02
$1,000.00	$	925.80		0.15%	$	0.73	Mid/Small Company Index T Shares	$	1,000.00	$	1,024.45		0.15%	$	0.77
$1,000.00	$	926.90		0.48%	$	2.33	Overseas Equity Index Class I	$	1,000.00	$	1,022.79		0.48%	$	2.45
$1,000.00	$	928.80		0.28%	$	1.36	Overseas Equity Index Class II	$	1,000.00	$	1,023.79		0.28%	$	1.43
$1,000.00	$	927.90		0.22%	$	1.07	Overseas Equity Index T Shares	$	1,000.00	$	1,024.10		0.22%	$	1.12
$1,000.00	$	969.60		0.81%	$	4.02	Model Portfolio Conservative Growth Investor M Shares**	$	1,000.00	$	1,021.12		0.81%	$	4.13
$1,000.00	$	970.90		0.56%	$	2.78	Model Portfolio Conservative Growth TM Shares**	$	1,000.00	$	1,022.38		0.56%	$	2.85
$1,000.00	$	962.00		0.83%	$	4.10	Model Portfolio Traditional Growth Investor M Shares**	$	1,000.00	$	1,021.02		0.83%	$	4.23
$1,000.00	$	962.70		0.58%	$	2.87	Model Portfolio Traditional Growth TM Shares**	$	1,000.00	$	1,022.28		0.58%	$	2.96
$1,000.00	$	953.10		0.87%	$	4.28	Model Portfolio Long-Term Growth Investor M Shares**	$	1,000.00	$	1,020.82		0.87%	$	4.43
$1,000.00	$	954.30		0.62%	$	3.05	Model Portfolio Long-Term Growth TM Shares**	$	1,000.00	$	1,022.08		0.62%	$	3.16
$1,000.00	$	939.30		0.90%	$	4.40	Model Portfolio Global Equity Growth Investor M Shares**	$	1,000.00	$	1,020.67		0.90%	$	4.58
$1,000.00	$	940.40		0.65%	$	3.18	Model Portfolio Global Equity Growth TM Shares**	$	1,000.00	$	1,021.93		0.65%	$	3.31
$1,000.00	$	972.70		0.78%	$	3.88	Milestone Retirement Income Investor M Shares**	$	1,000.00	$	1,021.27		0.78%	$	3.97
$1,000.00	$	974.30		0.53%	$	2.64	Milestone Retirement Income TM Shares**	$	1,000.00	$	1,022.53		0.53%	$	2.70
$1,000.00	$	970.70		0.79%	$	3.92	Milestone 2010 Investor M Shares**	$	1,000.00	$	1,021.22		0.79%	$	4.02
$1,000.00	$	972.40		0.54%	$	2.68	Milestone 2010 TM Shares**	$	1,000.00	$	1,022.48		0.54%	$	2.75
$1,000.00	$	967.70		0.79%	$	3.92	Milestone 2015 Investor M Shares**	$	1,000.00	$	1,021.22		0.79%	$	4.02
$1,000.00	$	968.50		0.54%	$	2.68	Milestone 2015 TM Shares**	$	1,000.00	$	1,022.48		0.54%	$	2.75
$1,000.00	$	963.80		0.80%	$	3.96	Milestone 2020 Investor M Shares**	$	1,000.00	$	1,021.17		0.80%	$	4.08
$1,000.00	$	965.40		0.55%	$	2.72	Milestone 2020 TM Shares**	$	1,000.00	$	1,022.43		0.55%	$	2.80
$1,000.00	$	959.80		0.82%	$	4.05	Milestone 2025 Investor M Shares**	$	1,000.00	$	1,021.07		0.82%	$	4.18
$1,000.00	$	961.40		0.57%	$	2.82	Milestone 2025 TM Shares**	$	1,000.00	$	1,022.33		0.57%	$	2.91
$1,000.00	$	955.60		0.83%	$	4.09	Milestone 2030 Investor M Shares**	$	1,000.00	$	1,021.02		0.83%	$	4.23
$1,000.00	$	957.20		0.58%	$	2.86	Milestone 2030 TM Shares**	$	1,000.00	$	1,022.28		0.58%	$	2.96
$1,000.00	$	952.10		0.85%	$	4.18	Milestone 2035 Investor M Shares**	$	1,000.00	$	1,020.92		0.85%	$	4.33
$1,000.00	$	953.00		0.60%	$	2.95	Milestone 2035 TM Shares**	$	1,000.00	$	1,022.18		0.60%	$	3.06
$1,000.00	$	948.00		0.87%	$	4.27	Milestone 2040 Investor M Shares**	$	1,000.00	$	1,020.82		0.87%	$	4.43
$1,000.00	$	948.80		0.62%	$	3.05	Milestone 2040 TM Shares**	$	1,000.00	$	1,022.08		0.62%	$	3.16
$1,000.00	$	944.90		0.90%	$	4.41	Milestone 2045 Investor M Shares**	$	1,000.00	$	1,020.67		0.90%	$	4.58
$1,000.00	$	946.50		0.65%	$	3.19	Milestone 2045 TM Shares**	$	1,000.00	$	1,021.93		0.65%	$	3.31
$1,000.00	$	944.40		0.97%	$	4.75	Milestone 2050 Investor M Shares**	$	1,000.00	$	1,020.32		0.97%	$	4.94
$1,000.00	$	945.70		0.72%	$	3.53	Milestone 2050 TM Shares**	$	1,000.00	$	1,021.58		0.72%	$	3.67

(a) Net of waivers, if any.

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

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

2

Management’s Discussion of Market Conditions

for the Year Ended December 31, 2015

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

The following is a brief discussion of VIA’s views of the major market conditions that prevailed in 2015, and should not be considered a complete discussion of all market conditions for the year. This commentary should be read together with each fund’s Management’s Discussion of Fund Performance because it provides additional information about the fund’s performance.

U.S. equity and fixed income securities provided mixed returns in 2015. U.S. equity securities generally provided negative returns, with the exception of U.S. large-capitalization growth-oriented equities. Short-term and intermediate-term U.S. fixed income securities generally provided positive returns, while high yield securities, longer-dated government and corporate securities, and inflation protected securities provided negative returns. U.S. interest rates generally increased, and in December the Federal Reserve System (“Federal Reserve”), the U.S. central bank, increased the target interest rate range for federal funds, a key benchmark in financial markets. The U.S. economy grew only modestly as the manufacturing sector was negatively impacted by the increase in value of the U.S. dollar relative to other currencies and by the decrease in the price of oil as supply exceeded demand in the U.S. The U.S. rate of inflation remained below the Federal Reserve’s target rate.

U.S. equity securities generally provided negative returns, with the exception of large-capitalization growth oriented securities. Returns for large-capitalization securities generally outperformed mid- and small-capitalization securities, and growth oriented securities generally outperformed value oriented securities across market capitalizations. U.S. large-capitalization growth oriented securities provided a positive return of 5.67%, as measured by the Russell 1000^® Growth Index, while large-capitalization value oriented securities provided

negative 3.83% return, as measured by the Russell 1000^® Value Index. The S&P 500 Index returned 1.38%, while mid-capitalization and small-capitalization equities provided negative returns as measured by the Russell Mid Cap^® Index which was down 2.44% and the Russell 2000^® Index which was down 4.41%. Performance results among the sectors represented by the S&P 500 Index varied widely as five of the ten sectors provided negative returns. The S&P 500 Energy sector returned negative 21.12% as oil prices declined, followed by the S&P 500 Materials sector’s negative return of 8.38%, while positive returns were led by the Consumer Discretionary sector, 10.11% and the Health Care sector, 6.89%.

U.S. fixed income markets generally offered mixed returns for the year, as higher credit rated and short-term and intermediate-term securities generally outperformed long-term and lower credit rated securities. Interest rates increased as the two-year U.S. Treasury rate rose from 0.67% as of December 31, 2014 to 1.05% as of December 31, 2015. The ten-year U.S. Treasury rate increased from 2.17% as of December 31, 2014 to 2.27% as of December 31, 2015 and the thirty-year U.S. Treasury rate increased from 2.75% as of December 31, 2014 to 3.02% as of December 31, 2015. High yield fixed income securities provided a negative return of 4.43%, as measured by the Barclays U.S. High Yield 2% Issuer Cap Index, as declining oil prices resulted in the Energy sector of that high yield index returning a negative 23.66%. U.S. Treasury inflation protected securities returned a negative 1.44%, as measured by the Barclays U.S. Treasury Inflation Protected Securities Index (Series-L), as inflation expectations remained below the Federal Reserve’s target rate of 2%.

The equity markets of developed market countries outside of the U.S. and emerging market countries generally provided negative returns to U.S. dollar investors for the year, as the economic recovery in Europe remained tepid, the rate of growth in the Chinese economy slowed, the price of commodities, including oil, declined, and the U.S. dollar increased in value relative to other currencies. Non-U.S. developed markets generally outperformed emerging markets. Non-U.S. developed markets, as measured by the MSCI EAFE Index (Net), provided a positive return in local currencies of 5.33%, while the stronger U.S. dollar resulted in a negative return of 0.81% to U.S. dollar based investors. Emerging markets, as measured by the MSCI Emerging Markets Index (Net), provided a negative return of 5.76% in local currencies and a negative 14.92% to U.S. dollar based investors.

3

Vantagepoint Low Duration Bond Fund

Summary of Performance

• The Vantagepoint Low Duration Bond Fund (the “Fund”) Investor Shares gained 0.17% in 2015.

• The Fund’s market benchmark, the BofA Merrill Lynch 1–3 Year US Corporate & Government Index, gained 0.67%.

• The Fund’s peer group benchmark, the Morningstar Short-Term Bond Funds Average, a group of mutual funds with similar investment objectives, gained 0.19%.

Commentary

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

Overall Performance

The Fund’s total performance reflected low market interest rates, with investment grade low duration bonds and asset-backed securities leading performance. Exposure to high yield securities detracted from performance.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its market benchmark primarily resulted from the Fund’s allocation to corporate bonds, which was greater than the market benchmark’s allocation. This underperformance was partially offset by the Fund’s allocation to asset-backed securities, which was greater than the market benchmark’s allocation.

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group benchmark primarily resulted from the Fund’s allocation to corporate bonds. This underperformance was partially offset by the Fund’s allocation to asset-backed securities.

Derivatives Performance

The Fund used interest rate futures contracts to seek to manage interest rate risk and to seek to obtain or adjust investment exposure based on the Fund’s subadvisers’ views of interest rates and yield curves. The Fund used forward currency contracts to manage foreign currency risk and to seek to obtain investment exposure based on the Fund’s subadvisers’ views of foreign currency values. While the use of forward currency contracts to manage foreign currency risk served to reduce volatility, the use of derivatives did not have a material impact on the Fund’s return.

4

5

Vantagepoint Low Duration Bond Fund

Average Annual Total Returns for the periods ended December 31, 2015*

	INVESTOR SHARES			T SHARES
One Year		0.17	%		0.32	%
Five Years		1.33	%		1.47	%
Ten Years		2.81	%		2.88	%
Class Inception Date		December 4, 2000			March 1, 2013

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

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

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

6

Vantagepoint Inflation Focused Fund

Summary of Performance

• The Vantagepoint Inflation Focused Fund (the “Fund”) Investor Shares lost 1.90% in 2015.

• The Fund’s market benchmark, the Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index (Series-L), lost 1.44%.

• The Fund’s peer group benchmark, the Morningstar Inflation-Protected Bond Funds Average, a group of mutual funds with similar investment objectives, lost 2.36%.

Commentary

The investment objective of the Fund is to offer inflation protection and income. The Fund invests, under normal conditions, in a combination of: (1) inflation-indexed fixed income securities or instruments, (2) other fixed income securities or instruments, and (3) inflation-linked derivatives. To the extent a Fund subadviser invests in fixed income securities that are not inflation-indexed, it may use inflation-linked derivatives in connection with such investments to seek to achieve the Fund’s investment objective. Inflation-indexed fixed income securities or instruments are designed to protect the future purchasing power of the money invested in them; either their principal values or coupon rates are indexed to changes in inflation. These adjustments result in changes to the interest payments.

Overall Performance

The Fund’s total performance reflected the negative return of Treasury inflation protected securities as inflation remained low and real (i.e., adjusted for inflation) interest rates increased.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its market benchmark primarily resulted from the Fund’s positioning in anticipation of increased inflation expectations for longer duration securities, and its allocation to corporate bonds as the corporate bond sector generally underperformed Treasury securities. This underperformance was partially offset by the fund’s lower sensitivity to interest rate changes as rates rose, and by foreign currency positions as the U.S. dollar increased in value relative to those foreign currencies.

Performance Relative to the Peer Group

The Fund’s outperformance relative to its peer group primarily resulted from the Fund’s allocation to non-Treasury fixed income sectors, which was less than the peer group allocation.

Derivatives Performance

The Fund used futures, options on futures, interest rate swaps, and interest rate swaptions during the year to seek to manage interest rate risk and to seek to obtain or adjust investment exposures based on the Fund’s subadvisers’ views of interest rates and yield curves. The Fund used inflation swaps to seek to obtain or adjust investment exposure based on the Fund’s subadvisers’ views of inflation. The Fund used credit default swaps to seek to obtain or adjust investment exposures based on the Fund’s subadvisers’ views of credit risk. The Fund used forward currency contracts during the year to seek to obtain or adjust investment exposures based on the Fund’s subadvisers’ views of foreign currency values. The use of derivatives did not have a material impact on the Fund’s return.

7

8

Vantagepoint Inflation Focused Fund

Average Annual Total Returns for the periods ended December 31, 2015*

	INVESTOR SHARES			T SHARES
One Year		–1.90	%		–1.61	%
Five Years		1.74	%		1.88	%
Ten Years		3.64	%		3.72	%
Class Inception Date		July 1, 1992			March 1, 2013

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

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

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

9

Vantagepoint High Yield Fund

Summary of Performance

• The Vantagepoint High Yield Fund (the “Fund”) T Shares lost 4.99% in 2015.

• The Fund’s market benchmark, the Barclays U.S. Corporate High-Yield 2% Issuer Capped Bond Index, lost 4.43%.

• The Fund’s peer group benchmark, the Morningstar High Yield Bond Funds Average, a group of mutual funds with similar investment objectives, lost 4.01%.

Commentary

The Fund’s investment objective is to seek current income and capital appreciation. The Fund invests, under normal circumstances, at least 80% of its net assets in high yield fixed income securities and other instruments that are rated below investment grade. For purposes of this 80% policy, the Fund considers a below investment grade rating to be a rating that is below the four highest grades by Standard & Poor’s, Moody’s Investors Service, Inc., or Fitch Ratings. Below investment grade securities are commonly referred to as “junk bonds.” The Fund is available for investment only by the Vantagepoint Model Portfolio Funds and Vantagepoint Milestone Funds.

Overall Performance

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

offset by the Fund’s holdings in the Capital Goods, Consumer Non-Cyclicals, and Financials sectors.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its market benchmark primarily resulted from a greater allocation to the Energy sector and to lower-rated high yield securities. This underperformance was partially offset by the Fund’s allocation to the Metals & Mining sector, and the performance of the Fund’s holdings in the Capital Goods and Financials sectors.

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group primarily resulted from the Fund’s allocations to the Energy sector and to lower-rated high yield securities. This underperformance was partially offset by the Fund’s allocation to the Financials sector, and the Fund’s allocation to the Basic Materials sector.

Derivatives Performance

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

10

11

Vantagepoint High Yield Fund

Average Annual Total Returns for the periods ended December 31, 2015*

	T SHARES
One Year		–4.99	%
Class Inception Date		May 1, 2014

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

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

12

Vantagepoint Equity Income Fund

Summary of Performance

• The Vantagepoint Equity Income Fund (the “Fund”) Investor Shares lost 7.58% in 2015.

• The Fund’s market benchmark, the Russell 1000^® Value Index, lost 3.83%.

• The Fund’s peer group benchmark, the Morningstar Large Value Funds Average, a group of mutual funds with similar investment objectives, lost 4.05%.

Commentary

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

Overall Performance

The Fund’s total performance reflected the generally negative returns of the U.S. equity market in 2015. The Fund’s negative performance was led by holdings in the Energy sector, with six of ten equity sectors providing negative returns. Positive returns in four equity sectors, led by Telecommunication Services and Health Care, partially offset the negative performance.

Performance Relative to the Market Benchmark

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

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group primarily resulted from the Fund’s performance in the Energy, Industrials, and Consumer Discretionary sectors. This underperformance was partially offset by the Fund’s performance in the Materials sector.

13

14

Vantagepoint Equity Income Fund

Average Annual Total Returns for the periods ended December 31, 2015*

	INVESTOR SHARES			T SHARES
One Year		–7.58	%		–7.32	%
Five Years		8.43	%		8.59	%
Ten Years		5.58	%		5.65	%
Class Inception Date		April 1, 1994			March 1, 2013

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

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

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

15

Vantagepoint Growth & Income Fund

Summary of Performance

• The Vantagepoint Growth & Income Fund (the “Fund”) Investor Shares lost 0.28% in 2015.

• The Fund’s market benchmark, the S&P 500 Index, gained 1.38%.

• The Fund’s peer group benchmark, the Morningstar Large Blend Funds Average, a group of mutual funds with similar investment objectives, lost 1.07%.

Commentary

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

Overall Performance

The Fund’s total performance reflected the generally negative returns of the U.S. equity market in 2015.

Negative performance by value oriented equity securities held by the Fund was partially offset by positive performance by growth oriented equity securities. Negative performance was led by holdings in the Energy and Materials sectors. This negative performance was partially offset by positive performance in the Consumer Staples, Information Technology, and Health Care sectors.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its market benchmark primarily resulted from performance in the Materials, Industrials, and Energy sectors. This underperformance was partially offset by the Fund’s performance in the Information Technology and Health Care sectors.

Performance Relative to the Peer Group

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

16

17

Vantagepoint Growth & Income Fund

Average Annual Total Returns for the periods ended December 31, 2015*

	INVESTOR SHARES			T SHARES
One Year		–0.28	%		0.00	%
Five Years		11.35	%		11.51	%
Ten Years		6.90	%		6.98	%
Class Inception Date		October 2, 1998			March 1, 2013

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

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

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

18

Vantagepoint Growth Fund

Summary of Performance

• The Vantagepoint Growth Fund (the “Fund”) Investor Shares gained 4.28% in 2015.

• The Fund’s market benchmark, the Russell 1000^® Growth Index, gained 5.67%.

• The Fund’s peer group benchmark, the Morningstar Large Growth Funds Average, a group of mutual funds with similar investment objectives, gained 3.60%.

Commentary

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

Overall Performance

The Fund’s total performance reflected the positive returns of growth oriented securities in the U.S. equity market

in 2015. This positive performance was led by holdings in the Consumer Staples, Consumer Discretionary, and Information Technology sectors.

Performance Relative to the Market Benchmark

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

Performance Relative to the Peer Group

The Fund’s outperformance relative to its peer group primarily resulted from the Fund’s performance in the Consumer Staples and Energy sectors.

Portfolio Turnover

The Fund’s portfolio turnover of 100.75% was significantly higher than the prior year’s portfolio turnover rate of 46.61%, and was primarily due to subadviser transitions.

19

20

Vantagepoint Growth Fund

Average Annual Total Returns for the periods ended December 31, 2015*

	INVESTOR SHARES			T SHARES
One Year		4.28	%		4.60	%
Five Years		10.99	%		11.16	%
Ten Years		5.76	%		5.84	%
Class Inception Date		April 1, 1983			March 1, 2013

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

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

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

21

Vantagepoint Select Value Fund

Summary of Performance

• The Vantagepoint Select Value Fund (the “Fund”) Investor Shares lost 6.96% in 2015.

• The Fund’s market benchmark, the Russell Midcap^® Value Index, lost 4.78%.

• The Fund’s peer group benchmark, the Morningstar Mid-Cap Value Funds Average, a group of mutual funds with similar investment objectives, lost 5.41%.

Commentary

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

Overall Performance

The Fund’s total performance reflected the generally negative returns of the U.S. equity market in 2015. This

negative performance was led by holdings in the Energy, Industrials, and the Materials sectors. Positive returns in the Health Care and Consumer Staples sectors partially offset this negative performance.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its market benchmark primarily resulted from the Fund’s performance in the Financials, Information Technology, and Industrials sectors. This underperformance was partially offset by the Fund’s allocations to cash, and to the Telecommunications and Consumer Discretionary sectors.

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group primarily resulted from the Fund’s performance in the Energy and Industrials sectors. This underperformance was partially offset by the Fund’s performance in the Health Care, Financials, and Consumer Discretionary sectors.

22

23

Vantagepoint Select Value Fund

Average Annual Total Returns for the periods ended December 31, 2015*

	INVESTOR SHARES			T SHARES
One Year		–6.96	%		–6.69	%
Five Years		9.52	%		9.68	%
Since Inception		6.04	%		6.13	%
Class Inception Date		October 30, 2007			March 1, 2013

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

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

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

24

Vantagepoint Aggressive Opportunities Fund

Summary of Performance

• The Vantagepoint Aggressive Opportunities Fund (the “Fund”) Investor Shares lost 2.44% in 2015.

• The Fund’s market benchmark, the Russell Midcap^® Growth Index, lost 0.20%.

• The Fund’s peer group benchmark, the Morningstar Mid-Cap Growth Funds Average, a group of mutual funds with similar investment objectives, lost 0.95%.

Commentary

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

Overall Performance

The Fund’s total performance reflected the generally negative returns of the U.S. equity market in 2015.

The Fund’s negative performance was led by holdings in the Energy sector. This negative performance was partially offset by the Fund’s returns in the Information Technology sector.

Performance Relative to the Market Benchmark

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

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group primarily resulted from the Fund’s performance in the Energy and Consumer Discretionary sectors. This underperformance was partially offset by the Fund’s performance in the Consumer Staples and Telecommunication Services sectors.

25

26

Vantagepoint Aggressive Opportunities Fund

Average Annual Total Returns for the periods ended December 31, 2015*

	INVESTOR SHARES			T SHARES
One Year		–2.44	%		–2.27	%
Five Years		8.00	%		8.14	%
Ten Years		6.38	%		6.45	%
Class Inception Date		October 1, 1994			March 1, 2013

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

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

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

27

Vantagepoint Discovery Fund

Summary of Performance

• The Vantagepoint Discovery Fund (the “Fund”) Investor Shares lost 8.10% in 2015.

• The Fund’s market benchmark, the Russell 2000^® Index, lost 4.41%.

• The Fund’s peer group benchmark, the Morningstar Small Blend Funds Average, a group of mutual funds with similar investment objectives, lost 5.38%.

Commentary

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

Overall Performance

The Fund’s total performance reflected the generally negative returns of the U.S. equity market in 2015. This negative performance was led by the Fund’s performance in the Industrials, Consumer Staples, and Energy sectors. This was partially offset by positive returns in the Health Care and Utilities sectors.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its market benchmark primarily resulted from the Fund’s

performance in the Industrials, Consumer Discretionary, Consumer Staples, and Energy sectors. This underperformance was partially offset by the Fund’s performance in the Utilities sector.

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group primarily resulted from the Fund’s performance in the Industrials and Health Care sectors. This underperformance was partially offset by the Fund’s performance in the Utilities sector.

Derivatives Performance

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

Portfolio Turnover

The Fund’s portfolio turnover of 108.71% was similar to the prior year’s portfolio turnover rate of 100%. The Fund’s portfolio turnover was greater than 100% primarily due to securities purchases resulting from significant cash flows into the Fund.

28

29

30

Vantagepoint Discovery Fund

Average Annual Total Returns for the periods ended December 31, 2015*

	INVESTOR SHARES			T SHARES
One Year		–8.10	%		–7.86	%
Five Years		8.09	%		8.24	%
Since Inception		5.00	%		5.09	%
Class Inception Date		October 30, 2007			March 1, 2013

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

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

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

31

Vantagepoint International Fund

Summary of Performance

• The Vantagepoint International Fund (the “Fund”) Investor Shares lost 2.06% in 2015.

• The Fund’s market benchmark, MSCI Europe Australasia and Far East (EAFE) Index (Net), lost 0.81%.

• The Fund’s peer group benchmark, the Morningstar Foreign Large Blend Funds Average, a group of mutual funds with similar investment objectives, lost 1.59%.

Commentary

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

Overall Performance

The Fund’s total performance reflected the reduced returns to U.S. investors from holdings denominated in foreign currencies and from the generally negative

returns in both local currencies and in U.S. dollars from holding emerging-market equity securities. While returns from developed market equity securities outside of the U.S. were generally positive in the local currencies, the strengthening of the U.S. dollar resulted in reduced returns for the Fund in U.S. dollars, and the negative returns from emerging market equity securities in local currencies were further reduced when translated into U.S. dollars. On a sector basis, returns were mixed with the Energy sector providing the lowest return, and the Health Care and Consumer sectors generally providing positive returns.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its market benchmark primarily resulted from its investments in emerging market countries. On a sector basis, performance in the Consumer Staples and Utilities sectors were the leading cause of underperformance. This underperformance was partially offset by holdings in developed market countries, with positive performance in the Materials, Health Care, and Consumer Discretionary sectors.

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group primarily resulted from its investments in Asia and Latin America. This underperformance was partially offset by the Fund’s investments in the United Kingdom.

32

33

Vantagepoint International Fund

Average Annual Total Returns for the periods ended December 31, 2015*

	INVESTOR SHARES			T SHARES
One Year		–2.06	%		–1.81	%
Five Years		3.93	%		4.06	%
Ten Years		2.96	%		3.03	%
Class Inception Date		October 1, 1994			March 1, 2013

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

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

The Fund’s market benchmark, the MSCI Europe Australasia Far East (EAFE) Index (Net), is a free float-adjusted market capitalization index of equity securities that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada, and approximates the minimum possible dividend reinvestment after deduction of withholding tax according to MSCI Barra’s methodology. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. The Fund’s portfolio may differ significantly from the securities in the index.

34

Vantagepoint Diversifying Strategies Fund

Summary of Performance

• The Vantagepoint Diversifying Strategies Fund (the “Fund”) lost 1.61% in 2015.

• The Fund’s market benchmark, the S&P 500 Index, gained 1.38%.

• The Fund’s custom benchmark, which is comprised of 60% S&P 500 Index and 40% Barclays U.S. Intermediate Aggregate Bond Index, gained 1.64%.

Commentary

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

Overall Performance

The Fund’s total performance reflected the generally negative returns of the U.S. equity market and the returns of convertible fixed income securities in 2015. This negative performance was partially offset by positive returns in the REIT and fixed income securities held by the Fund.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its U.S. large-capitalization equity market benchmark primarily resulted

from the small-capitalization equity strategy, as smaller-capitalization equity securities generally underperformed larger-capitalization equity securities, and from the Fund’s allocation to convertible securities, which are typically issued by smaller- and mid-capitalization issuers with lower credit ratings.

Performance Relative to the Custom Benchmark

The Fund’s underperformance relative to its custom benchmark primarily resulted from smaller-capitalization equity securities and convertible securities underperforming the U.S. large-capitalization equity component of the custom benchmark, and the Fund’s shorter duration fixed income securities underperforming the intermediate duration securities of the fixed income component of the custom benchmark. This underperformance was partially offset by the REIT strategy, which outperformed the equity component of the custom benchmark.

Derivatives Performance

The Fund used equity futures contracts to efficiently obtain or adjust exposure to the small-capitalization equity market, which provided negative returns. The Fund used currency forward contracts to reduce exposure to foreign currency risk, which did not have a material impact on Fund performance. The Fund used fixed income futures contracts to manage interest rate risk, which did not have a material impact on Fund performance.

35

36

37

Vantagepoint Diversifying Strategies Fund

Average Annual Total Returns for the periods ended December 31, 2015*

	T SHARES
One Year		–1.61	%
Five Years		2.28	%
Since Inception		1.92	%
Class Inception Date		October 30, 2007

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

The Fund’s market benchmark, the S&P 500 Index, is an index that consists of 500 companies representing larger capitalization stocks traded in the U.S. The Fund’s custom benchmark is comprised of the S&P 500 Index and Barclays U.S. Intermediate Aggregate Bond Index. The weightings are 60% S&P 500 Index and 40% Barclays U.S. Intermediate Aggregate Bond Index. The custom benchmark performance is calculated using the historical benchmark weightings. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. The Fund’s portfolio may differ significantly from the securities in the indexes.

38

Vantagepoint Index Funds

Summary of Performance

• The Vantagepoint Core Bond Index Fund gained 0.04% (Class I shares) and 0.33% (Class II shares). The Fund’s market benchmark, the Barclays U.S. Aggregate Bond Index, gained 0.55%.

• The Vantagepoint 500 Stock Index Fund gained 0.94% (Class I shares) and 1.23% (Class II shares). The Fund’s market benchmark, the S&P 500 Index, gained 1.38%.

• The Vantagepoint Broad Market Index Fund gained 0.15% (Class I shares) and 0.38% (Class II shares). The Fund’s market benchmark, the Russell 3000^® Index, gained 0.48%.

• The Vantagepoint Mid/Small Company Index Fund lost 3.20% (Class I shares) and 3.03% (Class II shares). The Fund’s market benchmark, the Russell 2500™ Index, lost 2.90%.

• The Vantagepoint Overseas Equity Index Fund lost 1.50% (Class I shares) and 1.21% (Class II shares). The Fund’s market benchmark, the MSCI EAFE Index (Net), lost 0.81%.

Commentary

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

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

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

• The Core Bond Index Fund and Broad Market Index Fund employ sampling techniques to approximate

benchmark characteristics such as capitalization and industry weightings using fewer securities than are contained in the benchmark index. Therefore, there will be tracking error for each of these two Index Funds, which may impact their performance positively or negatively as compared to a benchmark index.

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

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

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

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

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

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

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

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

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

39

Derivatives Performance

The 500 Stock Index Fund, Broad Market Index Fund, Mid/Small Company Index Fund, and Overseas Equity Index Fund used futures to obtain or adjust investment exposure to equity issues when it was believed that using futures would be more efficient or cost effective than trading in the securities directly. The use of futures did not have a material impact on the performance of the Index Funds.

Portfolio Turnover

The Core Bond Index Fund’s portfolio turnover rate was 122.59%, which is lower than the Fund’s turnover rate of 160% in 2014. Turnover in excess of 100% was primarily due to To-Be-Announced transactions within the Fund to seek to maintain mortgage related exposure similar to that of the market benchmark.

40

Vantagepoint Core Bond Index Fund

Average Annual Total Returns for the periods ended December 31, 2015*

	T SHARES			CLASS I SHARES			CLASS II SHARES
One Year		0.38	%		0.04	%		0.33	%
Five Years		2.94	%		2.79	%		3.00	%
Ten Years		4.13	%		4.05	%		4.27	%
Class Inception Date		March 1, 2013			June 2, 1997			April 5, 1999

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

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

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

41

42

Vantagepoint 500 Stock Index Fund

Average Annual Total Returns for the periods ended December 31, 2015*

	T SHARES			CLASS I SHARES			CLASS II SHARES
One Year		1.25	%		0.94	%		1.23	%
Five Years		12.29	%		12.12	%		12.37	%
Ten Years		6.95	%		6.87	%		7.11	%
Class Inception Date		March 1, 2013			June 2, 1997			April 5, 1999

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

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

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

43

44

Vantagepoint Broad Market Index Fund

Average Annual Total Returns for the periods ended December 31, 2015*

	T SHARES			CLASS I SHARES			CLASS II SHARES
One Year		0.39	%		0.15	%		0.38	%
Five Years		11.91	%		11.75	%		11.98	%
Ten Years		7.19	%		7.12	%		7.33	%
Class Inception Date		March 1, 2013			October 1, 1994			April 5, 1999

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

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

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

45

46

Vantagepoint Mid/Small Company Index Fund

Average Annual Total Returns for the periods ended December 31, 2015*

	T SHARES			CLASS I SHARES			CLASS II SHARES
One Year		–3.00	%		–3.20	%		–3.03	%
Five Years		10.09	%		9.95	%		10.18	%
Ten Years		7.65	%		7.58	%		7.80	%
Class Inception Date		March 1, 2013			June 2, 1997			April 5, 1999

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

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

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

47

48

Vantagepoint Overseas Equity Index Fund

Average Annual Total Returns for the periods ended December 31, 2015*

	T SHARES			CLASS I SHARES			CLASS II SHARES
One Year		–1.23	%		–1.50	%		–1.21	%
Five Years		3.30	%		3.15	%		3.37	%
Ten Years		2.66	%		2.58	%		2.79	%
Class Inception Date		March 1, 2013			June 2, 1997			April 5, 1999

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

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

The Fund’s market benchmark, the MSCI Europe Australasia Far East (EAFE) Index (Net), is a free float-adjusted market capitalization index of equity securities that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada and approximates the minimum possible dividend reinvestment after deduction of withholding tax according to MSCI Barra’s methodology. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.

49

Vantagepoint Model Portfolio Conservative Growth Fund

Summary of Performance

• The Vantagepoint Model Portfolio Conservative Growth Fund (the “Fund”) Investor M Shares lost 1.76% in 2015.

• The Fund’s market benchmark, the Barclays U.S. Intermediate Aggregate Bond Index (“Barclays Index”), gained 1.21%.

• The Fund’s peer group benchmark, the Morningstar Conservative Allocation Funds Average, a group of mutual funds with similar investment objectives, lost 2.32%.

• The Fund’s custom benchmark, which is composed of the BofA Merrill Lynch 1-3 Year US Corporate & Government Index, the Barclays U.S. Aggregate Bond Index, the Barclays U.S. TIPS Index (Series-L), the S&P 500 Index, the Russell 2000 Index and the MSCI ACWI Index ex USA Index (Net), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, gained 0.44%.

• The Fund’s former custom benchmark, which was composed of the Barclays Index, and the S&P 500 Index, in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, gained 1.58%.

Commentary

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

Overall Performance

The Model Portfolio Conservative Growth Fund’s performance reflected the generally negative returns of the U.S. equity market, high yield fixed income securities (“junk bonds”), and TIPS, and the modest positive returns of shorter-duration and intermediate-duration U.S. fixed income market securities. The

following is the performance of the T Shares of the underlying Vantagepoint Funds and the performance of the third party emerging markets ETF: Growth Fund – 4.60%; Growth & Income Fund – 0.00%; Discovery Fund – (7.86%); Equity Income Fund – (7.32%); Select Value Fund (6.69%); Aggressive Opportunities Fund – (2.27%); International Fund – (1.81%); Diversifying Strategies Fund – (1.61%); High Yield Fund – (4.99%); Inflation Focused Fund – 1.61%; Core Bond Index Fund – 0.38%; Low Duration Bond Fund – 0.32%; and the third party emerging markets ETF – (15.35%). For more information on the performance of the underlying Vantagepoint Funds, please refer to each Fund’s commentary within this report.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its market benchmark primarily resulted from its allocations to the underlying equity funds, as equity funds generally underperformed fixed income funds, with the exception of the Growth Fund, and its exposures to the underlying fixed income funds, multi-strategy fund, and the third party emerging market ETF. Fixed income funds with shorter-duration securities, inflation protected securities, and high yield securities generally underperformed intermediate-duration and higher quality securities held in the benchmark.

Performance Relative to the Peer Group

The Fund’s outperformance relative to its peer group benchmark primarily resulted from the Fund’s exposure to growth oriented equity securities as growth oriented equity securities generally outperformed value oriented securities.

Performance Relative to the Custom Benchmark

The Fund’s underperformance relative to its custom benchmark resulted from each of the underlying funds, with the exception of the Growth Fund and International Fund, underperforming its respective asset class index in the custom benchmark.

Performance Relative to the Former Custom Benchmark

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

50

51

Vantagepoint Model Portfolio Conservative Growth Fund

Average Annual Total Returns for the periods ended December 31, 2015*

	INVESTOR M SHARES			TM SHARES
One Year		–1.76	%		–1.51	%
Five Years		4.38	%		4.53	%
Ten Years		4.26	%		4.34	%
Class Inception Date		April 1, 1996			March 1, 2013

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

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

The Fund’s market benchmark, the Barclays U.S. Intermediate Aggregate Bond Index (the Barclays Index), consists of investment-grade U.S. fixed income securities with maturities of 1 to 10 years. The Fund’s custom benchmark is comprised of the BofA Merrill Lynch 1-3 Year US Corporate & Government Index, Barclays U.S. Aggregate Bond Index, Barclays U.S. Treasury Inflation-Protected Securities Index (Series-L), S&P 500 Index, Russell 2000^® Index, and MSCI ACWI ex USA Index (Net) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with changes in the Fund’s target percentage asset allocations. The Fund’s former custom benchmark was comprised of two underlying indexes (the Barclays U.S. Intermediate Aggregate Bond Index and S&P 500 Index) and also tracked the historical target allocations. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund’s exposure, through the underlying funds, to specific securities (or types of securities) may differ significantly from the securities held in the indexes.

52

Vantagepoint Model Portfolio Traditional Growth Fund

Summary of Performance

• The Vantagepoint Model Portfolio Traditional Growth Fund (the “Fund”) Investor M Shares lost 2.06% in 2015.

• The Fund’s market benchmark, the S&P 500 Index, gained 1.38%.

• The Fund’s peer group benchmark, the Morningstar Moderate Allocation Funds Average, a group of mutual funds with similar investment objectives, lost 1.93%.

• The Fund’s custom benchmark, which is composed of the BofA Merrill Lynch 1-3 Year US Corporate & Government Index, the Barclays U.S. Aggregate Bond Index, the Barclays U.S. TIPS Index (Series-L), the S&P 500 Index, the Russell 2000 Index and the MSCI ACWI Index ex USA Index (Net), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, gained 0.31%.

• The Fund’s former custom benchmark, which was composed of the S&P 500 Index and the Barclays U.S. Intermediate Aggregate Bond Index, in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, gained 1.64%.

Commentary

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

Overall Performance

The Model Portfolio Traditional Growth Fund’s performance reflected the generally negative returns of the U.S. equity market, high yield fixed income securities (“junk bonds”), and Treasury inflation protected securities, and the modest positive returns of shorter-duration U.S. fixed income market securities. The following is the performance of the T Shares of the underlying Vantagepoint Funds and the performance of the third party emerging markets ETF: Growth Fund

– 4.60%; Growth & Income Fund – 0.00%; Discovery Fund – (7.86%); Equity Income Fund – (7.32%); Select Value Fund – (6.69%); Aggressive Opportunities Fund – (2.27%); International Fund – (1.81%); Diversifying Strategies Fund – (1.61%); High Yield Fund – (4.99%); Inflation Focused Fund – (1.61%); Core Bond Index Fund – 0.38%; Low Duration Bond Fund – 0.32%; and the third party emerging markets ETF – (15.35%). For more information on the performance of the underlying Vantagepoint Funds, please refer to each Fund’s commentary within this report.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its U.S. large-capitalization equity market benchmark primarily resulted from each underlying equity fund, with the exception of the Growth Fund underperforming the market benchmark as funds with mid- and smaller-capitalization securities, and funds with value-oriented equity securities, generally underperformed the Fund’s market benchmark. In addition, the Fund’s allocation to fixed income funds and the multi-strategy fund detracted from performance as each underlying fixed income fund and the multi-strategy fund underperformed the Fund’s equity market benchmark. The Fund’s allocation to the third party emerging markets ETF trailed the market benchmark.

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group benchmark primarily resulted from higher allocations within the underlying equity funds to non-U.S. holdings and higher allocations to small-capitalization and mid-capitalization securities, which underperformed large-capitalization securities.

Performance Relative to the Custom Benchmark

The Fund’s underperformance relative to its custom benchmark resulted from each of the underlying funds, with the exception of the Growth Fund and International Fund, underperforming its respective asset class index in the custom benchmark.

Performance Relative to the Former Custom Benchmark

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

53

54

Vantagepoint Model Portfolio Traditional Growth Fund

Average Annual Total Returns for the periods ended December 31, 2015*

	INVESTOR M SHARES			TM SHARES
One Year		–2.06	%		–1.84	%
Five Years		5.91	%		6.06	%
Ten Years		4.90	%		4.97	%
Class Inception Date		April 1, 1996			March 1, 2013

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

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

The Fund’s market benchmark, the S&P 500 Index, is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. The Fund’s custom benchmark is comprised of the BofA Merrill Lynch 1-3 Year US Corporate & Government Index, Barclays U.S. Aggregate Bond Index, Barclays U.S. Treasury Inflation-Protected Securities Index (Series-L), S&P 500 Index, Russell 2000^® Index, and MSCI ACWI ex USA Index (Net) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with changes in the Fund’s target percentage asset allocations. The Fund’s former custom benchmark was comprised of two underlying indexes (the Barclays U.S. Intermediate Aggregate Bond Index and S&P 500 Index) and also tracked the historical target allocations. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund’s exposure, through the underlying funds, to specific securities (or types of securities) may differ significantly from the securities held in the indexes.

55

Vantagepoint Model Portfolio Long-Term Growth Fund

Summary of Performance

• The Vantagepoint Model Portfolio Long-Term Growth Fund (the “Fund”) Investor M Shares lost 2.61% in 2015.

• The Fund’s market benchmark, the S&P 500 Index, gained 1.38%.

• The Fund’s peer group, the Morningstar Aggressive Allocation Funds Average, a group of mutual funds with similar investment objectives, lost 2.77%.

• The Fund’s custom benchmark, which is composed of the BofA Merrill Lynch 1-3 Year US Corporate & Government Index, the Barclays U.S. Aggregate Bond Index, the S&P 500 Index, the Russell 2000 Index and the MSCI ACWI Index ex USA Index (Net), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, gained 0.14%.

• The Fund’s former custom benchmark, which was composed of the S&P 500 Index and the Barclay U.S. Intermediate Aggregate Bond Index, in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, gained 1.57%.

Commentary

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

Overall Performance

The Model Portfolio Long-Term Growth Fund’s performance reflected the generally negative returns of the U.S. equity market and high yield fixed income securities (“junk bonds”), and the modest positive returns of intermediate-duration U.S. fixed income market securities. The following is the performance of the T Shares of the underlying Vantagepoint Funds and the performance of the third party emerging markets ETF: Growth Fund

– 4.60%; Growth & Income Fund – 0.00%; Discovery Fund – (7.86%); Equity Income Fund – (7.32%); Select Value Fund – (6.69%); Aggressive Opportunities Fund

– (2.27%); International Fund – (1.81%); Diversifying Strategies Fund – (1.61%); High Yield Fund – (4.99%); Core Bond Index Fund – 0.38%; and the third party emerging markets ETF – (15.35%). For more information on the performance of the underlying Vantagepoint Funds, please refer to each Fund’s commentary within this report.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its U.S. large-capitalization equity market benchmark primarily resulted from each underlying equity fund, with the exception of the Growth Fund, underperforming the market benchmark as funds with mid- and smaller-capitalization securities, and funds with value-oriented equity securities, generally underperformed the Fund’s market benchmark. In addition, the Fund’s allocation to fixed income funds and the multi-strategy fund detracted from performance as each underlying fixed income fund and the multi-strategy fund underperformed the Fund’s equity market benchmark. The Fund’s allocation to the third party emerging markets ETF trailed the market benchmark.

Performance Relative to the Peer Group

The Fund’s outperformance relative to its peer group benchmark primarily resulted from the Fund’s exposure to growth oriented equity securities as growth oriented equity securities generally outperformed value oriented securities.

Performance Relative to the Custom Benchmark

The Fund’s underperformance relative to its custom benchmark resulted from each of the underlying funds, with the exception of the Growth Fund and International Fund, underperforming its respective asset class index in the custom benchmark.

Performance Relative to the Former Custom Benchmark

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

56

57

Vantagepoint Model Portfolio Long-Term Growth Fund

Average Annual Total Returns for the periods ended December 31, 2015*

	INVESTOR M SHARES			TM SHARES
One Year		–2.61	%		–2.38	%
Five Years		6.84	%		6.99	%
Ten Years		5.28	%		5.36	%
Class Inception Date		April 1, 1996			March 1, 2013

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

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

The Fund’s market benchmark, the S&P 500 Index, is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. The Fund’s custom benchmark is comprised of the BofA Merrill Lynch 1-3 Year US Corporate & Government Index, Barclays U.S. Aggregate Bond Index, S&P 500 Index, Russell 2000^® Index, and MSCI ACWI ex USA Index (Net) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with changes in the Fund’s target percentage asset allocations. The Fund’s former custom benchmark was comprised of two underlying indexes (the Barclays U.S. Intermediate Aggregate Bond Index and S&P 500 Index) and also tracked the historical target allocations. An index is not available for direct investment, is unmanaged and does not reflect the costs of portfolio management or trading. A fund’s exposure, through the underlying funds, to specific securities (or types of securities) may differ significantly from the securities held in the indexes.

58

Vantagepoint Model Portfolio Global Equity Growth Fund

(formerly the Model Portfolio All-Equity Growth Fund)

Summary of Performance

• The Vantagepoint Model Portfolio Global Equity Growth (the “Fund”) Investor M Shares lost 3.93% in 2015.

• The Fund’s market benchmark, the MSCI ACWI Index (Net), lost 2.36%.

• The Fund’s former market benchmark, the S&P 500 Index, gained 1.38%.

• The Fund’s peer group, the Morningstar World Stock Average, a group of mutual funds with similar investment objectives, lost 1.69%.

• The Fund’s custom benchmark, which is composed of the S&P 500 Index, the Russell 2000 Index and the MSCI ACWI ex USA Index (Net), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, lost 2.44%.

• The Fund’s former custom benchmark, which was composed of the S&P 500 Index and the MSCI EAFE Index (Net), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, lost 1.20%

Commentary

The investment objective of the Fund is to offer high long-term capital growth. The Fund invests, under normal circumstances, 100% of its net assets in equity Funds by investing in a combination of other Vantagepoint Funds and one or more third party ETFs whose assets are invested, under normal circumstances, at least 80% in equity securities (common and preferred stock) or instruments that provide equity exposure. The Fund expects to have significant exposure to non-U.S. securities.

Overall Performance

The Model Portfolio Global Equity Growth Fund’s total performance reflected the generally negative returns of the U.S. equity market, non-U.S developed market equity securities for U.S. investors, and developing market equity securities, and the increased value of the U.S. dollar relative to non-U.S. currencies, which

reduces return to U.S. investors from non-U.S. dollar denominated securities. The following is the performance of the T Shares of the underlying Vantagepoint Funds and the performance of the third party emerging markets ETF: Growth Fund – 4.60%; Growth & Income Fund – 0.00%; Discovery Fund – (7.86%); Equity Income Fund – (7.32%); Select Value Fund – (6.69%); Aggressive Opportunities Fund – (2.27%); International Fund – (1.81%); Overseas Equity Index Fund – (1.23%); and the third party emerging markets ETF – (15.35%). For more information on the performance of the underlying Vantagepoint Funds, please refer to each Fund’s commentary within this report.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its market benchmark primarily resulted from the Equity Income Fund, Select Value Fund, Discovery Fund, and the third-party emerging markets ETF underperforming the market benchmark as funds with mid- and smaller-capitalization securities, and funds with value-oriented equity securities, and emerging market securities generally underperformed the Fund’s market benchmark.

Performance Relative to the Former Market Benchmark

The Fund’s underperformance relative to its U.S. large-capitalization equity former market benchmark primarily resulted from each underlying equity fund, with the exception of the Growth Fund, underperforming the market benchmark as funds with mid- and smaller-capitalization securities, and funds with value-oriented equity securities, generally underperformed the Fund’s market benchmark. The Fund’s allocation to the third party emerging markets ETF trailed the market benchmark.

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group benchmark primarily resulted from higher allocations to non-U.S. holdings and higher allocations within the large-capitalization equity funds to mid-capitalization securities, which underperformed large-capitalization securities.

59

Performance Relative to the Custom Benchmark

The Fund’s underperformance relative to its custom benchmark primarily resulted from each of the underlying funds underperforming their respective index in the custom benchmark with the exception of the Growth Fund, International Fund, and Overseas Equity Index Fund.

Performance Relative to the Former Custom Benchmark

The Fund’s underperformance relative to its former custom benchmark primarily resulted from each of the underlying funds, with the exception of the Growth Fund, underperforming their respective index in the custom benchmark.

60

Vantagepoint Model Portfolio Global Equity Growth Fund

Average Annual Total Returns for the periods ended December 31, 2015*

	INVESTOR M SHARES			TM SHARES
One Year		–3.93	%		–3.68	%
Five Years		8.07	%		8.23	%
Ten Years		5.44	%		5.52	%
Class Inception Date		October 1, 2000			March 1, 2013

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

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

On August 25, 2015, the Fund changed its benchmark to the MSCI ACWI Index (Net), a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of large and mid-cap segments of developed and emerging markets, excluding the U.S. The net version of this index reinvests dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The Fund’s former benchmark was the S&P 500 Index which consists of 500 companies representing larger capitalization stocks traded in the U.S. The Fund’s custom benchmark is comprised of the S&P 500 Index, Russell 2000^® Index, and MSCI ACWI ex USA Index (Net) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with changes in the Fund’s target percentage asset allocations. The Fund’s former custom benchmark was comprised of two underlying indexes (the S&P 500 Index and the MSCI EAFE Index (Net)) and also tracked the historical target allocations. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund’s exposure, through the underlying funds, to specific securities (or types of securities) may differ significantly from the securities held in the indexes.

61

Vantagepoint Milestone Retirement Income Fund

Summary of Performance

• The Vantagepoint Milestone Retirement Income Fund (the “Fund”) Investor M Shares lost 1.54% in 2015.

• The Fund’s market benchmark, the Barclays U.S. Intermediate Aggregate Bond Index (“Barclays Index”), gained 1.21%.

• The Fund’s peer group, the Morningstar Retirement Income Funds Average, a group of mutual funds with similar investment objectives, lost 1.50%.

• The Fund’s custom benchmark, which is composed of the BofA Merrill Lynch 1-3 Year US Corporate & Government Index, the Barclays U.S. Aggregate Bond Index, the Barclays U.S. TIPS Index (Series-L), the S&P 500 Index, the Russell 2000 Index and the MSCI ACWI Index ex USA Index (Net), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, gained 0.19%.

• The Fund’s former custom benchmark, which was composed of the Barclays Index and the S&P 500 Index, in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, gained 1.58%.

Commentary

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

Overall Performance

The Milestone Retirement Income Fund’s performance reflected the generally negative returns of the U.S. equity market, high yield fixed income securities (“junk bonds”), and Treasury inflation protected securities, and the modest positive returns of shorter-duration and intermediate-duration U.S. fixed income market securities. The following is the performance of the T Shares of the underlying Vantagepoint Funds and the performance of the third party emerging markets ETF: Growth Fund – 4.60%; Growth & Income Fund – 0.00%; Discovery

Fund – (7.86); Equity Income Fund – (7.32); Select Value Fund – (6.69%); Mid/Small Company Index Fund – (3.00%); Aggressive Opportunities Fund – (2.27%); International Fund – (1.81%); Diversifying Strategies Fund – (1.61%); Core Bond Index Fund – 0.38%; Low Duration Bond Fund – 0.32%; Inflation Focused Fund – (1.61%); High Yield Fund – (4.99%); and the third party emerging markets ETF – (15.35%). For more information on the performance of the underlying Vantagepoint Funds, please refer to each Fund’s commentary within this report.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its fixed income market benchmark primarily resulted from its allocations to the underlying equity funds, as equity funds generally underperformed fixed income funds, with the exception of the Growth Fund, and its exposures to the underlying fixed income funds, multi-strategy fund, and the third party emerging markets ETF. Fixed income funds with shorter-duration securities, inflation protected securities, and high yield securities generally underperformed intermediate-duration and higher quality securities held in the benchmark.

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group primarily resulted from the underlying equity funds’ exposure to small- and mid-capitalization securities as they generally underperformed large-capitalization securities, the overall performance of the underlying equity funds as well as performance of the underlying High Yield Fund. This underperformance was partially offset by underweight allocations to funds holding Treasury inflation protected securities.

Performance Relative to the Custom Benchmark

The Fund’s underperformance relative to its custom benchmark primarily resulted from each of the underlying funds, with the exception of Growth Fund, Mid/ Small Company Index Fund, and International Fund, underperforming its respective asset class index in the custom benchmark.

Performance Relative to the Former Custom Benchmark

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

62

63

Vantagepoint Milestone Retirement Income Fund

Average Annual Total Returns for the periods ended December 31, 2015*

	INVESTOR M SHARES			TM SHARES
One Year		–1.54	%		–1.28	%
Five Years		3.48	%		3.63	%
Since Inception		3.82	%		3.89	%
Class Inception Date		January 3, 2005			March 1, 2013

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

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

The Fund’s market benchmark, the Barclays U.S. Intermediate Aggregate Bond Index (the Barclays Index), consists of investment-grade U.S. fixed income securities with maturities of 1 to 10 years. The Fund’s custom benchmark is comprised of the BofA Merrill Lynch 1-3 Year US Corporate & Government Index, Barclays U.S. Aggregate Bond Index, Barclays U.S. Treasury Inflation-Protected Securities Index (Series-L), S&P 500 Index, Russell 2000^® Index, and MSCI ACWI ex USA Index (Net) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with changes in the Fund’s target percentage asset allocations. The Fund’s former custom benchmark was comprised of two underlying indexes (the Barclays U.S. Intermediate Aggregate Bond Index and S&P 500 Index) and also tracked the historical target allocations. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund’s exposure, through the underlying funds, to specific securities (or types of securities) may differ significantly from the securities held in the indexes.

64

Vantagepoint Milestone 2010 Fund

Summary of Performance

• The Vantagepoint Milestone 2010 Fund (the “Fund”) Investor M Shares lost 1.57% in 2015.

• The Fund’s market benchmark, the Barclays U.S. Intermediate Aggregate Bond Index (“Barclays Index”), gained 1.21%.

• The Fund’s peer group, the Morningstar Target Date 2000-2010 Funds Average, a group of mutual funds with similar investment objectives, lost 1.18%.

• The Fund’s custom benchmark, which is composed of the BofA Merrill Lynch 1-3 Year US Corporate & Government Index, the Barclays U.S. Aggregate Bond Index, the Barclays U.S. TIPS Index (Series-L), the S&P 500 Index, the Russell 2000 Index and the MSCI ACWI Index ex USA Index (Net), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, gained 0.21%.

• The Fund’s former custom benchmark, which was composed of the Barclays Index and the S&P 500 Index, in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, gained 1.61%.

Commentary

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

Overall Performance

The Milestone 2010 Fund’s performance reflected the generally negative returns of the U.S. equity market, high yield fixed income securities (“junk bonds”), and Treasury inflation protected securities, and the modest positive returns of shorter-duration and intermediate-duration U.S. fixed income market securities. The following is the performance of the T Shares of the underlying Vantagepoint Funds and the performance of the third party emerging markets ETF: Growth Fund – 4.60%; Growth & Income Fund – 0.00%; Discovery Fund – (7.86%); Equity Income Fund – (7.32%); Select Value Fund – (6.69%); Mid/Small Company Index Fund – (3.00%); Aggressive Opportunities Fund – (2.27%); International Fund – (1.81%); Diversifying Strategies Fund – (1.61%); Core Bond Index Fund – 0.38%; Low Duration Bond Fund – 0.32%; Inflation Focused Fund – (1.61%); High Yield Fund – (4.99%); and the third party emerging markets ETF – (15.35%). For more information on the performance of the underlying Vantagepoint Funds, please refer to each Fund’s commentary within this report.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its fixed income market benchmark primarily resulted from its allocations to the underlying equity funds, as equity funds generally underperformed fixed income funds, with the exception of Growth Fund, and its exposures to the underlying fixed income funds, multi-strategy fund, and the third party emerging markets ETF. Fixed income funds with shorter-duration securities, inflation protected securities, and high yield securities generally underperformed intermediate-duration and higher quality securities held in the benchmark.

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group primarily resulted from the underlying equity funds’ exposure to small- and mid-capitalization securities as they generally underperformed large-capitalization securities, the overall performance of the underlying equity funds as well as performance of the underlying High Yield Fund. This underperformance was partially offset by underweight allocations to funds holding Treasury inflation protected securities and non-U.S. equity securities.

65

Performance Relative to the Custom Benchmark

The Fund’s underperformance relative to its custom benchmark primarily resulted from each of the underlying funds, with the exception of the Growth Fund, Mid/ Small Company Index Fund, and International Fund, underperforming its respective asset class index in the custom benchmark.

Performance Relative to the Former Custom Benchmark

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

66

Vantagepoint Milestone 2010 Fund

Average Annual Total Returns for the periods ended December 31, 2015*

	INVESTOR M SHARES			TM SHARES
One Year		–1.57	%		–1.31	%
Five Years		4.78	%		4.93	%
Since Inception		4.45	%		4.53	%
Class Inception Date		January 3, 2005			March 1, 2013

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

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

The Fund’s market benchmark, the Barclays U.S. Intermediate Aggregate Bond Index (the Barclays Index), consists of investment-grade U.S. fixed income securities with maturities of 1 to 10 years. The Fund’s custom benchmark is comprised of the BofA Merrill Lynch 1-3 Year US Corporate & Government Index, Barclays U.S. Aggregate Bond Index, Barclays U.S. Treasury Inflation-Protected Securities Index (Series-L), S&P 500 Index, Russell 2000^® Index, and MSCI ACWI ex USA Index (Net) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with changes in the Fund’s target percentage asset allocations. The Fund’s former custom benchmark was comprised of two underlying indexes (the Barclays U.S. Intermediate Aggregate Bond Index and S&P 500 Index) and also tracked the historical target allocations. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund’s exposure, through the underlying funds, to specific securities (or types of securities) may differ significantly from the securities held in the indexes.

67

Vantagepoint Milestone 2015 Fund

Summary of Performance

• The Vantagepoint Milestone 2015 Fund (the “Fund”) Investor M Shares lost 1.75% in 2015.

• The Fund’s market benchmark, the Barclays U.S. Intermediate Aggregate Bond Index (“Barclays Index”), gained 1.21%.

• The Fund’s peer group, the Morningstar Target Date 2011–2015 Funds Average, a group of mutual funds with similar investment objectives, lost 1.34%.

• The Fund’s custom benchmark, which is composed of the BofA Merrill Lynch 1-3 Year US Corporate & Government Index, the Barclays U.S. Aggregate Bond Index, the Barclays U.S. TIPS Index (Series-L), the S&P 500 Index, the Russell 2000 Index and the MSCI ACWI Index ex USA Index (Net), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, gained 0.15%.

• The Fund’s former custom benchmark, which was composed of the Barclays Index and the S&P 500 Index, in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, gained 1.64%.

Commentary

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

Overall Performance

The Milestone 2015 Fund’s performance reflected the generally negative returns of the U.S. equity market, high yield fixed income securities (“junk bonds”), and Treasury inflation protected securities, and the modest positive returns of shorter-duration and intermediate-duration U.S. fixed income market securities. The following is the performance of the T Shares of the underlying Vantagepoint Funds and the performance of the third party emerging markets ETF: Growth Fund – 4.60%; Growth & Income Fund – 0.00%; Discovery Fund – (7.86%); Equity Income Fund – (7.32%); Select Value Fund – (6.69%); Mid/Small Company Index Fund – (3.00%); Aggressive Opportunities Fund – (2.27%); International Fund – (1.81%); Diversifying Strategies Fund – (1.61%); Core Bond Index Fund – 0.38%; Low Duration Bond Fund – 0.32%; Inflation Focused Fund – (1.61%), High Yield Fund – (4.99%); and the third party emerging markets ETF – (15.35%). For more information on the performance of the underlying Vantagepoint Funds, please refer to each Fund’s commentary within this report.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its fixed income market benchmark primarily resulted from its allocations to the underlying equity funds, as equity funds generally underperformed fixed income funds, with the exception of the Growth Fund, and its exposures to the underlying fixed income funds, multi-strategy fund, and the third party emerging markets ETF. Fixed income funds with shorter-duration securities, inflation protected securities, and high yield securities generally underperformed intermediate-duration and higher quality securities held in the benchmark.

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group primarily resulted from the underlying equity funds’ exposure to small- and mid-capitalization securities as they generally underperformed large-capitalization securities, the overall performance of the underlying equity funds as well as performance of the underlying High Yield Fund. This underperformance was partially offset by underweight allocations to funds holding Treasury inflation protected securities and non-U.S. equity securities.

68

Performance Relative to the Custom Benchmark

The Fund’s underperformance relative to its custom benchmark primarily resulted from each of the underlying funds, with the exception of the Growth Fund, Mid/ Small Company Index Fund, and International Fund, underperforming its respective asset class index in the custom benchmark.

Performance Relative to the Former Custom Benchmark

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

69

Vantagepoint Milestone 2015 Fund

Average Annual Total Returns for the periods ended December 31, 2015*

	INVESTOR M SHARES			TM SHARES
One Year		–1.75	%		–1.50	%
Five Years		5.28	%		5.42	%
Ten Years		4.63	%		4.71	%
Class Inception Date		January 3, 2005			March 1, 2013

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

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

The Fund’s market benchmark, the Barclays U.S. Intermediate Aggregate Bond Index, consists of investment grade U.S. fixed income securities with maturities of 1 to 10 years. The Fund’s custom benchmark is comprised of the BofA Merrill Lynch 1-3 Year US Corporate & Government Index, Barclays U.S. Aggregate Bond Index, Barclays U.S. Treasury Inflation-Protected Securities Index (Series-L), S&P 500 Index, Russell 2000^® Index, and MSCI ACWI ex USA Index (Net) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with changes in the Fund’s target percentage asset allocations. The Fund’s former custom benchmark was comprised of two underlying indexes (the Barclays U.S. Intermediate Aggregate Bond Index and S&P 500 Index) and also tracked the historical target allocations. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund’s exposure, through the underlying funds, to specific securities (or types of securities) may differ significantly from the securities held in the indexes.

70

Vantagepoint Milestone 2020 Fund

Summary of Performance

• The Vantagepoint Milestone 2020 Fund (the “Fund”) Investor M Shares lost 1.89% in 2015.

• The Fund’s market benchmark, the S&P 500 Index, gained 1.38%.

• The Fund’s peer group benchmark, the Morningstar Target Date 2016-2020 Funds Average, a group of mutual funds with similar investment objectives, lost 1.57%.

• The Fund’s custom benchmark, which is composed of the BofA Merrill Lynch 1-3 Year US Corporate & Government Index, the Barclays U.S. Aggregate Bond Index, the Barclays U.S. TIPS Index (Series-L), the S&P 500 Index, the Russell 2000 Index and the MSCI ACWI Index ex USA Index (Net), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, gained 0.09%.

• The Fund’s former custom benchmark, which was composed of the S&P 500 Index and the Barclays U.S. Intermediate Aggregate Bond Index, in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, gained 1.65%.

Commentary

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

Overall Performance

The Milestone 2020 Fund’s performance reflected the generally negative returns of the U.S. equity market, high yield fixed income securities (“junk bonds”), and Treasury inflation protected securities, and the modest positive returns of shorter-duration and intermediate-duration U.S. fixed income market securities. The following is the performance of the T Shares of the underlying Vantagepoint Funds and the performance of the third party emerging markets ETF: Growth Fund – 4.60%; Growth & Income Fund – 0.00%; Discovery Fund – (7.86%); Equity Income Fund – (7.32%); Select Value Fund – (6.69%); Mid/Small Company Index Fund – (3.00%); Aggressive Opportunities Fund – (2.27%); International Fund – (1.81%); Diversifying Strategies Fund – (1.61%); Core Bond Index Fund – 0.38%; Low Duration Bond Fund – 0.32%; Inflation Focused Fund – (1.61%); High Yield Fund – (4.99%); and the third party emerging markets ETF – (15.35%). For more information on the performance of the underlying Vantagepoint Funds, please refer to each Fund’s commentary within this report.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its U.S. large-capitalization equity market benchmark primarily resulted from each underlying equity fund, with the exception of the Growth Fund, underperforming the market benchmark as funds with mid- and small-capitalization securities, and funds with value-oriented equity securities, generally underperformed the Fund’s market benchmark. In addition, the Fund’s allocation to fixed income funds and the multi-strategy fund detracted from performance as each underlying fixed income fund and the multi-strategy fund underperformed the Fund’s equity market benchmark. The Fund’s allocation to the third party emerging markets ETF trailed the market benchmark.

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group primarily resulted from the underlying equity funds’ exposure to small- and mid-capitalization securities as they generally underperformed large-capitalization securities, the overall performance of the underlying equity funds as well as performance of the underlying High Yield Fund. This underperformance was partially offset by underweight allocations to funds holding Treasury inflation protected securities and non-U.S. equity securities.

71

Performance Relative to the Custom Benchmark

The Fund’s underperformance relative to its custom benchmark primarily resulted from underlying funds, with the exception of the Growth Fund, Mid/Small Company Index Fund, and International Fund, underperforming its respective asset class index in the custom benchmark.

Performance Relative to the Former Custom Benchmark

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

72

Vantagepoint Milestone 2020 Fund

Average Annual Total Returns for the periods ended December 31, 2015*

	INVESTOR M SHARES			TM SHARES
One Year		–1.89	%		–1.56	%
Five Years		5.85	%		6.01	%
Ten Years		4.82	%		4.90	%
Class Inception Date		January 3, 2005			March 1, 2013

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

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

The Fund’s market benchmark, the S&P 500 Index, is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. The Fund’s custom benchmark is comprised of the BofA Merrill Lynch 1-3 Year US Corporate & Government Index, Barclays U.S. Aggregate Bond Index, Barclays U.S. Treasury Inflation-Protected Securities Index (Series-L), S&P 500 Index, Russell 2000^® Index, and MSCI ACWI ex USA Index (Net) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with changes in the Fund’s target percentage asset allocations. The Fund’s former custom benchmark was comprised of two underlying indexes (the Barclays U.S. Intermediate Aggregate Bond Index and S&P 500 Index) and also tracked the historical target allocations. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund’s exposure, through the underlying funds, to specific securities (or types of securities) may differ significantly from the securities held in the indexes.

73

Vantagepoint Milestone 2025 Fund

Summary of Performance

• The Vantagepoint Milestone 2025 Fund (the “Fund”) Investor M Shares lost 2.09% in 2015.

• The Fund’s market benchmark, the S&P 500 Index, gained 1.38%.

• The Fund’s peer group benchmark, the Morningstar Target Date 2021–2025 Funds Average, a group of mutual funds with similar investment objectives, lost 1.59%.

• The Fund’s custom benchmark, which is composed of the BofA Merrill Lynch 1-3 Year US Corporate & Government Index, the Barclays U.S. Aggregate Bond Index, the Barclays U.S. TIPS Index (Series-L), the S&P 500 Index, the Russell 2000 Index and the MSCI ACWI Index ex USA Index (Net), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, gained 0.01%.

• The Fund’s former custom benchmark, which was composed of the S&P 500 Index and the Barclays U.S. Intermediate Aggregate Bond Index, in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, gained 1.65%.

Commentary

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

Overall Performance

The Milestone 2025 Fund’s performance reflected the generally negative returns of the U.S. equity market, high yield fixed income securities (“junk bonds”), and Treasury inflation protected securities, and the modest positive returns of shorter-duration and intermediate-duration U.S. fixed income market securities. The following is the performance of the T Shares of the underlying Vantagepoint Funds and the performance of the third party emerging markets ETF: Growth Fund – 4.60%; Growth & Income Fund – 0.00%; Discovery Fund – (7.86%); Equity Income Fund – (7.32); Select Value Fund – (6.69%); Mid/Small Company Index Fund – (3.00%); Aggressive Opportunities Fund – (2.27%); International Fund – (1.81%); Diversifying Strategies Fund – (1.61%); Core Bond Index Fund – 0.38%; Low Duration Bond Fund – 0.32%; Inflation Focused Fund – (1.61%); High Yield Fund – (4.99%); and the third party emerging markets ETF – (15.35%). For more information on the performance of the underlying Vantagepoint Funds, please refer to each Fund’s commentary within this report.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its U.S. large-capitalization equity market benchmark primarily resulted from each underlying equity fund, with the exception of the Growth Fund, underperforming the market benchmark as funds with mid- and small-capitalization securities, and funds with value-oriented equity securities, generally underperformed the Fund’s market benchmark. In addition, the Fund’s allocation to fixed income funds and the multi-strategy fund detracted from performance as each underlying fixed income fund and the multi-strategy fund underperformed the Fund’s equity market benchmark. The Fund’s allocation to the third party emerging markets ETF trailed the market benchmark.

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group primarily resulted from the underlying equity funds’ exposure to small- and mid-capitalization securities as they generally underperformed large-capitalization securities, the overall performance of the underlying equity funds as well as performance of the underlying High Yield Fund. This underperformance was partially offset by underweight allocations to funds holding Treasury inflation protected securities and non-U.S. equity securities.

74

Performance Relative to the Custom Benchmark

The Fund’s underperformance relative to its custom benchmark primarily resulted from each of the underlying funds, with the exception of the Growth Fund, Mid/ Small Company Index Fund, and International Fund, underperforming its respective asset class index in the custom benchmark.

Performance Relative to the Former Custom Benchmark

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

75

Vantagepoint Milestone 2025 Fund

Average Annual Total Returns for the periods ended December 31, 2015*

	INVESTOR M SHARES			TM SHARES
One Year		–2.09	%		–1.85	%
Five Years		6.44	%		6.59	%
Ten Years		4.99	%		5.07	%
Class Inception Date		January 3, 2005			March 1, 2013

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

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

The Fund’s market benchmark, the S&P 500 Index, is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. The Fund’s custom benchmark is comprised of the BofA Merrill Lynch 1-3 Year US Corporate & Government Index, Barclays U.S. Aggregate Bond Index, Barclays U.S. Treasury Inflation-Protected Securities Index (Series-L), S&P 500 Index, Russell 2000^® Index, and MSCI ACWI ex USA Index (Net) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with changes in the Fund’s target percentage asset allocations. The Fund’s former custom benchmark was comprised of two underlying indexes (the Barclays U.S. Intermediate Aggregate Bond Index and S&P 500 Index) and also tracked the historical target allocations. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund’s exposure, through the underlying funds, to specific securities (or types of securities) may differ significantly from the securities held in the indexes.

76

Vantagepoint Milestone 2030 Fund

Summary of Performance

• The Vantagepoint Milestone 2030 Fund (the “Fund”) Investor M Shares lost 2.34% in 2015.

• The Fund’s market benchmark, the S&P 500 Index, gained 1.38%.

• The Fund’s peer group benchmark, the Morningstar Target Date 2026-2030 Funds Average, a group of mutual funds with similar investment objectives, lost 1.79%.

• The Fund’s custom benchmark, which is composed of the BofA Merrill Lynch 1-3 Year US Corporate & Government Index, the Barclays U.S. Aggregate Bond Index, the Barclays U.S. TIPS Index (Series-L), the S&P 500 Index, the Russell 2000 Index and the MSCI ACWI Index ex USA Index (Net), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, lost 0.14%.

• The Fund’s former custom benchmark, which was composed of the S&P 500 Index and the Barclays U.S. Intermediate Aggregate Bond Index, in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, gained 1.62%.

Commentary

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

Overall Performance

The Milestone 2030 Fund’s performance reflected the generally negative returns of the U.S. equity market, high yield fixed income securities (“junk bonds”), and Treasury inflation protected securities, and the modest positive returns of shorter-duration and intermediate-duration U.S. fixed income market securities. The following is the performance of the T Shares of the underlying Vantagepoint Funds and the performance of the third party emerging markets ETF: Growth Fund – 4.60%; Growth & Income Fund – 0.00%; Discovery Fund – (7.86%); Equity Income Fund – (7.32%); Select Value Fund – (6.69%); Mid/Small Company Index Fund – (3.00%); Aggressive Opportunities Fund – (2.27%); International Fund – (1.81%); Diversifying Strategies Fund – (1.61%); Core Bond Index Fund – 0.38%; Low Duration Bond Fund – 0.32%; Inflation Focused Fund – (1.61%); High Yield Fund – (4.99%); and the third party emerging markets ETF – (15.35%). For more information on the performance of the underlying Vantagepoint Funds, please refer to each Fund’s commentary within this report.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its U.S. large-capitalization equity market benchmark primarily resulted from each underlying equity fund, with the exception of the Growth Fund, underperforming the market benchmark as funds with mid- and small-capitalization securities, and funds with value-oriented equity securities, generally underperformed the Fund’s market benchmark. In addition, the Fund’s allocation to fixed income funds and the multi-strategy fund detracted from performance as each underlying fixed income fund and the multi-strategy fund underperformed the Fund’s equity market benchmark. The Fund’s allocation to the third party emerging markets ETF trailed the market benchmark.

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group primarily resulted from the underlying equity funds’ exposure to small- and mid-capitalization securities as they generally underperformed large-capitalization securities, the overall performance of the underlying equity funds as well as performance of the underlying High Yield Fund. This underperformance was partially offset by underweight allocations to funds holding Treasury inflation protected securities and non-U.S. equity securities.

77

Performance Relative to the Custom Benchmark

The Fund’s underperformance relative to its custom benchmark primarily resulted from each of the underlying funds, with the exception of the Growth Fund, Mid/ Small Company Index Fund, and International Fund, underperforming its respective asset class index in the custom benchmark.

Performance Relative to the Former Custom Benchmark

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

78

Vantagepoint Milestone 2030 Fund

Average Annual Total Returns for the periods ended December 31, 2015*

	INVESTOR M SHARES			TM SHARES
One Year		–2.34	%		–2.10	%
Five Years		6.97	%		7.12	%
Ten Years		5.17	%		5.24	%
Class Inception Date		January 3, 2005			March 1, 2013

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

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

The Fund’s market benchmark, the S&P 500 Index, is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. The Fund’s custom benchmark is comprised of the BofA Merrill Lynch 1-3 Year US Corporate & Government Index, Barclays U.S. Aggregate Bond Index, Barclays U.S. Treasury Inflation-Protected Securities Index (Series-L), S&P 500 Index, Russell 2000^® Index, and MSCI ACWI ex USA Index (Net) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with changes in the Fund’s target percentage asset allocations. The Fund’s former custom benchmark was comprised of two underlying indexes (the Barclays U.S. Intermediate Aggregate Bond Index and S&P 500 Index) and also tracked the historical target allocations. An index is not available for direct investment, is unmanaged, and does reflect the costs of portfolio management or trading. A fund’s exposure, through the underlying funds, to specific securities (or types of securities) may differ significantly from the securities held in the indexes.

79

Vantagepoint Milestone 2035 Fund

Summary of Performance

• The Vantagepoint Milestone 2035 Fund (the “Fund”) Investor M Shares lost 2.65% in 2015.

• The Fund’s market benchmark, the S&P 500 Index, gained 1.38%.

• The Fund’s peer group benchmark, the Morningstar Target Date 2031-2035 Funds Average, a group of mutual funds with similar investment objectives, lost 1.76%.

• The Fund’s custom benchmark, which is composed of the BofA Merrill Lynch 1-3 Year US Corporate & Government Index, the Barclays U.S. Aggregate Bond Index, the Barclays U.S. TIPS Index (Series-L), the S&P 500 Index, the Russell 2000 Index and the MSCI ACWI Index ex USA Index (Net), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, lost 0.33%.

• The Fund’s custom benchmark, which was composed of the S&P 500 Index and the Barclays U.S. Intermediate Aggregate Bond Index, in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, gained 1.58%.

Commentary

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

Overall Performance

The Milestone 2035 Fund’s performance reflected the generally negative returns of the U.S. equity market, high yield fixed income securities (“junk bonds”), and Treasury inflation protected securities, and the modest positive returns of shorter-duration and intermediate-duration U.S. fixed income market securities. The following is the performance of the T Shares of the underlying Vantagepoint Funds and the performance of the third party emerging markets ETF: Growth Fund - 4.60%; Growth & Income Fund – 0.00%; Discovery Fund – (7.86%); Equity Income Fund – (7.32%); Select Value Fund – (6.69%); Mid/Small Company Index Fund – (3.00%); Aggressive Opportunities Fund – (2.27%); International Fund – (1.81%); Diversifying Strategies Fund – (1.61%); Core Bond Index Fund – 0.38%; Low Duration Bond Fund – 0.32%; Inflation Focused Fund – (1.61%); High Yield Fund – (4.99%); and the third party emerging markets ETF – (15.35%). For more information on the performance of the underlying Vantagepoint Funds, please refer to each Fund’s commentary within this report.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its U.S. large-capitalization equity market benchmark primarily resulted from each underlying equity fund, with the exception of the Growth Fund, underperforming the market benchmark as funds with mid- and small-capitalization securities, and funds with value-oriented equity securities, generally underperformed the Fund’s market benchmark. In addition, the Fund’s allocation to fixed income funds and the multi-strategy fund detracted from performance as each underlying fixed income fund and the multi-strategy fund underperformed the Fund’s equity market benchmark. The Fund’s allocation to the third party emerging markets ETF trailed the market benchmark.

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group primarily resulted from the underlying equity funds’ exposure to small- and mid-capitalization securities as they generally underperformed large-capitalization securities, the overall performance of the underlying equity funds as well as performance of the underlying High Yield Fund. This underperformance was partially offset by underweight allocations to funds holding Treasury inflation protected securities and non-U.S. equity securities.

80

Performance Relative to the Custom Benchmark

The Fund’s underperformance relative to its custom benchmark primarily resulted from each of the underlying funds, with the exception of the Growth Fund, Mid/ Small Company Index Fund, and International Fund, underperforming its respective asset class index in the custom benchmark.

Performance Relative to the Former Custom Benchmark

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

81

Vantagepoint Milestone 2035 Fund

Average Annual Total Returns for the periods ended December 31, 2015*

	INVESTOR M SHARES			TM SHARES
One Year		–2.65	%		–2.33	%
Five Years		7.47	%		7.62	%
Ten Years		5.36	%		5.43	%
Class Inception Date		January 3, 2005			March 1, 2013

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

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

The Fund’s market benchmark, the S&P 500 Index, is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. The Fund’s custom benchmark is comprised of the BofA Merrill Lynch 1-3 Year US Corporate & Government Index, Barclays U.S. Aggregate Bond Index, Barclays U.S. Treasury Inflation-Protected Securities Index (Series-L), S&P 500 Index, Russell 2000^® Index, and MSCI ACWI ex USA Index (Net) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with changes in the Fund’s target percentage asset allocations. The Fund’s former custom benchmark was comprised of two underlying indexes (the Barclays U.S. Intermediate Aggregate Bond Index and S&P 500 Index) and also tracked the historical target allocations. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund’s exposure, through the underlying funds, to specific securities (or types of securities) may differ significantly from the securities held in the indexes.

82

Vantagepoint Milestone 2040 Fund

Summary of Performance

• The Vantagepoint Milestone 2040 Fund (the “Fund”) Investor M Shares lost 2.87% in 2015.

• The Fund’s market benchmark, the S&P 500 Index, gained 1.38%.

• The Fund’s peer group benchmark, the Morningstar Target Date 2036-2040 Funds Average, a group of mutual funds with similar investment objectives, lost 1.99%.

• The Fund’s custom benchmark, which is composed of the BofA Merrill Lynch 1-3 Year US Corporate & Government Index, the Barclays U.S. Aggregate Bond Index, the S&P 500 Index, the Russell 2000 Index and the MSCI ACWI Index ex USA Index (Net), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, lost 0.50%.

• The Fund’s former custom benchmark, which was composed of the S&P 500 Index and the MSCI EAFE Index (Net), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, gained 1.11%.

Commentary

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

Overall Performance

The Milestone 2040 Fund’s performance reflected the generally negative returns of the U.S. equity market and high yield fixed income securities (“junk bonds”) and the modest positive returns of intermediate-duration U.S. fixed income market securities. The following is the performance of the T Shares of the underlying Vantagepoint Funds and the performance of the third party emerging markets ETF: Growth Fund – 4.60%; Growth & Income Fund – 0.00%; Discovery Fund – (7.86%); Equity Income Fund – (7.32%); Select Value Fund – (6.69%); Mid/Small Company Index Fund – (3.00%); Aggressive Opportunities Fund – (2.27%); International Fund – (1.81%); Diversifying Strategies Fund – (1.61%); Core Bond Index Fund – 0.38%; High Yield Fund – (4.99%); and the third party emerging markets ETF – (15.35%). For more information on the performance of the underlying Vantagepoint Funds, please refer to each Fund’s commentary within this report.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its U.S. large-capitalization equity market benchmark primarily resulted from each underlying equity fund, with the exception of the Growth Fund, underperforming the market benchmark as funds with mid- and small-capitalization securities, and funds with value-oriented equity securities, generally underperformed the Fund’s market benchmark. In addition, the Fund’s allocation to fixed income funds and the multi-strategy fund detracted from performance as each underlying fixed income fund and the multi-strategy fund underperformed the Fund’s equity market benchmark. The Fund’s allocation to the third party emerging markets ETF trailed the market benchmark.

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group primarily resulted from the underlying equity funds’ exposure to small- and mid-capitalization securities as they generally underperformed large-capitalization securities, the overall performance of the underlying equity funds as well as performance of the underlying High Yield Fund.

83

Performance Relative to the Custom Benchmark

The Fund’s underperformance relative to its custom benchmark primarily resulted from each of the underlying funds, with the exception of the Growth Fund, Mid/ Small Company Index Fund, and International Fund, underperforming its respective asset class index in the custom benchmark.

Performance Relative to the Former Custom Benchmark

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

84

Vantagepoint Milestone 2040 Fund

Average Annual Total Returns for the periods ended December 31, 2015*

	INVESTOR M SHARES			TM SHARES
One Year		–2.87	%		–2.71	%
Five Years		7.88	%		8.01	%
Ten Years		5.54	%		5.61	%
Class Inception Date		January 3, 2005			March 1, 2013

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

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

The Fund’s market benchmark, the S&P 500 Index, is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. The Fund’s custom benchmark is comprised of the BofA Merrill Lynch 1-3 Year US Corporate & Government Index, Barclays U.S. Aggregate Bond Index, S&P 500 Index, Russell 2000^® Index, and MSCI ACWI ex USA Index (Net) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with changes in the Fund’s target percentage asset allocations. The Fund’s former custom benchmark was comprised of two underlying indexes (the S&P 500 Index and MSCI EAFE Index (Net)) and also tracked the historical target allocations. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund’s exposure, through the underlying funds, to specific securities (or types of securities) may differ significantly from the securities held in the indexes.

85

Vantagepoint Milestone 2045 Fund

Summary of Performance

• The Vantagepoint Milestone 2045 Fund (the “Fund”) Investor M Shares lost 3.16% in 2015.

• The Fund’s market benchmark, the S&P 500 Index, gained 1.38%.

• The Fund’s peer group benchmark, the Morningstar Target Date 2041-2045 Funds Average, a group of mutual funds with similar investment objectives, lost 1.87%.

• The Fund’s custom benchmark, which is composed of the BofA Merrill Lynch 1-3 Year US Corporate & Government Index, the Barclays U.S. Aggregate Bond Index, the S&P 500 Index, the Russell 2000 Index and the MSCI ACWI Index ex USA Index (Net), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, lost 0.63%.

• The Fund’s former custom benchmark, which was composed of the S&P 500 Index and the MSCI EAFE Index (Net), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, gained 1.09%.

Commentary

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

Overall Performance

The Milestone 2045 Fund’s performance reflected the generally negative returns of the U.S. equity market and high yield fixed income securities (“junk bonds”) and the modest positive returns of intermediate-duration U.S. fixed income market securities. The following is the performance of the T Shares of the underlying Vantagepoint Funds and the performance of the third party emerging markets ETF: Growth Fund – 4.60%; Growth & Income Fund – 0.00%; Discovery Fund – (7.86%); Equity Income Fund – (7.32%); Select Value Fund – (6.69%); Mid/Small Company Index Fund – (3.00%); Aggressive Opportunities Fund – (2.27%); International Fund – (1.81%); Diversifying Strategies Fund – (1.61%); High Yield Fund – (4.99%); and the third party emerging markets ETF – (15.35%). For more information on the performance of the underlying Vantagepoint Funds, please refer to each Fund’s commentary within this report.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its U.S. large-capitalization equity market benchmark primarily resulted from each underlying equity fund, with the exception of Growth Fund, underperforming the market benchmark as funds with mid- and small-capitalization securities, and funds with value-oriented equity securities, generally underperformed the Fund’s market benchmark. In addition, the Fund’s allocation to fixed income funds and the multi-strategy fund detracted from performance as each underlying fixed income fund and the multi-strategy fund underperformed the Fund’s equity market benchmark. The Fund’s allocation to the third party emerging markets ETF trailed the market benchmark.

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group primarily resulted from the underlying equity funds’ exposure to small- and mid-capitalization securities as they generally underperformed large-capitalization securities, the overall performance of the underlying equity funds as well as performance of the underlying High Yield Fund.

86

Performance Relative to the Custom Benchmark

The Fund’s underperformance relative to its custom benchmark primarily resulted from each of the underlying funds, with the exception of the Growth Fund, Mid/ Small Company Index Fund, and International Fund, underperforming its respective asset class index in the custom benchmark.

Performance Relative to the Former Custom Benchmark

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

87

Vantagepoint Milestone 2045 Fund

Average Annual Total Returns for the periods ended December 31, 2015*

	INVESTOR M SHARES			TM SHARES
One Year		–3.16	%		–2.86	%
Five Years		7.91	%		8.07	%
Since Inception		9.00	%		9.13	%
Class Inception Date		January 4, 2010			March 1, 2013

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

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

The Fund’s market benchmark, the S&P 500 Index, is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. The Fund’s custom benchmark is comprised of the BofA Merrill Lynch 1-3 Year US Corporate & Government Index, Barclays U.S. Aggregate Bond Index, S&P 500 Index, Russell 2000^® Index, and MSCI ACWI ex USA Index (Net) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with changes in the Fund’s target percentage asset allocations. The Fund’s former custom benchmark was comprised of two underlying indexes (the S&P 500 Index and MSCI EAFE Index (Net)) and also tracked the historical target allocations. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund’s exposure, through the underlying funds, to specific securities (or types of securities) may differ significantly from the securities held in the indexes.

88

Vantagepoint Milestone 2050 Fund

Summary of Performance

• The Vantagepoint Milestone 2050 Fund (the “Fund”) Investor M Shares lost 3.22% in 2015.

• The Fund’s market benchmark, the S&P 500 Index, gained 1.38%.

• The Fund’s peer group benchmark, the Morningstar Target Date 2046-2050 Funds Average, a group of mutual funds with similar investment objectives, lost 2.01%.

• The Fund’s custom benchmark, which is composed of the BofA Merrill Lynch 1-3 Year US Corporate & Government Index, the Barclays U.S. Aggregate Bond Index, the S&P 500 Index, the Russell 2000 Index and the MSCI ACWI Index ex USA Index (Net), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, lost 0.63%.

• The Fund’s former custom benchmark, which was composed of the S&P 500 Index and the MSCI EAFE Index (Net), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent, gained 1.09%.

Commentary

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

Overall Performance

The Milestone 2050 Fund’s performance reflected the generally negative returns of the U.S. equity market and high yield fixed income securities (“junk bonds”). The following is the performance of the T Shares of the underlying Vantagepoint Funds and the performance of the third party emerging markets ETF: Growth Fund – 4.60%; Growth & Income Fund – 0.00%; Discovery Fund – (7.86%); Equity Income Fund – (7.32%); Select Value Fund – (6.69%); Mid/Small Company Index Fund – (3.00%); Aggressive Opportunities Fund – (2.27%); International Fund – (1.81%); Diversifying Strategies Fund – (1.61%); High Yield Fund – (4.99%); and the third party emerging markets ETF – (15.35%). For more information on the performance of the underlying Vantagepoint Funds, please refer to each Fund’s commentary within this report.

Performance Relative to the Market Benchmark

The Fund’s underperformance relative to its U.S. large-capitalization equity market benchmark primarily resulted from each underlying equity fund, with the exception of Growth Fund, underperforming the market benchmark as funds with mid- and small-capitalization securities, and funds with value-oriented equity securities, generally underperformed the Fund’s market benchmark. In addition, the Fund’s allocation to the fund holding high yield fixed income securities and the multi-strategy fund detracted from performance as the fixed income fund and the multi-strategy fund underperformed the Fund’s equity market benchmark. The Fund’s allocation to the third party emerging markets ETF trailed the market benchmark.

Performance Relative to the Peer Group

The Fund’s underperformance relative to its peer group primarily resulted from the underlying equity funds’ exposure to small- and mid-capitalization securities as they generally underperformed large-capitalization securities, the overall performance of the underlying equity funds as well as performance of the underlying High Yield Fund.

89

Performance Relative to the Custom Benchmark

The Fund’s underperformance relative to its custom benchmark primarily resulted from each of the underlying funds, with the exception of the Growth Fund, Mid/ Small Company Index Fund, and International Fund, underperforming its respective asset class index in the custom benchmark.

Performance Relative to the Former Custom Benchmark

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

90

Vantagepoint Milestone 2050 Fund

Average Annual Total Returns for the periods ended December 31, 2015*

	Investor M Shares			TM Shares
One Year		–3.22	%		–2.94	%
Since Inception		9.02	%		9.26	%
Class Inception Date		September 10, 2012			March 1, 2013

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

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

The Fund’s market benchmark, the S&P 500 Index, is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. The Fund’s custom benchmark is comprised of the BofA Merrill Lynch 1-3 Year US Corporate & Government Index, Barclays U.S. Aggregate Bond Index, S&P 500 Index, Russell 2000^® Index, and MSCI ACWI ex USA Index (Net) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with changes in the Fund’s target percentage asset allocations. The Fund’s former custom benchmark was comprised of two underlying indexes (the S&P 500 Index and MSCI EAFE Index (Net)) and also tracked the historical target allocations. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund’s exposure, through the underlying funds, to specific securities (or types of securities) may differ significantly from the securities held in the indexes.

91

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

of The Vantagepoint Funds:

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

PricewaterhouseCoopers LLP

Baltimore, Maryland

February 26, 2016

92

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

December 31, 2015

	Low Duration Bond			Inflation Focused Fund(1)			High Yield Fund			Equity Income
ASSETS:
Investment in securities, at value†	$	797,928,514		$	515,324,855		$	375,987,692		$	2,177,442,455
Cash		24,822			6,471			146,843			25,186
Cash denominated in foreign currencies		7,418			14,740			49,108			7
Receivables:
Dividends		3,522			3,153			4,649			2,654,486
Interest		3,588,754			2,266,278			5,781,300			—
Security lending income		2,183			1,280			12,406			202,381
Investments sold		37			2,345,752			—			1,959,817
Fund shares sold		2,126,717			3,442,063			2,688,891			465,827
Recoverable foreign taxes		—			27,208			1,829			101,204
Variation margin on futures contracts		—			54,627			123,489			71,610
Variation Margin on Centrally Cleared Swaps		—			329,856			—			—
Due from broker—swap agreements collateral		—			630,000			—			—
Swap agreements, at value (Premium $0, $9,408, $0 and $0)		—			41,369			—			—
Unrealized appreciation on forward foreign currency exchange contracts		14,190			25,644			112,378			—
Due from Custodian		—			—			—			189,504
Total Assets		803,696,157			524,513,296			384,908,585			2,183,112,477
LIABILITIES:
Payables:
Investments purchased		—			2,800,360			200,075			4,733,314
Distributions		1,629,875			3,335,576			2,436,580			—
Fund shares redeemed		146,019			165,090			—			69,559
Variation margin on futures contracts		6,324			—			—			—
Collateral for securities loaned		4,149,318			704,578			19,648,788			150,511,962
Swap agreements, at value (Premium $0, $43,193, $0 and $0)		—			2,618,645			—			—
Written Options, at value (Premium $0, $280,000, $0 and $0)		—			137,287			—			—
Unrealized depreciation on forward foreign currency exchange contracts		37			34,155			482,946			—
Accrued Expenses:
Advisory fees		67,879			43,844			60,994			171,238
Subadviser fees		255,592			205,987			315,905			1,291,488
Fund services fees		80,297			48,678			30,498			180,935
Administration fees		10,345			10,345			15,285			10,345
Directors’ fees and expenses		3,760			2,633			1,748			10,981
Other accrued expenses		218,633			139,329			153,863			389,776
Total Liabilities		6,568,079			10,246,507			23,346,682			157,369,598
NET ASSETS	$	797,128,078		$	514,266,789		$	361,561,903		$	2,025,742,879
NET ASSETS REPRESENTED BY:
Paid-in capital	$	803,825,855		$	538,487,532		$	421,506,834		$	1,945,104,630
Undistributed net investment income (loss)		2,237			(27,497	)		1,279,998			1,210,291
Accumulated net realized gain (loss) on investments, futures contracts, foreign currency transactions, written options and swap agreements		(56,302	)		(7,504,937	)		(15,644,316	)		737,421
Net unrealized appreciation (depreciation) on investments, futures contracts, foreign currency transactions, written options and swap agreements		(6,643,712	)		(16,688,309	)		(45,580,613	)		78,690,537
NET ASSETS	$	797,128,078		$	514,266,789		$	361,561,903		$	2,025,742,879
CAPITAL SHARES:
Net Assets—Investor Shares	$	58,999,815		$	22,465,333		$	—		$	45,703,528
Shares Outstanding—Investor Shares		5,916,335			2,188,207			—			5,560,512
Net Asset Value—Investor Shares offering and redemption price per share (net assets divided by shares outstanding)	$	9.97		$	10.27		$	—		$	8.22
Net Assets—T Shares	$	738,128,263		$	491,801,456		$	361,561,903		$	1,980,039,351
Shares Outstanding—T Shares		74,003,977			47,811,189			42,544,762			241,010,281
Net Asset Value—T Shares offering and redemption price per share (net assets divided by shares outstanding)	$	9.97		$	10.29		$	8.50		$	8.22
Cost of investments	$	804,581,304		$	528,967,834		$	421,281,438		$	2,098,770,843
Cost of cash denominated in foreign currencies	$	7,535		$	19,478		$	50,151		$	7
† Includes securities on loan with values of (Note 7):	$	4,059,190		$	691,742		$	19,233,448		$	146,423,024

(1) Formerly Inflation Protected Securities Fund.

See Notes to Financial Statements

93

THE VANTAGEPOINT FUNDS

Statements of Assets & Liabilities

December 31, 2015

	Growth & Income			Growth		Select Value			Aggressive Opportunities
ASSETS:
Investment in securities, at value†	$	1,800,666,118		$	2,250,993,284	$	407,872,293		$	1,083,604,490
Cash		—			54,550		—			136,292
Receivables:
Dividends		2,096,425			1,191,288		944,376			432,170
Security lending income		5,999			12,831		2,098			104,178
Investments sold		628,285			20,528,576		—			2,639,089
Fund shares sold		457,221			824,402		740,431			267,927
Variation margin on futures contracts		—			—		—			27,119
Total Assets		1,803,854,048			2,273,604,931		409,559,198			1,087,211,265
LIABILITIES:
Payables:
Investments purchased		2,399,693			14,887,132		2,409,479			1,888,930
Distributions		—			—		382,773			—
Fund shares redeemed		51,905			450,677		45,311			11,480
Collateral for securities loaned		17,513,845			29,832,613		5,866,805			88,031,776
Accrued Expenses:
Advisory fees		150,526			188,278		33,775			84,211
Subadviser fees		1,296,176			1,807,844		414,626			805,571
Fund services fees		158,276			194,238		35,237			90,901
Administration fees		10,345			10,336		10,345			10,345
Directors’ fees and expenses		8,564			11,152		2,147			5,317
Other accrued expenses		322,286			386,486		101,940			227,327
Total Liabilities		21,911,616			47,768,756		9,302,438			91,155,858
NET ASSETS	$	1,781,942,432		$	2,225,836,175	$	400,256,760		$	996,055,407
NET ASSETS REPRESENTED BY:
Paid-in capital	$	1,486,411,541		$	1,854,071,530	$	398,112,776		$	892,206,916
Undistributed net investment income		389,662			—		472,022			5,758,999
Accumulated net realized gain (loss) on investments, futures contracts and foreign currency transactions		(378,206	)		9,781,805		(177,062	)		4,150,594
Net unrealized appreciation on investments, futures contracts and foreign currency transactions		295,519,435			361,982,840		1,849,024			93,938,898
NET ASSETS	$	1,781,942,432		$	2,225,836,175	$	400,256,760		$	996,055,407
CAPITAL SHARES:
Net Assets—Investor Shares	$	36,695,601		$	28,602,391	$	6,945,740		$	31,612,096
Shares Outstanding—Investor Shares		3,212,143			2,410,697		722,799			3,162,721
Net Asset Value—Investor Shares offering and redemption price per share (net assets divided by shares outstanding)	$	11.42		$	11.86	$	9.61		$	10.00
Net Assets—T Shares	$	1,745,246,831		$	2,197,233,784	$	393,311,020		$	964,443,311
Shares Outstanding—T Shares		152,817,971			185,248,570		40,941,770			96,436,922
Net Asset Value—T Shares offering and redemption price per share (net assets divided by shares outstanding)	$	11.42		$	11.86	$	9.61		$	10.00
Cost of investments	$	1,505,146,683		$	1,889,010,444	$	406,023,269		$	989,661,120
† Includes securities on loan with values of (Note 7):	$	17,243,621		$	28,921,818	$	5,715,488		$	85,532,866

See Notes to Financial Statements

94

THE VANTAGEPOINT FUNDS

Statements of Assets & Liabilities

December 31, 2015

	Discovery			International			Diversifying Strategies(1)
ASSETS:
Investment in securities, at value†	$	528,207,168		$	1,737,830,901		$	931,720,345
Cash		1,976			—			41,426
Cash denominated in foreign currencies		23			3,011,796			263
Receivables:
Dividends		362,212			2,957,933			250,269
Interest		755,617			—			3,324,179
Security lending income		18,176			32,473			—
Investments sold		267,416			7,580,751			616,125
Fund shares sold		175,508			1,737,799			291,718
Recoverable foreign taxes		—			1,490,996			18,761
Total Assets		529,788,096			1,754,642,649			936,263,086
LIABILITIES:
Payables:
Investments purchased		532,804			2,425,610			52,761
Distributions		—			1,087,808			—
Fund shares redeemed		72,934			234,465			40,530
Variation margin on futures contracts		2,487,169			—			2,809,560
Collateral for securities loaned		31,438,848			49,904,544			—
Unrealized depreciation on forward foreign currency exchange contracts		—			—			29,092
Other		—			88,069			—
Accrued Expenses:
Advisory fees		42,552			144,635			79,094
Subadviser fees		297,479			2,018,375			649,355
Fund services fees		43,654			150,147			79,097
Administration fees		10,605			10,345			10,345
Directors’ fees and expenses		1,914			7,870			5,005
Other accrued expenses		143,461			601,039			349,061
Total Liabilities		35,071,420			56,672,907			4,103,900
NET ASSETS	$	494,716,676		$	1,697,969,742		$	932,159,186
NET ASSETS REPRESENTED BY:
Paid-in capital	$	514,302,783		$	1,672,194,136		$	959,433,755
Undistributed net investment income (loss)		529,013			(958,783	)		1,148,947
Accumulated net realized loss on investments, futures contracts and foreign currency transactions		(7,931,781	)		(10,176,431	)		(18,842,294	)
Net unrealized appreciation (depreciation) on investments, futures contracts and foreign currency transactions		(12,183,339	)		36,920,000			(9,581,222	)
NET ASSETS	$	494,716,676		$	1,697,978,922		$	932,159,186
CAPITAL SHARES:
Net Assets—Investor Shares	$	5,250,767		$	25,782,423		$	—
Shares Outstanding—Investor Shares		583,855			2,594,776			—
Net Asset Value—Investor Shares offering and redemption price per share (net assets divided by shares outstanding)	$	8.99		$	9.94		$	—
Net Assets—T Shares	$	489,465,909		$	1,672,196,499		$	932,159,186
Shares Outstanding—T Shares		54,443,248			168,273,276			96,138,744
Net Asset Value—T Shares offering and redemption price per share (net assets divided by shares outstanding)	$	8.99		$	9.94		$	9.70
Cost of investments	$	540,112,555		$	1,700,749,983		$	940,963,399
Cost of cash denominated in foreign currencies	$	23		$	3,021,684		$	264
† Includes securities on loan with values of (Note 7):	$	30,073,582		$	47,506,653		$	—

(1) Formerly Diversified Assets Fund.

See Notes to Financial Statements

95

THE VANTAGEPOINT FUNDS

Statements of Assets & Liabilities

December 31, 2015

	Core Bond Index			500 Stock Index			Broad Market Index			Mid/Small Company Index		Overseas Equity Index
ASSETS:
Investment in securities, at value†	$	1,845,454,335		$	928,080,838		$	917,757,663		$	787,749,626	$	443,532,822
Cash		—			—			7			36,792		—
Cash denominated in foreign currencies		—			—			—			—		184,052
Receivables:
Dividends		24,174			1,194,652			1,197,163			956,543		426,391
Interest		9,840,065			—			—			—		—
Security lending income		4,180			4,973			33,927			110,949		8,247
Investments sold		29,656,412			—			55,366			53,209		8,237
Fund shares sold		4,925,353			508,456			143,942			881,141		277,681
Due from investment adviser		70,775			35,491			35,250			27,914		17,435
Recoverable foreign taxes		—			—			—			—		347,012
Due from Custodian		—			—			—			—		48,151
Total Assets		1,889,975,294			929,824,410			919,223,318			789,816,174		444,850,028
LIABILITIES:
Payables:
Investments purchased		152,298,517			108,899			—			21,036		48,151
Distributions		4,219,213			—			—			—		55,582
Fund shares redeemed		194,961			579,208			627,081			—		—
Variation margin on futures contracts		—			263,693			59,911			130,939		100,129
Collateral for securities loaned		21,733,982			11,819,064			28,972,395			77,120,904		10,114,842
Accrued Expenses:
Advisory fees		72,437			38,745			37,997			29,950		18,126
Subadviser fees		42,807			22,916			36,050			25,768		39,088
Fund services fees		149,494			86,557			84,749			65,257		38,457
Administration fees		10,345			10,345			10,345			10,345		10,345
Directors’ fees and expenses		7,952			3,991			4,259			3,565		1,783
Other accrued expenses		394,110			182,536			193,691			146,002		261,025
Total Liabilities		179,123,818			13,115,954			30,026,478			77,553,766		10,687,528
NET ASSETS	$	1,710,851,476		$	916,708,456		$	889,196,840		$	712,262,408	$	434,162,500
NET ASSETS REPRESENTED BY:
Paid-in capital	$	1,722,355,726		$	609,019,370		$	501,486,849		$	607,940,796	$	441,735,878
Undistributed net investment income (loss)		(8,948	)		558,672			6,654,428			2,123,960		(721,408	)
Accumulated net realized gain (loss) on investments, futures contracts and foreign currency transactions		(19,342,095	)		(3,479,341	)		(1,588,059	)		768,568		(6,285,878	)
Net unrealized appreciation (depreciation) on investments, futures contracts and foreign currency transactions		7,846,793			310,609,755			382,643,622			101,429,084		(566,092	)
NET ASSETS	$	1,710,851,476		$	916,708,456		$	889,196,840		$	712,262,408	$	434,162,500
CAPITAL SHARES:
Net Assets—Class I	$	26,994,692		$	53,801,277		$	51,064,251		$	31,113,968	$	13,254,746
Shares Outstanding—Class I		2,682,808			3,426,470			3,060,628			1,831,699		1,192,566
Net Asset Value—Class I offering and redemption price per share (net assets divided by shares outstanding)	$	10.06		$	15.70		$	16.68		$	16.99	$	11.11
Net Assets—Class II	$	12,094,601		$	22,664,591		$	13,148,687		$	16,416,655	$	3,306,937
Shares Outstanding—Class II		1,193,685			1,540,620			846,171			1,044,770		320,173
Net Asset Value—Class II offering and redemption price per share (net assets divided by shares outstanding)	$	10.13		$	14.71		$	15.54		$	15.71	$	10.33
Net Assets—T Shares	$	1,671,762,183		$	840,242,588		$	824,983,902		$	664,731,785	$	417,600,817
Shares Outstanding—T Shares		166,206,719			53,459,755			49,426,942			39,115,895		37,572,323
Net Asset Value—T Shares offering and redemption price per share (net assets divided by shares outstanding)	$	10.06		$	15.72		$	16.69		$	16.99	$	11.11
Cost of investments	$	1,837,607,542		$	617,499,591		$	535,117,688		$	686,281,493	$	444,028,844
Cost of cash denominated in foreign currencies	$	—		$	—		$	—		$	—	$	184,119
† Includes securities on loan with values of (Note 7):	$	21,323,723		$	11,467,950		$	27,944,055		$	74,175,324	$	9,602,943

See Notes to Financial Statements

96

THE VANTAGEPOINT FUNDS

Statements of Assets & Liabilities

December 31, 2015

	Model Portfolio Funds
	Conservative Growth			Traditional Growth			Long-Term Growth			Global Equity Growth(1)
ASSETS:
Investment in securities, at value	$	5,291,702		$	24,821,602		$	41,971,119		$	16,716,923
Investments in securities of affiliated Mutual Funds, at value(a)		605,733,122			1,607,366,922			2,082,419,753			872,508,267
Cash		454,498			509,319			—			—
Receivables:
Dividends		873,720			1,546,382			1,415,762			248,389
Investments sold		—			302,488			15,165			—
Fund shares sold		41,060,186			133,609,386			227,947,332			116,067,515
Total Assets		653,413,228			1,768,156,099			2,353,769,131			1,005,541,094
LIABILITIES:
Payables:
Investments purchased		1,464,323			2,055,641			1,743,095			350,664
Distributions		40,978,004			133,565,022			227,476,610			115,812,438
Fund shares redeemed		73,117			346,852			—			19,956
Accrued Expenses:
Advisory fees		51,072			124,190			157,564			72,497
Fund services fees		18,625			29,876			22,154			10,757
Administration fees		8,655			8,655			8,655			8,655
Directors’ fees and expenses		3,162			8,276			10,805			4,542
Other accrued expenses		119,750			250,387			313,050			148,799
Total Liabilities		42,716,708			136,388,899			229,731,933			116,428,308
NET ASSETS	$	610,696,520		$	1,631,767,200		$	2,124,037,198		$	889,112,786
NET ASSETS REPRESENTED BY:
Paid-in capital	$	617,983,223		$	1,562,711,787		$	2,010,783,256		$	842,473,028
Undistributed net investment loss		(232,733	)		(62,280	)		(71,336	)		(261	)
Accumulated net realized gain on investments		10,307,017			47,602,968			103,623,772			36,676,501
Net unrealized appreciation (depreciation) on investments		(17,360,987	)		21,514,725			9,701,506			9,963,518
NET ASSETS	$	610,696,520		$	1,631,767,200		$	2,124,037,198		$	889,112,786
CAPITAL SHARES:
Net Assets—Investor M Shares	$	87,121,545		$	140,151,574		$	103,905,364		$	50,282,926
Shares Outstanding—Investor M Shares		3,793,871			6,109,883			4,714,740			2,310,627
Net Asset Value—Investor M Shares offering and redemption price per share (net assets divided by shares outstanding)	$	22.96		$	22.94		$	22.04		$	21.76
Net Assets—TM Shares	$	523,574,975		$	1,491,615,626		$	2,020,131,834		$	838,829,860
Shares Outstanding—TM Shares		22,803,363			65,010,400			91,658,480			38,534,928
Net Asset Value—TM Shares offering and redemption price per share (net assets divided by shares outstanding)	$	22.96		$	22.94		$	22.04		$	21.77
Cost of investments	$	6,596,341		$	31,117,473		$	52,989,034		$	20,527,280
Cost of securities of affiliated Mutual Funds	$	621,789,470		$	1,579,556,326		$	2,061,700,332		$	858,734,392

(1) Formerly Vantagepoint Model Portfolio All-Equity Growth Fund.

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

See Notes to Financial Statements

97

THE VANTAGEPOINT FUNDS

Statements of Assets & Liabilities

December 31, 2015

	Milestone Funds
	Milestone Retirement Income			Milestone 2010			Milestone 2015			Milestone 2020			Milestone 2025
ASSETS:
Investment in securities, at value	$	3,607,072		$	3,107,173		$	8,669,219		$	14,892,709		$	16,100,115
Investments in securities of affiliated Mutual Funds, at value(a)		306,045,186			260,954,661			530,533,258			760,589,715			669,540,031
Cash		287,321			225,774			338,448			320,194			152,596
Receivables:
Dividends		383,515			323,128			574,362			756,383			599,751
Investments sold		—			236,186			—			—			—
Fund shares sold		17,115,369			17,550,430			38,844,884			60,335,103			54,996,528
Total Assets		327,438,463			282,397,352			578,960,171			836,894,104			741,389,021
LIABILITIES:
Payables:
Investments purchased		705,193			558,992			958,201			1,339,110			1,043,085
Distributions		17,030,616			17,531,584			38,664,908			59,906,377			54,437,895
Fund shares redeemed		—			256,631			71,502			—			—
Accrued Expenses:
Advisory fees		26,445			22,662			46,026			66,032			58,310
Fund services fees		17,822			14,482			23,577			27,406			24,502
Administration fees		8,655			8,655			8,655			8,655			8,655
Directors’ fees and expenses		1,581			1,383			2,745			3,640			3,135
Other accrued expenses		71,592			59,258			87,185			106,831			94,556
Total Liabilities		17,861,904			18,453,647			39,862,799			61,458,051			55,670,138
NET ASSETS	$	309,576,559		$	263,943,705		$	539,097,372		$	775,436,053		$	685,718,883
NET ASSETS REPRESENTED BY:
Paid-in capital	$	324,212,449		$	272,028,568		$	552,580,497		$	789,417,949		$	693,069,939
Undistributed net investment income (loss)		46,350			37,666			55,550			50,589			22,185
Accumulated net realized gain on investments		5,081,656			5,692,304			8,381,951			18,627,106			21,578,980
Net unrealized depreciation on investments		(19,763,896	)		(13,814,833	)		(21,920,626	)		(32,659,591	)		(28,952,221	)
NET ASSETS	$	309,576,559		$	263,943,705		$	539,097,372		$	775,436,053		$	685,718,883
CAPITAL SHARES:
Net Assets—Investor M Shares	$	83,635,521		$	67,554,390		$	110,961,261		$	129,055,314		$	115,236,068
Shares Outstanding—Investor M Shares		8,449,877			6,838,234			10,898,120			12,128,503			10,660,610
Net Asset Value—Investor M Shares offering and redemption price per share (net assets divided by shares outstanding)	$	9.90		$	9.88		$	10.18		$	10.64		$	10.81
Net Assets—TM Shares	$	225,941,038		$	196,389,315		$	428,136,111		$	646,380,739		$	570,482,815
Shares Outstanding—TM Shares		22,826,404			19,879,228			42,047,458			60,717,926			52,740,734
Net Asset Value—TM Shares offering and redemption price per share (net assets divided by shares outstanding)	$	9.90		$	9.88		$	10.18		$	10.65		$	10.82
Cost of investments	$	4,527,459		$	3,885,623		$	10,879,908		$	18,497,220		$	19,782,149
Cost of securities of affiliated Mutual Funds	$	324,888,695		$	273,991,044		$	550,243,195		$	789,644,795		$	694,810,218

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

See Notes to Financial Statements

98

THE VANTAGEPOINT FUNDS

Statements of Assets & Liabilities

December 31, 2015

	Milestone Funds
	Milestone 2030			Milestone 2035			Milestone 2040			Milestone 2045			Milestone 2050
ASSETS:
Investment in securities, at value	$	16,376,367		$	12,521,770		$	12,776,824		$	6,158,207		$	2,556,210
Investments in securities of affiliated Mutual Funds, at value(a)		561,689,914			387,612,192			367,091,927			161,385,760			63,827,762
Cash		51,218			9,856			—			—			—
Receivables:
Dividends		425,935			218,126			129,180			33,626			13,239
Investments sold		—			—			—			—			3,564
Fund shares sold		48,876,505			37,041,071			38,842,523			14,707,266			4,927,754
Total Assets		627,419,939			437,403,015			418,840,454			182,284,859			71,328,529
LIABILITIES:
Payables:
Investments purchased		1,016,300			504,534			421,803			307,131			407,710
Distributions		48,342,007			36,614,436			38,357,468			14,332,238			4,580,598
Fund shares redeemed		—			6,619			—			—			3,664
Accrued Expenses:
Advisory fees		49,069			34,022			32,278			14,131			5,506
Fund services fees		22,547			16,661			15,104			8,482			3,548
Administration fees		8,655			8,655			8,655			8,797			10,823
Directors’ fees and expenses		2,610			1,810			1,733			696			235
Other accrued expenses		82,562			65,124			63,857			47,332			48,258
Total Liabilities		49,523,750			37,251,861			38,900,898			14,718,807			5,060,342
NET ASSETS	$	577,896,189		$	400,151,154		$	379,939,556		$	167,566,052		$	66,268,187
NET ASSETS REPRESENTED BY:
Paid-in capital	$	583,769,783		$	403,882,411		$	382,872,735		$	174,200,737		$	71,628,209
Undistributed net investment income (loss)		5,560			1,192			57,540			(1	)		16
Accumulated net realized gain on investments		22,448,784			17,176,668			17,041,723			10,021,308			3,771,852
Net unrealized depreciation on investments		(28,327,938	)		(20,909,117	)		(20,032,442	)		(16,655,992	)		(9,131,890	)
NET ASSETS	$	577,896,189		$	400,151,154		$	379,939,556		$	167,566,052		$	66,268,187
CAPITAL SHARES:
Net Assets—Investor M Shares	$	106,612,243		$	78,032,454		$	71,184,656		$	40,179,098		$	17,002,391
Shares Outstanding—Investor M Shares		9,681,737			7,067,105			6,450,229			3,221,006			1,504,213
Net Asset Value—Investor M Shares offering and redemption price per share (net assets divided by shares outstanding)	$	11.01		$	11.04		$	11.04		$	12.47		$	11.30
Net Assets—TM Shares	$	471,283,946		$	322,118,700		$	308,754,900		$	127,386,954		$	49,265,796
Shares Outstanding—TM Shares		42,763,687			29,154,970			27,958,709			10,201,375			4,352,029
Net Asset Value—TM Shares offering and redemption price per share (net assets divided by shares outstanding)	$	11.02		$	11.05		$	11.04		$	12.49		$	11.32
Cost of investments	$	20,069,910		$	15,310,956		$	15,528,710		$	7,408,648		$	3,039,272
Cost of securities of affiliated Mutual Funds	$	586,324,309		$	405,732,123		$	384,372,483		$	176,791,311		$	72,476,590

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

See Notes to Financial Statements

99

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2015 to December 31, 2015

	Low Duration Bond			Inflation Focused Fund(1)			High Yield Fund			Equity Income
INVESTMENT INCOME:
Dividends	$	37,462		$	27,984		$	138,852		$	68,892,142
Interest		12,819,074			4,477,052			22,280,678			—
Security lending income		36,724			5,948			220,627			1,858,447
Foreign taxes withheld on dividends		—			—			—			(484,006	)
Total investment income		12,893,260			4,510,984			22,640,157			70,266,583
EXPENSES:
Advisory (Note 5)		815,094			529,186			1,041,094			2,233,507
Subadviser		1,027,093			830,294			1,285,065			6,535,435
Fund services Investor Shares		209,394			84,487			—			177,056
Fund services T Shares		755,295			505,066			371,830			2,183,001
Custodian		131,638			46,588			89,417			78,801
Administration		18,013			18,013			13,784			18,013
Fund accounting		26,759			25,337			11,760			77,206
Legal		67,268			76,266			78,283			194,791
Audit		30,012			30,012			32,212			30,009
Directors		9,379			6,872			4,416			29,347
State license fees and memberships		23,610			27,277			10,722			60,473
Other expenses		56,685			16,413			60,572			116,868
Total expenses		3,170,240			2,195,811			2,999,155			11,734,507
Less waivers (Note 5)		—			—			(199,208	)		(88,813	)
Net Expenses		3,170,240			2,195,811			2,799,947			11,645,694
NET INVESTMENT INCOME		9,723,020			2,315,173			19,840,210			58,620,889
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		949,260			4,876,768			(13,097,680	)		138,431,817
Forward contracts and foreign currency transactions		49,121			211,304			2,521,570			(12,622	)
Futures contracts		17,117			123,103			(94,144	)		(49,680	)
Written options		—			(32,654	)		15,000			—
Swap agreements		—			(21,185	)		—			—
Net realized gain (loss)		1,015,498			5,157,336			(10,655,254	)		138,369,515
Net change in unrealized appreciation (depreciation) on:
Investments		(7,604,229	)		(16,271,610	)		(27,397,231	)		(366,820,528	)
Forward contracts and foreign currency transactions		7,466			(8,980	)		(751,990	)		(3,851	)
Futures contracts		17,991			709,957			174,656			30,707
Written options		—			114,949			—			—
Swap agreements		—			(684,929	)		—			—
Net change in unrealized depreciation		(7,578,772	)		(16,140,613	)		(27,974,565	)		(366,793,672	)
NET LOSS		(6,563,274	)		(10,983,277	)		(38,629,819	)		(228,424,157	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,159,746		$	(8,668,104	)	$	(18,789,609	)	$	(169,803,268	)

(1) Formerly Inflation Protected Securities Fund.

See Notes to Financial Statements

100

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2015 to December 31, 2015

	Growth & Income			Growth			Select Value			Aggressive Opportunities
INVESTMENT INCOME:
Dividends	$	31,127,443		$	22,704,677		$	8,416,600		$	16,683,419
Security lending income		179,642			137,899			61,588			1,165,025
Foreign taxes withheld on dividends		(269,131	)		(72,378	)		(25,061	)		(137,738	)
Total investment income		31,037,954			22,770,198			8,453,127			17,710,706
EXPENSES:
Advisory (Note 5)		1,734,140			2,298,002			434,079			1,083,913
Subadviser		5,144,337			6,826,170			2,101,610			3,738,277
Fund services Investor Shares		134,031			89,648			27,025			117,372
Fund services T Shares		1,695,908			2,272,471			426,373			1,050,419
Custodian		75,246			65,949			8,975			59,343
Administration		18,013			18,013			18,013			18,013
Fund accounting		56,897			78,875			25,238			41,055
Legal		149,710			188,511			40,113			99,267
Audit		30,012			30,008			30,012			30,012
Directors		21,529			28,624			5,696			14,093
State license fees and memberships		41,112			48,822			23,723			58,583
Other expenses		79,598			100,617			21,121			46,367
Total expenses		9,180,533			12,045,710			3,161,978			6,356,714
Less waivers (Note 5)		(64,914	)		(92,938	)		(243,289	)		—
Net Expenses		9,115,619			11,952,772			2,918,689			6,356,714
NET INVESTMENT INCOME		21,922,335			10,817,426			5,534,438			11,353,992
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		147,274,491			341,882,738			34,470,980			84,851,920
Forward contracts and foreign currency transactions		(4,118	)		(109	)		—			368
Futures contracts		—			—			—			(95,266	)
Net realized gain		147,270,373			341,882,629			34,470,980			84,757,022
Net change in unrealized appreciation (depreciation) on:
Investments		(169,340,754	)		(248,050,678	)		(70,310,230	)		(117,719,315	)
Forward contracts and foreign currency transactions		23			—			—			(1	)
Futures contracts		—			—			—			(4,472	)
Net change in unrealized depreciation		(169,340,731	)		(248,050,678	)		(70,310,230	)		(117,723,788	)
NET GAIN (LOSS)		(22,070,358	)		93,831,951			(35,839,250	)		(32,966,766	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(148,023	)	$	104,649,377		$	(30,304,812	)	$	(21,612,774	)

See Notes to Financial Statements

101

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2015 to December 31, 2015

	Discovery			International			Diversifying Strategies(1)
INVESTMENT INCOME:
Dividends	$	2,320,110		$	44,417,130		$	3,092,893
Interest		1,906,906			—			16,524,290
Security lending income		291,112			547,478			—
Foreign taxes withheld on dividends		(26,942	)		(3,377,843	)		—
Total investment income		4,491,186			41,586,765			19,617,183
EXPENSES:
Advisory (Note 5)		301,397			1,636,572			1,073,045
Subadviser		1,278,351			7,647,901			2,606,118
Fund services Investor Shares		21,139			90,878			1,073,084
Fund services T Shares		295,369			1,610,665			—
Custodian		84,603			397,712			208,526
Administration		18,000			18,013			18,013
Fund accounting		22,555			60,651			45,033
Legal		25,056			134,852			96,228
Audit		30,012			4,316			68,612
Directors		4,028			19,304			13,348
State license fees and memberships		22,176			38,560			24,003
Other expenses		16,597			100,296			51,896
Total expenses		2,119,283			11,759,720			5,277,906
Less waivers (Note 5)		(46,659	)		—			—
Net Expenses		2,072,624			11,759,720			5,277,906
NET INVESTMENT INCOME		2,418,562			29,827,045			14,339,277
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		9,679,407			3,484,740			(208,579	)
Forward contracts and foreign currency transactions		442			(1,098,257	)		469,040
Futures contracts		(6,085,397	)		—			(461,826	)
Net realized gain (loss)		3,594,452			2,386,483			(201,365	)
Net change in unrealized appreciation (depreciation) on:
Investments		(31,629,611	)		(59,384,270	)(a)		(19,121,609	)
Forward contracts and foreign currency transactions		(179	)		(29,614	)		(96,313	)
Futures contracts		(4,568,419	)		—			(10,823,598	)
Net change in unrealized depreciation		(36,198,209	)		(59,413,884	)		(30,041,520	)
NET LOSS		(32,603,757	)		(57,027,401	)		(30,242,885	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(30,185,195	)	$	(27,200,356	)	$	(15,903,608	)

(1) Formerly Diversified Assets Fund.

(a) Net of increase in deferred foreign tax of $8,556.

See Notes to Financial Statements

102

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2015 to December 31, 2015

	Core Bond Index			500 Stock Index			Broad Market Index			Mid/Small Company Index			Overseas Equity Index
INVESTMENT INCOME:
Dividends	$	173,958		$	19,660,950		$	21,789,094		$	11,742,744		$	10,019,588
Interest		39,894,007			604			360			448			130
Security lending income		66,449			61,527			375,826			1,277,356			160,412
Foreign taxes withheld on dividends		—			(1,274	)		(4,449	)		(5,452	)		(715,787	)
Total investment income		40,134,414			19,721,807			22,160,831			13,015,096			9,464,343
EXPENSES:
Advisory (Note 5)		849,979			446,015			452,921			373,170			165,674
Subadviser		169,990			89,185			120,584			104,622			129,286
Fund services Class I		75,658			154,827			148,994			97,817			38,441
Fund services Class II		12,496			21,736			13,079			15,680			3,444
Fund services T Shares		1,662,242			818,688			843,098			698,052			315,090
Custodian		307,492			25,289			75,363			59,845			127,341
Administration		18,013			18,013			18,013			18,013			18,013
Fund accounting		62,565			30,433			30,424			25,739			24,534
Legal		141,189			69,124			75,701			64,749			26,210
Audit		30,046			30,046			30,046			30,046			17,142
Directors		19,818			9,476			10,603			9,162			4,145
State license fees and memberships		48,259			129,109			44,449			44,737			47,936
Other expenses		112,414			47,913			41,188			34,413			54,128
Total expenses		3,510,161			1,889,854			1,904,463			1,576,045			971,384
Less waivers- T Shares (Note 5)		(831,121	)		(409,344	)		(421,549	)		(349,026	)		(157,545	)
Net Expenses		2,679,040			1,480,510			1,482,914			1,227,019			813,839
NET INVESTMENT INCOME		37,455,374			18,241,297			20,677,917			11,788,077			8,650,504
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		6,762,996			16,166,616			16,203,697			66,571,976			(653,632	)
Forward contracts and foreign currency transactions		—			—			—			—			25,810
Futures contracts		—			358,678			276,312			(215,837	)		(47,878	)
Net realized gain (loss)		6,762,996			16,525,294			16,480,009			66,356,139			(675,700	)
Net change in unrealized appreciation (depreciation) on:
Investments		(38,555,223	)		(23,537,528	)		(32,563,434	)		(100,762,978	)		(7,834,983	)
Forward contracts and foreign currency transactions		—			—			—			—			(2,841	)
Futures contracts		—			(133,928	)		(166,340	)		(21,208	)		(22,295	)
Net change in unrealized depreciation		(38,555,223	)		(23,671,456	)		(32,729,774	)		(100,784,186	)		(7,860,119	)
NET LOSS		(31,792,227	)		(7,146,162	)		(16,249,765	)		(34,428,047	)		(8,535,819	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	5,663,147		$	11,095,135		$	4,428,152		$	(22,639,970	)	$	114,685

See Notes to Financial Statements

103

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2015 to December 31, 2015

	Model Portfolio Funds
	Conservative Growth			Traditional Growth			Long-Term Growth			Global Equity Growth(1)
INVESTMENT INCOME:
Dividend income from affiliated mutual funds(a)	$	12,868,262		$	31,892,106		$	40,640,841		$	14,518,090
Dividend income from non-affiliates		156,784			752,367			1,264,473			619,264
Total investment income		13,025,046			32,644,473			41,905,314			15,137,354
EXPENSES:
Advisory (Note 5)		636,732			1,517,342			1,935,583			899,159
Fund services Investor M Shares		256,215			360,319			288,155			133,774
Custodian		2,190			2,190			2,190			2,190
Administration		15,000			15,000			15,000			15,000
Fund accounting		26,412			62,480			64,423			29,432
Legal		58,231			150,533			180,475			83,317
Audit		21,966			21,965			21,976			21,966
Directors		8,281			21,389			27,957			11,759
State license fees and memberships		21,156			37,307			47,967			23,818
Other expenses		35,404			85,221			110,710			48,609
Total expenses		1,081,587			2,273,746			2,694,436			1,269,024
NET INVESTMENT INCOME		11,943,459			30,370,727			39,210,878			13,868,330
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments with non-affiliates		(14,166	)		(104,231	)		(249,408	)		(2,359,726	)
Investments with affiliates		12,162,306			18,996,797			39,094,026			20,941,848
Realized gain distributions from affiliated mutual funds		15,504,244			72,817,220			120,121,261			49,577,298
Net realized gain		27,652,384			91,709,786			158,965,879			68,159,420
Net change in unrealized appreciation (depreciation) on:
Investments with non-affiliates		(1,023,309	)		(4,903,996	)		(8,319,938	)		(2,407,018	)
Investments with affiliates		(47,857,492	)		(147,398,966	)		(240,980,208	)		(113,588,961	)
Net change in unrealized depreciation on investments		(48,880,801	)		(152,302,962	)		(249,300,146	)		(115,995,979	)
NET LOSS		(21,228,417	)		(60,593,176	)		(90,334,267	)		(47,836,559	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(9,284,958	)	$	(30,222,449	)	$	(51,123,389	)	$	(33,968,229	)

(1) Formerly Vantagepoint Model Portfolio All-Equity Growth Fund.

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

See Notes to Financial Statements

104

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2015 to December 31, 2015

	Milestone Funds
	Milestone Retirement Income			Milestone 2010			Milestone 2015			Milestone 2020			Milestone 2025
INVESTMENT INCOME:
Dividend income from affiliated mutual funds(a)	$	6,120,014		$	5,425,935		$	10,727,357		$	15,357,720		$	13,676,665
Dividend income from non-affiliates		110,672			96,750			264,908			435,639			466,355
Total investment income		6,230,686			5,522,685			10,992,265			15,793,359			14,143,020
EXPENSES:
Advisory (Note 5)		326,432			282,239			566,837			780,814			680,198
Fund services Investor M Shares		219,346			177,919			283,330			318,093			284,313
Custodian		2,927			2,380			2,289			3,486			3,493
Administration		15,000			15,000			15,000			15,000			15,000
Fund accounting		12,608			12,608			14,329			24,314			21,389
Legal		29,003			25,465			50,190			64,589			55,091
Audit		21,967			21,966			21,966			21,966			21,966
Directors		4,120			3,630			7,119			9,049			7,671
State license fees and memberships		27,573			21,088			25,221			25,525			24,973
Other expenses		16,592			14,657			32,190			48,246			42,987
Total expenses		675,568			576,952			1,018,471			1,311,082			1,157,081
NET INVESTMENT INCOME		5,555,118			4,945,733			9,973,794			14,482,277			12,985,939
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments with non-affiliates		(19,407	)		(29,033	)		(90,940	)		(100,479	)		(199,948	)
Investments with affiliates		2,393,182			3,740,516			7,852,870			14,297,224			11,900,906
Realized gain distributions from affiliated mutual funds		6,958,439			6,954,615			16,825,963			27,901,955			28,630,833
Net realized gain		9,332,214			10,666,098			24,587,893			42,098,700			40,331,791
Net change in unrealized appreciation (depreciation) on:
Investments with non-affiliates		(714,184	)		(601,051	)		(1,670,747	)		(2,843,651	)		(2,961,382	)
Investments with affiliates		(18,436,259	)		(18,584,497	)		(40,844,878	)		(67,444,493	)		(64,228,950	)
Net change in unrealized depreciation on investments		(19,150,443	)		(19,185,548	)		(42,515,625	)		(70,288,144	)		(67,190,332	)
NET LOSS		(9,818,229	)		(8,519,450	)		(17,927,732	)		(28,189,444	)		(26,858,541	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,263,111	)	$	(3,573,717	)	$	(7,953,938	)	$	(13,707,167	)	$	(13,872,602	)

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

See Notes to Financial Statements

105

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2015 to December 31, 2015

	Milestone Funds
	Milestone 2030			Milestone 2035			Milestone 2040			Milestone 2045			Milestone 2050
INVESTMENT INCOME:
Dividend income from affiliated mutual funds(a)	$	11,394,129		$	7,679,105		$	7,046,881		$	3,016,392		$	1,177,406
Dividend income from non-affiliates		461,075			356,166			366,672			168,944			61,763
Total investment income		11,855,204			8,035,271			7,413,553			3,185,336			1,239,169
EXPENSES:
Advisory (Note 5)		570,192			393,937			375,524			156,221			55,904
Fund services Investor M Shares		259,265			191,681			174,090			93,687			35,748
Custodian		3,468			3,380			3,391			3,194			3,650
Administration		15,000			15,000			15,000			15,001			14,999
Fund accounting		18,001			12,608			12,608			12,523			10,786
Legal		45,553			31,616			30,492			11,720			3,643
Audit		21,966			21,966			21,966			21,966			21,957
Directors		6,339			4,396			4,240			1,603			488
State license fees and memberships		21,760			21,199			20,623			17,488			19,465
Other expenses		37,322			26,080			25,108			11,006			4,410
Total expenses		998,866			721,863			683,042			344,409			171,050
NET INVESTMENT INCOME		10,856,338			7,313,408			6,730,511			2,840,927			1,068,119
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments with non-affiliates		(203,892	)		(226,816	)		(346,054	)		(122,922	)		(35,296	)
Investments with affiliates		11,549,276			7,803,940			8,059,088			1,853,636			281,360
Realized gain distributions from affiliated mutual funds		27,466,545			21,534,008			22,515,172			10,607,671			4,144,425
Net realized gain		38,811,929			29,111,132			30,228,206			12,338,385			4,390,489
Net change in unrealized appreciation (depreciation) on:
Investments with non-affiliates		(3,005,175	)		(2,228,842	)		(2,199,728	)		(1,059,224	)		(417,931	)
Investments with affiliates		(60,050,013	)		(44,277,643	)		(45,401,097	)		(19,258,850	)		(7,120,131	)
Net change in unrealized depreciation on investments		(63,055,188	)		(46,506,485	)		(47,600,825	)		(20,318,074	)		(7,538,062	)
NET LOSS		(24,243,259	)		(17,395,353	)		(17,372,619	)		(7,979,689	)		(3,147,573	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(13,386,921	)	$	(10,081,945	)	$	(10,642,108	)	$	(5,138,762	)	$	(2,079,454	)

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

See Notes to Financial Statements

106

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Low Duration Bond						Inflation Focused Fund(1)
	For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014
Increase (decrease) in net assets resulting from operations:
Net investment income	$	9,723,020		$	8,752,116		$	2,315,173		$	7,231,993
Net realized gain (loss)		1,015,498			1,721,127			5,157,336			(380,361	)
Net change in unrealized appreciation (depreciation)		(7,578,772	)		(3,933,552	)		(16,140,613	)		9,566,416
Net increase (decrease) in net assets resulting from operations		3,159,746			6,539,691			(8,668,104	)		16,418,048
Distributions to shareholders from:
Net investment income—Investor Shares		(582,188	)		(517,424	)		(41,585	)		(387,582	)
Net investment income—T Shares		(9,224,038	)		(8,289,473	)		(1,832,122	)		(8,342,141	)
Net realized gain—Investor Shares		(54,108	)		(175,848	)		(146,156	)		(66,255	)
Net realized gain—T Shares		(682,520	)		(2,127,626	)		(3,189,420	)		(1,316,175	)
Return of Capital—Investor Shares		—			—			(32,119	)		—
Return of Capital—T Shares		—			—			(701,793	)		—
Total distributions		(10,542,854	)		(11,110,371	)		(5,943,195	)		(10,112,153	)
Capital share transactions:
Proceeds from sale of shares—Investor Shares		7,148,936			22,324,799			2,858,786			3,220,170
Proceeds from sale of shares—T Shares		66,870,191			225,659,304			53,746,473			130,810,302
Reinvestment of distributions—Investor Shares		636,296			693,272			219,860			453,837
Reinvestment of distributions—T Shares		9,906,558			10,417,099			5,723,335			9,658,316
Value of shares redeemed—Investor Shares		(9,367,742	)		(9,254,046	)		(4,852,755	)		(7,439,397	)
Value of shares redeemed—T Shares		(68,575,521	)		(49,633,621	)		(53,479,416	)		(201,165,860	)
Net increase (decrease) from capital share transactions		6,618,718			200,206,807			4,216,283			(64,462,632	)
Total increase (decrease) in net assets		(764,390	)		195,636,127			(10,395,016	)		(58,156,737	)
NET ASSETS at beginning of year		797,892,468			602,256,341			524,661,805			582,818,542
NET ASSETS at end of year	$	797,128,078		$	797,892,468		$	514,266,789		$	524,661,805
Accumulated net investment income (loss) included in net assets at end of year	$	2,237		$	(37,480	)	$	(27,497	)	$	(30,568	)
SHARE TRANSACTIONS:
Number of shares sold—Investor Shares		710,394			2,202,204			269,626			297,947
Number of shares issued through reinvestment of dividends and distributions—Investor Shares		63,255			68,570			21,266			41,800
Number of shares redeemed—Investor Shares		(930,505	)		(913,208	)		(458,951	)		(694,041	)
Net increase (decrease) in shares outstanding—Investor Shares		(156,856	)		1,357,566			(168,059	)		(354,294	)
Number of shares sold—T Shares		6,632,128			22,245,686			5,074,820			12,112,802
Number of shares issued through reinvestment of dividends and distributions—T Shares		984,568			1,029,637			550,583			889,650
Number of shares redeemed—T Shares		(6,812,421	)		(4,893,342	)		(5,054,163	)		(18,573,927	)
Net increase (decrease) in shares outstanding—T Shares		804,275			18,381,981			571,240			(5,571,475	)

(1) Formerly Inflation Protected Securities Fund.

See Notes to Financial Statements

107

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	High Yield Fund						Equity Income
	For the Year Ended December 31, 2015			For the Period from May 1, 2014* to December 31, 2014			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014
Increase (decrease) in net assets resulting from operations:
Net investment income	$	19,840,210		$	9,378,783		$	58,620,889		$	40,258,127
Net realized gain (loss)		(10,655,254	)		(2,083,183	)		138,369,515			401,484,340
Net change in unrealized depreciation		(27,974,565	)		(17,606,048	)		(366,793,672	)		(248,007,402	)
Net increase (decrease) in net assets resulting from operations		(18,789,609	)		(10,310,448	)		(169,803,268	)		193,735,065
Distributions to shareholders from:
Net investment income—Investor Shares		—			—			(1,242,381	)		(820,419	)
Net investment income—T Shares		(21,041,931	)		(9,802,943	)		(59,008,261	)		(40,860,125	)
Net realized gain—Investor Shares		—			—			(3,489,663	)		(8,634,805	)
Net realized gain—T Shares		—			—			(150,437,370	)		(363,285,274	)
Total distributions		(21,041,931	)		(9,802,943	)		(214,177,675	)		(413,600,623	)
Capital share transactions:
Proceeds from sale of shares—Investor Shares		—			—			2,323,083			4,816,993
Proceeds from sale of shares—T Shares		38,546,744			380,494,068			153,345,996			244,967,389
Reinvestment of distributions—Investor Shares		—			—			4,684,824			9,346,332
Reinvestment of distributions—T Shares		21,041,931			9,802,943			209,445,631			404,145,399
Value of shares redeemed—Investor Shares		—			—			(7,736,972	)		(15,106,936	)
Value of shares redeemed—T Shares		(20,334,169	)		(8,044,683	)		(327,166,550	)		(540,918,163	)
Net increase from capital share transactions		39,254,506			382,252,328			34,896,012			107,251,014
Total increase (decrease) in net assets		(577,034	)		362,138,937			(349,084,931	)		(112,614,544	)
NET ASSETS at beginning of year		362,138,937			—			2,374,827,810			2,487,442,354
NET ASSETS at end of year	$	361,561,903		$	362,138,937		$	2,025,742,879		$	2,374,827,810
Accumulated net investment income (loss) included in net assets at end of year	$	1,279,998		$	(106,160	)	$	1,210,291		$	695,028
SHARE TRANSACTIONS:
Number of shares sold—Investor Shares		—			—			244,047			420,557
Number of shares issued through reinvestment of dividends and distributions—Investor Shares		—			—			584,872			936,506
Number of shares redeemed—Investor Shares		—			—			(791,824	)		(1,294,022	)
Net increase in shares outstanding—Investor Shares		—			—			37,095			63,041
Number of shares sold—T Shares		4,205,401			38,046,736			16,114,732			21,501,911
Number of shares issued through reinvestment of dividends and distributions—T Shares		2,286,567			1,002,998			26,148,019			40,495,531
Number of shares redeemed—T Shares		(2,177,574	)		(819,366	)		(34,442,719	)		(47,383,766	)
Net increase in shares outstanding—T Shares		4,314,394			38,230,368			7,820,032			14,613,676

* Commencement of operations

See Notes to Financial Statements

108

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Growth & Income						Growth
	For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2015				For the Year Ended December 31, 2014
Increase (decrease) in net assets resulting from operations:
Net investment income	$	21,922,335		$	24,813,245		$	10,817,426			$	9,389,846
Net realized gain		147,270,373			203,560,502			341,882,629				261,131,110
Net change in unrealized depreciation		(169,340,731	)		(52,211,164	)		(248,050,678	)	��		(48,951,875	)
Net increase (decrease) in net assets resulting from operations		(148,023	)		176,162,583			104,649,377				221,569,081
Distributions to shareholders from:
Net investment income—Investor Shares		(391,670	)		(471,226	)		(119,885	)			(54,011	)
Net investment income—T Shares		(23,260,199	)		(26,151,419	)		(14,056,277	)			(12,612,689	)
Net realized gain—Investor Shares		(3,198,103	)		(4,333,419	)		(4,349,539	)			(654,616	)
Net realized gain—T Shares		(151,825,517	)		(198,226,748	)		(339,007,161	)			(63,407,955	)
Total distributions		(178,675,489	)		(229,182,812	)		(357,532,862	)			(76,729,271	)
Capital share transactions:
Proceeds from sale of shares—Investor Shares		5,165,940			5,241,662			5,550,734				1,974,137
Proceeds from sale of shares—T Shares		277,926,272			224,039,742			104,018,649				106,099,073
Reinvestment of distributions—Investor Shares		3,589,773			4,799,820			4,469,424				708,627
Reinvestment of distributions—T Shares		175,085,716			224,378,167			353,063,438				76,020,644
Value of shares redeemed—Investor Shares		(5,363,056	)		(12,327,086	)		(1,658,517	)			(12,301,146	)
Value of shares redeemed—T Shares		(217,993,761	)		(406,823,052	)		(299,771,726	)			(329,773,217	)
Net increase (decrease) from capital share transactions		238,410,884			39,309,253			165,672,002				(157,271,882	)
Total increase (decrease) in net assets		59,587,372			(13,710,976	)		(87,211,483	)			(12,432,072	)
NET ASSETS at beginning of year		1,722,355,060			1,736,066,036			2,313,047,658				2,325,479,730
NET ASSETS at end of year	$	1,781,942,432		$	1,722,355,060		$	2,225,836,175			$	2,313,047,658
Accumulated net investment income included in net assets at end of year	$	389,662		$	94,147		$	—			$	75,854
SHARE TRANSACTIONS:
Number of shares sold—Investor Shares		400,376			382,693			407,346				151,497
Number of shares issued through reinvestment of dividends and distributions—Investor Shares		321,089			374,693			382,656				51,914
Number of shares redeemed—Investor Shares		(415,430	)		(873,747	)		(121,178	)			(914,030	)
Net increase (decrease) in shares outstanding—Investor Shares		306,035			(116,361	)		668,824				(710,619	)
Number of shares sold—T Shares		21,813,560			16,354,505			7,582,451				8,262,721
Number of shares issued through reinvestment of dividends and distributions—T Shares		15,660,618			17,515,860			30,253,937				5,573,361
Number of shares redeemed—T Shares		(17,023,523	)		(29,813,560	)		(21,556,503	)			(25,386,787	)
Net increase (decrease) in shares outstanding—T Shares		20,450,655			4,056,805			16,279,885				(11,550,705	)

See Notes to Financial Statements

109

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Select Value						Aggressive Opportunities
	For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014
Increase (decrease) in net assets resulting from operations:
Net investment income	$	5,534,438		$	6,019,559		$	11,353,992		$	5,510,678
Net realized gain		34,470,980			63,920,784			84,757,022			158,189,919
Net change in unrealized depreciation		(70,310,230	)		(32,655,980	)		(117,723,788	)		(106,899,354	)
Net increase (decrease) in net assets resulting from operations		(30,304,812	)		37,284,363			(21,612,774	)		56,801,243
Distributions to shareholders from:
Net investment income—Investor Shares		(74,792	)		(85,104	)		(271,008	)		—
Net investment income—T Shares		(5,335,428	)		(5,727,626	)		(10,757,341	)		(2,251,679	)
Net realized gain—Investor Shares		(794,000	)		(1,146,087	)		(3,109,510	)		(4,926,216	)
Net realized gain—T Shares		(44,929,147	)		(60,566,966	)		(94,536,237	)		(158,932,923	)
Total distributions		(51,133,367	)		(67,525,783	)		(108,674,096	)		(166,110,818	)
Capital share transactions:
Proceeds from sale of shares—Investor Shares		1,315,181			1,820,495			5,158,491			3,335,896
Proceeds from sale of shares—T Shares		46,423,984			68,584,217			50,728,522			74,333,241
Reinvestment of distributions—Investor Shares		868,792			1,231,191			3,361,468			4,894,384
Reinvestment of distributions—T Shares		50,264,575			66,294,592			105,293,578			161,184,602
Value of shares redeemed—Investor Shares		(2,172,192	)		(3,315,794	)		(5,609,363	)		(4,516,382	)
Value of shares redeemed—T Shares		(69,551,050	)		(126,563,191	)		(136,766,128	)		(268,462,058	)
Net increase (decrease) from capital share transactions		27,149,290			8,051,510			22,166,568			(29,230,317	)
Total decrease in net assets		(54,288,889	)		(22,189,910	)		(108,120,302	)		(138,539,892	)
NET ASSETS at beginning of year		454,545,649			476,735,559			1,104,175,709			1,242,715,601
NET ASSETS at end of year	$	400,256,760		$	454,545,649		$	996,055,407		$	1,104,175,709
Accumulated net investment income included in net assets at end of year	$	472,022		$	367,106		$	5,758,999		$	5,485,551
SHARE TRANSACTIONS:
Number of shares sold—Investor Shares		113,435			139,730			428,485			256,980
Number of shares issued through reinvestment of dividends and distributions—Investor Shares		92,312			103,986			344,413			424,123
Number of shares redeemed—Investor Shares		(184,945	)		(250,619	)		(471,509	)		(350,328	)
Net increase (decrease) in shares outstanding—Investor Shares		20,802			(6,903	)		301,389			330,775
Number of shares sold—T Shares		4,013,893			5,268,863			4,359,635			5,768,524
Number of shares issued through reinvestment of dividends and distributions—T Shares		5,340,780			5,599,205			10,777,234			13,967,470
Number of shares redeemed—T Shares		(6,035,277	)		(9,576,653	)		(11,689,450	)		(20,912,573	)
Net increase (decrease) in shares outstanding—T Shares		3,319,396			1,291,415			3,447,419			(1,176,579	)

See Notes to Financial Statements

110

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Discovery						International
	For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014
Increase (decrease) in net assets resulting from operations:
Net investment income	$	2,418,562		$	2,401,103		$	29,827,045		$	37,674,215
Net realized gain		3,594,452			26,909,902			2,386,483			67,220,775
Net change in unrealized depreciation		(36,198,209	)		(11,845,019	)		(59,413,884	)		(145,187,701	)
Net increase (decrease) in net assets resulting from operations		(30,185,195	)		17,465,986			(27,200,356	)		(40,292,711	)
Distributions to shareholders from:
Net investment income—Investor Shares		(4,021	)		(33,955	)		(425,447	)		(847,023	)
Net investment income—T Shares		(2,102,864	)		(1,966,387	)		(31,673,281	)		(53,317,861	)
Net realized gain—Investor Shares		(125,561	)		(815,141	)		(94,541	)		(110,835	)
Net realized gain—T Shares		(11,979,061	)		(34,333,271	)		(6,094,871	)		(6,630,935	)
Total distributions		(14,211,507	)		(37,148,754	)		(38,288,140	)		(60,906,654	)
Capital share transactions:
Proceeds from sale of shares—Investor Shares		3,395,375			5,540,282			5,271,421			11,894,255
Proceeds from sale of shares—T Shares		351,029,833			87,311,145			386,405,951			277,833,649
Reinvestment of distributions—Investor Shares		129,582			849,096			519,988			957,858
Reinvestment of distributions—T Shares		14,081,925			36,299,658			37,768,152			59,948,796
Value of shares redeemed—Investor Shares		(4,059,671	)		(3,256,085	)		(4,010,602	)		(2,287,120	)
Value of shares redeemed—T Shares		(118,023,787	)		(93,351,184	)		(180,719,392	)		(164,351,608	)
Net increase from capital share transactions		246,553,257			33,392,912			245,235,518			183,995,830
Total increase in net assets		202,156,555			13,710,144			179,737,842			82,796,465
NET ASSETS at beginning of year		292,560,121			278,849,977			1,518,231,900			1,435,435,435
NET ASSETS at end of year	$	494,716,676		$	292,560,121		$	1,697,978,922		$	1,518,231,900
Accumulated net investment income (loss) included in net assets at end of year	$	529,013		$	469,868		$	(958,783	)	$	(1,869,467	)
SHARE TRANSACTIONS:
Number of shares sold—Investor Shares		335,981			509,860			500,016			1,049,102
Number of shares issued through reinvestment of dividends and distributions—Investor Shares		14,658			85,767			53,089			91,749
Number of shares redeemed—Investor Shares		(405,954	)		(301,173	)		(378,305	)		(203,947	)
Net increase (decrease) in shares outstanding—Investor Shares		(55,315	)		294,454			174,800			936,904
Number of shares sold—T Shares		36,558,577			8,091,291			37,356,541			24,670,625
Number of shares issued through reinvestment of dividends and distributions—T Shares		1,592,978			3,662,932			3,856,178			5,742,222
Number of shares redeemed—T Shares		(12,173,875	)		(8,620,332	)		(17,001,181	)		(14,340,291	)
Net increase in shares outstanding—T Shares		25,977,680			3,133,891			24,211,538			16,072,556

See Notes to Financial Statements

111

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Diversifying Strategies(1)						Core Bond Index
	For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014
Increase (decrease) in net assets resulting from operations:
Net investment income	$	14,339,277		$	13,453,986		$	37,455,374		$	34,310,824
Net realized gain (loss)		(201,365	)		45,036,598			6,762,996			14,213,184
Net change in unrealized appreciation (depreciation)		(30,041,520	)		(18,944,694	)		(38,555,223	)		36,237,737
Net increase (decrease) in net assets resulting from operations		(15,903,608	)		39,545,890			5,663,147			84,761,745
Distributions to shareholders from:
Net investment income—Class I		—			—			(632,247	)		(544,019	)
Net investment income—Class II		—			—			(331,872	)		(544,667	)
Net investment income—T Shares		(17,968,584	)		(23,586,169	)		(45,497,729	)		(40,650,554	)
Net realized gain—T Shares		(6,654,445	)		(46,251,344	)		—			—
Total distributions		(24,623,029	)		(69,837,513	)		(46,461,848	)		(41,739,240	)
Capital share transactions:
Proceeds from sale of shares—Class I		—			—			9,382,056			5,647,559
Proceeds from sale of shares—Class II		—			—			1,876,421			1,879,808
Proceeds from sale of shares—T Shares		63,927,747			235,173,400			198,690,519			504,565,112
Reinvestment of distributions—Class I		—			—			632,247			544,019
Reinvestment of distributions—Class II		—			—			331,872			544,667
Reinvestment of distributions—T Shares		24,623,029			69,837,513			45,497,729			40,650,554
Value of shares redeemed—Class I		—			—			(5,522,463	)		(5,749,889	)
Value of shares redeemed—Class II		—			—			(2,447,822	)		(17,062,487	)
Value of shares redeemed—T Shares		(212,547,536	)		(271,626,079	)		(181,599,317	)		(168,777,771	)
Net increase (decrease) from capital share transactions		(123,996,760	)		33,384,834			66,841,242			362,241,572
Total increase (decrease) in net assets		(164,523,397	)		3,093,211			26,042,541			405,264,077
NET ASSETS at beginning of year		1,096,682,583			1,093,589,372			1,684,808,935			1,279,544,858
NET ASSETS at end of year	$	932,159,186		$	1,096,682,583		$	1,710,851,476		$	1,684,808,935
Accumulated net investment income (loss) included in net assets at end of year	$	1,148,947		$	(2,562,967	)	$	(8,948	)	$	(96,343	)
SHARE TRANSACTIONS:
Number of shares sold—Class I		—			—			913,974			550,726
Number of shares issued through reinvestment of dividends and distributions—Class I		—			—			61,755			53,202
Number of shares redeemed—Class I		—			—			(539,865	)		(562,146	)
Net increase in shares outstanding—Class I		—			—			435,864			41,782
Number of shares sold—Class II		—			—			182,256			182,251
Number of shares issued through reinvestment of dividends and distributions—Class II		—			—			32,173			53,035
Number of shares redeemed—Class II		—			—			(238,263	)		(1,651,045	)
Net decrease in shares outstanding—Class II		—			—			(23,834	)		(1,415,759	)
Number of shares sold—T Shares		6,231,708			22,385,620			19,411,079			49,497,440
Number of shares issued through reinvestment of dividends and distributions—T Shares		2,559,566			6,914,606			4,444,475			3,974,622
Number of shares redeemed—T Shares		(20,905,538	)		(25,903,396	)		(17,734,235	)		(16,514,886	)
Net increase (decrease) in shares outstanding—T Shares		(12,114,264	)		3,396,830			6,121,319			36,957,176

(1) Formerly Diversified Assets Fund.

See Notes to Financial Statements

112

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	500 Stock Index						Broad Market Index
	For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014
Increase (decrease) in net assets resulting from operations:
Net investment income	$	18,241,297		$	13,321,778		$	20,677,917		$	14,918,832
Net realized gain		16,525,294			23,605,934			16,480,009			12,123,406
Net change in unrealized appreciation (depreciation)		(23,671,456	)		54,883,368			(32,729,774	)		71,057,223
Net increase in net assets resulting from operations		11,095,135			91,811,080			4,428,152			98,099,461
Distributions to shareholders from:
Net investment income—Class I		(927,382	)		(640,678	)		(1,050,222	)		(640,269	)
Net investment income—Class II		(481,905	)		(343,645	)		(313,338	)		(213,009	)
Net investment income—T Shares		(16,508,422	)		(12,049,184	)		(18,692,247	)		(13,458,430	)
Net realized gain—Class I		(784,427	)		(861,906	)		(863,374	)		(528,649	)
Net realized gain—Class II		(364,289	)		(397,104	)		(234,860	)		(159,115	)
Net realized gain—T Shares		(12,268,084	)		(14,168,004	)		(13,780,014	)		(9,617,698	)
Total distributions		(31,334,509	)		(28,460,521	)		(34,934,055	)		(24,617,170	)
Capital share transactions:
Proceeds from sale of shares—Class I		11,583,056			15,072,916			14,627,621			9,534,729
Proceeds from sale of shares—Class II		4,455,502			17,855,525			564,206			1,277,348
Proceeds from sale of shares—T Shares		148,257,853			140,762,443			90,051,173			170,379,043
Reinvestment of distributions—Class I		1,709,803			1,500,551			1,913,596			1,168,918
Reinvestment of distributions—Class II		846,194			740,749			548,198			372,124
Reinvestment of distributions—T Shares		28,776,506			26,217,188			32,472,261			23,076,128
Value of shares redeemed—Class I		(5,954,809	)		(4,174,845	)		(8,631,665	)		(5,397,274	)
Value of shares redeemed—Class II		(2,076,150	)		(1,118,082	)		(232,674	)		(6,196,369	)
Value of shares redeemed—T Shares		(96,730,919	)		(75,913,641	)		(95,975,335	)		(163,412,727	)
Net increase from capital share transactions		90,867,036			120,942,804			35,337,381			30,801,920
Total increase in net assets		70,627,662			184,293,363			4,831,478			104,284,211
NET ASSETS at beginning of year		846,080,794			661,787,431			884,365,362			780,081,151
NET ASSETS at end of year	$	916,708,456		$	846,080,794		$	889,196,840		$	884,365,362
Accumulated net investment income included in net assets at end of year	$	558,672		$	552,292		$	6,654,428		$	6,478,612
SHARE TRANSACTIONS:
Number of shares sold—Class I		715,055			966,736			838,951			578,469
Number of shares issued through reinvestment of dividends and distributions—Class I		111,026			92,856			116,896			67,295
Number of shares redeemed—Class I		(366,195	)		(269,793	)		(493,895	)		(324,033	)
Net increase in shares outstanding—Class I		459,886			789,799			461,952			321,731
Number of shares sold—Class II		293,215			1,188,128			34,823			80,743
Number of shares issued through reinvestment of dividends and distributions—Class II		58,682			48,830			35,947			22,942
Number of shares redeemed—Class II		(138,278	)		(74,568	)		(14,104	)		(386,047	)
Net increase (decrease) in shares outstanding—Class II		213,619			1,162,390			56,666			(282,362	)
Number of shares sold—T Shares		9,160,519			8,982,701			5,186,995			10,198,937
Number of shares issued through reinvestment of dividends and distributions—T Shares		1,867,392			1,620,345			1,982,434			1,328,505
Number of shares redeemed—T Shares		(5,941,535	)		(5,017,073	)		(5,475,881	)		(9,746,463	)
Net increase in shares outstanding—T Shares		5,086,376			5,585,973			1,693,548			1,780,979

See Notes to Financial Statements

113

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Mid/Small Company Index						Overseas Equity Index
	For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014
Increase (decrease) in net assets resulting from operations:
Net investment income	$	11,788,077		$	11,694,745		$	8,650,504		$	10,443,102
Net realized gain (loss)		66,356,139			41,390,448			(675,700	)		1,000,131
Net change in unrealized depreciation		(100,784,186	)		(3,293,279	)		(7,860,119	)		(30,489,867	)
Net increase (decrease) in net assets resulting from operations		(22,639,970	)		49,791,914			114,685			(19,046,634	)
Distributions to shareholders from:
Net investment income—Class I		(419,135	)		(387,206	)		(234,824	)		(350,736	)
Net investment income—Class II		(272,683	)		(237,968	)		(70,964	)		(114,766	)
Net investment income—T Shares		(10,385,667	)		(10,386,755	)		(8,508,998	)		(9,532,614	)
Net realized gain—Class I		(3,256,618	)		(1,358,208	)		—			—
Net realized gain—Class II		(1,808,884	)		(693,040	)		—			—
Net realized gain—T Shares		(67,685,134	)		(30,547,748	)		—			—
Total distributions		(83,828,121	)		(43,610,925	)		(8,814,786	)		(9,998,116	)
Capital share transactions:
Proceeds from sale of shares—Class I		5,317,641			6,453,535			3,873,449			2,881,307
Proceeds from sale of shares—Class II		3,431,234			9,525,538			246,373			272,901
Proceeds from sale of shares—T Shares		140,728,730			165,951,642			199,515,261			53,656,523
Reinvestment of distributions—Class I		3,675,753			1,744,150			234,824			350,736
Reinvestment of distributions—Class II		2,081,567			931,008			70,964			114,766
Reinvestment of distributions—T Shares		78,070,801			40,934,503			8,508,998			9,532,614
Value of shares redeemed—Class I		(4,369,265	)		(5,512,482	)		(1,658,207	)		(1,881,519	)
Value of shares redeemed—Class II		(1,072,036	)		(1,098,623	)		(157,196	)		(132,908	)
Value of shares redeemed—T Shares		(153,246,728	)		(201,843,999	)		(66,819,788	)		(33,613,310	)
Net increase from capital share transactions		74,617,697			17,085,272			143,814,678			31,181,110
Total increase (decrease) in net assets		(31,850,394	)		23,266,261			135,114,577			2,136,360
NET ASSETS at beginning of year		744,112,802			720,846,541			299,047,923			296,911,563
NET ASSETS at end of year	$	712,262,408		$	744,112,802		$	434,162,500		$	299,047,923
Accumulated net investment income (loss) included in net assets at end of year	$	2,123,960		$	2,044,672		$	(721,408	)	$	(801,273	)
SHARE TRANSACTIONS:
Number of shares sold—Class I		262,066			320,706			325,101			226,443
Number of shares issued through reinvestment of dividends and distributions—Class I		220,237			88,044			21,462			30,158
Number of shares redeemed—Class I		(221,251	)		(274,465	)		(139,291	)		(153,004	)
Net increase in shares outstanding—Class I		261,052			134,285			207,272			103,597
Number of shares sold—Class II		182,179			493,550			22,067			23,049
Number of shares issued through reinvestment of dividends and distributions—Class II		134,817			50,325			6,984			10,607
Number of shares redeemed—Class II		(57,128	)		(58,049	)		(14,228	)		(11,426	)
Net increase in shares outstanding—Class II		259,868			485,826			14,823			22,230
Number of shares sold—T Shares		7,057,020			8,358,848			17,562,909			4,247,249
Number of shares issued through reinvestment of dividends and distributions—T Shares		4,674,898			2,065,313			777,713			819,657
Number of shares redeemed—T Shares		(7,667,913	)		(10,142,417	)		(5,531,862	)		(2,731,197	)
Net increase in shares outstanding—T Shares		4,064,005			281,744			12,808,760			2,335,709

See Notes to Financial Statements

114

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Model Portfolio Funds
	Conservative Growth						Traditional Growth
	For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014
Increase (decrease) in net assets resulting from operations:
Net investment income	$	11,943,459		$	11,108,231		$	30,370,727		$	30,318,910
Net realized gain		27,652,384			66,038,075			91,709,786			148,124,291
Net change in unrealized depreciation		(48,880,801	)		(55,203,589	)		(152,302,962	)		(99,924,852	)
Net increase (decrease) in net assets resulting from operations		(9,284,958	)		21,942,717			(30,222,449	)		78,518,349
Distributions to shareholders from:
Net investment income—Investor M Shares		(1,530,844	)		(1,679,979	)		(2,296,894	)		(2,182,122	)
Net investment income—TM Shares		(10,710,640	)		(9,749,879	)		(28,215,363	)		(28,304,882	)
Net realized gain—Investor M Shares		(4,108,994	)		(9,055,532	)		(8,869,524	)		(8,558,528	)
Net realized gain—TM Shares		(24,627,527	)		(45,424,701	)		(94,183,241	)		(96,454,822	)
Total distributions		(40,978,005	)		(65,910,091	)		(133,565,022	)		(135,500,354	)
Capital share transactions:
Proceeds from sale of shares—Investor M Shares		6,117,393			14,633,416			16,446,127			17,958,028
Proceeds from sale of shares—TM Shares		31,273,895			49,918,035			68,545,745			108,786,295
Reinvestment of distributions—Investor M Shares		5,639,838			10,735,511			11,151,712			10,724,130
Reinvestment of distributions—TM Shares		35,338,167			55,174,580			122,398,604			124,759,704
Value of shares redeemed—Investor M Shares		(28,934,880	)		(9,320,001	)		(12,830,975	)		(8,388,931	)
Value of shares redeemed—TM Shares		(60,193,213	)		(66,886,742	)		(127,861,536	)		(169,238,358	)
Net increase (decrease) from capital share transactions		(10,758,800	)		54,254,799			77,849,677			84,600,868
Total increase (decrease) in net assets		(61,021,763	)		10,287,425			(85,937,794	)		27,618,863
NET ASSETS at beginning of year		671,718,283			661,430,858			1,717,704,994			1,690,086,131
NET ASSETS at end of year	$	610,696,520		$	671,718,283		$	1,631,767,200		$	1,717,704,994
Accumulated net investment income (loss) included in net assets at end of year	$	(232,733	)	$	(2	)	$	(62,280	)	$	39,798
SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		244,618			534,409			640,661			663,347
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		245,637			429,592			486,125			421,380
Number of shares redeemed—Investor M Shares		(1,154,271	)		(342,824	)		(504,009	)		(311,618	)
Net increase (decrease) in shares outstanding—Investor M Shares		(664,016	)		621,177			622,777			773,109
Number of shares sold—TM Shares		1,244,941			1,822,349			2,675,117			4,004,882
Number of shares issued through reinvestment of dividends and distributions—TM Shares		1,539,119			2,206,983			5,335,598			4,900,224
Number of shares redeemed—TM Shares		(2,395,296	)		(2,446,078	)		(4,987,206	)		(6,263,786	)
Net increase in shares outstanding—TM Shares		388,764			1,583,254			3,023,509			2,641,320

See Notes to Financial Statements

115

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Model Portfolio Funds
	Long-Term Growth						Global Equity Growth(1)
	For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014
Increase (decrease) in net assets resulting from operations:
Net investment income	$	39,210,878		$	40,282,518		$	13,868,330		$	14,237,768
Net realized gain		158,965,879			220,788,514			68,159,420			118,879,220
Net change in unrealized depreciation		(249,300,146	)		(140,197,415	)		(115,995,979	)		(76,954,076	)
Net increase (decrease) in net assets resulting from operations		(51,123,389	)		120,873,617			(33,968,229	)		56,162,912
Distributions to shareholders from:
Net investment income—Investor M Shares		(1,653,016	)		(1,911,728	)		(660,691	)		(745,387	)
Net investment income—TM Shares		(37,629,197	)		(38,440,797	)		(13,207,900	)		(14,648,523	)
Net realized gain— Investor M Shares		(9,231,748	)		(7,759,067	)		(5,783,772	)		(3,923,898	)
Net realized gain—TM Shares		(178,962,649	)		(135,589,631	)		(96,160,075	)		(65,807,969	)
Total distributions		(227,476,610	)		(183,701,223	)		(115,812,438	)		(85,125,777	)
Capital share transactions:
Proceeds from sale of shares—Investor M Shares		10,632,959			11,781,111			3,805,167			5,826,972
Proceeds from sale of shares—TM Shares		92,315,579			114,209,858			47,763,896			65,042,026
Reinvestment of distributions—Investor M Shares		10,869,598			9,657,947			6,444,463			4,669,286
Reinvestment of distributions—TM Shares		216,591,846			174,030,427			109,367,975			80,456,491
Value of shares redeemed—Investor M Shares		(25,734,499	)		(4,607,398	)		(5,137,986	)		(4,250,722	)
Value of shares redeemed—TM Shares		(153,393,954	)		(203,028,544	)		(79,978,874	)		(92,219,928	)
Net increase from capital share transactions		151,281,529			102,043,401			82,264,641			59,524,125
Total increase (decrease) in net assets		(127,318,470	)		39,215,795			(67,516,026	)		30,561,260
NET ASSETS at beginning of year		2,251,355,668			2,212,139,873			956,628,812			926,067,552
NET ASSETS at end of year	$	2,124,037,198		$	2,251,355,668		$	889,112,786		$	956,628,812
Accumulated net investment income (loss) included in net assets at end of year	$	(71,336	)	$	79,284		$	(261	)	$	—
SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		421,475			441,629			144,973			211,525
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		493,176			382,039			296,161			179,726
Number of shares redeemed—Investor M Shares		(1,008,595	)		(172,492	)		(198,187	)		(154,683	)
Net increase (decrease) in shares outstanding—Investor M Shares		(93,944	)		651,176			242,947			236,568
Number of shares sold—TM Shares		3,634,509			4,236,883			1,847,779			2,343,768
Number of shares issued through reinvestment of dividends and distributions—TM Shares		9,827,216			6,881,393			5,023,793			3,095,671
Number of shares redeemed—TM Shares		(6,023,941	)		(7,594,233	)		(3,078,755	)		(3,340,728	)
Net increase in shares outstanding—TM Shares		7,437,784			3,524,043			3,792,817			2,098,711

(1) Formerly Vantagepoint Model Portfolio All-Equity Growth Fund.

See Notes to Financial Statements

116

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone Retirement Income						Milestone 2010
	For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014
Increase (decrease) in net assets resulting from operations:
Net investment income	$	5,555,118		$	5,516,843		$	4,945,733		$	4,866,543
Net realized gain		9,332,214			18,468,092			10,666,098			24,843,236
Net change in unrealized depreciation		(19,150,443	)		(12,287,502	)		(19,185,548	)		(17,828,647	)
Net increase (decrease) in net assets resulting from operations		(4,263,111	)		11,697,433			(3,573,717	)		11,881,132
Distributions to shareholders from:
Net investment income—Investor M Shares		(1,343,652	)		(1,305,019	)		(1,134,879	)		(1,077,886	)
Net investment income—TM Shares		(4,211,332	)		(4,227,338	)		(3,812,321	)		(3,802,645	)
Net realized gain—Investor M Shares		(3,106,172	)		(3,850,669	)		(3,223,432	)		(5,347,727	)
Net realized gain—TM Shares		(8,369,460	)		(10,680,592	)		(9,360,952	)		(16,150,823	)
Total distributions		(17,030,616	)		(20,063,618	)		(17,531,584	)		(26,379,081	)
Capital share transactions:
Proceeds from sale of shares—Investor M Shares		6,889,853			7,593,942			4,910,271			5,361,424
Proceeds from sale of shares—TM Shares		26,667,364			39,877,402			19,818,390			26,366,192
Reinvestment of distributions—Investor M Shares		4,449,824			5,155,688			4,358,311			6,425,612
Reinvestment of distributions—TM Shares		12,580,792			14,907,930			13,173,273			19,953,469
Value of shares redeemed—Investor M Shares		(9,950,755	)		(8,602,035	)		(8,657,303	)		(7,639,609	)
Value of shares redeemed—TM Shares		(42,360,872	)		(41,604,923	)		(39,928,770	)		(34,646,866	)
Net increase (decrease) from capital share transactions		(1,723,794	)		17,328,004			(6,325,828	)		15,820,222
Total increase (decrease) in net assets		(23,017,521	)		8,961,819			(27,431,129	)		1,322,273
NET ASSETS at beginning of year		332,594,080			323,632,261			291,374,834			290,052,561
NET ASSETS at end of year	$	309,576,559		$	332,594,080		$	263,943,705		$	291,374,834
Accumulated net investment income (loss) included in net assets at end of year	$	46,350		$	—		$	37,666		$	—
SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		646,756			682,860			456,798			466,065
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		449,478			485,469			441,125			598,846
Number of shares redeemed—Investor M Shares		(933,483	)		(773,091	)		(799,896	)		(660,430	)
Net increase in shares outstanding—Investor M Shares		162,751			395,238			98,027			404,481
Number of shares sold—TM Shares		2,490,975			3,574,042			1,833,830			2,278,112
Number of shares issued through reinvestment of dividends and distributions—TM Shares		1,270,787			1,403,760			1,333,327			1,859,596
Number of shares redeemed—TM Shares		(3,965,754	)		(3,733,541	)		(3,695,478	)		(2,984,043	)
Net increase (decrease) in shares outstanding—TM Shares		(203,992	)		1,244,261			(528,321	)		1,153,665

See Notes to Financial Statements

117

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone 2015						Milestone 2020
	For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014
Increase (decrease) in net assets resulting from operations:
Net investment income	$	9,973,794		$	9,854,551		$	14,482,277		$	13,175,944
Net realized gain		24,587,893			61,673,427			42,098,700			74,079,720
Net change in unrealized depreciation		(42,515,625	)		(47,000,368	)		(70,288,144	)		(54,857,918	)
Net increase (decrease) in net assets resulting from operations		(7,953,938	)		24,527,610			(13,707,167	)		32,397,746
Distributions to shareholders from:
Net investment income—Investor M Shares		(1,829,065	)		(1,711,471	)		(2,150,922	)		(1,861,034	)
Net investment income—TM Shares		(8,143,680	)		(8,160,611	)		(12,329,715	)		(11,326,238	)
Net realized gain—Investor M Shares		(5,909,470	)		(10,009,324	)		(7,578,587	)		(8,789,746	)
Net realized gain—TM Shares		(22,782,693	)		(41,073,298	)		(37,847,153	)		(46,578,369	)
Total distributions		(38,664,908	)		(60,954,704	)		(59,906,377	)		(68,555,387	)
Capital share transactions:
Proceeds from sale of shares—Investor M Shares		11,049,178			11,783,100			18,401,185			18,697,050
Proceeds from sale of shares—TM Shares		35,300,552			55,902,459			84,457,501			103,713,550
Reinvestment of distributions—Investor M Shares		7,738,535			11,720,795			9,729,509			10,650,780
Reinvestment of distributions—TM Shares		30,926,373			49,233,909			50,176,868			57,904,607
Value of shares redeemed—Investor M Shares		(11,730,855	)		(9,101,662	)		(5,916,940	)		(5,518,303	)
Value of shares redeemed—TM Shares		(67,624,364	)		(59,211,217	)		(59,221,792	)		(46,973,319	)
Net increase from capital share transactions		5,659,419			60,327,384			97,626,331			138,474,365
Total increase (decrease) in net assets		(40,959,427	)		23,900,290			24,012,787			102,316,724
NET ASSETS at beginning of year		580,056,799			556,156,509			751,423,266			649,106,542
NET ASSETS at end of year	$	539,097,372		$	580,056,799		$	775,436,053		$	751,423,266
Accumulated net investment income (loss) included in net assets at end of year	$	55,550		$	—		$	50,589		$	(1	)
SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		988,744			970,292			1,561,289			1,483,691
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		760,171			1,052,136			914,428			907,995
Number of shares redeemed—Investor M Shares		(1,044,434	)		(745,669	)		(501,100	)		(434,538	)
Net increase in shares outstanding—Investor M Shares		704,481			1,276,759			1,974,617			1,957,148
Number of shares sold—TM Shares		3,133,246			4,581,538			7,130,042			8,223,940
Number of shares issued through reinvestment of dividends and distributions—TM Shares		3,037,954			4,419,561			4,711,443			4,936,454
Number of shares redeemed—TM Shares		(6,014,278	)		(4,849,219	)		(5,014,476	)		(3,711,996	)
Net increase in shares outstanding—TM Shares		156,922			4,151,880			6,827,009			9,448,398

See Notes to Financial Statements

118

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone 2025						Milestone 2030
	For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014
Increase (decrease) in net assets resulting from operations:
Net investment income	$	12,985,939		$	11,470,715		$	10,856,338		$	9,614,442
Net realized gain		40,331,791			67,866,828			38,811,929			62,051,573
Net change in unrealized depreciation		(67,190,332	)		(50,705,637	)		(63,055,188	)		(46,491,817	)
Net increase (decrease) in net assets resulting from operations		(13,872,602	)		28,631,906			(13,386,921	)		25,174,198
Distributions to shareholders from:
Net investment income—Investor M Shares		(1,951,252	)		(1,688,003	)		(1,796,194	)		(1,548,006	)
Net investment income—TM Shares		(11,033,983	)		(9,785,596	)		(9,060,522	)		(8,065,902	)
Net realized gain—Investor M Shares		(6,983,474	)		(8,216,873	)		(6,931,227	)		(8,239,698	)
Net realized gain—TM Shares		(34,469,186	)		(41,721,722	)		(30,554,064	)		(37,683,492	)
Total distributions		(54,437,895	)		(61,412,194	)		(48,342,007	)		(55,537,098	)
Capital share transactions:
Proceeds from sale of shares—Investor M Shares		18,114,864			18,116,854			19,885,079			15,702,934
Proceeds from sale of shares—TM Shares		86,014,872			96,199,824			80,269,157			86,840,925
Reinvestment of distributions—Investor M Shares		8,934,726			9,904,876			8,727,421			9,787,704
Reinvestment of distributions—TM Shares		45,503,169			51,507,318			39,614,586			45,749,394
Value of shares redeemed—Investor M Shares		(5,905,715	)		(3,644,017	)		(6,679,066	)		(2,197,728	)
Value of shares redeemed—TM Shares		(41,696,561	)		(37,273,379	)		(38,142,620	)		(28,869,864	)
Net increase from capital share transactions		110,965,355			134,811,476			103,674,557			127,013,365
Total increase in net assets		42,654,858			102,031,188			41,945,629			96,650,465
NET ASSETS at beginning of year		643,064,025			541,032,837			535,950,560			439,300,095
NET ASSETS at end of year	$	685,718,883		$	643,064,025		$	577,896,189		$	535,950,560
Accumulated net investment income (loss) included in net assets at end of year	$	22,185		$	—		$	5,560		$	(1	)
SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		1,501,198			1,399,554			1,611,268			1,176,523
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		826,524			827,475			792,681			797,045
Number of shares redeemed—Investor M Shares		(488,146	)		(284,094	)		(542,164	)		(165,939	)
Net increase in shares outstanding—Investor M Shares		1,839,576			1,942,935			1,861,785			1,807,629
Number of shares sold—TM Shares		7,126,950			7,448,862			6,470,053			6,510,421
Number of shares issued through reinvestment of dividends and distributions—TM Shares		4,205,468			4,299,442			3,594,790			3,722,489
Number of shares redeemed—TM Shares		(3,454,344	)		(2,885,818	)		(3,087,952	)		(2,157,387	)
Net increase in shares outstanding—TM Shares		7,878,074			8,862,486			6,976,891			8,075,523

See Notes to Financial Statements

119

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone 2035						Milestone 2040
	For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014
Increase (decrease) in net assets resulting from operations:
Net investment income	$	7,313,408		$	6,655,918		$	6,730,511		$	6,370,767
Net realized gain		29,111,132			45,797,145			30,228,206			48,978,273
Net change in unrealized depreciation		(46,506,485	)		(34,344,832	)		(47,600,825	)		(37,475,098	)
Net increase (decrease) in net assets resulting from operations		(10,081,945	)		18,108,231			(10,642,108	)		17,873,942
Distributions to shareholders from:
Net investment income—Investor M Shares		(1,275,572	)		(1,144,115	)		(1,112,092	)		(1,060,406	)
Net investment income—TM Shares		(6,038,018	)		(5,511,885	)		(5,560,879	)		(5,252,783	)
Net realized gain—Investor M Shares		(5,728,068	)		(6,266,123	)		(5,951,562	)		(6,467,907	)
Net realized gain—TM Shares		(23,572,777	)		(26,456,625	)		(25,732,935	)		(28,048,682	)
Total distributions		(36,614,435	)		(39,378,748	)		(38,357,468	)		(40,829,778	)
Capital share transactions:
Proceeds from sale of shares—Investor M Shares		13,192,103			10,527,060			11,966,690			11,991,278
Proceeds from sale of shares—TM Shares		54,860,755			64,105,420			52,167,027			54,199,207
Reinvestment of distributions—Investor M Shares		7,003,640			7,410,238			7,063,654			7,528,313
Reinvestment of distributions—TM Shares		29,610,795			31,968,510			31,293,814			33,301,465
Value of shares redeemed—Investor M Shares		(3,973,039	)		(1,439,661	)		(5,625,075	)		(2,229,277	)
Value of shares redeemed—TM Shares		(25,471,602	)		(22,918,332	)		(25,681,486	)		(18,863,398	)
Net increase from capital share transactions		75,222,652			89,653,235			71,184,624			85,927,588
Total increase in net assets		28,526,272			68,382,718			22,185,048			62,971,752
NET ASSETS at beginning of year		371,624,882			303,242,164			357,754,508			294,782,756
NET ASSETS at end of year	$	400,151,154		$	371,624,882		$	379,939,556		$	357,754,508
Accumulated net investment income (loss) included in net assets at end of year	$	1,192		$	1		$	57,540		$	—
SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		1,050,991			777,522			946,255			869,021
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		634,388			594,722			639,824			596,538
Number of shares redeemed—Investor M Shares		(318,706	)		(105,486	)		(439,197	)		(160,925	)
Net increase in shares outstanding—Investor M Shares		1,366,673			1,266,758			1,146,882			1,304,634
Number of shares sold—TM Shares		4,369,199			4,735,052			4,104,717			3,913,831
Number of shares issued through reinvestment of dividends and distributions—TM Shares		2,679,710			2,565,691			2,834,584			2,636,696
Number of shares redeemed—TM Shares		(2,014,185	)		(1,681,454	)		(2,010,930	)		(1,355,985	)
Net increase in shares outstanding—TM Shares		5,034,724			5,619,289			4,928,371			5,194,542

See Notes to Financial Statements

120

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone 2045						Milestone 2050
	For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014
Increase (decrease) in net assets resulting from operations:
Net investment income	$	2,840,927		$	2,393,517		$	1,068,119		$	726,653
Net realized gain		12,338,385			14,990,657			4,390,489			4,307,229
Net change in unrealized depreciation		(20,318,074	)		(10,822,033	)		(7,538,062	)		(3,291,903	)
Net increase (decrease) in net assets resulting from operations		(5,138,762	)		6,562,141			(2,079,454	)		1,741,979
		—			—			—			—
Distributions to shareholders from:
Net investment income—Investor M Shares		(611,748	)		(522,165	)		(248,388	)		(167,840	)
Net investment income—TM Shares		(2,229,180	)		(1,871,443	)		(819,715	)		(558,782	)
Net realized gain—Investor M Shares		(2,762,260	)		(2,194,672	)		(904,107	)		(559,349	)
Net realized gain—TM Shares		(8,729,050	)		(6,917,009	)		(2,608,387	)		(1,645,280	)
Total distributions		(14,332,238	)		(11,505,289	)		(4,580,597	)		(2,931,251	)
Capital share transactions:
Proceeds from sale of shares—Investor M Shares		9,709,711			8,215,181			6,817,862			4,290,403
Proceeds from sale of shares—TM Shares		38,948,484			35,879,629			26,747,856			23,294,633
Reinvestment of distributions—Investor M Shares		3,374,008			2,716,837			1,152,495			727,189
Reinvestment of distributions—TM Shares		10,958,230			8,788,452			3,428,102			2,204,062
Value of shares redeemed—Investor M Shares		(1,607,557	)		(738,372	)		(358,534	)		(480,379	)
Value of shares redeemed—TM Shares		(13,236,915	)		(9,223,174	)		(8,762,515	)		(7,233,559	)
Net increase from capital share transactions		48,145,961			45,638,553			29,025,266			22,802,349
Total increase in net assets		28,674,961			40,695,405			22,365,215			21,613,077
NET ASSETS at beginning of year		138,891,091			98,195,686			43,902,972			22,289,895
NET ASSETS at end of year	$	167,566,052		$	138,891,091		$	66,268,187		$	43,902,972
Accumulated net investment income (loss) included in net assets at end of year	$	(1	)	$	—		$	16		$	—
SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		688,762			551,549			543,782			328,072
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		270,570			193,232			101,991			58,036
Number of shares redeemed—Investor M Shares		(112,963	)		(49,530	)		(28,388	)		(36,959	)
Net increase in shares outstanding—Investor M Shares		846,369			695,251			617,385			349,149
Number of shares sold—TM Shares		2,750,855			2,413,890			2,121,203			1,782,433
Number of shares issued through reinvestment of dividends and distributions—TM Shares		877,360			624,623			302,836			175,762
Number of shares redeemed—TM Shares		(924,219	)		(620,985	)		(686,492	)		(555,548	)
Net increase in shares outstanding—TM Shares		2,703,996			2,417,528			1,737,547			1,402,647

See Notes to Financial Statements

121

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Low Duration Bond Investor Shares
	For the Year Ended December 31,
	2015			2014			2013			2012			2011
Net Asset Value, beginning of year	$	10.06		$	10.12		$	10.19		$	9.96		$	10.04
Income from investment operations:
Net investment income		0.10			0.10			0.13	^		0.16			0.19
Net realized and unrealized gain (loss)		(0.08	)		(0.03	)		(0.06	)		0.23			(0.08	)
Total from investment operations		0.02			0.07			0.07			0.39			0.11
Less distributions:
Net investment income		(0.10	)		(0.10	)		(0.11	)		(0.16	)		(0.19	)
Realized gains		(0.01	)		(0.03	)		(0.03	)		—			—
Total distributions		(0.11	)		(0.13	)		(0.14	)		(0.16	)		(0.19	)
Net Asset Value, end of year	$	9.97		$	10.06		$	10.12		$	10.19		$	9.96
Total return		0.17	%		0.68	%		0.75	%		3.97	%		1.14	%
Ratios to Average Net Assets:
Expenses		0.62	%		0.62	%		0.63	%		0.63	%		0.62	%
Net investment income		0.96	%		0.97	%		1.30	%		1.55	%		1.93	%
Supplemental Data:
Net assets, end of year (000)	$	59,000		$	61,116		$	47,700		$	592,262		$	524,463
Portfolio turnover		59	%		75	%		64	%		63	%		66	%
	Low Duration Bond T Shares
	For the Year Ended December 31,						For the Period from March 1, 2013* to December 31, 2013
	2015			2014
Net Asset Value, beginning of year	$	10.07		$	10.12		$	10.20
Income from investment operations:
Net investment income		0.12			0.12			0.12	^
Net realized and unrealized loss		(0.09	)		(0.02	)		(0.06	)
Total from investment operations		0.03			0.10			0.06
Less distributions:
Net investment income		(0.12	)		(0.12	)		(0.11	)
Realized gains		(0.01	)		(0.03	)		(0.03	)
Total distributions		(0.13	)		(0.15	)		(0.14	)
Net Asset Value, end of year	$	9.97		$	10.07		$	10.12
Total return		0.32	%		1.02	%		0.65	%††
Ratios to Average Net Assets:
Expenses		0.37	%		0.37	%		0.39	%†
Net investment income		1.21	%		1.22	%		1.43	%†
Supplemental Data:
Net assets, end of year (000)	$	738,128		$	736,776		$	554,556
Portfolio turnover		59	%		75	%		64	%††

  ^ Calculated based upon average shares out

  * Commencement of operations

  † Annualized

†† Not annualized

See Notes to Financial Statements

122

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Inflation Focused Investor Shares(1)
	For the Year Ended December 31,
	2015			2014			2013			2012			2011
Net Asset Value, beginning of year	$	10.57		$	10.49		$	11.86		$	11.68		$	10.99
Income from investment operations:
Net investment income (loss)		0.00	#^		0.12	^		(0.31	)^		0.17			0.34
Net realized and unrealized gain (loss)		(0.20	)		0.15			(0.76	)		0.62			0.91
Total from investment operations		(0.20	)		0.27			(1.07	)		0.79			1.25
Less distributions:
Net investment income		(0.02	)		(0.16	)		(0.07	)		(0.17	)		(0.36	)
Realized gains		(0.07	)		(0.03	)		(0.23	)		(0.44	)		(0.20	)
Return of Capital		(0.01	)		—			—			—			—
Total distributions		(0.10	)		(0.19	)		(0.30	)		(0.61	)		(0.56	)
Net Asset Value, end of year	$	10.27		$	10.57		$	10.49		$	11.86		$	11.68
Total return		(1.90	)%		2.51	%		(9.05	)%		6.84	%		11.53	%
Ratios to Average Net Assets:
Expenses		0.65	%		0.64	%		0.64	%		0.63	%		0.64	%
Net investment income (loss)		0.05	%		1.07	%		(2.67	)%		1.39	%		2.94	%
Supplemental Data:
Net assets, end of year (000)	$	22,465		$	24,895		$	28,441		$	669,336		$	584,191
Portfolio turnover		79	%		75	%		57	%		73	%		109	%
	Inflation Focused T Shares(1)
	For the Year Ended December 31,						For the Period from March 1, 2013* to December 31, 2013
	2015			2014
Net Asset Value, beginning of year	$	10.58		$	10.50		$	11.78
Income from investment operations:
Net investment income		0.04	^		0.14	^		0.14	^
Net realized and unrealized gain (loss)		(0.21	)		0.15			(1.10	)
Total from investment operations		(0.17	)		0.29			(0.96	)
Less distributions:
Net investment income		(0.04	)		(0.18	)		(0.09	)
Realized gains		(0.07	)		(0.03	)		(0.23	)
Return of Capital		(0.01	)		—			—
Total distributions		(0.12	)		(0.21	)		(0.32	)
Net Asset Value, end of year	$	10.29		$	10.58		$	10.50
Total return		(1.61	)%		2.68	%		(8.19	)%††
Ratios to Average Net Assets:
Expenses		0.40	%		0.39	%		0.40	%†
Net investment income		0.33	%		1.32	%		1.46	%†
Supplemental Data:
Net assets, end of year (000)	$	491,801		$	499,767		$	554,377
Portfolio turnover		79	%		75	%		57	%††

(1) Formerly Inflation Protected Securities Fund

   # Rounds to less than $0.01

   ^ Calculated based upon average shares outstanding.

   * Commencement of operations

   † Annualized

 †† Not annualized

See Notes to Financial Statements

123

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	High Yield T Shares
	For the Year Ended December 31, 2015			For the Period from May 1, 2014* to December 31, 2014
Net Asset Value, beginning of year	$	9.47		$	10.00
Income from investment operations:
Net investment income		0.50			0.25
Net realized and unrealized loss		(0.94	)		(0.51	)
Total from investment operations		(0.44	)		(0.26	)
Less distributions:
Net investment income		(0.53	)		(0.27	)
Realized gains		—			—
Total distributions		(0.53	)		(0.27	)
Net Asset Value, end of year	$	8.50		$	9.47
Total return		(4.99	)%		(2.70	)%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.81	%		0.92	%†
Expenses net of reimbursements/waivers, if any		0.75	%		0.92	%†
Net Investment Income before reimbursements/waivers		5.28	%		4.03	%†
Net Investment income net of reimbursements/waivers, if any		5.34	%		4.03	%†
Supplemental Data:
Net assets, end of year (000)	$	361,562		$	362,139
Portfolio turnover		56	%		76	%††

  * Commencement of operations

  † Annualized

†† Not annualized

See Notes to Financial Statements

124

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Equity Income Investor Shares
	For the Year Ended December 31,
	2015			2014			2013			2012			2011
Net Asset Value, beginning of year	$	9.95		$	11.10		$	9.01		$	8.27		$	8.64
Income from investment operations:
Net investment income		0.23			0.17			0.16	^		0.15			0.12
Net realized and unrealized gain (loss)		(1.01	)		0.74			2.63			1.03			(0.13	)
Total from investment operations		(0.78	)		0.91			2.79			1.18			(0.01	)
Less distributions:
Net investment income		(0.25	)		(0.18	)		(0.14	)		(0.16	)		(0.22	)
Realized gains		(0.70	)		(1.88	)		(0.56	)		(0.28	)		(0.14	)
Total distributions		(0.95	)		(2.06	)		(0.70	)		(0.44	)		(0.36	)
Net Asset Value, end of year	$	8.22		$	9.95		$	11.10		$	9.01		$	8.27
Total return		(7.58	)%		8.13	%		31.11	%		14.33	%		0.04	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.77	%		0.78	%		0.81	%		0.82	%		0.84	%
Expenses net of reimbursements/waivers, if any		0.77	%		0.78	%		0.81	%		0.82	%		0.83	%
Net Investment Income before reimbursements/waivers		2.36	%		1.44	%		1.69	%		1.64	%		1.32	%
Net Investment income net of reimbursements/waivers, if any		2.37	%		1.44	%		1.69	%		1.64	%		1.32	%
Supplemental Data:
Net assets, end of year (000)	$	45,704		$	54,955		$	60,614		$	2,020,305		$	1,817,557
Portfolio turnover		37	%		56	%		18	%		15	%		18	%
	Equity Income T Shares
	For the Year Ended December 31,						For the Period from March 1, 2013* to December 31, 2013
	2015			2014
Net Asset Value, beginning of year	$	9.95		$	11.10		$	9.62
Income from investment operations:
Net investment income		0.27			0.21			0.13	^
Net realized and unrealized gain (loss)		(1.03	)		0.73			2.08
Total from investment operations		(0.76	)		0.94			2.21
Less distributions:
Net investment income		(0.27	)		(0.21	)		(0.17	)
Realized gains		(0.70	)		(1.88	)		(0.56	)
Total distributions		(0.97	)		(2.09	)		(0.73	)
Net Asset Value, end of year	$	8.22		$	9.95		$	11.10
Total return		(7.32	)%		8.43	%		23.03	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.52	%		0.53	%		0.57	%†
Expenses net of reimbursements/waivers, if any		0.52	%		0.53	%		0.57	%†
Net Investment Income before reimbursements/waivers		2.63	%		1.68	%		1.41	%†
Net Investment income net of reimbursements/waivers, if any		2.63	%		1.69	%		1.41	%†
Supplemental Data:
Net assets, end of year (000)	$	1,980,039		$	2,319,873		$	2,426,828
Portfolio turnover		37	%		56	%		18	%††

  ^ Calculated based upon average shares outstanding.

  * Commencement of operations

  † Annualized

†† Not annualized

See Notes to Financial Statements

125

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Growth & Income Investor Shares
	For the Year Ended December 31,
	2015			2014			2013			2012			2011
Net Asset Value, beginning of year	$	12.73		$	13.22		$	10.71		$	9.49		$	9.67
Income from investment operations:
Net investment income		0.06			0.22			0.11	^		0.14			0.11
Net realized and unrealized gain (loss)		(0.12	)		1.21			3.51			1.42			(0.18	)
Total from investment operations		(0.06	)		1.43			3.62			1.56			(0.07	)
Less distributions:
Net investment income		(0.14	)		(0.19	)		(0.13	)		(0.18	)		(0.11	)
Realized gains		(1.11	)		(1.73	)		(0.98	)		(0.16	)		—
Total distributions		(1.25	)		(1.92	)		(1.11	)		(0.34	)		(0.11	)
Net Asset Value, end of year	$	11.42		$	12.73		$	13.22		$	10.71		$	9.49
Total return		(0.28	)%		10.67	%		34.01	%		16.53	%		(0.69	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.77	%		0.77	%		0.78	%		0.78	%		0.78	%
Expenses net of reimbursements/waivers, if any		0.77	%		0.77	%		0.78	%		0.78	%		0.78	%
Net Investment Income before reimbursements/waivers		1.02	%		1.23	%		0.93	%		1.32	%		1.12	%
Net Investment income net of reimbursements/waivers, if any		1.02	%		1.23	%		0.93	%		1.32	%		1.12	%
Supplemental Data:
Net assets, end of year (000)	$	36,696		$	37,003		$	39,944		$	1,305,504		$	1,162,482
Portfolio turnover		27	%		28	%		35	%		25	%		40	%
	Growth & Income T Shares
	For the Year Ended December 31,						For the Period from March 1, 2013* to December 31, 2013
	2015			2014
Net Asset Value, beginning of year	$	12.73		$	13.22		$	11.44
Income from investment operations:
Net investment income		0.16			0.21			0.13	^
Net realized and unrealized gain (loss)		(0.19	)		1.26			2.79
Total from investment operations		(0.03	)		1.47			2.92
Less distributions:
Net investment income		(0.17	)		(0.23	)		(0.16	)
Realized gains		(1.11	)		(1.73	)		(0.98	)
Total distributions		(1.28	)		(1.96	)		(1.14	)
Net Asset Value, end of year	$	11.42		$	12.73		$	13.22
Total return		0.00	%		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		1.27	%		1.47	%		1.18	%†
Net Investment income net of reimbursements/waivers, if any		1.27	%		1.48	%		1.18	%†
Supplemental Data:
Net assets, end of year (000)	$	1,745,247		$	1,685,352		$	1,696,122
Portfolio turnover		27	%		28	%		35	%††

  ^ Calculated based upon average shares outstanding.

  * Commencement of operations

  † Annualized

†† Not annualized

See Notes to Financial Statements

126

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Growth Investor Shares
	For the Year Ended December 31,
	2015			2014			2013			2012			2011
Net Asset Value, beginning of year	$	13.56		$	12.70	**	$	9.53		$	8.36		$	8.78
Income from investment operations:
Net investment income		0.03	^		0.27			0.03	^		0.05			0.04
Net realized and unrealized gain (loss)		0.52			1.01			3.18			1.18			(0.42	)
Total from investment operations		0.55			1.28			3.21			1.23			(0.38	)
Less distributions:
Net investment income		(0.06	)		(0.03	)		(0.04	)		(0.06	)		(0.04	)
Realized gains		(2.19	)		(0.39	)		—			—			—
Total distributions		(2.25	)		(0.42	)		(0.04	)		(0.06	)		(0.04	)
Net Asset Value, end of year	$	11.86	***	$	13.56		$	12.70	**	$	9.53		$	8.36
Total return		4.28	%***		10.05	%		33.71	%**		14.67	%		(4.27	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.77	%		0.78	%		0.77	%		0.78	%		0.83	%
Expenses net of reimbursements/waivers, if any		0.77	%		0.78	%		0.77	%		0.78	%		0.81	%
Net Investment Income before reimbursements/waivers		0.22	%		0.17	%		0.33	%		0.57	%		0.47	%
Net Investment income net of reimbursements/waivers, if any		0.22	%		0.17	%		0.33	%		0.57	%		0.49	%
Supplemental Data:
Net assets, end of year (000)	$	28,602		$	23,614		$	31,157		$	1,880,929		$	1,751,075
Portfolio turnover		101	%		47	%		53	%		87	%		70	%
	Growth T Shares
	For the Year Ended December 31,						For the Period from March 1, 2013* to December 31, 2013
	2015			2014
Net Asset Value, beginning of year	$	13.55		$	12.71		$	10.07
Income from investment operations:
Net investment income		0.07	^		0.06			0.06	^
Net realized and unrealized gain		0.52			1.25			2.64
Total from investment operations		0.59			1.31			2.70
Less distributions:
Net investment income		(0.09	)		(0.08	)		(0.06	)
Realized gains		(2.19	)		(0.39	)		—
Total distributions		(2.28	)		(0.47	)		(0.06	)
Net Asset Value, end of year	$	11.86		$	13.55		$	12.71
Total return		4.60	%		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		0.52	%		0.53	%		0.53	%†
Net Investment Income before reimbursements/waivers		0.47	%		0.42	%		0.60	%†
Net Investment income net of reimbursements/waivers, if any		0.47	%		0.42	%		0.60	%†
Supplemental Data:
Net assets, end of year (000)	$	2,197,234		$	2,289,433		$	2,294,323
Portfolio turnover		101	%		47	%		53	%††

   ^ Calculated based upon average shares outstanding.

   * Commencement of operations

 ** Financial reporting includes trade date activity as of December 31, 2013. The inclusion of this activity caused the Fund’s NAV to round down to $12.70 (the adjusted price) from $12.71 (the stated price for December 31, 2013, prior to the inclusion of that day’s activity).

*** Financial reporting includes trade data activity as of December 31, 2015. The inclusion of this activity caused the Fund’s NAV to round down to $11.86 (the adjusted price) from $11.87 (the stated price for December 31, 2015, prior to the inclusion of that day’s activity).

   † Annualized

 †† Not annualized

See Notes to Financial Statements

127

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Select Value Investor Shares
	For the Year Ended December 31,
	2015			2014			2013			2012			2011
Net Asset Value, beginning of year	$	11.86		$	12.86		$	10.95		$	9.73		$	9.84
Income from investment operations:
Net investment income		0.08			0.17			0.10	^		0.19			0.10
Net realized and unrealized gain (loss)		(0.93	)		0.87			3.67			1.42			(0.12	)
Total from investment operations		(0.85	)		1.04			3.77			1.61			(0.02	)
Less distributions:
Net investment income		(0.12	)		(0.14	)		(0.13	)		(0.18	)		(0.09	)
Realized gains		(1.28	)		(1.90	)		(1.73	)		(0.21	)		—
Total distributions		(1.40	)		(2.04	)		(1.86	)		(0.39	)		(0.09	)
Net Asset Value, end of year	$	9.61		$	11.86		$	12.86		$	10.95		$	9.73
Total return		(6.96	)%		8.11	%		34.65	%		16.55	%		(0.16	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.97	%		0.97	%		0.98	%		0.99	%		0.99	%
Expenses net of reimbursements/waivers, if any		0.92	%		0.97	%		0.98	%		0.99	%		0.99	%
Net Investment Income before reimbursements/waivers		0.96	%		1.06	%		0.84	%		1.73	%		0.96	%
Net Investment income net of reimbursements/waivers, if any		1.02	%		1.06	%		0.84	%		1.73	%		0.96	%
Supplemental Data:
Net assets, end of year (000)	$	6,946		$	8,325		$	9,120		$	355,590		$	320,019
Portfolio turnover		56	%		66	%		77	%		51	%		60	%
	Select Value T Shares
	For the Year Ended December 31,						For the Period from March 1, 2013* to December 31, 2013
	2015			2014
Net Asset Value, beginning of year	$	11.86		$	12.87		$	12.00
Income from investment operations:
Net investment income		0.15			0.19			0.15	^
Net realized and unrealized gain (loss)		(0.97	)		0.88			2.60
Total from investment operations		(0.82	)		1.07			2.75
Less distributions:
Net investment income		(0.15	)		(0.18	)		(0.15	)
Realized gains		(1.28	)		(1.90	)		(1.73	)
Total distributions		(1.43	)		(2.08	)		(1.88	)
Net Asset Value, end of year	$	9.61		$	11.86		$	12.87
Total return		(6.69	)%		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		0.67	%		0.72	%		0.73	%†
Net Investment Income before reimbursements/waivers		1.22	%		1.31	%		1.34	%†
Net Investment income net of reimbursements/waivers, if any		1.28	%		1.31	%		1.34	%†
Supplemental Data:
Net assets, end of year (000)	$	393,311		$	446,220		$	467,616
Portfolio turnover		56	%		66	%		77	%††

  ^ Calculated based upon average shares outstanding.

  * Commencement of operations

  † Annualized

†† Not annualized

See Notes to Financial Statements

128

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Aggressive Opportunities Investor Shares
	For the Year Ended December 31,
	2015			2014			2013			2012			2011
Net Asset Value, beginning of year	$	11.51		$	12.85		$	10.20		$	9.26		$	11.34
Income from investment operations:
Net investment income		0.09	^		0.03	^		0.00	#^		0.07			0.03
Net realized and unrealized gain (loss)		(0.40	)		0.63			3.90			1.35			(1.23	)
Total from investment operations		(0.31	)		0.66			3.90			1.42			(1.20	)
Less distributions:
Net investment income		(0.10	)		—			(0.04	)		(0.02	)		(0.04	)
Realized gains		(1.10	)		(2.00	)		(1.21	)		(0.46	)		(0.84	)
Total distributions		(1.20	)		(2.00	)		(1.25	)		(0.48	)		(0.88	)
Net Asset Value, end of year	$	10.00		$	11.51		$	12.85		$	10.20		$	9.26
Total return		(2.44	)%		5.13	%		38.53	%		15.44	%		(10.42	)%
Ratios to Average Net Assets:
Expenses		0.83	%		0.83	%		0.82	%		0.90	%		0.91	%
Net investment income		0.81	%		0.24	%		0.00	%**		0.61	%		0.21	%
Supplemental Data:
Net assets, end of year (000)	$	31,612		$	32,941		$	32,513		$	993,729		$	957,271
Portfolio turnover		56	%		49	%		51	%		94	%		53	%
	Aggressive Opportunities T Shares
	For the Year Ended December 31,						For the Period from March 1, 2013* to December 31, 2013
	2015			2014
Net Asset Value, beginning of year	$	11.52		$	12.85		$	11.04
Income from investment operations:
Net investment income		0.12	^		0.06	^		0.04	^
Net realized and unrealized gain (loss)		(0.41	)		0.64			3.05
Total from investment operations		(0.29	)		0.70			3.09
Less distributions:
Net investment income		(0.13	)		(0.03	)		(0.07	)
Realized gains		(1.10	)		(2.00	)		(1.21	)
Total distributions		(1.23	)		(2.03	)		(1.28	)
Net Asset Value, end of year	$	10.00		$	11.52		$	12.85
Total return		(2.27	)%		5.44	%		28.23	%††
Ratios to Average Net Assets:
Expenses		0.58	%		0.58	%		0.59	%†
Net investment income		1.06	%		0.49	%		0.42	%†
Supplemental Data:
Net assets, end of year (000)	$	964,443		$	1,071,234		$	1,210,202
Portfolio turnover		56	%		49	%		51	%††

  ^ Calculated based upon average shares outstanding.

   # Rounds to less than $0.01

  * Commencement of operations

 ** Rounds to less than 0.01%

  † Annualized

†† Not annualized

See Notes to Financial Statements

129

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Discovery Investor Shares
	For the Year Ended December 31,
	2015			2014			2013			2012			2011
Net Asset Value, beginning of year	$	10.04		$	10.86		$	9.48		$	8.74		$	9.42
Income from investment operations:
Net investment income		0.02			0.38			0.08	^		0.12			0.10
Net realized and unrealized gain (loss)		(0.83	)		0.26			3.61			1.25			(0.68	)
Total from investment operations		(0.81	)		0.64			3.69			1.37			(0.58	)
Less distributions:
Net investment income		(0.01	)		(0.06	)		(0.09	)		(0.16	)		(0.10	)
Realized gains		(0.23	)		(1.40	)		(2.22	)		(0.47	)		—
Total distributions		(0.24	)		(1.46	)		(2.31	)		(0.63	)		(0.10	)
Net Asset Value, end of year	$	8.99		$	10.04		$	10.86		$	9.48		$	8.74
Total return		(8.10	)%		6.07	%		39.34	%		15.74	%		(6.15	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.95	%		0.95	%		0.97	%		0.97	%		0.95	%
Expenses net of reimbursements/waivers, if any		0.93	%		0.95	%		0.97	%		0.97	%		0.95	%
Net Investment Income before reimbursements/waivers		0.49	%		0.65	%		0.79	%		1.25	%		1.05	%
Net Investment income net of reimbursements/waivers, if any		0.51	%		0.65	%		0.79	%		1.25	%		1.05	%
Supplemental Data:
Net assets, end of year (000)	$	5,251		$	6,419		$	3,742		$	212,873		$	193,872
Portfolio turnover		109	%		100	%		77	%		81	%		86	%
	Discovery T Shares
	For the Year Ended December 31,						For the Period from March 1, 2013* to December 31, 2013
	2015			2014
Net Asset Value, beginning of year	$	10.05		$	10.86		$	10.27
Income from investment operations:
Net investment income		0.03			0.09			0.10	^
Net realized and unrealized gain (loss)		(0.82	)		0.58			2.82
Total from investment operations		(0.79	)		0.67			2.92
Less distributions:
Net investment income		(0.04	)		(0.08	)		(0.11	)
Realized gains		(0.23	)		(1.40	)		(2.22	)
Total distributions		(0.27	)		(1.48	)		(2.33	)
Net Asset Value, end of year	$	8.99		$	10.05		$	10.86
Total return		(7.86	)%		6.37	%		28.84	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.70	%		0.70	%		0.71	%†
Expenses net of reimbursements/waivers, if any		0.68	%		0.70	%		0.71	%†
Net Investment Income before reimbursements/waivers		0.79	%		0.88	%		1.00	%†
Net Investment income net of reimbursements/waivers, if any		0.81	%		0.88	%		1.00	%†
Supplemental Data:
Net assets, end of year (000)	$	489,466		$	286,141		$	275,107
Portfolio turnover		109	%		100	%		77	%††

  ^ Calculated based upon average shares outstanding.

  * Commencement of operations

  † Annualized

†† Not annualized

See Notes to Financial Statements

130

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	International Investor Shares
	For the Year Ended December 31,
	2015			2014			2013			2012			2011
Net Asset Value, beginning of year	$	10.36		$	11.08	**	$	9.63		$	8.32		$	9.34
Income from investment operations:
Net investment income		0.17	^		0.24	^		0.06	^		0.22			0.20
Net realized and unrealized gain (loss)		(0.38	)		(0.54	)		1.61			1.32			(1.01	)
Total from investment operations		(0.21	)		(0.30	)		1.67			1.54			(0.81	)
Less distributions:
Net investment income		(0.17	)		(0.37	)		(0.22	)		(0.23	)		(0.21	)
Realized gains		(0.04	)		(0.05	)		—			—			—
Total distributions		(0.21	)		(0.42	)		(0.22	)		(0.23	)		(0.21	)
Net Asset Value, end of year	$	9.94		$	10.36		$	11.08	**	$	9.63		$	8.32
Total return		(2.06	)%		(2.76	)%		17.43	%**		18.57	%		(8.57	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.97	%		0.98	%		0.97	%		0.98	%		0.97	%
Expenses net of reimbursements/waivers, if any		0.97	%		0.97	%		0.97	%		0.98	%		0.95	%
Net Investment Income before reimbursements/waivers		1.60	%		2.15	%		0.61	%		2.32	%		2.25	%
Net Investment income net of reimbursements/waivers, if any		1.60	%		2.15	%		0.61	%		2.32	%		2.26	%
Supplemental Data:
Net assets, end of year (000)	$	25,782		$	25,061		$	16,440		$	1,305,510		$	1,139,964
Portfolio turnover		43	%		34	%		51	%		49	%		50	%
	International T Shares
	For the Year Ended December 31,						For the Period from March 1, 2013* to December 31, 2013
	2015			2014
Net Asset Value, beginning of year	$	10.36		$	11.09		$	9.85
Income from investment operations:
Net investment income		0.19	^		0.28	^		0.21	^
Net realized and unrealized gain (loss)		(0.38	)		(0.57	)		1.28
Total from investment operations		(0.19	)		(0.29	)		1.49
Less distributions:
Net investment income		(0.19	)		(0.39	)		(0.25	)
Realized gains		(0.04	)		(0.05	)		—
Total distributions		(0.23	)		(0.44	)		(0.25	)
Net Asset Value, end of year	$	9.94		$	10.36		$	11.09
Total return		(1.81	)%		(2.68	)%		15.14	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.71	%		0.73	%		0.75	%†
Expenses net of reimbursements/waivers, if any		0.71	%		0.72	%		0.75	%†
Net Investment Income before reimbursements/waivers		1.83	%		2.53	%		2.38	%†
Net Investment income net of reimbursements/waivers, if any		1.83	%		2.54	%		2.38	%†
Supplemental Data:
Net assets, end of year (000)	$	1,672,196		$	1,493,171		$	1,418,996
Portfolio turnover		43	%		34	%		51	%††

  ^ Calculated based upon average shares outstanding

  * Commencement of operations

** Financial reporting includes trade date activity as of December 31, 2013. The inclusion of this activity caused the Fund’s NAV to round down to $11.08 (the adjusted price) from $11.09 (the stated price for December 31, 2013, prior to the inclusion of that day’s activity).

  † Annualized

†† Not annualized

See Notes to Financial Statements

131

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Diversifying Strategies T Shares(1)
	For the Year Ended December 31,
	2015			2014			2013			2012			2011
Net Asset Value, beginning of year	$	10.13		$	10.43		$	10.16		$	10.01		$	10.16
Income from investment operations:
Net investment income		0.15			0.14			0.12	^		0.12			0.10
Net realized and unrealized gain (loss)		(0.32	)		0.25			0.47			0.23			(0.09	)
Total from investment operations		(0.17	)		0.39			0.59			0.35			0.01
Less distributions:
Net investment income		(0.19	)		(0.23	)		(0.19	)		(0.17	)		(0.02	)
Realized gains		(0.07	)		(0.46	)		(0.13	)		(0.03	)		(0.14	)
Total distributions		(0.26	)		(0.69	)		(0.32	)		(0.20	)		(0.16	)
Net Asset Value, end of year	$	9.70		$	10.13		$	10.43		$	10.16		$	10.01
Total return		(1.61	)%		3.75	%		5.81	%		3.53	%		0.10	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.49	%		0.52	%		0.66	%		0.89	%		0.91	%
Expenses net of reimbursements/waivers, if any		0.49	%		0.50	%		0.59	%		0.80	%		0.85	%
Net Investment Income before reimbursements/waivers		1.34	%		1.22	%		1.13	%		1.04	%		0.93	%
Net Investment income net of reimbursements/waivers, if any		1.34	%		1.24	%		1.19	%		1.12	%		1.00	%
Supplemental Data:
Net assets, end of year (000)	$	932,159		$	1,096,683		$	1,093,589		$	964,774		$	849,777
Portfolio turnover		78	%		103	%		70	%		71	%		73	%

(1) Formerly Diversified Assets Fund

   ^ Calculated based upon average shares outstanding.

See Notes to Financial Statements

132

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Core Bond Index Class I
	For the Year Ended December 31,
	2015			2014			2013			2012			2011
Net Asset Value, beginning of year	$	10.31		$	10.00		$	10.54		$	10.47		$	10.10
Income from investment operations:
Net investment income		0.27			0.21			0.23	^		0.25			0.31
Net realized and unrealized gain (loss)		(0.26	)		0.35			(0.50	)		0.14			0.42
Total from investment operations		0.01			0.56			(0.27	)		0.39			0.73
Less distributions:
Net investment income		(0.26	)		(0.25	)		(0.27	)		(0.32	)		(0.36	)
Realized gains		—			—			—			—			—
Total distributions		(0.26	)		(0.25	)		(0.27	)		(0.32	)		(0.36	)
Net Asset Value, end of year	$	10.06		$	10.31		$	10.00		$	10.54		$	10.47
Total return		0.04	%		5.65	%		(2.62	)%		3.80	%		7.41	%
Ratios to Average Net Assets:
Expenses		0.40	%		0.41	%		0.40	%		0.41	%		0.41	%
Net investment income		1.96	%		1.98	%		2.23	%		2.38	%		3.00	%
Supplemental Data:
Net assets, end of year (000)	$	26,995		$	23,155		$	22,055		$	905,486		$	813,431
Portfolio turnover		123	%		160	%		120	%		64	%		57	%
	Core Bond Index Class II
	For the Year Ended December 31,
	2015			2014			2013			2012			2011
Net Asset Value, beginning of year	$	10.37		$	10.06		$	10.60		$	10.53		$	10.16
Income from investment operations:
Net investment income		0.23			0.29			0.25	^		0.27			0.33
Net realized and unrealized gain (loss)		(0.19	)		0.29			(0.50	)		0.14			0.43
Total from investment operations		0.04			0.58			(0.25	)		0.41			0.76
Less distributions:
Net investment income		(0.28	)		(0.27	)		(0.29	)		(0.34	)		(0.39	)
Realized gains		—			—			—			—			—
Total distributions		(0.28	)		(0.27	)		(0.29	)		(0.34	)		(0.39	)
Net Asset Value, end of year	$	10.13		$	10.37		$	10.06		$	10.60		$	10.53
Total return		0.33	%		5.81	%		(2.38	)%		3.98	%		7.57	%
Ratios to Average Net Assets:
Expenses		0.20	%		0.21	%		0.20	%		0.21	%		0.21	%
Net investment income		2.16	%		2.18	%		2.40	%		2.59	%		3.15	%
Supplemental Data:
Net assets, end of year (000)	$	12,095		$	12,631		$	26,490		$	337,639		$	320,809
Portfolio turnover		123	%		160	%		120	%		64	%		57	%

^ Calculated based upon average shares outstanding.

See Notes to Financial Statements

133

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Core Bond Index T Shares
	For the Year Ended December 31,						For the Period from March 1, 2013* to December 31, 2013
	2015			2014
Net Asset Value, beginning of year	$	10.30		$	10.00		$	10.46
Income from investment operations:
Net investment income		0.23			0.23			0.19	^
Net realized and unrealized gain (loss)		(0.19	)		0.35			(0.40	)
Total from investment operations		0.04			0.58			(0.21	)
Less distributions:
Net investment income		(0.28	)		(0.28	)		(0.25	)
Realized gains		—			—			—
Total distributions		(0.28	)		(0.28	)		(0.25	)
Net Asset Value, end of year	$	10.06		$	10.30		$	10.00
Total return		0.38	%		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		2.16	%		2.18	%		2.17	%†
Net Investment income net of reimbursements/waivers, if any		2.21	%		2.23	%		2.22	%†
Supplemental Data:
Net assets, end of year (000)	$	1,671,762		$	1,649,023		$	1,231,000
Portfolio turnover		123	%		160	%		120	%††

  ^ Calculated based upon average shares outstanding.

  * Commencement of operations

  † Annualized

†† Not annualized

See Notes to Financial Statements

134

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	500 Stock Index Class I
	For the Year Ended December 31,
	2015			2014			2013			2012			2011
Net Asset Value, beginning of year	$	16.08		$	14.66		$	11.32		$	9.96		$	9.95
Income from investment operations:
Net investment income		0.27			0.25	^		0.23	^		0.20			0.17
Net realized and unrealized gain (loss)		(0.13	)		1.70			3.36			1.36			0.00	#
Total from investment operations		0.14			1.95			3.59			1.56			0.17
Less distributions:
Net investment income		(0.28	)		(0.23	)		(0.21	)		(0.20	)		(0.16	)
Realized gains		(0.24	)		(0.30	)		(0.04	)		—			—
Total distributions		(0.52	)		(0.53	)		(0.25	)		(0.20	)		(0.16	)
Net Asset Value, end of year	$	15.70		$	16.08		$	14.66		$	11.32		$	9.96
Total return		0.94	%		13.27	%		31.78	%		15.62	%		1.72	%
Ratios to Average Net Assets:
Expenses		0.40	%		0.40	%		0.41	%		0.42	%		0.42	%
Net investment income		1.81	%		1.64	%		1.78	%		1.89	%		1.65	%
Supplemental Data:
Net assets, end of year (000)	$	53,801		$	47,690		$	31,916		$	111,410		$	94,197
Portfolio turnover		4	%		6	%		8	%		3	%		3	%

	500 Stock Index Class II
	For the Year Ended December 31,
	2015			2014			2013			2012			2011
Net Asset Value, beginning of year	$	15.09		$	13.80	***	$	10.65	**	$	9.39		$	9.39
Income from investment operations:
Net investment income		0.16			0.28	^		0.24	^		0.22			0.18
Net realized and unrealized gain		0.02			1.57			3.19			1.26			0.00	#
Total from investment operations		0.18			1.85			3.43			1.48			0.18
Less distributions:
Net investment income		(0.32	)		(0.26	)		(0.24	)		(0.22	)		(0.18	)
Realized gains		(0.24	)		(0.30	)		(0.04	)		—			—
Total distributions		(0.56	)		(0.56	)		(0.28	)		(0.22	)		(0.18	)
Net Asset Value, end of year	$	14.71		$	15.09		$	13.80	***	$	10.65	**	$	9.39
Total return		1.23	%		13.42	%		32.23	%***		15.74	%**		1.97	%
Ratios to Average Net Assets:
Expenses		0.20	%		0.20	%		0.21	%		0.22	%		0.22	%
Net investment income		2.02	%		1.86	%		2.12	%		2.09	%		1.86	%
Supplemental Data:
Net assets, end of year (000)	$	22,665		$	20,026		$	2,271		$	341,571		$	287,072
Portfolio turnover		4	%		6	%		8	%		3	%		3	%

   ^ Calculated based upon average shares outstanding.

   # Rounds to less than $0.01

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

*** 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).

See Notes to Financial Statements

135

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	500 Stock Index T Shares
	For the Year Ended December 31,						For the Period from March 1, 2013* to December 31, 2013
	2015			2014
Net Asset Value, beginning of year	$	16.09		$	14.67		$	12.06
Income from investment operations:
Net investment income		0.33			0.29	^		0.22	^
Net realized and unrealized gain (loss)		(0.14	)		1.69			2.67
Total from investment operations		0.19			1.98			2.89
Less distributions:
Net investment income		(0.32	)		(0.26	)		(0.24	)
Realized gains		(0.24	)		(0.30	)		(0.04	)
Total distributions		(0.56	)		(0.56	)		(0.28	)
Net Asset Value, end of year	$	15.72		$	16.09		$	14.67
Total return		1.25	%		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		2.01	%		1.83	%		1.86	%†
Net Investment income net of reimbursements/waivers, if any		2.06	%		1.88	%		1.91	%†
Supplemental Data:
Net assets, end of year (000)	$	840,243		$	778,364		$	627,600
Portfolio turnover		4	%		6	%		8	%††

  ^ Calculated based upon average shares outstanding.

  * Commencement of operations

  † Annualized

†† Not annualized

See Notes to Financial Statements

136

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Broad Market Index Class I
	For the Year Ended December 31,
	2015			2014			2013			2012			2011
Net Asset Value, beginning of year	$	17.31		$	15.84		$	12.23		$	10.85		$	10.92
Income from investment operations:
Net investment income		0.36	^		0.26	^		0.23	^		0.24			0.20
Net realized and unrealized gain (loss)		(0.35	)		1.67			3.80			1.45			(0.11	)
Total from investment operations		0.01			1.93			4.03			1.69			0.09
Less distributions:
Net investment income		(0.35	)		(0.25	)		(0.21	)		(0.21	)		(0.16	)
Realized gains		(0.29	)		(0.21	)		(0.21	)		(0.10	)		—
Total distributions		(0.64	)		(0.46	)		(0.42	)		(0.31	)		(0.16	)
Net Asset Value, end of year	$	16.68		$	17.31		$	15.84		$	12.23		$	10.85
Total return		0.15	%		12.17	%		33.04	%		15.64	%		0.85	%
Ratios to Average Net Assets:
Expenses		0.40	%		0.40	%		0.40	%		0.42	%		0.41	%
Net investment income		2.07	%		1.57	%		1.68	%		1.89	%		1.56	%
Supplemental Data:
Net assets, end of year (000)	$	51,064		$	44,988		$	36,076		$	126,835		$	114,674
Portfolio turnover		4	%		3	%		9	%		3	%		1	%

	Broad Market Index Class II
	For the Year Ended December 31,
	2015			2014			2013			2012			2011
Net Asset Value, beginning of year	$	16.17		$	14.82		$	11.46		$	10.19		$	10.27
Income from investment operations:
Net investment income		0.37	^		0.27	^		0.24	^		0.24			0.19
Net realized and unrealized gain (loss)		(0.32	)		1.57			3.57			1.37			(0.09	)
Total from investment operations		0.05			1.84			3.81			1.61			0.10
Less distributions:
Net investment income		(0.39	)		(0.28	)		(0.24	)		(0.24	)		(0.18	)
Realized gains		(0.29	)		(0.21	)		(0.21	)		(0.10	)		—
Total distributions		(0.68	)		(0.49	)		(0.45	)		(0.34	)		(0.18	)
Net Asset Value, end of year	$	15.54		$	16.17		$	14.82		$	11.46		$	10.19
Total return		0.38	%		12.38	%		33.36	%		15.82	%		1.07	%
Ratios to Average Net Assets:
Expenses		0.20	%		0.20	%		0.20	%		0.22	%		0.21	%
Net investment income		2.25	%		1.76	%		1.97	%		2.09	%		1.77	%
Supplemental Data:
Net assets, end of year (000)	$	13,149		$	12,767		$	15,887		$	427,467		$	389,031
Portfolio turnover		4	%		3	%		9	%		3	%		1	%

^ Calculated based upon average shares outstanding.

See Notes to Financial Statements

137

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Broad Market Index T Shares
	For the Year Ended December 31,						For the Period from March 1, 2013* to December 31, 2013
	2015			2014
Net Asset Value, beginning of year	$	17.32		$	15.85	**	$	13.05
Income from investment operations:
Net investment income		0.40	^		0.30	^		0.23	^
Net realized and unrealized gain (loss)		(0.35	)		1.67			3.02
Total from investment operations		0.05			1.97			3.25
Less distributions:
Net investment income		(0.39	)		(0.29	)		(0.24	)
Realized gains		(0.29	)		(0.21	)		(0.21	)
Total distributions		(0.68	)		(0.50	)		(0.45	)
Net Asset Value, end of year	$	16.69		$	17.32		$	15.85	**
Total return		0.39	%		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		2.25	%		1.77	%		1.81	%†
Net Investment income net of reimbursements/waivers, if any		2.30	%		1.82	%		1.86	%†
Supplemental Data:
Net assets, end of year (000)	$	824,984		$	826,610		$	728,118
Portfolio turnover		4	%		3	%		9	%††

  ^ Calculated based upon average shares outstanding.

  * Commencement of operations

** Financial reporting includes trade date activity as of December 31, 2013. The inclusion of this activity caused the Fund’s NAV to round up to $15.85 (the adjusted price) from $15.84 (the stated price for December, 2013, prior to the inclusion of that day’s activity).

  † Annualized

†† Not annualized

See Notes to Financial Statements

138

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Mid/Small Company Index Class I
	For the Year Ended December 31,
	2015			2014			2013			2012			2011
Net Asset Value, beginning of year	$	19.91		$	19.75		$	15.67		$	14.02		$	15.39
Income from investment operations:
Net investment income		0.27	^		0.28	^		0.19	^		0.28			0.16
Net realized and unrealized gain (loss)		(0.94	)		1.06			5.60			2.21			(0.78	)
Total from investment operations		(0.67	)		1.34			5.79			2.49			(0.62	)
Less distributions:
Net investment income		(0.26	)		(0.26	)		(0.22	)		(0.26	)		(0.15	)
Realized gains		(1.99	)		(0.92	)		(1.49	)		(0.58	)		(0.60	)
Total distributions		(2.25	)		(1.18	)		(1.71	)		(0.84	)		(0.75	)
Net Asset Value, end of year	$	16.99		$	19.91		$	19.75		$	15.67		$	14.02
Total return		(3.20	)%		6.80	%		37.19	%		17.89	%		(3.91	)%
Ratios to Average Net Assets:
Expenses		0.40	%		0.40	%		0.41	%		0.43	%		0.43	%
Net investment income		1.34	%		1.37	%		1.10	%		1.87	%		1.11	%
Supplemental Data:
Net assets, end of year (000)	$	31,114		$	31,273		$	28,367		$	297,378		$	247,732
Portfolio turnover		23	%		15	%		37	%		14	%		15	%

	Mid/Small Company Index Class II
	For the Year Ended December 31,
	2015			2014			2013			2012			2011
Net Asset Value, beginning of year	$	18.60	*	$	18.53		$	14.78		$	13.26		$	14.60
Income from investment operations:
Net investment income		0.29	^		0.31	^		0.20	^		0.30			0.19
Net realized and unrealized gain (loss)		(0.89	)		0.99			5.30			2.09			(0.76	)
Total from investment operations		(0.60	)		1.30			5.50			2.39			(0.57	)
Less distributions:
Net investment income		(0.30	)		(0.31	)		(0.26	)		(0.29	)		(0.17	)
Realized gains		(1.99	)		(0.92	)		(1.49	)		(0.58	)		(0.60	)
Total distributions		(2.29	)		(1.23	)		(1.75	)		(0.87	)		(0.77	)
Net Asset Value, end of year	$	15.71		$	18.60	*	$	18.53		$	14.78		$	13.26
Total return		(3.03	)%		7.05	%*		37.42	%		18.17	%		(3.70	)%
Ratios to Average Net Assets:
Expenses		0.20	%		0.20	%		0.21	%		0.23	%		0.23	%
Net investment income		1.56	%		1.65	%		1.23	%		2.07	%		1.30	%
Supplemental Data:
Net assets, end of year (000)	$	16,417		$	14,596		$	5,541		$	194,775		$	160,710
Portfolio turnover		23	%		15	%		37	%		14	%		15	%

^ Calculated based upon average shares outstanding

* Financial reporting includes trade data activity as of December 31, 2014. The inclusion of this activity caused the Fund’s NAV to round up to $18.60 (the adjusted price) from $18.59 (the stated price for December 31, 2014, prior to the inclusion of that day’s activity).

See Notes to Financial Statements

139

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Mid/Small Company Index T Shares
	For the Year Ended December 31,						For the Period from March 1, 2013* to December 31, 2013
	2015			2014
Net Asset Value, beginning of year	$	19.92		$	19.76		$	16.91
Income from investment operations:
Net investment income		0.32	^		0.33	^		0.26	^
Net realized and unrealized gain (loss)		(0.96	)		1.06			4.34
Total from investment operations		(0.64	)		1.39			4.60
Less distributions:
Net investment income		(0.30	)		(0.31	)		(0.26	)
Realized gains		(1.99	)		(0.92	)		(1.49	)
Total distributions		(2.29	)		(1.23	)		(1.75	)
Net Asset Value, end of year	$	16.99		$	19.92		$	19.76
Total return		(3.00	)%		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		1.54	%		1.56	%		1.59	%†
Net Investment income net of reimbursements/waivers, if any		1.59	%		1.61	%		1.64	%†
Supplemental Data:
Net assets, end of year (000)	$	664,732		$	698,244		$	686,939
Portfolio turnover		23	%		15	%		37	%††

  ^ Calculated based upon average shares outstanding.

  * Commencement of operations

  † Annualized

†† Not annualized

See Notes to Financial Statements

140

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Overseas Equity Index Class I
	For the Year Ended December 31,
	2015			2014			2013			2012			2011
Net Asset Value, beginning of year	$	11.49		$	12.59		$	10.61		$	9.19		$	10.82
Income from investment operations:
Net investment income		0.23			0.35			0.22	^		0.29			0.33
Net realized and unrealized gain (loss)		(0.41	)		(1.09	)		2.04			1.41			(1.68	)
Total from investment operations		(0.18	)		(0.74	)		2.26			1.70			(1.35	)
Less distributions:
Net investment income		(0.20	)		(0.36	)		(0.28	)		(0.28	)		(0.28	)
Realized gains		—			—			—			—			—
Total distributions		(0.20	)		(0.36	)		(0.28	)		(0.28	)		(0.28	)
Net Asset Value, end of year	$	11.11		$	11.49		$	12.59		$	10.61		$	9.19
Total return		(1.50	)%		(5.88	)%		21.35	%		18.51	%		(12.42	)%
Ratios to Average Net Assets:
Expenses		0.49	%		0.51	%		0.54	%		0.55	%		0.54	%
Net investment income		2.51	%		3.08	%		1.91	%		2.92	%		2.93	%
Supplemental Data:
Net assets, end of year (000)	$	13,255		$	11,318		$	11,103		$	55,335		$	44,911
Portfolio turnover		14	%		8	%		11	%		6	%		2	%

	Overseas Equity Index Class II
	For the Year Ended December 31,
	2015			2014			2013			2012			2011
Net Asset Value, beginning of year	$	10.69		$	11.75		$	9.91		$	8.60		$	10.16
Income from investment operations:
Net investment income		0.39			0.55			0.15	^		0.29			0.31
Net realized and unrealized gain (loss)		(0.52	)		(1.22	)		1.99			1.32			(1.57	)
Total from investment operations		(0.13	)		(0.67	)		2.14			1.61			(1.26	)
Less distributions:
Net investment income		(0.23	)		(0.39	)		(0.30	)		(0.30	)		(0.30	)
Realized gains		—			—			—			—			—
Total distributions		(0.23	)		(0.39	)		(0.30	)		(0.30	)		(0.30	)
Net Asset Value, end of year	$	10.33		$	10.69		$	11.75		$	9.91		$	8.60
Total return		(1.21	)%		(5.75	)%		21.68	%		18.74	%		(12.28	)%
Ratios to Average Net Assets:
Expenses		0.29	%		0.31	%		0.34	%		0.35	%		0.34	%
Net investment income		2.74	%		3.34	%		1.49	%		3.10	%		3.11	%
Supplemental Data:
Net assets, end of year (000)	$	3,307		$	3,264		$	3,327		$	173,354		$	132,873
Portfolio turnover		14	%		8	%		11	%		6	%		2	%

^ Calculated based upon average shares outstanding.

See Notes to Financial Statements

141

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Overseas Equity Index T Shares
	For the Year Ended December 31,						For the Period from March 1, 2013* to December 31, 2013
	2015			2014
Net Asset Value, beginning of year	$	11.49		$	12.60		$	10.91
Income from investment operations:
Net investment income		0.23			0.41			0.28	^
Net realized and unrealized gain (loss)		(0.38	)		(1.13	)		1.71
Total from investment operations		(0.15	)		(0.72	)		1.99
Less distributions:
Net investment income		(0.23	)		(0.39	)		(0.30	)
Realized gains		—			—			—
Total distributions		(0.23	)		(0.39	)		(0.30	)
Net Asset Value, end of year	$	11.11		$	11.49		$	12.60
Total return		(1.23	)%		(5.72	)%		18.34	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.29	%		0.31	%		0.35	%†
Expenses net of reimbursements/waivers, if any		0.24	%		0.26	%		0.30	%†
Net Investment Income before reimbursements/waivers		2.56	%		3.30	%		2.78	%†
Net Investment income net of reimbursements/waivers, if any		2.61	%		3.35	%		2.83	%†
Supplemental Data:
Net assets, end of year (000)	$	417,601		$	284,466		$	282,482
Portfolio turnover		14	%		8	%		11	%††

  ^ Calculated based upon average shares outstanding

  * Commencement of operations

  † Annualized

†† Not annualized

See Notes to Financial Statements

142

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Model Portfolio Conservative Growth Investor M Shares
	For the Year Ended December 31,
	2015			2014			2013			2012			2011
Net Asset Value, beginning of year	$	24.99		$	26.81		$	24.89		$	23.46		$	23.62
Income from investment operations:
Net investment income		0.51			0.48			0.22	^		0.46			0.43
Net realized and unrealized gain (loss)		(0.95	)		0.37			2.52			1.62			(0.16	)
Total from investment operations		(0.44	)		0.85			2.74			2.08			0.27
Less distributions:
Net investment income		(0.43	)		(0.42	)		(0.34	)		(0.51	)		(0.43	)
Realized gains		(1.16	)		(2.25	)		(0.48	)		(0.14	)		—
Total distributions		(1.59	)		(2.67	)		(0.82	)		(0.65	)		(0.43	)
Net Asset Value, end of year	$	22.96		$	24.99		$	26.81		$	24.89		$	23.46
Total return		(1.76	)%		3.15	%		11.03	%		8.88	%		1.15	%
Ratios to Average Net Assets:
Expenses		0.38	%		0.38	%		0.24	%		0.13	%		0.12	%
Net investment income		1.55	%		1.50	%		0.86	%		1.66	%		1.67	%
Supplemental Data:
Net assets, end of year (000)	$	87,122		$	111,406		$	102,862		$	607,812		$	556,164
Portfolio turnover		10	%		32	%		11	%		7	%		14	%

	Model Portfolio Conservative Growth TM Shares
	For the Year Ended December 31,						For the Period from March 1, 2013* to December 31, 2013
	2015			2014
Net Asset Value, beginning of year	$	25.00		$	26.81		$	25.52
Income from investment operations:
Net investment income		0.54			0.57			0.35	^
Net realized and unrealized gain (loss)		(0.92	)		0.35			1.82
Total from investment operations		(0.38	)		0.92			2.17
Less distributions:
Net investment income		(0.50	)		(0.48	)		(0.40	)
Realized gains		(1.16	)		(2.25	)		(0.48	)
Total distributions		(1.66	)		(2.73	)		(0.88	)
Net Asset Value, end of year	$	22.96		$	25.00		$	26.81
Total return		(1.51	)%		3.43	%		8.50	%††
Ratios to Average Net Assets:
Expenses		0.13	%		0.13	%		0.13	%†
Net investment income		1.89	%		1.70	%		1.59	%†
Supplemental Data:
Net assets, end of year (000)	$	523,575		$	560,313		$	558,569
Portfolio turnover		10	%		32	%		11	%††

  ^ Calculated based upon average shares outstanding.

  * Commencement of operations

  † Annualized

†† Not annualized

See Notes to Financial Statements

143

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Model Portfolio Traditional Growth Investor M Shares
	For the Year Ended December 31,
	2015				2014				2013				2012				2011
Net Asset Value, beginning of year		$	25.45			$	26.38			$	23.25			$	21.52			$	22.17
Income from investment operations:
Net investment income			0.45				0.55				0.16	^			0.42				0.38
Net realized and unrealized gain (loss)			(0.97	)			0.64				3.96				1.99				(0.50	)
Total from investment operations			(0.52	)			1.19				4.12				2.41				(0.12	)
Less distributions:
Net investment income			(0.41	)			(0.43	)			(0.32	)			(0.42	)			(0.48	)
Realized gains			(1.58	)			(1.69	)			(0.67	)			(0.26	)			(0.05	)
Total distributions			(1.99	)			(2.12	)			(0.99	)			(0.68	)			(0.53	)
Net Asset Value, end of year		$	22.94			$	25.45			$	26.38			$	23.25			$	21.52
Total return			(2.06	)%			4.51	%			17.74	%			11.20	%			(0.56	)%
Ratios to Average Net Assets:
Expenses			0.36	%			0.36	%			0.18	%			0.11	%			0.11	%
Net investment income			1.57	%			1.61	%			0.64	%			1.66	%			1.52	%
Supplemental Data:
Net assets, end of year (000)		$	140,152			$	139,645			$	124,346			$	1,493,678			$	1,366,108
Portfolio turnover			9	%			18	%			9	%			7	%			13	%

	Model Portfolio Traditional Growth TM Shares
	For the Year Ended December 31,								For the Period from March 1, 2013* to December 31, 2013
	2015				2014
Net Asset Value, beginning of year		$	25.46			$	26.38			$	24.12
Income from investment operations:
Net investment income			0.54				0.65				0.35	^
Net realized and unrealized gain (loss)			(1.01	)			0.62				2.96
Total from investment operations			(0.47	)			1.27				3.31
Less distributions:
Net investment income			(0.47	)			(0.50	)			(0.38	)
Realized gains			(1.58	)			(1.69	)			(0.67	)
Total distributions			(2.05	)			(2.19	)			(1.05	)
Net Asset Value, end of year		$	22.94			$	25.46			$	26.38
Total return			(1.84	)%			4.80	%			13.71	%††
Ratios to Average Net Assets:
Expenses			0.11	%			0.11	%			0.12	%†
Net investment income			1.80	%			1.79	%			1.64	%†
Supplemental Data:
Net assets, end of year (000)		$	1,491,616			$	1,578,060			$	1,565,740
Portfolio turnover			9	%			18	%			9	%††

  ^ Calculated based upon average shares outstanding.

  * Commencement of operations

  † Annualized

†† Not annualized

See Notes to Financial Statements

144

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Model Portfolio Long-Term Growth Investor M Shares
	For the Year Ended December 31,
	2015				2014				2013				2012				2011
Net Asset Value, beginning of year		$	25.28			$	26.06			$	22.20			$	20.32			$	21.41
Income from investment operations:
Net investment income			0.47				0.60				0.11	^			0.38				0.35
Net realized and unrealized gain (loss)			(1.13	)			0.80				4.90				2.24				(0.77	)
Total from investment operations			(0.66	)			1.40				5.01				2.62				(0.42	)
Less distributions:
Net investment income			(0.39	)			(0.43	)			(0.32	)			(0.38	)			(0.40	)
Realized gains			(2.19	)			(1.75	)			(0.83	)			(0.36	)			(0.27	)
Total distributions			(2.58	)			(2.18	)			(1.15	)			(0.74	)			(0.67	)
Net Asset Value, end of year		$	22.04			$	25.28			$	26.06			$	22.20			$	20.32
Total return			(2.61	)%			5.39	%			22.55	%			12.93	%			(1.98	)%
Ratios to Average Net Assets:
Expenses			0.36	%			0.36	%			0.16	%			0.11	%			0.11	%
Net investment income			1.44	%			1.63	%			0.48	%			1.65	%			1.42	%
Supplemental Data:
Net assets, end of year (000)		$	103,905			$	121,562			$	108,362			$	1,896,812			$	1,712,228
Portfolio turnover			10	%			15	%			10	%			7	%			11	%

	Model Portfolio Long-Term Growth TM Shares
	For the Year Ended December 31,								For the Period from March 1, 2013* to December 31, 2013
	2015				2014
Net Asset Value, beginning of year		$	25.29			$	26.07			$	23.25
Income from investment operations:
Net investment income			0.54				0.71				0.35	^
Net realized and unrealized gain (loss)			(1.14	)			0.76				3.67
Total from investment operations			(0.60	)			1.47				4.02
Less distributions:
Net investment income			(0.46	)			(0.50	)			(0.37	)
Realized gains			(2.19	)			(1.75	)			(0.83	)
Total distributions			(2.65	)			(2.25	)			(1.20	)
Net Asset Value, end of year		$	22.04			$	25.29			$	26.07
Total return			(2.38	)%			5.64	%			17.28	%††
Ratios to Average Net Assets:
Expenses			0.11	%			0.11	%			0.11	%†
Net investment income			1.77	%			1.81	%			1.67	%†
Supplemental Data:
Net assets, end of year (000)		$	2,020,132			$	2,129,793			$	2,103,778
Portfolio turnover			10	%			15	%			10	%††

  ^ Calculated based upon average shares outstanding.

  * Commencement of operations

  † Annualized

†† Not annualized

See Notes to Financial Statements

145

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Model Portfolio Global Equity Growth Investor M Shares(1)
	For the Year Ended December 31,
	2015				2014				2013				2012				2011
Net Asset Value, beginning of year		$	25.98			$	26.85			$	21.34			$	18.69			$	19.81
Income from investment operations:
Net investment income			0.20				0.41				0.05	^			0.32				0.28
Net realized and unrealized gain (loss)			(1.22	)			1.20				6.43				2.67				(1.12	)
Total from investment operations			(1.02	)			1.61				6.48				2.99				(0.84	)
Less distributions:
Net investment income			(0.33	)			(0.40	)			(0.33	)			(0.22	)			(0.28	)
Realized gains			(2.87	)			(2.08	)			(0.64	)			(0.12	)			—
Total distributions			(3.20	)			(2.48	)			(0.97	)			(0.34	)			(0.28	)
Net Asset Value, end of year		$	21.76			$	25.98			$	26.85			$	21.34			$	18.69
Total return			(3.93	)%			5.98	%			30.36	%			16.00	%			(4.23	)%
Ratios to Average Net Assets:
Expenses			0.37	%			0.37	%			0.17	%			0.12	%			0.12	%
Net investment income			1.23	%			1.32	%			0.20	%			1.37	%			1.24	%
Supplemental Data:
Net assets, end of year (000)		$	50,283			$	53,715			$	49,174			$	709,330			$	649,826
Portfolio turnover			32	%			13	%			8	%			9	%			9	%

	Model Portfolio Global Equity Growth TM Shares(1)
	For the Year Ended December 31,								For the Period from March 1, 2013* to December 31, 2013
	2015				2014
Net Asset Value, beginning of year		$	25.99			$	26.86			$	22.67
Income from investment operations:
Net investment income			0.47				0.73				0.30	^
Net realized and unrealized gain (loss)			(1.43	)			0.94				4.91
Total from investment operations			(0.96	)			1.67				5.21
Less distributions:
Net investment income			(0.39	)			(0.46	)			(0.38	)
Realized gains			(2.87	)			(2.08	)			(0.64	)
Total distributions			(3.26	)			(2.54	)			(1.02	)
Net Asset Value, end of year		$	21.77			$	25.99			$	26.86
Total return			(3.68	)%			6.23	%			22.98	%††
Ratios to Average Net Assets:
Expenses			0.12	%			0.12	%			0.12	%†
Net investment income			1.48	%			1.53	%			1.45	%†
Supplemental Data:
Net assets, end of year (000)		$	838,830			$	902,913			$	876,894
Portfolio turnover			32	%			13	%			8	%††

(1) Formerly Vantagepoint Model Portfolio All-Equity Growth Fund.

  ^ Calculated based upon average shares outstanding.

  * Commencement of operations

  † Annualized

†† Not annualized

See Notes to Financial Statements

146

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone Retirement Income Investor M Shares
	For the Year Ended December 31,
	2015				2014				2013				2012				2011
Net Asset Value, beginning of year		$	10.62			$	10.90			$	10.58			$	10.18			$	10.33
Income from investment operations:
Net investment income			0.19				0.19				0.11	^			0.20				0.20
Net realized and unrealized gain (loss)			(0.35	)			0.19				0.54				0.53				0.05
Total from investment operations			(0.16	)			0.38				0.65				0.73				0.25
Less distributions:
Net investment income			(0.17	)			(0.17	)			(0.13	)			(0.20	)			(0.20	)
Realized gains			(0.39	)			(0.49	)			(0.20	)			(0.13	)			(0.20	)
Total distributions			(0.56	)			(0.66	)			(0.33	)			(0.33	)			(0.40	)
Net Asset Value, end of year		$	9.90			$	10.62			$	10.90			$	10.58			$	10.18
Total return			(1.54	)%			3.50	%			6.14	%			7.18	%			2.37	%
Ratios to Average Net Assets:
Expenses			0.39	%			0.39	%			0.30	%			0.14	%			0.15	%
Net investment income			1.52	%			1.48	%			1.04	%			1.66	%			1.79	%
Supplemental Data:
Net assets, end of year (000)		$	83,636			$	87,999			$	86,048			$	238,158			$	220,063
Portfolio turnover			12	%			37	%			10	%			8	%			19	%

	Milestone Retirement Income TM Shares
	For the Year Ended December 31,								For the Period from March 1, 2013* to December 31, 2013
	2015				2014
Net Asset Value, beginning of year		$	10.62			$	10.91			$	10.75
Income from investment operations:
Net investment income			0.22				0.22				0.14	^
Net realized and unrealized gain (loss)			(0.35	)			0.18				0.37
Total from investment operations			(0.13	)			0.40				0.51
Less distributions:
Net investment income			(0.20	)			(0.20	)			(0.15	)
Realized gains			(0.39	)			(0.49	)			(0.20	)
Total distributions			(0.59	)			(0.69	)			(0.35	)
Net Asset Value, end of year		$	9.90			$	10.62			$	10.91
Total return			(1.28	)%			3.66	%			4.76	%††
Ratios to Average Net Assets:
Expenses			0.14	%			0.14	%			0.14	%†
Net investment income			1.77	%			1.73	%			1.56	%†
Supplemental Data:
Net assets, end of year (000)		$	225,941			$	244,595			$	237,584
Portfolio turnover			12	%			37	%			10	%††

  ^ Calculated based upon average shares outstanding.

  * Commencement of operations

  † Annualized

†† Not annualized

See Notes to Financial Statements

147

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2010 Investor M Shares
	For the Year Ended December 31,
	2015				2014				2013				2012				2011
Net Asset Value, beginning of year		$	10.73			$	11.33			$	10.65			$	10.10			$	10.24
Income from investment operations:
Net investment income			0.20				0.21				0.10	^			0.20				0.19
Net realized and unrealized gain (loss)			(0.37	)			0.24				1.08				0.76				(0.04	)
Total from investment operations			(0.17	)			0.45				1.18				0.96				0.15
Less distributions:
Net investment income			(0.18	)			(0.18	)			(0.13	)			(0.20	)			(0.21	)
Realized gains			(0.50	)			(0.87	)			(0.37	)			(0.21	)			(0.08	)
Total distributions			(0.68	)			(1.05	)			(0.50	)			(0.41	)			(0.29	)
Net Asset Value, end of year		$	9.88			$	10.73			$	11.33			$	10.65			$	10.10
Total return			(1.57	)%			3.94	%			11.12	%			9.53	%			1.41	%
Ratios to Average Net Assets:
Expenses			0.39	%			0.39	%			0.29	%			0.14	%			0.15	%
Net investment income			1.58	%			1.48	%			0.88	%			1.58	%			1.75	%
Supplemental Data:
Net assets, end of year (000)		$	67,554			$	72,333			$	71,804			$	234,023			$	222,275
Portfolio turnover			13	%			39	%			15	%			11	%			22	%

	Milestone 2010 TM Shares
	For the Year Ended December 31,								For the Period from March 1, 2013* to December 31, 2013
	2015				2014
Net Asset Value, beginning of year		$	10.73			$	11.34			$	10.92
Income from investment operations:
Net investment income			0.23				0.24				0.15	^
Net realized and unrealized gain (loss)			(0.37	)			0.23				0.79
Total from investment operations			(0.14	)			0.47				0.94
Less distributions:
Net investment income			(0.21	)			(0.21	)			(0.15	)
Realized gains			(0.50	)			(0.87	)			(0.37	)
Total distributions			(0.71	)			(1.08	)			(0.52	)
Net Asset Value, end of year		$	9.88			$	10.73			$	11.34
Total return			(1.31	)%			4.11	%			8.68	%††
Ratios to Average Net Assets:
Expenses			0.14	%			0.14	%			0.14	%†
Net investment income			1.81	%			1.73	%			1.54	%†
Supplemental Data:
Net assets, end of year (000)		$	196,389			$	219,041			$	218,248
Portfolio turnover			13	%			39	%			15	%††

  ^ Calculated based upon average shares outstanding.

  * Commencement of operations

  † Annualized

†† Not annualized

See Notes to Financial Statements

148

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2015 Investor M Shares
	For the Year Ended December 31,
	2015				2014				2013				2012				2011
Net Asset Value, beginning of year		$	11.14			$	11.92			$	10.87			$	10.16			$	10.35
Income from investment operations:
Net investment income			0.20				0.22				0.10	^			0.20				0.18
Net realized and unrealized gain (loss)			(0.40	)			0.29				1.39				0.84				(0.10	)
Total from investment operations			(0.20	)			0.51				1.49				1.04				0.08
Less distributions:
Net investment income			(0.18	)			(0.19	)			(0.14	)			(0.20	)			(0.21	)
Realized gains			(0.58	)			(1.10	)			(0.30	)			(0.13	)			(0.06	)
Total distributions			(0.76	)			(1.29	)			(0.44	)			(0.33	)			(0.27	)
Net Asset Value, end of year		$	10.18			$	11.14			$	11.92			$	10.87			$	10.16
Total return			(1.75	)%			4.23	%			13.75	%			10.25	%			0.70	%
Ratios to Average Net Assets:
Expenses			0.38	%			0.38	%			0.26	%			0.13	%			0.14	%
Net investment income			1.59	%			1.54	%			0.86	%			1.68	%			1.72	%
Supplemental Data:
Net assets, end of year (000)		$	110,961			$	113,514			$	106,285			$	434,638			$	381,855
Portfolio turnover			15	%			35	%			11	%			8	%			20	%

	Milestone 2015 TM Shares
	For the Year Ended December 31,								For the Period from March 1, 2013* to December 31, 2013
	2015				2014
Net Asset Value, beginning of year		$	11.14			$	11.92			$	11.21
Income from investment operations:
Net investment income			0.23				0.26				0.16	^
Net realized and unrealized gain (loss)			(0.40	)			0.28				1.02
Total from investment operations			(0.17	)			0.54				1.18
Less distributions:
Net investment income			(0.21	)			(0.22	)			(0.17	)
Realized gains			(0.58	)			(1.10	)			(0.30	)
Total distributions			(0.79	)			(1.32	)			(0.47	)
Net Asset Value, end of year		$	10.18			$	11.14			$	11.92
Total return			(1.50	)%			4.48	%			10.51	%††
Ratios to Average Net Assets:
Expenses			0.13	%			0.13	%			0.13	%†
Net investment income			1.80	%			1.78	%			1.65	%†
Supplemental Data:
Net assets, end of year (000)		$	428,136			$	466,543			$	449,872
Portfolio turnover			15	%			35	%			11	%††

  ^ Calculated based upon average shares outstanding.

  * Commencement of operations

  † Annualized

†† Not annualized

See Notes to Financial Statements

149

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2020 Investor M Shares
	For the Year Ended December 31,
	2015			2014			2013			2012			2011
Net Asset Value, beginning of year	$	11.73		$	12.33		$	10.94		$	10.10		$	10.34
Income from investment operations:
Net investment income		0.21			0.24			0.11	^		0.21			0.18
Net realized and unrealized gain (loss)		(0.43	)		0.32			1.73			0.92			(0.20	)
Total from investment operations		(0.22	)		0.56			1.84			1.13			(0.02	)
Less distributions:
Net investment income		(0.19	)		(0.20	)		(0.16	)		(0.20	)		(0.18	)
Realized gains		(0.68	)		(0.96	)		(0.29	)		(0.09	)		(0.04	)
Total distributions		(0.87	)		(1.16	)		(0.45	)		(0.29	)		(0.22	)
Net Asset Value, end of year	$	10.64		$	11.73		$	12.33		$	10.94		$	10.10
Total return		(1.89	)%		4.49	%		16.83	%		11.25	%		(0.26	)%
Ratios to Average Net Assets:
Expenses		0.38	%		0.38	%		0.25	%		0.13	%		0.13	%
Net investment income		1.67	%		1.67	%		0.92	%		1.81	%		1.73	%
Supplemental Data:
Net assets, end of year (000)	$	129,055		$	119,097		$	101,059		$	470,664		$	386,327
Portfolio turnover		11	%		21	%		9	%		7	%		16	%

	Milestone 2020 TM Shares
	For the Year Ended December 31,						For the Period from March 1, 2013* to December 31, 2013
	2015			2014
Net Asset Value, beginning of year	$	11.73		$	12.33		$	11.33
Income from investment operations:
Net investment income		0.25			0.28			0.18	^
Net realized and unrealized gain (loss)		(0.43	)		0.30			1.29
Total from investment operations		(0.18	)		0.58			1.47
Less distributions:
Net investment income		(0.22	)		(0.23	)		(0.18	)
Realized gains		(0.68	)		(0.95	)		(0.29	)
Total distributions		(0.90	)		(1.18	)		(0.47	)
Net Asset Value, end of year	$	10.65		$	11.73		$	12.33
Total return		(1.56	)%		4.73	%		13.02	%††
Ratios to Average Net Assets:
Expenses		0.13	%		0.13	%		0.13	%†
Net investment income		1.89	%		1.91	%		1.83	%†
Supplemental Data:
Net assets, end of year (000)	$	646,381		$	632,326		$	548,048
Portfolio turnover		11	%		21	%		9	%††

  ^ Calculated based upon average shares outstanding.

  * Commencement of operations

  † Annualized

†† Not annualized

See Notes to Financial Statements

150

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2025 Investor M Shares
	For the Year Ended December 31,
	2015			2014			2013			2012			2011
Net Asset Value, beginning of year	$	11.97		$	12.61		$	10.90		$	9.97		$	10.27
Income from investment operations:
Net investment income		0.22			0.26			0.11	^		0.20			0.17
Net realized and unrealized gain (loss)		(0.47	)		0.34			2.03			1.02			(0.26	)
Total from investment operations		(0.25	)		0.60			2.14			1.22			(0.09	)
Less distributions:
Net investment income		(0.20	)		(0.21	)		(0.16	)		(0.20	)		(0.17	)
Realized gains		(0.71	)		(1.03	)		(0.27	)		(0.09	)		(0.04	)
Total distributions		(0.91	)		(1.24	)		(0.43	)		(0.29	)		(0.21	)
Net Asset Value, end of year	$	10.81		$	11.97		$	12.61		$	10.90		$	9.97
Total return		(2.09	)%		4.76	%		19.67	%		12.24	%		(0.85	)%
Ratios to Average Net Assets:
Expenses		0.38	%		0.38	%		0.26	%		0.14	%		0.14	%
Net investment income		1.71	%		1.75	%		0.97	%		1.85	%		1.71	%
Supplemental Data:
Net assets, end of year (000)	$	115,236		$	105,615		$	86,764		$	383,446		$	301,275
Portfolio turnover		10	%		18	%		8	%		5	%		15	%

	Milestone 2025 TM Shares
	For the Year Ended December 31,						For the Period from March 1, 2013* to December 31, 2013
	2015			2014
Net Asset Value, beginning of year	$	11.98		$	12.62		$	11.35
Income from investment operations:
Net investment income		0.26			0.30			0.19	^
Net realized and unrealized gain (loss)		(0.48	)		0.33			1.54
Total from investment operations		(0.22	)		0.63			1.73
Less distributions:
Net investment income		(0.23	)		(0.24	)		(0.19	)
Realized gains		(0.71	)		(1.03	)		(0.27	)
Total distributions		(0.94	)		(1.27	)		(0.46	)
Net Asset Value, end of year	$	10.82		$	11.98		$	12.62
Total return		(1.85	)%		4.99	%		15.23	%††
Ratios to Average Net Assets:
Expenses		0.13	%		0.13	%		0.13	%†
Net investment income		1.95	%		1.98	%		1.91	%†
Supplemental Data:
Net assets, end of year (000)	$	570,483		$	537,449		$	454,269
Portfolio turnover		10	%		18	%		8	%††

  ^ Calculated based upon average shares outstanding.

  * Commencement of operations

  † Annualized

†† Not annualized

See Notes to Financial Statements

151

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2030 Investor M Shares
	For the Year Ended December 31,
	2015			2014			2013			2012			2011
Net Asset Value, beginning of year	$	12.28		$	13.02		$	11.03		$	10.00		$	10.34
Income from investment operations:
Net investment income		0.23			0.28			0.11	^		0.20			0.17
Net realized and unrealized gain (loss)		(0.52	)		0.38			2.35			1.13			(0.32	)
Total from investment operations		(0.29	)		0.66			2.46			1.33			(0.15	)
Less distributions:
Net investment income		(0.20	)		(0.22	)		(0.16	)		(0.20	)		(0.17	)
Realized gains		(0.78	)		(1.18	)		(0.31	)		(0.10	)		(0.02	)
Total distributions		(0.98	)		(1.40	)		(0.47	)		(0.30	)		(0.19	)
Net Asset Value, end of year	$	11.01		$	12.28		$	13.02		$	11.03		$	10.00
Total return		(2.34	)%		5.04	%		22.33	%		13.28	%		(1.46	)%
Ratios to Average Net Assets:
Expenses		0.38	%		0.38	%		0.27	%		0.14	%		0.15	%
Net investment income		1.72	%		1.78	%		0.95	%		1.81	%		1.65	%
Supplemental Data:
Net assets, end of year (000)	$	106,612		$	96,057		$	78,295		$	305,077		$	236,452
Portfolio turnover		11	%		19	%		8	%		5	%		14	%

	Milestone 2030 TM Shares
	For the Year Ended December 31,						For the Period from March 1, 2013* to December 31, 2013
	2015			2014
Net Asset Value, beginning of year	$	12.29		$	13.03		$	11.54
Income from investment operations:
Net investment income		0.26			0.31			0.20	^
Net realized and unrealized gain (loss)		(0.52	)		0.38			1.79
Total from investment operations		(0.26	)		0.69			1.99
Less distributions:
Net investment income		(0.23	)		(0.25	)		(0.19	)
Realized gains		(0.78	)		(1.18	)		(0.31	)
Total distributions		(1.01	)		(1.43	)		(0.50	)
Net Asset Value, end of year	$	11.02		$	12.29		$	13.03
Total return		(2.10	)%		5.27	%		17.22	%††
Ratios to Average Net Assets:
Expenses		0.13	%		0.13	%		0.14	%†
Net investment income		1.95	%		2.03	%		1.88	%†
Supplemental Data:
Net assets, end of year (000)	$	471,284		$	439,894		$	361,005
Portfolio turnover		11	%		19	%		8	%††

  ^ Calculated based upon average shares outstanding.

  * Commencement of operations

  † Annualized

†† Not annualized

See Notes to Financial Statements

152

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2035 Investor M Shares
	For the Year Ended December 31,
	2015			2014			2013			2012			2011
Net Asset Value, beginning of year	$	12.46		$	13.22		$	10.99		$	9.86		$	10.28
Income from investment operations:
Net investment income		0.23			0.29			0.11	^		0.20			0.16
Net realized and unrealized gain (loss)		(0.56	)		0.40			2.64			1.23			(0.39	)
Total from investment operations		(0.33	)		0.69			2.75			1.43			(0.23	)
Less distributions:
Net investment income		(0.20	)		(0.22	)		(0.16	)		(0.20	)		(0.16	)
Realized gains		(0.89	)		(1.23	)		(0.36	)		(0.10	)		(0.03	)
Total distributions		(1.09	)		(1.45	)		(0.52	)		(0.30	)		(0.19	)
Net Asset Value, end of year	$	11.04		$	12.46		$	13.22		$	10.99		$	9.86
Total return		(2.65	)%		5.24	%		25.02	%		14.47	%		(2.24	)%
Ratios to Average Net Assets:
Expenses		0.38	%		0.39	%		0.29	%		0.15	%		0.17	%
Net investment income		1.66	%		1.76	%		0.90	%		1.78	%		1.62	%
Supplemental Data:
Net assets, end of year (000)	$	78,032		$	71,010		$	58,607		$	202,649		$	150,472
Portfolio turnover		11	%		20	%		8	%		5	%		13	%

	Milestone 2035 TM Shares
	For the Year Ended December 31,						For the Period from March 1, 2013* to December 31, 2013
	2015			2014
Net Asset Value, beginning of year	$	12.46		$	13.22		$	11.55
Income from investment operations:
Net investment income		0.26			0.32			0.20	^
Net realized and unrealized gain (loss)		(0.55	)		0.41			2.01
Total from investment operations		(0.29	)		0.73			2.21
Less distributions:
Net investment income		(0.23	)		(0.26	)		(0.18	)
Realized gains		(0.89	)		(1.23	)		(0.36	)
Total distributions		(1.12	)		(1.49	)		(0.54	)
Net Asset Value, end of year	$	11.05		$	12.46		$	13.22
Total return		(2.33	)%		5.48	%		19.17	%††
Ratios to Average Net Assets:
Expenses		0.13	%		0.14	%		0.14	%†
Net investment income		1.90	%		2.03	%		1.85	%†
Supplemental Data:
Net assets, end of year (000)	$	322,119		$	300,615		$	244,635
Portfolio turnover		11	%		20	%		8	%††

  ^ Calculated based upon average shares outstanding.

  * Commencement of operations

  † Annualized

†† Not annualized

See Notes to Financial Statements

153

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2040 Investor M Shares
	For the Year Ended December 31,
	2015			2014			2013			2012			2011
Net Asset Value, beginning of year	$	12.62		$	13.50		$	11.16		$	9.86		$	10.30
Income from investment operations:
Net investment income		0.23			0.30			0.10	^		0.20			0.17
Net realized and unrealized gain (loss)		(0.59	)		0.42			2.93			1.31			(0.44	)
Total from investment operations		(0.36	)		0.72			3.03			1.51			(0.27	)
Less distributions:
Net investment income		(0.19	)		(0.23	)		(0.16	)		(0.19	)		(0.17	)
Realized gains		(1.03	)		(1.37	)		(0.53	)		(0.02	)		—
Total distributions		(1.22	)		(1.60	)		(0.69	)		(0.21	)		(0.17	)
Net Asset Value, end of year	$	11.04		$	12.62		$	13.50		$	11.16		$	9.86
Total return		(2.87	)%		5.34	%		27.12	%		15.33	%		(2.61	)%
Ratios to Average Net Assets:
Expenses		0.39	%		0.39	%		0.28	%		0.16	%		0.17	%
Net investment income		1.61	%		1.76	%		0.82	%		1.77	%		1.67	%
Supplemental Data:
Net assets, end of year (000)	$	71,185		$	66,928		$	53,970		$	197,376		$	146,032
Portfolio turnover		12	%		22	%		8	%		4	%		14	%

	Milestone 2040 TM Shares
	For the Year Ended December 31,						For the Period from March 1, 2013* to December 31, 2013
	2015			2014
Net Asset Value, beginning of year	$	12.63		$	13.50		$	11.77
Income from investment operations:
Net investment income		0.26			0.33			0.20	^
Net realized and unrealized gain (loss)		(0.60	)		0.44			2.24
Total from investment operations		(0.34	)		0.77			2.44
Less distributions:
Net investment income		(0.22	)		(0.26	)		(0.18	)
Realized gains		(1.03	)		(1.38	)		(0.53	)
Total distributions		(1.25	)		(1.64	)		(0.71	)
Net Asset Value, end of year	$	11.04		$	12.63		$	13.50
Total return		(2.71	)%		5.65	%		20.74	%††
Ratios to Average Net Assets:
Expenses		0.14	%		0.14	%		0.14	%†
Net investment income		1.84	%		2.00	%		1.80	%†
Supplemental Data:
Net assets, end of year (000)	$	308,755		$	290,826		$	240,813
Portfolio turnover		12	%		22	%		8	%††

  ^ Calculated based upon average shares outstanding.

  * Commencement of operations

  † Annualized

†† Not annualized

See Notes to Financial Statements

154

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2045 Investor M Shares
	For the Year Ended December 31,
	2015			2014			2013			2012			2011
Net Asset Value, beginning of year	$	14.06		$	14.52		$	11.99		$	10.71		$	11.33
Income from investment operations:
Net investment income		0.26			0.32			0.13	^		0.22			0.17
Net realized and unrealized gain (loss)		(0.70	)		0.47			3.19			1.43			(0.49	)
Total from investment operations		(0.44	)		0.79			3.32			1.65			(0.32	)
Less distributions:
Net investment income		(0.21	)		(0.24	)		(0.16	)		(0.22	)		(0.17	)
Realized gains		(0.94	)		(1.01	)		(0.63	)		(0.15	)		(0.13	)
Total distributions		(1.15	)		(1.25	)		(0.79	)		(0.37	)		(0.30	)
Net Asset Value, end of year	$	12.47		$	14.06		$	14.52		$	11.99		$	10.71
Total return		(3.16	)%		5.42	%		27.69	%		15.49	%		(2.81	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.41	%		0.43	%		0.39	%		0.25	%		0.36	%
Expenses net of reimbursements/waivers, if any		0.41	%		0.43	%		0.39	%		0.25	%		0.35	%
Net Investment Income before reimbursements/waivers		1.63	%		1.82	%		0.95	%		1.91	%		1.68	%
Net Investment income net of reimbursements/waivers, if any		1.63	%		1.82	%		0.95	%		1.91	%		1.69	%
Supplemental Data:
Net assets, end of year (000)	$	40,179		$	33,389		$	24,388		$	53,824		$	33,434
Portfolio turnover		11	%		24	%		9	%		18	%		14	%

	Milestone 2045 TM Shares
	For the Year Ended December 31,						For the Period from March 1, 2013* to December 31, 2013
	2015			2014
Net Asset Value, beginning of year	$	14.07		$	14.53		$	12.66
Income from investment operations:
Net investment income		0.29			0.35			0.22	^
Net realized and unrealized gain (loss)		(0.69	)		0.47			2.46
Total from investment operations		(0.40	)		0.82			2.68
Less distributions:
Net investment income		(0.24	)		(0.27	)		(0.18	)
Realized gains		(0.94	)		(1.01	)		(0.63	)
Total distributions		(1.18	)		(1.28	)		(0.81	)
Net Asset Value, end of year	$	12.49		$	14.07		$	14.53
Total return		(2.86	)%		5.65	%		21.21	%††
Ratios to Average Net Assets:
Expenses		0.16	%		0.18	%		0.21	%†
Net investment income		1.88	%		2.11	%		1.87	%†
Supplemental Data:
Net assets, end of year (000)	$	127,387		$	105,502		$	73,807
Portfolio turnover		11	%		24	%		9	%††

  ^ Calculated based upon average shares outstanding.

  * Commencement of operations

  † Annualized

†† Not annualized

See Notes to Financial Statements

155

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

		Milestone 2050 Investor M Shares
		For the Year Ended December 31,									For the Period from September 10, 2012* to December  31, 2012
	��	2015			2014			2013
Net Asset Value, beginning of year		$	12.53		$	12.74		$	10.25		$	10.00
Income from investment operations:
Net investment income			0.22			0.27			0.13	^		0.02
Net realized and unrealized gain (loss)			(0.62	)		0.40			2.66			0.25
Total from investment operations			(0.40	)		0.67			2.79			0.27
Less distributions:
Net investment income			(0.18	)		(0.20	)		(0.12	)		(0.02	)
Realized gains			(0.65	)		(0.68	)		(0.18	)		—
Total distributions			(0.83	)		(0.88	)		(0.30	)		(0.02	)
Net Asset Value, end of year		$	11.30		$	12.53		$	12.74		$	10.25
Total return			(3.22	)%		5.26	%		27.24	%		2.66	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers			0.49	%		0.60	%		1.05	%		9.98	%†
Expenses net of reimbursements/waivers, if any			0.49	%		0.54	%		0.56	%		0.36	%†
Net Investment income (loss) before reimbursements/waivers			1.73	%		1.79	%		0.65	%		(6.43	)%†
Net Investment income net of reimbursements/waivers, if any			1.73	%		1.86	%		1.14	%		3.19	%†
Supplemental Data:
Net assets, end of year (000)		$	17,002		$	11,111		$	6,848		$	6,769
Portfolio turnover			16	%		29	%		24	%		1	%††

	Milestone 2050 TM Shares
	For the Year Ended December 31,						For the Period from March 1, 2013* to December 31, 2013
	2015			2014
Net Asset Value, beginning of year	$	12.54		$	12.74		$	10.83
Income from investment operations:
Net investment income		0.25			0.30			0.24	^
Net realized and unrealized gain (loss)		(0.62	)		0.41			1.99
Total from investment operations		(0.37	)		0.71			2.23
Less distributions:
Net investment income		(0.20	)		(0.23	)		(0.14	)
Realized gains		(0.65	)		(0.68	)		(0.18	)
Total distributions		(0.85	)		(0.91	)		(0.32	)
Net Asset Value, end of year	$	11.32		$	12.54		$	12.74
Total return		(2.94	)%		5.55	%		20.61	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.24	%		0.35	%		0.78	%†
Expenses net of reimbursements/waivers, if any		0.24	%		0.29	%		0.37	%†
Net Investment Income before reimbursements/waivers		1.97	%		2.31	%		1.95	%†
Net Investment income net of reimbursements/waivers, if any		1.97	%		2.37	%		2.36	%†
Supplemental Data:
Net assets, end of year (000)	$	49,266		$	32,792		$	15,442
Portfolio turnover		16	%		29	%		24	%††

  ^ Calculated based upon average shares outstanding.

  * Commencement of operations

  † Annualized

†† Not annualized

See Notes to Financial Statements

156

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS

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 (each a “Vantagepoint” Fund or “fund”) as of December 31, 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 Global 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

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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 December 31, 2015 were as follows:

	Conservative Growth			Traditional Growth			Long Term Growth			Global Equity Growth
Fixed Income—%
Low Duration Bond		27.55	%		9.70	%		0.00	%		0.00	%
Core Bond Index		16.30	%		16.05	%		12.00	%		0.00	%
Inflation Focused		7.50	%		3.40	%		0.00	%		0.00	%
High Yield		9.65	%		4.85	%		3.00	%		0.00	%
Total Fixed Income—%		61.00	%		34.00	%		15.00	%		0.00	%
Equity—%
Equity Income		7.30	%		11.00	%		14.70	%		11.00	%
Growth & Income		7.25	%		13.25	%		15.55	%		12.00	%
Growth		4.80	%		9.40	%		10.95	%		12.00	%
Select Value		2.55	%		4.50	%		6.85	%		7.75	%
Aggressive Opportunities		1.40	%		3.05	%		5.00	%		7.75	%
Discovery		1.40	%		2.10	%		2.70	%		3.50	%
International		6.35	%		11.05	%		16.15	%		29.00	%
Overseas Equity Index Third Party Emerging Markets ETF		0.00 0.95	%  %		0.00 1.65	%  %		0.00 2.10	%  %		15.00 2.00	%  %
Total Equity—%		32.00	%		56.00	%		74.00	%		100.00	%
Multi-Strategy—%
Diversifying Strategies		7.00	%		10.00	%		11.00	%		0.00	%
Total Multi-Strategy—%		7.00	%		10.00	%		11.00	%		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

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allocations. The underlying funds of each Milestone Fund and the target investment allocation to each underlying fund as of December 31, 2015, were as follows:

	Milestone Funds
	Retirement Income			2010			2015			2020			2025
Fixed Income—%
Low Duration Bond		26.30	%		19.16	%		16.90	%		12.36	%		8.05	%
Core Bond Index		20.60	%		21.86	%		19.50	%		18.68	%		16.70	%
Inflation Focused		10.50	%		10.38	%		7.23	%		4.58	%		2.27	%
High Yield		5.60	%		6.13	%		4.83	%		4.35	%		4.17	%
Total Fixed Income—%		63.00	%		57.53	%		48.46	%		39.97	%		31.19	%
Equity—%
Equity Income		7.35	%		8.38	%		9.60	%		11.57	%		13.90	%
Growth & Income		8.35	%		8.08	%		9.39	%		10.79	%		12.00	%
Growth		2.75	%		4.69	%		6.15	%		7.06	%		8.28	%
Select Value		0.35	%		0.18	%		0.48	%		0.57	%		0.66	%
Aggressive Opportunities		0.35	%		0.18	%		0.48	%		0.57	%		0.66	%
Mid/Small Company Index		2.90	%		3.46	%		3.30	%		3.96	%		4.86	%
Discovery		0.35	%		0.18	%		0.48	%		0.57	%		0.66	%
International		6.80	%		7.46	%		9.17	%		10.91	%		12.34	%
Third Party Emerging Markets ETF		1.30	%		1.30	%		1.74	%		2.03	%		2.45	%
Total Equity—%		30.50	%		33.91	%		40.79	%		48.03	%		55.81	%
Multi-Strategy—%
Diversifying Strategies		6.50	%		8.56	%		10.75	%		12.00	%		13.00	%
Total Multi-Strategy—%		6.50	%		8.56	%		10.75	%		12.00	%		13.00	%
Total—%		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%

	Milestone Funds
	2030			2035			2040			2045			2050
Fixed Income—%
Low Duration Bond		4.48	%		0.96	%		0.00	%		0.00	%		0.00	%
Core Bond Index		13.65	%		10.25	%		4.73	%		0.00	%		0.00	%
Inflation Focused		0.72	%		0.24	%		0.00	%		0.00	%		0.00	%
High Yield		3.58	%		2.37	%		1.37	%		1.00	%		1.00	%
Total Fixed Income—%		22.43	%		13.82	%		6.10	%		1.00	%		1.00	%

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	Milestone Funds
	2030			2035			2040			2045			2050
Equity—%
Equity Income		16.06	%		18.58	%		21.59	%		24.00	%		24.00	%
Growth & Income		12.39	%		13.40	%		14.39	%		13.45	%		13.45	%
Growth		10.06	%		11.32	%		12.08	%		13.90	%		13.90	%
Select Value		0.75	%		0.87	%		0.95	%		1.00	%		1.00	%
Aggressive Opportunities		0.75	%		0.87	%		0.95	%		1.00	%		1.00	%
Mid/Small Company Index		5.87	%		7.05	%		7.92	%		8.45	%		8.45	%
Discovery		0.75	%		0.87	%		0.95	%		1.00	%		1.00	%
International		15.07	%		17.02	%		18.60	%		19.20	%		19.20	%
Third Party Emerging Markets ETF		2.87	%		3.20	%		3.47	%		3.75	%		3.75	%
Total Equity—%		64.57	%		73.18	%		80.90	%		85.75	%		85.75	%
Multi-Strategy—%
Diversifying Strategies		13.00	%		13.00	%		13.00	%		13.25	%		13.25	%
Total Multi-Strategy—%		13.00	%		13.00	%		13.00	%		13.25	%		13.25	%
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.

Subadviser Changes from January 1, 2015 to December 31, 2015

At a meeting held on June 19, 2015, VIA recommended and then Board approved the termination of Atlanta Capital Management Company, LLC, (“Atlanta Capital”) as a subadviser to the Growth Fund. Atlanta Capital ceased managing assets of the Growth Fund effective at the close of business on July 2, 2015. At a meeting held on September 18, 2015 (the “September Meeting”), VIA recommended and the Board approved the termination of Victory Capital Management Inc. as subadviser to the Growth Fund and the appointment of Fred Alger Management, Inc. and T. Rowe Price Associates, Inc. as subadvisers to that Fund. These changes were effective on October 5, 2015. At a meeting held on December 9, 2015 (the “December Meeting”), VIA recommended, and the Board approved the appointment of Brookfield Investment Management Inc. (“Brookfield”) as an additional subadviser to the Low Duration Bond Fund. Also at the December Meeting, VIA recommended and the Board approved, the termination of Artisan Partners Limited Partnership and Systematic Financial Management, LP as subadvisers to the Select Value Fund, and appointed, Iridian Asset Management LLC (“Iridian”) and Wells Capital Management Inc. (“Wells”) as subadvisers to that Fund. Brookfield began managing assets as subadviser to the Low Duration Bond Fund on January 11, 2016. Iridian and Wells began managing assets each as subadviser to the Select Value Fund on January 11, 2016.

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

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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 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.

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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 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

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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 year ended December 31, 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.

The following is a summary of the inputs used as of December 31, 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	$	—		$	484,750,262		$	—	$	484,750,262
Floating Rate Loans		—			3,934,292			—		3,934,292
Mortgage-Backed Securities		—			35,910,485			—		35,910,485
U.S. Treasury Obligations		—			120,095,272			—		120,095,272
Government Related Obligations		—			25,385,358			—		25,385,358
Asset-Backed Securities		—			108,610,124			—		108,610,124
Money Market Funds		19,242,721			—			—		19,242,721
Total Investments in Securities	$	19,242,721		$	778,685,793		$	—	$	797,928,514
Derivative Instruments:
Assets:
Futures		25,610			—			—		25,610
Forward Currency Contracts		—			14,190			—		14,190
Total Assets	$	25,610		$	14,190		$	—	$	39,800
Liabilities:
Futures		(30,602	)		—			—		(30,602	)
Forward Currency Contracts		—			(37	)		—		(37	)
Total Liabilities	$	(30,602	)	$	(37	)	$	—	$	(30,639	)
Total Derivative Instruments	$	(4,992	)	$	14,153		$	—	$	9,161

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Investment Type	Level 1			Level 2			Level 3		Total
Inflation Focused Fund
Investments in Securities:
Corporate Obligations	$	—		$	45,899,611		$	—	$	45,899,611
Mortgage-Backed Securities		—			10,513,262			—		10,513,262
U.S. Treasury Obligations		—			426,940,588			—		426,940,588
Government Related Obligations		—			4,129,489			—		4,129,489
Asset-Backed Securities		—			13,782,516			—		13,782,516
Purchased Options		10,312			187,392			—		197,704
Money Market Funds		13,861,685			—			—		13,861,685
Total Investments in Securities	$	13,871,997		$	501,452,858		$	—	$	515,324,855
Derivative Instruments:
Assets:
Futures		81,569			—			—		81,569
Forward Currency Contracts		—			25,644			—		25,644
Swap Agreements		—			291,527			—		291,527
Total Assets	$	81,569		$	317,171		$	—	$	398,740
Liabilities:
Written Options		—			(137,287	)		—		(137,287	)
Futures		(106,037	)		—			—		(106,037	)
Forward Currency Contracts		—			(34,155	)		—		(34,155	)
Swap Agreements		—			(3,441,682	)		—		(3,441,682	)
Total Liabilities	$	(106,037	)	$	(3,613,124	)	$	—	$	(3,719,161	)
Total Derivative Instruments	$	(24,468	)	$	(3,295,953	)	$	—	$	(3,320,421	)
High Yield Fund
Investments in Securities:
Common Stocks	$	26,780		$	—		$	—	$	26,780
Preferred Stocks		1,138,030			—			—		1,138,030
Convertible Preferred Stocks		—			38,340			—		38,340
Corporate Obligations		—			312,053,684			—		312,053,684
Floating Rate Loans		—			2,653,071			—		2,653,071
Mortgage-Backed Securities		—			9,413,733			—		9,413,733
Asset-Backed Securities		—			3,247,261			—		3,247,261
Money Market Funds		47,416,793			—			—		47,416,793
Total Investments in Securities	$	48,581,603		$	327,406,089		$	—	$	375,987,692
Derivative Instruments:
Assets:
Futures		91,047			—			—		91,047
Forward Currency Contracts		—			112,378			—		112,378
Total Assets	$	91,047		$	112,378		$	—	$	203,425
Liabilities:
Forward Currency Contracts		—			(482,946	)		—		(482,946	)
Total Liabilities	$	—		$	(482,946	)	$	—	$	(482,946	)
Total Derivative Instruments	$	91,047		$	(370,568	)	$	—	$	(279,521	)

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Investment Type	Level 1			Level 2		Level 3		Total
Equity Income Fund
Investments in Securities:
Common Stocks	$	1,912,114,803		$	26,890,189	$	—	$	1,939,004,992
Money Market Funds		238,437,463			—		—		238,437,463
Total Investments in Securities	$	2,150,552,266		$	26,890,189	$	—	$	2,177,442,455
Derivative Instruments:
Assets:
Futures		30,707			—		—		30,707
Total Assets	$	30,707		$	—	$	—	$	30,707
Total Derivative Instruments	$	30,707		$	—	$	—	$	30,707
Growth & Income Fund
Investments in Securities:
Common Stocks	$	1,684,494,295		$	13,180,051	$	—	$	1,697,674,346
Money Market Funds		102,991,772			—		—		102,991,772
Total Investments in Securities	$	1,787,486,067		$	13,180,051	$	—	$	1,800,666,118
Growth Fund
Investments in Securities:
Common Stocks	$	2,140,077,522		$	5,578,338	$	—	$	2,145,655,860
Money Market Funds		105,337,424			—		—		105,337,424
Total Investments in Securities	$	2,245,414,946		$	5,578,338	$	—	$	2,250,993,284
Select Value Fund
Investments in Securities:
Common Stocks	$	376,282,720		$	—	$	—	$	376,282,720
Money Market Funds		31,589,573			—		—		31,589,573
Total Investments in Securities	$	407,872,293		$	—	$	—	$	407,872,293
Aggressive Opportunities Fund
Investments in Securities:
Common Stocks	$	958,867,074		$	—	$	—	$	958,867,074
Money Market Funds		124,737,416			—		—		124,737,416
Total Investments in Securities	$	1,083,604,490		$	—	$	—	$	1,083,604,490
Derivative Instruments:
Liabilities:
Futures		(4,472	)		—		—		(4,472	)
Total Liabilities	$	(4,472	)	$	—	$	—	$	(4,472	)
Total Derivative Instruments	$	(4,472	)	$	—	$	—	$	(4,472	)

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Investment Type	Level 1			Level 2			Level 3		Total
Discovery Fund
Investments in Securities:
Common Stocks	$	239,216,456		$	2,061,035		$	—	$	241,277,491
Corporate Obligations		—			113,638,287			—		113,638,287
Mortgage-Backed Securities		—			23,844,636			—		23,844,636
U.S. Treasury Obligations		—			84,975,318			—		84,975,318
Government Related Obligations		—			1,306,649			—		1,306,649
Asset-Backed Securities		—			23,958,093			—		23,958,093
Money Market Funds		39,206,694			—			—		39,206,694
Total Investments in Securities	$	278,423,150		$	249,784,018		$	—	$	528,207,168
Derivative Instruments:
Liabilities:
Futures		(277,777	)		—			—		(277,777	)
Total Liabilities	$	(277,777	)	$	—		$	—	$	(277,777	)
Total Derivative Instruments	$	(277,777	)	$	—		$	—	$	(277,777	)
International Fund
Investments in Securities:
Common Stocks	$	193,482,777		$	1,453,339,686		$	—	$	1,646,822,463
Preferred Stocks		12,305,657			4,177,867			—		16,483,524
Rights		—			8,843			—		8,843
Money Market Funds		74,516,071			—			—		74,516,071
Total Investments in Securities	$	280,304,505		$	1,457,526,396		$	—	$	1,737,830,901
Diversifying Strategies Fund
Investments in Securities:
Common Stocks	$	46,440,538		$	—		$	—	$	46,440,538
Convertible Preferred Stocks		10,524,884			2,620,199			—		13,145,083
Corporate Obligations		—			281,786,243			—		281,786,243
Floating Rate Loans		—			3,151,906			—		3,151,906
Mortgage-Backed Securities		—			56,850,289			—		56,850,289
Convertible Debt Obligations		—			340,526,189			—		340,526,189
U.S. Treasury Obligations		—			108,500,987			—		108,500,987
Government Related Obligations		—			21,824,297			—		21,824,297
Asset-Backed Securities		—			33,319,566			—		33,319,566
Money Market Funds		26,175,247			—			—		26,175,247
Total Investments in Securities	$	83,140,669		$	848,579,676		$	—	$	931,720,345
Derivative Instruments:
Assets:
Futures		11,569			—			—		11,569
Total Assets	$	11,569		$	—		$	—	$	11,569
Liabilities:
Futures		(317,525	)		—			—		(317,525	)
Forward Currency Contracts		—			(29,092	)		—		(29,092	)
Total Liabilities	$	(317,525	)	$	(29,092	)	$	—	$	(346,617	)
Total Derivative Instruments	$	(305,956	)	$	(29,092	)	$	—	$	(335,048	)

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Investment Type	Level 1			Level 2		Level 3		Total
Core Bond Index Fund
Investments in Securities:
Corporate Obligations	$	—		$	423,306,166	$	—	$	423,306,166
Mortgage-Backed Securities		—			523,736,019		—		523,736,019
U.S. Treasury Obligations		—			612,341,787		—		612,341,787
Government Related Obligations		—			130,575,572		—		130,575,572
Asset-Backed Securities		—			9,943,809		—		9,943,809
Money Market Funds		145,550,982			—		—		145,550,982
Total Investments in Securities	$	145,550,982		$	1,699,903,353	$	—	$	1,845,454,335
500 Stock Index Fund
Investments in Securities:
Common Stocks	$	888,667,502		$	—	$	—	$	888,667,502
U.S. Treasury Obligations		—			1,269,440		—		1,269,440
Money Market Funds		38,143,896			—		—		38,143,896
Total Investments in Securities	$	926,811,398		$	1,269,440	$	—	$	928,080,838
Derivative Instruments:
Assets:
Futures		28,508			—		—		28,508
Total Assets	$	28,508		$	—	$	—	$	28,508
Total Derivative Instruments	$	28,508		$	—	$	—	$	28,508
Broad Market Index Fund
Investments in Securities:
Common Stocks	$	883,560,901		$	—	$	—	$	883,560,901
U.S. Treasury Obligations		—			314,750		—		314,750
Rights		—			9,174		—		9,174
Warrants		—			—		—		—
Money Market Funds		33,872,838			—		—		33,872,838
Total Investments in Securities	$	917,433,739		$	323,924	$	—	$	917,757,663
Derivative Instruments:
Assets:
Futures		7,338			—		—		7,338
Total Assets	$	7,338		$	—	$	—	$	7,338
Liabilities:
Futures		(3,691	)		—		—		(3,691	)
Total Liabilities	$	(3,691	)	$	—	$	—	$	(3,691	)
Total Derivative Instruments	$	3,647		$	—	$	—	$	3,647
Mid/Small Company Index Fund
Investments in Securities:
Common Stocks	$	698,036,449		$	6,015	$	—	$	698,042,464
U.S. Treasury Obligations		—			654,343		—		654,343
Rights		—			28,350		—		28,350
Warrants		—			—		—		—
Money Market Funds		89,024,469			—		—		89,024,469
Total Investments in Securities	$	787,060,918		$	688,708	$	—	$	787,749,626

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NOTES TO FINANCIAL STATEMENTS — (Continued)

Investment Type	Level 1			Level 2		Level 3		Total
Derivative Instruments:
Liabilities:
Futures		(39,049	)		—		—		(39,049	)
Total Liabilities	$	(39,049	)	$	—	$	—	$	(39,049	)
Total Derivative Instruments	$	(39,049	)	$	—	$	—	$	(39,049	)
Overseas Equity Index Fund
Investments in Securities:
Common Stocks	$	1,061,280		$	423,061,407	$	—	$	424,122,687
Preferred Stocks		—			2,177,647		—		2,177,647
U.S. Treasury Obligations		—			304,554		—		304,554
Rights		—			17,930		—		17,930
Money Market Funds		16,910,004			—		—		16,910,004
Total Investments in Securities	$	17,971,284		$	425,561,538	$	—	$	443,532,822
Derivative Instruments:
Liabilities:
Futures		(39,364	)		—		—		(39,364	)
Total Liabilities	$	(39,364	)	$	—	$	—	$	(39,364	)
Total Derivative Instruments	$	(39,364	)	$	—	$	—	$	(39,364	)

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

As of December 31, 2015, the funds did not hold significant investments in Level 3 securities. During the year ended December 31, 2015, the Diversifying Strategies Fund had securities transferred from Level 1 to Level 2 with a total market value of $2,499,302 or 0.27% 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

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(but not actually converted) into U.S. dollars at the prevailing exchange rates on the respective dates of such transactions. Unrealized gains and losses, not relating to securities, that result from changes in foreign currency exchange rates, have been included in unrealized appreciation/(depreciation) of securities. Net realized foreign currency gains and losses include foreign currency gains and losses resulting from changes in exchange rates between trade date and settlement date on investment securities transactions, gains and losses on foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the funds and the amounts actually received. The portion of foreign currency gains and losses related to fluctuations in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gains/(losses) from security transactions.

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

AUD	— Australian Dollar	INR	— Indian Rupee
CAD	— Canadian Dollar	NZD	— New Zealand Dollar
CHF	— Swiss Franc	TWD	— Taiwan Dollar
EUR	— European Monetary Unit	USD	— U.S. Dollar
GBP	— British Pound

Options (other than Swaptions)

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

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

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

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

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

169

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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

Single-name credit default swaps normally will be priced based on a snapshot of the relevant issuer-specific credit curve, which is constructed from actual and/or indicative independent broker-dealer credit default swap spreads, and input into a credit default swap valuation model. Multiple-name credit default swaps (e.g., based on one or more indexes) normally will be priced according to a methodology similar to that used for single-name credit default swaps, except that the curve used for multiple-name credit default swaps is the relevant index-specific credit 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 credit default swap, the fair value of the credit default swap will be determined in accordance with the Valuation Procedures and generally such swaps are categorized as Level 2 in the hierarchy.

Interest Rate Swaps and Inflation Swaps

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

Interest Rate Swaptions

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

Total Return Swaps

Total return swaps are normally priced based on a valuation model that incorporates cash flow forecasts for the reference asset and a snapshot of the relevant interest rate swap curve. Such prices will be provided by a pricing service. In the event a pricing service is unable to provide a price for a particular total return swap, the fair value of the swap will be determined in accordance with the Valuation Procedures and generally such swaps are categorized as Level 2 in the hierarchy.

Floating Rate Loans

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

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Security Transactions and Income Recognition

Security transactions are accounted for on the date the securities are purchased or sold (trade date). Dividend income is recognized on the ex-dividend date and interest income is accrued daily. Realized gains or losses are reported on the basis of identified cost of securities delivered. Bond discounts and premiums are amortized for both financial reporting and tax purposes, except for the Core Bond Index Fund, which does not amortize bond premium for tax purposes. Paydown gains and losses are recorded as an adjustment to interest income. Inflation adjustments to the principal amount of inflation-indexed bonds are reflected as interest income.

Dividends and Distributions to Shareholders

Dividends received from mutual fund investments are reflected as dividend income; capital gain distributions are reflected as realized gain/(loss). Dividends from net investment income, if any, are declared and paid monthly to shareholders of the Core Bond Index, Low Duration Bond, High Yield, and Inflation Focused Funds. For the remaining funds, dividends from net investment income, if any, are declared and paid annually to shareholders. Distributions from net realized capital gains, if any, are generally declared and paid annually to shareholders. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. These differences are primarily due to differing treatments of income and gains on investment securities, and differing characterizations of distributions being made by each fund.

Certain differences are permanent, and result in reclassifications among paid-in capital, net investment income or realized gains. These may include net operating losses not utilized during the current year, commission adjustments, pay-down gains and losses, bond premium amortization, foreign currency gains and losses, treasury inflation protected securities adjustments, taxable over-distributions or returns of capital, distribution reclassifications, and adjustments relating to income received from, or dispositions of, swaps, securities with special dividends, or any real estate investment trust, passive foreign investment company, publicly traded partnerships, contingent payment debt instruments, and mutual fund company securities. These reclassifications have no effect on net assets or net asset values per share, and they do not affect the net investment income per share calculations presented in the Financial Highlights.

Fund	Paid-in Capital Increase/(Decrease)			Undistributed Net Investment Income Increase/(Decrease)			Accumulated Net Realized Gain/(Loss) Increase/(Decrease)
Low Duration Bond	$	—		$	122,923		$	(122,923	)
Inflation Focused		(85,840	)		295,517			(209,677	)
High Yield		—			2,587,879			(2,587,879	)
Equity Income		—			2,145,016			(2,145,016	)
Growth & Income		—			2,025,049			(2,025,049	)
Growth		—			3,282,882			(3,282,882	)
Select Value		—			(19,302	)		19,302
Aggressive Opportunities		—			(52,195	)		52,195
Discovery		—			(252,532	)		252,532
International		(2,129,863	)		3,182,367			(1,052,504	)
Diversifying Strategies		(604	)		7,341,221			(7,340,617	)
Core Bond Index		—			9,093,869			(9,093,869	)
500 Stock Index		3,593,942			(317,208	)		(3,276,734	)
Broad Market Index		1,723,492			(446,294	)		(1,277,198	)
Mid/Small Company Index		1,517,034			(631,304	)		(885,730	)
Overseas Equity Index		228,886			244,147			(473,033	)
Model Portfolio Conservative Growth		—			65,294			(65,294	)
Model Portfolio Traditional Growth		—			39,452			(39,452	)
Model Portfolio Long-Term Growth		—			(79,285	)		79,285
Milestone Retirement Income		—			46,216			(46,216	)
Milestone 2010		—			39,133			(39,133	)
Milestone 2015		—			54,501			(54,501	)

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Fund	Paid-in Capital Increase/(Decrease)		Undistributed Net Investment Income Increase/(Decrease)		Accumulated Net Realized Gain/(Loss) Increase/(Decrease)
Milestone 2020	$	—	$	48,950	$	(48,950	)
Milestone 2025		—		21,481		(21,481	)
Milestone 2030		—		5,939		(5,939	)
Milestone 2035		—		1,373		(1,373	)

Federal Income Taxes

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

The FASB issued Interpretation ASC 740, “Income Taxes,” (“ASC 740”) which establishes guidelines for recognizing, measuring, and disclosing tax return positions in financial statements. Management has evaluated the Company’s tax positions and determined that the application of ASC 740 had no material impact on the Company’s financial statements. Accordingly, no adjustments for unrecognized tax benefits or related interest or penalties were required as of December 31, 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. The Company’s tax returns are subject to examination by the relevant tax authorities until the expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return, but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a tax provision for income taxes.

At December 31, 2015, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Gains		Total Distributable Earnings
Low Duration Bond	$	16,390	$	—	$	16,390
Inflation Focused		—		—		—
High Yield		1,053,117		—		1,053,117
Equity Income		4,757,464		7,767,428		12,524,892
Growth & Income		—		5,598,271		5,598,271
Growth		—		20,702,049		20,702,049
Select Value		—		2,308,938		2,308,938
Aggressive Opportunities		5,079,537		12,925,292		18,004,829
Discovery		64,715		—		64,715
International		—		—		—
Diversifying Strategies		2,739,280		—		2,739,280
Core Bond Index		—		—		—
500 Stock Index		86,547		1,711,208		1,797,755
Broad Market Index		5,244,597		1,475,707		6,720,304
Mid/Small Company Index		216,612		1,914,820		2,131,432
Overseas Equity Index		216,166		—		216,166
Model Portfolio Conservative Growth		—		17,137,789		17,137,789
Model Portfolio Traditional Growth		—		71,869,675		71,869,675
Model Portfolio Long-Term Growth		—		120,208,664		120,208,664
Model Portfolio Global Equity Growth		81		49,982,144		49,982,225
Milestone Retirement Income		—		6,411,716		6,411,716
Milestone 2010		—		7,050,575		7,050,575
Milestone 2015		—		16,622,695		16,622,695
Milestone 2020		—		28,169,801		28,169,801
Milestone 2025		—		29,178,973		29,178,973
Milestone 2030		—		28,474,057		28,474,057

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Fund	Undistributed Ordinary Income		Undistributed Long-Term Gains		Total Distributable Earnings
Milestone 2035	$	—	$	21,654,549	$	21,654,549
Milestone 2040		57,540		21,949,172		22,006,712
Milestone 2045		—		10,345,426		10,345,426
Milestone 2050		16		4,021,861		4,021,877

The tax character of distributions during 2015 was as follows:

Fund	Distributions Paid from Ordinary Income		Distributions Paid from Long-Term Gains		Return of Capital		Total Distributions
Low Duration Bond	$	10,484,657	$	58,197	$	—	$	10,542,854
Inflation Focused		5,209,283		—		733,912		5,943,195
High Yield		21,041,931		—		—		21,041,931
Equity Income		81,986,736		132,190,939		—		214,177,675
Growth & Income		28,174,511		150,500,978		—		178,675,489
Growth		11,023,444		346,509,418		—		357,532,862
Select Value		9,382,236		41,751,131		—		51,133,367
Aggressive Opportunities		11,028,349		97,645,747		—		108,674,096
Discovery		6,943,340		7,268,167		—		14,211,507
International		32,100,045		6,188,095		—		38,288,140
Diversifying Strategies		18,208,216		6,414,813		—		24,623,029
Core Bond Index		46,461,848		—		—		46,461,848
500 Stock Index		18,732,328		12,602,181		—		31,334,509
Broad Market Index		20,468,508		14,465,547		—		34,934,055
Mid/Small Company Index		13,556,954		70,271,167		—		83,828,121
Overseas Equity Index		8,814,786		—		—		8,814,786
Model Portfolio Conservative Growth		13,494,366		27,483,639		—		40,978,005
Model Portfolio Traditional Growth		34,701,419		98,863,603		—		133,565,022
Model Portfolio Long-Term Growth		45,833,799		181,642,811		—		227,476,610
Model Portfolio Global Equity Growth		16,293,926		99,518,512		—		115,812,438
Milestone Retirement Income		6,298,632		10,731,984		—		17,030,616
Milestone 2010		5,524,514		12,007,070		—		17,531,584
Milestone 2015		11,096,748		27,568,160		—		38,664,908
Milestone 2020		16,190,234		43,716,143		—		59,906,377
Milestone 2025		14,625,656		39,812,239		—		54,437,895
Milestone 2030		12,346,272		35,995,735		—		48,342,007
Milestone 2035		8,471,775		28,142,660		—		36,614,435
Milestone 2040		7,916,950		30,440,518		—		38,357,468
Milestone 2045		3,429,446		10,902,792		—		14,332,238
Milestone 2050		1,298,761		3,281,836		—		4,580,597

The tax character of distributions during 2014 was as follows:

Fund	Distributions Paid from Ordinary Income		Distributions Paid from Long-Term Gains		Return of Capital		Total Distributions
Low Duration Bond	$	9,579,456	$	1,530,915	$	—	$	11,110,371
Inflation Focused		9,388,349		723,804		—		10,112,153
High Yield		9,802,943		—		—		9,802,943
Equity Income		63,219,339		350,381,284		—		413,600,623
Growth & Income		41,183,884		187,998,928		—		229,182,812
Growth		9,726,369		67,002,902		—		76,729,271
Select Value		18,094,939		49,430,844		—		67,525,783
Aggressive Opportunities		19,530,900		146,579,918		—		166,110,818

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NOTES TO FINANCIAL STATEMENTS — (Continued)

Fund	Distributions Paid from Ordinary Income		Distributions Paid from Long-Term Gains		Return of Capital		Total Distributions
Discovery	$	13,194,342	$	23,954,412	$	—	$	37,148,754
International		51,863,343		9,043,311		—		60,906,654
Diversifying Strategies		31,115,858		38,721,655		—		69,837,513
Core Bond Index		41,739,240		—		—		41,739,240
500 Stock Index		13,948,104		14,512,417		—		28,460,521
Broad Market Index		15,497,630		9,119,540		—		24,617,170
Mid/Small Company Index		13,190,277		30,420,648		—		43,610,925
Overseas Equity Index		9,998,116		—		—		9,998,116
Model Portfolio Conservative Growth		13,417,823		52,492,268		—		65,910,091
Model Portfolio Traditional Growth		39,707,783		95,792,571		—		135,500,354
Model Portfolio Long-Term Growth		56,777,197		126,924,026		—		183,701,223
Model Portfolio Global Equity Growth		24,834,894		60,290,883		—		85,125,777
Milestone Retirement Income		6,443,534		13,620,084		—		20,063,618
Milestone 2010		5,714,604		20,664,477		—		26,379,081
Milestone 2015		11,583,351		49,371,353		—		60,954,704
Milestone 2020		15,719,696		52,835,691		—		68,555,387
Milestone 2025		13,871,963		47,540,231		—		61,412,194
Milestone 2030		11,757,013		43,780,085		—		55,537,098
Milestone 2035		8,292,344		31,086,404		—		39,378,748
Milestone 2040		8,073,791		32,755,987		—		40,829,778
Milestone 2045		3,076,927		8,428,362		—		11,505,289
Milestone 2050		1,029,883		1,901,368				2,931,251

The Regulated Investment Company Modernization Act of 2010 (the “Act”) changed various technical rules governing the tax treatment of regulated investment companies, which are generally effective beginning with the Company’s taxable year ending December 31, 2011. Under the Act, the funds are permitted to carry forward capital losses incurred in taxable years beginning after the enactment date indefinitely. At December 31, 2015, the following funds had net capital loss carryovers:

Pre-enactment capital loss carryforwards through indicated expiration dates are as follows:

	Expiring December 31
Fund	2016			2017			2018
Core Bond Index	$	(1,876,697	)	$	(4,404,280	)	$	—
Overseas Equity Index		—			(2,275,127	)		(444,126	)

Post-enactment capital loss carryforwards, under the provisions of the Act, are as follows:

	Loss carry forward character
Fund	Short Term			Long Term
Inflation Focused	$	—		$	(68,554	)
High Yield		(8,681,612	)		(2,532,533	)
International		(742,711	)		—
Diversifying Strategies		(3,369,645	)		(521,793	)
Core Bond Index		—			(461,267	)
Overseas Equity Index		(82,984	)		—

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NOTES TO FINANCIAL STATEMENTS — (Continued)

At December 31, 2015, the following funds elected to defer post-October net capital losses and specified losses of:

Fund	Capital Losses		Specified Losses
Low Duration Bond	$	49,607	$	—
Inflation Focused		1,228,637		—
High Yield		4,191,443		—
Equity Income		784,815		1,440
Growth & Income		166,290		10
Growth		1,978,378		—
Select Value		168,564		—
Aggressive Opportunities		4,550,657		—
Discovery		6,586,535		—
International		317,567		310,288
Diversifying Strategies		13,592,200		—
Core Bond Index		1,786,851		—
500 Stock Index		124,812		—
Broad Market Index		75,187		10,868
Mid/Small Company Index		—		20,044
Overseas Equity Index		732,513		—

3. Tax Basis Unrealized Appreciation (Depreciation)

As of December 31, 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	$	804,591,492	$	1,163,172	$	7,826,150	$	(6,662,978	)
Inflation Focused		535,258,790		1,382,299		21,316,234		(19,933,935	)
High Yield		421,572,806		1,341,936		46,927,050		(45,585,114	)
Equity Income		2,108,532,433		292,740,571		223,830,549		68,910,022
Growth & Income		1,510,567,193		380,359,946		90,261,021		290,098,925
Growth		1,897,952,309		384,299,472		31,258,497		353,040,975
Select Value		407,868,681		48,460,853		48,457,241		3,612
Aggressive Opportunities		993,210,170		167,374,002		76,979,682		90,394,320
Discovery		541,271,279		14,491,356		27,555,467		(13,064,111	)
International		1,710,512,198		187,924,559		160,605,856		27,318,703
Diversifying Strategies		944,511,947		15,616,613		28,408,215		(12,791,602	)
Core Bond Index		1,848,420,544		25,278,955		28,245,164		(2,966,209	)
500 Stock Index		622,064,694		326,787,844		20,771,700		306,016,144
Broad Market Index		536,681,924		427,682,826		46,607,087		381,075,739
Mid/Small Company Index		685,539,398		178,993,259		76,783,031		102,210,228
Overseas Equity Index		447,756,912		40,381,844		44,605,934		(4,224,090	)
Model Portfolio Conservative Growth		635,151,289		7,539,823		31,666,288		(24,126,465	)
Model Portfolio Traditional Growth		1,634,861,258		51,330,580		54,003,314		(2,672,734	)
Model Portfolio Long-Term Growth		2,131,274,257		69,984,948		76,868,333		(6,883,385	)
Model Portfolio Global Equity Growth		892,567,398		42,802,970		46,145,178		(3,342,208	)
Milestone Retirement Income		330,699,867		—		21,047,609		(21,047,609	)
Milestone 2010		279,195,807		1,739,107		16,873,080		(15,133,973	)
Milestone 2015		569,308,298		4,479,050		34,584,871		(30,105,821	)
Milestone 2020		817,634,121		6,756,232		48,907,929		(42,151,697	)
Milestone 2025		722,170,177		7,736,629		44,266,660		(36,530,031	)
Milestone 2030		612,413,552		6,206,404		40,553,675		(34,347,271	)

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NOTES TO FINANCIAL STATEMENTS — (Continued)

Fund	Federal Income Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Tax Basis Net Unrealized Appreciation/ (Depreciation)
Milestone 2035	$	425,519,587	$	5,432,479	$	(30,818,104	)	$	(25,385,625	)
Milestone 2040		404,808,642		5,391,287		30,331,178			(24,939,891	)
Milestone 2045		184,524,076		567,101		17,547,210			(16,980,109	)
Milestone 2050		75,765,871		—		9,381,899			(9,381,899	)

4. Investments in Derivative Instruments

Some of the funds use derivative instruments in pursuing their investment objectives (i.e. to manage risk or to obtain or adjust investment exposure, as applicable. 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		Equity Income Fund
Futures Contracts:
Average Notional Balance Long	$	16,876,472	$	20,042,936	$	3,508,726	$	542,948
Average Notional Balance Short		11,725,760		26,753,699		10,572,466		—
Forward Foreign Currency Exchange Contracts:
Average Settlement Value—Deliver USD	$	570	$	296,153	$	310,049	$	—
Average Settlement Value—Receive USD		1,070,624		1,753,323		25,978,336		—
Over the Counter Options:
Average Market Value Written	$	—	$	—	$	57,692	$	—
Exchange-Traded Options:
Average Market Value Purchased	$	—	$	20,282	$	—	$	—
Average Market Value Written		—		3,382		—		—
Swaptions:
Average Notional Balance Purchased	$	—	$	7,500,000	$	—	$	—
Average Notional Balance Written		—		17,700,000		—		—
Inflation Linked Swaps:
Average Notional Balance—Pays Fixed Rate	$	—	$	76,106,154	$	—	$	—
Average Notional Balance—Receives Fixed Rate		—		1,561,538		—		—
Interest Rate Swaps:
Average Notional Balance—Pays Fixed Rate	$	—	$	28,781,538	$	—	$	—
Average Notional Balance—Receives Fixed Rate		—		10,173,077		—		—
Credit Default Swaps:
Average Notional Balance—Pays Fixed Rate	$	—	$	207,308	$	—	$	—
Average Notional Balance—Receives Fixed Rate		—		654,231		—		—

	Aggressive Opportunities Fund		Discovery Fund		International Fund		Diversifying Strategies Fund
Futures Contracts:
Average Notional Balance Long	$	644,112	$	156,743,072	$	—	$	329,185,715
Average Notional Balance Short		—		—		—		8,587,949
Forward Foreign Currency Exchange Contracts:
Average Settlement Value—Deliver USD	$	—	$	—	$	—	$	197,205
Average Settlement Value—Receive USD		—		—		—		2,540,673

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NOTES TO FINANCIAL STATEMENTS — (Continued)

	500 Stock Index Fund		Broad Market Index Fund		Mid/Small Company Index Fund		Overseas Equity Index Fund
Futures Contracts:
Average Notional Balance Long	$	21,489,289	$	13,176,797	$	15,045,818	$	5,535,286
Average Notional Balance Short		—		—		—		—

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

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NOTES TO FINANCIAL STATEMENTS — (Continued)

fluctuations (interest rate and market risks); the risk of mispricing or improper valuation of the future, and the inability of the future to correlate perfectly, or at all, with the value of the underlying asset, reference rate, or index it is designed to closely track (valuation risk); the risk that the fund may lose substantially more than the amount invested and that the fund may be forced to liquidate portfolio positions when it may not be advantageous to do so (leverage risk).

During the year ended December 31, 2015, the following funds purchased and/or sold futures contracts: Low Duration Bond Fund, Inflation Focused Fund, High Yield Fund, Equity Income Fund, Aggressive Opportunities Fund, Discovery Fund, Diversifying Strategies Fund, 500 Stock Index Fund, Broad Market Index Fund, Mid/Small Company Index Fund and Overseas Equity Index Fund.

As of December 31, 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
	72	CBT	U.S. 2 Year Treasury Note	March 2016	$	15,640,875	$	(30,602	)
	Sold
	69	CBT	U.S. 5 Year Treasury Note	March 2016	$	8,164,102	$	25,610
							$	(4,992	)

Inflation Focused Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
	Purchased
	9	MSE	Canadian 10 Year Bond	March 2016	$	917,041	$	18,185
	70	CBT	U.S. 10 Year Treasury Note	March 2016		8,813,438		(24,854	)
	34	CBT	U.S. 5 Year Treasury Note	March 2016		4,022,891		(9,614	)
							$	(16,283	)
	Sold
	26	EUX	Euro—Bobl	March 2016	$	3,692,146	$	33,911
	23	CBT	U.S. 2 Year Treasury Note	March 2016		4,996,391		8,376
	14	CBT	U.S. 5 Year Treasury Note	March 2016		1,656,484		1,917
	31	CBT	U.S. Long Bond	March 2016		4,766,250		19,180
	35	CBT	U.S. Ultra Bond	March 2016		5,554,063		(71,569	)
							$	(8,185	)
							$	(24,468	)

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NOTES TO FINANCIAL STATEMENTS — (Continued)

High Yield Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation
	Purchased
	51	CBT	U.S. Ultra Bond	March 2016	$	8,093,063	$	55,412
	Sold
	96	CBT	U.S. 10 Year Treasury Note	March 2016	$	12,087,000	$	22,438
	50	CBT	U.S. 5 Year Treasury Note	March 2016		5,916,016		13,197
							$	35,635
							$	91,047

Equity Income Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation
	Purchased
	9	CME	E-MINI S&P 500 Index	March 2016	$	915,930	$	6,074
	12	CME	E-MINI S&P MidCap 400	March 2016		1,672,200		24,633
							$	30,707

Aggressive Opportunities Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Depreciation
	Purchased
	24	CME	E-MINI S&P MidCap 400	March 2016	$	3,344,400	$	(4	)
	12	CME	NASDAQ 100 E-MINI	March 2016		1,101,060		(4,468	)
							$	(4,472	)

Discovery Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Depreciation
	Purchased
	2,166	NYF	E-MINI Russell 2000 Index	March 2016	$	245,082,900	$	(277,777	)

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NOTES TO FINANCIAL STATEMENTS — (Continued)

Diversifying Strategies Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
	Purchased
	2,447	NYF	E-MINI Russell 2000 Index	March 2016	$	276,878,050	$	(315,167	)
	90	CBT	U.S. 2 Year Treasury Note	March 2016		19,551,094		(2,358	)
							$	(317,525	)
	Sold
	48	CBT	U.S. 5 Year Treasury Note	March 2016	$	5,679,375	$	11,569
							$	(305,956	)

500 Stock Index Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation
	Purchased
	277	CME	E-MINI S&P 500 Index	March 2016	$	28,190,290	$	28,508

Broad Market Index Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
	Purchased
	5	NYF	E-MINI Russell 2000 Index	March 2016	$	565,750	$	(1,676	)
	50	CME	E-MINI S&P 500 Index	March 2016		5,088,500		7,338
	4	CME	E-MINI S&P MidCap 400	March 2016		557,400		(2,015	)
							$	3,647

Mid/Small Company Index Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Depreciation
	Purchased
	63	NYF	E-MINI Russell 2000 Index	March 2016	$	7,128,450	$	(25,996	)
	45	CME	E-MINI S&P MidCap 400	March 2016		6,270,750		(13,053	)
							$	(39,049	)

Overseas Equity Index Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Depreciation
	Purchased
	89	NYF	MINI MSCI EAFE Equity Index	March 2016	$	7,556,990	$	(39,364	)

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NOTES TO FINANCIAL STATEMENTS — (Continued)

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 U.S. dollar value of securities denominated in those currencies.

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

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

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

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

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

During the year ended December 31, 2015, the following funds purchased and/or sold forward currency contracts: Low Duration Bond Fund, Inflation Focused Fund, High Yield Fund, and Diversifying Strategies Fund.

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NOTES TO FINANCIAL STATEMENTS — (Continued)

As of December 31, 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 December 31, 2015		Net Unrealized Appreciation/ (Depreciation)
Purchase	HSBC Bank plc	USD		GBP		01/11/2016	$	7,408	$	7,371	$	(37	)
Sale	HSBC Bank plc	GBP		USD		01/11/2016	$	1,050,570	$	1,036,380	$	14,190
											$	14,153
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 December 31, 2015		Net Unrealized Appreciation/ (Depreciation)
Purchase	Morgan Stanley Co., Inc.	USD		EUR		01/27/2016	$	746,932	$	764,934	$	18,002
Purchase	JPMorgan Chase Bank NA	USD		INR		01/22/2016		253,142		256,026		2,884
											$	20,886
Sale	JPMorgan Chase Bank NA	EUR		USD		01/27/2016	$	1,484,102	$	1,517,893	$	(33,791	)
Sale	Morgan Stanley Co., Inc.	EUR		USD		01/27/2016		795,981		796,345		(364	)
Sale	JPMorgan Chase Bank NA	TWD		USD		01/29/2016		780,737		775,979		4,758
											$	(29,397	)
											$	(8,511	)
High Yield Fund
Contract Type	Counterparty	Currency to Deliver	In Exchange For		Exchange Date		Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at December 31, 2015		Net Unrealized Appreciation/ (Depreciation)
Sale	JPMorgan Chase Bank NA	CHF		USD		01/12/2016	$	133,309	$	136,415	$	(3,106	)
Sale	JPMorgan Chase Bank NA	EUR		USD		01/12/2016		20,459,557		20,939,397		(479,840	)
Sale	JPMorgan Chase Bank NA	GBP		USD		01/12/2016		6,191,601		6,079,223		112,378
											$	(370,568	)

Diversifying Strategies Fund
Contract Type	Counterparty	Currency to Deliver	In Exchange For		Exchange Date		Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at December 31, 2015		Net Unrealized Depreciation
Purchase	JPMorgan Chase Bank NA	USD		EUR		01/11/2016	$	31,923	$	31,520	$	(403	)
Sale	JPMorgan Chase Bank NA	EUR		USD		01/11/2016	$	1,113,661	$	1,142,350	$	(28,689	)
											$	(29,092	)

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

182

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

specific date at a specified price (called the strike price). The counterparty is obligated to enter into the transaction if the holder elects to exercise the option. A call option gives the holder the right to purchase the underlying security or instrument from the other party; a put option gives the holder the right to sell the underlying security or instrument to the other party.

Certain funds may enter into options to manage certain risks. These risks may include interest rate risk (the risk that interest rates will rise, causing prices of fixed income securities to fall), credit risk (the risk that the issuer of a fixed income security will default on its obligation to pay interest and/or principal on the instrument in a timely manner), stock market risk (the risk that stock prices overall will decline over short or extended periods), and foreign currency risk (the risk that foreign currency values will decline relative to the U.S. dollar). Some funds also may use options, including options on Euro-Bund futures contracts, to obtain or adjust investment exposure to certain assets, asset classes, or foreign currencies.

Option contracts may be used by the following funds for the following purposes:

Manage Risk:

Obtain or Adjust Investment Exposure:

Fund

Interest Rate Risk

Credit Risk

Stock Market Risk

Foreign Currency Risk

To Certain Assets or Asset Classes

To Foreign Currencies

Low Duration Bond

*

*

*

*

*

Inflation Focused

*

*

*

*

*

High Yield

*

*

*

*

*

Equity Income

*

*

Growth & Income

*

*

Growth

*

*

Select Value

*

*

Aggressive Opportunities

*

*

Discovery

*

*

*

*

*

*

International

*

*

*

*

Diversifying Strategies

*

*

*

*

*

*

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

183

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

During the year ended December 31, 2015, the Inflation Focused Fund and High Yield Fund purchased and/or sold put and/or call options.

Written option activity for the year ended December 31, 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
Closed		(67	)		(22,934	)		—			—			(67	)		(22,934	)
Expired		—			—			—			—			—			—
Ending balance as of 12/31/2015		—		$	—			—		$	—			—		$	—
	Call Options						Put Options						Total
High Yield	Notional Amount			Premium			Notional Amount			Premium			Notional Amount			Premium
Beginning balance as of 12/31/2014	$	—		$	—		$	—		$	—		$	—		$	—
Written		—			—			750,000			15,000			750,000			15,000
Closed		—			—			(750,000	)		(15,000	)		(750,000	)		(15,000	)
Expired		—			—			—			—			—			—
Ending balance as of 12/31/2015	$	—		$	—		$	—		$	—		$	—		$	—

As of December 31, 2015, the funds had no open written option contracts.

Swap Agreements (“Swaps”)

Generally, swap agreements are contracts between a fund and another party (the swap counterparty) involving the exchange of payments on specified terms over periods ranging from a few days to multiple years. A swap may be negotiated bilaterally and traded over-the-counter between the two parties. Such bilateral swaps are 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 Commodity Futures Trading Commission 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.

184

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NOTES TO FINANCIAL STATEMENTS — (Continued)

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 includes 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.

In certain types of swap transactions, the risk of loss may be increased because the fund is required to make additional or higher payments to the counterparty futures commission merchant, or clearinghouse as a result of market volatility. Transactions executed on a swap execution facility may increase liquidity, while swaps not traded on exchanges or other organized markets may be considered illiquid.

Swap value changes, including the periodic amounts of interest to be paid or received on swaps, are recorded as unrealized appreciation (depreciation) on swaps. A realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of a swap. Net realized and unrealized gains and losses occurring during the holding period of swaps are a component of net realized gain (loss) on swaps and change in net unrealized appreciation (depreciation) on swaps in the Statement of Operations, respectively.

During the year ended December 31, 2015, the Inflation Focused Fund participated in interest rate, inflation linked, and credit default swaps.

185

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

As of December 31, 2015, the Inflation Focused Fund had the following swaps outstanding:

Inflation Focused Fund

Centrally Cleared Interest Rate Swaps
	Rates Exchanged
Payments Made By The Fund	Payments Received By The Fund	Termination Date		Notional Amount		Premium			Net Unrealized Appreciation (Depreciation)
1.04%	3 Month CDOR		05/28/2017		CAD 5,030,000	$	—		$	(2,108	)
1.05%	3 Month CDOR		06/05/2017		CAD 4,680,000		—			(13,257	)
1.92%	3 Month BBSW		10/30/2017		AUD 3,430,000		—			12,544
2.00%	3 Month Libor		12/16/2020		USD 100,000		(2,445	)		1,078
2.10%	3 Month BBSW		05/29/2017		AUD 6,660,000		—			28,541
2.22%	3 Month BBSW		06/09/2017		AUD 5,880,000		—			17,887
2.40%	6 Month Libor		06/05/2045		GBP 160,000		—			(12,542	)
2.63%	3 Month Libor		11/10/2035		USD 570,000		—			(11,664	)
2.69%	3 Month Libor		08/06/2045		USD 150,000		—			(4,130	)
2.72%	3 Month Libor		11/10/2045		USD 430,000		—			(11,386	)
2.75%	3 Month Libor		06/17/2025		USD 1,500,000		(99,730	)		21,417
2.75%	3 Month Libor		06/19/2043		USD 1,000,000		117,550			(148,669	)
3.25%	3 Month Libor		06/17/2045		USD 1,800,000		(234,161	)		(6,436	)
3.37%	3 Month BKBM		06/09/2017		NZD 9,220,000		—			(52,567	)
3.50%	3 Month Libor		12/18/2043		USD 700,000		25,066			(152,904	)
3.50%	3 Month Libor		12/17/2044		USD 2,200,000		(88,530	)		(317,047	)
3.75%	3 Month Libor		06/18/2044		USD 300,000		(23,448	)		(47,134	)
3 Month BKBM	4.07%		06/09/2025		NZD 1,075,000		—			21,557
3 Month Libor	1.81%		06/09/2020		USD 12,848,000		—			104,845
6 Month BBSW	3.38%		06/09/2025		AUD 640,000		—			13,356
6 Month BBSW	3.08%		05/29/2025		AUD 1,030,000		—			3,110
6 Month Libor	1.65%		06/05/2020		GBP 1,700,000		—			16,415
						$	(305,698	)	$	(539,094	)

Inflation Linked Swaps
	Rates Exchanged
Swap Counterparty	Payments Made By The Fund	Payments Received By The Fund	Termination Date		Notional Amount		Premium			Net Unrealized Appreciation/ (Depreciation)
Barclays Bank plc	1.39%	CPI Urban Consumers NSA		07/15/2018		USD 1,070,000	$	—		$	(9,758	)
BNP Paribas SA	1.83%	CPI Urban Consumers NSA		11/29/2016		USD 1,100,000		(245	)		(30,263	)
BNP Paribas SA	2.25%	CPI Urban Consumers NSA		07/15/2017		USD 5,100,000		6,020			(306,490	)
BNP Paribas SA	2.50%	CPI Urban Consumers NSA		07/15/2022		USD 2,900,000		42,218			(357,999	)
Citibank NA	1.71%	CPI Urban Consumers NSA		04/15/2019		USD 2,220,000		—			(27,985	)
Citibank NA	1.75%	CPI Urban Consumers NSA		04/15/2020		USD 6,425,000		—			(79,253	)
Citibank NA	1.89%	CPI Urban Consumers NSA		01/15/2022		USD 3,160,000		—			(54,633	)
Citibank NA	1.90%	CPI Urban Consumers NSA		01/15/2020		USD 2,130,000		—			(25,552	)
Citibank NA	1.90%	CPI Urban Consumers NSA		07/15/2022		USD 4,230,000		—			(54,063	)
Citibank NA	1.92%	CPI Urban Consumers NSA		07/15/2022		USD 5,310,000		—			(79,392	)
Citibank NA	1.95%	CPI Urban Consumers NSA		07/15/2020		USD 2,660,000		—			(37,881	)
Citibank NA	1.95%	CPI Urban Consumers NSA		07/15/2021		USD 4,750,000		—			(76,127	)
Citibank NA	1.96%	CPI Urban Consumers NSA		07/15/2021		USD 3,190,000		—			(61,314	)
Citibank NA	1.96%	CPI Urban Consumers NSA		01/15/2023		USD 1,570,000		—			(31,851	)
Deutsche Bank AG	1.47%	CPI Urban Consumers NSA		11/21/2016		USD 500,000		—			(9,256	)
Deutsche Bank AG	1.73%	CPI Urban Consumers NSA		03/04/2019		USD 375,000		—			(5,145	)

186

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

Inflation Linked Swaps
	Rates Exchanged
Swap Counterparty	Payments Made By The Fund	Payments Received By The Fund	Termination Date		Notional Amount		Premium			Net Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG	1.80%	CPI Urban Consumers NSA		01/17/2016		USD 1,200,000	$	(440	)	$	(19,461	)
Deutsche Bank AG	1.83%	CPI Urban Consumers NSA		11/29/2016		USD 2,400,000		(706	)		(65,858	)
Deutsche Bank AG	1.85%	CPI Urban Consumers NSA		11/29/2016		USD 3,600,000		—			(102,074	)
Deutsche Bank AG	1.86%	CPI Urban Consumers NSA		11/05/2016		USD 2,000,000		—			(57,056	)
Deutsche Bank AG	1.93%	CPI Urban Consumers NSA		02/10/2017		USD 2,900,000		—			(83,218	)
Deutsche Bank AG	2.17%	CPI Urban Consumers NSA		11/01/2018		USD 1,300,000		—			(64,900	)
Deutsche Bank AG	2.50%	CPI Urban Consumers NSA		07/15/2022		USD 500,000		3,650			(58,095	)
Goldman Sachs Bank USA	1.73%	CPI Urban Consumers NSA		04/15/2016		USD 4,100,000		(8,702	)		(91,959	)
Goldman Sachs Bank USA	2.21%	CPI Urban Consumers NSA		10/11/2018		USD 5,200,000		—			(268,135	)
Royal Bank of Scotland plc	1.93%	CPI Urban Consumers NSA		10/31/2016		USD 5,300,000		—			(162,725	)
Royal Bank of Scotland plc	1.94%	CPI Urban Consumers NSA		10/23/2016		USD 1,100,000		(3,245	)		(30,531	)
Royal Bank of Scotland plc	1.55%	CPI Urban Consumers NSA		11/05/2016		USD 7,500,000		—			(150,608	)
Royal Bank of Scotland plc	2.25%	CPI Urban Consumers NSA		07/15/2017		USD 4,200,000		2,313			(249,759	)
							$	40,863		$	(2,651,341	)

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		$	13,152
Sprint Communications, Inc.	Citibank NA		Buy		5.00	%		—			06/20/2019		USD 140,000		(6,934	)		17,559
Sprint Communications, Inc.	Citibank NA		Buy		5.00	%		—			06/20/2019		USD 160,000		(8,211	)		20,066
														$	(9,408	)	$	50,777
Credit Default on Indices
CMBX.NA.BBB. Series 6 Index	Citibank NA		Sell		—			3.00	%		05/11/2063		USD 265,000	$	2,330		$	(10,497	)

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 obtain or adjust investment exposure to certain assets or asset classes.

187

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

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

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

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

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

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

During the year ended December 31, 2015, the Inflation Focused Fund participated in interest rate swaptions.

Written swaption activity for the year ended December 31, 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		(22,100,000	)		(130,780	)		—			—			(22,100,000	)		(130,780	)
Expired		(6,900,000	)		(108,780	)		(8,400,000	)		(47,280	)		(15,300,000	)		(156,060	)
Ending balance as of 12/31/2015	$	—		$	—		$	8,400,000		$	280,000		$	8,400,000		$	280,000

188

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

As of December 31, 2015, the Inflation Focused 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	$	142,713

Derivative Risk Exposure

FASB ASC 815 “Disclosure about Derivative Instruments and Hedging Activities” (“ASC 815”) requires enhanced disclosures about the funds’ derivatives and hedging activities. The following tables reflect the value of the funds’ derivative contracts by certain risk exposure types (primary risks to which a fund is exposed as a result of holding the derivative contract) as of December 31, 2015. Note that the risk exposure listed below is not indicative of the intended purpose of the related derivative (e.g., managing risk or obtaining or adjusting investment exposure, as discussed elsewhere in this report).

	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	$	25,610	*	Payable for variation margin on futures contracts	$	30,602	*
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts		14,190		Unrealized depreciation on forward foreign currency exchange contracts		37
Total		$	39,800			$	30,639
Inflation Focused Fund
Interest rate	Investments in Securities, at value—purchased options, receivable for variation margin on futures contracts and swap agreements, at value(a)	$	520,023	*	Swap agreements, at value, payable for variation margin on futures contracts and written options, at value(a)	$	3,633,646	*
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts		25,644		Unrealized depreciation on forward foreign currency exchange contracts		34,155
Credit	Swap agreements, at value		41,369		Swap agreements, at value		8,167
Total		$	587,036			$	3,675,968
High Yield Fund
Interest rate	Receivable for variation margin on futures contracts	$	91,047	*	Payable for variation margin on futures contracts	$	—
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts		112,378		Unrealized depreciation on forward foreign currency exchange contracts		482,946
Total		$	203,425			$	482,946

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NOTES TO FINANCIAL STATEMENTS — (Continued)

	Asset Derivatives				Liability Derivatives
Risk Exposure	Statement of Assets and Liabilities Location	Value			Statement of Assets and Liabilities Location	Value
Equity Income Fund
Stock market	Receivable for variation margin on futures contracts	$	30,707	*	Payable for variation margin on futures contracts	$	—
Total		$	30,707			$	—
Aggressive Opportunities Fund
Stock market	Receivable for variation margin on futures contracts	$	—		Payable for variation margin on futures contracts	$	4,472	*
Total		$	—			$	4,472
Discovery Fund
Stock market	Receivable for variation margin on futures contracts	$	—		Payable for variation margin on futures contracts	$	277,777	*
Total		$	—			$	277,777
Diversifying Strategies Fund
Interest rate	Receivable for variation margin on futures contracts	$	11,569	*	Payable for variation margin on futures contracts	$	2,358	*
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts		—		Unrealized depreciation on forward foreign currency exchange contracts		29,092
Stock market	Receivable for variation margin on futures contracts		—		Payable for variation margin on futures contracts		315,167	*
Total		$	11,569			$	346,617
500 Stock Index Fund
Stock market	Receivable for variation margin on futures contracts	$	28,508	*	Payable for variation margin on futures contracts	$	—
Total		$	28,508			$	—
Broad Market Index Fund
Stock market	Receivable for variation margin on futures contracts	$	7,338	*	Payable for variation margin on futures contracts	$	3,691	*
Total		$	7,338			$	3,691
Mid/Small Company Index Fund
Stock market	Receivable for variation margin on futures contracts	$	—		Payable for variation margin on futures contracts	$	39,049	*
Total		$	—			$	39,049
Overseas Equity Index Fund
Stock market	Receivable for variation margin on futures contracts	$	—		Payable for variation margin on futures contracts	$	39,364	*
Total		$	—			$	39,364

(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.

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

The following tables reflect the funds’ gains (losses) related to derivative activities by certain risk exposure types (primary risks to which a fund is exposed as a result of holding the derivative contract) for the year ended December 31, 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	$	—		$	17,117	$	—		$	—		$	17,117
Foreign currency		—			—		49,290			—			49,290
Total	$	—		$	17,117	$	49,290		$	—		$	66,407
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures		Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	—		$	17,991	$	—		$	—		$	17,991
Foreign currency		—			—		7,548			—			7,548
Total	$	—		$	17,991	$	7,548		$	—		$	25,539
Inflation Focused Fund2
Realized Gain (Loss)
Risk Exposure	Options			Futures		Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	(344,316	)**	$	123,103	$	—		$	(34,264	)	$	(255,477	)
Foreign currency		—			—		132,521			—			132,521
Credit		—			—		—			13,079			13,079
Total	$	(344,316	)**	$	123,103	$	132,521		$	(21,185	)	$	(109,877	)
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures		Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	85,104	**	$	709,957	$	—		$	(725,208	)	$	69,853
Foreign currency		—			—		(8,511	)		—			(8,511	)
Credit		—			—		—			40,279			40,279
Total	$	85,104	**	$	709,957	$	(8,511	)	$	(684,929	)	$	101,621

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High Yield Fund 3
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	15,000	**	$	(94,144	)	$	—		$	—	$	(79,144	)
Foreign currency		—			—			1,947,267			—		1,947,267
Total	$	15,000	**	$	(94,144	)	$	1,947,267		$	—	$	1,868,123
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	—		$	174,656		$	—		$	—	$	174,656
Foreign currency		—			—			(764,850	)		—		(764,850	)
Total	$	—		$	174,656		$	(764,850	)	$	—	$	(590,194	)
Equity Income Fund 4
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—		$	(49,680	)	$	—		$	—	$	(49,680	)
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—		$	30,707		$	—		$	—	$	30,707
Aggressive Opportunities Fund 5
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—		$	(95,266	)	$	—		$	—	$	(95,266	)
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—		$	(4,472	)	$	—		$	—	$	(4,472	)
Discovery Fund 6
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	—		$	10,178		$	—		$	—	$	10,178
Stock market		—			(6,095,575	)		—			—		(6,095,575	)
Total	$	—		$	(6,085,397	)	$	—		$	—	$	(6,085,397	)
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	—		$	7,257		$	—		$	—	$	7,257
Stock market		—			(4,575,676	)		—			—		(4,575,676	)
Total	$	—		$	(4,568,419	)	$	—		$	—	$	(4,568,419	)

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NOTES TO FINANCIAL STATEMENTS — (Continued)

Diversifying Strategies Fund7
Realized Gain (Loss)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	—	$	(16,276	)	$	—		$	—	$	(16,276	)
Foreign currency		—		—			427,661			—		427,661
Stock market		—		(445,550	)		—			—		(445,550	)
Total	$	—	$	(461,826	)	$	427,661		$	—	$	(34,165	)
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	—	$	35,118		$	—		$	—	$	35,118
Foreign currency		—		—			(97,988	)		—		(97,988	)
Stock market		—		(10,858,716	)		—			—		(10,858,716	)
Total	$	—	$	(10,823,598	)	$	(97,988	)	$	—	$	(10,921,586	)
500 Stock Index Fund8
Realized Gain (Loss)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—	$	358,678		$	—		$	—	$	358,678
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—	$	(133,928	)	$	—		$	—	$	(133,928	)
Broad Market Index Fund9
Realized Gain (Loss)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—	$	276,312		$	—		$	—	$	276,312
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—	$	(166,340	)	$	—		$	—	$	(166,340	)
Mid/Small Company Index Fund10
Realized Gain (Loss)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—	$	(215,837	)	$	—		$	—	$	(215,837	)
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—	$	(21,208	)	$	—		$	—	$	(21,208	)

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NOTES TO FINANCIAL STATEMENTS — (Continued)

Overseas Equity Index Fund11
Realized Gain (Loss)
Risk Exposure	Options		Futures			Forward Currency Contracts		Swap Agreements		Total
Stock market	$	—	$	(47,878	)	$	—	$	—	$	(47,878	)
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options		Futures			Forward Currency Contracts		Swap Agreements		Total
Stock market	$	—	$	(22,295	)	$	—	$	—	$	(22,295	)

** 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 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.

(4) The Equity Income Fund used futures to obtain or adjust investment exposure to U.S. common stocks.

(5) The Aggressive Opportunities Fund used futures to obtain or adjust investment exposure to U.S. common stocks.

(6) The Discovery Fund used Russell 2000 Index futures to obtain or adjust investment exposure to U.S. common stocks and used bond futures to manage interest rate risk inherent in its fixed income securities and to seek to obtain or adjust investment exposure based on anticipated changes in interest rates.

(7) The Diversifying Strategies Fund used forward currency contracts to manage foreign currency risk. The fund used equity futures to obtain or adjust investment exposure to stocks. The fund used fixed income futures to manage interest rate risk.

(8) 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.

(9) 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.

(10) 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.

(11) 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.

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NOTES TO FINANCIAL STATEMENTS — (Continued)

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	$	25,610	$	(30,602	)	$	—	$	4,992	$	—
Forward Currency Contracts		14,190		(37	)		—		—		14,153
Total derivatives subject to a master netting arrangement or similar arrangement		14,190		(37	)		—		—		14,153
Total derivatives not subject to a master netting arrangement or similar arrangement		25,610		(30,602	)		—		4,992		—
Total derivatives	$	39,800	$	(30,639	)	$	—	$	4,992	$	14,153

(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 $46,376.

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	$	81,569	$	(106,037	)	$	—	$	24,468	$	—
Forward Currency Contracts		25,644		(34,155	)		—		—		(8,511	)
Written Options		—		(137,287	)		—		—		(137,287	)
Swap agreements		41,369		(2,618,645	)		—		630,000		(1,947,276	)
Total derivatives subject to a master netting arrangement or similar arrangement		67,013		(2,790,087	)		—		630,000		(2,093,074	)
Total derivatives not subject to a master netting arrangement or similar arrangement		81,569		(106,037	)		—		24,468		—
Total derivatives	$	148,582	$	(2,896,124	)	$	—	$	654,468	$	(2,093,074	)

(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 $237,477.

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NOTES TO FINANCIAL STATEMENTS — (Continued)

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	$	91,047	$	—		$	—	$	—	$	91,047
Forward Currency Contracts		112,378		(482,946	)		—		—		(370,568	)
Total derivatives subject to a master netting arrangement or similar arrangement		112,378		(482,946	)		—		—		(370,568	)
Total derivatives not subject to a master netting arrangement or similar arrangement		91,047		—			—		—		91,047
Total derivatives	$	203,425	$	(482,946	)	$	—	$	—	$	(279,521	)

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

Equity Income

					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	$	30,707	$	—	$	—	$	—	$	30,707
Total derivatives not subject to a master netting arrangement or similar arrangement		30,707		—		—		—		30,707
Total derivatives	$	30,707	$	—	$	—	$	—	$	30,707

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

Aggressive Opportunities Fund

						Gross Amounts Not Offset in the Statement of Assets & Liabilities
Description	Gross Amounts of Recognized Assets		Gross Amounts of Recognized Liabilities			Financial Instruments		Collateral Pledged(a)		Net Amount
Futures Contracts	$	—	$	(4,472	)	$	—	$	—	$	(4,472	)
Total derivatives not subject to a master netting arrangement or similar arrangement		—		(4,472	)		—		—		(4,472	)
Total derivatives	$	—	$	(4,472	)	$	—	$	—	$	(4,472	)

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

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NOTES TO FINANCIAL STATEMENTS — (Continued)

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	$	—	$	(277,777	)	$	—	$	277,777	$	—
Total derivatives not subject to a master netting arrangement or similar arrangement		—		(277,777	)		—		277,777		—
Total derivatives	$	—	$	(277,777	)	$	—	$	277,777	$	—

(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 $12,794,562.

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	$	11,569	$	(317,525	)	$	—	$	305,956	$	—
Forward Currency Contracts		—		(29,092	)		—		—		(29,092	)
Total derivatives subject to a master netting arrangement or similar arrangement		—		(29,092	)		—		—		(29,092	)
Total derivatives not subject to a master netting arrangement or similar arrangement		11,569		(317,525	)		—		305,956		—
Total derivatives	$	11,569	$	(346,617	)	$	—	$	305,956	$	(29,092	)

(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 $16,044,309.

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	$	28,508	$	—	$	—	$	—	$	28,508
Total derivatives not subject to a master netting arrangement or similar arrangement		28,508		—		—		—		28,508
Total derivatives	$	28,508	$	—	$	—	$	—	$	28,508

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

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NOTES TO FINANCIAL STATEMENTS — (Continued)

Broad Market Index Fund

						Gross Amounts Not Offset in the Statement of Assets & Liabilities
Description	Gross Amounts of Recognized Assets		Gross Amounts of Recognized Liabilities			Financial Instruments		Collateral Pledged(a)		Net Amount
Futures Contracts	$	7,338	$	(3,691	)	$	—	$	—	$	3,647
Total derivatives not subject to a master netting arrangement or similar arrangement		7,338		(3,691	)		—		—		3,647
Total derivatives	$	7,338	$	(3,691	)	$	—	$	—	$	3,647

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

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	$	—	$	(39,049	)	$	—	$	39,049	$	—
Total derivatives not subject to a master netting arrangement or similar arrangement		—		(39,049	)		—		39,049		—
Total derivatives	$	—	$	(39,049	)	$	—	$	39,049	$	—

(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 $615,277.

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	$	—	$	(39,364	)	$	—	$	39,364	$	—
Total derivatives not subject to a master netting arrangement or similar arrangement		—		(39,364	)		—		39,364		—
Total derivatives	$	—	$	(39,364	)	$	—	$	39,364	$	—

(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 $265,182.

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

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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 contractually agreed to waive a portion of its fee for the High Yield Fund. For the year ended December 31, 2015, the amount of this waiver was $199,208, for these services, VIA earned $24,494,651, in the aggregate for the year ended December 31, 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 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 $19,028,231, in the aggregate for the year ended December 31, 2015.

VIA and the Company contract with one or more subadvisers (“Subadviser” or “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 for the year ended December 31, 2015 are presented in the “Additional Information” section of these Notes. The Subadvisers’ fees for the year ended December 31, 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 L.P. (1)		0.19	%
	Pacific Investment Management Company, LLC		0.20	%
	BlackRock Financial Management, Inc.		0.11	%
High Yield	Oaktree Capital Management, L.P.		0.50	%
	Western Asset Management Company (2)		0.20	%
Equity Income	T. Rowe Price Associates, Inc. (3)		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.		0.36	%
	Wellington Management Company LLP		0.25	%

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Fund	Subadviser	Actual Fee as a Percentage of Average Daily Net Assets (net of any subadviser fee  waivers)
Growth	Atlanta Capital Management Company, LLC (4)		0.30	%
	Columbus Circle Investors (4)		0.32	%
	Fred Alger Management, Inc. (4)		0.33	%
	T. Rowe Price Associates, Inc. (3)(4)		0.36	%
	Victory Capital Management, Inc. (4)		0.25	%
	Westfield Capital Management Company, L.P.		0.32	%
Select Value	Artisan Partners Limited Partnership		0.55	%
	Systematic Financial Management, L.P.		0.23	%
	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 (5)		0.65	%
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) Western Asset Management Company Limited (“Western Limited”) serves as a sub-subadviser to the portion of the High Yield Fund managed by Western Asset Management Company (“Western”). The fee paid to Western Limited under the sub-subadvisory agreement between Western and Western Limited is paid by Western and not by the High Yield Fund.

(3) Effective October 5, 2015, the fee schedule charged by T. Rowe Price Associates, Inc. to the Growth & Income Fund and Growth Fund was amended. The percentage shown above for each fund represents a blended rate of the applicable fund’s previous fee schedule and the current fee schedule.

(4) Effective June 19, 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. Victory Capital Management, Inc. ceased serving as a subadviser on October 2, 2015. Effective July 2, 2015, Atlanta Capital Management Company LLC ceased serving as a subadviser to the Growth Fund. Fred Alger Management, Inc. and T. Rowe Price Associates, Inc. began serving as subadvisers on October 5, 2015.

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(5) Effective September 18, 2015, the fee schedule charged by Wellington Management Company LLP to the Discovery Fund was amended and the percentage shown above represents a blended rate of the previous fee schedule and the current fee schedule.

Expenses

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

Fee Waivers

VIA will waive its management fee or reimburse expenses to the extent necessary as a result of any increase in subadvisory fees payable by the Growth Fund that would cause the aggregate management and subadvisory fees of the Growth Fund to exceed 0.54% as a result of subadvisory changes. This commitment will continue until such time as shareholders approve an increase in this limit. For the year ended December 31, 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 year ended December 31, 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 year ended December 31, 2015, the amount of this waiver was $199,208.

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, 2016. For the year ended December 31, 2015, the amount of this waiver for the Core Bond Index Fund was $831,121, 500 Stock Index Fund was $409,344, Broad Market Index Fund was $421,549, Mid/Small Company Index Fund was $349,026, and Overseas Equity Index Fund was $157,545.

T. Rowe Price Associates, Inc. (“T. Rowe Price”) voluntarily waives a portion of its aggregate subadvisory fees for the Growth & Income, Equity Income and Growth Funds. These voluntary fee waivers were first implemented for the Growth & Income and Equity Income Funds on May 1, 2003 and the Growth Fund on October 5, 2015. The fee for each fund managed by T. Rowe Price is voluntarily reduced by the following percentages, which are determined based on the total amount of assets managed by T. Rowe Price for the Company: a 2.5% waiver on the first $500 million in total assets provided the total amount of assets managed by T. Rowe Price is between $250 and $500 million and a 5% waiver on total assets above $500 million. For the year ended December 31, 2015, the fee waiver for Equity Income Fund totaled $88,813, the fee waiver for Growth & Income Fund totaled $64,914, and the fee waiver for Growth Fund totaled $17,506.

Columbus Circle Investors voluntarily agreed to waive a portion of its subadvisory fee for the Growth Fund and charge the following fees from May 1, 2015 to June 19, 2015: first $300,000,000 at 0.35%, next $200,000,000 at 0.30% and over $500,000,000 at 0.15%. For the year ended December 31, 2015, the fee waiver totaled $22,031.

Victory Capital Management Inc. voluntarily agreed to waive a portion of its subadvisory fee for the Growth Fund and charge the following fees from May 1, 2015 to June 19, 2015: first $100,000,000 at 0.29%, next $100,000,000 at 0.25% and over $200,000,000 at 0.15%. For the year ended December 31, 2015, the fee waiver totaled $53,401.

Systematic Financial Management, LP voluntarily agreed to waive a portion of 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 year ended December 31, 2015, the fee waiver totaled $243,289.

Wellington Management Company, LLP voluntarily agreed to waive a portion of its subadvisory fee for the Discovery Fund by waiving 0.10% on all assets starting on September 18, 2015. For the year ended December 31, 2015, the fee waiver totaled $46,659.

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6. Investment Portfolio Transactions

Purchases and sales of investments, exclusive of short-term securities, for each fund for the year ended December 31, 2015 were as follows:

	U.S. Government Obligations				Other Securities
Fund	Purchases at Cost		Sales Proceeds		Purchases at Cost		Sales Proceeds
Low Duration Bond	$	204,031,543	$	258,934,757	$	254,177,244	$	203,315,409
Inflation Focused		330,513,384		362,388,516		77,614,922		37,934,385
High Yield		6,699,300		6,701,253		229,570,427		190,480,819
Equity Income		—		—		782,114,622		844,437,230
Growth & Income		—		—		508,870,144		446,118,423
Growth		—		—		2,235,593,985		2,415,016,896
Select Value		—		—		231,071,674		250,282,198
Aggressive Opportunities		—		—		586,919,025		663,775,646
Discovery		200,369,413		166,535,160		349,302,072		162,888,771
International		—		—		914,908,872		675,583,139
Diversifying Strategies		310,647,591		334,659,556		501,152,438		619,983,472
Core Bond Index		577,211,226		539,727,789		1,601,957,455		1,574,165,631
500 Stock Index		—		—		106,906,951		31,088,005
Broad Market Index		—		—		73,090,756		32,626,102
Mid/Small Company Index		—		—		165,149,899		173,234,396
Overseas Equity Index		—		—		183,704,941		45,309,154
Model Portfolio Conservative Growth		—		—		63,330,017		87,576,058
Model Portfolio Traditional Growth		—		—		207,489,717		159,901,721
Model Portfolio Long-Term Growth		—		—		298,962,613		215,921,230
Model Portfolio Global Equity Growth		—		—		332,059,860		302,111,446
Milestone Retirement Income		—		—		38,068,062		44,290,497
Milestone 2010		—		—		36,345,581		48,262,089
Milestone 2015		—		—		82,476,759		88,668,177
Milestone 2020		—		—		166,237,878		86,292,862
Milestone 2025		—		—		164,501,374		66,620,698
Milestone 2030		—		—		157,435,093		63,992,050
Milestone 2035		—		—		111,854,540		44,542,109
Milestone 2040		—		—		106,201,528		44,437,687
Milestone 2045		—		—		64,367,256		17,248,212
Milestone 2050		—		—		38,521,396		8,917,892

7. Portfolio Securities Loaned

Certain funds lend securities to approved borrowers to seek to earn additional income. As of December 31, 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

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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 December 31, 2015, were as follows:

Fund	Securities on Loan		Collateral		Collateralization
Low Duration Bond	$	4,059,190	$	4,149,318		102	%
Inflation Focused		691,742		704,578		102	%
High Yield		19,233,448		19,648,788		102	%
Equity Income		146,423,024		150,511,962		103	%
Growth & Income		17,243,621		17,513,845		102	%
Growth		28,921,818		29,832,613		103	%
Select Value		5,715,488		5,866,805		103	%
Aggressive Opportunities		85,532,866		88,031,776		103	%
Discovery		30,073,582		31,438,848		105	%
International		47,506,653		49,904,544		105	%
Core Bond Index		21,323,723		21,733,982		102	%
500 Stock Index		11,467,950		11,819,064		103	%
Broad Market Index		27,944,055		28,972,395		104	%
Mid/Small Company Index		74,175,324		77,120,904		104	%
Overseas Equity Index		9,602,943		10,114,842		105	%

Securities Lending Transactions Accounted for as Secured Borrowings

The following table presents the liabilities under the outstanding securities lending transactions of the funds as of December 31, 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.

Vantagepoint Fund	Common Stock		Rights		Corporate Obligations		Government Related Obligations		US Treasury Obligations		Total Borrowings
Low Duration Bond	$	—	$	—	$	4,059,190	$	—	$	—	$	4,059,190
Inflation Focused		—		—		691,742		—		—		691,742
High Yield		—		—		19,233,448		—		—		19,233,448
Equity Income		146,423,024		—		—		—		—		146,423,024
Growth & Income		17,243,621		—		—		—		—		17,243,621
Growth		28,921,818		—		—		—		—		28,921,818
Select Value		5,715,488		—		—		—		—		5,715,488
Aggressive Opportunities		85,532,866		—		—		—		—		85,532,866
Discovery		28,420,954		—		1,168,624		484,004		—		30,073,582
International		47,506,653		—		—		—		—		47,506,653

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Vantagepoint Fund	Common Stock		Rights		Corporate Obligations		Government Related Obligations		US Treasury Obligations		Total Borrowings
Core Bond Index	$	—	$	—	$	8,063,338	$	5,093,303	$	8,167,082	$	21,323,723
500 Stock Index		11,467,950		—		—		—		—		11,467,950
Broad Market Index		27,944,055		—		—		—		—		27,944,055
Mid/Small Company Index		74,175,324		—		—		—		—		74,175,324
Overseas Equity Index		9,585,395		17,548		—		—		—		9,602,943

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 securities lending collateral.

8. Transactions with Affiliated Funds

As of December 31, 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 December 31, 2015:

Vantagepoint Fund	Model Portfolio Conservative Growth			Model Portfolio Traditional Growth			Model Portfolio Long-Term Growth			Model Portfolio Global Equity Growth			Milestone Retirement Income
Low Duration Bond		21.21	%		19.99	%		0.00	%		0.00	%		10.26	%
Inflation Focused		8.94	%		10.85	%		0.00	%		0.00	%		6.35	%
High Yield		16.21	%		21.65	%		17.40	%		0.00	%		4.82	%
Equity Income		2.20	%		8.86	%		15.42	%		4.84	%		1.12	%
Growth & Income		2.48	%		12.14	%		18.56	%		5.99	%		1.44	%
Growth		1.32	%		6.93	%		10.57	%		4.81	%		0.38	%
Select Value		3.85	%		18.11	%		35.96	%		17.08	%		0.27	%
Aggressive Opportunities		0.86	%		5.01	%		10.68	%		6.93	%		0.11	%
Discovery		1.71	%		6.85	%		11.47	%		6.25	%		0.22	%
International		2.28	%		10.62	%		20.23	%		15.25	%		1.23	%
Diversifying Strategies		4.58	%		17.50	%		25.03	%		0.00	%		2.16	%
Core Bond Index		5.85	%		15.43	%		15.01	%		0.00	%		3.75	%
Mid/Small Company Index		0.00	%		0.00	%		0.00	%		0.00	%		1.25	%
Overseas Equity Index		0.00	%		0.00	%		0.00	%		30.69	%		0.00	%

Vantagepoint Fund	Milestone 2010			Milestone 2015			Milestone 2020			Milestone 2025			Milestone 2030
Low Duration Bond		6.37	%		11.50	%		12.09	%		6.96	%		3.27	%
Inflation Focused		5.36	%		7.61	%		6.93	%		3.04	%		0.82	%
High Yield		4.46	%		7.17	%		9.37	%		7.95	%		5.75	%
Equity Income		1.09	%		2.55	%		4.41	%		4.70	%		4.57	%
Growth & Income		1.19	%		2.83	%		4.68	%		4.61	%		4.02	%
Growth		0.56	%		1.50	%		2.47	%		2.56	%		2.61	%
Select Value		0.12	%		0.64	%		1.10	%		1.13	%		1.08	%
Aggressive Opportunities		0.05	%		0.26	%		0.44	%		0.45	%		0.43	%
Discovery		0.09	%		0.52	%		0.89	%		0.91	%		0.87	%
International		1.16	%		2.91	%		4.97	%		4.97	%		5.12	%
Diversifying Strategies		2.43	%		6.20	%		9.96	%		9.55	%		8.06	%
Core Bond Index		3.39	%		6.18	%		8.52	%		6.73	%		4.64	%
Mid/Small Company Index		1.27	%		2.47	%		4.28	%		4.65	%		4.74	%
Overseas Equity Index		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

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Vantagepoint Fund	Milestone 2035			Milestone 2040			Milestone 2045			Milestone 2050
Low Duration Bond		0.49	%		0.00	%		0.00	%		0.00	%
Inflation Focused		0.19	%		0.00	%		0.00	%		0.00	%
High Yield		2.64	%		1.46	%		0.47	%		0.18	%
Equity Income		3.67	%		4.04	%		1.98	%		0.78	%
Growth & Income		3.00	%		3.07	%		1.27	%		0.50	%
Growth		2.04	%		2.06	%		1.05	%		0.41	%
Select Value		0.87	%		0.90	%		0.42	%		0.17	%
Aggressive Opportunities		0.35	%		0.36	%		0.17	%		0.07	%
Discovery		0.70	%		0.73	%		0.34	%		0.13	%
International		4.01	%		4.16	%		1.89	%		0.75	%
Diversifying Strategies		5.58	%		5.32	%		2.40	%		0.94	%
Core Bond Index		2.42	%		1.06	%		0.00	%		0.00	%
Mid/Small Company Index		3.94	%		4.21	%		1.98	%		0.79	%
Overseas Equity Index		0.00	%		0.00	%		0.00	%		0.00	%

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 submitted to the vote of shareholders. The following represents the percentage of total shares outstanding in each of the funds held, directly or indirectly, by VantageTrust as of December 31, 2015:

Fund	% owned by VantageTrust
Low Duration Bond		76.77	%
Inflation Focused		77.42	%
High Yield		85.70	%
Equity Income		89.86	%
Growth & Income		84.62	%
Growth		94.02	%
Select Value		91.83	%
Aggressive Opportunities		94.75	%
Discovery		96.04	%
International Fund		84.93	%
Diversifying Strategies		86.20	%
Core Bond Index		87.37	%
500 Stock Index		91.50	%
Broad Market Index		79.29	%
Mid/Small Company Index		87.37	%
Overseas Equity Index		94.39	%
Model Portfolio Conservative Growth		85.74	%

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NOTES TO FINANCIAL STATEMENTS — (Continued)

Fund	% owned by VantageTrust
Model Portfolio Traditional Growth		91.41	%
Model Portfolio Long-Term Growth		95.11	%
Model Portfolio Global Equity Growth		94.34	%
Milestone Retirement Income		72.98	%
Milestone 2010		74.41	%
Milestone 2015		79.42	%
Milestone 2020		83.35	%
Milestone 2025		83.19	%
Milestone 2030		81.54	%
Milestone 2035		80.49	%
Milestone 2040		81.25	%
Milestone 2045		76.00	%
Milestone 2050		74.31	%

Principal Holders. Below are the names, addresses, and percentage of ownership of each person (or entity) that owns of record or is known to own beneficially 5% or more of any class of any fund’s outstanding shares as of December 31, 2015:

Name	Address	Fund and Class	Percentage Owned
VantageTrust	777 N. Capitol Street, NE Washington, DC 20002	Low Duration Bond Fund—T Shares		82.90	%
		Inflation Focused Fund—T Shares		80.96	%
		High Yield Fund—T Shares		85.70	%
		Equity Income Fund—T Shares		91.94	%
		Growth & Income Fund—T Shares		86.40	%
		Growth Fund—T Shares		95.24	%
		Select Value Fund—T Shares		93.45	%
		Aggressive Opportunities Fund—T Shares		97.86	%
		Discovery Fund—T Shares		97.07	%
		International Fund—T Shares		86.24	%
		Diversifying Strategies Fund—T Shares		86.20	%
		Core Bond Index Fund—T Shares		89.40	%
		500 Stock Index Fund—T Shares		100.00	%
		Broad Market Index Fund—T Shares		85.56	%
		Mid/Small Company Index Fund—T Shares		93.79	%
		Overseas Index Fund—T Shares		98.19	%
		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 Global 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	%

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NOTES TO FINANCIAL STATEMENTS — (Continued)

Name	Address	Fund and Class	Percentage Owned
		Milestone 2035 Fund—TM Shares		100.00	%
		Milestone 2040 Fund—TM Shares		100.00	%
		Milestone 2045 Fund—TM Shares		100.00	%
		Milestone 2050 Fund—TM Shares		100.00	%
State College Borough General Employees Pension Plan	243 South Allen Street State College, PA 16801	International Fund—Investor Shares		20.00	%
		Low Duration Bond—Investor Share		11.51	%
		Mid/Small Company Index Fund—Class II		26.46	%
		500 Stock Index Fund—Class II		35.93	%
		Core Bond Index Fund—Class II		22.45	%
State College Borough Police Pension Plan	243 South Allen Street State College, PA 16801	International Fund—Investor Shares		21.81	%
		Low Duration Bond—Investor Share		12.55	%
		Mid/Small Company Index Fund—Class II		28.86	%
		500 Stock Index Fund—Class II		39.19	%
		Core Bond Index Fund—Class II		24.48	%
Prudential Retirement Insurance and Annuity Company	One Commercial Plaza 280 Trumbull Street Hartford, CT 06103-3599	Growth & Income Fund—T Shares		5.44	%
		Broad Market Index Fund—T Shares		14.44	%
		Inflation Focused Fund—T Shares		9.73	%
John Hancock Trust Company LLC	690 Canton ST STE 100 Westwood MA 02090-2324	Aggressive Opportunities Fund—Investor Shares		9.18	%
		International Fund—Investor Shares		11.09	%
		Growth & Income Fund—Investor Shares		10.51	%
		Equity Income Fund—Investor Shares		7.78	%
		Broad Market Index Fund—Class I Shares		11.47	%
		Inflation Focused Fund—Investor Shares		6.93	%
		Discovery Fund—Investor Shares		28.51	%
		Select Value Fund—Investor Shares		9.74	%
County of Sacramento	700 H Street Suite 4667 Sacramento, CA 95814	Milestone 2020 Fund—Investor M Shares		6.36	%
		Milestone 2025 Fund—Investor M Shares		9.19	%
		Milestone 2030 Fund—Investor M Shares		10.53	%
		Milestone 2035 Fund—Investor M Shares		14.29	%
		Milestone 2040 Fund—Investor M Shares		14.42	%
		Mid/Small Company Index Fund—Class II		5.00	%
		Overseas Equity Index Fund—Class II		10.20	%
County of Orange	333 NW. Santa Anna Blvd. 2nd Floor Santa Ana, CA 92701	Select Value Fund—Investor Shares		10.84	%
		Discovery Fund—Investor Shares		14.21	%
		Aggressive Opportunities Fund Investor Shares		6.86	%
		Overseas Equity Index Fund—Class II		17.72	%
		Mid/Small Company Index Fund—Class II		10.48	%
		500 Stock Index Fund—Class II		10.78	%
		Milestone 2025 Fund—Investor M Shares		6.33	%
		Milestone 2030 Fund—Investor M Shares		5.78	%
		Milestone 2035 Fund—Investor M Shares		6.26	%
Orange County Library District	101 East Central Blvd. Orlando, FL 32801	Overseas Equity Index Fund—Class II		59.56	%
		Mid/Small Company Index Fund—Class II		8.09	%
		Broad Market Index Fund—Class II		28.68	%
City of St. Charles	200 North Second Street St. Charles, MO 63301	Core Bond Index Fund—Class II		16.07	%

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NOTES TO FINANCIAL STATEMENTS — (Continued)

Name	Address	Fund and Class	Percentage Owned
City of Port St. Lucie	121 S.W. Port St. Lucie Blvd. Port St. Lucie, FL 34984	Low Duration Bond Fund—Investor Class		7.04	%
		Broad Market Index Fund—Class II		33.52	%
Town of Concord	P.O. Box 535 Concord, MA 01742	Milestone 2030 Fund—Investor M Shares		8.77	%
City of Gaithersburg	31South Summit Ave. Gaithersburg, MD 20887	Model Portfolio Long-Term Growth Fund—Investor M Shares		7.67	%
City of Mill Valley	26 Corte Madera Ave. Mill Valley, CA 94941	Model Portfolio Conservative Growth Fund—Investor M Shares		7.59	%
Town of Groton	45 Fort Mill Rd. Groton, CT 06340	Model Portfolio Conservative Growth Fund—Investor M Shares		7.14	%
Town of Bloomfield	800 Bloomfield Ave. Bloomfield, CT 06002	Core Bond Index Fund—Class II		5.32	%
		500 Stock Index Fund—Class II		5.00	%

10. Rebates of Brokerage Commissions

VIA has entered into agreements with brokers whereby the brokers will rebate a portion of the funds’ brokerage commissions on behalf of certain funds. Such amounts, under such agreements, are included in net realized gain (loss) on the sale of investments presented in the Statements of Operations. For the year ended December 31, 2015, the funds recaptured the following amounts of brokerage commissions:

Fund	Recaptured Brokerage Commissions
Equity Income	$	6,757
Growth & Income		35,375
Growth		227,406
Select Value		39,999
Aggressive Opportunities		61,484
Discovery		6,450
International		227,355

11. Subsequent Events

Management has evaluated events or transactions that may have occurred since December 31, 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, other than the launch of the Milestone 2055 Fund, which commenced operations on January 4, 2016.

12. Capital Stock Authorization

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

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Additional Information (Unaudited)

A. Tax Disclosure

For corporate shareholders, a portion of the ordinary dividends paid during the fund’s year ended December 31, 2015, qualified for the dividends received deduction as follows:

Fund	Corporate Dividend Received Deduction
Equity Income		46.54	%
Growth & Income		79.21	%
Growth		100.00	%
Select Value		60.02	%
Aggressive Opportunities		57.70	%
Discovery		11.16	%
500 Stock Index		94.80	%
Broad Market Index		93.65	%
Mid/Small Company Index		47.91	%
Model Portfolio Conservative Growth		14.00	%
Model Portfolio Traditional Growth		24.77	%
Model Portfolio Long-Term Growth		31.58	%
Model Portfolio Global Equity Growth		32.31	%
Milestone Retirement Income		14.54	%
Milestone 2010		15.65	%
Milestone 2015		18.52	%
Milestone 2020		21.43	%
Milestone 2025		24.49	%
Milestone 2030		27.43	%
Milestone 2035		31.54	%
Milestone 2040		35.89	%
Milestone 2045		38.42	%
Milestone 2050		38.84	%

Long Term Capital Gain Designations

Pursuant to Section 852 of the Internal Revenue Code, the Company designated the following capital gain dividends for the year ended December 31, 2015:

Fund	Long Term Capital Gain Dividend
Low Duration Bond	$	58,197
Equity Income		132,190,939
Growth & Income		150,500,978
Growth		346,509,418
Select Value		41,751,131
Aggressive Opportunities		97,645,747
Discovery		7,268,167
International		6,188,095
Diversifying Strategies		6,414,813
500 Stock Index		12,602,181
Broad Market Index		14,465,547
Mid/Small Company Index		70,271,167
Model Portfolio Conservative Growth		27,483,639
Model Portfolio Traditional Growth		98,863,603
Model Portfolio Long-Term Growth		181,642,811
Model Portfolio Global Equity Growth		99,518,512

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Additional Information (Unaudited) — (Continued)

Fund	Long Term Capital Gain Dividend
Milestone Retirement Income	$	10,731,984
Milestone 2010		12,007,070
Milestone 2015		27,568,160
Milestone 2020		43,716,143
Milestone 2025		39,812,239
Milestone 2030		35,995,735
Milestone 2035		28,142,660
Milestone 2040		30,440,518
Milestone 2045		10,902,792
Milestone 2050		3,281,836

B. Foreign Taxes Paid

For the year ended December 31, 2015, dividends from foreign countries and taxes paid to foreign countries that qualify for foreign tax credits are as follows:

Fund	Net Foreign Source Income		Foreign Tax Credit
International	$	35,661,753	$	2,317,617
Overseas Equity Index		7,781,059		389,083
Model Portfolio Conservative Growth		498,497		66,853
Model Portfolio Traditional Growth		2,323,019		313,497
Model Portfolio Long-Term Growth		4,421,622		581,636
Model Portfolio Global Equity Growth		4,891,505		529,736
Milestone Retirement Income		270,775		38,602
Milestone 2010		255,061		35,689
Milestone 2015		635,416		91,058
Milestone 2020		1,084,493		153,935
Milestone 2025		1,085,665		156,820
Milestone 2030		1,115,011		159,451
Milestone 2035		874,200		124,534
Milestone 2040		906,977		128,944
Milestone 2045		411,083		58,683
Milestone 2050		160,679		22,552

All other funds treat foreign taxes paid as reductions of net investment company taxable income by these amounts.

C. Sources of Income

The following table summarizes the percentage of income received by the Company in 2015 from various obligors:

Fund	U.S. Treasury Obligations			GNMA			FNMA			FHL Bank			FHLMC			Tennessee Valley Authority			Other U.S. Government Agency
Low Duration Bond		6.60	%		0.00	%		1.42	%		0.11	%		0.29	%		0.00	%		0.00	%
Inflation Focused		14.09	%		0.00	%		0.10	%		0.01	%		0.27	%		0.14	%		0.00	%
High Yield		0.01	%		0.00	%		0.00	%		0.00	%		0.27	%		0.00	%		0.00	%
Discovery		2.49	%		0.00	%		0.42	%		0.06	%		0.16	%		0.00	%		0.00	%
Diversifying Strategies		3.65	%		0.00	%		1.10	%		0.09	%		0.51	%		0.00	%		0.00	%
Core Bond Index		24.37	%		7.74	%		12.45	%		0.47	%		9.52	%		0.26	%		0.01	%
500 Stock Index		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Broad Market Index		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Mid/Small Company Index		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Overseas Equity Index		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

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Additional Information (Unaudited) — (Continued)

D. Qualified Dividend Income

The following are estimates of qualified dividend income received by the Company through December 31, 2015 that qualify for a reduced tax rate pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Fund	Qualified Dividend Income
Equity Income		52.21	%
Growth & Income		100.00	%
Growth		100.00	%
Select Value		64.20	%
Aggressive Opportunities		67.95	%
Discovery		14.99	%
International		79.46	%
500 Stock Index		97.65	%
Broad Market Index		96.32	%
Mid/Small Company Index		51.30	%
Overseas Equity Index		71.49	%
Model Portfolio Conservative Growth		20.72	%
Model Portfolio Traditional Growth		36.93	%
Model Portfolio Long-Term Growth		48.22	%
Model Portfolio Global Equity Growth		72.70	%
Milestone Retirement Income		22.34	%
Milestone 2010		23.87	%
Milestone 2015		28.64	%
Milestone 2020		33.13	%
Milestone 2025		37.51	%
Milestone 2030		42.72	%
Milestone 2035		48.96	%
Milestone 2040		55.18	%
Milestone 2045		58.03	%
Milestone 2050		58.14	%

E. Directors Table

All titles and committee memberships are as of December 31, 2015, unless otherwise noted.

Independent Directors

Name and Age	Positions Held with the Company	Term/Service Expiration and Length of Time Served†	Principal Occupation(s) During the Past Five Years	Directorship(s) of Public Companies and Other Registered Investment Companies During the Past Five Years
George M. Chamberlain, Jr. (68)	Director, Audit Committee Member, Investment Committee Member, and Nominating and Governance Committee Member	October 31, 2016; Director since January 2012	Director and Vice President, Legal and Business Affairs—SCM Advantage LLC (supply chain consulting) (October 2009–present); Principal—GMC Consulting (corporate consulting) (May 1999–present); Board member—Alzheimer’s Association Delaware Valley Chapter (January 2008–present); Board member—Trapp Family Lodge Cooperative (non-profit) (April 2008–present); Board member and Vice Chair—Walnut Street Theater (January 2000–June 2010)	N/A

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Additional Information (Unaudited) — (Continued)

Name and Age	Positions Held with the Company	Term/Service Expiration and Length of Time Served†	Principal Occupation(s) During the Past Five Years	Directorship(s) of Public Companies and Other Registered Investment Companies During the Past Five Years
Dorothy D. Hayes (65)	Director, Audit Committee Member and Chair, Investment Committee Member, and Nominating and Governance Committee Member	October 31, 2019; Director since April 2013	Chair of the board of directors (February 2016–present), Former Chair of the Enterprise Risk Committee (2011–February 2016), Director and member of Executive Committee (2011–present)—First Tech Federal Credit Union; Director and Chair of the Finance Committee—American Leadership Forum—Silicon Valley (2011–April 2016); Director (2010–present), Chair of the Audit Committee (2010–2013) and Chair of the Board of Directors (2012–June 2015)—Silicon Valley FACES; Trustee, chair of the Finance Committee, member of the Executive Committee, and member of the Investment Committee—Computer History Museum (2006–present); Director and Chair of the Audit Committee—Range Fuels (development-stage biofuels company) (2008–2012); Director and Chair of the Finance Committee—Addison Avenue Federal Credit Union (2002–2010); Trustee—Foothills Foundation, Foothills Congregational Church (church foundation) (2004–2015)	N/A
Takashi B. Moriuchi (42)	Director; Investment Committee Member	October 31, 2016; Director since March 2014	Partner—Estancia Capital Management, LLC (private equity firm) (January 2010–present); Board member—Snowden Capital Advisors LLC (investment advisory firm) (January 2014–present); Board member—Spruce Private Investors, LLC (investment advisory firm) (October 2012–present); Director—Equinoxe Alternative Investment Services (alternative investment fund administrator/service provider) (August 2013–present); Board member—American Beacon Advisors, Inc. (investment advisory firm) (May 2015–present);Trustee—The Philadelphia School (December 2011–present); Assets Committee member—Moorestown Friends School (September 2011–present)	N/A

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Additional Information (Unaudited) — (Continued)

Name and Age	Positions Held with the Company	Term/Service Expiration and Length of Time Served†	Principal Occupation(s) During the Past Five Years	Directorship(s) of Public Companies and Other Registered Investment Companies During the Past Five Years
Timothy M. O’Brien (66)	Chair of the Board and Director, Audit Committee Member, Investment Committee Member and Chair, and Nominating and Governance Committee Member	September 26, 2017; Director since September 2005	City Auditor—City of Denver, Colorado (July 2015–present); Independent Consultant (pension consulting) (2003–2015); Trustee, Chair of Audit Committee and member of Investment and Benefits Committees—Public Employees Retirement Association of Colorado (July 2011–present)	N/A
JoAnn H. Price (65)	Director, Investment Committee Member	October 31, 2016; Director since October 2013	President—Fairview Capital Partners, Inc. (private equity firm) (October 1994–present); Board member—The Board of Regents for Higher Education (State of Connecticut) (December 2013–present); Treasurer (2011–present) and Director (October 2001–present)—Apollo Theater Foundation; Director—Hartford Foundation for Public Giving (January 2010–present); Vice Chair (2009–present) and Director (January 2003–present)—YMCA of Greater Hartford; Trustee (January 2002–present) and Former President (2004–2010)—The Amistad Center for Art and Culture; Director—Hartford Communities that Care, Inc. (January 2012–present); Member—Howard University School of Business Board of Visitors (January 2002–present); Trustee—Connecticut Women’s Hall of Fame (January 2012–present)	N/A
Catherine A. Zaharis (55)	Director, Investment Committee member	October 31, 2019; Director since January 2015	Business Director, MBA Finance Career Academy—University of Iowa, Tippie College of Business (October 2008–present); Chair (November 2013–present), Board member (October 1999–present) and former member of Investment Committee (October 1999–October 2013)—University of Iowa Foundation; Chair (2014–present) and Board member (2001–present)—National I-Club	N/A

The business mailing address for the Independent Directors of the Trust is 777 North Capitol Street, N.E., Suite 600, Washington, DC 20002.

† The Declaration of Trust sets forth the length of the Class 1 and Class 2 Directors’ terms (five years for Class 1 and Class 2 Directors), limits each Class 1 and Class 2 Director’s length of service to 12 consecutive years, and prohibits each Director from serving a term that begins after he or she has reached age 72. The date shown in this column reflects the expiration date of the Director’s current term, the end of the Class 1 or Class 2 Director’s 12th year of service, or the Director’s retirement date, whichever occurs first.

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Additional Information (Unaudited) — (Continued)

Interested Director and Officers

Name and Age	Positions Held with the Company	Term/Service Expiration and Length of Time Served†	Principal Occupation(s) During the Past Five Years	Directorship(s) of Public Companies and Other Registered Investment Companies During the Past Five Years
J. Thomas Lundy (66)*	Director	October 31, 2016; Director since November 2014	Board member (January 2010–present) and Chair of the Board of Directors (January 2014–present)—ICMA Retirement Corporation; County Manager—Catawba County Government, North Carolina (March 1979–present); Board member—Alliance for Innovation (local government association) (January 2013–present); Board member—Credentialing Advisory Board of the International City/County Management Association (2007–present)	N/A
Robert P. Schultze (65)	President and Principal Executive Officer	Since March 2015	Chief Executive Officer and President—ICMA Retirement Corporation (February 2015–present); President and Manager—Vantagepoint Investment Advisers, LLC, and ICMA-RC Services, LLC (broker-dealer); President and Manager—Vantagepoint Transfer Agents, LLC (February 2015–present); Director and President, VantageTrust Company, LLC (February 2015–present); Director—Virginia Retirement System (August 2005–February 2015)	N/A
Karen D. McBarnette (57)	Vice President and Chief Compliance Officer	Since November 2014	Senior Vice President and Chief Compliance Officer (November 2014–present)—ICMA Retirement Corporation; Chief Compliance Officer—Vantagepoint Investment Advisers, LLC and VantageTrust Company, LLC (November 2014–present); Vice President (Mutual Fund Compliance) (2013–November 2014), Director (Compliance—Mutual Funds) (2008–2013)—ICMA Retirement Corporation; Acting Chief Compliance Officer—The Vantagepoint Funds, Vantagepoint Investment Advisers, LLC, ICMA Retirement Corporation, VantageTrust Company, LLC (October 2014–November 2014)	N/A
Michael Guarasci (55)	Treasurer	Since September 2015	Senior Vice President and Chief Financial Officer—ICMA Retirement Corporation (September 2015–present); Treasurer— Vantagepoint Investment Advisers, LLC, Vantagepoint Transfer Agents, and ICMA-RC Services, LLC (broker-dealer) (September 2015–present); Chief Financial Officer—InfraredX, Inc. (life sciences company) (December 2012–April 2015); Chief Operating Officer—Indus Capital Partners, LLC (asset management firm) (October 2007–December 2012)	N/A

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Additional Information (Unaudited) — (Continued)

Name and Age	Positions Held with the Company	Term/Service Expiration and Length of Time Served†	Principal Occupation(s) During the Past Five Years	Directorship(s) of Public Companies and Other Registered Investment Companies During the Past Five Years
Angela C. Montez (48)	Secretary	Since December 2006	Senior Vice President, General Counsel and Secretary—ICMA Retirement Corporation (April 2015–present); Secretary—Vantagepoint Investment Advisers, LLC, Vantagepoint Transfer Agents, LLP, ICMA-RC Services, LLC(broker-dealer), and VantageTrust Company, LLC (April 2015–present); Managing Vice President, Deputy General Counsel (October 2007–March 2015) and Assistant Secretary (November 2006–March 2015)—ICMA Retirement Corporation; Assistant Secretary—Vantagepoint Investment Advisers, LLC, Vantagepoint Transfer Agents, LLP and ICMA-RC Services, LLC (December 2011–March 2015); Assistant Secretary—VantageTrust Company, LLC (February 2008–March 2015)	N/A
Richard P. Whitty (48)	Assistant Treasurer	Since June 2012	Vice President, Controller (May 2012–present) and Assistant Treasurer (June 2012–present)—ICMA Retirement Corporation; Assistant Treasurer, VantageTrust Company, LLC (June 2012–present); Assistant Treasurer— Vantagepoint Transfer Agents, LLC, Vantagepoint Investment Advisers, LLC and ICMA-RC Services, LLC (broker-dealer) (December 2012–present); Director and Assistant Controller—ICMA Retirement Corporation (May 2005–May 2012)	N/A
George H. Suzich (60)	Assistant Treasurer	Since March 2009	Managing Vice President (Tax & Regulatory Compliance) (January 2014–present) and Assistant Treasurer (2009–present)—ICMA Retirement Corporation; Assistant Treasurer—Vantagepoint Investment Advisers, LLC, Vantagepoint Transfer Agents, LLP and ICMA-RC Services, LLC (broker dealer) (December 2010–present); Assistant Treasurer—VantageTrust Company, LLC (April 2009–present); Vice President (Tax & Regulatory Compliance)—ICMA Retirement Corporation (July 2005–January 2014)	N/A
Victor J. Edgar (55)	Assistant Treasurer	Since March 2013	Vice President (Financial Operations)—ICMA Retirement Corporation (October 2012–present); Director (Financial Operations)—ICMA Retirement Corporation (July 2006–September 2012)	N/A

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Additional Information (Unaudited) — (Continued)

Name and Age	Positions Held with the Company	Term/Service Expiration and Length of Time Served†	Principal Occupation(s) During the Past Five Years	Directorship(s) of Public Companies and Other Registered Investment Companies During the Past Five Years
Thomas G. McAndrews (48)	Assistant Secretary	Since March 2015	Managing Vice President and Deputy General Counsel (May 2015–present) and Assistant Secretary (February 2015–present)—ICMA Retirement Corporation; Assistant Secretary—Vantagepoint Investment Advisers, LLC, Vantagepoint Transfer Agents, LLP and ICMA-RC Services, LLC (broker dealer) (December 2010–present); Assistant Secretary—VantageTrust Company, LLC (February 2015–present); Vice President (Securities Counsel) (June 2008–May 2015)—ICMA Retirement Corporation	N/A
Christopher F. Chase (41)	Assistant Secretary	Since March 2015	Vice President (Securities Counsel)—ICMA Retirement Corporation (January 2016–present); Senior Counsel—ICMA Retirement Corporation (September 2012–December 2015); Attorney-Advisor—U.S. Securities and Exchange Commission, Division of Corporation Finance (September 2008–August 2012)	N/A

The business mailing address for the Interested Director and officers of the Trust is 777 North Capitol Street, N.E., Suite 600, Washington, DC 20002.

* Mr. Lundy is considered to be an “interested person” of the Trust (as that term is defined under the 1940 Act), and thus an “Interested Director,” because he is a Director of ICMA Retirement Corporation (“ICMA-RC”), the parent company of VIA and of ICMA-RC Services, LLC (“RC Services”), the distributor of the Trust’s shares.

† The Declaration of Trust sets forth the length of the Interested Director’s term (one year for the Class 3 Director), and prohibits each Director from serving a term that begins after he or she has reached age 72. The date shown in this column reflects the expiration date of the Interested Director’s current term, or the Director’s retirement date, whichever occurs first.

Aggregate compensation that was paid to the directors during the fiscal year ended December 31, 2015 totaled $140,092. Officers do not receive any compensation from the Company. However, the Company pays a portion of the compensation of the Chief Compliance Officer of the Company. The amount paid by the Company during the year ended December 31, 2015 totaled $167,013.

The Statement of Additional Information includes additional information about the Company’s Board and is available, without charge, upon request, by calling 1-800-669-7400 and on ICMA-RC’s website at www.icmarc.org.

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Additional Information (Unaudited) — (Continued)

F. Subadviser Fees

Presented below are the fees paid by each fund to subadvisers during the fund’s fiscal year ended December 31, 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 September 30, 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%	$	371,036
	Schroder Investment Management North America Inc.		0.17%		664,071
Inflation Focused	AllianceBernstein L.P. (1)		0.19%		83,970
	Pacific Investment Management Company, LLC		0.20%		483,803
	BlackRock Financial Management, Inc.		0.11%		253,236
High Yield	Oaktree Capital Management, L.P.		0.50%		918,637
	Western Asset Management Company (2)		0.20%		367,032
Equity Income	T. Rowe Price Associates, Inc.(3)		0.30%		2,215,621
	Southeastern Asset Management, Inc.		0.52%		2,976,218
	SSgA Funds Management, Inc.		0.03%		115,520
	Wellington Management Company LLP		0.25%		1,619,971
Growth & Income	Fiduciary Management, Inc.		0.29%		1,676,401
	T. Rowe Price Associates, Inc.		0.36%		1,562,257
	Wellington Management Company LLP		0.25%		1,775,008
Growth	Atlanta Capital Management Company, LLC (4)		0.30%		1,024,020
	Columbus Circle Investors (4)		0.32%		1,916,279
	Fred Alger Management, Inc. (4)		0.33%		—
	T. Rowe Price Associates, Inc. (3)(4)		0.36%		—
	Victory Capital Management, Inc. (4)		0.25%		1,313,532
	Westfield Capital Management Company, L.P.		0.32%		2,377,797
Select Value	Artisan Partners Limited Partnership		0.55%		790,368
	Systematic Financial Management, L.P		0.23%		438,615
	WEDGE Capital Management LLP		0.50%		745,823
Aggressive Opportunities	Southeastern Asset Management, Inc.		0.58%		921,520
	SSgA Funds Management, Inc.		0.03%		108,040
	TimesSquare Capital Management, LLC		0.50%		1,650,622
	Wells Capital Management, Inc.		0.43%		1,198,071
Discovery	Payden & Rygel		0.15%		213,213
	Wellington Management Company LLP (5)		0.65%		1,016,527
International	Artisan Partners Limited Partnership		0.64%		1,749,885
	GlobeFlex Capital, L.P.		0.40%		1,762,515
	Mondrian Investment Partners Limited		0.43%		2,278,735
	Walter Scott & Partners Limited		0.50%		1,615,112
Diversifying Strategies	Oaktree Capital Management, L.P.		0.50%		1,083,119
	Payden & Rygel (Low Duration)		0.10%		264,902
	Payden & Rygel (Enhanced Equity)		0.14%		476,030
	Shenkman Capital Management, Inc.		0.38%		825,583
	SSgA Funds Management, Inc.		0.07%		40,767

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Fund	Subadviser	Actual Fee as a Percentage of Average Daily Net Assets (net of any subadviser  fee waivers)		Dollars Paid
Core Bond Index	Mellon Capital Management Corporation		0.01%	$	169,763
500 Stock Index	Mellon Capital Management Corporation		0.01%		86,798
Broad Market Index	Mellon Capital Management Corporation		0.01%		119,565
Mid/Small Company Index	Mellon Capital Management Corporation		0.01%		105,392
Overseas Equity Index	Mellon Capital Management Corporation		0.04%		121,328

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

(2) Western Asset Management Company Limited (“Western Limited”) serves as a sub-subadviser to the portion of the High Yield Fund managed by Western Asset Management Company (“Western”). The fee paid to Western Limited under the sub-subadvisory agreement between Western and Western Limited is paid by Western and not by the High Yield Fund.

(3) Effective October 5, 2015, the fee schedule charged by T. Rowe Price Associates, Inc. to the Growth & Income Fund and Growth Fund was amended. The percentage shown above for each fund represents a blended rate of the applicable fund’s previous fee schedule and the current fee schedule.

(4) Effective June 19, 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. Victory Capital Management, Inc. ceased serving as a subadviser on October 2, 2015. Effective July 2, 2015, Atlanta Capital Management Company LLC ceased serving as a subadviser to the Growth Fund. Fred Alger Management, Inc. and T. Rowe Price Associates, Inc. began serving as subadvisers on October 5, 2015.

(5) Effective September 18, 2015, the fee schedule charged by Wellington Management Company LLP to the Discovery Fund was amended and the percentage shown above represents a blended rate of the previous fee schedule and the current fee schedule.

G. Directors’ Considerations of an Investment Advisory Agreement for a New Series and Certain Investment Subadvisory Agreements

The following relates to the consideration by the Board of Directors (“Directors” or “Board”) of The Vantagepoint Funds (“Company”), during the period beginning July 1, 2015 through December 31, 2015, of the approval of an investment advisory agreement for a new series of the Company, certain new investment subadvisory agreements, and amended fee schedules to certain existing investment subadvisory agreements.

Vantagepoint Milestone 2055 Fund

Approval of an Investment Advisory Agreement for a New Series of the Company

At a meeting held on September 18, 2015 (“September 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”), initially approved the Second Master Investment Advisory Agreement (“Master Agreement”) between the Company and Vantagepoint Investment Advisers, LLC (“VIA”) for the Vantagepoint Milestone 2055 Fund (“Milestone 2055 Fund”), a new series of the Company that commenced operations on January 4, 2016. Before approving the Master Agreement, the Board considered the recommendations of, and supporting analyses and data presented by, VIA.

With respect to the Board’s initial approval of the Master Agreement between the Company and VIA for the Milestone 2055 Fund, the Directors received written information in advance of the September Meeting from VIA regarding: (1) the nature, extent and quality of the services to be provided by VIA; (2) the level of investment advisory fee to be charged by VIA and the investment advisory fees charged by VIA to each of the other nine series of the

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Company with a target-date designated in its name (“Dated Milestone Fund Series”); (3) VIA’s experience with respect to the investment strategies to be employed by the Milestone 2055 Fund and as investment adviser to the other Dated Milestone Fund Series; (4) the Milestone 2055 Fund’s investment advisory fee and expected total expense ratio compared to a group of investment companies categorized by Morningstar as 2051+ target-date funds (“Milestone 2055 peer group”); and (5) the expected costs of the services to be provided and net margins (“profit margin”) to be realized by VIA and its affiliates from its relationship with the Milestone 2055 Fund.

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

In determining to approve the Master Agreement with VIA for the Milestone 2055 Fund, the Directors considered the information received in advance of the September Meeting, and the presentations made by, and discussions held with, personnel of VIA, as well as a variety of factors. In view of the 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 conclusion and determination to approve the Master Agreement. Rather, the approval determination was 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 Master Agreement with VIA for the Milestone 2055 Fund.

Nature, Extent and Quality of Services. With respect to the nature, extent and quality of the services expected to be provided by VIA to the Milestone 2055 Fund under the Master Agreement, the Directors considered the specific investment services to be provided, including determining the customized age and time appropriate asset allocations both initially and over time, the monitoring of the underlying funds’ performance and the monitoring of aging (glide) paths and underlying fund allocations, by VIA in managing the assets of the Milestone 2055 Fund. They also considered the experience and capability of VIA’s investment staff with regard to managing the Dated Milestone Fund Series. The Directors concluded that the nature, extent and quality of the investment advisory services expected to be provided by VIA were appropriate for the Milestone 2055 Fund in light of its investment objective and strategies and, thus, supported a decision to approve the Master Agreement with VIA relating to the Milestone 2055 Fund.

Investment Performance. At the time of the Board’s consideration of the Master Agreement, the Milestone 2055 Fund had not commenced operations and, therefore, there was no information for the Directors to evaluate regarding the Milestone 2055 Fund’s actual performance.

Advisory Fee, Expense Ratio and Economies of Scale. The Directors considered a comparison of the investment advisory fee to be charged by VIA to the Milestone 2055 Fund with the investment advisory fee VIA charges to the Dated Milestone Fund Series. The Directors considered that the proposed investment advisory fee for the Milestone 2055 Fund is the same as the investment advisory fee for the Dated Milestone Fund Series; and the type of services VIA would provide to the Milestone 2055 Fund is comparable to the services currently provided by VIA to the Dated Milestone Fund Series. The Directors also considered comparative data provided by VIA on the advisory fees of the Milestone 2055 peer group. The information provided by VIA showed that the proposed investment advisory fee for the Milestone 2055 Fund would be lower than the average investment advisory fee, and at the median investment advisory fee, of the Milestone 2055 peer group.

The Directors also considered the comparative data provided by VIA with respect to the expected total expense ratio of the Milestone 2055 Fund as compared to the expense ratios of the Milestone 2055 peer group, and noted VIA’s proposed agreement to limit the total operating expenses of the Milestone 2055 Fund until April 30, 2017 (the “fee waiver”). The Directors noted that, although the expected total expense ratio for Investor M Shares and the TM Shares of the Milestone 2055 Fund would be above the average and median expense ratio of the Milestone 2055 peer group, without taking into account the proposed fee waiver, when taking into account the proposed fee waiver, the expected total expense ratio for Investor M Shares would be three basis points above the average and median expense ratio of the Milestone 2055 peer group, and the expected total expense ratio for TM Shares would be below the average and median expense ratio of the Milestone 2055 peer group.

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The foregoing comparisons assisted the Directors in considering the Master Agreement relating to the Milestone 2055 Fund by providing them with a basis for evaluating the investment advisory fee to be paid to VIA and the Milestone 2055 Fund’s expected total expense ratio on a relative basis. Based on this information, the Directors concluded that the investment advisory fee appeared to be within a reasonable range for the services to be provided.

With respect to the expected costs and profit margins to be realized by VIA (and its affiliates) from its relationship with the Milestone 2055 Fund, the Directors considered the information provided by VIA, which stated that VIA and its affiliates do not expect to realize a positive net margin with regard to the Milestone 2055 Fund during the next two years. Based on this information, the Directors concluded that VIA may not realize economies of scale with regard to the Milestone 2055 Fund for some period of time and that the proposed fee is appropriate at this time.

Other Considerations. The Directors also considered the potential “fall-out” or ancillary benefits that may accrue to VIA due to its relationship with the Milestone 2055 Fund and that VIA does not expect to derive any direct “fall-out” benefits by virtue of its relationship with the Milestone 2055 Fund. VIA indicated, however, that it may benefit from the enhancement to the set of the Dated Milestone Fund Series from a competitive perspective.

Conclusion. After full consideration of the foregoing factors, with no single factor identified as being of paramount importance, the Directors, including a majority of the Independent Directors, concluded that the initial approval of the Master Agreement with VIA for the Milestone 2055 Fund was in the best interests of the Milestone 2055 Fund and its shareholders, and approved the Master Agreement with, and the fee to be paid to, VIA.

Vantagepoint Growth Fund

Approval of New Subadvisory Agreements

Also at the September Meeting, VIA recommended, and the Board, including a majority of the Independent Directors, approved initial Subadvisory Agreements (each, a “New GF Subadvisory Agreement” and, collectively, the “New GF Subadvisory Agreements”) between the Company, on behalf of the Vantagepoint Growth Fund (“Growth Fund”), VIA and each of Fred Alger Management, Inc. (“Alger”) and T. Rowe Price Associates, Inc. (“T. Rowe Price”). At the September Meeting, VIA also recommended, and the Board of the Company approved: (i) the termination of Victory Capital Management Inc. (“Victory”) as a subadviser to the Growth Fund; and (ii) the amount of the Growth Fund’s assets to be allocated to each of Alger and T. Rowe Price as well as a reduction in the amount of assets allocated to two of the Growth Fund’s existing subadvisers, Westfield Capital Management LP (“Westfield”) and Columbus Circle Investors (“Columbus Circle”) (collectively, the “proposed target allocation levels”). The changes described above became effective on October 5, 2015, and may be collectively referred to below as the “New GF Subadviser Structure.” Before approving the New GF Subadviser Structure, including the New GF Subadvisory Agreements, the Board considered the recommendations of, and supporting analyses and data presented by, VIA.

With respect to the Board’s consideration of each New GF Subadvisory Agreement, the Directors received written information in advance of the September Meeting from VIA, which included: (1) VIA’s rationale for recommending the New GF Subadviser Structure; (2) the process by which VIA selected and recommended for Board approval Alger and T. Rowe Price as subadvisers of the Growth Fund to implement a large capitalization growth (“large cap growth”) equity strategy; (3) the nature, extent and quality of the services that Alger and T. Rowe Price would provide to the Growth Fund; (4) the experience, investment management business, and personnel of each of Alger and T. Rowe Price; (5) the brokerage and trading policies and practices of each of Alger and T. Rowe Price; (6) the level of subadvisory fees to be charged to the Growth Fund by Alger and T. Rowe Price and comparative data regarding: (a) the actual and/or standard fees each subadviser charges for managing other large cap growth equity accounts, and (b) the fees charged by a group of U.S. separate account investment managers utilizing a large cap growth equity strategy; (7) the compliance programs of Alger and T. Rowe Price; (8) performance information for each of Alger and T. Rowe Price and such performance compared to a relevant benchmark and peer group; (9) the Growth Fund’s expected overall investment advisory fee and projected total expense ratio compared to the oldest share class of a group of mutual funds categorized by Morningstar as large cap growth funds (excluding index funds) (“Large Cap Growth Peer Group”), taking into account the New GF Subadviser Structure, and (10) the financial condition of each of Alger and T. Rowe Price.

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

In determining whether to approve each New GF Subadvisory Agreement, the Directors considered the information received in advance of, and at, the September Meeting, and the presentations made by, and discussions held with, personnel of VIA and representatives of Alger and T. Rowe Price, and discussions with the Company’s Chief Compliance Officer, as well as a variety of factors. Although not meant to be all-inclusive, the following discusses some of the factors relevant to the Board’s decision to approve the New GF Subadvisory Agreements.

Nature, Extent and Quality of Services. With respect to the nature, extent and quality of the services expected to be provided by Alger and T. Rowe Price under their respective New GF Subadvisory Agreements, the Directors considered the specific investment process to be employed by each of Alger and T. Rowe Price in managing the assets of the Growth Fund to be allocated to them; the qualifications of Alger’s and T. Rowe Price’s investment management personnel with regard to implementing their respective large cap growth equity strategies; the performance information provided for each of Alger and T. Rowe Price; each of Alger’s and T. Rowe Price’s infrastructure and whether it appeared to adequately support the mandates to be implemented for the Growth Fund; and VIA’s review process and favorable assessment as to the nature, quality and extent of the subadvisory services expected to be provided by each of Alger and T. Rowe Price to the Growth Fund. The Directors acknowledged that Alger and T. Rowe Price each has experienced portfolio management personnel; and appeared to have adequate infrastructure and support staff to seek to achieve favorable results implementing the large cap growth equity strategy each is to employ for the Growth Fund. The Directors concluded that the nature, extent and quality of the subadvisory services expected to be provided by each of Alger and T. Rowe Price were appropriate in light of the strategy each subadviser is to employ on behalf of the Growth Fund and, thus, supported a decision to approve each New GF Subadvisory Agreement.

Investment Performance. The Directors reviewed the investment performance information provided by VIA for Alger and T. Rowe Price with respect to the proposed strategy each is to employ for the Growth Fund, and considered this performance information versus a relevant benchmark and peer group (which was based on information provided by an independent third-party source) and VIA’s favorable assessment of such performance. Based on the information provided, the Directors concluded that the performance information supported a decision to approve each New GF Subadvisory Agreement.

Subadvisory Fees, Expense Ratio Impact and Economies of Scale. In evaluating each proposed subadvisory fee, the Directors reviewed the subadvisory fee schedules for Alger and T. Rowe Price. The Directors considered the information provided by VIA, as made available by each of Alger and T. Rowe Price, comparing the subadvisory fee to be charged by each proposed subadviser to the Growth Fund with the actual and/or standard fee schedule each charges for managing other large cap growth equity accounts (including investment companies) with an investment strategy similar to the strategy each is to employ on behalf of the Growth Fund. The Directors also considered VIA’s representations that, with respect to the proposed subadvisory fee schedule of Alger and T. Rowe Price for the Growth Fund, it negotiated the lowest subadvisory fee schedule available from each proposed subadviser for like accounts (accounts of similar size and mandate) and it believes such fee schedules are competitive and reasonable. They further considered that the proposed fee schedule for T. Rowe Price would be the same as its fee schedule for managing the assets of the Vantagepoint Growth & Income Fund (“Growth & Income Fund”), for which T. Rowe Price employs the same investment strategy as it is to employ for the Growth Fund, as such fee schedule was proposed to be amended at the September Meeting (“Amended G&I Fee Schedule”). The T. Rowe Price fee schedule for the Growth Fund and the Amended G&I Fee Schedule each provide that the assets of the Growth Fund and the Growth & Income Fund are to be aggregated in determining the fee to be paid to T. Rowe Price. Additionally, based on the information provided, the nature of the subadvisory services each of Alger and T. Rowe Price is to provide to the Growth Fund appeared to be comparable to those each subadviser provides in connection with its other subadviser relationships.

The Directors also reviewed information provided by VIA (which was based on an independent third-party source) on the fees charged by a group of U.S. separate account investment managers to accounts utilizing a large cap growth equity strategy, based upon the assumption that the accounts have assets comparable to the amount of assets to be

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allocated initially to each of Alger and T. Rowe Price. According to the information provided, the proposed effective fee rate to be paid by the Growth Fund to each of Alger and T. Rowe Price at the proposed target allocation levels would be below the median fee charged by such large cap growth equity managers and would rank in the first quartile of such group of managers.

The Directors also considered information provided by VIA showing that, based on the current subadvisory fee rates, which included certain subadvisory fee reductions effective as of June 2015, there would be an approximate six basis point increase in the overall subadvisory fees and, therefore, an approximate six basis point increase in the total expense ratio of the Growth Fund as a result of the New GF Subadviser Structure. Referring to the comparative Large Cap Growth Peer Group data provided by VIA in connection with the September Meeting, the Directors noted that the expected total investment advisory fee and expected total expense ratio for the Growth Fund, taking into account the New GF Subadviser Structure, would continue to be below the average and median investment advisory fee and average and median expense ratio of the Large Cap Growth Peer Group, respectively.

The foregoing comparisons assisted the Directors in considering each New GF Subadvisory Agreement by providing them with a basis for evaluating Alger’s and T. Rowe Price’s fee schedules, including in light of the Growth Fund’s expected overall investment advisory fee and total expense ratio, on a relative basis.

The Directors also reviewed the information provided by Alger regarding the estimated profits to be realized from its relationship with the Growth Fund and considered the information provided by T. Rowe Price regarding the profit margins on its investment advisory business and related services, and noted the discussion held with representatives of T. Rowe Price in this regard. In considering the extent to which economies of scale may be realized by Alger and T. Rowe Price as the assets of the Growth Fund to be managed by each subadviser grow, and whether the proposed fee levels reflect these economies, the Directors noted that the proposed fee schedule under each New GF Subadvisory Agreement includes breakpoints, whereby the Growth Fund and its shareholders will benefit from reduced subadvisory fee rates as the assets managed by each subadviser increase. The Directors also considered that each of Alger’s and T. Rowe Price’s proposed subadvisory fee was the product of arms-length negotiations. The Directors further considered the appropriateness of the subadvisory fee structure in light of VIA’s representations that, with respect to the proposed subadvisory fee schedule of Alger and T. Rowe Price for the Growth Fund, it negotiated the lowest subadvisory fee schedule available from each proposed subadviser for like accounts (accounts of similar size and mandate).

Other Considerations. The Directors considered VIA’s conclusion that the New GF Subadviser Structure, including the hiring of each of Alger and T. Rowe Price as a subadviser, is in the best interest of the Growth Fund and would result in what VIA believes to be a well-diversified Fund with attractive risk/return attributes.

The Directors considered the selection and due diligence process employed by VIA in deciding to recommend Alger and T. Rowe Price as subadvisers to the Growth Fund to implement the large cap growth equity strategy and also considered VIA’s representations that the proposed fee to be paid to each of Alger and T. Rowe Price is competitive and reasonable, and also appropriate given the nature and quality of the services to be provided by each proposed subadviser and the nature of the investment strategy Alger and T. Rowe Price are to employ on behalf of the Growth Fund. The Directors also considered VIA’s strategy to efficiently implement the transition of assets to Alger and T. Rowe Price. The Directors concluded that VIA’s recommendations and conclusions supported approval of each New GF Subadvisory Agreement.

The Directors considered whether there were any “fall-out” or ancillary benefits that may accrue to Alger or T. Rowe Price, or their respective affiliates, as a result of each subadviser’s relationship with the Growth Fund. The Directors considered that each subadviser may direct the Growth Fund’s brokerage transactions to certain brokers to obtain research and other services. However, the Directors noted that Alger and T. Rowe Price are required to select brokers that meet the Growth Fund’s requirements for seeking best execution, and that VIA will monitor and evaluate each subadviser’s trade execution with respect to the Growth Fund’s brokerage transactions on a regular basis and will provide reports to the Board in this regard. The Directors concluded that the potential benefits that may accrue to Alger and T. Rowe Price by virtue of their relationships with the Growth Fund appeared to be reasonable.

Conclusion. After evaluating the information described above and full consideration of the foregoing factors, with no single factor identified as being of paramount importance, the Directors, including a majority of the Independent

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Directors, concluded that the initial approval of each New GF Subadvisory Agreement was in the best interests of the Growth Fund and its shareholders, and approved the New GF Subadvisory Agreement with, and the fee to be paid to, each of Alger and T. Rowe Price.

Vantagepoint Growth & Income Fund

Approval of Amended Fee Schedule

Also at the September Meeting, VIA recommended, and the Board, including a majority of the Independent Directors, approved, an amended fee schedule to the existing Subadvisory Agreement with T. Rowe Price for the Growth & Income Fund (previously defined as “Amended G&I Fee Schedule”). The Amended G&I Fee Schedule modifies the rate of the subadvisory fee payable to T. Rowe Price at certain asset levels, incorporates transitional credits in connection with certain breakpoints, and also provides that the assets of the Growth Fund and the Growth & Income Fund managed by T. Rowe Price are to be aggregated (the “combined assets”) in determining the fee to be paid to T. Rowe Price. When the combined assets are below $100 million, the effective subadvisory fee payable to T. Rowe Price under the Amended G&I Fee Schedule is less favorable than the fee payable under the Growth & Income Fund’s current fee schedule with T. Rowe Price. When the combined assets reach approximately $946.5 million (or more), the effective subadvisory fee payable to T. Rowe Price under the Amended G&I Fee Schedule is more favorable than the fee payable under the Growth & Income Fund’s current fee schedule with T. Rowe Price. The Amended G&I Fee Schedule is the same as T. Rowe Price’s fee schedule for managing the assets of the Growth Fund (including transitional credits and aggregated assets as discussed above) for which it employs the same investment strategy. In approving the Amended G&I Fee Schedule, the Directors considered VIA’s assessment that the contractual fee to be paid to T. Rowe Price by the Growth & Income Fund under the Amended G&I Fee Schedule would result in a savings to Growth & Income Fund shareholders based on the current assets of the Growth Fund and the Growth & Income Fund allocated to T. Rowe Price (i.e., the combined assets). In addition, the Directors considered T. Rowe Price’s representation that the nature, quality and scope of services it provides to the Growth & Income Fund would not be affected by the Amended G&I Fee Schedule. The Amended G&I Fee Schedule became effective on October 5, 2015.

Vantagepoint Select Value Fund

Approval of New Subadvisory Agreements

At a meeting held on December 9, 2015 (“December Meeting”), VIA recommended, and the Board, including a majority of the Independent Directors, approved initial Subadvisory Agreements between the Company, on behalf of the Vantagepoint Select Value Fund (“Select Value Fund”), VIA and each of Iridian Asset Management LLC (“Iridian”) and Wells Capital Management Inc. (“Wells”) (each, a “Subadvisory Agreement” and, collectively, the “Subadvisory Agreements”). At the December Meeting, VIA also recommended, and the Board of the Company approved: (i) the termination of Artisan Partners Limited Partnership and Systematic Financial Management, LP as subadvisers to the Select Value Fund; and (ii) the amount of the Select Value Fund’s assets to be allocated to each of Iridian and Wells (and maintaining the amount of assets allocated to WEDGE Capital Management L.L.P., an existing subadviser of the Select Value Fund) (collectively, the “proposed target allocation levels”). The changes described above became effective on January 11, 2016, and may be collectively referred to below as the “New SVF Subadviser Structure.” Before approving the New SVF Subadviser Structure, including the Subadvisory Agreements, the Board considered the recommendations of, and supporting analyses and data presented by, VIA.

With respect to the Board’s consideration of each Subadvisory Agreement, the Directors received written information in advance of the December Meeting from VIA, which included: (1) VIA’s rationale for recommending the New SVF Subadviser Structure; (2) the process by which VIA selected and recommended for Board approval Iridian and Wells as subadvisers of the Select Value Fund to implement a mid capitalization value (“mid cap value”) equity strategy; (3) the nature, extent and quality of the services that Iridian and Wells would provide to the Select Value Fund; (4) the experience, investment management business, and personnel of each of Iridian and Wells; (5) the brokerage and trading policies and practices of each of Iridian and Wells; (6) the level of subadvisory fees to be charged to the Select Value Fund by Iridian and Wells and comparative data regarding: (a) the fees each subadviser charges for managing other mid cap value equity accounts, and (b) the fees charged by a group of U.S. separate account

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investment managers utilizing a mid cap value equity strategy; (7) the compliance programs of Iridian and Wells; (8) performance information for each of Iridian and Wells and such performance compared to a relevant benchmark and peer group; (9) the Select Value Fund’s expected overall investment advisory fee and projected total expense ratio compared to the oldest share class of a group of mutual funds categorized by Morningstar as mid cap value funds (excluding index funds) (“Mid Cap Value Peer Group”), taking into account the New SVF Subadviser Structure, and (10) the financial condition of each of Iridian and Wells.

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

In determining whether to approve each Subadvisory Agreement, the Directors considered the information received in advance of the December Meeting, and the presentations made by, and discussions held with, personnel of VIA and representatives of Iridian and Wells, and discussions with the Company’s Chief Compliance Officer, as well as a variety of factors. Although not meant to be all-inclusive, the following discusses some of the factors relevant to the Board’s decision to approve the Subadvisory Agreements.

Nature, Extent and Quality of Services. With respect to the nature, extent and quality of the services expected to be provided by Iridian and Wells under their respective Subadvisory Agreements, the Directors considered the specific investment process to be employed by each of Iridian and Wells in managing the assets of the Select Value Fund to be allocated to them; the qualifications of Iridian’s and Wells’ investment management personnel with regard to implementing their respective mid cap value equity strategies; the performance information provided for each of Iridian and Wells; each of Iridian’s and Wells’ infrastructure and whether it appeared to adequately support the mandates to be implemented for the Select Value Fund; and VIA’s review process and favorable assessment as to the nature, quality and extent of the subadvisory services expected to be provided by each of Iridian and Wells to the Select Value Fund. The Directors acknowledged that Iridian and Wells each has experienced portfolio management personnel; and appeared to have adequate infrastructure and support staff to seek to achieve favorable results implementing the mid cap value equity strategy each is to employ for the Select Value Fund. The Directors concluded that the nature, extent and quality of the subadvisory services expected to be provided by each of Iridian and Wells were appropriate in light of the strategy each subadviser is to employ on behalf of the Select Value Fund and, thus, supported a decision to approve each Subadvisory Agreement.

Investment Performance. The Directors reviewed the investment performance information provided by VIA for Iridian and Wells with respect to the proposed strategy each is to employ for the Select Value Fund, and considered this performance information versus a relevant benchmark and peer group (which was based on information provided by an independent third-party source) and VIA’s favorable assessment of such performance. Based on the information provided, the Directors concluded that the performance information supported a decision to approve each Subadvisory Agreement.

Subadvisory Fees, Expense Ratio Impact and Economies of Scale. In evaluating each proposed subadvisory fee, the Directors reviewed the subadvisory fee schedules for Iridian and Wells. The Directors considered the information provided by VIA, as made available by each of Iridian and Wells, comparing the subadvisory fee to be charged by each proposed subadviser to the Select Value Fund with the fee schedule each charges for managing other mid cap value equity accounts with an investment strategy similar to the strategy each is to employ on behalf of the Select Value Fund. The Directors also considered VIA’s representations that, with respect to the proposed subadvisory fee schedule of Iridian and Wells for the Select Value Fund, it negotiated the lowest subadvisory fee schedule available from each proposed subadviser for like accounts (accounts of similar size and mandate). Additionally, based on the information provided, the nature of the subadvisory services each of Iridian and Wells is to provide to the Select Value Fund appeared to be comparable to those each subadviser provides in connection with its other subadviser relationships.

The Directors also reviewed information provided by VIA (which was based on an independent third-party source) on the fees charged by a group of U.S. separate account investment managers to accounts utilizing a mid cap value equity strategy, based upon the assumption that the accounts have assets comparable to the amount of assets to be allocated initially to each of Iridian and Wells (“Separate Account Manager Peer Group”). According to the information provided, the proposed effective fee rate to be paid by the Select Value Fund to Iridian based on the

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proposed target allocation levels would be above the median fee charged by the Separate Account Manager Peer Group and would rank in the fourth quartile of such group of managers. According to the information provided, the proposed fee rate to be paid by the Select Value Fund to Wells based on the proposed target allocation levels would be below the median fee charged by the Separate Account Manager Peer Group and would rank in the first quartile of such group of managers. The Directors considered VIA’s representations that it believes the proposed fee schedule to be paid by the Select Value Fund to each of Iridian and Wells is competitive and reasonable in light of each proposed subadviser’s strong performance record, prospects for future performance, and, with respect to Iridian, current capacity constraints (i.e., Iridian limits the amount of assets in the strategy it manages for the Select Value Fund).

The Directors also considered information provided by VIA showing that, based on the current contractual subadvisory fee rates, which do not include a voluntary subadvisory fee waiver that became effective as of May 2015 (“subadvisory fee waiver”), there would be an approximate one basis point increase in the overall subadvisory fees and, therefore, an approximate one basis point increase in the total expense ratio of the Select Value Fund as a result of the New SVF Subadviser Structure. In addition, the Directors considered information provided by VIA showing that, based on the current subadvisory fee rates, which included the subadvisory fee waiver, there would be an approximate eight basis point increase in the overall subadvisory fees and, therefore, an approximate eight basis point increase in the total expense ratio of the Select Value Fund as a result of the New SVF Subadviser Structure. Referring to the comparative Mid Cap Value Peer Group data provided by VIA in connection with the December Meeting, the Directors noted that the expected total investment advisory fee and expected total expense ratio for the Select Value Fund, taking into account the New SVF Subadviser Structure, would continue to be below the average and median investment advisory fee and average and median expense ratio of the Mid Cap Value Peer Group, respectively.

The foregoing comparisons assisted the Directors in considering each Subadvisory Agreement by providing them with a basis for evaluating Iridian’s and Wells’ fee schedules, including in light of the Select Value Fund’s expected overall investment advisory fee and total expense ratio, on a relative basis.

The Directors also reviewed the information provided by Iridian and Wells regarding the estimated profits to be realized with respect to each subadviser’s respective relationship with the Select Value Fund. In considering the extent to which economies of scale may be realized by Iridian and Wells as the assets of the Select Value Fund to be managed by each subadviser grow, and whether the proposed fee levels reflect these economies, the Directors considered that the Subadvisory Agreement with Iridian includes a breakpoint at Iridian’s proposed target allocation level and Iridian stated that it believes the proposed fee schedule to be charged to the Select Value Fund reflects economies of scale and Wells stated that the proposed fee schedule to be charged to the Select Value Fund appropriately reflects future economies of scale. The Directors also considered that each of Iridian’s and Wells’ proposed subadvisory fee was the product of arms-length negotiations. The Directors further considered the appropriateness of the subadvisory fee structure in light of VIA’s representations that, with respect to the proposed subadvisory fee schedule of Iridian and Wells for the Select Value Fund, it negotiated the lowest subadvisory fee schedule available from each proposed subadviser for like accounts (accounts of similar size and mandate).

Other Considerations. The Directors considered VIA’s conclusion that the New SVF Subadviser Structure, with the hiring of each of Iridian and Wells as a subadviser, is in the best interest of the Select Value Fund and would result in what VIA believes to be a well-diversified Fund with attractive risk/return attributes.

The Directors considered the selection and due diligence process employed by VIA in deciding to recommend Iridian and Wells as subadvisers to the Select Value Fund to implement the mid cap value equity strategy and also considered VIA’s representations that it believes the proposed fee to be paid to each of Iridian and Wells is appropriate and reasonable given the nature and quality of the services to be provided by each proposed subadviser and the nature of the investment strategy Iridian and Wells are to employ on behalf of the Select Value Fund. The Directors also considered VIA’s strategy to efficiently implement the transition of assets to Iridian and Wells. The Directors concluded that VIA’s recommendations and conclusions supported approval of each Subadvisory Agreement.

The Directors considered whether there were any “fall-out” or ancillary benefits that may accrue to Iridian and Wells, or their respective affiliates, as a result of each subadviser’s relationship with the Select Value Fund. The Directors considered that each subadviser may direct the Select Value Fund’s brokerage transactions to certain brokers to obtain research and other services. However, the Directors noted that Iridian and Wells are required to select brokers that

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meet the Select Value Fund’s requirements for seeking best execution, and that VIA will monitor and evaluate each subadviser’s trade execution with respect to the Select Value Fund’s brokerage transactions on a regular basis and will provide reports to the Board in this regard. It was also noted that Iridian stated a possible “fall-out” benefit may potentially be the future growth of the strategy due to the visibility and exposure of subadvising an investment company registered under the 1940 Act. The Directors concluded that the potential benefits that may accrue to Iridian and Wells by virtue of their relationships with the Select Value Fund appeared to be reasonable.

Conclusion. After evaluating the information described above and full consideration of the foregoing factors, with no single factor identified as being of paramount importance, the Directors, including a majority of the Independent Directors, concluded that the initial approval of each Subadvisory Agreement was in the best interests of the Select Value Fund and its shareholders, and approved the Subadvisory Agreement with, and the fee to be paid to, each of Iridian and Wells.

Vantagepoint Low Duration Bond Fund

Approval of a New Subadvisory Agreement

Also at the December Meeting, VIA recommended, and the Board, including a majority of the Independent Directors, approved (i) an initial Investment Subadvisory Agreement between the Company, on behalf of the Vantagepoint Low Duration Bond Fund (“Low Duration Bond Fund”), VIA and Brookfield Investment Management, Inc. (“Brookfield”) (“New LDF Subadvisory Agreement”); and (ii) the initial amount of the Low Duration Bond Fund’s assets to be allocated to Brookfield as well as a reduction in the amount of assets allocated to Schroder Investment Management North America Inc. (“Schroders”), an existing subadviser of the Low Duration Bond Fund (and maintaining the amount of assets allocated to Payden & Rygel (“Payden”), an existing subadviser of the Low Duration Bond Fund). The changes described above became effective on January 11, 2016, and may be collectively referred to below as the “New LD Subadviser Structure.” At the December Meeting, VIA also recommended, and the Board of the Company approved, an amendment to the fee schedule of the existing Investment Subadvisory Agreement between the Company, on behalf of the Low Duration Bond Fund, VIA and Schroders (“Amended Schroders Fee Schedule”), which modifies the rate of the subadvisory fee payable to Shroders by lowering the asset level to which the first breakpoint in the existing fee schedule would apply and became effective on January 1, 2016. Before approving the New LDF Subadviser Structure, including the New LDF Subadvisory Agreement, the Board considered the recommendations of, and supporting analyses and data presented by, VIA.

With respect to the Board’s consideration of the New LDF Subadvisory Agreement, the Directors received written information in advance of the December Meeting from VIA, which included: (1) VIA’s rationale for recommending the New LDF Subadviser Structure; (2) the process by which VIA selected and recommended for Board approval Brookfield as a subadviser of the Low Duration Bond Fund to implement a low duration securitized asset strategy; (3) the nature, extent and quality of the services that Brookfield would provide to the Low Duration Bond Fund; (4) the experience, investment management business, and personnel of Brookfield; (5) the brokerage and trading policies and practices of Brookfield; (6) the level of subadvisory fees to be charged to the Low Duration Bond Fund by Brookfield and comparative data regarding: (a) the fees Brookfield charges for managing other accounts with an investment strategy similar to the strategy it is to employ on behalf of the Low Duration Bond Fund, and (b) the fees charged by a group of U.S. separate account investment managers utilizing a U.S. short duration fixed income strategy; (7) the compliance program of Brookfield; (8) performance information for Brookfield and such performance compared to a relevant benchmark and peer group; (9) the Low Duration Bond Fund’s expected overall investment advisory fee and projected total expense ratio compared to a group of mutual funds categorized by Morningstar as short-term bond funds (“Short-Term Bond Peer Group”), taking into account the New LDF Subadviser Structure and Amended Schroders Fee Schedule, and (10) the financial condition of Brookfield.

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

In determining whether to approve the New LDF Subadvisory Agreement, the Directors considered the information received in advance of the December Meeting, and the presentations made by, and discussions held with, personnel of

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VIA and representatives of Brookfield, and discussions with the Company’s Chief Compliance Officer, as well as a variety of factors. Although not meant to be all-inclusive, the following discusses some of the factors relevant to the Board’s decision to approve the New LDF Subadvisory Agreement.

Nature, Extent and Quality of Services. With respect to the nature, extent and quality of the services expected to be provided by Brookfield under the New LDF Subadvisory Agreement, the Directors considered the specific investment process to be employed by Brookfield in managing the assets of the Low Duration Bond Fund to be allocated to them; the qualifications of Brookfield’s investment management personnel with regard to implementing its low duration securitized asset strategy; the performance information provided for Brookfield; Brookfield’s infrastructure and whether it appeared to adequately support the mandate to be implemented for the Low Duration Bond Fund; and VIA’s review process and favorable assessment as to the nature, quality and extent of the subadvisory services expected to be provided by Brookfield to the Low Duration Bond Fund. The Directors acknowledged that Brookfield has experienced portfolio management personnel; and appeared to have adequate infrastructure and support staff to seek to achieve favorable results implementing the low duration securitized asset strategy it is to employ for the Low Duration Bond Fund. The Directors concluded that the nature, extent and quality of the subadvisory services expected to be provided by Brookfield was appropriate in light of the strategy the subadviser is to employ on behalf of the Low Duration Bond Fund and, thus, supported a decision to approve the New LDF Subadvisory Agreement.

Investment Performance. The Directors reviewed the investment performance information provided by VIA for Brookfield with respect to the proposed strategy it is to employ for the Low Duration Bond Fund, and considered this performance information versus a relevant benchmark and peer group (which was based on information provided by an independent third-party source) and VIA’s favorable assessment of such performance. Based on the information provided, the Directors concluded that the performance information supported a decision to approve the New LDF Subadvisory Agreement.

Subadvisory Fees, Expense Ratio Impact and Economies of Scale. In evaluating the proposed subadvisory fee, the Directors reviewed the subadvisory fee schedule for Brookfield. The Directors considered the information provided by VIA, as made available by Brookfield, comparing the subadvisory fee to be charged by the proposed subadviser to the Low Duration Bond Fund with the fee schedule it charges for managing other accounts with an investment strategy similar to the strategy it is to employ on behalf of the Low Duration Bond Fund (including one investment company). The Directors also considered VIA’s representations that, with respect to the proposed subadvisory fee schedule of Brookfield for the Low Duration Bond Fund, it negotiated the lowest subadvisory fee schedule available from the proposed subadviser for like accounts (accounts of similar size and mandate), and it believes such fee schedule is competitive and reasonable. Additionally, based on the information provided, the nature of the subadvisory services Brookfield is to provide to the Low Duration Bond Fund appeared to be comparable to those Brookfield provides in connection with its other subadviser relationships.

The Directors also reviewed information provided by VIA (which was based on an independent third-party source) on the fees charged by a group of U.S. separate account investment managers to accounts utilizing a short duration fixed income strategy, based upon the assumption that the accounts have assets comparable to the amount of assets to be allocated initially to Brookfield. According to the information provided, the proposed effective fee rate to be paid by the Low Duration Bond Fund to Brookfield at the proposed initial asset allocation level would be below the median fee charged by such short duration fixed income managers and would rank in the second quartile of such group of managers.

The Directors also considered information provided by VIA showing that there would be no change in the overall subadvisory fees and, therefore, no change in the total expense ratio of the Low Duration Bond Fund as a result of the New LDF Subadviser Structure and taking into account the Amended Schroders Fee Schedule. Referring to the comparative Short-Term Bond Peer Group data provided by VIA in connection with the December Meeting, the Directors noted that the expected total investment advisory fee and expected total expense ratio for the Low Duration Bond Fund, taking into account the New LDF Subadviser Structure and the Amended Schroders Fee Schedule, would continue to be below the average and median investment advisory fee and average and median expense ratio of the Short-Term Bond Peer Group, respectively.

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

The Directors also reviewed the information provided by Brookfield regarding the estimated profits to be realized with respect to its relationship with the Low Duration Bond Fund. In considering the extent to which economies of scale may be realized by Brookfield as the assets of the Low Duration Bond Fund to be managed by the subadviser grow, and whether the proposed fee levels reflect these economies, the Directors noted that the proposed fee schedule under the New LDF Subadvisory Agreement includes breakpoints, whereby the Low Duration Bond Fund and its shareholders will benefit from reduced subadvisory fee rates as the assets managed by Brookfield increase. The Directors also considered that Brookfield’s proposed subadvisory fee was the product of arms-length negotiations. In addition, the Directors considered the appropriateness of the subadvisory fee structure in light of VIA’s representations that, with respect to the proposed subadvisory fee schedule of Brookfield for the Low Duration Bond Fund, it negotiated the lowest subadvisory fee schedule available from the proposed subadviser for like accounts (accounts of similar size and mandate).

Other Considerations. The Directors considered VIA’s conclusion that the New LDF Subadviser Structure, including the hiring of Brookfield as a subadviser, would achieve additional diversification and more sources of active return, resulting in an improved risk/return profile for the Low Duration Bond Fund.

The Directors considered the selection and due diligence process employed by VIA in deciding to recommend Brookfield as a subadviser to the Low Duration Bond Fund to implement the low duration securitized asset strategy and also considered VIA’s representation that it believes the proposed fee to be paid to Brookfield is appropriate and reasonable given the nature and quality of the services to be provided by the proposed subadviser and the nature of the investment strategy Brookfield is to employ on behalf of the Low Duration Bond Fund. The Directors also considered VIA’s strategy to efficiently implement the transition of assets to Brookfield. The Directors concluded that VIA’s recommendations and conclusions supported approval of the New LDF Subadvisory Agreement.

In considering whether there were any “fall-out” or ancillary benefits that may accrue to Brookfield, or its affiliates, as a result of the subadviser’s relationship with the Low Duration Bond Fund, the Directors noted that Brookfield does not anticipate any “fall-out” or ancillary benefits due to its relationship with the Low Duration Bond Fund.

Conclusion. After evaluating the information described above and full consideration of the foregoing factors, with no single factor identified as being of paramount importance, the Directors, including a majority of the Independent Directors, concluded that the initial approval of the New LDF Subadvisory Agreement was in the best interests of the Low Duration Bond Fund and its shareholders, and approved the New LDF Subadvisory Agreement with, and the fee to be paid to, Brookfield.

Approval of Amended Fee Schedule with Schroders

Also at the December Meeting, VIA recommended, and the Board, including a majority of the Independent Directors, approved, an amendment to the fee schedule of the existing Investment Subadvisory Agreement between the Company, on behalf of the Low Duration Bond Fund, VIA and Schroders (previously defined as “Amended Schroders Fee Schedule”). The Amended Schroders Fee Schedule modifies the rate of the subadvisory fee payable to Shroders by lowering the asset level to which the first breakpoint in the existing fee schedule would apply from $130 million to $100 million. In approving the Amended Schroders Fee Schedule, the Board took into consideration VIA’s assessment that the contractual fee to be paid to Schroders by the Low Duration Bond Fund under the Amended Schroders Fee Schedule would be more advantageous to the Low Duration Bond Fund and its shareholders under the New LDF Subadviser Structure (defined above), as the effective fee rate would remain unchanged when taking into account the reduction in the amount of assets of the Fund to be allocated to Schroders in connection with the New LDF Subadviser Structure. In addition, the Board considered Schroders’ representation that the nature, quality and scope of services it provides to the Low Duration Bond Fund would not be affected by the Amended Schroders Fee Schedule. The Amended Schroders Fee Schedule became effective on January 1, 2016.

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H. Householding

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

I. Other Available Information

A description of the Company’s proxy voting policies and procedures and the proxy voting record for the year December 31, 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 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.

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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.

230

SCHEDULE OF INVESTMENTS

December 31, 2015

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—60.8%
Aerospace & Defense—0.2%
L-3 Communications Corp.
1.500%		05/28/2017		$	970,000	$	958,310
Lockheed Martin Corp.
1.850%		11/23/2018			290,000		289,690
							1,248,000
Auto Components—0.0%
Johnson Controls, Inc.
1.400%		11/02/2017			200,000		198,010
Automobiles—0.9%
Daimler Finance North America LLC
1.650%		03/02/2018	^		1,100,000		1,087,170
1.375%		08/01/2017	^		980,000		971,363
1.250%		01/11/2016	^		650,000		650,028
Hyundai Capital America
2.125%		10/02/2017	^		265,000		263,496
2.000%		03/19/2018	^		600,000		593,187
Nissan Motor Acceptance Corp.
1.950%		09/12/2017	^		650,000		651,333
1.000%		03/15/2016	^		1,115,000		1,115,176
Volkswagen Group of America Finance LLC
1.600%		11/20/2017	^		680,000		660,543
1.250%		05/23/2017	^		1,520,000		1,484,166
							7,476,462
Banks—14.4%
ABN AMRO Bank NV (Netherlands)
1.123%		10/28/2016	#^		730,000		732,117
ANZ New Zealand Int’l Ltd. (New Zealand)
1.125%		03/24/2016	^		710,000		710,472
Australia & New Zealand Banking Group Ltd. MTN (Australia)
2.000%		11/16/2018			1,910,000		1,907,477
Bank of America Corp.
6.500%		08/01/2016			6,600,000		6,793,453
3.875%		03/22/2017			200,000		204,433
Bank of America Corp. MTN
5.650%		05/01/2018			3,750,000		4,034,610
1.700%		08/25/2017			830,000		827,959
1.656%		03/22/2018	#		1,480,000		1,485,553
1.250%		01/11/2016			790,000		790,062
Bank of America Corp., Series 1
3.750%		07/12/2016			520,000		526,588
Bank of Tokyo-Mitsubishi UFJ Ltd. (The) (Japan)
1.450%		09/08/2017	^		1,130,000		1,123,043
0.857%		02/26/2016	#^		1,250,000		1,249,900
Banque Federative du Credit Mutuel SA (France)
1.173%		10/28/2016	#^		1,500,000		1,504,544
Barclays Bank plc (United Kingdom)
0.944%		02/17/2017	#		1,100,000		1,099,682
Barclays Bank plc, Bank Note (United Kingdom)
6.750%		05/22/2019			4,250,000		4,833,933
2.500%		02/20/2019			2,250,000		2,256,104
BB&T Corp. MTN
1.600%		08/15/2017			420,000		420,579
0.989%		02/01/2019	#		1,540,000		1,527,800
BNZ International Funding Ltd. (New Zealand)
1.900%		02/26/2018	^		1,200,000		1,195,830
Capital One Bank USA NA, Bank Note
1.200%		02/13/2017			6,400,000		6,370,208
1.150%		11/21/2016			430,000		429,057

Coupon Rate	Maturity Date			Face		Value
Capital One NA, Bank Note
1.650%	02/05/2018		$	1,070,000	$	1,059,952
1.500%	09/05/2017			1,040,000		1,032,133
CIT Group, Inc.
5.250%	03/15/2018			475,000		491,625
Citigroup, Inc.
2.650%	10/26/2020			6,029,000		5,986,972
2.400%	02/18/2020			4,228,000		4,182,595
1.850%	11/24/2017			940,000		939,045
1.550%	08/14/2017			1,930,000		1,923,369
1.402%	04/01/2016	#		1,320,000		1,319,902
Citizens Bank NA MTN
1.600%	12/04/2017			1,300,000		1,288,483
Citizens Bank NA, Bank Note
2.300%	12/03/2018			350,000		349,831
Commonwealth Bank of Australia (Australia)
1.750%	11/02/2018			900,000		894,083
Compass Bank, Bank Note
1.850%	09/29/2017			1,000,000		991,871
Credit Agricole SA (France)
1.481%	04/15/2016	#^†		1,080,000		1,082,275
1.462%	10/03/2016	#^†		1,090,000		1,093,499
1.121%	04/15/2019	#^		700,000		696,574
Discover Bank
2.600%	11/13/2018			3,014,000		3,013,650
Fifth Third Bancorp
5.450%	01/15/2017			355,000		368,117
Fifth Third Bank/Ohio, Bank Note
1.150%	11/18/2016			900,000		899,102
HSBC Bank plc (United Kingdom)
1.002%	05/15/2018	#^		3,840,000		3,827,459
Huntington National Bank (The)
2.200%	11/06/2018			440,000		439,084
1.375%	04/24/2017			360,000		357,942
1.350%	08/02/2016			300,000		300,055
0.745%	04/24/2017	#		300,000		298,593
Huntington National Bank (The), Bank Note
1.300%	11/20/2016			590,000		589,734
Industrial & Commercial Bank of China Ltd. MTN (China)
2.351%	11/13/2017			590,000		592,043
JPMorgan Chase & Co.
3.150%	07/05/2016			8,090,000		8,174,233
1.220%	01/25/2018	#		750,000		751,922
JPMorgan Chase & Co. MTN
1.350%	02/15/2017			1,540,000		1,537,149
KeyBank NA, Bank Note
1.100%	11/25/2016			320,000		319,609
Lloyds Bank plc (United Kingdom)
2.300%	11/27/2018			320,000		321,494
Macquarie Bank Ltd. (Australia)
1.600%	10/27/2017	^		1,260,000		1,251,364
0.953%	10/27/2017	#^		710,000		706,996
Manufacturers & Traders Trust Co., Bank Note
1.400%	07/25/2017			1,160,000		1,154,941
1.250%	01/30/2017			870,000		869,338
Mitsubishi UFJ Trust & Banking Corp. (Japan)
1.600%	10/16/2017	^		740,000		735,340
Mizuho Bank Ltd. (Japan)
1.700%	09/25/2017	^		610,000		607,249
1.300%	04/16/2017	^		610,000		607,194
1.053%	09/25/2017	#^		400,000		397,596
National Australia Bank Ltd. (Australia)
1.300%	06/30/2017	^		260,000		259,614
Nederlandse Waterschapsbank NV (Netherlands)
1.250%	09/18/2017	^		2,200,000		2,200,891

See accompanying notes to financial statements.

231

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
PNC Bank NA, Bank Note
1.150%		11/01/2016		$	400,000	$	400,087
Regions Bank, Bank Note
2.250%		09/14/2018			4,130,000		4,128,336
Regions Financial Corp.
2.000%		05/15/2018			920,000		914,022
Royal Bank of Scotland Group plc (United Kingdom)
1.875%		03/31/2017			1,000,000		996,117
Royal Bank of Scotland plc (The) (United Kingdom)
4.375%		03/16/2016			274,000		275,801
Standard Chartered Bank (United Kingdom)
6.400%		09/26/2017	^		1,500,000		1,597,587
Standard Chartered plc (United Kingdom)
3.200%		05/12/2016	^		4,100,000		4,129,877
1.500%		09/08/2017	^		2,000,000		1,989,000
Sumitomo Mitsui Banking Corp. (Japan)
1.300%		01/10/2017			590,000		588,699
0.985%		07/19/2016	#		330,000		330,391
0.900%		01/18/2016			480,000		480,004
SunTrust Bank
5.200%		01/17/2017			1,320,000		1,364,147
SunTrust Bank, Bank Note
1.350%		02/15/2017			1,540,000		1,537,157
Westpac Banking Corp. (Australia)
1.950%		11/23/2018			1,890,000		1,887,477
							114,555,024
Beverages—0.3%
Coca-Cola Co. (The)
0.875%		10/27/2017			438,000		436,485
SABMiller Holdings, Inc.
2.450%		01/15/2017	^		720,000		725,656
Suntory Holdings Ltd. (Japan)
1.650%		09/29/2017	^		1,130,000		1,122,648
							2,284,789
Biotechnology—0.4%
Amgen, Inc.
1.250%		05/22/2017			1,740,000		1,734,048
Baxalta, Inc.
2.000%		06/22/2018	^		320,000		316,905
1.366%		06/22/2018	#^		580,000		578,540
Celgene Corp.
2.125%		08/15/2018			460,000		460,392
Gilead Sciences, Inc.
1.850%		09/04/2018			320,000		321,517
							3,411,402
Capital Markets—2.8%
Bank of New York Mellon Corp. (The) MTN
0.889%		08/01/2018	#		750,000		748,574
Credit Suisse AG (Switzerland)
1.750%		01/29/2018			800,000		797,994
Credit Suisse AG MTN (Switzerland)
1.375%		05/26/2017			2,210,000		2,200,011
Goldman Sachs Group, Inc. (The)
3.625%		02/07/2016			1,350,000		1,353,452
2.750%		09/15/2020			5,005,000		5,007,187
Goldman Sachs Group, Inc. (The) MTN
1.462%		11/15/2018	#		910,000		914,333

Coupon Rate	Maturity Date			Face		Value
Hutchison Whampoa International 12 II Ltd. (Cayman Islands)
2.000%	11/08/2017	^	$	480,000	$	480,658
ING Bank NV (Netherlands)
2.000%	11/26/2018	^		1,490,000		1,484,910
Macquarie Group Ltd. (Australia)
1.329%	01/31/2017	#^		1,540,000		1,542,449
Morgan Stanley
1.463%	01/27/2020	#		2,010,000		2,016,265
Morgan Stanley MTN
6.625%	04/01/2018			740,000		811,858
1.056%	07/23/2019	#		1,930,000		1,914,699
Nomura Holdings, Inc. MTN (Japan)
1.952%	09/13/2016	#		1,310,000		1,315,488
UBS AG MTN (Switzerland)
1.800%	03/26/2018			1,600,000		1,597,840
						22,185,718
Chemicals—0.1%
Ashland, Inc.
3.875%	04/15/2018			1,050,000		1,074,937
Commercial Services & Supplies—0.1%
Mobile Mini, Inc.
7.875%	12/01/2020			700,000		728,000
Communications Equipment—0.3%
QUALCOMM, Inc.
1.400%	05/18/2018			2,610,000		2,588,580
Consumer Finance—4.9%
Ally Financial, Inc.
3.250%	09/29/2017			1,200,000		1,201,500
American Express Co.
0.968%	05/22/2018	#		1,410,000		1,402,086
American Express Credit Corp.
0.834%	07/29/2016	#		1,120,000		1,120,345
American Express Credit Corp. MTN
1.125%	06/05/2017			230,000		228,988
American Honda Finance Corp.
1.125%	10/07/2016			600,000		600,548
Capital One Financial Corp.
2.450%	04/24/2019			2,500,000		2,506,495
Caterpillar Financial Services Corp. MTN
1.250%	08/18/2017			730,000		727,558
1.000%	03/03/2017			1,030,000		1,027,606
Ford Motor Credit Co. LLC
4.250%	02/03/2017			800,000		817,582
3.000%	06/12/2017			690,000		696,952
1.724%	12/06/2017			2,004,000		1,974,054
1.684%	09/08/2017			1,350,000		1,334,201
1.259%	01/09/2018	#		3,469,000		3,435,878
Ford Motor Credit Co. LLC, Series 1
1.332%	03/12/2019	#		1,060,000		1,038,460
General Motors Financial Co., Inc.
3.000%	09/25/2017			890,000		893,783
2.400%	04/10/2018			1,900,000		1,891,707
HSBC Finance Corp.
0.844%	06/01/2016	#		5,347,000		5,337,974
HSBC USA, Inc.
1.700%	03/05/2018			1,410,000		1,402,574
1.474%	09/24/2018	#		900,000		901,331
International Lease Finance Corp.
3.875%	04/15/2018			1,095,000		1,105,950
2.462%	06/15/2016	#		1,295,000		1,295,000
John Deere Capital Corp.
1.050%	10/11/2016			560,000		560,718

See accompanying notes to financial statements.

232

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

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	$	592,785
1.125%		06/12/2017			1,240,000		1,237,801
PACCAR Financial Corp. MTN
1.100%		06/06/2017			370,000		368,205
1.052%		12/06/2018	#		290,000		290,776
0.800%		02/08/2016			300,000		300,132
Synchrony Financial
3.000%		08/15/2019			580,000		579,687
2.600%		01/15/2019			560,000		558,391
1.875%		08/15/2017			460,000		458,071
1.564%		02/03/2020	#		380,000		374,363
Toyota Motor Credit Corp. MTN
1.550%		07/13/2018			1,320,000		1,317,368
1.125%		05/16/2017			1,750,000		1,747,412
							39,326,281
Containers & Packaging—0.2%
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc. (Ireland)
3.512%		12/15/2019	#^		1,730,000		1,695,400
Diversified Financial Services—4.2%
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands)
2.250%		01/14/2019			8,000,000		8,031,616
ERAC USA Finance LLC
1.400%		04/15/2016	^		230,000		229,906
GE Capital UK Funding MTN (Ireland)
0.735%		03/20/2017	#		GBP 700,000		1,029,695
General Electric Capital Corp. MTN
6.000%		08/07/2019		$	600,000		680,037
5.500%		01/08/2020			3,323,000		3,729,011
0.971%		07/12/2016	#		7,757,000		7,776,338
McGraw Hill Financial, Inc.
3.300%		08/14/2020			360,000		363,455
2.500%		08/15/2018			827,000		832,685
Moody’s Corp.
2.750%		07/15/2019			6,918,000		6,982,268
Nationwide Building Society (United Kingdom)
2.350%		01/21/2020	^		1,200,000		1,193,074
Shell International Finance BV (Netherlands)
1.625%		11/10/2018			800,000		796,138
1.250%		11/10/2017			830,000		826,078
0.921%		11/10/2018	#		1,010,000		1,008,745
							33,479,046
Diversified Telecommunication Services—3.2%
AT&T, Inc.
5.500%		02/01/2018			250,000		267,379
2.450%		06/30/2020			7,275,000		7,172,139
1.700%		06/01/2017			4,785,000		4,799,857
British Telecommunications plc (United Kingdom)
1.625%		06/28/2016			320,000		320,437
CC Holdings GS V LLC/Crown Castle GS III Corp.
2.381%		12/15/2017			370,000		370,582
Verizon Communications, Inc.
3.650%		09/14/2018			1,779,000		1,861,476
2.625%		02/21/2020			4,350,000		4,369,370
2.252%		09/14/2018	#		4,134,000		4,235,713
2.042%		09/15/2016	#		280,000		281,763
1.350%		06/09/2017			1,240,000		1,236,854

Coupon Rate	Maturity Date			Face		Value
Windstream Services LLC
7.875%	11/01/2017		$	880,000	$	904,649
						25,820,219
Electric Utilities—0.7%
Duke Energy Corp.
0.992%	04/03/2017	#		460,000		458,614
Electricite de France SA (France)
1.150%	01/20/2017	^		790,000		788,226
0.777%	01/20/2017	#^		450,000		449,731
Georgia Power Co.
0.832%	03/15/2016	#		1,394,000		1,392,861
Southern California Edison Co.
1.845%	02/01/2022			2,042,857		2,024,862
Southern Power Co.
1.850%	12/01/2017			280,000		280,009
						5,394,303
Electronic Equipment, Instruments & Components—0.1%
Amphenol Corp.
1.550%	09/15/2017			470,000		467,797
Energy Equipment & Services—1.3%
Cameron International Corp.
1.400%	06/15/2017			400,000		394,467
Ensco plc (United Kingdom)
4.700%	03/15/2021			3,682,000		2,967,920
Halliburton Co.
2.700%	11/15/2020			4,781,000		4,728,973
Nabors Industries, Inc.
2.350%	09/15/2016			1,200,000		1,194,241
National Oilwell Varco, Inc.
1.350%	12/01/2017			830,000		812,383
						10,097,984
Food & Staples Retailing—0.9%
CVS Health Corp.
2.250%	12/05/2018			3,584,000		3,603,755
1.900%	07/20/2018			810,000		810,016
Kroger Co. (The)
2.200%	01/15/2017			650,000		656,060
0.845%	10/17/2016	#		910,000		909,596
Walgreens Boots Alliance, Inc.
1.750%	11/17/2017			330,000		329,506
0.814%	05/18/2016	#		590,000		588,006
						6,896,939
Food Products—2.2%
ConAgra Foods, Inc.
1.300%	01/25/2016			300,000		300,048
General Mills, Inc.
1.400%	10/20/2017			1,070,000		1,065,179
Kraft Heinz Foods Co.
2.000%	07/02/2018	^		9,233,000		9,194,969
1.600%	06/30/2017	^		1,270,000		1,266,783
Tyson Foods, Inc.
2.650%	08/15/2019			4,604,000		4,610,404
Want Want China Finance Ltd. (Virgin Islands, British)
1.875%	05/14/2018	^		680,000		667,427
Wm. Wrigley Jr. Co.
2.000%	10/20/2017	^		200,000		200,412
1.400%	10/21/2016	^		200,000		199,833
						17,505,055

See accompanying notes to financial statements.

233

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Gas Utilities—0.1%
AmeriGas Partners LP/AmeriGas Finance Corp.
6.250%		08/20/2019		$	1,000,000	$	962,500
Health Care Equipment & Supplies—1.1%
Becton Dickinson and Co.
1.800%		12/15/2017			430,000		429,579
1.450%		05/15/2017			1,800,000		1,792,994
0.962%		06/15/2016	#		310,000		309,889
Medtronic, Inc.
2.500%		03/15/2020			4,724,000		4,760,346
1.500%		03/15/2018			390,000		389,900
Zimmer Biomet Holdings, Inc.
2.700%		04/01/2020			280,000		276,756
2.000%		04/01/2018			910,000		904,885
							8,864,349
Health Care Providers & Services—1.4%
Anthem, Inc.
2.375%		02/15/2017			5,430,000		5,479,869
2.300%		07/15/2018			3,000,000		2,996,169
Express Scripts Holding Co.
1.250%		06/02/2017			570,000		566,396
McKesson Corp.
1.292%		03/10/2017			400,000		398,992
Tenet Healthcare Corp.
6.250%		11/01/2018			735,000		777,263
UnitedHealth Group, Inc.
1.900%		07/16/2018			630,000		632,128
1.450%		07/17/2017			550,000		550,140
							11,400,957
Hotels, Restaurants & Leisure—0.3%
Carnival Corp. (Panama)
1.875%		12/15/2017			280,000		279,735
McDonald’s Corp. MTN
2.100%		12/07/2018			2,282,000		2,285,076
							2,564,811
Household Durables—0.1%
Newell Rubbermaid, Inc.
2.150%		10/15/2018			360,000		348,627
Whirlpool Corp.
1.650%		11/01/2017			490,000		487,686
							836,313
Independent Power and Renewable Electricity Producers—0.3%
AES Corp. (The)
3.414%		06/01/2019	#		1,140,000		1,048,800
Talen Energy Supply LLC
4.625%		07/15/2019	^		1,340,000		1,011,700
TransAlta Corp. (Canada)
1.900%		06/03/2017			160,000		155,444
							2,215,944
Insurance—1.6%
Metropolitan Life Global Funding I
2.000%		04/14/2020	^		4,000,000		3,920,644
1.950%		12/03/2018	^		990,000		988,006
0.851%		07/15/2016	#^		4,000,000		4,006,632

Coupon Rate	Maturity Date			Face		Value
Prudential Financial, Inc. MTN
6.100%	06/15/2017		$	2,500,000	$	2,649,445
1.142%	08/15/2018	#		600,000		600,155
TIAA Asset Management Finance Co. LLC
2.950%	11/01/2019	^		810,000		812,343
						12,977,225
Internet Software & Services—0.3%
Alibaba Group Holding Ltd. (Cayman Islands)
2.500%	11/28/2019			200,000		195,642
1.625%	11/28/2017			600,000		593,019
Baidu, Inc. (Cayman Islands)
2.250%	11/28/2017			500,000		500,681
IAC/InterActiveCorp
4.875%	11/30/2018			350,000		352,187
Tencent Holdings Ltd. (Cayman Islands)
2.000%	05/02/2017	^		800,000		801,089
						2,442,618
IT Services—0.1%
Fidelity National Information Services, Inc.
2.000%	04/15/2018			380,000		373,834
1.450%	06/05/2017			190,000		187,493
International Business Machines Corp.
1.125%	02/06/2018			510,000		506,741
						1,068,068
Life Sciences Tools & Services—0.1%
Thermo Fisher Scientific, Inc.
2.150%	12/14/2018			290,000		289,987
1.300%	02/01/2017			400,000		398,691
						688,678
Machinery—0.2%
CNH Industrial Capital LLC
3.875%	07/16/2018			790,000		766,300
Stanley Black & Decker, Inc.
2.451%	11/17/2018			790,000		793,628
						1,559,928
Marine—0.1%
AP Moeller—Maersk A/S (Denmark)
2.550%	09/22/2019	^		1,000,000		990,508
Media—0.4%
DISH DBS Corp.
4.625%	07/15/2017			1,000,000		1,022,500
NBCUniversal Enterprise, Inc.
1.006%	04/15/2018	#^		500,000		499,445
Thomson Reuters Corp. (Canada)
1.650%	09/29/2017			950,000		945,523
1.300%	02/23/2017			400,000		398,198
						2,865,666
Metals & Mining—2.7%
Anglo American Capital plc (United Kingdom)
2.625%	09/27/2017	^		4,400,000		3,851,549
1.271%	04/15/2016	#^		350,000		346,599
Barrick North America Finance LLC
6.800%	09/15/2018			6,056,000		6,219,876
Freeport-McMoRan, Inc.
2.300%	11/14/2017			640,000		548,000
2.150%	03/01/2017			490,000		450,800
Glencore Finance Canada Ltd. (Canada)
2.700%	10/25/2017	^		5,285,000		4,837,836

See accompanying notes to financial statements.

234

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Glencore Funding LLC
2.500%		01/15/2019	^	$	417,000	$	348,438
1.681%		01/15/2019	#^		1,230,000		1,018,374
Rio Tinto Finance USA Ltd. (Australia)
6.500%		07/15/2018			3,500,000		3,794,049
							21,415,521
Oil, Gas & Consumable Fuels—6.2%
Boardwalk Pipelines LP
5.875%		11/15/2016			320,000		323,170
BP Capital Markets plc (United Kingdom)
1.674%		02/13/2018			1,360,000		1,358,885
0.851%		05/10/2018	#		240,000		238,570
Canadian Natural Resources Ltd. (Canada)
1.750%		01/15/2018			700,000		681,174
Chevron Corp.
1.790%		11/16/2018			620,000		614,644
1.344%		11/09/2017			1,340,000		1,337,366
CNOOC Finance 2013 Ltd. (Virgin Islands, British)
1.125%		05/09/2016			620,000		619,112
CNPC General Capital Ltd. (Virgin Islands, British)
1.262%		05/14/2017	#^		700,000		698,979
ConocoPhillips Co.
1.500%		05/15/2018			710,000		697,227
Devon Energy Corp.
2.250%		12/15/2018			1,973,000		1,801,937
Enbridge, Inc. (Canada)
0.866%		06/02/2017	#		420,000		411,501
Energy Transfer Partners LP
2.500%		06/15/2018			1,386,000		1,328,349
Enterprise Products Operating LLC, Series N
6.500%		01/31/2019			2,021,000		2,221,934
Hess Corp.
1.300%		06/15/2017			460,000		450,268
Kinder Morgan, Inc.
3.050%		12/01/2019			4,295,000		3,978,664
2.000%		12/01/2017			300,000		289,181
Murphy Oil Corp.
2.500%		12/01/2017			430,000		394,556
Phillips 66
2.950%		05/01/2017			5,616,000		5,694,175
Phillips 66 Partners LP
2.646%		02/15/2020			5,616,000		5,305,576
Sabine Pass LNG LP
7.500%		11/30/2016			1,010,000		1,010,000
Sinopec Capital 2013 Ltd. (Virgin Islands, British)
1.250%		04/24/2016	^		630,000		629,287
Statoil ASA (Norway)
0.804%		11/08/2018	#		800,000		794,283
0.652%		05/15/2018	#		2,285,000		2,272,759
Suncor Energy, Inc. (Canada)
6.100%		06/01/2018			7,071,000		7,609,542
Total Capital International SA (France)
0.911%		08/10/2018	#		780,000		777,052
TransCanada PipeLines Ltd. (Canada)
1.625%		11/09/2017			5,610,000		5,566,455
1.283%		06/30/2016	#		1,300,000		1,297,907
WPX Energy, Inc.
5.250%		01/15/2017			990,000		930,600
							49,333,153

Coupon Rate	Maturity Date			Face		Value
Pharmaceuticals—3.1%
AbbVie, Inc.
1.800%	05/14/2018		$	9,389,000	$	9,351,134
1.750%	11/06/2017			1,450,000		1,447,835
Actavis Funding SCS (Luxembourg)
3.000%	03/12/2020			2,603,000		2,607,438
2.350%	03/12/2018			1,630,000		1,632,562
1.850%	03/01/2017			1,110,000		1,112,306
1.757%	03/12/2020	#		820,000		823,756
1.300%	06/15/2017			700,000		693,591
Actavis, Inc.
3.250%	10/01/2022			1,193,000		1,174,655
EMD Finance LLC
1.700%	03/19/2018	^		4,098,000		4,061,098
Merck & Co., Inc.
0.724%	05/18/2018	#		1,120,000		1,121,497
Perrigo Co. plc (Ireland)
1.300%	11/08/2016			700,000		695,194
						24,721,066
Real Estate Investment Trusts (REITs)—0.2%
Liberty Property LP
6.625%	10/01/2017			445,000		477,755
Ventas Realty LP
1.550%	09/26/2016			481,000		481,418
1.250%	04/17/2017			290,000		287,952
Welltower, Inc.
3.625%	03/15/2016			440,000		441,934
						1,689,059
Real Estate Management & Development—0.1%
WEA Finance LLC/Westfield UK & Europe Finance plc
2.700%	09/17/2019	^		400,000		397,052
1.750%	09/15/2017	^		330,000		327,304
						724,356
Road & Rail—0.5%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
4.875%	11/15/2017	†		465,000		476,625
Hertz Corp. (The)
6.750%	04/15/2019			1,000,000		1,024,000
JB Hunt Transport Services, Inc.
2.400%	03/15/2019			770,000		775,414
Penske Truck Leasing Co. LP/PTL Finance Corp.
3.750%	05/11/2017	^		345,000		352,080
2.500%	03/15/2016	^		620,000		621,102
2.500%	06/15/2019	^		290,000		285,497
Ryder System, Inc. MTN
2.500%	03/01/2017			540,000		543,753
						4,078,471
Semiconductors & Semiconductor Equipment—0.0%
TSMC Global Ltd. (Virgin Islands, British)
1.625%	04/03/2018	^		410,000		402,071
Software—0.8%
Autodesk, Inc.
1.950%	12/15/2017			430,000		428,769
Microsoft Corp.
2.000%	11/03/2020			5,872,000		5,877,684
						6,306,453
Specialty Retail—0.1%
AutoZone, Inc.
1.300%	01/13/2017			440,000		439,527

See accompanying notes to financial statements.

235

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Technology Hardware, Storage & Peripherals—1.1%
Hewlett Packard Enterprise Co.
2.850%		10/05/2018	^	$	6,198,000	$	6,198,607
2.450%		10/05/2017	^		1,520,000		1,519,357
Seagate HDD Cayman (Cayman Islands)
3.750%		11/15/2018			780,000		774,670
							8,492,634
Thrifts & Mortgage Finance—0.6%
Abbey National Treasury Services plc (United Kingdom)
1.650%		09/29/2017			1,700,000		1,702,268
Astoria Financial Corp.
5.000%		06/19/2017			690,000		714,145
BPCE SA MTN (France)
1.625%		02/10/2017			550,000		549,153
1.570%		04/25/2016	#		800,000		802,198
1.203%		06/23/2017	#		490,000		489,068
Santander Bank NA
2.000%		01/12/2018			900,000		893,820
							5,150,652
Tobacco—1.6%
BAT International Finance plc (United Kingdom)
1.850%		06/15/2018	^		770,000		770,078
1.022%		06/15/2018	#^		580,000		579,561
Imperial Tobacco Finance plc (United Kingdom)
2.050%		07/20/2018	^		840,000		835,855
Reynolds American, Inc.
6.875%		05/01/2020			2,834,000		3,272,445
2.300%		08/21/2017	†		2,877,000		2,900,546
2.300%		06/12/2018			3,991,000		4,018,434
							12,376,919
Trading Companies & Distributors—0.2%
Aircastle Ltd. (Bermuda)
6.750%		04/15/2017			635,000		663,975
GATX Corp.
2.500%		07/30/2019			700,000		689,323
							1,353,298
Wireless Telecommunication Services—0.3%
SBA Communications Corp.
5.625%		10/01/2019			430,000		449,888
T-Mobile USA, Inc.
5.250%		09/01/2018			720,000		736,344
Vodafone Group plc (United Kingdom)
0.752%		02/19/2016	#		1,210,000		1,209,339
							2,395,571
TOTAL CORPORATE OBLIGATIONS
(Cost $490,049,381)							484,750,262
FLOATING RATE LOANS—0.5%**
ABC Supply Co., Term Loan B
3.500%		04/16/2020	#		777,500		772,396
ARAMARK Corp., Extended Term Loan
3.250%		09/07/2019	#		1,286,786		1,285,981
CDW LLC, Term Loan
3.250%		04/29/2020	#		977,394		955,769

Coupon Rate	Maturity Date			Face		Value
Dole Food Co., Inc. Tranche B Term Loan
4.500%	11/01/2018	#	$	924,189	$	920,146
TOTAL FLOATING RATE LOANS
(Cost $3,966,488)						3,934,292
MORTGAGE-BACKED SECURITIES—4.5%
Commercial Mortgage-Backed Securities—1.9%
American Homes 4 Rent, Series 2014-SFR1, Class A
1.351%	06/17/2031	#^		661,791		649,899
Colony American Homes, Series 2014-1A, Class A
1.400%	05/17/2031	#^		690,410		677,761
Colony American Homes, Series 2014-2A, Class A
1.368%	07/17/2031	#^		1,229,387		1,202,746
Colony American Homes, Series 2015-1A, Class A
1.551%	07/17/2032	#^		2,426,896		2,377,931
Hilton USA Trust, Series 2013-HLF, Class AFL
1.269%	11/05/2030	#^		1,278,467		1,273,161
Invitation Homes Trust, Series 2013-SFR1, Class A
1.451%	12/17/2030	#^		907,679		891,767
Invitation Homes Trust, Series 2014-SFR1, Class A
1.351%	06/17/2031	#^		3,570,000		3,501,181
Invitation Homes Trust, Series 2014-SFR2, Class A
1.451%	09/17/2031	#^		2,220,000		2,184,004
Invitation Homes Trust, Series 2015-SFR3, Class A
1.651%	08/17/2032	#^		894,543		880,151
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2015-CSMO, Class A
1.581%	01/15/2032	#^		1,600,000		1,595,241
						15,233,842
Non-Agency Mortgage-Backed Securities—1.8%
Banc of America Mortgage Trust, Series 2004-L, Class 1A1
2.777%	01/25/2035	#		252,024		251,085
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR2, Class AD
1.550%	04/25/2043	#^		1,158,876		1,094,993
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2013-DN2, Class M1
1.872%	11/25/2023	#		621,552		621,686
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2015-HQ1, Class M1
1.472%	03/25/2025	#		646,336		646,280
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2015-HQA2, Class M1
1.572%	05/25/2028	#		614,524		614,885
Federal National Mortgage Association Connecticut Avenue Securities, Series 2013-C01, Class M1
2.422%	10/25/2023	#		876,090		882,756

See accompanying notes to financial statements.

236

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
MORTGAGE-BACKED SECURITIES—(Continued)
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C01, Class M1
2.022%		01/25/2024	#	$	1,035,506	$	1,037,418
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C02, Class 1M1
1.372%		05/25/2024	#		1,071,228		1,059,864
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C03, Class 1M1
1.622%		07/25/2024	#		2,351,389		2,343,409
GSAMP Trust, Series 2004-SEA2, Class M1
1.072%		03/25/2034	#		562,225		563,469
JP Morgan Mortgage Trust, Series 2013-1, Class 2A2
2.500%		03/25/2043	#^		609,213		604,389
MLCC Mortgage Investors Trust, Series 2004-1, Class 2A2
2.239%		12/25/2034	#		716,429		719,980
Sequoia Mortgage Trust, Series 2012-1, Class 1A1
2.865%		01/25/2042	#		561,250		564,287
Sequoia Mortgage Trust, Series 2012-2, Class A2
3.500%		04/25/2042	#		291,991		294,836
Sequoia Mortgage Trust, Series 2013-1, Class 1A1
1.450%		02/25/2043	#		684,641		665,054
Sequoia Mortgage Trust, Series 2013-4, Class A3
1.550%		04/25/2043	#		803,180		781,627
Springleaf Mortgage Loan Trust, Series 2013-1A, Class A
1.270%		06/25/2058	#^		568,420		567,539
Springleaf Mortgage Loan Trust, Series 2013-2A, Class A
1.780%		12/25/2065	#^		396,562		397,220
Structured Asset Mortgage Investments II Trust, Series 2004-AR5, Class 2A1
2.174%		10/19/2034	#		201,350		169,839
Wells Fargo Mortgage Backed Securities Trust, Series 2004-S, Class B1
2.743%		09/25/2034	#		595,520		545,946
							14,426,562
U.S. Government Agency Mortgage-Backed Securities— 0.8%
Federal Deposit Insurance Corporation Structured Sale Guaranteed Notes, Series 2010-S1, Class 2A
3.250%		04/25/2038	^		646,396		660,677
Federal National Mortgage Association
3.146%		07/01/2041	#		1,440,003		1,525,029
2.960%		06/01/2041	#		658,229		688,017
2.256%		10/01/2034	#		680,585		717,763
2.165%		09/01/2034	#		154,367		163,081
2.076%		10/01/2034	#		109,128		114,117

Coupon Rate	Maturity Date			Face		Value
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 2A
1.840%	10/07/2020		$	11,182	$	11,214
National Credit Union Administration Guaranteed Notes, Series 2010-R3, Class 1A
0.829%	12/08/2020	#		2,353,516		2,370,183
						6,250,081
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $36,241,777)						35,910,485
U.S. TREASURY OBLIGATIONS—15.1%
U.S. Treasury Bills—2.5%
U.S. Treasury Bill
0.080%	01/14/2016			20,000,000		19,999,440
U.S. Treasury Notes—12.6%
U.S. Treasury Note
1.000%	12/31/2017-
	09/15/2018			46,080,000		45,899,594
0.875%	04/30/2017-
	01/15/2018			28,040,000		27,952,876
0.750%	10/31/2017			9,058,000		9,010,763
0.625%	07/31/2017-
	11/30/2017			17,030,000		16,917,482
0.375%	03/15/2016	‡‡		315,000		315,117
						100,095,832
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $120,489,690)						120,095,272
GOVERNMENT RELATED OBLIGATIONS—3.2%
Non-U.S. Government Agencies—0.5%
FMS Wertmanagement AoeR (Germany)
1.125%	09/05/2017			1,600,000		1,597,517
0.625%	01/30/2017			1,620,000		1,613,014
Korea Expressway Corp. (Korea, Republic of)
1.625%	04/28/2017	^		700,000		698,014
						3,908,545
Sovereign Debt—0.7%
Bank of England Euro Note (United Kingdom)
1.250%	03/16/2018	^		2,500,000		2,498,533
Caisse d’Amortissement de la Dette Sociale (France)
1.250%	03/12/2018	^		1,410,000		1,405,977
Instituto de Credito Oficial (Spain)
1.125%	04/01/2016	^		1,610,000		1,610,547
						5,515,057
Supranational—0.7%
Asian Development Bank MTN
0.750%	07/28/2017			2,210,000		2,198,532
European Investment Bank
1.125%	12/15/2016-
	08/15/2018			3,210,000		3,202,783
						5,401,315
U.S. Municipal Bonds—1.1%
California Earthquake Authority Revenue Bonds (California)
1.824%	07/01/2017			700,000		704,452
California General Obligation Bonds (California)
1.050%	02/01/2016			755,000		755,430

See accompanying notes to financial statements.

237

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
GOVERNMENT RELATED OBLIGATIONS—(Continued)
Florida Hurricane Catastrophe Fund Finance Corp. Revenue Bonds, Series A (Florida)
2.995%		07/01/2020		$	3,125,000	$	3,170,375
1.298%		07/01/2016			1,955,000		1,961,041
State of Illinois General Obligation Bonds (Illinois)
5.877%		03/01/2019			1,830,000		1,966,445
							8,557,743
Non-U.S. Regional Authority Bonds—0.2%
Province of British Columbia (Canada)
1.200%		04/25/2017			2,000,000		2,002,698
TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $25,273,323)							25,385,358
ASSET-BACKED SECURITIES—13.6%
Automobiles—2.7%
Ally Master Owner Trust Series 2013-2, Class A
0.781%		04/15/2018	#		1,600,000		1,599,318
Capital Auto Receivables Asset Trust Series 2013-1, Class C
1.740%		10/22/2018			330,000		329,773
Capital Auto Receivables Asset Trust Series 2013-1, Class B
1.290%		04/20/2018			330,000		329,269
CarMax Auto Owner Trust Series 2015-2, Class A3
1.370%		03/16/2020			3,515,000		3,491,417
Ford Credit Auto Owner Trust Series 2013-A, Class A3
0.550%		07/15/2017			420,020		419,875
Harley-Davidson Motorcycle Trust Series 2014-1, Class A3
1.100%		09/15/2019			5,502,000		5,483,073
Porsche Financial Auto Securitization Trust Series 2014-1, Class A3
0.670%		01/23/2018	^		4,316,860		4,309,193
Toyota Auto Receivables Owner Trust Series 2014-B, Class A4
1.310%		09/16/2019			400,000		398,521
Volkswagen Auto Loan Enhanced Trust Series 2014-1, Class A3
0.910%		10/22/2018			5,436,000		5,398,241
							21,758,680
Credit Card—8.6%
American Express Credit Account Master Trust Series 2014-1, Class A
0.601%		12/15/2021	#		5,989,000		5,973,886
BA Credit Card Trust Series 2014-A1, Class A
0.711%		06/15/2021	#		5,600,000		5,594,515
Cabela’s Credit Card Master Note Trust Series 2014-2, Class A
0.801%		07/15/2022	#		2,531,000		2,511,322
Cabela’s Credit Card Master Note Trust Series 2014-1, Class A
0.681%		03/16/2020	#		2,195,000		2,191,469

Coupon Rate	Maturity Date			Face		Value
Capital One Multi-Asset Execution Trust Series 2007-A7, Class A7
5.750%	07/15/2020		$	2,100,000	$	2,245,315
Capital One Multi-Asset Execution Trust Series 2007-A5, Class A5
0.371%	07/15/2020	#		4,900,000		4,877,510
Capital One Multi-Asset Execution Trust Series 2014-A3, Class A3
0.711%	01/18/2022	#		1,800,000		1,792,041
Chase Issuance Trust Series 2013-A9, Class A
0.751%	11/16/2020	#		9,000,000		9,006,473
Chase Issuance Trust Series 2006-A2, Class A2
5.160%	04/16/2018			2,114,000		2,124,526
Chase Issuance Trust Series 2007-B1, Class B1
0.581%	04/15/2019	#		1,500,000		1,492,753
Citibank Credit Card Issuance Trust Series 2008-A2, Class A2
1.570%	01/23/2020	#		3,300,000		3,350,353
Citibank Credit Card Issuance Trust Series 2006-A3, Class A3
5.300%	03/15/2018			960,000		968,631
Citibank Credit Card Issuance Trust Series 2013-A6, Class A6
1.320%	09/07/2018			3,897,000		3,905,170
Discover Card Execution Note Trust Series 2013-A6, Class A6
0.781%	04/15/2021	#		5,558,000		5,557,590
Discover Card Execution Note Trust Series 2014-A1, Class A1
0.761%	07/15/2021	#		3,200,000		3,198,641
Discover Card Execution Note Trust Series 2007-A1, Class A1
5.650%	03/16/2020			750,000		802,225
Synchrony Credit Card Master Note Trust Series 2012-6, Class A
1.360%	08/17/2020			4,840,000		4,817,994
Synchrony Credit Card Master Note Trust Series 2012-3, Class A
0.781%	03/15/2020	#		5,720,000		5,712,408
Synchrony Credit Card Master Note Trust Series 2015-2, Class A
1.600%	04/15/2021			2,315,000		2,299,782
						68,422,604
Other—2.3%
CenterPoint Energy Transition Bond Co. IV LLC Series 2012-1, Class A1
0.901%	04/15/2018			781,974		779,982
CNH Equipment Trust Series 2015-B, Class A3
1.370%	07/15/2020			7,400,000		7,312,279
Global SC Finance II SRL (Barbados) Series 2014-1A, Class A1
3.190%	07/17/2029	^		1,648,000		1,591,791
GreatAmerica Leasing Receivables Funding LLC Series 2013-1, Class C
1.830%	06/17/2019	^		250,000		249,398
Kubota Credit Owner Trust Series 2015-1A, Class A2
0.940%	12/15/2017	^		1,512,470		1,509,838
MMAF Equipment Finance LLC Series 2015-AA, Class A3
1.390%	10/16/2019	^		3,095,000		3,073,016

See accompanying notes to financial statements.

238

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
ASSET-BACKED SECURITIES—(Continued)
TAL Advantage V LLC Series 2014-2A, Class A1
1.700%		05/20/2039	^	$	1,789,984	$	1,766,827
Trade MAPS 1 Ltd. (Ireland) Series 2013-1A, Class A
0.993%		12/10/2018	#^		1,800,000		1,789,029
							18,072,160
Student Loan—0.0%
Nelnet Student Loan Trust Series 2014-2A, Class A1
0.702%		06/25/2021	#^		357,985		356,680
TOTAL ASSET-BACKED SECURITIES
(Cost $109,317,924)							108,610,124
MONEY MARKET FUNDS—2.4%
Institutional Money Market Funds—2.4%
Dreyfus Institutional Cash Advantage Fund, 0.26%			††¥		675,000		675,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32%			¥		15,093,403		15,093,403
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32%			††¥		774,318		774,318
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.32%			††¥		675,000		675,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.29%			††¥		675,000		675,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.32%			††¥		675,000		675,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.31%			††¥		675,000		675,000
TOTAL MONEY MARKET FUNDS
(Cost $19,242,721)							19,242,721
TOTAL INVESTMENTS—100.1%
(Cost $804,581,304)							797,928,514
Other assets less liabilities—(0.1%)							(800,436	)
NET ASSETS—100.0%						$	797,128,078

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 $137,841,004, which represents 17.3% 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.

239

SCHEDULE OF INVESTMENTS

December 31, 2015

Vantagepoint Inflation Focused Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—8.9%
Aerospace & Defense—0.0%
KLX, Inc.
5.875%		12/01/2022	^	$	156,000	$	148,980
Automobiles—0.0%
General Motors Co.
3.500%		10/02/2018			154,000		155,931
Banks—1.8%
Bank of America Corp.
5.750%		12/01/2017			1,100,000		1,177,259
5.625%		07/01/2020			230,000		255,732
Bank of America Corp. MTN
4.000%		04/01/2024			255,000		261,248
Bank of America Corp., Perpetual Bond, Series Z
6.500%		10/23/2024	#		150,000		158,250
Bank of America Corp., Series L
2.600%		01/15/2019			1,300,000		1,305,181
Barclays Bank plc, Bank Note (United Kingdom)
3.750%		05/15/2024			255,000		260,193
BNP Paribas SA, Bank Note (France)
5.000%		01/15/2021	†		230,000		254,776
Citigroup, Inc.
3.300%		04/27/2025			270,000		265,692
Citizens Bank NA, Bank Note
2.300%		12/03/2018			300,000		299,855
Credit Agricole SA (France)
8.125%		09/19/2033	#		1,000,000		1,106,064
Intesa Sanpaolo SpA (Italy)
6.500%		02/24/2021	^		500,000		567,773
2.375%		01/13/2017			700,000		702,452
JPMorgan Chase & Co.
3.875%		02/01/2024			250,000		257,285
3.200%		01/25/2023			265,000		264,383
KBC Bank NV (Belgium)
8.000%		01/25/2023	#		400,000		437,020
PNC Bank NA MTN
3.250%		06/01/2025			300,000		298,770
Santander Holdings USA, Inc.
2.650%		04/17/2020			267,000		262,208
Santander UK plc (United Kingdom)
5.000%		11/07/2023	^		200,000		208,530
Societe Generale SA (France)
5.200%		04/15/2021	^		235,000		264,031
Societe Generale SA, Perpetual Bond (France)
8.000%		09/29/2025	#^		200,000		204,156
Standard Chartered plc, Perpetual Bond (United Kingdom)
6.409%		01/30/2017	#^		200,000		200,700
							9,011,558
Biotechnology—0.1%
Biogen, Inc.
3.625%		09/15/2022			133,000		134,672
Celgene Corp.
3.875%		08/15/2025			105,000		104,783
Gilead Sciences, Inc.
3.650%		03/01/2026			206,000		208,004
							447,459

Coupon Rate	Maturity Date			Face		Value
Capital Markets—1.2%
Goldman Sachs Group, Inc. (The) MTN
3.850%	07/08/2024		$	2,600,000	$	2,657,868
2.012%	11/29/2023	#		205,000		207,194
Morgan Stanley
2.650%	01/27/2020			260,000		259,541
Morgan Stanley, Series F
3.875%	04/29/2024			255,000		260,402
UBS AG (Switzerland)
7.625%	08/17/2022			300,000		342,452
5.125%	05/15/2024			1,300,000		1,316,250
UBS AG MTN (Switzerland)
4.750%	05/22/2023	#		900,000		916,035
						5,959,742
Chemicals—0.1%
LyondellBasell Industries NV (Netherlands)
5.750%	04/15/2024			230,000		253,799
Communications Equipment—0.0%
Motorola Solutions, Inc.
7.500%	05/15/2025			215,000		235,511
Consumer Finance—0.4%
Ford Motor Credit Co. LLC
6.625%	08/15/2017			700,000		746,401
5.875%	08/02/2021			225,000		251,206
Navient Corp. MTN
7.250%	01/25/2022			95,000		89,181
6.250%	01/25/2016			734,000		735,762
						1,822,550
Containers & Packaging—0.0%
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
5.750%	10/15/2020			93,000		94,831
Diversified Financial Services—0.2%
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands)
4.375%	08/04/2025			250,000		254,759
General Electric Capital Corp. MTN
6.375%	11/15/2067	#		700,000		732,760
McGraw Hill Financial, Inc.
4.400%	02/15/2026			191,000		195,813
						1,183,332
Diversified Telecommunication Services—0.8%
AT&T, Inc.
3.000%	02/15/2022			265,000		260,133
1.023%	03/30/2017	#		3,000,000		2,993,217
Sprint Capital Corp.
6.900%	05/01/2019			300,000		246,000
Verizon Communications, Inc.
7.350%	04/01/2039			205,000		254,878
4.600%	04/01/2021			240,000		258,261
						4,012,489
Electric Utilities—0.1%
Entergy Corp.
4.000%	07/15/2022			131,000		133,830
Exelon Corp.
2.850%	06/15/2020			345,000		343,470
						477,300

See accompanying notes to financial statements.

240

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Inflation Focused Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Energy Equipment & Services—0.1%
Diamond Offshore Drilling, Inc.
3.450%		11/01/2023	†	$	275,000	$	227,582
Halliburton Co.
3.375%		11/15/2022			255,000		251,183
Schlumberger Holdings Corp.
3.000%		12/21/2020	^		175,000		172,937
							651,702
Food & Staples Retailing—0.1%
CVS Health Corp.
3.875%		07/20/2025			210,000		214,738
Walgreens Boots Alliance, Inc.
3.800%		11/18/2024			263,000		255,629
							470,367
Food Products—0.1%
Grupo Bimbo SAB de CV (Mexico)
3.875%		06/27/2024	^		255,000		248,717
Kraft Heinz Foods Co.
3.500%		07/15/2022	^		137,000		138,140
2.800%		07/02/2020	^		105,000		104,838
Tyson Foods, Inc.
2.650%		08/15/2019			260,000		260,362
							752,057
Health Care Equipment & Supplies—0.8%
Baxter International, Inc.
1.850%		06/15/2018			260,000		258,600
Becton Dickinson and Co.
3.734%		12/15/2024			255,000		257,649
Medtronic, Inc.
4.375%		03/15/2035			1,300,000		1,316,649
Zimmer Biomet Holdings, Inc.
3.550%		04/01/2025			2,600,000		2,531,399
							4,364,297
Health Care Providers & Services—0.1%
HCA, Inc.
6.500%		02/15/2020			145,000		158,340
Laboratory Corp. of America Holdings
3.600%		02/01/2025			265,000		256,197
							414,537
Hotels, Restaurants & Leisure—0.0%
Wyndham Worldwide Corp.
4.250%		03/01/2022			245,000		246,925
Household Products—0.0%
Spectrum Brands, Inc.
5.750%		07/15/2025	^		155,000		159,650
Insurance—0.3%
American International Group, Inc.
6.400%		12/15/2020			215,000		248,299
Hartford Financial Services Group, Inc. (The)
5.125%		04/15/2022			235,000		258,429
Lincoln National Corp.
4.000%		09/01/2023			255,000		261,525
MetLife, Inc., Perpetual Bond, Series C
5.250%		06/15/2020	#		201,000		205,020

Coupon Rate	Maturity Date			Face		Value
MetLife, Inc., Series D
4.368%	09/15/2023		$	245,000	$	263,314
Nationwide Mutual Insurance Co.
9.375%	08/15/2039	^		70,000		102,194
Prudential Financial, Inc.
5.375%	05/15/2045	#		265,000		265,000
						1,603,781
Machinery—0.0%
Manitowoc Co., Inc. (The)
8.500%	11/01/2020			35,000		36,313
Media—0.3%
21st Century Fox America, Inc.
6.150%	02/15/2041			215,000		242,414
4.500%	02/15/2021			240,000		258,543
CCO Safari II LLC
4.908%	07/23/2025	^		140,000		140,075
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
5.875%	10/01/2019			230,000		256,928
5.150%	03/15/2042			160,000		149,692
Time Warner, Inc.
3.550%	06/01/2024			260,000		255,583
Viacom, Inc.
3.875%	04/01/2024			265,000		248,746
						1,551,981
Metals & Mining—0.1%
Freeport-McMoRan, Inc.
4.550%	11/14/2024			275,000		158,812
Glencore Funding LLC
4.000%	04/16/2025	^		275,000		191,468
Newmont Mining Corp.
4.875%	03/15/2042			240,000		172,033
						522,313
Multiline Retail—0.1%
Kohl’s Corp.
4.250%	07/17/2025	†		196,000		191,499
Macy’s Retail Holdings, Inc.
3.875%	01/15/2022			250,000		246,828
						438,327
Multi-Utilities—0.0%
Berkshire Hathaway Energy Co.
6.125%	04/01/2036			215,000		251,488
Oil, Gas & Consumable Fuels—1.2%
BG Energy Capital plc (United Kingdom)
6.500%	11/30/2072	#		800,000		845,962
BP Capital Markets plc (United Kingdom)
3.814%	02/10/2024			255,000		255,131
Canadian Natural Resources Ltd. (Canada)
0.978%	03/30/2016	#		600,000		598,703
Chevron Corp.
2.411%	03/03/2022			266,000		259,121
ConocoPhillips
6.000%	01/15/2020			220,000		245,236
Energy Transfer Partners LP
4.050%	03/15/2025			270,000		222,148
EnLink Midstream Partners LP
4.400%	04/01/2024			255,000		202,240
Enterprise Products Operating LLC
2.550%	10/15/2019			260,000		249,487

See accompanying notes to financial statements.

241

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Inflation Focused Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Kinder Morgan Energy Partners LP
3.950%		09/01/2022		$	265,000	$	231,015
Kinder Morgan, Inc.
2.000%		12/01/2017			1,900,000		1,831,478
Petrobras Global Finance BV (Netherlands)
5.750%		01/20/2020			210,000		165,375
4.875%		03/17/2020	†		200,000		150,500
Plains All American Pipeline LP/PAA Finance Corp.
3.600%		11/01/2024			190,000		152,700
Reliance Holding USA, Inc.
5.400%		02/14/2022	^		250,000		270,714
Spectra Energy Partners LP
4.600%		06/15/2021			240,000		242,525
							5,922,335
Pharmaceuticals—0.7%
AbbVie, Inc.
3.600%		05/14/2025			172,000		170,087
Actavis Funding SCS (Luxembourg)
3.800%		03/15/2025			260,000		259,170
3.450%		03/15/2022			500,000		501,222
1.850%		03/01/2017			1,900,000		1,903,947
1.289%		09/01/2016	#		300,000		300,232
Perrigo Finance Unlimited Co. (Ireland)
3.500%		12/15/2021			257,000		250,132
Valeant Pharmaceuticals International, Inc. (Canada)
6.125%		04/15/2025	^		150,000		134,250
							3,519,040
Real Estate Investment Trusts (REITs)—0.1%
American Tower Corp.
4.700%		03/15/2022			250,000		263,109
Semiconductors & Semiconductor Equipment—0.1%
Advanced Micro Devices, Inc.
6.750%		03/01/2019			86,000		62,780
KLA-Tencor Corp.
4.650%		11/01/2024			259,000		261,051
							323,831
Specialty Retail—0.0%
Sonic Automotive, Inc.
5.000%		05/15/2023			160,000		152,800
Tobacco—0.1%
Altria Group, Inc.
2.625%		01/14/2020			259,000		259,722
Reynolds American, Inc.
4.000%		06/12/2022			184,000		191,554
							451,276
TOTAL CORPORATE OBLIGATIONS
(Cost $46,922,365)							45,899,611
MORTGAGE-BACKED SECURITIES—2.1%
Commercial Mortgage-Backed Securities—1.5%
CGRBS Commercial Mortgage Trust, Series 2013-VN05, Class A
3.369%		03/13/2035	^		350,000		352,748

Coupon Rate	Maturity Date			Face		Value
Citigroup Commercial Mortgage Trust, Series 2008-C7, Class A1A
6.051%	12/10/2049	#	$	360,318	$	382,922
Citigroup Commercial Mortgage Trust, Series 2013-GC11, Class D
4.457%	04/10/2046	#^		130,000		118,193
Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class A5
3.137%	02/10/2048			520,000		509,778
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD3, Class A5
5.617%	10/15/2048			316,405		319,647
COMM Mortgage Trust, Series 2014-KYO, Class A
1.201%	06/11/2027	#^		400,000		395,533
COMM Mortgage Trust, Series 2015-CR22, Class A5
3.309%	03/10/2048			390,000		387,102
COMM Mortgage Trust, Series 2015-CR25, Class A4
3.759%	08/10/2048			350,000		358,628
CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4
3.718%	08/15/2048			188,608		191,984
Extended Stay America Trust, Series 2013-ESH7, Class A17
2.295%	12/05/2031	^		343,000		342,074
GS Mortgage Securities Corp. II, Series 2007-GG10, Class A4
5.794%	08/10/2045	#		246,385		253,410
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP9, Class AM
5.372%	05/15/2047			113,200		115,196
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class A1A
5.439%	01/15/2049			394,216		406,655
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2014-INN, Class A
1.251%	06/15/2029	#^		262,000		260,704
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2015-SGP, Class A
2.031%	07/15/2036	#^		259,000		259,090
JPMBB Commercial Mortgage Securities Trust, Series 2015-C31, Class A3
3.801%	08/15/2048			185,000		190,082
JPMBB Commercial Mortgage Securities Trust, Series 2015-C32, Class C
4.669%	11/15/2048	#		169,800		155,320
LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class AJ
5.452%	09/15/2039	#		82,430		83,000
LSTAR Commercial Mortgage Trust, Series 2015-3, Class A2
2.729%	04/20/2048	#^		211,000		210,936
Merrill Lynch Mortgage Trust, Series 2006-C2, Class A1A
5.739%	08/12/2043	#		91,419		92,457
ML-CFC Commercial Mortgage Trust, Series 2006-4, Class A1A
5.166%	12/12/2049			347,090		354,312
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class A4
3.809%	12/15/2048			875,000		894,524

See accompanying notes to financial statements.

242

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Inflation Focused Fund
Coupon Rate	Maturity Date			Face		Value
MORTGAGE-BACKED SECURITIES—(Continued)
UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1, Class E
5.888%		01/10/2045	#^	$	70,000	$	74,882
Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class A4
3.789%		12/15/2047			350,000		359,666
Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class C
4.471%		12/15/2047	#		164,600		156,455
WFRBS Commercial Mortgage Trust, Series 2012-C9, Class D
4.802%		11/15/2045	#^		102,562		99,935
							7,325,233
Non-Agency Mortgage-Backed Securities—0.6%
Bellemeade Re Ltd., Series 2015-1A, Class M1
2.922%		07/25/2025	#^‡		133,646		132,852
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2014-DN3, Class M3
4.422%		08/25/2024	#		250,000		241,485
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2014-DN4, Class M3
4.972%		10/25/2024	#		250,000		248,321
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2014-HQ2, Class M3
4.172%		09/25/2024	#		250,000		232,378
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2014-HQ3, Class M3
5.172%		10/25/2024	#		250,000		251,262
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2015-DNA2, Class M2
3.022%		12/25/2027	#		431,232		429,210
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2015-DNA3, Class M3
5.122%		04/25/2028	#		250,000		247,943
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2015-HQA1, Class M2
3.072%		03/25/2028	#		310,600		307,904
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2015-HQA2, Class M3
5.222%		05/25/2028	#		250,000		248,518
Federal National Mortgage Association Connecticut Avenue Securities, Series 2015-C01, Class 2M2
4.972%		02/25/2025	#		112,700		113,506
Federal National Mortgage Association Connecticut Avenue Securities, Series 2015-C02, Class 2M2
4.422%		05/25/2025	#		165,000		156,899

Coupon Rate	Maturity Date			Face		Value
Federal National Mortgage Association Connecticut Avenue Securities, Series 2015-C03, Class 1M2
5.422%	07/25/2025	#	$	85,000	$	84,669
Federal National Mortgage Association Connecticut Avenue Securities, Series 2015-C03, Class 2M2
5.422%	07/25/2025	#		160,000		159,097
Federal National Mortgage Association Connecticut Avenue Securities, Series 2015-C04, Class 1M2
6.122%	04/25/2028	#		65,218		66,532
Federal National Mortgage Association Connecticut Avenue Securities, Series 2015-C04, Class 2M2
5.972%	04/25/2028	#		103,770		105,128
Wells Fargo Credit Risk Transfer Securities Trust, Series 2015-WF1, Class 1M1
2.947%	11/25/2025	#^		73,718		74,099
Wells Fargo Credit Risk Transfer Securities Trust, Series 2015-WF1, Class 2M1
3.047%	11/25/2025	#^		88,041		88,226
						3,188,029
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $10,719,916)						10,513,262
U.S. TREASURY OBLIGATIONS—83.0%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.200%	01/14/2016			525,000		524,985
U.S. Treasury Inflation Protected Securities Bonds—33.3%
U.S. Treasury Bond
3.875%	04/15/2029	‡‡		5,440,000		10,708,321
3.625%	04/15/2028			5,183,000		9,977,301
3.375%	04/15/2032			1,708,100		3,101,846
2.500%	01/15/2029			16,820,000		22,107,763
2.375%	01/15/2025- 01/15/2027			31,049,400		43,555,486
2.125%	02/15/2040- 02/15/2041			9,240,100		11,962,203
2.000%	01/15/2026			10,431,000		13,903,411
1.750%	01/15/2028			12,923,000		16,051,815
1.375%	02/15/2044			18,074,000		18,813,721
0.750%	02/15/2042- 02/15/2045			20,613,500		18,913,645
0.625%	02/15/2043			2,760,000		2,423,153
						171,518,665
U.S. Treasury Inflation Protected Securities Notes—49.6%
U.S. Treasury Note
2.500%	07/15/2016			4,034,800		4,829,899
1.875%	07/15/2019			1,400,000		1,654,561
1.375%	07/15/2018- 01/15/2020			6,364,800		7,280,417
1.250%	07/15/2020			4,095,000		4,648,356
1.125%	01/15/2021			6,300,000		7,068,275
0.625%	07/15/2021- 01/15/2024			34,458,500		35,820,876
0.375%	07/15/2023- 07/15/2025			45,177,000		44,645,367

See accompanying notes to financial statements.

243

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Inflation Focused Fund
Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONSS—(Continued)
0.250%		01/15/2025		$	9,605,000	$	9,215,047
0.125%		04/15/2017- 07/15/2024			139,235,000		139,734,140
							254,896,938
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $439,444,575)							426,940,588
GOVERNMENT RELATED OBLIGATIONS—0.8%
U.S. Government Agencies—0.5%
Federal Home Loan Bank Discount Note
0.340%		02/10/2016			1,800,000		1,799,556
0.270%		01/27/2016			100,000		99,991
New Valley Generation I
7.299%		03/15/2019			461,589		506,704
							2,406,251
Non-U.S. Government Agencies—0.2%
Export-Import Bank of Korea (Korea, Republic of)
4.000%		01/29/2021			1,200,000		1,280,988
Sovereign Debt—0.1%
Slovenia Government International Bond (Slovenia)
5.250%		02/18/2024			400,000		442,250
TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $4,032,675)							4,129,489
ASSET-BACKED SECURITIES—2.7%
Automobiles—1.9%
Ally Master Owner Trust Series 2015-3, Class A
1.630%		05/15/2020			530,000		525,268
Ally Master Owner Trust Series 2012-4, Class A
1.720%		07/15/2019			500,000		500,458
Avis Budget Rental Car Funding AESOP LLC Series 2014-1A, Class A
2.460%		07/20/2020	^		500,000		502,015
Avis Budget Rental Car Funding AESOP LLC Series 2012-3A, Class A
2.100%		03/20/2019	^		360,000		359,769
Bank of The West Auto Trust Series 2015-1, Class A3
1.310%		10/15/2019	^		527,000		523,982
BMW Floorplan Master Owner Trust Series 2015-1A, Class A
0.830%		07/15/2020	#^		318,000		316,216
California Republic Auto Receivables Trust Series 2015-1, Class A4
1.820%		09/15/2020			370,000		365,325
California Republic Auto Receivables Trust Series 2015-2, Class A3
1.310%		08/15/2019			530,000		525,476
CarMax Auto Owner Trust Series 2013-4, Class A4
1.280%		05/15/2019			317,000		315,258
Chrysler Capital Auto Receivables Trust Series 2015-BA, Class A3
1.910%		03/16/2020	^		255,000		254,443

Coupon Rate	Maturity Date			Face		Value
Chrysler Capital Auto Receivables Trust Series 2014-AA, Class A4
1.310%	05/15/2019	^	$	370,000	$	367,839
Drive Auto Receivables Trust Series 2015-DA, Class A2A
1.230%	06/15/2018	^		155,000		154,856
Drive Auto Receivables Trust Series 2015-CA, Class A2A
1.030%	02/15/2018	^		87,767		87,680
Drive Auto Receivables Trust Series 2015-BA, Class A2A
0.930%	12/15/2017	^		97,708		97,613
Enterprise Fleet Financing LLC Series 2015-1, Class A2
1.300%	09/20/2020	^		520,000		518,294
Ford Credit Auto Lease Trust Series 2014-B, Class A3
0.890%	09/15/2017			526,000		525,246
Ford Credit Floorplan Master Owner Trust A Series 2015-2, Class A1
1.980%	01/15/2022			500,000		497,501
GE Dealer Floorplan Master Note Trust Series 2014-1, Class A
0.782%	07/20/2019	#		350,000		349,639
GM Financial Automobile Leasing Trust Series 2015-2, Class A3
1.680%	12/20/2018			480,000		477,468
GMF Floorplan Owner Revolving Trust Series 2015-1, Class A1
1.650%	05/15/2020	^		181,677		179,856
Harley-Davidson Motorcycle Trust Series 2015-2, Class A3
1.300%	03/16/2020			527,000		524,332
Harley-Davidson Motorcycle Trust Series 2013-1, Class A4
0.870%	07/15/2019			370,000		368,873
Hertz Vehicle Financing II LP Series 2015-2A, Class A
2.020%	09/25/2019	^		154,000		152,000
Hertz Vehicle Financing LLC Series 2013-1A, Class B2
2.480%	08/25/2019	^		158,000		151,847
Hyundai Auto Lease Securitization Trust Series 2015-B, Class A3
1.400%	11/15/2018	^		175,000		174,066
Mercedes Benz Auto Lease Trust Series 2015-B, Class A3
1.340%	07/16/2018			97,000		96,585
Porsche Innovative Lease Owner Trust Series 2015-1, Class A4
1.430%	05/21/2021	^		528,000		523,613
Santander Drive Auto Receivables Trust Series 2015-4, Class A2A
1.200%	12/17/2018			103,000		102,815
TCF Auto Receivables Owner Trust Series 2015-1A, Class A2
1.020%	08/15/2018	^		216,044		215,677
Westlake Automobile Receivables Trust Series 2015-3A, Class A2A
1.420%	05/17/2021	^		81,000		80,844
						9,834,854

See accompanying notes to financial statements.

244

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Inflation Focused Fund
Coupon Rate	Maturity Date			Face		Value
ASSET-BACKED SECURITIES—(Continued)
Credit Card—0.2%
Barclays Dryrock Issuance Trust Series 2015-2, Class A
1.560%		03/15/2021		$	158,000	$	157,056
Capital One Multi-Asset Execution Trust Series 2015-A5, Class A5
1.600%		05/17/2021			213,000		212,406
Synchrony Credit Card Master Note Trust Series 2015-3, Class A
1.740%		09/15/2021			103,000		102,250
World Financial Network Credit Card Master Trust Series 2015-B, Class A
2.550%		06/17/2024			168,000		167,706
World Financial Network Credit Card Master Trust Series 2012-B, Class A
1.760%		05/17/2021			520,000		520,638
							1,160,056
Home Equity—0.4%
ACE Securities Corp Home Equity Loan Trust Series 2005-SD1, Class M1
1.172%		11/25/2050	#		39,926		40,026
First Franklin Mortgage Loan Asset Backed Certificates Series 2005-FF11, Class A2D
1.102%		11/25/2035	#		470,477		470,046
First Franklin Mortgage Loan Asset Backed Certificates Series 2005-FF6, Class M2
0.862%		05/25/2036	#		1,300,000		1,236,712
Long Beach Mortgage Loan Trust Series 2005-2, Class M4
1.352%		04/25/2035	#		300,000		293,385
Saxon Asset Securities Trust SUB Series 2003-1, Class AF7
4.034%		06/25/2033			79,583		80,739
							2,120,908
Other—0.2%
Dell Equipment Finance Trust Series 2015-2, Class A2A
1.420%		12/22/2017	^		156,000		155,516
H/2 Asset Funding Ltd. Series 2015-1
1.473%		06/24/2049			206,845		204,951
Macquarie Equipment Funding Trust Series 2014-A, Class A2
0.800%		11/21/2016	^		195,249		195,194
Park Place Securities, Inc. Series 2004-WWF1, Class M2
1.442%		12/25/2034	#		12,068		12,105
Volkswagen Credit Auto Master Trust Series 2014-1A, Class A1
0.752%		07/22/2019	#^		100,000		98,932
							666,698
TOTAL ASSET-BACKED SECURITIES
(Cost $13,693,213)							13,782,516

		Notional/ Contracts		Value
PURCHASED OPTIONS—0.0%
Put—U.S. 1 Year Swaption, Expires 06/27/2017, Strike 1.00%		400,000	$	887
Put—U.S. 1 Year Swaption, Expires 06/24/2016, Strike 1.00%		1,200,000		2,681
Put—U.S. 30 Year Swaption, Expires 12/11/2017, Strike 2.68%		2,000,000		183,824
Put—U.S. 30 Year Treasury Bond, Expires 02/19/2016, Strike $150.00		12		10,312
TOTAL PURCHASED OPTIONS
(Cost $293,405)				197,704
		Shares		Value
MONEY MARKET FUNDS—2.7%
Institutional Money Market Funds—2.7%
Dreyfus Institutional Cash Advantage Fund, 0.26%	††¥	100,000		100,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32%	¥	13,157,107		13,157,107
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32%	††¥	154,578		154,578
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.32%	††¥	150,000		150,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.29%	††¥	100,000		100,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.32%	††¥	100,000		100,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.31%	††¥	100,000		100,000
TOTAL MONEY MARKET FUNDS
(Cost $13,861,685)				13,861,685
TOTAL INVESTMENTS—100.2%
(Cost $528,967,834)				515,324,855
Other assets less liabilities—(0.2%)				(1,058,066	)
NET ASSETS—100.0%			$	514,266,789

See accompanying notes to financial statements.

245

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Notes to the Schedule of Investments:

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 $10,776,677, which represents 2.1% of Net Assets. The illiquid 144A securities represented 2.1% 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 valued at fair value as determined by policies approved by the Board of Directors. (Total Market Value $132,852)
‡‡	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.

246

SCHEDULE OF INVESTMENTS

December 31, 2015

Vantagepoint High Yield Fund				Shares		Value
COMMON STOCKS—0.0%
Energy Equipment & Services—0.0%
Hercules Offshore, Inc.			*
(Cost $178,944)					12,341	$	26,780
PREFERRED STOCKS—0.3%
Banks—0.3%
GMAC Capital Trust I, Series 2 8.125%			#
(Cost $1,191,146)					44,875		1,138,030
CONVERTIBLE PREFERRED STOCKS—0.0%
Oil, Gas & Consumable Fuels—0.0%
Rex Energy Corp., Perpetual, Series A 6.000%
(Cost $396,610)					5,400		38,340
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—86.3%
Aerospace & Defense—0.9%
Bombardier, Inc. (Canada)
7.500%		03/15/2018	^	$	250,000		245,000
4.750%		04/15/2019	^†		50,000		41,375
Huntington Ingalls Industries, Inc.
5.000%		12/15/2021	^		900,000		920,250
LMI Aerospace, Inc.
7.375%		07/15/2019			450,000		447,750
Spirit AeroSystems, Inc.
5.250%		03/15/2022			785,000		805,112
TA Manufacturing Ltd. (United Kingdom)
3.625%		04/15/2023	^EUR		590,000		624,404
							3,083,891
Air Freight & Logistics—0.4%
Air Medical Merger Sub Corp.
6.375%		05/15/2023	^	$	710,000		635,450
XPO Logistics, Inc.
7.875%		09/01/2019	^		290,000		295,951
6.500%		06/15/2022	^		530,000		492,237
							1,423,638
Airlines—0.8%
American Airlines Pass Through Trust, Series 2013-2, Class B
5.600%		07/15/2020	^		873,213		891,769
Intrepid Aviation Group Holdings LLC/Intrepid Finance Co.
6.875%		02/15/2019	^		820,000		676,500
United Airlines Pass Through Trust, Series 2013-1, Class B
5.375%		08/15/2021			1,246,205		1,288,264
							2,856,533
Auto Components—1.0%
Goodyear Tire & Rubber Co. (The)
7.000%		05/15/2022			945,000		1,014,694
5.125%		11/15/2023			530,000		545,900
Grupo Antolin Dutch BV (Netherlands)
4.750%		04/01/2021	EUR		650,000		734,466
Schaeffler Holding Finance BV (Netherlands)
6.750%		11/15/2022	^	$	580,000		626,400

Coupon Rate	Maturity Date			Face		Value
ZF North America Capital, Inc.
4.500%	04/29/2022	^†	$	625,000	$	613,281
						3,534,741
Automobiles—0.1%
General Motors Co.
5.200%	04/01/2045			380,000		357,631
Banks—1.6%
ABN AMRO Bank NV (Netherlands)
4.750%	07/28/2025	^		450,000		449,392
Bank of America Corp., Perpetual Bond, Series Z
6.500%	10/23/2024	#		280,000		295,400
Barclays Bank plc (United Kingdom)
7.625%	11/21/2022			240,000		273,750
Barclays plc, Perpetual Bond (United Kingdom)
8.250%	12/15/2018	#		260,000		277,705
BNP Paribas SA, Perpetual Bond (France)
7.375%	08/19/2025	#^		270,000		277,425
CIT Group, Inc.
5.000%	08/15/2022			2,035,000		2,094,788
Citigroup, Inc., Perpetual Bond, Series P
5.950%	05/15/2025	#		1,000,000		963,750
HSBC Holdings plc, Perpetual Bond (United Kingdom)
6.375%	09/17/2024	#		410,000		405,387
6.375%	03/30/2025	#†		390,000		390,488
Royal Bank of Scotland Group plc, Perpetual Bond (United Kingdom)
7.648%	09/30/2031	#		410,000		509,938
						5,938,023
Beverages—0.6%
Carolina Beverage Group LLC/Carolina Beverage Group Finance, Inc.
10.625%	08/01/2018	^		490,000		491,225
Constellation Brands, Inc.
6.000%	05/01/2022			1,000,000		1,102,500
4.750%	11/15/2024			140,000		143,150
4.750%	12/01/2025			240,000		245,100
DS Services of America, Inc.
10.000%	09/01/2021	^		300,000		342,000
						2,323,975
Biotechnology—0.1%
AMAG Pharmaceuticals, Inc.
7.875%	09/01/2023	^†		310,000		274,350
Building Products—1.1%
Brundage-Bone Concrete Pumping, Inc.
10.375%	09/01/2021	^		350,000		344,750
Building Materials Corp. of America
6.000%	10/15/2025	^		1,475,000		1,511,875
Hardwoods Acquisition, Inc.
7.500%	08/01/2021	^		380,000		315,400
NWH Escrow Corp.
7.500%	08/01/2021	^		250,000		201,250
Summit Materials LLC/Summit Materials Finance Corp.
6.125%	07/15/2023	^		400,000		396,000
6.125%	07/15/2023			1,025,000		1,014,750
USG Corp.
5.500%	03/01/2025	^		230,000		234,312
						4,018,337

See accompanying notes to financial statements.

247

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint High Yield Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Capital Markets—0.9%
Argos Merger Sub, Inc.
7.125%		03/15/2023	^	$	400,000	$	397,600
Carlson Travel Holdings, Inc.
7.500%		08/15/2019	^		920,000		908,500
DH Services Luxembourg Sarl (Luxembourg)
7.750%		12/15/2020	^		900,000		909,000
Goldman Sachs Group, Inc. (The)
5.150%		05/22/2045			490,000		477,751
Walter Investment Management Corp.
7.875%		12/15/2021			680,000		540,600
							3,233,451
Chemicals—1.5%
CBC Ammo LLC/CBC FinCo, Inc.
7.250%		11/15/2021	^		860,000		714,230
Celanese US Holdings LLC
4.625%		11/15/2022			260,000		257,400
Chemours Co. (The)
6.125%		05/15/2023	^EUR		845,000		653,832
Eagle Spinco, Inc.
4.625%		02/15/2021		$	550,000		508,063
Eco Services Operations LLC/Eco Finance Corp.
8.500%		11/01/2022	^		300,000		256,500
Evolution Escrow Issuer LLC
7.500%		03/15/2022	^		365,000		212,613
Hexion, Inc.
8.875%		02/01/2018			780,000		553,800
Ineos Finance plc (United Kingdom)
4.000%		05/01/2023	^EUR		930,000		968,936
PSPC Escrow Corp.
6.000%		02/01/2023	^	$	315,000		295,256
6.000%		02/01/2023			315,000		295,257
Techniplas LLC
10.000%		05/01/2020	^		170,000		122,400
Tronox Finance LLC
6.375%		08/15/2020	†		770,000		467,236
							5,305,523
Commercial Services & Supplies—2.4%
ACCO Brands Corp.
6.750%		04/30/2020			1,320,000		1,366,200
ADT Corp. (The)
6.250%		10/15/2021	†		655,000		687,455
Ancestry.com Holdings LLC
9.625%		10/15/2018	^		840,000		830,550
Clean Harbors, Inc.
5.250%		08/01/2020			1,410,000		1,445,250
Covanta Holding Corp.
6.375%		10/01/2022			1,015,000		1,015,000
Garda World Security Corp. (Canada)
7.250%		11/15/2021	^		100,000		86,500
Iron Mountain Europe plc (United Kingdom)
6.125%		09/15/2022	GBP		715,000		1,089,891
Monitronics International, Inc.
9.125%		04/01/2020		$	650,000		518,375
TMS International Corp.
7.625%		10/15/2021	^		670,000		520,925
West Corp.
5.375%		07/15/2022	^		1,440,000		1,247,400
							8,807,546

Coupon Rate	Maturity Date			Face	Value
Communications Equipment—0.9%
CommScope Holding Co., Inc.
6.625%	06/01/2020	^		165,000	167,475
CommScope Technologies Finance LLC
6.000%	06/15/2025	^		490,000	472,850
CommScope, Inc.
5.500%	06/15/2024	^		725,000	691,469
5.000%	06/15/2021	^		695,000	668,937
4.375%	06/15/2020	^		70,000	70,700
ViaSat, Inc.
6.875%	06/15/2020			1,000,000	1,038,750
					3,110,181
Construction & Engineering—0.3%
AECOM
5.875%	10/15/2024	†		210,000	214,987
Michael Baker Holdings LLC/Micahel Baker Finance Corp.
8.875%	04/15/2019	^		1,048,125	744,169
					959,156
Construction Materials—0.1%
Cemex SAB de CV (Mexico)
6.125%	05/05/2025	^†		300,000	257,250
Consumer Finance—2.0%
Ally Financial, Inc.
8.000%	11/01/2031			200,000	231,750
7.500%	09/15/2020			799,000	905,866
5.125%	09/30/2024			395,000	405,862
4.625%	05/19/2022			235,000	236,763
4.625%	03/30/2025			575,000	569,250
4.125%	02/13/2022			1,665,000	1,652,513
Navient Corp.
5.875%	03/25/2021			500,000	446,875
5.000%	10/26/2020	†		385,000	338,800
Navient Corp. MTN
5.500%	01/15/2019			190,000	178,125
4.875%	06/17/2019			2,645,000	2,440,012
					7,405,816
Containers & Packaging—2.8%
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc. (Ireland)
3.512%	12/15/2019	#^EUR		1,000,000	980,000
4.250%	01/15/2022	EUR		685,000	753,171
Ball Corp.
5.250%	07/01/2025	EUR		610,000	626,012
4.375%	12/15/2023	EUR		805,000	902,610
Berry Plastics Corp.
5.500%	05/15/2022		$	1,040,000	1,037,400
BWAY Holding Co.
9.125%	08/15/2021	^		400,000	376,000
Cascades, Inc. (Canada)
5.500%	07/15/2022	^		1,290,000	1,256,138
Coveris Holdings SA (Luxembourg)
7.875%	11/01/2019	^		580,000	508,950
Kloeckner Pentaplast of America, Inc.
7.125%	11/01/2020	^EUR		440,000	490,339
OI European Group BV (Netherlands)
4.875%	03/31/2021		$	100,000	118,764
Pactiv LLC
8.375%	04/15/2027			1,300,000	1,215,500
Plastipak Holdings, Inc.
6.500%	10/01/2021	^		785,000	761,450

See accompanying notes to financial statements.

248

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint High Yield Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Sealed Air Corp.
4.500%		09/15/2023	^EUR		635,000	$	715,985
4.500%		09/15/2023	EUR		130,000		146,580
SIG Combibloc Holdings SCA (Luxembourg)
7.750%		02/15/2023	^EUR		330,000		375,644
							10,264,543
Distributors—0.6%
American Builders & Contractors Supply Co., Inc.
5.750%		12/15/2023	^	$	855,000		863,550
5.625%		04/15/2021	^		750,000		763,125
VWR Funding, Inc.
4.625%		04/15/2022	^EUR		500,000		533,703
							2,160,378
Diversified Consumer Services—0.1%
Service Corp. International
5.375%		05/15/2024		$	510,000		527,850
Diversified Financial Services—2.3%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust (Ireland)
5.000%		10/01/2021			750,000		774,375
4.625%		07/01/2022			500,000		506,875
4.500%		05/15/2021			2,000,000		2,037,500
Ausdrill Finance Pty Ltd. (Australia)
6.875%		11/01/2019	^		580,000		417,600
Denali Borrower LLC/Denali Finance Corp.
5.625%		10/15/2020	^		790,000		829,500
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.
5.875%		03/15/2022	^		1,700,000		1,770,125
Quicken Loans, Inc.
5.750%		05/01/2025	^		1,010,000		965,813
TMX Finance LLC/TitleMax Finance Corp.
8.500%		09/15/2018	^		320,000		240,000
Worldpay Finance plc (United Kingdom)
3.750%		11/15/2022	^EUR		830,000		923,425
							8,465,213
Diversified Telecommunication Services—5.2%
Arqiva Broadcast Finance plc (United Kingdom)
9.500%		03/31/2020	GBP		480,000		767,912
CenturyLink, Inc.
5.625%		04/01/2025		$	860,000		729,925
CenturyLink, Inc., Series T
5.800%		03/15/2022			140,000		128,835
CenturyLink, Inc., Series V
5.625%		04/01/2020			1,000,000		992,500
Frontier Communications Corp.
11.000%		09/15/2025	^		580,000		575,650
10.500%		09/15/2022	^		765,000		764,044
7.625%		04/15/2024			490,000		414,050
7.125%		01/15/2023			585,000		507,487
6.875%		01/15/2025			185,000		153,088
Intelsat Jackson Holdings SA (Luxembourg)
7.500%		04/01/2021			2,565,000		2,244,375
Intelsat Luxembourg SA (Luxembourg)
8.125%		06/01/2023			510,000		233,325

Coupon Rate	Maturity Date			Face		Value
Level 3 Financing, Inc.
5.375%	01/15/2024	^	$	50,000	$	50,375
5.125%	05/01/2023	^		490,000		488,163
6.125%	01/15/2021			1,875,000		1,945,312
5.625%	02/01/2023			1,000,000		1,023,750
5.375%	08/15/2022			275,000		280,156
Oi Brasil Holdings Cooperatief UA (Netherlands)
5.750%	02/10/2022	^†		1,400,000		651,000
Sprint Capital Corp.
8.750%	03/15/2032			750,000		564,375
Telenet Finance V Luxembourg SCA (Luxembourg)
6.250%	08/15/2022	EUR		630,000		740,280
UPCB Finance IV Ltd. (Cayman Islands)
5.375%	01/15/2025	^		910,000		862,225
Virgin Media Finance plc (United Kingdom)
6.375%	04/15/2023	^		560,000		570,500
6.000%	10/15/2024	^		680,000		680,850
7.000%	04/15/2023	GBP		765,000		1,190,918
4.875%	02/15/2022	GBP		500,000		455,625
Wind Acquisition Finance SA (Luxembourg)
7.000%	04/23/2021	EUR		1,020,000		1,100,171
Windstream Services LLC
7.750%	10/01/2021		$	20,000		15,838
7.500%	04/01/2023			1,000,000		757,300
						18,888,029
Electric Utilities—0.7%
Miran Mid-Atlantic Pass Through Trust, Series C
10.060%	12/30/2028			1,948,589		1,892,567
NRG Yield Operating LLC
5.375%	08/15/2024			965,000		804,569
						2,697,136
Electrical Equipment—0.2%
Trionista TopCo GmbH (Germany)
6.875%	04/30/2021	EUR		530,000		609,805
Electronic Equipment, Instruments & Components—0.6%
Sanmina Corp.
4.375%	06/01/2019	^	$	2,200,000		2,216,500
Energy Equipment & Services—1.5%
Atwood Oceanics, Inc.
6.500%	02/01/2020			290,000		156,600
CGG SA (France)
6.875%	01/15/2022			200,000		83,000
6.500%	06/01/2021			800,000		360,000
Forum Energy Technologies, Inc.
6.250%	10/01/2021			725,000		605,375
KCA Deutag UK Finance plc (United Kingdom)
7.250%	05/15/2021	^		1,500,000		1,023,750
Pacific Drilling V Ltd. (Virgin Islands, British)
7.250%	12/01/2017	^		500,000		260,000
Paragon Offshore plc (United Kingdom)
6.750%	07/15/2022	^		1,285,000		186,325
PHI, Inc.
5.250%	03/15/2019			760,000		611,800
Precision Drilling Corp. (Canada)
6.500%	12/15/2021			450,000		348,750
Seventy Seven Energy, Inc.
6.500%	07/15/2022			400,000		65,000
Shelf Drilling Holdings Ltd. (Cayman Islands)
8.625%	11/01/2018	^†		1,000,000		730,000

See accompanying notes to financial statements.

249

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint High Yield Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Summit Midstream Holdings LLC/Summit Midstream Finance Corp.
7.500%		07/01/2021		$	560,000	$	478,800
5.500%		08/15/2022	†		500,000		372,500
							5,281,900
Food & Staples Retailing—0.8%
Beverages & More, Inc.
10.000%		11/15/2018	^		700,000		653,625
Ingles Markets, Inc.
5.750%		06/15/2023			1,060,000		1,062,650
Rite Aid Corp.
6.125%		04/01/2023	^		960,000		997,200
							2,713,475
Food Products—2.4%
B&G Foods, Inc.
4.625%		06/01/2021			370,000		367,688
Boparan Finance plc (United Kingdom)
5.500%		07/15/2021	GBP		320,000		419,852
Darling Global Finance BV (Netherlands)
4.750%		05/30/2022	^EUR		830,000		876,295
JBS USA LLC/JBS USA Finance, Inc.
7.250%		06/01/2021	^	$	1,320,000		1,316,700
Kraft Heinz Foods Co.
7.125%		08/01/2039	^		240,000		293,129
4.875%		02/15/2025	^		257,000		273,439
Pilgrim’s Pride Corp.
5.750%		03/15/2025	^		1,100,000		1,072,500
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp.
4.875%		05/01/2021			1,085,000		1,044,313
Post Holdings, Inc.
7.750%		03/15/2024	^		155,000		162,750
6.000%		12/15/2022	^†		735,000		723,056
R&R Ice Cream plc (United Kingdom)
5.500%		05/15/2020	GBP		100,000		152,431
R&R Pik plc (United Kingdom)
9.250%		05/15/2018	EUR		1,060,000		1,174,994
Simmons Foods, Inc.
7.875%		10/01/2021	^	$	990,000		898,425
							8,775,572
Gas Utilities—0.4%
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.750%		03/01/2025			165,000		135,300
5.500%		06/01/2024			1,655,000		1,348,825
							1,484,125
Health Care Equipment & Supplies—1.3%
ConvaTec Finance International SA (Luxembourg)
8.250%		01/15/2019	^		1,320,000		1,232,550
DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp.
8.125%		06/15/2021	^		1,340,000		1,192,600
Greatbatch Ltd.
9.125%		11/01/2023	^		370,000		367,225
Mallinckrodt International Finance SA/Mallinckrodt CB LLC (Luxembourg)
5.750%		08/01/2022	^		1,315,000		1,268,975
5.625%		10/15/2023	^		370,000		353,350
4.875%		04/15/2020	^		305,000		295,088
							4,709,788

Coupon Rate	Maturity Date			Face		Value
Health Care Providers & Services—7.1%
Acadia Healthcare Co., Inc.
5.625%	02/15/2023		$	305,000	$	289,750
5.125%	07/01/2022			1,320,000		1,240,800
Amsurg Corp.
5.625%	07/15/2022			905,000		899,344
BioScrip, Inc.
8.875%	02/15/2021			710,000		568,000
CHS/Community Health Systems, Inc.
6.875%	02/01/2022	†		2,125,000		2,026,719
DaVita HealthCare Partners, Inc.
5.750%	08/15/2022			970,000		1,002,737
5.125%	07/15/2024			80,000		80,150
5.000%	05/01/2025			565,000		546,638
Envision Healthcare Corp.
5.125%	07/01/2022	^		1,150,000		1,132,750
ExamWorks Group, Inc.
5.625%	04/15/2023			870,000		868,912
Fresenius Medical Care US Finance II, Inc.
5.875%	01/31/2022	^		700,000		752,500
4.750%	10/15/2024	^		250,000		245,000
HCA Holdings, Inc.
6.250%	02/15/2021			1,000,000		1,062,500
HCA, Inc.
7.500%	02/15/2022			280,000		311,500
5.875%	02/15/2026			870,000		875,437
5.375%	02/01/2025			2,925,000		2,892,094
5.250%	04/15/2025			310,000		313,100
HealthSouth Corp.
5.750%	11/01/2024	^		245,000		234,894
5.125%	03/15/2023			1,255,000		1,207,937
Holding Medi-Partenaires SAS (France)
7.000%	05/15/2020	EUR		465,000		538,744
HomeVi SAS (France)
6.875%	08/15/2021		$	730,000		839,769
IASIS Healthcare LLC/IASIS Capital Corp.
8.375%	05/15/2019			710,000		656,750
Kindred Healthcare, Inc.
8.750%	01/15/2023			350,000		323,313
LifePoint Health, Inc.
5.875%	12/01/2023			165,000		167,887
5.500%	12/01/2021			1,035,000		1,055,700
Molina Healthcare, Inc.
5.375%	11/15/2022	^		850,000		852,125
Tenet Healthcare Corp.
8.125%	04/01/2022			1,030,000		1,032,575
8.000%	08/01/2020			650,000		654,875
6.750%	06/15/2023	†		1,170,000		1,087,369
4.750%	06/01/2020			530,000		535,300
4.500%	04/01/2021			60,000		58,800
4.375%	10/01/2021			245,000		237,650
Universal Hospital Services, Inc.
7.625%	08/15/2020			1,290,000		1,217,438
						25,809,057
Health Care Technology—0.2%
IMS Health, Inc.
4.125%	04/01/2023	^EUR		555,000		588,791
Hotels, Restaurants & Leisure—4.0%
1011778 BC ULC/New Red Finance, Inc. (Canada)
6.000%	04/01/2022	^	$	630,000		650,475
4.625%	01/15/2022	^		1,266,000		1,272,330

See accompanying notes to financial statements.

250

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint High Yield Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Prope
8.000%		10/01/2020	†	$	790,000	$	754,450
Carrols Restaurant Group, Inc.
8.000%		05/01/2022			470,000		498,200
CEC Entertainment, Inc.
8.000%		02/15/2022			220,000		209,000
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp.
5.375%		06/01/2024			910,000		923,650
Choctaw Resort Development Enterprise
7.250%		11/15/2019	^		459,000		445,230
Churchill Downs, Inc.
5.375%		12/15/2021			1,170,000		1,178,775
Downstream Development Authority of the Quapaw Tribe of Oklahoma
10.500%		07/01/2019	^		320,000		329,600
ESH Hospitality, Inc.
5.250%		05/01/2025	^		490,000		480,200
Greektown Holdings LLC/Greektown Mothership Corp.
8.875%		03/15/2019	^		370,000		375,550
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
5.625%		10/15/2021			750,000		780,937
Landry’s Holdings II, Inc.
10.250%		01/01/2018	^		250,000		250,000
Landry’s, Inc.
9.375%		05/01/2020	^		425,000		449,438
MGM Resorts International
6.625%		12/15/2021			500,000		514,375
NCL Corp. Ltd. (Bermuda)
5.250%		11/15/2019	^		580,000		595,590
4.625%		11/15/2020	^		300,000		295,266
Scientific Games International, Inc.
7.000%		01/01/2022	^		605,000		580,800
6.250%		09/01/2020			1,290,000		612,750
Six Flags Entertainment Corp.
5.250%		01/15/2021	^†		1,430,000		1,455,025
Speedway Motorsports, Inc.
5.125%		02/01/2023			400,000		398,000
Studio City Finance Ltd. (Virgin Islands, British)
8.500%		12/01/2020	^†		940,000		911,800
Viking Cruises Ltd. (Bermuda)
6.250%		05/15/2025	^		520,000		429,000
							14,390,441
Household Durables—1.1%
Shea Homes LP/Shea Homes Funding Corp.
6.125%		04/01/2025	^†		610,000		629,825
5.875%		04/01/2023	^		300,000		309,000
Taylor Morrison Communities, Inc./Monarch Communities, Inc.
5.875%		04/15/2023	^		150,000		148,875
5.250%		04/15/2021	^		500,000		502,500
Tempur Sealy International, Inc.
5.625%		10/15/2023	^		300,000		304,500
6.875%		12/15/2020			940,000		989,350
Toll Brothers Finance Corp.
6.750%		11/01/2019			190,000		209,950
Woodside Homes Co. LLC/Woodside Homes Finance, Inc.
6.750%		12/15/2021	^		1,080,000		934,200
							4,028,200

Coupon Rate	Maturity Date			Face		Value
Household Products—1.1%
Central Garden & Pet Co.
6.125%	11/15/2023		$	270,000	$	274,050
Century Intermediate Holding Co. 2
9.750%	02/15/2019	^		690,000		708,113
Energizer Holdings, Inc.
5.500%	06/15/2025	^		595,000		560,787
Kronos Acquisition Holdings, Inc.
9.000%	08/15/2023	^		150,000		129,000
Spectrum Brands, Inc.
5.750%	07/15/2025	^		520,000		535,600
6.625%	11/15/2022			1,385,000		1,468,100
Sun Products Corp. (The)
7.750%	03/15/2021	^		190,000		165,775
						3,841,425
Independent Power and Renewable Electricity Producers—1.8%
AES Corp.
5.500%	03/15/2024	†		860,000		771,850
Calpine Corp.
5.500%	02/01/2024			835,000		741,062
Dynegy, Inc.
6.750%	11/01/2019			1,000,000		945,000
NRG Energy, Inc.
6.625%	03/15/2023			500,000		436,250
6.250%	07/15/2022			1,750,000		1,499,750
NRG REMA LLC, Series C
9.681%	07/02/2026			500,000		485,625
Red Oak Power LLC, Series B
9.200%	11/30/2029			560,000		599,200
Talen Energy Supply LLC
4.625%	07/15/2019	^		425,000		320,875
Terraform Power Operating LLC
5.875%	02/01/2023	^		1,050,000		874,125
						6,673,737
Industrial Conglomerates—0.1%
CTP Transportation Products LLC/CTP Finance, Inc.
8.250%	12/15/2019	^		340,000		356,150
Insurance—0.7%
CNO Financial Group, Inc.
5.250%	05/30/2025			630,000		643,388
4.500%	05/30/2020			130,000		132,925
Fidelity & Guaranty Life Holdings, Inc.
6.375%	04/01/2021	^		490,000		502,250
Genworth Holdings, Inc.
7.700%	06/15/2020			350,000		330,750
4.900%	08/15/2023			210,000		140,700
HUB International Ltd.
7.875%	10/01/2021	^		950,000		857,375
						2,607,388
Internet & Catalog Retail—0.3%
Netflix, Inc.
5.875%	02/15/2025	^		700,000		721,000
5.500%	02/15/2022	^		190,000		195,700
						916,700
Internet Software & Services—0.3%
Ancestry.com, Inc.
11.000%	12/15/2020			10,000		10,725
Cogent Communications Group, Inc.
5.375%	03/01/2022	^		980,000		957,950
						968,675

See accompanying notes to financial statements.

251

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint High Yield Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
IT Services—1.2%
Compiler Finance Sub, Inc.
7.000%		05/01/2021	^	$	990,000	$	435,600
First Data Corp.
7.000%		12/01/2023	^		1,940,000		1,944,850
5.750%		01/15/2024	^		665,000		656,687
5.375%		08/15/2023	^		1,155,000		1,163,663
5.000%		01/15/2024	^		320,000		319,200
							4,520,000
Leisure Products—0.3%
PortAventura Entertainment Barcelona BV (Netherlands)
7.250%		12/01/2020	EUR		650,000		727,569
Vista Outdoor, Inc.
5.875%		10/01/2023	^	$	440,000		453,200
							1,180,769
Machinery—0.8%
Apex Tool Group LLC
7.000%		02/01/2021	^		1,185,000		918,375
BlueLine Rental Finance Corp.
7.000%		02/01/2019	^		925,000		837,125
Milacron LLC/Mcron Finance Corp.
7.750%		02/15/2021	^		1,095,000		1,026,562
							2,782,062
Marine—0.1%
CMA CGM SA (France)
7.750%		01/15/2021	^EUR		420,000		401,549
Media—7.1%
Altice Financing SA (Luxembourg)
6.625%		02/15/2023	^EUR		1,690,000		1,673,100
5.250%		02/15/2023	^EUR		270,000		293,467
Altice SA (Luxembourg)
7.625%		02/15/2025	^EUR		200,000		173,000
7.250%		05/15/2022	EUR		690,000		704,229
AMC Entertainment, Inc.
5.750%		06/15/2025		$	250,000		251,875
Carmike Cinemas, Inc.
6.000%		06/15/2023	^		210,000		215,775
CCO Holdings LLC/CCO Holdings Capital Corp.
5.375%		05/01/2025	^		190,000		189,525
5.125%		05/01/2023	^		700,000		701,750
6.500%		04/30/2021			650,000		677,219
CCO Safari II LLC
6.484%		10/23/2045	^		300,000		301,278
4.908%		07/23/2025	^		1,230,000		1,230,661
CCOH Safari LLC
5.750%		02/15/2026	^		820,000		824,100
Cequel Communications Holdings I LLC/Cequel Capital Corp.
5.125%		12/15/2021	^		915,000		826,931
CSC Holdings LLC
6.750%		11/15/2021			355,000		349,675
5.250%		06/01/2024			1,210,000		1,064,800
DISH DBS Corp.
7.875%		09/01/2019			410,000		446,900
6.750%		06/01/2021			30,000		30,300
5.875%		07/15/2022			2,625,000		2,454,375
Gibson Brands, Inc.
8.875%		08/01/2018	^		750,000		438,750

Coupon Rate	Maturity Date			Face		Value
iHeartCommunications, Inc.
14.000%	02/01/2021		$	940,000	$	260,850
Lamar Media Corp.
5.000%	05/01/2023			240,000		244,200
LGE HoldCo VI BV (Netherlands)
7.125%	05/15/2024	EUR		100,000		117,912
Mediacom Broadband LLC/Mediacom Broadband Corp.
5.500%	04/15/2021		$	850,000		821,312
Neptune Finco Corp.
6.625%	10/15/2025	^		610,000		635,925
New Cotai LLC/New Cotai Capital Corp.
10.625%	05/01/2019	^		1,155,258		869,332
Numericable-SFR (France)
6.000%	05/15/2022	^EUR		880,000		855,800
5.625%	05/15/2024	EUR		1,170,000		1,292,159
Sinclair Television Group, Inc.
5.375%	04/01/2021		$	915,000		920,719
Time Warner Cable, Inc.
7.300%	07/01/2038			280,000		304,433
Time, Inc.
5.750%	04/15/2022	^		805,000		738,587
Tribune Media Co.
5.875%	07/15/2022	^		280,000		280,700
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH (Germany)
5.750%	01/15/2023	EUR		216,000		249,996
5.625%	04/15/2023	EUR		558,000		642,639
Univision Communications, Inc.
6.750%	09/15/2022	^	$	716,000		744,640
5.125%	05/15/2023	^		90,000		87,075
5.125%	02/15/2025	^		600,000		571,500
Vougeot Bidco plc (United Kingdom)
7.875%	07/15/2020	GBP		680,000		1,058,744
WMG Acquisition Corp.
5.625%	04/15/2022	^	$	1,615,000		1,562,512
Ziggo Bond Finance BV (Netherlands)
4.625%	01/15/2025	^EUR		625,000		632,522
						25,739,267
Metals & Mining—2.2%
Alcoa, Inc.
5.950%	02/01/2037		$	340,000		275,400
ArcelorMittal (Luxembourg)
6.500%	03/01/2021	†		250,000		202,473
6.125%	06/01/2025			460,000		336,950
Barminco Finance Pty Ltd. (Australia)
9.000%	06/01/2018	^†		495,000		393,525
BHP Billiton Finance USA Ltd. (Australia)
6.750%	10/19/2075	#^†		340,000		328,950
Cliffs Natural Resources, Inc.
8.250%	03/31/2020	^		615,000		472,012
Coeur Mining, Inc.
7.875%	02/01/2021	†		420,000		253,050
Eldorado Gold Corp. (Canada)
6.125%	12/15/2020	^		770,000		677,600
First Quantum Minerals Ltd. (Canada)
7.250%	05/15/2022	^		1,045,000		658,350
FMG Resources August 2006 Pty Ltd. (Australia)
9.750%	03/01/2022	^†		890,000		818,800
HudBay Minerals, Inc. (Canada)
9.500%	10/01/2020			605,000		446,187
Novelis, Inc. (Canada)
8.750%	12/15/2020			1,600,000		1,476,000
Ryerson, Inc./Joseph T Ryerson & Son, Inc.
9.000%	10/15/2017			90,000		69,750

See accompanying notes to financial statements.

252

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint High Yield Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Steel Dynamics, Inc.
5.500%		10/01/2024		$	285,000	$	260,775
5.125%		10/01/2021	†		505,000		469,650
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.
7.375%		02/01/2020	^		1,220,000		762,500
Thompson Creek Metals Co., Inc. (Canada)
12.500%		05/01/2019			370,000		77,700
							7,979,672
Multiline Retail—0.7%
Dufry Finance SCA (Luxembourg)
5.500%		10/15/2020	^		340,000		355,300
Family Tree Escrow LLC
5.750%		03/01/2023	^		710,000		738,400
Neiman Marcus Group Ltd. LLC
8.750%		10/15/2021	^		2,140,000		1,337,500
							2,431,200
Oil, Gas & Consumable Fuels—8.1%
Antero Resources Corp.
5.375%		11/01/2021			270,000		217,350
Approach Resources, Inc.
7.000%		06/15/2021			420,000		151,200
Baytex Energy Corp. (Canada)
5.125%		06/01/2021	^		860,000		582,650
Berry Petroleum Co. LLC
6.375%		09/15/2022			670,000		165,825
Blue Racer Midstream LLC/Blue Racer Finance Corp.
6.125%		11/15/2022	^		520,000		361,400
BreitBurn Energy Partners LP/BreitBurn Finance Corp.
8.625%		10/15/2020			300,000		61,500
California Resources Corp.
6.000%		11/15/2024	†		800,000		246,000
5.500%		09/15/2021	†		895,000		286,400
Calumet Specialty Products Partners LP/Calumet Finance Corp.
6.500%		04/15/2021			940,000		822,500
Carrizo Oil & Gas, Inc.
7.500%		09/15/2020			330,000		289,987
6.250%		04/15/2023			205,000		167,075
Chesapeake Energy Corp.
4.875%		04/15/2022			750,000		211,920
3.571%		04/15/2019	#		1,750,000		494,375
CITGO Petroleum Corp.
6.250%		08/15/2022	^		960,000		926,400
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp.
6.375%		03/15/2024	†		880,000		264,000
CrownRock LP/CrownRock Finance, Inc.
7.750%		02/15/2023	^		370,000		349,650
Denbury Resources, Inc.
5.500%		05/01/2022			905,000		304,967
Energy XXI Gulf Coast, Inc.
11.000%		03/15/2020	^		620,000		218,550
EP Energy LLC / Everest Acquisition Finance, Inc.
9.375%		05/01/2020			560,000		359,800
6.375%		06/15/2023			160,000		80,800
EV Energy Partners LP / EV Energy Finance Corp.
8.000%		04/15/2019			310,000		156,550
Genesis Energy LP/Genesis Energy Finance Corp.
6.000%		05/15/2023			330,000		265,650

Coupon Rate	Maturity Date			Face		Value
Gulfport Energy Corp.
7.750%	11/01/2020		$	150,000	$	135,000
6.625%	05/01/2023			865,000		726,600
Halcon Resources Corp.
8.625%	02/01/2020	^		60,000		41,625
9.750%	07/15/2020			40,000		11,800
8.875%	05/15/2021	†		1,150,000		339,250
Jones Energy Holdings LLC/Jones Energy Finance Corp.
6.750%	04/01/2022			840,000		474,600
Laredo Petroleum, Inc.
6.250%	03/15/2023			80,000		70,000
5.625%	01/15/2022			695,000		608,125
Linn Energy LLC/Linn Energy Finance Corp.
12.000%	12/15/2020	^		883,000		450,330
6.500%	09/15/2021			270,000		37,800
6.250%	11/01/2019			1,350,000		229,500
Magnum Hunter Resources Corp.
9.750%	05/15/2020			1,280,000		339,200
Matador Resources Co.
6.875%	04/15/2023			410,000		383,350
MEG Energy Corp. (Canada)
7.000%	03/31/2024	^		540,000		386,100
6.500%	03/15/2021	^		190,000		133,950
MPLX LP
4.875%	12/01/2024	^		780,000		703,950
4.875%	06/01/2025	^		580,000		522,000
Murphy Oil USA, Inc.
6.000%	08/15/2023			310,000		327,050
Murray Energy Corp.
11.250%	04/15/2021	^		1,140,000		213,750
Natural Resource Partners LP/NRP Finance Corp.
9.125%	10/01/2018			1,315,000		861,325
Navios Maritime Acquisition Corp./Navios Acquisition Finance US, Inc. (Marshall Islands)
8.125%	11/15/2021	^		1,000,000		876,250
NGPL PipeCo LLC
7.119%	12/15/2017	^		240,000		224,400
Oasis Petroleum, Inc.
6.875%	03/15/2022	†		725,000		467,625
6.875%	01/15/2023			1,100,000		687,500
6.500%	11/01/2021			270,000		180,225
Parsley Energy LLC/Parsley Finance Corp.
7.500%	02/15/2022	^†		580,000		556,800
Petrobras Global Finance BV (Netherlands)
6.850%	06/05/2115			270,000		176,175
QEP Resources, Inc.
5.375%	10/01/2022			540,000		391,500
Range Resources Corp.
4.875%	05/15/2025	^		830,000		633,912
5.750%	06/01/2021			1,750,000		1,391,250
Rice Energy, Inc.
7.250%	05/01/2023	^		310,000		227,850
6.250%	05/01/2022			580,000		420,500
Rockies Express Pipeline LLC
7.500%	07/15/2038	^		250,000		223,750
6.875%	04/15/2040	^		668,000		577,820
5.625%	04/15/2020	^		530,000		490,250
Rose Rock Midstream LP/Rose Rock Finance Corp.
5.625%	11/15/2023	^		380,000		271,700
RSP Permian, Inc.
6.625%	10/01/2022	^		450,000		416,250
Sabine Pass Liquefaction LLC
5.625%	03/01/2025	^		125,000		106,250
5.625%	04/15/2023			930,000		820,725
Samson Investment Co.
9.750%	02/15/2020	D		850,000		1,913

See accompanying notes to financial statements.

253

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint High Yield Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Sanchez Energy Corp.
7.750%		06/15/2021		$	820,000	$	504,300
6.125%		01/15/2023	†		280,000		152,600
SM Energy Co.
5.625%		06/01/2025			670,000		443,875
Southern Star Central Corp.
5.125%		07/15/2022	^		865,000		717,950
Stone Energy Corp.
7.500%		11/15/2022			495,000		165,825
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
6.750%		03/15/2024	^		1,465,000		1,252,575
5.250%		05/01/2023	†		390,000		317,850
Teine Energy Ltd. (Canada)
6.875%		09/30/2022	^		280,000		226,800
Tesoro Logistics LP/Tesoro Logistics Finance Corp.
5.500%		10/15/2019	^		535,000		521,625
Triangle USA Petroleum Corp.
6.750%		07/15/2022	^		240,000		74,400
Ultra Petroleum Corp. (Canada)
6.125%		10/01/2024	^		855,000		198,788
5.750%		12/15/2018	^		600,000		147,000
Vanguard Natural Resources LLC/VNR Finance Corp.
7.875%		04/01/2020			330,000		89,100
Whiting Petroleum Corp.
6.250%		04/01/2023	†		775,000		561,875
5.750%		03/15/2021			470,000		344,980
WPX Energy, Inc.
8.250%		08/01/2023			490,000		393,225
							29,235,267
Paper & Forest Products—0.1%
Resolute Forest Products, Inc.
5.875%		05/15/2023			310,000		227,075
Personal Products—1.0%
First Quality Finance Co., Inc.
4.625%		05/15/2021	^		960,000		878,400
NBTY, Inc.
9.000%		10/01/2018			900,000		913,401
Prestige Brands, Inc.
5.375%		12/15/2021	^		1,740,000		1,679,100
							3,470,901
Pharmaceuticals—2.8%
Capsugel SA (Luxembourg)
7.000%		05/15/2019	^		645,000		630,084
DPx Holdings BV (Netherlands)
7.500%		02/01/2022	^		500,000		489,375
Endo Finance LLC
5.750%		01/15/2022	^		1,445,000		1,408,875
Endo Finance LLC/Endo Finco, Inc.
5.875%		01/15/2023	^		145,000		142,825
Grifols Worldwide Operations Ltd. (Ireland)
5.250%		04/01/2022	^		440,000		443,300
JLL/Delta Dutch Pledgeco BV (Netherlands)
8.750%		05/01/2020	^		890,000		861,075
Valeant Pharmaceuticals International, Inc.
7.250%		07/15/2022	^		60,000		58,950
6.750%		08/15/2021	^†		1,385,000		1,343,450
6.375%		10/15/2020	^†		500,000		485,000

Coupon Rate	Maturity Date			Face		Value
Valeant Pharmaceuticals International, Inc. (Canada)
6.750%	08/15/2018	^	$	130,000	$	129,480
6.125%	04/15/2025	^†		440,000		393,800
5.875%	05/15/2023	^		1,545,000		1,386,638
5.625%	12/01/2021	^		845,000		781,625
5.500%	03/01/2023	^		985,000		871,725
5.375%	03/15/2020	^†		590,000		557,550
						9,983,752
Professional Services—0.2%
Jaguar Holding Co. II / Pharmaceutical Product Development LLC
6.375%	08/01/2023	^		860,000		840,650
Real Estate Investment Trusts (REITs)—0.8%
Communications Sales & Leasing, Inc. / CSL Capital LLC
8.250%	10/15/2023			680,000		578,000
CTR Partnership LP/CareTrust Capital Corp.
5.875%	06/01/2021			840,000		851,550
GEO Group, Inc. (The)
5.875%	10/15/2024			440,000		429,000
Iron Mountain, Inc.
6.000%	10/01/2020	^		1,025,000		1,083,938
						2,942,488
Real Estate Management & Development—0.5%
CBRE Services, Inc.
5.250%	03/15/2025			570,000		578,392
Greystar Real Estate Partners LLC
8.250%	12/01/2022	^		550,000		573,375
Howard Hughes Corp. (The)
6.875%	10/01/2021	^		770,000		789,250
						1,941,017
Road & Rail—1.3%
Ashtead Capital, Inc.
6.500%	07/15/2022	^		1,805,000		1,890,737
Florida East Coast Holdings Corp.
6.750%	05/01/2019	^		390,000		357,825
Jack Cooper Holdings Corp.
10.250%	06/01/2020	^		750,000		626,250
Modular Space Corp.
10.250%	01/31/2019	^		616,000		249,480
OPE KAG Finance Sub, Inc.
7.875%	07/31/2023	^		530,000		528,013
Watco Cos. LLC/Watco Finance Corp.
6.375%	04/01/2023	^		900,000		891,000
						4,543,305
Semiconductors & Semiconductor Equipment—0.3%
Micron Technology, Inc.
5.250%	08/01/2023	^		90,000		81,225
5.500%	02/01/2025			540,000		471,150
NXP BV/NXP Funding LLC (Netherlands)
4.625%	06/15/2022	^		560,000		551,600
						1,103,975
Software—0.6%
Activision Blizzard, Inc.
5.625%	09/15/2021	^		440,000		462,000
Interface Security Systems Holdings, Inc./Interface Security Systems LLC
9.250%	01/15/2018			590,000		580,413
Open Text Corp. (Canada)
5.625%	01/15/2023	^		585,000		580,612

See accompanying notes to financial statements.

254

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint High Yield Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
SS&C Technologies Holdings, Inc.
5.875%		07/15/2023	^	$	495,000	$	512,325
							2,135,350
Specialty Retail—2.8%
AmeriGas Finance LLC/AmeriGas Finance Corp.
7.000%		05/20/2022			1,260,000		1,225,350
6.750%		05/20/2020			145,000		141,737
DBP Holding Corp.
7.750%		10/15/2020	^		1,275,000		714,000
GameStop Corp.
5.500%		10/01/2019	^		330,000		326,288
Guitar Center, Inc.
9.625%		04/15/2020	^		1,060,000		747,300
L Brands, Inc.
6.875%		11/01/2035	^		510,000		525,938
6.950%		03/01/2033			330,000		330,000
Men’s Wearhouse, Inc. (The)
7.000%		07/01/2022	†		935,000		673,200
Michaels Stores, Inc.
5.875%		12/15/2020	^†		1,250,000		1,293,750
Party City Holdings, Inc.
6.125%		08/15/2023	^†		695,000		677,625
Pendragon plc (United Kingdom)
6.875%		05/01/2020	GBP		550,000		851,350
Rent-A-Center, Inc.
6.625%		11/15/2020	†	$	845,000		720,362
4.750%		05/01/2021			180,000		135,450
Sally Holdings LLC/Sally Capital, Inc.
5.750%		06/01/2022			1,310,000		1,362,400
5.625%		12/01/2025			460,000		466,900
							10,191,650
Technology Hardware, Storage & Peripherals—0.3%
NCR Corp.
6.375%		12/15/2023			115,000		113,706
5.875%		12/15/2021			990,000		978,863
							1,092,569
Textiles, Apparel & Luxury Goods—0.4%
Empire Today LLC/Empire Today Finance Corp.
11.375%		02/01/2017	^		240,000		229,200
Levi Strauss & Co.
5.000%		05/01/2025			450,000		450,000
William Carter Co. (The)
5.250%		08/15/2021			500,000		516,250
Wolverine World Wide, Inc.
6.125%		10/15/2020			245,000		256,025
							1,451,475
Tobacco—0.1%
Alliance One International, Inc.
9.875%		07/15/2021	†		600,000		443,250
Trading Companies & Distributors—1.4%
Flexi-Van Leasing, Inc.
7.875%		08/15/2018	^		1,725,000		1,733,625
H&E Equipment Services, Inc.
7.000%		09/01/2022	†		1,000,000		985,000
United Rentals North America, Inc.
6.125%		06/15/2023			1,690,000		1,736,475

Coupon Rate	Maturity Date			Face		Value
WESCO Distribution, Inc.
5.375%	12/15/2021		$	470,000	$	453,550
						4,908,650
Transportation Infrastructure—0.1%
Moto Finance plc (United Kingdom)
6.375%	09/01/2020	^GBP		275,000		417,973
Wireless Telecommunication Services—2.8%
Matterhorn Telecom SA (Luxembourg)
3.875%	05/01/2022	^EUR		430,000		426,974
3.625%	05/01/2022	^CHF		150,000		137,031
Sprint Communications, Inc.
8.375%	08/15/2017		$	1,750,000		1,726,375
6.000%	11/15/2022	†		220,000		155,650
Sprint Corp.
7.625%	02/15/2025			240,000		176,400
7.250%	09/15/2021			5,305,000		4,016,946
T-Mobile USA, Inc.
6.633%	04/28/2021			1,500,000		1,560,000
6.500%	01/15/2026		��	530,000		536,355
6.464%	04/28/2019			500,000		516,160
6.000%	03/01/2023	†		320,000		324,800
VimpelCom Holdings BV (Netherlands)
5.950%	02/13/2023	^		700,000		648,207
						10,224,898
TOTAL CORPORATE OBLIGATIONS
(Cost $356,013,884)						312,053,684
FLOATING RATE LOANS—0.8%**
FMG Resources PTY Ltd. Loan
4.250%	06/30/2019	#		89,542		66,847
Hercules Offshore, Inc. 1st Lien Term Loan Exit
10.500%	05/06/2020	#		770,000		563,386
Lantheus Medical Imaging, Inc. Term Loan B
7.000%	06/25/2022	#		388,050		357,006
Magnum Hunter Resources Corp.
4.260%	12/31/2022	#		80,000		80,000
Murray Energy Corp., 1st Lien Term Loan B2
7.500%	04/16/2020	#		975,013		627,840
Panda Temple Power LLC, Term Loan
7.250%	03/06/2022	#		446,625		368,466
TPF II LC LLC, Term Loan B
5.500%	09/24/2021	#		600,027		589,526
TOTAL FLOATING RATE LOANS
(Cost $3,268,990)						2,653,071
MORTGAGE-BACKED SECURITIES—2.6%
Commercial Mortgage-Backed Securities—0.2%
COMM Mortgage Trust, Series 2015-LC21, Class E
3.250%	07/10/2048	^		300,000		186,365
JPMBB Commercial Mortgage Securities Trust, Series 2015-C31, Class D
4.119%	08/15/2048	#		210,000		158,350
JPMBB Commercial Mortgage Securities Trust, Series 2015-C31, Class E
4.619%	08/15/2048	#^		200,000		139,873
Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class E
3.000%	05/15/2048	^		300,000		182,166

See accompanying notes to financial statements.

255

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint High Yield Fund
Coupon Rate	Maturity Date			Face		Value
MORTGAGE-BACKED SECURITIES—(Continued)
Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class D
4.471%		12/15/2047	#	$	200,000	$	165,530
							832,284
Non-Agency Mortgage-Backed Securities—2.4%
CSMC, Series 2015-8R, Class A1
4.500%		06/27/2036	^		672,825		679,483
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2014-HQ3, Class M3
5.172%		10/25/2024	#		2,500,000		2,512,619
Morgan Stanley Resecuritization Trust, Series 2015-R5, Class 2B
0.446%		10/26/2046	#^		160,000		101,406
Morgan Stanley Resecuritization Trust, Series 2015-R6, Class 2B
0.463%		07/26/2045	#^		3,740,000		1,867,239
Nomura Resecuritization Trust, Series 2015-6R, Class A5
0.411%		05/26/2046	#^		2,380,000		1,436,686
Reperforming Loan REMIC Trust, Series 2005-R2, Class A3
8.000%		06/25/2035	^		1,097,499		1,165,261
WaMu Mortgage Pass-Through Certificates, Series 2005-AR15, Class A1C3
0.902%		11/25/2045	#		1,508,543		818,755
							8,581,449
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $9,627,629)							9,413,733
ASSET-BACKED SECURITIES—0.9%
Home Equity—0.6%
Bayview Financial Asset Trust Series 2007-SR1A, Class M3
1.572%		03/25/2037	#^‡		1,387,747		1,110,767
Bayview Financial Asset Trust Series 2007-SR1A, Class M1
1.222%		03/25/2037	#^‡		599,049		512,103
Mastr Asset Backed Securities Trust Series 2006-FRE1, Class A4
0.712%		12/25/2035	#		497,613		446,058
							2,068,928
Student Loan—0.3%
Nelnet Student Loan Trust Series 2008-3, Class A4
2.043%		11/25/2024	#		450,000		453,470
Nelnet Student Loan Trust Series 2005-4, Class A4
0.766%		03/22/2032	#		311,000		281,849
SLM Student Loan Trust 2008-5 Series 2008-5, Class A4
2.020%		07/25/2023	#		440,000		443,014
							1,178,333
TOTAL ASSET-BACKED SECURITIES
(Cost $3,187,442)							3,247,261

		Shares		Value
MONEY MARKET FUNDS—13.1%
Institutional Money Market Funds—13.1%
Dreyfus Institutional Cash Advantage Fund, 0.26%	††¥	3,250,000	$	3,250,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32%	¥	27,768,005		27,768,005
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32%	††¥	3,398,788		3,398,788
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.32%	††¥	3,250,000		3,250,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.29%	††¥	3,250,000		3,250,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.32%	††¥	3,250,000		3,250,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.31%	††¥	3,250,000		3,250,000
TOTAL MONEY MARKET FUNDS
(Cost $47,416,793)				47,416,793
TOTAL INVESTMENTS—104.0%
(Cost $421,281,438)				375,987,692
Other assets less liabilities—(4.0%)				(14,425,789	)
NET ASSETS—100.0%			$	361,561,903

See accompanying notes to financial statements.

256

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

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
*	Non-income producing.
#	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 $156,945,483, which represents 43.4% of Net Assets. The illiquid 144A securities represented 0.4% of Net Assets, and 0.9% of total 144A securities held.
†	Denotes all or a portion of the security on loan.
D	Security in default.
**	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 valued at fair value as determined by policies approved by the Board of Directors. (Total Market Value $1,622,870)
††	Represents reinvestment of collateral received in conjunction with securities lending.
¥	The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to financial statements.

257

SCHEDULE OF INVESTMENTS

December 31, 2015

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—95.7%
Aerospace & Defense—2.6%
Boeing Co. (The)			91,200	$	13,186,608
BWX Technologies, Inc.			14,100		447,957
General Dynamics Corp.			3,220		442,299
L-3 Communications Holdings, Inc.			3,700		442,187
Lockheed Martin Corp.			2,100		456,015
Northrop Grumman Corp.			2,400		453,144
Orbital ATK, Inc.			5,000		446,700
Precision Castparts Corp.			2,000		464,020
Raytheon Co.			3,500		435,855
Spirit AeroSystems Holdings, Inc., Class A	*		8,865		443,871
Textron, Inc.			10,500		441,105
Triumph Group, Inc.			67,250		2,673,188
United Technologies Corp.			332,360		31,929,825
					52,262,774
Air Freight & Logistics—1.8%
FedEx Corp.			198,280		29,541,737
United Parcel Service, Inc., Class B			69,800		6,716,854
					36,258,591
Airlines—0.1%
Copa Holdings SA, Class A (Panama)	†		8,515		410,934
JetBlue Airways Corp.	*		19,200		434,880
Southwest Airlines Co.			37,600		1,619,056
					2,464,870
Auto Components—0.3%
Gentex Corp.			29,220		467,812
Goodyear Tire & Rubber Co. (The)			13,600		444,312
Johnson Controls, Inc.			138,200		5,457,518
Lear Corp.			3,515		431,748
					6,801,390
Automobiles—0.4%
Ford Motor Co.			98,005		1,380,890
General Motors Co.			153,672		5,226,385
Harley-Davidson, Inc.	†		9,600		435,744
					7,043,019
Banks—7.9%
Associated Banc-Corp			24,000		450,000
Bank of America Corp.			701,816		11,811,563
Bank of Hawaii Corp.	†		7,000		440,300
BankUnited, Inc.			12,500		450,750
BB&T Corp.			12,100		457,501
BOK Financial Corp.	†		7,070		422,715
CIT Group, Inc.			10,655		423,004
Citigroup, Inc.			422,625		21,870,844
Citizens Financial Group, Inc.			16,900		442,611
Comerica, Inc.			10,600		443,398
Commerce Bancshares, Inc./Missouri			10,258		436,375
Cullen/Frost Bankers, Inc.			7,200		432,000
East West Bancorp, Inc.			10,600		440,536
Fifth Third Bancorp			199,300		4,005,930
First Horizon National Corp.			31,100		451,572

		Shares		Value
First Niagara Financial Group, Inc.			41,000	$	444,850
First Republic Bank/California			6,700		442,602
Huntington Bancshares, Inc./Ohio			42,100		465,626
JPMorgan Chase & Co.			676,180		44,648,166
KeyCorp			32,600		429,994
M&T Bank Corp.			60,874		7,376,711
PacWest Bancorp			10,427		449,404
People’s United Financial, Inc.	†		28,200		455,430
PNC Financial Services Group, Inc. (The)			198,485		18,917,605
Popular, Inc. (Puerto Rico)			14,660		415,465
Regions Financial Corp.			47,600		456,960
Royal Bank of Scotland Group plc (United Kingdom)	*		977,946		4,347,031
Signature Bank/New York	*		2,900		444,773
SunTrust Banks, Inc.			10,300		441,252
SVB Financial Group	*		3,800		451,820
Synovus Financial Corp.			13,885		449,596
TCF Financial Corp.			31,100		439,132
U.S. Bancorp			87,400		3,729,358
Wells Fargo & Co.			594,120		32,296,363
Zions Bancorporation			16,100		439,530
					160,520,767
Beverages—0.5%
Brown-Forman Corp., Class A	†		4,000		440,440
Brown-Forman Corp., Class B			4,400		436,832
Diageo plc ADR (United Kingdom)			28,450		3,103,041
Molson Coors Brewing Co., Class B			4,780		448,938
PepsiCo, Inc.			65,700		6,564,744
					10,993,995
Biotechnology—0.9%
Alkermes plc (Ireland)	*		5,680		450,878
Alnylam Pharmaceuticals, Inc.	*		4,910		462,227
Amgen, Inc.			38,200		6,201,006
Baxalta, Inc.			54,685		2,134,356
Gilead Sciences, Inc.			82,130		8,310,735
					17,559,202
Building Products—0.5%
Armstrong World Industries, Inc.	*		9,700		443,581
Fortune Brands Home & Security, Inc.			176,830		9,814,065
Owens Corning, Inc.			10,020		471,241
					10,728,887
Capital Markets—4.2%
Ameriprise Financial, Inc.			109,830		11,688,109
Bank of New York Mellon Corp. (The)			151,400		6,240,708
BlackRock, Inc.			28,535		9,716,738
Charles Schwab Corp. (The)			13,500		444,555
E*TRADE Financial Corp.	*		15,085		447,119
Franklin Resources, Inc.			330,150		12,156,123
Goldman Sachs Group, Inc. (The)			37,640		6,783,857
Interactive Brokers Group, Inc., Class A			10,890		474,804

See accompanying notes to financial statements.

258

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Invesco Ltd.			216,600	$	7,251,768
Legg Mason, Inc.			10,730		420,938
Morgan Stanley			296,000		9,415,760
Northern Trust Corp.			130,100		9,378,909
Och-Ziff Capital Management Group LLC, Class A			178,700		1,113,301
Raymond James Financial, Inc.			7,600		440,572
State Street Corp.			107,600		7,140,336
TD Ameritrade Holding Corp.			12,825		445,156
Waddell & Reed Financial, Inc., Class A			15,000		429,900
					83,988,653
Chemicals—2.7%
Agrium, Inc. (Canada)			29,200		2,608,728
Air Products & Chemicals, Inc.			3,520		457,987
Airgas, Inc.			3,200		442,624
Albemarle Corp.			7,903		442,647
Ashland, Inc.			4,120		423,124
Cabot Corp.			10,600		433,328
Celanese Corp., Series A			6,595		444,042
Chemours Co. (The)			77,603		415,952
Dow Chemical Co. (The)			152,525		7,851,987
E.I. Du Pont de Nemours & Co.			560,761		37,346,683
Eastman Chemical Co.			6,600		445,566
FMC Corp.			11,000		430,430
Huntsman Corp.			39,225		445,988
Mosaic Co. (The)			15,000		413,850
Platform Specialty Products Corp.	*†		32,900		422,107
Praxair, Inc.			4,300		440,320
Scotts Miracle-Gro Co. (The), Class A			6,800		438,668
Westlake Chemical Corp.			8,375		454,930
					54,358,961
Commercial Services & Supplies—0.4%
ADT Corp. (The)	†		13,020		429,400
Clean Harbors, Inc.	*†		10,485		436,700
KAR Auction Services, Inc.			12,200		451,766
Pitney Bowes, Inc.			22,000		454,300
R.R. Donnelley & Sons Co.			30,175		444,176
Republic Services, Inc.			10,075		443,199
Tyco International plc			150,230		4,790,835
Waste Connections, Inc.			8,140		458,445
Waste Management, Inc.			8,335		444,839
					8,353,660
Communications Equipment—3.1%
ARRIS Group, Inc.	*		15,200		464,664
Brocade Communications Systems, Inc.			49,685		456,108
Cisco Systems, Inc.			976,230		26,509,526
CommScope Holding Co., Inc.	*		17,000		440,130
EchoStar Corp., Class A	*		11,635		455,045
Harris Corp.			97,930		8,510,117

		Shares		Value
Juniper Networks, Inc.			16,200	$	447,120
Lumentum Holdings, Inc.	*		21,266		468,277
QUALCOMM, Inc.			156,400		7,817,654
ViaSat, Inc.	*†		281,700		17,186,517
Viavi Solutions, Inc.	*		72,630		442,317
					63,197,475
Construction & Engineering—0.1%
AECOM	*		14,600		438,438
Chicago Bridge & Iron Co. NV (Netherlands)			10,900		424,991
Fluor Corp.			9,200		434,424
Jacobs Engineering Group, Inc.	*		10,330		433,344
KBR, Inc.			25,350		428,922
Quanta Services, Inc.	*		21,400		433,350
					2,593,469
Construction Materials—0.3%
Martin Marietta Materials, Inc.			3,100		423,398
Vulcan Materials Co.			68,400		6,495,948
					6,919,346
Consumer Finance—0.6%
Ally Financial, Inc.	*		23,255		433,473
American Express Co.			121,700		8,464,235
Capital One Financial Corp.			5,825		420,449
Discover Financial Services			8,520		456,842
Navient Corp.			36,080		413,116
OneMain Holdings, Inc.	*		10,700		444,478
Santander Consumer USA Holdings, Inc.	*		27,845		441,343
SLM Corp.	*		68,915		449,326
Synchrony Financial	*		15,547		472,784
					11,996,046
Containers & Packaging—0.2%
AptarGroup, Inc.			6,100		443,165
Avery Dennison Corp.			7,000		438,620
Bemis Co., Inc.			9,900		442,431
Crown Holdings, Inc.	*		9,200		466,440
Graphic Packaging Holding Co.			33,500		429,805
Owens-Illinois, Inc.	*		25,500		444,210
Sonoco Products Co.			10,835		442,827
WestRock Co.			30,820		1,406,008
					4,513,506
Distributors—0.0%
Genuine Parts Co.			8,852		760,298
Diversified Consumer Services—0.8%
Graham Holdings Co., Class B			33,158		16,080,635
H&R Block, Inc.			13,400		446,354
					16,526,989
Diversified Financial Services—0.4%
Berkshire Hathaway, Inc., Class B	*		3,400		448,936
CME Group, Inc.			4,900		443,940
Intercontinental Exchange, Inc.			23,405		5,997,765
Leucadia National Corp.			25,700		446,923

See accompanying notes to financial statements.

259

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Nasdaq, Inc.			7,700	$	447,909
Voya Financial, Inc.			11,800		435,538
					8,221,011
Diversified Telecommunication Services—4.1%
AT&T, Inc.			69,542		2,392,940
CenturyLink, Inc.			137,060		3,448,430
Frontier Communications Corp.	†		88,400		412,828
Level 3 Communications, Inc.	*		975,951		53,052,696
Telefonica SA (Spain)			263,605		2,924,415
Verizon Communications, Inc.			418,859		19,359,663
Zayo Group Holdings, Inc.	*		17,000		452,030
					82,043,002
Electric Utilities—2.8%
American Electric Power Co., Inc.			8,125		473,444
Avangrid, Inc.	*		12,100		464,640
Duke Energy Corp.			56,223		4,013,760
Edison International			161,135		9,540,803
Entergy Corp.			118,260		8,084,254
Eversource Energy			146,890		7,501,672
Exelon Corp.			73,450		2,039,706
FirstEnergy Corp.			255,400		8,103,842
Great Plains Energy, Inc.			16,800		458,808
Hawaiian Electric Industries, Inc.			15,600		451,620
ITC Holdings Corp.			11,370		446,273
NextEra Energy, Inc.			40,790		4,237,673
OGE Energy Corp.			16,300		428,527
Pepco Holdings, Inc.			16,995		442,040
Pinnacle West Capital Corp.			7,200		464,256
PPL Corp.			13,800		470,994
Southern Co. (The)			10,000		467,900
Westar Energy, Inc.			10,500		445,305
Xcel Energy, Inc.			206,600		7,419,006
					55,954,523
Electrical Equipment—0.9%
Babcock & Wilcox Enterprises, Inc.	*		21,250		443,487
Eaton Corp. plc			177,445		9,234,238
Emerson Electric Co.			162,400		7,767,592
Hubbell, Inc.			5,300		535,512
Regal Beloit Corp.			7,625		446,215
					18,427,044
Electronic Equipment, Instruments & Components—0.3%
Arrow Electronics, Inc.	*		8,400		455,112
Avnet, Inc.			10,100		432,684
Corning, Inc.			24,100		440,548
Dolby Laboratories, Inc., Class A			12,700		427,355
Fitbit, Inc., Class A	*		15,600		461,604
FLIR Systems, Inc.			15,900		446,313
Ingram Micro, Inc., Class A			14,300		434,434
Jabil Circuit, Inc.			18,770		437,153
Keysight Technologies, Inc.	*		15,400		436,282
National Instruments Corp.			15,200		436,088
TE Connectivity Ltd. (Switzerland)			21,800		1,408,498

		Shares		Value
Trimble Navigation Ltd.	*		20,100	$	431,145
					6,247,216
Energy Equipment & Services—1.7%
Baker Hughes, Inc.			9,430		435,195
Cameron International Corp.	*		7,125		450,300
Diamond Offshore Drilling, Inc.	†		20,100		424,110
Dril-Quip, Inc.	*		7,300		432,379
Ensco plc, Class A (United Kingdom)			27,300		420,147
FMC Technologies, Inc.	*		15,100		438,051
Frank’s International NV (Netherlands)			28,400		473,996
Halliburton Co.			194,320		6,614,653
Helmerich & Payne, Inc.	†		8,015		429,203
Nabors Industries Ltd.			50,480		429,585
National Oilwell Varco, Inc.			620,800		20,790,592
Noble Corp. plc (United Kingdom)	†		41,000		432,550
Oceaneering International, Inc.			11,100		416,472
Patterson-UTI Energy, Inc.			28,340		427,367
Rowan Cos. plc, Class A	†		25,000		423,750
RPC, Inc.	†		34,600		413,470
Schlumberger Ltd.			6,300		439,425
Seadrill Ltd. (United Kingdom)	*†		115,550		391,714
Superior Energy Services, Inc.			32,830		442,220
Weatherford International plc (Switzerland)	*		50,700		425,373
					35,150,552
Food & Staples Retailing—0.7%
CVS Health Corp.			75,130		7,345,460
Rite Aid Corp.	*		56,700		444,528
Sysco Corp.			11,400		467,400
Walgreens Boots Alliance, Inc.			5,130		436,845
Wal-Mart Stores, Inc.			88,700		5,437,310
Whole Foods Market, Inc.			12,930		433,155
					14,564,698
Food Products—1.4%
Archer-Daniels-Midland Co.			196,800		7,218,624
Blue Buffalo Pet Products, Inc.	*†		23,200		434,072
Bunge Ltd.			6,200		423,336
Campbell Soup Co.			8,800		462,440
ConAgra Foods, Inc.			10,610		447,318
Flowers Foods, Inc.			20,000		429,800
Ingredion, Inc.			52,340		5,016,265
J.M. Smucker Co. (The)			3,625		447,107
Kellogg Co.			56,320		4,070,246
Kraft Heinz Co. (The)			83,360		6,065,274
McCormick & Co., Inc. (Non-Voting Shares)			16,300		1,394,628
Mondelez International, Inc., Class A			9,840		441,226
Pilgrim’s Pride Corp.	†		20,960		463,006
Pinnacle Foods, Inc.			9,965		423,114
Tyson Foods, Inc., Class A			8,360		445,839
					28,182,295

See accompanying notes to financial statements.

260

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Gas Utilities—0.1%
AGL Resources, Inc.			7,335	$	468,046
Atmos Energy Corp.			7,055		444,747
National Fuel Gas Co.	†		10,320		441,180
Questar Corp.			23,100		449,988
UGI Corp.			13,202		445,700
					2,249,661
Health Care Equipment & Supplies—1.0%
Abbott Laboratories			9,935		446,181
Alere, Inc.	*		11,340		443,280
Baxter International, Inc.			86,485		3,299,403
Becton Dickinson and Co.			9,900		1,525,491
Boston Scientific Corp.	*		23,900		440,716
Cooper Cos., Inc. (The)			3,300		442,860
DENTSPLY International, Inc.			7,300		444,205
Hill-Rom Holdings, Inc.			9,200		442,152
Medtronic plc (Ireland)			128,985		9,921,526
St. Jude Medical, Inc.			7,300		450,921
Stryker Corp.			4,600		427,524
Teleflex, Inc.			3,400		446,930
Zimmer Biomet Holdings, Inc.			4,320		443,189
					19,174,378
Health Care Providers & Services—1.1%
Aetna, Inc.			4,025		435,183
Anthem, Inc.			52,030		7,255,063
Brookdale Senior Living, Inc.	*		23,400		431,964
Cardinal Health, Inc.			5,000		446,350
Community Health Systems, Inc.	*		15,690		416,256
DaVita HealthCare Partners, Inc.	*		6,335		441,613
Express Scripts Holding Co.	*		5,060		442,295
HCA Holdings, Inc.	*		6,450		436,213
Health Net, Inc.	*		6,810		466,213
Humana, Inc.			2,425		432,887
Laboratory Corp. of America Holdings	*		3,559		440,035
LifePoint Health, Inc.	*		5,975		438,565
MEDNAX, Inc.	*		6,100		437,126
Patterson Cos., Inc.			10,000		452,100
Quest Diagnostics, Inc.			6,200		441,068
UnitedHealth Group, Inc.			70,815		8,330,676
Universal Health Services, Inc., Class B			3,655		436,736
VCA, Inc.	*		8,060		443,300
					22,623,643
Health Care Technology—0.0%
Allscripts Healthcare Solutions, Inc.	*		29,545		454,402
Hotels, Restaurants & Leisure—3.7%
Aramark			14,275		460,369
Carnival Corp.			119,700		6,521,256
Darden Restaurants, Inc.			6,955		442,616
Hilton Worldwide Holdings, Inc.			224,290		4,799,806
Hyatt Hotels Corp., Class A	*†		9,040		425,061

		Shares		Value
International Game Technology plc			26,600	$	430,388
Las Vegas Sands Corp.			111,700		4,896,928
McDonald’s Corp.			84,880		10,027,723
MGM Resorts International	*		19,900		452,128
Norwegian Cruise Line Holdings Ltd.	*		140,780		8,249,708
Royal Caribbean Cruises Ltd.			4,500		455,445
Wendy’s Co. (The)			41,133		443,002
Wynn Resorts Ltd.	†		551,720		38,173,507
					75,777,937
Household Durables—0.5%
D.R. Horton, Inc.			13,890		444,897
Garmin Ltd. (Switzerland)	†		12,635		469,643
Lennar Corp., Class A			8,800		430,408
Lennar Corp., Class B			10,600		425,908
Mohawk Industries, Inc.	*		2,300		435,597
Newell Rubbermaid, Inc.			10,140		446,971
PulteGroup, Inc.			308,980		5,506,024
Toll Brothers, Inc.	*		13,200		439,560
Tupperware Brands Corp.	†		8,000		445,200
Whirlpool Corp.			2,900		425,923
					9,470,131
Household Products—0.1%
Clorox Co. (The)			3,500		443,905
Colgate-Palmolive Co.			7,015		467,339
Energizer Holdings, Inc.			12,545		427,283
Kimberly-Clark Corp.			3,500		445,550
Procter & Gamble Co. (The)			5,600		444,696
					2,228,773
Independent Power and Renewable Electricity Producers—0.4%
AES Corp. (The)			598,900		5,731,473
Calpine Corp.	*		30,725		444,591
NRG Energy, Inc.			38,790		456,558
TerraForm Power, Inc., Class A	*†		35,300		444,074
					7,076,696
Industrial Conglomerates—5.2%
3M Co.			40,455		6,094,141
Carlisle Cos., Inc.			5,025		445,667
CK Hutchison Holdings Ltd. ADR (Hong Kong)			2,334,000		31,368,960
Danaher Corp.			4,820		447,682
General Electric Co.			1,145,097		35,669,771
Koninklijke Philips NV NYRS (Netherlands)			1,185,140		30,161,813
Roper Technologies, Inc.			2,320		440,313
					104,628,347
Insurance—6.1%
ACE Ltd. (Switzerland)			77,460		9,051,201
Aflac, Inc.			7,600		455,240
Alleghany Corp.	*		905		432,527
Allied World Assurance Co. Holdings AG (Switzerland)			11,870		441,445
Allstate Corp. (The)			7,500		465,675

See accompanying notes to financial statements.

261

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
American Financial Group, Inc.			6,500	$	468,520
American International Group, Inc.			111,450		6,906,557
American National Insurance Co.			4,500		460,215
AmTrust Financial Services, Inc.	†		7,100		437,218
Aon plc (United Kingdom)			304,692		28,095,649
Arch Capital Group Ltd. (Bermuda)	*		6,100		425,475
Arthur J. Gallagher & Co.			10,835		443,585
Aspen Insurance Holdings Ltd. (Bermuda)			9,480		457,884
Assurant, Inc.			5,700		459,078
Assured Guaranty Ltd. (Bermuda)			17,200		454,596
Axis Capital Holdings Ltd. (Bermuda)			8,300		466,626
Brown & Brown, Inc.			14,100		452,610
Chubb Corp. (The)			38,600		5,119,904
Cincinnati Financial Corp.			7,500		443,775
CNA Financial Corp.			12,845		451,502
Endurance Specialty Holdings Ltd. (Bermuda)			7,200		460,728
Everest Re Group Ltd. (Bermuda)			2,400		439,416
FNF Group			13,000		450,710
Genworth Financial, Inc., Class A	*		114,700		427,831
Hanover Insurance Group, Inc. (The)			5,700		463,638
Hartford Financial Services Group, Inc. (The)			9,700		421,562
Lincoln National Corp.			8,800		442,288
Loews Corp.			221,400		8,501,760
Markel Corp.	*		505		446,092
Marsh & McLennan Cos., Inc.			277,605		15,393,197
Mercury General Corp.			9,500		442,415
MetLife, Inc.			374,370		18,048,378
Old Republic International Corp.			23,800		443,394
PartnerRe Ltd. (Bermuda)			3,210		448,565
Principal Financial Group, Inc.			100,165		4,505,422
ProAssurance Corp.			9,100		441,623
Progressive Corp. (The)			14,700		467,460
Prudential Financial, Inc.			5,715		465,258
Reinsurance Group of America, Inc.			5,200		444,860
RenaissanceRe Holdings Ltd. (Bermuda)			4,115		465,777
StanCorp Financial Group, Inc.			3,900		444,132
Sun Life Financial, Inc. (Canada)			96,500		3,010,800
Torchmark Corp.			7,900		451,564
Travelers Cos., Inc. (The)			3,935		444,104
Unum Group			108,135		3,599,814
Validus Holdings Ltd. (Bermuda)			10,100		467,529
W.R. Berkley Corp.			8,265		452,509
White Mountains Insurance Group Ltd.			600		436,086

		Shares		Value
Willis Group Holdings plc (United Kingdom)			33,000	$	1,602,810
XL Group plc (Ireland)			62,835		2,461,875
					123,380,879
Internet & Catalog Retail—0.0%
Expedia, Inc.			3,388		421,128
Liberty Interactive Corp. QVC Group, Series A	*		16,500		450,780
					871,908
Internet Software & Services—1.7%
Alphabet, Inc., Class C	*		42,849		32,517,249
Match Group, Inc.	*†		31,900		432,245
Yahoo!, Inc.	*		13,020		433,045
Zillow Group, Inc., Class A	*†		16,900		440,076
Zillow Group, Inc., Class C	*†		18,600		436,728
					34,259,343
IT Services—0.4%
Amdocs Ltd.			7,800		425,646
Automatic Data Processing, Inc.			5,500		465,960
Black Knight Financial Services, Inc., Class A	*†		13,400		443,004
Booz Allen Hamilton Holding Corp.			14,400		444,240
Computer Sciences Corp.			13,500		441,180
CoreLogic, Inc.	*		13,000		440,180
CSRA, Inc.			16,600		498,000
DST Systems, Inc.			4,000		456,240
Fidelity National Information Services, Inc.			7,300		442,380
First Data Corp., Class A	*†		27,100		434,142
International Business Machines Corp.			8,500		1,169,770
Leidos Holdings, Inc.			7,860		442,204
Paychex, Inc.			8,300		438,987
Square, Inc., Class A	*†		35,800		468,622
Teradata Corp.	*		15,890		419,814
Xerox Corp.			43,885		466,497
					7,896,866
Leisure Products—0.5%
Brunswick Corp.			9,200		464,692
Hasbro, Inc.			6,600		444,576
Mattel, Inc.	†		343,135		9,322,978
Vista Outdoor, Inc.	*		10,100		449,551
					10,681,797
Life Sciences Tools & Services—0.2%
Agilent Technologies, Inc.			10,700		447,367
Bio-Rad Laboratories, Inc., Class A	*		3,300		457,578
Bio-Techne Corp.			5,020		451,800
PerkinElmer, Inc.			8,400		449,988
QIAGEN NV (Netherlands)	*		16,775		463,829
Quintiles Transnational Holdings, Inc.	*		6,400		439,424
Thermo Fisher Scientific, Inc.			3,200		453,920
VWR Corp.	*		17,000		481,270
					3,645,176

See accompanying notes to financial statements.

262

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Equity Income Fund		Shares			Value
COMMON STOCKS—(Continued)
Machinery—3.6%
AGCO Corp.			9,300		$	422,127
Allison Transmission Holdings, Inc.			16,800			434,952
Caterpillar, Inc.			6,420			436,303
CNH Industrial NV (United Kingdom)	†		4,427,400			30,283,416
Colfax Corp.	*†		18,700			436,645
Crane Co.			9,500			454,480
Cummins, Inc.			27,300			2,402,673
Deere & Co.	†		82,115			6,262,911
Donaldson Co., Inc.			15,600	��		447,096
Dover Corp.			7,225			442,965
Flowserve Corp.			11,000			462,880
IDEX Corp.			5,730			438,975
Illinois Tool Works, Inc.			138,020			12,791,694
Ingersoll-Rand plc			94,370			5,217,717
ITT Corp.			12,345			448,371
Joy Global, Inc.	†		32,125			405,096
Kennametal, Inc.			22,535			432,672
Lincoln Electric Holdings, Inc.			8,325			431,984
Manitowoc Co., Inc. (The)			29,000			445,150
Oshkosh Corp.	†		11,200			437,248
PACCAR, Inc.			9,200			436,080
Parker-Hannifin Corp.			4,400			426,712
Pentair plc (United Kingdom)			113,700			5,631,561
SPX Corp.			47,025			438,743
SPX FLOW, Inc.	*		15,525			433,303
Stanley Black & Decker, Inc.			4,225			450,934
Terex Corp.			22,730			420,050
Timken Co. (The)			16,050			458,870
Trinity Industries, Inc.			18,405			442,088
Valmont Industries, Inc.			4,135			438,393
Xylem, Inc.			12,040			439,460
						73,551,549
Marine—0.0%
Kirby Corp.	*		8,100			426,222
Media—3.6%
Cable One, Inc.			1,000			433,660
Cablevision Systems Corp., Class A			13,600			433,840
CBS Corp. (Non-Voting Shares), Class B			120,610			5,684,349
Clear Channel Outdoor Holdings, Inc., Class A	*		82,240			459,722
Comcast Corp., Class A			204,490			11,539,371
Discovery Communications, Inc., Class A	*†		16,300			434,884
Discovery Communications, Inc., Class C	*		17,300			436,306
DISH Network Corp., Class A	*		7,480			427,707
Gannett Co., Inc.			27,500			447,975
John Wiley & Sons, Inc., Class A			10,000			450,300
Liberty Broadband Corp., Class A	*		8,825			455,811

		Shares		Value
Liberty Broadband Corp., Class C	*		8,827	$	457,768
Liberty Media Corp., Series A	*		12,100		474,925
Liberty Media Corp., Series C	*		11,800		449,344
News Corp., Class A			275,600		3,682,016
News Corp., Class B			31,400		438,344
Scripps Networks Interactive, Inc., Class A			445,800		24,612,618
TEGNA, Inc.			17,200		438,944
Thomson Reuters Corp.			143,820		5,443,587
Time Warner, Inc.			28,833		1,864,630
Tribune Media Co., Class A			12,200		412,482
Twenty-First Century Fox, Inc., Class A			184,145		5,001,378
Twenty-First Century Fox, Inc., Class B			132,600		3,610,698
Viacom, Inc., Class B			24,200		996,072
Walt Disney Co. (The)			39,300		4,129,644
					73,216,375
Metals & Mining—0.9%
Alcoa, Inc.			43,845		432,750
Allegheny Technologies, Inc.	†		36,160		406,800
Freeport-McMoRan, Inc.			60,040		406,471
Newmont Mining Corp.			24,700		444,353
Nucor Corp.			224,070		9,030,021
Reliance Steel & Aluminum Co.			7,800		451,698
Royal Gold, Inc.			12,055		439,646
Southern Copper Corp. (Peru)	†		16,400		428,368
Steel Dynamics, Inc.			235,660		4,211,244
Tahoe Resources, Inc.	†		53,370		462,718
United States Steel Corp.	†		51,600		411,768
					17,125,837
Multiline Retail—1.0%
Dillard’s, Inc., Class A	†		6,550		430,401
Dollar General Corp.			59,270		4,259,735
J.C. Penney Co., Inc.	*†		63,000		419,580
Kohl’s Corp.	†		143,455		6,832,762
Macy’s, Inc.			112,200		3,924,756
Nordstrom, Inc.	†		68,820		3,427,924
Sears Holdings Corp.	*†		21,290		437,722
Target Corp.			6,100		442,921
					20,175,801
Multi-Utilities—1.1%
Alliant Energy Corp.			7,100		443,395
Ameren Corp.			10,200		440,946
CenterPoint Energy, Inc.			24,700		453,492
CMS Energy Corp.			12,800		461,824
Consolidated Edison, Inc.			6,900		443,463
Dominion Resources, Inc.			50,600		3,422,584
DTE Energy Co.			5,700		457,083
MDU Resources Group, Inc.			24,400		447,008
NiSource, Inc.			341,140		6,655,642
PG&E Corp.			125,660		6,683,855
Public Service Enterprise Group, Inc.			11,600		448,804
SCANA Corp.			7,300		441,577
Sempra Energy			4,715		443,257
TECO Energy, Inc.			16,900		450,385
Vectren Corp.			11,100		470,862

See accompanying notes to financial statements.

263

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
WEC Energy Group, Inc.			8,672	$	444,960
					22,609,137
Oil, Gas & Consumable Fuels—7.9%
Anadarko Petroleum Corp.			126,280		6,134,682
Antero Resources Corp.	*†		20,500		446,900
Apache Corp.			225,045		10,007,751
California Resources Corp.			188,708		439,690
Canadian Natural Resources Ltd. (Canada)			221,200		4,828,796
Cheniere Energy, Inc.	*		11,400		424,650
Chesapeake Energy Corp.	†		2,521,420		11,346,390
Chevron Corp.			238,068		21,416,597
Cimarex Energy Co.			4,830		431,705
Cobalt International Energy, Inc.	*		77,100		416,340
Columbia Pipeline Group, Inc.			260,240		5,204,800
Concho Resources, Inc.	*		4,700		436,442
ConocoPhillips			9,360		437,018
CONSOL Energy, Inc.	†		1,366,780		10,797,562
Continental Resources, Inc.	*†		18,100		415,938
CVR Energy, Inc.	†		10,980		432,063
Denbury Resources, Inc.	†		194,610		393,112
Devon Energy Corp.			13,460		430,720
Diamondback Energy, Inc.	*		6,900		461,610
Energen Corp.			9,825		402,727
EOG Resources, Inc.			104,230		7,378,442
EP Energy Corp., Class A	*†		93,015		407,406
EQT Corp.			8,615		449,100
Exxon Mobil Corp.			310,355		24,192,172
Golar LNG Ltd. (Bermuda)			28,240		445,910
Gulfport Energy Corp.	*		18,400		452,088
Hess Corp.			154,245		7,477,798
HollyFrontier Corp.			10,700		426,823
Kinder Morgan, Inc.			27,255		406,645
Kosmos Energy Ltd.	*		81,400		423,280
Laredo Petroleum, Inc.	*†		51,410		410,766
Marathon Oil Corp.			439,065		5,527,828
Marathon Petroleum Corp.			8,500		440,640
Murphy Oil Corp.			19,120		429,244
Newfield Exploration Co.	*		13,300		433,048
Noble Energy, Inc.			13,030		429,078
Occidental Petroleum Corp.			139,610		9,439,032
ONEOK, Inc.			18,450		454,977
PBF Energy, Inc., Class A			12,185		448,530
Phillips 66			5,230		427,814
Pioneer Natural Resources Co.			46,690		5,853,992
QEP Resources, Inc.			33,095		443,473
Range Resources Corp.	†		18,500		455,285
Rice Energy, Inc.	*		45,160		492,244
Royal Dutch Shell plc, Class A ADR (Netherlands)			193,181		8,845,758
SM Energy Co.	†		21,000		412,860
Southwestern Energy Co.	*†		334,810		2,380,499
Spectra Energy Corp.			18,675		447,079
Targa Resources Corp.			15,900		430,254
Teekay Corp. (Bermuda)			43,800		432,306
Tesoro Corp.			4,380		461,521
TOTAL SA ADR (France)	†		53,500		2,404,825

		Shares		Value
Valero Energy Corp.			6,230	$	440,523
Whiting Petroleum Corp.	*		42,040		396,858
World Fuel Services Corp.			11,245		432,483
WPX Energy, Inc.	*		75,835		435,293
					160,571,367
Paper & Forest Products—0.6%
Domtar Corp. (Canada)			11,965		442,107
International Paper Co.			300,905		11,344,118
					11,786,225
Personal Products—0.1%
Avon Products, Inc.	†		393,815		1,594,951
Edgewell Personal Care Co.			5,545		434,561
Herbalife Ltd.	*†		8,100		434,322
Nu Skin Enterprises, Inc., Class A	†		11,500		435,735
					2,899,569
Pharmaceuticals—5.0%
Allergan plc	*		19,900		6,218,750
AstraZeneca plc ADR (United Kingdom)			190,100		6,453,895
Bristol-Myers Squibb Co.			261,980		18,021,604
Endo International plc (Ireland)	*		7,100		434,662
GlaxoSmithKline plc (United Kingdom)			218,329		4,409,338
Johnson & Johnson			138,615		14,238,533
Mallinckrodt plc	*		5,860		437,332
Merck & Co., Inc.			444,210		23,463,172
Mylan NV	*		8,200		443,374
Perrigo Co. plc (Ireland)			3,020		436,994
Pfizer, Inc.			574,096		18,531,819
Roche Holding AG (Genusschein) (Switzerland)			27,559		7,636,830
					100,726,303
Professional Services—0.5%
Dun & Bradstreet Corp. (The)			4,120		428,191
IHS, Inc., Class A	*		3,800		450,034
ManpowerGroup, Inc.			5,320		448,423
Nielsen Holdings plc			150,435		7,010,271
Towers Watson & Co., Class A			3,380		434,195
TransUnion	*		16,100		443,877
					9,214,991
Real Estate Investment Trusts (REITs)—2.2%
Alexandria Real Estate Equities, Inc. REIT			5,000		451,800
American Campus Communities, Inc. REIT			11,100		458,874
American Capital Agency Corp. REIT			25,010		433,674
American Homes 4 Rent, Class A REIT			27,300		454,818
Annaly Capital Management, Inc. REIT			45,915		430,683
Apartment Investment & Management Co., Class A REIT			11,300		452,339

See accompanying notes to financial statements.

264

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Apple Hospitality REIT, Inc. REIT	†		22,200	$	443,334
AvalonBay Communities, Inc. REIT			2,415		444,674
BioMed Realty Trust, Inc. REIT			18,965		449,281
Boston Properties, Inc. REIT			3,500		446,390
Brandywine Realty Trust REIT			33,300		454,878
Brixmor Property Group, Inc. REIT			17,400		449,268
Camden Property Trust REIT			6,115		469,387
Care Capital Properties, Inc. REIT			14,675		448,615
CBL & Associates Properties, Inc. REIT			35,000		432,950
Chimera Investment Corp. REIT			31,038		423,358
Columbia Property Trust, Inc. REIT			19,215		451,168
Communications Sales & Leasing, Inc. REIT			22,300		416,787
Corporate Office Properties Trust REIT			20,600		449,698
Corrections Corp. of America REIT			16,600		439,734
DDR Corp. REIT			26,600		447,944
Digital Realty Trust, Inc. REIT			54,700		4,136,414
Douglas Emmett, Inc. REIT			15,000		467,700
Duke Realty Corp. REIT			21,300		447,726
Empire State Realty Trust, Inc., Class A REIT			26,200		473,434
Equity Commonwealth REIT	*		16,650		461,705
Equity Residential REIT			5,500		448,745
Essex Property Trust, Inc. REIT			1,903		455,597
Four Corners Property Trust, Inc. REIT	*		19,118		461,899
Gaming and Leisure Properties, Inc. REIT	†		16,005		444,939
General Growth Properties, Inc. REIT			17,500		476,175
HCP, Inc. REIT			11,635		444,922
Healthcare Trust of America, Inc., Class A REIT			16,600		447,702
Hospitality Properties Trust REIT			17,100		447,165
Host Hotels & Resorts, Inc. REIT			27,790		426,299
Iron Mountain, Inc. REIT			16,279		439,696
Kilroy Realty Corp. REIT			6,800		430,304
Kimco Realty Corp. REIT			16,900		447,174
Liberty Property Trust REIT			14,100		437,805
Macerich Co. (The) REIT			14,400		1,161,936
MFA Financial, Inc. REIT			66,045		435,897
Mid-America Apartment Communities, Inc. REIT			4,900		444,969
National Retail Properties, Inc. REIT			11,340		454,167
NorthStar Realty Europe Corp. REIT			37,427		442,013
NorthStar Realty Finance Corp. REIT			26,281		447,566
Omega Healthcare Investors, Inc. REIT			12,580		440,048

		Shares		Value
Outfront Media, Inc. REIT			20,034	$	437,342
Paramount Group, Inc. REIT			26,400		477,840
Piedmont Office Realty Trust, Inc., Class A REIT			23,705		447,550
Plum Creek Timber Co., Inc. REIT			9,310		444,273
Post Properties, Inc. REIT			7,625		451,095
Prologis, Inc. REIT			10,600		454,952
Public Storage REIT			1,800		445,860
Rayonier, Inc. REIT			158,345		3,515,259
Realty Income Corp. REIT			8,640		446,083
Regency Centers Corp. REIT			6,620		450,954
Retail Properties of America, Inc., Class A REIT			31,890		471,015
Senior Housing Properties Trust REIT			30,480		452,323
SL Green Realty Corp. REIT			4,125		466,043
Spirit Realty Capital, Inc. REIT			47,940		480,359
Starwood Property Trust, Inc. REIT			20,700		425,592
Taubman Centers, Inc. REIT			5,800		444,976
Two Harbors Investment Corp. REIT			51,900		420,390
UDR, Inc. REIT			12,150		456,476
Ventas, Inc. REIT			7,800		440,154
VEREIT, Inc. REIT			55,410		438,847
Vornado Realty Trust REIT			4,520		451,819
Weingarten Realty Investors REIT			13,735		474,956
Welltower, Inc. REIT			6,620		450,359
Weyerhaeuser Co. REIT			201,230		6,032,875
WP Carey, Inc. REIT			7,625		449,875
WP GLIMCHER, Inc. REIT			41,770		443,180
					45,342,098
Real Estate Management & Development—0.1%
Forest City Enterprises, Inc., Class A	*		22,000		482,460
Howard Hughes Corp. (The)	*		3,910		442,456
Jones Lang LaSalle, Inc.			2,910		465,193
Realogy Holdings Corp.	*		11,860		434,906
RMR Group, Inc. (The), Class A	*		2		22
					1,825,037
Road & Rail—0.6%
AMERCO			1,120		436,240
Canadian Pacific Railway Ltd. (Canada)			12,700		1,620,520
CSX Corp.			16,945		439,723
Genesee & Wyoming, Inc., Class A	*		8,315		446,432
Kansas City Southern			6,055		452,127
Norfolk Southern Corp.			5,115		432,678
Ryder System, Inc.			7,725		439,012
Union Pacific Corp.			97,600		7,632,320
					11,899,052
Semiconductors & Semiconductor Equipment—2.6%
Analog Devices, Inc.			149,150		8,250,978
Applied Materials, Inc.			464,620		8,674,455
Broadcom Corp., Class A			7,730		446,949
Cree, Inc.	*†		16,160		430,987

See accompanying notes to financial statements.

265

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Cypress Semiconductor Corp.	*†		45,900	$	450,279
First Solar, Inc.	*		6,800		448,732
Intel Corp.			376,615		12,974,387
Lam Research Corp.			5,580		443,164
Marvell Technology Group Ltd. (Bermuda)			47,350		417,627
Maxim Integrated Products, Inc.			273,540		10,394,520
Micron Technology, Inc.	*		30,330		429,473
NVIDIA Corp.			13,500		444,960
NXP Semiconductors NV (Netherlands)	*		1		74
ON Semiconductor Corp.	*		44,300		434,140
SunEdison, Inc.	*†		83,020		422,572
SunPower Corp.	*†		14,645		439,496
Teradyne, Inc.			20,800		429,936
Texas Instruments, Inc.			117,700		6,451,137
Xilinx, Inc.			9,300		436,821
					52,420,687
Software—2.3%
Activision Blizzard, Inc.			11,485		444,584
ANSYS, Inc.	*		4,950		457,875
Autodesk, Inc.	*		7,165		436,564
CA, Inc.			116,505		3,327,383
Microsoft Corp.			572,065		31,738,166
Nuance Communications, Inc.	*		22,180		441,160
Oracle Corp.			12,200		445,666
SS&C Technologies Holdings, Inc.			6,600		450,582
Symantec Corp.			342,335		7,189,035
Synopsys, Inc.	*		9,400		428,734
Zynga, Inc., Class A	*		169,375		453,925
					45,813,674
Specialty Retail—1.3%
Aaron’s, Inc.			19,490		436,381
Best Buy Co., Inc.			14,650		446,092
Cabela’s, Inc.	*†		9,360		437,393
CST Brands, Inc.			11,285		441,695
Dick’s Sporting Goods, Inc.			12,215		431,800
DSW, Inc., Class A	†		18,300		436,638
Foot Locker, Inc.			6,630		431,547
GameStop Corp., Class A	†		15,600		437,424
Home Depot, Inc. (The)			66,160		8,749,660
Lowe’s Cos., Inc.			84,245		6,405,990
Murphy USA, Inc.	*		7,190		436,721
Office Depot, Inc.	*		81,000		456,840
Penske Automotive Group, Inc.			10,350		438,219
Signet Jewelers Ltd.			37,600		4,650,744
Staples, Inc.			217,400		2,058,778
Tiffany & Co.			5,800		442,482
					27,138,404
Technology Hardware, Storage & Peripherals—0.5%
3D Systems Corp.	*†		42,800		371,932
EMC Corp.			210,620		5,408,721
Hewlett Packard Enterprise Co.			30,040		456,608
HP, Inc.			38,040		450,394

		Shares		Value
Lexmark International, Inc., Class A		13,800	$	447,810
NCR Corp.	*	17,510		428,295
NetApp, Inc.		16,870		447,561
SanDisk Corp.		5,960		452,900
Western Digital Corp.		32,100		1,927,605
				10,391,826
Textiles, Apparel & Luxury Goods—0.3%
Coach, Inc.		13,400		438,582
Fossil Group, Inc.	*†	11,600		424,096
PVH Corp.		59,740		4,399,851
Ralph Lauren Corp.		4,130		460,412
				5,722,941
Thrifts & Mortgage Finance—0.1%
New York Community Bancorp, Inc.	†	26,900		439,008
TFS Financial Corp.		23,830		448,719
				887,727
Tobacco—0.3%
Altria Group, Inc.		7,685		447,344
British American Tobacco plc (United Kingdom)		106,449		5,911,542
Philip Morris International, Inc.		5,010		440,429
				6,799,315
Trading Companies & Distributors—0.1%
Air Lease Corp.		13,400		448,632
GATX Corp.	†	10,500		446,775
MSC Industrial Direct Co., Inc., Class A		7,800		438,906
NOW, Inc.	*†	27,800		439,796
WESCO International, Inc.	*†	10,115		441,823
				2,215,932
Transportation Infrastructure—0.0%
Macquarie Infrastructure Corp.		6,300		457,380
Water Utilities—0.1%
American Water Works Co., Inc.		7,500		448,125
Aqua America, Inc.		15,200		452,960
				901,085
Wireless Telecommunication Services—0.2%
SBA Communications Corp., Class A	*	4,300		451,801
Sprint Corp.	*†	114,075		412,951
Telephone & Data Systems, Inc.		16,600		429,774
T-Mobile US, Inc.	*	11,300		442,056
United States Cellular Corp.	*	10,700		436,667
Vodafone Group plc (United Kingdom)		512,227		1,661,033
				3,834,282
TOTAL COMMON STOCKS
(Cost $1,860,333,380)				1,939,004,992

See accompanying notes to financial statements.

266

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Equity Income Fund		Shares		Value
MONEY MARKET FUNDS—11.8%
Institutional Money Market Funds—11.8%
Dreyfus Institutional Cash Advantage Fund, 0.26%	††¥		25,075,000	$	25,075,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32%	¥		87,925,501		87,925,501
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32%	††¥		21,761,962		21,761,962
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.32%	††¥		25,025,000		25,025,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.29%	††¥		28,500,000		28,500,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.32%	††¥		25,075,000		25,075,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.31%	††¥		25,075,000		25,075,000
TOTAL MONEY MARKET FUNDS
(Cost $238,437,463)					238,437,463
TOTAL INVESTMENTS—107.5%
(Cost $2,098,770,843)					2,177,442,455
Other assets less liabilities—(7.5%)					(151,699,576	)
NET ASSETS—100.0%				$	2,025,742,879

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.

267

SCHEDULE OF INVESTMENTS

December 31, 2015

Vantagepoint Growth & Income Fund		Shares		Value
COMMON STOCKS—95.3%
Aerospace & Defense—3.1%
Boeing Co. (The)			47,900	$	6,925,861
Honeywell International, Inc.			274,100		28,388,537
Lockheed Martin Corp.			2,500		542,875
Northrop Grumman Corp.			500		94,405
Rockwell Collins, Inc.			2,100		193,830
Textron, Inc.			25,500		1,071,255
Triumph Group, Inc.			189,460		7,531,035
United Technologies Corp.			107,410		10,318,879
					55,066,677
Air Freight & Logistics—1.1%
Expeditors International of Washington, Inc.			376,550		16,982,405
FedEx Corp.			18,300		2,726,517
					19,708,922
Airlines—0.5%
Alaska Air Group, Inc.			18,400		1,481,384
American Airlines Group, Inc.			132,200		5,598,670
Delta Air Lines, Inc.			2,400		121,656
United Continental Holdings, Inc.	*		39,500		2,263,350
					9,465,060
Auto Components—0.1%
BorgWarner, Inc.			2,600		112,398
Delphi Automotive plc (United Kingdom)			8,800		754,424
					866,822
Automobiles—0.1%
Ferrari NV (Italy)	*†		2,700		129,600
Tesla Motors, Inc.	*†		7,190		1,725,672
					1,855,272
Banks—6.4%
Citigroup, Inc.			467,250		24,180,187
Comerica, Inc.			425,100		17,781,933
JPMorgan Chase & Co.			413,718		27,317,800
M&T Bank Corp.			89,800		10,881,964
PNC Financial Services Group, Inc. (The)			172,500		16,440,975
Wells Fargo & Co.			323,330		17,576,219
					114,179,078
Beverages—1.5%
Coca-Cola Co. (The)			340,800		14,640,768
Constellation Brands, Inc., Class A			10,900		1,552,596
Diageo plc ADR (United Kingdom)			85,660		9,342,936
Molson Coors Brewing Co., Class B			900		84,528
Monster Beverage Corp.	*		2,200		327,712
					25,948,540
Biotechnology—3.9%
Alexion Pharmaceuticals, Inc.	*		58,300		11,120,725
Amgen, Inc.			59,030		9,582,340
Baxalta, Inc.			61,444		2,398,159
Biogen, Inc.	*		14,000		4,288,900
Celgene Corp.	*		73,200		8,766,432

		Shares		Value
Gilead Sciences, Inc.		162,700	$	16,463,613
Incyte Corp.	*	5,700		618,165
Regeneron Pharmaceuticals, Inc.	*	9,500		5,157,265
Vertex Pharmaceuticals, Inc.	*	85,590		10,769,790
				69,165,389
Building Products—0.7%
Fortune Brands Home & Security, Inc.		220,440		12,234,420
Capital Markets—3.8%
Ameriprise Financial, Inc.		15,200		1,617,584
Bank of New York Mellon Corp. (The)		607,250		25,030,845
BlackRock, Inc.		30,020		10,222,410
Goldman Sachs Group, Inc. (The)		41,100		7,407,453
Invesco Ltd.		349,100		11,687,868
Morgan Stanley		145,800		4,637,898
Northern Trust Corp.		7,700		555,093
State Street Corp.		30,300		2,010,708
TD Ameritrade Holding Corp.		104,300		3,620,253
				66,790,112
Chemicals—2.1%
Agrium, Inc. (Canada)		80,800		7,218,672
Ashland, Inc.		10,900		1,119,430
Dow Chemical Co. (The)		145,900		7,510,932
Ecolab, Inc.		18,600		2,127,468
Potash Corp. of Saskatchewan, Inc. (Canada)		1,046,125		17,909,660
PPG Industries, Inc.		300		29,646
Sherwin-Williams Co. (The)		7,800		2,024,880
				37,940,688
Communications Equipment—1.9%
Cisco Systems, Inc.		861,150		23,384,528
QUALCOMM, Inc.		208,000		10,396,880
				33,781,408
Consumer Finance—1.4%
American Express Co.		240,400		16,719,820
Synchrony Financial	*	240,520		7,314,213
				24,034,033
Diversified Financial Services—2.2%
Berkshire Hathaway, Inc., Class B	*	205,500		27,134,220
Intercontinental Exchange, Inc.		48,340		12,387,608
				39,521,828
Diversified Telecommunication Services—0.3%
Verizon Communications, Inc.		118,700		5,486,314
Electric Utilities—0.9%
Edison International		142,350		8,428,543
Xcel Energy, Inc.		197,400		7,088,634
				15,517,177

See accompanying notes to financial statements.

268

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Growth & Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Electrical Equipment—0.9%
Eaton Corp. plc			210,380	$	10,948,175
Rockwell Automation, Inc.			56,775		5,825,683
					16,773,858
Electronic Equipment, Instruments & Components—1.2%
TE Connectivity Ltd. (Switzerland)			341,650		22,074,006
Energy Equipment & Services—1.8%
Halliburton Co.			275,610		9,381,765
Schlumberger Ltd.			312,975		21,830,006
					31,211,771
Food & Staples Retailing—0.5%
Costco Wholesale Corp.			7,400		1,195,100
CVS Health Corp.			33,000		3,226,410
Kroger Co. (The)			1,000		41,830
Walgreens Boots Alliance, Inc.			48,100		4,095,956
					8,559,296
Food Products—3.3%
Danone SA ADR (France)			1,697,800		23,107,058
Ingredion, Inc.			111,500		10,686,160
Kraft Heinz Co. (The)			75,880		5,521,029
Nestle SA ADR (Switzerland)			258,550		19,241,291
					58,555,538
Health Care Equipment & Supplies—1.4%
Baxter International, Inc.			100,890		3,848,954
Becton Dickinson and Co.			22,900		3,528,661
Hologic, Inc.	*		10,900		421,721
Intuitive Surgical, Inc.	*		5,700		3,113,112
Medtronic plc (Ireland)			168,295		12,945,251
Stryker Corp.			17,800		1,654,332
					25,512,031
Health Care Providers & Services—3.7%
Aetna, Inc.			18,300		1,978,596
AmerisourceBergen Corp.			123,725		12,831,520
Anthem, Inc.			27,600		3,848,544
Cardinal Health, Inc.			33,900		3,026,253
Cigna Corp.			400		58,532
Henry Schein, Inc.	*		4,100		648,579
Humana, Inc.			4,500		803,295
McKesson Corp.			48,300		9,526,209
UnitedHealth Group, Inc.			288,150		33,897,966
					66,619,494
Hotels, Restaurants & Leisure—2.6%
Brinker International, Inc.			162,200		7,777,490
Carnival Corp.			5,100		277,848
Chipotle Mexican Grill, Inc.	*		2,000		959,700
Hilton Worldwide Holdings, Inc.			429,081		9,182,333
Las Vegas Sands Corp.			1,100		48,224
Marriott International, Inc., Class A	†		18,771		1,258,408
MGM Resorts International	*		84,700		1,924,384
Norwegian Cruise Line Holdings Ltd.	*		260,100		15,241,860

		Shares		Value
Royal Caribbean Cruises Ltd.		29,200	$	2,955,332
Starbucks Corp.		97,400		5,846,922
				45,472,501
Household Durables—0.5%
PulteGroup, Inc.		533,170		9,501,089
Industrial Conglomerates—2.4%
3M Co.		74,175		11,173,722
Danaher Corp.		143,300		13,309,704
General Electric Co.		193,427		6,025,251
Koninklijke Philips NV NYRS (Netherlands)		343,379		8,738,996
Roper Technologies, Inc.		15,900		3,017,661
				42,265,334
Insurance—3.5%
ACE Ltd. (Switzerland)		62,060		7,251,711
Marsh & McLennan Cos., Inc.		158,290		8,777,180
Principal Financial Group, Inc.		226,200		10,174,476
Progressive Corp. (The)		789,850		25,117,230
XL Group plc (Ireland)		269,900		10,574,682
				61,895,279
Internet & Catalog Retail—3.1%
Amazon.com, Inc.	*	48,300		32,645,487
Ctrip.com International Ltd. ADR (China)	*†	45,000		2,084,850
JD.com, Inc. ADR (China)	*	17,300		558,185
Netflix, Inc.	*	46,000		5,261,480
Priceline Group, Inc. (The)	*	11,000		14,024,450
				54,574,452
Internet Software & Services—4.5%
Akamai Technologies, Inc.	*	6,400		336,832
Alibaba Group Holding Ltd. ADR (China)	*†	73,338		5,960,179
Alphabet, Inc., Class A	*	14,800		11,514,548
Alphabet, Inc., Class C	*	24,254		18,405,876
Baidu, Inc. ADR (China)	*	14,900		2,816,696
eBay, Inc.	*	655,425		18,011,079
Facebook, Inc., Class A	*	145,700		15,248,962
LinkedIn Corp., Class A	*	13,700		3,083,596
Tencent Holdings Ltd. (China)		278,800		5,458,900
				80,836,668
IT Services—3.0%
Accenture plc, Class A (Ireland)		224,975		23,509,887
Cognizant Technology Solutions Corp., Class A	*	12,700		762,254
First Data Corp., Class A	*†	20,100		322,002
Fiserv, Inc.	*	42,300		3,868,758
MasterCard, Inc., Class A		116,000		11,293,760
PayPal Holdings, Inc.	*	10,200		369,240
Visa, Inc., Class A		161,200		12,501,060
				52,626,961
Life Sciences Tools & Services—0.3%
Thermo Fisher Scientific, Inc.		43,100		6,113,735

See accompanying notes to financial statements.

269

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Growth & Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Machinery—2.3%
Caterpillar, Inc.			99,600	$	6,768,816
Flowserve Corp.			1,300		54,704
PACCAR, Inc.			356,100		16,879,140
Stanley Black & Decker, Inc.			155,525		16,599,183
Wabtec Corp.			20,400		1,450,848
					41,752,691
Media—4.1%
CBS Corp. (Non-Voting Shares), Class B			242,460		11,427,140
Comcast Corp., Class A			478,300		26,990,469
Omnicom Group, Inc.			313,375		23,709,952
Thomson Reuters Corp.			178,010		6,737,679
Time Warner, Inc.			800		51,736
Walt Disney Co. (The)			38,400		4,035,072
					72,952,048
Metals & Mining—0.6%
Barrick Gold Corp. (Canada)			194,500		1,435,410
Steel Dynamics, Inc.			513,920		9,183,750
					10,619,160
Multiline Retail—2.1%
Dollar General Corp.			447,625		32,170,809
Nordstrom, Inc.	†		112,040		5,580,712
					37,751,521
Multi-Utilities—0.5%
Dominion Resources, Inc.			140,700		9,516,948
Oil, Gas & Consumable Fuels—4.1%
BG Group plc (United Kingdom)			532,646		7,721,151
Chevron Corp.			226,340		20,361,546
Cimarex Energy Co.			4,700		420,086
Concho Resources, Inc.	*		3,000		278,580
Devon Energy Corp.			436,850		13,979,200
EOG Resources, Inc.			146,790		10,391,264
Marathon Oil Corp.			651,070		8,196,971
Pioneer Natural Resources Co.			71,200		8,927,056
Southwestern Energy Co.	*†		361,970		2,573,607
					72,849,461
Paper & Forest Products—0.4%
International Paper Co.			206,420		7,782,034
Personal Products—0.8%
Estee Lauder Cos., Inc. (The), Class A			8,200		722,092
Unilever plc ADR (United Kingdom)	†		330,425		14,247,926
					14,970,018
Pharmaceuticals—4.5%
AbbVie, Inc.			3,900		231,036
Allergan plc	*		59,853		18,704,062
AstraZeneca plc ADR (United Kingdom)			266,600		9,051,070
Bristol-Myers Squibb Co.			245,300		16,874,187
Eli Lilly & Co.			45,200		3,808,552
Merck & Co., Inc.			297,930		15,736,663

		Shares		Value
Perrigo Co. plc (Ireland)		300	$	43,410
Roche Holding AG ADR (Switzerland)		306,950		10,580,567
Shire plc ADR (Ireland)		2,200		451,000
Valeant Pharmaceuticals International, Inc.	*	37,000		3,761,050
Zoetis, Inc.		4,900		234,808
				79,476,405
Professional Services—0.5%
IHS, Inc., Class A	*	5,100		603,993
Nielsen Holdings plc		185,800		8,658,280
				9,262,273
Real Estate Investment Trusts (REITs)—0.4%
American Tower Corp. REIT		70,700		6,854,365
Road & Rail—0.7%
Canadian Pacific Railway Ltd. (Canada)		15,100		1,926,760
J.B. Hunt Transport Services, Inc.		12,400		909,664
Union Pacific Corp.		133,200		10,416,240
				13,252,664
Semiconductors & Semiconductor Equipment—2.1%
Avago Technologies Ltd. (Singapore)		600		87,090
Intel Corp.		554,710		19,109,760
Maxim Integrated Products, Inc.		481,970		18,314,860
				37,511,710
Software—4.3%
Electronic Arts, Inc.	*	20,000		1,374,400
Microsoft Corp.		978,725		54,299,663
Red Hat, Inc.	*	33,581		2,780,843
salesforce.com, Inc.	*	86,400		6,773,760
ServiceNow, Inc.	*	29,900		2,588,144
Symantec Corp.		433,140		9,095,940
				76,912,750
Specialty Retail—3.3%
AutoZone, Inc.	*	3,500		2,596,685
CarMax, Inc.	*	5,700		307,629
Home Depot, Inc. (The)		41,000		5,422,250
L Brands, Inc.		15,000		1,437,300
Lowe’s Cos., Inc.		84,200		6,402,568
O’Reilly Automotive, Inc.	*	19,800		5,017,716
Ross Stores, Inc.		469,675		25,273,212
Signet Jewelers Ltd.		72,200		8,930,418
Tractor Supply Co.		33,400		2,855,700
				58,243,478
Technology Hardware, Storage & Peripherals—0.3%
Apple, Inc.		57,400		6,041,924
Textiles, Apparel & Luxury Goods—0.9%
Hanesbrands, Inc.		104,800		3,084,264
NIKE, Inc., Class B		65,600		4,100,000
PVH Corp.		104,750		7,714,838
V.F. Corp.		3,800		236,550
				15,135,652

See accompanying notes to financial statements.

270

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Growth & Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Tobacco—0.7%
British American Tobacco plc ADR (United Kingdom)			112,700	$	12,447,715
Wireless Telecommunication Services—0.0%
T-Mobile US, Inc.	*		4,800		187,776
TOTAL COMMON STOCKS
(Cost $1,402,154,911)					1,697,674,346
MONEY MARKET FUNDS—5.8%
Institutional Money Market Funds—5.8%
Dreyfus Institutional Cash Advantage Fund, 0.26%	††¥		2,900,000		2,900,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32%	¥		85,477,927		85,477,927
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32%	††¥		3,013,845		3,013,845
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.32%	††¥		2,900,000		2,900,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.29%	††¥		2,900,000		2,900,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.32%	††¥		2,900,000		2,900,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.31%	††¥		2,900,000		2,900,000
TOTAL MONEY MARKET FUNDS
(Cost $102,991,772)					102,991,772
TOTAL INVESTMENTS—101.1%
(Cost $1,505,146,683)					1,800,666,118
Other assets less liabilities—(1.1%)					(18,723,686	)
NET ASSETS—100.0%				$	1,781,942,432

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.

271

SCHEDULE OF INVESTMENTS

December 31, 2015

Vantagepoint Growth Fund		Shares		Value
COMMON STOCKS—96.4%
Aerospace & Defense—1.8%
Boeing Co. (The)			90,385	$	13,068,767
Honeywell International, Inc.			129,090		13,369,851
Lockheed Martin Corp.			17,210		3,737,152
Northrop Grumman Corp.			500		94,405
Rockwell Collins, Inc.			2,200		203,060
Textron, Inc.			249,377		10,476,328
					40,949,563
Air Freight & Logistics—0.1%
FedEx Corp.			18,700		2,786,113
Airlines—2.4%
Alaska Air Group, Inc.			19,000		1,529,690
American Airlines Group, Inc.			134,700		5,704,545
Delta Air Lines, Inc.			360,088		18,252,861
United Continental Holdings, Inc.	*		487,111		27,911,460
					53,398,556
Auto Components—1.1%
BorgWarner, Inc.			2,600		112,398
Delphi Automotive plc (United Kingdom)			276,033		23,664,309
					23,776,707
Automobiles—0.1%
Ferrari NV (Italy)	*†		2,700		129,600
Tesla Motors, Inc.	*†		7,300		1,752,073
					1,881,673
Banks—0.4%
Bank of America Corp.			190,980		3,214,194
Citigroup, Inc.			5,900		305,325
Citizens Financial Group, Inc.			198,085		5,187,846
					8,707,365
Beverages—2.5%
Anheuser-Busch InBev SA NV ADR (Belgium)			23,625		2,953,125
Coca-Cola Enterprises, Inc.			223,134		10,987,118
Constellation Brands, Inc., Class A			197,566		28,141,301
Molson Coors Brewing Co., Class B			73,925		6,943,036
Monster Beverage Corp.	*		2,300		342,608
PepsiCo, Inc.			65,700		6,564,744
					55,931,932
Biotechnology—6.7%
ACADIA Pharmaceuticals, Inc.	*		15,605		556,318
Alexion Pharmaceuticals, Inc.	*		103,615		19,764,561
Amgen, Inc.			1,100		178,563
Baxalta, Inc.			157,761		6,157,412
Biogen, Inc.	*		75,770		23,212,140
BioMarin Pharmaceutical, Inc.	*		10,435		1,093,171
Celgene Corp.	*		316,073		37,852,902
Gilead Sciences, Inc.			383,689		38,825,490
Incyte Corp.	*		26,140		2,834,883
Regeneron Pharmaceuticals, Inc.	*		11,345		6,158,860
Vertex Pharmaceuticals, Inc.	*		96,715		12,169,648
					148,803,948

		Shares		Value
Building Products—0.3%
Masco Corp.		237,980	$	6,734,834
Capital Markets—1.5%
Ameriprise Financial, Inc.		15,800		1,681,436
Bank of New York Mellon Corp. (The)		20,500		845,010
Blackstone Group LP (The)		215,085		6,289,085
Carlyle Group LP (The)		27,213		425,067
Charles Schwab Corp. (The)		312,536		10,291,811
E*TRADE Financial Corp.	*	31,900		945,516
Morgan Stanley		237,120		7,542,787
Northern Trust Corp.		8,100		583,929
State Street Corp.		30,900		2,050,524
TD Ameritrade Holding Corp.		106,300		3,689,673
				34,344,838
Chemicals—2.5%
Air Products & Chemicals, Inc.		33,770		4,393,815
Ashland, Inc.		11,300		1,160,510
Celanese Corp., Series A		142,412		9,588,600
Dow Chemical Co. (The)		317,493		16,344,540
Ecolab, Inc.		18,000		2,058,840
PPG Industries, Inc.		213,152		21,063,680
Sherwin-Williams Co. (The)		8,000		2,076,800
				56,686,785
Commercial Services & Supplies—0.1%
Tyco International plc		72,475		2,311,228
Communications Equipment—0.8%
Arista Networks, Inc.	*†	25,675		1,998,542
ARRIS Group, Inc.	*	40,365		1,233,958
Palo Alto Networks, Inc.	*	82,341		14,503,544
				17,736,044
Consumer Finance—1.5%
Capital One Financial Corp.		203,318		14,675,493
LendingClub Corp.	*†	100,250		1,107,763
Synchrony Financial	*	552,319		16,796,021
				32,579,277
Diversified Consumer Services—0.1%
ServiceMaster Global Holdings, Inc.	*	81,560		3,200,414
Diversified Financial Services—0.6%
Intercontinental Exchange, Inc.		17,960		4,602,430
McGraw Hill Financial, Inc.		95,983		9,462,004
				14,064,434
Diversified Telecommunication Services—0.1%
Level 3 Communications, Inc.	*	38,880		2,113,517
Energy Equipment & Services—0.2%
Baker Hughes, Inc.		52,880		2,440,412
Weatherford International plc (Switzerland)	*	119,450		1,002,186
				3,442,598
Food & Staples Retailing—1.8%
Costco Wholesale Corp.		72,977		11,785,785
CVS Health Corp.		77,685		7,595,262

See accompanying notes to financial statements.

272

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Growth Fund		Shares		Value
COMMON STOCKS—(Continued)
Kroger Co. (The)			342,090	$	14,309,625
Walgreens Boots Alliance, Inc.			76,010		6,472,632
					40,163,304
Food Products—0.3%
General Mills, Inc.			19,785		1,140,803
Mondelez International, Inc., Class A			128,688		5,770,370
					6,911,173
Health Care Equipment & Supplies—2.7%
Becton Dickinson and Co.			23,300		3,590,297
Cooper Cos., Inc. (The)			62,446		8,380,253
DexCom, Inc.	*		85,972		7,041,107
Edwards Lifesciences Corp.	*		189,877		14,996,485
Hologic, Inc.	*		62,210		2,406,905
Intuitive Surgical, Inc.	*		17,636		9,632,078
Medtronic plc (Ireland)			16,100		1,238,412
STERIS plc (United Kingdom)	†		161,402		12,160,027
Stryker Corp.			18,200		1,691,508
					61,137,072
Health Care Providers & Services—2.6%
Aetna, Inc.			32,365		3,499,304
AmerisourceBergen Corp.			73,077		7,578,816
Anthem, Inc.			28,200		3,932,208
Cardinal Health, Inc.			34,500		3,079,815
Cigna Corp.			400		58,532
HCA Holdings, Inc.	*		40,920		2,767,420
Henry Schein, Inc.	*		4,200		664,398
Humana, Inc.			7,610		1,358,461
McKesson Corp.			103,038		20,322,185
UnitedHealth Group, Inc.			130,040		15,297,905
					58,559,044
Hotels, Restaurants & Leisure—4.1%
Carnival Corp.			4,300		234,264
Chipotle Mexican Grill, Inc.	*		2,000		959,700
Hilton Worldwide Holdings, Inc.			430,140		9,204,996
Las Vegas Sands Corp.			1,100		48,224
Marriott International, Inc., Class A			18,900		1,267,056
McDonald’s Corp.			107,141		12,657,638
MGM Resorts International	*		83,600		1,899,392
Norwegian Cruise Line Holdings Ltd.	*		167,535		9,817,551
Royal Caribbean Cruises Ltd.			166,441		16,845,493
Starbucks Corp.			538,467		32,324,174
Yum! Brands, Inc.			76,555		5,592,343
					90,850,831
Household Durables—0.8%
Jarden Corp.	*		121,765		6,955,217
Newell Rubbermaid, Inc.			231,040		10,184,243
					17,139,460
Industrial Conglomerates—0.9%
Danaher Corp.			162,755		15,116,684
General Electric Co.			36,372		1,132,988
Roper Technologies, Inc.			16,000		3,036,640
					19,286,312

		Shares		Value
Insurance—0.1%
Marsh & McLennan Cos., Inc.		26,500	$	1,469,425
Internet & Catalog Retail—7.1%
Amazon.com, Inc.	*	140,032		94,646,228
Ctrip.com International Ltd. ADR (China)	*†	98,330		4,555,629
JD.com, Inc. ADR (China)	*	19,200		619,488
Netflix, Inc.	*	174,371		19,944,555
Priceline Group, Inc. (The)	*	29,099		37,099,770
				156,865,670
Internet Software & Services—10.8%
Akamai Technologies, Inc.	*	6,400		336,832
Alibaba Group Holding Ltd. ADR (China)	*†	80,475		6,540,203
Alphabet, Inc., Class A	*	66,206		51,508,930
Alphabet, Inc., Class C	*	97,569		74,043,163
Baidu, Inc. ADR (China)	*†	15,200		2,873,408
Facebook, Inc., Class A	*	796,314		83,342,223
GrubHub, Inc.	*†	43,700		1,057,540
LinkedIn Corp., Class A	*	36,040		8,111,883
Tencent Holdings Ltd. (China)		284,900		5,578,338
Yahoo!, Inc.	*	208,430		6,932,382
				240,324,902
IT Services—6.7%
Alliance Data Systems Corp.	*	13,440		3,717,101
Cognizant Technology Solutions Corp., Class A	*	196,936		11,820,099
First Data Corp., Class A	*†	19,900		318,798
Fiserv, Inc.	*	43,100		3,941,926
FleetCor Technologies, Inc.	*	54,475		7,786,112
MasterCard, Inc., Class A		449,429		43,756,407
PayPal Holdings, Inc.	*	163,167		5,906,645
Sabre Corp.		113,600		3,177,392
Visa, Inc., Class A		881,381		68,351,097
				148,775,577
Life Sciences Tools & Services—1.3%
Thermo Fisher Scientific, Inc.		202,377		28,707,177
Machinery—0.1%
Flowserve Corp.		1,000		42,080
WABCO Holdings, Inc.	*	475		48,574
Wabtec Corp.		20,700		1,472,184
				1,562,838
Media—2.5%
Comcast Corp., Class A		389,694		21,990,433
Time Warner, Inc.		22,285		1,441,171
Twenty-First Century Fox, Inc., Class A		375,040		10,186,086
Walt Disney Co. (The)		208,361		21,894,574
				55,512,264
Multiline Retail—1.4%
Dollar General Corp.		46,530		3,344,111
Dollar Tree, Inc.	*	181,152		13,988,558
Target Corp.	†	175,256		12,725,338
				30,058,007
Multi-Utilities—0.0%
Sempra Energy		5,310		499,193

See accompanying notes to financial statements.

273

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Growth Fund		Shares		Value
COMMON STOCKS—(Continued)
Oil, Gas & Consumable Fuels—1.1%
Anadarko Petroleum Corp.			52,465	$	2,548,750
Cimarex Energy Co.			4,600		411,148
Concho Resources, Inc.	*		2,900		269,294
EOG Resources, Inc.			14,715		1,041,675
Pioneer Natural Resources Co.			2,800		351,064
Suncor Energy, Inc. (Canada)			341,620		8,813,796
Valero Energy Corp.			155,881		11,022,345
					24,458,072
Personal Products—0.0%
Estee Lauder Cos., Inc. (The), Class A			8,300		730,898
Pharmaceuticals—6.6%
AbbVie, Inc.			4,000		236,960
Allergan plc	*		109,146		34,108,125
Bristol-Myers Squibb Co.			730,365		50,241,808
Eli Lilly & Co.			186,443		15,709,687
Jazz Pharmaceuticals plc (Ireland)	*		125,373		17,622,429
Perrigo Co. plc (Ireland)			300		43,410
Shire plc ADR (Ireland)			24,126		4,945,830
Teva Pharmaceutical Industries Ltd. ADR (Israel)			292,987		19,231,667
Valeant Pharmaceuticals International, Inc.	*		37,600		3,822,040
Zoetis, Inc.			5,900		282,728
					146,244,684
Professional Services—0.6%
IHS, Inc., Class A	*		4,400		521,092
Nielsen Holdings plc			217,913		10,154,746
Verisk Analytics, Inc.	*		42,070		3,234,341
					13,910,179
Real Estate Investment Trusts (REITs)—0.5%
American Tower Corp. REIT			72,000		6,980,400
Blackstone Mortgage Trust, Inc., Class A REIT			134,420		3,597,079
Crown Castle International Corp. REIT			9,825		849,371
					11,426,850
Road & Rail—0.6%
Canadian Pacific Railway Ltd. (Canada)			15,300		1,952,280
J.B. Hunt Transport Services, Inc.			12,700		931,672
Union Pacific Corp.			138,030		10,793,946
					13,677,898
Semiconductors & Semiconductor Equipment—2.8%
Avago Technologies Ltd. (Singapore)			152,632		22,154,535
Broadcom Corp., Class A			101,900		5,891,858
Lam Research Corp.			261,990		20,807,246
NXP Semiconductors NV (Netherlands)	*		156,151		13,155,721
					62,009,360
Software—6.3%
Activision Blizzard, Inc.			211,393		8,183,023
Adobe Systems, Inc.	*		176,084		16,541,331

		Shares		Value
Electronic Arts, Inc.	*	20,200	$	1,388,144
Microsoft Corp.		864,145		47,942,764
Red Hat, Inc.	*	33,700		2,790,697
salesforce.com, Inc.	*	367,452		28,808,237
ServiceNow, Inc.	*	260,044		22,509,409
Splunk, Inc.	*	92,422		5,435,338
Tableau Software, Inc., Class A	*	64,940		6,118,647
				139,717,590
Specialty Retail—5.1%
AutoZone, Inc.	*	3,600		2,670,876
CarMax, Inc.	*	5,600		302,232
Home Depot, Inc. (The)		188,200		24,889,450
L Brands, Inc.		121,402		11,632,740
Lowe’s Cos., Inc.		362,065		27,531,423
O’Reilly Automotive, Inc.	*	20,100		5,093,742
Ross Stores, Inc.		53,500		2,878,835
Signet Jewelers Ltd.		15,770		1,950,591
TJX Cos., Inc. (The)		255,118		18,090,417
Tractor Supply Co.		34,000		2,907,000
Ulta Salon Cosmetics & Fragrance, Inc.	*	83,168		15,386,080
				113,333,386
Technology Hardware, Storage & Peripherals—4.1%
Apple, Inc.		858,867		90,404,340
Textiles, Apparel & Luxury Goods—2.2%
Coach, Inc.		78,125		2,557,031
Hanesbrands, Inc.		104,700		3,081,321
NIKE, Inc., Class B		437,947		27,371,688
PVH Corp.		400		29,460
Under Armour, Inc., Class A	*†	98,333		7,926,623
V.F. Corp.		145,237		9,041,003
				50,007,126
Trading Companies & Distributors—0.3%
HD Supply Holdings, Inc.	*	184,940		5,553,748
United Rentals, Inc.	*	27,050		1,962,207
				7,515,955
Wireless Telecommunication Services—0.2%
SBA Communications Corp., Class A	*	45,300		4,759,671
T-Mobile US, Inc.	*	4,800		187,776
				4,947,447
TOTAL COMMON STOCKS
(Cost $1,783,673,020)				2,145,655,860
MONEY MARKET FUNDS—4.7%
Institutional Money Market Funds—4.7%
Dreyfus Institutional Cash Advantage Fund, 0.26%	††¥	5,000,000		5,000,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32%	¥	75,504,811		75,504,811

See accompanying notes to financial statements.

274

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Growth Fund		Shares		Value
MONEY MARKET FUNDS—(Continued)
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32%	††¥		4,832,613	$	4,832,613
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.32%	††¥		5,000,000		5,000,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.29%	††¥		5,000,000		5,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.32%	††¥		5,000,000		5,000,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.31%	††¥		5,000,000		5,000,000
TOTAL MONEY MARKET FUNDS
(Cost $105,337,424)					105,337,424
TOTAL INVESTMENTS—101.1%
(Cost $1,889,010,444)					2,250,993,284
Other assets less liabilities—(1.1%)					(25,157,109	)
NET ASSETS—100.0%				$	2,225,836,175

Notes to the Schedule of Investments:

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

See accompanying notes to financial statements.

275

SCHEDULE OF INVESTMENTS

December 31, 2015

Vantagepoint Select Value Fund		Shares		Value
COMMON STOCKS—94.0%
Aerospace & Defense—2.1%
Rockwell Collins, Inc.			27,684	$	2,555,233
TransDigm Group, Inc.	*		25,567		5,840,781
					8,396,014
Airlines—0.2%
American Airlines Group, Inc.			22,855		967,909
Auto Components—2.0%
Dana Holding Corp.			221,400		3,055,320
Delphi Automotive plc (United Kingdom)			32,500		2,786,225
Gentex Corp.			125,159		2,003,796
					7,845,341
Automobiles—0.5%
Harley-Davidson, Inc.			47,245		2,144,451
Banks—5.9%
CIT Group, Inc.			101,100		4,013,670
Cullen/Frost Bankers, Inc.	†		20,300		1,218,000
Fifth Third Bancorp			278,608		5,600,021
M&T Bank Corp.			47,620		5,770,592
SunTrust Banks, Inc.			84,230		3,608,413
TCF Financial Corp.			80,502		1,136,688
Webster Financial Corp.			61,045		2,270,263
					23,617,647
Capital Markets—2.1%
E*TRADE Financial Corp.	*		145,950		4,325,958
Invesco Ltd.			85,005		2,845,967
Lazard Ltd., Class A (Bermuda)			30,595		1,377,081
					8,549,006
Chemicals—4.1%
Albemarle Corp.			46,880		2,625,749
Ashland, Inc.			38,400		3,943,680
Celanese Corp., Series A			70,364		4,737,608
Eastman Chemical Co.			38,600		2,605,886
Mosaic Co. (The)			84,858		2,341,232
					16,254,155
Commercial Services & Supplies—1.5%
KAR Auction Services, Inc.			14,425		534,158
Republic Services, Inc.			86,052		3,785,427
Steelcase, Inc., Class A			120,200		1,790,980
					6,110,565
Communications Equipment—0.5%
Harris Corp.			24,845		2,159,031
Construction & Engineering—2.5%
Fluor Corp.			47,730		2,253,811
Jacobs Engineering Group, Inc.	*		65,190		2,734,720
KBR, Inc.			162,160		2,743,747
Quanta Services, Inc.	*		106,319		2,152,960
					9,885,238
Consumer Finance—0.6%
Synchrony Financial	*		75,975		2,310,400
Containers & Packaging—2.1%
Berry Plastics Group, Inc.	*		59,930		2,168,267
Crown Holdings, Inc.	*		17,420		883,194

		Shares		Value
Owens-Illinois, Inc.	*	153,400	$	2,672,228
Packaging Corp. of America		44,400		2,799,420
				8,523,109
Diversified Consumer Services—1.2%
H&R Block, Inc.		53,013		1,765,863
ServiceMaster Global Holdings, Inc.	*	74,295		2,915,336
				4,681,199
Diversified Financial Services—1.2%
Intercontinental Exchange, Inc.		9,042		2,317,103
Voya Financial, Inc.		68,360		2,523,168
				4,840,271
Diversified Telecommunication Services—1.0%
Level 3 Communications, Inc.	*	71,345		3,878,314
Electric Utilities—3.4%
Edison International		27,177		1,609,150
Exelon Corp.		87,590		2,432,375
Great Plains Energy, Inc.		115,400		3,151,574
OGE Energy Corp.		67,118		1,764,532
Pinnacle West Capital Corp.		70,500		4,545,840
				13,503,471
Electrical Equipment—0.4%
Hubbell, Inc.		14,881		1,503,576
Electronic Equipment, Instruments & Components—3.6%
Arrow Electronics, Inc.	*	64,305		3,484,045
Avnet, Inc.		93,667		4,012,694
FLIR Systems, Inc.		96,458		2,707,576
Keysight Technologies, Inc.	*	148,684		4,212,218
				14,416,533
Energy Equipment & Services—1.9%
FMC Technologies, Inc.	*	46,800		1,357,668
Helmerich & Payne, Inc.		14,889		797,306
McDermott International, Inc.	*	162,206		543,390
Precision Drilling Corp. (Canada)		402,755		1,586,855
SEACOR Holdings, Inc.	*	20,600		1,082,736
Weatherford International plc (Switzerland)	*	286,700		2,405,413
				7,773,368
Food & Staples Retailing—0.4%
Kroger Co. (The)		35,524		1,485,969
Food Products—0.6%
Pinnacle Foods, Inc.		51,835		2,200,914
Gas Utilities—0.3%
UGI Corp.		41,050		1,385,848
Health Care Equipment & Supplies—2.3%
Boston Scientific Corp.	*	145,050		2,674,722
DENTSPLY International, Inc.		12,160		739,936
Globus Medical, Inc., Class A	*	89,240		2,482,657
Zimmer Biomet Holdings, Inc.		34,100		3,498,319
				9,395,634

See accompanying notes to financial statements.

276

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Select Value Fund		Shares		Value
COMMON STOCKS—(Continued)
Health Care Providers & Services—2.6%
Amsurg Corp.	*		28,850	$	2,192,600
Centene Corp.	*		20,345		1,338,904
Universal Health Services, Inc., Class B			36,700		4,385,283
VCA, Inc.	*		45,540		2,504,700
					10,421,487
Hotels, Restaurants & Leisure—2.5%
MGM Resorts International	*		152,145		3,456,734
Royal Caribbean Cruises Ltd.			19,200		1,943,232
Wyndham Worldwide Corp.			63,300		4,598,745
					9,998,711
Household Durables—1.0%
D.R. Horton, Inc.			90,200		2,889,106
Newell Rubbermaid, Inc.			24,635		1,085,911
					3,975,017
Independent Power and Renewable Electricity Producers—0.2%
NRG Energy, Inc.			72,245		850,324
Insurance—9.8%
Alleghany Corp.	*		7,870		3,761,309
Allied World Assurance Co. Holdings AG (Switzerland)			53,126		1,975,756
Allstate Corp. (The)			110,210		6,842,939
Aon plc (United Kingdom)			29,862		2,753,575
Arch Capital Group Ltd. (Bermuda)	*		43,231		3,015,362
Endurance Specialty Holdings Ltd. (Bermuda)			67,910		4,345,561
FNF Group			88,100		3,054,427
Hartford Financial Services Group, Inc. (The)			9,185		399,180
Lincoln National Corp.			83,187		4,180,979
Loews Corp.			47,917		1,840,013
Progressive Corp. (The)			49,813		1,584,053
RenaissanceRe Holdings Ltd. (Bermuda)			10,745		1,216,227
Torchmark Corp.			49,214		2,813,072
XL Group plc (Ireland)			35,315		1,383,642
					39,166,095
Internet & Catalog Retail—1.4%
Liberty Interactive Corp. QVC Group, Series A	*		99,267		2,711,975
Liberty Ventures, Series A	*		61,265		2,763,664
					5,475,639
Internet Software & Services—0.5%
IAC/InterActiveCorp			35,023		2,103,131
IT Services—1.8%
Computer Sciences Corp.			40,267		1,315,925
Convergys Corp.			58,455		1,454,945
CoreLogic, Inc.	*		14,680		497,065
CSRA, Inc.			40,267		1,208,010
Global Payments, Inc.			16,530		1,066,350
Teradata Corp.	*		68,259		1,803,403
					7,345,698

		Shares		Value
Leisure Products—1.2%
Brunswick Corp.		96,619	$	4,880,226
Life Sciences Tools & Services—0.3%
Waters Corp.	*	10,095		1,358,585
Machinery—3.4%
Allison Transmission Holdings, Inc.		121,065		3,134,373
Dover Corp.		41,200		2,525,972
ITT Corp.		61,510		2,234,043
Joy Global, Inc.		79,928		1,007,892
Kennametal, Inc.		68,304		1,311,437
Stanley Black & Decker, Inc.		16,930		1,806,939
Trinity Industries, Inc.		59,180		1,421,503
				13,442,159
Media—1.8%
CBS Corp. (Non-Voting Shares), Class B		21,875		1,030,969
Omnicom Group, Inc.		37,594		2,844,362
TEGNA, Inc.		134,513		3,432,772
				7,308,103
Metals & Mining—1.5%
Goldcorp, Inc. (Canada)		171,956		1,987,811
Kinross Gold Corp. (Canada)	*	411,729		749,347
Nucor Corp.		80,924		3,261,237
				5,998,395
Multiline Retail—0.9%
Nordstrom, Inc.	†	70,573		3,515,241
Multi-Utilities—3.8%
Ameren Corp.		51,895		2,243,421
DTE Energy Co.		41,905		3,360,362
PG&E Corp.		122,260		6,503,009
SCANA Corp.		48,850		2,954,937
				15,061,729
Oil, Gas & Consumable Fuels—4.8%
Apache Corp.		59,230		2,633,958
Denbury Resources, Inc.	†	236,409		477,546
Devon Energy Corp.		15,320		490,240
Energen Corp.		71,670		2,937,753
Hess Corp.		88,297		4,280,639
Murphy Oil Corp.	†	128,000		2,873,600
Newfield Exploration Co.	*	63,150		2,056,164
SM Energy Co.		41,978		825,287
Southwestern Energy Co.	*	86,679		616,288
Valero Energy Corp.		14,575		1,030,598
WPX Energy, Inc.	*	166,590		956,227
				19,178,300
Paper & Forest Products—0.3%
International Paper Co.		27,350		1,031,095
Professional Services—0.3%
ManpowerGroup, Inc.		14,313		1,206,443
Real Estate Investment Trusts (REITs)—7.0%
Alexandria Real Estate Equities, Inc. REIT		25,525		2,306,439
American Capital Agency Corp. REIT		75,459		1,308,459

See accompanying notes to financial statements.

277

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Select Value Fund		Shares		Value
COMMON STOCKS—(Continued)
AvalonBay Communities, Inc. REIT			14,500	$	2,669,885
CBL & Associates Properties, Inc. REIT			177,200		2,191,964
Duke Realty Corp. REIT			126,554		2,660,165
DuPont Fabros Technology, Inc. REIT			71,600		2,276,164
EPR Properties REIT			27,070		1,582,241
Hatteras Financial Corp. REIT			83,758		1,101,418
Lamar Advertising Co., Class A REIT			47,224		2,832,496
Liberty Property Trust REIT			92,000		2,856,600
MFA Financial, Inc. REIT			284,900		1,880,340
SL Green Realty Corp. REIT			23,435		2,647,686
Sunstone Hotel Investors, Inc. REIT			133,653		1,669,326
					27,983,183
Real Estate Management & Development—0.6%
CBRE Group, Inc., Class A	*		71,725		2,480,250
Road & Rail—0.9%
Ryder System, Inc.			17,178		976,226
Werner Enterprises, Inc.			111,767		2,614,230
					3,590,456
Semiconductors & Semiconductor Equipment—2.9%
Analog Devices, Inc.			41,934		2,319,789
Cirrus Logic, Inc.	*		48,500		1,432,205
Integrated Device Technology, Inc.	*		43,050		1,134,368
Lam Research Corp.			17,560		1,394,615
Marvell Technology Group Ltd. (Bermuda)			304,300		2,683,926
Mellanox Technologies Ltd. (Israel)	*		24,810		1,045,493
Skyworks Solutions, Inc.			20,090		1,543,515
					11,553,911
Software—0.7%
Activision Blizzard, Inc.			28,215		1,092,202
Synopsys, Inc.	*		39,075		1,782,211
					2,874,413
Specialty Retail—1.2%
American Eagle Outfitters, Inc.			176,575		2,736,913
Bed Bath & Beyond, Inc.	*		39,718		1,916,393
					4,653,306
Technology Hardware, Storage & Peripherals—0.3%
Western Digital Corp.			22,305		1,339,415
Textiles, Apparel & Luxury Goods—0.8%
Coach, Inc.			51,944		1,700,127
PVH Corp.			21,785		1,604,465
					3,304,592

		Shares		Value
Trading Companies & Distributors—0.7%
AerCap Holdings NV (Netherlands)	*	28,225	$	1,218,191
Air Lease Corp.		45,854		1,535,192
				2,753,383
Wireless Telecommunication Services—0.4%
SBA Communications Corp., Class A	*	15,280		1,605,470
TOTAL COMMON STOCKS
(Cost $374,433,696)				376,282,720
MONEY MARKET FUNDS—7.9%
Institutional Money Market Funds—7.9%
Dreyfus Institutional Cash Advantage Fund, 0.26%	††¥	1,000,000		1,000,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32%	¥	25,722,768		25,722,768
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32%	††¥	866,805		866,805
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.32%	††¥	1,000,000		1,000,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.29%	††¥	1,000,000		1,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.32%	††¥	1,000,000		1,000,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.31%	††¥	1,000,000		1,000,000
TOTAL MONEY MARKET FUNDS
(Cost $31,589,573)				31,589,573
TOTAL INVESTMENTS—101.9%
(Cost $406,023,269)				407,872,293
Other assets less liabilities—(1.9%)				(7,615,533	)
NET ASSETS—100.0%			$	400,256,760

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.

278

SCHEDULE OF INVESTMENTS

December 31, 2015

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—96.3%
Aerospace & Defense—2.9%
B/E Aerospace, Inc.			13,897	$	588,816
BWX Technologies, Inc.			18,800		597,276
Hexcel Corp.			94,900		4,408,105
Huntington Ingalls Industries, Inc.			4,600		583,510
L-3 Communications Holdings, Inc.			34,500		4,123,095
Orbital ATK, Inc.			38,100		3,403,854
Rockwell Collins, Inc.			45,646		4,213,126
Spirit AeroSystems Holdings, Inc., Class A	*		12,071		604,395
Textron, Inc.			14,000		588,140
TransDigm Group, Inc.	*		14,144		3,231,197
United Technologies Corp.			65,900		6,331,013
					28,672,527
Air Freight & Logistics—1.0%
C.H. Robinson Worldwide, Inc.			8,922		553,342
Expeditors International of Washington, Inc.			13,069		589,412
FedEx Corp.			56,590		8,431,344
					9,574,098
Airlines—0.9%
Alaska Air Group, Inc.			7,316		589,011
JetBlue Airways Corp.	*		25,600		579,840
Ryanair Holdings plc ADR (Ireland)			45,250		3,912,315
Southwest Airlines Co.			13,758		592,420
Spirit Airlines, Inc.	*		67,205		2,678,119
United Continental Holdings, Inc.	*		10,007		573,401
					8,925,106
Auto Components—0.9%
BorgWarner, Inc.			79,876		3,453,040
Delphi Automotive plc (United Kingdom)			6,900		591,537
Gentex Corp.			36,704		587,631
Gentherm, Inc.	*		71,440		3,386,256
Lear Corp.			4,735		581,600
Visteon Corp.	*		5,200		595,400
					9,195,464
Automobiles—0.1%
Harley-Davidson, Inc.			12,784		580,266
Thor Industries, Inc.			10,618		596,201
					1,176,467
Banks—0.1%
Signature Bank/New York	*		3,901		598,296
SVB Financial Group	*		4,935		586,772
					1,185,068
Beverages—1.0%
Brown-Forman Corp., Class A	†		5,400		594,594
Brown-Forman Corp., Class B			36,242		3,598,106
Coca-Cola Enterprises, Inc.			12,006		591,175
Constellation Brands, Inc., Class A			26,437		3,765,686
Dr. Pepper Snapple Group, Inc.			6,376		594,243
Monster Beverage Corp.	*		4,082		608,055
					9,751,859

		Shares		Value
Biotechnology—2.4%
Agios Pharmaceuticals, Inc.	*†	9,100	$	590,772
Alkermes plc (Ireland)	*	7,615		604,479
Alnylam Pharmaceuticals, Inc.	*	31,784		2,992,146
BioMarin Pharmaceutical, Inc.	*	5,665		593,465
Bluebird Bio, Inc.	*†	29,000		1,862,380
Cepheid, Inc.	*	49,753		1,817,477
Incyte Corp.	*	5,142		557,650
Intercept Pharmaceuticals, Inc.	*†	3,885		580,225
Intrexon Corp.	*†	18,900		569,835
Ionis Pharmaceuticals, Inc.	*	10,000		619,300
Juno Therapeutics, Inc.	*†	13,100		576,007
Ligand Pharmaceuticals, Inc.	*†	11,552		1,252,468
Medivation, Inc.	*	134,314		6,492,739
OPKO Health, Inc.	*†	59,000		592,950
Prothena Corp. plc (Ireland)	*	10,362		705,756
Puma Biotechnology, Inc.	*†	7,900		619,360
Seattle Genetics, Inc.	*†	13,700		614,856
Ultragenyx Pharmaceutical, Inc.	*	18,400		2,064,112
United Therapeutics Corp.	*	3,706		580,396
				24,286,373
Building Products—1.3%
A.O. Smith Corp.		60,385		4,626,095
Allegion plc (Ireland)		78,089		5,147,627
Armstrong World Industries, Inc.	*	12,934		591,472
Fortune Brands Home & Security, Inc.		10,607		588,689
Lennox International, Inc.		4,717		589,153
Masco Corp.		21,058		595,941
USG Corp.	*†	24,660		598,991
				12,737,968
Capital Markets—3.2%
Affiliated Managers Group, Inc.	*	3,545		566,349
Ameriprise Financial, Inc.		5,540		589,567
Apollo Global Management LLC, Class A		183,700		2,788,566
Artisan Partners Asset Management, Inc., Class A		16,455		593,367
Eaton Vance Corp.		17,810		577,578
Evercore Partners, Inc., Class A		59,300		3,206,351
Federated Investors, Inc., Class B		20,571		589,359
Franklin Resources, Inc.		87,100		3,207,022
Interactive Brokers Group, Inc., Class A		14,000		610,400
Invesco Ltd.		118,765		3,976,252
Lazard Ltd., Class A (Bermuda)		12,875		579,504
Legg Mason, Inc.		14,390		564,520
LPL Financial Holdings, Inc.	†	14,233		607,038
NorthStar Asset Management Group, Inc.		47,914		581,676
Och-Ziff Capital Management Group LLC, Class A		254,900		1,588,027
Raymond James Financial, Inc.		65,900		3,820,223
SEI Investments Co.		99,611		5,219,616
T. Rowe Price Group, Inc.		8,291		592,724
TD Ameritrade Holding Corp.		17,200		597,012
Waddell & Reed Financial, Inc., Class A		20,048		574,576
				31,429,727

See accompanying notes to financial statements.

279

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Chemicals—2.7%
Airgas, Inc.			4,303	$	595,191
Ashland, Inc.			5,700		585,390
Axalta Coating Systems Ltd.	*		145,066		3,866,009
Celanese Corp., Series A			8,826		594,255
CF Industries Holdings, Inc.			13,500		550,935
E.I. Du Pont de Nemours & Co.			120,400		8,018,640
Eastman Chemical Co.			8,714		588,282
Ecolab, Inc.			35,600		4,071,928
FMC Corp.			14,677		574,311
Huntsman Corp.			52,365		595,390
International Flavors & Fragrances, Inc.			4,986		596,525
NewMarket Corp.			1,549		589,751
Platform Specialty Products Corp.	*†		43,455		557,528
RPM International, Inc.			71,154		3,135,045
Scotts Miracle-Gro Co. (The), Class A			9,187		592,653
Sherwin-Williams Co. (The)			2,194		569,562
Valspar Corp. (The)			7,141		592,346
W.R. Grace & Co.	*		5,990		596,544
					27,270,285
Commercial Services & Supplies—1.3%
Cintas Corp.			6,502		592,007
Clean Harbors, Inc.	*		14,043		584,891
Copart, Inc.	*		92,009		3,497,262
Covanta Holding Corp.	†		36,745		569,180
KAR Auction Services, Inc.			140,816		5,214,416
Pitney Bowes, Inc.			28,965		598,127
R.R. Donnelley & Sons Co.			40,480		595,866
Rollins, Inc.			21,674		561,357
Stericycle, Inc.	*		4,953		597,332
Tyco International plc			18,520		590,603
					13,401,041
Communications Equipment—1.2%
Arista Networks, Inc.	*†		8,000		622,720
ARRIS Group, Inc.	*		20,350		622,100
CommScope Holding Co., Inc.	*		22,705		587,832
F5 Networks, Inc.	*		6,090		590,486
Harris Corp.			33,152		2,880,909
Juniper Networks, Inc.			21,600		596,160
Motorola Solutions, Inc.			8,645		591,750
Palo Alto Networks, Inc.	*		3,378		595,001
ViaSat, Inc.	*†		82,600		5,039,426
					12,126,384
Construction & Engineering—0.1%
AECOM	*		19,500		585,585
Quanta Services, Inc.	*		28,600		579,150
					1,164,735
Construction Materials—0.6%
Eagle Materials, Inc.			9,745		588,890
Martin Marietta Materials, Inc.			11,265		1,538,574
Vulcan Materials Co.			41,400		3,931,758
					6,059,222

		Shares		Value
Consumer Finance—0.3%
Ally Financial, Inc.	*	31,050	$	578,772
Credit Acceptance Corp.	*†	2,700		577,854
LendingClub Corp.	*†	51,900		573,495
Santander Consumer USA Holdings, Inc.	*	37,226		590,032
SLM Corp.	*	92,095		600,460
				2,920,613
Containers & Packaging—0.6%
AptarGroup, Inc.		8,157		592,606
Avery Dennison Corp.		9,300		582,738
Ball Corp.		8,234		598,859
Bemis Co., Inc.		13,200		589,908
Crown Holdings, Inc.	*	11,852		600,896
Graphic Packaging Holding Co.		45,000		577,350
Owens-Illinois, Inc.*		33,973		591,810
Packaging Corp. of America		9,289		585,671
Sealed Air Corp.		13,679		610,083
Silgan Holdings, Inc.		11,173		600,214
WestRock Co.		13,100		597,622
				6,527,757
Distributors—0.5%
Genuine Parts Co.		6,985		599,942
LKQ Corp.	*	20,454		606,052
Pool Corp.		42,800		3,457,384
				4,663,378
Diversified Consumer Services—2.3%
Bright Horizons Family Solutions, Inc.	*	69,300		4,629,240
Graham Holdings Co., Class B		9,350		4,534,470
H&R Block, Inc.		17,885		595,749
Service Corp. International		22,550		586,751
ServiceMaster Global Holdings, Inc.	*	331,070		12,991,187
				23,337,397
Diversified Financial Services—1.8%
CBOE Holdings, Inc.		9,126		592,277
FactSet Research Systems, Inc.		3,713		603,622
Intercontinental Exchange, Inc.		2,407		616,818
Leucadia National Corp.		34,313		596,703
Markit Ltd. (United Kingdom)	*	105,500		3,182,935
McGraw Hill Financial, Inc.		67,282		6,632,660
Moody’s Corp.		5,984		600,435
Morningstar, Inc.		7,288		586,028
MSCI, Inc.		8,292		598,102
Nasdaq, Inc.		64,800		3,769,416
				17,778,996
Diversified Telecommunication Services—2.3%
Level 3 Communications, Inc.	*	290,054		15,767,335
Zayo Group Holdings, Inc.	*	268,850		7,148,722
				22,916,057
Electric Utilities—0.1%
ITC Holdings Corp.		15,225		597,581
Electrical Equipment—1.5%
Acuity Brands, Inc.		18,965		4,434,017
AMETEK, Inc.		77,230		4,138,756
Babcock & Wilcox Enterprises, Inc.	*	28,450		593,751

See accompanying notes to financial statements.

280

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Hubbell, Inc.			36,722	$	3,710,391
Regal Beloit Corp.			10,200		596,904
Rockwell Automation, Inc.			5,793		594,420
SolarCity Corp.	*		11,570		590,301
					14,658,540
Electronic Equipment, Instruments & Components—1.2%
Amphenol Corp., Class A			60,726		3,171,719
CDW Corp.			13,920		585,197
Cognex Corp.			81,800		2,762,386
Fitbit, Inc., Class A	*		20,900		618,431
FLIR Systems, Inc.			20,822		584,474
Ingram Micro, Inc., Class A			19,000		577,220
IPG Photonics Corp.	*†		6,520		581,323
Jabil Circuit, Inc.			25,000		582,250
Keysight Technologies, Inc.	*		20,603		583,683
National Instruments Corp.			20,325		583,124
Trimble Navigation Ltd.	*		26,816		575,203
Zebra Technologies Corp., Class A	*		8,451		588,612
					11,793,622
Energy Equipment & Services—1.0%
FMC Technologies, Inc.	*		20,213		586,379
National Oilwell Varco, Inc.			174,000		5,827,260
Oceaneering International, Inc.			70,339		2,639,119
RPC, Inc.	†		46,253		552,724
					9,605,482
Food & Staples Retailing—0.2%
Rite Aid Corp.	*		75,698		593,472
Sprouts Farmers Market, Inc.	*		22,700		603,593
Sysco Corp.			14,400		590,400
Whole Foods Market, Inc.			17,287		579,115
					2,366,580
Food Products—1.5%
Blue Buffalo Pet Products, Inc.	*†		31,000		580,010
Campbell Soup Co.			11,161		586,510
ConAgra Foods, Inc.			14,300		602,888
Flowers Foods, Inc.			26,714		574,084
Hain Celestial Group, Inc. (The)	*		14,130		570,711
Hershey Co. (The)			6,551		584,808
Hormel Foods Corp.			7,477		591,281
Ingredion, Inc.			6,111		585,678
Kellogg Co.			8,200		592,614
Keurig Green Mountain, Inc.			6,679		600,976
McCormick & Co., Inc. (Non-Voting Shares)			6,920		592,075
Mead Johnson Nutrition Co.			46,464		3,668,333
Pilgrim’s Pride Corp.	†		26,555		586,600
Tyson Foods, Inc., Class A			11,135		593,830
WhiteWave Foods Co. (The)	*		104,157		4,052,749
					15,363,147
Health Care Equipment & Supplies—3.3%
Alere, Inc.	*		113,100		4,421,079
Align Technology, Inc.	*		79,351		5,225,263
Boston Scientific Corp.	*		249,515		4,601,057

		Shares		Value
C.R. Bard, Inc.		3,130	$	592,947
Cooper Cos., Inc. (The)		4,376		587,259
DENTSPLY International, Inc.		9,760		593,896
DexCom, Inc.	*	55,686		4,560,683
Edwards Lifesciences Corp.	*	7,504		592,666
Hill-Rom Holdings, Inc.		12,320		592,099
Hologic, Inc.	*	118,990		4,603,723
IDEXX Laboratories, Inc.	*†	7,900		576,068
Integra LifeSciences Holdings Corp.	*	31,100		2,107,958
Intuitive Surgical, Inc.	*	1,101		601,322
ResMed, Inc.	†	11,018		591,557
Sirona Dental Systems, Inc.	*	5,402		591,897
St. Jude Medical, Inc.		9,670		597,316
Varian Medical Systems, Inc.	*	7,440		601,152
Zimmer Biomet Holdings, Inc.		5,842		599,331
				32,637,273
Health Care Providers & Services—4.3%
Acadia Healthcare Co., Inc.	*	9,500		593,370
AmerisourceBergen Corp.		5,707		591,873
Brookdale Senior Living, Inc.	*	31,200		575,952
Centene Corp.	*	42,358		2,787,580
DaVita HealthCare Partners, Inc.	*	156,764		10,928,019
Envision Healthcare Holdings, Inc.	*	271,427		7,048,959
Health Net, Inc.	*	37,100		2,539,866
HealthEquity, Inc.	*	61,395		1,539,173
Henry Schein, Inc.	*	3,805		601,913
Laboratory Corp. of America Holdings	*	4,760		588,526
LifePoint Health, Inc.	*	8,000		587,200
MEDNAX, Inc.	*	8,195		587,254
Patterson Cos., Inc.		13,297		601,157
Premier, Inc., Class A	*	123,890		4,369,600
Tenet Healthcare Corp.	*	18,270		553,581
Universal Health Services, Inc., Class B		34,517		4,124,436
VCA, Inc.	*	84,100		4,625,500
				43,243,959
Health Care Technology—0.4%
Allscripts Healthcare Solutions, Inc.	*	39,500		607,510
athenahealth, Inc.	*†	3,672		591,082
Cerner Corp.	*	9,686		582,807
IMS Health Holdings, Inc.	*	23,090		588,102
Inovalon Holdings, Inc., Class A	*†	34,500		586,500
Veeva Systems, Inc., Class A	*†	20,600		594,310
				3,550,311
Hotels, Restaurants & Leisure—4.5%
Aramark		159,702		5,150,390
Brinker International, Inc.		12,892		618,171
Chipotle Mexican Grill, Inc.	*	1,243		596,454
Choice Hotels International, Inc.		11,696		589,595
Darden Restaurants, Inc.		9,300		591,852
Dave & Buster’s Entertainment, Inc.	*	96,659		4,034,547
Domino’s Pizza, Inc.		38,445		4,277,006

See accompanying notes to financial statements.

281

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Dunkin’ Brands Group, Inc.	†		14,153	$	602,776
Extended Stay America, Inc.			35,200		559,680
Hilton Worldwide Holdings, Inc.			25,795		552,013
International Game Technology plc			36,700		593,806
Marriott International, Inc., Class A	†		8,756		587,002
McDonald’s Corp.			24,820		2,932,235
MGM Resorts International	*		26,580		603,898
Norwegian Cruise Line Holdings Ltd.	*		10,196		597,486
Panera Bread Co., Class A	*		3,116		606,934
Six Flags Entertainment Corp.			11,016		605,219
Starwood Hotels & Resorts Worldwide, Inc.			8,658		599,826
Vail Resorts, Inc.			39,312		5,031,543
Wyndham Worldwide Corp.			49,105		3,567,478
Wynn Resorts Ltd.	†		164,852		11,406,110
					44,704,021
Household Durables—1.6%
D.R. Horton, Inc.			18,599		595,726
GoPro, Inc., Class A	*†		32,700		588,927
Harman International Industries, Inc.			34,100		3,212,561
Jarden Corp.	*		10,548		602,502
Leggett & Platt, Inc.			13,593		571,178
Lennar Corp., Class A			12,125		593,034
Lennar Corp., Class B			14,500		582,610
Mohawk Industries, Inc.	*		3,100		587,109
Newell Rubbermaid, Inc.			51,290		2,260,863
NVR, Inc.	*		333		547,119
Tempur Sealy International, Inc.	*		44,003		3,100,451
Toll Brothers, Inc.	*		17,600		586,080
TopBuild Corp.	*		19,106		587,892
Tupperware Brands Corp.	†		10,682		594,453
Whirlpool Corp.			3,805		558,840
					15,569,345
Household Products—0.6%
Church & Dwight Co., Inc.			53,514		4,542,268
Clorox Co. (The)			4,670		592,296
Spectrum Brands Holdings, Inc.			5,820		592,476
					5,727,040
Independent Power and Renewable Electricity Producers—0.1%
Calpine Corp.	*		41,150		595,441
TerraForm Power, Inc., Class A	*†		47,200		593,776
					1,189,217
Industrial Conglomerates—2.1%
Carlisle Cos., Inc.			52,400		4,647,356
CK Hutchison Holdings Ltd. ADR (Hong Kong)			680,000		9,139,200
Koninklijke Philips NV NYRS (Netherlands)			278,462		7,086,858
Roper Technologies, Inc.			3,105		589,298
					21,462,712

		Shares		Value
Insurance—2.1%
Allied World Assurance Co. Holdings AG (Switzerland)		41,700	$	1,550,823
AmTrust Financial Services, Inc.	†	9,500		585,010
Aon plc (United Kingdom)		93,714		8,641,368
Arthur J. Gallagher & Co.		13,854		567,183
Assured Guaranty Ltd. (Bermuda)		120,400		3,182,172
Erie Indemnity Co., Class A		6,179		590,959
Markel Corp.	*	700		618,345
RenaissanceRe Holdings Ltd. (Bermuda)		45,200		5,116,188
				20,852,048
Internet & Catalog Retail—0.3%
Expedia, Inc.		4,718		586,448
Groupon, Inc.	*†	182,690		560,858
Liberty Interactive Corp. QVC Group, Series A	*	22,153		605,220
Liberty Ventures, Series A	*	13,564		611,872
TripAdvisor, Inc.	*	7,021		598,540
				2,962,938
Internet Software & Services—2.7%
Akamai Technologies, Inc.	*	11,183		588,561
Alphabet, Inc., Class C	*	10,774		8,176,173
CoStar Group, Inc.	*	49,447		10,220,200
GoDaddy, Inc., Class A	*†	17,600		564,256
IAC/InterActiveCorp		9,762		586,208
LinkedIn Corp., Class A	*	2,618		589,260
Match Group, Inc.	*†	133,700		1,811,635
Pandora Media, Inc.	*	42,073		564,199
Rackspace Hosting, Inc.	*	22,659		573,726
Twitter, Inc.	*	26,305		608,698
VeriSign, Inc.	*†	6,831		596,756
Yelp, Inc.	*	21,195		610,416
Zillow Group, Inc., Class A	*†	21,265		553,741
Zillow Group, Inc., Class C	*†	24,830		583,008
				26,626,837
IT Services—7.1%
Alliance Data Systems Corp.	*	40,856		11,299,544
Amdocs Ltd.		88,400		4,823,988
Black Knight Financial Services, Inc., Class A	*†	77,890		2,575,043
Booz Allen Hamilton Holding Corp.		150,131		4,631,541
Broadridge Financial Solutions, Inc.		56,566		3,039,291
CoreLogic, Inc.	*	17,400		589,164
DST Systems, Inc.		5,156		588,093
EPAM Systems, Inc.	*	47,004		3,695,455
Euronet Worldwide, Inc.	*	57,932		4,196,015
Fidelity National Information Services, Inc.		9,809		594,425
First Data Corp., Class A	*	36,200		579,924
Fiserv, Inc.	*	6,409		586,167
FleetCor Technologies, Inc.	*	3,906		558,285
Gartner, Inc.	*	75,364		6,835,515
Genpact Ltd.	*	24,200		604,516
Global Payments, Inc.		69,562		4,487,445
Jack Henry & Associates, Inc.		7,694		600,594
Leidos Holdings, Inc.		10,500		590,730

See accompanying notes to financial statements.

282

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
NeuStar, Inc., Class A	*†		116,400	$	2,790,108
Paychex, Inc.			11,112		587,714
Sabre Corp.			21,431		599,425
Square, Inc., Class A	*†		47,800		625,702
Teradata Corp.	*		21,277		562,138
Total System Services, Inc.			11,718		583,556
Vantiv, Inc., Class A	*		177,566		8,420,180
VeriFone Systems, Inc.	*		20,755		581,555
Western Union Co. (The)			32,498		582,039
WEX, Inc.	*		54,800		4,844,320
					71,052,472
Leisure Products—0.7%
Brunswick Corp.			70,900		3,581,159
Hasbro, Inc.			8,857		596,608
Polaris Industries, Inc.	†		23,914		2,055,408
Vista Outdoor, Inc.	*		13,200		587,532
					6,820,707
Life Sciences Tools & Services—0.5%
Bio-Techne Corp.			6,407		576,630
Bruker Corp.	*		24,692		599,275
Charles River Laboratories International, Inc.	*		7,554		607,266
Mettler-Toledo International, Inc.*			1,792		607,721
PerkinElmer, Inc.			11,230		601,591
Quintiles Transnational Holdings, Inc.	*		8,565		588,073
VWR Corp.	*		21,600		611,496
Waters Corp.	*		4,436		596,997
					4,789,049
Machinery—3.1%
Allison Transmission Holdings, Inc.			22,556		583,975
CNH Industrial NV (United Kingdom)	†		1,281,900		8,768,196
Donaldson Co., Inc.			20,569		589,507
Flowserve Corp.			68,138		2,867,247
Graco, Inc.			8,137		586,433
IDEX Corp.			7,724		591,736
Ingersoll-Rand plc			10,723		592,875
Lincoln Electric Holdings, Inc.			11,292		585,942
Middleby Corp. (The)	*		5,370		579,262
Nordson Corp.			9,073		582,033
PACCAR, Inc.			12,266		581,408
Parker-Hannifin Corp.			5,983		580,231
Proto Labs, Inc.	*†		23,800		1,515,822
Snap-on, Inc.			3,476		595,891
Stanley Black & Decker, Inc.			5,540		591,284
Toro Co. (The)			8,044		587,775
Valmont Industries, Inc.			5,435		576,219
WABCO Holdings, Inc.	*		58,815		6,014,422
Wabtec Corp.			54,041		3,843,396
					31,213,654
Media—3.7%
AMC Networks, Inc., Class A	*		7,768		580,114
Cablevision Systems Corp., Class A			18,205		580,739

		Shares		Value
Charter Communications, Inc., Class A	*†	29,175	$	5,341,943
Cinemark Holdings, Inc.		138,494		4,629,854
Clear Channel Outdoor Holdings, Inc., Class A	*	106,844		597,258
Discovery Communications, Inc., Class A	*†	21,765		580,690
Discovery Communications, Inc., Class C	*	23,265		586,743
DreamWorks Animation SKG, Inc., Class A	*†	415,300		10,702,281
Interpublic Group of Cos., Inc. (The)		25,461		592,732
Lions Gate Entertainment Corp.	†	18,280		592,089
Live Nation Entertainment, Inc.	*	23,465		576,535
Madison Square Garden Co. (The), Class A	*	3,700		598,660
MSG Networks, Inc., Class A	*	28,700		596,960
Omnicom Group, Inc.		7,789		589,316
Regal Entertainment Group, Class A	†	32,776		618,483
Scripps Networks Interactive, Inc., Class A		140,385		7,750,656
Sirius XM Holdings, Inc.	*	146,750		597,273
Starz, Class A	*	17,713		593,386
				36,705,712
Metals & Mining—0.2%
Compass Minerals International, Inc.		7,972		600,053
Royal Gold, Inc.		16,000		583,520
Steel Dynamics, Inc.		33,000		589,710
Tahoe Resources, Inc.	†	67,293		583,430
				2,356,713
Multiline Retail—0.8%
Dillard’s, Inc., Class A	†	8,785		577,262
Dollar General Corp.		8,393		603,205
Dollar Tree, Inc.	*	65,055		5,023,547
Macy’s, Inc.		16,607		580,913
Nordstrom, Inc.	†	11,544		575,007
Sears Holdings Corp.	*†	28,459		585,117
				7,945,051
Oil, Gas & Consumable Fuels—1.6%
Cabot Oil & Gas Corp.		33,872		599,196
Chesapeake Energy Corp.	†	595,950		2,681,775
CONSOL Energy, Inc.	†	315,700		2,494,030
Continental Resources, Inc.	*†	24,236		556,943
CVR Energy, Inc.	†	14,750		580,412
Diamondback Energy, Inc.	*	34,800		2,328,120
HollyFrontier Corp.		14,275		569,430
Memorial Resource Development Corp.	*	38,500		621,775
ONEOK, Inc.		24,631		607,400
Range Resources Corp.	†	102,057		2,511,623
Targa Resources Corp.		21,175		572,996
Teekay Corp. (Bermuda)		58,475		577,148
Tesoro Corp.		5,818		613,043
World Fuel Services Corp.		14,951		575,015
				15,888,906

See accompanying notes to financial statements.

283

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Paper & Forest Products—0.1%
International Paper Co.			15,327	$	577,828
Personal Products—0.2%
Coty, Inc., Class A	†		22,214		569,345
Herbalife Ltd.	*†		10,902		584,565
Nu Skin Enterprises, Inc., Class A	†		14,724		557,892
					1,711,802
Pharmaceuticals—1.1%
Akorn, Inc.	*†		16,000		596,960
Catalent, Inc.	*		92,400		2,312,772
Endo International plc (Ireland)	*		70,814		4,335,233
Intersect ENT, Inc.	*		72,928		1,640,880
Jazz Pharmaceuticals plc (Ireland)	*		4,135		581,216
Mallinckrodt plc	*		7,842		585,248
Perrigo Co. plc (Ireland)			4,013		580,681
Zoetis, Inc.			12,486		598,329
					11,231,319
Professional Services—2.7%
Dun & Bradstreet Corp. (The)			5,673		589,595
Equifax, Inc.			71,502		7,963,178
IHS, Inc., Class A	*		25,575		3,028,847
Nielsen Holdings plc			222,197		10,354,380
Robert Half International, Inc.			12,723		599,762
Towers Watson & Co., Class A			4,500		578,070
TransUnion	*		21,500		592,755
Verisk Analytics, Inc.	*		46,570		3,580,302
					27,286,889
Real Estate Investment Trusts (REITs)—1.3%
Boston Properties, Inc. REIT			4,664		594,847
Columbia Property Trust, Inc. REIT			25,325		594,631
Crown Castle International Corp. REIT			6,808		588,552
Digital Realty Trust, Inc. REIT			7,900		597,398
Empire State Realty Trust, Inc., Class A REIT			33,400		603,538
Equinix, Inc. REIT			2,028		613,267
Equity LifeStyle Properties, Inc. REIT			9,102		606,830
Extra Space Storage, Inc. REIT			6,806		600,357
Federal Realty Investment Trust REIT			4,081		596,234
Four Corners Property Trust, Inc. REIT	*		25,533		616,885
Gaming and Leisure Properties, Inc. REIT	†		21,255		590,889
Healthcare Trust of America, Inc., Class A REIT			22,162		597,709
Iron Mountain, Inc. REIT			21,649		584,740
Lamar Advertising Co., Class A REIT			9,995		599,500
Omega Healthcare Investors, Inc. REIT			16,965		593,436
Plum Creek Timber Co., Inc. REIT			12,385		591,012
Post Properties, Inc. REIT			10,200		603,432

		Shares		Value
Tanger Factory Outlet Centers, Inc. REIT		17,977	$	587,848
Taubman Centers, Inc. REIT		7,784		597,188
Welltower, Inc. REIT		8,823		600,229
Weyerhaeuser Co. REIT		19,497		584,520
				12,543,042
Real Estate Management & Development—1.0%
CBRE Group, Inc., Class A	*	229,777		7,945,689
Howard Hughes Corp. (The)	*	5,290		598,616
Jones Lang LaSalle, Inc.		3,765		601,873
Realogy Holdings Corp.	*	15,266		559,804
				9,705,982
Road & Rail—1.4%
AMERCO		1,530		595,935
Avis Budget Group, Inc.	*	126,540		4,592,137
Genesee & Wyoming, Inc., Class A	*	70,640		3,792,662
Hertz Global Holdings, Inc.	*	40,944		582,633
J.B. Hunt Transport Services, Inc.		7,945		582,845
Landstar System, Inc.		10,287		603,332
Old Dominion Freight Line, Inc.	*	58,475		3,454,118
				14,203,662
Semiconductors & Semiconductor Equipment—1.9%
Analog Devices, Inc.		10,339		571,953
Applied Materials, Inc.		31,288		584,147
Atmel Corp.		69,184		595,674
Cavium, Inc.	*	36,000		2,365,560
KLA-Tencor Corp.		8,655		600,224
Lam Research Corp.		26,699		2,120,435
Linear Technology Corp.		13,738		583,453
Maxim Integrated Products, Inc.		15,849		602,262
Microchip Technology, Inc.	†	12,616		587,149
NXP Semiconductors NV (Netherlands)	*	36,900		3,108,827
ON Semiconductor Corp.	*	59,200		580,160
Qorvo, Inc.	*	11,000		559,900
Skyworks Solutions, Inc.		7,591		583,217
SunEdison, Inc.	*†	100,990		514,039
SunPower Corp.	*†	19,615		588,646
Xilinx, Inc.		89,696		4,213,021
				18,758,667
Software—5.1%
ANSYS, Inc.	*	6,407		592,647
Autodesk, Inc.	*	9,653		588,157
Cadence Design Systems, Inc.	*	28,524		593,584
CDK Global, Inc.		12,000		569,640
Citrix Systems, Inc.	*	7,878		595,971
CyberArk Software Ltd. (Israel)	*	73,366		3,311,741
Electronic Arts, Inc.	*	8,725		599,582
FireEye, Inc.	*†	27,420		568,691
Fleetmatics Group plc (Ireland)	*	38,456		1,953,180
Fortinet, Inc.	*	18,756		584,625
Guidewire Software, Inc.	*	63,942		3,846,751
Imperva, Inc.	*	40,478		2,562,662
Intuit, Inc.		6,115		590,098
King Digital Entertainment plc (Ireland)		33,400		597,192

See accompanying notes to financial statements.

284

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
NetSuite, Inc.	*†		6,855	$	580,070
Paycom Software, Inc.	*†		117,546		4,423,256
PTC, Inc.	*		16,975		587,844
Qlik Technologies, Inc.	*		108,200		3,425,612
Red Hat, Inc.	*		7,284		603,188
ServiceNow, Inc.	*		6,907		597,870
SolarWinds, Inc.	*		10,223		602,135
Solera Holdings, Inc.			10,921		598,798
Splunk, Inc.	*		84,160		4,949,450
SS&C Technologies Holdings, Inc.			8,700		593,949
Synopsys, Inc.	*		12,700		579,247
Tableau Software, Inc., Class A	*		59,158		5,573,867
Take-Two Interactive Software, Inc.*			111,100		3,870,724
Tyler Technologies, Inc.	*		29,570		5,154,642
Ultimate Software Group, Inc. (The)	*		3,100		606,081
Workday, Inc., Class A	*		7,500		597,600
					50,898,854
Specialty Retail—4.3%
Aaron’s, Inc.			26,057		583,416
Advance Auto Parts, Inc.			3,963		596,471
AutoNation, Inc.	*		9,791		584,131
AutoZone, Inc.	*		848		629,140
Bed Bath & Beyond, Inc.	*		12,167		587,058
Cabela’s, Inc.	*†		12,765		596,508
Caleres, Inc.			88,000		2,360,160
CarMax, Inc.	*		11,144		601,442
CST Brands, Inc.			15,067		589,722
Dick’s Sporting Goods, Inc.			16,293		575,958
DSW, Inc., Class A	†		24,500		584,570
Foot Locker, Inc.			8,885		578,325
Gap, Inc. (The)	†		23,215		573,410
GNC Holdings, Inc., Class A			18,876		585,534
L Brands, Inc.			6,167		590,922
Lithia Motors, Inc., Class A			30,100		3,210,767
Michaels Cos., Inc. (The)	*		180,073		3,981,414
Murphy USA, Inc.	*		9,545		579,763
Office Depot, Inc.	*		108,200		610,248
O’Reilly Automotive, Inc.	*		24,454		6,197,133
Penske Automotive Group, Inc.			13,882		587,764
Ross Stores, Inc.			68,146		3,666,936
Sally Beauty Holdings, Inc.	*		21,178		590,654
Signet Jewelers Ltd.			4,948		612,018
Tiffany & Co.			7,654		583,924
Tractor Supply Co.			49,421		4,225,496
Ulta Salon Cosmetics & Fragrance, Inc.	*		19,606		3,627,110
Urban Outfitters, Inc.	*		25,423		578,373
Williams-Sonoma, Inc.			54,162		3,163,602
					42,831,969
Technology Hardware, Storage & Peripherals—0.1%
3D Systems Corp.	*†		57,200		497,068
NetApp, Inc.			22,564		598,623
					1,095,691
Textiles, Apparel & Luxury Goods—1.2%
Carter’s, Inc.			6,575		585,372
Coach, Inc.			17,940		587,176

		Shares		Value
Columbia Sportswear Co.		41,717	$	2,034,121
Fossil Group, Inc.	*†	15,519		567,375
Hanesbrands, Inc.		149,524		4,400,491
Kate Spade & Co.	*	33,795		600,537
lululemon athletica, Inc. (Canada)	*†	11,300		592,911
Michael Kors Holdings Ltd. (United Kingdom)	*	14,023		561,762
Ralph Lauren Corp.		5,240		584,155
Skechers U.S.A., Inc., Class A	*	19,500		589,095
Under Armour, Inc., Class A	*†	7,246		584,100
				11,687,095
Trading Companies & Distributors—1.9%
AerCap Holdings NV (Netherlands)	*	91,300		3,940,508
Air Lease Corp.	†	113,300		3,793,284
Fastenal Co.	†	98,913		4,037,629
HD Supply Holdings, Inc.	*	146,755		4,407,053
MSC Industrial Direct Co., Inc., Class A		10,337		581,663
United Rentals, Inc.	*	8,013		581,263
W.W. Grainger, Inc.	†	2,792		565,631
Watsco, Inc.		4,900		573,937
				18,480,968
Wireless Telecommunication Services—1.3%
SBA Communications Corp., Class A	*	124,392		13,069,867
TOTAL COMMON STOCKS
(Cost $864,923,704)				958,867,074
MONEY MARKET FUNDS—12.5%
Institutional Money Market Funds—12.5%
Dreyfus Institutional Cash Advantage Fund, 0.26%	††¥	14,625,000		14,625,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32%	¥	36,705,640		36,705,640
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32%	††¥	13,531,776		13,531,776
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.32%	††¥	14,625,000		14,625,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.29%	††¥	16,000,000		16,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.32%	††¥	14,625,000		14,625,000

See accompanying notes to financial statements.

285

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Aggressive Opportunities Fund		Shares		Value
MONEY MARKET FUNDS—(Continued)
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.31%	††¥		14,625,000	$	14,625,000
TOTAL MONEY MARKET FUNDS
(Cost $124,737,416)					124,737,416
TOTAL INVESTMENTS—108.8%
(Cost $989,661,120)					1,083,604,490
Other assets less liabilities—(8.8%)					(87,549,083	)
NET ASSETS—100.0%				$	996,055,407

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.

286

SCHEDULE OF INVESTMENTS

December 31, 2015

Vantagepoint Discovery Fund		Shares		Value
COMMON STOCKS—48.8%
Aerospace & Defense—1.2%
Astronics Corp.	*		10,133	$	412,514
Astronics Corp., Class B	*		14,844		603,409
Curtiss-Wright Corp.			23,510		1,610,435
HEICO Corp., Class A			33,650		1,655,580
Teledyne Technologies, Inc.	*		18,090		1,604,583
					5,886,521
Air Freight & Logistics—0.4%
Hub Group, Inc., Class A	*		30,470		1,003,987
Park-Ohio Holdings Corp.			32,577		1,198,182
					2,202,169
Auto Components—0.5%
Standard Motor Products, Inc.			19,861		755,711
Tenneco, Inc.	*		33,850		1,554,054
					2,309,765
Banks—4.2%
Ameris Bancorp			79,499		2,702,171
Associated Banc-Corp			91,670		1,718,813
Bank of Marin Bancorp			21,107		1,127,114
Blue Hills Bancorp, Inc.			89,481		1,369,954
ConnectOne Bancorp, Inc.			66,610		1,244,941
FCB Financial Holdings, Inc., Class A	*		41,770		1,494,948
Flushing Financial Corp.			58,716		1,270,614
Great Western Bancorp, Inc.			51,770		1,502,365
Heritage Financial Corp./Washington			62,438		1,176,332
Hilltop Holdings, Inc.	*		57,860		1,112,069
PacWest Bancorp			28,580		1,231,798
South State Corp.			19,810		1,425,330
Sterling Bancorp/New York			104,400		1,693,368
Texas Capital Bancshares, Inc.	*		29,490		1,457,396
					20,527,213
Biotechnology—1.7%
Arena Pharmaceuticals, Inc.	*†		308,040		585,276
Cara Therapeutics, Inc.	*		57,825		974,929
Cepheid, Inc.	*		31,890		1,164,942
Dicerna Pharmaceuticals, Inc.	*†		82,852		983,453
Ironwood Pharmaceuticals, Inc.	*		120,500		1,396,595
PTC Therapeutics, Inc.	*		16,000		518,400
TESARO, Inc.	*		17,350		907,752
Trevena, Inc.	*		113,577		1,192,559
Ultragenyx Pharmaceutical, Inc.	*		7,900		886,222
					8,610,128
Building Products—1.0%
Advanced Drainage Systems, Inc.	†		42,710		1,026,321
Armstrong World Industries, Inc.	*		32,100		1,467,933
Insteel Industries, Inc.			50,136		1,048,845
Masonite International Corp.	*		24,500		1,500,135
					5,043,234
Capital Markets—1.2%
Alaris Royalty Corp. (Canada)			53,400		906,916
Hercules Technology Growth Capital, Inc.	†		91,700		1,117,823

		Shares		Value
HFF, Inc., Class A		33,527	$	1,041,684
Solar Capital Ltd.		64,796		1,064,598
Westwood Holdings Group, Inc.		15,897		828,075
WisdomTree Investments, Inc.	†	55,750		874,160
				5,833,256
Chemicals—0.7%
Methanex Corp. (Canada)	†	40,810		1,347,138
Minerals Technologies, Inc.		27,850		1,277,201
Orion Engineered Carbons SA (Luxembourg)		77,590		977,634
				3,601,973
Commercial Services & Supplies—0.8%
CECO Environmental Corp.		127,774		981,304
Clean Harbors, Inc.	*	44,150		1,838,848
Heritage-Crystal Clean, Inc.	*	83,113		880,998
				3,701,150
Communications Equipment—1.5%
Applied Optoelectronics, Inc.	*	58,400		1,002,144
CalAmp Corp.	*	56,029		1,116,658
Ciena Corp.	*	62,350		1,290,021
Mitel Networks Corp. (Canada)	*	191,749		1,474,550
ParkerVision, Inc.	*†	1,612,120		374,818
Radware Ltd. (Israel)	*	72,187		1,107,349
Ruckus Wireless, Inc.	*	95,810		1,026,125
				7,391,665
Construction & Engineering—0.2%
EMCOR Group, Inc.		21,502		1,032,956
Consumer Finance—0.2%
Regional Management Corp.	*	76,509		1,183,594
Containers & Packaging—0.6%
Graphic Packaging Holding Co.		173,750		2,229,213
Myers Industries, Inc.		55,214		735,450
				2,964,663
Diversified Financial Services—0.2%
MarketAxess Holdings, Inc.		10,040		1,120,364
Diversified Telecommunication Services—0.4%
Vonage Holdings Corp.	*	374,720		2,150,893
Electric Utilities—0.4%
ALLETE, Inc.		19,151		973,446
Spark Energy, Inc., Class A	†	56,574		1,172,213
				2,145,659
Electronic Equipment, Instruments & Components—1.1%
Control4 Corp.	*	66,610		484,255
ePlus, Inc.	*	14,620		1,363,461
Fabrinet (Thailand)	*	50,089		1,193,120
Newport Corp.	*	73,978		1,174,031
Rogers Corp.	*	24,610		1,269,138
Speed Commerce, Inc.	*	345,408		20,724
				5,504,729

See accompanying notes to financial statements.

287

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Discovery Fund		Shares		Value
COMMON STOCKS—(Continued)
Energy Equipment & Services—0.7%
Aspen Aerogels, Inc.	*		101,102	$	613,689
Forum Energy Technologies, Inc.	*†		112,050		1,396,143
Patterson-UTI Energy, Inc.	†		93,440		1,409,075
					3,418,907
Food Products—0.9%
Freshpet, Inc.	*†		129,000		1,095,210
Greencore Group plc (Ireland)			395,028		2,061,035
Sanderson Farms, Inc.	†		17,830		1,382,182
					4,538,427
Health Care Equipment & Supplies—2.0%
Anika Therapeutics, Inc.	*		30,889		1,178,724
AtriCure, Inc.	*		83,400		1,871,496
EndoChoice Holdings, Inc.	*†		80,052		668,434
Globus Medical, Inc., Class A	*		124,780		3,471,380
Insulet Corp.	*		65,350		2,470,884
					9,660,918
Health Care Providers & Services—2.1%
Acadia Healthcare Co., Inc.	*		19,690		1,229,837
Aceto Corp.			39,221		1,058,183
Ensign Group, Inc. (The)			60,256		1,363,593
Kindred Healthcare, Inc.			120,610		1,436,465
LifePoint Health, Inc.	*		22,260		1,633,884
Surgical Care Affiliates, Inc.	*		49,020		1,951,486
WellCare Health Plans, Inc.	*		22,250		1,740,173
					10,413,621
Health Care Technology—0.5%
Allscripts Healthcare Solutions, Inc.	*		154,080		2,369,750
Hotels, Restaurants & Leisure—1.7%
Bloomin’ Brands, Inc.			95,670		1,615,866
Cheesecake Factory, Inc. (The)			35,200		1,623,072
Del Frisco’s Restaurant Group, Inc.	*		74,864		1,199,321
Lindblad Expeditions Holdings, Inc.	*		99,710		1,107,778
Marcus Corp. (The)			43,500		825,195
Red Robin Gourmet Burgers, Inc.	*		18,278		1,128,484
Ruth’s Hospitality Group, Inc.			63,024		1,003,342
					8,503,058
Household Durables—1.0%
La-Z-Boy, Inc.			55,090		1,345,298
M/I Homes, Inc.	*		43,340		950,013
New Home Co., Inc. (The)	*		99,098		1,284,310
William Lyon Homes, Class A	*†		74,442		1,228,293
					4,807,914
Independent Power and Renewable Electricity Producers—0.5%
Pattern Energy Group, Inc.	†		119,715		2,503,241
Insurance—1.5%
Argo Group International Holdings Ltd. (Bermuda)			12,160		727,655

		Shares		Value
Assured Guaranty Ltd. (Bermuda)		70,140	$	1,853,800
eHealth, Inc.	*	64,640		645,107
Horace Mann Educators Corp.		47,580		1,578,704
James River Group Holdings Ltd. (Bermuda)		35,578		1,193,286
Stewart Information Services Corp.		44,009		1,642,856
				7,641,408
Internet & Catalog Retail—0.3%
HSN, Inc.		29,190		1,479,057
Internet Software & Services—0.8%
Constant Contact, Inc.	*	36,758		1,074,804
Demandware, Inc.	*†	29,750		1,605,608
Marchex, Inc., Class B		170,411		662,899
Textura Corp.	*†	33,804		729,490
				4,072,801
IT Services—1.7%
Cardtronics, Inc.	*	49,700		1,672,405
Convergys Corp.		68,070		1,694,262
Everi Holdings, Inc.	*	287,010		1,259,974
ExlService Holdings, Inc.	*	25,466		1,144,187
Perficient, Inc.	*	85,974		1,471,875
WEX, Inc.	*	14,500		1,281,800
				8,524,503
Life Sciences Tools & Services—0.4%
Albany Molecular Research, Inc.	*†	59,924		1,189,491
Bio-Techne Corp.		10,520		946,800
				2,136,291
Machinery—1.8%
Alamo Group, Inc.		20,246		1,054,817
Altra Industrial Motion Corp.		34,941		876,320
John Bean Technologies Corp.		37,420		1,864,639
Luxfer Holdings plc ADR (United Kingdom)		101,646		1,000,197
Lydall, Inc.	*	24,949		885,190
NN, Inc.		65,482		1,043,783
Titan International, Inc.		123,946		488,347
Watts Water Technologies, Inc., Class A		30,970		1,538,280
				8,751,573
Media—1.6%
Cinemark Holdings, Inc.		45,140		1,509,030
DreamWorks Animation SKG, Inc., Class A	*	83,530		2,152,568
IMAX Corp. (Canada)	*	20,220		718,619
National CineMedia, Inc.		109,040		1,713,018
New York Times Co. (The), Class A		120,680		1,619,526
				7,712,761
Metals & Mining—0.1%
New Gold, Inc. (Canada)	*	121,704		282,353
Oil, Gas & Consumable Fuels—1.1%
Abraxas Petroleum Corp.	*	515,894		546,848
Callon Petroleum Co.	*	145,090		1,210,050

See accompanying notes to financial statements.

288

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Discovery Fund		Shares		Value
COMMON STOCKS—(Continued)
Diamondback Energy, Inc.	*		15,830	$	1,059,027
RSP Permian, Inc.	*†		83,548		2,037,736
Synergy Resources Corp.	*†		73,376		625,163
					5,478,824
Paper & Forest Products—0.6%
Boise Cascade Co.	*		55,310		1,412,064
KapStone Paper and Packaging Corp.			70,090		1,583,333
					2,995,397
Pharmaceuticals—0.7%
KemPharm, Inc.	*†		64,661		1,284,167
Phibro Animal Health Corp., Class A			23,051		694,527
TherapeuticsMD, Inc.	*†		139,500		1,446,615
					3,425,309
Professional Services—0.3%
Franklin Covey Co.	*		29,683		496,893
Huron Consulting Group, Inc.	*		13,800		819,720
					1,316,613
Real Estate Investment Trusts (REITs)—3.5%
Arbor Realty Trust, Inc. REIT			176,536		1,262,233
Armada Hoffler Properties, Inc. REIT			114,210		1,196,921
CareTrust REIT, Inc. REIT			107,641		1,178,669
Easterly Government Properties, Inc. REIT			63,173		1,085,312
Gladstone Commercial Corp. REIT			48,537		708,155
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT			86,410		1,634,877
Medical Properties Trust, Inc. REIT			77,108		887,513
MFA Financial, Inc. REIT			218,260		1,440,516
Pebblebrook Hotel Trust REIT			24,953		699,183
PS Business Parks, Inc. REIT			17,000		1,486,310
Redwood Trust, Inc. REIT			114,900		1,516,680
Sovran Self Storage, Inc. REIT			18,520		1,987,381
STAG Industrial, Inc. REIT			54,734		1,009,842
Summit Hotel Properties, Inc. REIT			82,062		980,641
					17,074,233
Real Estate Management & Development—0.3%
Kennedy-Wilson Holdings, Inc.			67,320		1,621,066
Road & Rail—0.5%
Celadon Group, Inc.			98,134		970,545
Swift Transportation Co.	*†		91,470		1,264,116
					2,234,661
Semiconductors & Semiconductor Equipment—1.9%
Entegris, Inc.	*		123,700		1,641,499
Exar Corp.	*		184,939		1,133,676
First Solar, Inc.	*		34,250		2,260,157
Inphi Corp.	*		28,998		783,526
Monolithic Power Systems, Inc.			16,750		1,067,143
ON Semiconductor Corp.	*		64,150		628,670
SunPower Corp.	*†		66,100		1,983,661
					9,498,332

					Shares		Value
Software—2.0%
Cadence Design Systems, Inc.			*		66,210	$	1,377,830
HubSpot, Inc.			*		28,590		1,609,903
Imperva, Inc.			*		12,340		781,245
Sapiens International Corp. NV (Israel)					81,903		835,411
Silver Spring Networks, Inc.			*†		73,205		1,054,884
Tangoe, Inc.			*		141,283		1,185,364
TiVo, Inc.			*		170,450		1,470,984
Verint Systems, Inc.			*		27,870		1,130,407
Zix Corp.			*		81,554		414,294
							9,860,322
Specialty Retail—1.3%
Chico’s FAS, Inc.					116,230		1,240,174
Destination Maternity Corp.			†		77,840		678,765
DSW, Inc., Class A			†		67,210		1,603,631
Haverty Furniture Cos., Inc.					68,550		1,469,712
Shoe Carnival, Inc.					55,861		1,295,975
							6,288,257
Technology Hardware, Storage & Peripherals—0.2%
Stratasys Ltd.			*†		37,570		882,144
Textiles, Apparel & Luxury Goods—0.6%
Crocs, Inc.			*		151,542		1,551,790
Tumi Holdings, Inc.			*		86,190		1,433,340
							2,985,130
Thrifts & Mortgage Finance—0.7%
EverBank Financial Corp.					62,119		992,661
MGIC Investment Corp.			*†		120,860		1,067,194
WSFS Financial Corp.					42,672		1,380,866
							3,440,721
Trading Companies & Distributors—1.2%
Aircastle Ltd.					71,490		1,493,426
CAI International, Inc.			*		113,983		1,148,949
GATX Corp.			†		35,110		1,493,930
H&E Equipment Services, Inc.					58,863		1,028,925
Textainer Group Holdings Ltd.			†		69,790		984,737
							6,149,967
TOTAL COMMON STOCKS
(Cost $252,119,799)							241,277,491
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—23.0%
Aerospace & Defense—0.1%
L-3 Communications Corp.
1.500%		05/28/2017		$	360,000		355,662
Lockheed Martin Corp.
1.850%		11/23/2018			70,000		69,925
							425,587

See accompanying notes to financial statements.

289

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Discovery Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Auto Components—0.0%
Johnson Controls, Inc.
1.400%		11/02/2017		$	70,000	$	69,303
Automobiles—0.3%
Hyundai Capital America
4.000%		06/08/2017	^		1,300,000		1,334,056
Banks—5.6%
Australia & New Zealand Banking Group Ltd. MTN (Australia)
2.000%		11/16/2018			1,270,000		1,268,322
Bank of America Corp.
0.879%		05/02/2017	#		805,000		797,483
Bank of America Corp. MTN
1.700%		08/25/2017	†		635,000		633,438
1.656%		03/22/2018	#		590,000		592,214
Bank of America NA, Bank Note
2.050%		12/07/2018			565,000		563,611
Bank of Tokyo-Mitsubishi UFJ Ltd. (The) (Japan)
1.450%		09/08/2017	^		845,000		839,797
Barclays Bank plc (United Kingdom)
0.944%		02/17/2017	#		300,000		299,913
BB&T Corp. MTN
0.989%		02/01/2019	#		1,245,000		1,235,137
Capital One NA, Bank Note
1.650%		02/05/2018			390,000		386,337
1.500%		09/05/2017			360,000		357,277
CIT Group, Inc.
5.250%		03/15/2018			375,000		388,125
Citigroup, Inc.
2.050%		12/07/2018			410,000		408,122
1.850%		11/24/2017	†		250,000		249,746
1.550%		08/14/2017			1,415,000		1,410,138
1.402%		04/01/2016	#		540,000		539,960
Citizens Bank NA, Bank Note
2.300%		12/03/2018			250,000		249,880
Compass Bank, Bank Note
1.850%		09/29/2017			250,000		247,968
Credit Agricole SA (France)
1.121%		04/15/2019	#^		1,190,000		1,184,176
Discover Bank
2.600%		11/13/2018			910,000		909,894
Fifth Third Bancorp
5.450%		01/15/2017			540,000		559,953
Fifth Third Bank/Ohio MTN
1.280%		08/20/2018	#		1,000,000		1,002,096
Fifth Third Bank/Ohio, Bank Note
1.150%		11/18/2016			400,000		399,601
0.874%		11/18/2016	#		315,000		315,023
HSBC Bank plc (United Kingdom)
1.002%		05/15/2018	#^		1,350,000		1,345,591
Huntington National Bank (The)
2.200%		11/06/2018			350,000		349,271
1.375%		04/24/2017			250,000		248,570
0.745%		04/24/2017	#		250,000		248,828
Huntington National Bank (The), Bank Note
1.300%		11/20/2016			260,000		259,883
JPMorgan Chase & Co.
1.220%		01/25/2018	#		627,000		628,607
0.882%		02/15/2017	#		800,000		799,697

Coupon Rate	Maturity Date			Face		Value
JPMorgan Chase & Co. MTN
1.350%	02/15/2017		$	640,000	$	638,815
KeyBank NA
0.883%	11/25/2016	#		345,000		345,080
KeyBank NA, Bank Note
1.100%	11/25/2016			250,000		249,694
Macquarie Bank Ltd. (Australia)
1.600%	10/27/2017	^		910,000		903,763
Manufacturers & Traders Trust Co., Bank Note
1.400%	07/25/2017			410,000		408,212
0.697%	01/30/2017	#		1,365,000		1,363,365
Mizuho Bank Ltd. (Japan)
1.243%	03/26/2018	#^		1,300,000		1,295,181
PNC Bank NA, Bank Note
1.150%	11/01/2016			250,000		250,055
Regions Financial Corp.
2.000%	05/15/2018			370,000		367,596
SunTrust Bank, Bank Note
1.350%	02/15/2017			670,000		668,763
0.802%	02/15/2017	#		1,010,000		1,006,651
Wachovia Corp.
0.691%	10/15/2016	#		1,300,000		1,297,847
						27,513,680
Beverages—0.1%
Coca-Cola Co. (The)
0.875%	10/27/2017			116,000		115,599
PepsiCo, Inc.
1.250%	04/30/2018			500,000		498,346
						613,945
Biotechnology—0.6%
Amgen, Inc.
1.250%	05/22/2017			1,320,000		1,315,484
Baxalta, Inc.
2.000%	06/22/2018	^		120,000		118,840
1.366%	06/22/2018	#^		220,000		219,446
Celgene Corp.
2.125%	08/15/2018			1,160,000		1,160,989
						2,814,759
Capital Markets—1.3%
Bank of New York Mellon Corp. (The) MTN
0.889%	08/01/2018	#		1,300,000		1,297,529
Credit Suisse AG (Switzerland)
1.003%	04/27/2018	#		315,000		313,684
Goldman Sachs Group, Inc. (The)
5.625%	01/15/2017			490,000		509,078
3.625%	02/07/2016			975,000		977,493
Goldman Sachs Group, Inc. (The) MTN
1.462%	11/15/2018	#		635,000		638,023
Goldman Sachs Group, Inc. (The), Series 1
1.522%	04/30/2018	#		240,000		241,227
Morgan Stanley
1.463%	01/27/2020	#		1,200,000		1,203,740
Morgan Stanley MTN
6.625%	04/01/2018			605,000		663,749
1.056%	07/23/2019	#		690,000		684,530
						6,529,053
Chemicals—0.2%
Ashland, Inc.
3.875%	04/15/2018			875,000		895,781

See accompanying notes to financial statements.

290

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Discovery Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Commercial Services & Supplies—0.1%
Mobile Mini, Inc.
7.875%		12/01/2020		$	430,000	$	447,200
Communications Equipment—0.4%
Cisco Systems, Inc.
0.822%		06/15/2018	#		1,200,000		1,198,204
QUALCOMM, Inc.
1.400%		05/18/2018			940,000		932,285
							2,130,489
Consumer Finance—2.5%
Ally Financial, Inc.
3.500%		01/27/2019			365,000		360,894
3.250%		09/29/2017			400,000		400,500
American Express Co.
0.968%		05/22/2018	#		800,000		795,510
American Express Credit Corp. MTN
0.722%		06/05/2017	#		530,000		527,434
Caterpillar Financial Services Corp. MTN
1.250%		08/18/2017			540,000		538,193
1.000%		03/03/2017			540,000		538,745
Ford Motor Credit Co. LLC
4.250%		02/03/2017			600,000		613,187
3.000%		06/12/2017			280,000		282,821
1.684%		09/08/2017			1,500,000		1,482,445
General Motors Financial Co., Inc.
3.000%		09/25/2017			310,000		311,318
2.400%		04/10/2018			1,535,000		1,528,299
HSBC USA, Inc.
1.625%		01/16/2018			1,300,000		1,293,946
International Lease Finance Corp.
3.875%		04/15/2018			435,000		439,350
2.462%		06/15/2016	#		560,000		560,000
John Deere Capital Corp.
0.611%		10/11/2016	#		200,000		200,256
John Deere Capital Corp. MTN
0.544%		03/01/2017	#		600,000		599,178
PACCAR Financial Corp. MTN
1.450%		03/09/2018			325,000		323,045
1.100%		06/06/2017			140,000		139,321
1.052%		12/06/2018	#		130,000		130,348
Synchrony Financial
1.875%		08/15/2017			1,065,000		1,060,536
1.564%		02/03/2020	#		140,000		137,923
							12,263,249
Containers & Packaging—0.1%
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc. (Ireland)
3.512%		12/15/2019	#^		670,000		656,600
Diversified Financial Services—0.6%
GE Capital International Funding Co. (Ireland)
0.964%		04/15/2016	^		1,515,000		1,515,747
McGraw Hill Financial, Inc.
3.300%		08/14/2020			120,000		121,152
Shell International Finance BV (Netherlands)
1.625%		11/10/2018			995,000		990,197
1.250%		11/10/2017			220,000		218,961
0.921%		11/10/2018	#		270,000		269,664
							3,115,721

Coupon Rate	Maturity Date			Face		Value
Diversified Telecommunication Services—0.8%
AT&T, Inc.
5.500%	02/01/2018		$	110,000	$	117,646
1.317%	11/27/2018	#		1,250,000		1,251,974
CC Holdings GS V LLC/Crown Castle GS III Corp.
2.381%	12/15/2017			130,000		130,205
Verizon Communications, Inc.
2.252%	09/14/2018	#		800,000		819,683
2.042%	09/15/2016	#		400,000		402,518
1.350%	06/09/2017			945,000		942,603
1.296%	06/17/2019	#		120,000		119,286
Windstream Services LLC
7.875%	11/01/2017			340,000		349,523
						4,133,438
Electric Utilities—1.0%
Duke Energy Corp.
0.992%	04/03/2017	#		200,000		199,397
Georgia Power Co.
0.762%	08/15/2016	#		605,000		604,652
NSTAR Electric Co.
0.604%	05/17/2016	#		1,300,000		1,298,387
Southern California Edison Co.
1.845%	02/01/2022			1,453,214		1,440,413
Southern Power Co.
1.850%	12/01/2017			70,000		70,002
Wisconsin Public Service Corp.
1.650%	12/04/2018			900,000		894,648
Xcel Energy, Inc.
0.750%	05/09/2016			255,000		254,795
						4,762,294
Electronic Equipment, Instruments & Components—0.0%
Amphenol Corp.
1.550%	09/15/2017			160,000		159,250
Energy Equipment & Services—0.1%
Cameron International Corp.
1.400%	06/15/2017			160,000		157,787
1.150%	12/15/2016			300,000		297,085
Nabors Industries, Inc.
2.350%	09/15/2016			200,000		199,040
						653,912
Food & Staples Retailing—0.7%
CVS Health Corp.
1.900%	07/20/2018			850,000		850,017
Kroger Co. (The)
2.200%	01/15/2017			500,000		504,661
0.845%	10/17/2016	#		1,530,000		1,529,320
Walgreens Boots Alliance, Inc.
1.750%	11/17/2017			120,000		119,821
0.814%	05/18/2016	#		210,000		209,290
						3,213,109
Food Products—0.3%
ConAgra Foods, Inc.
1.300%	01/25/2016			110,000		110,018
Kraft Heinz Foods Co.
2.000%	07/02/2018	^		830,000		826,581
Want Want China Finance Ltd. (Virgin Islands, British)
1.875%	05/14/2018	^		290,000		284,638

See accompanying notes to financial statements.

291

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Discovery Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Wm. Wrigley Jr. Co.
2.000%		10/20/2017	^	$	100,000	$	100,206
1.400%		10/21/2016	^		100,000		99,916
							1,421,359
Health Care Equipment & Supplies—0.9%
Becton Dickinson and Co.
1.450%		05/15/2017			1,390,000		1,384,590
0.962%		06/15/2016	#		610,000		609,782
St Jude Medical, Inc.
2.000%		09/15/2018	†		1,300,000		1,298,435
Zimmer Biomet Holdings, Inc.
2.000%		04/01/2018			920,000		914,829
							4,207,636
Health Care Providers & Services—0.5%
Anthem, Inc.
2.375%		02/15/2017			465,000		469,271
Cardinal Health, Inc.
1.950%		06/15/2018			1,300,000		1,297,384
Express Scripts Holding Co.
1.250%		06/02/2017			435,000		432,250
McKesson Corp.
1.292%		03/10/2017			200,000		199,496
Tenet Healthcare Corp.
6.250%		11/01/2018			260,000		274,950
							2,673,351
Household Durables—0.4%
Newell Rubbermaid, Inc.
2.150%		10/15/2018			1,400,000		1,355,773
Whirlpool Corp.
1.650%		11/01/2017			170,000		169,197
1.350%		03/01/2017	†		465,000		462,408
							1,987,378
Independent Power and Renewable Electricity Producers—0.2%
AES Corp. (The)
3.414%		06/01/2019	#		430,000		395,600
Talen Energy Supply LLC
4.625%		07/15/2019	^		475,000		358,625
TransAlta Corp. (Canada)
1.900%		06/03/2017			46,000		44,690
							798,915
Insurance—1.1%
Jackson National Life Global Funding
1.250%		02/21/2017	^		205,000		204,497
Metropolitan Life Global Funding I
1.950%		12/03/2018	^		590,000		588,812
0.701%		04/10/2017	#^		690,000		690,792
Principal Life Global Funding II
0.938%		12/01/2017	#^		1,300,000		1,299,909
Prudential Financial, Inc. MTN
1.142%		08/15/2018	#		1,250,000		1,250,322
Reliance Standard Life Global Funding II
2.150%		10/15/2018	^		1,000,000		994,491
TIAA Asset Management Finance Co. LLC
2.950%		11/01/2019	^		600,000		601,736
							5,630,559

Coupon Rate	Maturity Date			Face		Value
Internet Software & Services—0.1%
Alibaba Group Holding Ltd. (Cayman Islands)
1.625%	11/28/2017		$	200,000	$	197,673
IAC/InterActiveCorp
4.875%	11/30/2018			150,000		150,938
Tencent Holdings Ltd. (Cayman Islands)
2.000%	05/02/2017	^		300,000		300,408
						649,019
IT Services—0.0%
Fidelity National Information Services, Inc.
2.000%	04/15/2018			150,000		147,566
1.450%	06/05/2017			70,000		69,077
						216,643
Life Sciences Tools & Services—0.0%
Thermo Fisher Scientific, Inc.
2.150%	12/14/2018			190,000		189,992
Machinery—0.4%
CNH Industrial Capital LLC
3.875%	07/16/2018			610,000		591,700
Stanley Black & Decker, Inc.
2.451%	11/17/2018			1,140,000		1,145,236
						1,736,936
Media—0.6%
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
2.400%	03/15/2017			1,280,000		1,290,678
DISH DBS Corp.
4.625%	07/15/2017			245,000		250,513
NBCUniversal Enterprise, Inc.
1.006%	04/15/2018	#^		1,300,000		1,298,558
						2,839,749
Metals & Mining—0.3%
Freeport-McMoRan, Inc.
2.300%	11/14/2017			230,000		196,937
2.150%	03/01/2017			80,000		73,600
Glencore Finance Canada Ltd. (Canada)
2.700%	10/25/2017	^		640,000		585,850
Glencore Funding LLC
1.681%	01/15/2019	#^		550,000		455,370
						1,311,757
Multi-Utilities—0.3%
Berkshire Hathaway Energy Co.
5.750%	04/01/2018			500,000		540,451
Dominion Resources, Inc.
1.250%	03/15/2017			540,000		536,813
TECO Finance, Inc.
0.920%	04/10/2018	#		190,000		187,619
						1,264,883
Oil, Gas & Consumable Fuels—0.5%
Chevron Corp.
1.790%	11/16/2018			170,000		168,532
1.344%	11/09/2017			885,000		883,260
ConocoPhillips Co.
1.500%	05/15/2018			317,000		311,297
Hess Corp.
1.300%	06/15/2017			180,000		176,192
Kinder Morgan, Inc.
3.050%	12/01/2019			110,000		101,898
2.000%	12/01/2017			110,000		106,033

See accompanying notes to financial statements.

292

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Discovery Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Murphy Oil Corp.
2.500%		12/01/2017	†	$	250,000	$	229,393
Sabine Pass LNG LP
7.500%		11/30/2016	†		370,000		370,000
WPX Energy, Inc.
5.250%		01/15/2017			355,000		333,700
							2,680,305
Pharmaceuticals—0.8%
AbbVie, Inc.
1.800%		05/14/2018			975,000		971,068
1.750%		11/06/2017			520,000		519,223
Actavis Funding SCS (Luxembourg)
2.350%		03/12/2018			1,590,000		1,592,500
1.757%		03/12/2020	#		310,000		311,420
1.300%		06/15/2017			300,000		297,253
							3,691,464
Real Estate Investment Trusts (REITs)—0.2%
Liberty Property LP
6.625%		10/01/2017			385,000		413,339
Ventas Realty LP
1.550%		09/26/2016			211,000		211,183
1.250%		04/17/2017			120,000		119,153
Welltower, Inc.
3.625%		03/15/2016			375,000		376,648
							1,120,323
Real Estate Management & Development—0.1%
WEA Finance LLC/Westfield UK & Europe Finance plc
1.750%		09/15/2017	^		240,000		238,039
Road & Rail—0.4%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
4.875%		11/15/2017	†		165,000		169,125
Penske Truck Leasing Co. LP/PTL Finance Corp.
3.750%		05/11/2017	^		900,000		918,468
2.500%		03/15/2016	^		230,000		230,409
2.500%		06/15/2019	^		110,000		108,292
Ryder System, Inc. MTN
2.500%		03/01/2017			725,000		730,039
							2,156,333
Semiconductors & Semiconductor Equipment—0.0%
TSMC Global Ltd. (Virgin Islands, British)
1.625%		04/03/2018	^		200,000		196,132
Software—0.0%
Autodesk, Inc.
1.950%		12/15/2017			150,000		149,570
Specialty Retail—0.1%
AutoZone, Inc.
1.300%		01/13/2017			220,000		219,764
Technology Hardware, Storage & Peripherals—0.5%
Hewlett Packard Enterprise Co.
2.850%		10/05/2018	^		945,000		945,093
2.450%		10/05/2017	^		1,005,000		1,004,575
Seagate HDD Cayman (Cayman Islands)
3.750%		11/15/2018			350,000		347,608
							2,297,276

Coupon Rate	Maturity Date			Face		Value
Thrifts & Mortgage Finance—0.2%
Abbey National Treasury Services plc (United Kingdom)
1.012%	03/13/2017	#	$	300,000	$	299,381
Astoria Financial Corp.
5.000%	06/19/2017			240,000		248,398
Santander Bank NA
2.000%	01/12/2018			650,000		645,537
						1,193,316
Tobacco—0.3%
Imperial Tobacco Finance plc (United Kingdom)
2.050%	02/11/2018	^		650,000		647,388
2.050%	07/20/2018	^		310,000		308,470
Reynolds American, Inc.
2.300%	06/12/2018			660,000		664,537
						1,620,395
Trading Companies & Distributors—0.3%
Air Lease Corp.
4.500%	01/15/2016			600,000		600,390
Aircastle Ltd. (Bermuda)
6.750%	04/15/2017			535,000		559,412
GATX Corp.
1.250%	03/04/2017			100,000		99,027
						1,258,829
Wireless Telecommunication Services—0.0%
SBA Communications Corp.
5.625%	10/01/2019			150,000		156,938
TOTAL CORPORATE OBLIGATIONS
(Cost $114,334,376)						113,638,287
MORTGAGE-BACKED SECURITIES—4.8%
Commercial Mortgage-Backed Securities—1.8%
American Homes 4 Rent, Series 2014-SFR1, Class A
1.351%	06/17/2031	#^		291,967		286,720
Colony American Homes, Series 2014-1A, Class A
1.400%	05/17/2031	#^		297,260		291,814
Colony American Homes, Series 2014-2A, Class A
1.368%	07/17/2031	#^		472,085		461,854
Colony American Homes, Series 2015-1A, Class A
1.551%	07/17/2032	#^		888,863		870,929
Del Coronado Trust, Series 2013-HDC, Class A
1.131%	03/15/2026	#^		1,280,000		1,275,807
Hilton USA Trust, Series 2013-HLF, Class AFL
1.269%	11/05/2030	#^		553,096		550,800
Invitation Homes Trust, Series 2013-SFR1, Class A
1.451%	12/17/2030	#^		386,247		379,476
Invitation Homes Trust, Series 2014-SFR1, Class A
1.351%	06/17/2031	#^		1,270,000		1,245,518
Invitation Homes Trust, Series 2014-SFR2, Class A
1.451%	09/17/2031	#^		770,000		757,515
Invitation Homes Trust, Series 2015-SFR2, Class A
1.701%	06/17/2032	#^		980,198		967,839

See accompanying notes to financial statements.

293

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Discovery Fund
Coupon Rate	Maturity Date			Face		Value
MORTGAGE-BACKED SECURITIES—(Continued)
Invitation Homes Trust, Series 2015-SFR3, Class A
1.651%		08/17/2032	#^	$	1,073,452	$	1,056,182
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2015-CSMO, Class A
1.581%		01/15/2032	#^		910,000		907,294
							9,051,748
Non-Agency Mortgage-Backed Securities— 1.4%
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR2, Class AD
1.550%		04/25/2043	#^		454,461		429,409
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2013-DN2, Class M1
1.872%		11/25/2023	#		272,610		272,669
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2015-HQ1, Class M1
1.472%		03/25/2025	#		233,615		233,595
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2015-HQA2, Class M1
1.572%		05/25/2028	#		406,379		406,617
Federal National Mortgage Association Connecticut Avenue Securities, Series 2013-C01, Class M1
2.422%		10/25/2023	#		408,842		411,953
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C01, Class M1
2.022%		01/25/2024	#		1,108,058		1,110,103
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C02, Class 1M1
1.372%		05/25/2024	#		1,071,228		1,059,864
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C02, Class 2M1
1.372%		05/25/2024	#		197,573		196,446
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C03, Class 1M1
1.622%		07/25/2024	#		1,473,455		1,468,455
GSAMP Trust, Series 2004-SEA2, Class M1
1.072%		03/25/2034	#		224,890		225,388
Sequoia Mortgage Trust, Series 2012-2, Class A2
3.500%		04/25/2042	#		112,304		113,398
Sequoia Mortgage Trust, Series 2013-1, Class 1A1
1.450%		02/25/2043	#		228,214		221,685
Sequoia Mortgage Trust, Series 2013-4, Class A3
1.550%		04/25/2043	#		324,220		315,519
Springleaf Mortgage Loan Trust, Series 2013-1A, Class A
1.270%		06/25/2058	#^		232,220		231,861

Coupon Rate	Maturity Date			Face		Value
Springleaf Mortgage Loan Trust, Series 2013-2A, Class A
1.780%	12/25/2065	#^	$	158,625	$	158,888
						6,855,850
U.S. Government Agency Mortgage-Backed Securities—1.6%
Federal Home Loan Mortgage Corp.
1.000%	12/15/2017			4,090,000		4,080,233
Federal National Mortgage Association
2.509%	05/01/2042	#		3,414,997		3,507,026
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 1A
0.726%	10/07/2020	#		348,058		349,779
						7,937,038
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $23,998,139)						23,844,636
U.S. TREASURY OBLIGATIONS—17.2%
U.S. Treasury Notes—17.2%
U.S. Treasury Note
1.250%	12/15/2018			3,856,000		3,848,091
1.000%	12/31/2017- 09/15/2018			19,349,000		19,252,373
1.000%	02/15/2018	‡‡		20,000,000		19,939,840
0.875%	01/15/2018			6,465,000		6,436,464
0.875%	11/30/2017	†		1,230,000		1,226,541
0.875%	11/15/2017	‡‡		3,500,000		3,488,380
0.750%	10/31/2017			100,000		99,479
0.625%	12/15/2016- 08/31/2017			23,330,000		23,235,574
0.500%	01/31/2017			7,475,000		7,448,576
						84,975,318
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $85,124,971)						84,975,318
GOVERNMENT RELATED OBLIGATIONS—0.3%
Non-U.S. Government Agencies—0.1%
Korea Expressway Corp. (Korea, Republic of)
1.625%	04/28/2017	^		300,000		299,148
Supranational—0.2%
European Investment Bank
1.125%	12/15/2016			765,000		765,975
U.S. Municipal Bonds—0.0%
California Earthquake Authority Revenue Bonds (California)
1.824%	07/01/2017			240,000		241,526
TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $1,306,997)						1,306,649
ASSET-BACKED SECURITIES—4.8%
Automobiles—2.3%
Ally Master Owner Trust Series 2013-2, Class A
0.781%	04/15/2018	#		600,000		599,744
Ally Master Owner Trust Series 2013-1, Class A1
0.781%	02/15/2018	#		500,000		500,039

See accompanying notes to financial statements.

294

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Discovery Fund
Coupon Rate	Maturity Date			Face		Value
ASSET-BACKED SECURITIES—(Continued)
Capital Auto Receivables Asset Trust Series 2013-1, Class C
1.740%		10/22/2018		$	120,000	$	119,918
Capital Auto Receivables Asset Trust Series 2013-1, Class B
1.290%		04/20/2018			120,000		119,734
Capital Auto Receivables Asset Trust Series 2015-2, Class A2
1.390%		09/20/2018			830,000		826,682
CarMax Auto Owner Trust Series 2015-2, Class A3
1.370%		03/16/2020			1,320,000		1,311,144
Chrysler Capital Auto Receivables Trust Series 2014-AA, Class A3
0.830%		09/17/2018	^		532,035		531,080
Hertz Fleet Lease Funding LP Series 2013-3, Class A
0.843%		12/10/2027	#^		2,508,123		2,503,355
Hyundai Auto Lease Securitization Trust Series 2014-A, Class A3
0.750%		04/17/2017	^		1,241,120		1,240,547
Porsche Innovative Lease Owner Trust Series 2015-1, Class A3
1.190%		07/23/2018	^		1,400,000		1,384,614
Porsche Innovative Lease Owner Trust Series 2014-1, Class A3
1.030%		11/20/2017	^		2,080,000		2,075,604
							11,212,461
Credit Card—1.7%
Cabela’s Credit Card Master Note Trust Series 2012-1A, Class A1
1.630%		02/18/2020	^		2,210,000		2,215,075
Chase Issuance Trust Series 2014-A1, Class A1
1.150%		01/15/2019			2,500,000		2,498,645
Citibank Credit Card Issuance Trust Series 2014-A2, Class A2
1.020%		02/22/2019			1,228,000		1,225,371
Synchrony Credit Card Master Note Trust Series 2015-2, Class A
1.600%		04/15/2021			2,665,000		2,647,481
							8,586,572
Other—0.6%
CenterPoint Energy Transition Bond Co. IV LLC Series 2012-1, Class A1
0.901%		04/15/2018			1,392,035		1,388,490
GreatAmerica Leasing Receivables Funding LLC Series 2013-1, Class C
1.830%		06/17/2019	^		100,000		99,759
Kubota Credit Owner Trust Series 2015-1A, Class A2
0.940%		12/15/2017	^		538,050		537,113
MMAF Equipment Finance LLC Series 2015-AA, Class A3
1.390%		10/16/2019	^		1,160,000		1,151,761
							3,177,123

Coupon Rate	Maturity Date			Face		Value
Student Loan—0.2%
Missouri Higher Education Loan Authority Series 2012-1, Class A1
1.252%	01/26/2026	#	$	362,591	$	360,571
National Credit Union Administration Guaranteed Notes Series 2010-A1, Class A
0.637%	12/07/2020	#		460,564		459,924
Nelnet Student Loan Trust Series 2014-2A, Class A1
0.702%	06/25/2021	#^		122,469		122,022
SLM Student Loan Trust Series 2014-1, Class A1
0.702%	05/28/2019	#		39,458		39,420
						981,937
TOTAL ASSET-BACKED SECURITIES
(Cost $24,021,579)						23,958,093
				Shares		Value
MONEY MARKET FUNDS—7.9%
Institutional Money Market Funds—7.9%
Dreyfus Institutional Cash Advantage Fund, 0.26%		††¥		5,175,000		5,175,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32%		¥		7,767,846		7,767,846
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32%		††¥		5,563,848		5,563,848
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.32%		††¥		5,175,000		5,175,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.29%		††¥		5,175,000		5,175,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.32%		††¥		5,175,000		5,175,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.31%		††¥		5,175,000		5,175,000
TOTAL MONEY MARKET FUNDS
(Cost $39,206,694)						39,206,694
TOTAL INVESTMENTS—106.8%
(Cost $540,112,555)						528,207,168
Other assets less liabilities—(6.8%)						(33,490,492	)
NET ASSETS—100.0%					$	494,716,676

See accompanying notes to financial statements.

295

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

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 $44,732,436, which represents 9.0% 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.

296

SCHEDULE OF INVESTMENTS

December 31, 2015

Vantagepoint International Fund			Shares	Value
COMMON STOCKS—97.0%
Australia—3.1%
Aristocrat Leisure Ltd.			390,400	$	2,882,673
Charter Hall Group REIT			534,800		1,756,802
Cochlear Ltd.			43,600		3,017,185
CSL Ltd.			156,200		11,908,639
Dexus Property Group REIT			673,800		3,654,809
Harvey Norman Holdings Ltd.			3,615,000		10,927,906
Oil Search Ltd.			288,100		1,402,285
Programmed Maintenance Services Ltd.			1,242,743		2,226,481
QBE Insurance Group Ltd.			777,715		7,073,456
Telstra Corp. Ltd.			567,400		2,305,742
TPG Telecom Ltd.			660,200		4,726,795
					51,882,773
Austria—0.2%
voestalpine AG			92,700		2,835,526
Belgium—0.7%
AGFA-Gevaert NV	*		706,471		4,020,112
Anheuser-Busch InBev SA NV			16,232		2,020,028
Telenet Group Holding NV	*		45,888		2,479,988
UCB SA			32,107		2,898,077
					11,418,205
Brazil—0.6%
Ambev SA ADR			248,300		1,107,418
CCR SA			680,200		2,157,728
Cia Brasileira de Distribuicao (Preference) ADR			57,000		599,640
Cielo SA			226,676		1,924,562
CPFL Energia SA ADR	*		184,654		1,370,133
EcoRodovias Infraestrutura e Logistica SA			259,800		334,251
TOTVS SA			152,000		1,192,179
Vale SA ADR			60,900		200,361
Vale SA (Preference) ADR			378,000		963,900
					9,850,172
Canada—1.8%
BCE, Inc.			164,745		6,365,012
Canadian Pacific Railway Ltd.			10,288		1,312,749
Canadian Solar, Inc.	*	†	75,900		2,198,064
CI Financial Corp.			181,300		4,009,381
Element Financial Corp.			280,700		3,387,794
Just Energy Group, Inc.			334,400		2,387,708
Kinaxis, Inc.	*		91,000		3,085,727
Pure Industrial Real Estate Trust REIT			499,000		1,575,941
Suncor Energy, Inc.			142,200		3,670,871
Western Forest Products, Inc.			1,068,500		1,745,183
					29,738,430
Chile—0.0%
Enersis SA ADR			66,000		801,900
China—2.6%
AAC Technologies Holdings, Inc.			250,000		1,626,338
Baidu, Inc. ADR	*		69,473		13,133,176

				Shares		Value
Belle International Holdings Ltd.				1,835,837	$	1,373,586
CNOOC Ltd.				6,679,000		6,951,343
ENN Energy Holdings Ltd.				314,000		1,665,649
Hengan International Group Co. Ltd.				490,500		4,604,880
Mindray Medical International Ltd. ADR				95,400		2,587,248
Tencent Holdings Ltd.				516,400		10,111,105
Want Want China Holdings Ltd.	†			3,359,000		2,493,006
						44,546,331
Denmark—1.3%
Chr Hansen Holding A/S				73,743		4,612,654
DSV A/S				86,449		3,402,950
Novo Nordisk A/S, Class B				152,826		8,848,352
Vestas Wind Systems A/S				69,890		4,881,033
						21,744,989
Finland—0.7%
Huhtamaki Oyj				165,000		5,987,432
Kone Oyj, Class B	†			144,900		6,135,220
						12,122,652
France—7.1%
Air Liquide SA				48,100		5,400,025
Cie de Saint-Gobain				282,518		12,242,996
Danone SA				85,995		5,810,983
Essilor International SA				51,100		6,368,898
Ipsen SA				53,100		3,518,279
L’Oreal SA				66,063		11,112,118
LVMH Moet Hennessy Louis Vuitton SE				47,707		7,493,351
Orange SA				157,053		2,626,826
Pernod Ricard SA				25,737		2,935,162
Peugeot SA		*	†	184,000		3,225,322
Renault SA				39,300		3,933,753
Safran SA				34,800		2,390,857
Sanofi				218,850		18,650,784
Sopra Steria Group				32,200		3,786,493
TOTAL SA				125,309		5,617,777
UBISOFT Entertainment		*		130,100		3,765,239
Valeo SA				39,400		6,074,483
Vivendi SA				298,900		6,419,490
Wendel SA				33,700		4,007,759
Zodiac Aerospace				245,282		5,840,244
						121,220,839
Germany—8.3%
adidas AG				78,000		7,570,608
Allianz SE (Registered)				64,214		11,319,519
Aurubis AG				69,659		3,527,264
BASF SE				35,215		2,682,611
Bayer AG (Registered)				105,510		13,177,185
Beiersdorf AG				49,709		4,518,120
Continental AG				24,493		5,925,101
Daimler AG (Registered)				138,555		11,576,826
Deutsche Telekom AG (Registered)				674,876		12,121,212
Duerr AG				52,052		4,130,961
Fresenius Medical Care AG & Co. KGaA				27,867		2,341,791
Fresenius SE & Co. KGaA				126,017		8,976,473
Krones AG				48,982		5,832,408

See accompanying notes to financial statements.

297

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint International Fund		Shares		Value
COMMON STOCKS—(Continued)
Linde AG			46,331	$	6,692,906
Merck KGaA			38,874		3,763,814
RWE AG			600,307		7,568,302
SAP SE			303,876		24,113,530
Vonovia SE			97,578		3,014,486
Wirecard AG	†		46,954		2,346,998
					141,200,115
Hong Kong—4.7%
AIA Group Ltd.			3,156,600		18,860,948
ASM Pacific Technology Ltd.			206,300		1,610,686
Beijing Enterprises Holdings Ltd.			381,000		2,296,771
Beijing Enterprises Water Group Ltd.	*†		734,000		511,954
China Mobile Ltd.			929,734		10,465,184
China Resources Power Holdings Co. Ltd.			2,098,829		4,060,623
CLP Holdings Ltd.			945,500		8,014,063
Hang Lung Properties Ltd.			2,513,000		5,694,102
HKT Trust & HKT Ltd.			3,034,000		3,873,217
Hong Kong & China Gas Co. Ltd.			3,543,000		6,933,796
Hong Kong Exchanges and Clearing Ltd.	†		82,000		2,088,933
Hopewell Holdings Ltd.			402,500		1,441,977
Jardine Matheson Holdings Ltd.			132,100		6,418,739
Link REIT			366,000		2,182,049
Sino Land Co. Ltd.			1,393,000		2,029,261
WH Group Ltd.	*^		1,067,000		593,861
Yue Yuen Industrial Holdings Ltd.			940,000		3,184,270
					80,260,434
India—1.0%
Axis Bank Ltd. GDR			39,378		1,323,228
ICICI Bank Ltd. ADR			264,600		2,071,818
Infosys Ltd. ADR	†		395,584		6,626,032
Larsen & Toubro Ltd. GDR			99,915		1,930,030
Tata Motors Ltd. ADR	*		174,216		5,134,146
					17,085,254
Indonesia—0.5%
Bank Mandiri Persero Tbk PT			2,829,900		1,879,167
Bank Rakyat Indonesia Persero Tbk PT			2,868,200		2,353,933
Bumitama Agri Ltd.			887,800		441,301
Perusahaan Gas Negara Persero Tbk			8,148,900		1,606,675
Telekomunikasi Indonesia Persero Tbk PT ADR			32,500		1,443,000
					7,724,076
Ireland—2.1%
Allegion plc			23,824		1,570,478
Bank of Ireland	*		6,439,000		2,376,848
Experian plc			360,000		6,362,787
ICON plc	*		79,900		6,208,230
Medtronic plc			197,689		15,206,238

		Shares		Value
Smurfit Kappa Group plc		130,000	$	3,345,641
				35,070,222
Israel—0.9%
Bank Hapoalim BM		436,429		2,252,849
Mellanox Technologies Ltd.	*	108,200		4,559,548
Teva Pharmaceutical Industries Ltd.		24,084		1,571,262
Teva Pharmaceutical Industries Ltd. ADR		92,200		6,052,008
				14,435,667
Italy—1.4%
Azimut Holding SpA		80,200		1,993,467
DiaSorin SpA		79,300		4,164,962
Eni SpA		914,195		13,583,292
Mediaset SpA		444,997		1,844,019
Mediobanca SpA		256,900		2,462,659
				24,048,399
Japan—16.7%
Asahi Kasei Corp.		522,400		3,532,524
Bridgestone Corp.	†	73,100		2,507,434
Canon, Inc.	†	447,300		13,530,839
Daikin Industries Ltd.		93,600		6,816,109
Daito Trust Construction Co. Ltd.		157,000		18,135,148
Denso Corp.		131,300		6,274,236
FANUC Corp.		35,300		6,081,832
Honda Motor Co. Ltd.		715,500		22,868,481
IHI Corp.		501,000		1,383,010
INPEX Corp.		392,000		3,821,574
Isuzu Motors Ltd.		251,900		2,713,628
Japan Airlines Co. Ltd.		190,000		6,800,652
Japan Tobacco, Inc.	†	181,967		6,680,695
JFE Holdings, Inc.	†	111,900		1,757,099
Kao Corp.		153,600		7,893,312
Kawasaki Kisen Kaisha Ltd.	†	997,600		2,135,653
KDDI Corp.		166,700		4,329,232
Keyence Corp.		13,892		7,635,115
Kobe Steel Ltd.		1,327,500		1,442,350
Komatsu Ltd.		306,300		5,011,819
Kuroda Electric Co. Ltd.		209,600		3,872,245
Kyowa Exeo Corp.		222,000		2,279,184
Medipal Holdings Corp.		266,600		4,543,930
Mitsubishi Gas Chemical Co., Inc.		722,100		3,692,475
Mitsubishi Motors Corp.	†	417,800		3,534,812
MS&AD Insurance Group Holdings, Inc.		196,900		5,774,028
NGK Insulators Ltd.		242,000		5,454,727
Nippon Sheet Glass Co. Ltd.	*†	4,413,600		3,553,565
Nippon Telegraph & Telephone Corp.		156,054		6,210,655
Nippon Yusen K.K.		831,600		2,015,542
NTT DOCOMO, Inc.		312,100		6,401,671
Olympus Corp.		137,300		5,405,318
Ono Pharmaceutical Co. Ltd.		16,200		2,888,649
ORIX Corp.		295,300		4,142,605
Paltac Corp.		21,100		374,971
Rakuten, Inc.		419,500		4,831,698

See accompanying notes to financial statements.

298

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint International Fund		Shares		Value
COMMON STOCKS—(Continued)
Seiko Epson Corp.			172,800	$	2,660,975
Seven & i Holdings Co. Ltd.			100,500		4,601,348
Shimano, Inc.			39,900		6,126,987
Shin-Etsu Chemical Co. Ltd.			103,600		5,632,303
Showa Corp.			225,400		2,091,402
SMC Corp.			24,900		6,467,374
Sojitz Corp.	†		1,018,700		2,137,824
Sumitomo Rubber Industries Ltd.	†		285,000		3,705,961
Takata Corp.	†		311,600		2,075,120
Takeda Pharmaceutical Co. Ltd.			366,800		18,288,453
Tokai Rika Co. Ltd.			144,700		3,561,457
Tokio Marine Holdings, Inc.			505,000		19,505,437
Toyota Motor Corp.			168,500		10,376,065
					283,557,523
Jordan—0.0%
Hikma Pharmaceuticals plc			19,600		664,430
Kazakhstan—0.0%
KazMunaiGas Exploration Production JSC GDR			111,159		827,909
Korea, Republic of—2.5%
Dongbu Insurance Co. Ltd.	*		49,470		2,959,863
Hankook Tire Worldwide Co. Ltd.	*		189,635		2,817,392
Hyundai Marine & Fire Insurance Co. Ltd.	*		78,850		2,415,968
Hyundai Mobis Co. Ltd.	*		26,640		5,573,876
Korea Electric Power Corp.	*		121,293		5,138,846
Korea Gas Corp.	*		39,565		1,234,510
LG Display Co. Ltd.	*		123,508		2,558,141
LG Electronics, Inc.	*		60,981		2,772,474
LG Household & Health Care Ltd.	*		2,300		2,042,361
NAVER Corp.	*		3,000		1,672,918
Orion Corp.	*		31		30,621
Samsung Electronics Co. Ltd.			3,285		3,503,723
Samsung Electronics Co. Ltd. GDR			2,200		1,166,407
SK Innovation Co. Ltd.	*		48,517		5,320,907
SK Telecom Co. Ltd.			14,789		2,706,658
					41,914,665
Luxembourg—0.1%
Tenaris SA ADR			49,400		1,175,720
Macau—0.1%
Sands China Ltd.			490,800		1,663,907
Malaysia—0.6%
AMMB Holdings Bhd			2,682,700		2,823,144
Genting Malaysia Bhd			2,156,500		2,196,909
Guinness Anchor Bhd			314,200		966,982
Tenaga Nasional Bhd			1,080,700		3,346,054
Top Glove Corp. Bhd			239,000		755,300
					10,088,389

	Shares		Value
Mexico—0.9%
Coca-Cola Femsa SAB de CV ADR	16,100	$	1,140,041
Fibra Uno Administracion SA de CV REIT	2,528,900		5,574,453
Grupo Financiero Santander Mexico SAB de CV, Class B ADR	201,000		1,742,670
Grupo Televisa SAB ADR	179,386		4,881,093
Kimberly-Clark de Mexico SAB de CV, Class A	568,600		1,331,886
Wal-Mart de Mexico SAB de CV	541,600		1,366,688
			16,036,831
Netherlands—2.2%
ASML Holding NV	72,119		6,407,882
Koninklijke Ahold NV	758,752		16,004,695
Royal Dutch Shell plc, Class A	687,357		15,676,602
			38,089,179
Norway—0.3%
Yara International ASA	104,400		4,490,063
Peru—0.1%
Credicorp Ltd.	17,986		1,750,397
Philippines—0.2%
Jollibee Foods Corp.	116,690		541,698
Philippine Long Distance Telephone Co. ADR	64,700		2,765,925
Universal Robina Corp.	197,000		777,369
			4,084,992
Russia—0.1%
Gazprom PAO ADR	425,333		1,560,972
Singapore—2.1%
DBS Group Holdings Ltd.	449,805		5,271,492
Singapore Airlines Ltd.	419,500		3,305,441
Singapore Exchange Ltd.	469,300		2,538,171
Singapore Telecommunications Ltd.	4,191,600		10,807,056
United Overseas Bank Ltd.	852,827		11,757,768
Wilmar International Ltd.	1,260,600		2,601,036
			36,280,964
South Africa—0.5%
Bidvest Group Ltd. (The)	65,838		1,397,425
Growthpoint Properties Ltd. REIT	1,196,954		1,796,527
Mondi plc	125,400		2,457,932
MTN Group Ltd.	147,863		1,273,745
Shoprite Holdings Ltd.	120,300		1,114,828
			8,040,457
Spain—2.5%
Gamesa Corp. Tecnologica SA	236,300		4,045,447
Grifols SA	43,185		1,996,089
Grifols SA ADR	73,830		2,392,092
Iberdrola SA	2,170,659		15,387,744
Industria de Diseno Textil SA	169,600		5,826,461
Telefonica SA	1,128,065		12,514,671
			42,162,504

See accompanying notes to financial statements.

299

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint International Fund		Shares		Value
COMMON STOCKS—(Continued)
Sweden—1.9%
Autoliv, Inc. SDR			29,417	$	3,712,820
Boliden AB			138,000		2,312,079
Hennes & Mauritz AB, Class B			160,000		5,691,246
Hexpol AB	†		357,200		3,829,984
Swedbank AB, Class A			130,243		2,868,417
TeliaSonera AB			2,674,876		13,283,126
					31,697,672
Switzerland—11.1%
ABB Ltd. (Registered)	*		911,398		16,266,281
Actelion Ltd. (Registered)	*		34,027		4,727,835
Adecco SA (Registered)	*		147,034		10,063,410
Galenica AG (Registered)			3,582		5,604,218
Givaudan SA (Registered)	*		3,200		5,807,879
Kuehne + Nagel International AG (Registered)			42,200		5,781,366
Lonza Group AG (Registered)	*		25,884		4,209,642
Nestle SA (Registered)			408,910		30,355,538
Novartis AG (Registered)			272,415		23,432,941
Roche Holding AG (Genusschein)			55,026		15,248,167
SGS SA (Registered)			3,150		5,986,577
Swatch Group AG (The) (Bearer)	†		10,100		3,507,377
Swiss Re AG			25,137		2,455,038
Syngenta AG (Registered)			81,897		32,054,740
TE Connectivity Ltd.			32,274		2,085,223
Wolseley plc			98,200		5,333,526
Zurich Insurance Group AG	*		60,682		15,589,206
					188,508,964
Taiwan—1.5%
Asustek Computer, Inc.			328,000		2,708,254
MediaTek, Inc.			345,000		2,609,407
Mega Financial Holding Co. Ltd.			4,327,806		2,790,195
Taiwan Mobile Co. Ltd.			966,000		2,933,615
Taiwan Semiconductor Manufacturing Co. Ltd.			1,485,000		6,406,648
Taiwan Semiconductor Manufacturing Co. Ltd. ADR			341,700		7,773,675
					25,221,794
Thailand—0.0%
PTT Exploration & Production PCL	‡		391,900		621,457
Turkey—0.1%
Turk Telekomunikasyon AS			774,388		1,448,285
United Kingdom—14.9%
Aggreko plc			189,000		2,544,263
Aon plc			36,073		3,326,291
ARM Holdings plc			192,900		2,940,187
Babcock International Group plc			112,523		1,683,924
Barratt Developments plc			91,200		840,382
BP plc			2,631,730		13,676,271
British American Tobacco plc			96,500		5,359,034

			Shares		Value
British Land Co. plc (The) REIT			211,800	$	2,450,710
BT Group plc			923,437		6,411,955
Capital & Regional plc REIT			2,299,200		2,202,176
Clinigen Healthcare Ltd.		*	147,897		1,557,429
Compass Group plc			483,300		8,374,730
Croda International plc			52,850		2,367,941
Delphi Automotive plc			85,060		7,292,194
Diageo plc			234,933		6,415,494
Dixons Carphone plc			434,500		3,197,523
GlaxoSmithKline plc			980,096		19,793,863
Hammerson plc REIT			321,100		2,838,640
Imperial Tobacco Group plc			221,232		11,684,955
Inchcape plc			355,500		4,101,644
InterContinental Hotels Group plc	��		75,977		2,961,474
International Consolidated Airlines Group SA			601,297		5,406,303
Intertek Group plc			76,800		3,141,624
Johnson Matthey plc			154,027		6,025,209
Liberty Global plc, Series A		*	121,628		5,152,162
Liberty Global plc, Series C		*	197,425		8,049,017
Lloyds Banking Group plc			10,134,023		10,904,158
London Stock Exchange Group plc			65,100		2,633,822
LondonMetric Property plc REIT			1,144,600		2,765,070
Man Group plc			813,700		2,093,250
National Grid plc			1,277,605		17,620,199
Next plc			28,100		3,017,121
Old Mutual plc			2,594,800		6,826,040
Reckitt Benckiser Group plc			64,500		5,967,949
SABMiller plc			26,681		1,608,311
SABMiller plc			50,300		3,009,149
Segro plc REIT			932,400		5,900,670
Sky plc			251,300		4,119,499
Smith & Nephew plc			147,000		2,619,844
Tesco plc		*	5,244,599		11,523,831
Unilever NV CVA			92,100		4,011,715
Unilever plc			391,538		16,793,910
Vodafone Group plc			1,423,965		4,617,586
Worldpay Group plc		*^	533,455		2,416,667
WPP plc			234,640		5,397,138
					253,641,324
United States—1.6%
Alacer Gold Corp.		*	1,117,700		1,995,172
Allergan plc		*	12,245		3,826,562
Carnival plc			80,521		4,586,966
Cognizant Technology Solutions Corp., Class A		*	86,514		5,192,570
Flextronics International Ltd.		*	263,800		2,957,198
Royal Caribbean Cruises Ltd.			33,590		3,399,644
WABCO Holdings, Inc.		*	18,434		1,885,061
Yum! Brands, Inc.			47,432		3,464,908
					27,308,081
TOTAL COMMON STOCKS
(Cost $1,607,111,857)					1,646,822,463

See accompanying notes to financial statements.

300

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint International Fund		Shares		Value
PREFERRED STOCKS—0.9%
Brazil—0.7%
Banco Bradesco SA (Preference)			516,000	$	2,514,624
Itausa—Investimentos Itau SA (Preference)			5,630,200		9,791,033
					12,305,657
Germany—0.2%
Draegerwerk AG & Co. KGaA			18,613		1,378,777
Henkel AG & Co. KGaA			25,081		2,799,090
					4,177,867
TOTAL PREFERRED STOCKS
(Cost $19,122,055)					16,483,524
RIGHTS—0.0%
Brazil—0.0%
Banco Bradesco SA, Expires 02/05/2016, Strike BRL 17.21	*‡
(Cost $—)			16,902		8,843
MONEY MARKET FUNDS—4.4%
Institutional Money Market Funds—4.4%
Dreyfus Institutional Cash Advantage Fund, 0.26%	††¥		8,325,000		8,325,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32%	¥		24,611,527		24,611,527
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32%	††¥		8,279,544		8,279,544
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.32%	††¥		8,325,000		8,325,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.29%	††¥		8,325,000		8,325,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.32%	††¥		8,325,000		8,325,000

		Shares		Value
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.31%	††¥	8,325,000	$	8,325,000
TOTAL MONEY MARKET FUNDS
(Cost $74,516,071)				74,516,071
TOTAL INVESTMENTS—102.3%
(Cost $1,700,749,983)				1,737,830,901
Other assets less liabilities—(2.3%)				(39,851,979	)
NET ASSETS—100.0%			$	1,697,978,922

Notes to the Schedule of Investments:

ADR	American Depositary Receipt
CVA	Dutch Certificate of Shares
GDR	Global Depositary Receipt
REIT	Real Estate Investment Trust
SDR	Swedish Depository Receipt
*	Non-income producing.
†	Denotes all or a portion of the security on loan.
^	Securities are not registered under the Securities Act of 1933. These securities may be resold only in transactions exempt from registration, generally to qualified institutional buyers under Securities Act Rule 144A. Such securities are considered illiquid unless deemed liquid by a subadviser under the liquidity procedures adopted by the Board of Directors. The total market value of 144A securities was $3,010,528, which represents 0.2% of Net Assets. The illiquid 144A securities represented 0.2% of Net Assets, and 100.0% of total 144A securities held.
‡	Security valued at fair value as determined by policies approved by the Board of Directors. (Total Market Value $630,300)
††	Represents reinvestment of collateral received in conjunction with securities lending.
¥	The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to financial statements.

301

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint International Fund
Percentage of Portfolio by Industry:
COMMON STOCKS
Pharmaceuticals	8.7%
Insurance	5.7%
Diversified Telecommunication Services	5.3%
Chemicals	5.1%
Oil, Gas & Consumable Fuels	4.3%
Automobiles	3.7%
Banks	3.1%
Personal Products	2.9%
Auto Components	2.9%
Food Products	2.5%
Machinery	2.5%
Health Care Equipment & Supplies	2.4%
Wireless Telecommunication Services	2.1%
Food & Staples Retailing	2.1%
Semiconductors & Semiconductor Equipment	2.0%
Electric Utilities	2.0%
Software	1.9%
Media	1.9%
Real Estate Management & Development	1.8%
Real Estate Investment Trusts (REITs)	1.8%
Hotels, Restaurants & Leisure	1.8%
Multi-Utilities	1.6%
Professional Services	1.5%
Electrical Equipment	1.5%
Internet Software & Services	1.5%
Building Products	1.4%
Tobacco	1.4%
Technology Hardware, Storage & Peripherals	1.4%
Textiles, Apparel & Luxury Goods	1.4%
IT Services	1.3%
Diversified Financial Services	1.3%
Biotechnology	1.2%
Beverages	1.1%
Electronic Equipment, Instruments & Components	1.0%
Health Care Providers & Services	0.9%
Airlines	0.9%
Metals & Mining	0.9%
Specialty Retail	0.9%
Multiline Retail	0.8%
Life Sciences Tools & Services	0.7%
Industrial Conglomerates	0.7%
Gas Utilities	0.7%
Trading Companies & Distributors	0.7%
Capital Markets	0.6%
Marine	0.6%
Household Products	0.6%
Containers & Packaging	0.5%
Aerospace & Defense	0.5%
Commercial Services & Supplies	0.4%
Leisure Products	0.4%
Internet & Catalog Retail	0.3%
Road & Rail	0.3%
Distributors	0.3%
Construction & Engineering	0.2%
Paper & Forest Products	0.2%
Independent Power and Renewable Electricity Producers	0.2%
Health Care Technology	0.2%
Household Durables	0.2%
Transportation Infrastructure	0.1%

Energy Equipment & Services	0.1%
Water Utilities	0.0%
TOTAL COMMON STOCKS	97.0%
PREFERRED STOCKS
Banks	0.7%
Household Products	0.1%
Health Care Equipment & Supplies	0.1%
TOTAL PREFERRED STOCKS	0.9%
RIGHTS
Banks	0.0%
TOTAL RIGHTS	0.0%
MONEY MARKET FUNDS
Institutional Money Market Funds	4.4%
TOTAL INVESTMENTS	102.3%
Other assets less liabilities	(2 .3)%
TOTAL NET ASSETS	100.0%

See accompanying notes to financial statements.

302

SCHEDULE OF INVESTMENTS

December 31, 2015

Vantagepoint Diversifying Strategies Fund		Shares		Value
COMMON STOCKS—5.0%
Real Estate Investment Trusts (REITs)—5.0%
Acadia Realty Trust REIT			5,325	$	176,524
Alexandria Real Estate Equities, Inc. REIT			5,663		511,709
American Campus Communities, Inc. REIT			8,668		358,335
American Homes 4 Rent, Class A REIT			12,000		199,920
Apartment Investment & Management Co., Class A REIT			12,100		484,363
Apple Hospitality REIT, Inc. REIT			12,000		239,640
Ashford Hospitality Prime, Inc. REIT			1,939		28,116
Ashford Hospitality Trust, Inc. REIT			6,600		41,646
AvalonBay Communities, Inc. REIT			10,573		1,946,807
BioMed Realty Trust, Inc. REIT			15,600		369,564
Boston Properties, Inc. REIT			11,901		1,517,854
Brandywine Realty Trust REIT			13,800		188,508
Brixmor Property Group, Inc. REIT			13,159		339,765
Camden Property Trust REIT			6,724		516,134
Care Capital Properties, Inc. REIT			6,452		197,238
CBL & Associates Properties, Inc. REIT			11,704		144,778
Cedar Realty Trust, Inc. REIT			5,700		40,356
Columbia Property Trust, Inc. REIT			9,700		227,756
Corporate Office Properties Trust REIT			7,318		159,752
Cousins Properties, Inc. REIT			15,800		148,994
CubeSmart REIT			13,300		407,246
DCT Industrial Trust, Inc. REIT			6,825		255,050
DDR Corp. REIT			23,600		397,424
DiamondRock Hospitality Co. REIT			15,600		150,540
Digital Realty Trust, Inc. REIT			11,329		856,699
Douglas Emmett, Inc. REIT			10,759		335,466
Duke Realty Corp. REIT			26,715		561,549
DuPont Fabros Technology, Inc. REIT			5,100		162,129
EastGroup Properties, Inc. REIT			2,468		137,245
Education Realty Trust, Inc. REIT			4,266		161,596
Equity Commonwealth REIT	*		9,700		268,981
Equity LifeStyle Properties, Inc. REIT			6,181		412,087
Equity One, Inc. REIT			5,697		154,674
Equity Residential REIT			28,166		2,298,064
Essex Property Trust, Inc. REIT			5,103		1,221,709
Extra Space Storage, Inc. REIT			9,533		840,906
Federal Realty Investment Trust REIT			5,357		782,658
FelCor Lodging Trust, Inc. REIT			10,100		73,730
First Industrial Realty Trust, Inc. REIT			8,500		188,105
First Potomac Realty Trust REIT			4,534		51,688
Franklin Street Properties Corp. REIT			6,854		70,939

	Shares		Value
General Growth Properties, Inc. REIT		44,984	$	1,224,015
HCP, Inc. REIT		35,900		1,372,816
Healthcare Realty Trust, Inc. REIT		7,800		220,896
Hersha Hospitality Trust REIT		3,675		79,968
Highwoods Properties, Inc. REIT		7,338		319,937
Hospitality Properties Trust REIT		11,750		307,263
Host Hotels & Resorts, Inc. REIT		58,221		893,110
Inland Real Estate Corp. REIT		7,000		74,340
Kilroy Realty Corp. REIT		7,200		455,616
Kimco Realty Corp. REIT		31,872		843,333
Kite Realty Group Trust REIT		6,475		167,897
LaSalle Hotel Properties REIT		8,786		221,056
Liberty Property Trust REIT		11,353		352,511
LTC Properties, Inc. REIT		2,731		117,815
Macerich Co. (The) REIT		10,374		837,078
Mack-Cali Realty Corp. REIT		6,900		161,115
Mid-America Apartment Communities, Inc. REIT		5,805		527,152
Monogram Residential Trust, Inc. REIT		12,800		124,928
National Storage Affiliates Trust REIT		1,784		30,560
New York REIT, Inc. REIT		12,500		143,750
NexPoint Residential Trust, Inc. REIT		2,000		26,180
Parkway Properties, Inc. REIT		6,300		98,469
Pebblebrook Hotel Trust REIT		5,618		157,416
Pennsylvania Real Estate Investment Trust REIT		5,300		115,911
Piedmont Office Realty Trust, Inc., Class A REIT		11,175		210,984
Post Properties, Inc. REIT		4,240		250,838
Prologis, Inc. REIT		40,511		1,738,732
PS Business Parks, Inc. REIT		1,490		130,271
Public Storage REIT		11,394		2,822,294
Ramco-Gershenson Properties Trust REIT		6,100		101,321
Regency Centers Corp. REIT		7,272		495,369
Retail Opportunity Investments Corp. REIT		7,557		135,270
Rexford Industrial Realty, Inc. REIT		4,300		70,348
RLJ Lodging Trust REIT		9,642		208,556
Rouse Properties, Inc. REIT		2,900		42,224
Saul Centers, Inc. REIT		878		45,015
Senior Housing Properties Trust REIT		18,450		273,798
Silver Bay Realty Trust Corp. REIT		2,800		43,848
Simon Property Group, Inc. REIT		23,878		4,642,838
SL Green Realty Corp. REIT		7,694		869,268
Sovran Self Storage, Inc. REIT		2,749		294,995
Sun Communities, Inc. REIT		4,524		310,030
Sunstone Hotel Investors, Inc. REIT		16,141		201,601
Tanger Factory Outlet Centers, Inc. REIT		7,397		241,882
Taubman Centers, Inc. REIT		4,675		358,666
Tier REIT, Inc. REIT		3,600		53,100
UDR, Inc. REIT		20,268		761,469
Universal Health Realty Income Trust REIT		940		47,009
Urban Edge Properties REIT		7,095		166,378
Ventas, Inc. REIT		25,836		1,457,925
Vornado Realty Trust REIT		13,738		1,373,250

See accompanying notes to financial statements.

303

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Diversifying Strategies Fund			Shares		Value
COMMON STOCKS—(Continued)
Washington Real Estate Investment Trust REIT				5,300	$	143,418
Weingarten Realty Investors REIT				8,800		304,304
Welltower, Inc. REIT				27,381		1,862,729
WP GLIMCHER, Inc. REIT				14,265		151,352
Xenia Hotels & Resorts, Inc. REIT				8,615		132,068
						46,440,526
Real Estate Management & Development—0.0%
RMR Group, Inc. (The)		*		1		12
TOTAL COMMON STOCKS
(Cost $41,608,042)						46,440,538
CONVERTIBLE PREFERRED STOCKS—1.4%
Energy Equipment & Services—0.1%
McDermott International, Inc. (Panama) 6.250%		*		46,800		599,508
Health Care Equipment & Supplies—0.2%
Alere, Inc., Perpetual, Series B 3.000%		*		6,568		1,899,794
Oil, Gas & Consumable Fuels—0.0%
Rex Energy Corp., Perpetual, Series A 6.000%		*		8,600		61,060
Sanchez Energy Corp., Perpetual, Series A* 4.875%		*		5,820		59,837
						120,897
Pharmaceuticals—0.6%
Allergan plc, Series A (Ireland) 5.500%		*		3,300		3,399,594
Teva Pharmaceutical Industries Ltd. (Israel) 7.000%		*		2,200		2,238,188
						5,637,782
Real Estate Investment Trusts (REITs)—0.5%
American Tower Corp. 5.500%		*		30,900		3,120,900
Crown Castle International Corp., Series A 4.500%				16,475		1,766,202
						4,887,102
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $14,677,740)						13,145,083
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—30.2%
Aerospace & Defense—0.2%
L-3 Communications Corp.
1.500%	05/28/2017		$	1,500,000		1,481,924
Lockheed Martin Corp.
1.850%	11/23/2018			370,000		369,604
						1,851,528

Coupon Rate	Maturity Date			Face		Value
Auto Components—0.0%
Johnson Controls, Inc.
1.400%	11/02/2017		$	300,000	$	297,015
Automobiles—1.4%
Daimler Finance North America LLC
1.650%	03/02/2018	^		1,630,000		1,610,988
1.375%	08/01/2017	^		1,450,000		1,437,221
1.250%	01/11/2016	^		740,000		740,032
1.009%	08/01/2016	#^		580,000		579,792
Hyundai Capital America
3.750%	04/06/2016	^		2,150,000		2,161,857
2.125%	10/02/2017	^		465,000		462,361
2.000%	03/19/2018	^		900,000		889,780
1.450%	02/06/2017	^		1,340,000		1,334,103
Nissan Motor Acceptance Corp.
1.000%	03/15/2016	^		630,000		630,100
Volkswagen Group of America Finance LLC
1.600%	11/20/2017	^		1,020,000		990,814
1.250%	05/23/2017	^		2,360,000		2,304,363
						13,141,411
Banks—8.2%
ABN AMRO Bank NV (Netherlands)
1.123%	10/28/2016	#^		780,000		782,262
ANZ New Zealand Int’l Ltd. (New Zealand)
1.400%	04/27/2017	^		370,000		369,679
1.125%	03/24/2016	^		400,000		400,266
Australia & New Zealand Banking Group Ltd. MTN (Australia)
2.000%	11/16/2018	§		2,470,000		2,466,737
Banco Santander Chile (Chile)
1.221%	04/11/2017	#^		900,000		889,875
Bank of America Corp.
0.879%	05/02/2017	#		900,000		891,596
Bank of America Corp. MTN
1.700%	08/25/2017	§		1,240,000		1,236,951
1.656%	03/22/2018	#§		1,700,000		1,706,378
Bank of Tokyo-Mitsubishi UFJ Ltd. (The) (Japan)
1.450%	09/08/2017	^		1,660,000		1,649,779
1.200%	03/10/2017	^		600,000		596,337
0.897%	03/10/2017	#^		490,000		489,499
Banque Federative du Credit Mutuel SA (France)
1.173%	10/28/2016	#^		2,100,000		2,106,361
Barclays Bank plc (United Kingdom)
0.944%	02/17/2017	#§		1,830,000		1,829,471
BB&T Corp. MTN
0.989%	02/01/2019	#§		1,940,000		1,924,631
BNZ International Funding Ltd. (New Zealand)
1.900%	02/26/2018	^		1,900,000		1,893,398
Capital One Bank USA NA, Bank Note
1.150%	11/21/2016	§		570,000		568,751
Capital One NA, Bank Note
1.650%	02/05/2018	§		1,560,000		1,545,350
1.500%	09/05/2017	§		1,520,000		1,508,503
CIT Group, Inc.
5.250%	03/15/2018	§		1,175,000		1,216,125
Citigroup, Inc.
2.062%	05/15/2018	#§		850,000		864,886
2.050%	12/07/2018	§		1,210,000		1,204,456
1.850%	11/24/2017			720,000		719,268
1.550%	08/14/2017			1,560,000		1,554,640
0.747%	06/09/2016	#		1,030,000		1,027,074
Citizens Bank NA MTN
1.600%	12/04/2017	§		1,900,000		1,883,168

See accompanying notes to financial statements.

304

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Citizens Bank NA, Bank Note
2.300%		12/03/2018		$	260,000	$	259,875
Commonwealth Bank of Australia (Australia)
1.750%		11/02/2018	§		1,190,000		1,182,176
Compass Bank, Bank Note
1.850%		09/29/2017	§		1,220,000		1,210,083
Credit Agricole SA (France)
1.462%		10/03/2016	#^		1,420,000		1,424,558
1.121%		04/15/2019	#^		2,300,000		2,288,744
Discover Bank
2.600%		11/13/2018	§		1,800,000		1,799,791
Fifth Third Bancorp
5.450%		01/15/2017	§		825,000		855,484
Fifth Third Bank/Ohio, Bank Note
1.150%		11/18/2016			600,000		599,401
0.874%		11/18/2016	#		300,000		300,022
HSBC Bank plc (United Kingdom)
1.002%		05/15/2018	#^		2,500,000		2,491,835
Huntington National Bank (The)
2.200%		11/06/2018	§		680,000		678,584
1.350%		08/02/2016	§		400,000		400,074
Huntington National Bank (The), Bank Note
1.300%		11/20/2016	§		1,100,000		1,099,504
Industrial & Commercial Bank of China Ltd. MTN (China)
2.351%		11/13/2017			880,000		883,047
JPMorgan Chase & Co.
1.220%		01/25/2018	#		1,300,000		1,303,332
0.882%		02/15/2017	#		880,000		879,666
JPMorgan Chase & Co. MTN
1.350%		02/15/2017	§		510,000		509,056
KeyBank NA
0.883%		11/25/2016	#		380,000		380,089
KeyBank NA, Bank Note
1.100%		11/25/2016			610,000		609,254
Lloyds Bank plc (United Kingdom)
2.300%		11/27/2018			420,000		421,961
Macquarie Bank Ltd. (Australia)
1.600%		10/27/2017	^		1,800,000		1,787,663
0.953%		10/27/2017	#^		1,010,000		1,005,726
Manufacturers & Traders Trust Co., Bank Note
1.400%		07/25/2017	§		1,700,000		1,692,586
1.250%		01/30/2017			350,000		349,734
0.697%		01/30/2017	#		765,000		764,083
Mitsubishi UFJ Trust & Banking Corp. (Japan)
1.600%		10/16/2017	^		1,040,000		1,033,450
Mizuho Bank Ltd. (Japan)
1.700%		09/25/2017	^		890,000		885,986
1.300%		04/16/2017	^		810,000		806,274
1.243%		03/26/2018	#^		1,450,000		1,444,625
1.053%		09/25/2017	#^		300,000		298,197
National Australia Bank Ltd. (Australia)
1.300%		06/30/2017	^		340,000		339,496
Nederlandse Waterschapsbank NV (Netherlands)
1.250%		09/18/2017	^		3,300,000		3,301,336
0.750%		03/29/2016	^		775,000		775,167
Nordea Bank AB (Sweden)
1.875%		09/17/2018	^		680,000		676,010
PNC Bank NA, Bank Note
1.150%		11/01/2016			250,000		250,055
Regions Financial Corp.
2.000%		05/15/2018	§		1,150,000		1,142,527

Coupon Rate	Maturity Date			Face		Value
Standard Chartered plc (United Kingdom)
1.500%	09/08/2017	^	$	2,900,000	$	2,884,050
Sumitomo Mitsui Banking Corp. (Japan)
0.985%	07/19/2016	#§		450,000		450,533
0.900%	01/18/2016			520,000		520,004
SunTrust Bank
5.200%	01/17/2017	§		895,000		924,933
SunTrust Bank, Bank Note
1.350%	02/15/2017	§		1,200,000		1,197,785
0.802%	02/15/2017	#		430,000		428,574
Westpac Banking Corp. (Australia)
1.950%	11/23/2018	§		2,390,000		2,386,809
						76,247,580
Beverages—0.3%
Coca-Cola Co. (The)
0.875%	10/27/2017	§		583,000		580,984
SABMiller Holdings, Inc.
2.450%	01/15/2017	^		810,000		816,363
Suntory Holdings Ltd. (Japan)
1.650%	09/29/2017	^		1,620,000		1,609,460
						3,006,807
Biotechnology—0.5%
Amgen, Inc.
1.250%	05/22/2017	§		2,660,000		2,650,900
Baxalta, Inc.
2.000%	06/22/2018	^		490,000		485,261
1.366%	06/22/2018	#^		890,000		887,759
Celgene Corp.
2.125%	08/15/2018	§		680,000		680,580
						4,704,500
Capital Markets—2.1%
Bank of New York Mellon Corp. (The) MTN
0.889%	08/01/2018	#§		1,188,000		1,185,742
Credit Suisse AG (Switzerland)
1.750%	01/29/2018	§		1,200,000		1,196,991
Credit Suisse AG MTN (Switzerland)
1.375%	05/26/2017	§		3,240,000		3,225,355
Goldman Sachs Group, Inc. (The)
5.625%	01/15/2017			1,000,000		1,038,935
3.625%	02/07/2016			575,000		576,470
Goldman Sachs Group, Inc. (The) MTN
1.462%	11/15/2018	#§		1,240,000		1,245,904
Hutchison Whampoa International 12 II Ltd. (Cayman Islands)
2.000%	11/08/2017	^		530,000		530,727
ING Bank NV (Netherlands)
2.000%	11/26/2018	^		1,890,000		1,883,544
Morgan Stanley							��
1.463%	01/27/2020	#		1,630,000		1,635,081
Morgan Stanley MTN
6.625%	04/01/2018			630,000		691,177
1.056%	07/23/2019	#§		2,520,000		2,500,021
Nomura Holdings, Inc. MTN (Japan)
1.952%	09/13/2016	#§		1,510,000		1,516,325
UBS AG MTN (Switzerland)
1.800%	03/26/2018	§		2,300,000		2,296,895
						19,523,167
Chemicals—0.1%
Ashland, Inc.
3.875%	04/15/2018			940,000		962,325

See accompanying notes to financial statements.

305

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date				Face		Value
CORPORATE OBLIGATIONS—(Continued)
Commercial Services & Supplies—0.2%
Aramark Services, Inc.
5.750%		03/15/2020		§	$	720,000	$	746,100
Mobile Mini, Inc.
7.875%		12/01/2020		§		780,000		811,200
								1,557,300
Communications Equipment—0.5%
Cisco Systems, Inc.
0.914%		03/01/2019		#		400,000		399,950
0.822%		06/15/2018		#		820,000		818,773
QUALCOMM, Inc.
1.400%		05/18/2018		§		3,770,000		3,739,059
								4,957,782
Consumer Finance—2.7%
Ally Financial, Inc.
3.250%		09/29/2017		§		1,710,000		1,712,138
American Express Co.
0.968%		05/22/2018		#§		1,770,000		1,760,065
American Express Credit Corp. MTN
1.125%		06/05/2017		§		580,000		577,447
Capital One Financial Corp.
6.150%		09/01/2016				770,000		793,524
Caterpillar Financial Services Corp. MTN
1.250%		08/18/2017				600,000		597,992
1.000%		03/03/2017		§		960,000		957,769
Ford Motor Credit Co. LLC
4.250%		02/03/2017		§		1,678,000		1,714,879
3.000%		06/12/2017	��			870,000		878,765
1.684%		09/08/2017				1,670,000		1,650,456
Ford Motor Credit Co. LLC, Series 1
1.332%		03/12/2019		#		410,000		401,669
General Motors Financial Co., Inc.
4.750%		08/15/2017		§		1,130,000		1,171,633
3.000%		09/25/2017				730,000		733,103
2.750%		05/15/2016				310,000		310,934
2.400%		04/10/2018		§		2,900,000		2,887,341
HSBC USA, Inc.
1.700%		03/05/2018				1,120,000		1,114,101
International Lease Finance Corp.
3.875%		04/15/2018		§		1,820,000		1,838,200
John Deere Capital Corp.
0.611%		10/11/2016		#		360,000		360,462
John Deere Capital Corp. MTN
1.400%		03/15/2017		§		433,000		433,759
1.125%		06/12/2017				760,000		758,653
PACCAR Financial Corp. MTN
1.100%		06/06/2017				320,000		318,448
1.052%		12/06/2018		#		560,000		561,499
Synchrony Financial
3.000%		08/15/2019				380,000		379,795
2.600%		01/15/2019				240,000		239,310
1.875%		08/15/2017				1,245,000		1,239,781
1.564%		02/03/2020		#		550,000		541,841
Toyota Motor Credit Corp. MTN
1.125%		05/16/2017		§		1,250,000		1,248,151
								25,181,715

Coupon Rate	Maturity Date			Face		Value
Containers & Packaging—0.3%
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc. (Ireland)
3.512%	12/15/2019	#^	$	2,680,000	$	2,626,400
Diversified Financial Services—0.5%
ERAC USA Finance LLC
1.400%	04/15/2016	^		260,000		259,894
McGraw Hill Financial, Inc.
3.300%	08/14/2020			520,000		524,991
Nationwide Building Society (United Kingdom)
2.350%	01/21/2020	^§		700,000		695,960
Shell International Finance BV (Netherlands)
1.625%	11/10/2018			1,040,000		1,034,980
1.250%	11/10/2017			1,080,000		1,074,897
0.921%	11/10/2018	#§		1,310,000		1,308,371
						4,899,093
Diversified Telecommunication Services—0.9%
AT&T, Inc.
5.500%	02/01/2018	§		450,000		481,281
1.317%	11/27/2018	#		1,400,000		1,402,211
British Telecommunications plc (United Kingdom)
1.625%	06/28/2016	§		430,000		430,587
1.250%	02/14/2017	§		200,000		199,110
CC Holdings GS V LLC/Crown Castle GS III Corp.
2.381%	12/15/2017	§		430,000		430,676
Verizon Communications, Inc.
2.252%	09/14/2018	#		850,000		870,913
2.042%	09/15/2016	#§		900,000		905,666
1.350%	06/09/2017	§		1,870,000		1,865,256
1.296%	06/17/2019	#§		540,000		536,789
Windstream Services LLC
7.875%	11/01/2017	§		990,000		1,017,730
						8,140,219
Electric Utilities—0.9%
Duke Energy Corp.
0.992%	04/03/2017	#§		620,000		618,131
Electricite de France SA (France)
1.150%	01/20/2017	^		620,000		618,608
0.777%	01/20/2017	#^		350,000		349,791
Georgia Power Co.
0.832%	03/15/2016	#		470,000		469,616
NSTAR Electric Co.
0.604%	05/17/2016	#		720,000		719,106
Southern California Edison Co.
1.845%	02/01/2022	§		2,878,571		2,853,214
Southern California Edison Co., Series 14-B
1.125%	05/01/2017			1,100,000		1,093,043
Southern Power Co.
1.850%	12/01/2017			360,000		360,012
Xcel Energy, Inc.
0.750%	05/09/2016	§		860,000		859,309
						7,940,830
Electronic Equipment, Instruments & Components—0.0%
Amphenol Corp.
1.550%	09/15/2017			380,000		378,219
Energy Equipment & Services—0.3%
Cameron International Corp.
1.400%	06/15/2017	§		620,000		611,423
Nabors Industries, Inc.
2.350%	09/15/2016	§		1,550,000		1,542,562

See accompanying notes to financial statements.

306

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
National Oilwell Varco, Inc.
1.350%		12/01/2017		$	930,000	$	910,260
							3,064,245
Food & Staples Retailing—0.7%
CVS Health Corp.
1.900%		07/20/2018	§		2,270,000		2,270,045
Kroger Co. (The)
2.200%		01/15/2017			750,000		756,992
0.845%		10/17/2016	#		1,700,000		1,699,245
Walgreens Boots Alliance, Inc.
1.750%		11/17/2017			490,000		489,267
0.814%		05/18/2016	#§		870,000		867,059
							6,082,608
Food Products—0.4%
ConAgra Foods, Inc.
1.300%		01/25/2016			170,000		170,027
General Mills, Inc.
1.400%		10/20/2017			800,000		796,395
Kraft Heinz Foods Co.
2.000%		07/02/2018	^		1,670,000		1,663,121
Want Want China Finance Ltd. (Virgin Islands, British)
1.875%		05/14/2018	^		850,000		834,284
Wm. Wrigley Jr. Co.
2.000%		10/20/2017	^		300,000		300,618
							3,764,445
Gas Utilities—0.1%
AmeriGas Partners LP/AmeriGas Finance Corp.
6.250%		08/20/2019	§		1,180,000		1,135,750
Health Care Equipment & Supplies—0.6%
Becton Dickinson and Co.
1.800%		12/15/2017			360,000		359,647
1.450%		05/15/2017	§		2,810,000		2,799,064
0.962%		06/15/2016	#		260,000		259,907
Medtronic, Inc.
1.500%		03/15/2018			340,000		339,912
Zimmer Biomet Holdings, Inc.
2.700%		04/01/2020			180,000		177,914
2.000%		04/01/2018	§		1,590,000		1,581,063
							5,517,507
Health Care Providers & Services—0.4%
Anthem, Inc.
2.375%		02/15/2017	§		1,645,000		1,660,108
Express Scripts Holding Co.
1.250%		06/02/2017	§		860,000		854,563
McKesson Corp.
1.292%		03/10/2017			300,000		299,244
Tenet Healthcare Corp.
6.250%		11/01/2018			1,080,000		1,142,100
							3,956,015
Hotels, Restaurants & Leisure—0.1%
Carnival Corp. (Panama)
1.875%		12/15/2017	§		320,000		319,697
1.200%		02/05/2016	§		450,000		450,149
							769,846

Coupon Rate	Maturity Date			Face		Value
Household Durables—0.2%
Newell Rubbermaid, Inc.
2.150%	10/15/2018		$	1,640,000	$	1,588,191
Whirlpool Corp.
1.650%	11/01/2017			410,000		408,064
						1,996,255
Independent Power and Renewable Electricity Producers—0.4%
AES Corp. (The)
3.414%	06/01/2019	#		1,780,000		1,637,600
Talen Energy Supply LLC
4.625%	07/15/2019	^		2,015,000		1,521,325
TransAlta Corp. (Canada)
1.900%	06/03/2017			225,000		218,593
						3,377,518
Insurance—0.5%
Jackson National Life Global Funding
1.250%	02/21/2017	^		1,000,000		997,545
Metropolitan Life Global Funding I
1.950%	12/03/2018	^		1,260,000		1,257,462
Prudential Financial, Inc. MTN
1.142%	08/15/2018	#§		800,000		800,207
QBE Insurance Group Ltd. (Australia)
2.400%	05/01/2018	^		460,000		460,711
TIAA Asset Management Finance Co. LLC
2.950%	11/01/2019	^		1,180,000		1,183,414
						4,699,339
Internet Software & Services—0.2%
Alibaba Group Holding Ltd. (Cayman Islands)
2.500%	11/28/2019			200,000		195,642
1.625%	11/28/2017			900,000		889,528
Baidu, Inc. (Cayman Islands)
2.250%	11/28/2017	§		560,000		560,763
						1,645,933
IT Services—0.2%
Alliance Data Systems Corp.
5.250%	12/01/2017	^		1,000,000		1,015,000
Fidelity National Information Services, Inc.
2.000%	04/15/2018	§		470,000		462,373
1.450%	06/05/2017	§		290,000		286,175
						1,763,548
Life Sciences Tools & Services—0.0%
Thermo Fisher Scientific, Inc.
2.150%	12/14/2018			380,000		379,983
Machinery—0.2%
CNH Industrial Capital LLC
3.875%	07/16/2018			1,220,000		1,183,400
Stanley Black & Decker, Inc.
2.451%	11/17/2018			1,010,000		1,014,639
						2,198,039
Marine—0.2%
AP Moeller—Maersk A/S (Denmark)
2.550%	09/22/2019	^		1,450,000		1,436,237
Media—0.4%
DISH DBS Corp.
4.625%	07/15/2017	§		1,120,000		1,145,200

See accompanying notes to financial statements.

307

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
NBCUniversal Enterprise, Inc.
1.006%		04/15/2018	#^	$	570,000	$	569,368
Thomson Reuters Corp. (Canada)
1.650%		09/29/2017	§		1,380,000		1,373,496
1.300%		02/23/2017	§		700,000		696,846
							3,784,910
Metals & Mining—0.5%
Anglo American Capital plc (United Kingdom)
1.271%		04/15/2016	#^		300,000		297,085
Freeport-McMoRan, Inc.
2.300%		11/14/2017	§		950,000		813,438
2.150%		03/01/2017	§		500,000		460,000
Glencore Finance Canada Ltd. (Canada)
2.700%		10/25/2017	^		1,976,000		1,808,811
Glencore Funding LLC
1.681%		01/15/2019	#^		1,880,000		1,556,538
							4,935,872
Multi-Utilities—0.0%
TECO Finance, Inc.
0.920%		04/10/2018	#		440,000		434,485
Oil, Gas & Consumable Fuels—1.6%
Boardwalk Pipelines LP
5.875%		11/15/2016	§		400,000		403,963
BP Capital Markets plc (United Kingdom)
1.674%		02/13/2018	§		1,980,000		1,978,376
0.851%		05/10/2018	#		440,000		437,379
Canadian Natural Resources Ltd. (Canada)
1.750%		01/15/2018	§		1,050,000		1,021,760
Chevron Corp.
1.790%		11/16/2018			800,000		793,089
1.344%		11/09/2017	§		1,730,000		1,726,599
CNOOC Finance 2013 Ltd. (Virgin Islands, British)
1.125%		05/09/2016	§		340,000		339,513
CNPC General Capital Ltd. (Virgin Islands, British)
1.262%		05/14/2017	#^		1,100,000		1,098,396
ConocoPhillips Co.
1.500%		05/15/2018			590,000		579,386
Devon Energy Corp.
1.052%		12/15/2016	#		1,060,000		1,049,398
Enbridge, Inc. (Canada)
1.262%		10/01/2016	#		410,000		407,001
0.866%		06/02/2017	#§		640,000		627,048
Hess Corp.
1.300%		06/15/2017	§		710,000		694,979
Kinder Morgan, Inc.
3.050%		12/01/2019			470,000		435,384
2.000%		12/01/2017			450,000		433,771
Murphy Oil Corp.
2.500%		12/01/2017	§		500,000		458,787
Phillips 66
2.950%		05/01/2017			310,000		314,315
Sabine Pass LNG LP
7.500%		11/30/2016			1,140,000		1,140,000
WPX Energy, Inc.
5.250%		01/15/2017	§		1,145,000		1,076,300
							15,015,444

Coupon Rate	Maturity Date			Face		Value
Pharmaceuticals—0.9%
AbbVie, Inc.
1.800%	05/14/2018		$	1,080,000	$	1,075,645
1.750%	11/06/2017	§		1,620,000		1,617,581
Actavis Funding SCS (Luxembourg)
2.350%	03/12/2018	§		2,400,000		2,403,773
1.757%	03/12/2020	#		1,210,000		1,215,543
1.300%	06/15/2017	§		1,100,000		1,089,928
Perrigo Co. plc (Ireland)
1.300%	11/08/2016	§		1,100,000		1,092,447
Zoetis, Inc.
1.150%	02/01/2016			170,000		169,973
						8,664,890
Real Estate Investment Trusts (REITs)—0.2%
Ventas Realty LP
1.550%	09/26/2016	§		906,000		906,787
1.250%	04/17/2017	§		230,000		228,376
Welltower, Inc.
3.625%	03/15/2016	§		564,000		566,479
						1,701,642
Real Estate Management & Development—0.1%
WEA Finance LLC/Westfield UK & Europe Finance plc
2.700%	09/17/2019	^		250,000		248,157
1.750%	09/15/2017	^		780,000		773,628
						1,021,785
Road & Rail—0.6%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
4.875%	11/15/2017	§		515,000		527,875
Hertz Corp. (The)
6.750%	04/15/2019			502,000		514,048
JB Hunt Transport Services, Inc.
2.400%	03/15/2019	§		600,000		604,218
Penske Truck Leasing Co. LP/PTL Finance Corp.
3.750%	05/11/2017	^		570,000		581,696
3.200%	07/15/2020	^		1,000,000		990,999
2.500%	03/15/2016	^		1,100,000		1,101,956
2.500%	06/15/2019	^		440,000		433,168
Ryder System, Inc. MTN
2.500%	03/01/2017			620,000		624,310
						5,378,270
Semiconductors & Semiconductor Equipment—0.3%
TSMC Global Ltd. (Virgin Islands, British)
1.625%	04/03/2018	^		510,000		500,136
0.950%	04/03/2016	^		2,760,000		2,754,784
						3,254,920
Software—0.1%
Autodesk, Inc.
1.950%	12/15/2017	§		490,000		488,597
Specialty Retail—0.0%
AutoZone, Inc.
1.300%	01/13/2017	§		335,000		334,640
Technology Hardware, Storage & Peripherals—0.4%
Hewlett Packard Enterprise Co.
2.850%	10/05/2018	^		2,220,000		2,220,218
2.450%	10/05/2017	^		1,110,000		1,109,530
						3,329,748

See accompanying notes to financial statements.

308

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Thrifts & Mortgage Finance—1.0%
Abbey National Treasury Services plc (United Kingdom)
1.650%		09/29/2017	§	$	2,220,000	$	2,222,962
1.375%		03/13/2017	§		1,000,000		996,158
1.012%		03/13/2017	#		800,000		798,350
Astoria Financial Corp.
5.000%		06/19/2017	§		1,120,000		1,159,192
BPCE SA MTN (France)
1.570%		04/25/2016	#§		1,500,000		1,504,120
1.203%		06/23/2017	#§		700,000		698,669
1.191%		02/10/2017	#		410,000		410,845
Santander Bank NA
2.000%		01/12/2018	§		1,200,000		1,191,760
							8,982,056
Tobacco—0.4%
BAT International Finance plc (United Kingdom)
1.022%		06/15/2018	#^		1,460,000		1,458,896
Imperial Tobacco Finance plc (United Kingdom)
2.050%		07/20/2018	^		1,270,000		1,263,733
Reynolds American, Inc.
2.300%		06/12/2018			720,000		724,949
							3,447,578
Trading Companies & Distributors—0.2%
Aircastle Ltd. (Bermuda)
6.750%		04/15/2017	§		955,000		998,577
GATX Corp.
2.500%		07/30/2019	§		600,000		590,848
							1,589,425
Wireless Telecommunication Services—0.2%
SBA Communications Corp.
5.625%		10/01/2019	§		850,000		889,312
T-Mobile USA, Inc.
5.250%		09/01/2018	§		1,300,000		1,329,510
							2,218,822
TOTAL CORPORATE OBLIGATIONS
(Cost $284,116,599)							281,786,243
FLOATING RATE LOANS—0.3%**
ARAMARK Corp., Extended Term Loan
3.250%		09/07/2019	#		1,715,714		1,714,642
CDW LLC, Term Loan
3.250%		04/29/2020	#		1,469,783		1,437,264
TOTAL FLOATING RATE LOANS
(Cost $3,173,901)							3,151,906
MORTGAGE-BACKED SECURITIES—6.1%
Commercial Mortgage-Backed Securities—2.5%
American Homes 4 Rent, Series 2014-SFR1, Class A
1.351%		06/17/2031	#^		515,808		506,539
Colony American Homes, Series 2014-1A, Class A
1.400%		05/17/2031	#^		527,397		517,734

Coupon Rate	Maturity Date			Face		Value
Colony American Homes, Series 2014-2A, Class A
1.368%	07/17/2031	#^	$	1,878,503	$	1,837,795
Colony American Homes, Series 2015-1A, Class A
1.550%	07/17/2032	#^		3,485,542		3,415,217
Del Coronado Trust, Series 2013-HDC, Class A
1.131%	03/15/2026	#^		1,360,000		1,355,545
Hilton USA Trust, Series 2013-HLF, Class AFL
1.269%	11/05/2030	#^		2,420,927		2,410,879
Invitation Homes Trust, Series 2013-SFR1, Class A
1.451%	12/17/2030	#^		1,178,052		1,157,400
Invitation Homes Trust, Series 2014-SFR1, Class A
1.351%	06/17/2031	#^		5,220,000		5,119,374
Invitation Homes Trust, Series 2014-SFR2, Class A
1.451%	09/17/2031	#^		3,170,000		3,118,601
Invitation Homes Trust, Series 2015-SFR3, Class A
1.650%	08/17/2032	#^		1,371,633		1,349,565
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2015-CSMO, Class A
1.581%	01/15/2032	#^		2,390,000		2,382,892
LA Arena Funding LLC, Series 1, Class A
7.656%	12/15/2026	^		336,175		373,468
						23,545,009
Non-Agency Mortgage-Backed Securities—2.3%
Bank of America Mortgage Securities, Inc., Series 2002-K, Class 1A4
2.729%	10/20/2032	#		395,509		399,860
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-3, Class 2A1
5.000%	04/25/2019			24,179		24,649
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR2, Class AD
1.550%	04/25/2043	#^		2,128,393		2,011,066
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2013-DN2, Class M1
1.872%	11/25/2023	#		1,161,320		1,161,571
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2015-HQ1, Class M1
1.472%	03/25/2025	#		568,464		568,415
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes, Series 2015-HQA2, Class M1
1.572%	05/25/2028	#		802,846		803,317
Federal National Mortgage Association Connecticut Avenue Securities, Series 2013-C01, Class M1
2.422%	10/25/2023	#		1,214,846		1,224,088
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C01, Class M1
2.022%	01/25/2024	#		1,398,263		1,400,845
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C02, Class 1M1
1.372%	05/25/2024	#		1,647,522		1,630,043

See accompanying notes to financial statements.

309

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
MORTGAGE-BACKED SECURITIES—(Continued)
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C02, Class 2M1
1.372%		05/25/2024	#	$	818,515	$	813,849
Federal National Mortgage Association Connecticut Avenue Securities, Series 2014-C03, Class 1M1
1.622%		07/25/2024	#		3,493,316		3,481,462
GSAMP Trust, Series 2004-SEA2, Class M1
1.072%		03/25/2034	#		637,188		638,599
JP Morgan Mortgage Trust, Series 2013-1, Class 2A2
2.500%		03/25/2043	#^		697,826		692,300
Option One Mortgage Loan Trust, Series 2005-4, Class A3
0.682%		11/25/2035	#		627,527		624,017
Sequoia Mortgage Trust, Series 2012-1, Class 1A1
2.865%		01/25/2042	#		582,037		585,186
Sequoia Mortgage Trust, Series 2012-2, Class A2
3.500%		04/25/2042	#		336,913		340,195
Sequoia Mortgage Trust, Series 2013-1, Class 1A1
1.450%		02/25/2043	#		775,926		753,728
Sequoia Mortgage Trust, Series 2013-4, Class A3
1.550%		04/25/2043	#		1,385,302		1,348,128
Springleaf Mortgage Loan Trust, Series 2013-1A, Class A
1.270%		06/25/2058	#^		1,043,259		1,041,642
Springleaf Mortgage Loan Trust, Series 2013-2A, Class A
1.780%		12/25/2065	#^		528,749		529,626
Structured Asset Investment Loan Trust, Series 2003-BC1, Class A2
1.102%		01/25/2033	#		1,322,614		1,269,392
							21,341,978
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	^		4,120,774		4,211,820
Federal Home Loan Mortgage Corp.
2.736%		12/01/2039	#		116,008		123,189
2.498%		09/01/2035	#		2,317,622		2,464,636
Federal National Mortgage Association
3.131%		07/01/2041	#		1,650,003		1,747,429
2.967%		06/01/2041	#		740,507		774,020
2.379%		03/01/2036	#		101,011		108,543
2.155%		03/01/2036	#		1,181,255		1,230,092
FHLMC Multifamily Structured Pass Through Certificates, Series KF01, Class A
0.772%		04/25/2019	#		5,701		5,697
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 1A
0.726%		10/07/2020	#		832,137		836,250

Coupon Rate	Maturity Date			Face		Value
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 2A
1.840%	10/07/2020		$	12,735	$	12,771
National Credit Union Administration Guaranteed Notes, Series 2011-R4, Class 1A
0.656%	03/06/2020	#		448,126		448,855
						11,963,302
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $57,349,735)						56,850,289
CONVERTIBLE DEBT OBLIGATIONS—36.5%
Aerospace & Defense—0.1%
KEYW Holding Corp. (The)
2.500%	07/15/2019			1,180,000		881,313
Air Freight & Logistics—0.2%
Echo Global Logistics, Inc.
2.500%	05/01/2020			1,840,000		1,619,200
Automobiles—0.4%
Tesla Motors, Inc.
0.250%	03/01/2019			3,740,000		3,524,950
Biotechnology—1.2%
Acorda Therapeutics, Inc.
1.750%	06/15/2021			1,639,000		1,893,045
BioMarin Pharmaceutical, Inc.
0.750%	10/15/2018			2,090,000		2,693,487
Cepheid, Inc.
1.250%	02/01/2021			4,545,000		4,059,253
Emergent BioSolutions, Inc.
2.875%	01/15/2021			1,104,000		1,524,210
Ironwood Pharmaceuticals, Inc.
2.250%	06/15/2022	^		1,035,000		969,019
						11,139,014
Building Products—0.0%
Griffon Corp.
4.000%	01/15/2017	^		370,000		481,000
Capital Markets—0.7%
Ares Capital Corp.
4.375%	01/15/2019			3,435,000		3,411,384
RWT Holdings, Inc.
5.625%	11/15/2019			1,750,000		1,625,313
Walter Investment Management Corp.
4.500%	11/01/2019			1,715,000		1,108,319
						6,145,016
Commercial Services & Supplies—0.2%
Live Nation Entertainment, Inc.
2.500%	05/15/2019			2,200,000		2,248,125
Communications Equipment—0.7%
Brocade Communications Systems, Inc.
1.375%	01/01/2020	^		3,560,000		3,426,500
CalAmp Corp.
1.625%	05/15/2020	^		1,360,000		1,347,250
InterDigital, Inc.
1.500%	03/01/2020	^		1,405,000		1,351,434
						6,125,184
Construction & Engineering—0.4%
Dycom Industries, Inc.
0.750%	09/15/2021	^		3,935,000		3,885,812

See accompanying notes to financial statements.

310

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

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	$	1,211,691
Consumer Finance—0.4%
Encore Capital Group, Inc.
3.000%		07/01/2020			2,205,000		1,890,787
PRA Group, Inc.
3.000%		08/01/2020			1,923,000		1,634,550
							3,525,337
Diversified Telecommunication Services—0.3%
Clearwire Communications LLC/Clearwire Finance, Inc.
8.250%		12/01/2040	^		2,925,000		2,932,312
Electrical Equipment—0.2%
SolarCity Corp.
2.750%		11/01/2018			1,531,000		1,483,156
Electronic Equipment, Instruments & Components—0.2%
TTM Technologies, Inc.
1.750%		12/15/2020			2,243,000		2,032,719
Energy Equipment & Services—0.5%
Hornbeck Offshore Services, Inc.
1.500%		09/01/2019			1,845,000		1,049,344
SEACOR Holdings, Inc.
2.500%		12/15/2027			4,285,000		4,060,037
							5,109,381
Health Care Equipment & Supplies—2.5%
Alere, Inc.
3.000%		05/15/2016			2,017,000		2,095,159
HeartWare International, Inc.
1.750%		12/15/2021	^		960,000		825,000
Hologic, Inc.
0.000%		12/15/2043			3,375,000		4,303,125
Hologic, Inc., Series 2012
2.000%		03/01/2042			2,127,000		2,847,521
Insulet Corp.
2.000%		06/15/2019			1,648,000		1,710,830
Integra LifeSciences Holdings Corp.
1.625%		12/15/2016			2,295,000		2,997,844
NuVasive, Inc.
2.750%		07/01/2017			2,843,000		3,893,133
Wright Medical Group, Inc.
2.000%		02/15/2020^			4,285,000		4,453,722
							23,126,334
Health Care Providers & Services—1.1%
Brookdale Senior Living, Inc.
2.750%		06/15/2018			4,442,000		4,439,224
HealthSouth Corp.
2.000%		12/01/2043			1,831,000		1,982,057
Healthways, Inc.
1.500%		07/01/2018			1,195,000		1,135,250
Molina Healthcare, Inc.
1.625%		08/15/2044			2,635,000		3,176,822
							10,733,353

Coupon Rate	Maturity Date			Face		Value
Health Care Technology—0.8%
Allscripts Healthcare Solutions, Inc.
1.250%	07/01/2020		$	2,940,000	$	3,156,825
Medidata Solutions, Inc.
1.000%	08/01/2018			3,985,000		4,366,066
						7,522,891
Household Durables—1.3%
CalAtlantic Group, Inc.
0.250%	06/01/2019			3,548,000		3,190,982
Jarden Corp.
1.875%	09/15/2018			710,000		1,059,231
1.125%	03/15/2034			3,756,000		4,626,923
Toll Brothers Finance Corp.
0.500%	09/15/2032			2,820,000		2,828,813
						11,705,949
Independent Power and Renewable Electricity Producers—0.7%
NRG Yield, Inc.
3.500%	02/01/2019	^		1,470,000		1,354,237
3.250%	06/01/2020	^		3,250,000		2,744,219
Pattern Energy Group, Inc.
4.000%	07/15/2020	^		3,045,000		2,820,431
						6,918,887
Industrial Conglomerates—0.5%
Siemens Financieringsmaatschappij NV (Netherlands)
1.050%	08/16/2017			4,000,000		4,214,000
Insurance—0.2%
AmTrust Financial Services, Inc.
2.750%	12/15/2044			1,895,000		1,770,641
Internet & Catalog Retail—2.2%
Ctrip.com International Ltd. (Cayman Islands)
1.000%	07/01/2020	^		5,355,000		5,987,559
HomeAway, Inc.
0.125%	04/01/2019			3,965,000		3,979,869
Priceline Group, Inc. (The)
0.900%	09/15/2021			4,230,000		4,277,588
0.350%	06/15/2020			4,040,000		4,825,275
Vipshop Holdings Ltd. (Cayman Islands)
1.500%	03/15/2019			1,380,000		1,461,075
						20,531,366
Internet Software & Services—4.0%
Akamai Technologies, Inc.
0.000%	02/15/2019			3,715,000		3,568,740
Blucora, Inc.
4.250%	04/01/2019			2,680,000		2,234,450
Cornerstone OnDemand, Inc.
1.500%	07/01/2018			2,360,000		2,327,550
Envestnet, Inc.
1.750%	12/15/2019			1,070,000		942,938
j2 Global, Inc.
3.250%	06/15/2029			3,117,000		4,100,803
LinkedIn Corp.
0.500%	11/01/2019			6,720,000		7,081,200
Twitter, Inc.
1.000%	09/15/2021			1,080,000		907,875
0.250%	09/15/2019			2,690,000		2,298,269
Web.com Group, Inc.
1.000%	08/15/2018			4,635,000		4,351,106
WebMD Health Corp.
2.500%	01/31/2018			2,485,000		2,568,869
1.500%	12/01/2020			3,790,000		4,251,906

See accompanying notes to financial statements.

311

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CONVERTIBLE DEBT OBLIGATIONS—(Continued)
Yahoo!, Inc.
0.000%		12/01/2018		$	2,865,000	$	2,800,538
							37,434,244
IT Services—1.0%
Cardtronics, Inc.
1.000%		12/01/2020			4,480,000		4,180,400
Euronet Worldwide, Inc.
1.500%		10/01/2044			4,365,000		5,175,253
							9,355,653
Life Sciences Tools & Services—0.4%
Illumina, Inc.
0.500%		06/15/2021			1,295,000		1,515,959
0.000%		06/15/2019			2,285,000		2,494,935
							4,010,894
Machinery—0.6%
Chart Industries, Inc.
2.000%		08/01/2018			3,793,000		3,299,910
Meritor, Inc.
4.000%		02/15/2027			1,915,000		1,820,447
Navistar International Corp.
4.750%		04/15/2019			585,000		282,262
							5,402,619
Media—0.4%
Liberty Media Corp.
1.375%		10/15/2023			3,750,000		3,691,406
Metals & Mining—1.5%
Newmont Mining Corp., Series B
1.625%		07/15/2017			3,755,000		3,691,634
Royal Gold, Inc.
2.875%		06/15/2019			4,465,000		4,074,313
RTI International Metals, Inc.
1.625%		10/15/2019			6,456,000		6,637,575
							14,403,522
Oil, Gas & Consumable Fuels—0.7%
Cheniere Energy, Inc.
4.250%		03/15/2045			1,720,000		898,700
Cobalt International Energy, Inc.
3.125%		05/15/2024			2,175,000		1,158,187
Scorpio Tankers, Inc. (Marshall Islands)
2.375%		07/01/2019	^		3,370,000		3,131,994
Whiting Petroleum Corp.
1.250%		04/01/2020	^		1,775,000		1,215,875
							6,404,756
Personal Products—0.3%
Herbalife Ltd. (Cayman Islands)
2.000%		08/15/2019			3,055,000		2,566,215
Pharmaceuticals—1.4%
Depomed, Inc.
2.500%		09/01/2021			1,510,000		1,721,400
Horizon Pharma Investment Ltd. (Bermuda)
2.500%		03/15/2022	^		1,023,000		1,023,639
Impax Laboratories, Inc.
2.000%		06/15/2022	^		2,070,000		2,038,950

Coupon Rate	Maturity Date			Face		Value
Jazz Investments I Ltd. (Bermuda)
1.875%	08/15/2021		$	5,803,000	$	6,100,404
Medicines Co. (The)
2.500%	01/15/2022	^		1,111,000		1,413,748
Teva Pharmaceutical Finance Co. LLC, Series C
0.250%	02/01/2026			650,000		1,018,062
						13,316,203
Professional Services—0.5%
Huron Consulting Group, Inc.
1.250%	10/01/2019			4,260,000		4,236,037
Real Estate Investment Trusts (REITs)—1.9%
Colony Financial, Inc.
5.000%	04/15/2023			1,475,000		1,430,750
Extra Space Storage LP
3.125%	10/01/2035	^		5,945,000		6,506,059
2.375%	07/01/2033	^		330,000		531,919
National Health Investors, Inc.
3.250%	04/01/2021			3,105,000		3,064,247
Spirit Realty Capital, Inc.
3.750%	05/15/2021			1,100,000		1,042,943
Starwood Property Trust, Inc.
4.550%	03/01/2018			3,907,000		3,992,466
4.000%	01/15/2019			681,000		710,368
						17,278,752
Real Estate Management & Development—0.2%
Forest City Realty Trust, Inc.
3.625%	08/15/2020			1,455,000		1,547,756
Semiconductors & Semiconductor Equipment—2.3%
Integrated Device Technology, Inc.
0.875%	11/15/2022	^		2,645,000		2,735,922
Intel Corp.
2.950%	12/15/2035			985,000		1,262,647
Lam Research Corp.
1.250%	05/15/2018			1,685,000		2,421,134
Microchip Technology, Inc.
1.625%	02/15/2025	^		4,045,000		4,039,944
Micron Technology, Inc., Series G
3.000%	11/15/2043			2,500,000		2,090,625
NVIDIA Corp.
1.000%	12/01/2018			1,265,000		2,113,341
NXP Semiconductors NV (Netherlands)
1.000%	12/01/2019			2,431,000		2,675,619
ON Semiconductor Corp.
1.000%	12/01/2020	^		2,005,000		1,877,181
SunPower Corp.
4.000%	01/15/2023	^		1,705,000		2,052,394
0.875%	06/01/2021			185,000		161,644
						21,430,451
Software—4.5%
BroadSoft, Inc.
1.000%	09/01/2022	^		1,090,000		1,181,969
Citrix Systems, Inc.
0.500%	04/15/2019			7,445,000		8,133,662
FireEye, Inc., Series A
1.000%	06/01/2035	^		2,665,000		2,280,240
NetSuite, Inc.
0.250%	06/01/2018			1,410,000		1,395,900
Nuance Communications, Inc.
1.000%	12/15/2035	^		1,940,000		1,875,738
2.750%	11/01/2031			2,445,000		2,467,922
1.500%	11/01/2035			2,170,000		2,339,531

See accompanying notes to financial statements.

312

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CONVERTIBLE DEBT OBLIGATIONS—(Continued)
Proofpoint, Inc.
0.750%		06/15/2020	^	$	4,065,000	$	4,270,791
Red Hat, Inc.
0.250%		10/01/2019			3,985,000		5,207,897
Rovi Corp.
0.500%		03/01/2020	^		160,000		140,600
salesforce.com, Inc.
0.250%		04/01/2018			3,095,000		3,988,681
Synchronoss Technologies, Inc.
0.750%		08/15/2019			3,284,000		3,316,840
TiVo, Inc.
2.000%		10/01/2021			3,215,000		2,797,050
Workday, Inc.
0.750%		07/15/2018			2,475,000		2,838,516
							42,235,337
Specialty Retail—0.3%
Restoration Hardware Holdings, Inc.
0.000%		06/15/2019	^		1,930,000		1,787,663
0.000%		07/15/2020	^		750,000		668,906
							2,456,569
Technology Hardware, Storage & Peripherals—1.0%
Electronics For Imaging, Inc.
0.750%		09/01/2019			4,460,000		4,761,050
SanDisk Corp.
1.500%		08/15/2017			365,000		574,191
0.500%		10/15/2020			4,145,000		4,310,800
							9,646,041
Textiles, Apparel & Luxury Goods—0.1%
Iconix Brand Group, Inc.
1.500%		03/15/2018			1,712,000		847,440
Tobacco—0.1%
Vector Group Ltd.
1.750%		04/15/2020	#		1,045,000		1,199,791
Transportation Infrastructure—0.4%
Macquarie Infrastructure Corp.
2.875%		07/15/2019			3,735,000		4,194,872
TOTAL CONVERTIBLE DEBT OBLIGATIONS
(Cost $349,263,602)							340,526,189
U.S. TREASURY OBLIGATIONS—11.7%
U.S. Treasury Notes—11.7%
U.S. Treasury Note
1.000%		12/31/2017-
		09/15/2018			36,860,000		36,646,801
1.000%		02/15/2018	‡‡		37,050,000		36,938,554
0.875%		11/15/2017-
		01/15/2018			7,120,000		7,094,195
0.750%		10/31/2017			950,000		945,046
0.625%		05/31/2017-
		11/30/2017			26,464,000		26,292,083
0.500%		06/15/2016	‡‡		385,000		385,015
0.500%		01/31/2017			200,000		199,293
							108,500,987
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $108,995,533)							108,500,987

Coupon Rate	Maturity Date			Face		Value
GOVERNMENT RELATED OBLIGATIONS—2.4%
U.S. Government Agencies—0.4%
Federal Home Loan Bank, Series 3823
0.500%	09/28/2016		$	3,100,000	$	3,094,897
Non-U.S. Government Agencies—0.5%
Allied Irish Banks plc MTN (Ireland)
2.875%	11/28/2016	EUR		1,000,000		1,108,034
FMS Wertmanagement AoeR (Germany)
1.125%	09/05/2017			1,300,000		1,297,982
0.625%	01/30/2017			2,290,000		2,280,126
						4,686,142
Sovereign Debt—0.5%
Bank of England Euro Note (United Kingdom)
1.250%	03/16/2018	^		1,500,000		1,499,119
Caisse d’Amortissement de la Dette Sociale (France)
1.250%	03/12/2018	^		2,155,000		2,148,852
Instituto de Credito Oficial (Spain)
1.125%	04/01/2016	^		1,240,000		1,240,422
						4,888,393
Supranational—0.7%
Asian Development Bank MTN
0.750%	07/28/2017		$	3,250,000		3,233,136
European Investment Bank
1.125%	12/15/2016-
	08/15/2018			3,425,000		3,413,346
						6,646,482
U.S. Municipal Bonds—0.1%
California Earthquake Authority Revenue Bonds (California)
1.824%	07/01/2017			1,000,000		1,006,360
Non-U.S. Regional Authority Bonds—0.2%
Province of British Columbia (Canada)
1.200%	04/25/2017			1,500,000		1,502,023
TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $22,150,287)						21,824,297
ASSET-BACKED SECURITIES—3.6%
Automobiles—1.8%
Ally Master Owner Trust Series 2013-1, Class A1
0.781%	02/15/2018	#		2,200,000		2,200,171
Ally Master Owner Trust Series 2013-2, Class A
0.781%	04/15/2018	#		1,900,000		1,899,190
Capital Auto Receivables Asset Trust Series 2015-2, Class A2
1.390%	09/20/2018			1,880,000		1,872,485
Capital Auto Receivables Asset Trust Series 2013-1, Class B
1.290%	04/20/2018			370,000		369,180
Capital Auto Receivables Asset Trust Series 2013-1, Class C
1.740%	10/22/2018			380,000		379,739
CarMax Auto Owner Trust Series 2015-2, Class A3
1.370%	03/16/2020			2,985,000		2,964,973
Fifth Third Auto Trust Series 2014-1, Class A3
0.680%	04/16/2018			1,194,448		1,192,601

See accompanying notes to financial statements.

313

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
GOVERNMENT RELATED OBLIGATIONS—(Continued)
Hertz Fleet Lease Funding LP Series 2013-3, Class A
0.843%		12/10/2027	#^	$	411,332	$	410,550
Porsche Financial Auto Securitization Trust Series 2014-1, Class A3
0.670%		01/23/2018	^		2,014,609		2,011,030
Porsche Innovative Lease Owner Trust Series 2015-1, Class A3
1.190%		07/23/2018	^		3,300,000		3,263,734
							16,563,653
Credit Card—0.7%
Chase Issuance Trust Series 2014-A1, Class A1
1.150%		01/15/2019			2,550,000		2,548,618
Chase Issuance Trust Series 2007-B1, Class B1
0.581%		04/15/2019	#		2,000,000		1,990,337
Citibank Credit Card Issuance Trust Series 2013-A3, Class A3
1.110%		07/23/2018			170,000		170,122
Synchrony Credit Card Master Note Trust Series 2015-2, Class A
1.600%		04/15/2021			1,965,000		1,952,083
							6,661,160
Other—0.9%
CenterPoint Energy Transition Bond Co. IV LLC Series 2012-1, Class A1
0.901%		04/15/2018			806,315		804,262
GreatAmerica Leasing Receivables Funding LLC Series 2013-1, Class C
1.830%		06/17/2019	^		270,000		269,350
Kubota Credit Owner Trust Series 2015-1A, Class A2
0.940%		12/15/2017	^		2,232,694		2,228,808
MMAF Equipment Finance LLC Series 2015-AA, Class A3
1.390%		10/16/2019^			2,635,000		2,616,283
Trade MAPS 1 Ltd. (Ireland) Series 2013-1A, Class A
0.993%		12/10/2018	#^		2,300,000		2,285,982
							8,204,685
Student Loan—0.2%
National Credit Union Administration Guaranteed Notes Series 2010-A1, Class A
0.637%		12/07/2020	#		1,182,113		1,180,470
Nelnet Student Loan Trust Series 2014-2A, Class A1
0.702%		06/25/2021	#^		593,502		591,338
SLM Student Loan Trust Series 2014-1, Class A1
0.702%		05/28/2019	#		118,375		118,260
							1,890,068
TOTAL ASSET-BACKED SECURITIES
(Cost $33,452,713)							33,319,566

		Shares		Value
MONEY MARKET FUNDS—2.8%
Institutional Money Market Fund—2.8%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32%	¥
(Cost $26,175,247)			26,175,247	$	26,175,247
TOTAL INVESTMENTS—100.0%
(Cost $940,963,399)					931,720,345
Other assets less liabilities—%					438,841
NET ASSETS—100.0%				$	932,159,186

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 $205,911,525, which represents 22.1% 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.

314

SCHEDULE OF INVESTMENTS

December 31, 2015

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—24.8%
Aerospace & Defense—0.6%
Boeing Co. (The)
6.125%		02/15/2033	$	100,000	$	126,176
4.875%		02/15/2020		200,000		222,869
General Dynamics Corp.
2.250%		11/15/2022		500,000		481,163
Honeywell International, Inc.
5.700%		03/15/2036		300,000		355,913
4.250%		03/01/2021		750,000		820,736
3.350%		12/01/2023		300,000		306,816
L-3 Communications Corp.
4.950%		02/15/2021		300,000		309,465
3.950%		05/28/2024		120,000		114,189
Lockheed Martin Corp.
4.500%		05/15/2036		555,000		563,722
4.070%		12/15/2042		285,000		264,790
3.800%		03/01/2045		300,000		267,028
2.900%		03/01/2025		360,000		346,029
2.500%		11/23/2020		495,000		492,626
Northrop Grumman Corp.
4.750%		06/01/2043		220,000		227,307
3.500%		03/15/2021		300,000		310,077
1.750%		06/01/2018		500,000		495,832
Precision Castparts Corp.
4.375%		06/15/2045		500,000		502,591
2.500%		01/15/2023		200,000		193,533
1.250%		01/15/2018		500,000		496,281
Raytheon Co.
6.750%		03/15/2018		750,000		831,317
United Technologies Corp.
6.700%		08/01/2028		150,000		190,257
4.500%		06/01/2042		560,000		565,247
3.100%		06/01/2022		1,050,000		1,069,568
1.800%		06/01/2017		300,000		301,756
						9,855,288
Air Freight & Logistics—0.1%
FedEx Corp.
4.750%		11/15/2045		500,000		497,346
4.500%		02/01/2065		300,000		258,947
3.875%		08/01/2042		200,000		173,787
2.625%		08/01/2022		200,000		195,121
United Parcel Service, Inc.
6.200%		01/15/2038		300,000		385,558
2.450%		10/01/2022		400,000		396,033
						1,906,792
Airlines—0.1%
American Airlines Pass Through Trust, Series 2011-1, Class A
5.250%		01/31/2021		203,954		216,446
Continental Airlines, Inc., Series 2010-1, Class A
4.750%		01/12/2021		230,421		242,805
Delta Air Lines Pass Through Trust, Series 2010-2A
4.950%		05/23/2019		582,341		612,186
Southwest Airlines Co.
2.650%		11/05/2020		500,000		498,019

Coupon Rate	Maturity Date		Face		Value
United Airlines Pass Through Trust, Series 2014-2, Class A
3.750%	09/03/2026	$	200,000	$	202,010
					1,771,466
Auto Components—0.1%
BorgWarner, Inc.
3.375%	03/15/2025		300,000		283,766
Delphi Automotive plc
4.250%	01/15/2026		500,000		503,227
Johnson Controls, Inc.
4.250%	03/01/2021		300,000		308,730
3.625%	07/02/2024		500,000		483,558
					1,579,281
Automobiles—0.1%
Ford Motor Co.
7.450%	07/16/2031		200,000		247,410
4.750%	01/15/2043		200,000		189,224
General Motors Co.
5.200%	04/01/2045		500,000		470,567
4.000%	04/01/2025		380,000		361,370
3.500%	10/02/2018		500,000		506,270
Harley-Davidson, Inc.
4.625%	07/28/2045		300,000		294,817
					2,069,658
Banks—3.6%
Agricultural Bank of China Ltd. (China)
2.750%	05/21/2020		500,000		499,575
Associated Banc-Corp
4.250%	01/15/2025		400,000		400,989
Australia & New Zealand Banking Group Ltd. (Australia)
1.250%	06/13/2017		400,000		399,120
Australia & New Zealand Banking Group Ltd. MTN (Australia)
3.700%	11/16/2025		500,000		513,983
1.250%	01/10/2017		500,000		500,770
Bank of America Corp.
6.875%	11/15/2018		250,000		281,082
5.875%	01/05/2021		400,000		453,193
5.625%	07/01/2020		500,000		555,940
5.490%	03/15/2019		100,000		107,988
3.875%	03/22/2017		700,000		715,517
Bank of America Corp. MTN
6.875%	04/25/2018		500,000		551,926
5.875%	02/07/2042		300,000		351,372
5.650%	05/01/2018		1,000,000		1,075,896
5.000%	05/13/2021		300,000		328,152
4.875%	04/01/2044		750,000		779,606
4.250%	10/22/2026		400,000		396,783
4.000%	04/01/2024		500,000		512,251
4.000%	01/22/2025		500,000		490,383
3.300%	01/11/2023		500,000		492,926
Bank of America Corp., Series L
4.750%	04/21/2045		350,000		337,711
3.950%	04/21/2025		200,000		195,128
2.250%	04/21/2020		200,000		195,371
Bank of America NA, Bank Note
1.650%	03/26/2018		1,000,000		992,801
1.250%	02/14/2017		1,000,000		999,228
Bank of Montreal (Canada)
1.400%	04/10/2018		750,000		743,494

See accompanying notes to financial statements.

315

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Bank of Montreal MTN (Canada)
2.500%		01/11/2017		$	400,000	$	404,869
1.300%		07/14/2017			650,000		648,659
Bank of Nova Scotia (The) (Canada)
1.450%		04/25/2018			300,000		297,824
Bank of Nova Scotia (The), Bank Note (Canada)
1.250%		04/11/2017			750,000		748,912
Barclays Bank plc, Bank Note (United Kingdom)
5.125%		01/08/2020			500,000		549,919
Barclays plc (United Kingdom)
2.875%		06/08/2020			250,000		249,926
2.750%		11/08/2019			400,000		399,140
BB&T Corp.
5.250%		11/01/2019			500,000		547,073
BB&T Corp. MTN
2.450%		01/15/2020			500,000		503,632
1.600%		08/15/2017			400,000		400,552
BNP Paribas SA MTN (France)
4.250%		10/15/2024			400,000		396,781
2.400%		12/12/2018			600,000		605,144
1.375%		03/17/2017			500,000		499,664
BNP Paribas SA, Bank Note (France)
5.000%		01/15/2021			400,000		443,088
Capital One Bank USA NA
8.800%		07/15/2019			500,000		596,107
Capital One Bank USA NA, Bank Note
2.300%		06/05/2019			400,000		395,358
1.200%		02/13/2017			400,000		398,138
Citigroup, Inc.
8.125%		07/15/2039			279,000		401,417
6.625%		06/15/2032			850,000		1,005,757
5.500%		09/13/2025			200,000		217,510
4.650%		07/30/2045			310,000		315,856
4.500%		01/14/2022			500,000		536,240
4.050%		07/30/2022			1,300,000		1,331,633
3.300%		04/27/2025			1,000,000		984,045
2.150%		07/30/2018			750,000		749,910
Citizens Bank NA MTN
1.600%		12/04/2017			500,000		495,570
Commonwealth Bank of Australia (Australia)
1.125%		03/13/2017			350,000		349,278
Commonwealth Bank of Australia MTN (Australia)
2.300%		03/12/2020			1,250,000		1,238,577
Corpbanca SA (Chile)
3.875%		09/22/2019	^		400,000		397,222
Credit Suisse Group Funding Guernsey Ltd. (Guernsey)
4.875%		05/15/2045	^		350,000		346,465
3.800%		09/15/2022	^†		1,000,000		1,000,676
Discover Bank
7.000%		04/15/2020			200,000		227,930
Discover Bank, Bank Note
4.250%		03/13/2026			200,000		202,174
Fifth Third Bancorp
4.300%		01/16/2024			300,000		307,820
Fifth Third Bank/Ohio, Bank Note
2.875%		10/01/2021			400,000		398,703
First Republic Bank
2.375%		06/17/2019			500,000		499,354
HSBC Bank USA NA
4.875%		08/24/2020			400,000		436,972

Coupon Rate	Maturity Date		Face		Value
HSBC Holdings plc (United Kingdom)
6.100%	01/14/2042	$	500,000	$	634,299
5.250%	03/14/2044		1,000,000		1,041,496
4.250%	03/14/2024		500,000		502,675
4.000%	03/30/2022		500,000		525,318
Huntington National Bank (The)
2.200%	11/06/2018		250,000		249,480
Industrial & Commercial Bank of China Ltd. MTN (China)
2.351%	11/13/2017		500,000		501,732
Intesa Sanpaolo SpA MTN (Italy)
3.875%	01/15/2019		400,000		412,143
JPMorgan Chase & Co.
6.300%	04/23/2019		500,000		560,904
5.600%	07/15/2041		200,000		231,352
4.950%	03/25/2020		1,000,000		1,084,948
4.850%	02/01/2044		500,000		534,345
4.625%	05/10/2021		300,000		324,277
4.500%	01/24/2022		400,000		431,786
3.200%	01/25/2023		500,000		498,837
3.125%	01/23/2025		1,000,000		973,939
JPMorgan Chase & Co. MTN
1.350%	02/15/2017		1,400,000		1,397,409
KeyBank NA
3.300%	06/01/2025		500,000		495,133
KeyCorp MTN
5.100%	03/24/2021		500,000		547,103
LBBW (Germany)
7.625%	02/01/2023		200,000		251,622
Lloyds Bank plc (United Kingdom)
3.500%	05/14/2025		500,000		502,637
2.350%	09/05/2019		400,000		400,305
Manufacturers & Traders Trust Co., Bank Note
2.100%	02/06/2020		500,000		491,347
National City Corp.
6.875%	05/15/2019		500,000		565,290
PNC Bank NA
1.500%	10/18/2017		400,000		399,386
PNC Bank NA, Bank Note
2.700%	11/01/2022		500,000		486,769
Regions Bank, Bank Note
2.250%	09/14/2018		750,000		749,698
Royal Bank of Canada (Canada)
2.000%	12/10/2018		500,000		499,786
1.200%	01/23/2017		155,000		154,993
Royal Bank of Canada MTN (Canada)
1.400%	10/13/2017		500,000		498,931
1.250%	06/16/2017		500,000		499,678
Royal Bank of Scotland Group plc (United Kingdom)
6.400%	10/21/2019		1,000,000		1,110,421
Sumitomo Mitsui Banking Corp. (Japan)
3.200%	07/18/2022		200,000		201,064
1.750%	01/16/2018		300,000		299,005
1.300%	01/10/2017		500,000		498,898
Svenska Handelsbanken AB MTN (Sweden)
2.250%	06/17/2019		500,000		500,767
Toronto-Dominion Bank (The) MTN (Canada)
1.625%	03/13/2018		200,000		199,557
U.S. Bancorp MTN
2.950%	07/15/2022		200,000		199,024
1.650%	05/15/2017		500,000		501,606
Union Bank NA
2.625%	09/26/2018		500,000		504,992
US Bank NA, Bank Note
1.100%	01/30/2017		500,000		499,357

See accompanying notes to financial statements.

316

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Wells Fargo & Co.
5.375%		11/02/2043	$	350,000	$	375,421
4.480%		01/16/2024		784,000		825,418
3.900%		05/01/2045		390,000		360,530
1.500%		01/16/2018		500,000		498,018
Wells Fargo & Co. MTN
4.900%		11/17/2045		350,000		353,953
4.600%		04/01/2021		500,000		545,448
3.500%		03/08/2022		300,000		309,361
3.000%		02/19/2025		340,000		331,096
2.550%		12/07/2020		350,000		348,520
2.100%		05/08/2017		800,000		808,095
1.150%		06/02/2017		700,000		697,508
Wells Fargo & Co., Series M
3.450%		02/13/2023		300,000		300,989
Wells Fargo & Co., Series N
2.150%		01/30/2020		750,000		743,860
Wells Fargo Bank NA
5.950%		08/26/2036		100,000		120,345
Wells Fargo Bank NA, Bank Note
6.600%		01/15/2038		300,000		387,949
Westpac Banking Corp. (Australia)
4.875%		11/19/2019		1,000,000		1,090,235
1.950%		11/23/2018		500,000		499,332
						61,957,467
Beverages—0.5%
Anheuser-Busch InBev Finance, Inc.
2.625%		01/17/2023		200,000		192,118
1.125%		01/27/2017		1,000,000		998,144
Anheuser-Busch InBev Worldwide, Inc.
8.200%		01/15/2039		300,000		433,237
7.750%		01/15/2019		500,000		578,206
6.875%		11/15/2019		300,000		346,994
5.375%		01/15/2020		500,000		553,580
3.750%		07/15/2042		200,000		172,250
Coca-Cola Co. (The)
3.200%		11/01/2023		350,000		362,513
3.150%		11/15/2020		200,000		209,497
2.875%		10/27/2025		350,000		345,488
1.650%		03/14/2018		1,000,000		1,007,254
Coca-Cola Enterprises, Inc.
4.500%		09/01/2021		300,000		320,315
Coca-Cola Femsa SAB de CV (Mexico)
2.375%		11/26/2018		350,000		349,977
Diageo Investment Corp.
7.450%		04/15/2035		650,000		875,143
Dr Pepper Snapple Group, Inc.
2.600%		01/15/2019		300,000		301,897
PepsiCo, Inc.
5.500%		01/15/2040		500,000		587,435
5.000%		06/01/2018		400,000		432,997
4.450%		04/14/2046		300,000		310,661
3.000%		08/25/2021		500,000		515,662
2.750%		03/01/2023		400,000		398,783
						9,292,151
Biotechnology—0.4%
Amgen, Inc.
6.900%		06/01/2038		267,000		332,835

Coupon Rate	Maturity Date		Face		Value
6.150%	06/01/2018	$	500,000	$	548,850
5.850%	06/01/2017		250,000		264,454
5.150%	11/15/2041		300,000		305,651
4.400%	05/01/2045		270,000		251,156
3.875%	11/15/2021		300,000		312,956
3.625%	05/22/2024		400,000		400,568
Biogen, Inc.
4.050%	09/15/2025		220,000		221,429
Celgene Corp.
4.625%	05/15/2044		600,000		568,930
3.875%	08/15/2025		360,000		359,256
1.900%	08/15/2017		200,000		200,826
Gilead Sciences, Inc.
4.750%	03/01/2046		80,000		81,156
4.600%	09/01/2035		150,000		152,816
4.500%	02/01/2045		500,000		490,256
4.400%	12/01/2021		300,000		324,279
3.650%	03/01/2026		500,000		504,865
2.050%	04/01/2019		750,000		751,737
					6,072,020
Capital Markets—1.4%
Ameriprise Financial, Inc.
3.700%	10/15/2024		400,000		408,293
BlackRock, Inc.
4.250%	05/24/2021		500,000		540,821
3.375%	06/01/2022		500,000		517,696
Credit Suisse AG (Switzerland)
5.400%	01/14/2020		200,000		219,182
Credit Suisse AG MTN (Switzerland)
3.625%	09/09/2024		400,000		403,593
1.375%	05/26/2017		1,000,000		995,480
Credit Suisse USA, Inc.
7.125%	07/15/2032		750,000		976,933
Deutsche Bank AG (Germany)
6.000%	09/01/2017		650,000		688,739
3.700%	05/30/2024		750,000		748,323
Goldman Sachs Group, Inc. (The)
6.750%	10/01/2037		1,000,000		1,172,488
6.250%	09/01/2017		500,000		535,682
6.250%	02/01/2041		500,000		598,441
6.150%	04/01/2018		500,000		543,244
5.950%	01/15/2027		300,000		334,391
5.750%	01/24/2022		300,000		341,608
5.625%	01/15/2017		750,000		779,201
5.250%	07/27/2021		300,000		332,089
4.750%	10/21/2045		250,000		249,329
4.250%	10/21/2025		120,000		119,319
4.000%	03/03/2024		500,000		514,081
2.750%	09/15/2020		115,000		115,050
2.625%	01/31/2019		1,000,000		1,007,888
Goldman Sachs Group, Inc. (The) MTN
7.500%	02/15/2019		300,000		343,520
5.375%	03/15/2020		300,000		329,874
Goldman Sachs Group, Inc. (The), Series 10YR
3.500%	01/23/2025		500,000		492,351
Jefferies Group LLC
6.250%	01/15/2036		230,000		213,634
5.125%	04/13/2018		300,000		312,356
Lazard Group LLC
4.250%	11/14/2020		400,000		414,764
Morgan Stanley
7.250%	04/01/2032		100,000		131,397
6.375%	07/24/2042		300,000		372,276

See accompanying notes to financial statements.

317

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
5.750%		01/25/2021		$	600,000	$	674,396
4.875%		11/01/2022			1,000,000		1,062,793
4.750%		03/22/2017			300,000		310,838
3.750%		02/25/2023			300,000		307,759
2.500%		01/24/2019			1,000,000		1,006,194
Morgan Stanley MTN
6.625%		04/01/2018			500,000		548,553
5.950%		12/28/2017			500,000		537,916
5.450%		01/09/2017			500,000		519,152
4.000%		07/23/2025			750,000		773,860
3.700%		10/23/2024			400,000		402,674
Nomura Holdings, Inc. (Japan)
6.700%		03/04/2020			300,000		346,266
Northern Trust Corp.
3.950%		10/30/2025			300,000		314,507
3.375%		08/23/2021			500,000		519,480
State Street Corp.
3.700%		11/20/2023			400,000		416,635
3.100%		05/15/2023			200,000		197,834
UBS AG (Switzerland)
1.375%		06/01/2017			780,000		776,444
UBS AG MTN (Switzerland)
1.375%		08/14/2017			500,000		497,033
							23,964,377
Chemicals—0.4%
Agrium, Inc. (Canada)
6.125%		01/15/2041			400,000		427,702
Airgas, Inc.
2.375%		02/15/2020			300,000		296,736
CF Industries, Inc.
3.450%		06/01/2023			400,000		372,907
Cytec Industries, Inc.
3.950%		05/01/2025			135,000		130,086
Dow Chemical Co. (The)
8.550%		05/15/2019			629,000		741,922
5.250%		11/15/2041			300,000		293,449
4.125%		11/15/2021			150,000		157,455
3.000%		11/15/2022			500,000		479,391
E.I. du Pont de Nemours & Co.
4.900%		01/15/2041			200,000		191,803
4.250%		04/01/2021	†		300,000		318,094
2.800%		02/15/2023	†		300,000		285,339
Eastman Chemical Co.
2.700%		01/15/2020			400,000		396,424
Ecolab, Inc.
5.500%		12/08/2041			300,000		327,569
LyondellBasell Industries NV (Netherlands)
5.750%		04/15/2024			500,000		551,737
5.000%		04/15/2019			500,000		532,273
Methanex Corp. (Canada)
3.250%		12/15/2019	†		400,000		382,069
Monsanto Co.
5.500%		08/15/2025			200,000		219,511
Mosaic Co. (The)
5.625%		11/15/2043			400,000		384,715
Potash Corp of Saskatchewan, Inc. (Canada)
3.625%		03/15/2024			250,000		243,547
PPG Industries, Inc.
3.600%		11/15/2020			400,000		411,246

Coupon Rate	Maturity Date			Face		Value
Praxair, Inc.
2.200%	08/15/2022		$	400,000	$	382,659
Valspar Corp. (The)
4.400%	02/01/2045			200,000		179,450
						7,706,084
Commercial Services & Supplies—0.1%
Republic Services, Inc.
5.700%	05/15/2041			200,000		224,491
5.500%	09/15/2019			300,000		330,339
Waste Management, Inc.
4.750%	06/30/2020			750,000		813,739
						1,368,569
Communications Equipment—0.3%
Cisco Systems, Inc.
5.900%	02/15/2039			500,000		611,131
4.950%	02/15/2019			500,000		546,636
3.500%	06/15/2025	†		500,000		515,004
2.450%	06/15/2020			420,000		424,254
Harris Corp.
6.150%	12/15/2040			250,000		274,639
3.832%	04/27/2025			300,000		296,052
Juniper Networks, Inc.
4.350%	06/15/2025			750,000		737,672
Motorola Solutions, Inc.
7.500%	05/15/2025			340,000		372,436
QUALCOMM, Inc.
4.800%	05/20/2045			140,000		124,668
4.650%	05/20/2035			100,000		92,931
3.450%	05/20/2025			250,000		240,074
2.250%	05/20/2020	†		340,000		336,904
						4,572,401
Consumer Finance—0.7%
American Express Co.
7.000%	03/19/2018			900,000		998,609
American Express Credit Corp.
2.125%	03/18/2019			500,000		500,182
American Express Credit Corp., Series F
2.600%	09/14/2020			320,000		320,947
American Honda Finance Corp.
2.125%	10/10/2018			500,000		503,765
American Honda Finance Corp. MTN
1.600%	07/13/2018			500,000		497,612
Capital One Financial Corp.
4.200%	10/29/2025			750,000		741,988
Caterpillar Financial Services Corp. MTN
2.850%	06/01/2022	†		300,000		297,318
1.625%	06/01/2017	†		300,000		301,091
Ford Motor Credit Co. LLC
5.875%	08/02/2021			500,000		558,237
5.000%	05/15/2018			200,000		210,196
4.250%	02/03/2017			200,000		204,396
4.250%	09/20/2022			200,000		204,905
3.200%	01/15/2021			500,000		497,190
3.000%	06/12/2017			300,000		303,022
2.551%	10/05/2018			300,000		298,066
1.724%	12/06/2017			400,000		394,023
1.684%	09/08/2017			400,000		395,319
General Motors Financial Co., Inc.
3.200%	07/13/2020			500,000		492,815
3.000%	09/25/2017			500,000		502,125

See accompanying notes to financial statements.

318

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
HSBC USA, Inc.
2.375%		11/13/2019		$	500,000	$	498,178
2.250%		06/23/2019			500,000		498,077
John Deere Capital Corp.
1.200%		10/10/2017			300,000		298,985
John Deere Capital Corp. MTN
3.900%		07/12/2021			300,000		318,003
Synchrony Financial
4.250%		08/15/2024			500,000		494,112
Toyota Motor Credit Corp. MTN
4.500%		06/17/2020			300,000		326,618
2.625%		01/10/2023			300,000		294,613
1.450%		01/12/2018			300,000		299,519
1.250%		10/05/2017			400,000		398,928
1.125%		05/16/2017			500,000		499,260
							12,148,099
Containers & Packaging—0.0%
MeadWestvaco Corp.
7.375%		09/01/2019			300,000		342,151
Packaging Corp. of America
4.500%		11/01/2023			250,000		262,927
							605,078
Diversified Consumer Services—0.1%
California Institute of Technology
4.321%		08/01/2045			70,000		72,464
Massachusetts Institute of Technology
4.678%		07/01/2114			250,000		258,782
University of Notre Dame du Lac, Series 2015
3.438%		02/15/2045			250,000		233,880
University of Southern California
5.250%		10/01/2111			30,000		34,017
Yale University MTN
2.086%		04/15/2019			500,000		504,478
							1,103,621
Diversified Financial Services—1.1%
Bank One Corp.
8.000%		04/29/2027			800,000		1,035,740
7.625%		10/15/2026			300,000		381,230
Bear Stearns Cos. LLC (The)
7.250%		02/01/2018			350,000		386,194
6.400%		10/02/2017			400,000		430,878
4.650%		07/02/2018			400,000		427,247
Berkshire Hathaway, Inc.
2.100%		08/14/2019			500,000		503,316
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands)
5.750%		12/01/2043			300,000		337,187
4.625%		12/01/2023			400,000		417,547
3.875%		02/08/2022			400,000		422,727
3.375%		01/19/2017			300,000		306,748
2.250%		01/14/2019			500,000		501,976
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA MTN (Netherlands)
3.375%		05/21/2025			500,000		496,041
GE Capital International Funding Co. (Ireland)
3.373%		11/15/2025	^		750,000		764,522
2.342%		11/15/2020	^		750,000		744,254

Coupon Rate	Maturity Date			Face		Value
GE Capital Trust I
6.375%	11/15/2067	#	$	130,000	$	135,444
General Electric Capital Corp. MTN
6.875%	01/10/2039			500,000		682,883
6.375%	11/15/2067	#		600,000		628,080
5.875%	01/14/2038			700,000		858,201
5.625%	09/15/2017			300,000		319,960
5.500%	01/08/2020			500,000		561,091
5.400%	02/15/2017			650,000		679,648
4.625%	01/07/2021			300,000		329,735
3.100%	01/09/2023			1,000,000		1,015,967
2.300%	01/14/2019			500,000		505,066
Intercontinental Exchange, Inc.
2.500%	10/15/2018			300,000		302,749
JPMorgan Chase Bank NA, Bank Note
6.000%	10/01/2017			500,000		534,714
Leucadia National Corp.
6.625%	10/23/2043			200,000		164,130
McGraw Hill Financial, Inc.
4.400%	02/15/2026			160,000		164,032
Moody’s Corp.
2.750%	07/15/2019			500,000		504,645
Murray Street Investment Trust I
4.647%	03/09/2017			1,000,000		1,030,592
Nasdaq, Inc.
4.250%	06/01/2024			400,000		404,104
National Rural Utilities Cooperative Finance Corp.
10.375%	11/01/2018			281,000		342,947
2.850%	01/27/2025			150,000		146,211
Shell International Finance BV (Netherlands)
6.375%	12/15/2038			500,000		593,008
5.200%	03/22/2017			500,000		523,858
4.375%	05/11/2045			170,000		161,137
3.625%	08/21/2042			300,000		251,318
3.250%	05/11/2025			200,000		195,585
2.375%	08/21/2022			500,000		479,591
2.125%	05/11/2020			330,000		324,977
Voya Financial, Inc.
5.500%	07/15/2022			500,000		560,268
						19,555,548
Diversified Telecommunication Services—1.0%
AT&T, Inc.
6.150%	09/15/2034			500,000		534,523
5.800%	02/15/2019			550,000		607,224
5.550%	08/15/2041			300,000		302,490
5.500%	02/01/2018			510,000		545,452
5.350%	09/01/2040			307,000		304,258
4.750%	05/15/2046			150,000		137,868
4.500%	05/15/2035			150,000		139,164
4.450%	05/15/2021			500,000		532,813
4.350%	06/15/2045			758,000		650,953
3.900%	03/11/2024	†		1,150,000		1,176,244
3.400%	05/15/2025			100,000		96,299
3.000%	06/30/2022			100,000		97,744
2.450%	06/30/2020			100,000		98,586
1.600%	02/15/2017			400,000		401,226
British Telecommunications plc (United Kingdom)
9.625%	12/15/2030			250,000		365,625
2.350%	02/14/2019			500,000		501,711
Deutsche Telekom International Finance BV (Netherlands)
8.750%	06/15/2030			300,000		416,888
Orange SA (France)
9.000%	03/01/2031			500,000		707,374

See accompanying notes to financial statements.

319

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Qwest Corp.
6.875%		09/15/2033	$	340,000	$	327,113
6.500%		06/01/2017		250,000		262,242
Telefonica Emisiones SAU (Spain)
5.134%		04/27/2020		600,000		655,750
Verizon Communications, Inc.
7.750%		12/01/2030		130,000		166,846
6.900%		04/15/2038		500,000		599,544
6.550%		09/15/2043		1,150,000		1,370,044
6.400%		02/15/2038		500,000		571,982
6.350%		04/01/2019		703,000		791,484
6.000%		04/01/2041		300,000		325,142
5.850%		09/15/2035		250,000		268,154
5.150%		09/15/2023		1,250,000		1,376,359
5.050%		03/15/2034		400,000		399,705
5.012%		08/21/2054		1,100,000		1,011,226
4.500%		09/15/2020		900,000		967,991
3.500%		11/01/2021		400,000		408,935
2.625%		02/21/2020		214,000		214,953
2.450%		11/01/2022		300,000		284,415
Verizon Maryland LLC, Series B
5.125%		06/15/2033		250,000		248,080
						17,866,407
Electric Utilities—1.4%
Alabama Power Co., Series Q
5.500%		10/15/2017		150,000		159,054
Arizona Public Service Co.
4.500%		04/01/2042		300,000		308,379
3.350%		06/15/2024		200,000		203,285
Cleveland Electric Illuminating Co. (The)
5.950%		12/15/2036		300,000		314,438
Cleveland Electric Illuminating Co. (The), Series D
7.880%		11/01/2017		400,000		440,320
Commonwealth Edison Co.
5.900%		03/15/2036		300,000		362,636
5.875%		02/01/2033		200,000		238,697
5.800%		03/15/2018		100,000		108,398
Connecticut Light & Power Co. (The)
4.300%		04/15/2044		250,000		251,705
Connecticut Light & Power Co. (The), Series 09-A
5.500%		02/01/2019		300,000		329,556
Constellation Energy Group, Inc.
5.150%		12/01/2020		400,000		434,749
DTE Electric Co.
3.450%		10/01/2020		300,000		313,706
3.375%		03/01/2025		300,000		306,737
DTE Electric Co., Series A
6.625%		06/01/2036		110,000		142,687
Duke Energy Carolinas LLC
6.450%		10/15/2032		330,000		402,441
4.300%		06/15/2020		100,000		108,301
4.000%		09/30/2042		300,000		289,735
3.750%		06/01/2045		300,000		278,565
Duke Energy Florida LLC
6.400%		06/15/2038		350,000		448,496
Duke Energy Indiana, Inc.
3.750%		07/15/2020		300,000		316,027
Entergy Corp.
4.700%		01/15/2017		500,000		512,833

Coupon Rate	Maturity Date			Face		Value
Exelon Corp.
4.950%	06/15/2035	^	$	250,000	$	252,808
3.950%	06/15/2025	^		500,000		500,312
Florida Power & Light Co.
5.950%	02/01/2038			500,000		624,034
5.125%	06/01/2041			200,000		228,451
4.950%	06/01/2035			100,000		110,009
Georgia Power Co., Series 07-A
5.650%	03/01/2037			200,000		216,888
Great Plains Energy, Inc.
4.850%	06/01/2021			400,000		430,084
Indiana Michigan Power Co.
7.000%	03/15/2019			250,000		283,573
Indiana Michigan Power Co., Series J
3.200%	03/15/2023			500,000		493,729
Kentucky Utilities Co.
5.125%	11/01/2040			500,000		560,622
MidAmerican Energy Co.
4.400%	10/15/2044			500,000		506,814
3.700%	09/15/2023			250,000		260,170
MidAmerican Energy Co. MTN
5.800%	10/15/2036			250,000		301,329
Mississippi Power Co., Series 2012-A
4.250%	03/15/2042			300,000		230,139
NextEra Energy Capital Holdings, Inc.
6.000%	03/01/2019			250,000		273,991
Northern States Power Co.
4.125%	05/15/2044			350,000		348,371
Oklahoma Gas & Electric Co.
4.550%	03/15/2044			250,000		255,471
Oncor Electric Delivery Co. LLC
7.500%	09/01/2038			300,000		397,872
5.000%	09/30/2017			300,000		314,674
2.150%	06/01/2019			250,000		246,178
Pacific Gas & Electric Co.
6.050%	03/01/2034			500,000		590,828
4.750%	02/15/2044			250,000		260,798
4.450%	04/15/2042			300,000		302,390
3.400%	08/15/2024			500,000		502,729
PacifiCorp
6.000%	01/15/2039			750,000		911,878
PECO Energy Co.
2.375%	09/15/2022			200,000		193,934
Potomac Electric Power Co.
7.900%	12/15/2038			200,000		292,636
PPL Capital Funding, Inc.
4.700%	06/01/2043			200,000		199,856
3.400%	06/01/2023			200,000		199,671
Progress Energy, Inc.
7.050%	03/15/2019			400,000		454,062
4.400%	01/15/2021			300,000		317,657
PSEG Power LLC
8.625%	04/15/2031			300,000		374,264
Public Service Co. of Colorado
4.300%	03/15/2044			250,000		255,625
Public Service Co. of Oklahoma, Series G
6.625%	11/15/2037			300,000		362,337
Public Service Electric & Gas Co. MTN
3.650%	09/01/2042			200,000		185,065
Sierra Pacific Power Co., Series T
3.375%	08/15/2023			350,000		354,274
South Carolina Electric & Gas Co.
5.300%	05/15/2033			150,000		163,636

See accompanying notes to financial statements.

320

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Southern California Edison Co.
6.650%		04/01/2029		$	500,000	$	625,338
4.050%		03/15/2042			300,000		293,772
Southern California Edison Co., Series C
3.600%		02/01/2045			300,000		272,403
Southern Co. (The)
2.150%		09/01/2019			500,000		490,897
Union Electric Co.
6.400%		06/15/2017			250,000		267,122
Virginia Electric & Power Co.
5.400%		04/30/2018			250,000		270,364
2.950%		01/15/2022			542,000		545,605
1.200%		01/15/2018			300,000		297,106
Westar Energy, Inc.
4.625%		09/01/2043			350,000		370,180
Wisconsin Electric Power
5.625%		05/15/2033			150,000		175,992
Wisconsin Power & Light Co.
4.100%		10/15/2044			350,000		341,664
Xcel Energy, Inc.
4.800%		09/15/2041			200,000		201,670
							23,180,017
Electrical Equipment—0.1%
Eaton Corp.
4.150%		11/02/2042			100,000		92,573
2.750%		11/02/2022			100,000		96,913
1.500%		11/02/2017			300,000		298,240
Emerson Electric Co.
5.000%		04/15/2019			500,000		545,666
2.625%		02/15/2023			270,000		264,588
							1,297,980
Electronic Equipment, Instruments & Components—0.1%
Arrow Electronics, Inc.
4.500%		03/01/2023			300,000		303,532
3.000%		03/01/2018			400,000		399,885
Corning, Inc.
4.750%		03/15/2042	†		400,000		376,841
Jabil Circuit, Inc.
4.700%		09/15/2022			200,000		194,750
Keysight Technologies, Inc.
3.300%		10/30/2019			400,000		393,360
							1,668,368
Energy Equipment & Services—0.2%
Baker Hughes, Inc.
7.500%		11/15/2018			1,000,000		1,129,464
Cameron International Corp.
1.400%		06/15/2017			400,000		394,467
Diamond Offshore Drilling, Inc.
4.875%		11/01/2043			300,000		183,188
Ensco plc (United Kingdom)
4.700%		03/15/2021			200,000		161,212
4.500%		10/01/2024	†		250,000		172,379
Halliburton Co.
7.450%		09/15/2039			400,000		512,481
5.000%		11/15/2045			190,000		188,256
3.800%		11/15/2025			235,000		229,104
2.700%		11/15/2020			365,000		361,028

Coupon Rate	Maturity Date			Face		Value
Noble Holding International Ltd. (Cayman Islands)
6.200%	08/01/2040		$	200,000	$	123,368
2.500%	03/15/2017			300,000		283,108
Pride International, Inc.
6.875%	08/15/2020			200,000		185,879
Rowan Cos., Inc.
4.875%	06/01/2022			250,000		184,090
						4,108,024
Food & Staples Retailing—0.5%
Costco Wholesale Corp.
2.250%	02/15/2022			300,000		294,666
CVS Health Corp.
4.125%	05/15/2021	†		200,000		211,823
4.000%	12/05/2023			300,000		312,280
3.875%	07/20/2025			720,000		736,246
2.250%	12/05/2018			750,000		754,134
1.900%	07/20/2018			500,000		500,010
Kroger Co. (The)
7.500%	04/01/2031			200,000		255,369
5.400%	07/15/2040			200,000		212,319
2.950%	11/01/2021			400,000		396,438
Sysco Corp.
2.600%	06/12/2022			500,000		486,081
Walgreen Co.
4.400%	09/15/2042			200,000		171,360
Walgreens Boots Alliance, Inc.
3.800%	11/18/2024			500,000		485,986
1.750%	11/17/2017			200,000		199,701
Wal-Mart Stores, Inc.
7.550%	02/15/2030			250,000		352,955
5.250%	09/01/2035			750,000		855,939
4.875%	07/08/2040			300,000		322,365
4.300%	04/22/2044			750,000		766,465
4.250%	04/15/2021			300,000		330,530
3.625%	07/08/2020			300,000		321,190
2.550%	04/11/2023			500,000		493,584
						8,459,441
Food Products—0.4%
Archer-Daniels Midland Co.
5.450%	03/15/2018			399,000		431,301
ConAgra Foods, Inc.
4.650%	01/25/2043			198,000		177,265
3.250%	09/15/2022			200,000		193,320
General Mills, Inc.
5.400%	06/15/2040			300,000		328,539
3.150%	12/15/2021			200,000		200,408
1.400%	10/20/2017			400,000		398,198
JM Smucker Co. (The)
2.500%	03/15/2020			500,000		496,929
Kellogg Co.
4.150%	11/15/2019			300,000		317,857
4.000%	12/15/2020			190,000		199,986
Kraft Foods Group, Inc.
6.875%	01/26/2039			380,000		451,779
6.500%	02/09/2040			200,000		233,907
5.375%	02/10/2020			209,000		229,054
Kraft Heinz Foods Co.
5.200%	07/15/2045	^		200,000		209,778
3.950%	07/15/2025	^		500,000		505,629
2.800%	07/02/2020	^		200,000		199,692
2.000%	07/02/2018	^		330,000		328,641

See accompanying notes to financial statements.

321

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
McCormick & Co., Inc.
3.250%		11/15/2025	$	500,000	$	500,039
Mondelez International, Inc.
6.500%		02/09/2040		139,000		170,248
2.250%		02/01/2019		750,000		750,277
Tyson Foods, Inc.
2.650%		08/15/2019		750,000		751,043
Unilever Capital Corp.
4.250%		02/10/2021		300,000		327,964
						7,401,854
Gas Utilities—0.1%
Atmos Energy Corp.
4.125%		10/15/2044		350,000		336,241
ONE Gas, Inc.
3.610%		02/01/2024		500,000		509,594
Piedmont Natural Gas Co., Inc.
4.100%		09/18/2034		300,000		292,772
Southern California Gas Co.
5.125%		11/15/2040		400,000		460,525
4.450%		03/15/2044		200,000		208,112
Southern Natural Gas Co. LLC/Southern Natural Issuing Corp.
4.400%		06/15/2021		200,000		185,951
						1,993,195
Health Care Equipment & Supplies—0.4%
Abbott Laboratories
2.950%		03/15/2025		700,000		692,048
2.000%		03/15/2020		200,000		199,452
Becton Dickinson and Co.
6.375%		08/01/2019		250,000		282,438
5.000%		11/12/2040		300,000		304,536
3.734%		12/15/2024		500,000		505,193
Boston Scientific Corp.
7.375%		01/15/2040		200,000		244,805
6.000%		01/15/2020		200,000		222,282
3.850%		05/15/2025		500,000		492,932
Covidien International Finance SA (Luxembourg)
6.000%		10/15/2017		250,000		269,411
Medtronic, Inc.
4.625%		03/15/2045		500,000		516,979
4.450%		03/15/2020		300,000		323,225
4.375%		03/15/2035		500,000		506,403
3.500%		03/15/2025		1,000,000		1,009,353
2.750%		04/01/2023		400,000		390,257
1.500%		03/15/2018		250,000		249,936
Stryker Corp.
4.375%		05/15/2044		300,000		297,444
4.100%		04/01/2043		200,000		189,439
Zimmer Biomet Holdings, Inc.
3.550%		04/01/2025		500,000		486,807
						7,182,940
Health Care Providers & Services—0.5%
Aetna, Inc.
6.625%		06/15/2036		250,000		300,918
4.125%		11/15/2042		200,000		187,877
1.500%		11/15/2017		200,000		199,337
AmerisourceBergen Corp.
3.400%		05/15/2024		200,000		195,687

Coupon Rate	Maturity Date		Face		Value
Anthem, Inc.
4.650%	01/15/2043	$	200,000	$	191,028
4.650%	08/15/2044		300,000		287,032
3.300%	01/15/2023		300,000		291,998
Cardinal Health, Inc.
4.600%	03/15/2043		200,000		197,840
3.200%	03/15/2023		300,000		296,661
1.700%	03/15/2018		300,000		299,346
Cigna Corp.
5.125%	06/15/2020		300,000		327,800
4.500%	03/15/2021		650,000		690,659
Dignity Health
3.812%	11/01/2024		400,000		406,936
Express Scripts Holding Co.
6.125%	11/15/2041		200,000		228,062
4.750%	11/15/2021		200,000		214,727
Humana, Inc.
3.850%	10/01/2024		400,000		403,336
McKesson Corp.
4.883%	03/15/2044		400,000		401,326
4.750%	03/01/2021		200,000		216,281
2.850%	03/15/2023		300,000		288,269
Quest Diagnostics, Inc.
4.700%	04/01/2021		300,000		318,433
UnitedHealth Group, Inc.
6.625%	11/15/2037		300,000		383,160
6.000%	02/15/2018		500,000		543,970
5.950%	02/15/2041		200,000		238,354
3.750%	07/15/2025		260,000		268,349
1.625%	03/15/2019		400,000		395,763
					7,773,149
Hotels, Restaurants & Leisure—0.2%
Carnival Corp. (Panama)
3.950%	10/15/2020		400,000		418,262
Marriott International, Inc., Series N
3.125%	10/15/2021		400,000		399,822
McDonald’s Corp.
2.750%	12/09/2020		355,000		355,161
McDonald’s Corp. MTN
5.350%	03/01/2018		500,000		535,658
4.700%	12/09/2035		165,000		164,918
4.600%	05/26/2045		750,000		724,464
3.700%	01/30/2026		260,000		260,329
Starbucks Corp.
2.000%	12/05/2018		400,000		404,038
Starwood Hotels & Resorts Worldwide, Inc.
4.500%	10/01/2034		400,000		361,686
Wyndham Worldwide Corp.
3.900%	03/01/2023		300,000		292,345
					3,916,683
Household Durables—0.0%
Whirlpool Corp. MTN
4.850%	06/15/2021		200,000		214,348
Household Products—0.2%
Clorox Co. (The)
3.800%	11/15/2021		400,000		417,225
Colgate-Palmolive Co. MTN
0.900%	05/01/2018		1,000,000		990,460
Kimberly-Clark Corp.
6.125%	08/01/2017		500,000		537,318
Procter & Gamble Co. (The)
5.800%	08/15/2034		250,000		302,920

See accompanying notes to financial statements.

322

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
5.550%		03/05/2037		$	250,000	$	304,421
4.700%		02/15/2019			500,000		545,039
							3,097,383
Independent Power and Renewable Electricity Producers—0.0%
Empresa Nacional de Electricidad SA (Chile)
4.250%		04/15/2024			500,000		495,640
Industrial Conglomerates—0.2%
3M Co. MTN
5.700%		03/15/2037			100,000		123,662
2.000%		06/26/2022			300,000		292,145
General Electric Co.
4.125%		10/09/2042			300,000		293,740
3.375%		03/11/2024	†		1,000,000		1,036,018
2.700%		10/09/2022			300,000		299,017
Ingersoll-Rand Global Holding Co. Ltd.
2.875%		01/15/2019			120,000		121,290
Ingersoll-Rand Luxembourg Finance SA (Luxembourg)
4.650%		11/01/2044			100,000		96,080
Koninklijke Philips NV (Netherlands)
3.750%		03/15/2022			500,000		513,977
Pentair Finance SA (Luxembourg)
5.000%		05/15/2021			250,000		260,925
Roper Technologies, Inc.
1.850%		11/15/2017			200,000		199,039
							3,235,893
Insurance—0.9%
ACE INA Holdings, Inc.
4.350%		11/03/2045			500,000		509,333
3.150%		03/15/2025			300,000		296,845
AEGON Funding Co. LLC
5.750%		12/15/2020			290,000		329,944
Aflac, Inc.
3.625%		06/15/2023			400,000		414,509
2.400%		03/16/2020			300,000		301,764
Allstate Corp. (The)
3.150%		06/15/2023			500,000		500,436
American International Group, Inc.
6.250%		05/01/2036			400,000		463,343
3.875%		01/15/2035			300,000		265,466
2.300%		07/16/2019			650,000		645,039
Aon plc (United Kingdom)
4.450%		05/24/2043			400,000		375,545
3.500%		06/14/2024			400,000		391,115
Arch Capital Group US, Inc.
5.144%		11/01/2043			150,000		152,108
AXA SA (France)
8.600%		12/15/2030			250,000		337,187
Berkshire Hathaway Finance Corp.
4.300%		05/15/2043			300,000		294,904
4.250%		01/15/2021			300,000		327,441
2.000%		08/15/2018			500,000		507,627
Chubb Corp. (The)
6.375%		04/15/2037	#		200,000		192,566
CNA Financial Corp.
5.750%		08/15/2021			300,000		336,178

Coupon Rate	Maturity Date		Face		Value
Fidelity National Financial, Inc.
6.600%	05/15/2017	$	300,000	$	316,643
First American Financial Corp.
4.600%	11/15/2024		500,000		507,105
Hartford Financial Services Group, Inc. (The)
6.100%	10/01/2041		150,000		174,711
Hartford Financial Services Group, Inc. (The) MTN
6.000%	01/15/2019		500,000		550,269
Lincoln National Corp.
6.150%	04/07/2036		250,000		287,565
Markel Corp.
5.000%	03/30/2043		300,000		300,494
MetLife, Inc.
7.717%	02/15/2019		500,000		581,724
5.700%	06/15/2035		250,000		289,477
4.875%	11/13/2043		300,000		315,463
3.600%	04/10/2024		500,000		513,548
PartnerRe Finance B LLC
5.500%	06/01/2020		90,000		98,892
Principal Financial Group, Inc.
3.400%	05/15/2025		350,000		343,782
Progressive Corp. (The)
6.625%	03/01/2029		150,000		188,119
Prudential Financial, Inc. MTN
6.625%	06/21/2040		100,000		123,354
5.800%	11/16/2041		200,000		227,683
5.700%	12/14/2036		250,000		283,693
5.375%	06/21/2020		300,000		333,865
3.500%	05/15/2024		400,000		402,385
Travelers Cos., Inc. (The)
6.750%	06/20/2036		500,000		657,205
Trinity Acquisition plc (United Kingdom)
4.625%	08/15/2023		500,000		513,391
Unum Group
4.000%	03/15/2024		350,000		350,012
Validus Holdings Ltd. (Bermuda)
8.875%	01/26/2040		200,000		250,758
XLIT Ltd. (Cayman Islands)
2.300%	12/15/2018		400,000		400,356
					14,651,844
Internet & Catalog Retail—0.1%
Amazon.com, Inc.
3.800%	12/05/2024		500,000		521,089
1.200%	11/29/2017		200,000		199,474
Expedia, Inc.
7.456%	08/15/2018		250,000		278,761
QVC, Inc.
5.450%	08/15/2034		350,000		303,595
3.125%	04/01/2019		120,000		118,528
					1,421,447
Internet Software & Services—0.1%
Alibaba Group Holding Ltd. (Cayman Islands)
3.600%	11/28/2024		200,000		191,768
3.125%	11/28/2021		370,000		359,520
Baidu, Inc. (Cayman Islands)
2.750%	06/09/2019		400,000		398,399
eBay, Inc.
4.000%	07/15/2042		100,000		79,318
2.600%	07/15/2022		100,000		93,221
1.350%	07/15/2017		100,000		99,246

See accompanying notes to financial statements.

323

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Google, Inc.
3.625%		05/19/2021		$	300,000	$	319,678
							1,541,150
IT Services—0.4%
Computer Sciences Corp.
4.450%		09/15/2022	†		200,000		205,448
Fidelity National Information Services, Inc.
5.000%		10/15/2025			230,000		236,769
3.625%		10/15/2020			310,000		314,375
2.000%		04/15/2018			200,000		196,755
1.450%		06/05/2017			750,000		740,107
Fiserv, Inc.
3.500%		10/01/2022			200,000		199,886
International Business Machines Corp.
7.000%		10/30/2025			300,000		385,219
5.700%		09/14/2017			500,000		536,422
3.625%		02/12/2024			250,000		257,625
1.625%		05/15/2020	†		400,000		390,304
MasterCard, Inc.
2.000%		04/01/2019			200,000		200,877
Visa, Inc.
4.300%		12/14/2045			330,000		335,645
4.150%		12/14/2035			190,000		192,203
3.150%		12/14/2025			495,000		496,229
2.200%		12/14/2020			515,000		514,400
Western Union Co. (The)
5.253%		04/01/2020			502,000		541,423
Xerox Corp.
6.350%		05/15/2018			500,000		534,844
4.500%		05/15/2021			200,000		202,095
							6,480,626
Leisure Products—0.0%
Hasbro, Inc.
5.100%		05/15/2044			200,000		190,714
Mattel, Inc.
2.350%		05/06/2019			300,000		297,695
							488,409
Life Sciences Tools & Services—0.1%
Agilent Technologies, Inc.
5.000%		07/15/2020			100,000		107,544
Thermo Fisher Scientific, Inc.
4.150%		02/01/2024			500,000		520,206
2.400%		02/01/2019			750,000		750,223
							1,377,973
Machinery—0.2%
Caterpillar, Inc.
4.750%		05/15/2064			500,000		482,963
3.400%		05/15/2024			500,000		507,042
Deere & Co.
4.375%		10/16/2019			500,000		539,992
Dover Corp.
5.375%		03/01/2041			300,000		343,186
Illinois Tool Works, Inc.
3.500%		03/01/2024			350,000		360,067
Parker-Hannifin Corp. MTN
3.500%		09/15/2022			100,000		103,296

Coupon Rate	Maturity Date			Face		Value
Stanley Black & Decker, Inc.
3.400%	12/01/2021		$	290,000	$	295,705
						2,632,251
Media—1.1%
21st Century Fox America, Inc.
7.750%	12/01/2045			200,000		261,542
6.200%	12/15/2034			1,000,000		1,138,742
6.150%	02/15/2041			300,000		338,252
5.650%	08/15/2020			500,000		559,779
CBS Corp.
7.875%	07/30/2030			250,000		319,420
5.750%	04/15/2020			200,000		222,205
4.850%	07/01/2042			250,000		225,179
1.950%	07/01/2017			300,000		300,204
CCO Safari II LLC
6.834%	10/23/2055	^		360,000		355,884
4.908%	07/23/2025	^		570,000		570,306
3.579%	07/23/2020	^		500,000		497,418
Comcast Corp.
7.050%	03/15/2033			300,000		387,691
6.500%	01/15/2017			250,000		263,193
6.450%	03/15/2037			500,000		623,461
5.650%	06/15/2035			200,000		233,186
4.600%	08/15/2045			250,000		253,741
4.500%	01/15/2043			200,000		199,641
3.375%	08/15/2025			400,000		405,434
2.850%	01/15/2023			500,000		497,237
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
6.375%	03/01/2041			500,000		538,395
5.200%	03/15/2020			200,000		216,806
3.800%	03/15/2022			300,000		302,311
Discovery Communications LLC
5.625%	08/15/2019			400,000		435,640
Grupo Televisa SAB (Mexico)
5.000%	05/13/2045			700,000		605,363
Historic TW, Inc.
9.150%	02/01/2023			300,000		389,766
Interpublic Group of Cos., Inc. (The)
4.200%	04/15/2024			250,000		248,120
NBCUniversal Media LLC
6.400%	04/30/2040			200,000		249,725
5.950%	04/01/2041			250,000		299,610
4.375%	04/01/2021			250,000		271,749
Thomson Reuters Corp. (Canada)
6.500%	07/15/2018			300,000		331,360
3.950%	09/30/2021			200,000		206,766
Time Warner Cable, Inc.
8.750%	02/14/2019			500,000		580,428
6.750%	06/15/2039			200,000		201,310
4.500%	09/15/2042			1,050,000		826,893
Time Warner Entertainment Co. LP
8.375%	03/15/2023			250,000		307,453
8.375%	07/15/2033			250,000		295,651
Time Warner, Inc.
7.700%	05/01/2032			400,000		500,519
5.375%	10/15/2041			250,000		256,654
4.050%	12/15/2023			750,000		766,531
3.875%	01/15/2026			500,000		496,719
Viacom, Inc.
6.875%	04/30/2036			300,000		297,986
4.500%	03/01/2021			200,000		206,708
4.375%	03/15/2043			200,000		147,010
2.750%	12/15/2019			225,000		222,165

See accompanying notes to financial statements.

324

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Walt Disney Co. (The) MTN
3.750%		06/01/2021		$	200,000	$	213,794
3.700%		12/01/2042			200,000		186,743
2.350%		12/01/2022			200,000		197,620
1.100%		12/01/2017			250,000		249,280
Walt Disney Co. (The), Series B MTN
7.000%		03/01/2032			210,000		288,347
WPP Finance 2010 (United Kingdom)
3.750%		09/19/2024			300,000		298,994
							18,288,931
Metals & Mining—0.4%
Barrick PD Australia Finance Pty Ltd. (Australia)
5.950%		10/15/2039			400,000		273,700
BHP Billiton Finance USA Ltd. (Australia)
6.500%		04/01/2019			500,000		551,176
5.000%		09/30/2043			350,000		315,701
4.125%		02/24/2042			400,000		316,886
1.625%		02/24/2017			400,000		399,298
Freeport-McMoRan, Inc.
3.875%		03/15/2023			800,000		460,000
3.550%		03/01/2022			400,000		234,000
2.300%		11/14/2017			500,000		428,125
Goldcorp, Inc. (Canada)
3.625%		06/09/2021			400,000		376,068
Newmont Mining Corp.
6.250%		10/01/2039			200,000		160,210
3.500%		03/15/2022			400,000		357,007
Rio Tinto Alcan, Inc. (Canada)
6.125%		12/15/2033			150,000		150,381
Rio Tinto Finance USA Ltd. (Australia)
3.500%		11/02/2020			226,000		221,780
Rio Tinto Finance USA plc (United Kingdom)
4.750%		03/22/2042			300,000		258,271
3.500%		03/22/2022			500,000		471,932
2.250%		12/14/2018			400,000		390,299
2.000%		03/22/2017			500,000		499,712
Southern Copper Corp.
7.500%		07/27/2035			250,000		234,853
5.875%		04/23/2045			500,000		385,351
Vale Overseas Ltd. (Cayman Islands)
6.875%		11/21/2036	†		400,000		281,616
6.250%		01/23/2017			500,000		499,548
4.625%		09/15/2020	†		500,000		416,535
							7,682,449
Multiline Retail—0.2%
Dollar General Corp.
1.875%		04/15/2018			500,000		495,458
Kohl’s Corp.
4.000%		11/01/2021	†		300,000		308,306
Macy’s Retail Holdings, Inc.
6.900%		04/01/2029			100,000		112,941
6.650%		07/15/2024			100,000		112,834
4.300%		02/15/2043			200,000		154,084
Nordstrom, Inc.
4.000%		10/15/2021			100,000		105,789
Target Corp.
6.350%		11/01/2032			500,000		626,549
6.000%		01/15/2018			500,000		545,107

Coupon Rate	Maturity Date		Face		Value
4.000%	07/01/2042	$	200,000	$	195,748
					2,656,816
Multi-Utilities—0.3%
Ameren Illinois Co.
2.700%	09/01/2022		400,000		393,607
Berkshire Hathaway Energy Co.
6.125%	04/01/2036		200,000		233,943
2.400%	02/01/2020		750,000		743,719
CMS Energy Corp.
4.700%	03/31/2043		500,000		494,509
Consolidated Edison Co. of New York, Inc., Series 09-C
5.500%	12/01/2039		300,000		341,471
Consumers Energy Co., Series 10YR
3.125%	08/31/2024		500,000		499,645
Dominion Resources, Inc.
2.500%	12/01/2019		400,000		398,890
Dominion Resources, Inc., Series C
4.900%	08/01/2041		300,000		294,624
NiSource Finance Corp.
5.450%	09/15/2020		500,000		548,686
5.250%	02/15/2043		300,000		319,888
Puget Sound Energy, Inc.
4.434%	11/15/2041		300,000		309,784
Sempra Energy
6.150%	06/15/2018		250,000		273,027
					4,851,793
Oil, Gas & Consumable Fuels—2.1%
Alberta Energy Co. Ltd. (Canada)
7.375%	11/01/2031		400,000		365,789
Anadarko Petroleum Corp.
8.700%	03/15/2019		500,000		568,477
Apache Corp.
5.250%	02/01/2042		500,000		444,694
Apache Finance Canada Corp. (Canada)
7.750%	12/15/2029		150,000		191,551
Boardwalk Pipelines LP
3.375%	02/01/2023		200,000		161,055
BP Capital Markets plc (United Kingdom)
4.500%	10/01/2020		300,000		321,289
3.814%	02/10/2024		350,000		350,180
3.245%	05/06/2022		200,000		197,676
2.750%	05/10/2023		500,000		469,956
2.237%	05/10/2019		500,000		500,904
1.846%	05/05/2017		200,000		200,997
Buckeye Partners LP
2.650%	11/15/2018		250,000		240,674
Canadian Natural Resources Ltd. (Canada)
5.850%	02/01/2035		500,000		444,635
3.450%	11/15/2021		200,000		188,722
Cenovus Energy, Inc. (Canada)
5.700%	10/15/2019		200,000		209,782
CenterPoint Energy Resources Corp.
4.500%	01/15/2021		434,000		456,025
Chevron Corp.
3.191%	06/24/2023		400,000		402,514
2.355%	12/05/2022		400,000		382,318
1.790%	11/16/2018		660,000		654,299
1.345%	11/15/2017		500,000		498,563
CNOOC Finance 2013 Ltd. (Virgin Islands, British)
4.250%	05/09/2043		200,000		185,104
3.000%	05/09/2023		200,000		187,803
1.750%	05/09/2018		200,000		197,015

See accompanying notes to financial statements.

325

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Columbia Pipeline Group, Inc.
5.800%		06/01/2045	^	$	350,000	$	308,264
ConocoPhillips Canada Funding Co. I (Canada)
5.950%		10/15/2036			500,000		515,117
ConocoPhillips Co.
4.300%		11/15/2044			500,000		416,458
ConocoPhillips Holding Co.
6.950%		04/15/2029			500,000		573,465
Continental Resources, Inc.
4.500%		04/15/2023			400,000		287,799
3.800%		06/01/2024	†		300,000		211,682
Devon Energy Corp.
7.950%		04/15/2032			350,000		362,505
5.850%		12/15/2025	†		500,000		487,174
5.600%		07/15/2041			100,000		75,805
Dominion Gas Holdings LLC
3.600%		12/15/2024			500,000		495,366
3.550%		11/01/2023			250,000		246,711
Ecopetrol SA (Colombia)
4.250%		09/18/2018			500,000		498,750
4.125%		01/16/2025			400,000		321,000
Enable Midstream Partners LP
5.000%		05/15/2044			350,000		207,072
Enbridge Energy Partners LP
9.875%		03/01/2019			300,000		341,853
7.375%		10/15/2045			90,000		86,479
Encana Corp. (Canada)
5.150%		11/15/2041			300,000		201,230
3.900%		11/15/2021	†		300,000		247,939
Energy Transfer Partners LP
6.500%		02/01/2042			400,000		326,223	��
5.200%		02/01/2022			300,000		280,633
5.150%		03/15/2045			300,000		212,706
4.050%		03/15/2025			750,000		617,077
Enterprise Products Operating LLC
5.950%		02/01/2041			200,000		184,279
5.100%		02/15/2045			250,000		210,134
4.450%		02/15/2043			200,000		153,110
3.700%		02/15/2026			170,000		152,804
3.350%		03/15/2023			300,000		271,702
2.550%		10/15/2019			400,000		383,826
1.650%		05/07/2018			200,000		195,221
Enterprise Products Operating LLC, Series D
6.875%		03/01/2033			150,000		156,979
EOG Resources, Inc.
4.100%		02/01/2021			300,000		316,697
Exxon Mobil Corp.
3.567%		03/06/2045			300,000		282,702
3.176%		03/15/2024			400,000		406,421
2.709%		03/06/2025			300,000		293,706
Hess Corp.
7.300%		08/15/2031			250,000		248,779
1.300%		06/15/2017			400,000		391,538
Husky Energy, Inc. (Canada)
3.950%		04/15/2022			200,000		185,640
Kerr-McGee Corp.
7.875%		09/15/2031			750,000		811,018
Kinder Morgan Energy Partners LP
6.550%		09/15/2040			300,000		255,770
6.500%		02/01/2037			300,000		258,398

Coupon Rate	Maturity Date			Face		Value
5.950%	02/15/2018		$	300,000	$	307,740
5.000%	03/01/2043			200,000		148,634
4.700%	11/01/2042			200,000		141,183
4.150%	03/01/2022			500,000		444,874
3.500%	09/01/2023			400,000		332,183
Magellan Midstream Partners LP
4.200%	12/01/2042			200,000		147,905
Marathon Oil Corp.
5.900%	03/15/2018			455,000		460,388
Marathon Petroleum Corp.
5.850%	12/15/2045			500,000		466,232
5.000%	09/15/2054			400,000		321,569
Nexen Energy ULC (Canada)
6.400%	05/15/2037			500,000		560,455
Noble Energy, Inc.
5.250%	11/15/2043			300,000		242,807
Occidental Petroleum Corp.
2.700%	02/15/2023			300,000		282,613
1.750%	02/15/2017			750,000		751,624
ONEOK Partners LP
6.150%	10/01/2016			160,000		164,278
4.900%	03/15/2025			200,000		168,746
3.375%	10/01/2022			300,000		243,690
Petro-Canada (Canada)
5.950%	05/15/2035			100,000		100,548
Phillips 66
4.300%	04/01/2022			400,000		412,080
Pioneer Natural Resources Co.
3.950%	07/15/2022			200,000		182,836
Plains All American Pipeline LP/PAA Finance Corp.
4.300%	01/31/2043			200,000		132,102
2.850%	01/31/2023			400,000		330,455
Regency Energy Partners LP/Regency Energy Finance Corp.
5.875%	03/01/2022			250,000		235,938
Southwestern Energy Co.
3.300%	01/23/2018	†		250,000		205,313
Statoil ASA (Norway)
5.100%	08/17/2040			300,000		317,722
3.150%	01/23/2022			500,000		499,151
2.650%	01/15/2024			300,000		281,115
1.250%	11/09/2017			500,000		495,174
1.150%	05/15/2018	†		300,000		295,236
Suncor Energy, Inc. (Canada)
7.150%	02/01/2032			500,000		569,080
Sunoco Logistics Partners Operations LP
4.950%	01/15/2043			200,000		143,480
3.450%	01/15/2023			200,000		169,062
Tennessee Gas Pipeline Co. LLC
7.000%	10/15/2028			350,000		337,703
Texas Eastern Transmission LP
7.000%	07/15/2032			150,000		165,149
Total Capital International SA (France)
3.700%	01/15/2024			250,000		253,823
2.875%	02/17/2022			400,000		398,100
2.100%	06/19/2019			300,000		298,000
Total Capital SA (France)
4.450%	06/24/2020			300,000		323,220
TransCanada PipeLines Ltd. (Canada)
6.350%	05/15/2067	#		1,000,000		757,500
5.850%	03/15/2036			500,000		515,832
3.750%	10/16/2023			400,000		394,308
Valero Energy Corp.
6.625%	06/15/2037			500,000		504,145
6.125%	06/15/2017			250,000		263,306

See accompanying notes to financial statements.

326

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Western Gas Partners LP
2.600%		08/15/2018		$	250,000	$	241,718
Williams Cos., Inc. (The)
7.875%		09/01/2021			230,000		207,229
Williams Partners LP
6.300%		04/15/2040			100,000		76,942
5.250%		03/15/2020			100,000		92,960
4.500%		11/15/2023			350,000		283,737
4.125%		11/15/2020			300,000		268,121
4.000%		09/15/2025			70,000		52,512
Williams Partners LP/ACMP Finance Corp.
4.875%		05/15/2023			350,000		284,150
							35,572,722
Paper & Forest Products—0.1%
International Paper Co.
7.500%		08/15/2021			500,000		594,469
7.300%		11/15/2039			250,000		285,809
							880,278
Pharmaceuticals—1.0%
AbbVie, Inc.
4.700%		05/14/2045			220,000		215,888
4.500%		05/14/2035			230,000		226,027
4.400%		11/06/2042			300,000		281,247
3.600%		05/14/2025			390,000		385,662
2.900%		11/06/2022			300,000		290,676
2.500%		05/14/2020			420,000		416,204
2.000%		11/06/2018			300,000		298,869
1.750%		11/06/2017			300,000		299,552
Actavis Funding SCS (Luxembourg)
4.750%		03/15/2045			500,000		489,421
4.550%		03/15/2035			300,000		292,477
3.000%		03/12/2020			560,000		560,955
2.350%		03/12/2018			300,000		300,472
1.300%		06/15/2017			300,000		297,253
Actavis, Inc.
6.125%		08/15/2019			500,000		557,981
AstraZeneca plc (United Kingdom)
5.900%		09/15/2017			250,000		267,869
4.000%		09/18/2042			300,000		280,869
3.375%		11/16/2025			255,000		253,680
2.375%		11/16/2020	†		270,000		268,379
Bristol-Myers Squibb Co.
3.250%		08/01/2042			200,000		173,628
Eli Lilly & Co.
3.700%		03/01/2045			500,000		468,926
GlaxoSmithKline Capital plc (United Kingdom)
2.850%		05/08/2022			300,000		302,592
GlaxoSmithKline Capital, Inc.
2.800%		03/18/2023			1,200,000		1,197,672
Johnson & Johnson
4.950%		05/15/2033			200,000		232,398
4.850%		05/15/2041			200,000		229,283
3.550%		05/15/2021			200,000		213,371
Merck & Co., Inc.
6.550%		09/15/2037			200,000		260,859
6.500%		12/01/2033			250,000		319,319
3.600%		09/15/2042			200,000		182,611
2.400%		09/15/2022			200,000		196,156
1.100%		01/31/2018			200,000		198,957

Coupon Rate	Maturity Date			Face		Value
Merck Sharp & Dohme Corp.
5.000%	06/30/2019		$	500,000	$	551,899
Mylan NV (Netherlands)
3.750%	12/15/2020	^		500,000		501,085
Mylan, Inc.
5.400%	11/29/2043			250,000		231,712
Novartis Capital Corp.
4.400%	05/06/2044			230,000		240,867
4.000%	11/20/2045			500,000		491,849
3.400%	05/06/2024			500,000		517,129
Novartis Securities Investment Ltd. (Bermuda)
5.125%	02/10/2019			500,000		548,583
Perrigo Co. plc (Ireland)
2.300%	11/08/2018			300,000		295,943
Pfizer, Inc.
6.050%	03/30/2017			600,000		636,164
4.400%	05/15/2044			350,000		356,308
3.400%	05/15/2024			350,000		359,466
3.000%	06/15/2023			1,000,000		1,008,367
Pharmacia Corp.
6.500%	12/01/2018			350,000		394,952
Teva Pharmaceutical Finance Co. LLC
6.150%	02/01/2036			13,000		14,255
Teva Pharmaceutical Finance IV LLC
2.250%	03/18/2020			200,000		193,725
Wyeth LLC
6.500%	02/01/2034			250,000		312,248
Zoetis, Inc.
4.700%	02/01/2043			200,000		175,227
3.250%	02/01/2023			300,000		286,900
						17,075,932
Professional Services—0.0%
Verisk Analytics, Inc.
4.000%	06/15/2025			496,000		482,701
Real Estate Investment Trusts (REITs)—0.7%
Alexandria Real Estate Equities, Inc.
2.750%	01/15/2020			500,000		492,011
American Tower Corp.
4.500%	01/15/2018			500,000		521,699
3.500%	01/31/2023			400,000		391,572
AvalonBay Communities, Inc. MTN
3.625%	10/01/2020			300,000		311,735
2.850%	03/15/2023			300,000		290,069
Boston Properties LP
4.125%	05/15/2021			300,000		314,975
3.125%	09/01/2023			450,000		438,866
Brandywine Operating Partnership LP
3.950%	02/15/2023			300,000		292,499
CBL & Associates LP
4.600%	10/15/2024			400,000		377,692
CubeSmart LP
4.375%	12/15/2023			300,000		309,175
DDR Corp.
4.625%	07/15/2022			200,000		206,903
Duke Realty LP
3.875%	10/15/2022			200,000		201,209
ERP Operating LP
3.000%	04/15/2023			200,000		196,652
Federal Realty Investment Trust
2.750%	06/01/2023			200,000		191,328
HCP, Inc.
4.250%	11/15/2023			400,000		401,226

See accompanying notes to financial statements.

327

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
HCP, Inc. MTN
6.700%		01/30/2018	$	250,000	$	271,975
Highwoods Realty LP
3.200%		06/15/2021		400,000		389,622
Hospitality Properties Trust
5.000%		08/15/2022		300,000		308,564
Host Hotels & Resorts LP
6.000%		10/01/2021		300,000		332,392
Kimco Realty Corp.
3.125%		06/01/2023		200,000		193,953
Lexington Realty Trust
4.400%		06/15/2024		200,000		199,226
Liberty Property LP
3.375%		06/15/2023		300,000		284,991
National Retail Properties, Inc.
3.900%		06/15/2024		400,000		396,378
Omega Healthcare Investors, Inc.
4.950%		04/01/2024		350,000		354,053
Realty Income Corp.
5.875%		03/15/2035		200,000		223,136
2.000%		01/31/2018		100,000		100,105
Regency Centers LP
3.750%		06/15/2024		200,000		198,915
Simon Property Group LP
4.750%		03/15/2042		400,000		428,135
4.375%		03/01/2021		400,000		433,979
2.800%		01/30/2017		500,000		506,625
Ventas Realty LP
1.250%		04/17/2017		500,000		496,469
Ventas Realty LP/Ventas Capital Corp.
4.250%		03/01/2022		400,000		412,916
Vornado Realty LP
2.500%		06/30/2019		250,000		246,414
Weingarten Realty Investors
3.375%		10/15/2022		170,000		166,061
Welltower, Inc.
6.125%		04/15/2020		300,000		336,340
4.500%		01/15/2024		200,000		204,939
Weyerhaeuser Co.
7.375%		03/15/2032		300,000		357,889
WP Carey, Inc.
4.600%		04/01/2024		350,000		349,609
						12,130,297
Real Estate Management & Development—0.0%
Brookfield Asset Management, Inc. (Canada)
4.000%		01/15/2025		300,000		293,456
Road & Rail—0.4%
Burlington Northern Santa Fe LLC
7.950%		08/15/2030		300,000		417,554
5.650%		05/01/2017		500,000		526,003
5.150%		09/01/2043		350,000		370,514
3.450%		09/15/2021		200,000		204,663
3.000%		04/01/2025		300,000		289,016
Canadian National Railway Co. (Canada)
2.950%		11/21/2024		100,000		98,693
2.250%		11/15/2022		300,000		288,120
Canadian Pacific Railway Co. (Canada)
7.250%		05/15/2019		300,000		342,198
3.700%		02/01/2026		160,000		157,775

Coupon Rate	Maturity Date			Face		Value
CSX Corp.
7.375%	02/01/2019		$	300,000	$	343,627
6.000%	10/01/2036			334,000		379,474
4.500%	08/01/2054			500,000		455,587
Norfolk Southern Corp.
5.900%	06/15/2019			300,000		333,712
4.800%	08/15/2043			350,000		341,360
3.850%	01/15/2024			200,000		204,007
3.250%	12/01/2021			200,000		199,749
Ryder System, Inc. MTN
2.350%	02/26/2019			400,000		396,739
Union Pacific Corp.
4.821%	02/01/2044			557,000		607,052
3.750%	03/15/2024			500,000		525,098
						6,480,941
Semiconductors & Semiconductor Equipment—0.2%
Intel Corp.
4.900%	07/29/2045			300,000		317,841
4.800%	10/01/2041			300,000		313,445
4.250%	12/15/2042			200,000		193,251
3.300%	10/01/2021			300,000		310,989
1.350%	12/15/2017			400,000		400,647
KLA-Tencor Corp.
3.375%	11/01/2019			350,000		353,906
Texas Instruments, Inc.
1.650%	08/03/2019			275,000		272,362
0.875%	03/12/2017			750,000		747,341
Xilinx, Inc.
2.125%	03/15/2019			150,000		148,731
						3,058,513
Software—0.4%
Microsoft Corp.
4.750%	11/03/2055			90,000		93,475
4.500%	10/01/2040			300,000		312,649
4.450%	11/03/2045			277,000		286,357
4.200%	11/03/2035			295,000		301,840
3.750%	02/12/2045			300,000		277,134
3.625%	12/15/2023			750,000		788,944
2.700%	02/12/2025	†		300,000		293,059
2.000%	11/03/2020			270,000		270,261
1.850%	02/12/2020			300,000		300,753
Oracle Corp.
5.750%	04/15/2018			500,000		545,741
5.375%	07/15/2040			500,000		557,407
4.500%	07/08/2044			350,000		352,985
3.900%	05/15/2035			280,000		263,052
2.800%	07/08/2021			350,000		354,787
2.500%	10/15/2022			400,000		390,989
2.250%	10/08/2019			1,000,000		1,010,980
						6,400,413
Specialty Retail—0.2%
AutoNation, Inc.
6.750%	04/15/2018			200,000		217,785
Bed Bath & Beyond, Inc.
3.749%	08/01/2024	†		500,000		488,581
Gap, Inc. (The)
5.950%	04/12/2021	†		200,000		211,817
Home Depot, Inc. (The)
5.875%	12/16/2036			550,000		671,659
2.000%	06/15/2019			400,000		402,998

See accompanying notes to financial statements.

328

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Lowe’s Cos., Inc.
5.800%		04/15/2040		$	300,000	$	360,241
4.250%		09/15/2044			400,000		399,094
Staples, Inc.
4.375%		01/12/2023			170,000		162,704
TJX Cos., Inc. (The)
2.750%		06/15/2021			300,000		304,685
							3,219,564
Technology Hardware, Storage & Peripherals—0.4%
Apple, Inc.
4.375%		05/13/2045			450,000		455,497
3.850%		05/04/2043			300,000		277,072
3.450%		05/06/2024			400,000		414,827
3.200%		05/13/2025			350,000		354,664
2.850%		05/06/2021			500,000		512,429
2.400%		05/03/2023			300,000		292,602
2.000%		05/06/2020			440,000		439,817
1.050%		05/05/2017	†		500,000		500,392
1.000%		05/03/2018			200,000		198,443
EMC Corp.
1.875%		06/01/2018			500,000		466,700
Hewlett Packard Enterprise Co.
6.350%		10/15/2045	^		400,000		380,965
4.900%		10/15/2025	^		290,000		284,924
3.600%		10/15/2020	^		430,000		431,449
2.850%		10/05/2018	^		440,000		440,043
HP, Inc.
6.000%		09/15/2041			200,000		175,159
4.650%		12/09/2021			300,000		299,249
3.750%		12/01/2020	†		81,000		80,460
Seagate HDD Cayman (Cayman Islands)
4.750%		06/01/2023			400,000		350,641
							6,355,333
Textiles, Apparel & Luxury Goods—0.0%
NIKE, Inc.
3.625%		05/01/2043			300,000		278,751
2.250%		05/01/2023			300,000		293,355
							572,106
Thrifts & Mortgage Finance—0.1%
Abbey National Treasury Services plc (United Kingdom)
3.050%		08/23/2018			350,000		359,359
2.350%		09/10/2019			400,000		400,731
BPCE SA (France)
4.000%		04/15/2024			750,000		772,477
Santander Bank NA
2.000%		01/12/2018			300,000		297,940
							1,830,507
Tobacco—0.3%
Altria Group, Inc.
9.950%		11/10/2038			97,000		155,931
9.250%		08/06/2019			524,000		641,869
4.250%		08/09/2042			450,000		414,478
4.000%		01/31/2024			500,000		518,884
Philip Morris International, Inc.
5.650%		05/16/2018			1,500,000		1,637,086
4.375%		11/15/2041			200,000		199,322
2.900%		11/15/2021			200,000		202,553

Coupon Rate	Maturity Date			Face		Value
Reynolds American, Inc.
6.875%	05/01/2020		$	300,000	$	346,413
6.150%	09/15/2043			300,000		341,523
4.450%	06/12/2025			400,000		419,121
3.250%	06/12/2020			500,000		508,674
						5,385,854
Trading Companies & Distributors—0.0%
Air Lease Corp.
3.750%	02/01/2022			140,000		137,696
3.375%	01/15/2019	†		200,000		201,500
GATX Corp.
4.750%	06/15/2022			300,000		315,269
						654,465
Wireless Telecommunication Services—0.2%
America Movil SAB de CV (Mexico)
6.125%	03/30/2040			300,000		332,204
5.000%	03/30/2020			400,000		434,885
3.125%	07/16/2022			500,000		492,748
Rogers Communications, Inc. (Canada)
7.500%	08/15/2038			120,000		155,814
6.800%	08/15/2018			200,000		223,358
Telefonica Europe BV (Netherlands)
8.250%	09/15/2030			350,000		458,680
Vodafone Group plc (United Kingdom)
7.875%	02/15/2030			250,000		305,560
6.150%	02/27/2037			200,000		197,938
5.625%	02/27/2017			500,000		522,165
1.500%	02/19/2018			300,000		296,821
						3,420,173
TOTAL CORPORATE OBLIGATIONS
(Cost $428,738,500)						423,306,166
MORTGAGE-BACKED SECURITIES—30.6%
Commercial Mortgage-Backed Securities—1.3%
Banc of America Commercial Mortgage Trust, Series 2007-5, Class A4
5.492%	02/10/2051			1,695,445		1,757,633
Bear Stearns Commercial Mortgage Securities, Series 2006-T24, Class A4
5.537%	10/12/2041			873,063		885,043
Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class A2
2.962%	11/10/2046			1,000,000		1,020,410
Citigroup Commercial Mortgage Trust, Series 2014-GC19, Class A1
1.199%	03/10/2047			360,449		353,090
Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class A4
3.622%	07/10/2047			650,000		666,252
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A4
5.322%	12/11/2049			892,908		908,569
COMM Mortgage Trust, Series 2013-CR11, Class B
5.163%	10/10/2046	#		500,000		548,909
COMM Mortgage Trust, Series 2013-LC13, Class A4
3.916%	08/10/2046			1,000,000		1,053,456
COMM Mortgage Trust, Series 2014-CR15, Class A4
4.074%	02/10/2047	#		500,000		530,242

See accompanying notes to financial statements.

329

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
MORTGAGE-BACKED SECURITIES—(Continued)
COMM Mortgage Trust, Series 2014-CR16, Class A4
4.051%		04/10/2047		$	500,000	$	527,688
COMM Mortgage Trust, Series 2014-UBS2, Class A1
1.298%		03/10/2047			754,080		745,069
COMM Mortgage Trust, Series 2015-CR22
2.856%		03/10/2048			216,000		219,108
COMM Mortgage Trust, Series 2015-LC19, Class A4
3.183%		02/10/2048			1,000,000		984,941
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4
5.736%		12/10/2049			804,533		831,037
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4
5.444%		03/10/2039			843,954		863,371
GS Mortgage Securities Corp. II, Series 2012-GCJ7, Class A4
3.377%		05/10/2045			1,000,000		1,026,074
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-CB20, Class A4
5.794%		02/12/2051	#		441,822		459,785
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-LD12, Class A4
5.882%		02/15/2051	#		1,000,000		1,038,135
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class A3
5.420%		01/15/2049			452,729		462,435
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2012-C6, Class A3
3.507%		05/15/2045			500,000		517,056
JPMBB Commercial Mortgage Securities Trust, Series 2014-C21, Class A5
3.775%		08/15/2047			1,000,000		1,033,060
JPMBB Commercial Mortgage Securities Trust, Series 2014-C22, Class A4
3.801%		09/15/2047			500,000		514,129
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C6, Class A4
2.858%		11/15/2045			500,000		499,255
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class A2
3.085%		08/15/2046			700,000		715,588
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class A4
3.102%		05/15/2046			800,000		799,571
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C15, Class A4
4.051%		04/15/2047			1,000,000		1,057,634
UBS-Barclays Commercial Mortgage Trust, Series 2012-C3, Class A4
3.091%		08/10/2049			550,000		552,760
UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class A5
2.850%		12/10/2045			500,000		492,297
Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class ASB
3.477%		08/15/2050			1,000,000		1,025,726

Coupon Rate	Maturity Date			Face		Value
Wells Fargo Commercial Mortgage Trust, Series 2015-C28
3.290%	05/15/2048		$	1,000,000	$	990,356
						23,078,679
U.S. Government Agency Mortgage-Backed Securities—29.3%
Federal Home Loan Mortgage Corp.
7.500%	06/01/2027- 10/01/2029			132,281		154,941
7.000%	02/01/2016- 09/01/2036			193,630		210,847
6.500%	03/01/2016- 01/01/2039			734,770		844,124
6.254%	01/01/2037	#		62,302		64,298
6.000%	11/01/2016- 10/01/2038			2,013,197		2,280,425
5.759%	02/01/2037	#		84,068		88,784
5.500%	02/01/2018- 08/01/2039			4,030,906		4,472,131
5.000%	08/01/2017- 07/01/2041			7,066,335		7,732,015
4.500%	08/01/2018- 02/01/2045			11,599,797		12,511,701
4.000%	07/01/2018- 10/01/2045			22,666,826		23,997,594
3.500%	06/01/2022- 10/01/2045			24,941,556		25,786,570
3.000%	10/01/2026- 12/01/2045			28,947,557		29,249,822
2.984%	06/01/2041	#		53,688		57,022
2.660%	01/01/2042	#		175,368		184,414
2.500%	08/01/2027- 07/01/2043			6,978,345		7,073,920
2.415%	10/01/2043	#		568,140		578,080
2.145%	08/01/2043	#		682,190		690,418
2.000%	08/01/2029			991,838		983,697
Federal Home Loan Mortgage Corp. TBA
5.000%- 4.000%	01/15/2046- 02/15/2046			950,000		985,674
3.500%	01/15/2031- 02/15/2046			11,450,000		11,787,782
3.000%	01/15/2031- 02/15/2046			1,850,000		1,873,056
2.500%	01/15/2031			2,925,000		2,951,184
Federal National Mortgage Association
7.500%	06/01/2030- 07/01/2031			14,880		15,935
7.000%	03/01/2030- 04/01/2038			428,116		480,663
6.500%	02/01/2017- 10/01/2039			726,031		836,606
6.000%	06/01/2016- 11/01/2039			2,827,306		3,199,701
5.500%	01/01/2018- 09/01/2041			8,271,627		9,244,016
5.000%	03/01/2018- 08/01/2041			9,823,686		10,812,351
4.500%	03/01/2018- 02/01/2045			18,671,662		20,178,995
4.000%	08/01/2018- 02/01/2045			24,688,537		26,186,900
3.577%	08/01/2040	#		77,675		81,877
3.510%	02/01/2041	#		84,617		88,165

See accompanying notes to financial statements.

330

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
MORTGAGE-BACKED SECURITIES—(Continued)
3.500%		09/01/2025- 08/01/2045		$	32,611,814	$	33,836,786
3.440%		05/01/2041	#		111,008		116,855
3.000%		09/01/2021- 12/01/2045			37,351,273		37,864,521
2.936%		05/01/2042	#		226,869		232,939
2.820%		01/01/2042	#		322,259		333,612
2.670%		12/01/2043	#		49,302		50,901
2.500%		08/01/2027- 09/01/2043			11,140,447		11,216,745
2.465%		06/01/2040	#		75,776		80,509
2.445%		02/01/2037	#		60,792		65,081
2.000%		09/01/2029- 05/01/2030			1,750,760		1,729,009
Federal National Mortgage Association—ACES, Series 2012-M5, Class A2
2.715%		02/25/2022			1,000,000		1,015,639
Federal National Mortgage Association—ACES, Series 2013-M14, Class APT
2.505%		04/25/2023	#		914,072		914,455
Federal National Mortgage Association—ACES, Series 2014-M3, Class AB2
3.462%		01/25/2024	#		640,000		665,665
Federal National Mortgage Association—ACES, Series 2015-M1, Class A2
2.532%		09/25/2024			1,500,000		1,458,614
Federal National Mortgage Association TBA
6.500%- 4.000%		01/25/2031- 02/25/2046			17,200,000		18,191,231
3.500%		01/25/2046- 02/25/2046			26,150,000		26,977,845
3.000%		01/25/2031- 02/25/2046			13,000,000		13,042,601
2.500%- 2.000%		01/25/2031- 01/25/2046			3,075,000		3,100,317
FHLMC Multifamily Structured Pass Through Certificates, Series K012, Class A2
4.184%		12/25/2020	#		900,000		978,988
FHLMC Multifamily Structured Pass Through Certificates, Series K014, Class A2
3.871%		04/25/2021			1,500,000		1,598,848
FHLMC Multifamily Structured Pass Through Certificates, Series K017, Class A2
2.873%		12/25/2021			575,000		591,083
FHLMC Multifamily Structured Pass Through Certificates, Series K029, Class A2
3.320%		02/25/2023	#		1,000,000		1,042,422
FHLMC Multifamily Structured Pass Through Certificates, Series K032, Class A1
3.016%		02/25/2023			416,314		431,326
FHLMC Multifamily Structured Pass Through Certificates, Series K032, Class A2
3.310%		05/25/2023	#		865,000		899,416
FHLMC Multifamily Structured Pass Through Certificates, Series K033, Class A2
3.060%		07/25/2023	#		800,000		817,927
FHLMC Multifamily Structured Pass Through Certificates, Series K714, Class A1
2.075%		12/25/2019			512,348		517,218

Coupon Rate	Maturity Date			Face		Value
Government National Mortgage Association
7.500%	12/15/2029- 05/15/2032		$	207,110	$	250,476
6.500%	03/15/2026- 01/15/2039			644,827		740,282
6.000%	02/15/2033- 12/15/2039			1,357,957		1,546,723
5.500%	01/15/2024- 07/20/2040			2,786,773		3,133,614
5.000%	03/20/2033- 10/20/2044			8,320,845		9,194,435
4.500%	04/20/2026- 10/20/2045			14,830,055		16,030,513
4.000%	08/15/2024- 11/20/2045			23,912,002		25,480,426
3.500%	12/15/2025- 12/20/2045			19,399,303		20,269,421
3.500%	03/20/2041- 05/20/2041	#		483,467		498,783
3.000%	11/20/2041- 07/20/2042	#		648,531		669,084
3.000%	04/15/2027- 12/20/2045			19,029,298		19,378,115
2.500%	12/20/2027- 06/20/2045			1,374,665		1,369,371
2.500%	12/20/2040- 11/20/2043	#		259,541		265,160
Government National Mortgage Association TBA
5.000%- 4.000%	01/15/2046- 02/15/2046			1,975,000		2,060,371
3.500%	01/15/2046- 02/15/2046			26,450,000		27,574,889
3.000%	01/15/2046- 02/15/2046			8,625,000		8,741,416
						500,657,340
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $517,974,113)						523,736,019
U.S. TREASURY OBLIGATIONS—35.8%
U.S. Treasury Bonds—6.0%
U.S. Treasury Bond
9.125%	05/15/2018			1,060,000		1,258,170
8.875%	02/15/2019			2,035,000		2,504,839
8.500%	02/15/2020			951,000		1,211,392
7.625%	11/15/2022			2,500,000		3,394,630
7.250%	08/15/2022			2,720,000		3,598,955
6.625%	02/15/2027			715,000		1,014,211
6.500%	11/15/2026			60,000		83,979
6.375%	08/15/2027			1,070,000		1,503,538
6.250%	08/15/2023			2,415,000		3,118,651
6.125%	11/15/2027- 08/15/2029			1,652,000		2,302,770
5.375%	02/15/2031			1,590,000		2,156,779
5.000%	05/15/2037			1,880,000		2,577,215
4.750%	02/15/2041			2,223,000		2,955,721
4.625%	02/15/2040			2,183,000		2,844,211
4.500%	05/15/2038			2,115,000		2,716,536
4.375%	11/15/2039- 05/15/2041			5,615,000		7,073,838
4.250%	05/15/2039- 11/15/2040			4,313,000		5,331,766
3.875%	08/15/2040			1,850,000		2,163,560
3.750%	11/15/2043			1,940,000		2,235,130

See accompanying notes to financial statements.

331

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—(Continued)
3.625%		08/15/2043- 02/15/2044		$	9,080,000	$	10,221,486
3.375%		05/15/2044			2,985,000		3,204,445
3.125%		11/15/2041- 08/15/2044			10,970,000		11,263,418
3.000%		05/15/2042- 11/15/2045			10,471,000		10,448,387
2.875%		05/15/2043- 08/15/2045			7,940,000		7,727,228
2.750%		08/15/2042- 11/15/2042			5,573,000		5,320,764
2.500%		02/15/2045			4,620,000		4,146,450
							102,378,069
U.S. Treasury Notes—29.8%
U.S. Treasury Note
4.750%		08/15/2017			1,849,000		1,960,807
4.625%		02/15/2017			1,230,000		1,281,002
4.500%		05/15/2017			1,000,000		1,048,359
4.250%		11/15/2017			2,430,000		2,573,380
4.000%		08/15/2018			1,750,000		1,878,208
3.875%		05/15/2018			590,000		627,877
3.750%		11/15/2018			2,350,000		2,514,958
3.625%		08/15/2019- 02/15/2021			10,290,000		11,144,999
3.500%		02/15/2018- 05/15/2020			5,851,000		6,233,084
3.375%		11/15/2019			2,690,000		2,873,046
3.250%		03/31/2017			1,413,000		1,453,983
3.125%		04/30/2017- 05/15/2021			6,998,000		7,385,861
3.000%		02/28/2017			1,070,000		1,096,290
2.875%		03/31/2018			1,060,000		1,100,619
2.750%		05/31/2017- 02/15/2024			16,234,000		16,854,006
2.625%		01/31/2018- 11/15/2020			13,520,000		14,022,672
2.500%		06/30/2017- 05/15/2024			13,535,000		13,844,881
2.375%		07/31/2017- 08/15/2024			14,129,000		14,364,331
2.250%		11/30/2017- 11/15/2025			28,988,000		29,277,683
2.125%		08/31/2020- 05/15/2025			24,443,000		24,515,291
2.000%		07/31/2020- 08/15/2025			45,378,000		45,251,929
1.875%		08/31/2017- 08/31/2022			21,162,000		21,214,583
1.750%		09/30/2019- 05/15/2023			23,330,000		23,090,308
1.625%		03/31/2019- 08/15/2022			24,810,000		24,733,762
1.625%		11/30/2020	†		5,020,000		4,990,683
1.500%		08/31/2018- 05/31/2020			28,247,000		28,237,983
1.375%		10/31/2020	†		5,240,000		5,147,991
1.375%		06/30/2018- 09/30/2020			36,058,000		35,818,064

Coupon Rate	Maturity Date		Face		Value
1.250%	10/31/2018- 02/29/2020	$	17,608,000	$	17,479,878
1.125%	05/31/2019- 04/30/2020		8,860,000		8,689,731
1.000%	03/31/2017- 11/30/2019		39,694,000		39,444,379
0.875%	02/28/2017- 07/31/2019		40,890,000		40,744,131
0.750%	03/15/2017- 03/31/2018		21,845,000		21,725,514
0.625%	02/15/2017- 04/30/2018		26,935,000		26,744,792
0.500%	02/28/2017- 07/31/2017		10,650,000		10,598,653
					509,963,718
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $614,858,038)					612,341,787
GOVERNMENT RELATED OBLIGATIONS—7.6%
U.S. Government Agencies—2.7%
Federal Home Loan Bank
5.500%	07/15/2036		500,000		650,795
4.875%	09/08/2017		1,250,000		1,327,938
1.625%	06/14/2019		1,000,000		1,003,701
1.000%	12/19/2017		1,000,000		997,798
0.750%	08/28/2017		1,250,000		1,244,037
0.625%	05/30/2017		2,000,000		1,991,058
Federal Home Loan Bank, Series 1
1.000%	06/21/2017		1,500,000		1,499,497
0.875%	05/24/2017		260,000		259,687
Federal Home Loan Mortgage Corp.
6.750%	03/15/2031		400,000		574,331
6.250%	07/15/2032		650,000		905,198
5.125%	11/17/2017		800,000		859,318
4.875%	06/13/2018		1,000,000		1,086,322
3.750%	03/27/2019		500,000		535,576
2.375%	01/13/2022		1,000,000		1,014,744
1.375%	05/01/2020		1,000,000		985,188
1.250%	05/12/2017- 10/02/2019		3,000,000		2,978,050
1.200%	06/12/2018		200,000		199,122
1.020%	04/30/2018		825,000		825,196
1.000%	03/08/2017- 12/15/2017		2,000,000		1,998,617
0.875%	02/22/2017		1,500,000		1,499,470
Federal National Mortgage Association
7.125%	01/15/2030		700,000		1,027,177
6.625%	11/15/2030		500,000		709,175
6.250%	05/15/2029		540,000		733,189
6.000%	04/18/2036		250,000		253,842
5.000%	05/11/2017		650,000		685,100
3.000%	03/01/2028		600,000		586,838
2.625%	09/06/2024		500,000		505,865
1.875%	09/18/2018- 02/19/2019		2,000,000		2,028,284
1.750%	11/26/2019		750,000		754,275
1.625%	04/26/2018- 11/27/2018		1,500,000		1,508,996
1.125%	04/27/2017- 04/30/2018		1,500,000		1,495,633
1.070%	07/28/2017- 09/27/2017		1,125,000		1,122,870

See accompanying notes to financial statements.

332

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
GOVERNMENT RELATED OBLIGATIONS—(Continued)
1.000%		12/28/2017- 02/15/2018		$	970,000	$	965,081
0.950%		08/23/2017			750,000		745,389
0.875%		10/26/2017- 05/21/2018			4,000,000		3,977,740
0.000%		10/09/2019			1,000,000		926,534
Federal National Mortgage Association, Series 1
1.000%		04/30/2018			500,000		495,842
Financing Corp.
8.600%		09/26/2019			500,000		623,377
Financing Corp., Series E
9.650%		11/02/2018			500,000		611,889
Israel Government AID Bond (Israel)
5.500%		04/26/2024			350,000		423,991
Tennessee Valley Authority
5.250%		09/15/2039			500,000		602,251
3.500%		12/15/2042			500,000		462,907
1.750%		10/15/2018			500,000		505,257
Tennessee Valley Authority, Series E
6.250%		12/15/2017			1,200,000		1,316,072
							45,503,217
Non-U.S. Government Agencies—1.1%
Export Development Canada (Canada)
1.750%		08/19/2019			500,000		502,236
Export-Import Bank of Korea (Korea, Republic of)
5.000%		04/11/2022			400,000		448,567
3.250%		08/12/2026			500,000		497,594
2.250%		01/21/2020			300,000		296,145
FMS Wertmanagement AoeR (Germany)
1.625%		11/20/2018			350,000		351,313
Japan Bank for International Cooperation (Japan)
1.750%		07/31/2018			500,000		499,194
Japan Bank for International Cooperation, Series DTC (Japan)
2.125%		02/10/2025			500,000		473,373
1.125%		07/19/2017			500,000		497,035
KFW (Germany)
4.875%		01/17/2017			500,000		520,060
4.500%		07/16/2018			500,000		537,774
4.000%		01/27/2020			300,000		325,129
2.125%		01/17/2023			500,000		494,845
2.000%		10/04/2022			500,000		492,503
2.000%		05/02/2025	†		730,000		703,209
1.875%		04/01/2019- 06/30/2020			1,600,000		1,603,608
1.250%		02/15/2017			400,000		400,714
0.750%		03/17/2017			2,000,000		1,994,104
0.000%		04/18/2036			750,000		395,104
KFW MTN (Germany)
4.375%		03/15/2018			500,000		533,388
2.750%		09/08/2020	†		500,000		518,290
2.750%		10/01/2020			500,000		518,443
Korea Development Bank (The) (Korea, Republic of)
3.875%		05/04/2017			300,000		307,906
3.750%		01/22/2024			750,000		784,478
2.875%		08/22/2018			350,000		356,428
Landwirtschaftliche Rentenbank (Germany)
5.125%		02/01/2017			300,000		313,109
1.750%		04/15/2019			250,000		251,309

Coupon Rate	Maturity Date			Face		Value
Oesterreichische Kontrollbank AG (Austria)
1.625%	03/12/2019		$	350,000	$	349,786
1.500%	10/21/2020			180,000		175,904
Petroleos Mexicanos (Mexico)
8.000%	05/03/2019			1,000,000		1,103,370
6.625%	06/15/2035			500,000		449,375
5.625%	01/23/2046	^		250,000		192,238
5.500%	01/21/2021- 06/27/2044			900,000		808,536
5.500%	06/27/2044	^		400,000		302,936
4.875%	01/18/2024			500,000		467,500
Svensk Exportkredit AB (Sweden)
5.125%	03/01/2017			500,000		523,278
1.875%	06/17/2019			500,000		501,388
						19,490,169
Sovereign Debt—1.3%
Brazilian Government International Bond (Brazil)
10.125%	05/15/2027			435,000		516,562
Canada Government International Bond (Canada)
1.625%	02/27/2019			750,000		751,247
Chile Government International Bond (Chile)
3.875%	08/05/2020			500,000		534,500
Colombia Government International Bond (Colombia)
11.750%	02/25/2020	†		200,000		260,000
8.125%	05/21/2024			200,000		240,300
7.375%	09/18/2037	†		200,000		221,500
6.125%	01/18/2041			500,000		485,000
5.625%	02/26/2044			500,000		458,750
Finland Government International Bond (Finland)
6.950%	02/15/2026			150,000		200,201
Israel Government International Bond (Israel)
4.000%	06/30/2022			400,000		431,206
Italy Government International Bond (Italy)
6.875%	09/27/2023			450,000		554,536
5.375%	06/15/2033			300,000		343,425
Mexico Government International Bond (Mexico)
6.050%	01/11/2040			500,000		549,375
3.625%	03/15/2022			300,000		302,550
Mexico Government International Bond MTN (Mexico)
8.300%	08/15/2031			950,000		1,406,000
5.950%	03/19/2019			1,000,000		1,111,250
4.750%	03/08/2044			800,000		730,800
3.500%	01/21/2021			500,000		508,750
Panama Government International Bond (Panama)
6.700%	01/26/2036	†		288,000		343,440
5.200%	01/30/2020			450,000		489,375
3.750%	03/16/2025			300,000		294,750
Peruvian Government International Bond (Peru)
7.350%	07/21/2025			400,000		502,500
6.550%	03/14/2037	†		500,000		580,000
Philippine Government International Bond (Philippines)
10.625%	03/16/2025			600,000		946,007
9.500%	02/02/2030			400,000		631,482
9.375%	01/18/2017			200,000		216,948
6.500%	01/20/2020			300,000		351,508
5.000%	01/13/2037			500,000		584,143
Poland Government International Bond (Poland)
6.375%	07/15/2019			500,000		571,875
5.125%	04/21/2021			1,300,000		1,449,643
Republic of Korea (Korea, Republic of)
3.875%	09/11/2023			250,000		270,363

See accompanying notes to financial statements.

333

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
GOVERNMENT RELATED OBLIGATIONS—(Continued)
South Africa Government International Bond (South Africa)
6.875%		05/27/2019		$	500,000	$	536,780
5.375%		07/24/2044	†		300,000		271,499
4.665%		01/17/2024	†		400,000		381,500
Turkey Government International Bond (Turkey)
8.000%		02/14/2034			600,000		751,452
7.500%		11/07/2019			500,000		561,959
5.750%		03/22/2024			350,000		370,745
4.875%		04/16/2043			1,000,000		882,600
4.250%		04/14/2026			280,000		263,382
3.250%		03/23/2023			800,000		734,922
Uruguay Government International Bond (Uruguay)
8.000%		11/18/2022			330,815		413,122
4.375%		10/27/2027			260,000		256,750
4.125%		11/20/2045			200,000		156,000
							22,418,697
Supranational—1.5%
Asian Development Bank MTN
2.125%		11/24/2021	†		400,000		400,393
2.000%		01/22/2025			250,000		242,013
1.875%		02/18/2022			500,000		493,361
1.750%		09/11/2018			500,000		504,305
1.500%		01/22/2020			250,000		247,500
1.375%		03/23/2020			300,000		294,871
1.125%		03/15/2017			500,000		500,865
0.750%		01/11/2017			500,000		499,161
Council Of Europe Development Bank
1.750%		11/14/2019			400,000		399,641
Council Of Europe Development Bank MTN
1.500%		02/22/2017			400,000		402,319
European Bank for Reconstruction & Development MTN
1.875%		02/23/2022			400,000		393,864
1.750%		06/14/2019	†		500,000		502,701
1.000%		02/16/2017			500,000		500,958
European Investment Bank
5.125%		05/30/2017			500,000		527,804
4.875%		01/17/2017- 02/15/2036			750,000		853,039
2.875%		09/15/2020			1,250,000		1,301,396
2.500%		04/15/2021			500,000		510,685
1.875%		03/15/2019			1,500,000		1,512,287
1.750%		03/15/2017			500,000		504,339
1.375%		06/15/2020			580,000		566,945
1.250%		05/15/2018			300,000		299,055
1.125%		09/15/2017			500,000		499,416
1.000%		03/15/2018- 06/15/2018			900,000		892,373
European Investment Bank MTN
1.625%		12/18/2018			1,000,000		1,002,585
Inter-American Development Bank
3.000%		02/21/2024			250,000		262,818
2.125%		01/15/2025			250,000		243,590
1.750%		08/24/2018			400,000		403,889
1.125%		03/15/2017	†		500,000		501,187
Inter-American Development Bank MTN
3.875%		02/14/2020			400,000		433,856
1.875%		06/16/2020			750,000		751,420
1.250%		01/16/2018			450,000		450,929
0.875%		03/15/2018	†		1,000,000		992,565

Coupon Rate	Maturity Date			Face		Value
International Bank for Reconstruction & Development
1.875%	10/07/2019- 10/07/2022		$	680,000	$	678,649
1.125%	07/18/2017	†		750,000		752,282
1.000%	10/05/2018	†		490,000		484,640
0.875%	04/17/2017	†		700,000		699,089
International Bank for Reconstruction & Development, Series GDIF
2.500%	07/29/2025			800,000		805,580
1.875%	03/15/2019			500,000		505,702
1.625%	02/10/2022			400,000		388,510
1.375%	04/10/2018			500,000		502,100
1.000%	11/15/2017			1,060,000		1,058,518
International Finance Corp.
1.750%	09/16/2019			500,000		499,843
International Finance Corp. MTN
2.125%	11/17/2017			500,000		508,370
1.250%	07/16/2018			500,000		498,376
Nordic Investment Bank
1.125%	03/19/2018			300,000		299,213
						25,573,002
U.S. Municipal Bonds—0.9%
American Municipal Power-Ohio, Inc. Revenue Bonds, Series 2010 B (Ohio)
7.499%	02/15/2050			200,000		265,020
Bay Area Toll Authority Revenue Bonds, Series 2009 F-2 (California)
6.263%	04/01/2049			400,000		539,480
California State Public Works Board Revenue Bonds, Series 2009 G-2 (California)
8.361%	10/01/2034			400,000		568,100
City of Chicago Illinois Taxable Project General Obligation Bonds, Series B (Illinois)
6.314%	01/01/2044			350,000		335,192
City of Houston Texas Utility System Taxable First Lien Revenue Bonds, Series B (Texas)
3.828%	05/15/2028			400,000		416,116
City of New York General Obligation Bonds, Series 2010 C-1 (New York)
5.517%	10/01/2037			100,000		118,233
City of New York General Obligation Bonds, Series H (New York)
5.846%	06/01/2040			200,000		248,532
County of Cook Illinois General Obligation Bonds, Series 2010 D (Illinois)
6.229%	11/15/2034			400,000		428,672
Dallas Area Rapid Transit Revenue Bonds, Series 2010 B (Texas)
5.022%	12/01/2048			300,000		355,317
Dallas Convention Center Hotel Development Corp. Revenue Bonds, Series 2009 B (Texas)
7.088%	01/01/2042			200,000		257,788
Dallas County Hospital District General Obligation Bonds, Series 2009 C (Texas)
5.621%	08/15/2044			300,000		370,350
Dallas Independent School District General Obligation Bonds, Series 2010 C (Texas)
6.450%	02/15/2035			300,000		348,978
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		748,333

See accompanying notes to financial statements.

334

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date		Face		Value
GOVERNMENT RELATED OBLIGATIONS—(Continued)
Florida Hurricane Catastrophe Fund Finance Corp. Revenue Bonds, Series 2013 A (Florida)
2.107%		07/01/2018	$	200,000	$	201,584
Los Angeles Unified School District General Obligation Bonds, Series 2009 KRY (California)
5.755%		07/01/2029		200,000		238,512
5.750%		07/01/2034		300,000		361,443
Metropolitan Government of Nashville & Davidson County Authority General Obligation Bonds, Series 2010 B (Tennessee)
5.707%		07/01/2034		300,000		349,035
Metropolitan Transportation Authority Revenue Bonds, Series 2010 B-1 (New York)
6.648%		11/15/2039		300,000		390,555
6.548%		11/15/2031		200,000		246,284
Municipal Electric Authority of Georgia Revenue Bonds, Series 2010 A (Georgia)
6.637%		04/01/2057		300,000		360,333
New Jersey Economic Development Authority Revenue Bonds, Series 1997 A (New Jersey)
7.425%		02/15/2029		200,000		228,546
New Jersey State Turnpike Authority Revenue Bonds, Series 2010 A (New Jersey)
7.102%		01/01/2041		500,000		687,730
New York City Municipal Water Finance Authority Revenue Bonds, Series 2010 GG (New York)
5.724%		06/15/2042		300,000		375,087
New York State Dormitory Authority Revenue Bonds, Series 2010 D (New York)
5.600%		03/15/2040		200,000		241,640
North Texas Tollway Authority Revenue Bonds, Series 2010 B-2 (Texas)
8.910%		02/01/2030		200,000		237,972
Ohio State University General Obligation Bonds, Series 2010 C (Ohio)
4.910%		06/01/2040		300,000		337,095
Oregon General Obligation Bonds (Oregon)
5.762%		06/01/2023		200,000		229,714
Oregon State Department of Transportation Revenue Bonds, Series 2010 A (Oregon)
5.834%		11/15/2034		300,000		381,243
Port Authority of New York & New Jersey Revenue Bonds (New York)
6.040%		12/01/2029		255,000		309,108
4.458%		10/01/2062		200,000		192,414
San Francisco California City & County General Obligation Bonds, Series 2010 DE (California)
6.000%		11/01/2040		200,000		243,650
State of California General Obligation Bonds (California)
7.550%		04/01/2039		500,000		726,755
7.300%		10/01/2039		200,000		280,118
State of California General Obligation Bonds, Series 2010 (California)
7.625%		03/01/2040		600,000		874,362
State of Connecticut General Obligation Bonds, Series 2008 A (Connecticut)
5.850%		03/15/2032		200,000		235,948
State of Georgia General Obligation Bonds, Series 2009 H (Georgia)
4.503%		11/01/2025		300,000		333,213

Coupon Rate	Maturity Date			Face		Value
State of Illinois General Obligation Bonds (Illinois)
7.350%	07/01/2035		$	100,000	$	109,704
5.100%	06/01/2033			500,000		473,325
State of Texas General Obligation Bonds, Series 2010 A (Texas)
4.681%	04/01/2040			300,000		334,803
State of Utah General Obligation Bonds, Series 2010 B (Utah)
3.539%	07/01/2025			300,000		315,765
University of California Revenue Bonds, Series 2009 R (California)
5.770%	05/15/2043			200,000		245,268
University of California Revenue Bonds, Series 2010 H (California)
6.548%	05/15/2048			300,000		385,350
University of California Revenue Bonds, Series 2013 AH (California)
1.796%	07/01/2019			300,000		301,215
						15,227,882
Non-U.S. Regional Authority Bonds—0.1%
Hydro-Quebec, Series IO (Canada)
8.050%	07/07/2024			250,000		337,006
Province of Ontario (Canada)
4.400%	04/14/2020			200,000		218,801
2.500%	09/10/2021			400,000		400,206
1.200%	02/14/2018			400,000		397,872
Province of Quebec (Canada)
2.750%	08/25/2021			300,000		303,933
Province of Quebec, Series QO (Canada)
2.875%	10/16/2024	†		700,000		704,787
						2,362,605
TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $120,405,981)						130,575,572
ASSET-BACKED SECURITIES—0.6%
Automobiles—0.3%
AmeriCredit Automobile Receivables Trust Series 2014-4, Class A3
1.270%	07/08/2019			1,000,000		996,822
AmeriCredit Automobile Receivables Trust Series 2013-5, Class A3
0.900%	09/10/2018			306,536		306,116
CarMax Auto Owner Trust Series 2013-2, Class A4
0.840%	11/15/2018			575,000		570,726
CarMax Auto Owner Trust Series 2014-1, Class A3
0.790%	10/15/2018			217,272		216,422
Fifth Third Auto Trust Series 2014-3, Class A4
1.470%	05/17/2021			500,000		496,053
Ford Credit Auto Owner Trust Series 2013-C, Class A4
1.250%	10/15/2018			500,000		499,720
Honda Auto Receivables Owner Trust Series 2013-4, Class A4
1.040%	02/18/2020			300,000		299,222
Honda Auto Receivables Owner Trust Series 2014-4, Class A3
0.990%	09/17/2018			500,000		498,462

See accompanying notes to financial statements.

335

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
ASSET-BACKED SECURITIES—(Continued)
Santander Drive Auto Receivables Trust Series 2014-1, Class A3
0.870%		01/16/2018		$	94,355	$	94,353
Volkswagen Auto Lease Trust Series 2015-A
1.420%		07/22/2019			1,000,000		992,914
							4,970,810
Credit Card—0.3%
Barclays Dryrock Issuance Trust Series 2015-1, Class A
2.200%		12/15/2022			500,000		498,587
Capital One Multi-Asset Execution Trust Series 2007-A7, Class A7
5.750%		07/15/2020			1,500,000		1,603,796
Citibank Credit Card Issuance Trust Series 2014-A5, Class A5
2.680%		06/07/2023			1,000,000		1,016,406
Citibank Credit Card Issuance Trust Series 2014-A2, Class A2
1.020%		02/22/2019			1,000,000		997,859
Citibank Credit Card Issuance Trust Series 2014-A1, Class A1
2.880%		01/23/2023			500,000		511,231
							4,627,879
Other—0.0%
CenterPoint Energy Restoration Bond Co. LLC Series 2009-1, Class A2
3.460%		08/15/2019			337,067		345,120
TOTAL ASSET-BACKED SECURITIES
(Cost $10,079,928)							9,943,809
					Shares		Value
MONEY MARKET FUNDS—8.5%
Institutional Money Market Funds—8.5%
Dreyfus Institutional Cash Advantage Fund, 0.26%			††¥		3,650,000		3,650,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32%			¥		123,817,000		123,817,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32%			††¥		3,483,982		3,483,982
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.32%			††¥		3,650,000		3,650,000

Coupon Rate	Maturity Date			Face		Value
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.29%		††¥	$	3,650,000	$	3,650,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.32%		††¥		3,650,000		3,650,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.31%		††¥		3,650,000		3,650,000
TOTAL MONEY MARKET FUNDS
(Cost $145,550,982)						145,550,982
TOTAL INVESTMENTS—107.9%
(Cost $1,837,607,542)						1,845,454,335
Other assets less liabilities—(7.9%)						(134,602,859	)
NET ASSETS—100.0%					$	1,710,851,476

Notes to the Schedule of Investments:

MTN	Medium Term Note
REIT	Real Estate Investment Trust
TBA	Security is subject to delayed delivery.
^	Securities are not registered under the Securities Act of 1933. These securities may be resold only in transactions exempt from registration, generally to qualified institutional buyers under Securities Act Rule 144A. Such securities are considered illiquid unless deemed liquid by a subadviser under the liquidity procedures adopted by the Board of Directors. The total market value of 144A securities was $9,515,511, which represents 0.6% of Net Assets. The illiquid 144A securities represented 0.6% of Net Assets, and 100.0% of total 144A securities held.
†	Denotes all or a portion of the security on loan.
#	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.

336

SCHEDULE OF INVESTMENTS

December 31, 2015

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—96.9%
Aerospace & Defense—2.6%
Boeing Co. (The)			31,341	$	4,531,595
General Dynamics Corp.			14,971		2,056,417
Honeywell International, Inc.			38,544		3,992,002
L-3 Communications Holdings, Inc.			4,187		500,389
Lockheed Martin Corp.			13,235		2,873,980
Northrop Grumman Corp.			9,247		1,745,926
Precision Castparts Corp.			6,904		1,601,797
Raytheon Co.			15,210		1,894,101
Rockwell Collins, Inc.			6,360		587,028
Textron, Inc.			14,031		589,442
United Technologies Corp.			40,678		3,907,936
					24,280,613
Air Freight & Logistics—0.7%
C.H. Robinson Worldwide, Inc.			6,890		427,318
Expeditors International of Washington, Inc.			9,863		444,821
FedEx Corp.			13,006		1,937,764
United Parcel Service, Inc., Class B			34,244		3,295,300
					6,105,203
Airlines—0.6%
American Airlines Group, Inc.			31,098		1,317,000
Delta Air Lines, Inc.			39,231		1,988,619
Southwest Airlines Co.			32,713		1,408,622
United Continental Holdings, Inc.	*		18,796		1,077,011
					5,791,252
Auto Components—0.4%
BorgWarner, Inc.			11,440		494,551
Delphi Automotive plc (United Kingdom)			14,015		1,201,506
Goodyear Tire & Rubber Co. (The)			13,243		432,649
Johnson Controls, Inc.			31,629		1,249,029
					3,377,735
Automobiles—0.6%
Ford Motor Co.			192,220		2,708,380
General Motors Co.			70,948		2,412,941
Harley-Davidson, Inc.	†		10,150		460,709
					5,582,030
Banks—5.8%
Bank of America Corp.			517,187		8,704,257
BB&T Corp.			38,235		1,445,665
Citigroup, Inc.			148,133		7,665,883
Comerica, Inc.			8,602		359,822
Fifth Third Bancorp			39,218		788,282
Huntington Bancshares, Inc./Ohio			38,282		423,399
JPMorgan Chase & Co.			182,371		12,041,957
KeyCorp			41,287		544,576
M&T Bank Corp.			8,045		974,893
People’s United Financial, Inc.	†		15,887		256,575
PNC Financial Services Group, Inc. (The)			25,304		2,411,724
Regions Financial Corp.			64,136		615,706

		Shares		Value
SunTrust Banks, Inc.			26,041	$	1,115,596
U.S. Bancorp			81,748		3,488,187
Wells Fargo & Co.			230,403		12,524,707
Zions Bancorporation			9,575		261,398
					53,622,627
Beverages—2.2%
Brown-Forman Corp., Class B			5,280		524,198
Coca-Cola Co. (The)			194,257		8,345,281
Coca-Cola Enterprises, Inc.			10,297		507,024
Constellation Brands, Inc., Class A			8,370		1,192,223
Dr. Pepper Snapple Group, Inc.			9,172		854,830
Molson Coors Brewing Co., Class B			7,503		704,682
Monster Beverage Corp.	*		7,280		1,084,429
PepsiCo, Inc.			72,446		7,238,804
					20,451,471
Biotechnology—3.1%
Alexion Pharmaceuticals, Inc.	*		11,022		2,102,446
Amgen, Inc.			37,338		6,061,078
Baxalta, Inc.			26,792		1,045,692
Biogen, Inc.	*		10,997		3,368,931
Celgene Corp.	*		38,991		4,669,562
Gilead Sciences, Inc.			71,700		7,255,323
Regeneron Pharmaceuticals, Inc.	*		3,808		2,067,249
Vertex Pharmaceuticals, Inc.	*		11,986		1,508,198
					28,078,479
Building Products—0.1%
Allegion plc (Ireland)			4,765		314,109
Masco Corp.			16,953		479,770
					793,879
Capital Markets—2.0%
Affiliated Managers Group, Inc.	*		2,751		439,500
Ameriprise Financial, Inc.			8,937		951,075
Bank of New York Mellon Corp. (The)			54,983		2,266,399
BlackRock, Inc.			6,312		2,149,362
Charles Schwab Corp. (The)			58,971		1,941,915
E*TRADE Financial Corp.	*		13,408		397,413
Franklin Resources, Inc.			19,079		702,489
Goldman Sachs Group, Inc. (The)			19,742		3,558,101
Invesco Ltd.			20,819		697,020
Legg Mason, Inc.			5,159		202,388
Morgan Stanley			76,013		2,417,973
Northern Trust Corp.			10,395		749,376
State Street Corp.			20,092		1,333,305
T. Rowe Price Group, Inc.			12,961		926,582
					18,732,898
Chemicals—2.0%
Air Products & Chemicals, Inc.			9,554		1,243,071
Airgas, Inc.			3,112		430,452
CF Industries Holdings, Inc.			11,706		477,722
Dow Chemical Co. (The)			56,052		2,885,557
E.I. Du Pont de Nemours & Co.			43,728		2,912,285
Eastman Chemical Co.			7,552		509,835
Ecolab, Inc.			13,331		1,524,800
FMC Corp.			6,691		261,819
International Flavors & Fragrances, Inc.			4,037		482,987

See accompanying notes to financial statements.

337

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
LyondellBasell Industries NV, Class A			17,958	$	1,560,550
Monsanto Co.			21,703		2,138,179
Mosaic Co. (The)			16,575		457,304
PPG Industries, Inc.			13,468		1,330,908
Praxair, Inc.			14,092		1,443,021
Sherwin-Williams Co. (The)			3,975		1,031,910
					18,690,400
Commercial Services & Supplies—0.4%
ADT Corp. (The)	†		8,408		277,296
Cintas Corp.			4,556		414,824
Pitney Bowes, Inc.			8,837		182,484
Republic Services, Inc.			11,826		520,226
Stericycle, Inc.	*		4,049		488,309
Tyco International plc			20,247		645,677
Waste Management, Inc.			20,722		1,105,933
					3,634,749
Communications Equipment—1.4%
Cisco Systems, Inc.			251,036		6,816,882
F5 Networks, Inc.	*		3,483		337,712
Harris Corp.			6,327		549,816
Juniper Networks, Inc.			18,361		506,764
Motorola Solutions, Inc.	†		7,833		536,169
QUALCOMM, Inc.			75,195		3,758,622
					12,505,965
Construction & Engineering—0.1%
Fluor Corp.			7,198		339,889
Jacobs Engineering Group, Inc.	*		6,447		270,452
Quanta Services, Inc.	*		8,493		171,983
					782,324
Construction Materials—0.1%
Martin Marietta Materials, Inc.			3,292		449,621
Vulcan Materials Co.			6,299		598,216
					1,047,837
Consumer Finance—0.8%
American Express Co.			41,992		2,920,544
Capital One Financial Corp.			26,574		1,918,111
Discover Financial Services			21,671		1,161,999
Navient Corp.			20,174		230,992
Synchrony Financial	*		41,080		1,249,243
					7,480,889
Containers & Packaging—0.2%
Avery Dennison Corp.			4,217		264,237
Ball Corp.			6,421		466,999
Owens-Illinois, Inc.	*		8,092		140,963
Sealed Air Corp.			10,627		473,964
WestRock Co.			12,822		584,940
					1,931,103
Distributors—0.1%
Genuine Parts Co.			7,299		626,911
Diversified Consumer Services—0.0%
H&R Block, Inc.			12,205		406,549

		Shares		Value
Diversified Financial Services—2.0%
Berkshire Hathaway, Inc., Class B	*		92,974	$	12,276,287
CME Group, Inc.			16,616		1,505,410
Intercontinental Exchange, Inc.			5,894		1,510,396
Leucadia National Corp.			16,356		284,431
McGraw Hill Financial, Inc.			13,550		1,335,759
Moody’s Corp.			8,895		892,524
Nasdaq, Inc.			6,221		361,876
					18,166,683
Diversified Telecommunication Services—2.4%
AT&T, Inc.			305,279		10,504,650
CenturyLink, Inc.			26,893		676,628
Frontier Communications Corp.	†		56,774		265,135
Level 3 Communications, Inc.	*		14,312		778,000
Verizon Communications, Inc.			201,937		9,333,528
					21,557,941
Electric Utilities—1.7%
American Electric Power Co., Inc.			23,737		1,383,155
Duke Energy Corp.			34,043		2,430,330
Edison International			16,304		965,360
Entergy Corp.			9,130		624,127
Eversource Energy			15,934		813,749
Exelon Corp.			45,527		1,264,285
FirstEnergy Corp.			21,257		674,485
NextEra Energy, Inc.			22,672		2,355,394
Pepco Holdings, Inc.			13,216		343,748
Pinnacle West Capital Corp.			5,562		358,638
PPL Corp.			33,148		1,131,341
Southern Co. (The)			44,963		2,103,819
Xcel Energy, Inc.			25,394		911,898
					15,360,329
Electrical Equipment—0.4%
AMETEK, Inc.			12,144		650,797
Eaton Corp. plc			23,468		1,221,275
Emerson Electric Co.			32,426		1,550,935
Rockwell Automation, Inc.			6,795		697,235
					4,120,242
Electronic Equipment, Instruments & Components—0.4%
Amphenol Corp., Class A			15,103		788,830
Corning, Inc.			59,269		1,083,437
FLIR Systems, Inc.			6,247		175,353
TE Connectivity Ltd. (Switzerland)			19,400		1,253,434
					3,301,054
Energy Equipment & Services—1.0%
Baker Hughes, Inc.			21,529		993,563
Cameron International Corp.	*		9,513		601,222
Diamond Offshore Drilling, Inc.	†		2,763		58,299
Ensco plc, Class A (United Kingdom)			11,396		175,384
FMC Technologies, Inc.	*		11,044		320,386
Halliburton Co.			41,993		1,429,442
Helmerich & Payne, Inc.	†		5,069		271,445
National Oilwell Varco, Inc.			18,950		634,636
Schlumberger Ltd.			62,745		4,376,464

See accompanying notes to financial statements.

338

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Transocean Ltd. (Switzerland)	†		15,495	$	191,828
					9,052,669
Food & Staples Retailing—2.3%
Costco Wholesale Corp.			21,689		3,502,773
CVS Health Corp.			54,964		5,373,830
Kroger Co. (The)			47,520		1,987,762
Sysco Corp.			26,310		1,078,710
Walgreens Boots Alliance, Inc.			42,957		3,658,003
Wal-Mart Stores, Inc.			77,705		4,763,317
Whole Foods Market, Inc.	†		17,592		589,332
					20,953,727
Food Products—1.7%
Archer-Daniels-Midland Co.			30,476		1,117,860
Campbell Soup Co.			8,721		458,289
ConAgra Foods, Inc.			21,456		904,585
General Mills, Inc.			29,055		1,675,311
Hershey Co. (The)			7,241		646,404
Hormel Foods Corp.			6,628		524,142
J.M. Smucker Co. (The)			5,901		727,829
Kellogg Co.			12,631		912,842
Keurig Green Mountain, Inc.			5,686		511,626
Kraft Heinz Co. (The)			29,021		2,111,568
McCormick & Co., Inc. (Non-Voting Shares)			6,180		528,761
Mead Johnson Nutrition Co.			9,877		779,789
Mondelez International, Inc., Class A			79,490		3,564,332
Tyson Foods, Inc., Class A			14,505		773,552
					15,236,890
Gas Utilities—0.0%
AGL Resources, Inc.			5,554		354,401
Health Care Equipment & Supplies—2.1%
Abbott Laboratories			74,328		3,338,071
Baxter International, Inc.			26,792		1,022,115
Becton Dickinson and Co.			10,340		1,593,291
Boston Scientific Corp.	*		66,713		1,230,188
C.R. Bard, Inc.			3,762		712,673
DENTSPLY International, Inc.			6,400		389,440
Edwards Lifesciences Corp.	*		10,890		860,092
Intuitive Surgical, Inc.	*		1,852		1,011,488
Medtronic plc (Ireland)			70,127		5,394,169
St. Jude Medical, Inc.			13,536		836,119
Stryker Corp.			15,564		1,446,518
Varian Medical Systems, Inc.	*		4,924		397,859
Zimmer Biomet Holdings, Inc.			8,287		850,163
					19,082,186
Health Care Providers & Services—2.6%
Aetna, Inc.			17,373		1,878,369
AmerisourceBergen Corp.			9,806		1,016,980
Anthem, Inc.			13,000		1,812,720
Cardinal Health, Inc.			16,013		1,429,480
Cigna Corp.			12,555		1,837,173
DaVita HealthCare Partners, Inc.	*		8,431		587,725
Express Scripts Holding Co.	*		33,260		2,907,257
HCA Holdings, Inc.	*		15,722		1,063,279
Henry Schein, Inc.	*		4,254		672,940
Humana, Inc.			7,314		1,305,622

		Shares		Value
Laboratory Corp. of America Holdings	*		4,725	$	584,199
McKesson Corp.			11,485		2,265,187
Patterson Cos., Inc.			4,585		207,288
Quest Diagnostics, Inc.			7,159		509,291
Tenet Healthcare Corp.	*		4,630		140,289
UnitedHealth Group, Inc.			47,299		5,564,254
Universal Health Services, Inc., Class B			4,316		515,719
					24,297,772
Health Care Technology—0.1%
Cerner Corp.	*		15,157		911,997
Hotels, Restaurants & Leisure—1.8%
Carnival Corp.			22,790		1,241,599
Chipotle Mexican Grill, Inc.	*		1,516		727,453
Darden Restaurants, Inc.			6,058		385,531
Marriott International, Inc., Class A	†		10,228		685,685
McDonald’s Corp.			45,755		5,405,496
Royal Caribbean Cruises Ltd.			8,441		854,314
Starbucks Corp.			73,866		4,434,176
Starwood Hotels & Resorts Worldwide, Inc.			8,503		589,088
Wyndham Worldwide Corp.			5,822		422,968
Wynn Resorts Ltd.	†		3,897		269,633
Yum! Brands, Inc.			21,402		1,563,416
					16,579,359
Household Durables—0.4%
D.R. Horton, Inc.			17,147		549,218
Garmin Ltd. (Switzerland)	†		5,519		205,141
Harman International Industries, Inc.			3,424		322,575
Leggett & Platt, Inc.			7,249		304,603
Lennar Corp., Class A	†		8,884		434,517
Mohawk Industries, Inc.	*		3,079		583,132
Newell Rubbermaid, Inc.			13,520		595,962
PulteGroup, Inc.			16,476		293,602
Whirlpool Corp.			3,738		549,000
					3,837,750
Household Products—1.9%
Church & Dwight Co., Inc.			5,472		464,463
Clorox Co. (The)			6,381		809,302
Colgate-Palmolive Co.			44,316		2,952,332
Kimberly-Clark Corp.			18,009		2,292,546
Procter & Gamble Co. (The)			135,000		10,720,350
					17,238,993
Independent Power and Renewable Electricity Producers—0.1%
AES Corp. (The)			32,479		310,824
NRG Energy, Inc.			17,456		205,457
					516,281
Industrial Conglomerates—2.5%
3M Co.			30,815		4,641,972
Danaher Corp.			29,341		2,725,192
General Electric Co.			468,374		14,589,850
Roper Technologies, Inc.			4,825		915,737
					22,872,751

See accompanying notes to financial statements.

339

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Insurance—2.7%
ACE Ltd. (Switzerland)			15,900	$	1,857,915
Aflac, Inc.			21,297		1,275,690
Allstate Corp. (The)			19,403		1,204,732
American International Group, Inc.			61,890		3,835,323
Aon plc (United Kingdom)			13,814		1,273,789
Assurant, Inc.			3,649		293,891
Chubb Corp. (The)			11,326		1,502,281
Cincinnati Financial Corp.			7,064		417,977
Hartford Financial Services Group, Inc. (The)			20,739		901,317
Lincoln National Corp.			12,696		638,101
Loews Corp.			14,136		542,822
Marsh & McLennan Cos., Inc.			26,668		1,478,741
MetLife, Inc.			55,093		2,656,034
Principal Financial Group, Inc.			13,383		601,967
Progressive Corp. (The)			28,835		916,953
Prudential Financial, Inc.			22,434		1,826,352
Torchmark Corp.			5,832		333,357
Travelers Cos., Inc. (The)			15,357		1,733,191
Unum Group			12,946		430,972
XL Group plc (Ireland)			15,370		602,197
					24,323,602
Internet & Catalog Retail—2.1%
Amazon.com, Inc.	*		19,075		12,892,602
Expedia, Inc.			5,776		717,957
Netflix, Inc.	*		21,205		2,425,428
Priceline Group, Inc. (The)	*		2,482		3,164,426
TripAdvisor, Inc.	*		5,214		444,493
					19,644,906
Internet Software & Services—4.1%
Akamai Technologies, Inc.	*		8,593		452,250
Alphabet, Inc., Class A	*		14,456		11,246,912
Alphabet, Inc., Class C	*		14,744		11,188,927
eBay, Inc.	*		54,268		1,491,285
Facebook, Inc., Class A	*		112,657		11,790,682
VeriSign, Inc.	*†		4,937		431,296
Yahoo!, Inc.	*		42,186		1,403,106
					38,004,458
IT Services—3.6%
Accenture plc, Class A (Ireland)			30,967		3,236,052
Alliance Data Systems Corp.	*		3,024		836,348
Automatic Data Processing, Inc.			23,287		1,972,875
Cognizant Technology Solutions Corp., Class A	*		30,055		1,803,901
CSRA, Inc.			7,192		215,760
Fidelity National Information Services, Inc.			14,284		865,610
Fiserv, Inc.	*		11,440		1,046,302
International Business Machines Corp.			44,452		6,117,484
MasterCard, Inc., Class A			49,177		4,787,873
Paychex, Inc.			16,415		868,189
PayPal Holdings, Inc.	*		54,268		1,964,502
Teradata Corp.	*		7,284		192,443
Total System Services, Inc.			8,139		405,322
Visa, Inc., Class A			96,200		7,460,310
Western Union Co. (The)			25,884		463,583

		Shares		Value
Xerox Corp.			48,243	$	512,823
					32,749,377
Leisure Products—0.1%
Hasbro, Inc.			5,289		356,267
Mattel, Inc.	†		16,445		446,811
					803,078
Life Sciences Tools & Services—0.6%
Agilent Technologies, Inc.			16,027		670,089
Illumina, Inc.	*		7,136		1,369,719
PerkinElmer, Inc.			5,961		319,331
Thermo Fisher Scientific, Inc.			19,596		2,779,693
Waters Corp.	*		4,223		568,331
					5,707,163
Machinery—1.1%
Caterpillar, Inc.			29,102		1,977,772
Cummins, Inc.			8,362		735,940
Deere & Co.	†		15,397		1,174,329
Dover Corp.			7,821		479,505
Flowserve Corp.			6,259		263,379
Illinois Tool Works, Inc.			16,264		1,507,348
Ingersoll-Rand plc			12,700		702,183
PACCAR, Inc.			17,602		834,335
Parker-Hannifin Corp.			7,152		693,601
Pentair plc (United Kingdom)			9,045		447,999
Snap-on, Inc.			2,717		465,775
Stanley Black & Decker, Inc.			7,526		803,250
Xylem, Inc.			8,831		322,331
					10,407,747
Media—2.9%
Cablevision Systems Corp., Class A			11,674		372,400
CBS Corp. (Non-Voting Shares), Class B			21,722		1,023,758
Comcast Corp., Class A			121,460		6,853,988
Discovery Communications, Inc., Class A	*†		6,921		184,652
Discovery Communications, Inc., Class C	*		12,914		325,691
Interpublic Group of Cos., Inc. (The)			19,552		455,170
News Corp., Class A			18,912		252,664
News Corp., Class B			5,157		71,992
Omnicom Group, Inc.			12,353		934,628
Scripps Networks Interactive, Inc., Class A			4,803		265,174
TEGNA, Inc.			10,515		268,343
Time Warner Cable, Inc.			13,864		2,573,020
Time Warner, Inc.			40,231		2,601,739
Twenty-First Century Fox, Inc., Class A			58,535		1,589,811
Twenty-First Century Fox, Inc., Class B			21,267		579,100
Viacom, Inc., Class B			17,514		720,876
Walt Disney Co. (The)			75,772		7,962,122
					27,035,128
Metals & Mining—0.2%
Alcoa, Inc.			64,440		636,023
Freeport-McMoRan, Inc.	†		57,204		387,271
Newmont Mining Corp.			26,034		468,352

See accompanying notes to financial statements.

340

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Nucor Corp.			15,142	$	610,222
					2,101,868
Multiline Retail—0.6%
Dollar General Corp.			14,524		1,043,840
Dollar Tree, Inc.	*		11,637		898,609
Kohl’s Corp.	†		9,902		471,632
Macy’s, Inc.			15,856		554,643
Nordstrom, Inc.	†		6,623		329,892
Target Corp.			30,750		2,232,757
					5,531,373
Multi-Utilities—1.1%
Ameren Corp.			12,086		522,478
CenterPoint Energy, Inc.			20,327		373,204
CMS Energy Corp.			13,446		485,132
Consolidated Edison, Inc.			14,682		943,612
Dominion Resources, Inc.			29,063		1,965,821
DTE Energy Co.			8,962		718,663
NiSource, Inc.			15,958		311,341
PG&E Corp.			24,090		1,281,347
Public Service Enterprise Group, Inc.			25,157		973,324
SCANA Corp.			6,556		396,572
Sempra Energy			11,691		1,099,071
TECO Energy, Inc.			11,018		293,630
WEC Energy Group, Inc.			15,946		818,189
					10,182,384
Oil, Gas & Consumable Fuels—5.3%
Anadarko Petroleum Corp.			25,025		1,215,715
Apache Corp.			18,156		807,397
Cabot Oil & Gas Corp.			19,616		347,007
Chesapeake Energy Corp.	†		23,588		106,146
Chevron Corp.			93,391		8,401,455
Cimarex Energy Co.			4,358		389,518
Columbia Pipeline Group, Inc.			19,214		384,280
ConocoPhillips			60,657		2,832,075
CONSOL Energy, Inc.	†		11,287		89,167
Devon Energy Corp.			18,696		598,272
EOG Resources, Inc.			27,068		1,916,144
EQT Corp.			7,322		381,696
Exxon Mobil Corp.			206,625		16,106,419
Hess Corp.			11,982		580,888
Kinder Morgan, Inc.			88,533		1,320,912
Marathon Oil Corp.			32,912		414,362
Marathon Petroleum Corp.			26,688		1,383,506
Murphy Oil Corp.	†		7,925		177,916
Newfield Exploration Co.	*		8,209		267,285
Noble Energy, Inc.			20,891		687,941
Occidental Petroleum Corp.			37,989		2,568,436
ONEOK, Inc.			10,376		255,872
Phillips 66			23,668		1,936,043
Pioneer Natural Resources Co.			7,398		927,561
Range Resources Corp.	†		7,955		195,773
Southwestern Energy Co.	*†		18,894		134,336
Spectra Energy Corp.			33,048		791,169
Tesoro Corp.			5,844		615,782
Valero Energy Corp.			24,144		1,707,222
Williams Cos., Inc. (The)			33,609		863,751
					48,404,046

		Shares		Value
Paper & Forest Products—0.1%
International Paper Co.			20,413	$	769,570
Personal Products—0.1%
Estee Lauder Cos., Inc. (The), Class A			10,917		961,351
Pharmaceuticals—6.1%
AbbVie, Inc.			81,683		4,838,901
Allergan plc	*		19,559		6,112,188
Bristol-Myers Squibb Co.			82,781		5,694,505
Eli Lilly & Co.			48,165		4,058,383
Endo International plc (Ireland)	*		9,981		611,037
Johnson & Johnson			137,325		14,106,024
Mallinckrodt plc	*		5,516		411,659
Merck & Co., Inc.			138,842		7,333,635
Mylan NV	*		20,263		1,095,620
Perrigo Co. plc (Ireland)			7,200		1,041,840
Pfizer, Inc.			306,319		9,887,977
Zoetis, Inc.			22,671		1,086,394
					56,278,163
Professional Services—0.3%
Dun & Bradstreet Corp. (The)			1,891		196,532
Equifax, Inc.			5,979		665,881
Nielsen Holdings plc			17,866		832,556
Robert Half International, Inc.			6,663		314,094
Verisk Analytics, Inc.	*		7,646		587,824
					2,596,887
Real Estate Investment Trusts (REITs)—2.6%
American Tower Corp. REIT			20,882		2,024,510
Apartment Investment & Management Co., Class A REIT			7,903		316,357
AvalonBay Communities, Inc. REIT			6,784		1,249,138
Boston Properties, Inc. REIT			7,614		971,090
Crown Castle International Corp. REIT			16,191		1,399,712
Equinix, Inc. REIT			3,068		927,763
Equity Residential REIT			18,066		1,474,005
Essex Property Trust, Inc. REIT			3,289		787,419
General Growth Properties, Inc. REIT			28,873		785,634
HCP, Inc. REIT			23,096		883,191
Host Hotels & Resorts, Inc. REIT			35,937		551,274
Iron Mountain, Inc. REIT			9,481		256,082
Kimco Realty Corp. REIT			20,285		536,741
Macerich Co. (The) REIT			6,668		538,041
Plum Creek Timber Co., Inc. REIT			8,487		405,000
Prologis, Inc. REIT			25,798		1,107,250
Public Storage REIT			7,193		1,781,706
Realty Income Corp. REIT	†		12,343		637,269
Simon Property Group, Inc. REIT			15,332		2,981,154
SL Green Realty Corp. REIT			4,747		536,316
Ventas, Inc. REIT			16,288		919,132
Vornado Realty Trust REIT			8,784		878,049
Welltower, Inc. REIT			17,280		1,175,558
Weyerhaeuser Co. REIT			26,338		789,613
					23,912,004

See accompanying notes to financial statements.

341

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Real Estate Management & Development—0.1%
CBRE Group, Inc., Class A	*		14,257		493,007
Road & Rail—0.7%
CSX Corp.			49,001		1,271,576
J.B. Hunt Transport Services, Inc.			4,530		332,321
Kansas City Southern			5,152		384,700
Norfolk Southern Corp.			15,228		1,288,136
Ryder System, Inc.			2,720		154,577
Union Pacific Corp.			42,798		3,346,804
					6,778,114
Semiconductors & Semiconductor Equipment—2.4%
Analog Devices, Inc.			15,490		856,907
Applied Materials, Inc.			59,084		1,103,098
Avago Technologies Ltd. (Singapore)			13,005		1,887,676
Broadcom Corp., Class A			27,525		1,591,496
First Solar, Inc.	*		3,904		257,625
Intel Corp.			234,376		8,074,253
KLA-Tencor Corp.			7,920		549,252
Lam Research Corp.			8,060		640,125
Linear Technology Corp.			12,168		516,775
Microchip Technology, Inc.	†		10,349		481,642
Micron Technology, Inc.	*		53,359		755,563
NVIDIA Corp.			25,331		834,910
Qorvo, Inc.	*		7,357		374,471
Skyworks Solutions, Inc.			9,149		702,918
Texas Instruments, Inc.			50,632		2,775,140
Xilinx, Inc.			12,257		575,711
					21,977,562
Software—4.2%
Activision Blizzard, Inc.			24,654		954,356
Adobe Systems, Inc.	*		24,508		2,302,282
Autodesk, Inc.	*		10,891		663,589
CA, Inc.			15,940		455,246
Citrix Systems, Inc.	*		7,473		565,332
Electronic Arts, Inc.	*		15,035		1,033,205
Intuit, Inc.			13,517		1,304,391
Microsoft Corp.			396,447		21,994,880
Oracle Corp.			159,192		5,815,284
Red Hat, Inc.	*		9,279		768,394
salesforce.com, Inc.	*		30,571		2,396,766
Symantec Corp.			32,807		688,947
					38,942,672
Specialty Retail—2.6%
Advance Auto Parts, Inc.			3,603		542,288
AutoNation, Inc.	*		3,390		202,247
AutoZone, Inc.	*		1,523		1,129,929
Bed Bath & Beyond, Inc.	*		8,377		404,190
Best Buy Co., Inc.			14,155		431,020
CarMax, Inc.	*		9,994		539,376
GameStop Corp., Class A	†		5,816		163,081
Gap, Inc. (The)	†		12,952		319,914
Home Depot, Inc. (The)			63,015		8,333,734
L Brands, Inc.			12,642		1,211,356
Lowe’s Cos., Inc.			45,914		3,491,301
O’Reilly Automotive, Inc.	*		5,046		1,278,757
Ross Stores, Inc.			20,183		1,086,047
Signet Jewelers Ltd.			3,946		488,081

			Shares		Value
Staples, Inc.				30,964	$	293,229
Tiffany & Co.				5,311		405,176
TJX Cos., Inc. (The)				33,707		2,390,163
Tractor Supply Co.				6,609		565,070
Urban Outfitters, Inc.		*		5,341		121,508
						23,396,467
Technology Hardware, Storage & Peripherals—4.0%
Apple, Inc.				277,113		29,168,914
EMC Corp.				96,414		2,475,912
Hewlett Packard Enterprise Co.				89,598		1,361,890
HP, Inc.				89,598		1,060,840
NetApp, Inc.				14,528		385,428
SanDisk Corp.				10,112		768,411
Seagate Technology plc		†		15,700		575,562
Western Digital Corp.				11,344		681,207
						36,478,164
Textiles, Apparel & Luxury Goods—0.9%
Coach, Inc.				13,663		447,190
Fossil Group, Inc.		*†		2,051		74,985
Hanesbrands, Inc.				19,290		567,705
Michael Kors Holdings Ltd. (United Kingdom)		*		9,888		396,113
NIKE, Inc., Class B				66,896		4,181,000
PVH Corp.				4,236		311,981
Ralph Lauren Corp.				2,956		329,535
Under Armour, Inc., Class A		*†		8,850		713,398
V.F. Corp.				16,764		1,043,559
						8,065,466
Tobacco—1.6%
Altria Group, Inc.				96,932		5,642,412
Philip Morris International, Inc.				76,881		6,758,609
Reynolds American, Inc.				40,776		1,881,812
						14,282,833
Trading Companies & Distributors—0.2%
Fastenal Co.		†		13,534		552,458
United Rentals, Inc.		*		4,537		329,114
W.W. Grainger, Inc.		†		2,935		594,601
						1,476,173
TOTAL COMMON STOCKS
(Cost $578,086,317)						888,667,502
Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.450%	06/23/2016	‡‡	$	65,000		64,858
0.398%	06/16/2016	‡‡		125,000		124,740
0.231%	03/31/2016	‡‡		25,000		24,990
0.196%	03/17/2016	‡‡		505,000		504,906
0.035%	02/25/2016	‡‡		550,000		549,946
						1,269,440
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $1,269,378)						1,269,440

See accompanying notes to financial statements.

342

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint 500 Stock Index Fund		Shares		Value
MONEY MARKET FUNDS—4.2%
Institutional Money Market Funds—4.2%
Dreyfus Institutional Cash Advantage Fund, 0.26%	††¥		1,950,000	$	1,950,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32%	¥		26,324,832		26,324,832
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32%	††¥		2,069,064		2,069,064
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.32%	††¥		1,950,000		1,950,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.29%	††¥		1,950,000		1,950,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.32%	††¥		1,950,000		1,950,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.31%	††¥		1,950,000		1,950,000
TOTAL MONEY MARKET FUNDS
(Cost $38,143,896)					38,143,896
TOTAL INVESTMENTS—101.2%
(Cost $617,499,591)				$	928,080,838
Other assets less liabilities—(1.2%)					(11,372,382	)
NET ASSETS—100.0%				$	916,708,456

Notes to the Schedule of Investments:

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

See accompanying notes to financial statements.

343

SCHEDULE OF INVESTMENTS

December 31, 2015

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—99.4%
Aerospace & Defense—2.6%
AAR Corp.			1,489	$	39,146
Aerojet Rocketdyne Holdings, Inc.	*		1,629		25,510
American Science & Engineering, Inc.			435		18,000
Astronics Corp.	*		741		30,166
B/E Aerospace, Inc.			4,159		176,217
Boeing Co. (The)			27,220		3,935,740
BWX Technologies, Inc.			5,852		185,918
Cubic Corp.			476		22,491
Curtiss-Wright Corp.			2,112		144,672
DigitalGlobe, Inc.	*		3,780		59,195
Engility Holdings, Inc.			622		20,203
Esterline Technologies Corp.	*		1,049		84,969
General Dynamics Corp.			11,990		1,646,946
HEICO Corp.			2,276		123,723
Hexcel Corp.			4,757		220,963
Honeywell International, Inc.			30,765		3,186,331
Huntington Ingalls Industries, Inc.			1,897		240,634
KLX, Inc.	*		2,079		64,012
Kratos Defense & Security Solutions, Inc.	*†		832		3,411
L-3 Communications Holdings, Inc.			3,222		385,061
Lockheed Martin Corp.			10,595		2,300,704
Moog, Inc., Class A	*		1,446		87,628
National Presto Industries, Inc.	†		535		44,330
Northrop Grumman Corp.			7,805		1,473,662
Orbital ATK, Inc.			2,503		223,618
Precision Castparts Corp.			5,732		1,329,881
Raytheon Co.			12,251		1,525,617
Rockwell Collins, Inc.			5,705		526,572
Spirit AeroSystems Holdings, Inc., Class A	*		6,517		326,306
TASER International, Inc.	*†		2,292		39,629
Teledyne Technologies, Inc.	*		1,228		108,924
Textron, Inc.			12,237		514,076
TransDigm Group, Inc.	*		2,305		526,577
Triumph Group, Inc.			1,644		65,349
United Technologies Corp.			35,208		3,382,433
Vectrus, Inc.	*		276		5,766
					23,094,380
Air Freight & Logistics—0.6%
Atlas Air Worldwide Holdings, Inc.	*		600		24,804
C.H. Robinson Worldwide, Inc.			6,357		394,261
Echo Global Logistics, Inc.	*		1,118		22,796
Expeditors International of Washington, Inc.			7,178		323,728
FedEx Corp.			11,554		1,721,431
Forward Air Corp.			1,431		61,547
Hub Group, Inc., Class A	*		2,400		79,080
United Parcel Service, Inc., Class B			27,680		2,663,646
UTi Worldwide, Inc.	*		2,208		15,522
XPO Logistics, Inc.	*†		2,419		65,918
					5,372,733

		Shares		Value
Airlines—0.7%
Alaska Air Group, Inc.		5,372	$	432,500
Allegiant Travel Co.		412		69,146
American Airlines Group, Inc.		27,796		1,177,161
Copa Holdings SA, Class A (Panama)	†	1,841		88,847
Delta Air Lines, Inc.		33,027		1,674,139
Hawaiian Holdings, Inc.	*	1,288		45,505
JetBlue Airways Corp.	*	11,233		254,427
Republic Airways Holdings, Inc.	*	2,384		9,369
SkyWest, Inc.		2,390		45,458
Southwest Airlines Co.		26,758		1,152,199
Spirit Airlines, Inc.	*	3,308		131,824
United Continental Holdings, Inc.	*	15,134		867,178
Virgin America, Inc.	*†	732		26,359
				5,974,112
Auto Components—0.5%
American Axle & Manufacturing Holdings, Inc.	*	2,113		40,020
BorgWarner, Inc.		8,954		387,081
Cooper Tire & Rubber Co.		3,066		116,048
Cooper-Standard Holding, Inc.	*	442		34,295
Dana Holding Corp.		5,645		77,901
Delphi Automotive plc (United Kingdom)		10,827		928,199
Dorman Products, Inc.	*†	1,022		48,514
Drew Industries, Inc.		2,207		134,384
Gentex Corp.		13,188		211,140
Gentherm, Inc.	*	2,107		99,872
Goodyear Tire & Rubber Co. (The)		9,437		308,307
Horizon Global Corp.	*	1,566		16,239
Johnson Controls, Inc.		25,420		1,003,836
Lear Corp.		3,353		411,849
Modine Manufacturing Co.	*	1,208		10,932
Motorcar Parts of America, Inc.	*	1,792		60,588
Superior Industries International, Inc.		1,102		20,299
Tenneco, Inc.	*	2,375		109,036
Visteon Corp.	*	2,509		287,281
				4,305,821
Automobiles—0.6%
Ford Motor Co.		154,114		2,171,466
General Motors Co.		63,967		2,175,518
Harley-Davidson, Inc.	†	8,168		370,745
Tesla Motors, Inc.	*†	3,800		912,038
Thor Industries, Inc.		1,221		68,559
Winnebago Industries, Inc.	†	1,432		28,497
				5,726,823
Banks—6.0%
1st Source Corp.		1,298		40,069
Ameris Bancorp		1,457		49,523
Associated Banc-Corp		5,110		95,813
BancFirst Corp.		642		37,634
Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		1,260		32,672
BancorpSouth, Inc.		3,611		86,628

See accompanying notes to financial statements.

344

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Bank of America Corp.			418,712	$	7,046,923
Bank of Hawaii Corp.	†		1,898		119,384
Bank of the Ozarks, Inc.			2,505		123,897
BankUnited, Inc.			4,777		172,259
Banner Corp.			860		39,440
BB&T Corp.			31,261		1,181,978
BBCN Bancorp, Inc./California			7,132		122,813
Berkshire Hills Bancorp, Inc.			931		27,101
BOK Financial Corp.	†		801		47,892
Boston Private Financial Holdings, Inc.			1,297		14,708
Bridge Bancorp, Inc.			3,091		94,059
Bryn Mawr Bank Corp.			1,058		30,386
Capital Bank Financial Corp., Class A			832		26,607
Capital City Bank Group, Inc.			1,113		17,085
Cardinal Financial Corp.			1,142		25,981
Cascade Bancorp	*		219		1,329
Cathay General Bancorp			2,082		65,229
Catskill Litigation Trust	*‡d		582		—
Central Pacific Financial Corp.			103		2,268
Chemical Financial Corp.			1,552		53,187
CIT Group, Inc.			7,587		301,204
Citigroup, Inc.			121,677		6,296,785
Citizens & Northern Corp.			3,618		75,978
Citizens Financial Group, Inc.			12,474		326,694
City Holding Co.			250		11,410
CNB Financial Corp./Pennsylvania			4,147		74,770
CoBiz Financial, Inc.			1,063		14,265
Columbia Banking System, Inc.			1,334		43,368
Comerica, Inc.			7,542		315,482
Commerce Bancshares, Inc./Missouri			3,308		140,722
Community Bank System, Inc.			1,402		55,996
Community Trust Bancorp, Inc.			731		25,556
Cullen/Frost Bankers, Inc.	†		2,502		150,120
CVB Financial Corp.	†		4,084		69,101
Eagle Bancorp, Inc.	*		613		30,938
East West Bancorp, Inc.			6,997		290,795
Enterprise Financial Services Corp.			1,072		30,391
FCB Financial Holdings, Inc., Class A	*		778		27,845
Fidelity Southern Corp.			1,592		35,518
Fifth Third Bancorp			32,850		660,285
Financial Institutions, Inc.			2,741		76,748
First BanCorp. (Puerto Rico)	*		322		1,047
First Bancorp/North Carolina			4,779		89,558
First Busey Corp.			802		16,545
First Citizens BancShares, Inc./North Carolina, Class A			365		94,232
First Commonwealth Financial Corp.			2,619		23,754
First Connecticut Bancorp, Inc./Farmington CT			5,036		87,677
First Financial Bancorp			1,895		34,243
First Financial Bankshares, Inc.	†		1,838		55,452
First Horizon National Corp.			8,735		126,832

		Shares		Value
First Merchants Corp.		874	$	22,217
First Midwest Bancorp, Inc./Illinois		2,002		36,897
First Niagara Financial Group, Inc.		13,662		148,233
First of Long Island Corp. (The)		1,479		44,370
First Republic Bank/California		4,803		317,286
FirstMerit Corp.		8,833		164,735
FNB Corp./Pennsylvania		4,685		62,498
Fulton Financial Corp.		6,533		84,994
Glacier Bancorp, Inc.		1,771		46,985
Great Western Bancorp, Inc.		1,001		29,049
Guaranty Bancorp		1,060		17,532
Hancock Holding Co.		2,963		74,579
Hanmi Financial Corp.		900		21,348
Heritage Financial Corp./Washington		4,736		89,226
Hilltop Holdings, Inc.	*	2,781		53,451
Home Bancshares, Inc./Arkansas		2,340		94,817
HomeTrust Bancshares, Inc.	*	5,108		103,437
Huntington Bancshares, Inc./Ohio		31,066		343,590
IBERIABANK Corp.		1,389		76,492
Independent Bank Corp./Massachusetts		874		40,659
International Bancshares Corp.		3,248		83,474
Investors Bancorp, Inc.		13,623		169,470
JPMorgan Chase & Co.		148,384		9,797,796
KeyCorp		33,148		437,222
LegacyTexas Financial Group, Inc.		1,733		43,360
M&T Bank Corp.		7,100		860,378
MB Financial, Inc.		2,119		68,592
Mercantile Bank Corp.		1,297		31,828
Merchants Bancshares, Inc.		2,994		94,281
MidWestOne Financial Group, Inc.		1,842		56,015
National Bank Holdings Corp., Class A		1,269		27,119
National Penn Bancshares, Inc.		4,919		60,651
NBT Bancorp, Inc.		1,000		27,880
Old National Bancorp/Indiana		3,552		48,165
PacWest Bancorp		3,898		168,004
Park National Corp.	†	728		65,869
Park Sterling Corp.		6,371		46,636
Peoples Bancorp, Inc./Ohio		2,756		51,923
People’s United Financial, Inc.	†	15,654		252,812
Pinnacle Financial Partners, Inc.		1,818		93,373
PNC Financial Services Group, Inc. (The)		20,829		1,985,212
Popular, Inc. (Puerto Rico)		5,380		152,469
PrivateBancorp, Inc.		2,295		94,141
Prosperity Bancshares, Inc.		2,300		110,078
Regions Financial Corp.		53,680		515,328
Renasant Corp.		803		27,631
Republic Bancorp, Inc./Kentucky, Class A		1,603		42,335
S&T Bancorp, Inc.		955		29,433
Sandy Spring Bancorp, Inc.		344		9,274
Signature Bank/New York	*	1,900		291,403
Simmons First National Corp., Class A		911		46,789
South State Corp.		2,017		145,123
State Bank Financial Corp.		4,194		88,200

See accompanying notes to financial statements.

345

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Sterling Bancorp/New York			5,533	$	89,745
Suffolk Bancorp			3,336		94,576
SunTrust Banks, Inc.			20,745		888,716
SVB Financial Group	*		1,736		206,410
Synovus Financial Corp.			5,952		192,726
Talmer Bancorp, Inc., Class A			1,591		28,813
TCF Financial Corp.			6,104		86,188
Texas Capital Bancshares, Inc.	*		2,821		139,414
Tompkins Financial Corp.			730		40,997
Towne Bank/Virginia	†		1,448		30,220
Trustmark Corp.	†		2,635		60,710
U.S. Bancorp			67,244		2,869,302
UMB Financial Corp.			1,211		56,372
Umpqua Holdings Corp.			9,721		154,564
Union Bankshares Corp.			1,503		37,936
United Bankshares, Inc./West Virginia			2,134		78,937
United Community Banks, Inc./Georgia			454		8,848
Valley National Bancorp			6,899		67,955
Washington Trust Bancorp, Inc.			500		19,760
Webster Financial Corp.			2,393		88,996
Wells Fargo & Co.			186,994		10,164,994
WesBanco, Inc.			3,097		92,972
Westamerica Bancorporation	†		288		13,464
Western Alliance Bancorp	*		2,725		97,719
Wilshire Bancorp, Inc.			2,402		27,743
Wintrust Financial Corp.			1,508		73,168
Zions Bancorporation			9,159		250,041
					52,994,121
Beverages—1.9%
Boston Beer Co., Inc. (The), Class A	*		609		122,963
Brown-Forman Corp., Class A	†		294		32,372
Brown-Forman Corp., Class B			5,539		549,912
Coca-Cola Bottling Co. Consolidated			437		79,757
Coca-Cola Co. (The)			156,915		6,741,069
Coca-Cola Enterprises, Inc.			8,850		435,774
Constellation Brands, Inc., Class A			6,550		932,982
Dr. Pepper Snapple Group, Inc.			7,323		682,504
Molson Coors Brewing Co., Class B			6,229		585,028
Monster Beverage Corp.	*		5,869		874,246
PepsiCo, Inc.			58,971		5,892,382
					16,928,989
Biotechnology—3.5%
ACADIA Pharmaceuticals, Inc.	*†		3,025		107,841
Achillion Pharmaceuticals, Inc.	*		5,414		58,417
Acorda Therapeutics, Inc.	*		674		28,834
Advaxis, Inc.	*†		2,266		22,796
Aegerion Pharmaceuticals, Inc.	*†		1,499		15,140
Agenus, Inc.	*		5,420		24,607
Agios Pharmaceuticals, Inc.	*†		838		54,403
Alder Biopharmaceuticals, Inc.	*†		922		30,454
Alexion Pharmaceuticals, Inc.	*		8,416		1,605,352
Alkermes plc (Ireland)	*		5,289		419,841
Alnylam Pharmaceuticals, Inc.	*		2,817		265,192
AMAG Pharmaceuticals, Inc.	*		1,258		37,979

		Shares		Value
Amgen, Inc.		29,996	$	4,869,251
Amicus Therapeutics, Inc.	*	3,392		32,902
Anacor Pharmaceuticals, Inc.	*	2,424		273,839
Arena Pharmaceuticals, Inc.	*	9,689		18,409
ARIAD Pharmaceuticals, Inc.	*†	5,175		32,344
Array BioPharma, Inc.	*†	4,333		18,285
Arrowhead Research Corp.	*†	2,896		17,810
Atara Biotherapeutics, Inc.	*	882		23,294
Baxalta, Inc.		21,536		840,550
BioCryst Pharmaceuticals, Inc.	*	3,439		35,491
Biogen, Inc.	*	9,257		2,835,882
BioMarin Pharmaceutical, Inc.	*	6,129		642,074
Bluebird Bio, Inc.	*†	1,335		85,734
Calithera Biosciences, Inc.	*†	5,564		42,620
Catalyst Pharmaceuticals, Inc.	*	11,128		27,264
Celgene Corp.	*	31,269		3,744,775
Celldex Therapeutics, Inc.	*†	6,204		97,279
Cellular Biomedicine Group, Inc.	*†	1,275		27,400
Cepheid, Inc.	*	2,341		85,517
Chimerix, Inc.	*	1,123		10,051
Clovis Oncology, Inc.	*†	1,475		51,625
Coherus Biosciences, Inc.	*†	1,685		38,688
CytRx Corp.	*†	9,490		25,149
Dyax Corp.	*	4,812		181,027
Dynavax Technologies Corp.	*	2,946		71,175
Eagle Pharmaceuticals, Inc./DE	*†	528		46,818
Emergent BioSolutions, Inc.	*	1,319		52,773
Epizyme, Inc.	*†	1,889		30,262
Esperion Therapeutics, Inc.	*†	547		12,176
Exact Sciences Corp.	*†	5,314		49,048
Exelixis, Inc.	*†	15,393		86,817
FibroGen, Inc.	*	1,930		58,807
Five Prime Therapeutics, Inc.	*	1,885		78,228
Galena Biopharma, Inc.	*†	15,289		22,475
Genomic Health, Inc.	*	1,284		45,197
Geron Corp.	*†	4,719		22,840
Gilead Sciences, Inc.		58,348		5,904,234
Halozyme Therapeutics, Inc.	*	6,362		110,254
Heron Therapeutics, Inc.	*†	3,218		85,921
Idera Pharmaceuticals, Inc.	*†	13,094		40,461
ImmunoGen, Inc.	*	1,323		17,953
Immunomedics, Inc.	*†	2,141		6,573
Incyte Corp.	*	5,945		644,735
Inovio Pharmaceuticals, Inc.	*†	4,267		28,674
Insmed, Inc.	*	2,696		48,932
Intercept Pharmaceuticals, Inc.	*†	507		75,720
Intrexon Corp.	*†	1,662		50,109
Invitae Corp.	*†	3,036		24,926
Ionis Pharmaceuticals, Inc.	*†	5,904		365,635
Ironwood Pharmaceuticals, Inc.	*	7,019		81,350
Karyopharm Therapeutics, Inc.	*	1,683		22,300
Keryx Biopharmaceuticals, Inc.	*†	5,221		26,366
Kite Pharma, Inc.	*	750		46,215
La Jolla Pharmaceutical Co.	*†	2,037		54,999
Lexicon Pharmaceuticals, Inc.	*†	334		4,446
Ligand Pharmaceuticals, Inc.	*†	815		88,362
Lion Biotechnologies, Inc.	*†	4,777		36,878
MacroGenics, Inc.	*	1,247		38,620
MannKind Corp.	*†	8,369		12,135
Medivation, Inc.	*	6,924		334,706
Merrimack Pharmaceuticals, Inc.	*†	5,739		45,338
MiMedx Group, Inc.	*†	5,999		56,211
Mirati Therapeutics, Inc.	*†	1,481		46,800
Momenta Pharmaceuticals, Inc.	*	2,618		38,851

See accompanying notes to financial statements.

346

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Myriad Genetics, Inc.	*†		4,124	$	177,992
Neurocrine Biosciences, Inc.	*		2,588		146,403
NewLink Genetics Corp.	*†		2,670		97,161
Northwest Biotherapeutics, Inc.	*†		5,699		18,237
Novavax, Inc.	*		10,201		85,586
Oncothyreon, Inc.	*†		11,784		26,161
Ophthotech Corp.	*		538		42,249
OPKO Health, Inc.	*†		12,920		129,846
Orexigen Therapeutics, Inc.	*†		6,895		11,859
Organovo Holdings, Inc.	*		11,074		27,574
Osiris Therapeutics, Inc.	*†		1,402		14,553
Otonomy, Inc.	*		2,044		56,721
OvaScience, Inc.	*†		1,412		13,795
PDL BioPharma, Inc.			3,841		13,597
Peregrine Pharmaceuticals, Inc.	*†		20,036		23,442
Pfenex, Inc.	*		2,406		29,786
Portola Pharmaceuticals, Inc.	*		1,194		61,431
Progenics Pharmaceuticals, Inc.	*†		793		4,861
Prothena Corp. plc (Ireland)	*		1,778		121,100
PTC Therapeutics, Inc.	*		1,567		50,771
Puma Biotechnology, Inc.	*†		853		66,875
Radius Health, Inc.	*		1,108		68,186
Raptor Pharmaceutical Corp.	*		3,794		19,729
Regeneron Pharmaceuticals, Inc.	*		3,165		1,718,184
Regulus Therapeutics, Inc.	*†		4,506		39,292
Repligen Corp.	*		1,117		31,600
Retrophin, Inc.	*		3,586		69,174
Rigel Pharmaceuticals, Inc.	*		1,882		5,702
Sangamo BioSciences, Inc.	*†		2,626		23,975
Sarepta Therapeutics, Inc.	*†		2,129		82,137
Seattle Genetics, Inc.	*†		3,191		143,212
Sorrento Therapeutics, Inc.	*		2,737		23,839
Synergy Pharmaceuticals, Inc.	*†		6,708		38,034
TESARO, Inc.	*		795		41,594
TG Therapeutics, Inc.	*†		4,138		49,366
Threshold Pharmaceuticals, Inc.	*		6,119		2,937
Trovagene, Inc.	*†		4,449		24,025
Ultragenyx Pharmaceutical, Inc.	*		1,316		147,629
United Therapeutics Corp.	*		1,828		286,283
Vanda Pharmaceuticals, Inc.	*†		2,680		24,951
Vertex Pharmaceuticals, Inc.	*		9,580		1,205,451
Vital Therapies, Inc.	*†		2,106		24,261
XOMA Corp.	*†		9,130		12,143
Zafgen, Inc.	*†		1,187		7,466
ZIOPHARM Oncology, Inc.	*†		9,911		82,360
					31,033,966
Building Products—0.3%
A.O. Smith Corp.			4,024		308,279
Allegion plc (Ireland)			3,761		247,925
American Woodmark Corp.	*		800		63,984
Apogee Enterprises, Inc.			1,250		54,388
Armstrong World Industries, Inc.	*		1,413		64,616
Builders FirstSource, Inc.	*†		3,379		37,439
Fortune Brands Home & Security, Inc.			5,665		314,408
Gibraltar Industries, Inc.	*		1,188		30,223
Griffon Corp.	†		1,288		22,926
Lennox International, Inc.			2,019		252,173
Masco Corp.			16,508		467,176
Masonite International Corp.	*		741		45,371
NCI Building Systems, Inc.	*		246		3,053
Owens Corning, Inc.			4,256		200,160
Patrick Industries, Inc.	*		1,461		63,554

		Shares		Value
Quanex Building Products Corp.		1,671	$	34,840
Simpson Manufacturing Co., Inc.		2,084		71,169
Trex Co., Inc.	*	1,462		55,614
Universal Forest Products, Inc.		1,121		76,643
USG Corp.	*†	3,348		81,323
				2,495,264
Capital Markets—2.0%
Actua Corp.	*	4,779		54,720
Affiliated Managers Group, Inc.	*	2,083		332,780
Ameriprise Financial, Inc.		7,388		786,231
Arlington Asset Investment Corp., Class A	†	304		4,022
Artisan Partners Asset Management, Inc., Class A		707		25,494
Ashford, Inc.	*	48		2,556
Associated Capital Group, Inc., Class A	*	558		17,019
Bank of New York Mellon Corp. (The)		44,286		1,825,469
BGC Partners, Inc., Class A		7,270		71,319
BlackRock, Inc.		5,053		1,720,648
Calamos Asset Management, Inc., Class A		1,800		17,424
Charles Schwab Corp. (The)		44,155		1,454,024
Cowen Group, Inc., Class A	*†	2,582		9,889
Diamond Hill Investment Group, Inc.		331		62,559
E*TRADE Financial Corp.	*	13,474		399,369
Eaton Vance Corp.		5,282		171,295
Evercore Partners, Inc., Class A		2,410		130,309
Federated Investors, Inc., Class B		3,745		107,294
Financial Engines, Inc.	†	1,762		59,326
Franklin Resources, Inc.		15,516		571,299
GAMCO Investors, Inc., Class A	†	558		17,320
Goldman Sachs Group, Inc. (The)		17,298		3,117,618
Greenhill & Co., Inc.		495		14,162
HFF, Inc., Class A		949		29,485
Interactive Brokers Group, Inc., Class A		1,570		68,452
INTL FCStone, Inc.	*	507		16,964
Invesco Ltd.		16,610		556,103
Investment Technology Group, Inc.		2,078		35,368
Janus Capital Group, Inc.		6,411		90,331
KCG Holdings, Inc., Class A	*	444		5,466
Ladenburg Thalmann Financial Services, Inc.	*†	18,032		49,768
Lazard Ltd., Class A (Bermuda)		5,918		266,369
Legg Mason, Inc.		3,981		156,175
LPL Financial Holdings, Inc.	†	2,478		105,687
Morgan Stanley		60,297		1,918,048
Northern Trust Corp.		9,019		650,180
NorthStar Asset Management Group, Inc.		7,137		86,643
Piper Jaffray Cos.	*	963		38,905
Pzena Investment Management, Inc., Class A		6,659		57,267
Raymond James Financial, Inc.		4,128		239,300
Safeguard Scientifics, Inc.	*	678		9,838
SEI Investments Co.		5,918		310,103
State Street Corp.		16,546		1,097,993
Stifel Financial Corp.	*	2,724		115,389
T. Rowe Price Group, Inc.		9,852		704,319
TD Ameritrade Holding Corp.		9,598		333,147

See accompanying notes to financial statements.

347

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Virtus Investment Partners, Inc.	†		210	$	24,667
Waddell & Reed Financial, Inc., Class A			3,971		113,809
Walter Investment Management Corp.	*†		1,972		28,042
Westwood Holdings Group, Inc.			1,027		53,496
WisdomTree Investments, Inc.	†		3,701		58,032
					18,191,492
Chemicals—2.2%
A. Schulman, Inc.			1,444		44,244
Air Products & Chemicals, Inc.			8,124		1,057,014
Airgas, Inc.			2,915		403,203
Albemarle Corp.			4,839		271,032
Ashland, Inc.			2,794		286,944
Axalta Coating Systems Ltd.	*		2,458		65,506
Axiall Corp.			2,616		40,286
Balchem Corp.			655		39,824
Cabot Corp.			2,693		110,090
Calgon Carbon Corp.			3,184		54,924
Celanese Corp., Series A			5,922		398,728
CF Industries Holdings, Inc.			10,395		424,220
Chemours Co. (The)			7,163		38,394
Chemtura Corp.	*		5,201		141,831
Dow Chemical Co. (The)			45,536		2,344,193
E.I. Du Pont de Nemours & Co.			35,815		2,385,279
Eastman Chemical Co.			6,221		419,980
Ecolab, Inc.			10,184		1,164,846
Ferro Corp.	*		1,818		20,216
Flotek Industries, Inc.	*†		1,303		14,906
FMC Corp.			5,510		215,606
H.B. Fuller Co.			2,570		93,728
Huntsman Corp.			7,052		80,181
Innophos Holdings, Inc.			588		17,040
Innospec, Inc.			519		28,187
International Flavors & Fragrances, Inc.			3,643		435,849
Intrepid Potash, Inc.	*†		1,172		3,457
Koppers Holdings, Inc.	*		1,582		28,871
Kronos Worldwide, Inc.	†		2,262		12,758
LSB Industries, Inc.	*		1,411		10,230
LyondellBasell Industries NV, Class A			15,517		1,348,427
Minerals Technologies, Inc.			1,736		79,613
Monsanto Co.			18,526		1,825,181
Mosaic Co. (The)			13,362		368,658
NewMarket Corp.			378		143,916
Olin Corp.			2,796		48,259
OMNOVA Solutions, Inc.	*		6,478		39,710
Platform Specialty Products Corp.	*†		3,070		39,388
PolyOne Corp.			3,321		105,475
PPG Industries, Inc.			10,732		1,060,536
Praxair, Inc.			11,518		1,179,443
Quaker Chemical Corp.			483		37,317
Rayonier Advanced Materials, Inc.			1,668		16,330
Rentech, Inc.	*		3,812		13,418
RPM International, Inc.			4,832		212,898
Scotts Miracle-Gro Co. (The), Class A			1,662		107,216
Sensient Technologies Corp.			2,027		127,336

		Shares		Value
Sherwin-Williams Co. (The)		3,473	$	901,591
Stepan Co.		1,112		55,255
Tredegar Corp.		1,606		21,874
Tronox Ltd., Class A		1,637		6,401
Valspar Corp. (The)		4,039		335,035
W.R. Grace & Co.	*	3,427		341,295
Westlake Chemical Corp.		2,558		138,951
				19,205,090
Commercial Services & Supplies—0.6%
ABM Industries, Inc.		2,291		65,225
ACCO Brands Corp.	*	2,302		16,413
ADT Corp. (The)	†	7,488		246,954
Brady Corp., Class A		2,402		55,198
Brink’s Co. (The)		2,084		60,144
Cintas Corp.		3,889		354,093
Civeo Corp.	*	4,052		5,754
Clean Harbors, Inc.	*	2,414		100,543
Copart, Inc.	*	4,536		172,413
Covanta Holding Corp.		4,185		64,826
Deluxe Corp.		2,098		114,425
Ennis, Inc.		695		13,379
Essendant, Inc.		2,556		83,096
G&K Services, Inc., Class A		1,008		63,403
Healthcare Services Group, Inc.		4,963		173,060
Herman Miller, Inc.		3,155		90,548
HNI Corp.		2,512		90,583
Interface, Inc.		3,357		64,253
KAR Auction Services, Inc.		4,303		159,340
Kimball International, Inc., Class B		1,500		14,655
Knoll, Inc.		2,701		50,779
Matthews International Corp., Class A		1,052		56,229
McGrath RentCorp		916		23,074
Mobile Mini, Inc.		2,000		62,260
MSA Safety, Inc.		1,444		62,771
NL Industries, Inc.	*	2,111		6,417
Pitney Bowes, Inc.		7,953		164,229
R.R. Donnelley & Sons Co.		10,168		149,673
Republic Services, Inc.		11,229		493,964
Rollins, Inc.		3,124		80,912
Steelcase, Inc., Class A		1,992		29,681
Stericycle, Inc.	*	3,380		407,628
Tetra Tech, Inc.		2,114		55,006
Tyco International plc		15,636		498,632
Unifirst Corp.		300		31,260
US Ecology, Inc.		824		30,027
Viad Corp.		937		26,452
Waste Connections, Inc.		4,341		244,485
Waste Management, Inc.		18,266		974,856
West Corp.		1,023		22,066
				5,478,706
Communications Equipment—1.4%
ADTRAN, Inc.		3,197		55,052
Applied Optoelectronics, Inc.	*	2,394		41,081
Arista Networks, Inc.	*†	1,018		79,241
ARRIS Group, Inc.	*	4,646		142,028
Black Box Corp.		865		8,243
Brocade Communications Systems, Inc.		14,008		128,593
CalAmp Corp.	*	550		10,962
Ciena Corp.	*	5,950		123,106

See accompanying notes to financial statements.

348

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Cisco Systems, Inc.			202,007	$	5,485,500
CommScope Holding Co., Inc.	*		3,309		85,670
Comtech Telecommunications Corp.			1,350		27,122
Digi International, Inc.	*		1,976		22,487
EchoStar Corp., Class A	*		1,877		73,410
Extreme Networks, Inc.	*		4,491		18,323
F5 Networks, Inc.	*		2,664		258,301
Finisar Corp.	*		7,171		104,266
Harmonic, Inc.	*†		2,820		11,477
Harris Corp.			4,595		399,306
Infinera Corp.	*		4,191		75,941
InterDigital, Inc.			2,803		137,459
Ixia	*		2,330		28,962
Juniper Networks, Inc.			17,553		484,463
KVH Industries, Inc.	*		375		3,533
Lumentum Holdings, Inc.	*		1,488		32,766
Motorola Solutions, Inc.	†		8,298		567,998
NETGEAR, Inc.	*		1,206		50,543
NetScout Systems, Inc.	*		2,935		90,105
Palo Alto Networks, Inc.	*		2,788		491,078
Plantronics, Inc.			1,826		86,589
Polycom, Inc.	*		8,354		105,177
QUALCOMM, Inc.			61,994		3,098,770
Ruckus Wireless, Inc.	*		2,272		24,333
Sonus Networks, Inc.	*		2,140		15,258
Ubiquiti Networks, Inc.	*		904		28,648
ViaSat, Inc.	*†		1,190		72,602
Viavi Solutions, Inc.	*		7,444		45,334
					12,513,727
Construction & Engineering—0.2%
AECOM	*		7,449		223,693
Aegion Corp.	*		1,223		23,616
Ameresco, Inc., Class A	*		5,845		36,531
Chicago Bridge & Iron Co. NV (Netherlands)			4,114		160,405
Comfort Systems USA, Inc.			2,179		61,927
Dycom Industries, Inc.	*		2,076		145,237
EMCOR Group, Inc.			2,908		139,700
Fluor Corp.			6,816		321,852
Furmanite Corp.	*		1,100		7,326
Granite Construction, Inc.			1,889		81,057
Jacobs Engineering Group, Inc.	*		4,968		208,408
KBR, Inc.			6,464		109,371
MasTec, Inc.	*†		2,049		35,612
Quanta Services, Inc.	*		8,861		179,435
Tutor Perini Corp.	*		960		16,070
					1,750,240
Construction Materials—0.1%
Eagle Materials, Inc.			2,083		125,876
Headwaters, Inc.	*		2,095		35,342
Martin Marietta Materials, Inc.			2,450		334,621
Summit Materials, Inc., Class A	*		1,787		35,820
US Concrete, Inc.	*		508		26,751
Vulcan Materials Co.			6,242		592,803
					1,151,213
Consumer Finance—0.8%
Ally Financial, Inc.	*		18,490		344,654
American Express Co.			34,718		2,414,637

		Shares		Value
Capital One Financial Corp.		22,188	$	1,601,530
Cash America International, Inc.		685		20,516
Credit Acceptance Corp.	*†	253		54,147
Discover Financial Services		18,027		966,608
Encore Capital Group, Inc.	*†	851		24,747
Enova International, Inc.	*	626		4,138
EZCORP, Inc., Class A	*	2,031		10,135
First Cash Financial Services, Inc.	*	2,461		92,115
Green Dot Corp., Class A	*	1,445		23,727
LendingClub Corp.	*†	2,826		31,227
Navient Corp.		18,104		207,291
Nelnet, Inc., Class A		481		16,147
OneMain Holdings, Inc.	*	1,782		74,024
PRA Group, Inc.	*†	1,512		52,451
Santander Consumer USA Holdings, Inc.	*	3,078		48,786
SLM Corp.	*	18,104		118,038
Synchrony Financial	*	30,280		920,815
World Acceptance Corp.	*†	639		23,707
				7,049,440
Containers & Packaging—0.4%
AEP Industries, Inc.	*	372		28,700
AptarGroup, Inc.		3,130		227,394
Avery Dennison Corp.		3,924		245,878
Ball Corp.		6,557		476,891
Bemis Co., Inc.		3,374		150,784
Berry Plastics Group, Inc.	*	3,574		129,307
Crown Holdings, Inc.	*	5,070		257,049
Graphic Packaging Holding Co.		11,052		141,797
Greif, Inc., Class A		852		26,250
Myers Industries, Inc.		1,716		22,857
Owens-Illinois, Inc.	*	6,064		105,635
Packaging Corp. of America		4,339		273,574
Sealed Air Corp.		7,726		344,580
Silgan Holdings, Inc.		1,615		86,758
Sonoco Products Co.		3,353		137,037
WestRock Co.		9,998		456,109
				3,110,600
Distributors—0.1%
Core-Mark Holding Co., Inc.		515		42,199
Genuine Parts Co.		6,041		518,861
LKQ Corp.	*	11,438		338,908
Pool Corp.		2,434		196,619
VOXX International Corp.	*	1,218		6,407
				1,102,994
Diversified Consumer Services—0.2%
2U, Inc.	*†	1,540		43,089
American Public Education, Inc.	*	698		12,990
Apollo Education Group, Inc.	*	3,118		23,915
Ascent Capital Group, Inc., Class A	*	545		9,112
Bright Horizons Family Solutions, Inc.	*	1,107		73,948
Career Education Corp.	*	4,167		15,126
Chegg, Inc.	*†	5,262		35,413
DeVry Education Group, Inc.	†	2,980		75,424
Graham Holdings Co., Class B		183		88,750
Grand Canyon Education, Inc.	*	3,129		125,535
H&R Block, Inc.		11,402		379,801
Houghton Mifflin Harcourt Co.	*	4,462		97,182
LifeLock, Inc.	*†	3,002		43,079

See accompanying notes to financial statements.

349

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Regis Corp.	*		1,818	$	25,725
Service Corp. International			10,864		282,681
ServiceMaster Global Holdings, Inc.	*		3,321		130,316
Sotheby’s			2,623		67,568
Strayer Education, Inc.	*		551		33,126
Universal Technical Institute, Inc.			418		1,948
Weight Watchers International, Inc.	*†		1,826		41,633
					1,606,361
Diversified Financial Services—1.8%
Berkshire Hathaway, Inc., Class B	*		74,167		9,793,011
CBOE Holdings, Inc.			3,873		251,358
CME Group, Inc.			12,281		1,112,659
FactSet Research Systems, Inc.			1,490		242,229
FNFV Group	*		3,132		35,172
Intercontinental Exchange, Inc.			4,413		1,130,875
Leucadia National Corp.			12,939		225,009
MarketAxess Holdings, Inc.			1,202		134,131
McGraw Hill Financial, Inc.			10,592		1,044,159
Moody’s Corp.			7,473		749,841
Morningstar, Inc.			619		49,774
MSCI, Inc.			4,088		294,868
Nasdaq, Inc.			5,431		315,921
PICO Holdings, Inc.	*		1,150		11,868
Resource America, Inc., Class A			1,287		7,889
Tiptree Financial, Inc., Class A	†		4,605		28,275
Voya Financial, Inc.			7,895		291,405
					15,718,444
Diversified Telecommunication Services—2.0%
8x8, Inc.	*		3,048		34,900
AT&T, Inc.			243,988		8,395,627
Atlantic Tele-Network, Inc.			347		27,146
CenturyLink, Inc.			22,585		568,239
Cincinnati Bell, Inc.	*		8,448		30,413
Cogent Communications Holdings, Inc.	†		2,886		100,115
Consolidated Communications Holdings, Inc.	†		1,840		38,548
Frontier Communications Corp.	†		44,056		205,741
General Communication, Inc., Class A	*		2,516		49,766
Globalstar, Inc.	*†		9,926		14,293
IDT Corp., Class B			1,600		18,656
Iridium Communications, Inc.	*†		3,791		31,882
Level 3 Communications, Inc.	*		11,647		633,131
Lumos Networks Corp.	*		1,350		15,120
Straight Path Communications, Inc., Class B	*†		1,402		24,030
Verizon Communications, Inc.			163,549		7,559,235
Vonage Holdings Corp.	*		11,167		64,099
Windstream Holdings, Inc.	†		3,500		22,540
Zayo Group Holdings, Inc.	*		4,725		125,638
					17,959,119

		Shares		Value
Electric Utilities—1.6%
ALLETE, Inc.		1,243	$	63,182
American Electric Power Co., Inc.		19,815		1,154,620
Avangrid, Inc.	*	1,496		57,446
Cleco Corp.		2,587		135,067
Duke Energy Corp.		28,089		2,005,274
Edison International		13,187		780,802
El Paso Electric Co.		1,748		67,298
Empire District Electric Co. (The)		4,477		125,669
Entergy Corp.		7,301		499,096
Eversource Energy		12,534		640,111
Exelon Corp.		34,288		952,178
FirstEnergy Corp.		17,664		560,479
Great Plains Energy, Inc.		4,631		126,473
Hawaiian Electric Industries, Inc.		3,066		88,761
IDACORP, Inc.		1,515		103,020
ITC Holdings Corp.		5,429		213,088
MGE Energy, Inc.		2,338		108,483
NextEra Energy, Inc.		17,979		1,867,838
OGE Energy Corp.		7,669		201,618
Otter Tail Corp.		1,095		29,160
Pepco Holdings, Inc.		8,859		230,423
Pinnacle West Capital Corp.		4,222		272,234
PNM Resources, Inc.		2,169		66,306
Portland General Electric Co.		2,718		98,854
PPL Corp.		27,620		942,671
Southern Co. (The)		37,295		1,745,033
Unitil Corp.		2,609		93,611
Westar Energy, Inc.		4,753		201,575
Xcel Energy, Inc.		19,945		716,225
				14,146,595
Electrical Equipment—0.5%
Acuity Brands, Inc.		1,873		437,907
AMETEK, Inc.		9,526		510,498
AZZ, Inc.		2,357		130,979
Babcock & Wilcox Enterprises, Inc.	*	2,926		61,066
Eaton Corp. plc		18,634		969,713
Emerson Electric Co.		27,226		1,302,220
Encore Wire Corp.		1,400		51,926
EnerSys		2,156		120,585
Enphase Energy, Inc.	*†	4,495		15,777
Franklin Electric Co., Inc.		1,804		48,762
FuelCell Energy, Inc.	*†	3,032		15,039
Generac Holdings, Inc.	*†	3,020		89,905
General Cable Corp.		1,732		23,261
Hubbell, Inc.		2,078		209,961
LSI Industries, Inc.		1,083		13,202
Plug Power, Inc.	*†	9,245		19,507
Powell Industries, Inc.		1,045		27,201
Regal Beloit Corp.		1,272		74,437
Rockwell Automation, Inc.		5,377		551,734
SolarCity Corp.	*	1,999		101,989
Vicor Corp.	*	1,380		12,586
				4,788,255
Electronic Equipment, Instruments & Components—0.7%
Agilysys, Inc.	*	1,335		13,337
Amphenol Corp., Class A		12,278		641,280
Anixter International, Inc.	*	1,723		104,052
Arrow Electronics, Inc.	*	4,585		248,415

See accompanying notes to financial statements.

350

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Avnet, Inc.			5,129	$	219,726
AVX Corp.			2,270		27,558
Badger Meter, Inc.			1,134		66,441
Belden, Inc.			1,894		90,306
Benchmark Electronics, Inc.	*		2,520		52,088
CDW Corp.			4,713		198,135
Checkpoint Systems, Inc.			1,441		9,035
Cognex Corp.			4,046		136,633
Coherent, Inc.	*		1,348		87,768
Corning, Inc.			52,217		954,527
CTS Corp.			1,580		27,871
Daktronics, Inc.			927		8,083
Dolby Laboratories, Inc., Class A			1,370		46,100
DTS, Inc.	*		755		17,048
Electro Rent Corp.			950		8,740
FARO Technologies, Inc.	*		453		13,373
FEI Co.			1,368		109,153
FLIR Systems, Inc.			5,608		157,417
II-VI, Inc.	*		1,364		25,316
Ingram Micro, Inc., Class A			7,190		218,432
Insight Enterprises, Inc.	*		2,054		51,596
InvenSense Inc.	*†		1,864		19,069
IPG Photonics Corp.	*†		2,130		189,911
Itron, Inc.	*		955		34,552
Jabil Circuit, Inc.			8,287		193,004
Keysight Technologies, Inc.	*		6,630		187,828
Kimball Electronics, Inc.	*		1,125		12,364
Knowles Corp.	*†		2,880		38,390
Littelfuse, Inc.			909		97,272
Mercury Systems, Inc.	*		963		17,681
Mesa Laboratories, Inc.	†		887		88,256
Methode Electronics, Inc.			1,383		44,021
MTS Systems Corp.			1,342		85,096
National Instruments Corp.			5,121		146,921
Newport Corp.	*		1,614		25,614
OSI Systems, Inc.	*		867		76,868
Park Electrochemical Corp.			1,086		16,355
PC Connection, Inc.			854		19,335
Plexus Corp.	*		1,884		65,789
Rofin-Sinar Technologies, Inc.	*		2,200		58,916
Rogers Corp.	*		803		41,411
Sanmina Corp.	*		3,577		73,615
ScanSource, Inc.	*		1,126		36,280
SYNNEX Corp.			853		76,710
Tech Data Corp.	*		2,057		136,544
Trimble Navigation Ltd.	*		8,636		185,242
TTM Technologies, Inc.	*		1,639		10,670
Universal Display Corp.	*		1,350		73,494
Vishay Intertechnology, Inc.	†		6,172		74,373
Vishay Precision Group, Inc.	*		440		4,981
Zebra Technologies Corp., Class A	*		2,729		190,075
					5,853,067
Energy Equipment & Services—1.0%
Archrock, Inc.			2,465		18,537
Atwood Oceanics, Inc.	†		2,474		25,309
Baker Hughes, Inc.			17,431		804,441
Basic Energy Services, Inc.	*†		7,861		21,067
Bristow Group, Inc.	†		982		25,434
C&J Energy Services Ltd.	*†		3,382		16,098
Cameron International Corp.	*		8,658		547,186

		Shares		Value
CARBO Ceramics, Inc.	†	1,137	$	19,556
Diamond Offshore Drilling, Inc.	†	2,656		56,042
Dril-Quip, Inc.	*	1,338		79,250
Ensco plc, Class A (United Kingdom)		8,935		137,510
Era Group, Inc.	*	713		7,950
Exterran Corp.	*	1,232		19,774
FMC Technologies, Inc.	*	9,017		261,583
Forum Energy Technologies, Inc.	*†	2,107		26,253
Frank’s International NV (Netherlands)		1,561		26,053
Geospace Technologies Corp.	*	1,100		15,477
Gulfmark Offshore, Inc., Class A	*†	1,000		4,670
Halliburton Co.		33,597		1,143,642
Helix Energy Solutions Group, Inc.	*	3,853		20,267
Helmerich & Payne, Inc.	†	3,926		210,237
Hornbeck Offshore Services, Inc.	*†	1,800		17,892
ION Geophysical Corp.	*	6,136		3,087
Key Energy Services, Inc.	*	31,574		15,222
Matrix Service Co.	*	468		9,613
McDermott International, Inc.	*†	11,704		39,208
Nabors Industries Ltd.		10,988		93,508
National Oilwell Varco, Inc.		16,514		553,054
Newpark Resources, Inc.	*	3,484		18,396
Noble Corp. plc (United Kingdom)	†	7,712		81,362
Oceaneering International, Inc.		4,464		167,489
Oil States International, Inc.	*	2,026		55,208
Parker Drilling Co.	*	3,755		6,834
Patterson-UTI Energy, Inc.		6,712		101,217
PHI, Inc.	*	774		12,701
Pioneer Energy Services Corp.	*	2,700		5,859
Rowan Cos. plc, Class A	†	3,918		66,410
Schlumberger Ltd.		50,798		3,543,161
SEACOR Holdings, Inc.	*	713		37,475
Seadrill Ltd. (United Kingdom)	*†	15,030		50,952
Seventy Seven Energy, Inc.	*†	10,182		10,691
Superior Energy Services, Inc.		7,732		104,150
Tesco Corp.		3,185		23,059
TETRA Technologies, Inc.	*	2,352		17,687
Tidewater, Inc.	†	2,250		15,660
Unit Corp.	*†	1,702		20,764
US Silica Holdings, Inc.	†	2,169		40,625
Weatherford International plc (Switzerland)	*	28,035		235,214
				8,832,834
Food & Staples Retailing—2.0%
Andersons, Inc. (The)		1,050		33,211
Casey’s General Stores, Inc.		1,608		193,684
Costco Wholesale Corp.		17,258		2,787,167
CVS Health Corp.		45,214		4,420,573
Fresh Market, Inc. (The)	*†	1,489		34,872
Kroger Co. (The)		40,960		1,713,357
PriceSmart, Inc.		1,212		100,584
Rite Aid Corp.	*	36,454		285,799
SpartanNash Co.		808		17,485
Sprouts Farmers Market, Inc.	*	5,111		135,901
SUPERVALU, Inc.	*	8,154		55,284
Sysco Corp.		23,115		947,715
United Natural Foods, Inc.	*	1,912		75,256
Walgreens Boots Alliance, Inc.		34,353		2,925,330
Wal-Mart Stores, Inc.		62,580		3,836,154

See accompanying notes to financial statements.

351

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Weis Markets, Inc.			382	$	16,923
Whole Foods Market, Inc.			14,831		496,839
					18,076,134
Food Products—1.7%
Archer-Daniels-Midland Co.			25,110		921,035
B&G Foods, Inc.	†		4,432		155,209
Bunge Ltd.			5,710		389,879
Calavo Growers, Inc.			526		25,774
Cal-Maine Foods, Inc.	†		956		44,301
Campbell Soup Co.			6,386		335,584
ConAgra Foods, Inc.			16,632		701,205
Darling Ingredients, Inc.	*		7,139		75,102
Dean Foods Co.	†		3,140		53,851
Diamond Foods, Inc.	*		847		32,652
Farmer Brothers Co.	*		930		30,011
Flowers Foods, Inc.			7,909		169,965
Fresh Del Monte Produce, Inc.			1,221		47,473
General Mills, Inc.			24,219		1,396,468
Hain Celestial Group, Inc. (The)	*		3,503		141,486
Hershey Co. (The)			5,678		506,875
Hormel Foods Corp.			6,390		505,321
Ingredion, Inc.			3,164		303,238
Inventure Foods, Inc.	*†		5,272		37,431
J&J Snack Foods Corp.			761		88,786
J.M. Smucker Co. (The)			4,624		570,324
Kellogg Co.			10,655		770,037
Keurig Green Mountain, Inc.			5,854		526,743
Kraft Heinz Co. (The)			23,537		1,712,552
Lancaster Colony Corp.			1,389		160,374
Landec Corp.	*		986		11,664
McCormick & Co., Inc. (Non-Voting Shares)			4,898		419,073
Mead Johnson Nutrition Co.			7,933		626,310
Mondelez International, Inc., Class A			65,517		2,937,782
Pilgrim’s Pride Corp.	†		1,940		42,855
Pinnacle Foods, Inc.			4,118		174,850
Post Holdings, Inc.	*		2,173		134,074
Sanderson Farms, Inc.	†		864		66,977
Seaboard Corp.	*		18		52,105
Snyder’s-Lance, Inc.	†		1,370		46,991
Tootsie Roll Industries, Inc.	†		722		22,808
TreeHouse Foods, Inc.	*		1,572		123,339
Tyson Foods, Inc., Class A			11,336		604,549
WhiteWave Foods Co. (The)	*		6,423		249,919
					15,214,972
Gas Utilities—0.2%
AGL Resources, Inc.			4,652		296,844
Atmos Energy Corp.			3,593		226,503
Chesapeake Utilities Corp.			1,423		80,755
Laclede Group, Inc. (The)			1,025		60,895
National Fuel Gas Co.	†		3,639		155,567
New Jersey Resources Corp.			3,362		110,811
Northwest Natural Gas Co.			1,183		59,872
ONE Gas, Inc.			1,954		98,032
Piedmont Natural Gas Co., Inc.			2,740		156,235
Questar Corp.			7,412		144,386
South Jersey Industries, Inc.			4,028		94,739
Southwest Gas Corp.			1,252		69,060
UGI Corp.			6,633		223,930
WGL Holdings, Inc.			2,315		145,822
					1,923,451

		Shares		Value
Health Care Equipment & Supplies—2.3%
Abaxis, Inc.		749	$	41,704
Abbott Laboratories		59,088		2,653,642
ABIOMED, Inc.	*	1,465		132,260
Alere, Inc.	*	3,011		117,700
Align Technology, Inc.	*	2,915		191,953
Analogic Corp.		593		48,982
Baxter International, Inc.		21,536		821,598
Becton Dickinson and Co.		8,280		1,275,865
Boston Scientific Corp.	*	53,699		990,210
C.R. Bard, Inc.		2,876		544,829
Cantel Medical Corp.		828		51,452
Cerus Corp.	*†	9,553		60,375
CONMED Corp.		1,362		59,996
Cooper Cos., Inc. (The)		1,812		243,170
CryoLife, Inc.		937		10,101
Cynosure, Inc., Class A	*	314		14,026
DENTSPLY International, Inc.		5,668		344,898
DexCom, Inc.	*	3,795		310,810
Edwards Lifesciences Corp.	*	8,166		644,951
Endologix, Inc.	*†	2,429		24,047
GenMark Diagnostics, Inc.	*	4,863		37,737
Globus Medical, Inc., Class A	*	1,444		40,172
Greatbatch, Inc.	*	942		49,455
Haemonetics Corp.	*	2,314		74,603
Halyard Health, Inc.	*	1,817		60,706
HeartWare International, Inc.	*†	664		33,466
Hill-Rom Holdings, Inc.		1,576		75,743
Hologic, Inc.	*	9,792		378,852
ICU Medical, Inc.	*	605		68,232
IDEXX Laboratories, Inc.	*†	3,970		289,492
Inogen, Inc.	*	1,047		41,974
Insulet Corp.	*	2,469		93,353
Integra LifeSciences Holdings Corp.	*	1,190		80,658
Intuitive Surgical, Inc.	*	1,442		787,563
Invacare Corp.		1,333		23,181
LDR Holding Corp.	*	680		17,075
LivaNova plc (United Kingdom)	*	956		56,758
Masimo Corp.	*	1,500		62,265
Medtronic plc (Ireland)		56,773		4,366,979
Meridian Bioscience, Inc.		1,158		23,762
Merit Medical Systems, Inc.	*	3,149		58,540
Natus Medical, Inc.	*	956		45,936
Neogen Corp.	*	3,150		178,038
Nevro Corp.	*†	554		37,400
NuVasive, Inc.	*	1,746		94,476
NxStage Medical, Inc.	*	1,869		40,950
OraSure Technologies, Inc.	*	1,687		10,864
Orthofix International NV (Curacao)	*	703		27,565
ResMed, Inc.	†	6,068		325,791
Rockwell Medical, Inc.	*†	2,762		28,283
RTI Surgical, Inc.	*	807		3,204
SeaSpine Holdings Corp.	*	396		6,803
Sirona Dental Systems, Inc.	*	2,048		224,399
Spectranetics Corp. (The)	*†	1,045		15,738
St. Jude Medical, Inc.		10,767		665,078
STAAR Surgical Co.	*†	848		6,055
STERIS plc (United Kingdom)		2,777		209,219
Stryker Corp.		13,299		1,236,009
SurModics, Inc.	*	3,284		66,567
Teleflex, Inc.		1,515		199,147
TransEnterix, Inc.	*†	7,273		18,037
Unilife Corp.	*†	19,810		9,808

See accompanying notes to financial statements.

352

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Varian Medical Systems, Inc.	*		4,761	$	384,689
West Pharmaceutical Services, Inc.			3,408		205,230
Wright Medical Group NV (Netherlands)	*		2,772		67,027
Zeltiq Aesthetics, Inc.	*†		1,083		30,898
Zimmer Biomet Holdings, Inc.			6,834		701,100
					20,141,446
Health Care Providers & Services—2.7%
Acadia Healthcare Co., Inc.	*		1,684		105,183
Adeptus Health, Inc., Class A	*†		511		27,860
Aetna, Inc.			14,039		1,517,897
Air Methods Corp.	*		2,900		121,597
Almost Family, Inc.	*		422		16,133
Amedisys, Inc.	*		1,698		66,765
AmerisourceBergen Corp.			9,159		949,880
AMN Healthcare Services, Inc.	*		1,507		46,792
Amsurg Corp.	*		1,423		108,148
Anthem, Inc.			10,756		1,499,817
BioScrip, Inc.	*†		1,095		1,916
Brookdale Senior Living, Inc.	*		6,585		121,559
Cardinal Health, Inc.			13,757		1,228,087
Centene Corp.	*		4,361		286,997
Chemed Corp.	†		1,162		174,068
Cigna Corp.			10,551		1,543,928
Community Health Systems, Inc.	*		4,972		131,907
Cross Country Healthcare, Inc.	*		1,339		21,946
DaVita HealthCare Partners, Inc.	*		7,014		488,946
Diplomat Pharmacy, Inc.	*†		912		31,209
Ensign Group, Inc. (The)			1,084		24,531
Envision Healthcare Holdings, Inc.	*		6,600		171,402
ExamWorks Group, Inc.	*		1,308		34,793
Express Scripts Holding Co.	*		28,074		2,453,948
Genesis Healthcare, Inc.	*		6,839		23,731
Hanger, Inc.	*		1,083		17,815
HCA Holdings, Inc.	*		12,387		837,733
Health Net, Inc.	*		3,209		219,688
HealthEquity, Inc.	*		820		20,557
HealthSouth Corp.			3,032		105,544
Healthways, Inc.	*		1,362		17,529
Henry Schein, Inc.	*		3,652		577,710
Humana, Inc.			6,153		1,098,372
Kindred Healthcare, Inc.			2,526		30,085
Laboratory Corp. of America Holdings	*		3,900		482,196
Landauer, Inc.			598		19,686
LifePoint Health, Inc.	*		2,149		157,737
Magellan Health, Inc.	*		1,400		86,324
McKesson Corp.			9,158		1,806,232
MEDNAX, Inc.	*		4,364		312,724
Molina Healthcare, Inc.	*		1,172		70,472
National HealthCare Corp.			431		26,593
National Research Corp., Class A			3,750		60,150
Owens & Minor, Inc.			2,434		87,575
Patterson Cos., Inc.			4,679		211,538
PharMerica Corp.	*		1,365		47,775
Premier, Inc., Class A	*		1,076		37,950
Quest Diagnostics, Inc.			6,754		480,480
Select Medical Holdings Corp.			2,537		30,216
Team Health Holdings, Inc.	*		3,999		175,516
Tenet Healthcare Corp.	*		4,822		146,107

		Shares		Value
U.S. Physical Therapy, Inc.		1,300	$	69,784
UnitedHealth Group, Inc.		37,988		4,468,908
Universal American Corp.		1,812		12,684
Universal Health Services, Inc., Class B		3,504		418,693
VCA, Inc.	*	3,442		189,310
WellCare Health Plans, Inc.	*	1,500		117,315
				23,640,038
Health Care Technology—0.2%
Allscripts Healthcare Solutions, Inc.	*	6,468		99,478
athenahealth, Inc.	*†	1,388		223,426
Cerner Corp.	*	11,584		697,009
HMS Holdings Corp.	*	4,230		52,198
IMS Health Holdings, Inc.	*	4,303		109,598
MedAssets, Inc.	*	1,860		57,548
Medidata Solutions, Inc.	*	2,616		128,943
Omnicell, Inc.	*	783		24,336
Quality Systems, Inc.		1,536		24,760
Veeva Systems, Inc., Class A	*†	2,201		63,499
				1,480,795
Hotels, Restaurants & Leisure—2.1%
Aramark		5,721		184,502
Biglari Holdings, Inc.	*	90		29,324
BJ’s Restaurants, Inc.	*	564		24,517
Bloomin’ Brands, Inc.		3,188		53,845
Bob Evans Farms, Inc.		1,465		56,915
Boyd Gaming Corp.	*†	2,619		52,040
Brinker International, Inc.		2,003		96,044
Buffalo Wild Wings, Inc.	*†	867		138,417
Carnival Corp.		17,391		947,462
Cheesecake Factory, Inc. (The)		3,444		158,803
Chipotle Mexican Grill, Inc.	*	1,207		579,179
Choice Hotels International, Inc.		1,616		81,463
Churchill Downs, Inc.		638		90,271
Cracker Barrel Old Country Store, Inc.	†	919		116,557
Darden Restaurants, Inc.		4,499		286,316
Dave & Buster’s Entertainment, Inc.	*	635		26,505
Diamond Resorts International, Inc.	*†	1,233		31,454
DineEquity, Inc.		1,079		91,359
Domino’s Pizza, Inc.		1,974		219,608
Dunkin’ Brands Group, Inc.	†	4,613		196,468
Fiesta Restaurant Group, Inc.	*	595		19,992
Hilton Worldwide Holdings, Inc.		18,327		392,198
Hyatt Hotels Corp., Class A	*	1,435		67,474
International Game Technology plc		2,211		35,774
International Speedway Corp., Class A		1,190		40,127
Interval Leisure Group, Inc.	†	1,886		29,440
Isle of Capri Casinos, Inc.	*	1,250		17,413
J Alexander’s Holdings, Inc.	*	540		5,897
Jack in the Box, Inc.		2,028		155,568
Krispy Kreme Doughnuts, Inc.	*	2,573		38,775
La Quinta Holdings, Inc.	*	1,715		23,341
Las Vegas Sands Corp.		15,013		658,170
Marcus Corp. (The)		1,505		28,550
Marriott International, Inc., Class A	†	9,363		627,696

See accompanying notes to financial statements.

353

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Marriott Vacations Worldwide Corp.			1,075	$	61,221
McDonald’s Corp.			38,282		4,522,635
MGM Resorts International	*		16,457		373,903
Morgans Hotel Group Co.	*		2,300		7,751
Norwegian Cruise Line Holdings Ltd.	*		4,929		288,839
Panera Bread Co., Class A	*		1,250		243,475
Papa John’s International, Inc.			2,099		117,271
Penn National Gaming, Inc.	*		2,586		41,428
Pinnacle Entertainment, Inc.	*		1,629		50,694
Popeyes Louisiana Kitchen, Inc.	*		752		43,992
Red Robin Gourmet Burgers, Inc.	*		692		42,724
Royal Caribbean Cruises Ltd.			6,726		680,738
Ruby Tuesday, Inc.	*		2,816		15,516
Scientific Games Corp., Class A	*†		2,517		22,577
SeaWorld Entertainment, Inc.			2,129		41,920
Six Flags Entertainment Corp.			2,984		163,941
Sonic Corp.			3,730		120,516
Speedway Motorsports, Inc.			149		3,087
Starbucks Corp.			59,142		3,550,294
Starwood Hotels & Resorts Worldwide, Inc.			7,446		515,859
Texas Roadhouse, Inc.			3,070		109,814
Vail Resorts, Inc.			1,491		190,833
Wendy’s Co. (The)			11,481		123,650
Wyndham Worldwide Corp.			5,799		421,297
Wynn Resorts Ltd.	†		3,423		236,837
Yum! Brands, Inc.			16,971		1,239,732
					18,832,008
Household Durables—0.6%
Beazer Homes USA, Inc.	*		4,467		51,326
CalAtlantic Group, Inc.			2,400		91,008
CSS Industries, Inc.			2,711		76,938
D.R. Horton, Inc.			12,534		401,464
Ethan Allen Interiors, Inc.			1,551		43,149
Garmin Ltd. (Switzerland)	†		4,621		171,763
GoPro, Inc., Class A	*†		2,971		53,508
Harman International Industries, Inc.			2,728		257,005
Helen of Troy Ltd.	*		1,333		125,635
Hovnanian Enterprises, Inc., Class A	*†		13,407		24,267
Jarden Corp.	*		7,940		453,533
KB Home	†		3,248		40,048
La-Z-Boy, Inc.			2,404		58,706
Leggett & Platt, Inc.			5,407		227,202
Lennar Corp., Class A	†		6,464		316,154
Lennar Corp., Class B			607		24,389
M/I Homes, Inc.	*		610		13,371
MDC Holdings, Inc.	†		1,091		27,853
Meritage Homes Corp.	*		1,300		44,187
Mohawk Industries, Inc.	*		2,377		450,180
NACCO Industries, Inc., Class A			309		13,040
Newell Rubbermaid, Inc.			10,591		466,851
NVR, Inc.	*		147		241,521
PulteGroup, Inc.			13,539		241,265
Tempur Sealy International, Inc.	*		1,991		140,286
Toll Brothers, Inc.	*		6,318		210,389
TopBuild Corp.	*		1,834		56,432
TRI Pointe Group, Inc.	*		5,851		74,132

		Shares		Value
Tupperware Brands Corp.	†	2,427	$	135,062
Universal Electronics, Inc.	*	639		32,813
Whirlpool Corp.		3,016		442,960
				5,006,437
Household Products—1.6%
Central Garden & Pet Co., Class A	*	1,230		16,728
Church & Dwight Co., Inc.		5,138		436,113
Clorox Co. (The)		4,830		612,589
Colgate-Palmolive Co.		35,985		2,397,321
Energizer Holdings, Inc.		2,126		72,412
HRG Group, Inc.	*	2,642		35,825
Kimberly-Clark Corp.		14,543		1,851,324
Procter & Gamble Co. (The)		108,449		8,611,935
Spectrum Brands Holdings, Inc.		836		85,105
WD-40 Co.		949		93,619
				14,212,971
Independent Power and Renewable Electricity Producers—0.1%
Abengoa Yield plc (Spain)	†	2,316		44,676
AES Corp. (The)		26,935		257,768
Calpine Corp.	*	16,000		231,520
Dynegy, Inc.	*	5,695		76,313
NRG Energy, Inc.		14,472		170,336
NRG Yield, Inc., Class A	†	641		8,916
NRG Yield, Inc., Class C	†	2,320		34,243
Ormat Technologies, Inc.		741		27,024
Pattern Energy Group, Inc.	†	1,263		26,409
Talen Energy Corp.	*	3,449		21,487
TerraForm Power, Inc., Class A	*†	1,079		13,574
				912,266
Industrial Conglomerates—2.1%
3M Co.		25,252		3,803,961
Carlisle Cos., Inc.		2,452		217,468
Danaher Corp.		23,594		2,191,411
General Electric Co.		378,754		11,798,187
Roper Technologies, Inc.		3,837		728,224
				18,739,251
Insurance—3.1%
ACE Ltd. (Switzerland)		12,753		1,490,188
Aflac, Inc.		17,160		1,027,884
Alleghany Corp.	*	614		293,449
Allied World Assurance Co. Holdings AG (Switzerland)		5,025		186,880
Allstate Corp. (The)		16,911		1,050,004
Ambac Financial Group, Inc.	*	1,330		18,740
American Equity Investment Life Holding Co.		4,302		103,377
American Financial Group, Inc.		2,657		191,517
American International Group, Inc.		50,958		3,157,867
American National Insurance Co.		374		38,249
AmTrust Financial Services, Inc.	†	678		41,751
Aon plc (United Kingdom)		11,889		1,096,285
Arch Capital Group Ltd. (Bermuda)	*	4,284		298,809
Argo Group International Holdings Ltd. (Bermuda)		1,086		64,986

See accompanying notes to financial statements.

354

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Arthur J. Gallagher & Co.			6,304	$	258,086
Aspen Insurance Holdings Ltd. (Bermuda)			3,512		169,630
Assurant, Inc.			2,563		206,424
Assured Guaranty Ltd. (Bermuda)			7,538		199,229
Axis Capital Holdings Ltd. (Bermuda)			4,847		272,498
Baldwin & Lyons, Inc., Class B			945		22,708
Brown & Brown, Inc.			5,036		161,656
Chubb Corp. (The)			9,750		1,293,240
Cincinnati Financial Corp.			6,036		357,150
CNA Financial Corp.			1,422		49,983
CNO Financial Group, Inc.			6,600		125,994
Crawford & Co., Class B			1,891		10,041
EMC Insurance Group, Inc.			511		12,928
Employers Holdings, Inc.			2,770		75,621
Endurance Specialty Holdings Ltd. (Bermuda)			3,933		251,673
Enstar Group Ltd. (Bermuda)	*		772		115,831
Erie Indemnity Co., Class A			1,023		97,840
Everest Re Group Ltd. (Bermuda)			2,228		407,925
FBL Financial Group, Inc., Class A			1,275		81,141
First American Financial Corp.	†		3,159		113,408
FNF Group			10,681		370,310
Genworth Financial, Inc., Class A	*		16,181		60,355
Hanover Insurance Group, Inc. (The)			2,346		190,824
Hartford Financial Services Group, Inc. (The)			16,799		730,085
Horace Mann Educators Corp.			2,000		66,360
Independence Holding Co.			1,056		14,626
Infinity Property & Casualty Corp.			810		66,606
Kansas City Life Insurance Co.			152		5,820
Kemper Corp.			1,906		70,998
Lincoln National Corp.			10,899		547,784
Loews Corp.			11,788		452,659
Markel Corp.	*		549		484,959
Marsh & McLennan Cos., Inc.			21,030		1,166,113
MBIA, Inc.	*		5,212		33,774
Mercury General Corp.			1,109		51,646
MetLife, Inc.			35,958		1,733,535
Navigators Group, Inc. (The)	*		938		80,471
Old Republic International Corp.			10,195		189,933
PartnerRe Ltd. (Bermuda)			2,300		321,402
Primerica, Inc.			1,747		82,511
Principal Financial Group, Inc.			10,891		489,877
ProAssurance Corp.			2,054		99,681
Progressive Corp. (The)			23,937		761,197
Prudential Financial, Inc.			18,098		1,473,358
Reinsurance Group of America, Inc.			2,454		209,940
RenaissanceRe Holdings Ltd. (Bermuda)			2,374		268,713
RLI Corp.			2,328		143,754
Safety Insurance Group, Inc.			850		47,923
Selective Insurance Group, Inc.			2,122		71,257
StanCorp Financial Group, Inc.			2,460		280,145
State Auto Financial Corp.			488		10,048
Stewart Information Services Corp.			1,239		46,252
Symetra Financial Corp.			2,025		64,334

		Shares		Value
Third Point Reinsurance Ltd. (Bermuda)	*	1,834	$	24,594
Torchmark Corp.		6,045		345,532
Travelers Cos., Inc. (The)		13,074		1,475,532
United Fire Group, Inc.		1,250		47,887
Unum Group		12,054		401,278
Validus Holdings Ltd. (Bermuda)		3,553		164,468
W.R. Berkley Corp.		3,415		186,971
White Mountains Insurance Group Ltd.		300		218,043
XL Group plc (Ireland)		10,597		415,190
				27,309,737
Internet & Catalog Retail—1.9%
1-800-Flowers.com, Inc., Class A	*	793		5,773
Amazon.com, Inc.	*	15,181		10,260,686
Expedia, Inc.		4,463		554,751
FTD Cos., Inc.	*	501		13,111
Groupon, Inc.	*†	19,947		61,237
HSN, Inc.		1,886		95,564
Lands’ End, Inc.	*†	820		19,221
Liberty Interactive Corp. QVC Group, Series A	*	21,519		587,899
Liberty TripAdvisor Holdings, Inc., Series A	*	3,296		100,001
Liberty Ventures, Series A	*	6,242		281,577
Netflix, Inc.	*	16,784		1,919,754
Nutrisystem, Inc.		931		20,147
Overstock.com, Inc.	*	770		9,455
Priceline Group, Inc. (The)	*	2,051		2,614,922
Shutterfly, Inc.	*	2,976		132,610
TripAdvisor, Inc.	*	4,347		370,582
Wayfair, Inc., Class A	*†	1,230		58,573
				17,105,863
Internet Software & Services—3.9%
Akamai Technologies, Inc.	*	7,479		393,620
Alphabet, Inc., Class A	*	11,488		8,937,779
Alphabet, Inc., Class C	*	11,738		8,907,733
Angie’s List, Inc.	*†	1,166		10,902
Bazaarvoice, Inc.	*†	5,255		23,017
Blucora, Inc.	*	1,323		12,965
Box, Inc., Class A	*†	2,480		34,621
Brightcove, Inc.	*	3,636		22,543
ChannelAdvisor Corp.	*	1,716		23,767
Cimpress NV (Netherlands)	*†	1,843		149,541
comScore, Inc.	*†	860		35,389
Constant Contact, Inc.	*	925		27,047
Cornerstone OnDemand, Inc.	*	1,310		45,234
CoStar Group, Inc.	*	1,152		238,107
Demandware, Inc.	*†	750		40,477
EarthLink Holdings Corp.		5,814		43,198
eBay, Inc.	*	49,126		1,349,982
Endurance International Group Holdings, Inc.	*†	1,747		19,095
Envestnet, Inc.	*	860		25,671
Facebook, Inc., Class A	*	86,236		9,025,460
Five9, Inc.	*†	8,371		72,828
Gogo, Inc.	*†	2,212		39,374
GrubHub, Inc.	*†	2,284		55,273
IAC/InterActiveCorp		2,481		148,984
Internap Corp.	*	1,297		8,301
j2 Global, Inc.		1,614		132,864
LinkedIn Corp., Class A	*	4,275		962,217

See accompanying notes to financial statements.

355

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
LivePerson, Inc.	*		3,333	$	22,498
LogMeIn, Inc.	*		724		48,580
Marin Software, Inc.	*		3,014		10,790
Marketo, Inc.	*		1,518		43,582
Monster Worldwide, Inc.	*†		4,681		26,822
NIC, Inc.			2,450		48,216
OPOWER, Inc.	*†		3,942		41,628
Pandora Media, Inc.	*		7,896		105,885
Q2 Holdings, Inc.	*		1,718		45,304
Rackspace Hosting, Inc.	*		6,130		155,212
RealNetworks, Inc.	*		1,461		6,209
Rocket Fuel, Inc.	*†		1,372		4,788
Shutterstock, Inc.	*†		501		16,202
SPS Commerce, Inc.	*		377		26,469
Stamps.com, Inc.	*		1,050		115,090
Textura Corp.	*†		1,712		36,945
TrueCar, Inc.	*†		3,602		34,363
Twitter, Inc.	*		21,954		508,016
VeriSign, Inc.	*†		4,905		428,501
Web.com Group, Inc.	*		2,467		49,365
WebMD Health Corp.	*†		2,106		101,720
Wix.com Ltd. (Israel)	*		2,051		46,660
XO Group, Inc.	*		2,304		37,002
Yahoo!, Inc.	*		37,137		1,235,177
Yelp, Inc.	*		2,689		77,443
Zillow Group, Inc., Class A	*†		2,649		68,980
Zillow Group, Inc., Class C	*†		5,298		124,397
					34,251,833
IT Services—3.6%
Accenture plc, Class A (Ireland)			24,894		2,601,423
Acxiom Corp.	*		3,451		72,195
Alliance Data Systems Corp.	*		2,365		654,088
Amdocs Ltd.			6,782		370,094
Automatic Data Processing, Inc.			18,580		1,574,098
Blackhawk Network Holdings, Inc.	*		1,698		75,069
Booz Allen Hamilton Holding Corp.			2,798		86,318
Broadridge Financial Solutions, Inc.			5,748		308,840
CACI International, Inc., Class A	*		1,198		111,150
Cardtronics, Inc.	*		3,545		119,289
Ciber, Inc.	*		2,444		8,578
Cognizant Technology Solutions Corp., Class A	*		23,855		1,431,777
Computer Sciences Corp.			5,963		194,871
Convergys Corp.			5,933		147,672
CoreLogic, Inc.	*		3,159		106,964
CSG Systems International, Inc.			2,153		77,465
CSRA, Inc.			5,963		178,890
DST Systems, Inc.			1,853		211,353
EPAM Systems, Inc.	*		1,370		107,709
Euronet Worldwide, Inc.	*		1,761		127,549
EVERTEC, Inc. (Puerto Rico)			1,742		29,161
ExlService Holdings, Inc.	*		691		31,047
Fidelity National Information Services, Inc.			10,986		665,752
Fiserv, Inc.	*		10,252		937,648
FleetCor Technologies, Inc.	*		3,496		499,683
Forrester Research, Inc.			963		27,426
Gartner, Inc.	*		3,107		281,805

		Shares		Value
Genpact Ltd.	*	6,727	$	168,040
Global Payments, Inc.		6,476		417,767
Hackett Group, Inc. (The)		1,140		18,320
Heartland Payment Systems, Inc.		2,412		228,706
International Business Machines Corp.		36,224		4,985,147
Jack Henry & Associates, Inc.		3,591		280,313
Leidos Holdings, Inc.		2,132		119,946
Lionbridge Technologies, Inc.	*	1,165		5,720
Luxoft Holding, Inc. (Switzerland)	*	391		30,158
ManTech International Corp., Class A		1,217		36,802
MasterCard, Inc., Class A		39,780		3,872,981
MAXIMUS, Inc.		3,502		196,987
ModusLink Global Solutions, Inc.	*†	1,007		2,497
MoneyGram International, Inc.	*	468		2,934
NeuStar, Inc., Class A	*†	3,140		75,266
Paychex, Inc.		12,658		669,482
PayPal Holdings, Inc.	*	49,126		1,778,361
Sabre Corp.		3,503		97,979
Science Applications International Corp.	†	1,218		55,760
ServiceSource International, Inc.	*	7,526		34,695
Sykes Enterprises, Inc.	*	1,423		43,800
Syntel, Inc.	*	3,108		140,637
TeleTech Holdings, Inc.		2,738		76,418
Teradata Corp.	*	5,364		141,717
Total System Services, Inc.		6,935		345,363
Travelport Worldwide Ltd. (United Kingdom)		3,216		41,486
Unisys Corp.	*	1,371		15,150
Vantiv, Inc., Class A	*	4,812		228,185
VeriFone Systems, Inc.	*	4,239		118,777
Virtusa Corp.	*	711		29,393
Visa, Inc., Class A		78,025		6,050,839
Western Union Co. (The)		23,068		413,148
WEX, Inc.	*	1,750		154,700
Xerox Corp.		44,371		471,664
				32,387,052
Leisure Products—0.2%
Arctic Cat, Inc.	†	689		11,286
Brunswick Corp.		3,797		191,786
Callaway Golf Co.		2,881		27,139
Hasbro, Inc.		4,899		329,996
JAKKS Pacific, Inc.	*†	765		6,089
Mattel, Inc.		13,029		353,998
Polaris Industries, Inc.	†	2,406		206,796
Smith & Wesson Holding Corp.	*	1,367		30,047
Sturm Ruger & Co., Inc.	†	1,052		62,710
Vista Outdoor, Inc.	*	3,100		137,981
				1,357,828
Life Sciences Tools & Services—0.7%
Accelerate Diagnostics, Inc.	*†	1,363		29,291
Affymetrix, Inc.	*	2,525		25,477
Agilent Technologies, Inc.		13,260		554,401
Bio-Rad Laboratories, Inc., Class A	*	623		86,385
Bio-Techne Corp.		1,736		156,240
Bruker Corp.	*	4,987		121,035
Cambrex Corp.	*	1,258		59,239

See accompanying notes to financial statements.

356

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Charles River Laboratories International, Inc.	*		2,755	$	221,474
Fluidigm Corp.	*		1,443		15,599
Illumina, Inc.	*		5,665		1,087,368
Luminex Corp.	*		1,070		22,887
Mettler-Toledo International, Inc.	*		1,030		349,304
NanoString Technologies, Inc.	*		2,986		43,924
Pacific Biosciences of California, Inc.	*†		6,332		83,139
PAREXEL International Corp.	*		2,306		157,085
PerkinElmer, Inc.			5,266		282,100
QIAGEN NV (Netherlands)	*		8,728		241,329
Quintiles Transnational Holdings, Inc.	*		2,431		166,913
Sequenom, Inc.	*†		19,756		32,400
Thermo Fisher Scientific, Inc.			15,797		2,240,804
Waters Corp.	*		3,591		483,277
					6,459,671
Machinery—1.5%
Accuride Corp.	*		8,669		14,391
Actuant Corp., Class A			2,022		48,447
AGCO Corp.	†		3,068		139,257
Albany International Corp., Class A			1,437		52,522
Allison Transmission Holdings, Inc.			5,233		135,482
American Railcar Industries, Inc.	†		1,200		55,536
Astec Industries, Inc.			821		33,415
Barnes Group, Inc.			2,018		71,417
Blount International, Inc.	*		1,532		15,029
Briggs & Stratton Corp.			1,822		31,521
Caterpillar, Inc.			24,087		1,636,952
Chart Industries, Inc.	*		1,070		19,217
CIRCOR International, Inc.			711		29,969
CLARCOR, Inc.			2,354		116,947
Colfax Corp.	*		3,666		85,601
Crane Co.			2,467		118,021
Cummins, Inc.			7,207		634,288
Deere & Co.	†		13,917		1,061,450
Donaldson Co., Inc.			5,274		151,153
Dover Corp.			6,400		392,384
EnPro Industries, Inc.			981		43,007
ESCO Technologies, Inc.			1,222		44,163
ExOne Co. (The)	*		1,154		11,586
Federal Signal Corp.			2,159		34,220
Flowserve Corp.			5,994		252,228
FreightCar America, Inc.			900		17,487
Graco, Inc.			2,883		207,778
Greenbrier Cos., Inc. (The)	†		661		21,562
Harsco Corp.			3,646		28,730
Hillenbrand, Inc.			1,576		46,697
Hurco Cos., Inc.			300		7,968
Hyster-Yale Materials Handling, Inc.			618		32,414
IDEX Corp.			3,304		253,119
Illinois Tool Works, Inc.			12,642		1,171,661
Ingersoll-Rand plc			11,284		623,892
ITT Corp.			3,588		130,316
John Bean Technologies Corp.			1,164		58,002
Joy Global, Inc.	†		4,237		53,429

		Shares		Value
Kadant, Inc.		721	$	29,280
Kennametal, Inc.		3,196		61,363
Lincoln Electric Holdings, Inc.		3,754		194,795
Lindsay Corp.	†	808		58,499
Manitowoc Co., Inc. (The)		5,044		77,425
Meritor, Inc.	*	2,791		23,305
Middleby Corp. (The)	*	2,952		318,432
Mueller Industries, Inc.		3,184		86,286
Mueller Water Products, Inc., Class A		3,000		25,800
Navistar International Corp.	*†	2,436		21,534
Nordson Corp.		3,044		195,273
Oshkosh Corp.	†	2,868		111,967
PACCAR, Inc.		13,902		658,955
Parker-Hannifin Corp.		5,733		555,986
Pentair plc (United Kingdom)		7,818		387,226
Proto Labs, Inc.	*†	538		34,265
RBC Bearings, Inc.	*†	737		47,603
Rexnord Corp.	*	1,467		26,582
Snap-on, Inc.		2,419		414,689
SPX Corp.		2,157		20,125
SPX FLOW, Inc.	*	2,157		60,202
Standex International Corp.		724		60,201
Stanley Black & Decker, Inc.		6,058		646,570
Tennant Co.		1,280		72,013
Terex Corp.		4,124		76,211
Timken Co. (The)		3,702		105,840
Titan International, Inc.		1,356		5,343
Toro Co. (The)		2,040		149,063
TriMas Corp.	*	3,917		73,052
Trinity Industries, Inc.		6,102		146,570
Valmont Industries, Inc.		1,162		123,195
Wabash National Corp.	*†	6,441		76,197
WABCO Holdings, Inc.	*	2,354		240,720
Wabtec Corp.		3,474		247,071
Watts Water Technologies, Inc., Class A		1,225		60,846
Woodward, Inc.		2,448		121,568
Xylem, Inc.		7,149		260,938
				13,756,248
Marine—0.0%
Kirby Corp.	*	2,358		124,078
Matson, Inc.		1,466		62,496
				186,574
Media—3.1%
AMC Networks, Inc., Class A	*	2,261		168,851
Cable One, Inc.		183		79,360
Cablevision Systems Corp., Class A		9,044		288,504
Carmike Cinemas, Inc.	*	1,250		28,675
CBS Corp. (Non-Voting Shares), Class B		20,355		959,331
Charter Communications, Inc., Class A	*†	3,058		559,920
Cinemark Holdings, Inc.		4,469		149,399
Clear Channel Outdoor Holdings, Inc., Class A	*	2,500		13,975
Comcast Corp., Class A		100,062		5,646,499
Crown Media Holdings, Inc., Class A	*†	5,899		33,093
Cumulus Media, Inc., Class A	*†	2,174		718

See accompanying notes to financial statements.

357

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Discovery Communications, Inc., Class A	*†		7,696	$	205,329
Discovery Communications, Inc., Class C	*		9,058		228,443
DISH Network Corp., Class A	*		9,231		527,829
DreamWorks Animation SKG, Inc., Class A	*†		3,056		78,753
Entercom Communications Corp., Class A	*		2,183		24,515
Entravision Communications Corp., Class A			2,852		21,989
Eros International plc	*†		805		7,366
EW Scripps Co. (The), Class A			3,222		61,218
Gannett Co., Inc.			4,308		70,177
Global Eagle Entertainment, Inc.	*		3,427		33,824
Harte-Hanks, Inc.			3,119		10,106
IMAX Corp. (Canada)	*†		1,872		66,531
Interpublic Group of Cos., Inc. (The)			17,203		400,486
John Wiley & Sons, Inc., Class A			2,491		112,170
Journal Media Group, Inc.			1,061		12,753
Liberty Broadband Corp., Class A	*		889		45,917
Liberty Broadband Corp., Class C	*		2,329		120,782
Liberty Media Corp., Series A	*		4,239		166,381
Liberty Media Corp., Series C	*		7,112		270,825
Lions Gate Entertainment Corp.	†		5,038		163,181
Live Nation Entertainment, Inc.	*		5,485		134,766
Madison Square Garden Co. (The), Class A	*		753		121,835
MDC Partners, Inc., Class A			1,459		31,689
Media General, Inc.	*†		2,225		35,934
Meredith Corp.			2,083		90,090
MSG Networks, Inc., Class A	*		2,261		47,029
National CineMedia, Inc.			2,226		34,970
New Media Investment Group, Inc.	†		1,586		30,864
New York Times Co. (The), Class A			5,682		76,252
News Corp., Class A			17,563		234,642
Nexstar Broadcasting Group, Inc., Class A			902		52,947
Omnicom Group, Inc.			9,924		750,850
Radio Unica Communications Corp.	*‡d		1,900		—
Regal Entertainment Group, Class A	†		2,743		51,760
Rentrak Corp.	*		466		22,149
Scholastic Corp.			1,845		71,143
Scripps Networks Interactive, Inc., Class A			3,612		199,419
Sinclair Broadcast Group, Inc., Class A			2,049		66,674
Sirius XM Holdings, Inc.	*		109,168		444,314
Starz, Class A	*		4,301		144,084
TEGNA, Inc.			8,617		219,906
Thomson Reuters Corp.			13,044		493,715

		Shares		Value
Time Warner Cable, Inc.		11,024	$	2,045,944
Time Warner, Inc.		33,306		2,153,899
Time, Inc.		4,387		68,744
Tribune Media Co., Class A		2,756		93,180
Twenty-First Century Fox, Inc., Class A		54,889		1,490,785
Twenty-First Century Fox, Inc., Class B		16,156		439,928
Viacom, Inc., Class B		14,998		617,318
Walt Disney Co. (The)		67,612		7,104,669
World Wrestling Entertainment, Inc., Class A	†	1,030		18,375
				27,944,774
Metals & Mining—0.3%
AK Steel Holding Corp.	*†	5,009		11,220
Alcoa, Inc.		49,609		489,641
Allegheny Technologies, Inc.	†	3,760		42,300
Carpenter Technology Corp.		1,882		56,968
Century Aluminum Co.	*†	865		3,823
Cliffs Natural Resources, Inc.	*†	4,448		7,028
Coeur Mining, Inc.	*†	7,315		18,141
Commercial Metals Co.		4,080		55,855
Compass Minerals International, Inc.		1,915		144,142
Ferroglobe plc (United Kingdom)		2,174		23,371
Freeport-McMoRan, Inc.	†	40,638		275,119
Hecla Mining Co.	†	20,609		38,951
Kaiser Aluminum Corp.		1,591		133,103
Materion Corp.		1,122		31,416
Newmont Mining Corp.		19,940		358,721
Nucor Corp.		12,379		498,874
Reliance Steel & Aluminum Co.		2,966		171,761
Royal Gold, Inc.		2,286		83,371
Schnitzer Steel Industries, Inc., Class A		693		9,958
Southern Copper Corp. (Peru)	†	6,259		163,485
Steel Dynamics, Inc.		8,080		144,390
Stillwater Mining Co.	*†	3,727		31,940
SunCoke Energy, Inc.		1,473		5,111
Tahoe Resources, Inc.	†	5,318		46,107
TimkenSteel Corp.		1,851		15,511
United States Steel Corp.	†	5,607		44,744
Worthington Industries, Inc.		3,575		107,751
				3,012,802
Multiline Retail—0.6%
Big Lots, Inc.		1,874		72,224
Burlington Stores, Inc.	*	1,691		72,544
Dillard’s, Inc., Class A	†	1,535		100,865
Dollar General Corp.		12,040		865,315
Dollar Tree, Inc.	*	9,285		716,988
Fred’s, Inc., Class A		1,781		29,155
J.C. Penney Co., Inc.	*†	7,928		52,800
Kohl’s Corp.	†	7,696		366,560
Macy’s, Inc.		14,423		504,517
Nordstrom, Inc.	†	6,080		302,845
Sears Holdings Corp.	*†	2,729		56,108
Target Corp.		24,954		1,811,910
Tuesday Morning Corp.	*†	1,816		11,804
				4,963,635

See accompanying notes to financial statements.

358

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Multi-Utilities—1.0%
Alliant Energy Corp.			4,491	$	280,463
Ameren Corp.			9,861		426,291
Avista Corp.			1,759		62,216
Black Hills Corp.	†		2,041		94,764
CenterPoint Energy, Inc.			16,026		294,237
CMS Energy Corp.			11,539		416,327
Consolidated Edison, Inc.			11,897		764,620
Dominion Resources, Inc.			24,027		1,625,186
DTE Energy Co.			7,157		573,920
MDU Resources Group, Inc.			7,657		140,276
NiSource, Inc.			11,700		228,267
NorthWestern Corp.			1,449		78,608
PG&E Corp.			19,170		1,019,652
Public Service Enterprise Group, Inc.			20,287		784,904
SCANA Corp.			5,296		320,355
Sempra Energy			10,053		945,083
TECO Energy, Inc.			7,797		207,790
Vectren Corp.			3,706		157,209
WEC Energy Group, Inc.			12,633		648,199
					9,068,367
Oil, Gas & Consumable Fuels—4.9%
Abraxas Petroleum Corp.	*		7,391		7,834
Adams Resources & Energy, Inc.			1,006		38,630
Alon USA Energy, Inc.			1,438		21,340
Anadarko Petroleum Corp.			19,986		970,920
Antero Resources Corp.	*†		2,697		58,795
Apache Corp.			15,202		676,033
Approach Resources, Inc.	*†		6,809		12,529
Bill Barrett Corp.	*†		4,290		16,860
Bonanza Creek Energy, Inc.	*†		2,369		12,485
Cabot Oil & Gas Corp.			16,664		294,786
California Resources Corp.			12,078		28,142
Callon Petroleum Co.	*		4,584		38,231
Carrizo Oil & Gas, Inc.	*		1,800		53,244
Cheniere Energy, Inc.	*		8,974		334,282
Chesapeake Energy Corp.	†		20,459		92,066
Chevron Corp.			75,183		6,763,463
Cimarex Energy Co.			3,609		322,572
Clayton Williams Energy, Inc.	*†		550		16,264
Clean Energy Fuels Corp.	*†		6,729		24,224
Cobalt International Energy, Inc.	*		13,233		71,458
Columbia Pipeline Group, Inc.			11,700		234,000
Concho Resources, Inc.	*		4,556		423,070
ConocoPhillips			48,803		2,278,612
CONSOL Energy, Inc.	†		8,802		69,536
Contango Oil & Gas Co.	*		400		2,564
Continental Resources, Inc.	*†		4,100		94,218
Delek US Holdings, Inc.			2,148		52,841
Denbury Resources, Inc.	†		16,015		32,350
Devon Energy Corp.			16,247		519,904
Diamondback Energy, Inc.	*		2,349		157,148
Energen Corp.			2,644		108,378
Energy XXI Ltd.	†		18,095		18,276
EOG Resources, Inc.			21,807		1,543,718
EQT Corp.			5,757		300,112
Erin Energy Corp.	*†		10,398		33,274
EXCO Resources, Inc.	*†		44,447		55,114
Exxon Mobil Corp.			167,201		13,033,318

		Shares		Value
GasLog Ltd. (Monaco)	†	1,355	$	11,247
Gastar Exploration, Inc.	*†	11,611		15,210
Golar LNG Ltd. (Bermuda)		2,827		44,638
Green Plains, Inc.		1,442		33,022
Gulfport Energy Corp.	*	3,976		97,690
Halcon Resources Corp.	*†	9,525		12,001
Hess Corp.		10,596		513,694
HollyFrontier Corp.		7,651		305,198
Kinder Morgan, Inc.		71,088		1,060,633
Kosmos Energy Ltd.	*	4,050		21,060
Laredo Petroleum, Inc.	*†	4,696		37,521
Marathon Oil Corp.		25,577		322,014
Marathon Petroleum Corp.		21,424		1,110,620
Matador Resources Co.	*†	1,536		30,367
Memorial Resource Development Corp.	*	3,125		50,469
Murphy Oil Corp.	†	7,752		174,032
Newfield Exploration Co.	*	6,029		196,304
Noble Energy, Inc.		16,513		543,773
Nordic American Tankers Ltd. (Norway)	†	1,750		27,195
Northern Oil and Gas, Inc.	*†	6,464		24,951
Oasis Petroleum, Inc.	*†	5,799		42,739
Occidental Petroleum Corp.		30,779		2,080,968
ONEOK, Inc.		7,816		192,743
Panhandle Oil and Gas, Inc., Class A		2,234		36,101
Parsley Energy, Inc., Class A	*	2,069		38,173
PBF Energy, Inc., Class A		3,454		127,142
PDC Energy, Inc.	*†	1,250		66,725
Peabody Energy Corp.	†	708		5,437
Penn Virginia Corp.	*†	6,869		2,063
Phillips 66		22,053		1,803,935
Pioneer Natural Resources Co.		5,805		727,831
QEP Resources, Inc.		7,412		99,321
Range Resources Corp.	†	6,231		153,345
Rice Energy, Inc.	*	1,911		20,830
RSP Permian, Inc.	*†	1,558		38,000
Sanchez Energy Corp.	*†	5,494		23,679
SandRidge Energy, Inc.	*†	26,990		5,398
Scorpio Tankers, Inc. (Monaco)		12,382		99,304
SemGroup Corp., Class A		2,433		70,216
Ship Finance International Ltd. (Norway)	†	3,352		55,543
SM Energy Co.	†	2,262		44,471
Solazyme, Inc.	*†	3,533		8,762
Southwestern Energy Co.	*†	14,266		101,431
Spectra Energy Corp.		26,156		626,175
Stone Energy Corp.	*†	1,208		5,182
Synergy Resources Corp.	*†	6,874		58,566
Targa Resources Corp.		1,879		50,846
Teekay Corp. (Bermuda)		1,691		16,690
Tesoro Corp.		5,939		625,792
TransAtlantic Petroleum Ltd.	*	3,715		5,164
Triangle Petroleum Corp.	*†	12,434		9,574
Ultra Petroleum Corp.	*†	7,839		19,598
Uranium Energy Corp. (Canada)	*†	27,356		28,997
Valero Energy Corp.		20,375		1,440,716
Western Refining, Inc.		2,500		89,050
Westmoreland Coal Co.	*†	1,163		6,838
Whiting Petroleum Corp.	*	7,154		67,534
Williams Cos., Inc. (The)		29,929		769,175
World Fuel Services Corp.		2,641		101,573
WPX Energy, Inc.	*	8,069		46,316
				43,254,173

See accompanying notes to financial statements.

359

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Paper & Forest Products—0.1%
Boise Cascade Co.	*		1,240	$	31,657
Clearwater Paper Corp.	*		924		42,070
Deltic Timber Corp.			724		42,622
Domtar Corp. (Canada)			2,776		102,573
International Paper Co.			17,689		666,875
KapStone Paper and Packaging Corp.			5,716		129,124
Louisiana-Pacific Corp.	*		4,396		79,172
Neenah Paper, Inc.			652		40,704
P.H. Glatfelter Co.			1,740		32,086
Schweitzer-Mauduit International, Inc.			1,448		60,802
Wausau Paper Corp.			1,903		19,468
					1,247,153
Personal Products—0.2%
Avon Products, Inc.	†		14,351		58,121
Coty, Inc., Class A	†		2,860		73,302
Edgewell Personal Care Co.			2,126		166,615
Elizabeth Arden, Inc.	*†		1,017		10,068
Estee Lauder Cos., Inc. (The), Class A			8,993		791,923
Herbalife Ltd.	*†		3,985		213,676
Medifast, Inc.			734		22,299
Natural Health Trends Corp.	†		1,040		34,871
Nu Skin Enterprises, Inc., Class A	†		2,249		85,215
USANA Health Sciences, Inc.	*†		593		75,756
					1,531,846
Pharmaceuticals—5.3%
AbbVie, Inc.			67,445		3,995,442
Aerie Pharmaceuticals, Inc.	*†		2,445		59,536
Akorn, Inc.	*†		2,604		97,155
Alimera Sciences, Inc.	*		6,205		15,016
Allergan plc	*		15,564		4,863,750
ANI Pharmaceuticals, Inc.	*†		726		32,761
Aratana Therapeutics, Inc.	*†		3,394		18,939
Assembly Biosciences, Inc.	*†		2,765		20,765
BioDelivery Sciences International, Inc.	*†		3,488		16,708
Bristol-Myers Squibb Co.			65,903		4,533,467
Catalent, Inc.	*		2,241		56,092
Cempra, Inc.	*†		1,297		40,376
Depomed, Inc.	*†		3,130		56,747
Eli Lilly & Co.			38,598		3,252,267
Endo International plc (Ireland)	*		7,972		488,046
Impax Laboratories, Inc.	*		3,833		163,899
Intra-Cellular Therapies, Inc.	*†		1,438		77,350
Jazz Pharmaceuticals plc (Ireland)	*		2,302		323,569
Johnson & Johnson			110,874		11,388,977
Lannett Co., Inc.	*†		723		29,007
Mallinckrodt plc	*		4,584		342,104
Medicines Co. (The)	*†		2,018		75,352
Merck & Co., Inc.			112,198		5,926,298
Mylan NV	*		16,275		879,989
Nektar Therapeutics	*		7,926		133,553
Omeros Corp.	*†		2,562		40,300
Pacira Pharmaceuticals, Inc.	*		2,084		160,030

		Shares		Value
Pernix Therapeutics Holdings, Inc.	*†	4,696	$	13,853
Perrigo Co. plc (Ireland)		5,647		817,121
Pfizer, Inc.		244,445		7,890,685
POZEN, Inc.	*	1,014		6,926
Prestige Brands Holdings, Inc.	*	1,723		88,700
Relypsa, Inc.	*†	1,369		38,797
Revance Therapeutics, Inc.	*†	1,376		47,004
SciClone Pharmaceuticals, Inc.	*	1,700		15,640
Teligent, Inc.	*†	7,413		65,976
Tetraphase Pharmaceuticals, Inc.	*	1,989		19,950
TherapeuticsMD, Inc.	*†	8,137		84,381
Theravance Biopharma, Inc. (Cayman Islands)	*†	921		15,095
Theravance, Inc.	†	3,224		33,981
VIVUS, Inc.	*†	1,630		1,663
XenoPort, Inc.	*	1,939		10,645
Zoetis, Inc.		19,148		917,572
				47,155,484
Professional Services—0.4%
Acacia Research Corp.		2,593		11,124
Advisory Board Co. (The)	*	1,900		94,259
Barrett Business Services, Inc.		1,310		57,037
CDI Corp.		1,131		7,646
CEB, Inc.		1,507		92,515
CRA International, Inc.	*	986		18,389
Dun & Bradstreet Corp. (The)		1,546		160,676
Equifax, Inc.		4,628		515,420
Exponent, Inc.		597		29,820
FTI Consulting, Inc.	*	1,735		60,135
Heidrick & Struggles International, Inc.		865		23,545
Huron Consulting Group, Inc.	*	988		58,687
IHS, Inc., Class A	*	2,723		322,485
Insperity, Inc.	†	1,143		55,035
Kelly Services, Inc., Class A		1,173		18,944
Kforce, Inc.		297		7,508
Korn/Ferry International		1,624		53,884
ManpowerGroup, Inc.		3,593		302,854
Navigant Consulting, Inc.	*	2,313		37,147
Nielsen Holdings plc		13,962		650,629
On Assignment, Inc.	*	1,243		55,873
Resources Connection, Inc.		2,060		33,660
Robert Half International, Inc.		5,264		248,145
RPX Corp.	*	1,894		20,834
Towers Watson & Co., Class A		2,923		375,489
TriNet Group, Inc.	*	1,517		29,354
TrueBlue, Inc.	*	2,485		64,014
Verisk Analytics, Inc.	*	6,509		500,412
WageWorks, Inc.	*	834		37,839
				3,943,359
Real Estate Investment Trusts (REITs)—4.0%
Acadia Realty Trust REIT		1,368		45,349
Agree Realty Corp. REIT		814		27,668
Alexander’s, Inc. REIT		78		29,961
Alexandria Real Estate Equities, Inc. REIT		3,569		322,495
Altisource Residential Corp. REIT (Virgin Islands, U.S.)		1,595		19,794

See accompanying notes to financial statements.

360

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
American Assets Trust, Inc. REIT			791	$	30,335
American Campus Communities, Inc. REIT			5,228		216,126
American Capital Agency Corp. REIT			16,586		287,601
American Capital Mortgage Investment Corp. REIT			1,863		26,007
American Homes 4 Rent, Class A REIT			4,795		79,885
American Tower Corp. REIT			16,999		1,648,053
Annaly Capital Management, Inc. REIT			40,388		378,839
Anworth Mortgage Asset Corp. REIT			12,920		56,202
Apartment Investment & Management Co., Class A REIT			5,659		226,530
Apollo Commercial Real Estate Finance, Inc. REIT			1,594		27,465
Apollo Residential Mortgage, Inc. REIT			5,132		61,327
Apple Hospitality REIT, Inc. REIT	†		5,769		115,207
Ares Commercial Real Estate Corp. REIT			2,901		33,187
Armada Hoffler Properties, Inc. REIT			2,694		28,233
ARMOUR Residential REIT, Inc. REIT			1,948		42,388
Ashford Hospitality Prime, Inc. REIT			1,011		14,660
Ashford Hospitality Trust, Inc. REIT			4,200		26,502
AvalonBay Communities, Inc. REIT			5,348		984,727
BioMed Realty Trust, Inc. REIT			6,210		147,115
Boston Properties, Inc. REIT			5,931		756,440
Brandywine Realty Trust REIT			6,105		83,394
Brixmor Property Group, Inc. REIT			6,070		156,727
Camden Property Trust REIT			4,149		318,477
Campus Crest Communities, Inc. REIT	*		8,251		56,107
Capstead Mortgage Corp. REIT			2,400		20,976
Care Capital Properties, Inc. REIT			3,119		95,348
CareTrust REIT, Inc. REIT			2,939		32,182
CatchMark Timber Trust, Inc., Class A REIT			3,104		35,106
CBL & Associates Properties, Inc. REIT			7,509		92,886
Cedar Realty Trust, Inc. REIT			10,942		77,469
Chatham Lodging Trust REIT			3,723		76,247
Chesapeake Lodging Trust REIT			1,373		34,545
Chimera Investment Corp. REIT			10,387		141,679
Colony Capital, Inc., Class A REIT			6,320		123,114
Columbia Property Trust, Inc. REIT			4,869		114,324
Communications Sales & Leasing, Inc. REIT			4,200		78,498
CoreSite Realty Corp. REIT			523		29,665

		Shares		Value
Corporate Office Properties Trust REIT		3,067	$	66,953
Corrections Corp. of America REIT		5,829		154,410
Cousins Properties, Inc. REIT		5,850		55,166
Crown Castle International Corp. REIT		13,616		1,177,103
CubeSmart REIT		8,821		270,099
CyrusOne, Inc. REIT		1,283		48,048
CYS Investments, Inc. REIT		8,017		57,161
DCT Industrial Trust, Inc. REIT		2,947		110,129
DDR Corp. REIT		10,035		168,989
DiamondRock Hospitality Co. REIT		7,285		70,300
Digital Realty Trust, Inc. REIT		5,165		390,577
Douglas Emmett, Inc. REIT		5,136		160,140
Duke Realty Corp. REIT		14,966		314,585
DuPont Fabros Technology, Inc. REIT		4,666		148,332
EastGroup Properties, Inc. REIT		1,538		85,528
Education Realty Trust, Inc. REIT		1,291		48,903
Empire State Realty Trust, Inc., Class A REIT		1,901		34,351
EPR Properties REIT		2,733		159,744
Equinix, Inc. REIT		2,324		702,778
Equity Commonwealth REIT	*	3,755		104,126
Equity LifeStyle Properties, Inc. REIT		3,131		208,744
Equity One, Inc. REIT		2,619		71,106
Equity Residential REIT		14,835		1,210,388
Essex Property Trust, Inc. REIT		2,581		617,917
Extra Space Storage, Inc. REIT		4,201		370,570
Federal Realty Investment Trust REIT		2,620		382,782
FelCor Lodging Trust, Inc. REIT		11,241		82,059
First Industrial Realty Trust, Inc. REIT		6,729		148,913
First Potomac Realty Trust REIT		1,628		18,559
Four Corners Property Trust, Inc. REIT	*	1,499		36,216
Franklin Street Properties Corp. REIT		2,200		22,770
Gaming and Leisure Properties, Inc. REIT	†	3,091		85,930
General Growth Properties, Inc. REIT		23,100		628,551
GEO Group, Inc. (The) REIT		2,829		81,786
Getty Realty Corp. REIT	†	1,747		29,961
Gladstone Commercial Corp. REIT		1,994		29,092
Government Properties Income Trust REIT	†	3,576		56,751
Gramercy Property Trust REIT		15,294		118,070
Hatteras Financial Corp. REIT		3,559		46,801
HCP, Inc. REIT		17,728		677,919
Healthcare Realty Trust, Inc. REIT		3,032		85,866
Healthcare Trust of America, Inc., Class A REIT		4,623		124,682
Hersha Hospitality Trust REIT		1,757		38,232
Highwoods Properties, Inc. REIT		3,408		148,589
Hospitality Properties Trust REIT		5,604		146,545
Host Hotels & Resorts, Inc. REIT		29,698		455,567

See accompanying notes to financial statements.

361

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Hudson Pacific Properties, Inc. REIT			2,051	$	57,715
Independence Realty Trust, Inc. REIT			2,211		16,605
Inland Real Estate Corp. REIT			2,302		24,447
Invesco Mortgage Capital, Inc. REIT			5,009		62,062
Investors Real Estate Trust REIT			2,989		20,774
Iron Mountain, Inc. REIT			8,571		231,503
iStar, Inc. REIT	*		7,235		84,867
Kilroy Realty Corp. REIT			3,732		236,161
Kimco Realty Corp. REIT			15,341		405,923
Kite Realty Group Trust REIT			1,879		48,722
Ladder Capital Corp. REIT	†		1,681		20,878
Lamar Advertising Co., Class A REIT			3,479		208,670
LaSalle Hotel Properties REIT			6,253		157,325
Lexington Realty Trust REIT			9,308		74,464
Liberty Property Trust REIT			5,315		165,031
LTC Properties, Inc. REIT			2,385		102,889
Macerich Co. (The) REIT			6,030		486,561
Mack-Cali Realty Corp. REIT			2,488		58,095
Medical Properties Trust, Inc. REIT			9,571		110,162
MFA Financial, Inc. REIT			14,467		95,482
Mid-America Apartment Communities, Inc. REIT			2,884		261,896
Monmouth Real Estate Investment Corp. REIT	†		3,275		34,257
Monogram Residential Trust, Inc. REIT			4,894		47,765
National Health Investors, Inc. REIT			979		59,592
National Retail Properties, Inc. REIT			4,264		170,773
National Storage Affiliates Trust REIT			3,630		62,182
New Residential Investment Corp. REIT			7,637		92,866
New York Mortgage Trust, Inc. REIT	†		8,120		43,280
New York REIT, Inc. REIT			3,795		43,643
NexPoint Residential Trust, Inc. REIT	†		3,176		41,574
NorthStar Realty Europe Corp. REIT			1,961		23,159
NorthStar Realty Finance Corp. REIT			5,885		100,222
Omega Healthcare Investors, Inc. REIT			6,033		211,034
Outfront Media, Inc. REIT			5,065		110,569
Paramount Group, Inc. REIT			4,781		86,536
Parkway Properties, Inc. REIT			5,570		87,059
Pebblebrook Hotel Trust REIT			4,175		116,984
Pennsylvania Real Estate Investment Trust REIT	†		1,510		33,024
PennyMac Mortgage Investment Trust REIT			5,770		88,050
Physicians Realty Trust REIT			5,898		99,440
Piedmont Office Realty Trust, Inc., Class A REIT			5,563		105,029
Plum Creek Timber Co., Inc. REIT			6,990		333,563

		Shares		Value
Post Properties, Inc. REIT		2,078	$	122,934
Potlatch Corp. REIT		1,618		48,928
Preferred Apartment Communities, Inc., Class A REIT		4,568		59,749
Prologis, Inc. REIT		20,929		898,273
PS Business Parks, Inc. REIT		599		52,371
Public Storage REIT		5,836		1,445,577
QTS Realty Trust, Inc., Class A REIT		1,447		65,274
RAIT Financial Trust REIT		7,882		21,281
Ramco-Gershenson Properties Trust REIT		1,275		21,178
Rayonier, Inc. REIT		5,004		111,089
Realty Income Corp. REIT		8,609		444,483
Redwood Trust, Inc. REIT		2,801		36,973
Regency Centers Corp. REIT		3,446		234,742
Resource Capital Corp. REIT	†	1,851		23,619
Retail Opportunity Investments Corp. REIT		7,505		134,340
Retail Properties of America, Inc., Class A REIT		8,943		132,088
Rexford Industrial Realty, Inc. REIT		2,874		47,019
RLJ Lodging Trust REIT		4,345		93,982
Rouse Properties, Inc. REIT	†	579		8,430
Ryman Hospitality Properties, Inc. REIT		2,005		103,538
Sabra Health Care REIT, Inc. REIT		1,749		35,382
Saul Centers, Inc. REIT		987		50,603
Select Income REIT REIT		1,356		26,876
Senior Housing Properties Trust REIT		7,433		110,306
Silver Bay Realty Trust Corp. REIT		489		7,658
Simon Property Group, Inc. REIT		12,569		2,443,916
SL Green Realty Corp. REIT		3,603		407,067
Sovran Self Storage, Inc. REIT		1,269		136,176
Spirit Realty Capital, Inc. REIT		14,667		146,963
STAG Industrial, Inc. REIT		1,440		26,568
Starwood Property Trust, Inc. REIT		8,338		171,429
Starwood Waypoint Residential Trust REIT		1,667		37,741
Summit Hotel Properties, Inc. REIT		3,330		39,794
Sun Communities, Inc. REIT		1,743		119,448
Sunstone Hotel Investors, Inc. REIT		7,992		99,820
Tanger Factory Outlet Centers, Inc. REIT		3,251		106,308
Taubman Centers, Inc. REIT		2,083		159,808
Terreno Realty Corp. REIT		4,464		100,976
Two Harbors Investment Corp. REIT		12,786		103,567
UDR, Inc. REIT		12,278		461,284
UMH Properties, Inc. REIT		4,155		42,049
Universal Health Realty Income Trust REIT		1,333		66,663
Urban Edge Properties REIT		3,631		85,147
Ventas, Inc. REIT		12,963		731,502
VEREIT, Inc. REIT		36,108		285,975

See accompanying notes to financial statements.

362

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Vornado Realty Trust REIT			7,561	$	755,798
Washington Real Estate Investment Trust REIT	†		2,898		78,420
Weingarten Realty Investors REIT			4,755		164,428
Welltower, Inc. REIT			13,736		934,460
Western Asset Mortgage Capital Corp. REIT	†		2,019		20,634
Weyerhaeuser Co. REIT			20,560		616,389
Whitestone REIT REIT	†		2,786		33,460
WP Carey, Inc. REIT			3,881		228,979
WP GLIMCHER, Inc. REIT			7,678		81,464
Xenia Hotels & Resorts, Inc. REIT			3,347		51,310
					35,445,697
Real Estate Management & Development—0.2%
Alexander & Baldwin, Inc.			1,466		51,764
Altisource Asset Management Corp. (Virgin Islands, U.S.)	*		55		944
Altisource Portfolio Solutions SA (Luxembourg)	*		359		9,984
CBRE Group, Inc., Class A	*		10,844		374,986
Forest City Enterprises, Inc., Class A	*		9,240		202,633
Forestar Group, Inc.	*†		1,502		16,432
Howard Hughes Corp. (The)	*		1,716		194,183
Jones Lang LaSalle, Inc.			1,597		255,296
Kennedy-Wilson Holdings, Inc.			2,891		69,615
Realogy Holdings Corp.	*		5,690		208,652
RMR Group, Inc. (The), Class A	*†		237		3,421
St. Joe Co. (The)	*†		3,582		66,303
Tejon Ranch Co.	*		858		16,431
					1,470,644
Road & Rail—0.8%
AMERCO			434		169,043
ArcBest Corp.			903		19,315
Avis Budget Group, Inc.	*		4,424		160,547
CSX Corp.			39,531		1,025,829
Genesee & Wyoming, Inc., Class A	*		2,019		108,400
Heartland Express, Inc.	†		4,220		71,824
Hertz Global Holdings, Inc.	*		16,933		240,957
J.B. Hunt Transport Services, Inc.			3,333		244,509
Kansas City Southern			4,402		328,697
Knight Transportation, Inc.			3,879		93,988
Landstar System, Inc.			2,256		132,314
Norfolk Southern Corp.			11,947		1,010,597
Old Dominion Freight Line, Inc.	*		3,421		202,079
Ryder System, Inc.			2,947		167,478
Saia, Inc.	*		2,493		55,469
Swift Transportation Co.	*†		5,786		79,963
Union Pacific Corp.			34,623		2,707,519
Werner Enterprises, Inc.			2,915		68,182
YRC Worldwide, Inc.	*		1,193		16,917
					6,903,627
Semiconductors & Semiconductor Equipment—2.4%
Advanced Energy Industries, Inc.	*		1,428		40,312
Advanced Micro Devices, Inc.	*†		21,447		61,553

		Shares		Value
Alpha & Omega Semiconductor Ltd.	*	8,591	$	78,951
Ambarella, Inc.	*†	1,314		73,242
Amkor Technology, Inc.	*	7,211		43,843
Analog Devices, Inc.		11,925		659,691
Applied Materials, Inc.		48,785		910,816
Applied Micro Circuits Corp.	*	3,186		20,295
Atmel Corp.		18,733		161,291
Avago Technologies Ltd. (Singapore)		10,031		1,456,000
Axcelis Technologies, Inc.	*	4,095		10,606
Broadcom Corp., Class A		21,893		1,265,853
Brooks Automation, Inc.		3,103		33,140
Cabot Microelectronics Corp.	*	1,049		45,925
Cavium, Inc.	*	1,864		122,483
CEVA, Inc.	*	692		16,165
Cirrus Logic, Inc.	*	2,946		86,995
Cohu, Inc.		859		10,368
Cree, Inc.	*†	5,646		150,579
Cypress Semiconductor Corp.	*†	11,567		113,472
Diodes, Inc.	*	2,400		55,152
DSP Group, Inc.	*	1,194		11,271
Entegris, Inc.	*	5,738		76,143
Exar Corp.	*	1,758		10,777
Fairchild Semiconductor International, Inc.	*	4,903		101,541
First Solar, Inc.	*	2,540		167,615
FormFactor, Inc.	*	1,417		12,753
Inphi Corp.	*	1,850		49,987
Integrated Device Technology, Inc.	*	8,168		215,227
Intel Corp.		189,164		6,516,700
Intersil Corp., Class A		5,757		73,459
IXYS Corp.		1,329		16,785
KLA-Tencor Corp.		6,325		438,639
Kopin Corp.	*	2,431		6,612
Lam Research Corp.		6,125		486,448
Lattice Semiconductor Corp.	*†	4,395		28,436
Linear Technology Corp.		8,735		370,975
Marvell Technology Group Ltd. (Bermuda)		18,500		163,170
Maxim Integrated Products, Inc.		10,774		409,412
MaxLinear, Inc., Class A	*	2,714		39,977
Microchip Technology, Inc.	†	7,528		350,353
Micron Technology, Inc.	*	43,505		616,031
Microsemi Corp.	*	3,246		105,787
MKS Instruments, Inc.		2,455		88,380
Monolithic Power Systems, Inc.		1,256		80,020
NVE Corp.		348		19,551
NVIDIA Corp.		20,184		665,265
OmniVision Technologies, Inc.	*	2,354		68,313
ON Semiconductor Corp.	*	23,913		234,347
PDF Solutions, Inc.	*	974		10,558
Photronics, Inc.	*	1,388		17,281
PMC-Sierra, Inc.	*	7,045		81,863
Power Integrations, Inc.		1,952		94,926
Qorvo, Inc.	*	5,644		287,280
Rambus, Inc.	*†	4,071		47,183
Rudolph Technologies, Inc.	*	1,247		17,732
Semtech Corp.	*	2,970		56,192
Silicon Laboratories, Inc.	*	2,124		103,099
Skyworks Solutions, Inc.		7,339		563,855
SunEdison, Inc.	*†	11,936		60,754

See accompanying notes to financial statements.

363

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
SunPower Corp.	*†		1,759	$	52,788
Synaptics, Inc.	*		1,586		127,419
Teradyne, Inc.			7,938		164,078
Tessera Technologies, Inc.			1,560		46,816
Texas Instruments, Inc.			42,217		2,313,914
Ultra Clean Holdings, Inc.	*		4,664		23,880
Ultratech, Inc.	*		971		19,245
Veeco Instruments, Inc.	*		1,294		26,605
Xcerra Corp.	*		1,358		8,216
Xilinx, Inc.			9,816		461,058
					21,425,448
Software—4.4%
ACI Worldwide, Inc.	*		4,959		106,123
Activision Blizzard, Inc.			19,142		740,987
Adobe Systems, Inc.	*		19,558		1,837,279
American Software, Inc., Class A			1,950		19,851
ANSYS, Inc.	*		3,449		319,033
Aspen Technology, Inc.	*		3,661		138,239
Autodesk, Inc.	*		9,258		564,090
AVG Technologies NV (Netherlands)	*		1,094		21,935
Blackbaud, Inc.			2,650		174,529
Bottomline Technologies de, Inc.	*		1,479		43,971
BroadSoft, Inc.	*		1,277		45,155
CA, Inc.			11,593		331,096
Cadence Design Systems, Inc.	*		10,745		223,603
Callidus Software, Inc.	*		1,710		31,755
CDK Global, Inc.			6,017		285,627
Citrix Systems, Inc.	*		7,179		543,091
CommVault Systems, Inc.	*		1,510		59,419
Ebix, Inc.	†		2,802		91,878
Electronic Arts, Inc.	*		12,438		854,739
Ellie Mae, Inc.	*†		793		47,762
Epiq Systems, Inc.			1,087		14,207
Fair Isaac Corp.			1,781		167,735
FireEye, Inc.	*†		5,013		103,970
Fleetmatics Group plc (Ireland)	*		995		50,536
Fortinet, Inc.	*		5,654		176,235
Gigamon, Inc.	*		2,114		56,169
Glu Mobile, Inc.	*†		10,871		26,417
Guidewire Software, Inc.	*		3,146		189,263
HubSpot, Inc.	*		556		31,308
Imperva, Inc.	*		1,888		119,529
Infoblox, Inc.	*		1,770		32,550
Interactive Intelligence Group, Inc.	*		950		29,849
Intuit, Inc.			11,315		1,091,898
King Digital Entertainment plc (Ireland)			3,283		58,700
Manhattan Associates, Inc.	*		4,025		266,334
Mentor Graphics Corp.			2,745		50,563
Microsoft Corp.			322,786		17,908,167
MicroStrategy, Inc., Class A	*		513		91,976
MobileIron, Inc.	*†		7,330		26,461
Monotype Imaging Holdings, Inc.			1,419		33,545
NetSuite, Inc.	*†		1,276		107,975
Nuance Communications, Inc.	*		9,517		189,293
Oracle Corp.			126,105		4,606,616

		Shares		Value
Paycom Software, Inc.	*†	1,251	$	47,075
Pegasystems, Inc.		4,282		117,755
Progress Software Corp.	*	1,983		47,592
Proofpoint, Inc.	*	1,126		73,201
PTC, Inc.	*	4,423		153,168
Qlik Technologies, Inc.	*	5,245		166,057
Qualys, Inc.	*	1,070		35,406
RealPage, Inc.	*	1,770		39,737
Red Hat, Inc.	*	7,251		600,455
RingCentral, Inc., Class A	*	1,418		33,436
Rovi Corp.	*	3,917		65,257
salesforce.com, Inc.	*	25,786		2,021,622
SeaChange International, Inc.	*	958		6,457
ServiceNow, Inc.	*	5,728		495,816
Silver Spring Networks, Inc.	*†	2,969		42,783
SolarWinds, Inc.	*	1,876		110,496
Solera Holdings, Inc.		3,377		185,161
Splunk, Inc.	*	4,640		272,878
SS&C Technologies Holdings, Inc.		3,677		251,029
Symantec Corp.		26,135		548,835
Synchronoss Technologies, Inc.	*	807		28,431
Synopsys, Inc.	*	6,501		296,511
Tableau Software, Inc., Class A	*	1,766		166,393
Take-Two Interactive Software, Inc.	*	2,643		92,082
TiVo, Inc.	*	2,696		23,266
Tyler Technologies, Inc.	*	1,886		328,768
Ultimate Software Group, Inc. (The)	*	1,242		242,823
VASCO Data Security International, Inc.	*†	3,804		63,641
Verint Systems, Inc.	*	3,366		136,525
VirnetX Holding Corp.	*†	2,400		6,168
VMware, Inc., Class A	*†	3,264		184,644
Workday, Inc., Class A	*	3,891		310,035
Zendesk, Inc.	*	1,894		50,077
Zix Corp.	*	1,015		5,156
Zynga, Inc., Class A	*	26,117		69,994
				39,228,188
Specialty Retail—2.6%
Aaron’s, Inc.		2,908		65,110
Abercrombie & Fitch Co., Class A	†	3,072		82,944
Advance Auto Parts, Inc.		3,235		486,900
American Eagle Outfitters, Inc.	†	12,752		197,656
America’s Car-Mart, Inc.	*	354		9,448
Asbury Automotive Group, Inc.	*	1,342		90,505
Ascena Retail Group, Inc.	*	7,052		69,462
AutoNation, Inc.	*	2,555		152,431
AutoZone, Inc.	*	1,308		970,418
Barnes & Noble Education, Inc.	*	523		5,204
Barnes & Noble, Inc.		828		7,212
bebe stores, Inc.		790		446
Bed Bath & Beyond, Inc.	*	7,504		362,068
Best Buy Co., Inc.		11,238		342,197
Big 5 Sporting Goods Corp.		1,071		10,699
Buckle, Inc. (The)	†	1,236		38,044
Cabela’s, Inc.	*†	1,696		79,254
Caleres, Inc.		1,791		48,035
CarMax, Inc.	*†	8,677		468,298
Cato Corp. (The), Class A		1,761		64,840
Chico’s FAS, Inc.		7,236		77,208

See accompanying notes to financial statements.

364

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Children’s Place, Inc. (The)			1,144	$	63,149
Conn’s, Inc.	*†		871		20,442
CST Brands, Inc.			2,444		95,658
Destination XL Group, Inc.	*		1,930		10,654
Dick’s Sporting Goods, Inc.			3,116		110,151
DSW, Inc., Class A	†		2,162		51,585
Express, Inc.	*		6,015		103,939
Finish Line, Inc. (The), Class A			1,917		34,659
Five Below, Inc.	*†		2,091		67,121
Foot Locker, Inc.			5,840		380,126
GameStop Corp., Class A	†		4,171		116,955
Gap, Inc. (The)	†		11,079		273,651
Genesco, Inc.	*		921		52,340
GNC Holdings, Inc., Class A			3,393		105,251
Group 1 Automotive, Inc.			1,068		80,848
Guess?, Inc.	†		1,639		30,944
Haverty Furniture Cos., Inc.			1,111		23,820
Hibbett Sports, Inc.	*†		1,396		42,215
Home Depot, Inc. (The)			51,526		6,814,314
Kirkland’s, Inc.			833		12,079
L Brands, Inc.			9,309		891,988
Lithia Motors, Inc., Class A			862		91,950
Lowe’s Cos., Inc.			38,080		2,895,603
Lumber Liquidators Holdings, Inc.	*†		769		13,350
MarineMax, Inc.	*		800		14,736
Mattress Firm Holding Corp.	*†		423		18,879
Men’s Wearhouse, Inc. (The)			2,437		35,775
Michaels Cos., Inc. (The)	*		1,338		29,583
Monro Muffler Brake, Inc.			1,487		98,469
Murphy USA, Inc.	*		1,451		88,134
Office Depot, Inc.	*		21,441		120,927
O’Reilly Automotive, Inc.	*		4,131		1,046,878
Outerwall, Inc.	†		1,075		39,281
Penske Automotive Group, Inc.			1,654		70,030
Pep Boys-Manny, Moe & Jack (The)	*		2,200		40,502
Pier 1 Imports, Inc.	†		3,712		18,894
Rent-A-Center, Inc.	†		1,769		26,482
Restoration Hardware Holdings, Inc.	*†		1,193		94,784
Ross Stores, Inc.			16,624		894,537
Sally Beauty Holdings, Inc.	*		9,008		251,233
Select Comfort Corp.	*		2,104		45,047
Signet Jewelers Ltd.			3,344		413,619
Sonic Automotive, Inc., Class A			1,649		37,531
Stage Stores, Inc.	†		2,236		20,370
Staples, Inc.			22,960		217,431
Stein Mart, Inc.			1,261		8,487
Systemax, Inc.	*		1,358		11,679
Tiffany & Co.			4,374		333,692
TJX Cos., Inc. (The)			27,266		1,933,432
Tractor Supply Co.			5,080		434,340
Ulta Salon Cosmetics & Fragrance, Inc.	*		2,434		450,290
Urban Outfitters, Inc.	*		5,012		114,023
Vitamin Shoppe, Inc.	*		2,795		91,397
West Marine, Inc.	*		803		6,817
Williams-Sonoma, Inc.			3,877		226,456
					23,244,906

		Shares		Value
Technology Hardware, Storage & Peripherals—3.4%
3D Systems Corp.	*†	4,215	$	36,628
Apple, Inc.		229,968		24,206,432
Cray, Inc.	*	714		23,169
Diebold, Inc.	†	3,079		92,647
Electronics For Imaging, Inc.	*	2,638		123,300
EMC Corp.		79,499		2,041,534
Hewlett Packard Enterprise Co.		74,164		1,127,293
HP, Inc.		74,164		878,102
Lexmark International, Inc., Class A		1,492		48,416
NCR Corp.	*	6,904		168,872
NetApp, Inc.		11,382		301,965
Nimble Storage, Inc.	*	1,012		9,310
QLogic Corp.	*	3,731		45,518
Quantum Corp.	*	6,681		6,213
SanDisk Corp.		8,969		681,554
Silicon Graphics International Corp.	*	1,843		10,874
Stratasys Ltd.	*†	1,886		44,283
Super Micro Computer, Inc.	*	964		23,628
Violin Memory, Inc.	*†	9,447		8,503
Western Digital Corp.		8,737		524,657
				30,402,898
Textiles, Apparel & Luxury Goods—0.9%
Carter’s, Inc.		1,981		176,368
Coach, Inc.		10,479		342,978
Columbia Sportswear Co.	†	1,304		63,583
Crocs, Inc.	*	3,600		36,864
Culp, Inc.		888		22,617
Deckers Outdoor Corp.	*†	1,935		91,332
Fossil Group, Inc.	*†	1,614		59,008
G-III Apparel Group Ltd.	*	1,111		49,173
Hanesbrands, Inc.		16,396		482,534
Iconix Brand Group, Inc.	*†	2,737		18,694
Kate Spade & Co.	*	4,930		87,606
lululemon athletica, Inc. (Canada)	*†	3,773		197,969
Michael Kors Holdings Ltd. (United Kingdom)	*	7,995		320,280
Movado Group, Inc.		1,678		43,141
NIKE, Inc., Class B		54,592		3,412,000
Oxford Industries, Inc.		936		59,736
PVH Corp.		2,844		209,461
Ralph Lauren Corp.		2,261		252,056
Sequential Brands Group, Inc.	*†	3,524		27,875
Skechers U.S.A., Inc., Class A	*	5,805		175,369
Steven Madden Ltd.	*	2,533		76,547
Tumi Holdings, Inc.	*	1,971		32,778
Under Armour, Inc., Class A	*†	7,748		624,566
Unifi, Inc.	*	876		24,659
V.F. Corp.		13,034		811,367
Wolverine World Wide, Inc.		5,178		86,524
				7,785,085
Thrifts & Mortgage Finance—0.2%
Anchor BanCorp Wisconsin, Inc.	*	617		26,852
Astoria Financial Corp.		3,465		54,920
Bank Mutual Corp.		3,756		29,297
BBX Capital Corp., Class A	*†	2,244		35,119
Beneficial Bancorp, Inc.	*	3,072		40,919
BofI Holding, Inc.	*†	1,672		35,196

See accompanying notes to financial statements.

365

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Brookline Bancorp, Inc.			3,765	$	43,297
Capitol Federal Financial, Inc.			4,787		60,125
Dime Community Bancshares, Inc.			1,638		28,649
Essent Group Ltd.	*		1,445		31,631
EverBank Financial Corp.			6,660		106,427
HomeStreet, Inc.	*		2,076		45,070
Kearny Financial Corp./MD			2,248		28,482
LendingTree, Inc.	*		314		28,034
MGIC Investment Corp.	*†		16,751		147,911
Nationstar Mortgage Holdings, Inc.	*†		1,604		21,445
New York Community Bancorp, Inc.	†		16,321		266,359
Northwest Bancshares, Inc.	†		4,608		61,701
Ocwen Financial Corp.	*†		3,358		23,405
PHH Corp.	*		2,212		35,834
Provident Financial Services, Inc.			2,960		59,644
Radian Group, Inc.			8,446		113,092
Territorial Bancorp, Inc.			2,805		77,811
TFS Financial Corp.			3,398		63,984
TrustCo Bank Corp. NY			3,435		21,091
United Financial Bancorp, Inc.			2,519		32,445
Walker & Dunlop, Inc.	*		1,103		31,777
Washington Federal, Inc.			3,379		80,522
Waterstone Financial, Inc.			1,979		27,904
WSFS Financial Corp.			918		29,706
					1,688,649
Tobacco—1.3%
Altria Group, Inc.			78,377		4,562,325
Philip Morris International, Inc.			61,906		5,442,156
Reynolds American, Inc.			32,514		1,500,521
Universal Corp.	†		1,078		60,454
Vector Group Ltd.	†		3,523		83,108
					11,648,564
Trading Companies & Distributors—0.3%
Air Lease Corp.	†		3,250		108,810
Aircastle Ltd.			6,140		128,265
Applied Industrial Technologies, Inc.			2,056		83,247
Beacon Roofing Supply, Inc.	*		2,570		105,833
Fastenal Co.	†		11,276		460,286
GATX Corp.	†		1,766		75,143
H&E Equipment Services, Inc.			1,600		27,968
HD Supply Holdings, Inc.	*		5,923		177,868
MRC Global, Inc.	*		4,499		58,037
MSC Industrial Direct Co., Inc., Class A			1,782		100,273
NOW, Inc.	*†		3,975		62,885
Rush Enterprises, Inc., Class A	*		1,260		27,581
TAL International Group, Inc.	*		2,773		44,091
United Rentals, Inc.	*		3,667		266,004
Veritiv Corp.	*†		338		12,242
W.W. Grainger, Inc.	†		2,301		466,160
Watsco, Inc.			940		110,102
WESCO International, Inc.	*†		1,550		67,704
					2,382,499

				Shares		Value
Transportation Infrastructure—0.0%
Macquarie Infrastructure Corp.				2,456		178,306
Water Utilities—0.1%
American States Water Co.				2,522	$	105,798
American Water Works Co., Inc.				8,019		479,135
Aqua America, Inc.				5,411		161,248
California Water Service Group				1,930		44,911
Connecticut Water Service, Inc.				2,808		106,732
SJW Corp.				1,010		29,947
						927,771
Wireless Telecommunication Services—0.1%
NTELOS Holdings Corp.		*		1,350		12,339
SBA Communications Corp., Class A		*		5,704		599,319
Shenandoah Telecommunications Co.				1,200		51,660
Sprint Corp.		*†		33,577		121,549
Telephone & Data Systems, Inc.				3,217		83,288
T-Mobile US, Inc.		*		11,047		432,159
United States Cellular Corp.		*		680		27,751
						1,328,065
TOTAL COMMON STOCKS
(Cost $500,930,110)						883,560,901
Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—0.0%
U.S. Treasury Bills—0.0%
U.S. Treasury Bill
0.464%	06/23/2016	‡‡	$	70,000		69,847
0.409%	06/16/2016	‡‡		30,000		29,938
0.137%	03/17/2016	‡‡		155,000		154,971
0.036%	02/25/2016	‡‡		60,000		59,994
						314,750
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $314,740)						314,750
				Shares		Value
RIGHTS—0.0%
Electronic Equipment, Instruments & Components—0.0%
Gerber Scientific, Inc. CVR		*†‡d		1,608		—
Pharmaceuticals—0.0%
Furiex Pharmaceuticals, Inc. CVR		*‡d		1,998		—
Wireless Telecommunication Services—0.0%
Leap Wireless International, Inc. CVR		*‡		3,300		9,174
TOTAL RIGHTS
(Cost $—)						9,174

See accompanying notes to financial statements.

366

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Broad Market Index Fund		Shares		Value
WARRANTS—0.0%
Oil, Gas & Consumable Fuels—0.0%
Magnum Hunter Resources Corp., Expires 04/15/2016	*†‡d
(Cost $–)			893	$	—
MONEY MARKET FUNDS—3.8%
Institutional Money Market Funds—3.8%
Dreyfus Institutional Cash Advantage Fund, 0.26%	††¥		4,850,000		4,850,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32%	¥		4,900,443		4,900,443
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32%	††¥		4,722,395		4,722,395
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.32%	††¥		4,850,000		4,850,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.29%	††¥		4,850,000		4,850,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.32%	††¥		4,850,000		4,850,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.31%	††¥		4,850,000		4,850,000
TOTAL MONEY MARKET FUNDS
(Cost $33,872,838)					33,872,838
TOTAL INVESTMENTS—103.2%
(Cost $535,117,688)					917,757,663
Other assets less liabilities—(3.2%)					(28,560,823	)
NET ASSETS—100.0%				$	889,196,840

Notes to the Schedule of Investments:

CVR	Contingent Value Rights
REIT	Real Estate Investment Trust
*	Non-income producing.
†	Denotes all or a portion of the security on loan.
d	Security has no market value at December 31, 2015.
‡	Security valued at fair value as determined by policies approved by the Board of Directors. (Total Market Value $9,174)
‡‡	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.

367

SCHEDULE OF INVESTMENTS

December 31, 2015

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—98.0%
Aerospace & Defense—1.5%
AAR Corp.			6,459	$	169,807
Aerojet Rocketdyne Holdings, Inc.	*		11,732		183,723
Aerovironment, Inc.	*		3,832		112,929
American Science & Engineering, Inc.			1,394		57,684
Astronics Corp.	*		3,701		150,668
B/E Aerospace, Inc.			19,410		822,402
BWX Technologies, Inc.			19,158		608,650
Cubic Corp.			3,920		185,220
Curtiss-Wright Corp.			8,462		579,647
DigitalGlobe, Inc.	*		12,233		191,569
Ducommun, Inc.	*		1,702		27,606
Engility Holdings, Inc.			2,873		93,315
Esterline Technologies Corp.	*		5,407		437,967
HEICO Corp.			3,430		186,455
HEICO Corp., Class A			7,117		350,156
Hexcel Corp.			17,619		818,403
Huntington Ingalls Industries, Inc.			8,874		1,125,667
KEYW Holding Corp. (The)	*		5,318		32,014
KLX, Inc.	*		9,751		300,233
Kratos Defense & Security Solutions, Inc.	*†		9,324		38,228
Moog, Inc., Class A	*		6,939		420,503
National Presto Industries, Inc.	†		975		80,789
Orbital ATK, Inc.			11,053		987,475
Sparton Corp.	*		1,633		32,644
Spirit AeroSystems Holdings, Inc., Class A	*		25,525		1,278,037
TASER International, Inc.	*†		9,624		166,399
Teledyne Technologies, Inc.	*		6,292		558,100
Triumph Group, Inc.			9,112		362,202
Vectrus, Inc.	*		1,956		40,861
					10,399,353
Air Freight & Logistics—0.2%
Air Transport Services Group, Inc.	*		10,717		108,027
Atlas Air Worldwide Holdings, Inc.	*		4,497		185,906
Echo Global Logistics, Inc.	*		5,230		106,640
Forward Air Corp.			5,665		243,651
Hub Group, Inc., Class A	*		6,527		215,065
Park-Ohio Holdings Corp.	†		1,449		53,294
Radiant Logistics, Inc.	*		7,088		24,312
UTi Worldwide, Inc.	*		16,303		114,610
XPO Logistics, Inc.	*†		13,167		358,801
					1,410,306
Airlines—0.7%
Alaska Air Group, Inc.			23,604		1,900,358
Allegiant Travel Co.			2,409		404,303
Copa Holdings SA, Class A (Panama)	†		6,094		294,096
Hawaiian Holdings, Inc.	*		8,734		308,572
JetBlue Airways Corp.	*		56,430		1,278,140
Republic Airways Holdings, Inc.	*		9,724		38,215
SkyWest, Inc.			8,900		169,278
Spirit Airlines, Inc.	*		13,377		533,073
Virgin America, Inc.	*†		4,287		154,375
					5,080,410

		Shares		Value
Auto Components—1.2%
American Axle & Manufacturing Holdings, Inc.	*		13,732	$	260,084
Cooper Tire & Rubber Co.			10,577		400,340
Cooper-Standard Holding, Inc.	*		2,539		197,001
Dana Holding Corp.			29,263		403,829
Dorman Products, Inc.	*†		4,696		222,919
Drew Industries, Inc.			4,435		270,047
Federal-Mogul Holdings Corp.	*		4,327		29,640
Fox Factory Holding Corp.	*		2,484		41,061
Gentex Corp.			53,768		860,826
Gentherm, Inc.	*		6,384		302,602
Goodyear Tire & Rubber Co. (The)			48,559		1,586,423
Horizon Global Corp.	*		3,422		35,486
Lear Corp.			14,164		1,739,764
Metaldyne Performance Group, Inc.			2,010		36,863
Modine Manufacturing Co.	*		7,889		71,396
Motorcar Parts of America, Inc.	*		3,577		120,938
Standard Motor Products, Inc.			3,701		140,823
Stoneridge, Inc.	*		4,564		67,547
Strattec Security Corp.			558		31,521
Superior Industries International, Inc.			3,960		72,943
Tenneco, Inc.	*		10,886		499,776
Tower International, Inc.			3,444		98,395
Visteon Corp.	*		7,387		845,812
					8,336,036
Automobiles—0.1%
Thor Industries, Inc.			8,355		469,133
Winnebago Industries, Inc.	†		5,233		104,137
					573,270
Banks—6.3%
1st Source Corp.			2,571		79,367
Access National Corp.			1,903		38,935
Allegiance Bancshares, Inc.	*		543		12,842
American National Bankshares, Inc.			1,246		31,910
Ameris Bancorp			6,090		206,999
Ames National Corp.	†		1,475		35,828
Arrow Financial Corp.			2,214		60,154
Associated Banc-Corp			27,180		509,625
Banc of California, Inc.			7,433		108,670
BancFirst Corp.			1,092		64,013
Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)			5,627		145,908
Bancorp, Inc. (The)/Delaware	*		6,092		38,806
BancorpSouth, Inc.			17,698		424,575
Bank of Hawaii Corp.	†		7,967		501,124
Bank of Marin Bancorp			1,250		66,750
Bank of the Ozarks, Inc.			14,271		705,844
BankUnited, Inc.			18,926		682,472
Banner Corp.			3,927		180,092
Bar Harbor Bankshares			777		26,744
BBCN Bancorp, Inc./California			14,858		255,855
Berkshire Hills Bancorp, Inc.			5,723		166,597
Blue Hills Bancorp, Inc.			4,663		71,391
BNC Bancorp			5,358		135,986
BOK Financial Corp.	†		5,220		312,104
Boston Private Financial Holdings, Inc.			15,034		170,486
Bridge Bancorp, Inc.			2,704		82,283

See accompanying notes to financial statements.

368

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Bryn Mawr Bank Corp.			3,549	$	101,927
BSB Bancorp, Inc./Massachusetts	*		2,122		49,634
C1 Financial, Inc.	*		1,452		35,153
Camden National Corp.			1,411		62,211
Capital Bank Financial Corp., Class A			3,865		123,603
Capital City Bank Group, Inc.			1,724		26,463
Cardinal Financial Corp.			5,568		126,672
Cascade Bancorp	*		4,328		26,271
Cathay General Bancorp			14,388		450,776
Catskill Litigation Trust	*‡d		583		—
CenterState Banks, Inc.			8,753		136,984
Central Pacific Financial Corp.			3,606		79,404
Century Bancorp, Inc./Massachussetts, Class A			582		25,294
Chemical Financial Corp.			5,880		201,508
Citizens & Northern Corp.			1,953		41,013
City Holding Co.			2,691		122,817
CNB Financial Corp./Pennsylvania			2,036		36,709
CoBiz Financial, Inc.			6,918		92,840
Columbia Banking System, Inc.			10,411		338,462
Commerce Bancshares, Inc./Missouri			15,830		673,408
Community Bank System, Inc.	†		7,504		299,710
Community Trust Bancorp, Inc.			2,481		86,736
CommunityOne Bancorp	*		1,764		23,761
ConnectOne Bancorp, Inc.			4,877		91,151
CU Bancorp	*		3,397		86,148
Cullen/Frost Bankers, Inc.			9,930		595,800
Customers Bancorp, Inc.	*		5,254		143,014
CVB Financial Corp.	†		19,641		332,326
Eagle Bancorp, Inc.	*		5,570		281,118
East West Bancorp, Inc.			26,251		1,090,992
Enterprise Bancorp, Inc./Massachussetts			1,147		26,209
Enterprise Financial Services Corp.			4,060		115,101
Equity Bancshares, Inc., Class A	*		405		9,473
Farmers Capital Bank Corp.	*		1,965		53,271
FCB Financial Holdings, Inc., Class A	*		5,231		187,217
Fidelity Southern Corp.			3,780		84,332
Financial Institutions, Inc.			2,448		68,544
First Bancorp, Inc./Maine			1,513		30,971
First BanCorp. (Puerto Rico)	*		21,654		70,375
First Bancorp/North Carolina			4,064		76,159
First Busey Corp.			4,812		99,272
First Business Financial Services, Inc.			1,270		31,763
First Citizens BancShares, Inc./North Carolina, Class A			1,414		365,052
First Commonwealth Financial Corp.			17,386		157,691
First Community Bancshares, Inc./Virginia			2,951		54,977
First Connecticut Bancorp, Inc./Farmington CT			2,809		48,905
First Financial Bancorp			11,661		210,714
First Financial Bankshares, Inc.	†		11,796		355,885
First Financial Corp./Indiana			1,835		62,335
First Horizon National Corp.			42,520		617,390
First Interstate BancSystem, Inc., Class A			3,793		110,262

		Shares		Value
First Merchants Corp.			7,037	$	178,881
First Midwest Bancorp, Inc./Illinois			14,472		266,719
First NBC Bank Holding Co.	*		2,471		92,391
First Niagara Financial Group, Inc.			64,992		705,163
First of Long Island Corp. (The)			2,148		64,440
First Republic Bank/California			25,910		1,711,615
FirstMerit Corp.			29,519		550,529
Flushing Financial Corp.			5,182		112,138
FNB Corp./Pennsylvania			32,038		427,387
Franklin Financial Network, Inc.	*		1,429		44,842
Fulton Financial Corp.			31,811		413,861
German American Bancorp, Inc.	†		2,679		89,264
Glacier Bancorp, Inc.			13,371		354,733
Great Southern Bancorp, Inc.			1,938		87,714
Great Western Bancorp, Inc.			7,688		223,106
Green Bancorp, Inc.	*†		3,017		31,618
Guaranty Bancorp			3,103		51,324
Hampton Roads Bankshares, Inc.	*		5,516		10,149
Hancock Holding Co.			14,326		360,585
Hanmi Financial Corp.			5,822		138,098
Heartland Financial USA, Inc.			2,967		93,045
Heritage Commerce Corp.			4,197		50,196
Heritage Financial Corp./Washington			5,246		98,835
Heritage Oaks Bancorp			3,455		27,675
Hilltop Holdings, Inc.	*		14,147		271,905
Home Bancshares, Inc./Arkansas			10,465		424,042
HomeTrust Bancshares, Inc.	*		3,407		68,992
Horizon Bancorp/Indiana	†		2,239		62,602
Huntington Bancshares, Inc./Ohio			145,449		1,608,666
IBERIABANK Corp.			7,011		386,096
Independent Bank Corp./Massachusetts			4,908		228,320
Independent Bank Corp./Michigan			3,690		56,199
Independent Bank Group, Inc.			1,534		49,088
International Bancshares Corp.			10,073		258,876
Investors Bancorp, Inc.			63,766		793,249
Lakeland Bancorp, Inc.			7,641		90,087
Lakeland Financial Corp.			3,085		143,823
LegacyTexas Financial Group, Inc.			8,902		222,728
Live Oak Bancshares, Inc.	†		805		11,431
MainSource Financial Group, Inc.			4,454		101,907
MB Financial, Inc.			13,760		445,411
Mercantile Bank Corp.			2,847		69,865
Merchants Bancshares, Inc.			1,246		39,237
Metro Bancorp, Inc.			2,334		73,241
MidWestOne Financial Group, Inc.			1,528		46,466
National Bank Holdings Corp., Class A			5,972		127,622
National Bankshares, Inc.	†		1,101		39,130
National Commerce Corp.	*†		1,581		39,604
National Penn Bancshares, Inc.			26,002		320,605
NBT Bancorp, Inc.			8,099		225,800
NewBridge Bancorp			6,837		83,275
OFG Bancorp (Puerto Rico)			8,948		65,499
Old National Bancorp/Indiana			21,713		294,428
Old Second Bancorp, Inc.	*		7,722		60,540
Opus Bank			1,613		59,633
Pacific Continental Corp.			2,833		42,155
Pacific Premier Bancorp, Inc.	*		4,330		92,012

See accompanying notes to financial statements.

369

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
PacWest Bancorp			20,458	$	881,740
Park National Corp.	†		2,429		219,776
Park Sterling Corp.			7,082		51,840
Peapack Gladstone Financial Corp.			3,232		66,644
Penns Woods Bancorp, Inc.			1,191		50,570
Peoples Bancorp, Inc./Ohio			2,778		52,337
Peoples Financial Services Corp.	†		1,215		46,267
People’s United Financial, Inc.	†		56,466		911,926
People’s Utah Bancorp			482		8,295
Pinnacle Financial Partners, Inc.			6,631		340,568
Popular, Inc. (Puerto Rico)			18,902		535,683
Preferred Bank/California			2,248		74,229
PrivateBancorp, Inc.			13,952		572,311
Prosperity Bancshares, Inc.			12,831		614,092
QCR Holdings, Inc.			1,869		45,398
Renasant Corp.			7,456		256,561
Republic Bancorp, Inc./Kentucky, Class A			2,055		54,273
S&T Bancorp, Inc.			6,501		200,361
Sandy Spring Bancorp, Inc.			4,178		112,639
Seacoast Banking Corp of Florida	*		5,156		77,237
ServisFirst Bancshares, Inc.			4,232		201,147
Sierra Bancorp			2,504		44,196
Signature Bank/New York	*		9,126		1,399,655
Simmons First National Corp., Class A			5,422		278,474
South State Corp.			4,475		321,976
Southside Bancshares, Inc.			4,202		100,932
Southwest Bancorp, Inc./Oklahoma			4,075		71,231
State Bank Financial Corp.			7,016		147,546
Sterling Bancorp/New York			22,117		358,738
Stock Yards Bancorp, Inc.			2,661		100,559
Stonegate Bank			2,296		75,447
Suffolk Bancorp			2,229		63,192
Sun Bancorp, Inc./New Jersey	*		1,281		26,440
SVB Financial Group	*		9,349		1,111,596
Synovus Financial Corp.			24,361		788,809
Talmer Bancorp, Inc., Class A			9,085		164,529
TCF Financial Corp.			30,961		437,169
Texas Capital Bancshares, Inc.	*		8,378		414,041
Tompkins Financial Corp.			2,487		139,670
Towne Bank/Virginia	†		8,546		178,355
TriCo Bancshares			3,987		109,403
TriState Capital Holdings, Inc.	*		3,661		51,217
Triumph Bancorp, Inc.	*		2,087		34,435
Trustmark Corp.	†		12,546		289,060
UMB Financial Corp.			7,148		332,739
Umpqua Holdings Corp.			40,387		642,153
Union Bankshares Corp.			7,839		197,856
United Bankshares, Inc./West Virginia	†		12,409		459,009
United Community Banks, Inc./Georgia			9,964		194,198
Univest Corp of Pennsylvania			4,009		83,628
Valley National Bancorp			42,625		419,856
Washington Trust Bancorp, Inc.			2,362		93,346
Webster Financial Corp.			16,108		599,057
WesBanco, Inc.			6,492		194,890
West Bancorporation, Inc.			2,473		48,842
Westamerica Bancorporation	†		4,829		225,756
Western Alliance Bancorp	*		15,675		562,105
Wilshire Bancorp, Inc.			11,523		133,091

		Shares		Value
Wintrust Financial Corp.			8,703	$	422,270
Yadkin Financial Corp.			5,069		127,587
Zions Bancorporation			37,099		1,012,803
					44,649,755
Beverages—0.1%
Boston Beer Co., Inc. (The), Class A	*		1,680		339,209
Castle Brands, Inc.	*†		17,449		21,462
Coca-Cola Bottling Co. Consolidated			798		145,643
Craft Brew Alliance, Inc.	*		1,788		14,966
MGP Ingredients, Inc.			2,804		72,764
National Beverage Corp.	*		1,873		85,109
					679,153
Biotechnology—4.0%
Abeona Therapeutics, Inc.	*†		2,706		9,092
ACADIA Pharmaceuticals, Inc.	*		14,559		519,028
Acceleron Pharma, Inc.	*†		4,172		203,427
Achillion Pharmaceuticals, Inc.	*		22,375		241,426
Acorda Therapeutics, Inc.	*		7,772		332,486
Adamas Pharmaceuticals, Inc.	*		2,672		75,671
Aduro Biotech, Inc.	*†		1,337		37,623
Advaxis, Inc.	*†		4,854		48,831
Aegerion Pharmaceuticals, Inc.	*		5,288		53,409
Affimed NV (Germany)	*†		4,006		28,523
Agenus, Inc.	*		16,249		73,770
Agios Pharmaceuticals, Inc.	*†		4,402		285,778
Aimmune Therapeutics, Inc.	*		1,865		34,409
Akebia Therapeutics, Inc.	*		3,383		43,708
Alder Biopharmaceuticals, Inc.	*†		3,828		126,439
Alkermes plc (Ireland)	*		27,063		2,148,261
AMAG Pharmaceuticals, Inc.	*		6,307		190,408
Amicus Therapeutics, Inc.	*†		22,196		215,301
Anacor Pharmaceuticals, Inc.	*		7,488		845,919
Anthera Pharmaceuticals, Inc.	*†		5,735		26,610
Applied Genetic Technologies Corp.	*		2,141		43,676
Ardelyx, Inc.	*†		3,003		54,414
Arena Pharmaceuticals, Inc.	*		48,025		91,248
ARIAD Pharmaceuticals, Inc.	*†		27,926		174,538
Array BioPharma, Inc.	*†		27,688		116,843
Arrowhead Research Corp.	*		10,508		64,624
Asterias Biotherapeutics, Inc.	*†		2,738		10,760
Atara Biotherapeutics, Inc.	*		3,409		90,032
aTyr Pharma, Inc.	*†		1,583		15,561
Avalanche Biotechnologies, Inc.	*†		4,813		45,820
Axovant Sciences Ltd. (Bermuda)	*†		2,372		42,767
Bellicum Pharmaceuticals, Inc.	*†		1,480		30,000
BioCryst Pharmaceuticals, Inc.	*		13,947		143,933
BioSpecifics Technologies Corp.	*		970		41,681
BioTime, Inc.	*†		13,816		56,646
Bluebird Bio, Inc.	*†		6,532		419,485
Blueprint Medicines Corp.	*		1,500		39,510
Calithera Biosciences, Inc.	*†		1,319		10,104
Cara Therapeutics, Inc.	*		3,047		51,372
Catabasis Pharmaceuticals, Inc.	*†		754		5,979
Catalyst Pharmaceuticals, Inc.	*		12,063		29,554
Celldex Therapeutics, Inc.	*†		18,365		287,963
Cellular Biomedicine Group, Inc.	*†		1,575		33,847
Cepheid, Inc.	*		13,158		480,662
ChemoCentryx, Inc.	*		4,080		33,048
Chiasma, Inc.	*		1,227		24,012

See accompanying notes to financial statements.

370

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Chimerix, Inc.	*		8,459	$	75,708
Cidara Therapeutics, Inc.	*†		1,263		21,673
Clovis Oncology, Inc.	*†		4,755		166,425
Coherus Biosciences, Inc.	*†		3,895		89,429
Concert Pharmaceuticals, Inc.	*		2,462		46,704
CorMedix, Inc.	*†		8,138		16,520
CTI BioPharma Corp.	*†		27,606		33,955
Curis, Inc.	*		17,810		51,827
Cytokinetics, Inc.	*†		7,327		76,640
CytomX Therapeutics, Inc.	*†		1,392		29,051
CytRx Corp.	*†		8,979		23,794
Dicerna Pharmaceuticals, Inc.	*		4,322		51,302
Dimension Therapeutics, Inc.	*		1,017		11,472
Dyax Corp.	*		26,596		1,000,542
Dynavax Technologies Corp.	*		6,879		166,197
Eagle Pharmaceuticals, Inc./DE	*†		1,619		143,557
Edge Therapeutics, Inc.	*†		1,527		19,088
Emergent BioSolutions, Inc.	*		5,643		225,776
Enanta Pharmaceuticals, Inc.	*†		2,735		90,310
Epizyme, Inc.	*†		4,867		77,969
Esperion Therapeutics, Inc.	*†		2,239		49,840
Exact Sciences Corp.	*†		18,357		169,435
Exelixis, Inc.	*†		42,055		237,190
Fibrocell Science, Inc.	*		6,435		29,279
FibroGen, Inc.	*		8,958		272,950
Five Prime Therapeutics, Inc.	*		4,059		168,449
Flexion Therapeutics, Inc.	*†		3,326		64,092
Foundation Medicine, Inc.	*†		2,363		49,765
Galena Biopharma, Inc.	*†		22,766		33,466
Genocea Biosciences, Inc.	*		3,441		18,134
Genomic Health, Inc.	*		3,336		117,427
Geron Corp.	*†		30,466		147,455
Global Blood Therapeutics, Inc.	*†		1,157		37,406
Halozyme Therapeutics, Inc.	*†		19,641		340,379
Heron Therapeutics, Inc.	*†		4,773		127,439
Idera Pharmaceuticals, Inc.	*†		18,142		56,059
Ignyta, Inc.	*		4,620		61,908
Immune Design Corp.	*†		2,707		54,357
ImmunoGen, Inc.	*		16,516		224,122
Immunomedics, Inc.	*†		21,768		66,828
Infinity Pharmaceuticals, Inc.	*		7,990		62,722
Inovio Pharmaceuticals, Inc.	*†		15,004		100,827
Insmed, Inc.	*		11,317		205,404
Insys Therapeutics, Inc.	*†		4,076		116,696
Intercept Pharmaceuticals, Inc.	*†		2,914		435,206
Intrexon Corp.	*†		8,591		259,019
Invitae Corp.	*†		1,280		10,509
Ionis Pharmaceuticals, Inc.	*		21,579		1,336,387
Ironwood Pharmaceuticals, Inc.	*		23,015		266,744
Juno Therapeutics, Inc.	*†		2,352		103,417
Karyopharm Therapeutics, Inc.	*		3,911		51,821
Keryx Biopharmaceuticals, Inc.	*†		19,730		99,637
Kite Pharma, Inc.	*		5,295		326,278
La Jolla Pharmaceutical Co.	*†		2,647		71,469
Lexicon Pharmaceuticals, Inc.	*†		6,460		85,983
Ligand Pharmaceuticals, Inc.	*†		3,158		342,390
Lion Biotechnologies, Inc.	*†		7,211		55,669
Loxo Oncology, Inc.	*		1,620		46,089
MacroGenics, Inc.	*		5,756		178,263
MannKind Corp.	*†		40,496		58,719
Medgenics, Inc.	*		4,409		26,542
Merrimack Pharmaceuticals, Inc.	*†		20,540		162,266
MiMedx Group, Inc.	*†		18,959		177,646

		Shares		Value
Mirati Therapeutics, Inc.	*		1,756	$	55,490
Momenta Pharmaceuticals, Inc.	*		10,684		158,551
Myriad Genetics, Inc.	*†		12,479		538,594
NantKwest, Inc.	*†		1,114		19,306
Natera, Inc.	*†		1,676		18,101
Navidea Biopharmaceuticals, Inc.	*†		24,451		32,520
Neurocrine Biosciences, Inc.	*		15,616		883,397
NewLink Genetics Corp.	*†		3,391		123,399
Nivalis Therapeutics, Inc.	*		842		6,517
Northwest Biotherapeutics, Inc.	*†		10,776		34,483
Novavax, Inc.	*†		49,454		414,919
Ocata Therapeutics, Inc.	*		9,346		78,693
OncoMed Pharmaceuticals, Inc.	*†		3,435		77,425
Oncothyreon, Inc.	*†		21,119		46,884
Ophthotech Corp.	*		4,384		344,276
OPKO Health, Inc.	*†		55,174		554,499
Orexigen Therapeutics, Inc.	*†		20,793		35,764
Organovo Holdings, Inc.	*†		17,973		44,753
Osiris Therapeutics, Inc.	*†		3,892		40,399
Otonomy, Inc.	*		3,150		87,413
OvaScience, Inc.	*†		3,581		34,986
PDL BioPharma, Inc.			26,811		94,911
Peregrine Pharmaceuticals, Inc.	*†		37,221		43,549
Pfenex, Inc.	*		2,613		32,349
Portola Pharmaceuticals, Inc.	*		8,497		437,171
Progenics Pharmaceuticals, Inc.	*†		12,608		77,287
Proteon Therapeutics, Inc.	*†		2,021		31,346
Prothena Corp. plc (Ireland)	*		5,667		385,979
PTC Therapeutics, Inc.	*		5,862		189,929
Puma Biotechnology, Inc.	*†		4,540		355,936
Radius Health, Inc.	*		6,099		375,332
Raptor Pharmaceutical Corp.	*		15,936		82,867
REGENXBIO, Inc.	*		1,315		21,829
Regulus Therapeutics, Inc.	*†		6,553		57,142
Repligen Corp.	*		6,276		177,548
Retrophin, Inc.	*		6,932		133,718
Rigel Pharmaceuticals, Inc.	*		19,833		60,094
Sage Therapeutics, Inc.	*		2,302		134,207
Sangamo BioSciences, Inc.	*†		12,064		110,144
Sarepta Therapeutics, Inc.	*†		8,154		314,581
Seattle Genetics, Inc.	*		19,292		865,825
Seres Therapeutics, Inc.	*†		1,437		50,424
Sorrento Therapeutics, Inc.	*†		4,542		39,561
Spark Therapeutics, Inc.	*		1,420		64,340
Spectrum Pharmaceuticals, Inc.	*†		11,842		71,407
Stemline Therapeutics, Inc.	*		4,320		27,259
Synergy Pharmaceuticals, Inc.	*†		18,460		104,668
Synta Pharmaceuticals Corp.	*		9,125		3,212
T2 Biosystems, Inc.	*		979		10,710
TESARO, Inc.	*		4,143		216,762
TG Therapeutics, Inc.	*†		6,336		75,588
Threshold Pharmaceuticals, Inc.	*		15,114		7,253
Tobira Therapeutics, Inc.	*†		300		3,015
Tokai Pharmaceuticals, Inc.	*†		1,032		8,999
Trevena, Inc.	*		6,488		68,124
Trovagene, Inc.	*†		3,916		21,146
Ultragenyx Pharmaceutical, Inc.	*		7,032		788,850
United Therapeutics Corp.	*		8,334		1,305,188
Vanda Pharmaceuticals, Inc.	*†		6,483		60,357
Verastem, Inc.	*		7,817		14,540
Versartis, Inc.	*†		3,713		46,004
Vitae Pharmaceuticals, Inc.	*		2,823		51,096
Vital Therapies, Inc.	*†		2,772		31,933
Voyager Therapeutics, Inc.	*†		1,044		22,864

See accompanying notes to financial statements.

371

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
vTv Therapeutics, Inc., Class A	*†		1,030	$	7,014
XBiotech, Inc.	*†		1,056		11,479
Xencor, Inc.	*†		4,826		70,556
XOMA Corp.	*†		13,497		17,951
Zafgen, Inc.	*†		2,753		17,316
ZIOPHARM Oncology, Inc.	*†		19,328		160,616
					28,292,165
Building Products—1.3%
A.O. Smith Corp.			13,550		1,038,066
AAON, Inc.			7,664		177,958
Advanced Drainage Systems, Inc.	†		5,638		135,481
Allegion plc (Ireland)			17,457		1,150,765
American Woodmark Corp.	*		2,397		191,712
Apogee Enterprises, Inc.			5,328		231,821
Armstrong World Industries, Inc.	*		7,123		325,735
Builders FirstSource, Inc.	*†		9,415		104,318
Continental Building Products, Inc.	*		5,293		92,416
Fortune Brands Home & Security, Inc.			28,694		1,592,517
Gibraltar Industries, Inc.	*		5,228		133,000
Griffon Corp.	†		6,061		107,886
Insteel Industries, Inc.			2,829		59,183
Lennox International, Inc.			7,387		922,636
Masonite International Corp.	*		5,580		341,663
NCI Building Systems, Inc.	*		5,766		71,556
Nortek, Inc.	*		1,558		67,960
Owens Corning, Inc.			21,542		1,013,120
Patrick Industries, Inc.	*		2,119		92,177
PGT, Inc.	*		7,653		87,168
Ply Gem Holdings, Inc.	*		4,602		57,709
Quanex Building Products Corp.			5,457		113,778
Simpson Manufacturing Co., Inc.			7,310		249,637
Trex Co., Inc.	*		5,896		224,284
Universal Forest Products, Inc.			3,671		250,986
USG Corp.	*†		16,424		398,939
					9,232,471
Capital Markets—1.8%
Actua Corp.	*		7,645		87,535
Arlington Asset Investment Corp., Class A	†		4,644		61,440
Artisan Partners Asset Management, Inc., Class A			6,146		221,625
Ashford, Inc.	*		165		8,786
Associated Capital Group, Inc., Class A	*		1,052		32,086
BGC Partners, Inc., Class A			34,092		334,443
Calamos Asset Management, Inc., Class A			3,748		36,281
Cohen & Steers, Inc.			3,785		115,367
Cowen Group, Inc., Class A	*†		18,898		72,379
Diamond Hill Investment Group, Inc.			582		109,998
E*TRADE Financial Corp.	*		52,185		1,546,763
Eaton Vance Corp.			21,569		699,483
Evercore Partners, Inc., Class A			6,404		346,264
Federated Investors, Inc., Class B			17,134		490,889
Fifth Street Asset Management, Inc.	†		1,048		3,416
Financial Engines, Inc.	†		9,169		308,720
GAMCO Investors, Inc., Class A	†		1,052		32,654
Greenhill & Co., Inc.			5,109		146,168

		Shares		Value
HFF, Inc., Class A			6,628	$	205,932
Houlihan Lokey, Inc.			2,024		53,049
INTL FCStone, Inc.	*		2,698		90,275
Investment Technology Group, Inc.			6,129		104,316
Janus Capital Group, Inc.			26,322		370,877
KCG Holdings, Inc., Class A	*		6,920		85,185
Ladenburg Thalmann Financial Services, Inc.	*†		21,576		59,550
Lazard Ltd., Class A (Bermuda)			23,049		1,037,436
Legg Mason, Inc.			17,878		701,354
LPL Financial Holdings, Inc.	†		15,098		643,930
Medley Management, Inc., Class A	†		1,048		5,963
Moelis & Co., Class A			2,936		85,672
NorthStar Asset Management Group, Inc.			35,521		431,225
OM Asset Management plc (United Kingdom)			3,998		61,289
Oppenheimer Holdings, Inc., Class A			2,362		41,052
Piper Jaffray Cos.	*		2,965		119,786
Pzena Investment Management, Inc., Class A			1,908		16,409
Raymond James Financial, Inc.			23,029		1,334,991
RCS Capital Corp., Class A	*†		8,145		2,480
Safeguard Scientifics, Inc.	*		3,658		53,078
SEI Investments Co.			25,106		1,315,554
Stifel Financial Corp.	*		12,091		512,175
Virtu Financial, Inc., Class A			3,045		68,939
Virtus Investment Partners, Inc.	†		1,297		152,346
Waddell & Reed Financial, Inc., Class A			15,006		430,072
Walter Investment Management Corp.	*†		7,174		102,014
Westwood Holdings Group, Inc.			1,390		72,405
WisdomTree Investments, Inc.	†		20,950		328,496
ZAIS Group Holdings, Inc.	*		992		9,186
					13,149,333
Chemicals—2.2%
A. Schulman, Inc.			5,579		170,941
Albemarle Corp.			20,484		1,147,309
American Vanguard Corp.			5,182		72,600
Ashland, Inc.			11,551		1,186,288
Axalta Coating Systems Ltd.	*		18,431		491,186
Axiall Corp.			13,166		202,756
Balchem Corp.			5,542		336,954
Cabot Corp.			11,377		465,092
Calgon Carbon Corp.			10,032		173,052
Chase Corp.			1,020		41,545
Chemtura Corp.	*		12,393		337,957
Core Molding Technologies, Inc.	*		2,010		25,788
Ferro Corp.	*		13,500		150,120
Flotek Industries, Inc.	*†		9,529		109,012
FutureFuel Corp.			4,910		66,285
H.B. Fuller Co.			8,990		327,865
Hawkins, Inc.			1,853		66,282
Huntsman Corp.			37,554		426,989
Innophos Holdings, Inc.			3,387		98,155
Innospec, Inc.			4,218		229,080
International Flavors & Fragrances, Inc.			14,733		1,762,656
Intrepid Potash, Inc.	*†		10,243		30,217
KMG Chemicals, Inc.			2,120		48,802

See accompanying notes to financial statements.

372

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Koppers Holdings, Inc.	*		4,084	$	74,533
Kraton Performance Polymers, Inc.	*		5,015		83,299
Kronos Worldwide, Inc.	†		3,735		21,065
LSB Industries, Inc.	*		3,576		25,926
Minerals Technologies, Inc.			6,401		293,550
NewMarket Corp.			1,549		589,751
Olin Corp.			29,373		506,978
OMNOVA Solutions, Inc.	*		9,679		59,332
Platform Specialty Products Corp.	*†		24,520		314,592
PolyOne Corp.			15,891		504,698
Quaker Chemical Corp.			2,250		173,835
Rayonier Advanced Materials, Inc.			7,632		74,717
Rentech, Inc.	*		4,379		15,414
RPM International, Inc.			24,312		1,071,187
Scotts Miracle-Gro Co. (The), Class A			8,233		531,111
Senomyx, Inc.	*†		6,845		25,806
Sensient Technologies Corp.			8,325		522,976
Stepan Co.			3,691		183,406
Trecora Resources	*		3,148		39,004
Tredegar Corp.			4,146		56,468
Trinseo SA	*†		1,884		53,129
Tronox Ltd., Class A			10,343		40,441
Valhi, Inc.	†		5,006		6,708
Valspar Corp. (The)			14,654		1,215,549
W.R. Grace & Co.	*		13,121		1,306,720
					15,757,126
Commercial Services & Supplies—2.0%
ABM Industries, Inc.			10,410		296,373
ACCO Brands Corp.	*		19,480		138,892
ADT Corp. (The)	†		31,266		1,031,153
ARC Document Solutions, Inc.	*		7,490		33,106
Brady Corp., Class A			8,619		198,065
Brink’s Co. (The)			8,866		255,873
Casella Waste Systems, Inc., Class A	*		5,820		34,804
CECO Environmental Corp.			5,805		44,582
Cintas Corp.			16,389		1,492,218
Civeo Corp.	*		17,148		24,350
Clean Harbors, Inc.	*		10,523		438,283
Copart, Inc.	*		21,690		824,437
Covanta Holding Corp.			21,176		328,016
Deluxe Corp.			8,898		485,297
Ennis, Inc.			4,365		84,026
Essendant, Inc.			7,127		231,699
G&K Services, Inc., Class A			3,719		233,925
Healthcare Services Group, Inc.			13,097		456,692
Heritage-Crystal Clean, Inc.	*		1,400		14,840
Herman Miller, Inc.			10,455		300,059
HNI Corp.			7,967		287,290
InnerWorkings, Inc.	*		7,289		54,667
Interface, Inc.			11,468		219,498
KAR Auction Services, Inc.			25,884		958,485
Kimball International, Inc., Class B			6,806		66,495
Knoll, Inc.			8,621		162,075
Matthews International Corp., Class A			5,937		317,333
McGrath RentCorp			4,288		108,015
Mobile Mini, Inc.			8,255		256,978
MSA Safety, Inc.			5,239		227,739

		Shares		Value
Multi-Color Corp.			2,095	$	125,302
NL Industries, Inc.	*		412		1,252
Pitney Bowes, Inc.			36,902		762,026
Quad/Graphics, Inc.			4,337		40,334
R.R. Donnelley & Sons Co.			36,955		543,978
Rollins, Inc.			17,410		450,919
SP Plus Corp.	*		3,417		81,666
Steelcase, Inc., Class A			15,256		227,314
Team, Inc.	*		4,053		129,534
Tetra Tech, Inc.			11,033		287,079
TRC Cos., Inc.	*		2,273		21,025
Unifirst Corp.			2,766		288,217
US Ecology, Inc.			3,710		135,192
Viad Corp.			3,417		96,462
Waste Connections, Inc.			22,344		1,258,414
West Corp.			9,011		194,367
					14,248,346
Communications Equipment—1.2%
ADTRAN, Inc.			9,818		169,066
Aerohive Networks, Inc.	*†		4,925		25,167
Alliance Fiber Optic Products, Inc.	*		3,246		49,209
Applied Optoelectronics, Inc.	*		2,449		42,025
Arista Networks, Inc.	*†		6,184		481,363
ARRIS Group, Inc.	*		33,106		1,012,050
Bel Fuse, Inc., Class B			1,562		27,007
Black Box Corp.			2,697		25,702
Brocade Communications Systems, Inc.			76,513		702,389
CalAmp Corp.	*		6,551		130,561
Calix, Inc.	*		6,802		53,532
Ciena Corp.	*		22,527		466,084
Clearfield, Inc.	*†		1,835		24,607
CommScope Holding Co., Inc.	*		19,224		497,709
Comtech Telecommunications Corp.			3,106		62,400
Digi International, Inc.	*		4,346		49,457
EchoStar Corp., Class A	*		8,158		319,059
EMCORE Corp.	*		2,223		13,627
Extreme Networks, Inc.	*		15,723		64,150
Finisar Corp.	*		19,473		283,137
Harmonic, Inc.	*†		13,859		56,406
Infinera Corp.	*		24,323		440,733
InterDigital, Inc.			6,675		327,342
Ixia	*		10,034		124,723
KVH Industries, Inc.	*		3,755		35,372
Lumentum Holdings, Inc.	*		8,396		184,880
NETGEAR, Inc.	*		5,888		246,766
NetScout Systems, Inc.	*		16,811		516,098
Novatel Wireless, Inc.	*†		9,873		16,488
Oclaro, Inc.	*†		15,068		52,437
Plantronics, Inc.			6,525		309,416
Polycom, Inc.	*		24,400		307,196
Ruckus Wireless, Inc.	*		13,194		141,308
ShoreTel, Inc.	*		12,371		109,483
Sonus Networks, Inc.	*		8,541		60,897
Ubiquiti Networks, Inc.	*		5,178		164,091
ViaSat, Inc.	*†		7,829		477,647
Viavi Solutions, Inc.	*		41,984		255,683
					8,325,267
Construction & Engineering—0.8%
AECOM	*		27,493		825,615
Aegion Corp.	*		6,676		128,914

See accompanying notes to financial statements.

373

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Ameresco, Inc., Class A	*		5,077	$	31,731
Argan, Inc.			2,317		75,071
Chicago Bridge & Iron Co. NV (Netherlands)			17,929		699,052
Comfort Systems USA, Inc.			6,953		197,604
Dycom Industries, Inc.	*		6,092		426,196
EMCOR Group, Inc.			11,257		540,786
Furmanite Corp.	*		7,017		46,733
Granite Construction, Inc.			7,276		312,213
Great Lakes Dredge & Dock Corp.	*		9,800		38,808
HC2 Holdings, Inc.	*†		5,163		27,312
Jacobs Engineering Group, Inc.	*		22,934		962,081
KBR, Inc.			25,853		437,433
MasTec, Inc.	*		12,504		217,320
MYR Group, Inc.	*		3,380		69,662
Northwest Pipe Co.	*		1,416		15,845
NV5 Global, Inc.	*		1,341		29,475
Orion Marine Group, Inc.	*		6,042		25,195
Primoris Services Corp.	†		6,986		153,902
Quanta Services, Inc.	*		28,949		586,217
Tutor Perini Corp.	*		6,412		107,337
					5,954,502
Construction Materials—0.4%
Eagle Materials, Inc.			9,146		552,693
Headwaters, Inc.	*		13,445		226,817
Martin Marietta Materials, Inc.			12,290		1,678,568
Summit Materials, Inc., Class A	*		4,153		83,234
United States Lime & Minerals, Inc.			481		26,436
US Concrete, Inc.	*		2,848		149,975
					2,717,723
Consumer Finance—0.4%
Cash America International, Inc.			5,250		157,237
Credit Acceptance Corp.	*†		1,484		317,606
Encore Capital Group, Inc.	*†		4,850		141,038
Enova International, Inc.	*		4,803		31,748
EZCORP, Inc., Class A	*		8,825		44,037
First Cash Financial Services, Inc.	*		5,265		197,069
Green Dot Corp., Class A	*		7,869		129,209
JG Wentworth Co. (The), Class A	*		1,635		2,943
LendingClub Corp.	*†		11,800		130,390
Nelnet, Inc., Class A			3,892		130,654
OneMain Holdings, Inc.	*		9,556		396,956
PRA Group, Inc.	*†		8,672		300,832
Regional Management Corp.	*		1,193		18,456
SLM Corp.	*		77,866		507,686
World Acceptance Corp.	*†		1,607		59,620
					2,565,481
Containers & Packaging—2.0%
AEP Industries, Inc.	*		838		64,652
AptarGroup, Inc.			11,442		831,261
Avery Dennison Corp.			16,613		1,040,971
Ball Corp.			25,107		1,826,032
Bemis Co., Inc.			17,814		796,108
Berry Plastics Group, Inc.	*		21,835		789,990
Crown Holdings, Inc.	*		25,102		1,272,672
Graphic Packaging Holding Co.			60,149		771,712
Greif, Inc., Class A			5,932		182,765
Multi Packaging Solutions International Ltd.	*		3,101		53,802

		Shares		Value
Myers Industries, Inc.			4,506	$	60,020
Owens-Illinois, Inc.	*		28,605		498,299
Packaging Corp. of America			17,862		1,126,199
Sealed Air Corp.			36,097		1,609,926
Silgan Holdings, Inc.			7,295		391,887
Sonoco Products Co.			18,453		754,174
WestRock Co.			47,561		2,169,733
					14,240,203
Distributors—0.4%
Core-Mark Holding Co., Inc.			4,042		331,202
Fenix Parts, Inc.	*†		3,617		24,559
LKQ Corp.	*		54,737		1,621,857
Pool Corp.			7,971		643,897
VOXX International Corp.	*		2,945		15,491
Weyco Group, Inc.			1,031		27,590
					2,664,596
Diversified Consumer Services—0.7%
2U, Inc.	*†		5,246		146,783
American Public Education, Inc.	*		3,033		56,444
Apollo Education Group, Inc.	*		17,439		133,757
Ascent Capital Group, Inc., Class A	*		2,543		42,519
Bridgepoint Education, Inc.	*		3,328		25,326
Bright Horizons Family Solutions, Inc.	*		6,858		458,114
Cambium Learning Group, Inc.	*		3,401		16,495
Capella Education Co.			2,073		95,814
Career Education Corp.	*		11,632		42,224
Carriage Services, Inc.			2,616		63,046
Chegg, Inc.	*†		12,109		81,494
Collectors Universe, Inc.			1,150		17,825
DeVry Education Group, Inc.	†		11,393		288,357
Graham Holdings Co., Class B			627		304,076
Grand Canyon Education, Inc.	*		8,434		338,372
Houghton Mifflin Harcourt Co.	*		25,063		545,872
K12, Inc.	*		5,276		46,429
Liberty Tax, Inc.	†		737		17,563
LifeLock, Inc.	*†		16,527		237,162
Regis Corp.	*		7,759		109,790
Service Corp. International			36,908		960,346
ServiceMaster Global Holdings, Inc.	*		18,800		737,712
Sotheby’s			11,048		284,597
Strayer Education, Inc.	*		1,807		108,637
Universal Technical Institute, Inc.			4,524		21,082
Weight Watchers International, Inc.	*†		5,074		115,687
					5,295,523
Diversified Financial Services—0.9%
CBOE Holdings, Inc.			15,238		988,946
FactSet Research Systems, Inc.			7,530		1,224,152
FNFV Group	*		14,486		162,678
GAIN Capital Holdings, Inc.			4,482		36,349
MarketAxess Holdings, Inc.			6,827		761,825
Marlin Business Services Corp.			1,306		20,974
Morningstar, Inc.			3,531		283,928
MSCI, Inc.			18,807		1,356,549
Nasdaq, Inc.			20,884		1,214,822
NewStar Financial, Inc.	*		5,723		51,393
On Deck Capital, Inc.	*†		2,030		20,909
PICO Holdings, Inc.	*		3,754		38,741

See accompanying notes to financial statements.

374

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Resource America, Inc., Class A			3,696	$	22,656
Tiptree Financial, Inc., Class A	†		4,011		24,628
					6,208,550
Diversified Telecommunication Services—0.5%
8x8, Inc.	*		16,824		192,635
Atlantic Tele-Network, Inc.			1,687		131,974
Cincinnati Bell, Inc.	*		38,778		139,601
Cogent Communications Holdings, Inc.	†		8,413		291,847
Consolidated Communications Holdings, Inc.	†		8,837		185,135
FairPoint Communications, Inc.	*		4,333		69,631
Frontier Communications Corp.	†		213,344		996,317
General Communication, Inc., Class A	*		6,831		135,117
Globalstar, Inc.	*†		81,721		117,678
Hawaiian Telcom Holdco, Inc.	*		1,637		40,696
IDT Corp., Class B			2,314		26,981
inContact, Inc.	*		12,760		121,730
Inteliquent, Inc.			6,478		115,114
Intelsat SA (Luxembourg)	*		4,106		17,081
Iridium Communications, Inc.	*†		14,059		118,236
Lumos Networks Corp.	*		3,271		36,635
ORBCOMM, Inc.	*		12,191		88,263
pdvWireless, Inc.	*†		2,080		57,200
Straight Path Communications, Inc., Class B	*†		1,498		25,676
Vonage Holdings Corp.	*		34,674		199,029
Windstream Holdings, Inc.	†		17,774		114,465
Zayo Group Holdings, Inc.	*		26,271		698,546
					3,919,587
Electric Utilities—1.5%
ALLETE, Inc.			8,946		454,725
Cleco Corp.			10,768		562,197
El Paso Electric Co.			7,357		283,244
Empire District Electric Co. (The)	†		7,796		218,834
Genie Energy Ltd., Class B	*†		3,281		36,583
Great Plains Energy, Inc.			28,223		770,770
Hawaiian Electric Industries, Inc.			19,131		553,842
IDACORP, Inc.			9,175		623,900
ITC Holdings Corp.			28,327		1,111,835
MGE Energy, Inc.			6,204		287,866
OGE Energy Corp.			36,457		958,455
Otter Tail Corp.			6,778		180,498
Pepco Holdings, Inc.			46,157		1,200,544
Pinnacle West Capital Corp.			19,973		1,287,859
PNM Resources, Inc.			14,199		434,063
Portland General Electric Co.			16,186		588,685
Spark Energy, Inc., Class A	†		491		10,173
Unitil Corp.			2,617		93,898
Westar Energy, Inc.			25,782		1,093,415
					10,751,386
Electrical Equipment—0.9%
Acuity Brands, Inc.			7,910		1,849,358
Allied Motion Technologies, Inc.	†		1,634		42,778
AZZ, Inc.			4,607		256,011
Babcock & Wilcox Enterprises, Inc.	*		9,579		199,914

		Shares		Value
Encore Wire Corp.			3,866	$	143,390
EnerSys			7,940		444,084
Enphase Energy, Inc.	*†		4,304		15,107
Franklin Electric Co., Inc.			8,722		235,756
FuelCell Energy, Inc.	*†		3,201		15,877
Generac Holdings, Inc.	*†		12,412		369,505
General Cable Corp.			9,667		129,828
Hubbell, Inc.			10,563		1,067,285
LSI Industries, Inc.			3,003		36,607
Plug Power, Inc.	*†		33,712		71,132
Powell Industries, Inc.			1,563		40,685
Power Solutions International, Inc.	*†		752		13,724
PowerSecure International, Inc.	*		4,744		71,397
Preformed Line Products Co.			638		26,860
Regal Beloit Corp.			8,190		479,279
SolarCity Corp.	*		10,871		554,638
Sunrun, Inc.	*†		3,000		35,310
Thermon Group Holdings, Inc.	*		5,589		94,566
Vicor Corp.	*		3,481		31,747
					6,224,838
Electronic Equipment, Instruments & Components—2.6%
Agilysys, Inc.	*		3,632		36,284
Anixter International, Inc.	*		5,276		318,618
Arrow Electronics, Inc.	*		17,473		946,687
Avnet, Inc.			24,786		1,061,832
AVX Corp.			9,165		111,263
Badger Meter, Inc.			2,704		158,427
Belden, Inc.			7,625		363,560
Benchmark Electronics, Inc.	*		9,781		202,173
CDW Corp.			24,074		1,012,071
Checkpoint Systems, Inc.			8,101		50,793
Cognex Corp.			15,890		536,605
Coherent, Inc.	*		4,437		288,893
Control4 Corp.	*		2,638		19,178
CTS Corp.			6,621		116,794
Daktronics, Inc.			7,523		65,601
Dolby Laboratories, Inc., Class A			9,253		311,363
DTS, Inc.	*		3,053		68,937
Electro Rent Corp.			4,267		39,256
ePlus, Inc.	*		904		84,307
Fabrinet (Thailand)	*		6,113		145,612
FARO Technologies, Inc.	*		3,399		100,339
FEI Co.			7,405		590,845
Fitbit, Inc., Class A	*†		7,619		225,446
FLIR Systems, Inc.			25,634		719,546
GSI Group, Inc.	*		6,907		94,073
II-VI, Inc.	*		8,787		163,087
Ingram Micro, Inc., Class A			28,552		867,410
Insight Enterprises, Inc.	*		7,260		182,371
InvenSense Inc.	*†		14,582		149,174
IPG Photonics Corp.	*†		6,307		562,332
Itron, Inc.	*		7,053		255,178
Jabil Circuit, Inc.			35,409		824,676
Keysight Technologies, Inc.	*		30,881		874,859
Kimball Electronics, Inc.	*		5,104		56,093
Knowles Corp.	*†		16,227		216,306
Littelfuse, Inc.			4,048		433,176
Mercury Systems, Inc.	*		6,981		128,171
Mesa Laboratories, Inc.			539		53,631
Methode Electronics, Inc.			7,137		227,171
MTS Systems Corp.			2,725		172,792
Multi-Fineline Electronix, Inc.	*		2,068		42,766
National Instruments Corp.			20,479		587,543

See accompanying notes to financial statements.

375

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Newport Corp.	*		6,603	$	104,790
OSI Systems, Inc.	*		3,445		305,434
Park Electrochemical Corp.			3,495		52,635
PC Connection, Inc.			1,452		32,873
Plexus Corp.	*		5,929		207,041
RealD, Inc.	*†		6,791		71,645
Rofin-Sinar Technologies, Inc.	*		4,789		128,249
Rogers Corp.	*		3,354		172,966
Sanmina Corp.	*		14,516		298,739
ScanSource, Inc.	*		5,403		174,085
SYNNEX Corp.			5,265		473,481
Tech Data Corp.	*		6,588		437,311
Trimble Navigation Ltd.	*		47,360		1,015,872
TTM Technologies, Inc.	*		10,328		67,235
Universal Display Corp.	*		7,224		393,275
Vishay Intertechnology, Inc.	†		25,068		302,069
Vishay Precision Group, Inc.	*		2,712		30,700
Zebra Technologies Corp., Class A	*		9,471		659,655
					18,393,294
Energy Equipment & Services—1.0%
Archrock, Inc.			12,176		91,564
Atwood Oceanics, Inc.	†		12,095		123,732
Basic Energy Services, Inc.	*†		5,491		14,716
Bristow Group, Inc.	†		6,407		165,941
C&J Energy Services Ltd.	*†		8,503		40,474
CARBO Ceramics, Inc.	†		3,679		63,279
Diamond Offshore Drilling, Inc.	†		11,921		251,533
Dril-Quip, Inc.	*		7,149		423,435
Ensco plc, Class A (United Kingdom)			42,900		660,231
Era Group, Inc.	*		3,470		38,690
Exterran Corp.	*		6,088		97,712
Fairmount Santrol Holdings, Inc.	*†		10,656		25,042
Forum Energy Technologies, Inc.	*†		11,420		142,293
Frank’s International NV (Netherlands)			6,714		112,057
Geospace Technologies Corp.	*		2,532		35,625
Gulfmark Offshore, Inc., Class A	*†		5,207		24,317
Helix Energy Solutions Group, Inc.	*		18,113		95,274
Hornbeck Offshore Services, Inc.	*†		5,059		50,286
Independence Contract Drilling, Inc.	*†		1,688		8,524
ION Geophysical Corp.	*		22,870		11,506
Key Energy Services, Inc.	*		24,102		11,620
Matrix Service Co.	*		4,454		91,485
McDermott International, Inc.	*†		39,709		133,025
Nabors Industries Ltd.			60,181		512,140
Natural Gas Services Group, Inc.	*		2,483		55,371
Newpark Resources, Inc.	*		16,681		88,076
Noble Corp. plc (United Kingdom)	†		42,934		452,954
Nordic American Offshore Ltd. (Norway)			2,988		15,747
North Atlantic Drilling Ltd. (Norway)	*		1,347		3,313
Oceaneering International, Inc.			18,074		678,136
Oil States International, Inc.	*		9,602		261,654
Parker Drilling Co.	*		23,214		42,249
Patterson-UTI Energy, Inc.			26,449		398,851
PHI, Inc.	*		2,638		43,290

		Shares		Value
Pioneer Energy Services Corp.	*		11,528	$	25,016
RigNet, Inc.	*†		2,457		50,835
Rowan Cos. plc, Class A			22,880		387,816
RPC, Inc.	†		9,596		114,672
SEACOR Holdings, Inc.	*		3,415		179,492
Seadrill Ltd. (United Kingdom)	*†		68,618		232,615
Seventy Seven Energy, Inc.	*†		9,000		9,450
Superior Energy Services, Inc.			26,989		363,542
Tesco Corp.			7,240		52,418
TETRA Technologies, Inc.	*		13,207		99,317
Tidewater, Inc.	†		8,857		61,645
Unit Corp.	*†		9,048		110,386
US Silica Holdings, Inc.			10,120		189,548
					7,140,894
Food & Staples Retailing—0.7%
Andersons, Inc. (The)			5,380		170,169
Casey’s General Stores, Inc.			7,097		854,834
Chefs’ Warehouse, Inc. (The)	*		3,665		61,132
Fairway Group Holdings Corp.	*†		2,487		1,642
Fresh Market, Inc. (The)	*†		7,516		176,025
Ingles Markets, Inc., Class A			2,649		116,768
Natural Grocers by Vitamin Cottage, Inc.	*		1,404		28,599
Performance Food Group Co.	*		2,725		63,057
PriceSmart, Inc.			3,602		298,930
Rite Aid Corp.	*		178,154		1,396,727
Smart & Final Stores, Inc.	*		3,814		69,453
SpartanNash Co.			7,178		155,332
Sprouts Farmers Market, Inc.	*		27,296		725,801
SUPERVALU, Inc.	*		48,468		328,613
United Natural Foods, Inc.	*		8,967		352,941
Village Super Market, Inc., Class A			1,280		33,728
Weis Markets, Inc.			2,120		93,916
					4,927,667
Food Products—1.5%
Alico, Inc.			494		19,113
Amplify Snack Brands, Inc.	*†		2,515		28,973
Arcadia Biosciences, Inc.	*†		2,130		6,475
B&G Foods, Inc.	†		10,681		374,049
Blue Buffalo Pet Products, Inc.	*†		6,521		122,008
Boulder Brands, Inc.	*		11,006		120,846
Calavo Growers, Inc.	†		2,921		143,129
Cal-Maine Foods, Inc.	†		5,508		255,241
Darling Ingredients, Inc.	*		30,679		322,743
Dean Foods Co.	†		17,499		300,108
Diamond Foods, Inc.	*		4,466		172,164
Farmer Brothers Co.	*		1,870		60,345
Flowers Foods, Inc.			31,849		684,435
Fresh Del Monte Produce, Inc.			6,228		242,145
Freshpet, Inc.	*†		4,959		42,102
Hain Celestial Group, Inc. (The)	*		18,771		758,161
Ingredion, Inc.			12,854		1,231,927
Inventure Foods, Inc.	*†		3,145		22,329
J&J Snack Foods Corp.			2,596		302,875
John B. Sanfilippo & Son, Inc.			1,673		90,392
Lancaster Colony Corp.			3,414		394,180
Landec Corp.	*		4,989		59,020
Lifeway Foods, Inc.	*		778		8,636
Limoneira Co.			1,586		23,695
Omega Protein Corp.	*		4,487		99,611
Pilgrim’s Pride Corp.	†		11,285		249,286

See accompanying notes to financial statements.

376

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Pinnacle Foods, Inc.			21,293	$	904,101
Post Holdings, Inc.	*		11,269		695,297
Sanderson Farms, Inc.	†		3,975		308,142
Seaboard Corp.	*		51		147,632
Seneca Foods Corp., Class A	*		1,290		37,384
Snyder’s-Lance, Inc.	†		8,591		294,671
Tootsie Roll Industries, Inc.	†		3,554		112,271
TreeHouse Foods, Inc.	*		7,607		596,845
WhiteWave Foods Co. (The)	*		31,578		1,228,700
					10,459,031
Gas Utilities—1.2%
AGL Resources, Inc.			21,614		1,379,189
Atmos Energy Corp.			18,431		1,161,890
Chesapeake Utilities Corp.			2,728		154,814
Laclede Group, Inc. (The)			7,946		472,072
National Fuel Gas Co.	†		15,472		661,428
New Jersey Resources Corp.			15,684		516,945
Northwest Natural Gas Co.			4,674		236,551
ONE Gas, Inc.			9,643		483,789
Piedmont Natural Gas Co., Inc.			14,400		821,088
Questar Corp.			32,028		623,905
South Jersey Industries, Inc.			12,124		285,156
Southwest Gas Corp.			8,366		461,469
UGI Corp.			31,493		1,063,204
WGL Holdings, Inc.			8,938		563,005
					8,884,505
Health Care Equipment & Supplies—3.4%
Abaxis, Inc.			4,266		237,531
ABIOMED, Inc.	*		7,431		670,871
Accuray, Inc.	*†		15,070		101,723
Alere, Inc.	*		15,597		609,687
Align Technology, Inc.	*		14,745		970,958
Analogic Corp.			2,120		175,112
AngioDynamics, Inc.	*		5,314		64,512
Anika Therapeutics, Inc.	*		2,511		95,820
Antares Pharma, Inc.	*†		21,583		26,115
AtriCure, Inc.	*		5,136		115,252
Atrion Corp.			291		110,929
Cantel Medical Corp.			6,207		385,703
Cardiovascular Systems, Inc.	*†		6,442		97,403
Cerus Corp.	*†		16,123		101,897
ConforMIS, Inc.	*†		1,735		29,998
CONMED Corp.			5,145		226,637
Cooper Cos., Inc. (The)			8,708		1,168,614
Corindus Vascular Robotics, Inc.	*†		5,896		18,926
CryoLife, Inc.			3,944		42,516
Cutera, Inc.	*		1,903		24,339
Cynosure, Inc., Class A	*		4,027		179,886
DENTSPLY International, Inc.			25,171		1,531,655
DexCom, Inc.	*		14,302		1,171,334
EndoChoice Holdings, Inc.	*†		1,101		9,193
Endologix, Inc.	*†		11,389		112,751
Entellus Medical, Inc.	*†		920		15,511
Exactech, Inc.	*		1,480		26,862
GenMark Diagnostics, Inc.	*		7,868		61,056
Glaukos Corp.	*†		1,157		28,566
Globus Medical, Inc., Class A	*		12,715		353,731
Greatbatch, Inc.	*		4,771		250,478
Haemonetics Corp.	*		9,352		301,509
Halyard Health, Inc.	*		8,497		283,885

		Shares		Value
HeartWare International, Inc.	*†		3,297	$	166,169
Hill-Rom Holdings, Inc.			10,357		497,757
Hologic, Inc.	*		44,791		1,732,964
ICU Medical, Inc.	*		2,585		291,536
IDEXX Laboratories, Inc.	*†		17,073		1,244,963
Inogen, Inc.	*		2,611		104,675
Insulet Corp.	*		10,118		382,562
Integra LifeSciences Holdings Corp.	*		5,262		356,658
Invacare Corp.			6,320		109,905
InVivo Therapeutics Holdings Corp.	*†		4,253		30,622
Invuity, Inc.	*		771		6,800
iRadimed Corp.	*		736		20,630
K2M Group Holdings, Inc.	*		2,656		52,429
Lantheus Holdings, Inc.	*		2,053		6,939
LDR Holding Corp.	*		4,177		104,884
LeMaitre Vascular, Inc.			3,113		53,699
LivaNova plc (United Kingdom)	*		8,127		482,500
Masimo Corp.	*		8,102		336,314
Meridian Bioscience, Inc.			7,174		147,211
Merit Medical Systems, Inc.	*		7,310		135,893
Natus Medical, Inc.	*		6,010		288,781
Neogen Corp.	*		6,663		376,593
Nevro Corp.	*†	��	3,109		209,889
Novocure Ltd. (Jersey)	*†		1,380		30,857
NuVasive, Inc.	*		8,871		480,010
NxStage Medical, Inc.	*		11,835		259,305
OraSure Technologies, Inc.	*		8,723		56,176
Orthofix International NV (Curacao)	*		3,725		146,057
Oxford Immunotec Global plc (United Kingdom)	*†		4,716		54,234
Penumbra, Inc.	*†		752		40,465
Quidel Corp.	*		5,467		115,900
ResMed, Inc.	†		25,375		1,362,384
Rockwell Medical, Inc.	*†		8,627		88,340
RTI Surgical, Inc.	*		8,406		33,372
SeaSpine Holdings Corp.	*		1,586		27,247
Second Sight Medical Products, Inc.	*†		703		4,141
Sientra, Inc.	*		1,004		5,944
Sirona Dental Systems, Inc.	*		10,138		1,110,821
Spectranetics Corp. (The)	*		7,119		107,212
STAAR Surgical Co.	*†		7,139		50,972
STERIS plc (United Kingdom)			15,378		1,158,579
SurModics, Inc.	*		1,871		37,925
Tandem Diabetes Care, Inc.	*†		4,888		57,727
Teleflex, Inc.			7,583		996,785
TransEnterix, Inc.	*†		4,614		11,443
Unilife Corp.	*		22,514		11,147
Utah Medical Products, Inc.			525		30,734
Vascular Solutions, Inc.	*		3,357		115,447
Veracyte, Inc.	*†		845		6,084
West Pharmaceutical Services, Inc.			13,152		792,013
Wright Medical Group NV (Netherlands)	*		16,520		399,454
Zeltiq Aesthetics, Inc.	*†		5,359		152,892
					24,485,000
Health Care Providers & Services—2.5%
AAC Holdings, Inc.	*†		1,004		19,136
Acadia Healthcare Co., Inc.	*		9,406		587,499

See accompanying notes to financial statements.

377

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Aceto Corp.			4,950	$	133,551
Addus HomeCare Corp.	*		874		20,347
Adeptus Health, Inc., Class A	*†		983		53,593
Air Methods Corp.	*†		7,123		298,667
Alliance HealthCare Services, Inc.	*		806		7,399
Almost Family, Inc.	*		1,537		58,760
Amedisys, Inc.	*		5,275		207,413
AMN Healthcare Services, Inc.	*		8,905		276,500
Amsurg Corp.	*		9,697		736,972
BioScrip, Inc.	*†		14,738		25,792
BioTelemetry, Inc.	*		4,248		49,617
Brookdale Senior Living, Inc.	*		33,744		622,914
Capital Senior Living Corp.	*		5,534		115,439
Centene Corp.	*		21,452		1,411,756
Chemed Corp.	†		3,102		464,680
Civitas Solutions, Inc.	*		2,042		58,789
Community Health Systems, Inc.	*		21,501		570,422
Corvel Corp.	*		1,252		54,988
Cross Country Healthcare, Inc.	*		6,564		107,584
Diplomat Pharmacy, Inc.	*†		6,809		233,004
Ensign Group, Inc. (The)			8,890		201,181
Envision Healthcare Holdings, Inc.	*		33,933		881,240
ExamWorks Group, Inc.	*		7,718		205,299
Five Star Quality Care, Inc.	*		9,106		28,957
Genesis Healthcare, Inc.	*		4,230		14,678
Hanger, Inc.	*		6,290		103,471
Health Net, Inc.	*		14,094		964,875
HealthEquity, Inc.	*		6,776		169,874
HealthSouth Corp.			16,686		580,840
Healthways, Inc.	*		5,769		74,247
Kindred Healthcare, Inc.			15,596		185,748
Landauer, Inc.			1,882		61,956
LHC Group, Inc.	*		2,530		114,584
LifePoint Health, Inc.	*		7,891		579,199
Magellan Health, Inc.	*		4,963		306,019
MEDNAX, Inc.	*		16,868		1,208,761
Molina Healthcare, Inc.	*†		7,211		433,597
National HealthCare Corp.			1,812		111,800
National Research Corp., Class A			1,929		30,941
Nobilis Health Corp.	*†		8,378		23,626
Owens & Minor, Inc.			11,590		417,008
Patterson Cos., Inc.			15,759		712,464
PharMerica Corp.	*		5,445		190,575
Premier, Inc., Class A	*		6,572		231,794
Providence Service Corp. (The)	*		2,643		124,010
RadNet, Inc.	*		5,263		32,525
Select Medical Holdings Corp.			18,164		216,333
Surgery Partners, Inc.	*		2,587		53,008
Surgical Care Affiliates, Inc.	*		3,635		144,709
Team Health Holdings, Inc.	*		13,196		579,172
Teladoc, Inc.	*†		1,590		28,556
Tenet Healthcare Corp.	*		18,083		547,915
Triple-S Management Corp., Class B (Puerto Rico)	*		4,524		108,169
Trupanion, Inc.	*†		4,042		39,450
U.S. Physical Therapy, Inc.			2,234		119,921
Universal American Corp.			10,044		70,308
VCA, Inc.	*		15,019		826,045
WellCare Health Plans, Inc.	*		8,066		630,842
					17,468,519

		Shares		Value
Health Care Technology—0.5%
Allscripts Healthcare Solutions, Inc.	*		33,121	$	509,401
athenahealth, Inc.	*†		7,035		1,132,424
Castlight Health, Inc., Class B	*†		8,875		37,896
Computer Programs & Systems, Inc.	†		2,114		105,171
Connecture, Inc.	*		1,160		4,188
Evolent Health, Inc., Class A	*†		2,217		26,848
HealthStream, Inc.	*		4,918		108,196
HMS Holdings Corp.	*		15,079		186,075
Imprivata, Inc.	*		973		10,995
Inovalon Holdings, Inc., Class A	*†		4,490		76,330
MedAssets, Inc.	*		11,090		343,125
Medidata Solutions, Inc.	*		10,137		499,653
Omnicell, Inc.	*		6,227		193,535
Press Ganey Holdings, Inc.	*		1,639		51,710
Quality Systems, Inc.			8,711		140,421
Veeva Systems, Inc., Class A	*†		13,130		378,801
Vocera Communications, Inc.	*		5,675		69,235
					3,874,004
Hotels, Restaurants & Leisure—2.3%
Aramark			35,264		1,137,264
Belmond Ltd., Class A (United Kingdom)	*		18,365		174,467
Biglari Holdings, Inc.	*		265		86,342
BJ’s Restaurants, Inc.	*		3,615		157,144
Bloomin’ Brands, Inc.			22,841		385,784
Bob Evans Farms, Inc.			4,208		163,481
Bojangles’, Inc.	*†		2,172		34,470
Boyd Gaming Corp.	*†		14,855		295,169
Bravo Brio Restaurant Group, Inc.	*		3,101		27,909
Brinker International, Inc.			11,191		536,608
Buffalo Wild Wings, Inc.	*†		3,470		553,986
Caesars Acquisition Co., Class A	*†		7,358		50,108
Caesars Entertainment Corp.	*†		10,894		85,954
Carrols Restaurant Group, Inc.	*		5,985		70,264
Cheesecake Factory, Inc. (The)			8,967		413,468
Choice Hotels International, Inc.			6,546		329,984
Churchill Downs, Inc.			2,485		351,603
Chuy’s Holdings, Inc.	*†		3,373		105,710
ClubCorp Holdings, Inc.			7,381		134,851
Cracker Barrel Old Country Store, Inc.	†		3,443		436,676
Dave & Buster’s Entertainment, Inc.	*		3,767		157,235
Del Frisco’s Restaurant Group, Inc.	*		3,974		63,663
Denny’s Corp.	*		15,003		147,479
Diamond Resorts International, Inc.	*†		7,268		185,407
DineEquity, Inc.			3,144		266,202
Domino’s Pizza, Inc.			10,071		1,120,399
Dunkin’ Brands Group, Inc.	†		17,603		749,712
El Pollo Loco Holdings, Inc.	*†		3,166		39,987
Eldorado Resorts, Inc.	*		3,975		43,725
Empire Resorts, Inc.	*†		520		9,360
Extended Stay America, Inc.			10,096		160,526
Fiesta Restaurant Group, Inc.	*		4,707		158,155
Fogo De Chao, Inc.	*†		846		12,825
Habit Restaurants, Inc. (The), Class A	*†		2,735		63,069
International Game Technology plc			17,465		282,584
International Speedway Corp., Class A			5,069		170,927
Interval Leisure Group, Inc.	†		6,806		106,242

See accompanying notes to financial statements.

378

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Intrawest Resorts Holdings, Inc.	*		3,352	$	26,213
Isle of Capri Casinos, Inc.	*		3,400		47,362
J Alexander’s Holdings, Inc.	*		2,502		27,322
Jack in the Box, Inc.			6,675		512,039
Jamba, Inc.	*†		3,273		44,153
Kona Grill, Inc.	*†		2,212		35,082
Krispy Kreme Doughnuts, Inc.	*		12,266		184,849
La Quinta Holdings, Inc.	*		17,386		236,623
Marcus Corp. (The)			2,753		52,224
Marriott Vacations Worldwide Corp.			4,646		264,590
Monarch Casino & Resort, Inc.	*		2,050		46,576
Morgans Hotel Group Co.	*		5,643		19,017
Noodles & Co.	*†		1,842		17,849
Panera Bread Co., Class A	*		4,627		901,247
Papa John’s International, Inc.			5,351		298,960
Papa Murphy’s Holdings, Inc.	*†		956		10,765
Penn National Gaming, Inc.	*		14,861		238,073
Pinnacle Entertainment, Inc.	*		10,729		333,886
Planet Fitness, Inc., Class A	*		2,602		40,669
Popeyes Louisiana Kitchen, Inc.	*		4,299		251,492
Potbelly Corp.	*†		4,371		51,184
Red Robin Gourmet Burgers, Inc.	*		2,346		144,842
Ruby Tuesday, Inc.	*		11,736		64,665
Ruth’s Hospitality Group, Inc.			6,805		108,336
Scientific Games Corp., Class A	*†		8,925		80,057
SeaWorld Entertainment, Inc.	†		12,718		250,417
Shake Shack, Inc., Class A	*†		1,010		39,996
Six Flags Entertainment Corp.			13,160		723,010
Sonic Corp.			9,483		306,396
Speedway Motorsports, Inc.			1,680		34,810
Texas Roadhouse, Inc.			12,851		459,680
Vail Resorts, Inc.			6,642		850,110
Wendy’s Co. (The)			36,915		397,575
Wingstop, Inc.	*†		1,118		25,502
Zoe’s Kitchen, Inc.	*†		3,187		89,172
					16,483,482
Household Durables—2.4%
Bassett Furniture Industries, Inc.			1,723		43,213
Beazer Homes USA, Inc.	*		6,831		78,488
CalAtlantic Group, Inc.			14,030		532,018
Cavco Industries, Inc.	*		1,545		128,714
Century Communities, Inc.	*		2,504		44,346
CSS Industries, Inc.			1,584		44,954
D.R. Horton, Inc.			59,778		1,914,689
Ethan Allen Interiors, Inc.			4,278		119,014
Flexsteel Industries, Inc.			839		37,067
GoPro, Inc., Class A	*†		16,518		297,489
Green Brick Partners, Inc.	*†		3,764		27,101
Harman International Industries, Inc.			12,826		1,208,337
Helen of Troy Ltd.	*		5,088		479,544
Hooker Furniture Corp.			1,732		43,716
Hovnanian Enterprises, Inc., Class A	*†		21,157		38,294
Installed Building Products, Inc.	*		3,344		83,032
iRobot Corp.	*†		5,589		197,851
Jarden Corp.	*		38,422		2,194,665
KB Home	†		13,637		168,144
La-Z-Boy, Inc.			9,344		228,181
Leggett & Platt, Inc.			25,143		1,056,509
Lennar Corp., Class A	†		31,295		1,530,638

		Shares		Value
Lennar Corp., Class B			1,554	$	62,440
LGI Homes, Inc.	*†		2,171		52,820
Libbey, Inc.			3,551		75,707
Lifetime Brands, Inc.			1,617		21,441
M/I Homes, Inc.	*		4,003		87,746
MDC Holdings, Inc.			6,738		172,021
Meritage Homes Corp.	*		7,366		250,370
NACCO Industries, Inc., Class A			829		34,984
New Home Co., Inc. (The)	*		1,400		18,144
NVR, Inc.	*		741		1,217,463
PulteGroup, Inc.			65,743		1,171,540
Skullcandy, Inc.	*		3,066		14,502
Taylor Morrison Home Corp., Class A	*		5,220		83,520
Tempur Sealy International, Inc.	*		11,155		785,981
Toll Brothers, Inc.	*		32,053		1,067,365
TRI Pointe Group, Inc.	*		29,742		376,831
Tupperware Brands Corp.	†		8,884		494,395
Universal Electronics, Inc.	*		3,112		159,801
WCI Communities, Inc.	*		2,339		52,113
William Lyon Homes, Class A	*†		3,916		64,614
ZAGG, Inc.	*		4,728		51,724
					16,811,526
Household Products—0.2%
Central Garden & Pet Co., Class A	*		6,906		93,922
Energizer Holdings, Inc.			11,459		390,293
HRG Group, Inc.	*		13,829		187,521
Oil-Dri Corp of America			764		28,138
Orchids Paper Products Co.			1,826		56,460
Spectrum Brands Holdings, Inc.			4,642		472,556
WD-40 Co.			2,665		262,902
					1,491,792
Independent Power and Renewable Electricity Producers—0.2%
Abengoa Yield plc (Spain)	†		8,416		162,345
Atlantic Power Corp.	†		20,459		40,304
Dynegy, Inc.	*		23,619		316,495
NRG Yield, Inc., Class A	†		5,359		74,544
NRG Yield, Inc., Class C	†		10,349		152,751
Ormat Technologies, Inc.	†		6,915		252,190
Pattern Energy Group, Inc.	†		9,355		195,613
Talen Energy Corp.	*		13,786		85,887
TerraForm Global, Inc., Class A	†		7,207		40,287
TerraForm Power, Inc., Class A	*†		9,969		125,410
Vivint Solar, Inc.	*†		3,399		32,494
					1,478,320
Industrial Conglomerates—0.2%
Carlisle Cos., Inc.			11,879		1,053,548
Raven Industries, Inc.			6,841		106,720
					1,160,268
Insurance—4.4%
Alleghany Corp.	*		2,882		1,377,394
Allied World Assurance Co. Holdings AG (Switzerland)			17,386		646,585
Ambac Financial Group, Inc.	*		7,905		111,381
American Equity Investment Life Holding Co.			14,698		353,193
American Financial Group, Inc.			12,599		908,136
American National Insurance Co.			1,400		143,178

See accompanying notes to financial statements.

379

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
AMERISAFE, Inc.			3,489	$	177,590
AmTrust Financial Services, Inc.	†		7,050		434,139
Arch Capital Group Ltd. (Bermuda)	*		22,318		1,556,680
Argo Group International Holdings Ltd. (Bermuda)			5,178		309,852
Arthur J. Gallagher & Co.			30,272		1,239,336
Aspen Insurance Holdings Ltd. (Bermuda)			10,980		530,334
Assurant, Inc.			12,398		998,535
Assured Guaranty Ltd. (Bermuda)			25,860		683,480
Atlas Financial Holdings, Inc.	*		1,852		36,855
Axis Capital Holdings Ltd. (Bermuda)			18,422		1,035,685
Baldwin & Lyons, Inc., Class B			1,792		43,062
Brown & Brown, Inc.			21,208		680,777
Citizens, Inc.	*†		8,606		63,943
CNO Financial Group, Inc.			33,999		649,041
Crawford & Co., Class B			3,721		19,759
Donegal Group, Inc., Class A			1,264		17,797
eHealth, Inc.	*		3,302		32,954
EMC Insurance Group, Inc.			1,561		39,493
Employers Holdings, Inc.			5,724		156,265
Endurance Specialty Holdings Ltd. (Bermuda)			11,386		728,590
Enstar Group Ltd. (Bermuda)	*		1,557		233,612
Erie Indemnity Co., Class A			4,469		427,415
Everest Re Group Ltd. (Bermuda)			8,001		1,464,903
FBL Financial Group, Inc., Class A			1,560		99,278
Federated National Holding Co.			2,947		87,113
Fidelity & Guaranty Life			2,136		54,190
First American Financial Corp.			19,835		712,077
Genworth Financial, Inc., Class A	*		88,917		331,660
Global Indemnity plc (Ireland)	*		1,488		43,182
Greenlight Capital Re Ltd., Class A (Cayman Islands)	*		5,625		105,244
Hallmark Financial Services, Inc.	*		2,249		26,291
Hanover Insurance Group, Inc. (The)			8,096		658,529
HCI Group, Inc.	†		1,491		51,961
Heritage Insurance Holdings, Inc.			4,070		88,807
Horace Mann Educators Corp.			7,441		246,892
Independence Holding Co.			1,901		26,329
Infinity Property & Casualty Corp.			1,953		160,595
James River Group Holdings Ltd. (Bermuda)			1,940		65,068
Kansas City Life Insurance Co.			105		4,020
Kemper Corp.			7,836		291,891
Maiden Holdings Ltd. (Bermuda)	†		8,262		123,186
MBIA, Inc.	*		25,236		163,529
Mercury General Corp.			5,028		234,154
National General Holdings Corp.			6,658		145,544
National Interstate Corp.			1,051		28,062
National Western Life Group, Inc., Class A			368		92,714
Navigators Group, Inc. (The)	*		1,990		170,722
Old Republic International Corp.			47,717		888,968
OneBeacon Insurance Group Ltd., Class A			4,581		56,850
PartnerRe Ltd. (Bermuda)			8,706		1,216,576
Patriot National, Inc.	*		1,460		9,797
Primerica, Inc.			9,411		444,482
ProAssurance Corp.			9,822		476,662

		Shares		Value
Reinsurance Group of America, Inc.			12,083	$	1,033,701
RenaissanceRe Holdings Ltd. (Bermuda)			8,411		952,041
RLI Corp.			7,908		488,319
Safety Insurance Group, Inc.			2,958		166,772
Selective Insurance Group, Inc.			10,521		353,295
StanCorp Financial Group, Inc.			7,711		878,129
State Auto Financial Corp.			2,585		53,225
State National Cos., Inc.			6,599		64,736
Stewart Information Services Corp.			4,354		162,535
Symetra Financial Corp.			13,799		438,394
Third Point Reinsurance Ltd. (Bermuda)	*		14,471		194,056
Torchmark Corp.			22,723		1,298,847
United Fire Group, Inc.			3,518		134,775
United Insurance Holdings Corp.			2,677		45,777
Universal Insurance Holdings, Inc.	†		5,857		135,765
Validus Holdings Ltd. (Bermuda)			15,477		716,430
W.R. Berkley Corp.			17,755		972,086
White Mountains Insurance Group Ltd.			1,039		755,156
					31,048,376
Internet & Catalog Retail—0.4%
1-800-Flowers.com, Inc., Class A	*		3,472		25,276
Blue Nile, Inc.	*		2,444		90,746
Duluth Holdings, Inc.	*		1,392		20,309
Etsy, Inc.	*		3,200		26,432
EVINE Live, Inc.	*		6,239		11,105
Expedia, Inc.			100		12,420
FTD Cos., Inc.	*		2,895		75,762
Groupon, Inc.	*†		91,684		281,470
HSN, Inc.			6,012		304,628
Lands’ End, Inc.	*†		2,788		65,351
Liberty TripAdvisor Holdings, Inc., Series A	*		13,320		404,129
Liberty Ventures, Series A	*		25,858		1,166,454
Nutrisystem, Inc.			5,029		108,828
Overstock.com, Inc.	*		2,104		25,837
PetMed Express, Inc.	†		3,185		54,591
Shutterfly, Inc.	*		6,845		305,013
Wayfair, Inc., Class A	*†		3,421		162,908
					3,141,259
Internet Software & Services—1.6%
Alarm.com Holdings, Inc.	*†		1,349		22,501
Amber Road, Inc.	*		1,500		7,635
Angie’s List, Inc.	*†		7,000		65,450
Apigee Corp.	*†		1,341		10,768
Appfolio, Inc., Class A	*†		943		13,768
Bankrate, Inc.	*		11,716		155,823
Bazaarvoice, Inc.	*†		8,939		39,153
Benefitfocus, Inc.	*†		1,876		68,268
Blucora, Inc.	*		7,679		75,254
Box, Inc., Class A	*†		2,200		30,712
Brightcove, Inc.	*		6,369		39,488
Carbonite, Inc.	*		2,935		28,763
Care.com, Inc.	*†		5,529		39,588
ChannelAdvisor Corp.	*		3,431		47,519
Cimpress NV (Netherlands)	*†		5,874		476,616
comScore, Inc.	*		6,168		253,813
Constant Contact, Inc.	*		5,890		172,224

See accompanying notes to financial statements.

380

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Cornerstone OnDemand, Inc.	*		9,988	$	344,886
CoStar Group, Inc.	*		5,846		1,208,310
Cvent, Inc.	*		3,836		133,915
Demandware, Inc.	*†		6,170		332,995
DHI Group, Inc.	*		6,835		62,677
EarthLink Holdings Corp.			19,701		146,378
Endurance International Group Holdings, Inc.	*†		9,873		107,912
Envestnet, Inc.	*		7,303		217,995
Everyday Health, Inc.	*		5,543		33,369
Five9, Inc.	*†		6,436		55,993
GoDaddy, Inc., Class A	*†		4,455		142,827
Gogo, Inc.	*†		10,521		187,274
GrubHub, Inc.	*†		13,889		336,114
GTT Communications, Inc.	*†		4,161		70,987
Hortonworks, Inc.	*†		1,260		27,594
IAC/InterActiveCorp			13,433		806,652
Instructure, Inc.	*†		918		19,113
Internap Corp.	*		8,206		52,518
Intralinks Holdings, Inc.	*		8,511		77,195
j2 Global, Inc.			8,824		726,392
Limelight Networks, Inc.	*		17,003		24,824
Liquidity Services, Inc.	*		4,692		30,498
LivePerson, Inc.	*		8,795		59,366
LogMeIn, Inc.	*		4,468		299,803
Marchex, Inc., Class B			5,699		22,169
Marin Software, Inc.	*		4,390		15,716
Marketo, Inc.	*		5,996		172,145
Match Group, Inc.	*†		5,829		78,983
MaxPoint Interactive, Inc.	*		1,797		3,073
MINDBODY, Inc., Class A	*†		1,198		18,126
Monster Worldwide, Inc.	*†		16,068		92,070
New Relic, Inc.	*		1,000		36,430
NIC, Inc.			12,220		240,490
OPOWER, Inc.	*†		3,616		38,185
Pandora Media, Inc.	*		38,683		518,739
Q2 Holdings, Inc.	*		3,289		86,731
QuinStreet, Inc.	*		5,214		22,368
Quotient Technology, Inc.	*†		9,970		67,995
Rackspace Hosting, Inc.	*		22,466		568,839
RealNetworks, Inc.	*		4,328		18,394
Reis, Inc.			1,345		31,917
RetailMeNot, Inc.	*		8,357		82,901
Rocket Fuel, Inc.	*†		3,037		10,599
SciQuest, Inc.	*		4,686		60,777
Shutterstock, Inc.	*†		3,401		109,988
SPS Commerce, Inc.	*		2,907		204,100
Stamps.com, Inc.	*		2,445		267,996
TechTarget, Inc.	*		2,374		19,063
Textura Corp.	*†		3,802		82,047
Travelzoo, Inc.	*		1,808		15,133
TrueCar, Inc.	*†		7,966		75,996
United Online, Inc.	*		3,846		45,344
Web.com Group, Inc.	*		8,197		164,022
WebMD Health Corp.	*†		7,025		339,308
Wix.com Ltd. (Israel)	*		3,368		76,622
Xactly Corp.	*		1,293		11,029
XO Group, Inc.	*		5,737		92,136
Yelp, Inc.	*		11,359		327,139
Zillow Group, Inc., Class A	*†		7,921		206,263
Zillow Group, Inc., Class C	*†		15,842		371,970
					11,647,733

		Shares		Value
IT Services—3.1%
6D Global Technologies, Inc.	*†‡		5,185	$	6,015
Acxiom Corp.	*		13,925		291,311
Black Knight Financial Services, Inc., Class A	*†		3,921		129,628
Blackhawk Network Holdings, Inc.	*		9,680		427,953
Booz Allen Hamilton Holding Corp.			18,571		572,915
Broadridge Financial Solutions, Inc.			21,631		1,162,234
CACI International, Inc., Class A	*		4,333		402,016
Cardtronics, Inc.	*		8,176		275,122
Cass Information Systems, Inc.			2,024		104,155
Ciber, Inc.	*		14,012		49,182
Convergys Corp.			18,127		451,181
CoreLogic, Inc.	*		16,002		541,828
CSG Systems International, Inc.			5,860		210,843
Datalink Corp.	*		4,947		33,640
DST Systems, Inc.			6,327		721,658
EPAM Systems, Inc.	*		8,948		703,492
Euronet Worldwide, Inc.	*		9,494		687,650
Everi Holdings, Inc.	*		13,203		57,961
EVERTEC, Inc. (Puerto Rico)			12,275		205,483
ExlService Holdings, Inc.	*		6,073		272,860
Forrester Research, Inc.			1,490		42,435
Gartner, Inc.	*		14,962		1,357,053
Genpact Ltd.	*		29,067		726,094
Global Payments, Inc.			24,211		1,561,852
Hackett Group, Inc. (The)			4,524		72,701
Heartland Payment Systems, Inc.			6,545		620,597
Jack Henry & Associates, Inc.			14,919		1,164,577
Leidos Holdings, Inc.			12,213		687,103
Lionbridge Technologies, Inc.	*		11,139		54,692
Luxoft Holding, Inc. (Switzerland)	*		3,436		265,019
ManTech International Corp., Class A			4,079		123,349
MAXIMUS, Inc.			12,062		678,487
ModusLink Global Solutions, Inc.	*†		10,739		26,633
MoneyGram International, Inc.	*		4,578		28,704
NeuStar, Inc., Class A	*†		10,275		246,292
Perficient, Inc.	*		5,746		98,372
PFSweb, Inc.	*		3,159		40,656
Sabre Corp.			20,724		579,650
Science Applications International Corp.			8,477		388,077
ServiceSource International, Inc.	*		9,931		45,782
Square, Inc., Class A	*†		5,074		66,419
Sykes Enterprises, Inc.	*		6,610		203,456
Syntel, Inc.	*		5,846		264,532
TeleTech Holdings, Inc.			3,175		88,614
Teradata Corp.	*		24,336		642,957
Total System Services, Inc.			30,100		1,498,980
Travelport Worldwide Ltd. (United Kingdom)			19,576		252,530
Unisys Corp.	*		8,668		95,781
Vantiv, Inc., Class A	*		25,839		1,225,285
VeriFone Systems, Inc.	*		20,180		565,444
Virtusa Corp.	*		5,506		227,618
WEX, Inc.	*		7,033		621,717
					21,868,585

See accompanying notes to financial statements.

381

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Leisure Products—0.5%
Arctic Cat, Inc.	†		2,262	$	37,051
Black Diamond, Inc.	*		3,789		16,747
Brunswick Corp.			16,941		855,690
Callaway Golf Co.			13,092		123,327
Escalade, Inc.			1,595		21,134
JAKKS Pacific, Inc.	*†		3,244		25,822
Johnson Outdoors, Inc., Class A			785		17,184
Malibu Boats, Inc., Class A	*		2,527		41,367
Marine Products Corp.			3,091		18,670
MCBC Holdings, Inc.	*		1,170		16,029
Nautilus, Inc.	*		6,380		106,674
Performance Sports Group Ltd.	*		7,260		69,914
Polaris Industries, Inc.	†		11,985		1,030,111
Smith & Wesson Holding Corp.	*		9,907		217,756
Sturm Ruger & Co., Inc.	†		3,486		207,800
Vista Outdoor, Inc.	*		11,407		507,725
					3,313,001
Life Sciences Tools & Services—1.3%
Accelerate Diagnostics, Inc.	*†		3,846		82,651
Affymetrix, Inc.	*		13,418		135,388
Albany Molecular Research, Inc.	*†		4,893		97,126
Bio-Rad Laboratories, Inc., Class A	*		3,778		523,857
Bio-Techne Corp.			6,770		609,300
Bruker Corp.	*		19,703		478,192
Cambrex Corp.	*		5,715		269,119
Charles River Laboratories International, Inc.	*		8,617		692,721
Fluidigm Corp.	*		5,173		55,920
Harvard Bioscience, Inc.	*		8,764		30,411
INC Research Holdings, Inc., Class A	*		2,747		133,257
Luminex Corp.	*		7,419		158,692
Mettler-Toledo International, Inc.	*		5,094		1,727,528
NanoString Technologies, Inc.	*		1,700		25,007
NeoGenomics, Inc.	*†		8,573		67,469
Pacific Biosciences of California, Inc.	*†		10,007		131,392
PAREXEL International Corp.	*		10,103		688,216
PerkinElmer, Inc.			20,660		1,106,756
PRA Health Sciences, Inc.	*†		3,729		168,812
QIAGEN NV (Netherlands)	*		42,338		1,170,646
Quintiles Transnational Holdings, Inc.	*		14,457		992,618
Sequenom, Inc.	*†		20,997		34,435
VWR Corp.	*		4,845		137,162
					9,516,675
Machinery—3.6%
Accuride Corp.	*		5,687		9,440
Actuant Corp., Class A			10,895		261,044
AGCO Corp.	†		13,883		630,149
Alamo Group, Inc.			1,516		78,984
Albany International Corp., Class A			5,205		190,243
Allison Transmission Holdings, Inc.			32,844		850,331
Altra Industrial Motion Corp.			5,246		131,570
American Railcar Industries, Inc.	†		1,579		73,076
Astec Industries, Inc.			3,453		140,537
Barnes Group, Inc.			10,101		357,474
Blount International, Inc.	*		9,180		90,056
Blue Bird Corp.	*†		1,333		13,517

		Shares		Value
Briggs & Stratton Corp.			8,514	$	147,292
Chart Industries, Inc.	*		5,455		97,972
CIRCOR International, Inc.			3,286		138,505
CLARCOR, Inc.			9,194		456,758
Colfax Corp.	*		18,384		429,266
Columbus McKinnon Corp.			3,189		60,272
Commercial Vehicle Group, Inc.	*		2,891		7,979
Crane Co.			8,619		412,333
Donaldson Co., Inc.			24,994		716,328
Douglas Dynamics, Inc.			3,681		77,559
EnPro Industries, Inc.			4,328		189,739
ESCO Technologies, Inc.			4,502		162,702
ExOne Co. (The)	*		1,694		17,008
Federal Signal Corp.			11,860		187,981
FreightCar America, Inc.			2,798		54,365
Global Brass & Copper Holdings, Inc.			3,564		75,913
Gorman-Rupp Co. (The)			3,896		104,140
Graco, Inc.			10,734		773,599
Graham Corp.			1,617		27,198
Greenbrier Cos., Inc. (The)	†		4,868		158,794
Harsco Corp.			14,896		117,380
Hillenbrand, Inc.			11,125		329,634
Hurco Cos., Inc.			1,248		33,147
Hyster-Yale Materials Handling, Inc.			1,507		79,042
IDEX Corp.			14,224		1,089,701
ITT Corp.			15,822		574,655
John Bean Technologies Corp.			5,361		267,139
Joy Global, Inc.	†		17,464		220,221
Kadant, Inc.			2,207		89,626
Kennametal, Inc.			14,588		280,090
L.B. Foster Co., Class A			1,705		23,290
Lincoln Electric Holdings, Inc.			13,826		717,431
Lindsay Corp.	†		2,257		163,407
Lydall, Inc.	*		2,982		105,801
Manitowoc Co., Inc. (The)			24,357		373,880
Meritor, Inc.	*		17,017		142,092
Middleby Corp. (The)	*		10,460		1,128,320
Milacron Holdings Corp.	*		2,464		30,825
Miller Industries, Inc.			1,779		38,747
Mueller Industries, Inc.			9,973		270,268
Mueller Water Products, Inc., Class A			29,394		252,788
Navistar International Corp.	*†		8,389		74,159
NN, Inc.			4,187		66,741
Nordson Corp.			11,131		714,054
Omega Flex, Inc.			488		16,109
Oshkosh Corp.	†		14,246		556,164
Proto Labs, Inc.	*†		4,314		274,759
RBC Bearings, Inc.	*†		4,314		278,641
Rexnord Corp.	*		18,784		340,366
Snap-on, Inc.			10,581		1,813,901
SPX Corp.			7,635		71,235
SPX FLOW, Inc.	*		6,926		193,305
Standex International Corp.			2,170		180,435
Sun Hydraulics Corp.			4,279		135,773
Tennant Co.			3,191		179,526
Terex Corp.			18,844		348,237
Timken Co. (The)			14,254		407,522
Titan International, Inc.			8,071		31,800
Toro Co. (The)			10,179		743,780
TriMas Corp.	*		8,555		159,551
Trinity Industries, Inc.			28,363		681,279

See accompanying notes to financial statements.

382

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Twin Disc, Inc.			1,926	$	20,262
Valmont Industries, Inc.			4,229		448,359
Wabash National Corp.	*†		12,487		147,721
WABCO Holdings, Inc.	*		9,966		1,019,123
Wabtec Corp.			17,410		1,238,199
Watts Water Technologies, Inc., Class A			5,251		260,817
Woodward, Inc.			11,640		578,042
Xerium Technologies, Inc.	*		1,744		20,666
Xylem, Inc.			32,718		1,194,207
					25,644,341
Marine—0.1%
Eagle Bulk Shipping, Inc.	*		5,824		20,500
Golden Ocean Group Ltd. (Norway)	*†		15,589		16,680
Kirby Corp.	*		9,879		519,833
Matson, Inc.			7,818		333,281
Navios Maritime Holdings, Inc. (Monaco)			12,773		22,353
Safe Bulkers, Inc. (Greece)			6,264		5,074
Scorpio Bulkers, Inc.	*		4,433		43,846
Ultrapetrol Bahamas Ltd. (Bahamas)	*		3,567		375
					961,942
Media—2.2%
AMC Entertainment Holdings, Inc., Class A			3,960		95,040
AMC Networks, Inc., Class A	*		10,948		817,597
Cable One, Inc.			627		271,905
Cablevision Systems Corp., Class A			36,954		1,178,833
Carmike Cinemas, Inc.	*		4,910		112,635
Central European Media Enterprises Ltd., Class A (Bermuda)	*†		9,570		25,743
Cinemark Holdings, Inc.			21,204		708,850
Clear Channel Outdoor Holdings, Inc., Class A	*		8,401		46,962
Crown Media Holdings, Inc., Class A	*†		4,399		24,678
Cumulus Media, Inc., Class A	*†		23,598		7,790
Daily Journal Corp.	*†		156		31,512
DreamWorks Animation SKG, Inc., Class A	*†		13,912		358,512
Entercom Communications Corp., Class A	*		3,975		44,639
Entravision Communications Corp., Class A			12,297		94,810
Eros International plc	*†		4,755		43,508
EW Scripps Co. (The), Class A			9,996		189,924
Gannett Co., Inc.			20,240		329,710
Global Eagle Entertainment, Inc.	*		8,562		84,507
Gray Television, Inc.	*		12,034		196,154
Harte-Hanks, Inc.			7,272		23,561
Hemisphere Media Group, Inc.	*†		1,387		20,458
IMAX Corp. (Canada)	*†		11,113		394,956
Interpublic Group of Cos., Inc. (The)			75,219		1,751,098
John Wiley & Sons, Inc., Class A			8,253		371,633
Journal Media Group, Inc.			5,555		66,771

		Shares		Value
Liberty Broadband Corp., Class A	*		4,856	$	250,812
Liberty Broadband Corp., Class C	*		12,084		626,676
Lions Gate Entertainment Corp.	†		16,807		544,379
Live Nation Entertainment, Inc.	*		26,662		655,085
Loral Space & Communications, Inc.	*		2,438		99,251
Madison Square Garden Co. (The), Class A	*		3,630		587,334
MDC Partners, Inc., Class A			7,283		158,187
Media General, Inc.	*†		17,767		286,937
Meredith Corp.			6,486		280,519
MSG Networks, Inc., Class A	*		11,435		237,848
National CineMedia, Inc.			10,391		163,243
New Media Investment Group, Inc.	†		8,704		169,380
New York Times Co. (The), Class A			24,566		329,676
Nexstar Broadcasting Group, Inc., Class A			5,657		332,066
Radio Unica Communications Corp.	*‡d		1,900		—
Reading International, Inc., Class A	*		2,976		39,015
Regal Entertainment Group, Class A	†		15,242		287,617
Rentrak Corp.	*		2,073		98,530
Saga Communications, Inc., Class A			404		15,534
Scholastic Corp.			4,805		185,281
SFX Entertainment, Inc.	*†		7,447		1,416
Sinclair Broadcast Group, Inc., Class A			12,184		396,467
Sizmek, Inc.	*		5,674		20,710
Starz, Class A	*		15,753		527,725
TEGNA, Inc.			41,405		1,056,656
Time, Inc.			20,248		317,286
Townsquare Media, Inc., Class A	*		1,462		17,485
Tribune Media Co., Class A			14,727		497,920
Tribune Publishing Co.			4,213		38,844
World Wrestling Entertainment, Inc., Class A	†		4,743		84,615
					15,598,280
Metals & Mining—0.7%
AK Steel Holding Corp.	*†		34,225		76,664
Allegheny Technologies, Inc.	†		20,276		228,105
Carpenter Technology Corp.			9,228		279,331
Century Aluminum Co.	*†		9,652		42,662
Cliffs Natural Resources, Inc.	*†		27,203		42,981
Coeur Mining, Inc.	*†		27,518		68,245
Commercial Metals Co.			21,485		294,130
Compass Minerals International, Inc.			6,047		455,158
Ferroglobe plc (United Kingdom)			11,203		120,432
Handy & Harman Ltd.	*		640		13,126
Haynes International, Inc.			2,542		93,266
Hecla Mining Co.	†		71,193		134,555
Horsehead Holding Corp.	*†		11,121		22,798
Kaiser Aluminum Corp.			3,209		268,465
Materion Corp.			3,982		111,496
Olympic Steel, Inc.			1,772		20,520

See accompanying notes to financial statements.

383

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Reliance Steel & Aluminum Co.			13,585	$	786,707
Royal Gold, Inc.			11,542		420,937
Ryerson Holding Corp.	*		1,802		8,415
Schnitzer Steel Industries, Inc., Class A			4,380		62,941
Steel Dynamics, Inc.			44,221		790,229
Stillwater Mining Co.	*†		21,089		180,733
SunCoke Energy, Inc.			11,225		38,951
Tahoe Resources, Inc.	†		29,754		257,967
TimkenSteel Corp.			7,314		61,291
United States Steel Corp.	†		26,322		210,049
Worthington Industries, Inc.			8,660		261,012
					5,351,166
Multiline Retail—0.3%
Big Lots, Inc.			9,113		351,215
Burlington Stores, Inc.	*		13,355		572,930
Dillard’s, Inc., Class A	†		4,157		273,156
Fred’s, Inc., Class A			7,550		123,594
J.C. Penney Co., Inc.	*†		55,964		372,720
Ollie’s Bargain Outlet Holdings, Inc.	*†		1,720		29,257
Sears Holdings Corp.	*†		2,629		54,052
Tuesday Morning Corp.	*†		7,151		46,482
					1,823,406
Multi-Utilities—1.2%
Alliant Energy Corp.			20,381		1,272,793
Avista Corp.			11,016		389,636
Black Hills Corp.	†		9,160		425,299
CMS Energy Corp.			50,414		1,818,937
MDU Resources Group, Inc.			34,490		631,857
NorthWestern Corp.			8,462		459,064
SCANA Corp.			25,730		1,556,408
TECO Energy, Inc.			42,896		1,143,178
Vectren Corp.			15,138		642,154
					8,339,326
Oil, Gas & Consumable Fuels—1.9%
Abraxas Petroleum Corp.	*		16,099		17,065
Adams Resources & Energy, Inc.			479		18,394
Alon USA Energy, Inc.			5,059		75,076
Approach Resources, Inc.	*†		6,656		12,247
Ardmore Shipping Corp. (Ireland)			2,905		36,952
Bill Barrett Corp.	*†		9,354		36,761
Bonanza Creek Energy, Inc.	*†		7,758		40,885
California Resources Corp.			52,807		123,040
Callon Petroleum Co.	*		12,822		106,935
Carrizo Oil & Gas, Inc.	*		10,470		309,703
Clayton Williams Energy, Inc.	*†		1,014		29,984
Clean Energy Fuels Corp.	*†		11,637		41,893
Cloud Peak Energy, Inc.	*†		11,802		24,548
Cobalt International Energy, Inc.	*		66,995		361,773
CONSOL Energy, Inc.	†		42,360		334,644
Contango Oil & Gas Co.	*		3,036		19,461
CVR Energy, Inc.	†		2,695		106,048
Delek US Holdings, Inc.			10,301		253,405
Denbury Resources, Inc.	†		65,412		132,132
DHT Holdings, Inc. (Bermuda)			17,822		144,180
Diamondback Energy, Inc.	*		12,157		813,303
Dorian LPG Ltd.	*		4,126		48,563
Earthstone Energy, Inc.	*†		341		4,539
Eclipse Resources Corp.	*†		4,964		9,034
Energen Corp.			14,418		590,994

		Shares		Value
Energy Fuels, Inc. (Canada)	*		11,451	$	33,780
Energy XXI Ltd.	†		16,321		16,484
EP Energy Corp., Class A	*†		6,635		29,061
Erin Energy Corp.	*†		3,633		11,626
Evolution Petroleum Corp.			6,187		29,759
EXCO Resources, Inc.	*†		31,828		39,467
Frontline Ltd. (Bermuda)			41,056		122,757
GasLog Ltd. (Monaco)	†		7,396		61,387
Gastar Exploration, Inc.	*†		14,863		19,471
Gener8 Maritime, Inc.	*		2,830		26,744
Golar LNG Ltd. (Bermuda)			16,500		260,535
Green Plains, Inc.			7,235		165,682
Gulfport Energy Corp.	*		19,788		486,191
Halcon Resources Corp.	*†		11,001		13,862
Hallador Energy Co.	†		3,197		14,578
Isramco, Inc.	*†		156		13,932
Jones Energy, Inc., Class A	*†		3,552		13,675
Kosmos Energy Ltd.	*		27,232		141,606
Laredo Petroleum, Inc.	*		21,880		174,821
Matador Resources Co.	*†		13,199		260,944
Memorial Resource Development Corp.	*		15,943		257,479
Navios Maritime Acquisition Corp. (Monaco)			13,236		39,840
Newfield Exploration Co.	*		29,717		967,586
Nordic American Tankers Ltd. (Norway)	†		15,457		240,202
Northern Oil and Gas, Inc.	*†		12,515		48,308
Oasis Petroleum, Inc.	*†		25,844		190,470
Pacific Ethanol, Inc.	*†		4,373		20,903
Panhandle Oil and Gas, Inc., Class A			3,416		55,203
Par Pacific Holdings Inc.	*		2,565		60,380
Parsley Energy, Inc., Class A	*		16,707		308,244
PBF Energy, Inc., Class A			17,162		631,733
PDC Energy, Inc.	*†		7,366		393,197
Peabody Energy Corp.	†		3,261		25,044
Penn Virginia Corp.	*†		11,487		3,451
QEP Resources, Inc.			31,662		424,271
Renewable Energy Group, Inc.	*		6,699		62,234
REX American Resources Corp.	*†		1,034		55,908
Rex Energy Corp.	†		9,028		9,479
Rice Energy, Inc.	*		12,619		137,547
Ring Energy, Inc.	*		2,998		21,136
RSP Permian, Inc.	*†		11,854		289,119
Sanchez Energy Corp.	*†		9,850		42,454
SandRidge Energy, Inc.	*†		88,853		17,771
Scorpio Tankers, Inc. (Monaco)			33,159		265,935
SemGroup Corp., Class A			7,496		216,335
Ship Finance International Ltd. (Norway)	†		10,743		178,012
SM Energy Co.	†		12,442		244,610
Solazyme, Inc.	*†		13,219		32,783
Stone Energy Corp.	*†		10,803		46,345
Synergy Resources Corp.	*†		19,444		165,663
Targa Resources Corp.			10,299		278,691
Teekay Corp. (Bermuda)			8,545		84,339
Teekay Tankers Ltd., Class A (Bermuda)			18,100		124,528
TransAtlantic Petroleum Ltd.	*		3,643		5,064
Triangle Petroleum Corp.	*†		9,008		6,936
Ultra Petroleum Corp.	*†		28,003		70,008
Uranium Energy Corp. (Canada)	*†		24,102		25,548
W&T Offshore, Inc.	*†		5,802		13,403
Western Refining, Inc.			12,977		462,241
Westmoreland Coal Co.	*†		3,181		18,704
Whiting Petroleum Corp.	*		37,167		350,856

See accompanying notes to financial statements.

384

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
World Fuel Services Corp.			12,850	$	494,211
WPX Energy, Inc.	*		43,295		248,513
					13,262,605
Paper & Forest Products—0.3%
Boise Cascade Co.	*		7,479		190,939
Clearwater Paper Corp.	*		3,635		165,501
Deltic Timber Corp.			1,869		110,028
Domtar Corp. (Canada)			11,673		431,317
KapStone Paper and Packaging Corp.			15,462		349,287
Louisiana-Pacific Corp.	*		25,478		458,859
Neenah Paper, Inc.			3,125		195,094
P.H. Glatfelter Co.			8,163		150,526
Schweitzer-Mauduit International, Inc.			5,613		235,690
Wausau Paper Corp.			7,822		80,019
					2,367,260
Personal Products—0.4%
Avon Products, Inc.	†		78,700		318,735
Coty, Inc., Class A	†		15,286		391,780
Edgewell Personal Care Co.			11,363		890,518
Elizabeth Arden, Inc.	*†		4,409		43,649
Herbalife Ltd.	*†		13,399		718,455
Inter Parfums, Inc.			2,745		65,386
Medifast, Inc.			1,758		53,408
Natural Health Trends Corp.	†		1,262		42,315
Nature’s Sunshine Products, Inc.			1,727		17,477
Nu Skin Enterprises, Inc., Class A	†		10,513		398,338
Nutraceutical International Corp.	*		1,355		34,986
Revlon, Inc., Class A	*		1,782		49,611
Synutra International, Inc.	*†		2,931		13,805
USANA Health Sciences, Inc.	*†		928		118,552
					3,157,015
Pharmaceuticals—0.9%
Aclaris Therapeutics, Inc.	*		1,044		28,125
Aerie Pharmaceuticals, Inc.	*†		3,415		83,155
Agile Therapeutics, Inc.	*†		2,727		26,616
Akorn, Inc.	*†		14,372		536,219
Alimera Sciences, Inc.	*		2,748		6,650
Amphastar Pharmaceuticals, Inc.	*†		5,239		74,551
ANI Pharmaceuticals, Inc.	*†		1,641		74,050
Aratana Therapeutics, Inc.	*†		6,947		38,764
Assembly Biosciences, Inc.	*		2,298		17,258
BioDelivery Sciences International, Inc.	*†		6,937		33,228
Carbylan Therapeutics, Inc.	*†		3,215		11,638
Catalent, Inc.	*		15,368		384,661
Cempra, Inc.	*†		5,816		181,052
Collegium Pharmaceutical, Inc.	*		1,749		48,098
Corcept Therapeutics, Inc.	*†		9,895		49,277
Corium International, Inc.	*		2,276		18,481
Depomed, Inc.	*†		11,247		203,908
Dermira, Inc.	*		2,376		82,233
Durect Corp.	*		18,002		39,784
Endocyte, Inc.	*†		5,585		22,396
Flex Pharma, Inc.	*†		940		11,703
Foamix Pharmaceuticals Ltd. (Israel)	*		3,622		29,374
Heska Corp.	*		1,493		57,749

		Shares		Value
Impax Laboratories, Inc.	*		13,083	$	559,429
Intersect ENT, Inc.	*		3,366		75,735
Intra-Cellular Therapies, Inc.	*†		4,852		260,989
Lannett Co., Inc.	*†		4,522		181,423
Medicines Co. (The)	*†		12,120		452,561
MyoKardia, Inc.	*		1,135		16,639
Nektar Therapeutics	*†		24,242		408,478
Neos Therapeutics, Inc.	*		925		13,246
Ocular Therapeutix, Inc.	*†		3,610		33,826
Omeros Corp.	*†		7,562		118,950
Pacira Pharmaceuticals, Inc.	*		6,567		504,280
Paratek Pharmaceuticals, Inc.	*†		1,952		37,029
Pernix Therapeutics Holdings, Inc.	*†		5,712		16,850
Phibro Animal Health Corp., Class A			2,765		83,310
POZEN, Inc.	*		5,088		34,751
Prestige Brands Holdings, Inc.	*		9,444		486,177
Relypsa, Inc.	*†		5,646		160,008
Revance Therapeutics, Inc.	*†		2,634		89,977
Sagent Pharmaceuticals, Inc.	*		4,122		65,581
SciClone Pharmaceuticals, Inc.	*		10,639		97,879
Sucampo Pharmaceuticals, Inc., Class A	*		4,057		70,146
Supernus Pharmaceuticals, Inc.	*		7,075		95,088
Teligent, Inc.	*†		8,544		76,042
Tetraphase Pharmaceuticals, Inc.	*		6,987		70,080
TherapeuticsMD, Inc.	*†		23,864		247,470
Theravance Biopharma, Inc. (Cayman Islands)	*†		3,979		65,216
Theravance, Inc.	†		15,893		167,512
VIVUS, Inc.	*†		18,805		19,181
XenoPort, Inc.	*		12,296		67,505
Zogenix, Inc.	*†		5,128		75,587
Zynerba Pharmaceuticals, Inc.	*†		578		5,821
					6,715,736
Professional Services—1.3%
Acacia Research Corp.			8,726		37,435
Advisory Board Co. (The)	*		7,812		387,553
Barrett Business Services, Inc.			1,514		65,920
CBIZ, Inc.	*		9,861		97,230
CDI Corp.			2,129		14,392
CEB, Inc.			6,047		371,225
CRA International, Inc.	*		1,427		26,614
Dun & Bradstreet Corp. (The)			6,597		685,626
Exponent, Inc.			4,824		240,959
Franklin Covey Co.	*		2,778		46,504
FTI Consulting, Inc.	*		7,311		253,399
GP Strategies Corp.	*		2,402		60,314
Heidrick & Struggles International, Inc.			3,000		81,660
Hill International, Inc.	*		4,200		16,296
Huron Consulting Group, Inc.	*		4,091		243,005
ICF International, Inc.	*		3,902		138,755
Insperity, Inc.	†		3,636		175,073
Kelly Services, Inc., Class A			5,823		94,042
Kforce, Inc.			4,412		111,535
Korn/Ferry International			9,112		302,336
ManpowerGroup, Inc.			13,443		1,133,111
Mistras Group, Inc.	*		3,345		63,856
Navigant Consulting, Inc.	*		9,460		151,928
On Assignment, Inc.	*		9,272		416,776
Pendrell Corp.	*		26,471		13,265
Resources Connection, Inc.			6,845		111,847

See accompanying notes to financial statements.

385

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Robert Half International, Inc.			24,364	$	1,148,519
RPX Corp.	*		9,075		99,825
Towers Watson & Co., Class A			12,628		1,622,193
TransUnion	*		5,448		150,201
TriNet Group, Inc.	*		6,844		132,431
TrueBlue, Inc.	*		7,816		201,340
Volt Information Sciences, Inc.	*		2,500		20,350
VSE Corp.			653		40,604
WageWorks, Inc.	*		6,466		293,362
					9,049,481
Real Estate Investment Trusts (REITs)—9.8%
Acadia Realty Trust REIT			12,650		419,347
AG Mortgage Investment Trust, Inc. REIT			4,573		58,717
Agree Realty Corp. REIT			3,427		116,484
Alexander’s, Inc. REIT			383		147,114
Alexandria Real Estate Equities, Inc. REIT			13,142		1,187,511
Altisource Residential Corp. REIT (Virgin Islands, U.S.)			10,276		127,525
American Assets Trust, Inc. REIT			6,527		250,310
American Campus Communities, Inc. REIT			20,531		848,752
American Capital Mortgage Investment Corp. REIT			9,452		131,950
American Homes 4 Rent, Class A REIT			30,314		505,031
American Residential Properties, Inc. REIT	†		5,398		102,022
Anworth Mortgage Asset Corp. REIT			21,448		93,299
Apartment Investment & Management Co., Class A REIT			28,519		1,141,616
Apollo Commercial Real Estate Finance, Inc. REIT			10,930		188,324
Apollo Residential Mortgage, Inc. REIT			5,862		70,051
Apple Hospitality REIT, Inc. REIT	†		32,123		641,496
Ares Commercial Real Estate Corp. REIT			4,696		53,722
Armada Hoffler Properties, Inc. REIT			3,587		37,592
ARMOUR Residential REIT, Inc. REIT			8,293		180,456
Ashford Hospitality Prime, Inc. REIT			5,000		72,500
Ashford Hospitality Trust, Inc. REIT			16,019		101,080
BioMed Realty Trust, Inc. REIT			37,194		881,126
Bluerock Residential Growth REIT, Inc. REIT	†		3,018		35,763
Brandywine Realty Trust REIT			33,017		451,012
Brixmor Property Group, Inc. REIT			31,638		816,893
Camden Property Trust REIT			15,840		1,215,878
Campus Crest Communities, Inc. REIT	*		10,695		72,726
Capstead Mortgage Corp. REIT			17,141		149,812
CareTrust REIT, Inc. REIT			9,585		104,956
CatchMark Timber Trust, Inc., Class A REIT			6,582		74,442
CBL & Associates Properties, Inc. REIT			30,737		380,217

		Shares		Value
Cedar Realty Trust, Inc. REIT			17,211	$	121,854
Chatham Lodging Trust REIT			7,320		149,914
Chesapeake Lodging Trust REIT			11,110		279,528
Chimera Investment Corp. REIT			36,695		500,520
Colony Capital, Inc., Class A REIT			20,195		393,399
Columbia Property Trust, Inc. REIT			22,273		522,970
Communications Sales & Leasing, Inc. REIT			22,206		415,030
CorEnergy Infrastructure Trust, Inc. REIT	†		2,351		34,892
CoreSite Realty Corp. REIT			4,187		237,487
Corporate Office Properties Trust REIT			17,432		380,541
Corrections Corp. of America REIT			20,761		549,959
Cousins Properties, Inc. REIT			38,843		366,289
CubeSmart REIT			30,387		930,450
CyrusOne, Inc. REIT			12,182		456,216
CYS Investments, Inc. REIT			29,480		210,192
DCT Industrial Trust, Inc. REIT			15,770		589,325
DDR Corp. REIT			55,328		931,724
DiamondRock Hospitality Co. REIT			36,967		356,732
Douglas Emmett, Inc. REIT			26,667		831,477
Duke Realty Corp. REIT			62,232		1,308,117
DuPont Fabros Technology, Inc. REIT			11,161		354,808
Dynex Capital, Inc. REIT	†		9,171		58,236
Easterly Government Properties, Inc. REIT			2,430		41,747
EastGroup Properties, Inc. REIT			5,650		314,196
Education Realty Trust, Inc. REIT			10,125		383,535
Empire State Realty Trust, Inc., Class A REIT			20,556		371,447
EPR Properties REIT			10,430		609,633
Equity Commonwealth REIT	*		23,760		658,865
Equity LifeStyle Properties, Inc. REIT			15,382		1,025,518
Equity One, Inc. REIT			13,563		368,235
Extra Space Storage, Inc. REIT			22,357		1,972,111
Federal Realty Investment Trust REIT			12,508		1,827,419
FelCor Lodging Trust, Inc. REIT			26,369		192,494
First Industrial Realty Trust, Inc. REIT			20,314		449,549
First Potomac Realty Trust REIT			11,442		130,439
Franklin Street Properties Corp. REIT			16,006		165,662
Gaming and Leisure Properties, Inc. REIT	†		16,202		450,416
GEO Group, Inc. (The) REIT			13,535		391,297
Getty Realty Corp. REIT			4,999		85,733
Gladstone Commercial Corp. REIT			3,003		43,814
Government Properties Income Trust REIT			13,119		208,199
Gramercy Property Trust REIT			75,536		583,137
Great Ajax Corp. REIT	†		740		8,969
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT			7,258		137,321
Hatteras Financial Corp. REIT			17,686		232,571
Healthcare Realty Trust, Inc. REIT	†		18,387		520,720
Healthcare Trust of America, Inc., Class A REIT			22,841		616,022
Hersha Hospitality Trust REIT			9,158		199,278
Highwoods Properties, Inc. REIT			17,208		750,269

See accompanying notes to financial statements.

386

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Hospitality Properties Trust REIT			27,439	$	717,530
Hudson Pacific Properties, Inc. REIT			13,722		386,137
Independence Realty Trust, Inc. REIT			7,729		58,045
InfraREIT, Inc. REIT			4,070		75,295
Inland Real Estate Corp. REIT			16,167		171,694
Invesco Mortgage Capital, Inc. REIT			22,557		279,481
Investors Real Estate Trust REIT			20,240		140,668
Iron Mountain, Inc. REIT			38,439		1,038,237
iStar, Inc. REIT	*		15,992		187,586
Kilroy Realty Corp. REIT			16,073		1,017,099
Kite Realty Group Trust REIT			15,383		398,881
Ladder Capital Corp. REIT	†		6,653		82,630
Lamar Advertising Co., Class A REIT			14,799		887,644
LaSalle Hotel Properties REIT			20,615		518,673
Lexington Realty Trust REIT	†		36,506		292,048
Liberty Property Trust REIT			27,309		847,944
LTC Properties, Inc. REIT			6,423		277,088
Mack-Cali Realty Corp. REIT			16,041		374,557
Medical Properties Trust, Inc. REIT			42,816		492,812
MFA Financial, Inc. REIT			67,909		448,199
Mid-America Apartment Communities, Inc. REIT			13,741		1,247,820
Monmouth Real Estate Investment Corp. REIT	†		9,483		99,192
Monogram Residential Trust, Inc. REIT	†		30,960		302,170
National Health Investors, Inc. REIT			6,772		412,212
National Retail Properties, Inc. REIT			24,477		980,304
National Storage Affiliates Trust REIT			3,668		62,833
New Residential Investment Corp. REIT			41,152		500,408
New Senior Investment Group, Inc. REIT			14,475		142,723
New York Mortgage Trust, Inc. REIT	†		20,960		111,717
New York REIT, Inc. REIT			28,736		330,464
NexPoint Residential Trust, Inc. REIT	†		3,035		39,728
NorthStar Realty Europe Corp. REIT			10,426		123,131
NorthStar Realty Finance Corp. REIT			33,244		566,145
Omega Healthcare Investors, Inc. REIT			33,341		1,166,268
One Liberty Properties, Inc. REIT			1,927		41,353
Orchid Island Capital, Inc. REIT			2,938		29,174
Outfront Media, Inc. REIT			25,070		547,278
Paramount Group, Inc. REIT			32,565		589,427
Parkway Properties, Inc. REIT			15,719		245,688
Pebblebrook Hotel Trust REIT			13,220		370,424
Pennsylvania Real Estate Investment Trust REIT	†		12,554		274,556
PennyMac Mortgage Investment Trust REIT			13,445		205,171
Physicians Realty Trust REIT			15,953		268,968
Piedmont Office Realty Trust, Inc., Class A REIT			27,506		519,313
Plum Creek Timber Co., Inc. REIT			31,608		1,508,334

		Shares		Value
Post Properties, Inc. REIT			9,958	$	589,115
Potlatch Corp. REIT			7,237		218,847
Preferred Apartment Communities, Inc., Class A REIT			3,112		40,705
PS Business Parks, Inc. REIT			3,550		310,377
QTS Realty Trust, Inc., Class A REIT			5,204		234,752
RAIT Financial Trust REIT			13,669		36,906
Ramco-Gershenson Properties Trust REIT			14,501		240,862
Rayonier, Inc. REIT			22,608		501,898
Redwood Trust, Inc. REIT			14,817		195,584
Regency Centers Corp. REIT			17,210		1,172,345
Resource Capital Corp. REIT	†		6,250		79,750
Retail Opportunity Investments Corp. REIT			18,235		326,407
Retail Properties of America, Inc., Class A REIT			43,446		641,697
Rexford Industrial Realty, Inc. REIT			10,396		170,079
RLJ Lodging Trust REIT			24,116		521,629
Rouse Properties, Inc. REIT	†		6,437		93,723
Ryman Hospitality Properties, Inc. REIT			7,994		412,810
Sabra Health Care REIT, Inc. REIT			12,111		245,006
Saul Centers, Inc. REIT			1,580		81,007
Select Income REIT REIT			10,670		211,479
Senior Housing Properties Trust REIT			42,826		635,538
Silver Bay Realty Trust Corp. REIT			6,492		101,665
Sovran Self Storage, Inc. REIT			6,511		698,695
Spirit Realty Capital, Inc. REIT			80,711		808,724
STAG Industrial, Inc. REIT			11,930		220,109
Starwood Property Trust, Inc. REIT			43,513		894,627
Starwood Waypoint Residential Trust REIT			7,249		164,117
STORE Capital Corp. REIT			6,121		142,007
Summit Hotel Properties, Inc. REIT			16,301		194,797
Sun Communities, Inc. REIT			9,127		625,473
Sunstone Hotel Investors, Inc. REIT			37,173		464,291
Tanger Factory Outlet Centers, Inc. REIT			17,006		556,096
Taubman Centers, Inc. REIT			11,297		866,706
Terreno Realty Corp. REIT			8,232		186,208
Two Harbors Investment Corp. REIT			65,273		528,711
UMH Properties, Inc. REIT			3,071		31,079
United Development Funding IV REIT	†		4,907		53,977
Universal Health Realty Income Trust REIT			2,317		115,873
Urban Edge Properties REIT			16,370		383,877
Urstadt Biddle Properties, Inc., Class A REIT			4,932		94,892
Washington Real Estate Investment Trust REIT	†		12,190		329,861
Weingarten Realty Investors REIT			22,660		783,583
Western Asset Mortgage Capital Corp. REIT	†		6,991		71,448
Whitestone REIT REIT	†		5,035		60,470
WP Carey, Inc. REIT			19,036		1,123,124
WP GLIMCHER, Inc. REIT			34,213		363,000
Xenia Hotels & Resorts, Inc. REIT			20,691		317,193
					69,894,148

See accompanying notes to financial statements.

387

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Real Estate Management & Development—0.7%
Alexander & Baldwin, Inc.			8,598	$	303,595
Altisource Asset Management Corp. (Virgin Islands, U.S.)	*		278		4,770
Altisource Portfolio Solutions SA (Luxembourg)	*		2,211		61,488
AV Homes, Inc.	*†		1,495		19,151
Consolidated-Tomoka Land Co.	†		951		50,127
Forest City Enterprises, Inc., Class A	*		39,914		875,314
Forestar Group, Inc.	*†		6,325		69,195
FRP Holdings, Inc.	*†		1,038		35,230
Howard Hughes Corp. (The)	*		7,259		821,428
Jones Lang LaSalle, Inc.			8,087		1,292,788
Kennedy-Wilson Holdings, Inc.			17,044		410,420
Marcus & Millichap, Inc.	*		2,227		64,895
RE/MAX Holdings, Inc., Class A			1,946		72,586
Realogy Holdings Corp.	*		26,751		980,959
RMR Group, Inc. (The), Class A	*†		1,232		17,749
St. Joe Co. (The)	*†		11,647		215,586
Tejon Ranch Co.	*		2,591		49,618
					5,344,899
Road & Rail—0.7%
AMERCO			1,307		509,076
ArcBest Corp.			4,426		94,672
Avis Budget Group, Inc.	*		18,332		665,268
Celadon Group, Inc.			4,371		43,229
Covenant Transportation Group, Inc., Class A	*		1,878		35,475
Genesee & Wyoming, Inc., Class A	*		9,653		518,270
Heartland Express, Inc.	†		9,553		162,592
Knight Transportation, Inc.			11,619		281,528
Landstar System, Inc.			7,932		465,212
Marten Transport Ltd.			3,709		65,649
Old Dominion Freight Line, Inc.	*		12,766		754,088
PAM Transportation Services, Inc.	*		530		14,623
Roadrunner Transportation Systems, Inc.	*		4,782		45,094
Ryder System, Inc.			9,436		536,248
Saia, Inc.	*		4,134		91,982
Swift Transportation Co.	*†		15,398		212,800
Universal Truckload Services, Inc.			1,615		22,675
USA Truck, Inc.	*		2,467		43,049
Werner Enterprises, Inc.			8,408		196,663
YRC Worldwide, Inc.	*		6,442		91,348
					4,849,541
Semiconductors & Semiconductor Equipment—2.2%
Advanced Energy Industries, Inc.	*		7,214		203,651
Advanced Micro Devices, Inc.	*†		109,329		313,774
Alpha & Omega Semiconductor Ltd.	*		2,749		25,263
Ambarella, Inc.	*†		5,812		323,961
Amkor Technology, Inc.	*		17,448		106,084
Applied Micro Circuits Corp.	*		14,794		94,238
Atmel Corp.			76,010		654,446
Axcelis Technologies, Inc.	*		20,883		54,087
Brooks Automation, Inc.			11,493		122,745
Cabot Microelectronics Corp.	*		4,276		187,203
Cascade Microtech, Inc.	*		2,057		33,426
Cavium, Inc.	*		10,132		665,774

		Shares		Value
CEVA, Inc.	*		3,801	$	88,791
Cirrus Logic, Inc.	*		11,739		346,653
Cohu, Inc.			4,103		49,523
Cree, Inc.	*†		18,855		502,863
Cypress Semiconductor Corp.	*†		58,871		577,525
Diodes, Inc.	*		7,042		161,825
DSP Group, Inc.	*		4,251		40,129
Entegris, Inc.	*		25,104		333,130
Exar Corp.	*		7,230		44,320
Fairchild Semiconductor International, Inc.	*		20,905		432,943
First Solar, Inc.	*		13,810		911,322
FormFactor, Inc.	*		11,437		102,933
Inphi Corp.	*		7,146		193,085
Integrated Device Technology, Inc.	*		27,137		715,060
Intersil Corp., Class A			23,840		304,198
IXYS Corp.			3,587		45,304
Kopin Corp.	*		10,484		28,517
Lattice Semiconductor Corp.	*†		22,371		144,740
M/A-COM Technology Solutions Holdings, Inc.	*†		4,029		164,746
Marvell Technology Group Ltd. (Bermuda)			82,934		731,478
Mattson Technology, Inc.	*		11,987		42,314
MaxLinear, Inc., Class A	*		10,155		149,583
Microsemi Corp.	*		16,886		550,315
MKS Instruments, Inc.			9,864		355,104
Monolithic Power Systems, Inc.			7,140		454,889
Nanometrics, Inc.	*		3,660		55,412
NeoPhotonics Corp.	*		4,471		48,555
NVE Corp.			771		43,315
OmniVision Technologies, Inc.	*		10,800		313,416
ON Semiconductor Corp.	*		78,472		769,026
PDF Solutions, Inc.	*		4,882		52,921
Photronics, Inc.	*		11,167		139,029
PMC-Sierra, Inc.	*		31,707		368,435
Power Integrations, Inc.			5,369		261,094
Rambus, Inc.	*†		21,444		248,536
Rudolph Technologies, Inc.	*		5,424		77,129
Semtech Corp.	*		11,469		216,993
Sigma Designs, Inc.	*		5,668		35,822
Silicon Laboratories, Inc.	*		7,659		371,768
SunEdison, Inc.	*†		49,108		249,960
SunPower Corp.	*†		10,165		305,052
Synaptics, Inc.	*		6,558		526,870
Teradyne, Inc.			39,228		810,843
Tessera Technologies, Inc.			9,505		285,245
Ultra Clean Holdings, Inc.	*		4,140		21,197
Ultratech, Inc.	*		4,638		91,925
Veeco Instruments, Inc.	*		7,694		158,189
Xcerra Corp.	*		8,847		53,524
					15,760,198
Software—3.9%
A10 Networks, Inc.	*		4,561		29,920
ACI Worldwide, Inc.	*		20,856		446,318
American Software, Inc., Class A			3,570		36,343
ANSYS, Inc.	*		16,165		1,495,263
Aspen Technology, Inc.	*		15,143		571,800
AVG Technologies NV (Netherlands)	*		6,757		135,478
Barracuda Networks, Inc.	*		1,892		35,343
Blackbaud, Inc.			8,568		564,288
Bottomline Technologies de, Inc.	*		7,299		216,999
BroadSoft, Inc.	*		5,523		195,293
Cadence Design Systems, Inc.	*		53,398		1,111,212

See accompanying notes to financial statements.

388

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Callidus Software, Inc.	*		10,487	$	194,744
Code Rebel Corp.	*†		283		758
CommVault Systems, Inc.	*		8,177		321,765
Digimarc Corp.	*†		1,665		60,789
Digital Turbine, Inc.	*†		12,757		16,967
Ebix, Inc.	†		4,796		157,261
Ellie Mae, Inc.	*†		5,443		327,832
EnerNOC, Inc.	*		4,402		16,948
Epiq Systems, Inc.			6,860		89,660
Fair Isaac Corp.			5,677		534,660
FireEye, Inc.	*†		25,171		522,047
Fleetmatics Group plc (Ireland)	*		7,035		357,308
Fortinet, Inc.	*		26,110		813,849
Gigamon, Inc.	*		5,176		137,526
Globant SA (Luxembourg)	*†		2,557		95,913
Glu Mobile, Inc.	*†		20,771		50,474
Guidance Software, Inc.	*†		2,669		16,067
Guidewire Software, Inc.	*		12,833		772,033
HubSpot, Inc.	*		3,515		197,930
Imperva, Inc.	*		4,898		310,092
Infoblox, Inc.	*		10,585		194,658
Interactive Intelligence Group, Inc.	*		3,089		97,056
Jive Software, Inc.	*		6,532		26,651
King Digital Entertainment plc (Ireland)			14,905		266,501
Manhattan Associates, Inc.	*		13,473		891,508
Mentor Graphics Corp.			18,471		340,236
MicroStrategy, Inc., Class A	*		1,717		307,841
MobileIron, Inc.	*†		10,705		38,645
Model N, Inc.	*		3,185		35,545
Monotype Imaging Holdings, Inc.			7,430		175,645
NetSuite, Inc.	*†		7,279		615,949
Nuance Communications, Inc.	*		46,225		919,415
Park City Group, Inc.	*†		1,600		19,056
Paycom Software, Inc.	*†		5,348		201,245
Paylocity Holding Corp.	*		2,614		105,998
Pegasystems, Inc.			6,692		184,030
Progress Software Corp.	*		9,428		226,272
Proofpoint, Inc.	*		7,044		457,930
PROS Holdings, Inc.	*		3,855		88,819
PTC, Inc.	*		21,038		728,546
QAD, Inc., Class A			1,449		29,733
Qlik Technologies, Inc.	*		16,686		528,279
Qualys, Inc.	*		4,326		143,147
Rapid7, Inc.	*†		1,342		20,304
RealPage, Inc.	*		8,981		201,623
RingCentral, Inc., Class A	*		9,954		234,715
Rovi Corp.	*		16,580		276,223
Rubicon Project, Inc. (The)	*		4,246		69,847
Sapiens International Corp. NV (Israel)			3,979		40,586
SeaChange International, Inc.	*		5,522		37,218
Silver Spring Networks, Inc.	*†		5,731		82,584
SolarWinds, Inc.	*		11,404		671,696
Solera Holdings, Inc.			12,288		673,751
Splunk, Inc.	*		22,586		1,328,283
SS&C Technologies Holdings, Inc.			14,841		1,013,195
Synchronoss Technologies, Inc.	*		7,055		248,548
Synopsys, Inc.	*		27,944		1,274,526
Tableau Software, Inc., Class A	*		9,059		853,539
Take-Two Interactive Software, Inc.*			15,112		526,502
Tangoe, Inc.	*		6,522		54,720

		Shares		Value
TeleCommunication Systems, Inc., Class A	*		7,640	$	37,971
TeleNav, Inc.	*		4,267		24,279
TiVo, Inc.	*		17,362		149,834
TubeMogul, Inc.	*†		2,012		27,363
Tyler Technologies, Inc.	*		6,145		1,071,196
Ultimate Software Group, Inc. (The)	*		5,218		1,020,171
Varonis Systems, Inc.	*		985		18,518
VASCO Data Security International, Inc.	*†		5,034		84,219
Verint Systems, Inc.	*		10,936		443,564
VirnetX Holding Corp.	*†		7,740		19,892
Workiva, Inc.	*†		1,260		22,138
Xura, Inc.	*		3,789		93,134
Zendesk, Inc.	*		10,074		266,357
Zix Corp.	*		9,536		48,443
Zynga, Inc., Class A	*		141,993		380,541
					27,771,065
Specialty Retail—2.8%
Aaron’s, Inc.			11,702		262,008
Abercrombie & Fitch Co., Class A	†		12,701		342,927
American Eagle Outfitters, Inc.	†		35,649		552,559
America’s Car-Mart, Inc.	*		1,569		41,877
Asbury Automotive Group, Inc.	*		4,897		330,254
Ascena Retail Group, Inc.	*†		31,692		312,166
AutoNation, Inc.	*		13,318		794,552
Barnes & Noble Education, Inc.	*		5,562		55,342
Barnes & Noble, Inc.			8,802		76,665
bebe stores, Inc.			8,935		5,048
Big 5 Sporting Goods Corp.			4,027		40,230
Boot Barn Holdings, Inc.	*†		2,769		34,031
Buckle, Inc. (The)	†		4,752		146,267
Build-A-Bear Workshop, Inc.	*		1,985		24,296
Cabela’s, Inc.	*†		9,279		433,608
Caleres, Inc.			8,148		218,529
Cato Corp. (The), Class A			4,713		173,533
Chico’s FAS, Inc.			25,717		274,400
Children’s Place, Inc. (The)			3,720		205,344
Christopher & Banks Corp.	*†		5,820		9,603
Citi Trends, Inc.			3,282		69,743
Conn’s, Inc.	*†		4,892		114,815
Container Store Group, Inc.(The)	*†		2,409		19,754
CST Brands, Inc.			13,731		537,431
Destination XL Group, Inc.	*		8,855		48,880
Dick’s Sporting Goods, Inc.			16,855		595,824
DSW, Inc., Class A	†		13,331		318,078
Express, Inc.	*		15,662		270,639
Finish Line, Inc. (The), Class A			8,628		155,994
Five Below, Inc.	*†		10,076		323,440
Foot Locker, Inc.			25,475		1,658,168
Francesca’s Holdings Corp.	*		8,153		141,944
GameStop Corp., Class A	†		19,638		550,650
Genesco, Inc.	*		4,386		249,256
GNC Holdings, Inc., Class A			15,876		492,474
Group 1 Automotive, Inc.			4,316		326,721
Guess?, Inc.	†		11,521		217,516
Haverty Furniture Cos., Inc.			3,359		72,017
Hibbett Sports, Inc.	*		4,768		144,184
Kirkland’s, Inc.			2,629		38,121
Lithia Motors, Inc., Class A			4,166		444,387

See accompanying notes to financial statements.

389

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Lumber Liquidators Holdings, Inc.	*†		4,866	$	84,474
MarineMax, Inc.	*		5,242		96,558
Mattress Firm Holding Corp.	*†		3,562		158,972
Men’s Wearhouse, Inc. (The)			8,212		120,552
Michaels Cos., Inc. (The)	*		11,625		257,029
Monro Muffler Brake, Inc.			5,851		387,453
Murphy USA, Inc.	*		8,290		503,535
Office Depot, Inc.	*		96,856		546,268
Outerwall, Inc.	†		3,496		127,744
Party City Holdco, Inc.	*		4,028		52,001
Penske Automotive Group, Inc.			7,865		333,004
Pep Boys-Manny, Moe & Jack (The)	*		10,379		191,077
Pier 1 Imports, Inc.	†		16,713		85,069
Rent-A-Center, Inc.	†		9,393		140,613
Restoration Hardware Holdings, Inc.	*		6,094		484,168
Sally Beauty Holdings, Inc.	*		28,836		804,236
Select Comfort Corp.	*		9,527		203,973
Shoe Carnival, Inc.			3,109		72,129
Sonic Automotive, Inc., Class A			6,032		137,288
Sportsman’s Warehouse Holdings, Inc.	*		2,446		31,553
Stage Stores, Inc.	†		6,014		54,788
Stein Mart, Inc.			5,811		39,108
Systemax, Inc.	*		1,358		11,679
Tile Shop Holdings, Inc.	*†		4,808		78,851
Tilly’s, Inc., Class A	*		1,567		10,389
Ulta Salon Cosmetics & Fragrance, Inc.	*		11,694		2,163,390
Urban Outfitters, Inc.	*		16,957		385,772
Vitamin Shoppe, Inc.	*		5,572		182,204
West Marine, Inc.	*		3,373		28,637
Williams-Sonoma, Inc.			16,732		977,316
Winmark Corp.			356		33,112
Zumiez, Inc.	*†		3,482		52,648
					19,958,865
Technology Hardware, Storage & Peripherals—0.5%
3D Systems Corp.	*†		19,309		167,795
Avid Technology, Inc.	*†		5,174		37,718
CPI Card Group, Inc.	*†		3,132		33,387
Cray, Inc.	*		7,495		243,213
Diebold, Inc.			11,474		345,253
Eastman Kodak Co.	*†		2,841		35,626
Electronics For Imaging, Inc.	*		8,625		403,132
Imation Corp.	*		9,204		12,609
Immersion Corp.	*		5,977		69,692
Lexmark International, Inc., Class A			11,304		366,815
NCR Corp.	*		30,981		757,795
Nimble Storage, Inc.	*		8,525		78,430
Pure Storage, Inc., Class A	*†		4,699		73,163
QLogic Corp.	*		16,598		202,496
Quantum Corp.	*		33,664		31,308
Silicon Graphics International Corp.	*		6,293		37,129
Stratasys Ltd.	*†		9,479		222,567
Super Micro Computer, Inc.	*†		6,155		150,859
Violin Memory, Inc.	*†		13,217		11,897
					3,280,884

		Shares		Value
Textiles, Apparel & Luxury Goods—0.8%
Carter’s, Inc.			9,600	$	854,688
Cherokee, Inc.	*		2,244		38,709
Columbia Sportswear Co.			5,092		248,286
Crocs, Inc.	*		14,684		150,364
Culp, Inc.			1,780		45,337
Deckers Outdoor Corp.	*†		6,042		285,182
Fossil Group, Inc.	*†		7,545		275,845
G-III Apparel Group Ltd.	*		7,356		325,577
Iconix Brand Group, Inc.	*†		8,774		59,926
Kate Spade & Co.	*		23,394		415,711
lululemon athletica, Inc. (Canada)	*†		20,369		1,068,762
Movado Group, Inc.			2,952		75,896
Oxford Industries, Inc.			2,482		158,401
Perry Ellis International, Inc.	*		2,045		37,669
Sequential Brands Group, Inc.	*†		8,410		66,523
Skechers U.S.A., Inc., Class A	*		22,326		674,469
Steven Madden Ltd.	*		10,395		314,137
Superior Uniform Group, Inc.			1,946		33,043
Tumi Holdings, Inc.	*		10,507		174,731
Unifi, Inc.	*		3,005		84,591
Vera Bradley, Inc.	*		3,595		56,657
Vince Holding Corp.	*†		1,928		8,830
Wolverine World Wide, Inc.			19,082		318,860
					5,772,194
Thrifts & Mortgage Finance—1.0%
Anchor BanCorp Wisconsin, Inc.	*		1,601		69,676
Astoria Financial Corp.			16,678		264,346
Bank Mutual Corp.			9,174		71,557
BankFinancial Corp.			3,338		42,159
BBX Capital Corp., Class A	*†		1,182		18,498
Bear State Financial, Inc.	*†		3,492		37,818
Beneficial Bancorp, Inc.	*		15,430		205,528
BofI Holding, Inc.	*†		10,476		220,520
Brookline Bancorp, Inc.			13,692		157,458
Capitol Federal Financial, Inc.			25,429		319,388
Charter Financial Corp.			3,698		48,851
Clifton Bancorp, Inc.			4,406		63,182
Dime Community Bancshares, Inc.			5,399		94,429
Essent Group Ltd.	*		10,332		226,167
EverBank Financial Corp.			17,903		286,090
Federal Agricultural Mortgage Corp., Class C			2,090		65,981
First Defiance Financial Corp.			1,548		58,483
Flagstar Bancorp, Inc.	*		3,160		73,028
Fox Chase Bancorp, Inc.			2,827		57,360
Hingham Institution for Savings			344		41,211
HomeStreet, Inc.	*		4,413		95,806
Impac Mortgage Holdings, Inc.	*†		2,260		40,680
Kearny Financial Corp./MD			17,434		220,889
LendingTree, Inc.	*		1,079		96,333
Meridian Bancorp, Inc.			10,510		148,191
Meta Financial Group, Inc.			1,674		76,887
MGIC Investment Corp.	*†		60,464		533,897
Nationstar Mortgage Holdings, Inc.	*†		6,708		89,686
NMI Holdings, Inc., Class A	*		8,136		55,081
Northfield Bancorp, Inc.	†		8,996		143,216
Northwest Bancshares, Inc.	†		19,012		254,571
OceanFirst Financial Corp.			2,877		57,626
Ocwen Financial Corp.	*†		17,651		123,027
Oritani Financial Corp.			8,540		140,910
PennyMac Financial Services, Inc., Class A	*		2,032		31,212

See accompanying notes to financial statements.

390

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
PHH Corp.	*		8,601	$	139,336
Provident Financial Services, Inc.			12,192		245,669
Radian Group, Inc.			35,040		469,186
Stonegate Mortgage Corp.	*		4,364		23,784
Territorial Bancorp, Inc.			1,756		48,711
TFS Financial Corp.			12,275		231,138
TrustCo Bank Corp. NY			15,928		97,798
United Community Financial Corp./OH			10,452		61,667
United Financial Bancorp, Inc.			8,806		113,421
Walker & Dunlop, Inc.	*		4,996		143,935
Washington Federal, Inc.			17,406		414,785
Waterstone Financial, Inc.			5,674		80,003
WSFS Financial Corp.			5,864		189,759
					6,788,934
Tobacco—0.1%
Universal Corp.	†		4,068		228,134
Vector Group Ltd.			15,809		372,934
					601,068
Trading Companies & Distributors—0.8%
Air Lease Corp.	†		18,198		609,269
Aircastle Ltd.			11,324		236,558
Applied Industrial Technologies, Inc.			7,459		302,015
Beacon Roofing Supply, Inc.	*		8,899		366,461
BMC Stock Holdings, Inc.	*†		6,372		106,731
CAI International, Inc.	*		2,855		28,778
DXP Enterprises, Inc.	*		2,271		51,779
GATX Corp.	†		8,109		345,038
H&E Equipment Services, Inc.			6,185		108,114
HD Supply Holdings, Inc.	*		31,137		935,044
Kaman Corp.			5,080		207,315
Lawson Products, Inc./DE	*		1,517		35,422
MRC Global, Inc.	*		19,242		248,222
MSC Industrial Direct Co., Inc., Class A			8,481		477,226
Neff Corp., Class A	*		1,829		14,010
NOW, Inc.	*†		19,808		313,363
Real Industry, Inc.	*		3,920		31,478
Rush Enterprises, Inc., Class A	*		5,998		131,296
TAL International Group, Inc.	*		6,450		102,555
Textainer Group Holdings Ltd.			4,142		58,444
Titan Machinery, Inc.	*†		2,896		31,653
Univar, Inc.	*		6,747		114,766
Veritiv Corp.	*†		1,304		47,231
Watsco, Inc.			4,747		556,016
WESCO International, Inc.	*†		7,914		345,683
					5,804,467
Transportation Infrastructure—0.1%
Macquarie Infrastructure Corp.			12,632		917,083
Wesco Aircraft Holdings, Inc.	*		10,142		121,400
					1,038,483
Water Utilities—0.5%
American States Water Co.			6,997		293,524
American Water Works Co., Inc.			32,772		1,958,127
Aqua America, Inc.			32,338		963,672
Artesian Resources Corp., Class A			1,201		33,268
California Water Service Group			8,938		207,987

				Shares		Value
Connecticut Water Service, Inc.					2,093	$	79,555
Consolidated Water Co. Ltd. (Cayman Islands)			†		3,860		47,246
Middlesex Water Co.					2,518		66,828
SJW Corp.					2,960		87,764
York Water Co. (The)			†		2,142		53,422
							3,791,393
Wireless Telecommunication Services—0.1%
Boingo Wireless, Inc.			*		5,294		35,046
NTELOS Holdings Corp.			*		2,906		26,561
Shenandoah Telecommunications Co.					4,573		196,868
Spok Holdings, Inc.					3,582		65,622
Telephone & Data Systems, Inc.					16,765		434,046
United States Cellular Corp.			*		2,164		88,313
							846,456
TOTAL COMMON STOCKS
(Cost $596,602,751)							698,042,464
Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.460%		06/23/2016	‡‡	$	145,000		144,683
0.400%		06/16/2016	‡‡		130,000		129,730
0.210%		03/17/2016	‡‡		380,000		379,930
							654,343
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $654,273)							654,343
				Shares		Value
RIGHTS—0.0%
Electronic Equipment, Instruments & Components—0.0%
Gerber Scientific, Inc. CVR			*†‡d		3,478		—
Pharmaceuticals—0.0%
Furiex Pharmaceuticals, Inc. CVR			*‡d		2,916		—
Wireless Telecommunication Services—0.0%
Leap Wireless International, Inc. CVR			*‡		10,198		28,350
TOTAL RIGHTS
(Cost $—)							28,350
WARRANTS—0.0%
Oil, Gas & Consumable Fuels—0.0%
Magnum Hunter Resources Corp., Expires 04/15/2016			*†‡d
(Cost $—)					2,734		—

See accompanying notes to financial statements.

391

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Mid/Small Company Index Fund		Shares		Value
MONEY MARKET FUNDS—12.5%
Institutional Money Market Funds—12.5%
Dreyfus Institutional Cash Advantage Fund, 0.26%	††¥		12,825,000	$	12,825,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32%	¥		11,903,565		11,903,565
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32%	††¥		10,695,904	$	10,695,904
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.32%	††¥		12,825,000		12,825,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.29%	††¥		15,125,000		15,125,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.32%	††¥		12,825,000		12,825,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.31%	††¥		12,825,000		12,825,000
TOTAL MONEY MARKET FUNDS
(Cost $89,024,469)					89,024,469
TOTAL INVESTMENTS—110.6%
(Cost $686,281,493)					787,749,626
Other assets less liabilities—(10.6%)					(75,487,218	)
NET ASSETS—100.0%				$	712,262,408

Notes to the Schedule of Investments:

CVR	Contingent Value Rights
REIT	Real Estate Investment Trust
*	Non-income producing.
†	Denotes all or a portion of the security on loan.
d	Security has no market value at December 31, 2015.
‡	Security valued at fair value as determined by policies approved by the Board of Directors. (Total Market Value $34,365)
‡‡	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.

392

SCHEDULE OF INVESTMENTS

December 31, 2015

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—97.7%
Australia—6.8%
AGL Energy Ltd.			23,831	$	311,832
Alumina Ltd.			84,796		70,766
Amcor Ltd.			41,755		405,660
AMP Ltd.			104,584		440,662
APA Group			39,902		251,078
Aristocrat Leisure Ltd.			20,454		151,030
Asciano Ltd.			21,075		133,988
ASX Ltd.			6,700		206,129
Aurizon Holdings Ltd.			74,942		237,911
AusNet Services			59,889		64,474
Australia & New Zealand Banking Group Ltd.			100,298		2,023,993
Bank of Queensland Ltd.			14,125		142,488
Bendigo & Adelaide Bank Ltd.			17,249		149,201
BHP Billiton Ltd.			112,192		1,443,862
BHP Billiton plc			74,069		826,004
Boral Ltd.			24,263		103,738
Brambles Ltd.			55,359		463,626
Caltex Australia Ltd.			9,662		264,098
Challenger Ltd.			18,695		117,823
CIMIC Group Ltd.			3,690		64,729
Coca-Cola Amatil Ltd.			20,995		141,568
Cochlear Ltd.			2,163		149,683
Commonwealth Bank of Australia			59,142		3,656,424
Computershare Ltd.			17,834		150,065
Crown Resorts Ltd.			13,479		121,826
CSL Ltd.			16,250		1,238,895
Dexus Property Group REIT			32,247		174,913
DUET Group			76,169		126,147
Flight Centre Travel Group Ltd.			1,959		56,499
Fortescue Metals Group Ltd.	†		50,336		67,739
Goodman Group REIT			62,628		283,796
GPT Group (The) REIT			61,162		211,816
Harvey Norman Holdings Ltd.			19,041		57,560
Healthscope Ltd.			57,316		110,450
Iluka Resources Ltd.			13,491		59,676
Incitec Pivot Ltd.			59,346		169,577
Insurance Australia Group Ltd.			84,311		338,594
LendLease Group			19,130		197,375
Macquarie Group Ltd.			10,327		617,792
Medibank Pvt Ltd.			97,435		151,932
Mirvac Group REIT			127,948		183,163
National Australia Bank Ltd.			91,591		1,998,683
Newcrest Mining Ltd.	*		27,424		259,492
Oil Search Ltd.			44,969		218,880
Orica Ltd.	†		13,161		147,452
Origin Energy Ltd.			62,004		209,743
Platinum Asset Management Ltd.			7,916		46,256
Qantas Airways Ltd.	*		19,168		56,815
QBE Insurance Group Ltd.			48,413		440,325
Ramsay Health Care Ltd.			4,795		235,781
REA Group Ltd.			1,824		72,573
Santos Ltd.			61,045		162,591
Scentre Group REIT			187,448		568,557
SEEK Ltd.			12,591		140,140
Sonic Healthcare Ltd.			13,224		171,213
South32 Ltd.	*		45,490		35,010
South32 Ltd.	*		175,932		135,151
Stockland REIT			85,002		252,327

		Shares		Value
Suncorp Group Ltd.			43,401	$	381,061
Sydney Airport			36,531		168,127
Tabcorp Holdings Ltd.			26,168		89,098
Tatts Group Ltd.			52,205		165,745
Telstra Corp. Ltd.			147,286		598,526
TPG Telecom Ltd.			9,935		71,131
Transurban Group			69,948		530,203
Treasury Wine Estates Ltd.			26,468		158,918
Vicinity Centres REIT			113,828		230,920
Wesfarmers Ltd.			39,301		1,184,850
Westfield Corp. REIT			69,645		479,152
Westpac Banking Corp.			115,766		2,806,142
Woodside Petroleum Ltd.			25,545		532,204
Woolworths Ltd.	†		43,495		771,711
					29,457,359
Austria—0.2%
Andritz AG			2,738		133,254
Erste Group Bank AG	*		9,721		304,171
OMV AG			5,104		144,878
Raiffeisen Bank International AG	*		3,934		57,654
voestalpine AG			3,841		117,489
					757,446
Belgium—1.4%
Ageas			6,831		317,053
Anheuser-Busch InBev SA NV			28,003		3,484,896
Colruyt SA			2,505		128,866
Delhaize Group			3,502		340,838
Groupe Bruxelles Lambert SA			2,734		233,941
KBC Groep NV			8,826		551,856
Proximus SADP			5,109		166,252
Solvay SA			2,505		267,357
Telenet Group Holding NV	*		1,719		92,902
UCB SA			4,270		385,423
Umicore SA			3,395		142,373
					6,111,757
Chile—0.0%
Antofagasta plc			14,840		102,081
China—0.0%
Yangzijiang Shipbuilding Holdings Ltd.			78,400		60,570
Denmark—1.9%
A.P. Moller-Maersk A/S, Class A			130		167,403
A.P. Moller-Maersk A/S, Class B			246		320,859
Carlsberg A/S, Class B			3,716		329,207
Chr Hansen Holding A/S			3,245		202,976
Coloplast A/S, Class B			3,863		311,888
Danske Bank A/S			24,270		651,220
DSV A/S			6,823		268,578
ISS A/S			4,988		179,801
Novo Nordisk A/S, Class B			68,219		3,949,758
Novozymes A/S, Class B			7,881		377,334
Pandora A/S			3,884		489,710
TDC A/S			28,248		140,648
Tryg A/S			4,017		79,824
Vestas Wind Systems A/S			7,890		551,028
William Demant Holding A/S	*		827		78,775
					8,099,009

See accompanying notes to financial statements.

393

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Finland—0.9%
Elisa Oyj			4,777	$	179,734
Fortum Oyj			15,930		240,008
Kone Oyj, Class B	†		11,879		502,970
Metso Oyj	†		3,551		79,543
Neste Oyj			4,735		141,320
Nokia Oyj			128,833		911,432
Nokian Renkaat Oyj			4,179		149,196
Orion Oyj, Class B			3,907		135,175
Sampo Oyj, Class A			15,348		779,406
Stora Enso Oyj, Class R			18,464		166,954
UPM-Kymmene Oyj			18,046		335,030
Wartsila Oyj Abp			5,016		229,020
					3,849,788
France—9.5%
Accor SA			7,299		316,119
Aeroports de Paris			1,041		121,140
Air Liquide SA			12,019		1,349,333
Airbus Group SE			20,634		1,390,471
Alcatel-Lucent	*		95,294		376,481
Alstom SA	*†		7,302		223,039
Arkema SA			2,207		154,487
Atos SE			2,909		244,218
AXA SA			68,238		1,864,506
BNP Paribas SA			36,935		2,089,684
Bollore SA			29,218		136,145
Bouygues SA			7,228		286,595
Bureau Veritas SA			9,016		179,701
Cap Gemini SA			5,638		523,125
Carrefour SA			19,074		550,468
Casino Guichard Perrachon SA	†		2,127		97,716
Christian Dior SE			1,841		312,717
Cie de Saint-Gobain			16,748		725,779
Cie Generale des Etablissements Michelin			6,417		610,787
CNP Assurances			5,787		78,063
Credit Agricole SA			37,312		439,690
Danone SA			20,592		1,391,473
Dassault Systemes SA			4,427		353,854
Edenred	†		7,209		136,272
Electricite de France SA			8,130		119,734
Engie SA			51,188		906,704
Essilor International SA			7,193		896,507
Eurazeo SA			1,276		88,005
Eutelsat Communications SA			5,693		170,451
Fonciere Des Regions REIT			1,123		100,443
Gecina SA REIT			1,170		142,239
Groupe Eurotunnel SE (Registered)			15,787		196,407
Hermes International			892		301,518
ICADE REIT			1,113		74,704
Iliad SA			896		213,587
Imerys SA			1,144		79,910
Ingenico Group SA	†		1,853		233,888
JCDecaux SA			2,502		95,914
Kering			2,675		457,358
Klepierre REIT			7,811		347,197
Lagardere SCA			4,524		135,003
Legrand SA			9,370		530,017
L’Oreal SA			8,795		1,479,362
LVMH Moet Hennessy Louis Vuitton SE			9,756		1,532,377

		Shares		Value
Natixis SA			31,298	$	177,056
Numericable-SFR			3,883		141,062
Orange SA			69,475		1,162,020
Pernod Ricard SA			7,286		830,928
Peugeot SA	*		15,437		270,594
Publicis Groupe SA			6,675		443,856
Remy Cointreau SA			818		58,589
Renault SA			6,609		661,531
Rexel SA			10,441		139,030
Safran SA			10,739		737,799
Sanofi			41,126		3,504,830
Schneider Electric SE			19,525		1,109,097
SCOR SE			5,146		192,552
Societe BIC SA			970		159,618
Societe Generale SA			25,365		1,168,874
Sodexo SA			3,273		319,762
Suez Environnement Co.			9,959		186,267
Technip SA			3,628		180,421
Thales SA			3,509		262,648
TOTAL SA			75,674		3,392,571
Unibail-Rodamco SE (Paris Exchange) REIT			3,455		877,332
Valeo SA			2,808		432,923
Veolia Environnement SA			15,197		360,561
Vinci SA			16,740		1,072,946
Vivendi SA			39,882		856,548
Wendel SA			1,068		127,011
Zodiac Aerospace			6,768		161,148
					41,040,762
Germany—8.4%
adidas AG			7,189		697,758
Allianz SE (Registered)			15,923		2,806,875
Axel Springer SE			1,475		82,025
BASF SE			32,014		2,438,765
Bayer AG (Registered)			28,795		3,596,219
Bayerische Motoren Werke AG			11,575		1,219,444
Beiersdorf AG			3,501		318,211
Brenntag AG			5,459		284,456
Commerzbank AG	*		35,887		370,303
Continental AG			3,853		932,079
Daimler AG (Registered)			33,548		2,803,070
Deutsche Bank AG (Registered)			48,236		1,171,396
Deutsche Boerse AG			6,647		584,279
Deutsche Lufthansa AG (Registered)	*		7,605		119,787
Deutsche Post AG (Registered)			33,926		948,497
Deutsche Telekom AG (Registered)			112,464		2,019,927
Deutsche Wohnen AG			11,480		317,443
E.ON SE			68,792		660,541
Evonik Industries AG			4,700		155,462
Fraport AG Frankfurt Airport Services Worldwide			1,384		88,261
Fresenius Medical Care AG & Co. KGaA			7,519		631,856
Fresenius SE & Co. KGaA			13,359		951,591
GEA Group AG			6,490		262,202
Hannover Rueck SE			2,040		232,947
HeidelbergCement AG			4,760		387,928
Henkel AG & Co. KGaA			3,604		344,732
Hugo Boss AG			2,412		199,012
Infineon Technologies AG			39,725		579,139
K+S AG (Registered)	†		6,937		176,832

See accompanying notes to financial statements.

394

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Kabel Deutschland Holding AG			735	$	90,820
Lanxess AG			3,160		145,414
Linde AG			6,506		939,847
MAN SE			1,144		114,963
Merck KGaA			4,566		442,084
Metro AG			6,126		195,158
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)			5,833		1,162,150
OSRAM Licht AG			2,993		125,044
ProSiebenSat.1 Media SE (Registered)			7,384		372,533
RWE AG			17,469		220,238
SAP SE			34,245		2,717,450
Siemens AG (Registered)			27,629		2,672,992
Symrise AG			4,358		288,493
Telefonica Deutschland Holding AG			22,018		116,138
ThyssenKrupp AG			13,161		260,895
TUI AG			17,721		316,410
United Internet AG (Registered)			4,168		229,153
Volkswagen AG			1,188		182,556
Vonovia SE			16,077		496,668
Zalando SE	*^		2,834		111,927
					36,581,970
Hong Kong—2.9%
AIA Group Ltd.			419,800		2,508,340
ASM Pacific Technology Ltd.			8,300		64,802
Bank of East Asia Ltd. (The)			39,720		147,340
BOC Hong Kong Holdings Ltd.			125,000		380,378
Cathay Pacific Airways Ltd.	†		41,000		70,547
Cheung Kong Infrastructure Holdings Ltd.			21,000		194,016
Cheung Kong Property Holdings Ltd.			92,964		601,383
CK Hutchison Holdings Ltd.			94,464		1,269,778
CLP Holdings Ltd.			65,500		555,178
First Pacific Co. Ltd.			81,250		53,823
Galaxy Entertainment Group Ltd.			78,833		247,009
Hang Lung Properties Ltd.			75,000		169,939
Hang Seng Bank Ltd.			27,000		511,741
Henderson Land Development Co. Ltd.			41,519		253,266
HK Electric Investments & HK Electric Investments Ltd.	^		87,000		72,898
HKT Trust & HKT Ltd.			88,100		112,469
Hong Kong & China Gas Co. Ltd.			244,891		479,262
Hong Kong Exchanges and Clearing Ltd.			39,800		1,013,897
Hongkong Land Holdings Ltd.			19,300		132,205
Hysan Development Co. Ltd.	†		20,000		81,713
Kerry Properties Ltd.			22,000		59,870
Li & Fung Ltd.			197,200		133,364
Link REIT			77,000		459,065
Melco Crown Entertainment Ltd. ADR			3,121		52,433

		Shares		Value
MTR Corp. Ltd.			49,500	$	244,422
New World Development Co. Ltd.			183,866		180,545
Noble Group Ltd.			92,409		25,830
NWS Holdings Ltd.			50,500		75,384
PCCW Ltd.			138,000		80,669
Power Assets Holdings Ltd.			49,000		449,210
Shangri-La Asia Ltd.			42,000		40,895
Sino Land Co. Ltd.			103,000		150,046
SJM Holdings Ltd.	†		68,000		48,188
Sun Hung Kai Properties Ltd.			59,083		710,153
Swire Pacific Ltd., Class A			20,000		223,402
Swire Properties Ltd.			43,200		124,215
Techtronic Industries Co. Ltd.			46,000		186,219
WH Group Ltd.	*^		209,500		116,602
Wharf Holdings Ltd. (The)			48,915		269,692
Wheelock & Co. Ltd.			32,000		134,278
Yue Yuen Industrial Holdings Ltd.			24,500		82,994
					12,767,460
Ireland—0.9%
Bank of Ireland	*		876,316		320,868
CRH plc			28,214		813,662
Experian plc			34,227		604,942
James Hardie Industries plc CDI			15,479		195,158
Kerry Group plc, Class A			5,589		462,433
Shire plc			20,684		1,419,075
					3,816,138
Israel—0.7%
Azrieli Group Ltd.			1,345		50,105
Bank Hapoalim BM			36,630		189,084
Bank Leumi Le-Israel BM	*		48,412		167,860
Bezeq Israeli Telecommunication Corp. Ltd.			66,713		146,859
Check Point Software Technologies Ltd.	*		2,226		181,152
Delek Group Ltd.			167		33,443
Israel Chemicals Ltd.			15,103		61,308
Mizrahi Tefahot Bank Ltd.			4,584		54,749
Mobileye NV	*		2,666		112,718
NICE-Systems Ltd.			2,180		125,262
Taro Pharmaceutical Industries Ltd.	*		246		38,019
Teva Pharmaceutical Industries Ltd.			31,861		2,078,641
					3,239,200
Italy—2.1%
Assicurazioni Generali SpA			40,099		732,476
Atlantia SpA			13,939		368,804
Banca Monte dei Paschi di Siena SpA	*		85,231		112,830
Banco Popolare SC	*		11,857		163,393
Enel Green Power SpA			57,604		117,084
Enel SpA			246,787		1,034,853
Eni SpA			88,896		1,320,835
EXOR SpA			3,399		154,269
Finmeccanica SpA	*		13,563		188,584
Intesa Sanpaolo SpA			442,924		1,470,951
Intesa Sanpaolo SpA RSP			29,327		89,586

See accompanying notes to financial statements.

395

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Luxottica Group SpA			5,694	$	371,050
Mediobanca SpA			19,162		183,688
Prysmian SpA			6,959		152,048
Saipem SpA	*†		8,902		71,953
Snam SpA			70,929		370,174
Telecom Italia SpA	*		404,609		512,767
Telecom Italia SpA RSP			214,688		220,340
Terna Rete Elettrica Nazionale SpA			50,645		260,462
UniCredit SpA			167,174		924,254
Unione di Banche Italiane SpA			32,396		216,452
UnipolSai SpA			41,952		106,730
					9,143,583
Japan—22.9%
ABC-Mart, Inc.			1,100		60,212
Acom Co. Ltd.	*		14,300		67,339
Aeon Co. Ltd.			22,700		349,753
Aeon Credit Service Co. Ltd.			3,500		78,186
Aeon Mall Co. Ltd.			3,840		65,864
Air Water, Inc.			5,000		80,416
Aisin Seiki Co. Ltd.			6,800		292,661
Ajinomoto Co., Inc.			20,000		473,515
Alfresa Holdings Corp.			6,700		132,327
Alps Electric Co. Ltd.			6,415		173,962
Amada Holdings Co. Ltd.			13,300		126,918
ANA Holdings, Inc.	†		38,000		109,634
Aozora Bank Ltd.			40,000		139,593
Asahi Glass Co. Ltd.	†		32,000		183,323
Asahi Group Holdings Ltd.			13,700		428,870
Asahi Kasei Corp.			43,000		290,771
Asics Corp.	†		5,400		112,037
Astellas Pharma, Inc.			73,875		1,051,667
Bandai Namco Holdings, Inc.			6,550		138,383
Bank of Kyoto Ltd. (The)			11,000		102,010
Bank of Yokohama Ltd. (The)			40,000		245,184
Benesse Holdings, Inc.			2,500		71,995
Bridgestone Corp.			22,300		764,922
Brother Industries Ltd.	†		7,400		85,009
Calbee, Inc.			2,700		114,018
Canon, Inc.			37,300		1,128,326
Casio Computer Co. Ltd.			7,100		165,975
Central Japan Railway Co.			5,030		892,996
Chiba Bank Ltd. (The)			24,000		170,310
Chubu Electric Power Co., Inc.			22,400		306,740
Chugai Pharmaceutical Co. Ltd.	†		8,000		278,853
Chugoku Bank Ltd. (The)			5,200		69,387
Chugoku Electric Power Co., Inc. (The)			10,300		135,995
Citizen Holdings Co. Ltd.			8,600		61,811
Credit Saison Co. Ltd.			4,700		92,600
Dai Nippon Printing Co. Ltd.			19,131		189,180
Daicel Corp.			10,700		159,236
Daihatsu Motor Co. Ltd.	†		6,400		86,336
Dai-ichi Life Insurance Co. Ltd. (The)			37,100		617,258
Daiichi Sankyo Co. Ltd.			22,502		464,435
Daikin Industries Ltd.			8,100		589,856
Daito Trust Construction Co. Ltd.			2,445		282,423
Daiwa House Industry Co. Ltd.			21,100		606,548

		Shares		Value
Daiwa Securities Group, Inc.			56,000	$	342,367
Denso Corp.			16,700		798,018
Dentsu, Inc.			7,600		415,813
Don Quijote Holdings Co. Ltd.			4,000		140,475
East Japan Railway Co.			11,700		1,101,742
Eisai Co. Ltd.			8,900		588,742
Electric Power Development Co. Ltd.			5,140		183,070
FamilyMart Co. Ltd.			1,900		88,416
FANUC Corp.			6,800		1,171,571
Fast Retailing Co. Ltd.			1,900		664,642
Fuji Electric Co. Ltd.			18,000		75,490
Fuji Heavy Industries Ltd.			20,600		848,643
FUJIFILM Holdings Corp.			15,900		663,547
Fujitsu Ltd.			65,000		324,423
Fukuoka Financial Group, Inc.			29,000		143,800
GungHo Online Entertainment, Inc.	†		16,800		45,639
Gunma Bank Ltd. (The)			12,000		69,771
Hachijuni Bank Ltd. (The)			13,000		79,560
Hakuhodo DY Holdings, Inc.			7,500		81,147
Hamamatsu Photonics KK	†		5,400		148,042
Hankyu Hanshin Holdings, Inc.			38,000		246,996
Hikari Tsushin, Inc.			676		46,035
Hino Motors Ltd.			8,500		98,238
Hirose Electric Co. Ltd.			966		116,956
Hiroshima Bank Ltd. (The)			16,000		90,940
Hisamitsu Pharmaceutical Co., Inc.			1,900		79,767
Hitachi Chemical Co. Ltd.	†		3,600		57,113
Hitachi Construction Machinery Co. Ltd.			3,700		57,544
Hitachi High-Technologies Corp.			2,300		62,199
Hitachi Ltd.			169,000		957,618
Hitachi Metals Ltd.			8,000		98,706
Hokuhoku Financial Group, Inc.			38,007		77,479
Hokuriku Electric Power Co.			5,400		79,804
Honda Motor Co. Ltd.			56,900		1,818,612
Hoshizaki Electric Co. Ltd.	†		1,300		80,815
HOYA Corp.			14,600		597,032
Hulic Co. Ltd.			9,800		86,049
Idemitsu Kosan Co. Ltd.			3,100		49,498
IHI Corp.			53,000		146,306
Iida Group Holdings Co. Ltd.			4,900		90,817
INPEX Corp.			33,000		321,714
Isetan Mitsukoshi Holdings Ltd.			11,940		155,710
Isuzu Motors Ltd.			20,100		216,530
ITOCHU Corp.			54,300		642,285
Itochu Techno-Solutions Corp.			2,300		45,826
Iyo Bank Ltd. (The)			7,600		73,839
J. Front Retailing Co. Ltd.			8,600		125,023
Japan Airlines Co. Ltd.			4,200		150,330
Japan Airport Terminal Co. Ltd.	†		1,395		61,755
Japan Exchange Group, Inc.			19,400		303,256
Japan Post Bank Co. Ltd.	*		13,400		195,100
Japan Post Holdings Co. Ltd.	*		14,900		231,195
Japan Prime Realty Investment Corp. REIT	†		26		88,788
Japan Real Estate Investment Corp. REIT			45		218,373
Japan Retail Fund Investment Corp. REIT			86		165,453

See accompanying notes to financial statements.

396

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Japan Tobacco, Inc.	†		38,400	$	1,409,809
JFE Holdings, Inc.			17,500		274,792
JGC Corp.			7,000		107,144
Joyo Bank Ltd. (The)			19,000		89,848
JSR Corp.	†		6,000		93,506
JTEKT Corp.			6,700		109,666
JX Holdings, Inc.			78,010		327,414
Kajima Corp.			28,000		166,641
Kakaku.com, Inc.	†		4,600		90,480
Kamigumi Co. Ltd.			8,000		68,878
Kaneka Corp.			9,000		93,548
Kansai Electric Power Co., Inc. (The)	*		25,000		299,745
Kansai Paint Co. Ltd.			8,400		127,325
Kao Corp.			17,300		889,025
Kawasaki Heavy Industries Ltd.			49,000		181,295
KDDI Corp.			61,100		1,586,779
Keihan Electric Railway Co. Ltd.			20,000		133,945
Keikyu Corp.			15,000		123,949
Keio Corp.			21,000		181,350
Keisei Electric Railway Co. Ltd.			9,000		114,824
Keyence Corp.			1,572		863,979
Kikkoman Corp.			5,000		173,237
Kintetsu Group Holdings Co. Ltd.			65,000		264,276
Kirin Holdings Co. Ltd.			27,800		377,445
Kobe Steel Ltd.			108,000		117,344
Koito Manufacturing Co. Ltd.			3,600		147,627
Komatsu Ltd.			31,800		520,326
Konami Holdings Corp.			3,100		73,794
Konica Minolta, Inc.			15,500		155,235
Kose Corp.			951		87,930
Kubota Corp.	†		39,688		613,126
Kuraray Co. Ltd.	†		12,300		148,988
Kurita Water Industries Ltd.			3,400		71,201
Kyocera Corp.			11,300		524,778
Kyowa Hakko Kirin Co. Ltd.			8,000		125,877
Kyushu Electric Power Co., Inc.	*		14,300		155,857
Kyushu Financial Group, Inc.	*†		11,000		77,516
Lawson, Inc.			2,200		178,576
LIXIL Group Corp.			9,200		204,329
M3, Inc.			6,800		140,992
Mabuchi Motor Co. Ltd.			1,700		92,131
Makita Corp.			4,000		230,507
Marubeni Corp.			57,300		294,585
Marui Group Co. Ltd.			7,500		122,045
Maruichi Steel Tube Ltd.	†		1,600		47,234
Mazda Motor Corp.			18,200		375,553
McDonald’s Holdings Co. Japan Ltd.	†		2,300		50,017
Medipal Holdings Corp.			4,300		73,289
MEIJI Holdings Co. Ltd.			4,104		338,989
Minebea Co. Ltd.			10,056		86,099
Miraca Holdings, Inc.			1,900		83,603
Mitsubishi Chemical Holdings Corp.			48,300		306,450
Mitsubishi Corp.			47,400		788,410
Mitsubishi Electric Corp.			68,000		713,786
Mitsubishi Estate Co. Ltd.			43,308		900,518
Mitsubishi Gas Chemical Co., Inc.			13,000		66,476

		Shares		Value
Mitsubishi Heavy Industries Ltd.			105,000	$	459,113
Mitsubishi Logistics Corp.	†		4,000		52,705
Mitsubishi Materials Corp.			42,000		132,285
Mitsubishi Motors Corp.			21,500		181,902
Mitsubishi Tanabe Pharma Corp.			7,800		134,383
Mitsubishi UFJ Financial Group, Inc.			444,340		2,752,353
Mitsubishi UFJ Lease & Finance Co. Ltd.			16,500		84,913
Mitsui & Co. Ltd.			58,600		696,288
Mitsui Chemicals, Inc.			26,000		115,310
Mitsui Fudosan Co. Ltd.			33,000		828,230
Mitsui OSK Lines Ltd.			36,000		90,802
Mixi, Inc.	†		1,400		52,365
Mizuho Financial Group, Inc.			822,080		1,644,160
MS&AD Insurance Group Holdings, Inc.			17,874		524,149
Murata Manufacturing Co. Ltd.			7,100		1,021,557
Nabtesco Corp.			3,900		79,229
Nagoya Railroad Co. Ltd.			33,955		141,324
NEC Corp.			92,000		291,504
Nexon Co. Ltd.			4,500		73,205
NGK Insulators Ltd.			9,477		213,613
NGK Spark Plug Co. Ltd.			6,200		163,236
NH Foods Ltd.			6,000		117,599
NHK Spring Co. Ltd.			5,500		55,145
Nidec Corp.			7,700		558,373
Nikon Corp.	†		11,800		158,043
Nintendo Co. Ltd.			3,654		502,462
Nippon Building Fund, Inc. REIT	†		48		229,370
Nippon Electric Glass Co. Ltd.	†		13,500		68,042
Nippon Express Co. Ltd.			30,000		140,977
Nippon Paint Holdings Co. Ltd.	†		5,200		125,851
Nippon Prologis REIT, Inc. REIT			46		83,211
Nippon Steel & Sumitomo Metal Corp.			26,824		530,642
Nippon Telegraph & Telephone Corp.			26,300		1,046,690
Nippon Yusen K.K.			56,000		135,727
Nissan Motor Co. Ltd.			85,300		893,154
Nisshin Seifun Group, Inc.			8,181		133,633
Nissin Foods Holdings Co. Ltd.			2,400		127,353
Nitori Holdings Co. Ltd.			2,500		209,955
Nitto Denko Corp.			5,700		416,132
NOK Corp.			3,800		88,771
Nomura Holdings, Inc.			124,700		694,586
Nomura Real Estate Holdings, Inc.			4,000		74,209
Nomura Real Estate Master Fund, Inc. REIT	*		132		164,073
Nomura Research Institute Ltd.			4,185		160,720
NSK Ltd.			16,200		176,028
NTT Data Corp.			4,300		207,888
NTT DOCOMO, Inc.			50,063		1,026,872
NTT Urban Development Corp.			4,700		45,159
Obayashi Corp.			23,000		212,226
Obic Co. Ltd.			2,100		111,163
Odakyu Electric Railway Co. Ltd.			21,000		226,103

See accompanying notes to financial statements.

397

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Oji Holdings Corp.			31,000	$	124,589
Olympus Corp.			9,700		381,876
Omron Corp.			6,900		230,094
Ono Pharmaceutical Co. Ltd.			2,900		517,104
Oracle Corp. Japan			1,400		65,184
Oriental Land Co. Ltd.			7,100		429,525
ORIX Corp.			45,500		638,295
Osaka Gas Co. Ltd.			67,000		242,000
Otsuka Corp.			1,700		83,510
Otsuka Holdings Co. Ltd.			13,800		490,299
Panasonic Corp.			75,700		767,410
Park24 Co. Ltd.			3,200		77,528
Rakuten, Inc.			31,400		361,658
Recruit Holdings Co. Ltd.			4,900		144,030
Resona Holdings, Inc.			74,500		361,790
Ricoh Co. Ltd.	†		23,700		244,034
Rinnai Corp.			1,200		106,324
Rohm Co. Ltd.			3,300		167,148
Ryohin Keikaku Co. Ltd.			849		171,932
Sankyo Co. Ltd.			1,600		59,724
Sanrio Co. Ltd.			1,600		37,589
Santen Pharmaceutical Co. Ltd.			12,900		212,378
SBI Holdings, Inc.			6,710		72,407
Secom Co. Ltd.			7,400		501,496
Sega Sammy Holdings, Inc.			6,348		59,375
Seibu Holdings, Inc.			4,100		83,732
Seiko Epson Corp.			9,700		149,372
Sekisui Chemical Co. Ltd.			14,509		189,433
Sekisui House Ltd.			21,400		359,814
Seven & i Holdings Co. Ltd.			26,340		1,205,965
Seven Bank Ltd.			19,900		87,271
Shikoku Electric Power Co., Inc.			5,600		87,479
Shimadzu Corp.			9,000		150,659
Shimamura Co. Ltd.	†		800		93,687
Shimano, Inc.			2,800		429,964
Shimizu Corp.			21,000		171,239
Shin-Etsu Chemical Co. Ltd.			14,400		782,868
Shinsei Bank Ltd.			66,000		121,459
Shionogi & Co. Ltd.			10,500		474,917
Shiseido Co. Ltd.			12,800		265,583
Shizuoka Bank Ltd. (The)			18,000		174,565
Showa Shell Sekiyu K.K.	†		6,300		51,409
SMC Corp.			1,894		491,936
SoftBank Group Corp.			33,500		1,690,759
Sohgo Security Services Co. Ltd.			2,000		93,798
Sompo Japan Nipponkoa Holdings, Inc.			11,275		370,211
Sony Corp.			44,200		1,086,294
Sony Financial Holdings, Inc.			6,500		116,267
Stanley Electric Co. Ltd.			4,500		98,719
Sumitomo Chemical Co. Ltd.			50,000		287,155
Sumitomo Corp.			38,000		387,423
Sumitomo Dainippon Pharma Co. Ltd.	†		6,100		71,867
Sumitomo Electric Industries Ltd.			25,500		360,081
Sumitomo Heavy Industries Ltd.	†		18,000		80,691
Sumitomo Metal Mining Co. Ltd.			16,481		200,062
Sumitomo Mitsui Financial Group, Inc.			44,400		1,675,703
Sumitomo Mitsui Trust Holdings, Inc.			116,740		442,133

		Shares		Value
Sumitomo Realty & Development Co. Ltd.			12,825	$	366,060
Sumitomo Rubber Industries Ltd.			5,500		71,519
Suntory Beverage & Food Ltd.			4,800		210,125
Suruga Bank Ltd.			6,400		131,895
Suzuken Co. Ltd.			3,006		114,235
Suzuki Motor Corp.			12,300		373,721
Sysmex Corp.			4,900		314,309
T&D Holdings, Inc.			20,200		266,509
Taiheiyo Cement Corp.			42,000		122,653
Taisei Corp.			36,000		237,131
Taisho Pharmaceutical Holdings Co. Ltd.			1,090		76,982
Taiyo Nippon Sanso Corp.			5,300		47,932
Takashimaya Co. Ltd.			9,000		81,049
Takeda Pharmaceutical Co. Ltd.			27,620		1,377,118
TDK Corp.	†		4,400		281,793
Teijin Ltd.			36,000		122,683
Terumo Corp.			10,500		325,431
THK Co. Ltd.			3,900		72,283
Tobu Railway Co. Ltd.			35,000		172,635
Toho Co. Ltd.			3,600		99,620
Toho Gas Co. Ltd.			13,000		83,957
Tohoku Electric Power Co., Inc.			14,800		185,019
Tokio Marine Holdings, Inc.			23,916		923,747
Tokyo Electric Power Co., Inc.	*		50,300		289,640
Tokyo Electron Ltd.			5,900		357,451
Tokyo Gas Co. Ltd.			78,000		366,506
Tokyo Tatemono Co. Ltd.			6,475		70,473
Tokyu Corp.			39,000		308,193
Tokyu Fudosan Holdings Corp.			19,700		123,477
TonenGeneral Sekiyu K.K.	†		9,000		75,978
Toppan Printing Co. Ltd.			19,000		175,050
Toray Industries, Inc.	†		52,000		483,211
Toshiba Corp.	†		136,000		279,511
TOTO Ltd.	†		5,100		179,173
Toyo Seikan Group Holdings Ltd.	†		5,200		96,456
Toyo Suisan Kaisha Ltd.			2,800		97,587
Toyoda Gosei Co. Ltd.			2,300		52,249
Toyota Industries Corp.			5,700		304,798
Toyota Motor Corp.			95,100		5,856,165
Toyota Tsusho Corp.			7,100		166,089
Trend Micro, Inc.	†		3,700		150,135
Unicharm Corp.			13,300		271,608
United Urban Investment Corp. REIT			101		137,113
USS Co. Ltd.			7,600		114,196
West Japan Railway Co.			5,800		400,914
Yahoo! Japan Corp.	†		47,700		193,896
Yakult Honsha Co. Ltd.	†		3,000		146,834
Yamada Denki Co. Ltd.			21,500		92,870
Yamaguchi Financial Group, Inc.			6,000		71,083
Yamaha Corp.			6,000		144,926
Yamaha Motor Co. Ltd.			8,800		197,255
Yamato Holdings Co. Ltd.			12,200		258,495
Yamazaki Baking Co. Ltd.	†		3,482		78,296
Yaskawa Electric Corp.	†		9,200		125,182
Yokogawa Electric Corp.			7,200		86,587
Yokohama Rubber Co. Ltd. (The)	†		3,300		50,681
					99,200,622

See accompanying notes to financial statements.

398

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Jersey, Channel Islands—0.0%
Randgold Resources Ltd.			3,213	$	197,942
Luxembourg—0.2%
ArcelorMittal	†		31,993		134,985
Millicom International Cellular SA SDR			2,313		132,720
RTL Group SA			1,371		114,171
SES SA FDR			11,334		314,062
Tenaris SA			16,009		189,568
					885,506
Macau—0.1%
MGM China Holdings Ltd.			35,200		43,749
Sands China Ltd.			84,094		285,095
Wynn Macau Ltd.	†		52,856		61,408
					390,252
Malta—0.0%
BGP Holdings plc	*‡d		142,647		—
Mexico—0.0%
Fresnillo plc			7,631		79,340
Netherlands—3.3%
Aegon NV			62,759		354,931
AerCap Holdings NV	*		2,915		125,811
Akzo Nobel NV			8,524		569,562
Altice NV, Class A	*		13,356		191,890
Altice NV, Class B	*		3,786		55,183
ASML Holding NV			12,127		1,077,502
Boskalis Westminster			2,982		121,642
Gemalto NV			2,769		166,146
Heineken Holding NV			3,383		260,446
Heineken NV			7,918		674,748
ING Groep NV CVA			135,012		1,826,717
Koninklijke Ahold NV			29,334		618,755
Koninklijke DSM NV			6,396		320,730
Koninklijke KPN NV			108,120		408,949
Koninklijke Philips NV			32,672		833,929
Koninklijke Vopak NV			2,611		112,442
NN Group NV			8,320		293,554
NXP Semiconductors NV	*		4,614		388,730
OCI NV	*		2,819		69,605
Qiagen NV	*		7,543		204,447
Randstad Holding NV			4,465		278,042
Royal Dutch Shell plc, Class A			136,492		3,091,429
Royal Dutch Shell plc, Class B			85,140		1,940,420
TNT Express NV			17,624		149,079
Wolters Kluwer NV			10,205		342,720
					14,477,409
New Zealand—0.2%
Auckland International Airport Ltd.			36,754		144,190
Contact Energy Ltd.			24,537		79,418
Fletcher Building Ltd.			26,564		133,125
Meridian Energy Ltd.			43,859		71,525
Mighty River Power Ltd.			27,973		53,077
Ryman Healthcare Ltd.			12,561		72,898
Spark New Zealand Ltd.			69,165		155,736
					709,969

		Shares		Value
Norway—0.5%
DnB ASA			34,552	$	425,723
Gjensidige Forsikring ASA			6,682		106,946
Norsk Hydro ASA			45,080		167,567
Orkla ASA			27,592		217,671
Schibsted ASA, Class A			2,481		81,567
Schibsted ASA, Class B	*		2,923		93,033
Statoil ASA			38,409		535,682
Telenor ASA			26,523		442,100
Yara International ASA			6,381		274,436
					2,344,725
Portugal—0.1%
Banco Comercial Portugues SA, Class R	*		753,906		39,952
Banco Espirito Santo SA (Registered)	*‡		71,807		102
EDP—Energias de Portugal SA			82,565		297,510
Galp Energia SGPS SA			13,550		158,111
Jeronimo Martins SGPS SA			8,917		116,031
					611,706
Singapore—1.2%
Ascendas Real Estate Investment Trust REIT			78,386		125,626
CapitaLand Commercial Trust Ltd. REIT			85,800		81,405
CapitaLand Ltd.			85,800		201,672
CapitaLand Mall Trust REIT			93,300		126,598
City Developments Ltd.			12,300		66,169
ComfortDelGro Corp. Ltd.			75,900		162,523
DBS Group Holdings Ltd.			60,430		708,210
Genting Singapore plc			213,800		115,362
Global Logistic Properties Ltd.			105,579		159,441
Golden Agri-Resources Ltd.			176,320		42,116
Hutchison Port Holdings Trust, Class U			119,400		63,093
Hutchison Port Holdings Trust, Class U			58,100		30,212
Jardine Cycle & Carriage Ltd.			4,110		100,478
Keppel Corp. Ltd.			52,100		238,002
Oversea-Chinese Banking Corp. Ltd.			104,626		646,843
SembCorp Industries Ltd.			33,040		70,821
Sembcorp Marine Ltd.			29,400		36,175
Singapore Airlines Ltd.			18,700		147,346
Singapore Exchange Ltd.			27,800		150,354
Singapore Press Holdings Ltd.			56,700		157,160
Singapore Technologies Engineering Ltd.			50,800		107,386
Singapore Telecommunications Ltd.			273,759		705,823
StarHub Ltd.			21,030		54,728
Suntec Real Estate Investment Trust REIT			75,700		82,443
United Overseas Bank Ltd.			44,417		612,369
UOL Group Ltd.			15,300		67,055
Wilmar International Ltd.			67,000		138,243
					5,197,653
South Africa—0.1%
Investec plc			19,580		138,059
Mondi plc			12,964		254,104
					392,163

See accompanying notes to financial statements.

399

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Spain—3.1%
Abertis Infraestructuras SA			18,500	$	289,329
ACS Actividades de Construccion y Servicios SA			6,561		191,958
Aena SA	*^		2,411		276,082
Amadeus IT Holding SA, Class A			15,416		679,455
Banco Bilbao Vizcaya Argentaria SA			222,476		1,625,585
Banco de Sabadell SA			175,358		310,785
Banco Popular Espanol SA			61,420		202,372
Banco Santander SA			503,823		2,478,492
Bankia SA			156,752		182,415
Bankinter SA			22,604		160,292
CaixaBank SA	†		88,706		308,751
Distribuidora Internacional de Alimentacion SA	*		23,462		138,381
Enagas SA			7,053		198,951
Endesa SA	†		10,687		214,698
Ferrovial SA			15,607		352,925
Gas Natural SDG SA	†		12,528		255,474
Grifols SA			5,028		232,403
Iberdrola SA			188,220		1,334,287
Industria de Diseno Textil SA			38,116		1,309,442
Mapfre SA			35,523		88,920
Red Electrica Corp. SA			3,759		313,988
Repsol SA	†		38,014		418,506
Telefonica SA			157,268		1,744,720
Zardoya Otis SA	†		6,164		72,091
					13,380,302
Sweden—2.8%
Alfa Laval AB			9,857		179,950
Assa Abloy AB, Class B			34,424		720,587
Atlas Copco AB, Class A			23,105		566,646
Atlas Copco AB, Class B			13,544		311,382
Boliden AB			9,398		157,456
Electrolux AB, Series B			8,094		195,287
Getinge AB, Class B			7,226		189,287
Hennes & Mauritz AB, Class B			33,199		1,180,898
Hexagon AB, Class B			8,745		323,502
Husqvarna AB, Class B			13,046		86,096
ICA Gruppen AB			2,448		88,902
Industrivarden AB, Class C			5,160		88,277
Investment AB Kinnevik, Class B			8,419		259,316
Investor AB, Class B			15,673		575,986
Lundin Petroleum AB	*		6,884		99,332
Nordea Bank AB			106,225		1,165,475
Sandvik AB			36,048		314,231
Securitas AB, Class B			11,106		169,821
Skandinaviska Enskilda Banken AB, Class A			52,321		550,234
Skanska AB, Class B			13,470		261,232
SKF AB, Class B			14,168		228,831
Svenska Cellulosa AB SCA, Class B			20,725		600,613
Svenska Handelsbanken AB, Class A			51,459		683,452
Swedbank AB, Class A			31,120		685,374
Swedish Match AB			6,995		247,185
Tele2 AB, Class B			10,010		99,825

		Shares		Value
Telefonaktiebolaget LM Ericsson, Class B			106,511	$	1,026,905
TeliaSonera AB			91,748		455,610
Volvo AB, Class B			53,132		492,670
					12,004,362
Switzerland—9.6%
ABB Ltd. (Registered)	*		76,828		1,371,197
Actelion Ltd. (Registered)	*		3,623		503,393
Adecco SA (Registered)	*		5,656		387,112
Aryzta AG	*		3,112		157,432
Baloise Holding AG (Registered)			1,795		227,495
Barry Callebaut AG (Registered)	*		67		72,777
Chocoladefabriken Lindt & Spruengli AG (Participation Certificates)			35		218,565
Chocoladefabriken Lindt & Spruengli AG (Registered)			4		298,322
Cie Financiere Richemont SA (Registered)			18,242		1,305,634
Coca-Cola HBC AG	*		6,751		143,767
Credit Suisse Group AG (Registered)	*		62,750		1,351,758
Dufry AG (Registered)	*		1,356		161,340
EMS-Chemie Holding AG (Registered)			301		132,469
Galenica AG (Registered)			128		200,262
Geberit AG (Registered)			1,336		452,507
Givaudan SA (Registered)	*		325		589,863
Glencore plc	*		421,322		558,306
Julius Baer Group Ltd.	*		7,560		365,731
Kuehne + Nagel International AG (Registered)			1,930		264,408
LafargeHolcim Ltd. (Registered)	*		14,895		745,864
Lonza Group AG (Registered)	*		1,869		303,965
Nestle SA (Registered)			110,901		8,232,764
Novartis AG (Registered)			79,160		6,809,286
Pargesa Holding SA (Bearer)			1,053		66,524
Partners Group Holding AG			537		193,124
Roche Holding AG (Genusschein)			24,441		6,772,807
Schindler Holding AG (Participation Certificates)			1,580		264,332
Schindler Holding AG (Registered)			753		126,985
SGS SA (Registered)			185		351,593
Sika AG (Bearer)			73		263,807
Sonova Holding AG (Registered)			1,925		244,578
STMicroelectronics NV			21,997		147,264
Sulzer AG (Registered)			767		72,093
Swatch Group AG (The) (Bearer)	†		1,093		379,561
Swatch Group AG (The) (Registered)			1,759		118,786
Swiss Life Holding AG (Registered)	*		1,132		304,904
Swiss Prime Site AG (Registered)	*		2,221		173,453
Swiss Re AG			12,311		1,202,370
Swisscom AG (Registered)			915		457,870
Syngenta AG (Registered)			3,249		1,271,669
Transocean Ltd.	†		12,453		155,669

See accompanying notes to financial statements.

400

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
UBS Group AG (Registered)			127,435	$	2,472,172
Wolseley plc			9,150		496,963
Zurich Insurance Group AG	*		5,255		1,350,009
					41,740,750
United Kingdom—17.8%
3i Group plc			34,600		245,100
Aberdeen Asset Management plc			31,358		133,623
Admiral Group plc			7,030		171,782
Aggreko plc			9,723		130,888
Amec Foster Wheeler plc			13,417		84,697
Anglo American plc			47,329		207,642
ARM Holdings plc			48,198		734,635
Ashtead Group plc			16,866		277,578
Associated British Foods plc			12,252		602,886
AstraZeneca plc (London Exchange)			44,029		2,974,042
Auto Trader Group plc	*^		24,636		160,623
Aviva plc			141,551		1,074,439
Babcock International Group plc			8,884		132,950
BAE Systems plc			108,567		799,326
Barclays plc			585,296		1,883,933
Barratt Developments plc			33,878		312,176
BG Group plc			119,236		1,728,426
BP plc			637,000		3,310,288
British American Tobacco plc			64,916		3,605,047
British Land Co. plc (The) REIT			34,447		398,582
BT Group plc			291,940		2,027,108
Bunzl plc			11,631		322,694
Burberry Group plc			15,737		276,877
Capita plc			23,502		418,160
Centrica plc			174,030		558,806
CNH Industrial NV			34,026		233,042
Cobham plc			40,235		168,017
Compass Group plc			57,683		999,544
Croda International plc			4,456		199,651
Diageo plc			87,684		2,394,454
Direct Line Insurance Group plc			48,555		291,044
Dixons Carphone plc			33,098		243,571
easyJet plc			5,494		140,905
Fiat Chrysler Automobiles NV	*		31,771		441,231
G4S plc			50,896		169,066
GKN plc			60,773		275,780
GlaxoSmithKline plc			169,486		3,422,912
Hammerson plc REIT			27,877		246,443
Hargreaves Lansdown plc			8,745		194,144
HSBC Holdings plc (London Exchange)			680,721		5,373,758
ICAP plc			19,748		148,230
IMI plc			9,705		123,149
Imperial Tobacco Group plc			33,399		1,764,057
Inmarsat plc			16,060		269,237
InterContinental Hotels Group plc			8,203		319,741
International Consolidated Airlines Group SA			27,301		244,704
Intertek Group plc			5,785		236,645

		Shares		Value
Intu Properties plc REIT			32,811	$	153,290
ITV plc			134,878		549,136
J. Sainsbury plc			45,049		171,556
Johnson Matthey plc			7,239		283,174
Kingfisher plc			78,406		379,758
Land Securities Group plc REIT			27,890		483,474
Legal & General Group plc			204,049		805,158
Lloyds Banking Group plc			1,991,060		2,142,371
London Stock Exchange Group plc			11,075		448,073
Marks & Spencer Group plc			58,210		387,574
Meggitt plc			26,332		145,386
Melrose Industries plc			35,477		151,964
Merlin Entertainments plc	^		24,519		164,401
National Grid plc			130,617		1,801,416
Next plc			4,999		536,747
Old Mutual plc			174,049		457,864
Pearson plc			27,731		299,785
Persimmon plc	*		10,467		312,266
Petrofac Ltd.			10,026		117,602
Provident Financial plc			5,255		260,557
Prudential plc			89,674		2,020,309
Reckitt Benckiser Group plc			22,315		2,064,725
RELX NV			35,008		589,615
RELX plc			39,232		691,892
Rexam plc			25,310		225,753
Rio Tinto Ltd.			14,973		484,220
Rio Tinto plc			43,822		1,275,889
Rolls-Royce Holdings plc	*		63,314		536,296
Royal Bank of Scotland Group plc	*		122,293		543,600
Royal Mail plc			32,164		210,670
RSA Insurance Group plc			36,242		227,467
SABMiller plc			33,851		2,025,103
Sage Group plc (The)			37,458		332,817
Schroders plc			4,170		182,642
Segro plc REIT			25,734		162,857
Severn Trent plc			8,454		270,246
Sky plc			35,538		582,566
Smith & Nephew plc			31,530		561,930
Smiths Group plc			12,908		178,504
Sports Direct International plc	*		8,881		75,472
SSE plc			34,109		765,875
St James’s Place plc			17,583		260,609
Standard Chartered plc (London Exchange)			114,667		951,410
Standard Life plc			69,705		399,167
Tate & Lyle plc			16,575		145,998
Taylor Wimpey plc			111,016		331,867
Tesco plc	*		279,648		614,464
Travis Perkins plc			8,827		256,075
Unilever NV CVA			56,780		2,473,238
Unilever plc			44,775		1,920,496
United Utilities Group plc			23,660		325,782
Vodafone Group plc			924,864		2,999,118
Weir Group plc (The)			7,673		112,707
Whitbread plc			6,450		418,067
William Hill plc			30,484		177,908
Wm Morrison Supermarkets plc			76,511		166,708
WPP plc			45,332		1,042,717
					77,127,964

See accompanying notes to financial statements.

401

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Overseas Equity Index Fund			Shares		Value
COMMON STOCKS—(Continued)
United States—0.1%
Carnival plc				6,230	$	354,899
TOTAL COMMON STOCKS
(Cost $424,535,565)						424,122,687
PREFERRED STOCKS—0.5%
Germany—0.5%
Bayerische Motoren Werke AG				1,934		161,809
FUCHS PETROLUB SE				2,180		102,648
Henkel AG & Co. KGaA				6,123		683,339
Porsche Automobil Holding SE				5,417		291,529
Volkswagen AG				6,499		938,322
TOTAL PREFERRED STOCKS
(Cost $2,260,766)						2,177,647
Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.455%	06/23/2016	‡‡	$	100,000		99,782
0.400%	06/16/2016	‡‡		100,000		99,792
0.220%	03/17/2016	‡‡		105,000		104,980
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $304,547)						304,554
				Shares		Value
RIGHTS—0.0%
Italy—0.0%
Unione di Banche Italiane SpA, Expires 01/12/2016, Strike EUR 7.29		*‡d		29,001		—
Singapore—0.0%
Ascendas Real Estate Investment Trust, Expires 01/13/2016, Strike SGD 1.00		*‡		2,939		113
Spain—0.0%
Repsol SA, Expires 01/07/2016		*†		35,718		17,817
TOTAL RIGHTS
(Cost $17,962)						17,930
MONEY MARKET FUNDS—3.9%
Institutional Money Market Funds—3.9%
Dreyfus Institutional Cash Advantage Fund, 0.26%		††¥		1,675,000		1,675,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32%		¥		6,795,162		6,795,162

		Shares		Value
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32%	††¥	$	1,739,842	$	1,739,842
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.32%	††¥		1,675,000		1,675,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.29%	††¥		1,675,000		1,675,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.32%	††¥		1,675,000		1,675,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.31%	††¥		1,675,000		1,675,000
TOTAL MONEY MARKET FUNDS
(Cost $16,910,004)					16,910,004
TOTAL INVESTMENTS—102.2%
(Cost $444,028,844)					443,532,822
Other assets less liabilities—(2.2%)					(9,370,322	)
NET ASSETS—100.0%				$	434,162,500

Notes to the Schedule of Investments:

ADR	American Depositary Receipt
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.
^	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 $902,533, which represents 0.2% of Net Assets. The illiquid 144A securities represented 0.2% of Net Assets, and 100.0% of total 144A securities held.
d	Security has no market value at December 31, 2015.
‡	Security valued at fair value as determined by policies approved by the Board of Directors. (Total Market Value $215)
‡‡	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.

402

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2015

Vantagepoint Overseas Equity Index Fund
Percentage of Portfolio by Industry:
COMMON STOCKS
Banks	12.4%
Pharmaceuticals	9.6%
Insurance	5.8%
Oil, Gas & Consumable Fuels	4.3%
Automobiles	3.8%
Chemicals	3.4%
Diversified Telecommunication Services	3.3%
Food Products	3.2%
Beverages	2.7%
Machinery	2.2%
Capital Markets	2.0%
Real Estate Management & Development	1.9%
Metals & Mining	1.9%
Wireless Telecommunication Services	1.8%
Electric Utilities	1.8%
Personal Products	1.7%
Media	1.7%
Real Estate Investment Trusts (REITs)	1.7%
Tobacco	1.6%
Food & Staples Retailing	1.6%
Textiles, Apparel & Luxury Goods	1.6%
Industrial Conglomerates	1.3%
Auto Components	1.3%
Electrical Equipment	1.3%
Electronic Equipment, Instruments & Components	1.3%
Road & Rail	1.2%
Hotels, Restaurants & Leisure	1.2%
Diversified Financial Services	1.2%
Multi-Utilities	1.2%
Trading Companies & Distributors	1.1%
Software	1.1%
Specialty Retail	1.1%
Aerospace & Defense	1.0%
Household Durables	1.0%
Health Care Equipment & Supplies	0.9%
Semiconductors & Semiconductor Equipment	0.8%
Construction & Engineering	0.8%
Household Products	0.8%
Building Products	0.7%
Professional Services	0.6%
Technology Hardware, Storage & Peripherals	0.6%
Construction Materials	0.6%
Commercial Services & Supplies	0.6%
Health Care Providers & Services	0.6%
IT Services	0.6%
Transportation Infrastructure	0.6%
Communications Equipment	0.5%
Gas Utilities	0.5%
Biotechnology	0.5%
Multiline Retail	0.4%
Air Freight & Logistics	0.4%
Airlines	0.2%
Marine	0.2%
Paper & Forest Products	0.2%
Leisure Products	0.2%
Energy Equipment & Services	0.2%
Containers & Packaging	0.2%
Internet Software & Services	0.2%

Water Utilities	0.1%
Life Sciences Tools & Services	0.1%
Consumer Finance	0.1%
Internet & Catalog Retail	0.1%
Independent Power and Renewable Electricity Producers	0.1%
Health Care Technology	0.0%
Distributors	0.0%
Diversified Consumer Services	0.0%
	97.7%
PREFERRED STOCKS
Automobiles	0.3%
Household Products	0.2%
Chemicals	0.0%
	0.5%
RIGHTS
Oil, Gas & Consumable Fuels	0.0%
Real Estate Investment Trusts (REITs)	0.0%
	0.0%
TOTAL COMMON STOCKS/ PREFERRED STOCKS	98.2%
U.S. TREASURY OBLIGATIONS
U.S. Treasury Bills	0.1%
MONEY MARKET FUNDS
Institutional Money Market Funds	3.9%
TOTAL INVESTMENTS	102.2%
Other assets less liabilities	(2.2)%
TOTAL NET ASSETS	100.0%

See accompanying notes to financial statements.

403

SCHEDULE OF INVESTMENTS

December 31, 2015

Vatagepoint Model Portfolio Conservative Growth Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—99.2%
Vantagepoint Aggressive Opportunities Fund Class T			857,627	$	8,576,272
Vantagepoint Core Bond Index Fund Class T			9,950,959		100,106,646
Vantagepoint Discovery Fund Class T			943,453		8,481,640
Vantagepoint Diversifying Strategies Fund Class T			4,401,812		42,697,574
Vantagepoint Equity Income Fund Class T			5,419,713		44,550,039
Vantagepoint Growth & Income Fund Class T			3,866,302		44,153,171
Vantagepoint Growth Fund Class T			2,481,396		29,429,358
Vantagepoint High Yield Fund Class T			6,897,810		58,631,386
Vantagepoint Inflation Focused Fund Class T			4,472,148		46,018,401
Vantagepoint International Fund Class T			3,893,500		38,701,386
Vantagepoint Low Duration Bond Fund Class T			16,948,013		168,971,687
Vantagepoint Select Value Fund Class T			1,604,117		15,415,562
TOTAL AFFILIATED MUTUAL FUNDS
(Cost $621,789,470)					605,733,122
EXCHANGE TRADED FUND—0.9%
Vanguard FTSE Emerging Markets ETF (Cost $6,412,305)			156,150		5,107,666
MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32% (Cost $184,036)	¥		184,036		184,036
TOTAL INVESTMENTS—100.1%
(Cost $628,385,811)					611,024,824
Other assets less liabilities—(0.1%)					(328,304	)
NET ASSETS—100.0%				$	610,696,520

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.

404

SCHEDULE OF INVESTMENTS

December 31, 2015

Vatagepoint Model Portfolio Traditional Growth Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—98.5%
Vantagepoint Aggressive Opportunities Fund Class T			4,989,082	$	49,890,816
Vantagepoint Core Bond Index Fund Class T			26,237,099		263,945,217
Vantagepoint Discovery Fund Class T			3,770,959		33,900,922
Vantagepoint Diversifying Strategies Fund Class T			16,827,578		163,227,510
Vantagepoint Equity Income Fund Class T			21,846,530		179,578,476
Vantagepoint Growth & Income Fund Class T			18,944,501		216,346,199
Vantagepoint Growth Fund Class T			13,004,233		154,230,202
Vantagepoint High Yield Fund Class T			9,210,407		78,288,457
Vantagepoint Inflation Focused Fund Class T			5,426,235		55,835,956
Vantagepoint International Fund Class T			18,144,014		180,351,496
Vantagepoint Low Duration Bond Fund Class T			15,972,501		159,245,830
Vantagepoint Select Value Fund Class T			7,546,914		72,525,841
TOTAL AFFILIATED MUTUAL FUNDS
(Cost $1,579,556,326)					1,607,366,922
EXCHANGE TRADED FUND—1.5%
Vanguard FTSE Emerging Markets ETF (Cost $30,864,352)			751,100		24,568,481
MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32% (Cost $253,121)	¥		253,121		253,121
TOTAL INVESTMENTS—100.0%
(Cost $1,610,673,799)					1,632,188,524
Other assets less liabilities—(0.0%)					(421,324	)
NET ASSETS—100.0%				$	1,631,767,200

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.

405

SCHEDULE OF INVESTMENTS

December 31, 2015

Vatagepoint Model Portfolio Long-Term Growth Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—98.0%
Vantagepoint Aggressive Opportunities Fund Class T			10,642,170	$	106,421,698
Vantagepoint Core Bond Index Fund Class T			25,521,675		256,748,050
Vantagepoint Discovery Fund Class T			6,311,706		56,742,240
Vantagepoint Diversifying Strategies Fund Class T			24,064,727		233,427,852
Vantagepoint Equity Income Fund Class T			38,028,222		312,591,984
Vantagepoint Growth & Income Fund Class T			28,963,244		330,760,243
Vantagepoint Growth Fund Class T			19,827,099		235,149,397
Vantagepoint High Yield Fund Class T			7,404,273		62,936,319
Vantagepoint International Fund Class T			34,572,947		343,655,093
Vantagepoint Select Value Fund Class T			14,983,026		143,986,877
TOTAL AFFILIATED MUTUAL FUNDS
(Cost $2,061,700,332)					2,082,419,753
EXCHANGE TRADED FUND—2.0%
Vanguard FTSE Emerging Markets ETF (Cost $52,505,643)			1,268,350		41,487,728
MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32% (Cost $483,391)	¥		483,391		483,391
TOTAL INVESTMENTS—100.0%
(Cost $2,114,689,366)					2,124,390,872
Other assets less liabilities—(0.0%)					(353,674	)
NET ASSETS—100.0%				$	2,124,037,198

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.

406

SCHEDULE OF INVESTMENTS

December 31, 2015

Vatagepoint Model Portfolio Global Equity Growth Fund (Formerly Vantagepoint Model Portfolio All-Equity Growth Fund)		Shares		Value
AFFILIATED MUTUAL FUNDS—98.1%
Vantagepoint Aggressive Opportunities Fund Class T			6,905,220	$	69,052,204
Vantagepoint Discovery Fund Class T			3,437,164		30,900,107
Vantagepoint Equity Income Fund Class T			11,923,022		98,007,242
Vantagepoint Growth & Income Fund Class T			9,348,591		106,760,904
Vantagepoint Growth Fund Class T			9,033,453		107,136,750
Vantagepoint International Fund Class T			26,053,259		258,969,399
Vantagepoint Overseas Equity Index Fund Class T			11,996,704		133,283,376
Vantagepoint Select Value Fund Class T			7,117,407		68,398,285
TOTAL AFFILIATED MUTUAL FUNDS
(Cost $858,734,392)					872,508,267
EXCHANGE TRADED FUND—1.9%
Vanguard FTSE Emerging Markets ETF (Cost $20,356,711)			505,850		16,546,354
MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32% (Cost $170,569)	¥		170,569		170,569
TOTAL INVESTMENTS—100.0%
(Cost $879,261,672)					889,225,190
Other assets less liabilities—(0.0%)					(112,404	)
NET ASSETS—100.0%				$	889,112,786

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.

407

SCHEDULE OF INVESTMENTS

December 31, 2015

Vatagepoint Milestone Retirement Income Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—98.9%
Vantagepoint Aggressive Opportunities Fund Class T			107,843	$	1,078,433
Vantagepoint Core Bond Index Fund Class T			6,374,938		64,131,875
Vantagepoint Discovery Fund Class T			119,522		1,074,504
Vantagepoint Diversifying Strategies Fund Class T			2,071,818		20,096,635
Vantagepoint Equity Income Fund Class T			2,758,345		22,673,596
Vantagepoint Growth & Income Fund Class T			2,252,780		25,726,745
Vantagepoint Growth Fund Class T			713,168		8,458,168
Vantagepoint High Yield Fund Class T			2,052,117		17,442,996
Vantagepoint Inflation Focused Fund Class T			3,173,648		32,656,838
Vantagepoint International Fund Class T			2,106,459		20,938,207
Vantagepoint Low Duration Bond Fund Class T			8,201,280		81,766,759
Vantagepoint Mid/Small Company Index Fund Class T			525,034		8,920,324
Vantagepoint Select Value Fund Class T			112,394		1,080,106
TOTAL AFFILIATED MUTUAL FUNDS
(Cost $324,888,695)					306,045,186
EXCHANGE TRADED FUND—1.1%
Vanguard FTSE Emerging Markets ETF (Cost $4,469,422)			108,500		3,549,035
MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32% (Cost $58,037)	¥		58,037		58,037
TOTAL INVESTMENTS—100.0%
(Cost $329,416,154)					309,652,258
Other assets less liabilities—(0.0%)					(75,699	)
NET ASSETS—100.0%				$	309,576,559

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.

408

SCHEDULE OF INVESTMENTS

December 31, 2015

Vatagepoint Milestone 2010 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—98.9%
Vantagepoint Aggressive Opportunities Fund Class T			47,514	$	475,141
Vantagepoint Core Bond Index Fund Class T			5,759,155		57,937,100
Vantagepoint Discovery Fund Class T			52,125		468,606
Vantagepoint Diversifying Strategies Fund Class T			2,331,568		22,616,212
Vantagepoint Equity Income Fund Class T			2,687,009		22,087,212
Vantagepoint Growth & Income Fund Class T			1,863,852		21,285,195
Vantagepoint Growth Fund Class T			1,042,324		12,361,962
Vantagepoint High Yield Fund Class T			1,899,505		16,145,792
Vantagepoint Inflation Focused Fund Class T			2,678,301		27,559,715
Vantagepoint International Fund Class T			1,985,251		19,733,398
Vantagepoint Low Duration Bond Fund Class T			5,093,386		50,781,054
Vantagepoint Mid/Small Company Index Fund Class T			531,829		9,035,772
Vantagepoint Select Value Fund Class T			48,647		467,502
TOTAL AFFILIATED MUTUAL FUNDS
(Cost $273,991,044)					260,954,661
EXCHANGE TRADED FUND—1.1%
Vanguard FTSE Emerging Markets ETF (Cost $3,827,022)			93,200		3,048,572
MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32% (Cost $58,601)	¥		58,601		58,601
TOTAL INVESTMENTS—100.0%
(Cost $277,876,667)					264,061,834
Other assets less liabilities—(0.0%)					(118,129	)
NET ASSETS—100.0%				$	263,943,705

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.

409

SCHEDULE OF INVESTMENTS

December 31, 2015

Vatagepoint Milestone 2015 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—98.4%
Vantagepoint Aggressive Opportunities Fund Class T			258,511	$	2,585,110
Vantagepoint Core Bond Index Fund Class T			10,517,086		105,801,882
Vantagepoint Discovery Fund Class T			284,664		2,559,133
Vantagepoint Diversifying Strategies Fund Class T			5,965,295		57,863,365
Vantagepoint Equity Income Fund Class T			6,278,861		51,612,239
Vantagepoint Growth & Income Fund Class T			4,421,600		50,494,674
Vantagepoint Growth Fund Class T			2,812,738		33,359,067
Vantagepoint High Yield Fund Class T			3,050,035		25,925,296
Vantagepoint Inflation Focused Fund Class T			3,803,796		39,141,064
Vantagepoint International Fund Class T			4,966,647		49,368,472
Vantagepoint Low Duration Bond Fund Class T			9,188,920		91,613,536
Vantagepoint Mid/Small Company Index Fund Class T			1,038,872		17,650,434
Vantagepoint Select Value Fund Class T			266,284		2,558,986
TOTAL AFFILIATED MUTUAL FUNDS
(Cost $550,243,195)					530,533,258
EXCHANGE TRADED FUND—1.6%
Vanguard FTSE Emerging Markets ETF (Cost $10,746,363)			260,950		8,535,674
MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32% (Cost $133,545)	¥		133,545		133,545
TOTAL INVESTMENTS—100.0%
(Cost $561,123,103)					539,202,477
Other assets less liabilities—(0.0%)					(105,105	)
NET ASSETS—100.0%				$	539,097,372

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.

410

SCHEDULE OF INVESTMENTS

December 31, 2015

Vatagepoint Milestone 2020 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—98.1%
Vantagepoint Aggressive Opportunities Fund Class T			440,943	$	4,409,425
Vantagepoint Core Bond Index Fund Class T			14,489,892		145,768,312
Vantagepoint Discovery Fund Class T			488,374		4,390,483
Vantagepoint Diversifying Strategies Fund Class T			9,579,733		92,923,411
Vantagepoint Equity Income Fund Class T			10,883,592		89,463,124
Vantagepoint Growth & Income Fund Class T			7,305,981		83,434,307
Vantagepoint Growth Fund Class T			4,632,409		54,940,365
Vantagepoint High Yield Fund Class T			3,985,434		33,876,188
Vantagepoint Inflation Focused Fund Class T			3,467,146		35,676,934
Vantagepoint International Fund Class T			8,492,238		84,412,843
Vantagepoint Low Duration Bond Fund Class T			9,666,151		96,371,524
Vantagepoint Mid/Small Company Index Fund Class T			1,796,679		30,525,573
Vantagepoint Select Value Fund Class T			457,568		4,397,226
TOTAL AFFILIATED MUTUAL FUNDS
(Cost $789,644,795)					760,589,715
EXCHANGE TRADED FUND—1.9%
Vanguard FTSE Emerging Markets ETF (Cost $18,281,488)			448,700		14,676,977
MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32% (Cost $215,732)	¥		215,732		215,732
TOTAL INVESTMENTS—100.0%
(Cost $808,142,015)					775,482,424
Other assets less liabilities—(0.0%)					(46,371	)
NET ASSETS—100.0%				$	775,436,053

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.

411

SCHEDULE OF INVESTMENTS

December 31, 2015

Vatagepoint Milestone 2025 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—97.7%
Vantagepoint Aggressive Opportunities Fund Class T			452,472	$	4,524,718
Vantagepoint Core Bond Index Fund Class T			11,443,403		115,120,638
Vantagepoint Discovery Fund Class T			501,113		4,505,010
Vantagepoint Diversifying Strategies Fund Class T			9,184,842		89,092,964
Vantagepoint Equity Income Fund Class T			11,577,800		95,169,513
Vantagepoint Growth & Income Fund Class T			7,189,044		82,098,881
Vantagepoint Growth Fund Class T			4,805,461		56,992,765
Vantagepoint High Yield Fund Class T			3,382,814		28,753,915
Vantagepoint Inflation Focused Fund Class T			1,521,431		15,655,530
Vantagepoint International Fund Class T			8,499,701		84,487,027
Vantagepoint Low Duration Bond Fund Class T			5,560,152		55,434,719
Vantagepoint Mid/Small Company Index Fund Class T			1,953,508		33,190,105
Vantagepoint Select Value Fund Class T			469,745		4,514,246
TOTAL AFFILIATED MUTUAL FUNDS
(Cost $694,810,218)					669,540,031
EXCHANGE TRADED FUND—2.3%
Vanguard FTSE Emerging Markets ETF (Cost $19,548,020)			485,050		15,865,986
MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32% (Cost $234,129)	¥		234,129		234,129
TOTAL INVESTMENTS—100.0%
(Cost $714,592,367)					685,640,146
Other assets less liabilities—0.0%					78,737
NET ASSETS—100.0%				$	685,718,883

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.

412

SCHEDULE OF INVESTMENTS

December 31, 2015

Vatagepoint Milestone 2030 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—97.2%
Vantagepoint Aggressive Opportunities Fund Class T			432,655	$	4,326,555
Vantagepoint Core Bond Index Fund Class T			7,893,618		79,409,800
Vantagepoint Discovery Fund Class T			480,895		4,323,247
Vantagepoint Diversifying Strategies Fund Class T			7,751,392		75,188,506
Vantagepoint Equity Income Fund Class T			11,279,879		92,720,604
Vantagepoint Growth & Income Fund Class T			6,264,737		71,543,302
Vantagepoint Growth Fund Class T			4,892,373		58,023,545
Vantagepoint High Yield Fund Class T			2,448,164		20,809,398
Vantagepoint Inflation Focused Fund Class T			407,905		4,197,338
Vantagepoint International Fund Class T			8,743,649		86,911,871
Vantagepoint Low Duration Bond Fund Class T			2,612,841		26,050,028
Vantagepoint Mid/Small Company Index Fund Class T			1,992,256		33,848,433
Vantagepoint Select Value Fund Class T			451,331		4,337,287
TOTAL AFFILIATED MUTUAL FUNDS
(Cost $586,324,309)					561,689,914
EXCHANGE TRADED FUND—2.7%
Vanguard FTSE Emerging Markets ETF (Cost $19,631,490)			487,250		15,937,947
MONEY MARKET FUND—0.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32% (Cost $438,420)	¥		438,420		438,420
TOTAL INVESTMENTS—100.0%
(Cost $606,394,219)					578,066,281
Other assets less liabilities—(0.0%)					(170,092	)
NET ASSETS—100.0%				$	577,896,189

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.

413

SCHEDULE OF INVESTMENTS

December 31, 2015

Vatagepoint Milestone 2035 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—96.9%
Vantagepoint Aggressive Opportunities Fund Class T			347,708	$	3,477,084
Vantagepoint Core Bond Index Fund Class T			4,118,339		41,430,486
Vantagepoint Discovery Fund Class T			386,163		3,471,607
Vantagepoint Diversifying Strategies Fund Class T			5,368,125		52,070,815
Vantagepoint Equity Income Fund Class T			9,038,301		74,294,837
Vantagepoint Growth & Income Fund Class T			4,685,191		53,504,879
Vantagepoint Growth Fund Class T			3,819,788		45,302,689
Vantagepoint High Yield Fund Class T			1,124,525		9,558,466
Vantagepoint Inflation Focused Fund Class T			94,104		968,333
Vantagepoint International Fund Class T			6,844,710		68,036,419
Vantagepoint Low Duration Bond Fund Class T			388,666		3,875,002
Vantagepoint Mid/Small Company Index Fund Class T			1,656,350		28,141,394
Vantagepoint Select Value Fund Class T			362,142		3,480,181
TOTAL AFFILIATED MUTUAL FUNDS
(Cost $405,732,123)					387,612,192
EXCHANGE TRADED FUND—3.1%
Vanguard FTSE Emerging Markets ETF (Cost $15,114,314)			376,800		12,325,128
MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32% (Cost $196,642)	¥		196,642		196,642
TOTAL INVESTMENTS—100.0%
(Cost $421,043,079)					400,133,962
Other assets less liabilities—0.0%					17,192
NET ASSETS—100.0%				$	400,151,154

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.

414

SCHEDULE OF INVESTMENTS

December 31, 2015

Vatagepoint Milestone 2040 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—96.6%
Vantagepoint Aggressive Opportunities Fund Class T			360,893	$	3,608,934
Vantagepoint Core Bond Index Fund Class T			1,800,093		18,108,935
Vantagepoint Discovery Fund Class T			400,357		3,599,208
Vantagepoint Diversifying Strategies Fund Class T			5,114,860		49,614,143
Vantagepoint Equity Income Fund Class T			9,972,759		81,976,079
Vantagepoint Growth & Income Fund Class T			4,784,643		54,640,621
Vantagepoint Growth Fund Class T			3,871,340		45,914,094
Vantagepoint High Yield Fund Class T			621,523		5,282,945
Vantagepoint International Fund Class T			7,114,699		70,720,108
Vantagepoint Mid/Small Company Index Fund Class T			1,766,977		30,020,947
Vantagepoint Select Value Fund Class T			375,225		3,605,913
TOTAL AFFILIATED MUTUAL FUNDS
(Cost $384,372,483)					367,091,927
EXCHANGE TRADED FUND—3.3%
Vanguard FTSE Emerging Markets ETF (Cost $15,232,387)			381,550		12,480,501
MONEY MARKET FUND—0.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32% (Cost $296,323)	¥		296,323		296,323
TOTAL INVESTMENTS—100.0%
(Cost $399,901,193)					379,868,751
Other assets less liabilities—0.0%					70,805
NET ASSETS—100.0%				$	379,939,556

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.

415

SCHEDULE OF INVESTMENTS

December 31, 2015

Vatagepoint Milestone 2045 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—96.3%
Vantagepoint Aggressive Opportunities Fund Class T			167,420	$	1,674,198
Vantagepoint Discovery Fund Class T			185,982		1,671,976
Vantagepoint Diversifying Strategies Fund Class T			2,304,162		22,350,369
Vantagepoint Equity Income Fund Class T			4,890,102		40,196,638
Vantagepoint Growth & Income Fund Class T			1,974,622		22,550,185
Vantagepoint Growth Fund Class T			1,962,987		23,281,032
Vantagepoint High Yield Fund Class T			199,038		1,691,826
Vantagepoint International Fund Class T			3,235,607		32,161,935
Vantagepoint Mid/Small Company Index Fund Class T			831,835		14,132,870
Vantagepoint Select Value Fund Class T			174,270		1,674,731
TOTAL AFFILIATED MUTUAL FUNDS
(Cost $176,791,311)					161,385,760
EXCHANGE TRADED FUND—3.6%
Vanguard FTSE Emerging Markets ETF (Cost $7,244,548)			183,250		5,994,107
MONEY MARKET FUND—0.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32% (Cost $164,100)	¥		164,100		164,100
TOTAL INVESTMENTS—100.0%
(Cost $184,199,959)					167,543,967
Other assets less liabilities—0.0%					22,085
NET ASSETS—100.0%				$	167,566,052

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.

416

SCHEDULE OF INVESTMENTS

December 31, 2015

Vatagepoint Milestone 2050 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—96.4%
Vantagepoint Aggressive Opportunities Fund Class T			66,446	$	664,459
Vantagepoint Discovery Fund Class T			73,966		664,959
Vantagepoint Diversifying Strategies Fund Class T			907,487		8,802,628
Vantagepoint Equity Income Fund Class T			1,933,168		15,890,645
Vantagepoint Growth & Income Fund Class T			779,981		8,907,380
Vantagepoint Growth Fund Class T			776,172		9,205,396
Vantagepoint High Yield Fund Class T			78,441		666,751
Vantagepoint International Fund Class T			1,282,291		12,745,968
Vantagepoint Mid/Small Company Index Fund Class T			330,499		5,615,186
Vantagepoint Select Value Fund Class T			69,135		664,390
TOTAL AFFILIATED MUTUAL FUNDS
(Cost $72,476,590)					63,827,762
EXCHANGE TRADED FUND—3.6%
Vanguard FTSE Emerging Markets ETF (Cost $2,879,070)			73,250		2,396,008
MONEY MARKET FUND—0.2%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.32% (Cost $160,202)	¥		160,202		160,202
TOTAL INVESTMENTS—100.2%
(Cost $75,515,862)					66,383,972
Other assets less liabilities—(0.2%)					(115,785	)
NET ASSETS—100.0%				$	66,268,187

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.

417

Item 2 (Code of Ethics):

Sub-item 2a. The board of directors of the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, and to persons performing similar functions.

Sub-item 2c. Effective July 22, 2015, the registrant adopted amendments to its code of ethics including employee pre-approval for contributions to a Political Action Committee or political party; revisions to the reporting period requirements by employees under the registrant’s gift policy; and prohibition of employees receiving compensation in exchange for the purchase or sale of any property to or from the registrant. Other non-material clarifying language was also added to the existing requirements under the code of ethics. The code of ethics along with these amendments applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

Sub-item 2d. Not applicable.

Sub-item 2e. Not applicable.

Sub-item 2f. Not applicable.

Item 3 (Audit Committee Financial Expert): Two members of the audit committee of the registrant have been determined by its board of directors to be audit committee financial experts. The audit committee financial experts of the registrant are Dorothy Hayes and Timothy O’Brien, both of whom are independent under the applicable rules.

Item 4 (Principal Accountant Fees and Services):

Sub-item 4a (Audit Fees). The aggregate fees billed for professional services rendered by the registrant’s principal accountant, PricewaterhouseCoopers LLP, for audits of the registrant’s financial statements were $633,723 and $567,054 in 2015 and 2014, respectively.

Sub-item 4b (Audit Related Fees). Not applicable.

Sub-item 4c (Tax Fees). The aggregate fees billed for professional services rendered by PricewaterhouseCoopers LLP for tax compliance, tax advice and tax planning were $236,898 and $123,588 in 2015 and 2014, respectively. These services covered preparation of the registrant’s income tax and excise tax returns, and also included related consulting and tax provision work.

Sub-item 4d (All Other Fees). Not applicable.

Sub-item 4e (1). The registrant’s audit committee pre-approves all audit and non-audit services to be performed by the registrant’s accountant before they are engaged to perform such services.

Sub-item 4e (2). The registrant’s audit committee approved 100% of the services described in Sub-item 4c.

Sub-item 4f. Not applicable.

Sub-item 4g. Not applicable.

Sub-item 4h. Not applicable.

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

Item 6 (Investments):

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

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

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

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

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

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

Item 11 (Controls and Procedures):

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

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

Item 12 (Exhibits):

Sub-item 12a(1). The code of ethics exhibit is attached.

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

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

The Vantagepoint Funds
By:	/s/ Robert Schultze
	Robert Schultze, Principal Executive Officer
Date:	March 3, 2016

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:	March 3, 2016

By:	/s/ Michael Guarasci
	Michael Guarasci, Principal Financial Officer
Date:	March 2, 2016