N-CSR Certification Exhibit [EX-99.CERT(1of 2)]
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CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002:

I, Joan McCallen, Principal Executive Officer of the registrant, certify that:

1.  I have reviewed this report on Form N-CSR of The Vantagepoint Funds;

2.  Based on my knowledge, this report does not contain any untrue statement of
    a material fact or omit to state a material fact necessary to make the
    statements made, in light of the circumstances under which such statements
    were made, not misleading with respect to the period covered by this report;
    and

3.  Based on my knowledge, the financial statements, and other financial
    information included in this report, fairly present in all material respects
    the financial condition, results of operations, changes in net assets, and
    cash flows (if the financial statements are required to include a statement
    of cash flows) of the registrant as of, and for, the periods presented in
    this report.

4.  The registrant's other certifying officers and I are responsible for
    establishing and maintaining disclosure controls and procedures (as defined
    in Rule 30a-3(c) under the Investment Company Act of 1940) for the
    registrant, and have:

    a)  designed such disclosure controls and procedures, or caused such
        disclosure controls and procedures to be designed under our supervision,
        to ensure that material information relating to the registrant,
        including its consolidated subsidiaries, is made known to us by others
        within those entities, particularly during the period in which this
        report is being prepared;

    b)  not applicable;

    c)  evaluated the effectiveness of the registrant's disclosure controls and
        procedures and presented in this report our conclusions about the
        effectiveness of the disclosure controls and procedures, as of a date
        within 90 days prior to the filing date of this report based on such
        evaluation; and,

    d)  not applicable.

5.  The registrant's other certifying officers and I have disclosed, based on
    our most recent evaluation, to the registrant's auditors and the audit
    committee of the registrant's board of directors (or persons performing the
    equivalent functions):

    a)  all significant deficiencies or material weaknesses in the design or
        operation of internal controls which are reasonably likely to adversely
        affect the registrant's ability to record, process, summarize, and
        report financial information; and,

    b)  any fraud, whether or not material, that involves management or other
        employees who have a significant role in the registrant's internal
        controls.


Date:   September 2, 2004
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                                                  /s/ Joan McCallen
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                                      Joan McCallen, Principal Executive Officer