The Vantagepoint Funds

N-CSR 1 d478485dncsr.htm THE VANTAGEPOINT FUNDS The Vantagepoint Funds


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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: 12/31/12

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

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

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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			90
Statements of Assets and Liabilities			91
Statements of Operations			98
Statements of Changes in Net Assets			105
Financial Highlights			121
Notes to Financial Statements			139
Schedules of Investments			184
Additional Information			334

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, 2012 to December 31, 2012.

Actual Expenses

The first section in the example below provides information about 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 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 7/01/12	Ending Account Value 12/31/12		2012 Annualized Expense Ratio(a)		Expenses Paid During Period*		Vantagepoint Funds	Beginning Account Value 7/01/12		Ending Account Value 12/31/12		2012 Annualized Expense Ratio		Expenses Paid During Period*
$1,000.00	$	1,018.60		0.62%	$	3.15	Low Duration Bond	$	1,000.00	$	1,022.02		0.62%	$	3.15
$1,000.00	$	1,026.60		0.62%	$	3.16	Inflation Protected Securities	$	1,000.00	$	1,022.02		0.62%	$	3.15
$1,000.00	$	1,067.10		0.80%	$	4.16	Equity Income	$	1,000.00	$	1,021.11		0.80%	$	4.06
$1,000.00	$	1,070.60		0.78%	$	4.06	Growth & Income	$	1,000.00	$	1,021.22		0.78%	$	3.96
$1,000.00	$	1,055.80		0.76%	$	3.93	Growth	$	1,000.00	$	1,021.32		0.76%	$	3.86
$1,000.00	$	1,087.30		0.99%	$	5.19	Select Value	$	1,000.00	$	1,020.16		0.99%	$	5.03
$1,000.00	$	1,061.60		0.87%	$	4.51	Aggressive Opportunities	$	1,000.00	$	1,020.76		0.87%	$	4.42
$1,000.00	$	1,060.40		0.98%	$	5.08	Discovery	$	1,000.00	$	1,020.21		0.98%	$	4.98
$1,000.00	$	1,128.80		0.98%	$	5.24	International	$	1,000.00	$	1,020.21		0.98%	$	4.98
$1,000.00	$	1,025.00		0.80%	$	4.07	Diversifying Strategies	$	1,000.00	$	1,021.11		0.80%	$	4.06
$1,000.00	$	1,016.20		0.40%	$	2.03	Core Bond Index Class I	$	1,000.00	$	1,023.13		0.40%	$	2.03
$1,000.00	$	1,017.10		0.20%	$	1.01	Core Bond Index Class II	$	1,000.00	$	1,024.13		0.20%	$	1.02
$1,000.00	$	1,057.50		0.42%	$	2.17	500 Stock Index Class I	$	1,000.00	$	1,023.03		0.42%	$	2.14
$1,000.00	$	1,059.20		0.22%	$	1.14	500 Stock Index Class II	$	1,000.00	$	1,024.03		0.22%	$	1.12
$1,000.00	$	1,061.50		0.41%	$	2.12	Broad Market Index Class I	$	1,000.00	$	1,023.08		0.41%	$	2.08
$1,000.00	$	1,062.30		0.21%	$	1.09	Broad Market Index Class II	$	1,000.00	$	1,024.08		0.21%	$	1.07
$1,000.00	$	1,085.20		0.42%	$	2.20	Mid/Small Company Index Class I	$	1,000.00	$	1,023.03		0.42%	$	2.14
$1,000.00	$	1,086.70		0.22%	$	1.15	Mid/Small Company Index Class II	$	1,000.00	$	1,024.03		0.22%	$	1.12
$1,000.00	$	1,144.00		0.55%	$	2.96	Overseas Equity Index Class I	$	1,000.00	$	1,022.37		0.55%	$	2.80
$1,000.00	$	1,143.50		0.35%	$	1.89	Overseas Equity Index Class II	$	1,000.00	$	1,023.38		0.35%	$	1.78
$1,000.00	$	1,036.00		0.82%	$	4.20	Model Portfolio Savings Oriented **	$	1,000.00	$	1,021.01		0.82%	$	4.17
$1,000.00	$	1,044.30		0.84%	$	4.32	Model Portfolio Conservative Growth **	$	1,000.00	$	1,020.91		0.84%	$	4.27
$1,000.00	$	1,055.60		0.87%	$	4.50	Model Portfolio Traditional Growth **	$	1,000.00	$	1,020.76		0.87%	$	4.42
$1,000.00	$	1,064.40		0.90%	$	4.67	Model Portfolio Long-Term Growth **	$	1,000.00	$	1,020.61		0.90%	$	4.57
$1,000.00	$	1,078.00		0.99%	$	5.17	Model Portfolio All-Equity Growth **	$	1,000.00	$	1,020.16		0.99%	$	5.03

(continued)


ACTUAL								HYPOTHETICAL
Beginning Account Value 7/01/12	Ending Account Value 12/31/12		2012 Annualized Expense Ratio		Expenses Paid During Period*		Vantagepoint Funds	Beginning Account Value 7/01/12		Ending Account Value 12/31/12		2012 Annualized Expense Ratio		Expenses Paid During Period*
$1,000.00	$	1,036.20		0.83%	$	4.25	Milestone Retirement Income **	$	1,000.00	$	1,020.96		0.83%	$	4.22
$1,000.00	$	1,046.60		0.87%	$	4.48	Milestone 2010 **	$	1,000.00	$	1,020.76		0.87%	$	4.42
$1,000.00	$	1,050.80		0.85%	$	4.38	Milestone 2015 **	$	1,000.00	$	1,020.86		0.85%	$	4.32
$1,000.00	$	1,057.00		0.84%	$	4.34	Milestone 2020 **	$	1,000.00	$	1,020.91		0.84%	$	4.27
$1,000.00	$	1,061.70		0.85%	$	4.41	Milestone 2025 **	$	1,000.00	$	1,020.86		0.85%	$	4.32
$1,000.00	$	1,066.60		0.87%	$	4.52	Milestone 2030 **	$	1,000.00	$	1,020.76		0.87%	$	4.42
$1,000.00	$	1,072.90		0.89%	$	4.64	Milestone 2035 **	$	1,000.00	$	1,020.66		0.89%	$	4.52
$1,000.00	$	1,076.80		0.88%	$	4.59	Milestone 2040 **	$	1,000.00	$	1,020.71		0.88%	$	4.47
$1,000.00	$	1,077.40		0.97%	$	5.07	Milestone 2045 **	$	1,000.00	$	1,020.26		0.97%	$	4.93
$1,000.00	$	1,026.60		1.09%	$	3.38	Milestone 2050 **(b)	$	1,000.00	$	1,011.93		1.09%	$	3.36

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. 184/366 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).

(a)

Net of waivers, if any.

(b)

The Milestone 2050 Fund commenced operations on September 10, 2012. Expenses are calculated using the fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value over the period, multiplied by [number of days in most recent fiscal half year divided by total number of days in fiscal year] (e.g. 112/366 to reflect the period since commencement of operations).

MANAGEMENT’S DISCUSSION OF MARKET CONDITIONS FOR THE YEAR ENDED DECEMBER 31, 2012

The following represents Vantagepoint Investment Advisers, LLC’s (“VIA”) views of the major market conditions that prevailed in 2012. This commentary should not be considered a complete discussion of all markets, but a brief discussion so that a Fund’s performance can be read in context with the performance of those markets in which it invests. Each Fund’s commentary should be read together with this discussion of market conditions for the year ended December 31, 2012.

Equity and fixed income securities markets offered positive returns for 2012, with equity markets generally outperforming fixed income markets. Equity markets generally offered double-digit returns for the year while bond returns varied, led by the high-yield (“junk bond”) sector. Equity markets and high yield bonds rallied in the first quarter of the year amid signs of improving U.S. economic conditions along with progress on the European sovereign debt crisis. In the second quarter, equity markets lost some of their first quarter gains and longer-maturity U.S. Treasuries prices rose amid renewed concerns about a slowing of the U.S. economic recovery and stability in the eurozone, which consists of those European Union nations that use the euro as their sole national currency. Equity markets and fixed income markets, again led by high yield bonds, offered positive returns in the third quarter as investor sentiment shifted with developments such as the European Central Bank’s pledge to keep the eurozone together and the Board of Governors of the Federal Reserve announcement of a third round of quantitative easing. Equity markets offered mixed returns in the fourth quarter, influenced by disappointing corporate earnings reports and U.S. political concerns, while high yield corporate bonds were among the best performing fixed income sectors. The U.S. economy continued to show signs of strengthening over the year, which generally supported investor interest in and returns from riskier holdings. During the year, the Board of Governors of the Federal Reserve System extended its commitment to maintaining low interest rates in the U.S., and the eurozone continued to work to resolve the debt crisis and economic issues, which also supported investor interest in riskier holdings.

U.S. fixed income markets offered positive returns in 2012, with high yield fixed income securities generally producing the strongest returns. Lower credit quality rated fixed income sectors generally outperformed those with higher credit quality ratings, and longer-maturity fixed income securities generally outperformed shorter-maturity securities. Treasury inflation-protected securities outperformed U.S. Treasuries with similar maturities, reflecting investors’ expectations for inflation. Intermediate and longer term U.S. Treasury interest rates were modestly lower at year end than they were at the beginning of the year.

The U.S. equity market offered double-digit positive returns in 2012, with all sectors of the S&P 500 Index, representing the larger capitalization stocks traded in the U.S., providing positive returns. The returns were led by the economically sensitive Financials and Consumer Discretionary sectors, each with returns in excess of 20 percent. Value-style equities generally offered higher returns than growth-style equities. Equities of mid-capitalization size companies generally outperformed equities of small- and large-capitalization companies.

The equity markets of countries outside the U.S. generally offered positive double-digit returns for the year, and the equity markets of emerging market countries generally outperformed the equity markets of developed countries. Equity markets of countries outside the U.S. varied similarly to the U.S. markets during the first three quarters of the year but generally outperformed the U.S. markets in the fourth quarter and for the year as a whole. Foreign fixed income market returns varied, generally providing positive returns to U.S. dollar investors as the eurozone continued to work to resolve the debt crisis and economic issues.

Vantagepoint Low Duration Bond Fund

The Vantagepoint Low Duration Bond Fund’s investment objective 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 invest 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 (effective duration is a measure of the expected change in value of a fixed income security for a given change in interest rates). The Fund’s investments may include securities issued or guaranteed by the U.S. Government or foreign governments and their agencies and instrumentalities, or supra-national organizations (such as the World Bank); securities issued by U.S. or foreign companies; U.S. and foreign mortgage-backed and asset-backed securities; and municipal securities. The Fund generally invests in investment grade fixed income securities (i.e., securities rated within the four highest grades by a major ratings agency or unrated securities that the Fund’s subadvisers determine are of comparable quality). The Fund may invest up to 10% of its net assets in securities that are rated below investment grade (commonly known as “high yield securities” or “junk bonds”) or are unrated securities that the Fund’s subadvisers determine are of comparable quality. Investments in foreign securities are limited to 30% of the Fund’s net assets.

The Fund may invest up to 10% of its net assets in derivative instruments. The Fund’s subadvisers may use futures, options, and swap agreements to manage risk or obtain or adjust investment exposure. The Fund’s subadvisers also may use forward currency contracts to obtain or adjust investment exposure or to manage foreign currency risks. The Fund’s investments in credit default swaps, if any, will be less than 5% of the Fund’s net assets.

Performance

The Vantagepoint Low Duration Bond Fund gained 3.97% in 2012. The Fund’s market benchmark, the BofA Merrill Lynch 1–3 Year US Corporate & Government Index, gained 1.48% while the Fund’s peer group benchmark, the Morningstar Short-Term Bond Funds Average, a group of mutual funds with similar investment objectives, gained 3.67%.

The Fund’s absolute performance in 2012 benefited from positive returns in all fixed income sectors included in the Fund, led by the performance of corporate securities, asset-backed securities and mortgage-backed securities. Additionally, the Fund benefitted from an allocation to high-yield securities (“junk bonds”).

The Fund outperformed its market benchmark primarily due to an overweight allocation to investment-grade corporate securities, led by the performance of the Financials sector and asset-backed securities and mortgage-backed securities. Additionally, the Fund’s performance benefitted from an overweight allocation to high yield securities.

The Fund outperformed its peer group benchmark primarily due to an overweight allocation to investment-grade corporate securities. This outperformance was partially offset by an underweight allocation to lower rated investment-grade securities.

The Fund used interest rate futures during the year to seek to manage interest rate risk and to seek to obtain investment exposure based on anticipated changes in interest rates. The use of these derivatives did not have a material impact to the Fund’s return. The Fund used forward currency contracts to manage foreign currency risk associated with the Fund’s foreign bond exposure. The use of forward currency contracts reduced the Fund’s foreign currency risk exposure throughout the year and did not have a material impact on the Fund’s return.

VIA uses more than one subadviser to manage the Fund’s assets. This multi-management strategy seeks to improve consistency of returns over time by eliminating reliance on the results of a single subadviser. The Fund’s subadvisers are as follows:

Subadviser Data

Payden & Rygel


Founded:		1983
Investment Style:		Low duration

STW Fixed Income Management LLC


Founded:		1977
Investment Style:		Low duration

Vantagepoint Low Duration Bond Fund

Sector Allocation as of December 31, 2012 (% of Net Assets)

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The primary source of sector allocation classification is BondEdge. Due to rounding, pie chart allocations may not add up to 100%.

Vantagepoint Low Duration Bond Fund vs. BofA Merrill Lynch 1–3 Year US Corporate & Government Index

Growth of $10,000 Invested December 31, 2002*

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Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint Low Duration Bond Fund

Average Annual Total Returns for the periods ended December 31, 2012*


One Year	3.97	%

Three Years	2.89	%

Five Years	3.48	%

Ten Years	3.50	%

Fund Inception Date	December 4, 2000

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

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

Vantagepoint Inflation Protected Securities Fund

The Vantagepoint Inflation Protected Securities Fund’s investment objective is to offer current income. The Fund invests, under normal circumstances, at least 80% of its net assets in inflation-adjusted U.S. and foreign fixed income securities. Under normal circumstances, the Fund invests at least 50% of its net assets in U.S. Treasury inflation-protected securities (“TIPS”). The Fund’s investments in these securities may include fixed income securities issued or guaranteed by the U.S. government, foreign governments (national, regional, or local), their agencies or instrumentalities, or supra-national organizations (such as the World Bank); U.S. and foreign corporate fixed income securities; and municipal securities. Investments in U.S. and foreign fixed income securities whose values are not linked to adjustments in inflation rates are limited to 20% of the Fund’s net assets.

The Fund may invest up to 20% of its net assets in derivative instruments. The Fund’s subadvisers may use futures, options, and swap agreements to manage risk or obtain or adjust investment exposure. The Fund’s subadvisers also may use forward currency contracts to obtain or adjust investment exposure or to manage foreign currency risks. The Fund’s investments in credit default swaps, if any, will be less than 5% of the Fund’s net assets.

Performance

The Vantagepoint Inflation Protected Securities Fund gained 6.84% in 2012. The Fund’s market benchmark, the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), gained 6.98%, while the Fund’s peer group benchmark, the Morningstar Inflation-Protected Bond Funds Average, a group of mutual funds with similar investment objectives, gained 6.45%.

The Fund’s positive absolute return in 2012 was primarily the result of favorable market conditions, with inflation-protected securities benefitting from the decline in real yields.

The Fund’s underperformance relative to its market benchmark primarily resulted from exposures to non-inflation-protected U.S. Treasury securities and to mortgage-backed securities. The underperformance was partially offset by exposure to investment-grade corporate bonds and duration changes of the holdings throughout the year as interest rate expectations changed.

The Fund outperformed its peer group benchmark primarily due to an overweight allocation to inflation-protected bonds, which generally outperformed comparable non-inflation protected bonds. The outperformance was partially offset by an underweight allocation to credit sectors.

The Fund used derivative instruments during the year to seek to manage interest rate risk and to seek to obtain investment exposure based on the Fund subadvisers’ views on interest rates and yield curves. Derivatives used included interest rate and bond futures, options, swaps, and swaptions. Derivatives used to obtain investment exposure provided positive returns, benefitting Fund performance. Interest rate swaps and swaptions used to manage interest rate risk also provided slightly positive returns, benefitting Fund performance.

Subadviser Data

BlackRock Financial Management, Inc.


Founded:		1988
Investment Style:		Broad-based inflation-linked

Pacific Investment Management Company, LLC


Founded:		1971
Investment Style:		Broad-based inflation-linked

Vantagepoint Inflation Protected Securities Fund

Sector Allocation as of December 31, 2012 (% of Net Assets)

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The primary source of sector allocation classification is BondEdge. Due to rounding, pie chart allocations may not add up to 100%.

Vantagepoint Inflation Protected Securities Fund vs. Barclays U.S. TIPS Index (Series-L)

Growth of $10,000 Invested December 31, 2002*

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Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint Inflation Protected Securities Fund

Average Annual Total Returns for the periods ended December 31, 2012*


One Year	6.84	%

Three Years	8.08	%

Five Years	6.66	%

Ten Years	5.04	%

Fund Inception Date	July 1, 1992

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

Vantagepoint Equity Income Fund

The Vantagepoint Equity Income Fund’s investment objective 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. The Fund seeks to invest primarily in the common stocks of U.S. companies that the Fund’s subadvisers believe will pay dividends at above-market levels. As a result of the Fund’s income focus, certain sectors or industries may be emphasized. The Fund may exhibit greater sensitivity to certain economic factors, such as changing interest rates, than will the general stock market. The Fund may invest across companies of all sizes but generally focuses on larger capitalization companies, which tend to have stable long-term earnings and dividend-paying records. The Fund also may invest in foreign equity securities, U.S. and foreign convertible securities, and U.S. preferred stock.

Performance

The Vantagepoint Equity Income Fund gained 14.33% in 2012. The Fund’s market benchmark, the Russell 1000 Value Index, gained 17.51%, while the Fund’s peer group benchmark, the Morningstar Large Value Funds Average, a group of mutual funds with similar investment objectives, gained 14.57%.

The Fund’s absolute performance generally reflected the positive returns of the U.S. equity market in 2012. The Fund’s positive absolute performance primarily resulted from the returns of holdings in the Materials, Consumer Discretionary, Financials, and Industrials sectors. This positive performance was partially offset by holdings in the Information Technology, Utilities, and Energy sectors.

The Fund’s underperformance relative to its market benchmark primarily resulted from the performance of holdings in the Information Technology, Financials, Energy, and Health Care sectors. Returns of the Fund’s holdings in the Financials sector contributed to this relative underperformance by providing returns that were positive but lower than returns of the benchmark’s holdings in that sector. Favorable performance from holdings in the Materials sector, an overweight allocation to the Consumer Discretionary sector, and an underweight allocation to the Utilities sector partially offset this underperformance.

The Fund’s underperformance relative to its peer group benchmark primarily reflected returns from holdings in the Information Technology, Financials, and Energy sectors. This underperformance was partially offset by returns from holdings in the Industrials and Telecommunication Services sectors, as well as overweight allocations to the Materials sector.

Subadviser Data

Barrow, Hanley, Mewhinney & Strauss, LLC


Founded:		1979
Investment Style:		Contrarian value

Southeastern Asset Management, Inc.


Founded:		1975
Investment Style:		Special situations

T. Rowe Price Associates, Inc.


Founded:		1937
Investment Style:		Relative yield value

Vantagepoint Equity Income Fund

Sector Allocation as of December 31, 2012 (% of Total Investments)

LOGO

The primary source of sector allocation classification is FactSet. Due to rounding, pie chart allocations may not add up to 100%.

Vantagepoint Equity Income Fund vs. Russell 1000 Value Index

Growth of $10,000 Invested December 31, 2002*

LOGO

Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint Equity Income Fund

Average Annual Total Returns for the periods ended December 31, 2012*


One Year	14.33	%

Three Years	9.02	%

Five Years	1.28	%

Ten Years	7.81	%

Fund Inception Date	April 1, 1994

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

Vantagepoint Growth & Income Fund

The Vantagepoint Growth & Income Fund’s investment objective 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 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. The Fund also may invest in foreign equity securities, mid-capitalization equity securities, U.S. preferred stock, and U.S. convertible securities.

Performance

The Vantagepoint Growth & Income Fund gained 16.53% in 2012. The Fund’s market benchmark, the S&P 500 Index, gained 16.00%, while the Fund’s peer group benchmark, the Morningstar Large Blend Funds Average, a group of mutual funds with similar investment objectives, gained 14.96%.

The Fund’s absolute performance generally reflected the positive returns of the U.S. equity market in 2012. This positive absolute performance primarily resulted from the returns of holdings in the Financials, Industrials, Consumer Discretionary, and Materials sectors.

The Fund’s outperformance relative to its market benchmark primarily resulted from the performance of holdings in the Industrials and Consumer Staples sectors, as well as an underweight allocation to the Utilities sector. The performance of holdings in the Financials, Consumer Discretionary, and Energy sectors partially offset this relative outperformance as the positive absolute performance provided by the Fund’s holdings in these sectors was lower than the performance of the benchmark’s holdings in these sectors.

The Fund’s outperformance relative to its peer group benchmark primarily reflected returns from holdings in the Industrials, Information Technology, and Consumer Staples sectors, as well as an underweight allocation to the Utilities sector. This outperformance was partially offset by returns from holdings in the Health Care sector, as well as an overweight allocation to the Materials sector.

Subadviser Data

Fiduciary Management, Inc.


Founded:		1980
Investment Style:		Large-cap blend

T. Rowe Price Associates, Inc.


Founded:		1937
Investment Style:		Blue chip growth

Wellington Management Company, LLP


Founded:		1928
Investment Style:		Yield focused

Vantagepoint Growth & Income Fund

Sector Allocation as of December 31, 2012 (% of Total Investments)

LOGO

The primary source of sector allocation classification is FactSet. Due to rounding, pie chart allocations may not add up to 100%.

Vantagepoint Growth & Income Fund vs. S&P 500 Index

Growth of $10,000 Invested December 31, 2002*

LOGO

Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint Growth & Income Fund

Average Annual Total Returns for the periods ended December 31, 2012*


One Year	16.53	%

Three Years	9.94	%

Five Years	1.88	%

Ten Years	7.10	%

Fund Inception Date	October 2, 1998

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

Vantagepoint Growth Fund

The Vantagepoint Growth Fund’s investment objective 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 seasoned medium- and large-capitalization firms. The Fund also may invest in foreign equity securities, small-capitalization equity securities, U.S. preferred stock, and U.S. convertible securities.

Performance

The Vantagepoint Growth Fund gained 14.67% in 2012. The Fund’s market benchmark, the Russell 1000 Growth Index, gained 15.26% for the year. The Fund’s peer group benchmark, the Morningstar Large Growth Funds Average, a group of mutual funds with similar investment objectives, gained 15.34%.

The Fund’s absolute performance reflected the generally positive returns of the U.S. equity market in 2012. This positive absolute performance resulted from returns in all sectors in which the Fund had holdings, and particularly from holdings in the Financials, Materials, Health Care, and Consumer Discretionary sectors.

The Fund’s underperformance relative to its market benchmark primarily resulted from the performance of holdings in the Health Care, Consumer Discretionary, and Industrials sectors. While the Fund’s holdings in these sectors provided positive absolute returns, the returns were lower than returns of the benchmark’s holdings in those sectors. An overweight allocation to the Energy sector and the performance of holdings in the Materials and Financials sectors partially offset this underperformance.

The Fund’s underperformance relative to its peer group benchmark primarily resulted from the returns of holdings in the Consumer Discretionary and Information Technology sectors. While the Fund’s holdings in these sectors provided positive absolute returns, the returns were lower than returns of the peer group benchmark’s holdings in those sectors. This underperformance was partially offset by returns from holdings in the Energy, Health Care, and Materials sectors.

Subadviser Data

Atlanta Capital Management Company, LLC


Founded:		1969
Investment Style:		Large-cap growth

Columbus Circle Investors


Founded:		1975
Investment Style:		Large-cap growth

Victory Capital Management, Inc.


Founded:		1994
Investment Style:		Large-cap growth

Westfield Capital Management Company, L.P.


Founded:		1989
Investment Style:		Large-cap growth

On January 23, 2012 Tukman Grossman Capital Management, Inc., D.G. Capital Management Trust and Legg Mason Capital Management, Inc. were terminated as subadvisers to the Fund, and Atlanta Capital Management Company, LLC and Victory Capital Management, Inc. began serving as subadvisers to the Fund.

Vantagepoint Growth Fund

Sector Allocation as of December 31, 2012 (% of Total Investments)

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The primary source of sector allocation classification is FactSet. Due to rounding, pie chart allocations may not equal 100%.

Vantagepoint Growth Fund vs. Russell 1000 Growth Index

Growth of $10,000 Invested December 31, 2002*

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Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint Growth Fund

Average Annual Total Returns for the periods ended December 31, 2012*


One Year	14.67	%

Three Years	8.00	%

Five Years	–1.17	%

Ten Years	4.75	%

Fund Inception Date	April 1, 1983

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

Vantagepoint Select Value Fund

The Vantagepoint Select Value Fund’s investment objective 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 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. The Fund may invest up to 10% of its net assets in real estate investment trusts. The Fund also may invest in foreign equity securities, U.S. preferred stocks, U.S. convertible securities, and small-capitalization equity securities.

Performance

The Vantagepoint Select Value Fund gained 16.55% in 2012. The Fund’s market benchmark, the Russell Midcap Value Index, gained 18.51%, while the Fund’s peer group benchmark, the Morningstar Mid-Cap Value Funds Average, a group of mutual funds with similar investment objectives, gained 16.60%.

The Fund’s positive absolute performance reflected positive returns for mid-capitalization stocks in the U.S. equity market in 2012. The Fund’s absolute performance resulted from positive returns in all sectors, led by returns in the Consumer Discretionary, Financials, and Materials sectors.

The Fund’s underperformance relative to its market benchmark primarily resulted from the performance of holdings in the Industrials, Consumer Staples, and Energy sectors, as well as overweight allocations to the Information Technology and Energy sectors. Favorable returns from holdings in the Financials and Materials sectors, as well as an underweight allocation to the Utilities sector partially offset this underperformance.

The Fund’s underperformance relative to its peer group benchmark primarily reflected returns from the Fund’s holdings in the Industrials, Financials, and Consumer Staples sectors providing lower returns than the returns from peers’ holdings in those sectors, as well as an overweight allocation to the Information Technology sector and an underweight allocation to the Materials sector. This underperformance was partially offset by favorable returns from holdings in the Consumer Discretionary sector, as well as an underweight allocation to the Utilities sector.

Subadviser Data

Artisan Partners Limited Partnership


Founded:		1995
Investment Style:		Contrarian value

Systematic Financial Management, L.P.


Founded:		1982
Investment Style:		Relative value

WEDGE Capital Management, LLP


Founded:		1984
Investment Style:		Concentrated traditional value

Vantagepoint Select Value Fund

Sector Allocation as of December 31, 2012 (% of Total Investments)

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The primary source of sector allocation classification is FactSet. Due to rounding, pie chart allocations may not add up to 100%.

Vantagepoint Select Value Fund vs. Russell Midcap Value Index

Growth of $10,000 Invested October 30, 2007*

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Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint Select Value Fund

Average Annual Total Returns for the periods ended December 31, 2012*


One Year	16.55	%

Three Years	11.88	%

Five Years	4.85	%

Since Inception	3.46	%

Fund Inception Date	October 30, 2007

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

Vantagepoint Aggressive Opportunities Fund

The Vantagepoint Aggressive Opportunities Fund’s investment objective 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 normally invests is expected to be that of the Russell Midcap Index. The Fund also may invest in foreign equity securities (including those of issuers located in emerging market countries), U.S. preferred stock, and U.S. and foreign convertible securities.

The Fund’s subadvisers may use futures and options to manage risk or to obtain or adjust investment exposure. The Fund’s subadvisers also may manage foreign currency risks by using forward currency contracts. Investments in derivatives are limited to 10% of the Fund’s net assets but normally will not exceed 5% of the Fund’s net assets.

Performance

The Vantagepoint Aggressive Opportunities Fund gained 15.44% in 2012. The Fund’s market benchmark, the Russell Midcap Growth Index, gained 15.81%, while its peer group benchmark, the Morningstar Mid-Cap Growth Funds Average, a group of mutual funds with similar investment objectives, gained 14.07%.

The Fund’s absolute performance reflected the generally positive returns for mid- and small- capitalization stocks in the U.S. equity market in 2012. The Fund’s positive absolute performance resulted from returns in all sectors except Energy, and was led by the returns from holdings in the Health Care, Telecommunications, Materials and Consumer Discretionary sectors.

The Fund’s underperformance relative to its market benchmark primarily resulted from the performance of holdings in the Financials, Industrials and Information Technology sectors. Favorable returns from holdings in the Health Care and Consumer Discretionary sectors partially offset this underperformance.

The Fund’s outperformance relative to its peer group benchmark primarily reflected returns from holdings in the Health Care and Materials sectors, as well as an overweight allocation to the Telecommunications sector. This outperformance was partially offset by the performance of holdings in the Information Technology and Industrials sectors.

Subadviser Data

Southeastern Asset Management, Inc.


Founded:		1975
Investment Style:		Special situations

SSgA Funds Management, Inc.


Founded:		1978
Investment Style:		Passive indexing

TimesSquare Capital Management, LLC


Founded:		2004
Investment Style:		Growth opportunities

Wells Capital Management Inc.


Founded:		1996
Investment Style:		Fundamental small and medium capitalization growth equity

On August 27, 2012, Legg Mason Capital Management, Inc. and Wellington Management, LLP were terminated as subadvisers to the Fund, and SSgA Funds Management, Inc. and Wells Capital Management Inc. began serving as subadvisers to the Fund. SSgA Funds Management, Inc. employs a “passively managed” or index strategy, which seeks to approximate the performance and investment characteristics of a customized version of the Russell Midcap Growth Index. The customized index is an equally weighted index, while the Russell Midcap Growth Index is market capitalization weighted.

Vantagepoint Aggressive Opportunities Fund

Sector Allocation as of December 31, 2012 (% of Total Investments)

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The primary source of sector allocation classification is FactSet. Due to rounding, pie chart allocations may not add up to 100%.

Vantagepoint Aggressive Opportunities Fund vs. Russell Midcap Growth Index

Growth of $10,000 Invested December 31, 2002*

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Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint Aggressive Opportunities Fund

Average Annual Total Returns for the periods ended December 31, 2012*


One Year	15.44	%

Three Years	7.20	%

Five Years	1.77	%

Ten Years	9.51	%

Fund Inception Date	October 1, 1994

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

Vantagepoint Discovery Fund

The Vantagepoint Discovery Fund’s investment objective is to offer long-term capital growth. The Fund invests, under normal circumstances, primarily in a combination of common stocks of U.S. small capitalization companies, Russell 2000 Index futures contracts, and U.S. and foreign fixed income securities. The Fund’s subadvisers select stocks that they believe have above average potential for growth and that generally have market capitalizations that fall within the range of companies in the Russell 2000 Index. The Fund’s U.S. and foreign fixed income securities (1) are held, in part, as collateral in conjunction with the Fund’s use of futures contracts; (2) may include government and agency securities, corporate bonds, mortgage-backed securities, asset-backed securities, and municipal securities; and (3) at all times have a portfolio effective duration no greater than three years (effective duration is a measure of the expected change in value of a fixed income security for a given change in interest rates). The Fund also may invest in foreign equity securities (including those of issuers located in emerging market countries), U.S. preferred stock, and U.S. and foreign convertible securities. The Fund’s fixed income securities are generally investment grade securities (i.e., securities rated within the four highest grades by a major ratings agency or unrated securities that the Fund’s subadvisers determine are of comparable quality). In addition to Russell 2000 Index futures contracts, the Fund’s subadvisers may use futures, options, and swap agreements to manage risk, or to obtain or adjust investment exposure. The Fund’s subadvisers also may use forward currency contracts to obtain or adjust investment exposure or to manage foreign currency risks. The Fund’s investments in derivative instruments are limited to 15% of the Fund’s net assets.

Performance

The Vantagepoint Discovery Fund gained 15.74% in 2012. The Fund’s market benchmark, the Russell 2000 Index, gained 16.35%, while its peer group benchmark, the Morningstar Small Blend Funds Average, a group of mutual funds with similar investment objectives, gained 15.46%.

The Fund’s absolute performance primarily reflected the positive returns for small-capitalization stocks and futures on those stocks in the U.S. equity market in 2012. The positive absolute return for the Fund primarily resulted from the performance of holdings in the Health Care, Consumer Discretionary, and Industrials sectors, which was partially offset by returns from holdings in the Telecommunications Services, Energy, and Consumer Staples sectors. The Fund’s fixed income securities, held in conjunction with the Russell 2000 Index futures contracts, generated positive absolute returns.

The Fund’s underperformance relative to its market benchmark primarily resulted from the performance of holdings in the Financials, Energy, and Materials sectors, as well as an overweight allocation to the Energy sector. Favorable returns from holdings in the Health Care and Information Technology sectors partially offset this underperformance.

The Fund’s outperformance relative to its peer group benchmark primarily reflected returns from holdings in the Health Care, Consumer Discretionary, and Industrials sectors. This outperformance was partially offset by returns from holdings in the Telecommunication Services sector.

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

Subadviser Data

Payden & Rygel


Founded:		1983
Investment Style:		Enhanced index

Wellington Management Company, LLP


Founded:		1928
Investment Style:		Diversified small-blend

Vantagepoint Discovery Fund Asset Class Exposure

as of December 31, 2012* (% of Net Assets)

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

Vantagepoint Discovery Fund

Fixed Income Sector Allocation as of December 31, 2012 (% of Net Assets excluding Equities)

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The Fixed Income Sector Allocation reflected in this pie chart was calculated using the actual fixed income securities held by the Fund. This pie represents the portion of the Fund classified as Bonds in the Asset Class Exposure Table. The primary source of fixed income sector classification is BondEdge. Due to rounding, pie chart allocations may not equal 100%.

Vantagepoint Discovery Fund

Equity Sector Allocation as of December 31, 2012 (% of Total Investments excluding Bonds and Cash/Cash Equivalents)

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The Equity Sector Allocation reflected in this pie chart was calculated using the actual equity securities held by the Fund and blending them with the sectors represented in the Russell 2000 Index futures held by this Fund. This pie chart represents the portion of the Fund classified as Stocks in the Asset Class Exposure Table.

The primary source of equity sector classification is FactSet. Due to rounding, pie chart allocations may not equal 100%.

Vantagepoint Discovery Fund vs. Russell 2000 Index

Growth of $10,000 Invested October 30, 2007*

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Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint Discovery Fund

Average Annual Total Returns for the periods ended December 31, 2012*


One Year	15.74	%

Three Years	11.05	%

Five Years	3.25	%

Since Inception	1.81	%

Fund Inception Date	October 30, 2007

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

Vantagepoint International Fund

The Vantagepoint International Fund’s investment objective is to offer long-term capital growth and diversification by country. The Fund invests primarily in the common stocks of companies headquartered outside of 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 those 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. The Fund also may invest in U.S. or foreign fixed income securities, U.S. equity securities, and U.S. or foreign convertible securities.

The Fund’s subadvisers may use futures and options to manage risk or to obtain or adjust investment exposure. The Fund’s subadvisers also may use forward currency contracts to obtain or adjust investment exposure or to manage foreign currency risks. Investments in derivatives are limited to 10% of the Fund’s net assets but normally will not exceed 5% of the Fund’s net assets.

Performance

The Vantagepoint International Fund gained 18.57% in 2012. The Fund’s market benchmark, the MSCI Europe Australasia and Far East (EAFE) Index (Net), gained 17.32%, while its peer group benchmark, the Morningstar Foreign Large Blend Funds Average, a group of mutual funds with similar investment objectives, gained 18.29%.

The Fund’s absolute return reflected the positive returns to U.S. investors from foreign stocks in 2012. The Fund experienced gains in all geographic regions, but particularly in continental Europe in the second half of the year and developed Asia excluding Japan. Returns to U.S. investors were positive in Japan, but reduced by the currency effect of a weakened Yen.

The Fund’s outperformance relative to its market benchmark primarily resulted from the performance of holdings in developed Asian countries. An underweight allocation to Japan and an overweight allocation to emerging markets also benefitted performance. In developed countries, an underweight allocation to the Financials sector along with underperformance from holdings in that sector partially offset this outperformance.

The Fund’s outperformance relative to its peer group benchmark primarily reflected the returns from holdings in developed Asia excluding Japan and an overweight allocation to the region. Returns from holdings in the Consumer Discretionary and Energy sectors benefitted performance, while an underweight allocation to and underperformance by holdings in the Financials sector partially offset this outperformance.

The Fund used forward foreign currency contracts during the year to manage foreign currency risk, which served to reduce the impact of foreign currency fluctuations on U.S. dollar returns and, obtain or adjust investment exposure to foreign currencies to facilitate the trading of the foreign securities in which the fund is invested.

Subadviser Data

Artisan Partners Limited Partnership


Founded:		1995
Investment Style:		International growth opportunities

GlobeFlex Capital, LP


Founded:		1994
Investment Style:		Diversified all-cap

Mondrian Investment Partners Limited


Founded:		1990
Investment Style:		Value-oriented international

Walter Scott & Partners Limited


Founded:		1983
Investment Style:		Concentrated growth

Vantagepoint International Fund

Country Allocation as of December 31, 2012 (% of Net Assets)

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*Other represents countries with under a 2.0% individual weighting.

The primary source of country allocation classification is FactSet. Due to rounding, pie chart allocations may not add up to 100%.

Vantagepoint International Fund vs. MSCI EAFE Index (Net)

Growth of $10,000 Invested December 31, 2002*

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Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint International Fund

Average Annual Total Returns for the periods ended December 31, 2012*


One Year	18.57	%

Three Years	5.27	%

Five Years	–2.55	%

Ten Years	7.79	%

Fund Inception Date	October 1, 1994

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.

Vantagepoint Diversifying Strategies Fund

The Vantagepoint Diversifying Strategies Fund’s investment objective 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 (i.e., a “low correlation” to such asset classes). In combination, the Fund’s investment strategies seek to provide investment exposure to U.S. and foreign stocks and fixed income securities (including convertible securities) and foreign currencies through direct investments or through the use of derivative instruments. The Fund employed three strategies in 2012 — a global tactical asset allocation strategy, a low duration-plus fixed income strategy, and a convertible securities strategy. The Fund’s assets allocated to the global tactical asset allocation strategy are invested in derivative instruments that provide investment exposure to equity securities, investment grade fixed income securities, and currencies issued by issuers located in any part of the world, including emerging market countries. The Fund’s assets allocated to the convertible securities strategy are invested in U.S. and foreign convertible securities (which may include securities of issuers located in emerging market countries), and also may be invested in a combination of either convertible or non-convertible bonds, and common stocks or equity options, to seek to replicate the investment exposure of convertible securities or to seek to manage risk. In addition, the Fund’s assets allocated to this strategy may also be invested in non-convertible bonds, common stocks as well as restricted securities. The Fund’s assets allocated to the low duration-plus fixed income strategy are invested in core short and intermediate maturity U.S. and foreign fixed income securities that combined generally have a portfolio effective duration of no greater than three years (effective duration is a measure of the expected change in value of a fixed income security for a given change in interest rates).

The Fund uses derivative instruments, including futures and options, swap agreements, and forward currency contracts, to achieve desired investment exposure, enhance portfolio efficiency, or manage risk. Trading in derivative instruments is used as an alternative to, or in conjunction with, buying, selling, and holding stocks and fixed income securities. The Fund may take both long and short positions in derivatives. The market value of the Fund’s net assets held in short positions in derivative instruments is not expected to exceed 25% of the market value of the Fund’s net assets. Normally, on average and over the long term, this percentage is expected to be between 0% and 10%. The Fund does not sell underlying securities short. The Fund’s investments in credit default swaps, if any, will be less than 5% of the Fund’s net assets.

Performance

The Vantagepoint Diversifying Strategies Fund gained 3.53% during 2012. The Fund’s market benchmark, the Barclays U.S. Intermediate Aggregate Bond Index, gained 3.56%. The Fund’s custom benchmark, which is comprised of 50% S&P 500 Index and 50% Barclays U.S. Intermediate Aggregate Bond Index, gained 9.76%.

The Fund’s positive absolute performance in 2012 resulted from favorable returns from the convertible securities and low duration-plus fixed income strategies. The global tactical asset allocation strategy had a neutral impact on the Fund’s absolute performance.

The Fund’s underperformance relative to its market benchmark resulted from the neutral absolute performance in the global tactical asset allocation strategy underperforming the positive performance in the Fund’s market benchmark. This underperformance primarily reflected underperformance in its currency and equity markets allocations. Performance in the low duration-plus fixed income strategy partially offset this underperformance, primarily due to strength in its investment grade and high yield (“junk bond”) holdings. The convertible securities strategy also partially offset the Fund’s relative underperformance due to its greater equity sensitivity.

The Fund’s underperformance relative to its custom benchmark resulted from each underlying strategy underperforming the custom benchmark. The neutral absolute performance in the global tactical asset allocation strategy underperformed the positive performance in the Fund’s custom benchmark and primarily reflected underperformance in the currency and equity markets allocations. The low duration-plus fixed income strategy and convertible securities strategy both outperformed the fixed income segment of the custom benchmark, but underperformed the blended custom benchmark.

The Fund used derivatives in 2012, primarily in executing its global tactical asset allocation strategy. The Fund used exchange-traded interest rate futures and options on interest rate futures to take long and short positions in U.S. and foreign government bonds. It also used exchange-traded equity futures and, to a lesser extent, over-the-counter options to gain long and short exposure to global equity markets. Additionally, the Fund utilized forward currency contracts to gain or alter exposure to currencies. In combination, the Fund used derivatives positions to seek to provide efficiency in implementing the Fund’s strategy. The Fund’s use of derivatives generally had a neutral impact on the Fund’s absolute performance.

VIA uses more than one subadviser to manage the Fund’s assets. This multi management strategy seeks to improve consistency of returns over time by eliminating reliance on the results of a single subadviser. The Fund’s subadvisers are as follows:

Subadviser Data

Calamos Advisors LLC


Founded:		1977
Investment Style:		Global convertible securities

Mellon Capital Management Corporation


Founded:		1983
Investment Style:		Global tactical asset allocation

Payden & Rygel


Founded:		1983
Investment Style:		Low duration-plus fixed income
		Enhanced cash management

Shenkman Capital Management, Inc.


Founded:		1985
Investment Style:		Convertible securities

Vantagepoint Diversifying Strategies Fund Asset Class Exposure

as of December 31, 2012* (% of Net Assets)

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The Fund’s investments in convertible securities may be categorized as stocks or bonds in the above chart, and may consist of direct holdings of such securities or exposure to such securities obtained through the use of derivative instruments. Portfolio exposures represent the market value of physical securities and a measurement of exposure to asset classes through the derivative instruments held by the fund as a percent of the fund’s net assets. For the purpose of displaying this allocation information, exposure through derivatives is measured based on the value of the underlying assets, rate, or index represented by the derivative. This measurement is different from the valuation used for the purposes of calculating the fund’s net asset value, is intended to reflect the “economic exposure” of the derivative, and results in a total percentage reflected in the chart that exceeds 100%. In its use of derivative instruments, the fund may take both long positions (the values of which move in the same direction as the prices of the underlying investments, pools of investments, indexes or currencies) and short positions (the values of which move in the opposite direction as the prices of the underlying investments, pools of investments, indexes or currencies). These long and short positions are reflected above.

Vantagepoint Diversifying Strategies Fund vs. Barclays U.S. Intermediate Aggregate Bond Index and Custom Benchmark | Growth of $10,000 Invested October 30, 2007*

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Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint Diversifying Strategies Fund

Average Annual Total Returns for the periods ended December 31, 2012*


One Year	3.53	%

Three Years	2.87	%

Five Years	1.60	%

Since Inception	1.53	%

Fund Inception Date	October 30, 2007

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 50% Barclays Capital U.S. Intermediate Aggregate Bond Index and 50% S&P 500 Index, which 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 indexes.

Vantagepoint Index Funds

The Vantagepoint Index Funds follow an indexed or “passively managed” approach to investing. The Index Funds invest in securities that are selected to try to approximate the investment characteristics and performance of their respective benchmarks. Because it can be very expensive to buy and sell all of the securities in a target benchmark, the Index Funds, with the exception of the 500 Stock Index Fund and the Overseas Equity Index Fund, employ sampling techniques to approximate benchmark characteristics, such as capitalization and industry weightings, using fewer securities than are contained in the benchmark. Therefore, the performance of the Index Funds versus their respective benchmarks may deviate more than that of funds investing in all of the securities contained in the benchmark. The 500 Stock Index Fund invests, under normal circumstances, at least 90% of its net assets in stocks included in the S&P 500 Index, weighted to seek to replicate the investment characteristics and performance that correlates with that of the index. The Overseas Equity Index Fund invests, under normal circumstances, at least 90% of its net assets in equity securities included in the MSCI Europe Australasia Far East (EAFE) Index (Net), weighted to seek to replicate the investment characteristics and performance that correlates with that of the index.

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

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

The Vantagepoint Broad Market Index Fund’s investment objective is to offer long-term capital growth by approximating the performance of the Wilshire 5000 Total Market Index.

The Vantagepoint Mid/Small Company Index Fund’s investment objective is to offer long-term capital growth by approximating the performance of the Wilshire 4500 Completion Index.

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

Performance

Performance of the Index Funds will differ from the underlying indexes for several reasons. First, fund fees and expenses reduce Fund performance, while the indexes themselves bear no management fees, transaction costs or other expenses. Second, due to sampling techniques used by the Core Bond, Broad Market, and Mid/Small Company Index Funds, there will be tracking error, which may impact Fund performance positively or negatively. Third, changes to the indexes, such as additions or deletions in the securities contained in an index and rebalancing, can cause tracking error which may impact the Fund’s performance positively or negatively as compared to its benchmark index. Fourth, the timing of cash flows into and out of a Fund will affect its ability to precisely track its underlying index. Fifth, there may be pricing differences if the underlying index and the Fund use different pricing sources. This is more common in the Overseas Equity Index Fund and the Core Bond Index Fund.

The Vantagepoint Core Bond Index Fund gained 3.80% (Class I shares) and 3.98% (Class II shares). The Fund’s market benchmark, the Barclays U.S. Aggregate Bond Index, gained 4.21%.

The Vantagepoint 500 Stock Index Fund gained 15.62% (Class I shares) and 15.74% (Class II shares). The Fund’s market benchmark, the S&P 500 Index, gained 16.00%.

The Vantagepoint Broad Market Index Fund gained 15.64% (Class I shares) and 15.82% (Class II shares). The Fund’s market benchmark, the Wilshire 5000 Total Market Index, gained 16.06%.

The Vantagepoint Mid/Small Company Index Fund gained 17.89% (Class I shares) and 18.17% (Class II shares). The Fund’s market benchmark, the Wilshire 4500 Completion Index, gained 17.99%.

The Vantagepoint Overseas Equity Index Fund gained 18.51% (Class I shares) and 18.74% (Class II shares). The Fund’s market benchmark, the MSCI EAFE Index (Net), gained 17.32%.

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 Overseas Equity Fund also used forward currency contracts to manage foreign currency risk associated with the Fund’s foreign equity exposure. The use of forward currency contracts reduced the Fund’s foreign currency risk exposure throughout the year.

The Index Funds’ subadviser is Mellon Capital Management Corporation.

Subadviser Data

Mellon Capital Management Corporation


Founded:		1983
Investment Style:		Indexing

Vantagepoint Core Bond Index Fund

Sector Allocation as of December 31, 2012 (% of Net Assets)

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The primary source of sector allocation classification is BondEdge. Due to rounding, pie chart allocations may not add up to 100%.

Vantagepoint Core Bond Index Fund Class I vs. Barclays U.S. Aggregate Bond Index

Growth of $10,000 Invested December 31, 2002*

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Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint Core Bond Index Fund Class II vs. Barclays U.S. Aggregate Bond Index

Growth of $10,000 Invested December 31, 2002*

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Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint Core Bond Index Fund

Average Annual Total Returns for the periods ended December 31, 2012*


	Class I Shares			Class II Shares

One Year		3.80	%		3.98	%
Three Years		5.77	%		5.98	%
Five Years		5.50	%		5.70	%
Ten Years		4.74	%		4.95	%

Fund Inception Date		June 2, 1997			April 5, 1999

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.

Vantagepoint 500 Stock Index Fund

Sector Allocation as of December 31, 2012 (% of Total Investments)

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The primary source of sector allocation classification is FactSet. Due to rounding, pie chart allocations may not add up to 100%.

Vantagepoint 500 Stock Index Fund Class I vs. S&P 500 Index

Growth of $10,000 Invested December 31, 2002*

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Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint 500 Stock Index Fund Class II vs. S&P 500 Index

Growth of $10,000 Invested December 31, 2002*

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Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint 500 Stock Index Fund

Average Annual Total Returns for the periods ended December 31, 2012*


	Class I Shares			Class II Shares

One Year		15.62	%		15.74	%
Three Years		10.45	%		10.65	%
Five Years		1.28	%		1.47	%
Ten Years		6.66	%		6.85	%

Fund Inception Date		June 2, 1997			April 5, 1999

Vantagepoint Broad Market Index Fund

Sector Allocation as of December 31, 2012 (% of Total Investments)

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The primary source of sector allocation classification is FactSet. Due to rounding, pie chart allocations may not add up to 100%.

Vantagepoint Broad Market Index Fund Class I vs. Wilshire 5000 Total Market Index

Growth of $10,000 Invested December 31, 2002*

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Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint Broad Market Index Fund Class II vs. Wilshire 5000 Total Market Index

Growth of $10,000 Invested December 31, 2002*

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Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint Broad Market Index Fund

Average Annual Total Returns for the periods ended December 31, 2012*


	Class I Shares			Class II Shares

One Year		15.64	%		15.82	%
Three Years		10.86	%		11.09	%
Five Years		1.85	%		2.05	%
Ten Years		7.54	%		7.75	%

Fund Inception Date		October 1, 1994			April 5, 1999

The Fund’s market benchmark, the Wilshire 5000 Total Market Index, consists of all U.S. equity securities with readily available price data (which includes common stocks, interests in real estate investment trusts and limited partnership interests of U.S. companies, that have their primary market listing in the U.S.) and is calculated using a float-adjusted market capitalization weighting. The float-adjusted methodology adjusts an individual stock’s market capitalization to account for (by excluding) shares that may be restricted or otherwise unavailable for purchase. 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.

Vantagepoint Mid/Small Company Index Fund

Sector Allocation as of December 31, 2012 (% of Total Investments)

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The primary source of sector allocation classification is FactSet. Due to rounding, pie chart allocations may not add up to 100%.

Vantagepoint Mid/Small Company Index Fund Class I vs. Wilshire 4500 Completion Index

Growth of $10,000 Invested December 31, 2002*

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Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint Mid/Small Company Index Fund Class II vs. Wilshire 4500 Completion Index

Growth of $10,000 Invested December 31, 2002*

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Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint Mid/Small Company Index Fund

Average Annual Total Returns for the periods ended December 31, 2012*


	Class I Shares			Class II Shares

One Year		17.89	%		18.17	%
Three Years		13.16	%		13.40	%
Five Years		3.93	%		4.14	%
Ten Years		10.40	%		10.62	%

Fund Inception Date		June 2, 1997			April 5, 1999

The Fund’s market benchmark, the Wilshire 4500 Completion Index, consists of all U.S. equity securities included in the Wilshire 5000 Total Market Index, excluding the companies in the S&P 500 Index. As such, it consists of small- and mid-capitalization U.S. equity securities. It is calculated using a float adjusted market capitalization weighting, which adjusts an individual stock’s market capitalization to account for (by excluding) shares that may be restricted or otherwise unavailable for purchase. 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.

Vantagepoint Overseas Equity Index Fund

Country Allocation as of December 31, 2012 (% of Net Assets)

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*Other represents countries with under a 2.0% individual weighting.

The primary source of country allocation classification is FactSet. Due to rounding, pie chart allocations may not equal 100%.

Vantagepoint Overseas Equity Index Fund Class I vs. MSCI EAFE Index (Net)

Growth of $10,000 Invested December 31, 2002*

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Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint Overseas Equity Index Fund Class II vs. MSCI EAFE Index (Net)

Growth of $10,000 Invested December 31, 2002*

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Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint Overseas Equity Index Fund

Average Annual Total Returns for the periods ended December 31, 2012*


	Class I Shares			Class II Shares

One Year		18.51	%		18.74	%
Three Years		3.67	%		3.85	%
Five Years		–3.64	%		–3.45	%
Ten Years		7.86	%		8.08	%

Fund Inception Date		June 2, 1997			April 5, 1999

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.

Vantagepoint Model Portfolio Savings Oriented Fund

The Vantagepoint Model Portfolio Savings Oriented Fund’s investment objective is to offer capital preservation, reasonable current income, and some capital growth while seeking to limit risk. The Fund invests in a combination of underlying Vantagepoint Funds to seek to obtain exposure to approximately 55% fixed income investments, 25% equity investments, and 20% investments in asset classes and strategies that have historically exhibited a low correlation to traditional fixed income and equity investments (a “multi-strategy” Fund), by investing in the following Vantagepoint Funds at target allocations within the percentage ranges indicated:


FIXED INCOME FUNDS
Low Duration Bond Fund		26%–36%
Core Bond Index Fund		4%–14%
Inflation Protected Securities Fund		10%–20%

EQUITY FUNDS
Equity Income Fund		5%–15%
Growth & Income Fund		5%–15%
International Fund		0%–10%

MULTI-STRATEGY FUND
Diversifying Strategies Fund		18%–22%

Performance

The Vantagepoint Model Portfolio Savings Oriented Fund gained 7.20% in 2012. The Fund’s market benchmark, the Barclays U.S. Intermediate Aggregate Bond Index (the Barclays Index), gained 3.56%, while the Fund’s peer group benchmark, the Morningstar Conservative Allocation Funds Average, a group of mutual funds with similar investment objectives, gained 9.40%. The Fund’s custom benchmark gained 6.65%. The Fund’s custom benchmark is composed of the S&P 500 Index and the Barclays Index, in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent.

The Model Portfolio Savings Oriented Fund produced a positive absolute return in 2012 due to the positive performance of all of the underlying funds. The positive absolute performance primarily resulted from exposure to the underlying equity funds, with the International Fund providing the most favorable performance. The Fund’s three underlying fixed income funds all produced positive returns, as the Inflation Protected Securities Fund increased 6.84%, Low Duration Bond Fund gained 3.97%, and Core Bond Index Fund (Class I) rose 3.80%. The Fund’s three underlying equity funds also produced positive returns, as the International Fund gained 18.57%, Growth & Income Fund gained 16.53%, and Equity Income Fund returned 14.33%. The Diversifying Strategies Fund, a multi-strategy Fund, gained 3.53%. Please refer to each underlying fund’s commentary within this report for more information.

The Fund’s outperformance relative to its market benchmark, which is a fixed income benchmark, resulted from returns of all of the underlying funds with the exception of the Diversifying Strategies Fund, which marginally underperformed the Fund’s market benchmark. The Fund’s equity fund allocation particularly benefitted the Fund’s relative performance as the underlying equity funds outperformed the underlying fixed income funds.

The Fund’s underperformance relative to its peer group benchmark primarily reflected its lower than peer average allocation to equity funds, which outperformed fixed income funds. Additionally, the underlying fixed income funds’ investments in higher credit-rated securities detracted from relative performance, as lower credit-rating securities generally outperformed higher credit-rating securities, within both the investment-grade and the high-yield (“junk bond”) market sectors.

The Fund’s outperformance relative to its custom benchmark resulted from each underlying fixed income fund and each underlying equity fund (except the Equity Income Fund) outperforming the Barclays Index and the S&P 500 Index, respectively. The Diversifying Strategies Fund, which trailed the performance of the Barclays Index, also partially offset this outperformance.

Vantagepoint Model Portfolio Savings Oriented Fund

Underlying Fund Allocation as of December 31, 2012 (% of Net Assets)

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

Vantagepoint Model Portfolio Savings Oriented Fund vs. Barclays U.S. Intermediate Aggregate Bond Index and Custom Benchmark | Growth of $10,000 Invested December 31, 2002*

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Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint Model Portfolio Savings Oriented Fund

Average Annual Total Returns for the periods ended December 31, 2012*


One Year	7.20	%

Three Years	5.43	%

Five Years	3.58	%

Ten Years	4.95	%

Fund Inception Date	February 9, 1995

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

Vantagepoint Model Portfolio Conservative Growth Fund

The Vantagepoint Model Portfolio Conservative Growth Fund’s investment objective is to offer reasonable current income and capital preservation, with modest potential for capital growth. The Fund invests in a combination of underlying Vantagepoint Funds to seek to obtain exposure to approximately 41% fixed income investments, 40% equity investments, and 19% investments in asset classes and strategies that have historically exhibited a low correlation to traditional fixed income and equity investments (a “multi-strategy” Fund), by investing in the following Vantagepoint Funds at target allocations within the percentage ranges indicated:


FIXED INCOME FUNDS
Low Duration Bond Fund		14%–24%
Core Bond Index Fund		7%–17%
Inflation Protected Securities Fund		5%–15%

EQUITY FUNDS
Equity Income Fund		6%–16%
Growth & Income Fund		4%–14%
Growth Fund		1%–11%
Select Value Fund		0%–8%
Aggressive Opportunities Fund		0%–8%
International Fund		3%–13%

MULTI-STRATEGY FUND
Diversifying Strategies Fund		17%–21%

Performance

The Vantagepoint Model Portfolio Conservative Growth Fund gained 8.88% in 2012. The Fund’s market benchmark, the Barclays U.S. Intermediate Aggregate Bond Index (the Barclays Index), gained 3.56%, while the Fund’s peer group benchmark, the Morningstar Conservative Allocation Funds Average, a group of mutual funds with similar investment objectives, gained 9.40%. The Fund’s custom benchmark gained 8.52%. The Fund’s custom benchmark is composed of the Barclays Index and the S&P 500 Index, in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent.

The Model Portfolio Conservative Growth Fund produced a positive absolute return in 2012 due to the positive performance of all of the underlying funds. The positive absolute performance primarily resulted from exposure to the underlying equity funds, with the International Fund providing the most favorable performance. The Fund’s six underlying equity funds all produced positive results, with returns ranging between 18.57% for the International Fund and 14.33% for the Equity Income Fund. The Fund’s three underlying fixed income funds all produced positive returns, as the Inflation Protected Securities Fund increased 6.84%, Low Duration Bond Fund gained 3.97%, and Core Bond Index Fund (Class I) rose 3.80%. The Diversifying Strategies Fund gained 3.53%. Please refer to each underlying fund’s commentary within this report for more information.

The Fund’s underperformance relative to its peer group benchmark primarily resulted from an overweight allocation, through its underlying equity funds, to growth-style equity securities, as value-style equity securities generally outperformed growth-style equity securities. Additionally, the underlying fixed income funds’ investment in higher credit-rating securities detracted from relative performance, as lower credit-rating securities generally outperformed higher credit-rating securities, within both the investment-grade and the high-yield (“junk bond”) market sectors.

The Fund’s outperformance relative to its custom benchmark primarily resulted from each underlying fixed income fund outperforming the Barclays Index, and from the International Fund, Select Value Fund, and Growth & Income Fund outperforming the S&P 500 Index. The Fund’s allocations to the Equity Income Fund, Growth Fund, Aggressive Opportunities Fund, and Diversifying Strategies Fund partially offset this outperformance as these underlying funds underperformed the respective broad market index in the Fund’s custom benchmark.

Vantagepoint Model Portfolio Conservative Growth Fund

Underlying Fund Allocation as of December 31, 2012 (% of Net Assets)

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

Vantagepoint Model Portfolio Conservative Growth Fund vs. Barclays U.S. Intermediate Aggregate Bond Index and Custom Benchmark | Growth of $10,000 Invested December 31, 2002*

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Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint Model Portfolio Conservative Growth Fund

Average Annual Total Returns for the periods ended December 31, 2012*


One Year	8.88	%

Three Years	6.15	%

Five Years	3.16	%

Ten Years	5.59	%

Fund Inception Date	April 1, 1996

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

Vantagepoint Model Portfolio Traditional Growth Fund

The Vantagepoint Model Portfolio Traditional Growth Fund’s investment objective is to offer moderate capital growth and reasonable current income. The Fund invests in a combination of underlying Vantagepoint Funds to seek to obtain exposure to approximately 25% fixed income investments, 60% equity investments, and 15% investments in asset classes and strategies that have historically exhibited a low correlation to traditional fixed income and equity investments (a “multi-strategy” Fund), by investing in the following Vantagepoint Funds at target allocations within the percentage ranges indicated:


FIXED INCOME FUNDS
Low Duration Bond Fund		3%–13%
Core Bond Index Fund		8%–18%
Inflation Protected Securities Fund		0%–9%

EQUITY FUNDS
Equity Income Fund		7%–17%
Growth & Income Fund		7%–17%
Growth Fund		5%–15%
Select Value Fund		1%–11%
Aggressive Opportunities Fund		1%–11%
Discovery Fund		0%–8%
International Fund		7%–17%

MULTI-STRATEGY FUND
Diversifying Strategies Fund		13%–17%

Performance

The Vantagepoint Model Portfolio Traditional Growth Fund gained 11.20% in 2012. The Fund’s market benchmark, the S&P 500 Index, gained 16.00%, while the Fund’s peer group benchmark, the Morningstar Moderate Allocation Funds Average, a group of mutual funds with similar investment objectives, gained 11.72%. The Fund’s custom benchmark gained 11.01%. The Fund’s custom benchmark is composed of the S&P 500 Index and the Barclays U.S. Intermediate Aggregate Bond Index (the Barclays Index), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent.

The Model Portfolio Traditional Growth Fund produced a positive absolute return in 2012 due to the positive performance of all of the underlying funds. The positive absolute performance primarily resulted from allocations to the underlying equity funds, with the International Fund providing the most favorable performance. The Fund’s seven underlying equity funds all produced positive results, with returns ranging between 18.57% for the International Fund and 14.33% for the Equity Income Fund. The Fund’s three underlying fixed income funds all produced positive returns, as the Inflation Protected Securities Fund increased 6.84%, Low Duration Bond Fund gained 3.97%, and Core Bond Index Fund (Class I) rose 3.80%. The Diversifying Strategies Fund gained 3.53%. Please refer to each underlying fund’s commentary within this report for more information.

The Fund’s underperformance relative to its market benchmark, which is an equity benchmark, primarily resulted from its allocation to fixed income funds and the multi-strategy fund, as these underlying funds generally trailed the Fund’s equity market benchmark. Additionally, the Equity Income Fund, Growth Fund, Aggressive Opportunities Fund, and Discovery Fund underperformed the Fund’s market benchmark. The Fund’s allocations to the Growth & Income Fund, Select Value Fund, and International Fund partially offset this underperformance, as these underlying funds outperformed the Fund’s market benchmark.

The Fund’s underperformance relative to its peer group benchmark primarily resulted from the underlying fixed income funds’ investments in higher credit-rating securities, as lower credit-rating securities generally outperformed higher credit-rating securities, within both the investment-grade and the high-yield (“junk bond”) sectors. This underperformance was partially offset by the underlying equity funds, as each underlying equity fund outperformed the Fund’s peer group benchmark. Additionally, an overweight allocation, through the underlying funds, to foreign equity securities, which generally outperformed U.S. equity securities, and an overweight allocation, through the Inflation Protected Securities Fund, to U.S. Treasury inflation-protected securities, which outperformed U.S. Treasuries, partially offset this underperformance.

The Fund’s outperformance relative to its custom benchmark primarily resulted from each underlying fixed income fund outperforming the Barclays Index, and from the International Fund, Select Value Fund, and Growth & Income Fund outperforming the S&P 500 Index. The Equity Income Fund, Growth Fund, Aggressive Opportunities Fund, Discovery Fund, and Diversifying Strategies Fund partially offset this outperformance, as these underlying funds underperformed the respective broad market index in the Fund’s custom benchmark.

Vantagepoint Model Portfolio Traditional Growth Fund

Underlying Fund Allocation as of December 31, 2012 (% of Net Assets)

LOGO

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

Vantagepoint Model Portfolio Traditional Growth Fund vs. S&P 500 Index and Custom Benchmark

Growth of $10,000 Invested December 31, 2002*

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Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint Model Portfolio Traditional Growth Fund

Average Annual Total Returns for the periods ended December 31, 2012*


One Year	11.20	%

Three Years	7.05	%

Five Years	2.52	%

Ten Years	6.31	%

Fund Inception Date	April 1, 1996

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

Vantagepoint Model Portfolio Long-Term Growth Fund

The Vantagepoint Model Portfolio Long-Term Growth Fund’s investment objective is to offer high long-term capital growth and modest current income. The Fund invests in a combination of underlying Vantagepoint Funds to seek to obtain exposure to approximately 13% fixed income investments, 75% equity investments, and 12% investments in asset classes and strategies that have historically exhibited a low correlation to traditional fixed income and equity investments (a “multi strategy” Fund), by investing in the following Vantagepoint Funds at target allocations within the percentage ranges indicated:


FIXED INCOME FUND
Core Bond Index Fund		8%–18%

EQUITY FUNDS
Equity Income Fund		8%–18%
Growth & Income Fund		8%–18%
Growth Fund		7%–17%
Select Value Fund		4%–14%
Aggressive Opportunities Fund		4%–14%
Discovery Fund		0%–10%
International Fund		11%–21%

MULTI-STRATEGY FUND
Diversifying Strategies Fund		10%–14%

Performance

The Vantagepoint Model Portfolio Long-Term Growth Fund gained 12.93% in 2012. The Fund’s market benchmark, the S&P 500 Index, gained 16.00%, while the Fund’s peer group benchmark, the Morningstar Aggressive Allocation Funds Average, a group of mutual funds with similar investment objectives, gained 13.42%. The Fund’s custom benchmark gained 12.88%. The Fund’s custom benchmark is composed of the S&P 500 Index and the Barclays U.S. Intermediate Aggregate Bond Index (the Barclays Index), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent.

The Model Portfolio Long-Term Growth Fund produced a positive absolute return in 2012 due to the positive performance of all of the underlying funds. The positive absolute performance primarily resulted from exposure to the underlying equity funds, with the International Fund providing the most favorable performance. The Fund’s seven underlying equity funds produced returns ranging from 18.57% for the International Fund to 14.33% for the Equity Income Fund. The Fund’s single fixed income fund, the Core Bond Index Fund (Class I), returned 3.80%. Also, the Diversifying Strategies Fund gained 3.53%. Please refer to each underlying fund’s commentary within this report for more information.

The Fund’s underperformance relative to its market benchmark primarily resulted from its allocation to the Core Bond Index Fund (Class I) and the Diversifying Strategies Fund, as these underlying funds generally trailed the Fund’s equity market benchmark. Additionally, the Equity Income Fund, Growth Fund, Aggressive Opportunities Fund, and Discovery Fund underperformed the Fund’s market benchmark. The Fund’s allocations to the Growth & Income Fund, Select Value Fund, and International Fund partially offset this underperformance, as these underlying funds outperformed the Fund’s market benchmark.

The Fund’s underperformance relative to its peer group benchmark primarily resulted from an underweight exposure to equity funds, as the underlying equity funds generally outperformed the Core Bond Index Fund (Class I), as well as from the Core Bond Index Fund’s investments in higher credit-rating securities, as lower credit-rating securities generally outperformed higher credit-rating securities, including within the investment-grade sector. This underperformance was partially offset by an overweight allocation, through the underlying equity funds, to value-style equity securities, as value-style equity securities generally outperformed growth-style equity securities.

The Fund’s outperformance relative to its custom benchmark resulted from the Core Bond Index Fund (Class I) outperforming the Barclays Index and the International Fund, Select Value Fund, and Growth & Income Fund outperforming the S&P 500 Index. This outperformance was partially offset by Equity Income Fund, Growth Fund, Aggressive Opportunities Fund, Discovery Fund, and Diversifying Strategies Fund underperforming the respective market benchmarks in the Fund’s custom benchmark.

Vantagepoint Model Portfolio Long-Term Growth Fund

Underlying Fund Allocation as of December 31, 2012 (% of Net Assets)

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

Vantagepoint Model Portfolio Long-Term Growth Fund vs. S&P 500 Index and Custom Benchmark

Growth of $10,000 Invested December 31, 2002*

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Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint Model Portfolio Long-Term Growth Fund

Average Annual Total Returns for the periods ended December 31, 2012*


One Year	12.93	%

Three Years	7.60	%

Five Years	1.88	%

Ten Years	7.08	%

Fund Inception Date	April 1, 1996

Vantagepoint Model Portfolio All-Equity Growth Fund

The Vantagepoint Model Portfolio All-Equity Growth Fund’s investment objective 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 whose assets are invested, under normal circumstances, at least 80% in equity securities (common and preferred stock) or instruments that provide equity exposure. This investment strategy is implemented by investing in the following Vantagepoint Funds at target allocations within the percentage ranges indicated:


EQUITY FUNDS
Equity Income Fund		13%–23%
Growth & Income Fund		12%–22%
Growth Fund		12%–22%
Select Value Fund		5%–15%
Aggressive Opportunities Fund		5%–15%
Discovery Fund		4%–14%
International Fund		15%–25%

Performance

The Vantagepoint Model Portfolio All-Equity Growth Fund gained 16.00% in 2012. The Fund’s market benchmark, the S&P 500 Index, gained 16.00%, while the Fund’s peer group benchmark, the Morningstar Large Blend Funds Average, a group of mutual funds with similar investment objectives, gained 14.96%. The Fund’s custom benchmark gained 16.34%. The Fund’s custom benchmark is composed of the S&P 500 Index and the MSCI EAFE Index (Net) (the MSCI-EAFE Index), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent.

The Model Portfolio All-Equity Growth Fund produced a positive absolute return in 2012 due to the positive performance of all of the underlying funds, with the International Fund providing the most favorable performance. The Fund’s seven underlying funds produced returns ranging from 18.57% for the International Fund to 14.33% for the Equity Income Fund. Please refer to each underlying fund’s commentary within this report for more information.

The Fund’s performance matched its market benchmark as a result of the performance of the underlying funds and their allocation within the Fund. While the Equity Income Fund, Growth Fund, Aggressive Opportunities Fund, and Discovery Fund underperformed the Fund’s market benchmark, outperformance from the International Fund, Select Value Fund, and Growth & Income Fund offset this underperformance.

The Fund’s outperformance relative to its peer group benchmark was primarily due to an overweight allocation, through the underlying funds, to foreign equity securities, which outperformed U.S. equity securities. Additionally, within the underlying funds allocations to foreign securities, an overweight to emerging market foreign equity securities, through the underlying funds, benefitted relative performance, as emerging market equity securities outperformed foreign developed market equity securities.

The Fund’s underperformance relative to its custom benchmark resulted from the Fund’s allocation to equity funds that trailed the performance of the S&P 500 Index. This underperformance was partially offset by the International Fund outperforming the MSCI-EAFE Index, and the Select Value Fund and Growth & Income Fund outperforming the S&P 500 Index.

Vantagepoint Model Portfolio All-Equity Growth Fund

Underlying Fund Allocation as of December 31, 2012 (% of Net Assets)

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

Vantagepoint Model Portfolio All-Equity Growth Fund vs. S&P 500 Index and Custom Benchmark

Growth of $10,000 Invested December 31, 2002*

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Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint Model Portfolio All-Equity Growth Fund

Average Annual Total Returns for the periods ended December 31, 2012*


One Year	16.00	%

Three Years	8.48	%

Five Years	0.73	%

Ten Years	7.40	%

Fund Inception Date	October 1, 2000

The Fund’s market benchmark, the S&P 500 Index, is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. The custom benchmark is composed of the S&P 500 Index and the MSCI Europe Australasia Far East (EAFE) Index (Net) (the MSCI-EAFE Index) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with any changes in the Fund’s target percentage allocations. The MSCI-EAFE Index is a free float-adjusted market capitalization index of equity securities that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada, 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. A fund’s exposure, through the underlying funds, to specific securities (or types of securities) may differ significantly from the securities held in the indexes.

Vantagepoint Milestone Retirement Income Fund

The Vantagepoint Milestone Retirement Income Fund’s investment objective is to seek to offer current income and opportunities for capital growth that have limited risk. The Fund invests in a combination of underlying Vantagepoint Funds to seek to obtain exposure to approximately 55% fixed income investments, 25% equity investments, and 20% investments in asset classes and strategies that have historically exhibited a low correlation to traditional fixed income and equity investments (a “multi-strategy” Fund), by investing in the following Vantagepoint Funds at target allocations within the percentage ranges indicated:


FIXED INCOME FUNDS
Low Duration Bond Fund		26%–36%
Core Bond Index Fund		4%–14%
Inflation Protected Securities Fund		10%–20%

EQUITY FUNDS
Equity Income Fund		5%–15%
Growth & Income Fund		5%–15%
International Fund		0%–10%

MULTI-STRATEGY FUND
Diversifying Strategies Fund		15%–25%

Performance

The Vantagepoint Milestone Retirement Income Fund gained 7.18% in 2012. The Fund’s market benchmark, the Barclays U.S. Intermediate Aggregate Bond Index (the Barclays Index), gained 3.56%, while the Fund’s peer group benchmark, the Morningstar Retirement Income Funds Average, a group of mutual funds with similar investment objectives, gained 9.01%. The Fund’s custom benchmark gained 6.65%. The Fund’s custom benchmark is composed of the Barclays Index and the S&P 500 Index, in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent.

All of the underlying funds of the Milestone Retirement Income Fund produced positive absolute returns in 2012. The Inflation Protected Securities Fund increased 6.84%, the Low Duration Bond Fund gained 3.97%, and the Core Bond Index Fund (Class I) rose 3.80%. The International Fund gained 18.57%, Growth & Income Fund gained 16.53% and Equity Income Fund returned 14.33%. The Diversifying Strategies Fund gained 3.53%. Please refer to each underlying fund’s commentary within this report for more information.

The Fund’s outperformance relative to its market benchmark, which is a fixed income benchmark, resulted from the returns of all of the underlying funds with the exception of the Diversifying Strategies Fund, which marginally underperformed the Fund’s market benchmark. The Fund’s allocation to the underlying equity funds particularly benefitted the Fund’s relative performance, as the underlying equity funds generally outperformed the underlying fixed income funds.

The Fund’s underperformance relative to its peer group benchmark primarily resulted from an underweight exposure to equity funds, as the underlying equity funds generally outperformed the underling fixed income funds. Additionally, the Fund had an underweight allocation, through its underlying funds, in foreign equity securities, which detracted from relative performance, as foreign equity securities generally outperformed U.S. equity securities. Within the Fund’s allocation to fixed income funds, the underlying fixed income funds’ investments in higher credit-rating, lower price-volatility securities detracted from relative performance, as lower credit-rating securities generally outperformed higher credit-rating securities. An overweight allocation, through the underlying equity funds, to value-style equity securities partially offset the underperformance, as value-style equity securities generally outperformed growth-style equity securities.

The Fund’s outperformance relative to its custom benchmark primarily resulted from each underlying fixed income fund outperforming the Barclays Index, and from the International Fund and the Growth & Income Fund outperforming the S&P 500 Index. The Fund’s allocations to the Equity Income Fund and Diversifying Strategies Fund partially offset the outperformance, as these underlying funds underperformed the respective broad market benchmarks in the Fund’s custom benchmark.

Vantagepoint Milestone Retirement Income Fund

Underlying Fund Allocation as of December 31, 2012 (% of Net Assets)

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

Vantagepoint Milestone Retirement Income Fund vs. Barclays U.S. Intermediate Aggregate Bond Index and Custom Benchmark | Growth of $10,000 Invested January 3, 2005*

LOGO

Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint Milestone Retirement Income Fund

Average Annual Total Returns for the periods ended December 31, 2012*


One Year	7.18	%

Three Years	5.47	%

Five Years	3.35	%

Since Inception	4.20	%

Fund Inception Date	January 3, 2005

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

Vantagepoint Milestone 2010 Fund

The Vantagepoint Milestone 2010 Fund’s investment objective is to offer high total return consistent with the Fund’s current asset allocation. The Fund invests in a combination of underlying Vantagepoint Funds 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’s allocations will change over time. The Fund invests in the following Vantagepoint Funds at target allocations within the current ranges indicated:


FIXED INCOME FUNDS
Low Duration Bond Fund		11%–21%
Core Bond Index Fund		2%–12%
Inflation Protected Securities Fund		10%–20%

EQUITY FUNDS
Equity Income Fund		13%–23%
Growth & Income Fund		6%–16%
Growth Fund		2%–12%
International Fund		4%–14%

MULTI-STRATEGY FUND
Diversifying Strategies Fund		13%–23%

The Fund follows a strategy that as time elapses, the Fund’s allocation to equity investments decreases and the Fund’s allocation to fixed income and multi strategy investments increases so that by June 30 of the year 2020 (ten years after the year indicated in the Fund’s name), the Fund’s net assets will be invested approximately 25% in equity Funds, 55% in fixed income Funds, and 20% in the multi-strategy Fund.

Performance

The Vantagepoint Milestone 2010 Fund gained 9.53% in 2012. The Fund’s market benchmark, the Barclays U.S. Intermediate Aggregate Bond Index (the Barclays Index), gained 3.56%, while the Fund’s peer group benchmark, the Morningstar Target Date 2000-2010 Funds Average, a group of mutual funds with similar investment objectives, gained 9.61%. The Fund’s custom benchmark gained 9.11%. The Fund’s custom benchmark is composed of the Barclays Index and the S&P 500 Index, in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent.

All of the underlying funds of the Milestone 2010 Fund produced positive absolute returns in 2012. The Inflation Protected Securities Fund increased 6.84%, the Low Duration Bond Fund gained 3.97%, and the Core Bond Index Fund (Class I) rose 3.80%. The Fund’s underlying equity funds produced returns ranging from 18.57% for the International Fund to 14.33% for the Equity Income Fund. The Diversifying Strategies Fund gained 3.53%. Please refer to each underlying fund’s commentary within this report for more information.

The Fund’s outperformance relative to its market benchmark, which is a fixed income benchmark, resulted from returns of all of the underlying funds with the exception of the Diversifying Strategies Fund, which underperformed the Fund’s market benchmark. The Fund’s allocation to equity funds particularly benefitted the Fund’s relative performance, as the underlying equity funds generally outperformed the underlying fixed income funds.

The Fund’s underperformance relative to its peer group benchmark primarily resulted from the Fund’s underweight allocation, through its underlying funds, to foreign equity securities, as foreign equity securities generally outperformed U.S. equity securities. Within the Fund’s allocation to fixed income funds, the underlying fixed income funds’ investments in higher credit-rating, lower price-volatility securities detracted from relative performance, as lower credit-rating securities generally outperformed higher credit-rating securities. An overweight allocation to equity funds partially offset this underperformance, as the underlying equity funds generally outperformed the underlying fixed income funds. Additionally, through the underlying equity funds, an overweight allocation to value-style equity securities partially offset the underperformance, as value-style equity securities generally outperformed growth-style equity securities.

The Fund’s outperformance relative to its custom benchmark primarily resulted from each underlying fixed income fund outperforming the Barclays Index, and from the International Fund and the Growth & Income Fund outperforming the S&P 500 Index. The Fund’s allocations to the Equity Income Fund, Growth Fund, and Diversifying Strategies Fund partially offset this outperformance, as these underlying funds underperformed their respective broad market benchmark in the Fund’s custom benchmark.

Vantagepoint Milestone 2010 Fund

Underlying Fund Allocation as of December 31, 2012 (% of Net Assets)

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

Vantagepoint Milestone 2010 Fund vs. Barclays U.S. Intermediate Aggregate Bond Index and Custom Benchmark

Growth of $10,000 Invested January 3, 2005*

LOGO

Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint Milestone 2010 Fund

Average Annual Total Returns for the periods ended December 31, 2012*


One Year	9.53	%

Three Years	6.42	%

Five Years	3.24	%

Since Inception	4.51	%

Fund Inception Date	January 3, 2005

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

Vantagepoint Milestone 2015 Fund

The Vantagepoint Milestone 2015 Fund’s investment objective is to offer high total return consistent with the Fund’s current asset allocation. The Fund invests in a combination of underlying Vantagepoint Funds using an asset allocation strategy designed for investors expecting to begin gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), in or around the year 2015.

The Fund’s allocations will change over time. The Fund invests in the following Vantagepoint Funds at target allocations within the current ranges indicated:


FIXED INCOME FUNDS
Low Duration Bond Fund		7%–17%
Core Bond Index Fund		4%–14%
Inflation Protected Securities Fund		6%–16%

EQUITY FUNDS
Equity Income Fund		14%–24%
Growth & Income Fund		6%–16%
Growth Fund		3%–13%
Mid/Small Company Index Fund		0%–10%
International Fund		5%–15%

MULTI-STRATEGY FUND
Diversifying Strategies Fund		12%–22%

The Fund follows a strategy that as time elapses, the Fund’s allocation to equity investments decreases and the Fund’s allocation to fixed income and multi-strategy investments increases so that by June 30 of the year 2025 (ten years after the year indicated in the Fund’s name), the Fund’s asset allocation would be approximately 25% equity Funds, 55% fixed income Funds, and 20% in a multi-strategy Fund.

Performance

The Vantagepoint Milestone 2015 Fund gained 10.25% in 2012. The Fund’s market benchmark, the S&P 500 Index, gained 16.00%, while the Fund’s peer group benchmark, the Morningstar Target Date 2011–2015 Funds Average, a group of mutual funds with similar investment objectives, gained 10.65%. The Fund’s custom benchmark gained 10.09%. The Fund’s custom benchmark is composed of the S&P 500 Index and the Barclays U.S. Intermediate Aggregate Bond Index (the Barclays Index), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent.

All of the underlying funds of the Milestone 2015 Fund produced positive absolute returns in 2012. The five underlying equity funds produced returns ranging from 18.57% for the International Fund to 14.33% for the Equity Income Fund. The Inflation Protected Securities Fund increased 6.84%, Low Duration Bond Fund gained 3.97%, and Core Bond Index Fund (Class I) rose 3.80%. The Diversifying Strategies Fund gained 3.53%. Please refer to each underlying fund’s commentary within this report for more information.

The Fund’s underperformance relative to its market benchmark, which is an equity benchmark, primarily resulted from its allocations to the underlying fixed income funds and the multi-strategies fund, as these funds generally underperformed the Fund’s market benchmark. Additionally, the Equity Income Fund and the Growth Fund underperformed the Fund’s market benchmark. The Fund’s allocations to the International Fund, Mid/Small Company Index Fund (Class I), and Growth & Income Fund partially offset this underperformance, as these underlying funds outperformed the Fund’s market benchmark.

The Fund’s outperformance relative to its custom benchmark primarily resulted from each underlying fixed income fund outperforming the Barclays Index, and from the International Fund, Mid/Small Company Index Fund (Class I) and Growth & Income Fund outperforming the S&P 500 Index. The Fund’s allocations to the Equity Income Fund, Growth Fund, and Diversifying Strategies Fund partially offset the outperformance, as these underlying funds underperformed their respective broad market benchmark in the Fund’s custom benchmark.

Vantagepoint Milestone 2015 Fund

Underlying Fund Allocation as of December 31, 2012 (% of Net Assets)

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

Vantagepoint Milestone 2015 Fund vs. S&P 500 Index and Custom Benchmark

Growth of $10,000 Invested January 3, 2005*

LOGO

Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint Milestone 2015 Fund

Average Annual Total Returns for the periods ended December 31, 2012*


One Year	10.25	%

Three Years	6.95	%

Five Years	2.65	%

Since Inception	4.57	%

Fund Inception Date	January 3, 2005

Vantagepoint Milestone 2020 Fund

The Vantagepoint Milestone 2020 Fund’s investment objective is to offer high total return consistent with the Fund’s current asset allocation. The Fund invests in a combination of underlying Vantagepoint Funds using an asset allocation strategy designed for investors expecting to begin gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), in or around the year 2020.

The Fund’s allocations will change over time. The Fund invests in the following Vantagepoint Funds at target allocations within the current ranges indicated:


FIXED INCOME FUNDS
Low Duration Bond Fund		3%–13%
Core Bond Index Fund		8%–18%
Inflation Protected Securities Fund		0%–8%

EQUITY FUNDS
Equity Income Fund		16%–26%
Growth & Income Fund		6%–16%
Growth Fund		3%–13%
Mid/Small Company Index Fund		3%–13%
International Fund		7%–17%

MULTI-STRATEGY FUND
Diversifying Strategies Fund		11%–21%

The Fund follows a strategy that as time elapses, the Fund’s allocation to equity investments decreases and the Fund’s allocation to fixed income and multi-strategy investments increases so that by June 30 of the year 2030 (ten years after the year indicated in the Fund’s name), the Fund’s net assets will be invested approximately 25% in equity Funds, 55% in fixed income Funds, and 20% in the multi-strategy Fund.

Performance

The Vantagepoint Milestone 2020 Fund gained 11.25% in 2012. The Fund’s market benchmark, the S&P 500 Index, gained 16.00%, while the Fund’s peer group benchmark, the Morningstar Target Date 2016-2020 Funds Average, a group of mutual funds with similar investment objectives, gained 11.68%. The Fund’s custom benchmark gained 11.15%. The Fund’s custom benchmark is composed of the S&P 500 Index and the Barclays U.S. Intermediate Aggregate Bond Index (the Barclays Index), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent.

All of the underlying funds of the Milestone 2020 Fund produced positive absolute returns in 2012. The five underlying equity funds produced returns ranging from 18.57% for the International Fund to 14.33% for the Equity Income Fund. The Inflation Protected Securities Fund increased 6.84%, the Low Duration Bond Fund gained 3.97%, and the Core Bond Index Fund (Class I) rose 3.80%. The Diversifying Strategies Fund gained 3.53%. Please refer to each underlying fund’s commentary within this report for more information.

The Fund’s underperformance relative to its market benchmark, which is an equity benchmark, primarily resulted from its allocation to the underlying fixed income funds and the multi-strategies fund, as these funds generally underperformed the Fund’s market benchmark. Additionally, the Equity Income Fund and the Growth Fund underperformed the Fund’s market benchmark. The Fund’s allocations to the International Fund, Mid/Small Company Index Fund (Class I), and Growth & Income Fund partially offset this underperformance, as these underlying funds outperformed the Fund’s market benchmark.

The Fund’s underperformance relative to its peer group benchmark primarily resulted from the Fund’s underweight allocation, through its underlying funds, to foreign equity securities, as foreign equity securities generally outperformed U.S. equity securities. Within the Fund’s allocation to fixed income funds, the underlying fixed income funds investments in higher-quality, lower price-volatility securities detracted from relative performance, as lower credit-rating securities generally outperformed higher credit-rating securities. An overweight allocation to equity funds partially offset this underperformance, as the underlying equity funds generally outperformed the underlying fixed income funds. Additionally, through the underlying equity funds, an overweight allocation to value-style equity securities partially offset the underperformance, as value-style equity securities generally outperformed growth-style equity securities.

The Fund’s outperformance relative to its custom benchmark primarily resulted from the International Fund, Mid/ Small Company Index Fund (Class I), and Growth & Income Fund outperforming the S&P 500 Index, as well as from each underlying fixed income fund outperforming the Barclays Index. The Fund’s allocations to the Equity Income Fund, Growth Fund, and Diversifying Strategies Fund partially offset this outperformance, as these underlying funds underperformed the respective broad market benchmark in the Fund’s custom benchmark.

Vantagepoint Milestone 2020 Fund

Underlying Fund Allocation as of December 31, 2012 (% of Net Assets)

LOGO

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

Vantagepoint Milestone 2020 Fund vs. S&P 500 Index and Custom Benchmark

Growth of $10,000 Invested January 3, 2005*

LOGO

Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint Milestone 2020 Fund

Average Annual Total Returns for the periods ended December 31, 2012*


One Year	11.25	%

Three Years	7.28	%

Five Years	2.19	%

Since Inception	4.51	%

Fund Inception Date	January 3, 2005

Vantagepoint Milestone 2025 Fund

The Vantagepoint Milestone 2025 Fund’s investment objective is to offer high total return consistent with the Fund’s current asset allocation. The Fund invests in a combination of underlying Vantagepoint Funds using an asset allocation strategy designed for investors expecting to begin gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), in or around the year 2025.

The Fund’s allocations will change over time. The Fund invests in the following Vantagepoint Funds at target allocations within the current ranges indicated:


FIXED INCOME FUNDS
Low Duration Bond Fund		0%–9%
Core Bond Index Fund		9%–19%

EQUITY FUNDS
Equity Income Fund		18%–28%
Growth & Income Fund		8%–18%
Growth Fund		4%–14%
Mid/Small Company Index Fund		6%–16%
International Fund		9%–19%

MULTI-STRATEGY FUND
Diversifying Strategies Fund		9%–19%

The Fund follows a strategy that as time elapses, the Fund’s allocation to equity investments decreases and the Fund’s allocation to fixed income and multi strategy investments increases so that by June 30 of the year 2035 (ten years after the year indicated in the Fund’s name), the Fund’s net assets will be invested approximately 25% in equity Funds, 55% in fixed income Funds, and 20% in the multi-strategy Fund.

Performance

The Vantagepoint Milestone 2025 Fund gained 12.24% in 2012. The Fund’s market benchmark, the S&P 500 Index, gained 16.00%, while the Fund’s peer group benchmark, the Morningstar Target Date 2021–2025 Funds Average, a group of mutual funds with similar investment objectives, gained 13.03%. The Fund’s custom benchmark gained 12.19%. The Fund’s custom benchmark is composed of the S&P 500 Index and the Barclays U.S. Intermediate Aggregate Bond Index (the Barclays Index), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent.

All of the underlying funds of the Milestone 2025 Fund produced positive absolute returns in 2012. The five underlying equity funds produced returns ranging from 18.57% for the International Fund to 14.33% for the Equity Income Fund. The Low Duration Bond Fund gained 3.97% and the Core Bond Index Fund (Class I) rose 3.80%. The Diversifying Strategies Fund gained 3.53%. Please refer to each underlying fund’s commentary within this report for more information.

The Fund’s underperformance relative to its peer group benchmark primarily resulted from the Fund’s underweight allocation, through its underlying funds, to foreign equity securities, as foreign equity securities generally outperformed U.S. equity securities. Within the Fund’s allocation to fixed income funds, the underlying fixed income funds’ investment in higher credit-rating, lower price-volatility securities detracted from relative performance, as lower credit-rating securities generally outperformed higher credit-rating securities. An overweight allocation to equity funds partially offset the underperformance, as the underlying equity funds generally outperformed the underlying fixed income funds. Additionally, through the underlying equity funds, an overweight allocation to value-style equity securities partially offset the underperformance, as value-style equity securities generally outperformed growth-style equity securities.

The Fund’s outperformance relative to its custom benchmark primarily resulted from the International Fund, Mid/Small Company Index Fund (Class I), and Growth & Income Fund outperforming the S&P 500 Index, as well as both underlying fixed income funds outperforming the Barclays Index. The Fund’s allocations to the Equity Income Fund, Growth Fund, and Diversifying Strategies Fund partially offset this outperformance, as these underlying funds underperformed their respective broad market benchmark in the Fund’s custom benchmark.

Vantagepoint Milestone 2025 Fund

Underlying Fund Allocation as of December 31, 2012 (% of Net Assets)

LOGO

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

Vantagepoint Milestone 2025 Fund vs. S&P 500 Index and Custom Benchmark

Growth of $10,000 Invested January 3, 2005*

LOGO

Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint Milestone 2025 Fund

Average Annual Total Returns for the periods ended December 31, 2012*


One Year	12.24	%

Three Years	7.70	%

Five Years	1.89	%

Since Inception	4.49	%

Fund Inception Date	January 3, 2005

Vantagepoint Milestone 2030 Fund

The Vantagepoint Milestone 2030 Fund’s investment objective is to offer high total return consistent with the Fund’s current asset allocation. The Fund invests in a combination of underlying Vantagepoint Funds using an asset allocation strategy designed for investors expecting to begin gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), in or around the year 2030.

The Fund’s allocations will change over time. The Fund invests in the following Vantagepoint Funds at target allocations within the current ranges indicated:


FIXED INCOME FUNDS
Low Duration Bond Fund		0%–7%
Core Bond Index Fund		5%–15%

EQUITY FUNDS
Equity Income Fund		19%–29%
Growth & Income Fund		9%–19%
Growth Fund		5%–15%
Mid/Small Company Index Fund		9%–19%
International Fund		11%–21%

MULTI-STRATEGY FUND
Diversifying Strategies Fund		6%–16%

The Fund follows a strategy that as time elapses, the Fund’s allocation to equity investments decreases and the Fund’s allocation to fixed income and multi strategy investments increases so that by June 30 of the year 2040 (ten years after the year indicated in the Fund’s name), the Fund’s net assets will be invested approximately 25% in equity Funds, 55% in fixed income Funds, and 20% in the multi-strategy Fund.

Performance

The Vantagepoint Milestone 2030 Fund gained 13.28% in 2012. The Fund’s market benchmark, the S&P 500 Index, gained 16.00%, while the Fund’s peer group benchmark, the Morningstar Target Date 2026-2030 Funds Average, a group of mutual funds with similar investment objectives, gained 13.59%. The Fund’s custom benchmark gained 13.24%. The Fund’s custom benchmark is composed of the S&P 500 Index and the Barclays U.S. Intermediate Aggregate Bond Index (the Barclays Index), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent.

All of the underlying funds of the Milestone 2030 Fund produced positive absolute returns in 2012. The five underlying equity funds produced returns ranging from 18.57% for the International Fund to 14.33% for the Equity Income Fund. The Low Duration Bond Fund gained 3.97% and the Core Bond Index Fund (Class I) rose 3.80%. The Diversifying Strategies Fund gained 3.53%. Please refer to each underlying fund’s commentary within this report for more information.

The Fund’s underperformance relative to its market benchmark, which is an equity benchmark, primarily resulted from its allocation to the underlying fixed income funds and the multi-strategies fund, as these funds generally underperformed the Fund’s market benchmark. Additionally, the Equity Income Fund and the Growth Fund underperformed the Fund’s market benchmark. The Fund’s allocations to the International Fund, Mid/Small Company Index Fund (Class I), and Growth & Income Fund partially offset the underperformance, as these underlying funds outperformed the Fund’s market benchmark.

The Fund’s underperformance relative to its peer group benchmark primarily resulted from the Fund’s underweight allocation, through its underlying funds, to foreign equity securities, as foreign equity securities generally outperformed U.S. equity securities. Within the Fund’s allocation to fixed income funds, the underlying fixed income funds’ investments in higher credit-rating, lower price-volatility securities detracted from relative performance, as lower credit-rating securities generally outperformed higher credit-rating securities. An overweight allocation to equity funds partially offset the underperformance, as the underlying equity funds generally outperformed the underlying fixed income funds. Additionally, through the underlying equity funds, an overweight allocation to value-style equity securities partially offset the underperformance as value-style equity securities generally outperformed growth-style equity securities.

The Fund’s outperformance relative to its custom benchmark primarily resulted from the International Fund, Mid/ Small Company Index Fund (Class I), and Growth & Income Fund outperforming the S&P 500 Index, as well as from both underlying fixed income funds outperforming the Barclays Index. The Fund’s allocations to the Equity Income Fund, Growth Fund, and Diversifying Strategies Fund partially offset this outperformance, as these underlying funds underperformed the respective broad market benchmark in the Fund’s custom benchmark.

Vantagepoint Milestone 2030 Fund

Underlying Fund Allocation as of December 31, 2012 (% of Net Assets)

LOGO

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

Vantagepoint Milestone 2030 Fund vs. S&P 500 Index and Custom Benchmark

Growth of $10,000 Invested January 3, 2005*

LOGO

Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint Milestone 2030 Fund

Average Annual Total Returns for the periods ended December 31, 2012*


One Year	13.28	%

Three Years	8.08	%

Five Years	1.64	%

Since Inception	4.48	%

Fund Inception Date	January 3, 2005

Vantagepoint Milestone 2035 Fund

The Vantagepoint Milestone 2035 Fund’s investment objective is to offer high total return consistent with the Fund’s current asset allocation. The Fund invests in a combination of underlying Vantagepoint Funds using an asset allocation strategy designed for investors expecting to begin gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), in or around the year 2035.

The Fund’s allocations will change over time. The Fund invests in the following Vantagepoint Funds at target allocations within the current ranges indicated:


FIXED INCOME FUNDS
Low Duration Bond Fund		0%–5%
Core Bond Index Fund		1%–11%

EQUITY FUNDS
Equity Income Fund		20%–30%
Growth & Income Fund		10%–20%
Growth Fund		6%–16%
Mid/Small Company Index Fund		12%–22%
International Fund		12%–22%

MULTI-STRATEGY FUND
Diversifying Strategies Fund		2%–12%

The Fund follows a strategy that as time elapses, the Fund’s allocation to equity investments decreases and the Fund’s allocation to fixed income and multi strategy investments increases so that by June 30 of the year 2045 (ten years after the year indicated in the Fund’s name), the Fund’s net assets will be invested approximately in 25% equity Funds, 55% in fixed income Funds, and 20% in the multi-strategy Fund.

Performance

The Vantagepoint Milestone 2035 Fund gained 14.47% in 2012. The Fund’s market benchmark, the S&P 500 Index, gained 16.00%, while the Fund’s peer group benchmark, the Morningstar Target Date 2031-2035 Funds Average, a group of mutual funds with similar investment objectives, gained 14.64%. The Fund’s custom benchmark gained 14.36%. The Fund’s custom benchmark is composed of the S&P 500 Index and the Barclays U.S. Intermediate Aggregate Bond Index (the Barclays Index), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent.

All of the underlying funds of the Milestone 2035 Fund produced positive absolute returns in 2012. The five underlying equity funds produced returns ranging from 18.57% for the International Fund to 14.33% for the Equity Income Fund. The Low Duration Bond Fund gained 3.97% and the Core Bond Index Fund (Class I) rose 3.80%. The Diversifying Strategies Fund gained 3.53%. Please refer to each underlying fund’s commentary within this report for more information.

The Fund’s underperformance relative to its market benchmark, which is an equity benchmark, primarily resulted from its allocation to the underlying fixed income funds and the multi-strategies fund, as these funds generally underperformed the Fund’s market benchmark. Additionally, the Equity Income Fund and Growth Fund underperformed the Fund’s market benchmark. The Fund’s allocations to the International Fund, Mid/Small Company Index Fund (Class I), and Growth & Income Fund partially offset this underperformance, as these underlying funds outperformed the Fund’s market benchmark.

The Fund’s underperformance relative to its peer group benchmark primarily resulted from the Fund’s underweight allocation, through its underlying funds, to foreign equity securities, as foreign equity securities generally outperformed U.S. equity securities. Within the Fund’s allocation to fixed income funds, the underlying fixed income funds, overweight allocation to higher credit-rating, lower price-volatility securities detracted from relative performance, as lower credit-rating securities generally outperformed higher credit-rating securities. An overweight allocation to equity funds partially offset the underperformance, as the underlying equity funds generally outperformed the underlying fixed income funds. Additionally, through the underlying equity funds, an overweight allocation to value-style equity securities partially offset the underperformance, as value-style equity securities generally outperformed growth-style equity securities.

The Fund’s outperformance relative to its custom benchmark primarily resulted from the International Fund, Mid/ Small Company Index Fund (Class I), and Growth & Income Fund outperforming the S&P 500 Index, as well as from both underlying fixed income funds outperforming the Barclays Index. The Fund’s allocations to the Equity Income Fund, Growth Fund, and Diversifying Strategies Fund partially offset the outperformance, as these underlying funds underperformed the respective broad market benchmark in the Fund’s custom benchmark.

Vantagepoint Milestone 2035 Fund

Underlying Fund Allocation as of December 31, 2012 (% of Net Assets)

LOGO

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

Vantagepoint Milestone 2035 Fund vs. S&P 500 Index and Custom Benchmark

Growth of $10,000 Invested January 3, 2005*

LOGO

Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint Milestone 2035 Fund

Average Annual Total Returns for the periods ended December 31, 2012*


One Year	14.47	%

Three Years	8.56	%

Five Years	1.48	%

Since Inception	4.50	%

Fund Inception Date	January 3, 2005

Vantagepoint Milestone 2040 Fund

The Vantagepoint Milestone 2040 Fund’s investment objective is to offer high total return consistent with the Fund’s current asset allocation. The Fund invests in a combination of underlying Vantagepoint Funds using an asset allocation strategy designed for investors expecting to begin gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), in or around the year 2040.

The Fund’s allocations will change over time. The Fund invests in the following Vantagepoint Funds at target allocations within the current ranges indicated:


FIXED INCOME FUND
Core Bond Index Fund		0%–10%

EQUITY FUNDS
Equity Income Fund		22%–32%
Growth & Income Fund		11%–21%
Growth Fund		7%–17%
Mid/Small Company Index Fund		15%–25%
International Fund		14%–24%

MULTI-STRATEGY FUND
Diversifying Strategies Fund		0%–7%

The Fund follows a strategy that as time elapses, the Fund’s allocation to equity investments decreases and the Fund’s allocation to fixed income and multi strategy investments increases so that by June 30 of the year 2050 (ten years after the year indicated in the Fund’s name), the Fund’s net assets will be invested approximately 25% in equity Funds, 55% in fixed income Funds, and 20% in the multi-strategy Fund.

Performance

The Vantagepoint Milestone 2040 Fund gained 15.33% in 2012. The Fund’s market benchmark, the S&P 500 Index, gained 16.00%, while the Fund’s peer group benchmark, the Morningstar Target Date 2036-2040 Funds Average, a group of mutual funds with similar investment objectives, gained 14.64%. The Fund’s custom benchmark gained 16.31%. The Fund’s custom benchmark is composed of the S&P 500 Index and the MSCI Europe Australasia Far East (EAFE) Index (Net) (the MSCI-EAFE Index), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent.

All of the underlying funds of the Milestone 2040 Fund produced positive absolute returns in 2012. The five underlying equity funds produced returns ranging from 18.57% for the International Fund to 14.33% for the Equity Income Fund. The Core Bond Index Fund (Class I) returned 3.80%. The Diversifying Strategies Fund gained 3.53%. Please refer to each underlying fund’s commentary within this report for more information.

The Fund’s underperformance relative to its market benchmark, which is an equity benchmark, primarily resulted from the Fund’s allocations to the Equity Income Fund and the Growth Fund, as these underlying funds underperformed the Fund’s market benchmark. Additionally, the Core Bond Index Fund (Class I) and the multi-strategies fund underperformed the Fund’s market benchmark. The Fund’s allocations to the International Fund, Mid/Small Company Index Fund (Class I), and Growth & Income Fund partially offset this underperformance, as these underlying funds outperformed the Fund’s market benchmark.

The Fund’s outperformance relative to its peer group benchmark primarily resulted from an overweight to the underlying equity funds, as the underlying equity funds generally outperformed the underlying fixed income funds. Additionally, relative performance benefitted from an overweight allocation, through the underlying equity funds, to value-style equity securities, as value-style equity securities generally outperformed growth-style equity securities. This outperformance was partially offset by the Fund’s underweight allocation, through its underlying funds, to foreign equity securities, as foreign equity securities generally outperformed U.S. equity securities. Additionally, within the Fund’s allocation to fixed income funds, the underlying fixed income funds’ investments in higher credit-rating, lower price-volatility securities detracted from relative performance, as lower credit-rating securities generally outperformed higher credit-rating securities.

The Fund’s underperformance relative to its custom benchmark primarily resulted from the Equity Income Fund, Growth Fund, and Diversifying Strategies Fund underperforming the S&P 500 Index. The underperformance was partially offset by the International Fund outperforming the MSCI-EAFE Index, and the Mid/Small Company Index Fund (Class I), Growth & Income Fund, and Core Bond Index Fund (Class I) outperforming the S&P 500 Index.

Vantagepoint Milestone 2040 Fund

Underlying Fund Allocation as of December 31, 2012 (% of Net Assets)

LOGO

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

Vantagepoint Milestone 2040 Fund vs. S&P 500 Index and Custom Benchmark

Growth of $10,000 Invested January 3, 2005*

LOGO

Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint Milestone 2040 Fund

Average Annual Total Returns for the periods ended December 31, 2012*


One Year	15.33	%

Three Years	8.88	%

Five Years	1.50	%

Since Inception	4.53	%

Fund Inception Date	January 3, 2005

The Fund’s market benchmark, the S&P 500 Index, is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. The custom benchmark is composed of the S&P 500 Index and the MSCI Europe Australasia Far East (EAFE) Index (Net) (the MSCI-EAFE Index) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with any changes in the Fund’s target percentage allocations. The MSCI-EAFE Index is a free float-adjusted market capitalization index of equity securities that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada, 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. A fund’s exposure, through the underlying funds, to specific securities (or types of securities) may differ significantly from the securities held in the indexes.

Vantagepoint Milestone 2045 Fund

The Vantagepoint Milestone 2045 Fund’s investment objective is to offer high total return consistent with the Fund’s current asset allocation. The Fund invests in a combination of underlying Vantagepoint Funds using an asset allocation strategy designed for investors expecting to begin gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), in or around the year 2045.

The Fund’s allocations will change over time. The Fund invests in the following Vantagepoint Funds at target allocations within the current ranges indicated:


FIXED INCOME FUND
Core Bond Index Fund		0%–10%

EQUITY FUNDS
Equity Income Fund		22%–32%
Growth & Income Fund		11%–21%
Growth Fund		8%–18%
Mid/Small Company Index Fund		15%–25%
International Fund		14%–24%

The Fund follows a strategy that as time elapses, the Fund’s allocation to equity investments decreases, the Fund’s allocation to fixed income investments increases and an allocation is added (and increased) to investments in asset classes and strategies that have historically exhibited a low correlation to traditional fixed income and equity investments (a “multi-strategy” Fund) so that by June 30 of the year 2055 (ten years after the year indicated in the Fund’s name), the Fund’s net assets will be invested approximately 25% in equity Funds, 55% in fixed income Funds, and 20% in the multi-strategy Fund.

Performance

The Vantagepoint Milestone 2045 Fund gained 15.49% in 2012. The Fund’s market benchmark, the S&P 500 Index, gained 16.00%, while the Fund’s peer group benchmark, the Morningstar Target Date 2041-2045 Funds Average, a group of mutual funds with similar investment objectives, gained 15.31%. The Fund’s custom benchmark gained 16.32%. The Fund’s custom benchmark is composed of the S&P 500 Index and the MSCI Europe Australasia Far East (EAFE) Index (Net) (the MSCI-EAFE Index), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent.

All of the underlying funds of the Milestone 2045 Fund produced positive absolute returns in 2012. The five underlying equity funds produced returns ranging from 18.57% for the International Fund to 14.33% for the Equity Income Fund. The Core Bond Index Fund (Class I) returned 3.80%. Please refer to each underlying fund’s commentary within this report for more information.

The Fund’s underperformance relative to its market benchmark, which is an equity benchmark, primarily resulted from the Fund’s allocations to the Equity Income Fund and Growth Fund, as these underlying funds underperformed the Fund’s market benchmark. Additionally, the Core Bond Index Fund (Class I) underperformed the Fund’s market benchmark. The Fund’s allocations to the International Fund, Mid/Small Company Index Fund (Class I), and Growth & Income Fund partially offset this underperformance, as these underlying funds outperformed the Fund’s market benchmark.

The Fund’s outperformance relative to its peer group benchmark primarily resulted from an overweight to underlying equity funds, as the underlying equity funds generally outperformed the underlying fixed income funds. Additionally, relative performance benefitted from an overweight allocation, within the underlying equity funds, to value-style equity securities, as value-style equity securities generally outperformed growth-style equity securities. This outperformance was partially offset by the Fund’s underweight allocation, through its underlying funds, to foreign equity securities, as foreign equity securities generally outperformed U.S. equity securities. Additionally, within the Fund’s allocation to fixed income funds, the Core Bond Index Fund’s investments in higher credit-rating, lower price-volatility securities partially offset this outperformance, as lower credit-rating securities generally outperformed higher credit-rating securities.

The Fund’s underperformance relative to its custom benchmark primarily resulted from the Equity Income Fund and Growth Fund underperforming the S&P 500 Index. This underperformance was partially offset by the Fund’s allocations to the International Fund, Mid/Small Company Index Fund (Class I), Growth & Income Fund, and Core Bond Index Fund (Class I), as these underlying funds outperformed the respective benchmarks in the Fund’s custom benchmark.

Vantagepoint Milestone 2045 Fund

Underlying Fund Allocation as of December 31, 2012 (% of Net Assets)

LOGO

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

Vantagepoint Milestone 2045 Fund vs. S&P 500 Index and Custom Benchmark

Growth of $10,000 Invested January 4, 2010*

LOGO

Source for Benchmark Returns: Morningstar^® EnCorr^®

Vantagepoint Milestone 2045 Fund

Average Annual Total Returns for the periods ended December 31, 2012*


One Year	15.49	%

Three Years	8.76	%

Since Inception	8.75	%

Fund Inception Date	January 4, 2010

The Fund’s market benchmark, the S&P 500 Index, is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. The custom benchmark is composed of the S&P 500 Index and the MSCI Europe Australasia Far East (EAFE) Index (Net) (the MSCI-EAFE Index) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with any changes in the Fund’s target percentage allocations. The MSCI-EAFE Index is a free float-adjusted market capitalization index of equity securities that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada, 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. A fund’s exposure, through the underlying funds, to specific securities (or types of securities) may differ significantly from the securities held in the indexes.

Vantagepoint Milestone 2050 Fund

The Vantagepoint Milestone 2050 Fund’s investment objective is to offer high total return consistent with the Fund’s current asset allocation. The Fund invests in a combination of underlying Vantagepoint Funds using an asset allocation strategy designed for investors expecting to begin gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), in or around the year 2050.

The Fund’s allocations will change over time. The Fund invests in the following Vantagepoint Funds at target allocations within the current ranges indicated:


FIXED INCOME FUND
Core Bond Index Fund		0%–10%

EQUITY FUNDS
Equity Income Fund		22%–32%
Growth & Income Fund		11%–21%
Growth Fund		8%–18%
Mid/Small Company Index Fund		15%–25%
International Fund		14%–24%

The Fund follows a strategy that as time elapses, the Fund’s allocation to equity investments decreases, the Fund’s allocation to fixed income investments increases and an allocation is added (and increased) to investments in asset classes and strategies that have historically exhibited a low correlation to traditional fixed income and equity investments (a “multi-strategy” Fund) so that by June 30 of the year 2060 (ten years after the year indicated in the Fund’s name), the Fund’s net assets will be invested approximately 25% in equity Funds, 55% in fixed income Funds, and 20% in the multi-strategy Fund.

Performance

Because the Fund has not been in operation for a full calendar year, no performance information is included in the annual report.

Vantagepoint Milestone 2050 Fund

Underlying Fund Allocation as of December 31, 2012 (% of Net Assets)

LOGO

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

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 changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Low Duration Bond Fund, Inflation Protected Securities Fund, Equity Income Fund, Growth & Income Fund, Growth Fund, Select Value Fund, Aggressive Opportunities Fund, Discovery Fund, International Fund, Diversifying Strategies Fund, Core Bond Index Fund, 500 Stock Index Fund, Broad Market Index Fund, Mid/Small Company Index Fund, Overseas Equity Index Fund, Model Portfolio Savings Oriented Fund, Model Portfolio Conservative Growth Fund, Model Portfolio Traditional Growth Fund, Model Portfolio Long-Term Growth Fund, Model Portfolio All-Equity Growth Fund, Milestone Retirement Income Fund, Milestone 2010 Fund, Milestone 2015 Fund, Milestone 2020 Fund, Milestone 2025 Fund, Milestone 2030 Fund, Milestone 2035 Fund, Milestone 2040 Fund, Milestone 2045 Fund and Milestone 2050 Fund comprising The Vantagepoint Funds (hereafter referred to as the “Funds”) at December 31, 2012, and the results of each of their operations for the period then ended and changes in each of their net assets for each of the fiscal periods presented, and the financial highlights for each of the fiscal periods presented, 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 Funds’ 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 audits 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, 2012 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

March 1, 2013

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

December 31, 2012


	Low Duration Bond			Inflation Protected Securities		Equity Income
ASSETS:
Investment in securities, at value†	$	611,148,898		$	665,191,107	$	2,140,606,159
Cash		—			—		1,984
Cash denominated in foreign currencies		273,348			210,784		—
Receivables:
Dividends		3,771			8,692		2,053,994
Interest		3,349,753			3,114,085		—
Security lending income		1,261			—		32,339
Investments sold		6,629,784			59,158,554		186,668
Fund shares sold		598,648			23,485,305		513,974
Variation margin on futures contracts		—			126,096		—
Unrealized appreciation on swap agreements		—			186,031		—
Due from Broker		—			3,073		—

Total Assets		622,005,463			751,483,727		2,143,395,118

LIABILITIES:
Payables:
Investments purchased		6,675,503			58,345,394		11,043,189
Distributions		506,678			22,439,115		—
Fund shares redeemed		243,399			248,602		754,438
Variation margin on futures contracts		292			—		—
Collateral for securities loaned		21,775,405			—		108,583,360
Unrealized depreciation on swap agreements		—			244		—
Written options, at value (Premium $0, $413,217 and $0, respectively)		—			424,837		—
Due to custodian		8,821			—		—
Unrealized depreciation on forward foreign currency exchange contracts		2,550			—		—
Accrued Expenses:
Advisory fees		50,186			57,025		170,414
Subadviser fees		206,976			332,242		1,715,209
Fund services fees		175,654			199,592		596,461
Administration fees		8,876			8,877		8,876
Directors’ fees and expenses		7,757			9,121		26,749
Other accrued expenses		81,688			82,800		191,918

Total Liabilities		29,743,785			82,147,849		123,090,614

NET ASSETS	$	592,261,678		$	669,335,878	$	2,020,304,504

NET ASSETS REPRESENTED BY:
Paid-in capital	$	582,885,942		$	612,204,099	$	1,793,493,954
Undistributed net investment income (loss)		(125,031	)		—		345,542
Accumulated net realized gain (loss) on investments, futures contracts, foreign currency transactions, written options and swap agreements		(2,520	)		1,239,702		(15,381,176	)
Net unrealized appreciation on investments, futures contracts, foreign currency transactions, written options, and swap agreements		9,503,287			55,892,077		241,846,184

NET ASSETS	$	592,261,678		$	669,335,878	$	2,020,304,504

CAPITAL SHARES:
Net Assets	$	592,261,678		$	669,335,878	$	2,020,304,504
Shares Outstanding		58,120,110			56,429,732		224,278,826
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding)	$	10.19		$	11.86	$	9.01
Cost of investments	$	601,734,253		$	609,714,513	$	1,898,760,812
Cost of cash denominated in foreign currencies	$	268,016		$	213,340	$	—

† Includes securities on loan with values of (Note 7):	$	21,319,985		$	—	$	107,720,636

See Notes to Financial Statements.

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

December 31, 2012


	Growth & Income			Growth			Select Value			Aggressive Opportunities
ASSETS:
Investment in securities, at value†	$	1,340,572,544		$	1,936,166,629		$	381,138,097		$	1,225,104,279
Cash		—			—			—			1,042
Receivables:
Dividends		1,327,509			1,152,247			483,932			343,610
Security lending income		2,115			6,158			5,803			150,571
Investments sold		54,699			—			465,659			14,304,107
Fund shares sold		66,213			600,597			235,389			5,693,810
Recoverable foreign taxes		—			—			—			8,687

Total Assets		1,342,023,080			1,937,925,631			382,328,880			1,245,606,106

LIABILITIES:
Payables:
Investments purchased		1,249,290			8,053,285			1,478,631			15,704,651
Distributions		—			464,662			179,793			5,115,727
Fund shares redeemed		434,871			892,338			220,375			36,215
Collateral for securities loaned		33,167,920			44,913,945			24,191,524			229,621,922
Accrued Expenses:
Advisory fees		109,989			159,037			30,036			83,303
Subadviser fees		996,065			1,694,976			430,392			862,862
Fund services fees		384,969			556,640			105,127			291,567
Administration fees		8,877			8,868			8,877			8,876
Directors’ fees and expenses		17,294			25,809			4,750			13,624
Other accrued expenses		149,703			227,202			89,157			138,531

Total Liabilities		36,518,978			56,996,762			26,738,662			251,877,278

NET ASSETS	$	1,305,504,102		$	1,880,928,869		$	355,590,218		$	993,728,828


NET ASSETS REPRESENTED BY:
Paid-in capital	$	1,074,779,460		$	2,004,294,582		$	304,909,533		$	901,661,711
Undistributed net investment income		299,354			431,376			691,050			5,422,729
Accumulated net realized gain (loss) on investments and foreign currency transactions		(10,740,740	)		(371,373,696	)		(2,324,534	)		3,444,162
Net unrealized appreciation on investments and foreign currency transactions		241,166,028			247,576,607			52,314,169			83,200,226

NET ASSETS	$	1,305,504,102		$	1,880,928,869		$	355,590,218		$	993,728,828

CAPITAL SHARES:
Net Assets	$	1,305,504,102		$	1,880,928,869		$	355,590,218		$	993,728,828
Shares Outstanding		121,843,848			197,362,014			32,478,498			97,443,432
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding)	$	10.71		$	9.53		$	10.95		$	10.20
Cost of investments	$	1,099,406,516		$	1,688,590,022		$	328,823,928		$	1,141,903,814

† Includes securities on loan with values of (Note 7):	$	33,080,091		$	44,546,184		$	24,067,315		$	228,366,141

See Notes to Financial Statements.

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

December 31, 2012


	Discovery			International			Diversifying Strategies(1)
ASSETS:
Investment in securities, at value†	$	230,122,322		$	1,334,387,011		$	961,293,344
Cash denominated in foreign currencies		37			5,205,505			80,676
Receivables:
Dividends		131,493			1,855,520			9,642
Interest		431,129			—			4,431,501
Security lending income		41,824			57,614			—
Investments sold		2,857,563			2,771,872			7,702,893
Fund shares sold		70,883			496,676			452,071
Recoverable foreign taxes		—			426,574			38,533
Variation margin on futures contracts		2,724,202			—			98,441
Due from broker—forward foreign currency exchange contracts collateral		—			—			500,000
Unrealized appreciation on forward foreign currency exchange contracts		—			357			545,993

Total Assets		236,379,453			1,345,201,129			975,153,094

LIABILITIES:
Payables:
Investments purchased		3,525,407			4,661,498			7,468,898
Distributions		—			—			231,139
Fund shares redeemed		528,412			626,380			11,288
Foreign taxes		—			158,506			—
Collateral for securities loaned		17,996,376			31,802,600			—
Written options, at value (Premium $0, $0 and $154,502, respectively)		—			—			114,802
Due to custodian		1,060,918			—			254,833
Unrealized depreciation on forward foreign currency exchange contracts		557			100,909			959,232
Accrued Expenses:
Advisory fees		17,768			109,974			81,639
Subadviser fees		223,434			1,542,567			806,643
Fund services fees		62,191			384,918			285,742
Administration fees		8,877			8,877			8,876
Directors’ fees and expenses		2,836			16,984			12,662
Other accrued expenses		79,882			277,771			143,598

Total Liabilities		23,506,658			39,690,984			10,379,352

NET ASSETS	$	212,872,795		$	1,305,510,145		$	964,773,742

NET ASSETS REPRESENTED BY:
Paid-in capital	$	200,276,787		$	1,307,031,066		$	946,927,042
Undistributed net investment income (loss)		(639,208	)		13,387,816			(2,889,496	)
Accumulated net realized gain (loss) on investments, futures contracts, foreign currency transactions, purchased options on Euro-Bund futures and written options		2,523,483			(157,168,898	)		(1,760,214	)
Net unrealized appreciation on investments, futures contracts, foreign currency transactions, purchased options on Euro-Bund futures and written options		10,711,733			142,260,161			22,496,410

NET ASSETS	$	212,872,795		$	1,305,510,145		$	964,773,742

CAPITAL SHARES:
Net Assets	$	212,872,795		$	1,305,510,145		$	964,773,742
Shares Outstanding		22,454,845			135,541,303			94,966,882
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding)	$	9.48		$	9.63		$	10.16
Cost of investments	$	220,012,589		$	1,191,855,883		$	938,054,593
Cost of cash denominated in foreign currencies	$	38		$	5,242,108		$	81,533

† Includes securities on loan with values of (Note 7):	$	17,832,451		$	30,296,900		$	—

(1)	Formerly Diversified Assets Fund.

See Notes to Financial Statements.

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

December 31, 2012


	Core Bond Index			500 Stock Index			Broad Market Index		Mid/Small Company Index		Overseas Equity Index
ASSETS:
Investment in securities, at value†	$	1,311,135,359		$	468,354,103		$	577,390,460	$	551,253,320	$	230,295,234
Cash		—			—			—		14,111		—
Cash denominated in foreign currencies		—			—			—		—		854,453
Receivables:
Dividends		7,510			494,954			613,063		573,483		232,739
Interest		7,709,348			—			—		—		—
Security lending income		1,894			4,053			14,613		58,202		8,196
Investments sold		16,529,828			57,369			26,395		543,296		7,972,252
Fund shares sold		3,998,973			786,787			408,533		270,069		8,584
Recoverable foreign taxes		12,882			344			—		—		122,401
Variation margin on futures contracts		—			115,732			142,111		76,177		—
Unrealized appreciation on forward foreign currency exchange contracts		—			—			—		—		41,554

Total Assets		1,339,395,794			469,813,342			578,595,175		552,788,658		239,535,413

LIABILITIES:
Payables:
Investments purchased		74,584,150			—			—		319,203		3,978,791
Distributions		3,471,553			353,650			—		260,977		—
Fund shares redeemed		477,965			170,410			310,230		380,824		888,759
Variation margin on futures contracts		—			—			—		—		13,964
Collateral for securities loaned		17,169,932			16,023,203			23,662,276		59,438,219		4,289,525
Due to custodian		—			78,971			84,333		—		1,460,721
Unrealized depreciation on forward foreign currency exchange contracts		—			—			—		—		37,089
Accrued Expenses:
Advisory fees		52,657			19,121			23,375		20,678		9,685
Subadviser fees		61,808			21,773			36,511		35,408		38,367
Fund services fees		258,470			56,777			68,066		91,069		28,562
Administration fees		8,876			8,877			8,877		8,876		8,877
Directors’ fees and expenses		16,766			6,108			7,449		6,359		2,781
Other accrued expenses		168,013			93,280			92,584		74,147		89,188

Total Liabilities		96,270,190			16,832,170			24,293,701		60,635,760		10,846,309

NET ASSETS	$	1,243,125,604		$	452,981,172		$	554,301,474	$	492,152,898	$	228,689,104

NET ASSETS REPRESENTED BY:
Paid-in capital	$	1,190,658,606		$	303,630,005		$	357,575,301	$	409,830,266	$	240,469,036
Undistributed net investment income (loss)		(15,245	)		363,007			6,132,598		1,449,095		(795,485	)
Accumulated net realized gain (loss) on investments, futures contracts and foreign currency transactions		(16,907,225	)		(9,376,607	)		1,675,893		2,039,652		(7,065,857	)
Net unrealized appreciation (depreciation) on investments, futures contracts and foreign currency transactions		69,389,468			158,364,767			188,917,682		78,833,885		(3,918,590	)

NET ASSETS	$	1,243,125,604		$	452,981,172		$	554,301,474	$	492,152,898	$	228,689,104

CAPITAL SHARES:
Net Assets—Class I	$	905,486,312		$	111,410,247		$	126,834,766	$	297,378,111	$	55,334,613
Shares Outstanding—Class I		85,945,285			9,844,824			10,370,715		18,974,252		5,216,557
Net Asset Value—Class I, offering and redemption price per share (net assets divided by shares outstanding)	$	10.54		$	11.32		$	12.23	$	15.67	$	10.61
Net Assets—Class II	$	337,639,292		$	341,570,925		$	427,466,708	$	194,774,787	$	173,354,491
Shares Outstanding—Class II		31,857,240			32,057,460			37,287,370		13,181,679		17,487,713
Net Asset Value—Class II, offering and redemption price per share (net assets divided by shares outstanding)	$	10.60		$	10.65		$	11.46	$	14.78	$	9.91
Cost of investments	$	1,241,745,891		$	309,977,292		$	388,490,096	$	472,456,862	$	234,210,632
Cost of cash denominated in foreign currencies	$	—		$	—		$	—	$	—	$	855,055

† Includes securities on loan with values of (Note 7):	$	16,763,975		$	15,927,085		$	23,481,735	$	58,812,316	$	4,051,519

See Notes to Financial Statements.

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

December 31, 2012


	Model Portfolio Funds
	Savings Oriented			Conservative Growth			Traditional Growth			Long-Term Growth		All-Equity Growth
ASSETS:
Investment in securities of affiliated Mutual Funds, at value(a)	$	315,924,242		$	607,907,729		$	1,493,845,885		$	1,897,005,277	$	709,428,997
Receivables:
Dividends		1,755,594			2,462,602			3,164,377			1,696,379		412,209
Investments sold		26,948			170,232			417,656			279,576		910,585
Fund shares sold		8,377,451			15,638,387			42,904,483			62,061,331		11,148,183

Total Assets		326,084,235			626,178,950			1,540,332,401			1,961,042,563		721,899,974

LIABILITIES:
Payables:
Investments purchased		2,075,915			2,462,602			3,164,377			1,696,379		412,209
Distributions		8,057,131			15,533,553			42,518,443			61,770,248		11,123,311
Fund shares redeemed		157			230,217			695,223			429,832		877,337
Accrued Expenses:
Advisory fees		27,648			52,442			117,886			145,334		59,976
Administration fees		7,391			7,391			7,392			7,392		7,391
Directors’ fees and expenses		4,084			8,104			19,912			25,146		9,646
Other accrued expenses		45,170			72,935			130,930			155,949		80,273

Total Liabilities		10,217,496			18,367,244			46,654,163			64,230,280		12,570,143

NET ASSETS	$	315,866,739		$	607,811,706		$	1,493,678,238		$	1,896,812,283	$	709,329,831

NET ASSETS REPRESENTED BY:
Paid-in capital	$	296,645,870		$	567,789,692		$	1,401,831,523		$	1,764,784,709	$	666,751,301
Undistributed net investment income		1,226			22,760			230,327			288,674		4,295,110
Accumulated net realized gain (loss) on investments		(5,304,331	)		(7,824,840	)		(14,759,075	)		3,238,097		(6,896,228	)
Net unrealized appreciation on investments		24,523,974			47,824,094			106,375,463			128,500,803		45,179,648

NET ASSETS	$	315,866,739		$	607,811,706		$	1,493,678,238		$	1,896,812,283	$	709,329,831

CAPITAL SHARES:
Net Assets	$	315,866,739		$	607,811,706		$	1,493,678,238		$	1,896,812,283	$	709,329,831
Shares Outstanding		12,391,433			24,420,374			64,257,542			85,427,346		33,239,984
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding)	$	25.49		$	24.89		$	23.25		$	22.20	$	21.34
Cost of investments	$	291,400,268		$	560,083,635		$	1,387,470,422		$	1,768,504,474	$	664,249,349

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

See Notes to Financial Statements.

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

December 31, 2012


	Milestone Funds
	Milestone Retirement Income			Milestone 2010			Milestone 2015			Milestone 2020			Milestone 2025
ASSETS:
Investment in securities of affiliated Mutual Funds, at value(a)	$	238,212,489		$	234,076,541		$	434,702,260		$	470,726,272		$	383,507,633
Receivables:
Dividends		1,328,457			1,253,782			1,703,415			718,313			199,662
Investments sold		20,399			19,875			41,691			39,769			32,256
Fund shares sold		7,484,170			8,782,399			13,047,331			12,736,217			10,267,988

Total Assets		247,045,515			244,132,597			449,494,697			484,220,571			394,007,539

LIABILITIES:
Payables:
Investments purchased		1,589,244			1,286,501			1,909,149			1,058,049			526,726
Distributions		7,222,294			8,736,593			12,837,907			12,391,089			9,940,925
Fund shares redeemed		1,404			13,088			8,666			5,392			—
Accrued Expenses:
Advisory fees		20,732			20,510			37,893			41,042			33,291
Administration fees		7,392			7,391			7,392			7,391			7,391
Directors’ fees and expenses		3,117			3,181			5,670			6,046			4,831
Other accrued expenses		43,406			42,540			49,843			47,316			48,183

Total Liabilities		8,887,589			10,109,804			14,856,520			13,556,325			10,561,347

NET ASSETS	$	238,157,926		$	234,022,793		$	434,638,177		$	470,664,246		$	383,446,192

NET ASSETS REPRESENTED BY:
Paid-in capital	$	231,004,512		$	222,486,590		$	409,318,008		$	438,708,849		$	354,255,155
Undistributed net investment income		—			—			—			1,887			4,557
Accumulated net realized loss on investments		(1,042,273	)		(1,089,664	)		(7,454,079	)		(7,143,609	)		(4,828,738	)
Net unrealized appreciation on investments		8,195,687			12,625,867			32,774,248			39,097,119			34,015,218

NET ASSETS	$	238,157,926		$	234,022,793		$	434,638,177		$	470,664,246		$	383,446,192

CAPITAL SHARES:
Net Assets	$	238,157,926		$	234,022,793		$	434,638,177		$	470,664,246		$	383,446,192
Shares Outstanding		22,510,274			21,981,383			39,968,798			43,023,785			35,177,388
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding)	$	10.58		$	10.65		$	10.87		$	10.94		$	10.90
Cost of investments	$	230,016,802		$	221,450,674		$	401,928,012		$	431,629,153		$	349,492,415

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

See Notes to Financial Statements.

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

December 31, 2012


	Milestone Funds
	Milestone 2030			Milestone 2035			Milestone 2040			Milestone 2045		Milestone 2050
ASSETS:
Investment in securities of affiliated Mutual Funds, at value(a)	$	305,135,134		$	202,699,235		$	197,428,580		$	53,864,216	$	6,797,201
Receivables:
Dividends		125,944			62,933			54,226			14,641		1,832
Investments sold		25,598			17,153			16,583			8,756		—
Fund shares sold		8,301,993			5,609,410			3,756,921			1,692,902		41,249
Due from investment adviser(b)		—			—			—			—		8,381

Total Assets		313,588,669			208,388,731			201,256,310			55,580,515		6,848,663

LIABILITIES:
Payables:
Investments purchased		352,859			351,361			97,129			14,707		40,467
Distributions		8,006,307			5,320,982			3,667,131			1,648,975		10,659
Fund shares redeemed		68,771			169			46,886			47,759		—
Accrued Expenses:
Advisory fees		26,421			17,529			17,114			5,005		177
Administration fees		7,392			7,392			7,392			7,545		692
Directors’ fees and expenses		3,791			2,472			2,422			606		100
Other accrued expenses		45,950			40,219			41,886			31,810		27,633

Total Liabilities		8,511,491			5,740,124			3,879,960			1,756,407		79,728

NET ASSETS	$	305,077,178		$	202,648,607		$	197,376,350		$	53,824,108	$	6,768,935

NET ASSETS REPRESENTED BY:
Paid-in capital	$	277,233,850		$	182,256,628		$	172,122,148		$	48,723,828	$	6,772,024
Undistributed net investment income		5,290			2,332			33,460			—		—
Accumulated net realized gain (loss) on investments		(3,278,286	)		(2,222,482	)		(2,611,019	)		2,275,343		7,966
Net unrealized appreciation (depreciation) on investments		31,116,324			22,612,129			27,831,761			2,824,937		(11,055	)

NET ASSETS	$	305,077,178		$	202,648,607		$	197,376,350		$	53,824,108	$	6,768,935

CAPITAL SHARES:
Net Assets	$	305,077,178		$	202,648,607		$	197,376,350		$	53,824,108	$	6,768,935
Shares Outstanding		27,652,427			18,437,266			17,687,698			4,488,497		660,220
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding)	$	11.03		$	10.99		$	11.16		$	11.99	$	10.25
Cost of investments	$	274,018,810		$	180,087,106		$	169,596,819		$	51,039,279	$	6,808,256

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

(b)	Contractual fee waiver (Note 4).

See Notes to Financial Statements.

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Year Ended December 31, 2012


	Low Duration Bond			Inflation Protected Securities			Equity Income
INVESTMENT INCOME:
Dividends	$	42,461		$	58,329		$	47,644,912
Interest		12,347,750			13,028,385			—
Security lending income		22,326			10,274			518,197
Foreign taxes withheld on dividends		(5,512	)		—			(177,593	)

Total investment income		12,407,025			13,096,988			47,985,516

EXPENSES:
Advisory (Note 4)		569,510			648,070			1,952,106
Subadviser		791,628			959,155			6,786,410
Fund services		1,993,326			2,268,294			6,832,513
Custodian		41,292			12,823			36,782
Administration		18,000			18,000			18,000
Fund accounting		22,500			22,500			57,800
Legal		41,252			43,555			135,402
Audit		26,483			26,483			26,483
Directors		10,075			11,468			34,620
State license fees and memberships		26,479			19,253			39,503
Other expenses		27,781			37,849			102,131

Total expenses		3,568,326			4,067,450			16,021,750
Less waivers (Note 4)		—			—			(76,853	)

Net Expenses		3,568,326			4,067,450			15,944,897

NET INVESTMENT INCOME		8,838,699			9,029,538			32,040,619

NET REALIZED AND UNREALIZED GAIN (Note 2):
Net realized gain (loss) on:
Investments		2,287,100			17,429,251			75,277,823
Forward contracts and foreign currency transactions		292,608			—			43
Futures contracts		(213,628	)		(33,317	)		—
Written options		—			784,532			—
Swap agreements		—			181,644			—

Net realized gain		2,366,080			18,362,110			75,277,866

Net change in unrealized appreciation (depreciation) on:
Investments		10,907,742			14,992,509			150,841,526
Forward contracts and foreign currency transactions		(135,012	)		3,163			2,116
Futures contracts		67,064			520,838			—
Written options		—			(300,699	)		—
Swap agreements		—			(204,326	)		—

Net change in unrealized appreciation		10,839,794			15,011,485			150,843,642

NET GAIN		13,205,874			33,373,595			226,121,508

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	22,044,573		$	42,403,133		$	258,162,127

See Notes to Financial Statements.

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Year Ended December 31, 2012


	Growth & Income			Growth			Select Value		Aggressive Opportunities
INVESTMENT INCOME:
Dividends	$	26,333,580		$	25,324,837		$	9,248,349	$	14,271,164
Interest		—			—			323		—
Security lending income		197,054			116,091			169,809		882,544
Foreign taxes withheld on dividends		(56,301	)		(113,950	)		—		(96,424	)

Total investment income		26,474,333			25,326,978			9,418,481		15,057,284

EXPENSES:
Advisory (Note 4)		1,260,090			1,877,011			346,418		997,023
Subadviser		3,894,263			5,730,862			1,718,259		4,066,488
Fund services		4,410,407			6,569,678			1,212,490		3,489,653
Custodian		28,855			17,195			16,749		34,019
Administration		18,000			18,000			18,000		18,000
Fund accounting		38,570			60,530			22,500		34,170
Legal		88,961			133,846			25,909		150,250
Audit		26,483			26,474			26,483		29,783
Directors		22,366			33,627			6,145		17,971
State license fees and memberships		29,760			36,581			31,190		38,218
Other expenses		58,982			98,025			15,877		53,973

Total expenses		9,876,737			14,601,829			3,440,020		8,929,548
Less waivers (Note 4)		(46,578	)		(17,264	)		—		—

Net Expenses		9,830,159			14,584,565			3,440,020		8,929,548

NET INVESTMENT INCOME		16,644,174			10,742,413			5,978,461		6,127,736

NET REALIZED AND UNREALIZED GAIN (Note 2):
Net realized gain (loss) on:
Investments		49,269,280			155,001,081			20,360,183		78,793,922
Forward contracts and foreign currency transactions		823			—			1,428		(3,419	)

Net realized gain		49,270,103			155,001,081			20,361,611		78,790,503

Net change in unrealized appreciation (depreciation) on:
Investments		124,759,002			88,427,325			26,243,397		58,961,089
Forward contracts and foreign currency transactions		(420	)		—			—		931

Net change in unrealized appreciation		124,758,582			88,427,325			26,243,397		58,962,020

NET GAIN		174,028,685			243,428,406			46,605,008		137,752,523

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	190,672,859		$	254,170,819		$	52,583,469	$	143,880,259

See Notes to Financial Statements.

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Year Ended December 31, 2012


	Discovery			International			Diversifying Strategies(1)
INVESTMENT INCOME:
Dividends	$	2,482,023		$	42,738,668		$	1,318,828
Interest		1,690,426			2,410			16,565,726
Security lending income		415,845			1,337,272			—
Foreign taxes withheld on dividends		(14,582	)		(3,099,236	)		(64,400	)

Total investment income		4,573,712			40,979,114			17,820,154

EXPENSES:
Advisory (Note 4)		205,920			1,243,155			926,737
Subadviser		895,764			5,942,365			3,700,846
Fund services		720,736			4,351,133			3,243,647
Custodian		41,239			317,906			120,101
Administration		18,000			18,000			18,000
Fund accounting		22,500			41,408			36,934
Legal		15,827			87,842			66,967
Audit		26,483			28,708			26,483
Directors		3,680			22,008			16,399
State license fees and memberships		35,600			28,781			10,740
Registration		—			—			—
Other expenses		10,145			78,766			46,010

Total expenses		1,995,894			12,160,072			8,212,864
Less waivers (Note 4)		—			—			(809,380	)

Net Expenses		1,995,894			12,160,072			7,403,484

NET INVESTMENT INCOME		2,577,818			28,819,042			10,416,670

NET REALIZED AND UNREALIZED GAIN (Note 2):
Net realized gain (loss) on:
Investments		3,310,333			18,470,329			3,909,695
Forward contracts and foreign currency transactions		14,741			22,675			107,829
Futures contracts		18,007,994			—			(1,075,022	)
Written options		—			—			(1,662,704	)
Purchased options on Euro-Bund futures contracts		—			—			5,255,167

Net realized gain		21,333,068			18,493,004			6,534,965

Net change in unrealized appreciation (depreciation) on:
Investments		8,354,622			166,106,831	(a)		20,472,556
Forward contracts and foreign currency transactions		(34,327	)		(988,020	)		(4,363,730	)
Futures contracts		(2,209,363	)		—			(289,803	)
Written options		—			—			304,863
Purchased options on Euro-Bund futures contracts		—			—			(2,389,844	)

Net change in unrealized appreciation		6,110,932			165,118,811			13,734,042

NET GAIN		27,444,000			183,611,815			20,269,007

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	30,021,818		$	212,430,857		$	30,685,677

(1)	Formerly Diversified Assets Fund.

(a)	Net of decrease in deferred foreign tax of $70,431.

See Notes to Financial Statements.

100

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Year Ended December 31, 2012


	Core Bond Index			500 Stock Index			Broad Market Index			Mid/Small Company Index			Overseas Equity Index
INVESTMENT INCOME:
Dividends	$	66,974		$	10,083,573		$	12,250,229		$	9,722,651		$	7,427,015
Interest		33,786,134			329			327			285			1,074
Security lending income		30,741			49,016			238,451			926,173			227,448
Foreign taxes withheld on dividends		(587	)		(6,234	)		(1,649	)		(7,805	)		(474,970	)

Total investment income		33,883,262			10,126,684			12,487,358			10,641,304			7,180,567

EXPENSES:
Advisory (Note 4)		607,553			218,962			270,293			231,451			103,773
Subadviser		246,498			85,689			124,310			137,577			144,527
Fund services Class I		2,636,468			314,358			375,043			827,859			151,120
Fund services Class II		336,305			333,141			415,575			186,955			157,174
Custodian		167,717			20,396			38,103			37,142			91,615
Administration		18,000			18,000			18,000			18,000			18,000
Fund accounting		36,440			22,500			22,500			22,500			22,500
Legal		82,055			30,690			40,396			33,017			15,047
Audit		26,483			26,483			26,483			26,483			28,708
Directors		21,580			7,753			9,611			8,146			3,609
State license fees and memberships		42,455			81,602			46,874			40,415			54,357
Other expenses		59,095			21,212			27,712			27,563			40,279

Total expenses		4,280,649			1,180,786			1,414,900			1,597,108			830,709

NET INVESTMENT INCOME		29,602,613			8,945,898			11,072,458			9,044,196			6,349,858

NET REALIZED AND UNREALIZED GAIN (Note 2):
Net realized gain (loss) on:
Investments		13,542,146			6,248,924			7,955,636			19,211,018			(465,175	)
Forward contracts and foreign currency transactions		—			—			—			—			(128,114	)
Futures contracts		—			1,467,272			1,438,387			872,956			632,844

Net realized gain		13,542,146			7,716,196			9,394,023			20,083,974			39,555

Net change in unrealized appreciation (depreciation) on:
Investments		3,036,355			44,886,041			57,626,085			45,038,516			29,432,233
Forward contracts and foreign currency transactions		—			—			—			—			10,154
Futures contracts		—			(38,885	)		(33,926	)		(8,291	)		(40,333	)

Net change in unrealized appreciation		3,036,355			44,847,156			57,592,159			45,030,225			29,402,054

NET GAIN		16,578,501			52,563,352			66,986,182			65,114,199			29,441,609

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	46,181,114		$	61,509,250		$	78,058,640		$	74,158,395		$	35,791,467

See Notes to Financial Statements.

101

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Year Ended December 31, 2012


	Model Portfolio Funds
	Savings Oriented		Conservative Growth			Traditional Growth		Long-Term Growth		All-Equity Growth
INVESTMENT INCOME:
Dividend income from affiliated mutual funds(a)	$	5,540,143	$	10,595,271		$	25,855,063	$	32,291,409	$	10,500,894

Total investment income		5,540,143		10,595,271			25,855,063		32,291,409		10,500,894

EXPENSES:
Advisory (Note 4)		305,104		584,154			1,317,895		1,621,253		680,491
Custodian		2,196		2,196			2,196		2,196		2,196
Administration		14,998		14,998			14,999		14,999		14,999
Fund accounting		12,499		17,934			43,890		51,490		19,760
Legal		23,479		43,820			95,126		114,326		53,576
Audit		20,062		20,062			20,063		20,062		20,062
Directors		5,395		10,540			25,938		32,691		12,541
State license fees and memberships		26,787		27,012			38,338		44,497		29,029
Other expenses		10,273		27,180			64,949		89,382		33,463

Total expenses		420,793		747,896			1,623,394		1,990,896		866,117

NET INVESTMENT INCOME		5,119,350		9,847,375			24,231,669		30,300,513		9,634,777

NET REALIZED AND UNREALIZED GAIN (Note 2):
Net realized gain (loss) on investments		2,540,518		(1,153,364	)		4,560,442		15,213,189		(8,108,269	)
Realized gain distributions from affiliated mutual funds		3,307,858		6,504,089			18,133,410		25,732,355		12,768,709
Net change in unrealized appreciation (depreciation) on investments		10,053,188		34,557,925			105,912,759		149,978,316		86,562,999

NET GAIN		15,901,564		39,908,650			128,606,611		190,923,860		91,223,439

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	21,020,914	$	49,756,025		$	152,838,280	$	221,224,373	$	100,858,216

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

See Notes to Financial Statements.

102

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Year Ended December 31, 2012


	Milestone Funds
	Milestone Retirement Income		Milestone 2010		Milestone 2015		Milestone 2020			Milestone 2025
INVESTMENT INCOME:
Dividend income from affiliated mutual funds(a)	$	4,150,813	$	4,003,449	$	7,510,034	$	8,478,040		$	6,952,220

Total investment income		4,150,813		4,003,449		7,510,034		8,478,040			6,952,220

EXPENSES:
Advisory (Note 4)		229,874		232,617		414,471		437,304			349,457
Custodian		366		366		366		366			366
Administration		14,999		14,999		14,999		14,999			14,999
Fund accounting		12,499		12,499		12,499		12,499			12,499
Legal		16,912		17,254		29,799		30,073			23,551
Audit		20,062		20,062		20,062		20,062			20,062
Directors		4,073		4,144		7,324		7,681			6,109
State license fees and memberships		19,567		20,355		23,530		22,836			25,039
Other expenses		12,512		12,752		23,722		27,151			21,715

Total expenses		330,864		335,048		546,772		572,971			473,797

NET INVESTMENT INCOME		3,819,949		3,668,401		6,963,262		7,905,069			6,478,423

NET REALIZED AND UNREALIZED GAIN (Note 2):
Net realized gain (loss) on investments		2,189,378		3,528,149		1,367,253		(1,527,466	)		(2,307,765	)
Realized gain distributions from affiliated mutual funds		2,481,420		3,013,637		5,673,370		5,832,807			4,939,466
Net change in unrealized appreciation (depreciation) on investments		7,308,088		10,575,970		26,079,472		32,885,504			29,869,079

NET GAIN		11,978,886		17,117,756		33,120,095		37,190,845			32,500,780

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	15,798,835	$	20,786,157	$	40,083,357	$	45,095,914		$	38,979,203

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

See Notes to Financial Statements.

103

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Year Ended December 31, 2012


	Milestone Funds
	Milestone 2030			Milestone 2035			Milestone 2040		Milestone 2045		Milestone 2050
INVESTMENT INCOME:
Dividend income from affiliated mutual funds(a)	$	5,382,238		$	3,479,635		$	3,380,801	$	998,137	$	10,272

Total investment income		5,382,238			3,479,635			3,380,801		998,137		10,272

EXPENSES:
Advisory (Note 4)		275,438			179,597			175,283		45,969		287
Custodian		366			366			366		706		—
Administration		14,999			14,999			14,999		15,043		692
Fund accounting		12,499			12,499			12,499		12,513		560
Legal		18,513			11,895			11,553		2,562		3,000
Audit		20,062			20,062			20,062		20,062		18,525
Directors		4,787			3,108			3,037		750		100
State license fees and memberships		25,649			23,267			23,607		14,178		2,500
Other expenses		16,970			11,184			10,582		5,015		3,215

Total expenses		389,283			276,977			271,988		116,798		28,879
Less reimbursements/waivers (Note 4)		—			—			—		—		(27,847	)

Net Expenses		389,283			276,977			271,988		116,798		1,032

NET INVESTMENT INCOME		4,992,955			3,202,658			3,108,813		881,339		9,240

NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on investments		(1,824,659	)		(1,151,549	)		1,457,846		1,499,090		14
Realized gain distributions from affiliated mutual funds		4,384,373			3,263,423			3,425,503		1,041,865		9,371
Net change in unrealized appreciation (depreciation) on investments		25,744,393			18,030,907			16,035,152		2,733,334		(11,055	)

NET GAIN (LOSS)		28,304,107			20,142,781			20,918,501		5,274,289		(1,670	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	33,297,062		$	23,345,439		$	24,027,314	$	6,155,628	$	7,570

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

See Notes to Financial Statements.

104

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Low Duration Bond						Inflation Protected Securities
	For the Year Ended December 31, 2012			For the Year Ended December 31, 2011			For the Year Ended December 31, 2012			For the Year Ended December 31, 2011
Increase (decrease) in net assets resulting from operations:
Net investment income	$	8,838,699		$	10,499,622		$	9,029,538		$	15,343,970
Net realized gain		2,366,080			1,923,500			18,362,110			14,907,371
Net change in unrealized appreciation (depreciation)		10,839,794			(6,161,968	)		15,011,485			26,946,823

Net increase in net assets resulting from operations		22,044,573			6,261,154			42,403,133			57,198,164

Distributions to shareholders from:
Net investment income		(9,195,945	)		(10,532,013	)		(9,370,228	)		(16,239,280	)
Net realized gain		—			—			(23,995,221	)		(9,659,966	)

Total distributions		(9,195,945	)		(10,532,013	)		(33,365,449	)		(25,899,246	)

Capital share transactions:
Proceeds from sale of shares		74,689,158			89,913,269			113,074,031			143,708,312
Reinvestment of distributions		9,195,945			10,532,013			33,365,449			25,899,246
Value of shares redeemed		(28,934,930	)		(109,420,716	)		(70,332,779	)		(108,716,628	)

Net increase (decrease) from capital share transactions		54,950,173			(8,975,434	)		76,106,701			60,890,930

Total increase (decrease) in net assets		67,798,801			(13,246,293	)		85,144,385			92,189,848

NET ASSETS at beginning of year		524,462,877			537,709,170			584,191,493			492,001,645

NET ASSETS at end of year	$	592,261,678		$	524,462,877		$	669,335,878		$	584,191,493

Accumulated net investment income (loss) included in net assets at end of year	$	(125,031	)	$	54,940		$	—		$	—

SHARE TRANSACTIONS:
Number of shares sold		7,394,386			8,967,929			9,419,976			12,432,838
Number of shares issued through reinvestment of dividends and distributions		908,506			1,050,169			2,793,474			2,259,024
Number of shares redeemed		(2,857,768	)		(10,914,618	)		(5,809,873	)		(9,446,370	)

Net increase (decrease) in shares outstanding		5,445,124			(896,520	)		6,403,577			5,245,492

See Notes to Financial Statements.

105

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Equity Income						Growth & Income
	For the Year Ended December 31, 2012			For the Year Ended December 31, 2011			For the Year Ended December 31, 2012			For the Year Ended December 31, 2011
Increase (decrease) in net assets resulting from operations:
Net investment income	$	32,040,619		$	24,675,340		$	16,644,174		$	13,473,037
Net realized gain		75,277,866			82,074,328			49,270,103			93,645,116
Net change in unrealized appreciation (depreciation)		150,843,642			(102,160,417	)		124,758,582			(112,363,378	)

Net increase (decrease) in net assets resulting from operations		258,162,127			4,589,251			190,672,859			(5,245,225	)

Distributions to shareholders from:
Net investment income		(34,190,956	)		(46,144,465	)		(21,868,329	)		(13,366,132	)
Net realized gain		(61,060,518	)		(30,409,530	)		(19,147,346	)		—

Total distributions		(95,251,474	)		(76,553,995	)		(41,015,675	)		(13,366,132	)

Capital share transactions:
Proceeds from sale of shares		102,361,335			165,692,872			67,838,551			111,888,165
Reinvestment of distributions		95,250,056			76,552,827			41,014,805			13,365,853
Value of shares redeemed		(157,774,830	)		(220,228,833	)		(115,488,486	)		(172,282,535	)

Net increase (decrease) from capital share transactions		39,836,561			22,016,866			(6,635,130	)		(47,028,517	)

Total increase (decrease) in net assets		202,747,214			(49,947,878	)		143,022,054			(65,639,874	)

NET ASSETS at beginning of year		1,817,557,290			1,867,505,168			1,162,482,048			1,228,121,922

NET ASSETS at end of year	$	2,020,304,504		$	1,817,557,290		$	1,305,504,102		$	1,162,482,048

Accumulated net investment income included in net assets at end of year	$	345,542		$	434,949		$	299,354		$	3,483,488

SHARE TRANSACTIONS:
Number of shares sold		11,427,458			19,316,926			6,455,591			11,824,262
Number of shares issued through reinvestment of dividends and distributions		10,654,369			9,509,668			3,876,635			1,451,233
Number of shares redeemed		(17,564,208	)		(25,142,453	)		(10,937,516	)		(17,795,739	)

Net increase (decrease) in shares outstanding		4,517,619			3,684,141			(605,290	)		(4,520,244	)

See Notes to Financial Statements.

106

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Growth						Select Value
	For the Year Ended December 31, 2012			For the Year Ended December 31, 2011			For the Year Ended December 31, 2012			For the Year Ended December 31, 2011
Increase (decrease) in net assets resulting from operations:
Net investment income	$	10,742,413		$	9,121,734		$	5,978,461		$	3,184,309
Net realized gain		155,001,081			109,646,065			20,361,611			34,844,389
Net change in unrealized appreciation (depreciation)		88,427,325			(194,568,063	)		26,243,397			(36,822,309	)

Net increase (decrease) in net assets resulting from operations		254,170,819			(75,800,264	)		52,583,469			1,206,389

Distributions to shareholders from:
Net investment income		(11,011,407	)		(9,226,338	)		(5,605,375	)		(2,974,231	)
Net realized gain		—			—			(6,532,872	)		—

Total distributions		(11,011,407	)		(9,226,338	)		(12,138,247	)		(2,974,231	)

Capital share transactions:
Proceeds from sale of shares		63,823,414			88,778,128			23,846,471			40,187,068
Reinvestment of distributions		11,011,407			9,226,338			12,138,247			2,974,231
Value of shares redeemed		(188,140,810	)		(233,709,687	)		(40,858,911	)		(59,710,708	)

Net decrease from capital share transactions		(113,305,989	)		(135,705,221	)		(4,874,193	)		(16,549,409	)

Total increase (decrease) in net assets		129,853,423			(220,731,823	)		35,571,029			(18,317,251	)

NET ASSETS at beginning of year		1,751,075,446			1,971,807,269			320,019,189			338,336,440

NET ASSETS at end of year	$	1,880,928,869		$	1,751,075,446		$	355,590,218		$	320,019,189

Accumulated net investment income included in net assets at end of year	$	431,376		$	488,273		$	691,050		$	396,382

SHARE TRANSACTIONS:
Number of shares sold		6,923,599			10,466,360			2,257,052			4,179,747
Number of shares issued through reinvestment of dividends and distributions		1,171,947			1,127,914			1,119,598			314,401
Number of shares redeemed		(20,167,715	)		(26,864,686	)		(3,780,155	)		(5,991,582	)

Net decrease in shares outstanding		(12,072,169	)		(15,270,412	)		(403,505	)		(1,497,434	)

See Notes to Financial Statements.

107

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Aggressive Opportunities						Discovery
	For the Year Ended December 31, 2012			For the Year Ended December 31, 2011			For the Year Ended December 31, 2012			For the Year Ended December 31, 2011
Increase (decrease) in net assets resulting from operations:
Net investment income	$	6,127,736		$	2,263,482		$	2,577,818		$	2,143,311
Net realized gain		78,790,503			58,474,102			21,333,068			5,263,580
Net change in unrealized appreciation (depreciation)		58,962,020			(168,765,752	)		6,110,932			(18,762,178	)

Net increase (decrease) in net assets resulting from operations		143,880,259			(108,028,168	)		30,021,818			(11,355,287	)

Distributions to shareholders from:
Net investment income		(2,217,223	)		(3,492,614	)		(3,314,675	)		(2,156,271	)
Net realized gain		(43,171,399	)		(78,909,119	)		(9,858,896	)		—

Total distributions		(45,388,622	)		(82,401,733	)		(13,173,571	)		(2,156,271	)

Capital share transactions:
Proceeds from sale of shares		28,827,592			59,715,009			18,557,402			34,078,276
Reinvestment of distributions		45,388,622			82,401,733			13,173,571			2,156,271
Value of shares redeemed		(136,249,782	)		(141,985,872	)		(29,578,107	)		(41,621,265	)

Net increase (decrease) from capital share transactions		(62,033,568	)		130,870			2,152,866			(5,386,718	)

Total increase (decrease) in net assets		36,458,069			(190,299,031	)		19,001,113			(18,898,276	)

NET ASSETS at beginning of year		957,270,759			1,147,569,790			193,871,682			212,769,958

NET ASSETS at end of year	$	993,728,828		$	957,270,759		$	212,872,795		$	193,871,682

Accumulated net investment income (loss) included in net assets at end of year	$	5,422,729		$	3,845,757		$	(639,208	)	$	(1,388	)

SHARE TRANSACTIONS:
Number of shares sold		2,843,708			5,873,382			1,934,581			3,935,791
Number of shares issued through reinvestment of dividends and distributions		4,504,812			9,145,586			1,413,473			253,195
Number of shares redeemed		(13,311,635	)		(12,840,586	)		(3,073,906	)		(4,583,506	)

Net increase (decrease) in shares outstanding		(5,963,115	)		2,178,382			274,148			(394,520	)

See Notes to Financial Statements.

108

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	International						Diversifying Strategies(1)
	For the Year Ended December 31, 2012			For the Year Ended December 31, 2011			For the Year Ended December 31, 2012			For the Year Ended December 31, 2011
Increase (decrease) in net assets resulting from operations:
Net investment income	$	28,819,042		$	27,035,117		$	10,416,670		$	8,754,124
Net realized gain		18,493,004			14,141,235			6,534,965			3,129,880
Net change in unrealized appreciation (depreciation)		165,118,811			(137,855,829	)		13,734,042			(12,531,370	)

Net increase (decrease) in net assets resulting from operations		212,430,857			(96,679,477	)		30,685,677			(647,366	)

Distributions to shareholders from:
Net investment income		(31,260,095	)		(28,267,374	)		(16,028,376	)		(2,003,574	)
Net realized gain		—			—			(2,847,974	)		(11,262,657	)

Total distributions		(31,260,095	)		(28,267,374	)		(18,876,350	)		(13,266,231	)

Capital share transactions:
Proceeds from sale of shares		89,461,948			180,804,130			105,861,883			125,684,627
Reinvestment of distributions		31,260,095			28,267,374			18,876,350			13,266,231
Value of shares redeemed		(136,346,319	)		(162,924,179	)		(21,550,584	)		(145,851,609	)

Net increase (decrease) from capital share transactions		(15,624,276	)		46,147,325			103,187,649			(6,900,751	)

Total increase (decrease) in net assets		165,546,486			(78,799,526	)		114,996,976			(20,814,348	)

NET ASSETS at beginning of year		1,139,963,659			1,218,763,185			849,776,766			870,591,114

NET ASSETS at end of year	$	1,305,510,145		$	1,139,963,659		$	964,773,742		$	849,776,766

Accumulated net investment income (loss) included in net assets at end of year	$	13,387,816		$	13,859,239		$	(2,889,496	)	$	(5,792,855	)

SHARE TRANSACTIONS:
Number of shares sold		10,120,707			20,269,574			10,340,064			12,311,251
Number of shares issued through reinvestment of dividends and distributions		3,294,004			3,494,113			1,856,104			1,334,631
Number of shares redeemed		(14,870,811	)		(17,194,310	)		(2,113,189	)		(14,437,106	)

Net increase (decrease) in shares outstanding		(1,456,100	)		6,569,377			10,082,979			(791,224	)

(1)	Formerly Diversified Assets Fund.

See Notes to Financial Statements.

109

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Core Bond Index						500 Stock Index
	For the Year Ended December 31, 2012			For the Year Ended December 31, 2011			For the Year Ended December 31, 2012			For the Year Ended December 31, 2011
Increase (decrease) in net assets resulting from operations:
Net investment income	$	29,602,613		$	33,963,511		$	8,945,898		$	6,950,518
Net realized gain		13,542,146			13,157,942			7,716,196			5,847,733
Net change in unrealized appreciation (depreciation)		3,036,355			34,307,648			44,847,156			(4,958,307	)

Net increase in net assets resulting from operations		46,181,114			81,429,101			61,509,250			7,839,944

Distributions to shareholders from:
Net investment income—Class I		(27,044,821	)		(29,321,806	)		(1,890,180	)		(1,457,030	)
Net investment income—Class II		(10,930,787	)		(10,828,719	)		(6,894,722	)		(5,368,593	)

Total distributions		(37,975,608	)		(40,150,525	)		(8,784,902	)		(6,825,623	)

Capital share transactions:
Proceeds from sale of shares—Class I		125,028,027			154,830,581			14,459,474			15,004,449
Proceeds from sale of shares—Class II		47,202,200			55,189,411			47,596,437			42,704,327
Reinvestment of distributions—Class I		27,044,821			29,321,806			1,889,425			1,456,429
Reinvestment of distributions—Class II		10,930,787			10,828,719			6,894,722			5,368,593
Value of shares redeemed—Class I		(65,957,493	)		(226,620,000	)		(11,998,451	)		(25,473,968	)
Value of shares redeemed—Class II		(43,568,322	)		(37,910,366	)		(39,854,238	)		(42,890,111	)

Net increase (decrease) from capital share transactions		100,680,020			(14,359,849	)		18,987,369			(3,830,281	)

Total increase (decrease) in net assets		108,885,526			26,918,727			71,711,717			(2,815,960	)

NET ASSETS at beginning of year		1,134,240,078			1,107,321,351			381,269,455			384,085,415

NET ASSETS at end of year	$	1,243,125,604		$	1,134,240,078		$	452,981,172		$	381,269,455

Accumulated net investment income (loss) included in net assets at end of year	$	(15,245	)	$	9,575		$	363,007		$	234,960

SHARE TRANSACTIONS:
Number of shares sold—Class I		11,916,165			15,075,414			1,313,072			1,487,565
Number of shares issued through reinvestment of dividends and distributions—Class I		2,564,393			2,857,923			166,488			150,925
Number of shares redeemed—Class I		(6,249,159	)		(21,873,215	)		(1,091,486	)		(2,498,225	)

Net increase (decrease) in shares outstanding—Class I		8,231,399			(3,939,878	)		388,074			(859,735	)

Number of shares sold—Class II		4,455,403			5,322,939			4,624,818			4,508,609
Number of shares issued through reinvestment of dividends and distributions—Class II		1,030,560			1,048,508			645,041			589,955
Number of shares redeemed—Class II		(4,102,957	)		(3,690,535	)		(3,785,518	)		(4,489,530	)

Net increase in shares outstanding—Class II		1,383,006			2,680,912			1,484,341			609,034

See Notes to Financial Statements.

110

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Broad Market Index						Mid/Small Company Index
	For the Year Ended December 31, 2012			For the Year Ended December 31, 2011			For the Year Ended December 31, 2012			For the Year Ended December 31, 2011
Increase (decrease) in net assets resulting from operations:
Net investment income	$	11,072,458		$	8,873,123		$	9,044,196		$	4,955,959
Net realized gain		9,394,023			17,247,356			20,083,974			16,825,014
Net change in unrealized appreciation (depreciation)		57,592,159			(19,101,547	)		45,030,225			(36,445,534	)

Net increase (decrease) in net assets resulting from operations		78,058,640			7,018,932			74,158,395			(14,664,561	)

Distributions to shareholders from:
Net investment income—Class I		(2,166,992	)		(1,639,619	)		(4,730,696	)		(2,428,025	)
Net investment income—Class II		(8,699,581	)		(6,889,586	)		(3,711,943	)		(2,001,727	)
Net realized gain—Class I		(1,045,053	)		—			(10,544,555	)		(10,097,260	)
Net realized gain—Class II		(3,740,641	)		—			(7,396,025	)		(6,898,716	)

Total distributions		(15,652,267	)		(8,529,205	)		(26,383,219	)		(21,425,728	)

Capital share transactions:
Proceeds from sale of shares—Class I		12,310,831			11,415,454			43,397,455			61,546,128
Proceeds from sale of shares—Class II		28,629,139			36,872,748			31,228,368			37,937,915
Reinvestment of distributions—Class I		3,212,045			1,639,619			15,274,349			12,524,481
Reinvestment of distributions—Class II		12,440,222			6,889,586			11,107,968			8,900,443
Value of shares redeemed—Class I		(17,799,369	)		(30,043,681	)		(37,977,127	)		(49,925,329	)
Value of shares redeemed—Class II		(50,603,222	)		(59,260,258	)		(27,094,717	)		(31,424,662	)

Net increase (decrease) from capital share transactions		(11,810,354	)		(32,486,532	)		35,936,296			39,558,976

Total increase (decrease) in net assets		50,596,019			(33,996,805	)		83,711,472			3,468,687

NET ASSETS at beginning of year		503,705,455			537,702,260			408,441,426			404,972,739

NET ASSETS at end of year	$	554,301,474		$	503,705,455		$	492,152,898		$	408,441,426

Accumulated net investment income included in net assets at end of year	$	6,132,598		$	6,064,305		$	1,449,095		$	1,125,658

SHARE TRANSACTIONS:
Number of shares sold—Class I		1,026,718			1,031,697			2,815,097			4,144,118
Number of shares issued through reinvestment of dividends and distributions—Class I		261,994			155,857			996,796			918,217
Number of shares redeemed—Class I		(1,487,554	)		(2,681,236	)		(2,503,348	)		(3,234,606	)

Net increase (decrease) in shares outstanding—Class I		(198,842	)		(1,493,682	)		1,308,545			1,827,729

Number of shares sold—Class II		2,519,512			3,538,800			2,137,836			2,563,731
Number of shares issued through reinvestment of dividends and distributions—Class II		1,082,700			697,326			768,552			689,957
Number of shares redeemed—Class II		(4,495,362	)		(5,602,099	)		(1,841,487	)		(2,173,431	)

Net increase (decrease) in shares outstanding—Class II		(893,150	)		(1,365,973	)		1,064,901			1,080,257

See Notes to Financial Statements.

111

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Overseas Equity Index
	For the Year Ended December 31, 2012			For the Year Ended December 31, 2011
Increase (decrease) in net assets resulting from operations:
Net investment income	$	6,349,858		$	6,090,265
Net realized gain (loss)		39,555			(1,471,292	)
Net change in unrealized appreciation (depreciation)		29,402,054			(29,322,421	)

Net increase (decrease) in net assets resulting from operations		35,791,467			(24,703,448	)

Distributions to shareholders from:
Net investment income—Class I		(1,426,695	)		(1,300,170	)
Net investment income—Class II		(5,187,054	)		(4,495,031	)

Total distributions		(6,613,749	)		(5,795,201	)

Capital share transactions:
Proceeds from sale of shares—Class I		7,660,129			5,355,854
Proceeds from sale of shares—Class II		31,420,598			20,846,747
Reinvestment of distributions—Class I		1,426,695			1,300,170
Reinvestment of distributions—Class II		5,187,054			4,495,031
Value of shares redeemed—Class I		(5,761,884	)		(11,561,711	)
Value of shares redeemed—Class II		(18,205,185	)		(19,010,679	)

Net increase from capital share transactions		21,727,407			1,425,412

Total increase (decrease) in net assets		50,905,125			(29,073,237	)

NET ASSETS at beginning of year		177,783,979			206,857,216

NET ASSETS at end of year	$	228,689,104		$	177,783,979

Accumulated net investment loss included in net assets at end of year	$	(795,485	)	$	(465,915	)

SHARE TRANSACTIONS:
Number of shares sold—Class I		778,774			497,952
Number of shares issued through reinvestment of dividends and distributions—Class I		135,104			145,923
Number of shares redeemed—Class I		(585,466	)		(1,083,214	)

Net increase (decrease) in shares outstanding—Class I		328,412			(439,339	)

Number of shares sold—Class II		3,426,664			2,110,621
Number of shares issued through reinvestment of dividends and distributions—Class II		525,537			538,972
Number of shares redeemed—Class II		(1,911,367	)		(1,885,576	)

Net increase in shares outstanding—Class II		2,040,834			764,017

See Notes to Financial Statements.

112

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Model Portfolio Funds
	Savings Oriented						Conservative Growth
	For the Year Ended December 31, 2012			For the Year Ended December 31, 2011			For the Year Ended December 31, 2012			For the Year Ended December 31, 2011
Increase (decrease) in net assets resulting from operations:
Net investment income	$	5,119,350		$	5,652,643		$	9,847,375		$	9,592,040
Net realized gain (loss)		5,848,376			(476,785	)		5,350,725			5,653,335
Net change in unrealized appreciation (depreciation)		10,053,188			1,450,544			34,557,925			(8,573,402	)

Net increase in net assets resulting from operations		21,020,914			6,626,402			49,756,025			6,671,973

Distributions to shareholders from:
Net investment income		(5,582,056	)		(5,656,447	)		(11,072,837	)		(9,593,725	)
Net realized gain		(2,475,075	)		(125,894	)		(4,460,716	)		(426,959	)

Total distributions		(8,057,131	)		(5,782,341	)		(15,533,553	)		(10,020,684	)

Capital share transactions:
Proceeds from sale of shares		32,964,653			34,730,309			49,678,988			40,299,829
Reinvestment of distributions		8,057,131			5,781,314			15,527,586			10,020,684
Value of shares redeemed		(26,585,835	)		(91,421,580	)		(47,781,283	)		(77,719,720	)

Net increase (decrease) from capital share transactions		14,435,949			(50,909,957	)		17,425,291			(27,399,207	)

Total increase (decrease) in net assets		27,399,732			(50,065,896	)		51,647,763			(30,747,918	)

NET ASSETS at beginning of year		288,467,007			338,532,903			556,163,943			586,911,861

NET ASSETS at end of year	$	315,866,739		$	288,467,007		$	607,811,706		$	556,163,943

Accumulated net investment income included in net assets at end of year	$	1,226		$	357,959		$	22,760		$	953,889

SHARE TRANSACTIONS:
Number of shares sold		1,292,104			1,400,880			2,012,063			1,682,331
Number of shares issued through reinvestment of dividends and distributions		316,090			236,939			623,848			427,139
Number of shares redeemed		(1,039,843	)		(3,733,716	)		(1,922,911	)		(3,250,086	)

Net increase (decrease) in shares outstanding		568,351			(2,095,897	)		713,000			(1,140,616	)

See Notes to Financial Statements.

113

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Model Portfolio Funds
	Traditional Growth						Long-Term Growth
	For the Year Ended December 31, 2012			For the Year Ended December 31, 2011			For the Year Ended December 31, 2012			For the Year Ended December 31, 2011
Increase (decrease) in net assets resulting from operations:
Net investment income	$	24,231,669		$	21,923,334		$	30,300,513		$	25,627,207
Net realized gain		22,693,852			41,372,040			40,945,544			47,640,696
Net change in unrealized appreciation (depreciation)		105,912,759			(70,336,673	)		149,978,316			(108,133,801	)

Net increase (decrease) in net assets resulting from operations		152,838,280			(7,041,299	)		221,224,373			(34,865,898	)

Distributions to shareholders from:
Net investment income		(24,263,241	)		(28,313,249	)		(30,205,709	)		(30,098,534	)
Net realized gain		(18,255,201	)		(4,292,155	)		(31,564,539	)		(24,301,340	)

Total distributions		(42,518,442	)		(32,605,404	)		(61,770,248	)		(54,399,874	)

Capital share transactions:
Proceeds from sale of shares		73,465,717			73,296,341			78,109,011			86,481,553
Reinvestment of distributions		42,512,679			32,600,948			61,770,248			54,399,874
Value of shares redeemed		(98,727,759	)		(195,900,060	)		(114,749,215	)		(187,817,488	)

Net increase (decrease) from capital share transactions		17,250,637			(90,002,771	)		25,130,044			(46,936,061	)

Total increase (decrease) in net assets		127,570,475			(129,649,474	)		184,584,169			(136,201,833	)

NET ASSETS at beginning of year		1,366,107,763			1,495,757,237			1,712,228,114			1,848,429,947

NET ASSETS at end of year	$	1,493,678,238		$	1,366,107,763		$	1,896,812,283		$	1,712,228,114

Accumulated net investment income included in net assets at end of year	$	230,327		$	269,550		$	288,674		$	328,469

SHARE TRANSACTIONS:
Number of shares sold		3,201,885			3,284,198			3,580,777			4,030,628
Number of shares issued through reinvestment of dividends and distributions		1,828,502			1,514,914			2,782,443			2,677,159
Number of shares redeemed		(4,267,774	)		(8,786,410	)		(5,211,374	)		(8,747,060	)

Net increase (decrease) in shares outstanding		762,613			(3,987,298	)		1,151,846			(2,039,273	)

See Notes to Financial Statements.

114

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Model Portfolio
	All-Equity Growth
	For the Year Ended December 31, 2012			For the Year Ended December 31, 2011
Increase (decrease) in net assets resulting from operations:
Net investment income	$	9,634,777		$	8,651,245
Net realized gain		4,660,440			4,668,318
Net change in unrealized appreciation (depreciation)		86,562,999			(41,317,903	)

Net increase (decrease) in net assets resulting from operations		100,858,216			(27,998,340	)

Distributions to shareholders from:
Net investment income		(6,229,845	)		(8,642,925	)
Net realized gain		(4,893,466	)		(979,356	)

Total distributions		(11,123,311	)		(9,622,281	)

Capital share transactions:
Proceeds from sale of shares		48,246,562			55,069,364
Reinvestment of distributions		11,123,311			9,622,281
Value of shares redeemed		(89,600,456	)		(92,335,125	)

Net decrease from capital share transactions		(30,230,583	)		(27,643,480	)

Total increase (decrease) in net assets		59,504,322			(65,264,101	)

NET ASSETS at beginning of year		649,825,509			715,089,610

NET ASSETS at end of year	$	709,329,831		$	649,825,509

Accumulated net investment income included in net assets at end of year	$	4,295,110		$	1,284,933

SHARE TRANSACTIONS:
Number of shares sold		2,358,603			2,782,327
Number of shares issued through reinvestment of dividends and distributions		521,242			514,836
Number of shares redeemed		(4,404,229	)		(4,635,666	)

Net decrease in shares outstanding		(1,524,384	)		(1,338,503	)

See Notes to Financial Statements.

115

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Milestone Funds
	Milestone Retirement Income						Milestone 2010
	For the Year Ended December 31, 2012			For the Year Ended December 31, 2011			For the Year Ended December 31, 2012			For the Year Ended December 31, 2011
Increase (decrease) in net assets resulting from operations:
Net investment income	$	3,819,949		$	3,973,613		$	3,668,401		$	3,935,474
Net realized gain		4,670,798			7,277,501			6,541,786			7,787,624
Net change in unrealized appreciation (depreciation)		7,308,088			(6,109,472	)		10,575,970			(8,706,661	)

Net increase in net assets resulting from operations		15,798,835			5,141,642			20,786,157			3,016,437

Distributions to shareholders from:
Net investment income		(3,808,078	)		(3,975,718	)		(3,657,537	)		(4,335,853	)
Net realized gain		(3,414,215	)		(4,250,737	)		(5,079,056	)		(1,755,343	)

Total distributions		(7,222,293	)		(8,226,455	)		(8,736,593	)		(6,091,196	)

Capital share transactions:
Proceeds from sale of shares		29,712,090			40,604,046			22,369,356			38,705,399
Reinvestment of distributions		7,222,293			8,226,455			8,736,593			6,091,196
Value of shares redeemed		(27,415,547	)		(41,644,586	)		(31,407,381	)		(37,217,191	)

Net increase (decrease) from capital share transactions		9,518,836			7,185,915			(301,432	)		7,579,404

Total increase in net assets		18,095,378			4,101,102			11,748,132			4,504,645

NET ASSETS at beginning of year		220,062,548			215,961,446			222,274,661			217,770,016

NET ASSETS at end of year	$	238,157,926		$	220,062,548		$	234,022,793		$	222,274,661

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

SHARE TRANSACTIONS:
Number of shares sold		2,792,687			3,856,537			2,097,640			3,692,226
Number of shares issued through reinvestment of dividends and distributions		682,636			808,100			820,338			603,089
Number of shares redeemed		(2,583,551	)		(3,957,807	)		(2,934,016	)		(3,569,346	)

Net increase (decrease) in shares outstanding		891,772			706,830			(16,038	)		725,969

See Notes to Financial Statements.

116

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Milestone Funds
	Milestone 2015						Milestone 2020
	For the Year Ended December 31, 2012			For the Year Ended December 31, 2011			For the Year Ended December 31, 2012			For the Year Ended December 31, 2011
Increase (decrease) in net assets resulting from operations:
Net investment income	$	6,963,262		$	6,547,527		$	7,905,069		$	6,430,619
Net realized gain (loss)		7,040,623			239,834			4,305,341			(1,478,769	)
Net change in unrealized appreciation (depreciation)		26,079,472			(4,786,269	)		32,885,504			(6,768,227	)

Net increase (decrease) in net assets resulting from operations		40,083,357			2,001,092			45,095,914			(1,816,377	)

Distributions to shareholders from:
Net investment income		(6,931,087	)		(7,384,621	)		(7,863,109	)		(6,433,834	)
Net realized gain		(5,906,820	)		(2,229,389	)		(4,527,980	)		(1,523,980	)

Total distributions		(12,837,907	)		(9,614,010	)		(12,391,089	)		(7,957,814	)

Capital share transactions:
Proceeds from sale of shares		48,957,538			66,950,595			69,703,195			79,151,031
Reinvestment of distributions		12,837,907			9,614,010			12,391,089			7,957,814
Value of shares redeemed		(36,258,178	)		(50,239,931	)		(30,461,850	)		(35,040,309	)

Net increase from capital share transactions		25,537,267			26,324,674			51,632,434			52,068,536

Total increase in net assets		52,782,717			18,711,756			84,337,259			42,294,345

NET ASSETS at beginning of year		381,855,460			363,143,704			386,326,987			344,032,642

NET ASSETS at end of year	$	434,638,177		$	381,855,460		$	470,664,246		$	386,326,987

Accumulated net investment income included in net assets at end of year	$	—		$	—		$	1,887		$	6,793

SHARE TRANSACTIONS:
Number of shares sold		4,538,870			6,323,761			6,464,854			7,514,993
Number of shares issued through reinvestment of dividends and distributions		1,181,040			946,261			1,132,641			787,902
Number of shares redeemed		(3,351,540	)		(4,768,534	)		(2,811,250	)		(3,347,269	)

Net increase in shares outstanding		2,368,370			2,501,488			4,786,245			4,955,626

See Notes to Financial Statements.

117

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Milestone Funds
	Milestone 2025						Milestone 2030
	For the Year Ended December 31, 2012			For the Year Ended December 31, 2011			For the Year Ended December 31, 2012			For the Year Ended December 31, 2011
Increase (decrease) in net assets resulting from operations:
Net investment income	$	6,478,423		$	4,953,297		$	4,992,955		$	3,736,230
Net realized gain (loss)		2,631,701			(414,142	)		2,559,714			(393,776	)
Net change in unrealized appreciation (depreciation)		29,869,079			(7,766,396	)		25,744,393			(7,385,447	)

Net increase (decrease) in net assets resulting from operations		38,979,203			(3,227,241	)		33,297,062			(4,042,993	)

Distributions to shareholders from:
Net investment income		(6,440,201	)		(4,955,325	)		(4,958,210	)		(3,737,605	)
Net realized gain		(3,500,724	)		(1,321,791	)		(3,048,097	)		(632,273	)

Total distributions		(9,940,925	)		(6,277,116	)		(8,006,307	)		(4,369,878	)

Capital share transactions:
Proceeds from sale of shares		60,708,794			62,102,070			50,506,476			50,648,092
Reinvestment of distributions		9,940,925			6,277,116			8,006,307			4,369,878
Value of shares redeemed		(17,516,434	)		(24,755,453	)		(15,178,840	)		(21,307,635	)

Net increase from capital share transactions		53,133,285			43,623,733			43,333,943			33,710,335

Total increase in net assets		82,171,563			34,119,376			68,624,698			25,297,464

NET ASSETS at beginning of year		301,274,629			267,155,253			236,452,480			211,155,016

NET ASSETS at end of year	$	383,446,192		$	301,274,629		$	305,077,178		$	236,452,480

Accumulated net investment income included in net assets at end of year	$	4,557		$	8,340		$	5,290		$	8,932

SHARE TRANSACTIONS:
Number of shares sold		5,681,571			5,946,639			4,674,073			4,830,598
Number of shares issued through reinvestment of dividends and distributions		912,011			629,600			725,866			436,988
Number of shares redeemed		(1,633,111	)		(2,382,418	)		(1,398,751	)		(2,028,739	)

Net increase in shares outstanding		4,960,471			4,193,821			4,001,188			3,238,847

See Notes to Financial Statements.

118

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Milestone Funds
	Milestone 2035						Milestone 2040
	For the Year Ended December 31, 2012			For the Year Ended December 31, 2011			For the Year Ended December 31, 2012			For the Year Ended December 31, 2011
Increase (decrease) in net assets resulting from operations:
Net investment income	$	3,202,658		$	2,313,903		$	3,108,813		$	2,345,169
Net realized gain (loss)		2,111,874			(614,579	)		4,883,349			1,064,163
Net change in unrealized appreciation (depreciation)		18,030,907			(5,353,565	)		16,035,152			(7,456,184	)

Net increase (decrease) in net assets resulting from operations		23,345,439			(3,654,241	)		24,027,314			(4,046,852	)

Distributions to shareholders from:
Net investment income		(3,176,280	)		(2,314,189	)		(3,024,927	)		(2,345,175	)
Net realized gain		(2,144,702	)		(522,524	)		(642,204	)		(145,839	)

Total distributions		(5,320,982	)		(2,836,713	)		(3,667,131	)		(2,491,014	)

Capital share transactions:
Proceeds from sale of shares		38,485,630			37,042,100			36,970,041			36,820,049
Reinvestment of distributions		5,320,982			2,836,713			3,667,131			2,491,014
Value of shares redeemed		(9,654,080	)		(16,036,919	)		(9,653,377	)		(19,047,271	)

Net increase from capital share transactions		34,152,532			23,841,894			30,983,795			20,263,792

Total increase in net assets		52,176,989			17,350,940			51,343,978			13,725,926

NET ASSETS at beginning of year		150,471,618			133,120,678			146,032,372			132,306,446

NET ASSETS at end of year	$	202,648,607		$	150,471,618		$	197,376,350		$	146,032,372

Accumulated net investment income included in net assets at end of year	$	2,332		$	5,054		$	33,460		$	2,990

SHARE TRANSACTIONS:
Number of shares sold		3,583,774			3,571,504			3,428,611			3,544,151
Number of shares issued through reinvestment of dividends and distributions		484,166			287,699			328,596			252,638
Number of shares redeemed		(894,994	)		(1,543,867	)		(887,216	)		(1,830,534	)

Net increase in shares outstanding		3,172,946			2,315,336			2,869,991			1,966,255

See Notes to Financial Statements.

119

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Milestone Funds
	Milestone 2045						Milestone 2050
	For the Year Ended December 31, 2012			For the Year Ended December 31, 2011			For the Period from September 10, 2012* to December 31, 2012
Increase (decrease) in net assets resulting from operations:
Net investment income	$	881,339		$	488,992		$	9,240
Net realized gain		2,540,955			862,205			9,385
Net change in unrealized appreciation (depreciation)		2,733,334			(2,482,770	)		(11,055	)

Net increase (decrease) in net assets resulting from operations		6,155,628			(1,131,573	)		7,570

Distributions to shareholders from:
Net investment income		(874,188	)		(490,728	)		(9,717	)
Net realized gain		(774,787	)		(424,960	)		(942	)

Total distributions		(1,648,975	)		(915,688	)		(10,659	)

Capital share transactions:
Proceeds from sale of shares		23,702,921			17,424,814			6,761,657
Reinvestment of distributions		1,648,975			915,688			10,659
Value of shares redeemed		(9,468,094	)		(5,222,933	)		(292	)

Net increase from capital share transactions		15,883,802			13,117,569			6,772,024

Total increase in net assets		20,390,455			11,070,308			6,768,935

NET ASSETS at beginning of year		33,433,653			22,363,345			—

NET ASSETS at end of year	$	53,824,108		$	33,433,653		$	6,768,935

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

SHARE TRANSACTIONS:
Number of shares sold		2,008,411			1,534,720			659,208
Number of shares issued through reinvestment of dividends and distributions		137,529			85,498			1,040
Number of shares redeemed		(779,357	)		(471,317	)		(28	)

Net increase in shares outstanding		1,366,583			1,148,901			660,220

*	Commencement of operations

See Notes to Financial Statements.

120

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Low Duration Bond(1)
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	9.96		$	10.04		$	9.95		$	9.28		$	9.83
Income from investment operations:
Net investment income		0.16			0.19			0.25			0.32			0.37
Net realized and unrealized gain (loss)		0.23			(0.08	)		0.10			0.65			(0.51	)

Total from investment operations		0.39			0.11			0.35			0.97			(0.14	)

Less distributions:
From net investment income		(0.16	)		(0.19	)		(0.26	)		(0.30	)		(0.41	)

Total distributions		(0.16	)		(0.19	)		(0.26	)		(0.30	)		(0.41	)

Net Asset Value, end of year	$	10.19		$	9.96		$	10.04		$	9.95		$	9.28

Total return		3.97	%		1.14	%		3.58	%		10.63	%		(1.52	)%
Ratios to Average Net Assets:
Expenses		0.63	%		0.62	%		0.64	%		0.66	%		0.66	%
Net investment income		1.55	%		1.93	%		2.51	%		3.27	%		3.82	%
Supplemental Data:
Net assets, end of year (000)	$	592,262		$	524,463		$	537,709		$	517,659		$	394,704
Portfolio turnover		63	%		66	%		70	%		63	%		91	%

	Inflation Protected Securities(2)
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	11.68		$	10.99		$	10.72		$	9.88		$	10.46
Income from investment operations:
Net investment income		0.17			0.34			0.19			0.11			0.57
Net realized and unrealized gain (loss)		0.62			0.91			0.44			0.85			(0.59	)

Total from investment operations		0.79			1.25			0.63			0.96			(0.02	)

Less distributions:
From net investment income		(0.17	)		(0.36	)		(0.19	)		(0.12	)		(0.46	)
From net realized gain		(0.44	)		(0.20	)		(0.17	)		—			—
Return of capital		—			—			—			—			(0.10	)

Total distributions		(0.61	)		(0.56	)		(0.36	)		(0.12	)		(0.56	)

Net Asset Value, end of year	$	11.86		$	11.68		$	10.99		$	10.72		$	9.88

Total return		6.84	%		11.53	%		5.95	%		9.75	%		(0.40	)%
Ratios to Average Net Assets:
Expenses		0.63	%		0.64	%		0.65	%		0.67	%		0.67	%
Net investment income		1.39	%		2.94	%		1.73	%		1.13	%		4.64	%
Supplemental Data:
Net assets, end of year (000)	$	669,336		$	584,191		$	492,002		$	338,790		$	300,148
Portfolio turnover		73	%		109	%		97	%		105	%		149	%

(1)	Formerly Short-Term Bond Fund.

(2)	Formerly US Government Securities Fund.

See Notes to Financial Statements.

121

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Equity Income
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	8.27		$	8.64		$	7.70		$	5.79		$	9.78
Income from investment operations:
Net investment income		0.15			0.12			0.08			0.09			0.13
Net realized and unrealized gain (loss)		1.03			(0.13	)		0.94			1.95			(3.96	)

Total from investment operations		1.18			(0.01	)		1.02			2.04			(3.83	)

Less distributions:
From net investment income		(0.16	)		(0.22	)		(0.08	)		(0.13	)		—
From net realized gain		(0.28	)		(0.14	)		—			—			(0.16	)

Total distributions		(0.44	)		(0.36	)		(0.08	)		(0.13	)		(0.16	)

Net Asset Value, end of year	$	9.01		$	8.27		$	8.64		$	7.70		$	5.79

Total return		14.33	%		0.04	%		13.28	%		35.28	%		(39.19	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.82	%		0.84	%		0.85	%		0.88	%		0.88	%
Expenses net of reimbursements/waivers, if any		0.82	%		0.83	%		0.85	%		0.88	%		0.88	%
Net investment income		1.64	%		1.32	%		1.19	%		1.49	%		1.74	%
Net investment income net of reimbursements/waivers, if any		1.64	%		1.32	%		1.19	%		1.49	%		1.74	%
Supplemental Data:
Net assets, end of year (000)	$	2,020,305		$	1,817,557		$	1,867,505		$	1,516,199		$	1,102,032
Portfolio turnover		15	%		18	%		18	%		22	%		29	%

	Growth & Income
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	9.49		$	9.67		$	8.49		$	6.43		$	10.56
Income from investment operations:
Net investment income		0.14			0.11			0.08			0.10			0.10
Net realized and unrealized gain (loss)		1.42			(0.18	)		1.18			2.06			(4.13	)

Total from investment operations		1.56			(0.07	)		1.26			2.16			(4.03	)

Less distributions:
From net investment income		(0.18	)		(0.11	)		(0.08	)		(0.10	)		(0.07	)
From net realized gain		(0.16	)		—			—			—			(0.03	)

Total distributions		(0.34	)		(0.11	)		(0.08	)		(0.10	)		(0.10	)

Net Asset Value, end of year	$	10.71		$	9.49		$	9.67		$	8.49		$	6.43

Total return		16.53	%		(0.69	)%		14.81	%		33.61	%		(38.16	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.78	%		0.78	%		0.79	%		0.82	%		0.81	%
Expenses net of reimbursements/waivers, if any		0.78	%		0.78	%		0.79	%		0.81	%		0.80	%
Net investment income before reimbursements/waivers		1.32	%		1.12	%		0.91	%		1.39	%		1.20	%
Net investment income net of reimbursements/waivers, if any		1.32	%		1.12	%		0.91	%		1.39	%		1.21	%
Supplemental Data:
Net assets, end of year (000)	$	1,305,504		$	1,162,482		$	1,228,122		$	1,023,636		$	747,032
Portfolio turnover		25	%		40	%		46	%		111	%		58	%

See Notes to Financial Statements.

122

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Growth
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	8.36		$	8.78		$	7.70		$	5.91		$	10.45
Income from investment operations:
Net investment income		0.05			0.04			0.05			0.04			0.06
Net realized and unrealized gain (loss)		1.18			(0.42	)		1.09			1.79			(4.54	)

Total from investment operations		1.23			(0.38	)		1.14			1.83			(4.48	)

Less distributions:
From net investment income		(0.06	)		(0.04	)		(0.06	)		(0.04	)		(0.06	)

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

Net Asset Value, end of year	$	9.53		$	8.36		$	8.78		$	7.70		$	5.91

Total return		14.67	%		(4.27	)%		14.76	%		31.02	%		(42.89	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.78	%		0.83	%		0.86	%		0.86	%		0.88	%
Expenses net of reimbursements/waivers, if any		0.78	%		0.81	%		0.84	%		0.84	%		0.87	%
Net investment income before reimbursements/waivers		0.57	%		0.47	%		0.64	%		0.64	%		0.63	%
Net investment income net of reimbursements/waivers, if any		0.57	%		0.49	%		0.66	%		0.66	%		0.64	%
Supplemental Data:
Net assets, end of year (000)	$	1,880,929		$	1,751,075		$	1,971,807		$	1,814,533		$	1,427,675
Portfolio turnover		87	%		70	%		117	%		89	%		175	%

	Select Value
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	9.73		$	9.84		$	8.25		$	6.07		$	9.38
Income from investment operations:
Net investment income		0.19			0.10			0.09			0.10			0.12
Net realized and unrealized gain (loss)		1.42			(0.12	)		1.59			2.14			(3.31	)

Total from investment operations		1.61			(0.02	)		1.68			2.24			(3.19	)

Less distributions:
From net investment income		(0.18	)		(0.09	)		(0.09	)		(0.06	)		(0.12	)
From net realized gain		(0.21	)		—			—			—			—

Total distributions		(0.39	)		(0.09	)		(0.09	)		(0.06	)		(0.12	)

Net Asset Value, end of year	$	10.95		$	9.73		$	9.84		$	8.25		$	6.07

Total return		16.55	%		(0.16	)%		20.34	%		36.99	%		(33.96	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.99	%		0.99	%		1.00	%		1.04	%		1.01	%
Expenses net of reimbursements/waivers, if any		0.99	%		0.99	%		1.00	%		1.04	%		0.98	%
Net investment income before reimbursements/waivers		1.73	%		0.96	%		1.01	%		1.42	%		1.65	%
Net investment income net of reimbursements/waivers, if any		1.73	%		0.96	%		1.01	%		1.42	%		1.68	%
Supplemental Data:
Net assets, end of year (000)	$	355,590		$	320,019		$	338,336		$	295,800		$	220,955
Portfolio turnover		51	%		60	%		68	%		85	%		211	%

See Notes to Financial Statements.

123

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Aggressive Opportunities
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	9.26		$	11.34		$	9.52		$	6.32		$	11.26
Income from investment operations:
Net investment income		0.07			0.03			0.01			(0.00	)#		0.03
Net realized and unrealized gain (loss)		1.35			(1.23	)		1.81			3.22			(4.68	)

Total from investment operations		1.42			(1.20	)		1.82			3.22			(4.65	)

Less distributions:
From net investment income		(0.02	)		(0.04	)		—			(0.02	)		(0.01	)
From net realized gain		(0.46	)		(0.84	)		—			—			(0.28	)

Total distributions		(0.48	)		(0.88	)		—			(0.02	)		(0.29	)

Net Asset Value, end of year	$	10.20		$	9.26		$	11.34		$	9.52		$	6.32

Total return		15.44	%		(10.42	)%		19.12	%		50.95	%		(41.29	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.90	%		0.91	%		0.93	%		0.99	%		1.01	%
Expenses net of reimbursements/waivers, if any		0.90	%		0.91	%		0.93	%		0.98	%		0.96	%
Net investment income (loss) before reimbursements/waivers		0.61	%		0.21	%		0.05	%		(0.02	)%		0.25	%
Net investment income (loss) net of reimbursements/waivers, if any		0.61	%		0.21	%		0.05	%		(0.02	)%		0.30	%
Supplemental Data:
Net assets, end of year (000)	$	993,729		$	957,271		$	1,147,570		$	1,010,098		$	668,403
Portfolio turnover		94	%		53	%		96	%		53	%		57	%

	Discovery
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	8.74		$	9.42		$	7.54		$	5.46		$	9.25
Income from investment operations:
Net investment income		0.12			0.10			0.08			0.08			0.20
Net realized and unrealized gain (loss)		1.25			(0.68	)		1.89			2.07			(3.77	)

Total from investment operations		1.37			(0.58	)		1.97			2.15			(3.57	)

Less distributions:
From net investment income		(0.16	)		(0.10	)		(0.09	)		(0.07	)		(0.17	)
From net realized gain		(0.47	)		—			—			—			—
Return of capital		—			—			—			—			(0.05	)

Total distributions		(0.63	)		(0.10	)		(0.09	)		(0.07	)		(0.22	)

Net Asset Value, end of year	$	9.48		$	8.74		$	9.42		$	7.54		$	5.46

Total return		15.74	%		(6.15	)%		26.08	%		39.32	%		(38.51	)%
Ratios to Average Net Assets:
Expenses		0.97	%		0.95	%		0.98	%		0.99	%		0.99	%
Net investment income		1.25	%		1.05	%		0.97	%		1.35	%		2.12	%
Supplemental Data:
Net assets, end of year (000)	$	212,873		$	193,872		$	212,770		$	178,174		$	126,382
Portfolio turnover		81	%		86	%		73	%		85	%		111	%

#	Rounds to less than $0.01

See Notes to Financial Statements.

124

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	International
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	8.32		$	9.34		$	8.85		$	6.94		$	12.19
Income from investment operations:
Net investment income		0.22			0.20			0.15			0.12			0.17
Net realized and unrealized gain (loss)		1.32			(1.01	)		0.52			1.96			(5.29	)

Total from investment operations		1.54			(0.81	)		0.67			2.08			(5.12	)

Less distributions:
From net investment income		(0.23	)		(0.21	)		(0.18	)		(0.17	)		(0.02	)
From net realized gain		—			—			—			—			(0.11	)

Total distributions		(0.23	)		(0.21	)		(0.18	)		(0.17	)		(0.13	)

Net Asset Value, end of year	$	9.63		$	8.32		$	9.34		$	8.85		$	6.94

Total return		18.57	%		(8.57	)%		7.61	%		29.97	%		(42.03	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.98	%		0.97	%		0.98	%		1.05	%		1.07	%
Expenses net of reimbursements/waivers, if any		0.98	%		0.95	%		0.98	%		1.05	%		1.07	%
Net investment income before reimbursements/waivers		2.32	%		2.25	%		1.95	%		1.70	%		1.95	%
Net investment income net of reimbursements/waivers, if any		2.32	%		2.26	%		1.95	%		1.70	%		1.95	%
Supplemental Data:
Net assets, end of year (000)	$	1,305,510		$	1,139,964		$	1,218,763		$	1,015,627		$	766,210
Portfolio turnover		49	%		50	%		53	%		164	%		59	%

	Diversifying Strategies(1)
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	10.01		$	10.16		$	9.85		$	9.28		$	9.95
Income from investment operations:
Net investment income		0.12			0.10			0.06			0.09			0.28
Net realized and unrealized gain (loss)		0.23			(0.09	)		0.44			0.53			(0.95	)

Total from investment operations		0.35			0.01			0.50			0.62			(0.67	)

Less distributions:
From net investment income		(0.17	)		(0.02	)		(0.19	)		(0.05	)		—
From net realized gain		(0.03	)		(0.14	)		—			—			(0.00	)#

Total distributions		(0.20	)		(0.16	)		(0.19	)		(0.05	)		(0.00	)#

Net Asset Value, end of year	$	10.16		$	10.01		$	10.16		$	9.85		$	9.28

Total return		3.53	%		0.10	%		5.04	%		6.64	%		(6.73	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.89	%		0.91	%		0.91	%		0.96	%		1.00	%
Expenses net of reimbursements/waivers, if any		0.80	%		0.85	%		0.91	%		0.95	%		0.99	%
Net investment income before reimbursements/waivers		1.04	%		0.93	%		1.06	%		1.05	%		2.30	%
Net investment income net of reimbursements/waivers, if any		1.12	%		1.00	%		1.06	%		1.06	%		2.31	%
Supplemental Data:
Net assets, end of year (000)	$	964,774		$	849,777		$	870,591		$	453,196		$	338,090
Portfolio turnover		71	%		73	%		63	%		129	%		89	%

(1)	Formerly Diversified Assets Fund.

#	Rounds to less than $0.01

See Notes to Financial Statements.

125

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Core Bond Index Class I
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	10.47		$	10.10		$	9.89		$	9.81		$	9.87
Income from investment operations:
Net investment income		0.25			0.31			0.34			0.40			0.46
Net realized and unrealized gain (loss)		0.14			0.42			0.26			0.13			(0.02	)

Total from investment operations		0.39			0.73			0.60			0.53			0.44

Less distributions:
From net investment income		(0.32	)		(0.36	)		(0.39	)		(0.45	)		(0.50	)

Total distributions		(0.32	)		(0.36	)		(0.39	)		(0.45	)		(0.50	)

Net Asset Value, end of year	$	10.54		$	10.47		$	10.10		$	9.89		$	9.81

Total return		3.80	%		7.41	%		6.13	%		5.57	%		4.63	%
Ratios to Average Net Assets:
Expenses		0.41	%		0.41	%		0.42	%		0.42	%		0.44	%
Net investment income		2.38	%		3.00	%		3.31	%		3.99	%		4.70	%
Supplemental Data:
Net assets, end of year (000)	$	905,486		$	813,431		$	824,963		$	857,504		$	656,279
Portfolio turnover		64	%		57	%		85	%		60	%		49	%

	Core Bond Index Class II
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	10.53		$	10.16		$	9.94		$	9.86		$	9.92
Income from investment operations:
Net investment income		0.27			0.33			0.36			0.42			0.48
Net realized and unrealized gain (loss)		0.14			0.43			0.27			0.13			(0.02	)

Total from investment operations		0.41			0.76			0.63			0.55			0.46

Less distributions:
From net investment income		(0.34	)		(0.39	)		(0.41	)		(0.47	)		(0.52	)

Total distributions		(0.34	)		(0.39	)		(0.41	)		(0.47	)		(0.52	)

Net Asset Value, end of year	$	10.60		$	10.53		$	10.16		$	9.94		$	9.86

Total return		3.98	%		7.57	%		6.41	%		5.74	%		4.82	%
Ratios to Average Net Assets:
Expenses		0.21	%		0.21	%		0.22	%		0.22	%		0.24	%
Net investment income		2.59	%		3.15	%		3.51	%		4.21	%		4.90	%
Supplemental Data:
Net assets, end of year (000)	$	337,639		$	320,809		$	282,359		$	238,193		$	220,355
Portfolio turnover		64	%		57	%		85	%		60	%		49	%

See Notes to Financial Statements.

126

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	500 Stock Index Class I
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	9.96		$	9.95		$	8.81		$	7.12		$	11.63
Income from investment operations:
Net investment income		0.20			0.17			0.15			0.16			0.18
Net realized and unrealized gain (loss)		1.36			0.00	#		1.13			1.70			(4.52	)

Total from investment operations		1.56			0.17			1.28			1.86			(4.34	)

Less distributions:
From net investment income		(0.20	)		(0.16	)		(0.14	)		(0.17	)		(0.17	)

Total distributions		(0.20	)		(0.16	)		(0.14	)		(0.17	)		(0.17	)

Net Asset Value, end of year	$	11.32		$	9.96		$	9.95		$	8.81		$	7.12

Total return		15.62	%		1.72	%		14.56	%		26.13	%		(37.31	)%
Ratios to Average Net Assets:
Expenses		0.42	%		0.42	%		0.43	%		0.44	%		0.46	%
Net investment income		1.89	%		1.65	%		1.63	%		2.19	%		1.92	%
Supplemental Data:
Net assets, end of year (000)	$	111,410		$	94,197		$	102,642		$	85,772		$	59,748
Portfolio turnover		3	%		3	%		3	%		15	%		7	%

	500 Stock Index Class II
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	9.39		$	9.39		$	8.32		$	6.73		$	11.01
Income from investment operations:
Net investment income		0.22			0.18			0.16			0.19			0.19
Net realized and unrealized gain (loss)		1.26			0.00	#		1.07			1.58			(4.28	)

Total from investment operations		1.48			0.18			1.23			1.77			(4.09	)

Less distributions:
From net investment income		(0.22	)		(0.18	)		(0.16	)		(0.18	)		(0.19	)

Total distributions		(0.22	)		(0.18	)		(0.16	)		(0.18	)		(0.19	)

Net Asset Value, end of year	$	10.65	*	$	9.39		$	9.39		$	8.32		$	6.73

Total return		15.74	%*		1.97	%		14.78	%		26.35	%		(37.15	)%
Ratios to Average Net Assets:
Expenses		0.22	%		0.22	%		0.23	%		0.24	%		0.26	%
Net investment income		2.09	%		1.86	%		1.84	%		2.40	%		2.13	%
Supplemental Data:
Net assets, end of year (000)	$	341,571		$	287,072		$	281,443		$	237,743		$	200,989
Portfolio turnover		3	%		3	%		3	%		15	%		7	%

#	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).

See Notes to Financial Statements.

127

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Broad Market Index Class I
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	10.85		$	10.92		$	9.47		$	7.53		$	12.25
Income from investment operations:
Net investment income		0.24			0.20			0.16			0.17			0.21
Net realized and unrealized gain (loss)		1.45			(0.11	)		1.43			1.92			(4.75	)

Total from investment operations		1.69			0.09			1.59			2.09			(4.54	)

Less distributions:
From net investment income		(0.21	)		(0.16	)		(0.14	)		(0.15	)		(0.18	)
From net realized gain		(0.10	)		—			—			—			—

Total distributions		(0.31	)		(0.16	)		(0.14	)		(0.15	)		(0.18	)

Net Asset Value, end of year	$	12.23		$	10.85		$	10.92		$	9.47		$	7.53

Total return		15.64	%		0.85	%		16.84	%		27.78	%		(37.06	)%
Ratios to Average Net Assets:
Expenses		0.42	%		0.41	%		0.42	%		0.43	%		0.44	%
Net investment income		1.89	%		1.56	%		1.55	%		2.05	%		1.81	%
Supplemental Data:
Net assets, end of year (000)	$	126,835		$	114,674		$	131,673		$	119,777		$	94,710
Portfolio turnover		3	%		1	%		6	%		7	%		4	%

	Broad Market Index Class II
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	10.19		$	10.27		$	8.91		$	7.09		$	11.57
Income from investment operations:
Net investment income		0.24			0.19			0.16			0.18			0.20
Net realized and unrealized gain (loss)		1.37			(0.09	)		1.36			1.81			(4.48	)

Total from investment operations		1.61			0.10			1.52			1.99			(4.28	)

Less distributions:
From net investment income		(0.24	)		(0.18	)		(0.16	)		(0.17	)		(0.20	)
From net realized gain		(0.10	)		—			—			—			—

Total distributions		(0.34	)		(0.18	)		(0.16	)		(0.17	)		(0.20	)

Net Asset Value, end of year	$	11.46		$	10.19		$	10.27		$	8.91		$	7.09

Total return		15.82	%		1.07	%		17.12	%		28.04	%		(36.97	)%
Ratios to Average Net Assets:
Expenses		0.22	%		0.21	%		0.22	%		0.23	%		0.24	%
Net investment income		2.09	%		1.77	%		1.75	%		2.26	%		2.03	%
Supplemental Data:
Net assets, end of year (000)	$	427,467		$	389,031		$	406,029		$	358,250		$	295,297
Portfolio turnover		3	%		1	%		6	%		7	%		4	%

See Notes to Financial Statements.

128

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Mid/Small Company Index Class I
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	14.02		$	15.39		$	12.35		$	9.17		$	16.23
Income from investment operations:
Net investment income		0.28			0.16			0.13			0.13			0.18
Net realized and unrealized gain (loss)		2.21			(0.78	)		3.31			3.19			(6.46	)

Total from investment operations		2.49			(0.62	)		3.44			3.32			(6.28	)

Less distributions:
From net investment income		(0.26	)		(0.15	)		(0.12	)		(0.14	)		(0.18	)
From net realized gain		(0.58	)		(0.60	)		(0.28	)		—			(0.59	)
Return of capital		—			—			—			—			(0.01	)

Total distributions		(0.84	)		(0.75	)		(0.40	)		(0.14	)		(0.78	)

Net Asset Value, end of year	$	15.67		$	14.02		$	15.39		$	12.35		$	9.17

Total return		17.89	%		(3.91	)%		27.93	%		36.19	%		(38.57	)%
Ratios to Average Net Assets:
Expenses		0.43	%		0.43	%		0.45	%		0.48	%		0.50	%
Net investment income		1.87	%		1.11	%		1.16	%		1.46	%		1.47	%
Supplemental Data:
Net assets, end of year (000)	$	297,378		$	247,732		$	243,794		$	134,165		$	82,628
Portfolio turnover		14	%		15	%		14	%		25	%		15	%

	Mid/Small Company Index Class II
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	13.26		$	14.60		$	11.73		$	8.71		$	15.48
Income from investment operations:
Net investment income		0.30			0.19			0.15			0.17			0.23
Net realized and unrealized gain (loss)		2.09			(0.76	)		3.14			3.00			(6.20	)

Total from investment operations		2.39			(0.57	)		3.29			3.17			(5.97	)

Less distributions:
From net investment income		(0.29	)		(0.17	)		(0.14	)		(0.15	)		(0.20	)
From net realized gain		(0.58	)		(0.60	)		(0.28	)		—			(0.59	)
Return of capital		—			—			—			—			(0.01	)

Total distributions		(0.87	)		(0.77	)		(0.42	)		(0.15	)		(0.80	)

Net Asset Value, end of year	$	14.78		$	13.26		$	14.60		$	11.73		$	8.71

Total return		18.17	%		(3.70	)%		28.15	%		36.47	%		(38.44	)%
Ratios to Average Net Assets:
Expenses		0.23	%		0.23	%		0.25	%		0.28	%		0.30	%
Net investment income		2.07	%		1.30	%		1.35	%		1.66	%		1.63	%
Supplemental Data:
Net assets, end of year (000)	$	194,775		$	160,710		$	161,178		$	97,453		$	71,965
Portfolio turnover		14	%		15	%		14	%		25	%		15	%

See Notes to Financial Statements.

129

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Overseas Equity Index Class I
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	9.19		$	10.82		$	10.30		$	8.20		$	14.80
Income from investment operations:
Net investment income		0.29			0.33			0.23			0.22			0.39
Net realized and unrealized gain (loss)		1.41			(1.68	)		0.52			2.12			(6.61	)

Total from investment operations		1.70			(1.35	)		0.75			2.34			(6.22	)

Less distributions:
From net investment income		(0.28	)		(0.28	)		(0.23	)		(0.24	)		(0.32	)
From net realized gain		—			—			—			—			(0.06	)

Total distributions		(0.28	)		(0.28	)		(0.23	)		(0.24	)		(0.38	)

Net Asset Value, end of year	$	10.61		$	9.19		$	10.82		$	10.30		$	8.20

Total return		18.51	%		(12.42	)%		7.37	%		28.63	%		(42.05	)%
Ratios to Average Net Assets:
Expenses		0.55	%		0.54	%		0.56	%		0.59	%		0.63	%
Net investment income		2.92	%		2.93	%		2.27	%		2.61	%		3.07	%
Supplemental Data:
Net assets, end of year (000)	$	55,335		$	44,911		$	57,649		$	52,937		$	36,021
Portfolio turnover		6	%		2	%		2	%		5	%		6	%

	Overseas Equity Index Class II
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	8.60		$	10.16		$	9.69		$	7.72		$	13.98
Income from investment operations:
Net investment income		0.29			0.31			0.23			0.23			0.39
Net realized and unrealized gain (loss)		1.32			(1.57	)		0.50			2.00			(6.25	)

Total from investment operations		1.61			(1.26	)		0.73			2.23			(5.86	)

Less distributions:
From net investment income		(0.30	)		(0.30	)		(0.26	)		(0.26	)		(0.34	)
From net realized gain		—			—			—			—			(0.06	)

Total distributions		(0.30	)		(0.30	)		(0.26	)		(0.26	)		(0.40	)

Net Asset Value, end of year	$	9.91		$	8.60		$	10.16		$	9.69		$	7.72

Total return		18.74	%		(12.28	)%		7.54	%		28.94	%		(41.90	)%
Ratios to Average Net Assets:
Expenses		0.35	%		0.34	%		0.36	%		0.39	%		0.43	%
Net investment income		3.10	%		3.11	%		2.45	%		2.83	%		3.27	%
Supplemental Data:
Net assets, end of year (000)	$	173,354		$	132,873		$	149,208		$	128,002		$	92,719
Portfolio turnover		6	%		2	%		2	%		5	%		6	%

See Notes to Financial Statements.

130

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Model Portfolio Savings Oriented
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	24.40		$	24.32		$	23.22		$	20.58		$	24.70
Income from investment operations:
Net investment income		0.48			0.51			0.46			0.49			0.73
Net realized and unrealized gain (loss)		1.27			0.07			1.11			2.64			(3.63	)

Total from investment operations		1.75			0.58			1.57			3.13			(2.90	)

Less distributions:
From net investment income		(0.52	)		(0.50	)		(0.47	)		(0.48	)		(0.70	)
From net realized gain		(0.14	)		—			—			(0.01	)		(0.52	)

Total distributions		(0.66	)		(0.50	)		(0.47	)		(0.49	)		(1.22	)

Net Asset Value, end of year	$	25.49		$	24.40		$	24.32		$	23.22		$	20.58

Total return		7.20	%		2.38	%		6.78	%		15.18	%		(11.67	)%
Ratios to Average Net Assets:
Expenses		0.14	%		0.14	%		0.14	%		0.16	%		0.16	%
Net investment income		1.68	%		1.76	%		1.97	%		2.36	%		2.88	%
Supplemental Data:
Net assets, end of year (000)	$	315,867		$	288,467		$	338,533		$	307,297		$	255,970
Portfolio turnover		7	%		15	%		25	%		7	%		18	%

	Model Portfolio Conservative Growth
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	23.46		$	23.62		$	22.13		$	19.04		$	24.62
Income from investment operations:
Net investment income		0.46			0.43			0.40			0.44			0.58
Net realized and unrealized gain (loss)		1.62			(0.16	)		1.50			3.08			(4.92	)

Total from investment operations		2.08			0.27			1.90			3.52			(4.34	)

Less distributions:
From net investment income		(0.51	)		(0.43	)		(0.41	)		(0.43	)		(0.53	)
From net realized gain		(0.14	)		—			—			—			(0.71	)

Total distributions		(0.65	)		(0.43	)		(0.41	)		(0.43	)		(1.24	)

Net Asset Value, end of year	$	24.89		$	23.46		$	23.62		$	22.13		$	19.04

Total return		8.88	%		1.15	%		8.60	%		18.50	%		(17.56	)%
Ratios to Average Net Assets:
Expenses		0.13	%		0.12	%		0.13	%		0.15	%		0.15	%
Net investment income		1.66	%		1.67	%		1.80	%		2.20	%		2.40	%
Supplemental Data:
Net assets, end of year (000)	$	607,812		$	556,164		$	586,912		$	528,183		$	449,433
Portfolio turnover		7	%		14	%		23	%		13	%		19	%

See Notes to Financial Statements.

131

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Model Portfolio Traditional Growth
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	21.52		$	22.17		$	20.28		$	16.65		$	24.04
Income from investment operations:
Net investment income		0.42			0.38			0.33			0.33			0.38
Net realized and unrealized gain (loss)		1.99			(0.50	)		1.89			3.62			(6.53	)

Total from investment operations		2.41			(0.12	)		2.22			3.95			(6.15	)

Less distributions:
From net investment income		(0.42	)		(0.48	)		(0.33	)		(0.30	)		(0.30	)
From net realized gain		(0.26	)		(0.05	)		—			(0.02	)		(0.94	)

Total distributions		(0.68	)		(0.53	)		(0.33	)		(0.32	)		(1.24	)

Net Asset Value, end of year	$	23.25		$	21.52		$	22.17		$	20.28		$	16.65

Total return		11.20	%		(0.56	)%		10.95	%		23.72	%		(25.39	)%
Ratios to Average Net Assets:
Expenses		0.11	%		0.11	%		0.12	%		0.13	%		0.13	%
Net investment income		1.66	%		1.52	%		1.57	%		1.86	%		1.74	%
Supplemental Data:
Net assets, end of year (000)	$	1,493,678		$	1,366,108		$	1,495,757		$	1,353,050		$	1,072,076
Portfolio turnover		7	%		13	%		15	%		8	%		20	%

	Model Portfolio Long-Term Growth
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	20.32		$	21.41		$	19.30		$	15.35		$	24.26
Income from investment operations:
Net investment income		0.38			0.35			0.27			0.26			0.24
Net realized and unrealized gain (loss)		2.24			(0.77	)		2.15			3.99			(7.81	)

Total from investment operations		2.62			(0.42	)		2.42			4.25			(7.57	)

Less distributions:
From net investment income		(0.38	)		(0.40	)		(0.31	)		(0.21	)		(0.21	)
From net realized gain		(0.36	)		(0.27	)		—			(0.09	)		(1.13	)

Total distributions		(0.74	)		(0.67	)		(0.31	)		(0.30	)		(1.34	)

Net Asset Value, end of year	$	22.20		$	20.32		$	21.41		$	19.30		$	15.35

Total return		12.93	%		(1.98	)%		12.54	%		27.67	%		(30.99	)%
Ratios to Average Net Assets:
Expenses		0.11	%		0.11	%		0.12	%		0.13	%		0.13	%
Net investment income		1.65	%		1.42	%		1.40	%		1.63	%		1.16	%
Supplemental Data:
Net assets, end of year (000)	$	1,896,812		$	1,712,228		$	1,848,430		$	1,621,102		$	1,203,596
Portfolio turnover		7	%		11	%		10	%		5	%		14	%

See Notes to Financial Statements.

132

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Model Portfolio All-Equity Growth
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	18.69		$	19.81		$	17.38		$	13.07		$	24.63
Income from investment operations:
Net investment income		0.32			0.28			0.16			0.18			0.11
Net realized and unrealized gain (loss)		2.67			(1.12	)		2.43			4.41			(10.01	)

Total from investment operations		2.99			(0.84	)		2.59			4.59			(9.90	)

Less distributions:
From net investment income		(0.22	)		(0.28	)		(0.16	)		(0.15	)		(0.12	)
From net realized gain		(0.12	)		—			—			(0.13	)		(1.54	)

Total distributions		(0.34	)		(0.28	)		(0.16	)		(0.28	)		(1.66	)

Net Asset Value, end of year	$	21.34		$	18.69		$	19.81		$	17.38		$	13.07

Total return		16.00	%		(4.23	)%		14.93	%		35.07	%		(39.86	)%
Ratios to Average Net Assets:
Expenses		0.12	%		0.12	%		0.13	%		0.14	%		0.15	%
Net investment income		1.37	%		1.24	%		0.95	%		1.30	%		0.57	%
Supplemental Data:
Net assets, end of year (000)	$	709,330		$	649,826		$	715,090		$	591,533		$	385,657
Portfolio turnover		9	%		9	%		6	%		3	%		7	%

	Milestone Retirement Income
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	10.18		$	10.33		$	9.81		$	8.56		$	10.61
Income from investment operations:
Net investment income		0.20			0.20			0.12			0.16			0.29
Net realized and unrealized gain (loss)		0.53			0.05			0.56			1.26			(1.76	)

Total from investment operations		0.73			0.25			0.68			1.42			(1.47	)

Less distributions:
From net investment income		(0.20	)		(0.20	)		(0.15	)		(0.15	)		(0.29	)
From net realized gain		(0.13	)		(0.20	)		(0.01	)		(0.02	)		(0.29	)

Total distributions		(0.33	)		(0.40	)		(0.16	)		(0.17	)		(0.58	)

Net Asset Value, end of year	$	10.58		$	10.18		$	10.33		$	9.81		$	8.56

Total return		7.18	%		2.37	%		6.93	%		16.53	%		(13.76	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.14	%		0.15	%		0.18	%		0.25	%		0.27	%
Expenses net of reimbursements/waivers, if any		0.14	%		0.15	%		0.18	%		0.20	%		0.07	%
Net investment income before reimbursements/waivers		1.66	%		1.79	%		2.49	%		2.29	%		2.55	%
Net investment income net of reimbursements/waivers, if any		1.66	%		1.79	%		2.49	%		2.34	%		2.74	%
Supplemental Data:
Net assets, end of year (000)	$	238,158		$	220,063		$	215,961		$	76,683		$	43,323
Portfolio turnover		8	%		19	%		25	%		14	%		36	%

See Notes to Financial Statements.

133

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Milestone 2010
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	10.10		$	10.24		$	9.56		$	8.27		$	10.65
Income from investment operations:
Net investment income		0.20			0.19			0.10			0.18			0.23
Net realized and unrealized gain (loss)		0.76			(0.04	)		0.71			1.29			(2.09	)

Total from investment operations		0.96			0.15			0.81			1.47			(1.86	)

Less distributions:
From net investment income		(0.20	)		(0.21	)		(0.13	)		(0.14	)		(0.23	)
From net realized gain		(0.21	)		(0.08	)		—			(0.04	)		(0.29	)

Total distributions		(0.41	)		(0.29	)		(0.13	)		(0.18	)		(0.52	)

Net Asset Value, end of year	$	10.65		$	10.10		$	10.24		$	9.56		$	8.27

Total return		9.53	%		1.41	%		8.51	%		17.71	%		(17.34	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.14	%		0.15	%		0.18	%		0.22	%		0.23	%
Expenses net of reimbursements/waivers, if any		0.14	%		0.15	%		0.18	%		0.19	%		0.13	%
Net investment income before reimbursements/waivers		1.58	%		1.75	%		2.11	%		2.15	%		2.31	%
Net investment income net of reimbursements/waivers, if any		1.58	%		1.75	%		2.11	%		2.17	%		2.41	%
Supplemental Data:
Net assets, end of year (000)	$	234,023		$	222,275		$	217,770		$	90,790		$	65,043
Portfolio turnover		11	%		22	%		33	%		20	%		27	%

	Milestone 2015
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	10.16		$	10.35		$	9.53		$	7.96		$	11.13
Income from investment operations:
Net investment income		0.20			0.18			0.12			0.16			0.17
Net realized and unrealized gain (loss)		0.84			(0.10	)		0.85			1.58			(2.80	)

Total from investment operations		1.04			0.08			0.97			1.74			(2.63	)

Less distributions:
From net investment income		(0.20	)		(0.21	)		(0.14	)		(0.11	)		(0.18	)
From net realized gain		(0.13	)		(0.06	)		(0.01	)		(0.06	)		(0.36	)

Total distributions		(0.33	)		(0.27	)		(0.15	)		(0.17	)		(0.54	)

Net Asset Value, end of year	$	10.87		$	10.16		$	10.35		$	9.53		$	7.96

Total return		10.25	%		0.70	%		10.20	%		21.84	%		(23.54	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.13	%		0.14	%		0.15	%		0.18	%		0.19	%
Expenses net of reimbursements/waivers, if any		0.13	%		0.14	%		0.15	%		0.17	%		0.14	%
Net investment income before reimbursements/waivers		1.68	%		1.72	%		1.96	%		2.06	%		1.81	%
Net investment income net of reimbursements/waivers, if any		1.68	%		1.72	%		1.96	%		2.07	%		1.85	%
Supplemental Data:
Net assets, end of year (000)	$	434,638		$	381,855		$	363,144		$	185,989		$	120,249
Portfolio turnover		8	%		20	%		15	%		12	%		21	%

See Notes to Financial Statements.

134

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Milestone 2020
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	10.10		$	10.34		$	9.43		$	7.83		$	11.38
Income from investment operations:
Net investment income		0.21			0.18			0.14			0.16			0.13
Net realized and unrealized gain (loss)		0.92			(0.20	)		0.92			1.68			(3.20	)

Total from investment operations		1.13			(0.02	)		1.06			1.84			(3.07	)

Less distributions:
From net investment income		(0.20	)		(0.18	)		(0.14	)		(0.16	)		(0.14	)
From net realized gain		(0.09	)		(0.04	)		(0.01	)		(0.08	)		(0.34	)

Total distributions		(0.29	)		(0.22	)		(0.15	)		(0.24	)		(0.48	)

Net Asset Value, end of year	$	10.94		$	10.10		$	10.34		$	9.43		$	7.83

Total return		11.25	%		(0.26	)%		11.27	%		23.43	%		(26.86	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.13	%		0.13	%		0.15	%		0.18	%		0.19	%
Expenses net of reimbursements/waivers, if any		0.13	%		0.13	%		0.15	%		0.17	%		0.15	%
Net investment income before reimbursements/waivers		1.81	%		1.73	%		1.93	%		2.16	%		1.50	%
Net investment income net of reimbursements/waivers, if any		1.81	%		1.73	%		1.93	%		2.17	%		1.54	%
Supplemental Data:
Net assets, end of year (000)	$	470,664		$	386,327		$	344,033		$	186,148		$	112,440
Portfolio turnover		7	%		16	%		10	%		7	%		12	%

	Milestone 2025
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	9.97		$	10.27		$	9.28		$	7.58		$	11.55
Income from investment operations:
Net investment income		0.20			0.17			0.13			0.14			0.10
Net realized and unrealized gain (loss)		1.02			(0.26	)		1.00			1.78			(3.57	)

Total from investment operations		1.22			(0.09	)		1.13			1.92			(3.47	)

Less distributions:
From net investment income		(0.20	)		(0.17	)		(0.12	)		(0.14	)		(0.11	)
From net realized gain		(0.09	)		(0.04	)		(0.02	)		(0.08	)		(0.39	)

Total distributions		(0.29	)		(0.21	)		(0.14	)		(0.22	)		(0.50	)

Net Asset Value, end of year	$	10.90		$	9.97		$	10.27		$	9.28		$	7.58

Total return		12.24	%		(0.85	)%		12.25	%		25.40	%		(29.90	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.14	%		0.14	%		0.16	%		0.19	%		0.21	%
Expenses net of reimbursements/waivers, if any		0.14	%		0.14	%		0.16	%		0.18	%		0.15	%
Net investment income before reimbursements/waivers		1.85	%		1.71	%		1.77	%		2.03	%		1.17	%
Net investment income net of reimbursements/waivers, if any		1.85	%		1.71	%		1.77	%		2.04	%		1.22	%
Supplemental Data:
Net assets, end of year (000)	$	383,446		$	301,275		$	267,155		$	146,397		$	81,317
Portfolio turnover		5	%		15	%		7	%		5	%		11	%

See Notes to Financial Statements.

135

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Milestone 2030
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	10.00		$	10.34		$	9.26		$	7.45		$	11.75
Income from investment operations:
Net investment income		0.20			0.17			0.12			0.13			0.08
Net realized and unrealized gain (loss)		1.13			(0.32	)		1.09			1.90			(3.92	)

Total from investment operations		1.33			(0.15	)		1.21			2.03			(3.84	)

Less distributions:
From net investment income		(0.20	)		(0.17	)		(0.12	)		(0.13	)		(0.09	)
From net realized gain		(0.10	)		(0.02	)		(0.01	)		(0.09	)		(0.37	)

Total distributions		(0.30	)		(0.19	)		(0.13	)		(0.22	)		(0.46	)

Net Asset Value, end of year	$	11.03		$	10.00		$	10.34		$	9.26		$	7.45

Total return		13.28	%		(1.46	)%		13.11	%		27.33	%		(32.54	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.14	%		0.15	%		0.16	%		0.20	%		0.23	%
Expenses net of reimbursements/waivers, if any		0.14	%		0.15	%		0.16	%		0.19	%		0.16	%
Net investment income before reimbursements/waivers		1.81	%		1.65	%		1.53	%		1.89	%		1.01	%
Net investment income net of reimbursements/waivers, if any		1.81	%		1.65	%		1.53	%		1.90	%		1.07	%
Supplemental Data:
Net assets, end of year (000)	$	305,077		$	236,452		$	211,155		$	121,219		$	66,183
Portfolio turnover		5	%		14	%		7	%		4	%		10	%

	Milestone 2035
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	9.86		$	10.28		$	9.10		$	7.21		$	11.83
Income from investment operations:
Net investment income		0.20			0.16			0.10			0.13			0.08
Net realized and unrealized gain (loss)		1.23			(0.39	)		1.20			1.98			(4.23	)

Total from investment operations		1.43			(0.23	)		1.30			2.11			(4.15	)

Less distributions:
From net investment income		(0.20	)		(0.16	)		(0.10	)		(0.13	)		(0.08	)
From net realized gain		(0.10	)		(0.03	)		(0.02	)		(0.09	)		(0.39	)

Total distributions		(0.30	)		(0.19	)		(0.12	)		(0.22	)		(0.47	)

Net Asset Value, end of year	$	10.99		$	9.86		$	10.28		$	9.10		$	7.21

Total return		14.47	%		(2.24	)%		14.33	%		29.22	%		(34.91	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.15	%		0.17	%		0.19	%		0.25	%		0.31	%
Expenses net of reimbursements/waivers, if any		0.15	%		0.17	%		0.19	%		0.22	%		0.19	%
Net investment income before reimbursements/waivers		1.78	%		1.62	%		1.35	%		1.92	%		0.90	%
Net investment income net of reimbursements/waivers, if any		1.78	%		1.62	%		1.35	%		1.95	%		1.03	%
Supplemental Data:
Net assets, end of year (000)	$	202,649		$	150,472		$	133,121		$	76,875		$	37,375
Portfolio turnover		5	%		13	%		7	%		4	%		9	%

See Notes to Financial Statements.

136

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Milestone 2040
	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Net Asset Value, beginning of year	$	9.86		$	10.30		$	9.07		$	7.10		$	11.85
Income from investment operations:
Net investment income		0.20			0.17			0.10			0.13			0.08
Net realized and unrealized gain (loss)		1.31			(0.44	)		1.25			2.05			(4.38	)

Total from investment operations		1.51			(0.27	)		1.35			2.18			(4.30	)

Less distributions:
From net investment income		(0.19	)		(0.17	)		(0.10	)		(0.13	)		(0.08	)
From net realized gain		(0.02	)		—			(0.02	)		(0.08	)		(0.37	)

Total distributions		(0.21	)		(0.17	)		(0.12	)		(0.21	)		(0.45	)

Net Asset Value, end of year	$	11.16		$	9.86		$	10.30		$	9.07		$	7.10

Total return		15.33	%		(2.61	)%		14.91	%		30.70	%		(36.13	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.16	%		0.17	%		0.18	%		0.23	%		0.32	%
Expenses net of reimbursements/waivers, if any		0.16	%		0.17	%		0.18	%		0.21	%		0.19	%
Net investment income before reimbursements/waivers		1.77	%		1.67	%		1.20	%		2.05	%		0.92	%
Net investment income net of reimbursements/waivers, if any		1.77	%		1.67	%		1.20	%		2.06	%		1.05	%
Supplemental Data:
Net assets, end of year (000)	$	197,376		$	146,032		$	132,306		$	91,348		$	38,001
Portfolio turnover		4	%		14	%		21	%		4	%		11	%


	Milestone 2045
	For the Year Ended December 31,						For the Period from January 4, 2010* to December 31,
	2012			2011			2010
Net Asset Value, beginning of year	$	10.71		$	11.33		$	10.00
Income from investment operations:
Net investment income		0.22			0.17			0.10
Net realized and unrealized gain (loss)		1.43			(0.49	)		1.36

Total from investment operations		1.65			(0.32	)		1.46

Less distributions:
From net investment income		(0.22	)		(0.17	)		(0.10	)
From net realized gain		(0.15	)		(0.13	)		(0.03	)

Total distributions		(0.37	)		(0.30	)		(0.13	)

Net Asset Value, end of year	$	11.99		$	10.71		$	11.33

Total return		15.49	%		(2.81	)%		14.62	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.25	%		0.36	%		0.87	%†
Expenses net of reimbursements/waivers, if any		0.25	%		0.35	%		0.34	%†
Net investment income before reimbursements/waivers		1.91	%		1.68	%		1.67	%†
Net investment income net of reimbursements/waivers, if any		1.91	%		1.69	%		2.19	%†
Supplemental Data:
Net assets, end of year (000)	$	53,824		$	33,434		$	22,363
Portfolio turnover		18	%		14	%		8	%††

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements.

137

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Milestone 2050
	For the Period from September 10, 2012* to December 31, 2012
Net Asset Value, beginning of year	$	10.00
Income from investment operations:
Net investment income		0.02
Net realized and unrealized gain		0.25

Total from investment operations		0.27

Less distributions:
From net investment income		(0.02	)

Total distributions		(0.02	)

Net Asset Value, end of year	$	10.25

Total return		2.66	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		9.98	%†
Expenses net of reimbursements/waivers, if any		0.36	%†
Net investment loss before reimbursements/waivers		(6.43	)%†
Net investment income net of reimbursements/waivers, if any		3.19	%†
Supplemental Data:
Net assets, end of year (000)	$	6,769
Portfolio turnover		1	%††

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements.

138

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS

Organization

The Vantagepoint Funds (the “Company”) was organized as a Delaware statutory trust on July 28, 1998 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company consisted of the following series on December 31, 2012:



The “Actively Managed Funds”:		The “Index Funds”:
Low Duration Bond Fund		Core Bond Index Fund
Inflation Protected Securities Fund		500 Stock Index Fund
Equity Income Fund		Broad Market Index Fund
Growth & Income Fund		Mid/Small Company Index Fund
Growth Fund		Overseas Equity Index 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 Savings Oriented Fund
Milestone 2010 Fund		Model Portfolio Conservative Growth Fund
Milestone 2015 Fund		Model Portfolio Traditional Growth Fund
Milestone 2020 Fund		Model Portfolio Long-Term Growth Fund
Milestone 2025 Fund		Model Portfolio All-Equity Growth Fund
Milestone 2030 Fund
Milestone 2035 Fund
Milestone 2040 Fund
Milestone 2045 Fund
Milestone 2050 Fund

As of December 31, 2012, the Actively Managed, Model Portfolio and Milestone Funds each offered a single class of shares, and the Index Funds offered two classes of shares: Class I Shares and Class II Shares. These two classes of shares differ principally in their respective level of account-based services and the fees associated with such services. Ordinary dividends to shareholders are allocated to each class, based upon shares outstanding on the record date of distribution. Neither class has preferential dividend rights. Differences in per share dividend rates are generally due to differences in separate class expenses. The Vantagepoint Milestone 2050 Fund (the “Milestone 2050 Fund”) commenced operations on September 10, 2012.

The Model Portfolio Funds Structure

As of December 31, 2012, the Model Portfolio Funds invest entirely in other series of the Company (“underlying funds”). Subject to the supervision of the Company’s Board of Directors (“Board”), Vantagepoint Investment Advisers, LLC (“VIA” or the “Adviser”) may make changes to the underlying fund allocations for the Model Portfolios based on its periodic analysis to identify the allocation of assets among the different underlying fund allocations for the Model Portfolio Funds that it believes is appropriate for each Model Portfolio Fund. Each Model Portfolio Fund has a different degree of potential risk and reward and is diversified among various underlying funds in

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differing allocations. The underlying funds of each Model Portfolio Fund and the target investment allocation to each underlying fund as of December 31, 2012 were as follows:


	Model Portfolio Funds
Fund	Savings Oriented			Conservative Growth			Traditional Growth			Long- Term Growth			All-Equity Growth
Fixed Income—%
Low Duration Bond		31.00	%		19.00	%		8.00	%		0.00	%		0.00	%
Core Bond Index, Class I		9.00	%		12.00	%		13.00	%		13.00	%		0.00	%
Inflation Protected Securities		15.00	%		10.00	%		4.00	%		0.00	%		0.00	%

Total Fixed Income—%		55.00	%		41.00	%		25.00	%		13.00	%		0.00	%


Equity—%
Equity Income		10.00	%		11.00	%		12.00	%		13.00	%		18.00	%
Growth & Income		10.00	%		9.00	%		12.00	%		13.00	%		17.00	%
Growth		0.00	%		6.00	%		10.00	%		11.50	%		17.00	%
Select Value		0.00	%		3.00	%		5.50	%		8.50	%		9.50	%
Aggressive Opportunities		0.00	%		3.00	%		5.50	%		8.50	%		9.50	%
Discovery		0.00	%		0.00	%		3.00	%		4.50	%		9.00	%
International		5.00	%		8.00	%		12.00	%		16.00	%		20.00	%

Total Equity—%		25.00	%		40.00	%		60.00	%		75.00	%		100.00	%


Multi-Strategy—%
Diversifying Strategies		20.00	%		19.00	%		15.00	%		12.00	%		0.00	%

Total Multi-Strategy—%		20.00	%		19.00	%		15.00	%		12.00	%		0.00	%


Total—%		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%

The Milestone Funds Structure

As of December 31, 2012, the Milestone Funds invest entirely in underlying funds. Subject to the supervision of the Board, VIA may make changes to the underlying fund allocations for the Milestone Funds based on its periodic analysis to identify the allocation of assets among the different underlying funds that it believes is appropriate for each Milestone Fund. Each Milestone Fund invests in a combination of underlying funds that is believed to be appropriate for investors who expect to begin making gradual withdrawals from the Milestone Fund, typically at or after retirement, in or around the year stated in the Milestone Fund’s name, except for the Milestone Retirement Income Fund. VIA adjusts the asset allocation of each “dated” Milestone Fund to become more conservative over time until the Milestone Fund achieves a constant asset allocation approximately ten years after the year designated in its name. The Milestone 2045 and the Milestone 2050 Fund have not yet been adjusted because of their long remaining time horizon. Each Milestone Fund has a different degree of potential risk and reward and is diversified among various

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underlying funds in differing allocations. The underlying funds of each Milestone Fund and the target investment allocation to each underlying fund as of December 31, 2012, were as follows:


	Milestone Funds
Fund	Retirement Income			2010			2015			2020			2025
Fixed Income—%
Low Duration Bond		31.00	%		16.16	%		11.58	%		7.63	%		3.73	%
Core Bond Index, Class I		9.00	%		6.54	%		9.06	%		13.31	%		13.80	%
Inflation Protected Securities		15.00	%		15.00	%		10.50	%		3.00	%		0.00	%

Total Fixed Income—%		55.00	%		37.70	%		31.14	%		23.94	%		17.53	%


Equity—%
Equity Income		10.00	%		17.68	%		19.06	%		20.65	%		22.63	%
Growth & Income		10.00	%		11.00	%		11.03	%		11.45	%		12.63	%
Growth		0.00	%		6.70	%		7.52	%		8.09	%		9.08	%
Mid/Small Company Index, Class I		0.00	%		0.00	%		4.04	%		8.23	%		10.73	%
International		5.00	%		8.92	%		10.46	%		12.14	%		13.90	%

Total Equity—%		25.00	%		44.30	%		52.11	%		60.56	%		68.97	%


Multi-Strategy—%
Diversifying Strategies		20.00	%		18.00	%		16.75	%		15.50	%		13.50	%

Total Multi-Strategy—%		20.00	%		18.00	%		16.75	%		15.50	%		13.50	%


Total—%		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%


	Milestone Funds
Fund	2030			2035			2040			2045			2050
Fixed Income—%
Low Duration Bond		1.53	%		0.44	%		0.00	%		0.00	%		0.00	%
Core Bond Index, Class I		10.12	%		6.27	%		5.00	%		5.00	%		5.00	%
Inflation Protected Securities		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

Total Fixed Income—%		11.65	%		6.71	%		5.00	%		5.00	%		5.00	%


Equity—%
Equity Income		24.07	%		25.49	%		26.86	%		27.40	%		27.40	%
Growth & Income		13.88	%		14.74	%		15.61	%		16.00	%		16.00	%
Growth		10.20	%		11.48	%		12.37	%		12.60	%		12.60	%
Mid/Small Company Index, Class I		13.59	%		17.27	%		19.56	%		20.00	%		20.00	%
International		15.61	%		17.31	%		18.60	%		19.00	%		19.00	%

Total Equity—%		77.35	%		86.29	%		93.00	%		95.00	%		95.00	%


Multi-Strategy—%
Diversifying Strategies		11.00	%		7.00	%		2.00	%		0.00	%		0.00	%

Total Multi-Strategy—%		11.00	%		7.00	%		2.00	%		0.00	%		0.00	%


Total—%		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%

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NOTES TO FINANCIAL STATEMENTS — (Continued)

Since the Model Portfolio Funds and Milestone Funds invested entirely in underlying funds during the year ended December 31, 2012 period, investment earnings for this period are composed of:

ordinary and capital gain dividends from the underlying funds,

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

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

Subadviser Changes from January 1, 2012 to December 31, 2012

On January 23, 2012, Atlanta Capital Management Company, LLC and Victory Capital Management, Inc. began managing the assets of the Growth Fund allocated to them. D.G. Capital Management, LLC, Legg Mason Capital Management, LLC and Tukman Grossman Capital Management, Inc. were terminated as subadvisers to the Growth Fund as of the same date. VIA had recommended and the Board had approved these changes at a meeting held on December 13, 2011.

At a meeting held on June 22, 2012, VIA recommended, and the Board approved, the termination of Legg Mason Capital Management, LLC and Wellington Management Company, LLP, and the appointments of SSgA Funds Management, Inc. and Wells Capital Management Inc. as subadvisers to the Aggressive Opportunities Fund. These changes were effective on August 27, 2012.

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.

New Accounting Pronouncements

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011-11 Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”) requiring disclosure of both gross and net information related to offsetting and related arrangements enabling users of its financial statements to understand the effect of those arrangements on the entity’s financial position. The objective of this disclosure is to facilitate comparison between those entities that prepare their financial statements on the basis of GAAP and those entities that prepare their financial statements on the basis of International Financial Reporting Standards. ASU 2011-11 is effective for interim and annual periods beginning on or after January 1, 2013. Adoption of ASU 2011-11 will have no effect on net assets. At this time, management is evaluating any impact ASU 2011-11 may have on the financial statements disclosures.

Fair Value Measurements

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

The types of securities or other assets for which such fair value pricing may be necessary include, but are not limited to: certain foreign securities, securities of an issuer that has entered into a restructuring; securities whose trading has

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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 has occurred since the closing prices were established on the 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) multiple earnings; (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; (e) whether the effects of the event are isolated or whether they affect entire markets, countries, or regions; quotations obtained from one or more broker-dealers of the prices at which they would be willing to buy the security or other asset; and Black-Scholes model for valuing rights, warrants and financial contracts (and similarly structured instruments).

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

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

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

Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, developed based on market data obtained from sources independent of the reporting entity. Unobservable

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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. Short-term debt instruments, such as commercial paper, bankers’ acceptances, and U.S. Treasury Bills, with a remaining maturity of less than 60 days may be valued at amortized cost and are generally categorized as Level 2 in the fair value hierarchy. Prices for debt instruments normally will be obtained from a pricing service. In determining prices, the pricing service may employ methodologies designed to identify the market value of debt instruments, which may include reference to actual market transactions, broker-dealer supplied quotations or valuations, matrix pricing, or other valuation techniques. These techniques generally consider such factors as securities’ prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations and are generally categorized as Level 2 in the fair value hierarchy. In the event a pricing service is unable to provide a price for a particular security, the security may be priced based on the average of two or more independent broker-dealer quotations and is generally categorized as Level 2 or Level 3 in the fair value hierarchy. Any security for which market value as described above is not readily available is valued at fair value as determined in good faith in accordance with the Guidelines and is generally categorized as Level 2 or Level 3 in the fair value hierarchy depending on the observability of market inputs. Except for certain foreign equity securities described later in this note, foreign exchange traded securities are valued in the same manner as domestic exchange traded equity securities and are generally categorized as Level 1 in the fair value hierarchy.

Shares of the underlying funds in which the Model Portfolio and Milestone Funds invest are valued by using the underlying funds’ current NAVs for purchase and/or redemption orders that day and are categorized as Level 1 in the hierarchy.

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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, 2012 maximized the use of observable inputs and minimized the use of unobservable inputs. The funds utilized fair value techniques such as a multi-dimensional relational pricing model and option adjusted spread pricing to estimate prices that would have prevailed in a liquid market given information available at the time of evaluation.

The following is a summary of the inputs used as of December 31, 2012, 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	$	—	$	396,179,904		$	—	$	396,179,904
Mortgage-Backed Securities		—		39,706,612			—		39,706,612
U.S. Treasury Obligations		—		56,155,814			—		56,155,814
Government Related Obligations		—		25,299,778			—		25,299,778
Asset-Backed Securities		—		41,645,889			—		41,645,889
Money Market Funds		52,160,901		—			—		52,160,901

Total Investments in Securities	$	52,160,901	$	558,987,997		$	—	$	611,148,898

Derivative Instruments:
Assets:
Futures		86,081		—			—		86,081

Total Assets	$	86,081	$	—		$	—	$	86,081

Liabilities:
Forward Currency Contracts		—		(2,550	)		—		(2,550	)

Total Liabilities	$	—	$	(2,550	)	$	—	$	(2,550	)

Total Derivative Instruments	$	86,081	$	(2,550	)	$	—	$	83,531


*Inflation Protected Securities Fund*
Investments in Securities:
Corporate Obligations	$	—	$	13,277,953		$	—	$	13,277,953
U.S. Treasury Obligations		—		602,886,004			—		602,886,004
Government Related Obligations		—		3,743,404			—		3,743,404
Asset-Backed Securities		—		3,649,709			—		3,649,709
Purchased Options		103,891		—			—		103,891
Certificates of Deposit		—		4,504,725			—		4,504,725
Money Market Funds		37,025,421		—			—		37,025,421

Total Investments in Securities	$	37,129,312	$	628,061,795		$	—	$	665,191,107

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NOTES TO FINANCIAL STATEMENTS — (Continued)


Investment Type	Level 1			Level 2			Level 3		Total
Derivative Instruments:
Assets:
Futures	$	385,096		$	—		$	—	$	385,096
Swap Agreements		—			186,031			—		186,031

Total Assets	$	385,096		$	186,031		$	—	$	571,127

Liabilities:
Written Options		(25,188	)		(399,649	)		—		(424,837	)
Swap Agreements		—			(244	)		—		(244	)
Futures		(141,224	)		—			—		(141,224	)

Total Liabilities	$	(166,412	)	$	(399,893	)	$	—	$	(566,305	)

Total Derivative Instruments	$	218,684		$	(213,862	)	$	—	$	4,822


*Equity Income Fund*
Investments in Securities:
Common Stocks	$	1,925,861,976		$	6,569,117		$	—	$	1,932,431,093
Convertible Preferred Stocks		4,024,656			—			—		4,024,656
Money Market Funds		204,150,410			—			—		204,150,410

Total Investments in Securities	$	2,134,037,042		$	6,569,117		$	—	$	2,140,606,159


*Growth & Income Fund*
Investments in Securities:
Common Stocks	$	1,271,203,123		$	3,528,926		$	—	$	1,274,732,049
Money Market Funds		65,840,495			—			—		65,840,495

Total Investments in Securities	$	1,337,043,618		$	3,528,926		$	—	$	1,340,572,544


*Growth Fund*
Investments in Securities:
Common Stocks	$	1,826,294,241		$	—		$	—	$	1,826,294,241
Money Market Funds		109,872,388			—			—		109,872,388

Total Investments in Securities	$	1,936,166,629		$	—		$	—	$	1,936,166,629


*Select Value Fund*
Investments in Securities:
Common Stocks	$	342,141,659		$	—		$	—	$	342,141,659
Money Market Funds		38,996,438			—			—		38,996,438

Total Investments in Securities	$	381,138,097		$	—		$	—	$	381,138,097


*Aggressive Opportunities Fund*
Investments in Securities:
Common Stocks	$	965,578,358		$	7,704,447		$	—	$	973,282,805
Money Market Funds		251,821,474			—			—		251,821,474

Total Investments in Securities	$	1,217,399,832		$	7,704,447		$	—	$	1,225,104,279

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NOTES TO FINANCIAL STATEMENTS — (Continued)


Investment Type	Level 1		Level 2			Level 3		Total
*Discovery Fund*
Investments in Securities:
Common Stocks	$	98,748,812	$	3,111,100		$	—	$	101,859,912
Convertible Preferred Stocks		—		1,239,220			—		1,239,220
Corporate Obligations		—		54,476,785			—		54,476,785
Mortgage-Backed Securities		—		8,775,353			—		8,775,353
Convertible Debt Obligations		—		1,196			—		1,196
U.S. Treasury Obligations		—		24,242,198			—		24,242,198
Government Related Obligations		—		8,743,649			—		8,743,649
Asset-Backed Securities		—		5,143,125			—		5,143,125
Warrants		—		19,045			—		19,045
Money Market Funds		25,621,839		—			—		25,621,839

Total Investments in Securities	$	124,370,651	$	105,751,671		$	—	$	230,122,322

Derivative Instruments:
Assets:
Futures	$	602,569	$	—		$	—	$	602,569

Total Assets	$	602,569	$	—		$	—	$	602,569

Liabilities:
Forward Currency Contracts		—		(557	)		—		(557	)

Total Liabilities	$	—	$	(557	)	$	—	$	(557	)

Total Derivative Instruments	$	602,569	$	(557	)	$	—	$	602,012


*International Fund*
Investments in Securities:
Common Stocks	$	146,680,097	$	1,139,134,071		$	—	$	1,285,814,168
Preferred Stocks		—		3,665,339			—		3,665,339
Money Market Funds		44,907,504		—			—		44,907,504

Total Investments in Securities	$	191,587,601	$	1,142,799,410		$	—	$	1,334,387,011

Derivative Instruments:
Assets:
Forward Currency Contracts		—		357			—		357

Total Assets	$	—	$	357		$	—	$	357

Liabilities:
Forward Currency Contracts		—		(100,909	)		—		(100,909	)

Total Liabilities	$	—	$	(100,909	)	$	—	$	(100,909	)

Total Derivative Instruments	$	—	$	(100,552	)	$	—	$	(100,552	)

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NOTES TO FINANCIAL STATEMENTS — (Continued)


Investment Type	Level 1			Level 2			Level 3		Total
*Diversifying Strategies Fund*
Investments in Securities:
Common Stocks	$	7,019,638		$	24,519,747		$	—	$	31,539,385
Convertible Preferred Stocks		5,102,650			3,614,856			—		8,717,506
Corporate Obligations		—			339,688,015			—		339,688,015
Mortgage-Backed Securities		—			56,027,312			—		56,027,312
Convertible Debt Obligations		—			346,097,239			—		346,097,239
U.S. Treasury Obligations		—			56,323,577			—		56,323,577
Government Related Obligations		—			34,649,434			—		34,649,434
Asset-Backed Securities		—			47,947,707			—		47,947,707
Purchased Options		515,656			229,421			—		745,077
Certificates of Deposit		—			1,813,782			—		1,813,782
Commercial Paper		—			3,003,844			—		3,003,844
Money Market Funds		34,740,466			—			—		34,740,466

Total Investments in Securities	$	47,378,410		$	913,914,934		$	—	$	961,293,344

Derivative Instruments:
Assets:
Purchased Options on Euro-Bund Futures	$	85,877		$	—		$	—	$	85,877
Forward Currency Contracts		—			545,993			—		545,993
Futures		204,857			—			—		204,857

Total Assets	$	290,734		$	545,993		$	—	$	836,727

Liabilities:
Written Options		—			(114,802	)		—		(114,802	)
Futures		(736,070	)		—			—		(736,070	)
Forward Currency Contracts		—			(959,232	)		—		(959,232	)

Total Liabilities	$	(736,070	)	$	(1,074,034	)	$	—	$	(1,810,104	)

Total Derivative Instruments	$	(445,336	)	$	(528,041	)	$	—	$	(973,377	)


*Core Bond Index Fund*
Investments in Securities:
Corporate Obligations	$	—		$	263,552,934		$	—	$	263,552,934
Mortgage-Backed Securities		—			391,036,423			—		391,036,423
U.S. Treasury Obligations		—			449,957,474			—		449,957,474
Government Related Obligations		—			125,754,770			—		125,754,770
Asset-Backed Securities		—			4,180,079			—		4,180,079
Money Market Funds		76,653,679			—			—		76,653,679

Total Investments in Securities	$	76,653,679		$	1,234,481,680		$	—	$	1,311,135,359


*500 Stock Index Fund*
Investments in Securities:
Common Stocks	$	448,342,932		$	—		$	—	$	448,342,932
U.S. Treasury Obligations		—			274,982			—		274,982
Money Market Funds		19,736,189			—			—		19,736,189

Total Investments in Securities	$	468,079,121		$	274,982		$	—	$	468,354,103

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NOTES TO FINANCIAL STATEMENTS — (Continued)


Investment Type	Level 1			Level 2		Level 3		Total
Derivative Instruments:
Liabilities:
Futures	$	(12,044	)	$	—	$	—	$	(12,044	)

Total Liabilities	$	(12,044	)	$	—	$	—	$	(12,044	)

Total Derivative Instruments	$	(12,044	)	$	—	$	—	$	(12,044	)


*Broad Market Index Fund*
Investments in Securities:
Common Stocks	$	548,762,302		$	—	$	—	$	548,762,302
U.S. Treasury Obligations		—			304,981		—		304,981
Rights		—			—		—		—
Warrants		—			—		—		—
Money Market Funds		28,323,177			—		—		28,323,177

Total Investments in Securities	$	577,085,479		$	304,981	$	—	$	577,390,460

Derivative Instruments:
Assets:
Futures	$	19,033		$	—	$	—	$	19,033

Total Assets	$	19,033		$	—	$	—	$	19,033

Liabilities:
Futures		(1,715	)		—		—		(1,715	)

Total Liabilities	$	(1,715	)	$	—	$	—	$	(1,715	)

Total Derivative Instruments	$	17,318		$	—	$	—	$	17,318


*Mid/Small Company Index Fund*
Investments in Securities:
Common Stocks	$	489,788,848		$	—	$	—	$	489,788,848
U.S. Treasury Obligations		—			194,988		—		194,988
Rights		—			—		—		—
Warrants		—			—		—		—
Money Market Funds		61,269,484			—		—		61,269,484

Total Investments in Securities	$	551,058,332		$	194,988	$	—	$	551,253,320

Derivative Instruments:
Assets:
Futures		37,427			—		—		37,427

Total Assets	$	37,427		$	—	$	—	$	37,427

Total Derivative Instruments	$	37,427		$	—	$	—	$	37,427


*Overseas Equity Index Fund*
Investments in Securities:
Common Stocks	$	1,930		$	224,366,249	$	—	$	224,368,179
Preferred Stocks		—			1,388,898		—		1,388,898
Convertible Preferred Stocks		—			4,741		—		4,741
U.S. Treasury Obligations		—			229,985		—		229,985
Rights		—			13,906		—		13,906
Money Market Funds		4,289,525			—		—		4,289,525

Total Investments in Securities	$	4,291,455		$	226,003,779	$	—	$	230,295,234

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NOTES TO FINANCIAL STATEMENTS — (Continued)


Investment Type	Level 1			Level 2			Level 3		Total
Derivative Instruments:
Assets:
Forward Currency Contracts	$	—		$	41,554		$	—	$	41,554
Futures		4,555			—			—		4,555

Total Assets	$	4,555		$	41,554		$	—	$	46,109

Liabilities:
Futures		(10,809	)		—			—		(10,809	)
Forward Currency Contracts		—			(37,089	)		—		(37,089	)

Total Liabilities	$	(10,809	)	$	(37,089	)	$	—	$	(47,898	)

Total Derivative Instruments	$	(6,254	)	$	4,465		$	—	$	(1,789	)

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

As of December 31, 2012 the funds did not hold any significant investments in Level 3. Additionally, there were no transfers in and out of Levels 1 and 2.

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:


Discovery Fund	Common Stocks
Balance as of December 31, 2011	$	183,980
Accrued discounts/(premiums)		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		—
Purchases		—
Sales		—
Transfers in to Level 3		—
Transfers out of Level 3		(183,980	)

Balance as of December 31, 2012	$	—

When Issued Securities

The funds may purchase securities on a when-issued basis. The purchase price and the interest rate payable, if any, on the securities are fixed on the purchase commitment date or at the time the settlement date is fixed. The value of the securities is subject to market fluctuation beginning on the purchase commitment date. Typically, no income accrues on securities that a fund has committed to purchase prior to the time delivery of the securities is made, although the fund may earn income on securities it has segregated to cover these positions.

To Be Announced (“TBA”) Securities

A TBA is a forward mortgage-backed securities trade. Pass-through securities issued by Freddie Mac, Fannie Mae and Ginnie Mae trade in the TBA market. The term TBA is derived from the fact that the actual mortgage-backed security that will be delivered to fulfill a TBA trade is not designated at the time the trade is made. The securities are “to be announced” 48 hours prior to the established trade settlement date. The fund also relies on the seller to complete the transaction. The seller’s failure to do so may cause the Fund to miss a price or yield considered advantageous to the fund, and a fund bears the risk of loss in the event of the default or bankruptcy of the seller.

Foreign Currency

The accounting records of the funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in foreign currencies will be translated (but not actually converted) into U.S. dollars daily at the closing spot rates supplied by the WM/Reuters Intraday Spot exchange rates provided as of 4:00 pm Eastern Time. Purchases and sales of securities, income receipts and expense payments are translated (but not actually

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NOTES TO FINANCIAL STATEMENTS — (Continued)

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

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


AUD	— Australian Dollar	JPY	— Japanese Yen
BRL	— Brazilian Real	MXN	— Mexican Peso
CAD	— Canadian Dollar	NOK	— Norwegian Krona
CHF	— Swiss Franc	NZD	— New Zealand Dollar
EUR	— European Monetary Unit	SEK	— Swedish Krona
GBP	— British Pound	USD	— U.S. Dollar

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	MIL	— Milan Stock Exchange
CME	— Chicago Mercantile Exchange	MSE	— Montreal Exchange
EOE	— Dutch Options Exchange	NYF	— New York Futures Exchange
EOP	— NYSE — Liffe Exchange	SFE	— Sydney Futures Exchange
EUX	— Eurex Deutschland Exchange	SGX	— Singapore Exchange
HKG	— Hong Kong Futures Exchange	TSE	— Tokyo Stock Exchange
LIF	— Liffe Exchange

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NOTES TO FINANCIAL STATEMENTS — (Continued)

Forward Currency Contracts

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

Interest Rate Swaps and Inflation Swaps

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

Interest Rate Swaptions

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

Total Return Swaps

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

Security Transactions and Income Recognition

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

Dividends and Distributions to Shareholders

Dividends received from mutual fund investments are reflected as dividend income; capital gain distributions are reflected as realized gain/(loss). Dividends from net investment income, if any, are declared and paid monthly to shareholders of the Core Bond Index, Low Duration Bond, and Inflation Protected Securities 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 partnership, contingent payment debt instruments, and mutual

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fund company securities. The following reclassifications were made in the financial statements to present the components of fund net assets and distributions on a tax basis for the year ended December 31, 2012. 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	$	—		$	177,275		$	(177,275	)
Inflation Protected Securities		—			340,690			(340,690	)
Equity Income		1,356			2,060,930			(2,062,286	)
Growth & Income		—			2,040,021			(2,040,021	)
Growth		—			212,097			(212,097	)
Select Value		(19,067	)		(78,418	)		97,485
Aggressive Opportunities		101,293			(2,333,541	)		2,232,248
Discovery		—			99,037			(99,037	)
International		—			1,969,630			(1,969,630	)
Diversifying Strategies		(2,185,849	)		8,515,065			(6,329,216	)
Core Bond Index		—			8,348,175			(8,348,175	)
500 Stock Index		4,266,443			(32,949	)		(4,233,494	)
Broad Market Index		1,589,150			(137,592	)		(1,451,558	)
Mid/Small Company Index		1,336,655			(278,120	)		(1,058,535	)
Overseas Equity Index		1,490,490			(65,679	)		(1,424,811	)
Model Portfolio Savings Oriented		—			105,973			(105,973	)
Model Portfolio Conservative Growth		—			294,333			(294,333	)
Model Portfolio Traditional Growth		—			(7,651	)		7,651
Model Portfolio Long-Term Growth		—			(134,599	)		134,599
Model Portfolio All-Equity Growth		—			(394,755	)		394,755
Milestone Retirement Income		—			(11,871	)		11,871
Milestone 2010		—			(10,864	)		10,864
Milestone 2015		—			(32,175	)		32,175
Milestone 2020		—			(46,866	)		46,866
Milestone 2025		—			(42,005	)		42,005
Milestone 2030		—			(38,387	)		38,387
Milestone 2035		—			(29,100	)		29,100
Milestone 2040		(3,548	)		(53,416	)		56,964
Milestone 2045		—			(7,151	)		7,151
Milestone 2050		—			477			(477	)

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, 2012. 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.

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NOTES TO FINANCIAL STATEMENTS — (Continued)

The Regulated Investment Company Modernization Act of 2010 (the “Act”) changed various technical rules governing the tax treatment of regulated investment companies, which are generally effective beginning with the Company’s taxable year ending December 31, 2011. Under the Act, the funds are permitted to carry forward capital losses incurred in taxable years beginning after the enactment date indefinitely. However, any losses incurred during post-enactment taxable years are required to be utilized prior to the losses incurred in pre-enactment taxable years, which expires according to their original schedule. As a result of this ordering rule, pre-enactment capital loss carry forwards may be more likely to expire unused.

Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered entirely short-term as required under prior law.

At December 31, 2012, the components of distributable earnings on a tax basis were as follows:


Fund	Undistributed Ordinary Income		Undistributed Long-Term Gains		Total Distributable Earnings
Inflation Protected Securities	$	1,089,819	$	763,601	$	1,853,420
Equity Income		535,370		15,295,444		15,830,814
Growth & Income		—		928,176		928,176
Growth		431,376		—		431,376
Select Value		—		1,984,903		1,984,903
Aggressive Opportunities		5,344,109		9,772,423		15,116,532
Discovery		2,065,318		2,537,159		4,602,477
International		14,022,526		—		14,022,526
500 Stock Index		68,492		—		68,492
Broad Market Index		5,276,445		2,802,212		8,078,657
Mid/Small Company Index		257,161		3,201,131		3,458,292
Overseas Equity Index		124,144		—		124,144
Model Portfolio Savings Oriented		—		3,284,326		3,284,326
Model Portfolio Conservative Growth		—		5,366,928		5,366,928
Model Portfolio Traditional Growth		—		16,467,874		16,467,874
Model Portfolio Long-Term Growth		—		26,060,959		26,060,959
Model Portfolio All-Equity Growth		4,142,597		7,590,288		11,732,885
Milestone Retirement Income		—		2,220,154		2,220,154
Milestone 2010		—		2,883,198		2,883,198
Milestone 2015		—		5,314,654		5,314,654
Milestone 2020		—		5,660,708		5,660,708
Milestone 2025		—		4,629,419		4,629,419
Milestone 2030		—		4,079,826		4,079,826
Milestone 2035		—		3,018,918		3,018,918
Milestone 2040		32,301		3,868,117		3,900,418
Milestone 2045		—		2,280,318		2,280,318
Milestone 2050		—		7,966		7,966

The tax character of distributions during 2012 was as follows:


Fund	Distributions Paid from Ordinary Income		Distributions Paid from Long-Term Gains		Return of Capital		Total Distributions
Low Duration Bond	$	9,121,831	$	74,114	$	—	$	9,195,945
Inflation Protected Securities		18,143,128		15,222,321		—		33,365,449
Equity Income		41,422,148		53,829,326		—		95,251,474
Growth & Income		19,726,072		21,289,603		—		41,015,675
Growth		11,011,407		—		—		11,011,407
Select Value		5,580,470		6,557,777		—		12,138,247
Aggressive Opportunities		2,304,541		43,084,081		—		45,388,622

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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	$	4,690,497	$	8,483,074	$	—	$	13,173,571
International		31,260,095		—		—		31,260,095
Diversifying Strategies		16,028,717		2,847,633		—		18,876,350
Core Bond Index		37,975,608		—		—		37,975,608
500 Stock Index		8,784,902		—		—		8,784,902
Broad Market Index		11,312,422		4,339,845		—		15,652,267
Mid/Small Company Index		10,462,333		15,920,886		—		26,383,219
Overseas Equity Index		6,613,749		—		—		6,613,749
Model Portfolio Savings Oriented		6,259,037		1,798,094		—		8,057,131
Model Portfolio Conservative Growth		11,913,449		3,620,104		—		15,533,553
Model Portfolio Traditional Growth		25,650,562		16,867,880		—		42,518,442
Model Portfolio Long-Term Growth		31,338,840		30,431,408		—		61,770,248
Model Portfolio All-Equity Growth		7,107,423		4,015,888		—		11,123,311
Milestone Retirement Income		4,331,325		2,890,968		—		7,222,293
Milestone 2010		4,231,454		4,505,139		—		8,736,593
Milestone 2015		7,842,787		4,995,120		—		12,837,907
Milestone 2020		8,501,616		3,889,473		—		12,391,089
Milestone 2025		6,871,979		3,068,946		—		9,940,925
Milestone 2030		5,347,663		2,658,644		—		8,006,307
Milestone 2035		3,475,580		1,845,402		—		5,320,982
Milestone 2040		3,367,926		299,205		—		3,667,131
Milestone 2045		970,078		678,897		—		1,648,975
Milestone 2050		10,052		607		—		10,659

The tax character of distributions during 2011 was as follows:


Fund	Distributions Paid from Ordinary Income		Distributions Paid from Long-Term Gains		Total Distributions
Low Duration Bond	$	10,532,013	$	—	$	10,532,013
Inflation Protected Securities		17,944,572		7,954,674		25,899,246
Equity Income		43,691,700		32,862,295		76,553,995
Growth & Income		13,366,132		—		13,366,132
Growth		9,226,338		—		9,226,338
Select Value		2,974,231		—		2,974,231
Aggressive Opportunities		18,772,215		63,629,518		82,401,733
Discovery		2,156,271		—		2,156,271
International		28,267,374		—		28,267,374
Diversifying Strategies		1,880,043		11,386,188		13,266,231
Core Bond Index		40,150,525		—		40,150,525
500 Stock Index		6,825,623		—		6,825,623
Broad Market Index		8,529,205		—		8,529,205
Mid/Small Company Index		6,542,637		14,883,091		21,425,728
Overseas Equity Index		5,795,201		—		5,795,201
Model Portfolio Savings Oriented		5,782,341		—		5,782,341
Model Portfolio Conservative Growth		10,020,684		—		10,020,684
Model Portfolio Traditional Growth		29,272,914		3,332,490		32,605,404
Model Portfolio Long-Term Growth		32,241,740		22,158,134		54,399,874
Model Portfolio All-Equity Growth		9,622,281		—		9,622,281
Milestone Retirement Income		4,033,272		4,193,183		8,226,455
Milestone 2010		4,370,084		1,721,112		6,091,196
Milestone 2015		7,477,460		2,136,550		9,614,010

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NOTES TO FINANCIAL STATEMENTS — (Continued)


Fund	Distributions Paid from Ordinary Income		Distributions Paid from Long-Term Gains		Total Distributions
Milestone 2020	$	6,588,924	$	1,368,890	$	7,957,814
Milestone 2025		5,025,002		1,252,114		6,277,116
Milestone 2030		3,824,527		545,351		4,369,878
Milestone 2035		2,407,747		428,966		2,836,713
Milestone 2040		2,491,014		—		2,491,014
Milestone 2045		613,903		301,785		915,688

At December 31, 2012, the following funds had net capital loss carryovers:

Post-enactment losses incurred that will be carried forward under the provisions of the Act are as follows:


	Loss Carryforward Character
Fund	Short Term		Long Term
International	$	5,207,172	$	—
Overseas Equity Index		—		2,093,970

At December 31, 2012, the following funds had pre-enactment capital loss carryforwards for federal income tax purposes available to offset future capital gains through the indicated expiration dates:


	Expiring December 31
Fund	2015		2016
Growth	$	—	$	32,260,408
International		—		—
Core Bond Index		457,462		2,798,291
500 Stock Index		—		3,908,427
Overseas Equity Index		—		—


	Expiring December 31
Fund	2017		2018
Growth	$	326,415,305	$	—
International		144,731,133		—
Core Bond Index		4,404,280		—
500 Stock Index		1,199,321		—
Overseas Equity Index		2,991,434		444,126

At December 31, 2012, the following funds elected to defer post-October net capital losses and specified losses of:


Fund	Capital Losses		Specified Losses
Aggressive Opportunities	$	—	$	57,702
Low Duration Bond		259		121,060
Equity Income		—		208
Growth & Income		1,385,808		—
Growth		1,154,758		—
International		34,469		12,333
Discovery		—		159,713
Diversifying Strategies		1,438,707		738,089
Core Bond Index		321,752		—
500 Stock Index		639		—
Broad Market Index		53,313		—
Overseas Equity Index		1,027,623		24,784

Investments in Derivative Instruments

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

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NOTES TO FINANCIAL STATEMENTS — (Continued)


	Low Duration Bond Fund		Inflation Protected Securities Fund		Discovery Fund		Diversifying Strategies Fund
Futures Contracts:
Average Notional Balance Long	$	978,487	$	31,382,042	$	102,146,260	$	71,330,821
Average Notional Balance Short		8,296,140		26,985,760		2,488,518		141,660,674
Forward Foreign Currency Exchange Contracts:
Average Settlement Value—To be Paid	$	594,579	$	—	$	206,202	$	242,474,381
Average Settlement Value—To be Received		3,467,833		—		1,089,133		222,662,685
Exchange-Traded Options:
Average Market Value Purchased	$	—	$	80,819	$	—	$	4,785,246
Average Market Value Written		—		34,883		—		—
Average Market Value Purchased Options on Euro-Bund futures		—		—		—		7,616,981
Over the Counter Options:
Average Market Value Purchased	$	—	$	—	$	—	$	318,699
Average Market Value Written		—		—		—		480,934
Swaptions:
Average Notional Balance Purchased	$	—	$	1,030,769	$	—	$	—
Average Notional Balance Written		—		41,384,615		—		—
Inflation Linked Swaps:
Average Notional Balance—Pays Fixed Rate	$	—	$	2,392,308	$	—	$	—
Average Notional Balance—Receives Fixed Rate		—		—		—		—
Interest Rate Swaps:
Average Notional Balance—Pays Fixed Rate	$	—	$	1,300,000	$	—	$	—
Average Notional Balance—Receives Fixed Rate		—		4,269,231		—		—

	500 Stock Index Fund		Broad Market Index Fund		Mid/Small Company Index Fund		Overseas Equity Index Fund
Futures Contracts:
Average Notional Balance Long	$	10,118,566	$	9,156,892	$	6,786,108	$	4,860,939
Average Notional Balance Short		—		—		—		—
Forward Foreign Currency Exchange Contracts:
Average Settlement Value—To be Paid	$	—	$	—	$	—	$	7,004,787
Average Settlement Value—To be Received		—		—		—		3,574,163

	International Fund
Forward Foreign Currency Exchange Contracts:
Average Settlement Value—To be Paid	$	392,210
Average Settlement Value—To be Received		13,755,185

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

157

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NOTES TO FINANCIAL STATEMENTS — (Continued)

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 Protected Securities

Equity Income

Growth & Income

Growth

Select Value

Aggressive Opportunities

Discovery

International

Diversifying Strategies

Core Bond Index

500 Stock Index

Broad Market Index

Mid/Small Company Index

Overseas Equity Index

Upon entering into the futures contract, the fund agrees to deposit an amount equal to a certain percentage of the contract notional value (initial margin). The fund agrees to subsequently receive or pay an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin” and are recorded by the fund as unrealized gains or losses. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Realized gains and losses are a component of net realized gain (loss) on futures in the Statement of Operations.

Use of futures may involve risks different from, or possibly greater than, the risks associated with more traditional investments, and may involve a small amount of investment relative to the amount of risk assumed. Risks associated with futures include: the risk that a particular future may be difficult to purchase or sell (liquidity risk); the risk that certain futures may be more sensitive than traditional investments to interest rate changes and market price fluctuations (interest rate and market risks); the risk of mispricing or improper valuation of the future, and the inability of the future to correlate perfectly, or at all, with the value of the underlying asset, reference rate, or index it is designed to closely track (valuation risk); the risk that the fund may lose substantially more than the amount invested and that the fund may be forced to liquidate portfolio positions when it may not be advantageous to do so (leverage risk).

During the year ended December 31, 2012, the following funds purchased and/or sold futures contracts: Low Duration Bond Fund, Inflation Protected Securities Fund, Discovery Fund, Diversifying Strategies Fund, 500 Stock Index Fund, Broad Market Index Fund, Mid/Small Company Index Fund, and Overseas Equity Index Fund.

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NOTES TO FINANCIAL STATEMENTS — (Continued)

As of December 31, 2012, the following funds had open futures contracts outstanding:

Low Duration Bond Fund


Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation
	Sold
	7	TSE	Japan 10 Year Bond	March 2013	$	11,606,741	$	86,081


	*Inflation Protected Securities Fund*
Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
	Purchased
	258	CBT	U.S. 10 Year Treasury Note	March 2013	$	34,257,563	$	(131,314	)
	21	CBT	U.S. 5 Year Treasury Note	March 2013		2,612,695		(7,214	)

							$	(138,528	)

	Sold
	42	CBT	U.S. 2 Year Treasury Note	March 2013	$	9,259,688	$	(2,696	)
	48	CBT	U.S. Long Bond	March 2013		7,080,000		98,545
	100	CBT	U.S. Ultra Bond	March 2013		16,259,375		286,551

							$	382,400

							$	243,872


	*Discovery Fund*
Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation
	Purchased
	1,246	NYF	E-MINI Russell 2000 Index	March 2013	$	105,486,360	$	577,975

	Sold
	2	TSE	Japan 10 Year Bond	March 2013	$	3,316,212	$	24,594

							$	602,569


	*Diversifying Strategies Fund*
Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
	Purchased
	89	EOE	Amsterdam Index	January 2013	$	8,061,172	$	(6,490	)
	43	SFE	Australian Government 10 Year Bond	March 2013		5,506,586		27,730
	61	EUX	DAX Index	March 2013		15,335,460		(52,091	)
	80	CME	E-MINI S&P 500 Index	March 2013		5,680,400		11,657
	38	LIF	FTSE 100 Index	March 2013		3,609,918		(29,687	)
	1	MIL	FTSE/MIB Index	March 2013		107,602		1,381
	18	SFE	SPI 200 Index	March 2013		2,157,068		14,820

							$	(32,680	)

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NOTES TO FINANCIAL STATEMENTS — (Continued)


Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
	Sold
	36	SGX	10 Year Mini-JGB	March 2013	$	5,967,934	$	27,781
	4	EOP	CAC40 10 Euro Future	January 2013		192,290		(127	)
	64	MSE	Canadian Government 10 Year Bond	March 2013		8,720,780		32,827
	61	HKG	Hang Seng Index	January 2013		8,922,338		(27,806	)
	8	TSE	Japan 10 Year Bond	March 2013		13,264,847		88,661
	19	MSE	S&P/TSX 60 Index	March 2013		2,717,724		(38,868	)
	62	TSE	TOPIX Index	March 2013		6,165,291		(549,815	)
	26	CBT	U.S. 5 Year Treasury Note	March 2013		3,234,766		(2,907	)
	69	LIF	UK Gilt Long Bond	March 2013		13,329,392		(28,279	)

							$	(498,533	)

							$	(531,213	)


	*500 Stock Index Fund*
Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Depreciation
	Purchased
	63	CME	E-MINI S&P 500 Index	March 2013	$	4,473,315	$	(12,044	)


	*Broad Market Index Fund*
Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
	Purchased
	7	NYF	E-MINI Russell 2000 Index	March 2013	$	592,620	$	12,437
	62	CME	E-MINI S&P 500 Index	March 2013		4,402,310		(1,715	)
	6	CME	E-MINI S&P MidCap 400 Index	March 2013		610,860		6,596

							$	17,318


	*Mid/Small Company Index Fund*
Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation
	Purchased
	17	NYF	E-MINI Russell 2000 Index	March 2013	$	1,439,220	$	23,121
	14	CME	E-MINI S&P MidCap 400 Index	March 2013		1,425,340		14,306

							$	37,427

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NOTES TO FINANCIAL STATEMENTS — (Continued)

Overseas Equity Index Fund


Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
	Purchased
	37	EUX	DJ Euro STOXX 50	March 2013	$	1,277,117	$	2,117
	14	LIF	FTSE 100 Index	March 2013		1,329,970		(8,095	)
	5	SFE	SPI 200 Index	March 2013		599,186		(2,714	)
	11	TSE	TOPIX Index	March 2013		1,093,842		2,438

							$	(6,254	)

Forward Currency Contracts

A forward currency contract involves a privately negotiated obligation to purchase or sell a specific currency at a future date at a price set in the contract.

Certain funds may enter into forward currency contracts to manage foreign currency risk. Foreign currency risk is the risk that a fund’s investment in or exposure to foreign currencies or securities denominated in foreign currencies may cause the fund to experience gains or losses solely based on changes in the exchange rate between foreign currencies and the U.S. dollar, or, in the case of hedged positions, the risk that the U.S. dollar will decline relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time. A decline in the value of foreign currencies relative to the U.S. dollar will reduce the value of securities held by a fund denominated in those currencies. Certain funds also may enter into forward currency contracts to obtain or adjust investment exposure to a foreign currency.

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 Protected Securities	*	*
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.

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NOTES TO FINANCIAL STATEMENTS — (Continued)

During the year ended December 31, 2012, the following funds purchased and/or sold forward foreign currency exchange contracts: Low Duration Bond Fund, Discovery Fund, International Fund, Diversifying Strategies Fund, and Overseas Equity Index Fund.

As of December 31, 2012, 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, 2012		Net Unrealized Depreciation
Sale	Citibank NA	EUR		USD		01/09/2013	$	270,694	$	273,244	$	(2,550	)


*Discovery 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, 2012		Net Unrealized Depreciation
Sale	HSBC Bank plc	BRL		USD		01/16/2013	$	247,082	$	247,639	$	(557	)


*International 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, 2012		Net Unrealized Appreciation/ (Depreciation)
Purchase	JPMorgan Chase Bank NA	USD		AUD		01/31/2013	$	942,546	$	942,903	$	357

Sale	JPMorgan Chase Bank NA	AUD		USD		01/31/2013	$	12,175,479	$	12,276,388	$	(100,909	)

											$	(100,552	)

*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, 2012		Net Unrealized Appreciation/ (Depreciation)
Purchase	Deutsche Bank AG	USD		AUD		01/04/2013	$	15,969,039	$	15,815,101	$	(153,938	)
Purchase	Deutsche Bank AG	USD		CAD		01/04/2013		33,683,165		33,432,125		(251,040	)
Purchase	Deutsche Bank AG	USD		CHF		01/04/2013		1,062,433		1,058,678		(3,755	)
Purchase	Goldman Sachs International	USD		CHF		03/21/2013		8,488		8,479		(9	)
Purchase	Deutsche Bank AG	USD		GBP		01/04/2013		5,399,954		5,429,487		29,533
Purchase	Deutsche Bank AG	USD		JPY		01/07/2013		13,844,335		13,461,968		(382,367	)
Purchase	Deutsche Bank AG	USD		NOK		01/04/2013		5,968,986		5,968,874		(112	)
Purchase	Deutsche Bank AG	USD		NZD		01/04/2013		7,545,103		7,460,358		(84,745	)
Purchase	Deutsche Bank AG	USD		SEK		01/04/2013		14,399,869		14,482,903		83,034

											$	(763,399	)

Sale	Deutsche Bank AG	AUD		USD		01/04/2013	$	4,165,201	$	4,154,732	$	10,469
Sale	JPMorgan Chase Bank NA	BRL		USD		01/16/2013		602,954		604,959		(2,005	)
Sale	Deutsche Bank AG	CAD		USD		01/04/2013		2,551,350		2,553,256		(1,906	)
Sale	Deutsche Bank AG	CHF		USD		01/04/2013		1,511,485		1,528,002		(16,517	)
Sale	Deutsche Bank AG	EUR		USD		01/04/2013		53,026,505		52,776,727		249,778
Sale	JPMorgan Chase Bank NA	EUR		USD		01/09/2013		1,587,657		1,602,503		(14,846	)
Sale	Deutsche Bank AG	GBP		USD		01/04/2013		14,337,003		14,314,683		22,320
Sale	JPMorgan Chase Bank NA	GBP		USD		01/09/2013		1,676,629		1,692,659		(16,030	)

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NOTES TO FINANCIAL STATEMENTS — (Continued)


Contract Type	Counterparty	Currency to Deliver	In Exchange For		Exchange Date		Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at December 31, 2012		Net Unrealized Appreciation/ (Depreciation)
Sale	Deutsche Bank AG	JPY		USD		01/07/2013	$	3,184,673	$	3,104,060	$	80,613
Sale	JPMorgan Chase Bank NA	JPY		USD		01/09/2013		1,454,292		1,384,046		70,246
Sale	JPMorgan Chase Bank NA	MXN		USD		01/30/2013		2,458,011		2,489,973		(31,962	)

											$	350,160

											$	(413,239	)

Overseas Equity Index Fund


Contract Type	Counterparty	Currency to Deliver	In Exchange For		Exchange Date		Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at December 31, 2012		Net Unrealized Appreciation/ (Depreciation)
Purchase	Bank of America NA	USD		AUD		03/21/2013	$	76,798	$	75,862	$	(936	)
Purchase	Citibank NA	USD		AUD		03/21/2013		474,812		474,990		178
Purchase	Deutsche Bank AG	USD		AUD		03/21/2013		63,860		63,077		(783	)
Purchase	Citibank NA	USD		EUR		03/21/2013		1,145,770		1,143,866		(1,904	)
Purchase	Credit Suisse International	USD		EUR		03/21/2013		34,335		34,607		272
Purchase	Deutsche Bank AG	USD		EUR		03/21/2013		87,399		88,435		1,036
Purchase	Royal Bank of Scotland	USD		EUR		03/21/2013		353,976		359,101		5,125
Purchase	UBS AG	USD		EUR		03/21/2013		140,247		139,483		(764	)
Purchase	Westpac Banking Corp.	USD		EUR		03/21/2013		87,379		88,435		1,056
Purchase	Barclays Bank plc	USD		GBP		03/21/2013		131,002		131,815		813
Purchase	Citibank NA	USD		GBP		03/21/2013		1,111,165		1,117,348		6,183
Purchase	HSBC Bank plc	USD		GBP		03/21/2013		456,309		459,280		2,971
Purchase	Barclays Bank plc	USD		JPY		03/21/2013		95,744		91,271		(4,473	)
Purchase	Citibank NA	USD		JPY		03/21/2013		1,141,615		1,137,317		(4,298	)
Purchase	UBS AG	USD		JPY		03/21/2013		360,141		343,353		(16,788	)

											$	(12,312	)

Sale	Credit Suisse International	AUD		USD		03/21/2013	$	42,759	$	42,130	$	629
Sale	Credit Suisse International	AUD		USD		03/21/2013		238,916		239,044		(128	)
Sale	Citibank NA	AUD		USD		03/21/2013		118,830		119,058		(228	)
Sale	Credit Suisse International	EUR		USD		03/21/2013		274,825		276,984		(2,159	)
Sale	Citibank NA	EUR		USD		03/21/2013		316,408		314,761		1,647
Sale	Credit Suisse International	EUR		USD		03/21/2013		419,394		418,713		681
Sale	Credit Suisse International	GBP		USD		03/21/2013		167,259		168,415		(1,156	)
Sale	Credit Suisse International	GBP		USD		03/21/2013		477,304		479,907		(2,603	)
Sale	Citibank NA	GBP		USD		03/21/2013		191,256		192,125		(869	)

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NOTES TO FINANCIAL STATEMENTS — (Continued)


Contract Type	Counterparty	Currency to Deliver	In Exchange For		Exchange Date		Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at December 31, 2012		Net Unrealized Appreciation/ (Depreciation)
Sale	Credit Suisse International	JPY		USD		03/21/2013	$	369,671	$	356,349	$	13,322
Sale	Credit Suisse International	JPY		USD		03/21/2013		397,660		392,234		5,426
Sale	Citibank NA	JPY		USD		03/21/2013		297,776		295,561		2,215

											$	16,777

											$	4,465

Option Contracts (“Options”)

An option gives the holder the right but not the obligation to enter into a transaction (e.g., the purchase or sale of a security, an index of securities or another instrument, such as a futures contract) with another party on or before a specific date at a specified price (called the strike price). The counterparty is obligated to enter into the transaction if the holder elects to exercise the option. A call option gives the holder the right to purchase the underlying security or instrument from the other party; a put option gives the holder the right to sell the underlying security or instrument to the other party.

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

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

Manage Risk:

Obtain or Adjust Investment
Exposure:

Fund

Interest
Rate
Risk

Credit
Risk

Stock
Market
Risk

Foreign
Currency
Risk

To Certain Assets
or Asset Classes

To Foreign
Currencies

Low Duration Bond

Inflation Protected Securities

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

164

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NOTES TO FINANCIAL STATEMENTS — (Continued)

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

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

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

During the year ended December 31, 2012, the following funds purchased and/or sold put and/or call options: Inflation Protected Securities Fund and Diversifying Strategies Fund.

Written option activity for the year ended December 31, 2012 was as follows:


	Call Options						Put Options						Total
Inflation Protected Securities Fund	Number of Contracts			Premium			Number of Contracts			Premium			Number of Contracts			Premium
Beginning balance as of 12/31/2011		37		$	21,010			—		$	—			37		$	21,010

Written		71			44,231			672			380,212			743			424,443
Closed		—			—			(219	)		(203,564	)		(219	)		(203,564	)
Expired		(37	)		(21,010	)		(412	)		(168,403	)		(449	)		(189,413	)

Ending balance as of 12/31/2012		71		$	44,231			41		$	8,245			112		$	52,476



	Call Options						Put Options						Total
Diversifying Strategies Fund	Number of Contracts			Premium			Number of Contracts			Premium			Number of Contracts			Premium
Beginning balance as of 12/31/2011		2,700		$	554,178			—		$	—			2,700		$	554,178

Written		12,820			1,985,012			—			—			12,820			1,985,012
Closed		(14,510	)		(2,384,688	)		—			—			(14,510	)		(2,384,688	)
Expired		—			—			—			—			—			—

Ending balance as of 12/31/2012		1,010		$	154,502			—		$	—			1,010		$	154,502

165

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

As of December 31, 2012, the following funds had open written option contracts or open purchased option contracts on Euro-Bund futures:

Inflation Protected Securities Fund


Option Type	Description	# Contracts		Strike Price	Expiration Date		Unrealized Gain/(Loss)
Written Call	U.S. Long Bond		71	155.00		2/22/2013	$	33,137
Written Put	U.S. Long Bond		41	144.00		1/25/2013	$	(5,849	)

							$	27,288


*Diversifying Strategies Fund*
Option Type	Description	# Contracts		Strike Price	Expiration Date		Unrealized Gain/(Loss)
Written Call	Swiss Market Index		1,010	6,846.11		3/15/2013	$	39,700

Option Type

Description

# Contracts

Strike Price

Expiration
Date

Unrealized
Gain/(Loss)

Purchased Call

Euro-Bund

EUR 120.00

2/22/2013

85,877

Swap Agreements (“Swaps”)

Swaps are two-party contracts entered into primarily by institutional investors for periods typically ranging from a few weeks to more than one year. In a typical “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, such as specified interest rates, a particular foreign currency, or a “basket” of securities or commodities as represented by a particular index. The gross returns to be exchanged or “swapped” between the parties are generally calculated based on the return on or change in value of a “notional amount”, i.e. the predetermined dollar amount on which the dollar amount of gross returns are calculated.

Swap contract provisions and underlying assets are varied and customized to the specifications of the swap parties. Total return swaps are contracts in which one party agrees to make payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indexes during the specified period, in return for 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.

166

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

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 Protected Securities

Discovery

Diversifying Strategies

Core Bond Index

The risks of entering into swaps include the possible lack of liquidity and unfavorable changes in the underlying investments or instruments. The use of swaps may also include counterparty risk, which is the risk that the other party to a swap may not fulfill its obligations.

In certain types of swap transactions, the risk of loss is increased because the fund may be required to make additional or higher payments to the counterparty as a result of market volatility. In addition, swaps are not traded on exchanges or other organized markets and are generally illiquid.

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

During the year ended December 31, 2012, the Inflation Protected Securities Fund participated in interest rate and inflation linked swaps. As of December 31, 2012 the following swaps were outstanding:

Inflation Protected Securities Fund

Interest Rate Swaps

Rates Exchanged

Net Unrealized
Appreciation/
(Depreciation)

Swap Counterparty

Payments Made
By The Fund

Payments Received
By The Fund

Termination
Date

Notional Amount

Citibank NA

1.50%

3 Month Libor

01/04/2018

USD 100,000

(244

)

Deutsche Bank AG

2.50%

3 Month Libor

12/19/2042

USD 1,400,000

38,838

Goldman Sachs

2.75%

3 Month Libor

06/20/2042

USD 2,300,000

107,672

146,266

Inflation Linked Swaps

Rates Exchanged

Net Unrealized
Appreciation/
(Depreciation)

Swap Counterparty

Payments Made
By The Fund

Payments Received
By The Fund

Termination
Date

Notional Amount

BNP Paribas SA

2.25%

CPI Urban Consumers NSA

07/15/2017

USD 5,100,000

5,471

BNP Paribas SA

2.50%

CPI Urban Consumers NSA

07/15/2022

USD 3,700,000

18,338

Deutsche Bank AG

2.50%

CPI Urban Consumers NSA

07/15/2022

USD 700,000

8,562

Royal Bank of Scotland plc

2.25%

CPI Urban Consumers NSA

07/15/2017

USD 4,200,000

7,150

39,521

167

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

Swap Options (“Swaptions”)

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

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

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

Manage Risk:

Obtain or Adjust Investment Exposure:

Fund

Interest Rate Risk

Credit Risk

To Certain Assets or Asset Classes

Low Duration Bond

Inflation Protected Securities

Discovery

Diversifying Strategies

Core Bond Index

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, 2012, the Inflation Protected Securities Fund participated in interest rate swaptions.

168

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

Written swaption activity for the year ended December 31, 2012 was as follows:


	Call Swaptions						Put Swaptions						Total
Inflation Protected Securities Fund	Notional Amount			Premium			Notional Amount			Premium			Notional Amount			Premium
Beginning balance as of 12/31/2011	$	—		$	—		$	42,100,000		$	323,650		$	42,100,000		$	323,650

Written		55,300,000			280,249			55,600,000			356,868			110,900,000			637,117
Closed		(4,800,000	)		(50,880	)		(42,100,000	)		(323,650	)		(46,900,000	)		(374,530	)
Expired		(29,200,000	)		(87,308	)		(34,000,000	)		(138,188	)		(63,200,000	)		(225,496	)

Ending balance as of 12/31/2012	$	21,300,000		$	142,061		$	21,600,000		$	218,680		$	42,900,000		$	360,741

As of December 31, 2012, the following fund had open written swaption contracts outstanding:

Inflation Protected Securities Fund


Exchange	Counterparty	Contract		Notional Amount		Strike Rate		Expiration Date		Net Unrealized Appreciation/ (Depreciation)
OTC	Royal Bank of Scotland plc		Call—Interest Rate Swaption	$	7,600,000		0.75%		3/18/2013	$	10,301
OTC	Royal Bank of Scotland plc		Put—Interest Rate Swaption		7,600,000		1.40%		3/18/2013		15,601
OTC	Deutsche Bank AG		Call—Interest Rate Swaption		7,300,000		1.70%		3/18/2013		(200,138	)
OTC	Deutsche Bank AG		Put—Interest Rate Swaption		7,300,000		1.70%		3/18/2013		141,707
OTC	BNP Paribas SA		Put—Interest Rate Swaption		3,100,000		1.40%		3/18/2013		7,255
OTC	BNP Paribas SA		Call—Interest Rate Swaption		3,100,000		0.75%		3/18/2013		4,008
OTC	Citibank NA		Put—Interest Rate Swaption		2,400,000		1.70%		3/18/2013		44,983
OTC	Citibank NA		Call—Interest Rate Swaption		2,400,000		1.70%		3/18/2013		(65,868	)
OTC	Goldman Sachs		Put—Interest Rate Swaption		900,000		1.65%		3/18/2013		453
OTC	Goldman Sachs		Call—Interest Rate Swaption		900,000		1.20%		3/18/2013		(53	)
OTC	Deutsche Bank AG		Put—Interest Rate Swaption		300,000		2.00%		3/18/2013		2,843

										$	(38,908	)

Derivative Risk Exposure

In April 2009, the Company adopted FASB ASC 815 “Disclosure about Derivative Instruments and Hedging Activities” (“ASC 815”), which requires enhanced disclosures about the funds’ derivatives and hedging activities. The following tables reflect the value of the funds’ derivative contracts by certain risk exposure types (primary risks to which a fund is exposed as a result of holding the derivative contract) as of December 31, 2012. Note that the risk exposure listed below are not indicative of the intended purpose of the related derivative (e.g., managing risk or obtaining or adjusting investment exposure, as discussed elsewhere in this report).

Asset Derivatives

Liability Derivatives

Risk Exposure

Statement of Assets and Liabilities
Location

Value

Statement of Assets and Liabilities
Location

Value

Low Duration Bond Fund

Interest rate

Receivable for variation margin on futures contracts

86,081

Payable for variation margin on futures contracts

—

Foreign currency

Unrealized appreciation on forward foreign currency exchange contracts

—

Unrealized depreciation on forward foreign currency exchange contracts

2,550

Total

86,081

2,550

169

THE VANTAGEPOINT FUNDS

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
*Inflation Protected Securities Fund*
Interest rate	Investment in Securities, at value—purchased options, unrealized appreciation on swap agreements and receivable for variation margin on futures contracts	$	675,018	*	Payable for variation margin on futures contracts, written options at value and unrealized depreciation on swap agreements	$	566,305	*

Total		$	675,018			$	566,305

*Discovery Fund*
Interest rate	Receivable for variation margin on futures contracts	$	24,594	*	Payable for variation margin on futures contracts	$	—
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts		—		Unrealized depreciation on forward foreign currency exchange contracts		557
Stock market	Receivable for variation margin on futures contracts		577,975	*	Payable for variation margin on futures contracts		—

Total		$	602,569			$	557

*International Fund*
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts	$	357		Unrealized depreciation on forward foreign currency exchange contracts	$	100,909

Total		$	357			$	100,909

*Diversifying Strategies Fund*
Interest rate	Investment in Securities, at value—purchased options, receivable for variation margin on futures contracts and for variation margin for options on Euro-Bund futures contracts	$	778,532^	*	Payable for variation margin on futures contracts	$	31,186	*
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts		545,993		Unrealized depreciation on forward foreign currency exchange contracts		959,232
Stock market	Investment in Securities, at value—purchased options and receivable for variation margin on futures contracts		257,279	*	Payable for variation margin on futures contracts and written options at value		819,686	*

Total		$	1,581,804			$	1,810,104

170

THE VANTAGEPOINT FUNDS

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
*500 Stock Index Fund*
Stock market	Receivable for variation margin on futures contracts	$	—		Payable for variation margin on futures contracts	$	12,044	*

Total		$	—			$	12,044

*Broad Market Index Fund*
Stock market	Receivable for variation margin on futures contracts	$	19,033	*	Payable for variation margin on futures contracts	$	1,715	*

Total		$	19,033			$	1,715

*Mid/Small Company Index Fund*
Stock market	Receivable for variation margin on futures contracts	$	37,427	*	Payable for variation margin on futures contracts	$	—

Total		$	37,427			$	—

*Overseas Equity Index Fund*
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts	$	41,554		Unrealized depreciation on forward foreign currency exchange contracts	$	37,089
Stock market	Receivable for variation margin on futures contracts		4,555	*	Payable for variation margin on futures contracts		10,809	*

Total		$	46,109			$	47,898

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.

Includes cumulative appreciation (depreciation) of options on Euro-Bund futures and options contracts at value as reported in the Notes to Financial Statements and Schedule of Investments. Only the current day’s variation margin is reported within the asset and liability sections of the Statements of Assets and Liabilities for the options on Euro-Bund futures.

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, 2012, 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	$	—	$	(213,628	)	$	—	$	—	$	(213,628	)
Foreign currency		—		—			320,184		—		320,184

Total	$	—	$	(213,628	)	$	320,184	$	—	$	106,556

171

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)


Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	—		$	67,064		$	—		$	—		$	67,064
Foreign currency		—			—			(151,569	)		—			(151,569	)

Total	$	—		$	67,064		$	(151,569	)	$	—		$	(84,505	)


*Inflation Protected Securities Fund²*
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	590,840	**	$	(33,317	)	$	—		$	181,644		$	739,167
Foreign currency		—			—			—			—			—

Total	$	590,840	**	$	(33,317	)	$	—		$	181,644		$	739,167

Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	(323,921	)**	$	520,838		$	—		$	(204,326	)	$	(7,409	)
Foreign currency		—			—			—			—			—

Total	$	(323,921	)**	$	520,838		$	—		$	(204,326	)	$	(7,409	)


*Discovery Fund³*
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	—		$	(73,604	)	$	—		$	—		$	(73,604	)
Foreign currency		—			—			27,806			—			27,806
Stock market		—			18,081,598			—			—			18,081,598

Total	$	—		$	18,007,994		$	27,806		$	—		$	18,035,800

Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	—		$	24,594		$	—		$	—		$	24,594
Foreign currency		—			—			(33,986	)		—			(33,986	)
Stock market		—			(2,233,957	)		—			—			(2,233,957	)

Total	$	—		$	(2,209,363	)	$	(33,986	)	$	—		$	(2,243,349	)

*International Fund⁴*
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Foreign currency	$	—		$	—		$	113,811		$	—		$	113,811
Stock market		—			—			—			—			—

Total	$	—			—		$	113,811		$	—		$	113,811

172

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)


Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Foreign currency	$	—		$	—		$	(935,421	)	$	—	$	(935,421	)
Stock market		—			—			—			—		—

Total	$	—		$	—		$	(935,421	)	$	—	$	(935,421	)


*Diversifying Strategies Fund⁵*
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	7,589,483	**	$	(4,890,539	)	$	—		$	—	$	2,698,944
Foreign currency		—			—			(295,578	)		—		(295,578	)
Stock market		(3,225,530	)		3,815,517			—			—		589,987

Total	$	4,363,953	**	$	(1,075,022	)	$	(295,578	)	$	—	$	2,993,353

Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	(2,652,685	)**	$	1,920,255		$	—		$	—	$	(732,430	)
Foreign currency		—			—			(4,477,032	)		—		(4,477,032	)
Stock market		457,436	**		(2,210,058	)		—			—		(1,752,622	)

Total	$	(2,195,249	)**	$	(289,803	)	$	(4,477,032	)	$	—	$	(6,962,084	)


*500 Stock Index Fund⁶*
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—		$	1,467,272		$	—		$	—	$	1,467,272

Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—		$	(38,885	)	$	—		$	—	$	(38,885	)


*Broad Market Index Fund⁷*
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—		$	1,438,387		$	—		$	—	$	1,438,387


Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—		$	(33,926	)	$	—		$	—	$	(33,926	)

173

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NOTES TO FINANCIAL STATEMENTS — (Continued)



*Mid/Small Company Index Fund⁸*
Realized Gain (Loss)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—	$	872,956		$	—		$	—	$	872,956


Unrealized Appreciation (Depreciation)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—	$	(8,291	)	$	—		$	—	$	(8,291	)


*Overseas Equity Index Fund⁹*
Realized Gain (Loss)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Foreign currency	$	—	$	—		$	(86,523	)	$	—	$	(86,523	)
Stock market		—		632,844			—			—		632,844

Total	$	—	$	632,844		$	(86,523	)	$	—	$	546,321


Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Foreign currency	$	—	$	—		$	11,167		$	—	$	11,167
Stock market		—		(40,333	)		—			—		(40,333	)

Total	$	—	$	(40,333	)	$	11,167		$	—	$	(29,166	)

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

(1)

The Low Duration Bond Fund used futures to manage interest rate risk inherent in its fixed income securities and to obtain or adjust investment exposure based on the subadvisers’ views on interest rates and yield curves. The fund used forward currency contracts to manage foreign currency risk inherent in its foreign fixed income holdings.

(2)

The Inflation Protected Securities Fund used futures, options (including swaptions), and swaps to manage interest rate risk inherent in its fixed income securities. The fund used futures, options (including swaptions), and swaps to obtain or adjust investment exposure to segments of the fixed income market.

(3)

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

(4)

The International Fund used forward currency contracts to manage foreign currency risk and to obtain and adjust investment exposure to foreign currencies to facilitate the trading of the foreign securities in which the fund.

(5)

The Diversifying Strategies Fund, used (1) foreign currency contracts to obtain and adjust investment exposure to foreign currencies; (2) futures to obtain and adjust investment exposure to stocks and to fixed income securities; and (3) options and options on futures to obtain and adjust investment exposure to stocks and to fixed income securities.

174

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NOTES TO FINANCIAL STATEMENTS — (Continued)

(6)

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

(7)

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

(8)

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

(9)

The Overseas Equity Index Fund used forward foreign currency contracts to manage currency risks inherent in the fund’s foreign equity securities. The fund used futures to obtain or adjust investment exposure to foreign equity securities, when it was believed that using futures would be more efficient or cost effective than trading in the securities directly.

Agreements and Other Transactions with Affiliates

VIA, a wholly owned subsidiary of ICMA Retirement Corporation (“ICMA-RC”), provides investment advisory services to each of the funds. Pursuant to Master Advisory Agreements, VIA is entitled to receive 0.10% of the average daily net assets of each Actively Managed and Milestone Fund and 0.05% of the average daily net assets of the Index Funds. Effective July 1, 2005, VIA is entitled to receive 0.10% on the first $500 million of net assets, 0.09% on the next $500 million of net assets, and 0.08% on net assets over $1 billion for each Model Portfolio Fund. For these services, VIA earned $18,132,479 in the aggregate for the year ended December 31, 2012.

Vantagepoint Transfer Agents, LLC (“VTA”), a wholly owned subsidiary of ICMA-RC, provides certain transfer agency and administrative shareholder support services for the funds related to the retirement plans investing in the funds. Pursuant to a Transfer Agency and Administrative Services Agreement with the Company, VTA is entitled to receive a fee for fund services. VTA receives 0.35% of the average daily net assets of each Actively Managed Fund, 0.30% of the average daily net assets of the Class I shares of the Index Funds and 0.10% of the average daily net assets of the Class II shares of the Index Funds. For these services, VTA earned $40,463,330 in the aggregate for the year ended December 31, 2012.

VIA and the Company contract with one or more subadvisers (“Subadvisers”) for the day-to-day management of each of the funds other than the Model Portfolio Funds and Milestone Funds. Each Subadviser is paid a fee by the funds during the year based on average net assets under management, except that the subadvisory fees for Mellon Capital Management Corporation for the Diversifying Strategies Fund are calculated based on the average net asset value of the fund’s assets allocated and assigned to it by VIA. The fee structure for many of the Subadvisers provides for a range of fees so that as average net assets under management increases the rate of fee paid to the Subadviser decreases. Other Subadvisers charge one fee no matter what amount of assets they have under management. Additional information about each Subadviser’s fee is presented in the Company’s prospectus and statement of additional information. Fees paid by each fund to Subadvisers during the year ended December 31, 2012 are presented in the “Additional Information” section of these Notes. The Subadviser’s fees during the year ended December 31, 2012 are shown here as an annual percentage of average net assets under management, except the subadvisory fees for Mellon Capital Management Corporation for the Diversifying Strategies Fund, which were calculated based on the average net asset value of the assets allocated and assigned to it by VIA.


Fund	Subadviser	Actual Fee as a Percentage of Average Daily Net Assets (net of any subadviser fee waivers)
Low Duration Bond	Payden & Rygel		0.10	%
	STW Fixed Income Management LLC		0.18	%

Inflation Protected Securities	Pacific Investment Management Company, LLC		0.20	%
	BlackRock Financial Management, Inc.		0.10	%

175

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NOTES TO FINANCIAL STATEMENTS — (Continued)


Fund	Subadviser	Actual Fee as a Percentage of Average Daily Net Assets (net of any subadviser fee waivers)

Equity Income	Barrow, Hanley, Mewhinney & Strauss, LLC		0.22	%
	T. Rowe Price Associates, Inc.		0.31	%
	Southeastern Asset Management, Inc.		0.52	%

Growth & Income	Fiduciary Management, Inc.		0.29	%
	T. Rowe Price Associates, Inc.		0.38	%
	Wellington Management Company, LLP		0.27	%

Growth	Atlanta Capital Management Company, LLC (1)		0.30	%
	Columbus Circle Investors		0.33	%
	D.G. Capital Management Trust (1)		0.35	%
	Legg Mason Capital Management, LLC (1)		0.32	%
	Tukman Grossman Capital Management, Inc. (1)		0.40	%
	Victory Capital Management, Inc. (1)		0.26	%
	Westfield Capital Management Company, L.P.		0.33	%

Select Value	Artisan Partners Limited Partnership		0.55	%
	Systematic Financial Management, L.P.		0.42	%
	WEDGE Capital Management LLP		0.53	%

Aggressive Opportunities	Legg Mason Capital Management, LLC (2)		0.32	%
	Southeastern Asset Management, Inc.		0.57	%
	SSgA Funds Management, Inc. (2)		0.03	%
	TimesSquare Capital Management, LLC		0.50	%
	Wellington Management Company, LLP (2)		0.41	%
	Wells Capital Management, Inc. (2)		0.44	%

Discovery	Payden & Rygel		0.15	%
	Wellington Management Company, LLP		0.73	%

International	Artisan Partners Limited Partnership		0.65	%
	GlobeFlex Capital, LP (3)		0.40	%
	Mondrian Investment Partners Limited		0.43	%
	Walter Scott & Partners Limited		0.55	%

Diversifying Strategies	Calamos Advisors LLC		0.53	%
	Mellon Capital Management Corporation (4)		0.33	%
	Payden & Rygel (Enhanced Cash Management)		0.10	%
	Payden & Rygel (Low Duration-Plus Fixed Income)		0.10	%
	Shenkman Capital Management, Inc.		0.38	%

Core Bond Index	Mellon Capital Management Corporation		0.02	%

500 Stock Index	Mellon Capital Management Corporation		0.02	%

Broad Market Index	Mellon Capital Management Corporation		0.02	%

Mid/Small Company Index	Mellon Capital Management Corporation		0.03	%

Overseas Equity Index	Mellon Capital Management Corporation		0.07	%

(1)

On January 23, 2012, Atlanta Capital Management Company, LLC and Victory Capital Management, Inc. began managing the assets of the Growth Fund allocated to them. Effective January 23, 2012, D.G. Capital Management, LLC, Legg Mason Capital Management, LLC and Tukman Grossman Capital Management, Inc. were terminated as subadvisers.

176

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NOTES TO FINANCIAL STATEMENTS — (Continued)

(2)

(3)

Effective March 1, 2012, GlobeFlex added a new breakpoint of 0.30% for assets over $450 million.

(4)

Effective May 1, 2011, Mellon Capital Management Corporation contractually agreed to reduce its subadvisory fee through April 30, 2014.

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, 2012, no waiver or reimbursement was required.

From January 4, 2010 through April 30, 2011, from May 1, 2011 through April 30, 2012, and from May 1, 2012 through April 30, 2013, VIA contractually agreed to limit the Milestone 2045 Fund expense ratio to 1.10%. For the year ended December 31, 2012, no waiver or reimbursement was required. From September 10, 2012 through April 30, 2014, VIA contractually agreed to limit the Milestone 2050 Fund expense ratio to 1.10% on the existing share class. For the year ended December 31, 2012, the waiver or reimbursement was $27,847.

T. Rowe Price Associates, Inc. (“T. Rowe Price”) voluntarily waives a portion of its aggregate subadvisory fees for the Growth & Income and Equity Income Funds. These voluntary fee waivers were first implemented on May 1, 2003. The fee for each fund managed by T. Rowe Price is voluntarily reduced by the following percentages, which are determined based on the total amount of assets managed by T. Rowe Price for the Company: a 2.5% waiver on the first $500 million in total assets provided the total amount of assets managed by T. Rowe Price is between $250 and $500 million and a 5% waiver on total assets above $500 million. For the year ended December 31, 2012, the fee waiver for the Growth & Income Fund totaled $46,578 and the fee waiver for the Equity Income Fund totaled $76,853. Effective October 1, 2008, Tukman Grossman Capital Management, Inc. (“Tukman Grossman”) voluntarily agreed to waive a portion of its subadvisory fee in an amount equal to 0.10% of the average daily market value of the assets managed in the Growth Fund. This waiver totaled $17,264 for the year ended December 31, 2012. Effective May 1, 2011, Mellon Capital Management Corporation (“Mellon Capital Management”) agreed to reduce its subadvisory fee through April 30, 2014 so that its fee for the Diversifying Strategies Fund does not exceed 0.325% of the average daily market value of the assets managed in the Diversifying Strategies Fund. This waiver totaled $809,380 for the year ended December 31, 2012.

Investment Portfolio Transactions

Purchases and sales of investments, exclusive of short-term securities, for each fund for the year ended December 31, 2012 were as follows:


	U.S. Government Obligations				Other Securities
Fund	Purchases at Cost		Sales Proceeds		Purchases at Cost		Sales Proceeds
Low Duration Bond	$	125,010,245	$	109,693,502	$	261,918,407	$	234,385,443
Inflation Protected Securities		495,195,304		422,143,864		1,615,159		19,818,786
Equity Income		—		—		282,836,111		315,989,723
Growth & Income		—		—		306,988,548		337,910,552
Growth		—		—		1,563,113,960		1,646,822,123

177

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NOTES TO FINANCIAL STATEMENTS — (Continued)


	U.S. Government Obligations				Other Securities
Fund	Purchases at Cost		Sales Proceeds		Purchases at Cost		Sales Proceeds
Select Value	$	—	$	—	$	170,122,601	$	182,900,097
Aggressive Opportunities		—		—		912,914,927		1,010,271,504
Discovery		55,838,430		51,040,039		111,949,740		111,536,377
International		—		—		595,727,007		592,436,607
Diversifying Strategies		105,275,676		133,965,490		570,387,182		451,823,807
Core Bond Index		348,020,739		290,132,955		518,913,492		474,595,944
500 Stock Index		—		—		38,372,125		14,627,103
Broad Market Index		—		—		16,104,678		22,479,559
Mid/Small Company Index		—		—		86,079,131		65,456,237
Overseas Equity Index		—		—		36,381,884		11,965,184
Model Portfolio Savings Oriented		—		—		35,806,202		21,003,905
Model Portfolio Conservative Growth		—		—		60,883,337		42,627,603
Model Portfolio Traditional Growth		—		—		124,528,763		107,428,220
Model Portfolio Long-Term Growth		—		—		138,960,271		119,567,712
Model Portfolio All-Equity Growth		—		—		60,194,472		79,136,966
Milestone Retirement Income		—		—		27,544,724		18,946,157
Milestone 2010		—		—		25,483,940		27,836,863
Milestone 2015		—		—		60,438,321		35,094,626
Milestone 2020		—		—		82,133,310		29,146,232
Milestone 2025		—		—		70,945,142		16,325,170
Milestone 2030		—		—		57,914,396		13,201,083
Milestone 2035		—		—		44,285,981		8,984,515
Milestone 2040		—		—		41,600,930		7,746,714
Milestone 2045		—		—		24,191,011		8,034,361
Milestone 2050		—		—		6,821,819		13,577

Tax Basis Unrealized Appreciation (Depreciation)

As of December 31, 2012, 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	$	601,736,514	$	10,272,180	$	859,796	$	9,412,384
Inflation Protected Securities		610,116,653		55,255,956		181,502		55,074,454
Equity Income		1,929,627,052		346,893,913		135,914,806		210,979,107
Growth & Income		1,109,390,270		265,621,587		34,439,313		231,182,274
Growth		1,700,133,247		260,795,414		24,762,032		236,033,382
Select Value		332,442,315		54,777,047		6,081,265		48,695,782
Aggressive Opportunities		1,148,095,753		115,531,587		38,523,061		77,008,526
Discovery		221,993,660		16,866,129		8,737,467		8,128,662
International		1,199,774,944		190,039,611		55,427,544		134,612,067
Diversifying Strategies		940,979,109		26,944,809		6,630,574		20,314,235
Core Bond Index		1,250,671,331		63,682,691		3,218,663		60,464,028
500 Stock Index		313,963,042		193,422,479		39,031,418		154,391,061
Broad Market Index		388,689,630		259,216,463		70,515,633		188,700,830
Mid/Small Company Index		472,388,980		124,936,038		46,071,698		78,864,340
Overseas Equity Index		235,626,741		37,442,805		42,774,312		(5,331,507	)
Model Portfolio Savings Oriented		299,987,699		15,936,543		—		15,936,543
Model Portfolio Conservative Growth		573,252,641		34,655,088		—		34,655,088

178

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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)
Model Portfolio Traditional Growth	$	1,418,467,047	$	77,498,819	$	2,119,981	$	75,378,838
Model Portfolio Long-Term Growth		1,791,038,660		119,352,608		13,385,991		105,966,617
Model Portfolio All-Equity Growth		678,583,352		34,459,035		3,613,390		30,845,645
Milestone Retirement Income		233,279,229		4,933,260		—		4,933,260
Milestone 2010		225,423,538		8,653,003		—		8,653,003
Milestone 2015		414,696,746		20,005,514		—		20,005,514
Milestone 2020		444,431,583		26,294,689		—		26,294,689
Milestone 2025		358,946,017		24,561,616		—		24,561,616
Milestone 2030		281,371,629		23,763,505		—		23,763,505
Milestone 2035		185,326,176		17,403,441		30,382		17,373,059
Milestone 2040		176,074,795		21,374,174		20,389		21,353,785
Milestone 2045		51,044,254		2,819,962		—		2,819,962
Milestone 2050		6,808,256		9,290		20,345		(11,055	)

Portfolio Securities Loaned

Certain funds lend securities to approved borrowers to seek to earn additional income. As of December 31, 2012 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 its custodian for securities lending programs conducted through the custodian if, at the time of a default by a borrower, some or all of the loaned securities have not been returned by the borrower. The custodian, as soon as practicable after the time of default, shall deposit in the funds’ accounts securities of the same number, issue, type, class and series of the unreturned loaned securities. If the custodian is unable to purchase replacement securities, it will credit to the funds’ accounts an amount equal to the market value of the unreturned loaned securities. For purposes of calculating the amount of credit to a fund’s account, the market value of U.S. securities will be determined as of the date on which the custodian posts the credit to the fund and the market value of the U.S. securities may be more or less than it was on the date the securities were due to be returned to the fund. For non-U.S. securities, the market value of the securities to be credited to a fund is determined as of the date the securities were due to be returned to the fund.

The market value of the securities on loan and the value of the related collateral as of December 31, 2012, were as follows:


Fund	Securities on Loan		Collateral		Collateralization
Low Duration Bond	$	21,319,985	$	21,775,405		102	%
Equity Income		107,720,636		108,583,360		101	%
Growth & Income		33,080,091		33,167,920		100	%
Growth		44,546,184		44,913,945		101	%
Select Value		24,067,315		24,191,524		101	%
Aggressive Opportunities		228,366,141		229,621,922		101	%

179

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)


Fund	Securities on Loan		Collateral		Collateralization
Discovery	$	17,832,451	$	17,996,376		101	%
International		30,296,900		31,802,600		105	%
Core Bond Index		16,763,975		17,169,932		102	%
500 Stock Index		15,927,085		16,023,203		101	%
Broad Market Index		23,481,735		23,662,276		101	%
Mid/Small Company Index		58,812,316		59,438,219		101	%
Overseas Equity Index		4,051,519		4,289,525		106	%

Transactions with Affiliated Funds

As of December 31, 2012, the Model Portfolio Funds and Milestone Funds held investments in a number of the underlying funds. The figures presented below represent the percentages of shares outstanding in each of the underlying funds owned by the Model Portfolio and Milestone Funds on that date:


Underlying Fund	Model Portfolio Savings Oriented			Model Portfolio Conservative Growth			Model Portfolio Traditional Growth			Model Portfolio Long-Term Growth			Model Portfolio All-Equity Growth
Low Duration Bond		16.50	%		19.43	%		20.03	%		0.00	%		0.00	%
Inflation Protected Securities		7.08	%		9.01	%		8.79	%		0.00	%		0.00	%
Equity Income		1.57	%		3.32	%		8.89	%		12.18	%		6.30	%
Growth & Income		2.44	%		4.22	%		13.80	%		18.93	%		9.24	%
Growth		0.00	%		1.95	%		7.98	%		11.54	%		6.41	%
Select Value		0.00	%		5.17	%		23.20	%		45.42	%		18.96	%
Aggressive Opportunities		0.00	%		1.85	%		8.33	%		16.33	%		6.81	%
Discovery		0.00	%		0.00	%		21.35	%		40.66	%		30.09	%
International		1.22	%		3.75	%		13.80	%		23.53	%		10.88	%
Diversifying Strategies		6.53	%		11.95	%		23.10	%		23.35	%		0.00	%
Core Bond Index Class I		3.13	%		8.02	%		21.27	%		26.93	%		0.00	%


Underlying Fund	Milestone Retirement Income			Milestone 2010			Milestone 2015			Milestone 2020			Milestone 2025
Low Duration Bond		12.47	%		6.39	%		8.48	%		6.05	%		2.41	%
Inflation Protected Securities		5.36	%		5.19	%		6.79	%		2.11	%		0.00	%
Equity Income		1.17	%		2.05	%		4.10	%		4.80	%		4.28	%
Growth & Income		1.82	%		1.98	%		3.68	%		4.13	%		3.71	%
Growth		0.00	%		0.84	%		1.74	%		2.03	%		1.85	%
International		0.92	%		1.61	%		3.51	%		4.40	%		4.11	%
Diversifying Strategies		4.93	%		4.37	%		7.53	%		7.54	%		5.35	%
Core Bond Index Class I		2.37	%		1.69	%		4.34	%		6.90	%		5.84	%
Mid/Small Company Index Class I		0.00	%		0.00	%		5.96	%		13.12	%		13.90	%



Underlying Fund	Milestone 2030			Milestone 2035			Milestone 2040			Milestone 2045			Milestone 2050
Low Duration Bond		0.79	%		0.15	%		0.00	%		0.00	%		0.00	%
Inflation Protected Securities		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Equity Income		3.63	%		2.55	%		2.62	%		0.73	%		0.09	%
Growth & Income		3.24	%		2.29	%		2.36	%		0.66	%		0.08	%
Growth		1.66	%		1.24	%		1.30	%		0.36	%		0.05	%
International		3.66	%		2.70	%		2.82	%		0.78	%		0.10	%
Diversifying Strategies		3.47	%		1.47	%		0.41	%		0.00	%		0.00	%
Core Bond Index Class I		3.41	%		1.40	%		1.09	%		0.30	%		0.04	%
Mid/Small Company Index Class I		13.98	%		11.79	%		13.01	%		3.63	%		0.46	%

180

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

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 has the power to direct the vote of the shares of the underlying Funds held by the Model Portfolio Funds and the Milestone Funds under the proxy voting policy adopted by the funds’ Adviser 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 shares outstanding in each of the Funds held, directly or indirectly, by VantageTrust as of December 31, 2012:


Fund	% owned by VantageTrust
Low Duration Bond		77.91	%
Inflation Protected Securities		85.60	%
Equity Income		90.57	%
Growth & Income		90.07	%
Growth		95.06	%
Select Value		93.75	%
Aggressive Opportunities		95.84	%
Discovery		94.36	%
International		91.19	%
Diversifying Strategies		87.84	%
Core Bond Index Class I		87.64	%
Core Bond Index Class II		92.90	%
500 Stock Index Class I		81.71	%
500 Stock Index Class II		99.78	%
Broad Market Index Class I		80.15	%
Broad Market Index Class II		98.11	%
Mid/Small Company Index Class I		80.80	%
Mid/Small Company Index Class II		98.64	%
Overseas Equity Index Class I		83.58	%
Overseas Equity Index Class II		98.93	%
Model Portfolio Savings Oriented		80.52	%
Model Portfolio Conservative Growth		87.13	%
Model Portfolio Traditional Growth		93.72	%
Model Portfolio Long-Term Growth		95.58	%
Model Portfolio All-Equity Growth		95.12	%
Milestone Retirement Income		76.78	%
Milestone 2010		73.10	%
Milestone 2015		79.93	%
Milestone 2020		83.46	%
Milestone 2025		83.93	%
Milestone 2030		83.42	%
Milestone 2035		80.92	%
Milestone 2040		82.48	%
Milestone 2045		74.84	%
Milestone 2050		54.03	%

181

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

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, 2012:

Milestone 2045 Fund

Name

Address

Percentage of

Shares Owned

County of Sacramento (RHS)

700 H Street Suite 4667

Sacramento, CA 95814

8.75

Milestone 2050 Fund

Name

Address

Percentage of

Shares Owned

ICMA-RC

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

7.59

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, 2012, the funds recaptured the following amounts of brokerage commissions:


Fund	Recaptured Brokerage Commissions
Equity Income	$	9,677
Growth & Income		25,273
Growth		212,097
Select Value		44,205
Aggressive Opportunities		148,062
Discovery		9,073
International Diversifying Strategies		215,926 1,897

11.

Subsequent Events

Management has evaluated events or transactions that may have occurred since December 31, 2012, 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.

Through February 28, 2013, each Fund, other than the Index Funds, only offered a single share class, and the Index Funds only offered two share classes: Class I and Class II Shares. Beginning March 1, 2013, the outstanding shares of the Actively Managed Funds (other than the Diversifying Strategies Fund) will be renamed “Investor Shares,” the outstanding shares of the Model Portfolio Funds and Milestone Funds will be renamed “Investor M Shares,” and the outstanding shares of the Diversifying Strategies Fund will be renamed “T Shares.” In addition, beginning March 1, 2013, the Index Funds and the Actively Managed Funds (other than the Diversifying Strategies Fund) will each offer a new share class, called “T Shares,” and the Model Portfolio Funds and Milestone Funds will each offer a new share class, called “TM Shares.” More information about these changes is described in the Company’s prospectus.

In addition, on January 18, 2013, VIA recommended and the Board approved the liquidation and termination of the Model Portfolio Savings Oriented Fund as being in the best interests of its shareholders. This liquidation and termination will occur on March 22, 2013.

182

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

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.

183

SCHEDULE OF INVESTMENTS

December 31, 2012


Vantagepoint Low Duration Bond Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—66.9%
Aerospace & Defense—0.3%
United Technologies Corp.
1.200%		06/01/2015		$	280,000	$	284,177
0.811%		06/01/2015	#		1,285,000		1,298,436

							1,582,613

Auto Components—0.5%
Johnson Controls, Inc.
1.750%		03/01/2014			3,000,000		3,041,391

Automobiles—0.7%
Daimler Finance North America LLC
2.300%		01/09/2015	^		1,290,000		1,321,675
1.875%		09/15/2014	^		760,000		772,780
Nissan Motor Acceptance Corp.
1.950%		09/12/2017	^		650,000		659,617
Volkswagen International Finance NV (Netherlands)
1.625%		03/22/2015	^		1,400,000		1,419,869

							4,173,941

Beverages—1.0%
Anheuser-Busch InBev Worldwide, Inc.
2.500%		03/26/2013	†		1,080,000		1,085,051
0.800%		07/15/2015			610,000		611,979
Heineken NV (Netherlands)
0.800%		10/01/2015	^		250,000		250,637
PepsiCo, Inc.
0.700%		08/13/2015			2,840,000		2,845,461
SABMiller Holdings, Inc.
2.450%		01/15/2017	^		720,000		751,247
1.850%		01/15/2015	^		590,000		601,916

							6,146,291

Biotechnology—0.6%
Amgen, Inc.
2.300%		06/15/2016			700,000		728,356
1.875%		11/15/2014			860,000		879,901
Gilead Sciences, Inc.
2.400%		12/01/2014			370,000		381,733
Life Technologies Corp.
3.500%		01/15/2016			1,300,000		1,369,246

							3,359,236

Capital Markets—1.2%
Astoria Financial Corp.
5.000%		06/19/2017			690,000		733,957
Bank of New York Mellon Corp. (The) MTN
1.200%		02/20/2015			300,000		303,374
E*TRADE Financial Corp.
6.000%		11/15/2017			525,000		539,438
Goldman Sachs Group, Inc. (The)
1.312%		02/07/2014	#		1,430,000		1,434,567
Morgan Stanley
1.293%		04/29/2013	#		1,530,000		1,533,592
TD Ameritrade Holding Corp.
4.150%		12/01/2014			1,140,000		1,215,519
WT Finance Aust Pty Ltd./Westfield Capital/WEA Finance LLC (Australia)
5.125%		11/15/2014	^		1,170,000		1,255,043

							7,015,490



Coupon Rate	Maturity Date			Face		Value

Chemicals—0.7%
Airgas, Inc.
2.850%	10/01/2013		$	460,000	$	467,716
Dow Chemical Co. (The)
7.600%	05/15/2014			2,008,000		2,193,021
2.500%	02/15/2016	†		690,000		717,873
Eastman Chemical Co.
2.400%	06/01/2017			500,000		517,162
Ecolab, Inc.
2.375%	12/08/2014			290,000		299,490

						4,195,262

Commercial Banks—10.7%
Banco Bradesco SA (Brazil)
2.410%	05/16/2014	#^		300,000		302,310
Banco de Credito del Peru (Peru)
4.750%	03/16/2016	^		1,110,000		1,176,600
Banco de Credito e Inversiones (Chile)
3.000%	09/13/2017	^		700,000		715,090
Banco do Brasil SA (Brazil)
4.500%	01/22/2015	^†		1,180,000		1,252,570
Bancolombia SA (Colombia)
4.250%	01/12/2016			260,000		273,000
Bank of Ceylon (Sri Lanka)
6.875%	05/03/2017	^		840,000		909,300
Bank of Montreal MTN (Canada)
0.800%	11/06/2015	†		1,020,000		1,019,254
Bank of Nova Scotia (Canada)
1.850%	01/12/2015			950,000		973,360
0.750%	10/09/2015			1,440,000		1,433,089
Barclays Bank plc (United Kingdom)
3.900%	04/07/2015			2,590,000		2,748,127
1.380%	01/13/2014	#		970,000		975,150
BB&T Corp.
1.013%	04/28/2014	#		350,000		352,314
BB&T Corp. MTN
1.600%	08/15/2017			420,000		425,507
BB&T Corp., Series A MTN
3.375%	09/25/2013			700,000		714,686
Canadian Imperial Bank of Commerce (Canada)
0.900%	10/01/2015			1,300,000		1,306,487
Capital One Financial Corp.
7.375%	05/23/2014			3,630,000		3,950,140
2.125%	07/15/2014			860,000		875,794
CIT Group, Inc.
4.750%	02/15/2015	^		700,000		731,500
Commonwealth Bank of Australia (Australia)
2.125%	03/17/2014	^		1,360,000		1,382,988
Credit Suisse (Switzerland)
1.300%	01/14/2014	#		2,020,000		2,032,223
Danske Bank A/S (Denmark)
1.390%	04/14/2014	#^		1,450,000		1,437,646
HSBC Bank plc (United Kingdom)
1.625%	07/07/2014	^†		970,000		988,820
HSBC USA, Inc.
2.375%	02/13/2015			595,000		612,348
ING Bank NV (Netherlands)
3.750%	03/07/2017	^		1,200,000		1,276,560
1.358%	03/15/2013	#^		1,400,000		1,402,169
KeyCorp MTN
3.750%	08/13/2015			560,000		599,649
National Bank of Canada (Canada)
1.500%	06/26/2015			780,000		793,847

See accompanying notes to financial statements

184

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Low Duration Bond Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Oversea-Chinese Banking Corp. Ltd. (Singapore)
1.625%		03/13/2015	^	$	700,000	$	710,441
Royal Bank of Scotland Group plc (United Kingdom)
2.550%		09/18/2015			733,000		750,650
Royal Bank of Scotland plc (The) (United Kingdom)
3.950%		09/21/2015			5,990,000		6,364,537
Royal Bank of Scotland plc (The), Series 2 (United Kingdom)
3.400%		08/23/2013			1,250,000		1,268,750
Santander US Debt SAU (Spain)
3.781%		10/07/2015	^		900,000		905,711
Sparebank 1 Boligkreditt AS (Norway)
2.625%		05/27/2016	^		570,000		602,300
Standard Chartered plc (United Kingdom)
3.200%		05/12/2016	^		3,800,000		3,998,926
Toronto-Dominion Bank (The) (Canada)
2.500%		07/14/2016	†		3,850,000		4,053,815
Union Bank NA, Bank Note
2.125%		12/16/2013			1,380,000		1,401,921
US Bancorp
4.200%		05/15/2014			1,300,000		1,365,315
US Bancorp MTN
1.375%		09/13/2013			1,000,000		1,006,018
US Bank NA, Bank Note
0.620%		10/14/2014	#		690,000		690,765
Wachovia Bank NA, Bank Note
4.800%		11/01/2014			1,385,000		1,487,253
Wells Fargo & Co. MTN
2.100%		05/08/2017			6,810,000		7,047,982
Westpac Banking Corp. (Australia)
0.901%		04/08/2013	#^		1,000,000		1,001,537

							63,316,449

Commercial Services & Supplies—0.2%
PHH Corp.
7.375%		09/01/2019	†		1,000,000		1,115,000

Communications Equipment—0.1%
SBA Communications Corp.
5.625%		10/01/2019	^		430,000		453,113

Computers & Peripherals—1.7%
Hewlett-Packard Co.
3.000%		09/15/2016			4,436,000		4,468,267
2.650%		06/01/2016			750,000		748,994
2.350%		03/15/2015			1,100,000		1,105,488
1.550%		05/30/2014			3,660,000		3,653,083

							9,975,832

Consumer Finance—5.3%
Aircastle Ltd. (Bermuda)
6.250%		12/01/2019	^		330,000		345,675
Ally Financial, Inc.
4.625%		06/26/2015			1,300,000		1,356,012
American Express Credit Corp. MTN
2.750%		09/15/2015			2,500,000		2,622,668
1.750%		06/12/2015			2,975,000		3,039,123
American Express Credit Corp., Series D MTN
5.125%		08/25/2014			3,177,000		3,405,013
American Honda Finance Corp.
2.375%		03/18/2013	^		470,000		471,893
1.450%		02/27/2015	^†		1,190,000		1,209,623



Coupon Rate	Maturity Date			Face		Value

Caterpillar Financial Services Corp.
0.700%	11/06/2015		$	1,270,000	$	1,267,647
Caterpillar Financial Services Corp. MTN
1.125%	12/15/2014			200,000		202,243
Ford Motor Credit Co. LLC
3.875%	01/15/2015			1,280,000		1,335,493
General Motors Financial Co., Inc.
4.750%	08/15/2017	^†		990,000		1,042,053
HSBC Finance Corp.
0.741%	06/01/2016	#		5,347,000		5,198,615
Hyundai Capital America
1.625%	10/02/2015	^		580,000		583,876
International Lease Finance Corp.
4.875%	04/01/2015			690,000		716,793
John Deere Capital Corp. MTN
2.950%	03/09/2015			1,210,000		1,268,717
1.600%	03/03/2014			1,160,000		1,175,557
PACCAR Financial Corp. MTN
1.550%	09/29/2014			620,000		630,432
1.050%	06/05/2015			280,000		282,579
0.658%	04/05/2013	#		840,000		841,022
RCI Banque SA (France)
2.217%	04/11/2014	#^		1,900,000		1,899,871
Toyota Motor Credit Corp.
0.875%	07/17/2015			1,620,000		1,627,692
Toyota Motor Credit Corp. MTN
1.000%	02/17/2015			910,000		916,586

						31,439,183

Containers & Packaging—0.1%
Rock-Tenn Co.
4.450%	03/01/2019	^		410,000		442,937

Diversified Financial Services—8.8%
Bank of America Corp.
3.700%	09/01/2015			635,000		671,711
1.500%	10/09/2015			7,615,000		7,659,106
Bank of America Corp., Series 1
3.750%	07/12/2016			520,000		556,303
Caisse Centrale Desjardins du Quebec (Canada)
1.700%	09/16/2013	^		350,000		352,712
Citigroup, Inc.
6.375%	08/12/2014			2,000,000		2,162,136
6.010%	01/15/2015			2,370,000		2,590,988
6.000%	12/13/2013			2,004,000		2,100,405
4.450%	01/10/2017			1,545,000		1,713,139
CNH Capital LLC
3.875%	11/01/2015	^		1,035,000		1,072,519
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands)
3.375%	01/19/2017			4,887,000		5,255,020
Equifax, Inc.
4.450%	12/01/2014			240,000		253,165
ERAC USA Finance LLC
2.250%	01/10/2014	^		550,000		555,744
1.400%	04/15/2016	^		230,000		231,727
General Electric Capital Corp.
5.900%	05/13/2014			680,000		729,008
2.150%	01/09/2015			1,290,000		1,325,659
1.625%	07/02/2015			1,350,000		1,373,242
General Electric Capital Corp. MTN
0.935%	04/07/2014	#		1,000,000		1,005,715

See accompanying notes to financial statements

185

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Low Duration Bond Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
General Electric Capital Corp., Series A MTN
3.750%		11/14/2014		$	1,130,000	$	1,192,076
0.568%		09/15/2014	#		2,075,000		2,073,384
General Electric Capital Corp., Series G MTN
1.180%		05/09/2016	#		5,675,000		5,686,878
Harley-Davidson Financial Services, Inc.
1.150%		09/15/2015	^		420,000		421,382
Hutchison Whampoa International 12 II Ltd. (Cayman Islands)
2.000%		11/08/2017	^		480,000		480,842
JPMorgan Chase & Co.
3.150%		07/05/2016			8,090,000		8,578,086
JPMorgan Chase & Co. MTN
1.875%		03/20/2015			1,230,000		1,252,793
Lender Processing Services, Inc.
5.750%		04/15/2023			450,000		469,125
NASDAQ OMX Group, Inc. (The)
4.000%		01/15/2015			1,040,000		1,089,180
National Rural Utilities Cooperative Finance Corp.
1.000%		02/02/2015	†		520,000		524,121
Susser Holdings LLC/Susser Finance Corp.
8.500%		05/15/2016			950,000		1,014,125

							52,390,291

Diversified Telecommunication Services—6.1%
AT&T, Inc.
2.500%		08/15/2015			6,000,000		6,259,440
0.875%		02/13/2015			620,000		623,232
0.800%		12/01/2015			1,541,000		1,542,062
British Telecommunications plc (United Kingdom)
2.000%		06/22/2015			400,000		411,455
Deutsche Telekom International Finance BV (Netherlands)
3.125%		04/11/2016	^†		8,695,000		9,204,223
Frontier Communications Corp.
6.250%		01/15/2013			700,000		700,430
Telecom Italia Capital SA (Luxembourg)
5.250%		11/15/2013			280,000		288,400
5.250%		10/01/2015			1,986,000		2,118,069
Telefonica Emisiones SAU (Spain)
4.949%		01/15/2015			4,000,000		4,200,000
2.582%		04/26/2013			1,090,000		1,096,540
Verizon Communications, Inc.
1.250%		11/03/2014			1,680,000		1,700,617
0.920%		03/28/2014	#		3,595,000		3,617,383
0.700%		11/02/2015			2,630,000		2,632,501
Vivendi SA (France)
2.400%		04/10/2015	^		360,000		367,799
Windstream Corp.
8.125%		08/01/2013			190,000		198,075
7.875%		11/01/2017			880,000		994,400

							35,954,626

Electric Utilities—2.4%
Enel Finance International NV (Luxembourg)
3.875%		10/07/2014	^		6,034,000		6,215,322
Exelon Generation Co. LLC
5.350%		01/15/2014			5,345,000		5,592,313
GDF Suez (France)
1.625%		10/10/2017	^		330,000		330,299
Georgia Power Co.
1.300%		09/15/2013			1,100,000		1,106,734



Coupon Rate	Maturity Date			Face		Value

Hrvatska Elektroprivreda (Croatia)
6.000%	11/09/2017	^	$	200,000	$	212,000
NextEra Energy Capital Holdings, Inc.
1.611%	06/01/2014			520,000		525,787
1.200%	06/01/2015			210,000		211,620

						14,194,075

Electronic Equipment, Instruments & Components—0.3%
Agilent Technologies, Inc.
2.500%	07/15/2013			470,000		474,228
Tech Data Corp.
3.750%	09/21/2017	†		1,440,000		1,478,753

						1,952,981

Energy Equipment & Services—0.1%
National Oilwell Varco, Inc.
1.350%	12/01/2017			830,000		836,273

Food & Staples Retailing—1.5%
Kroger Co. (The)
2.200%	01/15/2017			650,000		672,368
Safeway, Inc.
3.400%	12/01/2016			650,000		671,879
Tesco plc (United Kingdom)
2.000%	12/05/2014	^		3,700,000		3,782,658
Walgreen Co.
1.000%	03/13/2015			570,000		570,789
0.810%	03/13/2014	#		2,928,000		2,932,872
Woolworths Ltd. (Australia)
2.550%	09/22/2015	^		220,000		228,666

						8,859,232

Food Products—0.8%
ConAgra Foods, Inc.
1.350%	09/10/2015			200,000		200,125
Ingredion, Inc.
3.200%	11/01/2015			310,000		325,626
Kraft Foods Group, Inc.
1.625%	06/04/2015	^		440,000		448,084
Mondelez International, Inc.
5.250%	10/01/2013			340,000		350,877
2.625%	05/08/2013			340,000		342,185
Unilever Capital Corp.
0.450%	07/30/2015			590,000		588,093
USJ Acucar e Alcool SA (Brazil)
9.875%	11/09/2019	^		350,000		373,625
Wm. Wrigley Jr. Co.
3.700%	06/30/2014	^		2,190,000		2,267,528

						4,896,143

Gas Utilities—0.4%
Korea Gas Corp. (Korea, Republic of)
2.250%	07/25/2017	^		1,200,000		1,215,170
Sabine Pass LNG LP
7.500%	11/30/2016			1,010,000		1,118,575

						2,333,745

Health Care Equipment & Supplies—0.5%
Covidien International Finance SA (Luxembourg)
1.875%	06/15/2013			880,000		886,048
1.350%	05/29/2015	†		350,000		354,946
DENTSPLY International, Inc.
1.810%	08/15/2013	#		800,000		804,536

See accompanying notes to financial statements

186

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Low Duration Bond Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Stryker Corp.
3.000%		01/15/2015		$	680,000	$	711,154

							2,756,684

Health Care Providers & Services—1.8%
Express Scripts Holding Co.
2.750%		11/21/2014	^		1,300,000		1,341,690
HCA, Inc.
6.750%		07/15/2013			225,000		231,750
Quest Diagnostics, Inc.
1.160%		03/24/2014	#		410,000		412,625
UnitedHealth Group, Inc.
4.875%		02/15/2013			3,000,000		3,015,236
1.400%		10/15/2017			270,000		270,734
0.850%		10/15/2015			1,358,000		1,363,378
WellPoint, Inc.
5.000%		12/15/2014			2,000,000		2,161,142
2.375%		02/15/2017			1,445,000		1,497,571
1.250%		09/10/2015			550,000		554,715

							10,848,841

Hotels, Restaurants & Leisure—0.1%
Carnival Corp. (Panama)
1.875%		12/15/2017			280,000		280,710

Household Durables—0.2%
Lennar Corp.
4.750%		12/15/2017	^		700,000		728,000
Newell Rubbermaid, Inc.
2.050%		12/01/2017			630,000		639,122

							1,367,122

Industrial Conglomerates—0.1%
Danaher Corp.
1.300%		06/23/2014			400,000		404,534

Insurance—3.3%
Aflac, Inc.
3.450%		08/15/2015	†		2,937,000		3,136,070
Allstate Corp. (The)
6.200%		05/16/2014			800,000		859,443
American International Group, Inc.
3.000%		03/20/2015	†		700,000		728,752
2.375%		08/24/2015			400,000		411,908
Hartford Financial Services Group, Inc.
4.000%		03/30/2015			510,000		539,200
MetLife, Inc.
2.375%		02/06/2014			450,000		458,548
Metropolitan Life Global Funding I
5.125%		04/10/2013	^		2,000,000		2,025,184
1.100%		01/10/2014	#^		2,100,000		2,110,985
Principal Life Global Funding II
1.000%		12/11/2015	^		660,000		659,504
Prudential Covered Trust 2012-1
2.997%		09/30/2015	^		2,161,250		2,242,718
Prudential Financial, Inc. MTN
3.875%		01/14/2015			1,951,000		2,065,249
Prudential Financial, Inc., Series B MTN
4.750%		04/01/2014			820,000		858,383
Prudential Financial, Inc., Series C MTN
4.750%		06/13/2015			2,290,000		2,473,933



Coupon Rate	Maturity Date			Face		Value

Prudential Financial, Inc., Series D MTN
5.150%	01/15/2013		$	1,000,000	$	1,001,800

						19,571,677

Internet & Catalog Retail—0.3%
Amazon.com, Inc.
0.650%	11/27/2015	†		1,150,000		1,150,131
eBay, Inc.
0.875%	10/15/2013			500,000		501,922

						1,652,053

Internet Software & Services—0.1%
Baidu, Inc. (Cayman Islands)
2.250%	11/28/2017			500,000		504,350

IT Services—0.0%
Computer Sciences Corp.
2.500%	09/15/2015	†		270,000		275,487

Life Sciences Tools & Services—0.2%
Howard Hughes Medical Institute
3.450%	09/01/2014			1,100,000		1,155,937

Machinery—0.1%
Eaton Corp.
0.950%	11/02/2015	^		560,000		562,095
Tyco Electronics Group SA (Luxembourg)
1.600%	02/03/2015			270,000		274,139

						836,234

Media—2.1%
CC Holdings GS V LLC
2.381%	12/15/2017	^		370,000		372,241
DirecTV Holdings LLC/DirecTV Financing Co., Inc.
4.750%	10/01/2014			1,060,000		1,132,261
DISH DBS Corp.
4.625%	07/15/2017			1,000,000		1,047,500
NBCUniversal Media LLC
3.650%	04/30/2015			850,000		904,750
Time Warner Cable, Inc.
8.250%	02/14/2014			2,200,000		2,383,795
6.200%	07/01/2013			5,500,000		5,651,668
Time Warner, Inc.
3.150%	07/15/2015			440,000		465,583
Viacom, Inc.
4.375%	09/15/2014			700,000		741,967

						12,699,765

Metals & Mining—2.9%
Anglo American Capital plc (United Kingdom)
2.625%	09/27/2017	^		2,150,000		2,196,567
ArcelorMittal (Luxembourg)
4.250%	08/05/2015	†		1,000,000		1,010,689
Barrick Gold Corp. (Canada)
1.750%	05/30/2014			510,000		517,303
Barrick Gold Financeco LLC
6.125%	09/15/2013			795,000		824,727
BHP Billiton Finance USA Ltd. (Australia)
1.000%	02/24/2015			360,000		362,859
0.581%	02/18/2014	#		2,704,000		2,712,172
FMG Resources August 2006 Pty Ltd. (Australia)
6.000%	04/01/2017	^		720,000		738,000
Freeport-McMoRan Copper & Gold, Inc.
2.150%	03/01/2017			270,000		271,703
1.400%	02/13/2015			300,000		299,527

See accompanying notes to financial statements

187

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Low Duration Bond Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Rio Tinto Finance USA Ltd. (Australia)
8.950%		05/01/2014		$	2,875,000	$	3,179,968
Rio Tinto Finance USA plc (United Kingdom)
1.125%		03/20/2015			700,000		706,121
Xstrata Finance Canada Ltd. (Canada)
2.850%		11/10/2014	^		1,765,000		1,812,413
2.450%		10/25/2017	^		2,220,000		2,244,056

							16,876,105

Multiline Retail—0.9%
Costco Wholesale Corp.
0.650%		12/07/2015	†		1,936,000		1,938,466
Dollar General Corp.
4.125%		07/15/2017			945,000		996,975
Target Corp.
1.125%		07/18/2014			500,000		505,056
0.495%		07/18/2014	#		1,800,000		1,806,071

							5,246,568

Multi-Utilities—0.6%
DTE Energy Co.
1.011%		06/03/2013	#		950,000		951,901
Sempra Energy
1.068%		03/15/2014	#		2,661,000		2,675,758

							3,627,659

Oil, Gas & Consumable Fuels—2.0%
BP Capital Markets plc (United Kingdom)
3.875%		03/10/2015			700,000		746,138
0.700%		11/06/2015			1,070,000		1,069,218
Chesapeake Energy Corp.
7.625%		07/15/2013			460,000		476,100
ConocoPhillips
4.750%		02/01/2014			159,000		166,243
4.600%		01/15/2015			455,000		491,958
CONSOL Energy, Inc.
8.000%		04/01/2017			200,000		217,500
Enterprise Products Operating LLC
1.250%		08/13/2015			280,000		281,900
Forest Oil Corp.
8.500%		02/15/2014	†		263,000		280,095
Marathon Oil Corp.
0.900%		11/01/2015			630,000		630,947
Murphy Oil Corp.
2.500%		12/01/2017			430,000		433,150
Petrohawk Energy Corp.
7.875%		06/01/2015			1,000,000		1,044,705
Phillips 66
2.950%		05/01/2017	^		270,000		286,447
1.950%		03/05/2015	^		270,000		275,638
Rockies Express Pipeline LLC
3.900%		04/15/2015	^		680,000		680,000
Statoil ASA (Norway)
1.200%		01/17/2018			2,100,000		2,102,950
Tesoro Corp.
4.250%		10/01/2017	†		700,000		728,000
Total Capital International SA (France)
1.500%		02/17/2017			410,000		413,589



Coupon Rate	Maturity Date			Face		Value

TransCanada PipeLines Ltd. (Canada)
3.400%	06/01/2015		$	550,000	$	584,405
WPX Energy, Inc.
5.250%	01/15/2017			990,000		1,054,350

						11,963,333

Paper & Forest Products—0.1%
Masco Corp.
4.800%	06/15/2015			465,000		487,362

Personal Products—0.2%
Revlon Consumer Products Corp.
9.750%	11/15/2015			950,000		1,004,625

Pharmaceuticals—2.3%
AbbVie, Inc.
1.750%	11/06/2017	^		1,450,000		1,467,470
1.200%	11/06/2015	^		1,460,000		1,470,779
1.072%	11/06/2015	#^		4,100,000		4,150,196
GlaxoSmithKline Capital plc (United Kingdom)
0.750%	05/08/2015			860,000		864,702
Novartis Capital Corp.
4.125%	02/10/2014			1,170,000		1,217,163
Sanofi (France)
1.625%	03/28/2014			800,000		811,534
Takeda Pharmaceutical Co. Ltd. (Japan)
1.031%	03/17/2015	^		1,400,000		1,406,310
Teva Pharmaceutical Finance III BV (Netherlands Antilles)
1.700%	03/21/2014			500,000		507,170
Teva Pharmaceutical Finance IV LLC
1.700%	11/10/2014			1,040,000		1,064,424
Valeant Pharmaceuticals International
6.500%	07/15/2016	^†		720,000		760,500

						13,720,248

Real Estate Investment Trusts (REITs)—1.1%
Digital Realty Trust LP
4.500%	07/15/2015			550,000		585,555
Duke Realty LP
5.400%	08/15/2014			560,000		595,033
HCP, Inc.
2.700%	02/01/2014			1,410,000		1,435,687
Health Care REIT, Inc.
6.000%	11/15/2013			810,000		845,384
Simon Property Group LP
4.200%	02/01/2015			210,000		222,804
Ventas Realty LP/Ventas Capital Corp.
2.000%	02/15/2018			1,460,000		1,462,686
Vornado Realty LP
4.250%	04/01/2015			1,080,000		1,142,188

						6,289,337

Road & Rail—0.6%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
4.875%	11/15/2017	^†		760,000		775,200
JB Hunt Transport Services, Inc.
3.375%	09/15/2015			850,000		874,309
Penske Truck Leasing Co. Lp/PTL Finance Corp.
3.125%	05/11/2015	^		800,000		816,734
2.500%	03/15/2016	^		620,000		622,146
Ryder System, Inc. MTN
2.500%	03/01/2017			540,000		549,648

						3,638,037

See accompanying notes to financial statements

188

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Low Duration Bond Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Semiconductors & Semiconductor Equipment—0.7%
Intel Corp.
1.350%		12/15/2017		$	2,910,000	$	2,912,630
Texas Instruments, Inc.
0.450%		08/03/2015			1,210,000		1,204,629

							4,117,259

Software—0.6%
Autodesk, Inc.
1.950%		12/15/2017			430,000		428,365
Microsoft Corp.
2.950%		06/01/2014			1,400,000		1,452,079
Oracle Corp.
3.750%		07/08/2014			700,000		735,183
1.200%		10/15/2017			660,000		662,727

							3,278,354

Tobacco—1.4%
Altria Group, Inc.
8.500%		11/10/2013			5,319,000		5,668,384
BAT International Finance plc (United Kingdom)
1.400%		06/05/2015	^		2,469,000		2,505,894
Reynolds American, Inc.
1.050%		10/30/2015			290,000		290,112

							8,464,390

Trading Companies & Distributors—0.1%
AmeriGas Partners LP/AmeriGas Finance Corp.
6.250%		08/20/2019			695,000		747,125

Transportation Infrastructure—0.6%
Heathrow Funding Ltd. (Jersey, Channel Islands)
2.500%		06/25/2015	^		3,500,000		3,617,180

Wireless Telecommunication Services—0.5%
America Movil SAB de CV (Mexico)
3.625%		03/30/2015			300,000		319,592
SK Telecom Co. Ltd. (Korea, Republic of)
2.125%		05/01/2018	^		880,000		887,012
Vodafone Group plc (United Kingdom)
4.150%		06/10/2014			1,780,000		1,868,220

							3,074,824

TOTAL CORPORATE OBLIGATIONS
(Cost $387,663,983)							396,179,904


MORTGAGE-BACKED SECURITIES—6.7%
Commercial Mortgage-Backed Securities—0.2%
National Credit Union Administration Guaranteed Notes, Series 2010-C1, Class A2
2.900%		10/29/2020			1,100,000		1,176,812

Non-Agency Mortgage-Backed Securities—2.3%
Banc of America Mortgage Securities, Inc., Series 2004-L, Class 1A1
3.095%		01/25/2035	#		554,308		541,444
Fosse Master Issuer plc, Series 2012-1A, Class 2A2 (United Kingdom)
1.725%		10/18/2054	#^		2,250,000		2,299,937



Coupon Rate	Maturity Date			Face		Value

Harborview Mortgage Loan Trust, Series 2005-14, Class 3A1A
3.025%	12/19/2035	#	$	2,406,695	$	1,989,581
MLCC Mortgage Investors, Inc., Series 2004-1, Class 2A2
2.499%	12/25/2034	#		1,310,177		1,337,220
Provident Funding Mortgage Loan Trust, Series 2004-1, Class 1A1
2.610%	04/25/2034	#		192,822		194,797
Sequoia Mortgage Trust, Series 2012-1, Class 1A1
2.865%	01/25/2042	#		2,051,714		2,110,090
Sequoia Mortgage Trust, Series 2012-2, Class A2
3.500%	04/25/2042	#		2,009,412		2,051,415
Springleaf Mortgage Loan Trust, Series 2012-3A, Class A
1.570%	12/25/2059	#^		1,057,355		1,063,303
Structured Asset Mortgage Investments, Inc., Series 2004-AR5, Class 2A1
2.084%	10/19/2034	#		507,543		388,426
Thornburg Mortgage Securities Trust, Series 2004-1, Class II2A
1.909%	03/25/2044	#		485,426		478,600
Wells Fargo Mortgage Backed Securities Trust, Series 2004-S, Class B1
2.626%	09/25/2034	#		1,239,427		993,476

						13,448,289

U.S. Government Agency Mortgage-Backed Securities—4.2%
Federal Deposit Insurance Corporation Structured Sale Guaranteed Notes, Series 2010-S1, Class 2A
3.250%	04/25/2038	^		1,232,085		1,303,315
Federal National Mortgage Association
3.144%	07/01/2041	#		3,387,160		3,562,087
3.076%	06/01/2041	#		2,127,315		2,233,322
3.000%	10/01/2042			4,068,358		4,268,472
2.598%	10/01/2034	#		1,342,588		1,422,900
2.549%	09/01/2034	#		113,985		119,636
2.536%	09/01/2034	#		167,711		176,123
2.500%	11/01/2027			6,398,565		6,697,831
2.420%	10/01/2034	#		212,123		224,147
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 2A
1.840%	10/07/2020			304,687		309,685
National Credit Union Administration Guaranteed Notes, Series 2010-R2, Class 1A
0.583%	11/06/2017	#		1,399,221		1,402,285
National Credit Union Administration Guaranteed Notes, Series 2010-R3, Class 1A
0.773%	12/08/2020	#		3,344,983		3,361,708

						25,081,511

TOTAL MORTGAGE-BACKED SECURITIES
(Cost $40,016,451)						39,706,612


U.S. TREASURY OBLIGATIONS—9.5%
U.S. Treasury Notes—9.5%
U.S. Treasury Note
1.250%	10/31/2015			17,520,000		17,967,583
0.875%	11/30/2016			22,450,000		22,770,968
0.625%	09/30/2017			10,150,000		10,133,354
0.375%	06/30/2013	‡‡		280,000		280,394
0.250%	02/28/2014			5,000,000		5,003,515

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $55,992,228)						56,155,814

See accompanying notes to financial statements

189

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Low Duration Bond Fund

Coupon Rate	Maturity Date			Face		Value

GOVERNMENT RELATED OBLIGATIONS—4.3%
U.S. Government Agencies—0.9%
Federal National Mortgage Association
0.500%		09/28/2015		$	3,210,000	$	3,222,317
National Credit Union Administration Guaranteed Notes, Series A2
1.400%		06/12/2015			1,770,000		1,810,657

							5,032,974

Non-U.S. Government Agencies—0.7%
Caisse d’Amortissement de la Dette Sociale (France)
2.125%		04/12/2017	^		1,420,000		1,476,889
Export-Import Bank of Korea (Korea, Republic of)
1.250%		11/20/2015			800,000		803,330
IPIC Ltd. MTN (Cayman Islands)
3.125%		11/15/2015	^		500,000		520,750
Korea National Oil Corp. (Korea, Republic of)
2.875%		11/09/2015	^		1,160,000		1,213,601
Petrobras International Finance Co. (Cayman Islands)
2.875%		02/06/2015			410,000		421,724

							4,436,294

Sovereign Debt—0.7%
Korea Finance Corp. (Korea, Republic of)
3.250%		09/20/2016			1,660,000		1,750,336
Panama Government International Bond (Panama)
7.250%		03/15/2015			393,000		441,732
Qatar Government International Bond (Qatar)
3.125%		01/20/2017	^		780,000		825,630
South Africa Government International Bond (South Africa)
6.500%		06/02/2014			880,000		950,400

							3,968,098

Supranational—1.0%
European Investment Bank
1.125%		04/15/2015			5,555,000		5,652,051

U.S. Municipal Bonds—1.0%
California General Obligation Bonds (California)
5.450%		04/01/2015			3,635,000		4,001,154
5.250%		04/01/2014			1,655,000		1,746,852
University of California Revenue Bonds (California)
1.988%		05/15/2050	#		460,000		462,355

							6,210,361

TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $24,408,610)							25,299,778


ASSET-BACKED SECURITIES—7.0%
Automobiles—1.3%
Enterprise Fleet Financing LLC Series 2012-1, Class A2
1.140%		11/20/2017	^		2,800,000		2,815,506
Ford Credit Auto Owner Trust Series 2009-D, Class A4
2.980%		08/15/2014			1,062,439		1,070,679
Ford Credit Auto Owner Trust Series 2009-A, Class A4
6.070%		05/15/2014			474,744		477,615



Coupon Rate	Maturity Date			Face		Value

Honda Auto Receivables Owner Trust Series 2011-1, Class A3
1.130%	10/15/2014		$	1,288,791	$	1,292,840
Hyundai Capital Auto Funding Ltd. (Cayman Islands) Series 2010-8A, Class A
1.209%	09/20/2016	#^		1,989,174		1,993,351

						7,649,991

Credit Card—5.1%
American Express Credit Account Master Trust Series 2008-5, Class A
1.009%	03/15/2016	#		4,550,000		4,572,440
Capital One Multi-Asset Execution Trust Series 2006-A5, Class A5
0.269%	01/15/2016	#		6,750,000		6,750,027
Citibank Credit Card Issuance Trust Series 2006-A3, Class A3
5.300%	03/15/2018			960,000		1,102,253
Citibank Credit Card Issuance Trust Series 2008-A2, Class A2
1.361%	01/23/2020	#		3,300,000		3,440,549
Discover Card Master Trust Series 2012-A1, Class A1
0.810%	08/15/2017			2,050,000		2,066,011
GE Capital Credit Card Master Note Trust Series 2012-1, Class A
1.030%	01/15/2018			2,000,000		2,021,198
GE Capital Credit Card Master Note Trust Series 2010-3, Class A
2.210%	06/15/2016			6,300,000		6,352,366
Gracechurch Card Funding plc (United Kingdom) Series 2012-1A, Class A1
0.909%	02/15/2017	#^		2,700,000		2,717,297
Penarth Master Issuer plc (United Kingdom) Series 2012-1A, Class A1
0.779%	03/18/2014	#^		780,000		781,607
Penarth Master Issuer plc (United Kingdom) Series 2011-1A, Class A1
0.859%	05/18/2015	#^		300,000		300,385

						30,104,133

Other—0.6%
CenterPoint Energy Transition Bond Co. LLC Series 2012-1, Class A1
0.901%	04/15/2018			2,305,238		2,324,705
MMAF Equipment Finance LLC Series 2011-AA, Class A3
1.270%	09/15/2015	^		1,560,000		1,567,060

						3,891,765

TOTAL ASSET-BACKED SECURITIES
(Cost $41,492,080)						41,645,889



				Shares		Value
MONEY MARKET FUNDS—8.8%
Institutional Money Market Funds—8.8%
Dreyfus Institutional Cash Advantage Fund, 0.11%		††¥		3,500,000		3,500,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.18%		¥		30,385,496		30,385,496

See accompanying notes to financial statements

190

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Low Duration Bond Fund		Shares		Value


MONEY MARKET FUNDS—(Continued)
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.18%	††¥	4,275,405	$	4,275,405
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.14%	††¥	3,500,000		3,500,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.15%	††¥	3,500,000		3,500,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.14%	††¥	3,500,000		3,500,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.13%	††¥	3,500,000		3,500,000

TOTAL MONEY MARKET FUNDS
(Cost $52,160,901)				52,160,901

TOTAL INVESTMENTS—103.2%
(Cost $601,734,253)				611,148,898
Other assets less liabilities—(3.2%)				(18,887,220	)

NET ASSETS—100.0%			$	592,261,678

Notes to the Schedule of Investments:


MTN		Medium Term Note
REIT		Real Estate Investment Trust
#		Rate is subject to change. Rate shown reflects current rate.
^		Securities are not registered under the Securities Act of 1933. These securities may be resold only in transactions exempt from registration, generally to qualified institutional buyers under Securities Act Rule 144A. Such securities are considered illiquid unless deemed liquid by a subadviser under the liquidity procedures adopted by the Board of Directors. The total market value of 144A securities was $115,670,183, which represents 19.5% of Net Assets. The illiquid 144A securities represented 0.0% of Net Assets, and 0.0% of total 144A securities held.
†		Denotes all or a portion of the security on loan.
‡‡		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

191

SCHEDULE OF INVESTMENTS

December 31, 2012


Vantagepoint Inflation Protected Securities Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—2.0%
Capital Markets—0.7%
Bear Stearns Cos. LLC (The), Series CPI MTN
3.790%		03/10/2014	#	$	380,000	$	387,539
Morgan Stanley MTN
2.810%		05/14/2013	#		4,000,000		4,027,792

							4,415,331

Consumer Finance—1.2%
HSBC Finance Corp.
0.590%		01/15/2014	#		4,900,000		4,886,300
SLM Corp. MTN
6.250%		01/25/2016			2,400,000		2,622,000
5.050%		11/14/2014			500,000		527,330
SLM Corp., Series MTNBED
4.241%		03/15/2013	#		120,000		120,163

							8,155,793

Diversified Financial Services—0.1%
Citigroup, Inc.
2.310%		08/13/2013	#		700,000		706,829

TOTAL CORPORATE OBLIGATIONS
(Cost $12,920,130)							13,277,953


U.S. TREASURY OBLIGATIONS—90.1%
U.S. Treasury Bills—0.4%
U.S. Treasury Bill
0.133%		12/12/2013			2,300,000		2,296,927
0.131%		01/31/2013			253,000		252,989

							2,549,916

U.S. Treasury Bonds—0.4%
U.S. Treasury Bond
2.750%		08/15/2042-
		11/15/2042			2,500,000		2,411,916

U.S. Treasury Inflation Protected Securities Bonds—37.1%
U.S. Treasury Bond
3.875%		04/15/2029			10,785,000		25,205,508
3.625%		04/15/2028			10,880,000		24,714,222
3.375%		04/15/2032			449,100		966,826
2.500%		01/15/2029			14,100,000		21,704,627
2.375%		01/15/2025-
		01/15/2027			51,507,400		84,722,998
2.125%		02/15/2040	‡‡		6,814,800		10,724,623
2.125%		02/15/2041			7,580,300		11,848,479
2.000%		01/15/2026			18,005,000		27,564,597
1.750%		01/15/2028			16,570,000		23,723,255
0.750%		02/15/2042			15,249,500		17,146,387

							248,321,522

U.S. Treasury Inflation Protected Securities Notes—51.6%
U.S. Treasury Note
2.625%		07/15/2017			20,900,000		27,973,319
2.500%		07/15/2016			7,124,800		9,383,667
2.375%		01/15/2017			910,000		1,213,833
2.125%		01/15/2019			1,992,600		2,608,563



Coupon Rate	Maturity Date			Face		Value

2.000%	01/15/2014-
	01/15/2016		$	18,273,500	$	23,648,578
1.875%	07/15/2013-
	07/15/2019			16,631,900		21,562,955
1.625%	01/15/2015-
	01/15/2018			8,155,000		10,499,924
1.375%	01/15/2020			8,539,800		10,837,034
1.250%	04/15/2014-
	07/15/2020			26,665,000		32,262,799
1.125%	01/15/2021			20,795,000		25,847,934
0.625%	07/15/2021			24,389,500		28,477,158
0.500%	04/15/2015			18,926,700		21,089,167
0.125%	04/15/2016-
	07/15/2022			118,180,400		130,262,290

						345,667,221

U.S. Treasury Notes—0.6%
U.S. Treasury Note
1.625%	11/15/2022			1,870,000		1,849,840
0.875%	04/30/2017			2,060,000		2,085,589

						3,935,429

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $548,082,574)						602,886,004


GOVERNMENT RELATED OBLIGATIONS—0.6%
U.S. Government Agencies—0.1%
New Valley Generation I, Series 2000-1
7.299%	03/15/2019			751,486		898,965

Non-U.S. Government Agencies—0.4%
Export-Import Bank of Korea (Korea, Republic of)
4.000%	01/29/2021			1,200,000		1,296,255
Petrobras International Finance Co. (Cayman Islands)
3.875%	01/27/2016			1,200,000		1,272,004

						2,568,259

Supranational—0.1%
International Bank for Reconstruction & Development, Series CPI
2.788%	12/10/2013	#		275,000		276,180

TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $3,562,403)						3,743,404


ASSET-BACKED SECURITIES—0.5%
Home Equity—0.2%
Argent Securities, Inc. Series 2005-W2, Class A2B1
0.410%	10/25/2035	#		179,930		177,496
First Franklin Mortgage Loan Asset Backed Certificates
Series 2005-FF11, Class A2D
0.550%	11/25/2035	#		1,260,963		1,224,707
Saxon Asset Securities Trust
Series 2003-1, Class AF7
4.034%	06/25/2033			114,689		114,884

						1,517,087

Manufactured Housing—0.1%
Conseco Finance Securitizations Corp.
Series 2002-1, Class A
6.681%	12/01/2033	#		649,511		676,430

See accompanying notes to financial statements

192

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Inflation Protected Securities Fund

Coupon Rate	Maturity Date			Face		Value

ASSET-BACKED SECURITIES—(Continued)
Other—0.0%
Park Place Securities, Inc.
Series 2004-WWF1, Class M2
0.890%		12/25/2034	#	$	219,404	$	218,598

Student Loan—0.2%
North Carolina State Education Assistance Authority
Series 2011-2, Class A1
0.765%		10/26/2020	#		343,339		343,703
South Carolina Student Loan Corp.
Series 2010-1, Class A1
0.765%		01/25/2021	#		892,143		893,891

							1,237,594

TOTAL ASSET-BACKED SECURITIES
(Cost $3,460,512)							3,649,709



					Contracts		Value
PURCHASED OPTIONS—0.0%
Put—U.S. Long Bond, Expires 01/25/2013, Strike $147.00					41		48,047
Call—U.S. Long Bond, Expires 02/22/2013, Strike $151.00					71		51,031
Call—U.S. Long Bond, Expires 01/25/2013, Strike $153.00					44		4,813

TOTAL PURCHASED OPTIONS
(Cost $163,473)							103,891



Coupon Rate	Maturity Date			Face		Value
CERTIFICATES OF DEPOSIT—0.7%
Commercial Banks—0.7%
Abbey National Treasury Services plc (United Kingdom)
1.684%		06/10/2013		$	3,800,000		3,804,123
Dexia Credit Local S.A., Series YCD (France)
1.650%		09/12/2013			700,000		700,602

TOTAL CERTIFICATES OF DEPOSIT
(Cost $4,500,000)							4,504,725



					Shares		Value
MONEY MARKET FUNDS—5.5%
Institutional Money Market Fund—5.5%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.18%
(Cost $37,025,421)			¥		37,025,421		37,025,421

TOTAL INVESTMENTS—99.4%
(Cost $609,714,513)							665,191,107

Other assets less liabilities—0.6%							4,144,771

NET ASSETS—100.0%						$	669,335,878

Notes to the Schedule of Investments:


MTN		Medium Term Note
#		Rate is subject to change. Rate shown reflects current rate.
‡‡		Security or a portion of the security has been pledged as collateral for futures contracts and/or options contracts.
¥		The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to financial statements

193

SCHEDULE OF INVESTMENTS

December 31, 2012


Vantagepoint Equity Income Fund		Shares		Value

COMMON STOCKS—95.7%
Aerospace & Defense—2.2%
Boeing Co. (The)			74,200	$	5,591,712
Honeywell International, Inc.			388,600		24,664,442
Lockheed Martin Corp.			35,800		3,303,982
Raytheon Co.			187,900		10,815,524
United Technologies Corp.			9,700		795,497

					45,171,157

Air Freight & Logistics—2.3%
FedEx Corp.			446,200		40,925,464
United Parcel Service, Inc., Class B			86,500		6,377,645

					47,303,109

Airlines—0.2%
United Continental Holdings, Inc.	*†		207,700		4,856,026

Auto Components—0.2%
Johnson Controls, Inc.			117,700		3,613,390

Automobiles—0.2%
Ford Motor Co.			277,500		3,593,625

Beverages—0.3%
PepsiCo, Inc.			83,400		5,707,062

Biotechnology—0.1%
Amgen, Inc.			36,000		3,107,520

Building Products—0.3%
Masco Corp.			201,100		3,350,326
USG Corp.	*†		85,900		2,411,213

					5,761,539

Capital Markets—4.2%
Bank of New York Mellon Corp. (The)			1,581,500		40,644,550
Franklin Resources, Inc.			140,000		17,598,000
Legg Mason, Inc.			172,200		4,428,984
Northern Trust Corp.			126,200		6,330,192
Och-Ziff Capital Management Group LLC, Class A			38,300		363,850
State Street Corp.			333,500		15,677,835

					85,043,411

Chemicals—0.2%
E.I. Du Pont de Nemours & Co.			72,946		3,280,382

Commercial Banks—3.6%
PNC Financial Services Group, Inc.			365,700		21,323,967
Regions Financial Corp.			303,800		2,163,056
SunTrust Banks, Inc.			201,400		5,709,690
U.S. Bancorp			340,900		10,888,346
Wells Fargo & Co.			942,000		32,197,560

					72,282,619

Commercial Services & Supplies—0.1%
Avery Dennison Corp.			45,000		1,571,400

Communications Equipment—0.7%
Cisco Systems, Inc.			285,400		5,608,110
Harris Corp.			130,100		6,369,696
Nokia Oyj ADR (Finland)	†		406,500		1,605,675

					13,583,481



		Shares		Value

Computers & Peripherals—2.0%
Dell, Inc.		3,862,800	$	39,130,164
Hewlett-Packard Co.	†	164,300		2,341,275

				41,471,439

Construction Materials—4.0%
Cemex SAB de CV ADR (Mexico)	*	2,407,120		23,758,274
Martin Marietta Materials, Inc.	†	221,000		20,835,880
Vulcan Materials Co.		688,000		35,810,400

				80,404,554

Consumer Finance—3.2%
American Express Co.		521,300		29,964,324
Capital One Financial Corp.		332,900		19,284,897
SLM Corp.		912,700		15,634,551

				64,883,772

Distributors—0.2%
Genuine Parts Co.		54,452		3,462,058

Diversified Financial Services—3.5%
Bank of America Corp.		1,750,006		20,300,070
Citigroup, Inc.		388,199		15,357,152
JPMorgan Chase & Co.		796,900		35,039,693

				70,696,915

Diversified Telecommunication Services—5.3%
AT&T, Inc.		775,542		26,143,521
CenturyLink, Inc.		86,990		3,403,049
Level 3 Communications, Inc.	*†	1,097,599		25,365,513
Telefonica SA (Spain)		145,874		1,974,995
tw telecom inc.	*	1,062,800		27,069,516
Verizon Communications, Inc.		544,241		23,549,308

				107,505,902

Electric Utilities—1.7%
Duke Energy Corp.		134,123		8,557,047
Entergy Corp.		208,800		13,311,000
Exelon Corp.		180,600		5,371,044
FirstEnergy Corp.		60,200		2,513,952
Xcel Energy, Inc.		163,400		4,364,414

				34,117,457

Electrical Equipment—1.1%
Eaton Corp. plc (Ireland)		60,975		3,304,845
Emerson Electric Co.		359,600		19,044,416

				22,349,261

Electronic Equipment, Instruments & Components—0.4%
Corning, Inc.		696,000		8,783,520

Energy Equipment & Services—0.6%
Diamond Offshore Drilling, Inc.	†	77,100		5,239,716
Schlumberger Ltd.		89,000		6,166,810

				11,406,526

See accompanying notes to financial statements

194

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Equity Income Fund		Shares		Value

COMMON STOCKS—(Continued)
Food & Staples Retailing—1.2%
Sysco Corp.			214,400	$	6,787,904
Walgreen Co.			470,900		17,428,009

					24,215,913

Food Products—2.1%
Archer-Daniels-Midland Co.			201,700		5,524,563
Campbell Soup Co.	†		161,700		5,641,713
ConAgra Foods, Inc.			105,900		3,124,050
McCormick & Co., Inc.			52,600		3,341,678
Mondelez International, Inc., Class A			1,003,700		25,564,239

					43,196,243

Health Care Equipment & Supplies—3.1%
Abbott Laboratories			644,262		30,459,827
Baxter International, Inc.			214,900		14,325,234
Medtronic, Inc.			417,900		17,142,258

					61,927,319

Health Care Providers & Services—1.9%
Quest Diagnostics, Inc.			58,700		3,420,449
UnitedHealth Group, Inc.			342,000		18,550,080
WellPoint, Inc.			254,600		15,510,232

					37,480,761

Hotels, Restaurants & Leisure—0.8%
Carnival Corp.			420,200		15,450,754

Household Durables—0.2%
Whirlpool Corp.			45,400		4,619,450

Household Products—0.6%
Clorox Co. (The)			91,100		6,670,342
Energizer Holdings, Inc.			34,600		2,767,308
Procter & Gamble Co. (The)			26,000		1,765,140

					11,202,790

Independent Power Producers & Energy Traders—0.1%
AES Corp. (The)			166,200		1,778,340

Industrial Conglomerates—3.9%
3M Co.			101,200		9,396,420
General Electric Co.			1,405,200		29,495,148
Koninklijke Philips Electronics NV NYRS (Netherlands)			1,522,100		40,396,534

					79,288,102

Insurance—8.5%
Allstate Corp. (The)			394,600		15,851,082
Aon plc (United Kingdom)			594,141		33,034,240
Chubb Corp. (The)			41,100		3,095,652
Fairfax Financial Holdings Ltd. (Canada)			91,500		33,031,500
Lincoln National Corp.			130,690		3,384,871
Loews Corp.			787,500		32,090,625
Marsh & McLennan Cos., Inc.			213,800		7,369,686
Sun Life Financial, Inc. (Canada)			98,700		2,618,511
Travelers Cos., Inc. (The)			508,300		36,506,106
Willis Group Holdings plc (United Kingdom)			89,800		3,010,994
XL Group plc (Ireland)			84,000		2,105,040

					172,098,307



		Shares		Value

IT Services—1.2%
Computer Sciences Corp.			143,100	$	5,731,155
International Business Machines Corp.			98,600		18,886,830

					24,617,985

Leisure Equipment & Products—0.4%
Hasbro, Inc.	†		64,800		2,326,320
Mattel, Inc.			186,700		6,836,954

					9,163,274

Life Sciences Tools & Services—0.6%
Agilent Technologies, Inc.			62,200		2,546,468
Thermo Fisher Scientific, Inc.			138,000		8,801,640

					11,348,108

Machinery—2.6%
Illinois Tool Works, Inc.			469,100		28,525,971
Ingersoll-Rand plc (Ireland)			83,100		3,985,476
Stanley Black & Decker, Inc.			251,200		18,581,264
Xylem, Inc.			62,900		1,704,590

					52,797,301

Media—4.7%
Cablevision Systems Corp., Class A			174,200		2,602,548
Comcast Corp., Class A			111,000		4,149,180
DIRECTV	*		674,000		33,807,840
Madison Square Garden Co. (The), Class A	*		60,400		2,678,740
McGraw-Hill Cos., Inc. (The)	†		112,700		6,161,309
New York Times Co. (The), Class A	*†		183,800		1,567,814
Time Warner, Inc.			181,533		8,682,724
Walt Disney Co. (The)			657,400		32,731,946
WPP plc (United Kingdom)			162,700		2,376,914

					94,759,015

Metals & Mining—0.5%
Cliffs Natural Resources, Inc.	†		62,600		2,413,856
Newmont Mining Corp.			41,500		1,927,260
Nucor Corp.			156,200		6,744,716

					11,085,832

Multiline Retail—1.6%
Kohl’s Corp.			392,100		16,852,458
Macy’s, Inc.			105,700		4,124,414
Saks, Inc.	*†		367,450		3,861,899
Target Corp.			111,000		6,567,870

					31,406,641

Multi-Utilities—0.7%
Dominion Resources, Inc.			129,300		6,697,740
NiSource, Inc.			278,700		6,936,843
TECO Energy, Inc.			57,800		968,728

					14,603,311

Oil, Gas & Consumable Fuels—12.4%
Anadarko Petroleum Corp.			89,200		6,628,452
Apache Corp.			71,900		5,644,150
BP plc ADR (United Kingdom)			362,598		15,098,581
Chesapeake Energy Corp.	†		2,031,000		33,755,220
Chevron Corp.			215,158		23,267,186
ConocoPhillips			325,400		18,869,946

See accompanying notes to financial statements

195

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Equity Income Fund		Shares		Value

COMMON STOCKS—(Continued)
CONSOL Energy, Inc.			1,145,900	$	36,783,390
Exxon Mobil Corp.			167,360		14,485,008
Hess Corp.			110,500		5,852,080
Marathon Oil Corp.			655,100		20,085,366
Murphy Oil Corp.			405,600		24,153,480
Occidental Petroleum Corp.			229,600		17,589,656
Phillips 66			139,300		7,396,830
Royal Dutch Shell plc, Class A ADR (Netherlands)			160,581		11,072,060
Spectra Energy Corp.			335,512		9,186,318

					249,867,723

Paper & Forest Products—0.7%
International Paper Co.			242,500		9,661,200
MeadWestvaco Corp.			111,600		3,556,692

					13,217,892

Personal Products—0.2%
Avon Products, Inc.	†		271,700		3,901,612

Pharmaceuticals—4.2%
Bristol-Myers Squibb Co.	†		362,500		11,813,875
Johnson & Johnson			393,700		27,598,370
Merck & Co., Inc.			184,200		7,541,148
Pfizer, Inc.			1,123,187		28,169,530
Teva Pharmaceutical Industries Ltd. ADR (Israel)			246,100		9,189,374

					84,312,297

Real Estate Investment Trusts (REITs)—0.2%
Weyerhaeuser Co. REIT			183,037		5,092,089

Road & Rail—0.3%
Norfolk Southern Corp.			110,600		6,839,504

Semiconductors & Semiconductor Equipment—2.2%
Analog Devices, Inc.			116,000		4,878,960
Applied Materials, Inc.			814,800		9,321,312
First Solar, Inc.	*†		36,000		1,111,680
Intel Corp.			499,600		10,306,748
Texas Instruments, Inc.			590,200		18,260,788

					43,879,488

Software—1.4%
CA, Inc.			69,200		1,521,016
Microsoft Corp.			968,700		25,893,351

					27,414,367

Specialty Retail—0.6%
Lowe’s Cos., Inc.			202,700		7,199,904
Staples, Inc.	†		352,600		4,019,640
Tiffany & Co.	†		6,900		395,646

					11,615,190

Tobacco—1.6%
Altria Group, Inc.			243,300		7,644,486
Imperial Tobacco Group plc ADR (United Kingdom)			106,900		8,283,681
Philip Morris International, Inc.			197,300		16,502,172

					32,430,339



		Shares		Value

Wireless Telecommunication Services—0.6%
Vodafone Group plc (United Kingdom)			880,800	$	2,217,208
Vodafone Group plc ADR (United Kingdom)			422,700		10,647,813

					12,865,021

TOTAL COMMON STOCKS
(Cost $1,690,055,389)					1,932,431,093


CONVERTIBLE PREFERRED STOCKS—0.2%
Automobiles—0.2%
General Motors Co., Series B 4.750%
(Cost $4,555,013)			91,200		4,024,656


MONEY MARKET FUNDS—10.1%
Institutional Money Market Funds—10.1%
Dreyfus Institutional Cash Advantage Fund, 0.11%	††¥		25,000,000		25,000,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.18%	¥		95,567,050		95,567,050
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.18%	††¥		3,583,360		3,583,360
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.14%	††¥		20,000,000		20,000,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.15%	††¥		20,000,000		20,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.14%	††¥		20,000,000		20,000,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.13%	††¥		20,000,000		20,000,000

TOTAL MONEY MARKET FUNDS
(Cost $204,150,410)					204,150,410

TOTAL INVESTMENTS—106.0%
(Cost $1,898,760,812)					2,140,606,159
Other assets less liabilities—(6.0%)					(120,301,655	)

NET ASSETS—100.0%				$	2,020,304,504

See accompanying notes to financial statements

196

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012

Notes to the Schedule of Investments:


ADR		American Depositary Receipt
NYRS		New York Registry Shares
REIT		Real Estate Investment Trust
†		Denotes all or a portion of the security on loan.
*		Non-income producing.
††		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

197

SCHEDULE OF INVESTMENTS

December 31, 2012


Vantagepoint Growth & Income Fund		Shares		Value

COMMON STOCKS—97.7%
Aerospace & Defense—2.1%
Boeing Co. (The)			32,000	$	2,411,520
Honeywell International, Inc.			39,800		2,526,106
Precision Castparts Corp.			32,200		6,099,324
Spirit Aerosystems Holdings, Inc., Class A	*		484,400		8,220,268
United Technologies Corp.			105,400		8,643,854

					27,901,072

Air Freight & Logistics—1.4%
C.H. Robinson Worldwide, Inc.			400		25,288
Expeditors International of Washington, Inc.			351,050		13,884,027
FedEx Corp.			43,100		3,953,132

					17,862,447

Airlines—0.1%
United Continental Holdings, Inc.	*†		34,100		797,258

Auto Components—0.5%
Goodyear Tire & Rubber Co. (The)	*		503,000		6,946,430

Automobiles—0.5%
General Motors Co.	*†		187,500		5,405,625
Harley-Davidson, Inc.			35,500		1,733,820

					7,139,445

Beverages—0.3%
Anheuser-Busch InBev NV ADR (Belgium)			38,160		3,335,566
Coca-Cola Co. (The)			2,300		83,375
Monster Beverage Corp.	*		15,500		819,640

					4,238,581

Biotechnology—2.3%
Alexion Pharmaceuticals, Inc.	*		32,200		3,020,682
Amgen, Inc.			89,600		7,734,272
Biogen Idec, Inc.	*		32,100		4,708,107
Celgene Corp.	*		42,800		3,369,216
Gilead Sciences, Inc.	*		64,700		4,752,215
Regeneron Pharmaceuticals, Inc.	*		10,900		1,864,663
Vertex Pharmaceuticals, Inc.	*		95,900		4,022,046

					29,471,201

Capital Markets—5.3%
Ameriprise Financial, Inc.			13,000		814,190
Bank of New York Mellon Corp. (The)			983,200		25,268,240
BlackRock, Inc.			40,500		8,371,755
Credit Suisse Group AG ADR (Switzerland)			312,300		7,670,088
Franklin Resources, Inc.			44,600		5,606,220
Goldman Sachs Group, Inc. (The)			58,500		7,462,260
Invesco Ltd.			441,100		11,508,299
Morgan Stanley			8,100		154,872
Northern Trust Corp.			27,200		1,364,352
State Street Corp.			17,700		832,077
TD Ameritrade Holding Corp.			27,500		462,275

					69,514,628



		Shares		Value

Chemicals—3.2%
Dow Chemical Co. (The)		242,000	$	7,821,440
Ecolab, Inc.		36,100		2,595,590
Monsanto Co.		145,050		13,728,983
Mosaic Co. (The)		142,000		8,041,460
Praxair, Inc.		53,600		5,866,520
Sherwin-Williams Co. (The)		28,400		4,368,488

				42,422,481

Commercial Banks—4.0%
BB&T Corp.		229,500		6,680,745
Comerica, Inc.		476,150		14,446,391
M&T Bank Corp.	†	600		59,082
PNC Financial Services Group, Inc.		191,400		11,160,534
U.S. Bancorp		47,700		1,523,538
Wells Fargo & Co.		529,200		18,088,056

				51,958,346

Commercial Services & Supplies—1.2%
Cintas Corp.		311,500		12,740,350
Tyco International Ltd. (Switzerland)		100,000		2,925,000

				15,665,350

Communications Equipment—1.8%
Cisco Systems, Inc.		776,100		15,250,365
F5 Networks, Inc.	*	300		29,145
Juniper Networks, Inc.	*	60,900		1,197,903
QUALCOMM, Inc.		115,500		7,163,310

				23,640,723

Computers & Peripherals—3.4%
Apple, Inc.		62,200		33,154,466
EMC Corp.	*	142,100		3,595,130
Hewlett-Packard Co.	†	298,900		4,259,325
NetApp, Inc.	*	95,000		3,187,250

				44,196,171

Construction Materials—0.5%
CRH plc ADR (Ireland)		344,600		7,009,164

Consumer Finance—1.3%
American Express Co.		298,900		17,180,772

Diversified Financial Services—3.4%
Citigroup, Inc.		454,500		17,980,020
IntercontinentalExchange, Inc.	*	11,100		1,374,291
JPMorgan Chase & Co.		566,008		24,887,372

				44,241,683

Diversified Telecommunication Services—0.8%
AT&T, Inc.		315,106		10,622,223

Electric Utilities—0.9%
Edison International		112,400		5,079,356
Entergy Corp.		80,000		5,100,000
PPL Corp.		78,600		2,250,318

				12,429,674

Electrical Equipment—0.8%
AMETEK, Inc.		600		22,542
Eaton Corp. plc (Ireland)		154,300		8,363,060
Roper Industries, Inc.		13,900		1,549,572

				9,935,174

See accompanying notes to financial statements

198

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Growth & Income Fund		Shares		Value

COMMON STOCKS—(Continued)
Electronic Equipment, Instruments & Components—1.5%
Amphenol Corp., Class A			3,600	$	232,920
TE Connectivity Ltd. (Switzerland)			523,925		19,448,096
Trimble Navigation Ltd.	*		3,600		215,208

					19,896,224

Energy Equipment & Services—2.4%
Cameron International Corp.	*		37,400		2,111,604
FMC Technologies, Inc.	*		10,800		462,564
Halliburton Co.			180,000		6,244,200
National Oilwell Varco, Inc.			100		6,835
Noble Corp. (Switzerland)			156,300		5,442,366
Schlumberger Ltd.			240,775		16,683,300

					30,950,869

Food & Staples Retailing—3.1%
Costco Wholesale Corp.			4,000		395,080
CVS Caremark Corp.			23,300		1,126,555
Sysco Corp.	†		646,175		20,457,901
Wal-Mart Stores, Inc.			239,400		16,334,262
Whole Foods Market, Inc.			23,500		2,146,255

					40,460,053

Food Products—1.8%
Danone SA ADR (France)			214,800		2,876,172
General Mills, Inc.			174,200		7,039,422
Green Mountain Coffee Roasters, Inc.	*†		7,400		306,064
Nestle SA ADR (Switzerland)			209,200		13,633,564

					23,855,222

Health Care Equipment & Supplies—2.7%
Baxter International, Inc.			125,900		8,392,494
Covidien plc (Ireland)			432,225		24,956,671
Edwards Lifesciences Corp.	*		9,800		883,666
Intuitive Surgical, Inc.	*		300		147,111
Stryker Corp.			17,800		975,796

					35,355,738

Health Care Providers & Services—2.0%
AmerisourceBergen Corp.			362,550		15,654,909
Cardinal Health, Inc.			2,500		102,950
Express Scripts Holding Co.	*		44,200		2,386,800
Henry Schein, Inc.	*		3,200		257,472
McKesson Corp.			54,900		5,323,104
UnitedHealth Group, Inc.			35,000		1,898,400

					25,623,635

Health Care Technology—0.0%
Cerner Corp.	*		4,600		357,144

Hotels, Restaurants & Leisure—1.7%
Carnival Corp.			100,400		3,691,708
Chipotle Mexican Grill, Inc.	*		6,300		1,873,998
Las Vegas Sands Corp.			71,900		3,318,904
Marriott International, Inc., Class A	†		40,271		1,500,900
Starbucks Corp.			116,000		6,219,920
Starwood Hotels & Resorts Worldwide, Inc.			60,800		3,487,488
Tim Hortons, Inc. (Canada)			2,200		108,196



		Shares		Value

Wynn Resorts Ltd.		100	$	11,249
Yum! Brands, Inc.		31,500		2,091,600

				22,303,963

Household Durables—0.6%
Lennar Corp., Class A	†	2,500		96,675
Newell Rubbermaid, Inc.		328,100		7,306,787

				7,403,462

Household Products—1.3%
Kimberly-Clark Corp.		201,500		17,012,645

Industrial Conglomerates—4.6%
3M Co.		268,450		24,925,583
Danaher Corp.		182,800		10,218,520
General Electric Co.		714,000		14,986,860
Koninklijke Philips Electronics NV NYRS (Netherlands)		370,200		9,825,108

				59,956,071

Insurance—4.1%
ACE Ltd. (Switzerland)		84,500		6,743,100
Berkshire Hathaway, Inc., Class B	*	259,800		23,304,060
Marsh & McLennan Cos., Inc.		271,600		9,362,052
Principal Financial Group, Inc.		185,700		5,296,164
Prudential Financial, Inc.		100		5,333
Willis Group Holdings plc (United Kingdom)		260,550		8,736,241

				53,446,950

Internet & Catalog Retail—1.9%
Amazon.com, Inc.	*	57,500		14,440,550
Expedia, Inc.		5,600		344,120
Liberty Interactive Corp., Series A	*	46,300		911,184
priceline.com, Inc.	*	14,500		9,007,400

				24,703,254

Internet Software & Services—3.2%
Akamai Technologies, Inc.	*	3,300		135,003
Baidu, Inc. ADR (China)	*†	43,000		4,312,470
eBay, Inc.	*	123,800		6,316,276
Facebook, Inc., Class A	*	83,400		2,220,942
Google, Inc., Class A	*	32,600		23,125,462
LinkedIn Corp., Class A	*	13,600		1,561,552
Tencent Holdings Ltd. (China)		107,600		3,528,926

				41,200,631

IT Services—4.0%
Accenture plc, Class A (Ireland)		301,200		20,029,800
Alliance Data Systems Corp.	*†	8,400		1,215,984
Automatic Data Processing, Inc.		224,850		12,818,698
Cognizant Technology Solutions Corp., Class A	*	16,000		1,184,800
Fiserv, Inc.	*	13,300		1,051,099
Mastercard, Inc., Class A		20,600		10,120,368
Visa, Inc., Class A		34,500		5,229,510

				51,650,259

Life Sciences Tools & Services—0.2%
Thermo Fisher Scientific, Inc.		36,200		2,308,836

See accompanying notes to financial statements

199

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Growth & Income Fund		Shares		Value

COMMON STOCKS—(Continued)
Machinery—4.0%
Illinois Tool Works, Inc.			306,125	$	18,615,461
Ingersoll-Rand plc (Ireland)			372,075		17,844,717
PACCAR, Inc.			220,050		9,948,461
Stanley Black & Decker, Inc.			79,300		5,865,821

					52,274,460

Media—4.6%
CBS Corp., Class B			143,900		5,475,395
Comcast Corp., Class A			171,700		6,418,146
Discovery Communications, Inc., Class C	*		52,250		3,056,625
McGraw-Hill Cos., Inc. (The)	†		600		32,802
Omnicom Group, Inc.			323,300		16,152,068
Thomson Reuters Corp.			253,400		7,363,804
Time Warner, Inc.			418,900		20,035,987
Walt Disney Co. (The)			41,400		2,061,306

					60,596,133

Metals & Mining—0.7%
Barrick Gold Corp. (Canada)			92,400		3,234,924
Steel Dynamics, Inc.			386,400		5,305,272

					8,540,196

Multiline Retail—0.9%
Dollar Tree, Inc.	*		7,800		316,368
Kohl’s Corp.			124,500		5,351,010
Nordstrom, Inc.			115,100		6,157,850

					11,825,228

Oil, Gas & Consumable Fuels—5.3%
Chevron Corp.			153,900		16,642,746
Concho Resources, Inc.	*		8,900		716,984
Devon Energy Corp.			309,475		16,105,079
EOG Resources, Inc.			21,700		2,621,143
EQT Corp.			21,600		1,273,968
Hess Corp.			97,800		5,179,488
Marathon Oil Corp.			200,700		6,153,462
Occidental Petroleum Corp.			71,000		5,439,310
Petroleo Brasileiro SA ADR (Brazil)			306,200		5,961,714
Pioneer Natural Resources Co.	†		18,700		1,993,233
Range Resources Corp.	†		20,900		1,313,147
Southwestern Energy Co.	*		175,400		5,860,114

					69,260,388

Paper & Forest Products—0.7%
International Paper Co.			237,400		9,458,016

Pharmaceuticals—3.1%
Allergan, Inc.			29,700		2,724,381
GlaxoSmithKline plc ADR (United Kingdom)			319,000		13,866,930
Merck & Co., Inc.			223,940		9,168,104
Perrigo Co.			600		62,418
Roche Holding AG ADR (Switzerland)			149,900		7,569,950
Teva Pharmaceutical Industries Ltd. ADR (Israel)			185,500		6,926,570
Valeant Pharmaceuticals International, Inc. (Canada)	*		2,800		167,356

					40,485,709



		Shares		Value

Professional Services—0.1%
IHS, Inc., Class A	*	16,300	$	1,564,800
Verisk Analytics, Inc., Class A	*	600		30,600

				1,595,400

Real Estate Investment Trusts (REITs)—0.6%
American Tower Corp. REIT		101,900		7,873,813

Road & Rail—0.7%
J.B. Hunt Transport Services, Inc.	†	8,300		495,593
Kansas City Southern		25,000		2,087,000
Union Pacific Corp.		51,000		6,411,720

				8,994,313

Semiconductors & Semiconductor Equipment—1.9%
Altera Corp.		100		3,444
Broadcom Corp., Class A		119,800		3,978,558
Intel Corp.		361,400		7,455,682
Maxim Integrated Products, Inc.		190,900		5,612,460
Xilinx, Inc.		199,100		7,147,690

				24,197,834

Software—1.9%
Autodesk, Inc.	*	35,300		1,247,855
Citrix Systems, Inc.	*	500		32,875
Intuit, Inc.		15,300		910,350
Microsoft Corp.		658,050		17,589,676
Oracle Corp.		2,900		96,628
Red Hat, Inc.	*	32,600		1,726,496
Salesforce.com, Inc.	*†	23,100		3,883,110

				25,486,990

Specialty Retail—1.7%
AutoZone, Inc.	*	21,800		7,726,574
Home Depot, Inc. (The)		33,300		2,059,605
Limited Brands, Inc.		33,800		1,590,628
Lowe’s Cos., Inc.		200,700		7,128,864
O’Reilly Automotive, Inc.	*	26,000		2,324,920
PetSmart, Inc.		2,400		164,016
Ross Stores, Inc.		14,200		768,930
Tiffany & Co.	†	900		51,606

				21,815,143

Textiles, Apparel & Luxury Goods—1.1%
Coach, Inc.		15,600		865,956
Fossil, Inc.	*	36,300		3,379,530
Michael Kors Holdings Ltd. (Hong Kong)	*	38,200		1,949,346
NIKE, Inc., Class B		37,200		1,919,520
PVH Corp.		28,100		3,119,381
Ralph Lauren Corp.		17,900		2,683,568

				13,917,301

Tobacco—0.6%
Imperial Tobacco Group plc ADR (United Kingdom)		95,500		7,400,295

Trading Companies & Distributors—0.4%
Fastenal Co.	†	78,000		3,641,820
W.W. Grainger, Inc.		6,600		1,335,642

				4,977,462

See accompanying notes to financial statements

200

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Growth & Income Fund		Shares		Value

COMMON STOCKS—(Continued)
Wireless Telecommunication Services—0.5%
Vodafone Group plc ADR (United Kingdom)			253,100	$	6,375,589

TOTAL COMMON STOCKS
(Cost $1,033,566,021)					1,274,732,049


MONEY MARKET FUNDS—5.0%
Institutional Money Market Funds—5.0%
Dreyfus Institutional Cash Advantage Fund, 0.11%	††¥		5,500,000		5,500,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.18%	¥		32,672,575		32,672,575
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.18%	††¥		5,667,920		5,667,920
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.14%	††¥		5,500,000		5,500,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.15%	††¥		5,500,000		5,500,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.14%	††¥		5,500,000		5,500,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.13%	††¥		5,500,000		5,500,000

TOTAL MONEY MARKET FUNDS
(Cost $65,840,495)					65,840,495

TOTAL INVESTMENTS—102.7%
(Cost $1,099,406,516)					1,340,572,544
Other assets less liabilities—(2.7%)					(35,068,442	)

NET ASSETS—100.0%				$	1,305,504,102

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

201

SCHEDULE OF INVESTMENTS

December 31, 2012


Vantagepoint Growth Fund		Shares		Value

COMMON STOCKS—97.1%
Aerospace & Defense—2.0%
Honeywell International, Inc.		109,992	$	6,981,192
Precision Castparts Corp.		93,149		17,644,284
United Technologies Corp.	†	162,850		13,355,328

				37,980,804

Air Freight & Logistics—0.9%
C.H. Robinson Worldwide, Inc.	†	73,534		4,648,819
Expeditors International of Washington, Inc.		135,350		5,353,093
FedEx Corp.		69,400		6,365,368

				16,367,280

Airlines—0.1%
Delta Air Lines, Inc.	*	158,600		1,882,582

Beverages—1.3%
Coca-Cola Co. (The)		653,799		23,700,214

Biotechnology—5.6%
Alexion Pharmaceuticals, Inc.	*	259,634		24,356,266
Biogen Idec, Inc.	*	151,100		22,161,837
Celgene Corp.	*	285,600		22,482,432
Gilead Sciences, Inc.	*	253,803		18,641,830
Regeneron Pharmaceuticals, Inc.	*	13,408		2,293,707
Vertex Pharmaceuticals, Inc.	*	369,730		15,506,476

				105,442,548

Building Products—0.2%
Masco Corp.		264,100		4,399,906

Capital Markets—1.3%
Affiliated Managers Group, Inc.	*	105,600		13,743,840
State Street Corp.		137,540		6,465,755
T. Rowe Price Group, Inc.		68,227		4,443,625

				24,653,220

Chemicals—4.8%
Ecolab, Inc.		80,076		5,757,464
FMC Corp.		76,160		4,456,883
LyondellBasell Industries NV, Class A (Netherlands)		111,700		6,376,953
Monsanto Co.		578,886		54,791,560
PPG Industries, Inc.		101,570		13,747,500
Sherwin-Williams Co. (The)		32,700		5,029,914

				90,160,274

Commercial Banks—0.5%
Wells Fargo & Co.		244,764		8,366,033

Communications Equipment—3.4%
Cisco Systems, Inc.		187,700		3,688,305
Juniper Networks, Inc.	*	234,142		4,605,573
QUALCOMM, Inc.		896,806		55,619,908

				63,913,786



		Shares		Value

Computers & Peripherals—7.6%
Apple, Inc.		214,845	$	114,518,830
EMC Corp.	*	1,111,063		28,109,894

				142,628,724

Consumer Finance—1.8%
American Express Co.		89,934		5,169,406
Capital One Financial Corp.		245,314		14,211,040
Discover Financial Services		370,063		14,265,929

				33,646,375

Diversified Financial Services—1.3%
Citigroup, Inc.		223,790		8,853,132
IntercontinentalExchange, Inc.	*†	59,076		7,314,200
JPMorgan Chase & Co.		193,380		8,502,919

				24,670,251

Diversified Telecommunication Services—0.5%
AT&T, Inc.		278,300		9,381,493

Energy Equipment & Services—4.2%
Cameron International Corp.	*	459,945		25,968,495
Halliburton Co.		395,680		13,726,139
National Oilwell Varco, Inc.		207,134		14,157,609
Schlumberger Ltd.		353,108		24,466,853

				78,319,096

Food & Staples Retailing—2.0%
Costco Wholesale Corp.		138,245		13,654,459
CVS Caremark Corp.		233,809		11,304,665
Whole Foods Market, Inc.		144,700		13,215,451

				38,174,575

Food Products—1.8%
Hershey Co. (The)		156,840		11,326,985
Kraft Foods Group, Inc.		186,336		8,472,698
Mondelez International, Inc., Class A		557,670		14,203,855

				34,003,538

Health Care Equipment & Supplies—1.1%
Cooper Cos., Inc. (The)		108,170		10,003,562
Edwards Lifesciences Corp.	*	70,874		6,390,708
Varian Medical Systems, Inc.	*†	63,917		4,489,530

				20,883,800

Health Care Providers & Services—1.7%
Cardinal Health, Inc.		259,230		10,675,091
Express Scripts Holding Co.	*	319,100		17,231,400
UnitedHealth Group, Inc.		74,288		4,029,381

				31,935,872

Health Care Technology—0.9%
Cerner Corp.	*†	221,422		17,191,204

Hotels, Restaurants & Leisure—4.0%
Chipotle Mexican Grill, Inc.	*	35,200		10,470,592
Las Vegas Sands Corp.		238,000		10,986,080
McDonald’s Corp.		87,003		7,674,535
Starbucks Corp.		775,275		41,570,245

See accompanying notes to financial statements

202

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Growth Fund		Shares		Value

COMMON STOCKS—(Continued)
Yum! Brands, Inc.		71,800	$	4,767,520

				75,468,972

Household Durables—0.3%
Whirlpool Corp.		47,478		4,830,886

Household Products—0.5%
Procter & Gamble Co. (The)		139,100		9,443,499

Industrial Conglomerates—1.9%
Danaher Corp.		337,342		18,857,418
General Electric Co.		843,722		17,709,725

				36,567,143

Insurance—0.5%
American International Group, Inc.	*	238,580		8,421,874

Internet & Catalog Retail—2.9%
Amazon.com, Inc.	*	142,677		35,831,902
priceline.com, Inc.	*	30,124		18,713,029

				54,544,931

Internet Software & Services—5.1%
eBay, Inc.	*	708,470		36,146,139
Facebook, Inc., Class A	*	192,500		5,126,275
Google, Inc., Class A	*	60,518		42,929,654
LinkedIn Corp., Class A	*	104,300		11,975,726

				96,177,794

IT Services—7.2%
Accenture plc, Class A (Ireland)		141,500		9,409,750
Cognizant Technology Solutions Corp., Class A	*	507,843		37,605,774
International Business Machines Corp.		21,807		4,177,131
Mastercard, Inc., Class A		31,900		15,671,832
Teradata Corp.	*	279,500		17,298,255
Visa, Inc., Class A		336,390		50,989,996

				135,152,738

Life Sciences Tools & Services—0.7%
Thermo Fisher Scientific, Inc.		211,970		13,519,447

Machinery—2.4%
Caterpillar, Inc.		191,100		17,118,738
Cummins, Inc.		48,900		5,298,315
Deere & Co.		61,134		5,283,200
PACCAR, Inc.		128,310		5,800,895
Stanley Black & Decker, Inc.		166,550		12,319,704

				45,820,852

Media—2.8%
Comcast Corp., Class A		681,932		25,490,618
Sirius XM Radio, Inc.	†	1,680,000		4,855,200
Viacom, Inc., Class B		157,280		8,294,947
Walt Disney Co. (The)		284,380		14,159,281

				52,800,046

Multiline Retail—0.2%
Kohl’s Corp.		90,999		3,911,137



		Shares		Value

Oil, Gas & Consumable Fuels—3.3%
Cabot Oil & Gas Corp.		108,017	$	5,372,766
Exxon Mobil Corp.		41,227		3,568,197
Noble Energy, Inc.		112,634		11,459,383
Occidental Petroleum Corp.		83,010		6,359,396
Pioneer Natural Resources Co.	†	44,600		4,753,914
Suncor Energy, Inc. (Canada)		480,562		15,848,935
Valero Energy Corp.		437,760		14,936,371

				62,298,962

Paper & Forest Products—0.4%
International Paper Co.		168,020		6,693,917

Personal Products—0.3%
Estee Lauder Cos., Inc. (The), Class A		86,091		5,153,407

Pharmaceuticals—5.4%
Allergan, Inc.		284,814		26,125,988
Merck & Co., Inc.		309,760		12,681,574
Mylan, Inc.	*	250,724		6,889,896
Perrigo Co.		145,497		15,136,053
Pfizer, Inc.		584,600		14,661,768
Teva Pharmaceutical Industries Ltd. ADR (Israel)		48,986		1,829,137
Valeant Pharmaceuticals International, Inc. (Canada)	*	135,618		8,105,888
Warner Chilcott plc, Class A (Ireland)		422,677		5,089,031
Watson Pharmaceuticals, Inc.	*	126,690		10,895,340

				101,414,675

Road & Rail—2.9%
Canadian Pacific Railway Ltd. (Canada)		41,000		4,166,420
Hertz Global Holdings, Inc.	*	367,864		5,985,147
J.B. Hunt Transport Services, Inc.	†	150,100		8,962,471
Union Pacific Corp.		285,050		35,836,486

				54,950,524

Semiconductors & Semiconductor Equipment—1.8%
Avago Technologies Ltd. (Singapore)		143,700		4,549,542
Broadcom Corp., Class A		473,341		15,719,655
Texas Instruments, Inc.		437,307		13,530,278

				33,799,475

Software—4.9%
Check Point Software Technologies Ltd. (Israel)	*†	143,885		6,854,681
Citrix Systems, Inc.	*	374,370		24,614,828
Informatica Corp.	*	70,920		2,150,295
Intuit, Inc.		94,966		5,650,477
Microsoft Corp.		897,519		23,990,683
Oracle Corp.		374,470		12,477,340
Salesforce.com, Inc.	*†	101,970		17,141,157

				92,879,461

See accompanying notes to financial statements

203

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Growth Fund		Shares		Value

COMMON STOCKS—(Continued)
Specialty Retail—3.5%
Bed Bath & Beyond, Inc.	*†	46,108	$	2,577,898
Home Depot, Inc. (The)		328,130		20,294,840
Limited Brands, Inc.	†	106,600		5,016,596
Lowe’s Cos., Inc.		489,630		17,391,658
Tractor Supply Co.		134,400		11,875,584
Ulta Salon Cosmetics & Fragrance, Inc.		46,600		4,578,916
Urban Outfitters, Inc.	*	119,400		4,699,584

				66,435,076

Textiles, Apparel & Luxury Goods—2.4%
Coach, Inc.		140,665		7,808,314
Lululemon Athletica, Inc. (Canada)	*	168,200		12,821,886
Michael Kors Holdings Ltd. (Hong Kong)	*	127,936		6,528,574
NIKE, Inc., Class B		357,094		18,426,051

				45,584,825

Trading Companies & Distributors—0.7%
Fastenal Co.	†	272,500		12,723,025

TOTAL COMMON STOCKS
(Cost $1,578,717,634)				1,826,294,241

MONEY MARKET FUNDS—5.8%
Institutional Money Market Funds—5.8%
Dreyfus Institutional Cash Advantage Fund, 0.11%	††¥	7,000,000		7,000,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.18%	¥	64,958,443		64,958,443
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.18%	††¥	9,913,945		9,913,945
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.14%	††¥	7,000,000		7,000,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.15%	††¥	7,000,000		7,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.14%	††¥	7,000,000		7,000,000



		Shares		Value

Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.13%	††¥	7,000,000	$	7,000,000

TOTAL MONEY MARKET FUNDS
(Cost $109,872,388)				109,872,388

TOTAL INVESTMENTS—102.9%
(Cost $1,688,590,022)				1,936,166,629
Other assets less liabilities—(2.9%)				(55,237,760	)

NET ASSETS—100.0%			$	1,880,928,869

Notes to the Schedule of Investments:


ADR		American Depositary Receipt
†		Denotes all or a portion of the security on loan.
*		Non-income producing.
††		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

204

SCHEDULE OF INVESTMENTS

December 31, 2012


Vantagepoint Select Value Fund		Shares		Value

COMMON STOCKS—96.2%
Aerospace & Defense—3.7%
L-3 Communications Holdings, Inc.		24,700	$	1,892,514
Northrop Grumman Corp.		17,900		1,209,682
Rockwell Collins, Inc.	†	37,600		2,187,192
Spirit Aerosystems Holdings, Inc., Class A	*	80,800		1,371,176
TransDigm Group, Inc.		31,519		4,297,931
Triumph Group, Inc.		32,300		2,109,190

				13,067,685

Airlines—0.2%
Delta Air Lines, Inc.	*	67,225		797,961

Auto Components—0.2%
Delphi Automotive plc (United Kingdom)	*†	22,600		864,450

Automobiles—0.4%
Thor Industries, Inc.		38,450		1,439,184

Beverages—0.3%
Coca-Cola Enterprises, Inc.		36,550		1,159,732

Capital Markets—0.9%
Northern Trust Corp.		28,200		1,414,512
Raymond James Financial, Inc.		46,675		1,798,388

				3,212,900

Chemicals—1.0%
Ashland, Inc.		19,675		1,582,067
CF Industries Holdings, Inc.		4,428		899,592
PPG Industries, Inc.		7,925		1,072,649

				3,554,308

Commercial Banks—3.8%
City National Corp./California		21,592		1,069,236
Fifth Third Bancorp		100,600		1,528,114
First Niagara Financial Group, Inc.		109,300		866,749
KeyCorp		136,700		1,151,014
M&T Bank Corp.	†	26,500		2,609,455
Regions Financial Corp.		377,725		2,689,402
SunTrust Banks, Inc.		45,475		1,289,216
TCF Financial Corp.		195,202		2,371,704

				13,574,890

Commercial Services & Supplies—1.3%
Avery Dennison Corp.		17,850		623,322
Republic Services, Inc.		46,700		1,369,711
Steelcase, Inc., Class A		202,500		2,579,850

				4,572,883

Communications Equipment—1.0%
Comtech Telecommunications Corp.		64,200		1,629,396
Riverbed Technology, Inc.	*†	95,775		1,888,683

				3,518,079

Computers & Peripherals—0.4%
Lexmark International, Inc., Class A	†	61,500		1,426,185



		Shares		Value

Construction & Engineering—2.2%
EMCOR Group, Inc.		17,875	$	618,654
Jacobs Engineering Group, Inc.	*	62,200		2,647,854
KBR, Inc.		36,035		1,078,167
URS Corp.		88,300		3,466,658

				7,811,333

Consumer Finance—1.0%
Discover Financial Services		68,000		2,621,400
SLM Corp.		58,425		1,000,820

				3,622,220

Containers & Packaging—2.0%
Bemis Co., Inc.		115,750		3,872,995
Sonoco Products Co.		107,617		3,199,453

				7,072,448

Diversified Consumer Services—0.7%
H&R Block, Inc.		133,100		2,471,667

Diversified Financial Services—1.1%
NYSE Euronext		80,700		2,545,278
PHH Corp.	*†	63,200		1,437,800

				3,983,078

Electric Utilities—2.6%
Cleco Corp.		53,850		2,154,538
Great Plains Energy, Inc.		103,200		2,095,992
OGE Energy Corp.		11,800		664,458
Pinnacle West Capital Corp.		64,200		3,272,916
PPL Corp.		41,200		1,179,556

				9,367,460

Electrical Equipment—1.3%
Eaton Corp. plc (Ireland)		42,975		2,329,245
Hubbell, Inc., Class B		27,100		2,293,473

				4,622,718

Electronic Equipment, Instruments & Components—3.4%
Arrow Electronics, Inc.	*	75,000		2,856,000
Avnet, Inc.	*	98,500		3,015,085
FEI Co.		23,425		1,299,150
FLIR Systems, Inc.		112,400		2,507,644
Ingram Micro, Inc., Class A	*	145,200		2,456,784

				12,134,663

Energy Equipment & Services—3.0%
Ensco plc, Class A (United Kingdom)		44,557		2,641,339
Helmerich & Payne, Inc.		16,600		929,766
McDermott International, Inc.	*	151,900		1,673,938
Noble Corp. (Switzerland)		34,600		1,204,772
Patterson-UTI Energy, Inc.	†	111,600		2,079,108
SEACOR Holdings, Inc.	†	26,000		2,178,800

				10,707,723

Food & Staples Retailing—1.9%
Harris Teeter Supermarkets, Inc.		45,765		1,764,698
Kroger Co. (The)		148,175		3,855,514
Sysco Corp.		35,300		1,117,598

				6,737,810

See accompanying notes to financial statements

205

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Select Value Fund		Shares		Value

COMMON STOCKS—(Continued)
Food Products—1.4%
Hain Celestial Group, Inc. (The)	*	19,800	$	1,073,556
Hillshire Brands Co.		45,270		1,273,898
J.M. Smucker Co. (The)		23,800		2,052,512
Tyson Foods, Inc., Class A		30,775		597,035

				4,997,001

Gas Utilities—0.4%
UGI Corp.		42,800		1,399,988

Health Care Equipment & Supplies—1.1%
Becton Dickinson and Co.		19,700		1,540,343
Sirona Dental Systems, Inc.	*	34,550		2,227,093

				3,767,436

Health Care Providers & Services—1.5%
Cigna Corp.		54,500		2,913,570
HCA Holdings, Inc.		78,500		2,368,345

				5,281,915

Hotels, Restaurants & Leisure—1.9%
Darden Restaurants, Inc.		71,472		3,221,243
Wyndham Worldwide Corp.		63,400		3,373,514

				6,594,757

Household Durables—1.0%
MDC Holdings, Inc.		21,025		772,879
Mohawk Industries, Inc.	*	7,700		696,619
Newell Rubbermaid, Inc.		87,125		1,940,274

				3,409,772

Independent Power Producers & Energy Traders—0.3%
Calpine Corp.	*	54,275		984,006

Industrial Conglomerates—1.0%
Carlisle Cos., Inc.		61,600		3,619,616

Insurance—12.3%
Alleghany Corp.	*	8,910		2,988,592
Allied World Assurance Co. Holdings AG (Switzerland)		17,300		1,363,240
Allstate Corp. (The)		214,300		8,608,431
Aon plc (United Kingdom)		34,849		1,937,605
Arch Capital Group Ltd. (Bermuda)	*	54,200		2,385,884
Endurance Specialty Holdings Ltd. (Bermuda)		63,400		2,516,346
Fidelity National Financial, Inc., Class A		101,775		2,396,801
HCC Insurance Holdings, Inc.		102,750		3,823,328
Lincoln National Corp.		321,887		8,336,873
Loews Corp.		49,900		2,033,425
Progressive Corp. (The)		136,700		2,884,370
Torchmark Corp.		33,100		1,710,277
Validus Holdings Ltd. (Bermuda)		77,200		2,669,576

				43,654,748

Internet & Catalog Retail—0.6%
Expedia, Inc.		18,975		1,166,014
Liberty Interactive Corp., Series A	*	52,900		1,041,072

				2,207,086



		Shares		Value

Internet Software & Services—0.9%
Open Text Corp. (Canada)	*	29,200	$	1,631,404
ValueClick, Inc.	*	72,900		1,414,989

				3,046,393

IT Services—4.5%
Broadridge Financial Solutions, Inc.		75,500		1,727,440
Computer Sciences Corp.		123,467		4,944,853
Convergys Corp.		153,200		2,514,012
CoreLogic, Inc.	*	35,425		953,641
Fidelity National Information Services, Inc.		53,650		1,867,557
SAIC, Inc.	†	152,800		1,729,696
Western Union Co. (The)		169,300		2,304,173

				16,041,372

Leisure Equipment & Products—2.3%
Brunswick Corp.		195,737		5,693,989
Mattel, Inc.		70,900		2,596,358

				8,290,347

Life Sciences Tools & Services—1.7%
Charles River Laboratories International, Inc.	*	29,875		1,119,416
Covance, Inc.	*	19,500		1,126,515
Life Technologies Corp.	*	50,400		2,473,632
PerkinElmer, Inc.		47,575		1,510,031

				6,229,594

Machinery—1.5%
AGCO Corp.	*	14,350		704,872
Dover Corp.		42,100		2,766,391
Flowserve Corp.		5,400		792,720
Snap-on, Inc.		4,225		333,733
Trinity Industries, Inc.		22,150		793,413

				5,391,129

Media—0.6%
Omnicom Group, Inc.		39,800		1,988,408

Metals & Mining—0.5%
Nucor Corp.		43,500		1,878,330

Multiline Retail—0.4%
Macy’s, Inc.		32,600		1,272,052

Multi-Utilities—2.4%
CMS Energy Corp.		99,025		2,414,229
NiSource, Inc.		101,000		2,513,890
PG&E Corp.	†	78,900		3,170,202
SCANA Corp.		8,400		383,376

				8,481,697

Oil, Gas & Consumable Fuels—6.5%
Cimarex Energy Co.		45,100		2,603,623
Energen Corp.		90,700		4,089,663
Hess Corp.		37,000		1,959,520
HollyFrontier Corp.		52,150		2,427,582
Marathon Petroleum Corp.		9,425		593,775
Murphy Oil Corp.		60,700		3,614,685
Peabody Energy Corp.		62,475		1,662,460
QEP Resources, Inc.		79,300		2,400,411
SM Energy Co.		5,900		308,039
Southwestern Energy Co.	*	63,600		2,124,876

See accompanying notes to financial statements

206

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Select Value Fund		Shares		Value

COMMON STOCKS—(Continued)
Valero Energy Corp.		42,850	$	1,462,042

				23,246,676

Paper & Forest Products—0.3%
International Paper Co.		22,775		907,356

Pharmaceuticals—0.3%
Jazz Pharmaceuticals plc (Ireland)	*†	20,750		1,103,900

Professional Services—1.7%
Dun & Bradstreet Corp. (The)	†	28,400		2,233,660
Manpower, Inc.		37,000		1,570,280
Towers Watson & Co., Class A		38,300		2,152,843

				5,956,783

Real Estate Investment Trusts (REITs)—7.0%
Annaly Capital Management, Inc. REIT		80,500		1,130,220
BioMed Realty Trust, Inc. REIT		100,825		1,948,947
Brandywine Realty Trust REIT	†	191,300		2,331,947
Capstead Mortgage Corp. REIT		78,400		899,248
CBL & Associates Properties, Inc. REIT		127,350		2,701,093
Digital Realty Trust, Inc. REIT		9,850		668,717
Duke Realty Corp. REIT		317,032		4,397,234
DuPont Fabros Technology, Inc. REIT	†	23,475		567,156
EPR Properties REIT		24,400		1,125,084
Hatteras Financial Corp. REIT		58,200		1,443,942
Health Care REIT, Inc. REIT		50,150		3,073,694
Home Properties, Inc. REIT		6,895		422,732
Kilroy Realty Corp. REIT		51,100		2,420,607
MFA Financial, Inc. REIT		146,000		1,184,060
Weyerhaeuser Co. REIT		22,000		612,040

				24,926,721

Road & Rail—2.3%
Hertz Global Holdings, Inc.	*	82,325		1,339,428
Ryder System, Inc.	†	61,975		3,094,411
Werner Enterprises, Inc.		170,000		3,683,900

				8,117,739

Semiconductors & Semiconductor Equipment—3.4%
Analog Devices, Inc.		72,900		3,066,174
Applied Materials, Inc.		186,400		2,132,416
Broadcom Corp., Class A		53,700		1,783,377
Lam Research Corp.*		70,900		2,561,617
NXP Semiconductor NV (Netherlands)*		40,775		1,075,237
Skyworks Solutions, Inc.	*	73,550		1,493,065

				12,111,886

Software—1.4%
Autodesk, Inc.	*	38,000		1,343,300
Cadence Design Systems, Inc.	*	192,300		2,597,973
Synopsys, Inc.	*	36,800		1,171,712

				5,112,985



		Shares		Value

Specialty Retail—2.0%
Bed Bath & Beyond, Inc.	*	32,000	$	1,789,120
Foot Locker, Inc.		88,250		2,834,590
GNC Holdings, Inc., Class A		63,600		2,116,608
Pier 1 Imports, Inc.		23,600		472,000

				7,212,318

Textiles, Apparel & Luxury Goods—1.4%
PVH Corp.		13,775		1,529,163
V.F. Corp.		22,900		3,457,213

				4,986,376

Trading Companies & Distributors—0.7%
United Rentals, Inc.	*†	56,850		2,587,812

Water Utilities—0.5%
American Water Works Co., Inc.		43,525		1,616,083

TOTAL COMMON STOCKS
(Cost $289,827,490)				342,141,659


MONEY MARKET FUNDS—11.0%
Institutional Money Market Funds—11.0%
Dreyfus Institutional Cash Advantage Fund, 0.11%	††¥	4,000,000		4,000,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.18%	¥	14,804,914		14,804,914
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.18%	††¥	4,191,524		4,191,524
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.14%	††¥	4,000,000		4,000,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.15%	††¥	4,000,000		4,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.14%	††¥	4,000,000		4,000,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.13%	††¥	4,000,000		4,000,000

TOTAL MONEY MARKET FUNDS
(Cost $38,996,438)				38,996,438

TOTAL INVESTMENTS—107.2%
(Cost $328,823,928)				381,138,097
Other assets less liabilities—(7.2%)				(25,547,879	)

NET ASSETS—100.0%			$	355,590,218

See accompanying notes to financial statements

207

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012

Notes to the Schedule of Investments:


REIT		Real Estate Investment Trust
†		Denotes all or a portion of the security on loan.
*		Non-income producing.
††		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

208

SCHEDULE OF INVESTMENTS

December 31, 2012


Vantagepoint Aggressive Opportunities Fund		Shares		Value

COMMON STOCKS—98.0%
Aerospace & Defense—1.9%
B/E Aerospace, Inc.	*		13,157	$	649,956
Rockwell Collins, Inc.	†		61,246		3,562,680
Spirit Aerosystems Holdings, Inc., Class A	*		39,331		667,447
Textron, Inc.			26,628		660,108
TransDigm Group, Inc.			64,774		8,832,583
Triumph Group, Inc.			70,024		4,572,567

					18,945,341

Air Freight & Logistics—1.0%
C.H. Robinson Worldwide, Inc.			10,222		646,235
Expeditors International of Washington, Inc.			16,259		643,043
FedEx Corp.			100,100		9,181,172

					10,470,450

Airlines—0.7%
Copa Holdings SA, Class A (Panama)			49,704		4,943,063
Delta Air Lines, Inc.	*		55,892		663,438
Southwest Airlines Co.			63,060		645,734
United Continental Holdings, Inc.	*†		27,907		652,466

					6,904,701

Auto Components—1.1%
Allison Transmission Holdings, Inc.	†		31,542		644,088
BorgWarner, Inc.	*		105,066		7,524,827
Delphi Automotive plc (United Kingdom)	*†		16,966		648,949
Gentex Corp.	†		34,544		650,118
Goodyear Tire & Rubber Co. (The)	*		48,252		666,360
Visteon Corp.	*		12,455		670,328

					10,804,670

Automobiles—0.5%
Harley-Davidson, Inc.			13,539		661,245
Tesla Motors, Inc.	*†		118,898		4,027,075
Thor Industries, Inc.	†		17,518		655,699

					5,344,019

Beverages—0.5%
Brown-Forman Corp., Class B			9,812		620,609
Coca-Cola Enterprises, Inc.			20,266		643,040
Constellation Brands, Inc., Class A	*		73,700		2,608,243
Dr. Pepper Snapple Group, Inc.	†		14,330		633,100
Monster Beverage Corp.	*		11,880		628,214

					5,133,206

Biotechnology—2.3%
Achillion Pharmaceuticals, Inc.	*†		78,500		629,570
Alexion Pharmaceuticals, Inc.	*		6,891		646,445
Ariad Pharmaceuticals, Inc.	*†		100,682		1,931,081
BioMarin Pharmaceutical, Inc.	*		85,668		4,219,149



		Shares		Value

Cepheid, Inc.	*		59,267	$	2,003,817
Cubist Pharmaceuticals, Inc.	*†		73,572		3,094,438
Incyte Corp. Ltd.	*†		40,220		668,054
Medivation, Inc.	*†		12,714		650,448
Myriad Genetics, Inc.	*		23,555		641,874
Onyx Pharmaceuticals, Inc.	*†		40,565		3,063,874
Orexigen Therapeutics, Inc.	*†		211,600		1,115,132
Regeneron Pharmaceuticals, Inc.	*		3,856		659,646
United Therapeutics Corp.	*		12,306		657,387
Vertex Pharmaceuticals, Inc.	*		61,209		2,567,106

					22,548,021

Building Products—0.3%
Armstrong World Industries, Inc.	†		12,659		642,191
Fortune Brands Home & Security, Inc.	*		22,007		643,045
Lennox International, Inc.	†		12,372		649,777
Masco Corp.	†		39,558		659,036

					2,594,049

Capital Markets—2.5%
Affiliated Managers Group, Inc.	*		42,809		5,571,591
Bank of New York Mellon Corp. (The)			361,800		9,298,260
Carlyle Group LP (The)			117,500		3,058,525
Eaton Vance Corp.	†		20,210		643,689
Federated Investors, Inc., Class B	†		30,706		621,182
Lazard Ltd., Class A (Bermuda)			21,660		646,334
LPL Financial Holdings, Inc.			22,233		626,081
SEI Investments Co.			27,511		642,107
Stifel Financial Corp.	*†		74,930		2,395,512
T. Rowe Price Group, Inc.			10,066		655,599
Waddell & Reed Financial, Inc., Class A	†		18,403		640,793

					24,799,673

Chemicals—2.4%
Airgas, Inc.			93,526		8,537,989
Albemarle Corp.			10,501		652,322
Celanese Corp., Class A			14,721		655,526
CF Industries Holdings, Inc.			3,215		653,159
Eastman Chemical Co.			9,714		661,038
Ecolab, Inc.			59,800		4,299,620
FMC Corp.			11,077		648,226
International Flavors & Fragrances, Inc.			9,641		641,512
Intrepid Potash, Inc.	†		29,529		628,672
NewMarket Corp.	†		2,449		642,128
PPG Industries, Inc.			4,855		657,124
Rockwood Holdings, Inc.			13,267		656,186
RPM International, Inc.			22,254		653,378
Scotts Miracle-Gro Co. (The), Class A			14,728		648,768
Sherwin-Williams Co. (The)			4,234		651,274
Sigma-Aldrich Corp.	†		8,767		645,076
Valspar Corp.			10,506		655,574
W.R. Grace & Co.	*		9,590		644,736
Westlake Chemical Corp.	†		8,190		649,467

					23,881,775

See accompanying notes to financial statements

209

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Aggressive Opportunities Fund		Shares		Value

COMMON STOCKS—(Continued)
Commercial Banks—0.1%
Signature Bank/New York	*†		8,901	$	634,997

Commercial Services & Supplies—1.3%
Cintas Corp.			15,323		626,711
Clean Harbors, Inc.	*		99,458		5,471,185
Copart, Inc.	*		21,822		643,749
Covanta Holding Corp.			35,632		656,341
Iron Mountain, Inc.	†		20,410		633,731
Pitney Bowes, Inc.	†		61,560		654,998
Rollins, Inc.			29,455		649,188
Stericycle, Inc.	*		33,606		3,134,432
Waste Connections, Inc.			19,328		653,093

					13,123,428

Communications Equipment—0.4%
Acme Packet, Inc.	*†		30,030		664,264
EchoStar Corp., Class A	*		18,986		649,701
F5 Networks, Inc.	*		6,675		648,476
Harris Corp.			12,422		608,181
Palo Alto Networks, Inc.	*†		12,260		656,155
Riverbed Technology, Inc.	*†		32,948		649,735

					3,876,512

Computers & Peripherals—1.6%
Dell, Inc.			913,000		9,248,690
Diebold, Inc.	†		21,391		654,779
Fusion-io, Inc.	*†		29,289		671,597
NCR Corp.	*		25,360		646,173
NetApp, Inc.	*		19,464		653,017
Stratasys Ltd.	*		39,283		3,148,532
Western Digital Corp.	†		15,572		661,654

					15,684,442

Construction & Engineering—1.3%
ACS Actividades de Construccion y Servicios SA (Spain)			304,000		7,704,447
Chicago Bridge & Iron Co. NV (Netherlands)			14,122		654,555
Fluor Corp.			11,237		660,061
URS Corp.			108,300		4,251,858

					13,270,921

Construction Materials—1.7%
Cemex SAB de CV ADR (Mexico)	*†		969,755		9,571,482
Martin Marietta Materials, Inc.	†		6,840		644,875
Vulcan Materials Co.			137,324		7,147,714

					17,364,071

Containers & Packaging—0.4%
AptarGroup, Inc.	†		13,532		645,747
Ball Corp.			14,349		642,118
Crown Holdings, Inc.	*		17,253		635,083
Owens-Illinois, Inc.	*		30,788		654,861
Packaging Corp. of America			16,651		640,564
Rock-Tenn Co., Class A			8,891		621,570
Silgan Holdings, Inc.			14,708		611,705

					4,451,648



		Shares		Value

Distributors—0.5%
Genuine Parts Co.	†		10,122	$	643,557
LKQ Corp.	*		30,754		648,909
Pool Corp.			86,200		3,647,984

					4,940,450

Diversified Consumer Services—0.3%
Apollo Group, Inc., Class A	*†		31,779		664,817
H&R Block, Inc.			34,850		647,164
ITT Educational Services, Inc.	*†		36,925		639,172
Weight Watchers International, Inc.	†		12,063		631,619

					2,582,772

Diversified Financial Services—1.1%
CBOE Holdings, Inc.			21,591		636,071
IntercontinentalExchange, Inc.	*		23,735		2,938,630
Leucadia National Corp.			27,013		642,639
Moody’s Corp.	†		12,934		650,839
MSCI, Inc.	*†		21,132		654,881
NASDAQ OMX Group, Inc. (The)			226,200		5,657,262

					11,180,322

Diversified Telecommunication Services—1.6%
Level 3 Communications, Inc.	*†		429,001		9,914,213
tw telecom inc.	*†		198,133		5,046,448
Windstream Corp.	†		76,993		637,502

					15,598,163

Electric Utilities—0.1%
ITC Holdings Corp.	†		8,477		651,966

Electrical Equipment—1.1%
AMETEK, Inc.			106,090		3,985,801
Babcock & Wilcox Co. (The)			24,867		651,516
Eaton Corp. plc (Ireland)			12,000		650,400
General Cable Corp.	*		21,629		657,738
Hubbell, Inc., Class B			7,607		643,781
Polypore International, Inc.	*†		13,920		647,280
Regal-Beloit Corp.	†		35,220		2,481,953
Rockwell Automation, Inc.			7,787		654,030
Roper Industries, Inc.			5,780		644,354

					11,016,853

Electronic Equipment, Instruments & Components—1.1%
Amphenol Corp., Class A			10,028		648,812
Dolby Laboratories, Inc., Class A	†		22,214		651,537
FEI Co.	†		53,924		2,990,625
FLIR Systems, Inc.			29,182		651,050
IPG Photonics Corp.	†		29,220		1,947,513
Jabil Circuit, Inc.			33,918		654,278
National Instruments Corp.	†		25,255		651,832
Trimble Navigation Ltd.	*†		52,108		3,115,016

					11,310,663

Energy Equipment & Services—1.5%
Atwood Oceanics, Inc.	*†		13,936		638,129
Cameron International Corp.	*		87,232		4,925,119
CARBO Ceramics, Inc.	†		8,359		654,844
Dresser-Rand Group, Inc.	*†		11,505		645,891
FMC Technologies, Inc.	*		15,708		672,774

See accompanying notes to financial statements

210

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Aggressive Opportunities Fund		Shares		Value

COMMON STOCKS—(Continued)
Gulfmark Offshore, Inc., Class A			48,154	$	1,658,905
Helmerich & Payne, Inc.			11,644		652,180
Oceaneering International, Inc.			11,599		623,910
Oil States International, Inc.	*		42,377		3,031,651
RPC, Inc.	†		53,397		653,579
SEACOR Holdings, Inc.			7,650		641,070

					14,798,052

Food & Staples Retailing—0.7%
Fresh Market, Inc. (The)	*		65,998		3,173,844
Kroger Co. (The)			24,880		647,378
Safeway, Inc.	†		36,536		660,936
Whole Foods Market, Inc.			24,783		2,263,431

					6,745,589

Food Products—2.0%
Annie’s, Inc.	*†		65,167		2,178,533
Campbell Soup Co.	†		18,206		635,207
Dean Foods Co.	*		38,793		640,472
Flowers Foods, Inc.	†		27,843		647,907
Green Mountain Coffee Roasters, Inc.	*†		15,634		646,622
H.J. Heinz Co.			11,377		656,225
Hershey Co. (The)			54,937		3,967,550
Hillshire Brands Co.			23,689		666,609
Hormel Foods Corp.	†		20,677		645,329
Ingredion, Inc.			10,047		647,328
McCormick & Co., Inc.	†		10,252		651,310
Mead Johnson Nutrition Co.			9,914		653,234
Mondelez International, Inc., Class A			218,000		5,552,460
Smart Balance, Inc.	*†		126,749		1,635,062
WhiteWave Foods Co.	*		35,500		551,670

					20,375,518

Gas Utilities—0.1%
ONEOK, Inc.			15,351		656,255
Questar Corp.	†		31,819		628,744

					1,284,999

Health Care Equipment & Supplies—1.8%
Align Technology, Inc.	*†		74,212		2,059,383
Boston Scientific Corp.	*		388,100		2,223,813
C.R. Bard, Inc.			6,701		654,956
Cooper Cos., Inc. (The)			6,761		625,257
DENTSPLY International, Inc.	†		16,630		658,714
Edwards Lifesciences Corp.	*†		7,082		638,584
IDEXX Laboratories, Inc.	*†		6,984		648,115
ResMed, Inc.	†		15,645		650,363
Sirona Dental Systems, Inc.	*		60,443		3,896,156
St. Jude Medical, Inc.			18,015		651,062
Thoratec Corp.	*		105,862		3,971,942
Varian Medical Systems, Inc.	*†		9,240		649,018
Zimmer Holdings, Inc.			9,392		626,071

					17,953,434

Health Care Providers & Services—3.7%
AmerisourceBergen Corp.			14,962		646,059
Catamaran Corp.	*		149,686		7,051,707



		Shares		Value

DaVita HealthCare Partners, Inc.	*		126,712	$	14,005,477
Hanger, Inc.	*†		93,146		2,548,475
HCA Holdings, Inc.			21,172		638,759
Health Management Associates, Inc., Class A	*		361,800		3,371,976
Henry Schein, Inc.	*†		7,983		642,312
Laboratory Corp. of America Holdings	*		21,772		1,885,891
Patterson Cos., Inc.			18,525		634,111
Quest Diagnostics, Inc.			11,002		641,087
Team Health Holdings, Inc.	*†		123,660		3,557,698
Tenet Healthcare Corp.	*†		20,240		657,193
Universal Health Services, Inc., Class B			13,422		648,954

					36,929,699

Health Care Technology—0.3%
athenahealth, Inc.	*†		32,423		2,381,469
Cerner Corp.	*		8,243		639,987

					3,021,456

Hotels, Restaurants & Leisure—1.6%
Bally Technologies, Inc.	*†		14,539		650,039
Brinker International, Inc.			21,060		652,649
Chipotle Mexican Grill, Inc.	*		2,238		665,715
Choice Hotels International, Inc.	†		19,096		642,008
Darden Restaurants, Inc.			14,457		651,577
Dunkin’ Brands Group, Inc.			20,013		664,031
International Game Technology			46,494		658,820
Marriott International, Inc., Class A	†		17,571		654,871
Panera Bread Co., Class A	*†		30,862		4,901,811
Penn National Gaming, Inc.	*†		13,253		650,855
Starwood Hotels & Resorts Worldwide, Inc.			10,938		627,404
Wyndham Worldwide Corp.			77,075		4,101,161
Wynn Resorts Ltd.			5,542		623,420

					16,144,361

Household Durables—0.8%
D.R. Horton, Inc.	†		33,264		657,962
Garmin Ltd. (Switzerland)	†		15,244		622,260
Jarden Corp.	*†		46,756		2,417,285
NVR, Inc.	*		633		582,360
SodaStream International Ltd. (Israel)	*†		62,129		2,788,971
Tempur-Pedic International, Inc.	*†		21,193		667,367
Tupperware Brands Corp.			10,357		663,884

					8,400,089

Household Products—0.4%
Church & Dwight Co., Inc.	†		69,598		3,728,365
Clorox Co. (The)			8,840		647,265

					4,375,630

Industrial Conglomerates—0.9%
Carlisle Cos., Inc.			10,950		643,422
Koninklijke Philips Electronics NV NYRS (Netherlands)			331,400		8,795,356

					9,438,778

See accompanying notes to financial statements

211

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Aggressive Opportunities Fund		Shares		Value

COMMON STOCKS—(Continued)
Insurance—5.5%
Aflac, Inc.			57,800	$	3,070,336
Allied World Assurance Co. Holdings AG (Switzerland)			8,232		648,681
Aon plc (United Kingdom)			138,869		7,721,116
Arch Capital Group Ltd. (Bermuda)	*†		14,646		644,717
Arthur J. Gallagher & Co.	†		17,654		611,711
Assured Guaranty Ltd. (Bermuda)			189,300		2,693,739
Axis Capital Holdings Ltd. (Bermuda)			136,200		4,717,968
Brown & Brown, Inc.			24,330		619,442
Endurance Specialty Holdings Ltd. (Bermuda)	†		16,455		653,099
Erie Indemnity Co., Class A	†		9,544		660,636
Fairfax Financial Holdings Ltd. (Canada)			19,400		7,003,400
Hanover Insurance Group, Inc. (The)	†		17,005		658,774
Loews Corp.			221,400		9,022,050
RenaissanceRe Holdings Ltd. (Bermuda)			108,900		8,849,214
Travelers Cos., Inc. (The)			87,000		6,248,340
Validus Holdings Ltd. (Bermuda)			19,166		662,760

					54,485,983

Internet & Catalog Retail—0.8%
Expedia, Inc.			63,043		3,873,992
Groupon, Inc.	*†		133,285		650,431
HomeAway, Inc.	*†		30,454		669,988
Liberty Interactive Corp., Series A	*		33,253		654,419
Liberty Ventures, Series A	*		9,533		645,956
Netflix, Inc.	*†		7,173		665,511
TripAdvisor, Inc.	*		15,471		649,163

					7,809,460

Internet Software & Services—1.8%
Akamai Technologies, Inc.	*		15,728		643,432
Angie’s List, Inc.	*†		108,960		1,306,430
AOL, Inc.	*†		21,742		643,781
CoStar Group, Inc.	*†		32,654		2,918,288
Equinix, Inc.	*		3,079		634,890
ExactTarget, Inc.	*		140,100		2,802,000
IAC/InterActiveCorp			13,962		660,403
LinkedIn Corp., Class A	*		5,633		646,781
MercadoLibre, Inc. (Argentina)	†		33,968		2,668,866
Rackspace Hosting, Inc.	*†		53,489		3,972,628
VeriSign, Inc.	*		16,931		657,261

					17,554,760

IT Services—6.0%
Alliance Data Systems Corp.	*†		82,111		11,886,388
Amdocs Ltd.			184,700		6,277,953
Broadridge Financial Solutions, Inc.			27,231		623,045
CoreLogic, Inc.	*		102,886		2,769,691
DST Systems, Inc.			10,639		644,724
Fiserv, Inc.	*		8,135		642,909
FleetCor Technologies, Inc.	*		40,956		2,197,289



		Shares		Value

Gartner, Inc.	*		183,962	$	8,465,931
Genpact Ltd.			41,879		649,125
Global Payments, Inc.			71,618		3,244,295
Jack Henry & Associates, Inc.			16,180		635,227
Lender Processing Services, Inc.			26,455		651,322
NeuStar, Inc., Class A	*		180,740		7,578,428
Paychex, Inc.	†		20,812		648,086
SAIC, Inc.			58,306		660,024
Teradata Corp.	*		44,132		2,731,330
Total System Services, Inc.			30,058		643,842
Vantiv, Inc., Class A	*†		265,893		5,429,535
VeriFone Systems, Inc.	*		74,728		2,217,927
Western Union Co. (The)			47,203		642,433

					59,239,504

Leisure Equipment & Products—0.5%
Hasbro, Inc.	†		18,157		651,836
LeapFrog Enterprises, Inc.	*†		301,689		2,603,576
Mattel, Inc.	†		17,920		656,231
Polaris Industries, Inc.	†		7,814		657,548

					4,569,191

Life Sciences Tools & Services—0.8%
Agilent Technologies, Inc.			15,961		653,443
Bruker Corp.	*		206,287		3,150,002
Charles River Laboratories International, Inc.	*		17,499		655,688
Covance, Inc.	*†		11,221		648,237
Illumina, Inc.	*†		11,703		650,570
Life Technologies Corp.	*		12,945		635,341
Mettler-Toledo International, Inc.	*†		3,413		659,733
Techne Corp.			8,972		613,146
Waters Corp.	*		7,317		637,457

					8,303,617

Machinery—3.9%
Chart Industries, Inc.	*†		38,565		2,571,129
Colfax Corp.	*†		82,627		3,333,999
Donaldson Co., Inc.			19,769		649,214
Flowserve Corp.			4,446		652,673
Gardner Denver, Inc.			29,800		2,041,300
Graco, Inc.	†		81,387		4,190,617
IDEX Corp.	†		14,059		654,165
Ingersoll-Rand plc (Ireland)			13,558		650,242
ITT Corp.			27,700		649,842
Joy Global, Inc.			10,441		665,927
Lincoln Electric Holdings, Inc.	†		13,492		656,791
Manitowoc Co., Inc. (The)	†		42,078		659,783
Nordson Corp.			53,898		3,402,042
PACCAR, Inc.	†		14,551		657,851
Pall Corp.			52,813		3,182,511
Parker Hannifin Corp.			7,638		649,688
Snap-on, Inc.			8,218		649,140
SPX Corp.			9,329		654,429
Timken Co.			13,810		660,532
Toro Co. (The)			15,145		650,932
Valmont Industries, Inc.			4,810		656,805
WABCO Holdings, Inc.	*		74,995		4,888,924
Wabtec Corp.			50,453		4,416,656
Xylem, Inc.			23,981		649,885

					38,495,077

See accompanying notes to financial statements

212

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Aggressive Opportunities Fund		Shares		Value

COMMON STOCKS—(Continued)
Marine—0.1%
Kirby Corp.	*†		10,631	$	657,952
Matson, Inc.	†		26,226		648,307

					1,306,259

Media—5.4%
AMC Networks, Inc., Class A	*		13,043		645,628
Cablevision Systems Corp., Class A			43,686		652,669
Charter Communications, Inc., Class A	*		8,415		641,560
Cinemark Holdings, Inc.			25,604		665,192
Clear Channel Outdoor Holdings, Inc., Class A	*†		92,358		648,353
DIRECTV	*		146,100		7,328,376
Discovery Communications, Inc., Class A	*		10,295		653,527
Discovery Communications, Inc., Class C	*		128,400		7,511,400
DISH Network Corp., Class A			18,079		658,076
Interpublic Group of Cos., Inc. (The)			57,091		629,143
John Wiley & Sons, Inc., Class A	†		16,728		651,221
Lamar Advertising Co., Class A	*†		16,495		639,181
Liberty Global, Inc., Series A	*		10,439		657,553
Liberty Media Corp. - Liberty Capital, Class A	*		5,613		651,164
Madison Square Garden Co. (The), Class A	*		14,736		653,542
McGraw-Hill Cos., Inc. (The)			68,422		3,740,631
Morningstar, Inc.	†		10,088		633,829
National CineMedia, Inc.			135,200		1,910,376
Omnicom Group, Inc.			12,489		623,950
Pandora Media, Inc.	*†		70,973		651,532
Regal Entertainment Group, Class A	†		45,116		629,368
Scripps Networks Interactive, Inc., Class A	†		11,345		657,102
Sirius XM Radio, Inc.	†		222,734		643,701
Virgin Media, Inc.	†		396,187		14,559,872
Walt Disney Co. (The)			119,300		5,939,947

					53,276,893

Metals & Mining—0.7%
Allied Nevada Gold Corp.	*†		21,967		661,866
Carpenter Technology Corp.			12,890		665,511
Compass Minerals International, Inc.	†		8,512		635,931
Molycorp, Inc.	*†		69,621		657,222
Reliance Steel & Aluminum Co.			34,100		2,117,610
Royal Gold, Inc.			8,112		659,587
Steel Dynamics, Inc.			48,362		664,010
Tahoe Resources, Inc.	*†		37,808		692,643

					6,754,380

Multiline Retail—0.5%
Big Lots, Inc.	*†		23,171		659,447
Dollar General Corp.	*		15,020		662,232
Dollar Tree, Inc.	*		16,253		659,222



		Shares		Value

Family Dollar Stores, Inc.			10,384	$	658,449
Kohl’s Corp.			15,222		654,242
Macy’s, Inc.			16,907		659,711
Nordstrom, Inc.			12,487		668,054

					4,621,357

Office Electronics—0.1%
Zebra Technologies Corp., Class A	*		16,281		639,518

Oil, Gas & Consumable Fuels—5.1%
Approach Resources, Inc.	*†		84,506		2,113,495
Cabot Oil & Gas Corp.			54,217		2,696,754
Cheniere Energy, Inc.	*†		34,896		655,347
Chesapeake Energy Corp.	†		607,200		10,091,664
Cobalt International Energy, Inc.	*		26,416		648,777
Concho Resources, Inc.	*		44,968		3,622,622
CONSOL Energy, Inc.			250,300		8,034,630
Continental Resources, Inc.	*		8,413		618,271
Denbury Resources, Inc.	*		223,500		3,620,700
Golar LNG Ltd. (Bermuda)	†		17,703		651,116
Kosmos Energy Ltd. (Bermuda)	*		51,612		637,408
Laredo Petroleum Holdings, Inc.	*†		36,544		663,639
Murphy Oil Corp.			61,600		3,668,280
Noble Energy, Inc.			6,440		655,206
PDC Energy, Inc.	*†		78,713		2,614,059
Pioneer Natural Resources Co.			6,077		647,747
Range Resources Corp.	†		10,237		643,191
SM Energy Co.			11,834		617,853
Southwestern Energy Co.	*		95,965		3,206,191
Whiting Petroleum Corp.	*		95,535		4,143,353
World Fuel Services Corp.	†		15,830		651,721

					50,902,024

Personal Products—0.4%
Avon Products, Inc.			45,758		657,085
Herbalife Ltd. (Cayman Islands)	†		68,802		2,266,338
Nu Skin Enterprises, Inc., Class A	†		18,359		680,201

					3,603,624

Pharmaceuticals—1.0%
Endo Health Solutions, Inc.	*		25,079		658,825
Impax Laboratories, Inc.	*†		148,385		3,040,409
Mylan, Inc.	*		23,619		649,050
Perrigo Co.	†		6,213		646,338
Salix Pharmaceuticals Ltd.	*		85,759		3,471,524
Warner Chilcott plc, Class A (Ireland)			55,092		663,308
Watson Pharmaceuticals, Inc.	*		7,321		629,606

					9,759,060

Professional Services—2.1%
Advisory Board Co. (The)	*†		61,130		2,860,273
Dun & Bradstreet Corp. (The)	†		7,938		624,323
Equifax, Inc.			12,057		652,525
IHS, Inc., Class A	*		43,330		4,159,680
Nielsen Holdings NV	*		257,107		7,864,903

See accompanying notes to financial statements

213

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Aggressive Opportunities Fund		Shares		Value

COMMON STOCKS—(Continued)
Robert Half International, Inc.	†		20,412	$	649,510
Verisk Analytics, Inc., Class A	*		85,492		4,360,092

					21,171,306

Real Estate Investment Trusts (REITs)—1.5%
American Campus Communities, Inc. REIT			13,858		639,270
American Tower Corp. REIT			21,700		1,676,759
Apartment Investment & Management Co., Class A REIT			23,757		642,864
Boston Properties, Inc. REIT			5,823		616,132
BRE Properties, Inc. REIT	†		12,626		641,780
Camden Property Trust REIT			9,387		640,287
Digital Realty Trust, Inc. REIT	†		9,173		622,755
Equity Lifestyle Properties, Inc. REIT			9,280		624,451
Essex Property Trust, Inc. REIT	†		4,276		627,075
Extra Space Storage, Inc. REIT			17,681		643,412
Federal Realty Investment Trust REIT			6,025		626,720
HCP, Inc. REIT			14,377		649,553
Home Properties, Inc. REIT	†		10,383		636,582
Kilroy Realty Corp. REIT	†		13,629		645,606
Mid-America Apartment Communities, Inc. REIT			9,714		628,982
Plum Creek Timber Co., Inc. REIT	†		14,520		644,252
Post Properties, Inc. REIT			12,891		643,905
Rayonier, Inc. REIT	†		12,448		645,180
Regency Centers Corp. REIT			13,179		620,994
Tanger Factory Outlet Centers, Inc. REIT	†		18,633		637,249
Taubman Centers, Inc. REIT			8,234		648,180
Weyerhaeuser Co. REIT			23,304		648,317

					15,050,305

Real Estate Management & Development—1.0%
Alexander & Baldwin, Inc.	*		21,736		638,386
CBRE Group, Inc.	*		201,691		4,013,651
Jones Lang LaSalle, Inc.			32,900		2,761,626
Realogy Holdings Corp.	*		15,200		637,792
St. Joe Co. (The)	*†		27,770		640,932
Zillow, Inc., Class A	*†		53,807		1,493,144

					10,185,531

Road & Rail—2.2%
Canadian Pacific Railway Ltd. (Canada)			18,100		1,839,322
Con-way, Inc.			23,215		645,841
Hertz Global Holdings, Inc.	*		278,941		4,538,370
J.B. Hunt Transport Services, Inc.	†		11,004		657,049
Kansas City Southern			159,123		13,283,588
Landstar System, Inc.	†		12,527		657,167

					21,621,337

Semiconductors & Semiconductor Equipment—2.4%
Advanced Micro Devices, Inc.	*†		270,805		649,932



		Shares		Value

Altera Corp.			119,543	$	4,117,061
Analog Devices, Inc.			15,345		645,411
ASML Holding NV NYRS (Netherlands)	†		52,091		3,355,181
Atmel Corp.	*		104,909		687,154
Avago Technologies Ltd. (Singapore)			20,589		651,848
Cypress Semiconductor Corp.	*†		59,194		641,663
EZchip Semiconductor Ltd. (Israel)	*†		64,638		2,137,579
Freescale Semiconductor Ltd.	*†		59,262		652,475
Lam Research Corp.	*		17,974		649,401
Linear Technology Corp.	†		18,738		642,713
LSI Corp.	*		91,842		650,241
Maxim Integrated Products, Inc.			91,679		2,695,362
Microchip Technology, Inc.	†		19,371		631,301
Silicon Laboratories, Inc.	*†		15,574		651,149
Skyworks Solutions, Inc.	*		146,448		2,972,894
Teradyne, Inc.	*		39,121		660,754
Xilinx, Inc.			17,966		644,979

					23,737,098

Software—6.0%
ACI Worldwide, Inc.	*†		79,463		3,471,739
ANSYS, Inc.	*		39,607		2,667,135
Aspen Technology, Inc.	*		191,799		5,301,324
Autodesk, Inc.	*		18,148		641,532
BMC Software, Inc.	*†		15,330		607,988
BroadSoft, Inc.	*†		97,471		3,541,121
CA, Inc.			29,506		648,542
Cadence Design Systems, Inc.	*		47,754		645,157
Check Point Software Technologies Ltd. (Israel)	*†		54,800		2,610,672
Citrix Systems, Inc.	*		57,203		3,761,097
CommVault Systems, Inc.	*†		58,845		4,102,085
Compuware Corp.	*		59,760		649,591
Concur Technologies, Inc.	*†		9,589		647,449
FactSet Research Systems, Inc.	†		7,352		647,417
Fortinet, Inc.	*		186,458		3,928,670
Guidewire Software, Inc.	*		100,300		2,980,916
Informatica Corp.	*		92,201		2,795,534
Intuit, Inc.			10,790		642,005
MICROS Systems, Inc.	*†		83,774		3,555,369
NetSuite, Inc.	*†		9,701		652,877
Nuance Communications, Inc.	*†		29,306		654,110
Red Hat, Inc.	*		50,366		2,667,383
Rovi Corp.	*		41,682		643,153
ServiceNow, Inc.	*†		71,490		2,146,845
SolarWinds, Inc.	*†		12,581		659,873
Solera Holdings, Inc.	†		76,791		4,106,015
Splunk, Inc.	*		22,500		652,950
Symantec Corp.	*		35,247		662,996
Synopsys, Inc.	*		19,465		619,766
TIBCO Software, Inc.	*		29,801		655,920
Workday, Inc., Class A	*		11,900		648,550
Zynga, Inc., Class A	*		267,945		635,030

					59,250,811

Specialty Retail—5.4%
Aaron’s, Inc.			22,825		645,491
Advance Auto Parts, Inc.			8,834		639,140

See accompanying notes to financial statements

214

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Aggressive Opportunities Fund		Shares		Value

COMMON STOCKS—(Continued)
American Eagle Outfitters, Inc.			32,808	$	672,892
Ascena Retail Group, Inc.	*		35,531		656,968
AutoNation, Inc.	*		16,497		654,931
AutoZone, Inc.	*		1,770		627,341
Bed Bath & Beyond, Inc.	*		11,715		654,986
CarMax, Inc.	*		17,374		652,220
Chico’s FAS, Inc.			182,847		3,375,356
Dick’s Sporting Goods, Inc.	†		14,403		655,192
DSW, Inc., Class A	†		62,691		4,118,172
Foot Locker, Inc.			20,300		652,036
Gap, Inc. (The)			21,050		653,392
GNC Holdings, Inc., Class A	†		241,001		8,020,513
Hibbett Sports, Inc.	*†		49,330		2,599,691
Limited Brands, Inc.			13,227		622,463
Lumber Liquidators Holdings, Inc.	*†		45,500		2,403,765
O’Reilly Automotive, Inc.	*		48,835		4,366,826
PetSmart, Inc.			9,250		632,145
Ross Stores, Inc.			12,225		661,984
Sally Beauty Holdings, Inc.	*†		172,354		4,062,384
Tiffany & Co.	†		55,594		3,187,760
Tractor Supply Co.			41,687		3,683,463
Ulta Salon Cosmetics & Fragrance, Inc.	†		41,106		4,039,075
Urban Outfitters, Inc.	*		16,923		666,089
Williams-Sonoma, Inc.			91,012		3,983,595

					53,587,870

Textiles, Apparel & Luxury Goods—2.1%
Carter’s, Inc.	*		11,775		655,279
Coach, Inc.			71,500		3,968,965
Deckers Outdoor Corp.	*†		16,725		673,516
Fossil, Inc.	*		7,122		663,058
Hanesbrands, Inc.	*†		121,216		4,341,957
Michael Kors Holdings Ltd. (Hong Kong)	*		13,123		669,667
PVH Corp.			43,889		4,872,118
Ralph Lauren Corp.			4,240		635,661
Under Armour, Inc., Class A	*†		78,152		3,792,716
V.F. Corp.			4,313		651,133

					20,924,070

Thrifts & Mortgage Finance—0.1%
People’s United Financial, Inc.			53,621		648,278

Tobacco—0.1%
Lorillard, Inc.			5,485		639,935

Trading Companies & Distributors—0.8%
Fastenal Co.	†		13,713		640,260
MRC Global, Inc.	*†		23,677		657,747
MSC Industrial Direct Co., Inc., Class A			8,692		655,203
United Rentals, Inc.	*		14,868		676,791
W.W. Grainger, Inc.	†		12,482		2,525,982
WESCO International, Inc.	*†		41,020		2,765,979

					7,921,962

Water Utilities—0.1%
Aqua America, Inc.			25,616		651,159



		Shares		Value

Wireless Telecommunication Services—2.0%
Crown Castle International Corp.	*		9,108	$	657,234

SBA Communications Corp., Class A	*†		272,240		19,334,484

					19,991,718

TOTAL COMMON STOCKS
(Cost $890,082,340)					973,282,805


MONEY MARKET FUNDS—25.3%
Institutional Money Market Funds—25.3%
Dreyfus Institutional Cash Advantage Fund, 0.11%	††¥		39,500,000		39,500,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.18%	¥		22,199,552		22,199,552
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.18%	††¥		21,121,922		21,121,922
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.14%	††¥		41,500,000		41,500,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.15%	††¥		44,500,000		44,500,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.14%	††¥		38,500,000		38,500,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.13%	††¥		44,500,000		44,500,000

TOTAL MONEY MARKET FUNDS
(Cost $251,821,474)					251,821,474

TOTAL INVESTMENTS—123.3%
(Cost $1,141,903,814)					1,225,104,279
Other assets less liabilities—(23.3%)					(231,375,451	)

NET ASSETS—100.0%				$	993,728,828

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

215

SCHEDULE OF INVESTMENTS

December 31, 2012


Vantagepoint Discovery Fund		Shares		Value

COMMON STOCKS—47.9%
Aerospace & Defense—0.9%
Astronics Corp.	*	44,000	$	1,006,720
Astronics Corp., Class B	*	6,375		138,338
GeoEye, Inc.	*	27,600		848,148

				1,993,206

Automobiles—0.7%
Tesla Motors, Inc.	*†	41,500		1,405,605

Biotechnology—1.9%
Arena Pharmaceuticals, Inc.	*†	138,158		1,246,185
Incyte Corp. Ltd.	*†	65,400		1,086,294
Ironwood Pharmaceuticals, Inc.	*†	67,600		749,684
Rigel Pharmaceuticals, Inc.	*	148,000		962,000

				4,044,163

Capital Markets—1.0%
BGC Partners, Inc., Class A		341,000		1,179,860
Fifth Street Finance Corp.		99,300		1,034,706

				2,214,566

Chemicals—1.1%
ADA-ES, Inc.	*†	78,500		1,325,080
LSB Industries, Inc.	*	28,400		1,005,928

				2,331,008

Commercial Banks—0.5%
Hudson Valley Holding Corp.		74,089		1,153,566

Communications Equipment—3.8%
Acme Packet, Inc.	*†	56,000		1,238,720
Arris Group, Inc.	*	65,400		977,076
Emulex Corp.	*	173,900		1,269,470
Extreme Networks, Inc.	*	343,500		1,250,340
Mitel Networks Corp. (Canada)	*†	325,970		1,023,546
NETGEAR, Inc.	*	35,600		1,403,352
Parkervision, Inc.	*†	437,640		888,409

				8,050,913

Construction & Engineering—1.1%
EMCOR Group, Inc.		34,000		1,176,740
Michael Baker Corp.		43,800		1,091,934

				2,268,674

Consumer Finance—1.1%
DFC Global Corp.	*	70,300		1,301,253
Regional Management Corp.	*†	59,999		992,983

				2,294,236

Diversified Consumer Services—0.5%
Steiner Leisure Ltd. (Bahamas)	*	22,200		1,069,818

Diversified Financial Services—0.2%
Gain Capital Holdings, Inc.	†	124,600		509,614

Electric Utilities—1.3%
Portland General Electric Co.		35,700		976,752
UNS Energy Corp.		23,400		992,628
Westar Energy, Inc.		31,200		892,944

				2,862,324


		Shares		Value

Electronic Equipment, Instruments & Components—1.3%
Fabrinet (Cayman Islands)	*†	26,700	$	350,838
Park Electrochemical Corp.		51,600		1,327,668
TTM Technologies, Inc.	*	114,200		1,050,640

				2,729,146

Energy Equipment & Services—0.9%
C&J Energy Services, Inc.	*	3,500		75,040
C&J Energy Services, Inc.	*^‡	87,100		1,867,424

				1,942,464

Food Products—1.0%
Darling International, Inc.	*	69,700		1,117,988
Omega Protein Corp.	*	152,600		933,912

				2,051,900

Health Care Equipment & Supplies—2.0%
Globus Medical, Inc., Class A	*†	111,443		1,169,037
Greatbatch, Inc.	*	47,400		1,101,576
ICU Medical, Inc.	*†	17,800		1,084,554
Merit Medical Systems, Inc.	*	64,300		893,770

				4,248,937

Health Care Providers & Services—1.9%
Amsurg Corp.	*	29,200		876,292
Ensign Group, Inc. (The)		33,300		905,427
LHC Group, Inc.	*	60,200		1,282,260
MEDNAX, Inc.	*†	12,600		1,001,952

				4,065,931

Hotels, Restaurants & Leisure—1.1%
Del Frisco’s Restaurant Group, Inc.	*	78,500		1,223,815
Red Robin Gourmet Burgers, Inc.	*	1,200		42,348
Whistler Blackcomb Holdings, Inc. (Canada)	*‡	17,100		211,451
Whistler Blackcomb Holdings, Inc. (Canada)		66,100		817,362

				2,294,976

Industrial Conglomerates—0.5%
Carlisle Cos., Inc.		18,600		1,092,936

Internet Software & Services—0.4%
EarthLink, Inc.		132,600		856,596

Machinery—2.9%
Altra Holdings, Inc.		60,900		1,342,845
John Bean Technologies Corp.		62,700		1,114,179
Luxfer Holdings plc ADR (United Kingdom)	*	85,592		1,050,214
Titan International, Inc.	†	59,000		1,281,480
Wabash National Corp.	*	152,200		1,365,234

				6,153,952

Metals & Mining—1.8%
Allied Nevada Gold Corp.	*	32,600		982,238
New Gold, Inc. (Canada)	*	97,800		1,078,734
Romarco Minerals, Inc. (Canada)	*	1,016,150		786,604
Universal Stainless & Alloy Products, Inc.	*	24,600		904,542

				3,752,118

See accompanying notes to financial statements

216

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Discovery Fund		Shares		Value

COMMON STOCKS—(Continued)
Oil, Gas & Consumable Fuels—3.8%
Alberta Oilsands, Inc. (Canada)	*	1,498,600	$	75,329
Berry Petroleum Co., Class A		32,200		1,080,310
BPZ Resources, Inc.	*†	477,000		1,502,550
Diamondback Energy, Inc.	*†	60,600		1,158,672
Karoon Gas Australia Ltd. (Australia)	*	182,040		1,032,225
Midstates Petroleum Co., Inc.	*†	128,300		883,987
Porto Energy Corp.	*	1,578,400		79,340
Swift Energy Co.	*	68,700		1,057,293
Warren Resources, Inc.	*	402,100		1,129,901

				7,999,607

Pharmaceuticals—0.4%
Medicines Co. (The)	*	40,200		963,594

Real Estate Investment Trusts (REITs)—3.8%
Anworth Mortgage Asset Corp. REIT		135,800		784,924
Capstead Mortgage Corp. REIT		59,200		679,024
Gladstone Commercial Corp. REIT	†	52,400		940,580
Medical Properties Trust, Inc. REIT		96,900		1,158,924
MFA Financial, Inc. REIT		113,700		922,107
Pebblebrook Hotel Trust REIT		48,000		1,108,800
STAG Industrial, Inc. REIT		62,800		1,128,516
Summit Hotel Properties, Inc. REIT		134,900		1,281,550

				8,004,425

Real Estate Management & Development—0.6%
Brasil Brokers Participacoes SA (Brazil)		356,900		1,185,309

Road & Rail—0.3%
Quality Distribution, Inc.	*	124,500		747,000

Software—1.4%
Actuate Corp.	*	206,929		1,158,803
Comverse, Inc.	*	27,270		778,013
SeaChange International, Inc.	*	105,093		1,016,249

				2,953,065

Specialty Retail—3.5%
Cato Corp. (The), Class A		42,600		1,168,518
Destination Maternity Corp.		60,400		1,302,224
Express, Inc.	*	99,100		1,495,419
Finish Line, Inc. (The), Class A		68,000		1,287,240
rue21 inc	*†	45,100		1,280,389
Shoe Carnival, Inc.		44,250		906,683

				7,440,473

Textiles, Apparel & Luxury Goods—0.6%
Skechers U.S.A., Inc., Class A	*	65,100		1,204,350

Thrifts & Mortgage Finance—2.4%
EverBank Financial Corp.		90,900		1,355,319
Flushing Financial Corp.		76,917		1,179,907



				Shares		Value

Home Loan Servicing Solutions Ltd. (Cayman Islands)		†		64,000	$	1,209,600
WSFS Financial Corp.				31,200		1,318,200

						5,063,026

Trading Companies & Distributors—3.2%
Applied Industrial Technologies, Inc.				23,000		966,230
CAI International, Inc.		*		60,900		1,336,755
H&E Equipment Services, Inc.				66,845		1,007,354
SeaCube Container Leasing Ltd.				59,253		1,116,919
TAL International Group, Inc.		†		34,153		1,242,486
Textainer Group Holdings Ltd. (Bermuda)		†		39,500		1,242,670

						6,912,414

TOTAL COMMON STOCKS
(Cost $91,678,253)						101,859,912


CONVERTIBLE PREFERRED STOCKS—0.6%
Leisure Equipment & Products—0.6%
Callaway Golf Co., Perpetual, Series B 7.500%				12,500		1,235,938

Real Estate Management & Development—0.0%
Grubb & Ellis Co. 12.000%		*		5,800		1,731
Grubb & Ellis Co., Perpetual 12.000%		*^		5,200		1,551

						3,282

TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $2,252,172)						1,239,220



Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—25.6%
Aerospace & Defense—0.3%
United Technologies Corp.
0.811%	06/01/2015	#	$	545,000		550,698

Auto Components—0.1%
Johnson Controls, Inc.
0.723%	02/04/2014	#		290,000		290,951

Automobiles—0.2%
Daimler Finance North America LLC
1.300%	07/31/2015	^		490,000		493,156

Beverages—0.9%
Coca-Cola Enterprises, Inc.
1.125%	11/12/2013			530,000		532,487
PepsiCo, Inc.
0.700%	08/13/2015			1,000,000		1,001,923
SABMiller Holdings, Inc.
2.450%	01/15/2017	^		270,000		281,717

						1,816,127

See accompanying notes to financial statements

217

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Discovery Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Biotechnology—0.2%
Amgen, Inc.
1.875%		11/15/2014		$	330,000	$	337,636
Gilead Sciences, Inc.
2.400%		12/01/2014			140,000		144,440

							482,076

Capital Markets—1.0%
Astoria Financial Corp.
5.000%		06/19/2017			240,000		255,289
Bank of New York Mellon Corp. (The) MTN
1.200%		02/20/2015			100,000		101,125
E*TRADE Financial Corp.
6.000%		11/15/2017			190,000		195,225
Goldman Sachs Group, Inc. (The)
1.312%		02/07/2014	#		570,000		571,821
Morgan Stanley
1.293%		04/29/2013	#		610,000		611,432
TD Ameritrade Holding Corp.
4.150%		12/01/2014			410,000		437,160

							2,172,052

Chemicals—0.1%
Ecolab, Inc.
2.375%		12/08/2014			110,000		113,600

Commercial Banks—2.6%
Banco Bradesco SA (Brazil)
2.410%		05/16/2014	#^		300,000		302,310
Banco de Credito del Peru (Peru)
4.750%		03/16/2016	^		420,000		445,200
Bank of Ceylon (Sri Lanka)
6.875%		05/03/2017	^		200,000		216,500
BB&T Corp. MTN
1.600%		08/15/2017			150,000		151,967
BB&T Corp., Series A MTN
3.375%		09/25/2013			200,000		204,196
Capital One Financial Corp.
2.125%		07/15/2014			340,000		346,244
CIT Group, Inc.
4.750%		02/15/2015	^		270,000		282,150
HSBC USA, Inc.
2.375%		02/13/2015			240,000		246,998
ING Bank NV (Netherlands)
3.750%		03/07/2017	^		500,000		531,900
KeyCorp MTN
3.750%		08/13/2015			230,000		246,284
Oversea-Chinese Banking Corp. Ltd. (Singapore)
1.625%		03/13/2015	^		300,000		304,474
US Bancorp
4.200%		05/15/2014			500,000		525,121
US Bank NA, Bank Note
0.620%		10/14/2014	#		400,000		400,443
Wachovia Bank NA, Bank Note
4.800%		11/01/2014			545,000		585,237
Wells Fargo & Co. MTN
2.100%		05/08/2017			100,000		103,495
Westpac Banking Corp. (Australia)
1.070%		09/25/2015	#		540,000		543,787

							5,436,306



Coupon Rate	Maturity Date			Face		Value

Commercial Services & Supplies—0.2%
PHH Corp.
7.375%	09/01/2019	†	$	340,000	$	379,100

Communications Equipment—0.4%
Cisco Systems, Inc.
0.560%	03/14/2014	#		680,000		682,056
SBA Communications Corp.
5.625%	10/01/2019	^		150,000		158,062

						840,118

Computers & Peripherals—0.1%
Hewlett-Packard Co.
1.859%	09/19/2014	#		300,000		297,375

Consumer Finance—2.4%
Aircastle Ltd. (Bermuda)
6.250%	12/01/2019	^		115,000		120,463
Ally Financial, Inc.
4.625%	06/26/2015			480,000		500,681
American Express Credit Corp. MTN
1.750%	06/12/2015			100,000		102,155
American Express Credit Corp., Series D MTN
5.125%	08/25/2014			300,000		321,531
American Honda Finance Corp.
1.000%	08/11/2015	^		150,000		150,942
Banque PSA Finance SA (France)
2.205%	04/04/2014	#^		540,000		533,428
Caterpillar Financial Services Corp.
0.700%	11/06/2015			150,000		149,722
Caterpillar Financial Services Corp., Series G MTN
1.375%	05/20/2014			360,000		364,498
Ford Motor Credit Co. LLC
3.875%	01/15/2015			470,000		490,376
General Motors Financial Co., Inc.
4.750%	08/15/2017	^†		350,000		368,403
International Lease Finance Corp.
6.500%	09/01/2014	^		200,000		214,500
4.875%	04/01/2015			210,000		218,154
John Deere Capital Corp.
0.700%	09/04/2015			280,000		280,177
John Deere Capital Corp. MTN
1.600%	03/03/2014			270,000		273,621
PACCAR Financial Corp. MTN
1.550%	09/29/2014			210,000		213,533
1.050%	06/05/2015			90,000		90,829
RCI Banque SA (France)
2.217%	04/11/2014	#^		800,000		799,946

						5,192,959

Containers & Packaging—0.1%
Rock-Tenn Co.
4.450%	03/01/2019	^		160,000		172,854

Diversified Financial Services—2.9%
Bank of America Corp.
3.700%	09/01/2015			425,000		449,570
Bank of America Corp., Series 1
3.750%	07/12/2016			130,000		139,076
Citigroup, Inc.
6.000%	12/13/2013			175,000		183,419
4.450%	01/10/2017			225,000		249,486
2.250%	08/07/2015			500,000		512,386
Equifax, Inc.
4.450%	12/01/2014			80,000		84,388

See accompanying notes to financial statements

218

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Discovery Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
ERAC USA Finance LLC
2.250%		01/10/2014	^	$	400,000	$	404,177
General Electric Capital Corp.
5.900%		05/13/2014			260,000		278,738
2.150%		01/09/2015			240,000		246,634
1.625%		07/02/2015			400,000		406,887
General Electric Capital Corp. MTN
0.935%		04/07/2014	#		300,000		301,715
General Electric Capital Corp., Series A MTN
3.750%		11/14/2014			390,000		411,425
Harley-Davidson Financial Services, Inc.
1.150%		09/15/2015	^		160,000		160,527
JPMorgan Chase & Co.
4.750%		05/01/2013			350,000		355,081
1.100%		10/15/2015			250,000		250,163
JPMorgan Chase & Co. MTN
1.875%		03/20/2015			105,000		106,946
1.116%		01/24/2014	#		540,000		543,766
Lender Processing Services, Inc.
5.750%		04/15/2023			160,000		166,800
NASDAQ OMX Group, Inc. (The)
4.000%		01/15/2015			460,000		481,752
National Rural Utilities Cooperative Finance Corp.
1.125%		11/01/2013			215,000		216,299
1.000%		02/02/2015	†		200,000		201,585

							6,150,820

Diversified Telecommunication Services—1.1%
AT&T, Inc.
0.875%		02/13/2015			780,000		784,066
Telecom Italia Capital SA (Luxembourg)
5.250%		11/15/2013			105,000		108,150
Telefonica Emisiones SAU (Spain)
2.582%		04/26/2013			490,000		492,940
Verizon Communications, Inc.
0.920%		03/28/2014	#		300,000		301,868
0.700%		11/02/2015			210,000		210,200
Windstream Corp.
8.125%		08/01/2013			70,000		72,975
7.875%		11/01/2017			340,000		384,200

							2,354,399

Electric Utilities—0.7%
Cia de Eletricidade do Estado da Bahia (Brazil)
11.750%		04/27/2016	^ BRL		450,000		236,538
GDF Suez (France)
1.625%		10/10/2017	^		120,000		120,109
Georgia Power Co.
1.300%		09/15/2013			460,000		462,816
0.750%		08/10/2015			500,000		501,727
NextEra Energy Capital Holdings, Inc.
1.611%		06/01/2014			180,000		182,003
1.200%		06/01/2015			80,000		80,617

							1,583,810

Electronic Equipment, Instruments & Components—0.3%
Tech Data Corp.
3.750%		09/21/2017	†		540,000		554,532



Coupon Rate	Maturity Date			Face		Value

Food & Staples Retailing—0.5%
Kroger Co. (The)
2.200%	01/15/2017		$	500,000	$	517,206
Safeway, Inc.
3.400%	12/01/2016			200,000		206,732
Walgreen Co.
1.000%	03/13/2015			210,000		210,290
0.810%	03/13/2014	#		120,000		120,200

						1,054,428

Food Products—0.8%
ConAgra Foods, Inc.
1.350%	09/10/2015			70,000		70,044
General Mills, Inc.
5.250%	08/15/2013			750,000		771,970
Kellogg Co.
1.125%	05/15/2015			350,000		353,600
Kraft Foods Group, Inc.
1.625%	06/04/2015	^		150,000		152,756
Mondelez International, Inc.
5.250%	10/01/2013			140,000		144,478
2.625%	05/08/2013			140,000		140,900

						1,633,748

Gas Utilities—0.2%
Sabine Pass LNG LP
7.500%	11/30/2016			370,000		409,775

Health Care Equipment & Supplies—0.3%
DENTSPLY International, Inc.
1.810%	08/15/2013	#		280,000		281,588
Stryker Corp.
3.000%	01/15/2015			300,000		313,744

						595,332

Health Care Providers & Services—0.7%
Express Scripts Holding Co.
2.750%	11/21/2014	^		500,000		516,035
HCA, Inc.
6.750%	07/15/2013			80,000		82,400
Quest Diagnostics, Inc.
1.160%	03/24/2014	#		160,000		161,024
UnitedHealth Group, Inc.
1.400%	10/15/2017			100,000		100,272
WellPoint, Inc.
2.375%	02/15/2017			465,000		481,917
1.250%	09/10/2015			190,000		191,629

						1,533,277

Hotels, Restaurants & Leisure—0.1%
McDonald’s Corp. MTN
0.750%	05/29/2015			190,000		191,475

Household Durables—0.1%
Lennar Corp.
4.750%	12/15/2017	^		250,000		260,000

Industrial Conglomerates—0.2%
Danaher Corp.
0.560%	06/21/2013	#		500,000		500,530

Insurance—1.0%
Allstate Corp. (The)
6.200%	05/16/2014			300,000		322,291
American International Group, Inc.
2.375%	08/24/2015			150,000		154,465

See accompanying notes to financial statements

219

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Discovery Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
MetLife, Inc.
2.375%		02/06/2014		$	190,000	$	193,609
Metropolitan Life Global Funding I
1.100%		01/10/2014	#^		700,000		703,662
New York Life Global Funding
0.565%		04/04/2014	#^		500,000		502,032
Principal Life Global Funding II
1.000%		12/11/2015	^		230,000		229,827

							2,105,886

Internet & Catalog Retail—0.3%
Amazon.com, Inc.
0.650%		11/27/2015	†		400,000		400,046
eBay, Inc.
0.700%		07/15/2015			220,000		220,962

							621,008

Internet Software & Services—0.1%
Baidu, Inc. (Cayman Islands)
2.250%		11/28/2017			200,000		201,740

IT Services—0.3%
Computer Sciences Corp.
2.500%		09/15/2015	†		100,000		102,032
International Business Machines Corp.
0.550%		02/06/2015			610,000		610,431

							712,463

Life Sciences Tools & Services—0.2%
Howard Hughes Medical Institute
3.450%		09/01/2014			400,000		420,341

Machinery—0.2%
Case New Holland, Inc.
7.750%		09/01/2013			200,000		209,000
Eaton Corp.
0.950%		11/02/2015	^		190,000		190,711
Tyco Electronics Group SA (Luxembourg)
1.600%		02/03/2015			100,000		101,533

							501,244

Media—0.3%
CC Holdings GS V LLC
2.381%		12/15/2017	^		130,000		130,787
DISH DBS Corp.
4.625%		07/15/2017			245,000		256,637
Viacom, Inc.
4.375%		09/15/2014			200,000		211,991

							599,415

Metals & Mining—0.7%
ArcelorMittal (Luxembourg)
4.250%		08/05/2015	†		350,000		353,741
FMG Resources August 2006 Pty Ltd. (Australia)
6.000%		04/01/2017	^		280,000		287,000
Freeport-McMoRan Copper & Gold, Inc.
1.400%		02/13/2015			100,000		99,842
Xstrata Finance Canada Ltd. (Canada)
2.450%		10/25/2017	^		800,000		808,669

							1,549,252



Coupon Rate	Maturity Date			Face		Value

Multiline Retail—0.5%
Dollar General Corp.
4.125%	07/15/2017		$	360,000	$	379,800
Target Corp.
0.495%	07/18/2014	#		700,000		702,361

						1,082,161

Multi-Utilities—0.2%
DTE Energy Co.
1.011%	06/03/2013	#		370,000		370,740

Oil, Gas & Consumable Fuels—1.0%
Chesapeake Energy Corp.
7.625%	07/15/2013			165,000		170,775
ConocoPhillips
4.750%	02/01/2014			53,000		55,414
CONSOL Energy, Inc.
8.000%	04/01/2017			100,000		108,750
Enterprise Products Operating LLC
1.250%	08/13/2015			100,000		100,679
Forest Oil Corp.
8.500%	02/15/2014	†		100,000		106,500
Marathon Oil Corp.
0.900%	11/01/2015			220,000		220,331
Murphy Oil Corp.
2.500%	12/01/2017			250,000		251,831
Phillips 66
1.950%	03/05/2015	^		230,000		234,802
Rockies Express Pipeline LLC
3.900%	04/15/2015	^		290,000		290,000
Tesoro Corp.
4.250%	10/01/2017	†		260,000		270,400
WPX Energy, Inc.
5.250%	01/15/2017	†		355,000		378,075

						2,187,557

Paper & Forest Products—0.1%
Masco Corp.
4.800%	06/15/2015			165,000		172,935

Personal Products—0.2%
Revlon Consumer Products Corp.
9.750%	11/15/2015			380,000		401,850

Pharmaceuticals—0.8%
AbbVie, Inc.
1.750%	11/06/2017	^		520,000		526,265
1.200%	11/06/2015	^		520,000		523,839
Takeda Pharmaceutical Co. Ltd. (Japan)
1.031%	03/17/2015	^		250,000		251,127
Valeant Pharmaceuticals International
6.500%	07/15/2016	^†		400,000		422,500

						1,723,731

Real Estate Investment Trusts (REITs)—1.0%
HCP, Inc.
2.700%	02/01/2014			570,000		580,384
Health Care REIT, Inc.
6.000%	11/15/2013			370,000		386,163
Simon Property Group LP
4.200%	02/01/2015			90,000		95,488
Ventas Realty LP/Ventas Capital Corp.
2.000%	02/15/2018			520,000		520,957

See accompanying notes to financial statements

220

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Discovery Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Vornado Realty LP
4.250%		04/01/2015		$	470,000	$	497,063

							2,080,055

Road & Rail—0.4%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
4.875%		11/15/2017	^†		270,000		275,400
Penske Truck Leasing Co. Lp/PTL Finance Corp.
3.125%		05/11/2015	^		300,000		306,275
2.500%		03/15/2016	^		230,000		230,796

							812,471

Semiconductors & Semiconductor Equipment—0.7%
Intel Corp.
1.350%		12/15/2017			1,040,000		1,040,940
Texas Instruments, Inc.
0.450%		08/03/2015			420,000		418,136

							1,459,076

Software—0.7%
Autodesk, Inc.
1.950%		12/15/2017			150,000		149,430
Microsoft Corp.
2.950%		06/01/2014			500,000		518,600
Oracle Corp.
3.750%		07/08/2014			480,000		504,126
1.200%		10/15/2017			240,000		240,991

							1,413,147

Textiles, Apparel & Luxury Goods—0.1%
VF Corp.
1.062%		08/23/2013	#		300,000		301,497

Tobacco—0.1%
BAT International Finance plc (United Kingdom)
1.400%		06/05/2015	^		180,000		182,690
Reynolds American, Inc.
1.050%		10/30/2015			100,000		100,038

							282,728

Trading Companies & Distributors—0.1%
AmeriGas Partners LP/AmeriGas Finance Corp.
6.250%		08/20/2019			260,000		279,500

Wireless Telecommunication Services—0.1%
America Movil SAB de CV (Mexico)
3.625%		03/30/2015			130,000		138,490

TOTAL CORPORATE OBLIGATIONS
(Cost $53,386,304)							54,476,785


MORTGAGE-BACKED SECURITIES—4.1%
Commercial Mortgage-Backed Securities—0.2%
National Credit Union Administration Guaranteed Notes, Series 2010-C1, Class A1
1.600%		10/29/2020			368,660		375,308

Non-Agency Mortgage-Backed Securities—1.3%
Harborview Mortgage Loan Trust, Series 2005-14, Class 3A1A
3.025%		12/19/2035	#		703,712		581,749
Sequoia Mortgage Trust, Series 2012-2, Class A2
3.500%		04/25/2042	#		772,851		789,006



Coupon Rate	Maturity Date			Face		Value

Springleaf Mortgage Loan Trust, Series 2012-3A, Class A
1.570%	12/25/2059	#^	$	384,493	$	386,656
Thornburg Mortgage Securities Trust, Series 2004-1, Class II2A
1.909%	03/25/2044	#		937,754		924,568
WaMu Mortgage Pass Through Certificates, Series 2006-AR12, Class 1A1
2.773%	10/25/2036	#		101,064		80,836

						2,762,815

U.S. Government Agency Mortgage-Backed Securities—2.6%
Federal National Mortgage Association
3.000%	10/01/2042			1,488,423		1,561,636
2.500%	11/01/2027			2,378,316		2,489,551
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 1A
0.663%	10/07/2020	#		572,827		574,976
National Credit Union Administration Guaranteed Notes, Series 2011-R6, Class 1A
0.593%	05/07/2020	#		1,009,332		1,011,067

						5,637,230

TOTAL MORTGAGE-BACKED SECURITIES
(Cost $8,867,978)						8,775,353


CONVERTIBLE DEBT OBLIGATIONS—0.0%
Real Estate Management & Development—0.0%
Grubb & Ellis Co.
7.950%	05/01/2015	^D
(Cost $281,186)				299,000		1,196


U.S. TREASURY OBLIGATIONS—11.4%
U.S. Treasury Notes—11.4%
U.S. Treasury Note
0.375%	11/15/2014	‡‡		6,590,000		6,606,475
0.250%	06/30/2014-
	05/15/2015			17,639,000		17,635,723

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $24,183,455)						24,242,198


GOVERNMENT RELATED OBLIGATIONS—4.1%
U.S. Government Agencies—2.8%
Federal Home Loan Mortgage Corp.
1.000%	07/30/2014	‡‡		2,000,000		2,024,788
Federal National Mortgage Association
1.125%	06/27/2014	‡‡		2,000,000		2,027,344
0.500%	09/28/2015			1,140,000		1,144,374
National Credit Union Administration Guaranteed Notes, Series A1
0.232%	06/12/2013	#		570,000		569,971
National Credit Union Administration Guaranteed Notes, Series A2
1.400%	06/12/2015			180,000		184,135

						5,950,612

Non-U.S. Government Agencies—0.4%
IPIC Ltd. MTN (Cayman Islands)
3.125%	11/15/2015	^		250,000		260,375
Korea National Oil Corp. (Korea, Republic of)
2.875%	11/09/2015	^		500,000		523,104

See accompanying notes to financial statements

221

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Discovery Fund

Coupon Rate	Maturity Date			Face		Value

GOVERNMENT RELATED OBLIGATIONS—(Continued)
Petrobras International Finance Co. (Cayman Islands)
2.875%		02/06/2015		$	160,000	$	164,575

							948,054

Sovereign Debt—0.1%
Panama Government International Bond (Panama)
7.250%		03/15/2015			150,000		168,600

U.S. Municipal Bonds—0.8%
Citizens Property Insurance Corp. Revenue Bonds, Series 2007-A (Florida)
5.000%		03/01/2013			150,000		151,111
Missouri Higher Education Loan Authority (Missouri)
1.040%		01/26/2026			692,788		702,417
State of Louisiana General Obligation Bonds, Series 2011-B (Louisiana)
0.949%		07/15/2014	#		640,000		641,933
University of California Revenue Bonds (California)
1.988%		05/15/2050	#		180,000		180,922

							1,676,383

TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $8,631,743)							8,743,649


ASSET-BACKED SECURITIES—2.4%
Automobiles—0.5%
Enterprise Fleet Financing LLC Series 2012-1, Class A2
1.140%		11/20/2017	^		1,000,000		1,005,538

Credit Card—0.8%
Discover Card Master Trust Series 2012-A1, Class A1
0.810%		08/15/2017			600,000		604,687
GE Capital Credit Card Master Note Trust Series 2012-1, Class A
1.030%		01/15/2018			750,000		757,949
Gracechurch Card Funding plc (United Kingdom) Series 2012-1A, Class A1
0.909%		02/15/2017	#^		350,000		352,242

							1,714,878

Other—0.7%
CenterPoint Energy Transition Bond Co. LLC Series 2012-1, Class A1
0.901%		04/15/2018			852,131		859,327
MMAF Equipment Finance LLC Series 2011-AA, Class A3
1.270%		09/15/2015	^		580,000		582,625

							1,441,952

Student Loan—0.4%
National Credit Union Administration Guaranteed Notes Series 2010-A1, Class A
0.563%		12/07/2020	#		977,824		980,757

TOTAL ASSET-BACKED SECURITIES
(Cost $5,109,659)							5,143,125



		Shares		Value

WARRANTS—0.0%
Food Products—0.0%
Kulim Malaysia Berhad (Malaysia), Expires 02/27/2016, Strike MYR 3.85	*
(Cost $—)		60,350	$	19,045


MONEY MARKET FUNDS—12.0%
Institutional Money Market Funds—12.0%
Dreyfus Institutional Cash Advantage Fund, 0.11%	††¥	3,000,000		3,000,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.18%	¥	7,625,463		7,625,463
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.18%	††¥	2,996,376		2,996,376
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.14%	††¥	3,000,000		3,000,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.15%	††¥	3,000,000		3,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.14%	††¥	3,000,000		3,000,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.13%	††¥	3,000,000		3,000,000

TOTAL MONEY MARKET FUNDS
(Cost $25,621,839)				25,621,839

TOTAL INVESTMENTS—108.1%
(Cost $220,012,589)				230,122,322
Other assets less liabilities—(8.1%)				(17,249,527	)

NET ASSETS—100.0%			$	212,872,795

Notes to the Schedule of Investments:


ADR		American Depositary Receipt
BRL		Brazilian Real
MTN		Medium Term Note
MYR		Malaysian Ringgit
REIT		Real Estate Investment Trust
#		Rate is subject to change. Rate shown reflects current rate.
*		Non-income producing.

See accompanying notes to financial statements

222

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


^		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 $18,303,240, which represents 8.6% of Net Assets. The illiquid 144A securities represented 0.9% of Net Assets, and 10.2% of total 144A securities held.
†		Denotes all or a portion of the security on loan.
††		Represents reinvestment of collateral received in conjunction with securities lending.
‡		Security valued at fair value as determined by policies approved by the Board of Directors.
‡‡		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.
D		Security in default.

See accompanying notes to financial statements

223

SCHEDULE OF INVESTMENTS

December 31, 2012


Vantagepoint International Fund		Shares		Value
COMMON STOCKS—98.5%
Argentina—0.1%
Arcos Dorados Holdings, Inc., Class A	†		87,455	$	1,045,962

Australia—4.5%
AMP Ltd.			1,123,349		5,698,046
Beach Energy Ltd.	†		1,909,900		2,997,096
Breville Group Ltd.	†		352,700		2,449,872
Caltex Australia Ltd.			148,800		3,001,245
Coca-Cola Amatil Ltd.			376,382		5,289,423
Cochlear Ltd.			29,000		2,404,088
CSL Ltd.			143,600		8,107,271
FlexiGroup Ltd.			516,200		1,999,938
Insurance Australia Group Ltd.			640,200		3,153,206
Nufarm Ltd.			378,600		2,308,899
QBE Insurance Group Ltd.	†		645,974		7,401,518
Sigma Pharmaceuticals Ltd.			3,921,200		3,026,313
Sirtex Medical Ltd.			172,300		2,359,367
Westfield Group REIT			53,334		589,013
Woodside Petroleum Ltd.			101,701		3,624,119
Woolworths Ltd.			153,800		4,718,330

					59,127,744

Austria—0.3%
AMS AG			30,700		3,306,223

Belgium—1.7%
Ageas			95,100		2,809,942
Anheuser-Busch InBev NV			116,353		10,132,549
Colruyt SA			106,800		5,295,692
Telenet Group Holding NV			7,671		362,661
ThromboGenics NV	*		42,900		2,387,791
UCB SA			25,194		1,443,323

					22,431,958

Brazil—1.4%
CCR SA			212,700		2,020,520
Cia de Bebidas das Americas ADR			45,400		1,906,346
CPFL Energia SA ADR			92,900		1,947,184
EcoRodovias Infraestrutura e Logistica SA			166,000		1,402,589
Itau Unibanco Holding SA ADR			35,000		576,100
Itausa—Investimentos Itau SA			426,316		2,017,583
Petroleo Brasileiro SA			173,500		1,654,076
Petroleo Brasileiro SA ADR			186,400		3,597,520
Vale SA ADR			23,100		484,176
Vale SA Preferred ADR			125,300		2,543,590

					18,149,684

Canada—5.2%
Agrium, Inc.			26,600		2,651,175
Alimentation Couche Tard, Inc., Class B			55,800		2,744,842
Allied Properties Real Estate Investment Trust REIT			83,800		2,780,135
Bank of Nova Scotia			56,400		3,258,011
BCE, Inc.			141,700		6,072,857
Boardwalk Real Estate Investment Trust REIT			32,300		2,095,425



		Shares		Value
Canadian Pacific Railway Ltd.			99,409	$	10,101,943
CGI Group, Inc., Class A	*		93,500		2,156,319
Enbridge, Inc.			55,500		2,400,332
Gibson Energy, Inc.			121,100		2,927,973
Home Capital Group, Inc.			51,800		3,076,130
Husky Energy, Inc.			82,400		2,435,468
Metro, Inc.			33,800		2,151,959
National Bank of Canada			31,200		2,422,728
Nevsun Resources Ltd.			684,700		2,925,480
Rogers Communications, Inc., Class B			52,700		2,392,613
Royal Bank of Canada			36,700		2,209,305
Suncor Energy, Inc.			219,600		7,221,389
Superior Plus Corp.			251,900		2,593,200
Trinidad Drilling Ltd.			226,800		1,568,698
Yamana Gold, Inc.			118,100		2,031,458

					68,217,440

Chile—0.2%
Enersis SA ADR			131,400		2,394,108

China—1.8%
Baidu, Inc. ADR	*†		70,569		7,077,365
China Construction Bank Corp., H Shares			4,988,600		4,076,744
China Shenhua Energy Co. Ltd., H Shares			1,088,866		4,877,378
Hengan International Group Co. Ltd.			164,000		1,497,778
SunVic Chemical Holdings Ltd.	*		7,793,200		2,828,742
Tencent Holdings Ltd.			87,500		2,869,712
Want Want China Holdings Ltd.			512,000		717,520

					23,945,239

Denmark—1.4%
Chr Hansen Holding A/S			71,000		2,312,245
Coloplast A/S, Class B			66,500		3,261,171
Novo Nordisk A/S, Class B			46,400		7,555,621
Topdanmark A/S	*		14,250		3,061,708
Tryg A/S			36,100		2,732,229

					18,922,974

Finland—0.8%
Huhtamaki Oyj			155,900		2,529,265
Kone Oyj, Class B			36,000		2,662,549
Orion Oyj, Class B			98,500		2,900,125
Pohjola Bank plc, Class A			164,800		2,467,650

					10,559,589

France—8.9%
Air Liquide SA			13,024		1,645,422
BNP Paribas SA			41,900		2,385,368
Carrefour SA			406,517		10,466,725
Cie de Saint-Gobain			269,002		11,551,978
Cie Generale des Etablissements Michelin (Registered)			34,500		3,305,752
Cie Generale d’Optique Essilor International SA			51,000		5,143,719
Danone SA			66,000		4,361,888
European Aeronautic Defence and Space Co. NV			54,300		2,140,572

See accompanying notes to financial statements

224

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint International Fund		Shares		Value
COMMON STOCKS—(Continued)
France Telecom SA			797,972	$	8,852,550
Hermes International			7,800		2,331,974
L’Oreal SA			37,000		5,148,270
LVMH Moet Hennessy Louis Vuitton SA			7,492		1,382,702
Pernod-Ricard SA			40,301		4,675,759
Sanofi			208,615		19,782,928
Schneider Electric SA			53,434		3,913,545
Societe Generale SA	*		106,157		4,036,348
Technip SA			28,792		3,329,389
Total SA			273,128		14,211,638
Unibail-Rodamco SE (Paris Exchange) REIT			20,263		4,913,837
Zodiac Aerospace			23,438		2,594,852

					116,175,216

Germany—6.4%
Adidas AG			55,600		4,962,254
Allianz SE (Registered)			13,094		1,825,263
BASF SE			35,400		3,347,420
Bayer AG			69,476		6,625,354
Beiersdorf AG	†		47,807		3,914,468
Brenntag AG			27,354		3,603,761
Deutsche Post AG (Registered)			191,026		4,207,443
Deutsche Telekom AG (Registered)			758,770		8,637,005
Duerr AG			61,900		5,546,740
Kabel Deutschland Holding AG			34,206		2,574,534
Linde AG			55,595		9,726,249
Muenchener Rueckversicherungs AG (Registered)			39,184		7,073,795
RWE AG			254,714		10,564,888
SAP AG			58,900		4,736,304
Suedzucker AG			58,600		2,405,358
Volkswagen AG			19,000		4,121,806

					83,872,642

Hong Kong—5.6%
AIA Group Ltd.			2,596,800		10,299,780
Beijing Enterprises Holdings Ltd.	†		260,500		1,708,692
Belle International Holdings Ltd.			1,386,837		3,067,094
BOC Hong Kong Holdings Ltd.			109,750		345,250
China Mobile Ltd.			1,001,134		11,781,046
China Resources Land Ltd.	†		1,072,000		2,970,187
China Resources Power Holdings Co. Ltd.			816,000		2,102,374
CLP Holdings Ltd.			480,000		4,032,881
CNOOC Ltd.			2,511,000		5,531,766
Galaxy Entertainment Group Ltd.	*†		1,009,000		4,045,870
Hang Seng Bank Ltd.			129,394		1,997,449
Henderson Land Development Co. Ltd.			324,000		2,319,584
Hong Kong & China Gas Co. Ltd.			1,961,630		5,389,598
Hongkong Land Holdings Ltd.			244,970		1,730,190



		Shares		Value
Jardine Matheson Holdings Ltd.			49,600	$	3,094,882
Link (The) REIT			596,000		2,984,832
Sino Land Co. Ltd.			1,067,838		1,955,366
Sun Hung Kai Properties Ltd.			498,954		7,566,757

					72,923,598

India—0.8%
Axis Bank Ltd. GDR			106,248		2,642,532
ICICI Bank Ltd. ADR			50,600		2,206,666
Infosys Ltd. ADR			16,100		681,030
Larsen & Toubro Ltd. GDR			82,589		2,477,580
Tata Motors Ltd. ADR			93,900		2,696,808

					10,704,616

Indonesia—0.5%
Astra International Tbk PT			2,109,000		1,670,640
Bank Rakyat Indonesia Persero Tbk PT			4,023,000		2,917,697
Perusahaan Gas Negara Persero Tbk PT			4,065,500		1,946,736

					6,535,073

Ireland—0.9%
Covidien plc			92,013		5,312,831
CRH plc (Dublin Exchange)			60,780		1,236,028
Shire plc			78,359		2,410,411
United Drug plc			560,800		2,538,044

					11,497,314

Israel—0.9%
Delek Group Ltd.			5,843		1,374,947
Mizrahi Tefahot Bank Ltd.	*		305,217		3,165,328
Teva Pharmaceutical Industries Ltd. ADR			188,700		7,046,058

					11,586,333

Italy—1.9%
Eni SpA			537,868		13,176,425
Fiat Industrial SpA			200,441		2,195,945
Intesa Sanpaolo SpA			2,746,836		4,750,135
Prada SpA	†		291,000		2,827,582
Saipem SpA			47,744		1,859,771

					24,809,858

Japan—17.8%
Aeon Mall Co. Ltd.			148,400		3,650,798
Aiful Corp.	*†		533,000		3,646,573
Aisin Seiki Co. Ltd.			72,100		2,251,476
Bridgestone Corp.			51,210		1,333,076
Canon, Inc.	†		445,500		17,267,472
Central Japan Railway Co.			29,900		2,426,669
Chugai Pharmaceutical Co. Ltd.			167,200		3,203,568
Daikin Industries Ltd.			98,000		3,366,215
Daito Trust Construction Co. Ltd.			50,200		4,744,407
Denso Corp.			146,500		5,101,748
East Japan Railway Co.			34,000		2,198,581
FANUC Corp.			32,500		6,046,612
Geo Holdings Corp.			1,300		1,360,036
Honda Motor Co. Ltd.			390,600		14,465,729
INPEX Corp.			590		3,155,532

See accompanying notes to financial statements

225

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint International Fund		Shares		Value
COMMON STOCKS—(Continued)
Japan Tobacco, Inc.			417,500	$	11,794,114
JX Holdings, Inc.			270,000		1,524,358
Kao Corp.			353,300		9,206,132
KDDI Corp.			30,900		2,184,547
Keyence Corp.			16,192		4,490,441
Komatsu Ltd.			188,300		4,831,853
Kuroda Electric Co. Ltd.			211,000		2,495,608
Mars Engineering Corp.			88,000		1,762,671
Mitsubishi Estate Co. Ltd.			123,000		2,944,706
Mizuho Financial Group, Inc.			1,567,000		2,873,072
Net One Systems Co. Ltd.			240,000		2,369,839
NGK Insulators Ltd.			241,000		2,858,907
NHK Spring Co. Ltd.			216,000		1,779,842
Nihon M&A Center, Inc.	*		69,000		2,302,516
Nippon Paint Co. Ltd.			282,000		2,425,603
Nippon Telegraph & Telephone Corp.			131,427		5,533,467
Nissan Motor Co. Ltd.			226,400		2,148,282
NTT DOCOMO, Inc.			1,750		2,522,660
ORIX Corp.			25,900		2,925,626
Ricoh Co. Ltd.	†		291,000		3,088,803
SBI Holdings, Inc.			312,000		2,789,063
Senshu Ikeda Holdings, Inc.			272,600		1,559,415
Seven & I Holdings Co. Ltd.			368,800		10,396,756
Shimamura Co. Ltd.			27,000		2,623,746
Shin-Etsu Chemical Co. Ltd.			81,900		4,998,362
Softbank Corp.			59,000		2,161,833
Sumitomo Corp.			233,700		2,998,325
Tachi-S Co. Ltd.	†		133,000		2,280,823
Takeda Pharmaceutical Co. Ltd.			253,000		11,307,836
Tokai Rika Co. Ltd.			157,000		2,185,740
Tokio Marine Holdings, Inc.			526,800		14,676,264
Tokyo Electron Ltd.			113,300		5,225,539
Tokyo Gas Co. Ltd.			480,000		2,193,147
Toyoda Gosei Co. Ltd.			149,000		3,028,693
Toyota Motor Corp.			325,500		15,199,596
Warabeya Nichiyo Co. Ltd.			107,200		1,986,734

					231,893,411

Kazakhstan—0.1%
KazMunaiGas Exploration Production JSC GDR			82,959		1,492,919

Korea, Republic of—2.5%
Dongbu Insurance Co. Ltd.			45,900		1,982,980
Hyundai Marine & Fire Insurance Co. Ltd.			78,200		2,441,047
Hyundai Mobis	*		13,091		3,551,706
Hyundai Motor Co.			12,100		2,494,345
KB Financial Group, Inc.	*		55,509		1,982,719
Korea Electric Power Corp.	*		114,800		3,259,764
LG Display Co. Ltd.	*		126,200		3,722,316
Samsung Electronics Co. Ltd.			5,323		7,648,085
Samsung Life Insurance Co. Ltd.			26,800		2,363,703
SK Holdings Co. Ltd.	*		15,000		2,536,784

					31,983,449



		Shares		Value
Macau—0.5%
Sands China Ltd.			960,569	$	4,294,382
Wynn Macau Ltd.	*		681,848		1,877,591

					6,171,973

Malaysia—0.0%
Astro Malaysia Holdings Bhd			377,500		370,340

Mexico—0.6%
America Movil SAB de CV, Series L ADR			78,300		1,811,862
Grupo Financiero Santander Mexico SAB de CV, Class B ADR	*		191,800		3,103,324
Grupo Financiero Santander Mexico SAB de CV, Class B ADR	*		18,100		292,858
Grupo Mexico SAB de CV, Series B			834,696		3,011,061

					8,219,105

Netherlands—3.8%
Akzo Nobel NV			11,649		771,125
CSM NV			104,200		2,242,669
Gemalto NV			23,700		2,139,275
Koninklijke Ahold NV			953,929		12,791,235
Koninklijke Philips Electronics NV			96,800		2,563,282
Koninklijke Vopak NV			29,664		2,096,877
Reed Elsevier NV			556,159		8,246,550
Royal Dutch Shell plc, Class A	†		306,782		10,559,497
Unilever NV CVA			207,624		7,944,440
Ziggo NV			26,027		852,658

					50,207,608

Norway—0.4%
DnB ASA			181,900		2,324,984
TGS Nopec Geophysical Co. ASA			73,800		2,437,297

					4,762,281

Peru—0.3%
Credicorp Ltd.			25,656		3,760,143

Philippines—0.2%
Philippine Long Distance Telephone Co. ADR			41,400		2,538,234

Russia—0.4%
Gazprom OAO ADR			222,335		2,150,972
Lukoil OAO ADR			24,700		1,667,250
Sberbank of Russia ADR			72,371		908,980

					4,727,202

Singapore—1.8%
City Developments Ltd.			82,049		877,513
DBS Group Holdings Ltd.			419,448		5,149,361
Global Logistic Properties Ltd.			1,026,900		2,374,926
Oversea-Chinese Banking Corp. Ltd.			291,300		2,347,291
SembCorp Marine Ltd.			300		1,146
Singapore Telecommunications Ltd.			1,870,000		5,088,326

See accompanying notes to financial statements

226

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint International Fund		Shares		Value
COMMON STOCKS—(Continued)
United Overseas Bank Ltd.			504,236	$	8,271,509

					24,110,072

South Africa—0.1%
Tiger Brands Ltd.			43,592		1,680,968

Spain—2.7%
Gas Natural SDG SA			126,500		2,280,458
Grifols SA	*‡		2,128		74,412
Grifols SA	*		123,661		4,324,191
Iberdrola SA	†		2,009,191		11,220,733
Inditex SA			64,100		9,006,451
Telefonica SA			642,775		8,702,562

					35,608,807

Sweden—0.8%
Hennes & Mauritz AB, Class B			130,300		4,515,813
Lundbergforetagen AB, B Shares			80,494		2,856,638
Wihlborgs Fastigheter AB			158,800		2,485,397

					9,857,848

Switzerland—7.0%
ABB Ltd.	*		564,964		11,715,959
Actelion Ltd. (Registered)	*		7,329		350,699
Compagnie Financiere Richemont SA (A Bearer Shares)			42,300		3,320,362
Givaudan SA (Registered)	*		612		646,755
Logitech International SA (Registered)	*†		226,700		1,740,376
Nestle SA			203,124		13,252,515
Novartis AG (Registered)			336,309		21,245,745
OC Oerlikon Corp. AG (Registered)	*		241,900		2,754,842
Roche Holding AG (Genusschein)			25,644		5,184,734
SGS SA (Registered)			2,100		4,664,232
Swatch Group AG (The) (Bearer)			3,493		1,771,315
Swiss Life Holding AG (Registered)	*		20,600		2,749,611
Swiss Re AG	*		45,800		3,320,446
Syngenta AG (Registered)			18,500		7,473,747
UBS AG (Registered)	*		139,894		2,189,185
Zurich Insurance Group AG (Registered)	*		31,525		8,447,377

					90,827,900

Taiwan—0.7%
Taiwan Semiconductor Manufacturing Co. Ltd.			961,000		3,214,363
Taiwan Semiconductor Manufacturing Co. Ltd. ADR			320,300		5,496,348

					8,710,711

Thailand—0.3%
Kasikornbank PCL NVDR			237,100		1,508,789
PTT PCL	‡		241,100		2,635,784

					4,144,573



		Shares		Value
Turkey—0.5%
Tupras Turkiye Petrol Rafinerileri AS			106,227	$	3,084,346
Turk Telekomunikasyon AS			532,885		2,071,836
Turkiye Garanti Bankasi AS			311,938		1,628,138

					6,784,320

United Kingdom—14.0%
AstraZeneca plc (London Exchange)			126,599		5,999,492
BAE Systems plc			426,200		2,368,900
Barclays plc			843,300		3,663,279
BG Group plc			214,000		3,569,479
BP plc			2,181,369		15,166,871
British Land Co. plc REIT			91,804		848,143
BT Group plc			571,780		2,181,457
Centrica plc			849,000		4,633,585
Debenhams plc			3,447,363		6,436,187
Diageo plc			43,862		1,277,552
Drax Group plc			169,500		1,517,450
easyJet plc			257,300		3,236,261
EnQuest plc	*		1,204,500		2,375,524
GlaxoSmithKline plc			525,032		11,431,158
HSBC Holdings plc (London Exchange)			1,706,903		18,087,664
Imperial Tobacco Group plc			188,089		7,292,507
InterContinental Hotels Group plc			34,347		963,103
Johnson Matthey plc			47,547		1,867,795
Land Securities Group plc REIT			196,956		2,627,594
Meggitt plc			201,351		1,260,810
National Grid plc			616,287		7,068,453
Pace plc			886,500		2,705,652
Provident Financial plc			95,300		2,124,697
Prudential plc			74,739		1,066,327
Reckitt Benckiser Group plc			87,881		5,578,650
Rolls-Royce Holdings plc	*		77,838		1,116,461
SABMiller plc			109,381		5,076,495
SABMiller plc			50,080		2,307,897
Smith & Nephew plc			394,900		4,365,184
Standard Chartered plc (London Exchange)			176,631		4,571,166
Standard Life plc			511,900		2,798,278
TalkTalk Telecom Group plc			658,900		2,517,006
Tesco plc			2,823,706		15,554,605
Unilever plc			295,608		11,490,554
Vodafone Group plc			3,367,260		8,476,288
William Hill plc			434,000		2,472,858
Wm Morrison Supermarkets plc			850,000		3,649,611
WPP plc			208,896		3,051,800

					182,796,793

United States—0.7%
Liberty Global, Inc., Series A	*		23,066		1,452,928
Schlumberger Ltd.			55,090		3,817,186
Virgin Media, Inc.	†		23,795		874,466
Yum! Brands, Inc.			42,400		2,815,360

					8,959,940

TOTAL COMMON STOCKS
(Cost $1,143,799,765)					1,285,814,168

See accompanying notes to financial statements

227

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint International Fund		Shares		Value
PREFERRED STOCKS—0.3%
Germany—0.3%
Henkel AG & Co. KGaA (Cost $3,148,614)			44,552	$	3,665,339


MONEY MARKET FUNDS—3.4%
Institutional Money Market Funds—3.4%
Dreyfus Institutional Cash Advantage Fund, 0.11%	††¥		5,000,000		5,000,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.18%	¥		13,104,904		13,104,904
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.18%	††¥		6,802,600		6,802,600
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.14%	††¥		5,000,000		5,000,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.15%	††¥		5,000,000		5,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.14%	††¥		5,000,000		5,000,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.13%	††¥		5,000,000		5,000,000

TOTAL MONEY MARKET FUNDS
(Cost $44,907,504)					44,907,504

TOTAL INVESTMENTS—102.2%
(Cost $1,191,855,883)					1,334,387,011
Other assets less liabilities—(2.2%)					(28,876,866	)

NET ASSETS—100.0%				$	1,305,510,145

Notes to the Schedule of Investments:


ADR		American Depositary Receipt
CVA		Dutch Certificate of Shares
GDR		Global Depositary Receipt
NVDR		Non-Voting Depositary Receipt
REIT		Real Estate Investment Trust
†		Denotes all or a portion of the security on loan.
*		Non-income producing.
‡		Security valued at fair value as determined by policies approved by the Board of Directors.
††		Represents reinvestment of collateral received in conjunction with securities lending.
¥		The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to financial statements

228

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint International Fund
Percentage of Portfolio by Industry (unaudited):

COMMON STOCKS
Oil, Gas & Consumable Fuels			8.9%
Pharmaceuticals			8.1%
Commercial Banks			7.7%
Insurance			6.4%
Food & Staples Retailing			5.2%
Diversified Telecommunication Services			3.9%
Food Products			3.5%
Chemicals			3.3%
Automobiles			3.3%
Real Estate Management & Development			2.6%
Wireless Telecommunication Services			2.6%
Beverages			2.4%
Machinery			2.1%
Semiconductors & Semiconductor Equipment			1.9%
Auto Components			1.9%
Electric Utilities			1.8%
Multi-Utilities			1.7%
Office Electronics			1.6%
Specialty Retail			1.6%
Health Care Equipment & Supplies			1.6%
Personal Products			1.5%
Tobacco			1.5%
Biotechnology			1.4%
Real Estate Investment Trusts (REITs)			1.3%
Hotels, Restaurants & Leisure			1.3%
Textiles, Apparel & Luxury Goods			1.3%
Media			1.3%
Electrical Equipment			1.2%
Building Products			1.1%
Road & Rail			1.1%
Energy Equipment & Services			1.0%
Trading Companies & Distributors			0.9%
Gas Utilities			0.9%
Internet Software & Services			0.8%
Metals & Mining			0.8%
Industrial Conglomerates			0.8%
Aerospace & Defense			0.7%
Consumer Finance			0.6%
Electronic Equipment, Instruments & Components			0.6%
Diversified Financial Services			0.6%
Professional Services			0.5%
Multiline Retail			0.5%
Household Products			0.4%
Health Care Providers & Services			0.4%
Software			0.4%
Transportation Infrastructure			0.4%
IT Services			0.4%
Capital Markets			0.4%
Independent Power Producers & Energy Traders			0.3%
Computers & Peripherals			0.3%
Air Freight & Logistics			0.3%
Construction & Engineering			0.2%
Containers & Packaging			0.2%
Distributors			0.2%
Airlines			0.2%
Communications Equipment			0.2%



Thrifts & Mortgage Finance			0.2%
Construction Materials			0.1%
Leisure Equipment & Products			0.1%

TOTAL COMMON STOCKS			98.5%

PREFERRED STOCKS
Household Products			0.3%

TOTAL PREFERRED STOCKS			0.3%

MONEY MARKET FUNDS
Institutional Money Market Funds			3.4%

TOTAL INVESTMENTS			102.2%
Other assets less liabilities			(2.2)%

TOTAL NET ASSETS			100.0%

See accompanying notes to financial statements

229

SCHEDULE OF INVESTMENTS

December 31, 2012


Vantagepoint Diversifying Strategies Fund		Shares		Value

COMMON STOCKS—3.2%
Capital Markets—0.3%
Franklin Resources, Inc.		14,800	$	1,860,360
T. Rowe Price Group, Inc.		12,000		781,560

				2,641,920

Electrical Equipment—0.0%
ABB Ltd. (Switzerland)	*	30,000		622,126

Electronic Equipment, Instruments & Components—0.2%
Hon Hai Precision Industry Co. Ltd. (Taiwan)		614,000		1,900,526

Energy Equipment & Services—0.2%
National Oilwell Varco, Inc.		12,000		820,200
Schlumberger Ltd.		13,136		910,193

				1,730,393

Food Products—0.1%
Nestle SA (Switzerland)		16,200		1,056,944

IT Services—0.1%
Accenture plc, Class A (Ireland)		12,850		854,525

Metals & Mining—0.1%
Goldcorp, Inc. (Canada)		27,000		990,900

Pharmaceuticals—0.9%
Novo Nordisk A/S, Class B (Denmark)		46,600		7,588,188
Sawai Pharmaceutical Co. Ltd. (Japan)		9,900		993,778

				8,581,966

Semiconductors & Semiconductor Equipment—0.0%
Dialog Semiconductor plc (United Kingdom)	*	16,838		298,270

Software—0.8%
Microsoft Corp.		30,000		801,900
SAP AG (Germany)		91,800		7,381,879

				8,183,779

Textiles, Apparel & Luxury Goods—0.5%
Swatch Group AG (The) (Bearer) (Switzerland)		9,225		4,678,036

TOTAL COMMON STOCKS
(Cost $26,237,630)				31,539,385


CONVERTIBLE PREFERRED STOCKS—0.9%
Electric Utilities—0.3%
NextEra Energy, Inc. 5.599%		70,500		3,514,425

Metals & Mining—0.2%
AngloGold Ashanti Holdings Finance plc (South Africa) 6.000%		42,500		1,588,225

Oil, Gas & Consumable Fuels—0.4%
Chesapeake Energy Corp., Perpetual 5.750%	^	4,035		3,614,856

TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $9,301,321)				8,717,506



Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—35.2%
Aerospace & Defense—0.1%
United Technologies Corp.
1.200%	06/01/2015		$	320,000	$	324,774
0.811%	06/01/2015	#		1,055,000		1,066,031

						1,390,805

Auto Components—0.3%
American Axle & Manufacturing, Inc.
7.875%	03/01/2017			900,000		933,750
Goodyear Tire & Rubber Co. (The)
7.000%	05/15/2022			800,000		862,000
Johnson Controls, Inc.
0.723%	02/04/2014	#§		770,000		772,524

						2,568,274

Automobiles—0.6%
Daimler Finance North America LLC
2.300%	01/09/2015	^		1,480,000		1,516,340
1.875%	09/15/2014	^		870,000		884,630
1.300%	07/31/2015	^§		910,000		915,861
Volkswagen International Finance NV (Netherlands)
1.625%	03/22/2015	^		1,600,000		1,622,707
1.060%	03/21/2014	#^		1,250,000		1,257,040

						6,196,578

Beverages—1.0%
Anheuser-Busch InBev Worldwide, Inc.
2.500%	03/26/2013			1,240,000		1,245,799
1.040%	03/26/2013	#		1,100,000		1,102,086
0.800%	07/15/2015			820,000		822,659
Coca-Cola Enterprises, Inc.
1.125%	11/12/2013	§		720,000		723,378
Constellation Brands, Inc.
6.000%	05/01/2022			750,000		862,500
Heineken NV (Netherlands)
0.800%	10/01/2015	^		440,000		441,122
PepsiCo, Inc.
0.700%	08/13/2015			1,810,000		1,813,481
SABMiller Holdings, Inc.
2.450%	01/15/2017	^§		810,000		845,152
1.850%	01/15/2015	^§		1,870,000		1,907,769

						9,763,946

Biotechnology—0.5%
Amgen, Inc.
2.300%	06/15/2016	§		750,000		780,382
1.875%	11/15/2014			970,000		992,446
Genzyme Corp.
3.625%	06/15/2015	§		730,000		782,588
Gilead Sciences, Inc.
2.400%	12/01/2014			420,000		433,319
Life Technologies Corp.
3.500%	01/15/2016			1,500,000		1,579,899

						4,568,634

Capital Markets—0.9%
Astoria Financial Corp.
5.000%	06/19/2017			1,120,000		1,191,350
Bank of New York Mellon Corp. (The) MTN
1.200%	02/20/2015			300,000		303,374
0.593%	01/31/2014	#§		1,000,000		1,002,732

See accompanying notes to financial statements

230

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
E*TRADE Financial Corp.
6.000%		11/15/2017	§	$	585,000	$	601,087
Macquarie Bank Ltd. (Australia)
3.450%		07/27/2015	^		1,210,000		1,259,043
Morgan Stanley
1.293%		04/29/2013	#		2,700,000		2,706,340
TD Ameritrade Holding Corp.
4.150%		12/01/2014			760,000		810,346
WT Finance Aust Pty Ltd./Westfield Capital/WEA Finance LLC (Australia)
5.125%		11/15/2014	^		400,000		429,074

							8,303,346

Chemicals—0.4%
Airgas, Inc.
2.850%		10/01/2013	§		1,270,000		1,291,302
Eastman Chemical Co.
2.400%		06/01/2017			570,000		589,565
Ecolab, Inc.
2.375%		12/08/2014	§		600,000		619,636
1.000%		08/09/2015	§		230,000		230,790
EI du Pont de Nemours & Co.
0.730%		03/25/2014	#§		620,000		623,154

							3,354,447

Commercial Banks—5.9%
Banco Bradesco SA (Brazil)
2.410%		05/16/2014	#^§		1,000,000		1,007,700
Banco de Credito del Peru (Peru)
4.750%		03/16/2016	^§		1,225,000		1,298,500
Banco de Credito e Inversiones (Chile)
3.000%		09/13/2017	^§		800,000		817,246
Banco del Estado de Chile (Chile)
2.000%		11/09/2017	^§		1,600,000		1,601,336
Banco do Brasil SA (Brazil)
4.500%		01/22/2015	^§		1,200,000		1,273,800
Banco do Nordeste do Brasil SA (Brazil)
3.625%		11/09/2015	^§		1,320,000		1,372,800
Bancolombia SA (Colombia)
4.250%		01/12/2016	§		300,000		315,000
Bank of Ceylon (Sri Lanka)
6.875%		05/03/2017	^§		1,000,000		1,082,500
Bank of Montreal MTN (Canada)
0.800%		11/06/2015			1,140,000		1,139,167
0.780%		09/11/2015	#§		930,000		934,498
Bank of Nova Scotia (Canada)
1.850%		01/12/2015			2,000,000		2,049,178
0.750%		10/09/2015	§		1,780,000		1,771,458
Barclays Bank plc (United Kingdom)
3.900%		04/07/2015	§		925,000		981,474
1.380%		01/13/2014	#§		2,010,000		2,020,671
BB&T Corp.
1.013%		04/28/2014	#		850,000		855,620
BB&T Corp. MTN
1.600%		08/15/2017			480,000		486,294
BB&T Corp., Series A MTN
3.375%		09/25/2013			400,000		408,392
Canadian Imperial Bank of Commerce (Canada)
0.900%		10/01/2015			2,280,000		2,291,377



Coupon Rate	Maturity Date			Face		Value

Capital One Financial Corp.
2.125%	07/15/2014	§	$	1,780,000	$	1,812,690
CBQ Finance Ltd. (Bermuda)
5.000%	11/18/2014	^		750,000		795,469
CIT Group, Inc.
5.000%	05/15/2017			795,000		846,675
5.000%	08/15/2022			600,000		642,824
4.750%	02/15/2015	^§		1,440,000		1,504,800
Credit Suisse (Switzerland)
1.300%	01/14/2014	#§		3,330,000		3,350,150
HSBC USA, Inc.
2.375%	02/13/2015	§		680,000		699,827
ICICI Bank Ltd. (India)
5.500%	03/25/2015	^§		450,000		475,983
ING Bank NV (Netherlands)
3.750%	03/07/2017	^		1,500,000		1,595,700
1.950%	09/25/2015	#^§		980,000		991,508
KeyCorp MTN
3.750%	08/13/2015	§		630,000		674,605
National Bank of Canada (Canada)
1.500%	06/26/2015			600,000		610,652
Oversea-Chinese Banking Corp. Ltd. (Singapore)
1.625%	03/13/2015	^§		800,000		811,932
Royal Bank of Canada (Canada)
1.125%	01/15/2014			2,330,000		2,346,363
Societe Generale SA (France)
1.630%	12/13/2013	#^		1,000,000		1,005,300
Sparebank 1 Boligkreditt AS (Norway)
1.250%	10/25/2013	^		1,260,000		1,267,816
Toronto-Dominion Bank (The) (Canada)
2.500%	07/14/2016			2,100,000		2,211,172
0.640%	07/14/2014	#		1,320,000		1,324,993
Union Bank NA
1.261%	06/06/2014	#		1,360,000		1,371,915
Union Bank NA, Bank Note
2.125%	12/16/2013			1,560,000		1,584,781
US Bancorp
4.200%	05/15/2014			800,000		840,194
2.000%	06/14/2013			1,000,000		1,007,327
US Bank NA, Bank Note
0.620%	10/14/2014	#§		1,500,000		1,501,662
Wachovia Bank NA, Bank Note
4.800%	11/01/2014			1,390,000		1,492,622
Wachovia Corp. MTN
0.503%	08/01/2013	#		1,000,000		1,001,479
Wells Fargo & Co. MTN
2.100%	05/08/2017			340,000		351,881
1.250%	02/13/2015			200,000		201,981
Westpac Banking Corp. (Australia)
1.070%	09/25/2015	#§		2,540,000		2,557,813

						56,587,125

Commercial Services & Supplies—0.2%
PHH Corp.
7.375%	09/01/2019	§		1,600,000		1,784,000

Communications Equipment—0.2%
Cisco Systems, Inc.
0.560%	03/14/2014	#		1,500,000		1,504,534
SBA Communications Corp.
5.625%	10/01/2019	^		500,000		526,875

						2,031,409

See accompanying notes to financial statements

231

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Computers & Peripherals—0.2%
Hewlett-Packard Co.
2.350%		03/15/2015		$	1,200,000	$	1,205,987
1.859%		09/19/2014	#§		900,000		892,124

							2,098,111

Consumer Finance—3.5%
Aircastle Ltd. (Bermuda)
6.250%		12/01/2019	^		370,000		387,575
Ally Financial, Inc.
4.625%		06/26/2015	§		1,500,000		1,564,629
American Express Credit Corp.
1.160%		06/24/2014	#		1,570,000		1,584,665
American Express Credit Corp. MTN
1.910%		06/19/2013	#		700,000		705,253
1.750%		06/12/2015			530,000		541,423
American Honda Finance Corp.
1.450%		02/27/2015	^§		2,410,000		2,449,741
Banque PSA Finance SA (France)
2.205%		04/04/2014	#^		1,360,000		1,343,447
Caterpillar Financial Services Corp. MTN
0.660%		02/09/2015	#		1,200,000		1,205,896
0.462%		08/27/2014	#§		800,000		801,264
Caterpillar Financial Services Corp., Series G MTN
1.375%		05/20/2014			1,700,000		1,721,238
Ford Motor Credit Co. LLC
3.875%		01/15/2015	§		2,620,000		2,733,587
3.000%		06/12/2017	§		1,275,000		1,311,326
General Motors Financial Co., Inc.
4.750%		08/15/2017	^§		1,130,000		1,189,414
HSBC Finance Corp.
0.590%		01/15/2014	#		1,500,000		1,495,806
Hyundai Capital America
1.625%		10/02/2015	^§		1,010,000		1,016,750
International Lease Finance Corp.
6.500%		09/01/2014	^		600,000		643,500
4.875%		04/01/2015	§		1,630,000		1,693,293
John Deere Capital Corp.
0.465%		04/25/2014	#§		910,000		911,582
John Deere Capital Corp. MTN
1.600%		03/03/2014			2,720,000		2,756,478
0.478%		06/16/2014	#		850,000		851,742
PACCAR Financial Corp.
0.700%		11/16/2015	§		910,000		909,328
0.561%		06/05/2014	#§		380,000		380,946
PACCAR Financial Corp. MTN
1.550%		09/29/2014			710,000		721,946
1.050%		06/05/2015			320,000		322,947
Toyota Motor Credit Corp.
0.875%		07/17/2015	§		2,640,000		2,652,535
Toyota Motor Credit Corp. MTN
1.000%		02/17/2015			1,860,000		1,873,461

							33,769,772

Containers & Packaging—0.1%
Bemis Co., Inc.
5.650%		08/01/2014			290,000		310,552
Rock-Tenn Co.
4.450%		03/01/2019	^§		475,000		513,159

							823,711



Coupon Rate	Maturity Date			Face		Value

Diversified Financial Services—2.8%
Alliance Data Systems Corp.
5.250%	12/01/2017	^§	$	1,000,000	$	1,020,000
Bank of America Corp.
4.500%	04/01/2015	§		600,000		639,899
3.700%	09/01/2015			1,370,000		1,449,202
1.500%	10/09/2015	§		360,000		362,085
Bank of America Corp., Series 1
3.750%	07/12/2016			385,000		411,878
Citigroup, Inc.
6.000%	12/13/2013			475,000		497,850
4.450%	01/10/2017	§		675,000		748,459
2.310%	08/13/2013	#		1,530,000		1,544,927
2.250%	08/07/2015			1,540,000		1,578,150
CME Group, Inc.
5.750%	02/15/2014			1,000,000		1,056,343
Equifax, Inc.
4.450%	12/01/2014			160,000		168,777
ERAC USA Finance LLC
2.250%	01/10/2014	^		630,000		636,579
1.400%	04/15/2016	^		260,000		261,953
General Electric Capital Corp.
5.900%	05/13/2014			430,000		460,990
2.150%	01/09/2015	§		1,740,000		1,788,099
1.625%	07/02/2015			1,100,000		1,118,938
1.000%	12/11/2015			1,310,000		1,316,222
General Electric Capital Corp., Series A MTN
3.750%	11/14/2014			750,000		791,201
Harley-Davidson Financial Services, Inc.
1.150%	09/15/2015	^§		915,000		918,011
Hutchison Whampoa International 12 II Ltd. (Cayman Islands)
2.000%	11/08/2017	^		530,000		530,930
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
7.750%	01/15/2016	§		1,035,000		1,077,694
JPMorgan Chase & Co.
5.250%	05/01/2015			1,335,000		1,453,054
1.100%	10/15/2015			780,000		780,509
JPMorgan Chase & Co. MTN
1.116%	01/24/2014	#§		800,000		805,579
Lender Processing Services, Inc.
5.750%	04/15/2023	§		500,000		521,250
NASDAQ OMX Group, Inc. (The)
4.000%	01/15/2015			1,210,000		1,267,219
National Rural Utilities Cooperative Finance Corp.
1.000%	02/02/2015	§		1,070,000		1,078,480
National Rural Utilities Cooperative Finance Corp. MTN
0.555%	04/04/2014	#§		420,000		421,027
Noble Group Ltd. (Bermuda)
8.500%	05/30/2013	^		530,000		543,250
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp.
8.250%	09/01/2017			800,000		856,000
Susser Holdings LLC/Susser Finance Corp.
8.500%	05/15/2016	§		1,090,000		1,163,575

						27,268,130

Diversified Telecommunication Services—1.8%
AT&T, Inc.
0.875%	02/13/2015			3,410,000		3,427,776
British Telecommunications plc (United Kingdom)
2.000%	06/22/2015			400,000		411,455
1.434%	12/20/2013	#§		1,000,000		1,008,530
CenturyLink, Inc.
5.800%	03/15/2022			650,000		688,360

See accompanying notes to financial statements

232

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Frontier Communications Corp.
8.500%		04/15/2020		$	1,050,000	$	1,212,750
6.250%		01/15/2013	§		820,000		820,504
Hughes Satellite Systems Corp.
7.625%		06/15/2021			1,000,000		1,142,500
Qtel International Finance Ltd. (Bermuda)
6.500%		06/10/2014	^		1,170,000		1,257,165
Telecom Italia Capital SA (Luxembourg)
5.250%		11/15/2013			280,000		288,400
Telefonica Emisiones SAU (Spain)
2.582%		04/26/2013			1,260,000		1,267,560
Verizon Communications, Inc.
0.920%		03/28/2014	#		3,800,000		3,823,659
Virgin Media Finance plc (United Kingdom)
5.250%		02/15/2022			200,000		213,000
4.875%		02/15/2022			300,000		308,250
Vivendi SA (France)
2.400%		04/10/2015	^		410,000		418,883
Windstream Corp.
8.125%		08/01/2013			300,000		312,750
7.875%		11/01/2017			990,000		1,118,700

							17,720,242

Electric Utilities—1.0%
Appalachian Power Co.
0.685%		08/16/2013	#		1,270,000		1,271,825
Cia de Eletricidade do Estado da Bahia (Brazil)
11.750%		04/27/2016	^		BRL 1,100,000		578,205
Consolidated Edison Co. of New York, Inc., Series 2002-B
4.875%		02/01/2013			1,000,000		1,003,679
Duke Energy Corp.
3.950%		09/15/2014	§		290,000		305,512
GDF Suez (France)
1.625%		10/10/2017	^		370,000		370,336
Georgia Power Co.
1.300%		09/15/2013			1,260,000		1,267,714
Hrvatska Elektroprivreda (Croatia)
6.000%		11/09/2017	^§		400,000		424,000
NextEra Energy Capital Holdings, Inc.
2.600%		09/01/2015			2,000,000		2,085,102
1.611%		06/01/2014	§		340,000		343,784
1.200%		06/01/2015			130,000		131,002
Northeast Utilities
1.059%		09/20/2013	#		1,190,000		1,196,242
Ohio Power Co., Series C
5.500%		03/01/2013			750,000		755,984

							9,733,385

Electronic Equipment, Instruments & Components—0.2%
Agilent Technologies, Inc.
2.500%		07/15/2013			520,000		524,678
Tech Data Corp.
3.750%		09/21/2017			1,600,000		1,643,059

							2,167,737

Energy Equipment & Services—0.3%
Cameron International Corp.
1.241%		06/02/2014	#§		1,010,000		1,017,220



Coupon Rate	Maturity Date			Face		Value

National Oilwell Varco, Inc.
1.350%	12/01/2017	§	$	930,000	$	937,029
Precision Drilling Corp. (Canada)
6.625%	11/15/2020			900,000		972,000

						2,926,249

Food & Staples Retailing—0.5%
Kroger Co. (The)
2.200%	01/15/2017	§		750,000		775,809
Safeway, Inc.
3.400%	12/01/2016	§		750,000		775,245
1.811%	12/12/2013	#		1,230,000		1,230,668
Sysco Corp.
0.550%	06/12/2015	§		270,000		270,091
Walgreen Co.
1.000%	03/13/2015			650,000		650,900
0.810%	03/13/2014	#§		1,270,000		1,272,113

						4,974,826

Food Products—0.9%
Campbell Soup Co.
0.613%	08/01/2014	#§		560,000		562,219
ConAgra Foods, Inc.
1.350%	09/10/2015			220,000		220,138
General Mills, Inc.
5.250%	08/15/2013			1,500,000		1,543,939
Ingredion, Inc.
3.200%	11/01/2015			350,000		367,642
Kellogg Co.
1.125%	05/15/2015			1,100,000		1,111,315
Kraft Foods Group, Inc.
1.625%	06/04/2015	^		500,000		509,186
Mondelez International, Inc.
5.250%	10/01/2013			390,000		402,476
2.625%	05/08/2013			390,000		392,507
Unilever Capital Corp.
0.450%	07/30/2015			680,000		677,802
USJ Acucar e Alcool SA (Brazil)
9.875%	11/09/2019	^		390,000		416,325
Wm. Wrigley Jr. Co.
3.700%	06/30/2014	^		2,510,000		2,598,857

						8,802,406

Gas Utilities—0.3%
Korea Gas Corp. (Korea, Republic of)
2.250%	07/25/2017	^		1,380,000		1,397,446
Sabine Pass LNG LP
7.500%	11/30/2016	§		1,140,000		1,262,550

						2,659,996

Health Care Equipment & Supplies—0.4%
Covidien International Finance SA (Luxembourg)
1.875%	06/15/2013			1,250,000		1,258,591
1.350%	05/29/2015			400,000		405,653
DENTSPLY International, Inc.
1.810%	08/15/2013	#		1,640,000		1,649,299
Stryker Corp.
3.000%	01/15/2015	§		790,000		826,193

						4,139,736

Health Care Providers & Services—1.0%
CHS/Community Health Systems, Inc.
5.125%	08/15/2018	§		785,000		820,325

See accompanying notes to financial statements

233

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
DaVita HealthCare Partners, Inc.
6.625%		11/01/2020		$	1,050,000	$	1,147,125
Express Scripts Holding Co.
2.750%		11/21/2014	^		1,500,000		1,548,103
2.100%		02/12/2015	^		330,000		336,330
HCA Holdings, Inc.
7.750%		05/15/2021			500,000		545,000
HCA, Inc.
6.750%		07/15/2013	§		355,000		365,650
5.875%		03/15/2022			250,000		273,125
4.750%		05/01/2023			600,000		612,000
Quest Diagnostics, Inc.
1.160%		03/24/2014	#§		890,000		895,699
UnitedHealth Group, Inc.
1.400%		10/15/2017			300,000		300,816
0.850%		10/15/2015			180,000		180,713
WellPoint, Inc.
2.375%		02/15/2017			1,645,000		1,704,847
1.250%		09/10/2015	§		1,060,000		1,069,087

							9,798,820

Hotels, Restaurants & Leisure—0.0%
Carnival Corp. (Panama)
1.875%		12/15/2017			320,000		320,812

Household Durables—0.4%
Clorox Co. (The)
5.000%		03/01/2013			1,000,000		1,007,336
Lennar Corp.
4.750%		12/15/2017	^		800,000		832,000
Newell Rubbermaid, Inc.
2.050%		12/01/2017			700,000		710,135
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC
9.875%		08/15/2019			750,000		806,250

							3,355,721

Independent Power Producers & Energy Traders—0.2%
Abu Dhabi National Energy Co. (United Arab Emirates)
4.750%		09/15/2014	^		1,400,000		1,472,100

Industrial Conglomerates—0.1%
3M Co., Series E MTN
4.375%		08/15/2013			750,000		769,305
Danaher Corp.
1.300%		06/23/2014			500,000		505,668

							1,274,973

Insurance—0.9%
Allstate Corp. (The)
6.200%		05/16/2014			510,000		547,895
American International Group, Inc.
2.375%		08/24/2015			460,000		473,694
Hartford Financial Services Group, Inc.
4.000%		03/30/2015			570,000		602,635
MetLife Institutional Funding II
1.205%		04/04/2014	#^§		500,000		504,406
MetLife, Inc.
2.375%		02/06/2014	§		980,000		998,616
New York Life Global Funding
0.349%		09/19/2014	#^		1,360,000		1,361,083



Coupon Rate	Maturity Date			Face		Value

Principal Life Global Funding II
1.000%	12/11/2015	^	$	1,150,000	$	1,149,135
Prudential Financial, Inc., Series B MTN
4.750%	04/01/2014	§		1,600,000		1,674,894
Prudential Financial, Inc., Series D MTN
5.150%	01/15/2013			1,000,000		1,001,800
2.750%	01/14/2013			600,000		600,509

						8,914,667

Internet & Catalog Retail—0.3%
Amazon.com, Inc.
0.650%	11/27/2015	§		2,020,000		2,020,230
eBay, Inc.
0.875%	10/15/2013			570,000		572,191
0.700%	07/15/2015	§		390,000		391,706

						2,984,127

Internet Software & Services—0.1%
Baidu, Inc. (Cayman Islands)
2.250%	11/28/2017	§		560,000		564,872

IT Services—0.2%
Computer Sciences Corp.
2.500%	09/15/2015			300,000		306,096
International Business Machines Corp.
2.100%	05/06/2013			630,000		633,985
0.750%	05/11/2015	§		900,000		905,981

						1,846,062

Life Sciences Tools & Services—0.1%
Howard Hughes Medical Institute
3.450%	09/01/2014			700,000		735,596

Machinery—0.4%
Case New Holland, Inc.
7.750%	09/01/2013	§		1,450,000		1,515,250
Eaton Corp.
0.950%	11/02/2015	^§		980,000		983,666
Terex Corp.
6.500%	04/01/2020			1,100,000		1,171,500
Tyco Electronics Group SA (Luxembourg)
1.600%	02/03/2015			310,000		314,752

						3,985,168

Media—0.9%
CC Holdings GS V LLC
2.381%	12/15/2017	^		430,000		432,605
CCO Holdings LLC/CCO Holdings Capital Corp.
5.250%	09/30/2022			825,000		839,438
COX Communications, Inc.
5.450%	12/15/2014			160,000		174,575
DirecTV Holdings LLC/DirecTV Financing Co., Inc.
4.750%	10/01/2014			1,200,000		1,281,805
DISH DBS Corp.
6.625%	10/01/2014	§		850,000		915,875
4.625%	07/15/2017			1,120,000		1,173,200
Mediacom LLC/Mediacom Capital Corp.
7.250%	02/15/2022			650,000		702,000
NBCUniversal Media LLC
2.100%	04/01/2014			1,600,000		1,629,786
Time Warner, Inc.
3.150%	07/15/2015			500,000		529,071
Viacom, Inc.
4.375%	09/15/2014			500,000		529,976

						8,208,331

See accompanying notes to financial statements

234

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Metals & Mining—1.0%
ArcelorMittal (Luxembourg)
4.250%		08/05/2015	§	$	1,100,000	$	1,111,758
BHP Billiton Finance USA Ltd. (Australia)
1.000%		02/24/2015			1,840,000		1,854,613
Eldorado Gold Corp. (Canada)
6.125%		12/15/2020	^§		365,000		373,213
FMG Resources August 2006 Pty Ltd. (Australia)
6.000%		04/01/2017	^§		835,000		855,875
Freeport-McMoRan Copper & Gold, Inc.
2.150%		03/01/2017			310,000		311,956
1.400%		02/13/2015	§		700,000		698,895
Rio Tinto Finance USA plc (United Kingdom)
1.125%		03/20/2015	§		800,000		806,996
Steel Dynamics, Inc.
6.125%		08/15/2019	^		500,000		532,500
Xstrata Finance Canada Ltd. (Canada)
2.450%		10/25/2017	^		2,480,000		2,506,873
1.800%		10/23/2015	^§		630,000		633,853

							9,686,532

Multiline Retail—0.2%
Dollar General Corp.
4.125%		07/15/2017	§		1,100,000		1,160,500
Target Corp.
1.125%		07/18/2014			600,000		606,067

							1,766,567

Multi-Utilities—0.2%
DTE Energy Co.
1.011%		06/03/2013	#		2,070,000		2,074,142

Oil, Gas & Consumable Fuels—1.6%
BP Capital Markets plc (United Kingdom)
3.875%		03/10/2015	§		805,000		858,059
0.700%		11/06/2015	§		1,850,000		1,848,648
ConocoPhillips
4.750%		02/01/2014			199,000		208,065
CONSOL Energy, Inc.
8.000%		04/01/2017	§		230,000		250,125
Copano Energy LLC/Copano Energy Finance Corp.
7.125%		04/01/2021			500,000		539,375
Enterprise Products Operating LLC
1.250%		08/13/2015			320,000		322,172
Forest Oil Corp.
8.500%		02/15/2014	§		318,000		338,670
Husky Energy, Inc. (Canada)
5.900%		06/15/2014	§		550,000		589,723
Marathon Oil Corp.
0.900%		11/01/2015	§		1,080,000		1,081,623
Murphy Oil Corp.
2.500%		12/01/2017			500,000		503,663
Petrohawk Energy Corp.
7.875%		06/01/2015	§		1,000,000		1,044,705
Phillips 66
2.950%		05/01/2017	^		310,000		328,884
1.950%		03/05/2015	^		310,000		316,472
Plains Exploration & Production Co.
6.500%		11/15/2020	§		1,120,000		1,246,000
6.125%		06/15/2019			500,000		547,500



Coupon Rate	Maturity Date			Face		Value

Ras Laffan Liquefied Natural Gas Co. Ltd. III (Qatar)
5.500%	09/30/2014	^	$	750,000	$	810,188
Rockies Express Pipeline LLC
3.900%	04/15/2015	^§		770,000		770,000
Tesoro Corp.
4.250%	10/01/2017			780,000		811,200
Total Capital Canada Ltd. (Canada)
0.400%	05/13/2013	#		1,000,000		1,000,883
Total Capital International SA (France)
1.500%	02/17/2017			480,000		484,202
TransCanada PipeLines Ltd. (Canada)
3.400%	06/01/2015			630,000		669,409
WPX Energy, Inc.
5.250%	01/15/2017			1,145,000		1,219,425

						15,788,991

Paper & Forest Products—0.1%
Masco Corp.
4.800%	06/15/2015	§		540,000		565,969

Personal Products—0.1%
Revlon Consumer Products Corp.
9.750%	11/15/2015	§		1,090,000		1,152,675

Pharmaceuticals—1.8%
AbbVie, Inc.
1.750%	11/06/2017	^		1,620,000		1,639,518
1.200%	11/06/2015	^		1,630,000		1,642,034
1.072%	11/06/2015	#^		1,800,000		1,822,037
GlaxoSmithKline Capital plc (United Kingdom)
0.750%	05/08/2015	§		560,000		563,062
GlaxoSmithKline Capital, Inc.
4.850%	05/15/2013			1,700,000		1,728,694
Novartis Capital Corp.
4.125%	02/10/2014			1,580,000		1,643,690
Sanofi (France)
1.625%	03/28/2014	§		1,410,000		1,430,328
1.200%	09/30/2014	§		350,000		354,281
Takeda Pharmaceutical Co. Ltd. (Japan)
1.031%	03/17/2015	^§		2,500,000		2,511,268
Teva Pharmaceutical Finance III BV (Netherlands Antilles)
1.700%	03/21/2014			580,000		588,317
0.810%	03/21/2014	#§		470,000		472,024
Teva Pharmaceutical Finance IV LLC
1.700%	11/10/2014			1,180,000		1,207,712
Valeant Pharmaceuticals International
6.500%	07/15/2016	^		1,620,000		1,711,125

						17,314,090

Real Estate Investment Trusts (REITs)—0.7%
Digital Realty Trust LP
4.500%	07/15/2015			630,000		670,726
Duke Realty LP
5.400%	08/15/2014			650,000		690,663
HCP, Inc.
2.700%	02/01/2014			1,610,000		1,639,331
Health Care REIT, Inc.
6.000%	11/15/2013			930,000		970,626
Simon Property Group LP
4.200%	02/01/2015			250,000		265,243
Ventas Realty LP/Ventas Capital Corp.
2.000%	02/15/2018			1,640,000		1,643,018
Vornado Realty LP
4.250%	04/01/2015			1,240,000		1,311,400

						7,191,007

See accompanying notes to financial statements

235

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Road & Rail—0.5%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
4.875%		11/15/2017	^	$	840,000	$	856,800
JB Hunt Transport Services, Inc.
3.375%		09/15/2015	§		970,000		997,741
Penske Truck Leasing Co. LP/PTL Finance Corp.
3.125%		05/11/2015	^§		1,400,000		1,429,285
2.500%		03/15/2016	^§		1,100,000		1,103,807
Ryder System, Inc. MTN
2.500%		03/01/2017			620,000		631,077

							5,018,710

Semiconductors & Semiconductor Equipment—0.6%
Intel Corp.
1.350%		12/15/2017			3,270,000		3,272,956
Texas Instruments, Inc.
0.450%		08/03/2015	§		2,150,000		2,140,456

							5,413,412

Software—0.3%
Autodesk, Inc.
1.950%		12/15/2017	§		490,000		488,137
Microsoft Corp.
2.950%		06/01/2014			900,000		933,479
Oracle Corp.
3.750%		07/08/2014			750,000		787,696
1.200%		10/15/2017			740,000		743,058

							2,952,370

Specialty Retail—0.2%
Limited Brands, Inc.
5.625%		02/15/2022			500,000		546,250
Michaels Stores, Inc.
7.750%		11/01/2018			750,000		826,875
Sally Holdings LLC/Sally Capital, Inc.
5.750%		06/01/2022			600,000		654,000

							2,027,125

Textiles, Apparel & Luxury Goods—0.3%
Hanesbrands, Inc.
6.375%		12/15/2020			1,250,000		1,381,250
Levi Strauss & Co.
6.875%		05/01/2022			950,000		1,023,625
VF Corp.
1.062%		08/23/2013	#		700,000		703,494

							3,108,369

Tobacco—0.2%
BAT International Finance plc (United Kingdom)
1.400%		06/05/2015	^§		1,460,000		1,481,817
Reynolds American, Inc.
1.050%		10/30/2015			510,000		510,197

							1,992,014

Trading Companies & Distributors—0.2%
AmeriGas Finance LLC/AmeriGas Finance Corp.
6.750%		05/20/2020			700,000		771,750



Coupon Rate	Maturity Date			Face		Value

AmeriGas Partners LP/AmeriGas Finance Corp.
6.250%	08/20/2019	§	$	800,000	$	860,000

						1,631,750

Water Utilities—0.1%
Veolia Environnement SA (France)
5.250%	06/03/2013			910,000		924,210

Wireless Telecommunication Services—0.4%
America Movil SAB de CV (Mexico)
3.625%	03/30/2015	§		350,000		372,857
Rogers Communications, Inc. (Canada)
6.375%	03/01/2014	§		1,390,000		1,481,280
SK Telecom Co. Ltd. (Korea, Republic of)
2.125%	05/01/2018	^		980,000		987,809
Vodafone Group plc (United Kingdom)
4.150%	06/10/2014			1,090,000		1,144,022

						3,985,968

TOTAL CORPORATE OBLIGATIONS
(Cost $332,406,245)						339,688,015


MORTGAGE-BACKED SECURITIES—5.8%
Commercial Mortgage-Backed Securities—0.4%
LA Arena Funding LLC, Series 1, Class A
7.656%	12/15/2026	^		573,587		630,748
Motel 6 Trust, Series 2012-MTL6, Class A1
1.500%	10/05/2025	^		1,000,000		1,000,539
National Credit Union Administration Guaranteed Notes, Series 2010-C1, Class A1
1.600%	10/29/2020			875,567		891,357
National Credit Union Administration Guaranteed Notes, Series 2010-C1, Class A2
2.900%	10/29/2020			1,260,000		1,347,984

						3,870,628

Non-Agency Mortgage-Backed Securities—1.7%
Bank of America Mortgage Securities, Inc., Series 2002-K, Class 1A4
2.651%	10/20/2032	#		575,111		572,604
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-3, Class 2A1
5.000%	04/25/2019			136,036		140,996
Credit Suisse Mortgage Capital Certificates, Series 2011-1R, Class A1
1.210%	02/27/2047	#^		4,371,806		4,347,767
Fosse Master Issuer plc, Series 2012-1A, Class 2A2 (United Kingdom)
1.725%	10/18/2054	#^		4,040,000		4,129,665
Sequoia Mortgage Trust, Series 2012-1, Class 1A1
2.865%	01/25/2042	#		2,127,704		2,188,241
Sequoia Mortgage Trust, Series 2012-2, Class A2
3.500%	04/25/2042	#		2,318,552		2,367,018
Springleaf Mortgage Loan Trust, Series 2012-2A, Class A
2.220%	10/25/2057	#^		911,839		939,285
Springleaf Mortgage Loan Trust, Series 2012-3A, Class A
1.570%	12/25/2059	#^		1,153,478		1,159,966
Thornburg Mortgage Securities Trust, Series 2004-1, Class II2A
1.909%	03/25/2044	#		826,989		815,361

						16,660,903

See accompanying notes to financial statements

236

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date			Face		Value

MORTGAGE-BACKED SECURITIES—(Continued)
U.S. Government Agency Mortgage-Backed Securities—3.7%
Federal Home Loan Mortgage Corp.
3.924%		12/01/2039	#	$	315,667	$	336,066
2.382%		09/01/2035	#		4,697,083		4,986,259
Federal National Mortgage Association
5.000%		01/01/2018			823,483		895,040
3.144%		07/01/2041	#		3,881,121		4,081,558
3.076%		06/01/2041	#		2,393,229		2,512,487
3.000%		10/01/2042			4,663,727		4,893,126
2.500%		09/01/2027- 11/01/2027			7,234,458		7,572,820
Federal National Mortgage Association REMICS, Series 2005-38, Class CD
5.000%		06/25/2019			222,210		225,066
Federal National Mortgage Association REMICS, Series 2012-1, Class AE
1.750%		12/25/2021			1,931,493		1,989,117
FHLMC Multifamily Structured Pass Through Certificates, Series KF01, Class A
0.562%		04/25/2019	#		1,136,017		1,145,095
Government National Mortgage Association, Series 2004-19, Class FC
0.511%		03/20/2034	#		1,023,837		1,025,738
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 1A
0.663%		10/07/2020	#		1,369,518		1,374,654
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 2A
1.840%		10/07/2020			347,005		352,697
National Credit Union Administration Guaranteed Notes, Series 2010-R2, Class 1A
0.583%		11/06/2017	#		2,810,299		2,816,453
National Credit Union Administration Guaranteed Notes, Series 2011-R4, Class 1A
0.588%		03/06/2020	#		1,289,527		1,289,605

							35,495,781

TOTAL MORTGAGE-BACKED SECURITIES
(Cost $55,412,834)							56,027,312


CONVERTIBLE DEBT OBLIGATIONS—35.9%
Aerospace & Defense—0.6%
Alliant Techsystems, Inc.
3.000%		08/15/2024			3,400,000		3,608,250
L-3 Communications Holdings, Inc.
3.000%		08/01/2035			2,490,000		2,533,575

							6,141,825

Beverages—0.8%
Asahi Group Holdings Ltd. (Japan)
0.000%		05/26/2028	JPY		360,000,000		4,370,404
Molson Coors Brewing Co.
2.500%		07/30/2013			3,465,000		3,519,141

							7,889,545

Biotechnology—1.3%
Amgen, Inc., Series B
0.375%		02/01/2013			9,125,000		9,877,393



Coupon Rate	Maturity Date			Face		Value

Gilead Sciences, Inc.
1.625%	05/01/2016		$	1,250,000	$	2,110,163

						11,987,556

Building Products—0.1%
Griffon Corp.
4.000%	01/15/2017	^		1,150,000		1,226,188

Capital Markets—1.9%
Affiliated Managers Group, Inc.
3.950%	08/15/2038			6,210,000		6,908,625
Ares Capital Corp.
5.750%	02/01/2016			867,000		935,276
Billion Express Investments Ltd. (Virgin Islands, British)
0.750%	10/18/2015			3,600,000		3,816,900
Temasek Financial III Pte Ltd. (Singapore)
0.000%	10/24/2014			SGD 7,750,000		6,596,906

						18,257,707

Commercial Services & Supplies—0.3%
Covanta Holding Corp.
3.250%	06/01/2014			2,320,000		2,814,450

Communications Equipment—0.3%
Arris Group, Inc.
2.000%	11/15/2026			2,780,000		2,967,650

Computers & Peripherals—0.8%
EMC Corp., Series B
1.750%	12/01/2013			1,675,000		2,674,774
SanDisk Corp.
1.500%	08/15/2017			1,650,000		1,922,250
1.000%	05/15/2013			3,260,000		3,235,550

						7,832,574

Construction & Engineering—0.2%
Larsen & Toubro Ltd. (India)
3.500%	10/22/2014			1,800,000		1,918,800

Containers & Packaging—0.5%
Owens-Brockway Glass Container, Inc.
3.000%	06/01/2015	^		4,970,000		4,942,044

Diversified Consumer Services—0.2%
Stewart Enterprises, Inc.
3.125%	07/15/2014			2,165,000		2,201,534

Diversified Financial Services—0.3%
KDDI Corp. (Japan)
0.000%	12/14/2015			JPY 180,000,000		2,352,456

Diversified Telecommunication Services—0.4%
Inmarsat plc, Series ISAT (United Kingdom)
1.750%	11/16/2017			1,900,000		2,475,700
tw telecom inc.
2.375%	04/01/2026			700,000		961,188

						3,436,888

Electrical Equipment—0.4%
General Cable Corp.
0.875%	11/15/2013			4,005,000		3,987,478

Electronic Equipment, Instruments & Components—0.5%
Hon Hai Precision Industry Co. Ltd. (Taiwan)
0.000%	10/12/2013			1,800,000		1,866,600

See accompanying notes to financial statements

237

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date			Face		Value

CONVERTIBLE DEBT OBLIGATIONS—(Continued)
Pegatron Corp. (Taiwan)
0.000%		02/06/2017		$	2,600,000	$	2,882,750

							4,749,350

Energy Equipment & Services—3.0%
Bristow Group, Inc.
3.000%		06/15/2038			2,070,000		2,209,725
Cie Generale de Geophysique—Veritas (France)
1.750%		01/01/2016	EUR		2,011,997		2,997,320
Exterran Holdings, Inc.
4.750%		01/15/2014			1,265,000		1,271,325
4.250%		06/15/2014			5,020,000		5,773,000
Hornbeck Offshore Services, Inc.
1.625%		11/15/2026			5,370,000		5,423,700
Subsea 7 SA (Luxembourg)
2.250%		10/11/2013			4,000,000		4,626,000
Technip SA (France)
0.500%		01/01/2016	EUR		2,160,600		3,512,911
0.250%		01/01/2017	EUR		2,152,416		3,307,619

							29,121,600

Food Products—0.3%
Archer-Daniels-Midland Co.
0.875%		02/15/2014			2,975,000		2,991,734

Health Care Equipment & Supplies—3.0%
Alere, Inc.
3.000%		05/15/2016			3,575,000		3,360,500
Elekta AB (Sweden)
2.750%		04/25/2017	SEK		14,600,100		2,761,674
Hologic, Inc.
2.000%		03/01/2042			4,865,000		4,849,797
Integra LifeSciences Holdings Corp.
1.625%		12/15/2016			6,475,000		6,543,797
Medtronic, Inc., Series B
1.625%		04/15/2013			5,000,000		5,021,875
NuVasive, Inc.
2.750%		07/01/2017			4,785,000		4,210,800
Qiagen Euro Finance SA MTN (Luxembourg)
3.250%		05/16/2026			1,700,000		2,033,625

							28,782,068

Health Care Providers & Services—1.2%
LifePoint Hospitals, Inc.
3.500%		05/15/2014			6,605,000		6,823,791
Omnicare, Inc.
3.250%		12/15/2035			4,850,000		4,862,125

							11,685,916

Hotels, Restaurants & Leisure—1.0%
International Game Technology
3.250%		05/01/2014			4,035,000		4,229,184
MGM Resorts International
4.250%		04/15/2015			4,410,000		4,677,356
Ryman Hospitality Properties
3.750%		10/01/2014	^		450,000		785,813

							9,692,353

Household Durables—0.6%
Jarden Corp.
1.875%		09/15/2018	^		1,700,000		1,728,687



Coupon Rate	Maturity Date			Face		Value

Lennar Corp.
2.000%	12/01/2020	^	$	2,750,000	$	4,002,969

						5,731,656

Household Products—0.7%
Unicharm Corp. (Japan)
0.000%	09/24/2013	JPY		230,000,000		3,069,631
0.000%	09/24/2015	JPY		250,000,000		3,441,161

						6,510,792

Industrial Conglomerates—1.1%
Danaher Corp.
0.000%	01/22/2021			865,000		1,409,950
Siemens Financieringsmaatschappij NV, Series WW (Netherlands)
1.050%	08/16/2017			8,750,000		9,029,125

						10,439,075

Internet & Catalog Retail—0.4%
priceline.com, Inc.
1.000%	03/15/2018	^		3,960,000		4,249,575

Internet Software & Services—0.2%
WebMD Health Corp.
2.500%	01/31/2018			2,240,000		1,887,200

IT Services—0.4%
AtoS (France)
2.500%	01/01/2016	EUR		1,154,250		1,882,133
Cap Gemini SA (France)
3.500%	01/01/2014	EUR		1,462,000		2,169,838

						4,051,971

Life Sciences Tools & Services—0.9%
Charles River Laboratories International, Inc.
2.250%	06/15/2013			4,455,000		4,488,412
Illumina, Inc.
0.250%	03/15/2016	^		4,490,000		4,374,944

						8,863,356

Machinery—1.0%
AGCO Corp.
1.250%	12/15/2036			600,000		761,250
Disco Corp. (Japan)
0.000%	12/16/2014	JPY		140,000,000		1,651,527
Greenbrier Cos., Inc.
3.500%	04/01/2018			1,320,000		1,205,325
Trinity Industries, Inc.
3.875%	06/01/2036			5,540,000		6,222,112

						9,840,214

Media—1.5%
Liberty Interactive LLC
3.250%	03/15/2031			1,625,000		1,543,750
3.125%	03/30/2023			1,725,000		2,512,031
Live Nation Entertainment, Inc.
2.875%	07/15/2027			3,565,000		3,547,175
Omnicom Group, Inc.
0.000%	07/01/2038			3,475,000		3,737,797
Publicis Groupe SA (France)
1.000%	01/18/2018	EUR		1,047,263		1,935,987
XM Satellite Radio, Inc.
7.000%	12/01/2014	^		400,000		688,500

						13,965,240

See accompanying notes to financial statements

238

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date			Face	Value

CONVERTIBLE DEBT OBLIGATIONS—(Continued)
Metals & Mining—1.9%
AngloGold Ashanti Holdings Finance plc (Isle of Man)
3.500%		05/22/2014		$2,300,000	$	2,381,650
ArcelorMittal (Luxembourg)
5.000%		05/15/2014		2,295,000		2,396,841
Goldcorp, Inc. (Canada)
2.000%		08/01/2014		4,220,000		4,676,287
Newmont Mining Corp., Series A
1.250%		07/15/2014		725,000		856,859
Newmont Mining Corp., Series B
1.625%		07/15/2017		2,300,000		2,998,625
Royal Gold, Inc.
2.875%		06/15/2019		890,000		994,019
Steel Dynamics, Inc.
5.125%		06/15/2014		3,860,000		4,219,463

						18,523,744

Oil, Gas & Consumable Fuels—1.6%
Beach Energy Ltd. (Australia)
3.950%		04/03/2017	AUD	1,700,000		1,881,879
Chesapeake Energy Corp.
2.750%		11/15/2035		1,250,000		1,201,562
2.500%		05/15/2037		5,340,000		4,832,700
Goodrich Petroleum Corp.
5.000%		10/01/2029		2,765,000		2,609,469
PetroBakken Energy Ltd. (Canada)
3.125%		02/08/2016		4,700,000		4,674,150

						15,199,760

Pharmaceuticals—1.9%
Medicines Co. (The)
1.375%		06/01/2017	^	850,000		935,000
Sawai Pharmaceutical Co. Ltd. (Japan)
0.000%		09/17/2015	JPY	210,000,000		2,660,299
Shire plc (Jersey, Channel Islands)
2.750%		05/09/2014		4,270,000		4,784,535
Teva Pharmaceutical Finance Co. LLC, Series C
0.250%		02/01/2026		7,230,000		7,419,788
UCB SA (Belgium)
4.500%		10/22/2015	EUR	1,500,000		2,521,929

						18,321,551

Real Estate Investment Trusts (REITs)—1.3%
Boston Properties LP
3.625%		02/15/2014	^	2,700,000		2,858,625
Health Care REIT, Inc.
3.000%		12/01/2029		2,190,000		2,697,806
Host Hotels & Resorts LP
3.250%		04/15/2024	^	2,435,000		2,791,119
ProLogis LP
3.250%		03/15/2015		3,685,000		4,193,991

						12,541,541

Road & Rail—0.3%
Avis Budget Group, Inc.
3.500%		10/01/2014		2,025,000		2,783,109

Semiconductors & Semiconductor Equipment—1.1%
Dialog Semiconductor plc (United Kingdom)
1.000%		04/12/2017		1,400,000		1,454,040



Coupon Rate	Maturity Date			Face		Value

Intel Corp.
2.950%	12/15/2035		$	2,100,000	$	2,187,937
Linear Technology Corp., Series A
3.000%	05/01/2027			2,205,000		2,306,981
Micron Technology, Inc.
1.875%	06/01/2014			4,815,000		4,796,944

						10,745,902

Software—2.0%
Electronic Arts, Inc.
0.750%	07/15/2016			3,875,000		3,591,641
Mentor Graphics Corp.
4.000%	04/01/2031			1,300,000		1,534,812
Microsoft Corp.
0.000%	06/15/2013	^		5,500,000		5,530,937
Nuance Communications, Inc.
2.750%	11/01/2031			1,675,000		1,826,797
Rovi Corp.
2.625%	02/15/2040			1,280,000		1,279,200
Symantec Corp., Series B
1.000%	06/15/2013			1,735,000		1,870,547
TIBCO Software, Inc.
2.250%	05/01/2032	^		3,630,000		3,468,919

						19,102,853

Specialty Retail—0.5%
Group 1 Automotive, Inc.
2.250%	06/15/2036			4,312,000		5,082,770

Textiles, Apparel & Luxury Goods—0.8%
Adidas AG (Germany)
0.250%	06/14/2019	EUR		2,200,000		3,308,983
Iconix Brand Group, Inc.
2.500%	06/01/2016	^		4,475,000		4,656,797

						7,965,780

Wireless Telecommunication Services—0.6%
Leap Wireless International, Inc.
4.500%	07/15/2014			4,500,000		4,314,375
SBA Communications Corp.
1.875%	05/01/2013			585,000		997,059

						5,311,434

TOTAL CONVERTIBLE DEBT OBLIGATIONS
(Cost $336,247,959)						346,097,239


U.S. TREASURY OBLIGATIONS—5.8%
U.S. Treasury Bills—3.6%
U.S. Treasury Bill
0.105%	02/14/2013			2,000,000		1,999,963
0.102%	01/17/2013			5,000,000		4,999,903
0.097%	01/10/2013			16,700,000		16,699,669
0.094%	02/28/2013			1,000,000		999,996
0.075%	03/28/2013			1,500,000		1,499,884
0.045%	01/24/2013			4,500,000		4,499,865
0.031%	03/14/2013			3,910,000		3,909,750

						34,609,030

U.S. Treasury Notes—2.2%
U.S. Treasury Note
1.250%	10/31/2015			7,665,000		7,860,818
0.250%	04/30/2014- 11/30/2014			11,300,000		11,304,028

See accompanying notes to financial statements

239

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date			Face		Value

U.S. TREASURY OBLIGATIONS—(Continued)
0.125%		09/30/2013	‡‡	$	2,550,000	$	2,549,701

							21,714,547

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $56,304,662)							56,323,577


GOVERNMENT RELATED OBLIGATIONS—3.6%
U.S. Government Agencies—0.8%
Federal National Mortgage Association
0.500%		09/28/2015			3,650,000		3,664,005
National Credit Union Administration Guaranteed Notes, Series A1
0.232%		06/12/2013	#		1,510,000		1,509,925
National Credit Union Administration Guaranteed Notes, Series A2
1.400%		06/12/2015			2,050,000		2,097,088

							7,271,018

Non-U.S. Government Agencies—0.7%
Caisse d’Amortissement de la Dette Sociale (France)
2.125%		04/12/2017	^		1,610,000		1,674,501
Export-Import Bank of Korea (Korea, Republic of)
1.250%		11/20/2015			900,000		903,746
IPIC Ltd. MTN (Cayman Islands)
3.125%		11/15/2015	^		600,000		624,900
Korea National Oil Corp. (Korea, Republic of)
2.875%		11/09/2015	^		1,330,000		1,391,457
Petrobras International Finance Co. (Cayman Islands)
2.875%		02/06/2015	§		470,000		483,440
Petroleos Mexicanos (Mexico)
4.875%		03/15/2015	§		1,400,000		1,515,500

							6,593,544

Sovereign Debt—1.0%
Canadian Government International Bond (Canada)
2.000%		12/01/2014	CAD		500,000		510,767
Korea Finance Corp. (Korea, Republic of)
3.250%		09/20/2016			1,890,000		1,992,852
Mexican Bonos (Mexico)
6.000%		06/18/2015	MXN		30,649,000		2,441,537
Mexico Government International Bond (Mexico)
5.875%		02/17/2014			1,300,000		1,368,250
Norway Government International Bond (Norway)
5.000%		05/15/2015	NOK		2,500,000		486,801
Panama Government International Bond (Panama)
7.250%		03/15/2015	§		1,150,000		1,292,600
Qatar Government International Bond (Qatar)
3.125%		01/20/2017	^		900,000		952,650
South Africa Government International Bond (South Africa)
6.500%		06/02/2014	§		1,000,000		1,080,000

							10,125,457

U.S. Municipal Bonds—0.9%
Citizens Property Insurance Corp. Revenue Bonds, Series 2007-A (Florida)
5.000%		03/01/2013			290,000		292,148
Citizens Property Insurance Corp. Revenue Bonds, Series 2012 (Florida)
2.500%		06/01/2013			1,500,000		1,512,900



Coupon Rate	Maturity Date			Face		Value

Michigan Finance Authority, Series B-1 (Michigan)
2.000%	08/20/2013		$	220,000	$	222,339
New York Liberty Development Corp. (New York)
0.250%	12/01/2049			530,000		530,000
South Carolina State Public Service Authority Revenue Bonds, Series 2011-A (South Carolina)
0.914%	06/02/2014	#		1,500,000		1,503,090
State of California, Series A-2 (California)
2.500%	06/20/2013			1,270,000		1,283,157
State of Louisiana General Obligation Bonds, Series 2011-B (Louisiana)
0.949%	07/15/2014	#		1,695,000		1,700,119
University of California Revenue Bonds (California)
1.988%	05/15/2050	#		1,000,000		1,005,120
0.794%	07/01/2041	#		1,000,000		1,001,620

						9,050,493

Non-U.S. Regional Authority Bonds—0.2%
Province of Ontario (Canada)
2.950%	02/05/2015			1,530,000		1,608,922

TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $33,959,273)						34,649,434


ASSET-BACKED SECURITIES—5.0%
Automobiles—1.5%
AmeriCredit Automobile Receivables Trust Series 2012-1, Class A2
0.910%	10/08/2015			1,903,421		1,908,338
CarMax Auto Owner Trust Series 2012-1, Class A2
0.590%	03/16/2015			2,834,335		2,837,720
Enterprise Fleet Financing LLC Series 2012-1, Class A2
1.140%	11/20/2017	^		3,200,000		3,217,722
First Investors Auto Owner Trust Series 2011-1, Class C
3.400%	03/15/2016	^		1,400,000		1,412,541
Honda Auto Receivables Owner Trust Series 2012-1, Class A2
0.570%	08/15/2014			1,103,941		1,105,072
Hyundai Auto Receivables Trust Series 2012-A, Class A3
0.720%	03/15/2016			2,670,000		2,679,692
Hyundai Capital Auto Funding Ltd. (Cayman Islands) Series 2010-8A, Class A
1.209%	09/20/2016	#^		994,587		996,676

						14,157,761

Credit Card—2.6%
American Express Centurion Bank
0.760%	11/13/2015	#§		890,000		889,373
Capital One Multi-Asset Execution Trust Series 2008-A3, Class A3
5.050%	02/15/2016			3,050,000		3,092,270
Cards II Trust Series 2012-4A, Class A
0.659%	09/15/2017	#^		1,000,000		1,005,113
Chase Issuance Trust Series 2011-A2, Class A2
0.299%	05/15/2015	#		2,500,000		2,500,656
Chester Asset Receivables Dealings plc (United Kingdom) Series 2004-1, Class A
0.713%	04/15/2016	# GBP		1,040,000		1,688,244

See accompanying notes to financial statements

240

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date			Face		Value

ASSET-BACKED SECURITIES—(Continued)
Citibank Credit Card Issuance Trust Series 2003-A7, Class A7
4.150%		07/07/2017		$	2,700,000	$	2,943,687
Discover Card Master Trust Series 2012-A1, Class A1
0.810%		08/15/2017			3,000,000		3,023,431
GE Capital Credit Card Master Note Trust Series 2012-1, Class A
1.030%		01/15/2018			2,200,000		2,223,318
Golden Credit Card Trust (Canada)
0.659%		07/17/2017	#^		1,900,000		1,909,356
Gracechurch Card Funding plc (United Kingdom) Series 2012-1A, Class A1
0.909%		02/15/2017	#^		3,950,000		3,975,304
Gracechurch Card Funding plc (United Kingdom) Series 2012-1A, Class A2
0.910%		02/15/2017	#^ EUR		1,200,000		1,600,522

							24,851,274

Home Equity—0.3%
Argent Securities, Inc. Series 2006-W3, Class A2B
0.330%		04/25/2036	#		71,071		25,078
Bear Stearns Asset Backed Securities Trust Series 2006-HE7, Class 1A1
0.260%		09/25/2036	#		257,624		255,757
Countrywide Asset-Backed Certificates Series 2005-12, Class 2A3
5.069%		02/25/2036	#		496,584		503,724
Option One Mortgage Loan Trust Series 2005-4, Class A3
0.470%		11/25/2035	#		625,075		614,830
Saxon Asset Securities Trust Series 2005-4, Class A2C
0.460%		11/25/2037	#		284,775		282,644
Structured Asset Investment Loan Trust Series 2003-BC1, Class A2
0.890%		01/25/2033	#		1,743,327		1,657,516

							3,339,549

Other—0.3%
CenterPoint Energy Transition Bond Co. LLC Series 2012-1, Class A1
0.901%		04/15/2018			2,376,996		2,397,069
Countrywide Asset-Backed Certificates Series 2006-23, Class 2A2
0.320%		05/25/2037	#		459,641		457,500
JPMorgan Mortgage Acquisition Corp.
0.290%		03/25/2037	#		227,925		227,277

							3,081,846

Student Loan—0.3%
National Credit Union Administration Guaranteed Notes Series 2010-A1, Class A
0.563%		12/07/2020	#		2,509,748		2,517,277

TOTAL ASSET-BACKED SECURITIES
(Cost $47,797,870)							47,947,707



			Contracts		Value

PURCHASED OPTIONS—0.1%
Put—Swiss Market Index, Expires 03/15/2013, Strike CHF 6,846.1125				1,010	$	229,421
Call—U.S. 10 Year Treasury Note, Expires 02/22/2013, Strike $115.00				29		515,656

TOTAL PURCHASED OPTIONS
(Cost $680,770)						745,077



Coupon Rate	Maturity Date			Face		Value
CERTIFICATES OF DEPOSIT—0.2%
Commercial Banks—0.2%
Nordea Bank Finland plc
0.792%	02/07/2013		$	900,000		900,617
Svenska Handelsbanken AB
0.860%	09/25/2013			910,000		913,165

TOTAL CERTIFICATES OF DEPOSIT
(Cost $1,813,614)						1,813,782


COMMERCIAL PAPER—0.3%
Commercial Banks—0.2%
Abu Dhabi Commercial Bank PJSC (United Arab Emirates)
0.271%	03/11/2013			JPY 120,000,000		1,383,210
Royal Bank of Scotland Group plc (United Kingdom)
0.611%	05/02/2013	^		800,000		798,744

						2,181,954

Wireless Telecommunication Services—0.1%
Vodafone Group plc (United Kingdom)
0.876%	07/24/2013	^		825,000		821,890

TOTAL COMMERCIAL PAPER
(Cost $3,151,949)						3,003,844



				Shares		Value
MONEY MARKET FUNDS—3.6%
Institutional Money Market Fund—3.6%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.18%		¥
(Cost $34,740,466)				34,740,466		34,740,466

TOTAL INVESTMENTS—99.6%
(Cost $938,054,593)						961,293,344
Other assets less liabilities—0.4%						3,480,398

NET ASSETS—100.0%					$	964,773,742

See accompanying notes to financial statements

241

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012

Notes to the Schedule of Investments:


AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CHF		Swiss Franc
EUR		European Monetary Unit
GBP		British Pound Sterling
JPY		Japanese Yen
MTN		Medium Term Note
MXN		Mexican Peso
NOK		Norwegian Krone
REIT		Real Estate Investment Trust
SEK		Swedish Krona
SGD		Singapore Dollar
*		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 $157,309,820, which represents 16.3% 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.
§		Security has been segregated to cover economic leverage under certain contracts which may include, but are not limited to, futures, swaps, forwards, options and TBA’s, a security that is subject to delayed delivery.
‡‡		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

242

SCHEDULE OF INVESTMENTS

December 31, 2012


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—21.2%
Aerospace & Defense—0.2%
Boeing Co. (The)
6.125%		02/15/2033		$	100,000	$	134,205
4.875%		02/15/2020	†		200,000		241,334
L-3 Communications Corp.
4.950%		02/15/2021			300,000		339,065
Lockheed Martin Corp.
4.070%		12/15/2042	^		285,000		281,292
Northrop Grumman Corp.
3.500%		03/15/2021			300,000		320,479
United Technologies Corp.
6.700%		08/01/2028			150,000		204,009
4.875%		05/01/2015			500,000		549,382
4.500%		06/01/2042			200,000		223,176
3.100%		06/01/2022			200,000		212,231
1.800%		06/01/2017			300,000		309,135

							2,814,308

Airlines—0.0%
American Airlines, Inc., Series 2011-1 A
5.250%		07/31/2022			284,182		298,747
Continental Airlines, Inc., Series 2010-1 A, Class A
4.750%		01/12/2021			286,303		311,354

							610,101

Auto Components—0.0%
Johnson Controls, Inc.
5.500%		01/15/2016			250,000		282,398
4.250%		03/01/2021			300,000		328,984

							611,382

Automobiles—0.0%
Ford Motor Co.
7.450%		07/16/2031			200,000		255,000

Beverages—0.6%
Anheuser-Busch InBev Worldwide, Inc.
8.200%		01/15/2039			300,000		494,393
7.750%		01/15/2019			500,000		668,652
6.875%		11/15/2019			300,000		394,494
5.375%		01/15/2020			500,000		609,431
3.750%		07/15/2042			200,000		201,821
1.500%		07/14/2014			200,000		202,965
0.800%		07/15/2015			200,000		200,649
Beam, Inc.
5.375%		01/15/2016			90,000		100,614
Bottling Group LLC
5.500%		04/01/2016			500,000		571,799
Coca-Cola Co. (The)
5.350%		11/15/2017			500,000		599,344
4.875%		03/15/2019			300,000		358,332
3.150%		11/15/2020			200,000		218,017
0.750%		03/13/2015			300,000		302,449
Coca-Cola Enterprises, Inc.
4.500%		09/01/2021			300,000		342,167
Diageo Finance BV (Netherlands)
5.300%		10/28/2015			750,000		842,418
PepsiCo, Inc.
3.750%		03/01/2014			500,000		519,108
3.000%		08/25/2021			500,000		530,474

							7,157,127



Coupon Rate	Maturity Date			Face		Value

Biotechnology—0.2%
Amgen, Inc.
6.900%	06/01/2038		$	267,000	$	359,489
6.150%	06/01/2018			500,000		608,169
5.850%	06/01/2017			250,000		296,352
5.150%	11/15/2041			300,000		338,932
3.875%	11/15/2021			300,000		330,064
Genentech, Inc.
5.250%	07/15/2035			100,000		120,981
Gilead Sciences, Inc.
4.400%	12/01/2021			300,000		342,614

						2,396,601

Capital Markets—1.4%
Bank of New York Mellon Corp. (The)
3.550%	09/23/2021			300,000		327,479
Bank of New York Mellon Corp. (The) MTN
2.300%	07/28/2016			100,000		104,615
Bank of New York Mellon Corp. (The), Series 1
2.950%	06/18/2015	†		500,000		527,673
Bear Stearns Cos. LLC (The)
7.250%	02/01/2018			250,000		313,604
6.400%	10/02/2017			400,000		480,902
4.650%	07/02/2018			400,000		453,340
BlackRock, Inc.
4.250%	05/24/2021			500,000		565,007
Credit Suisse USA, Inc.
5.125%	01/15/2014			500,000		522,405
5.125%	08/15/2015			500,000		555,248
Goldman Sachs Group, Inc. (The)
7.500%	02/15/2019			300,000		377,956
6.250%	09/01/2017			500,000		590,417
6.250%	02/01/2041			500,000		615,701
6.150%	04/01/2018			500,000		588,055
6.125%	02/15/2033			600,000		704,459
5.750%	01/24/2022			300,000		355,306
5.375%	03/15/2020			300,000		344,330
5.250%	07/27/2021			300,000		342,593
5.150%	01/15/2014			500,000		521,586
5.125%	01/15/2015			500,000		537,404
5.000%	10/01/2014			553,000		589,298
3.625%	02/07/2016			500,000		529,650
1.600%	11/23/2015			300,000		302,321
Jefferies Group, Inc.
6.250%	01/15/2036			230,000		239,200
5.125%	04/13/2018			300,000		316,500
Mellon Funding Corp.
5.200%	05/15/2014			400,000		425,480
Merrill Lynch & Co., Inc.
6.875%	11/15/2018			250,000		306,406
Merrill Lynch & Co., Inc. MTN
6.875%	04/25/2018			500,000		603,414
Morgan Stanley
7.250%	04/01/2032			100,000		126,166
6.000%	05/13/2014			500,000		529,660
5.750%	01/25/2021			600,000		686,345
4.750%	03/22/2017			300,000		327,603
2.875%	01/24/2014			300,000		305,121
Morgan Stanley MTN
5.450%	01/09/2017			500,000		553,794
Morgan Stanley, Series F MTN
6.625%	04/01/2018			500,000		589,953
6.000%	04/28/2015			1,000,000		1,089,803
5.950%	12/28/2017			500,000		566,820

See accompanying notes to financial statements

243

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date		Face		Value

CORPORATE OBLIGATIONS—(Continued)
Nomura Holdings, Inc. (Japan)
6.700%		03/04/2020	$	300,000	$	350,625
Northern Trust Corp.
3.375%		08/23/2021		500,000		541,029

						17,807,268

Chemicals—0.4%
Agrium, Inc. (Canada)
6.125%		01/15/2041		400,000		482,674
Airgas, Inc.
2.950%		06/15/2016		200,000		211,160
Dow Chemical Co. (The)
8.550%		05/15/2019		629,000		850,300
5.250%		11/15/2041		300,000		335,885
4.125%		11/15/2021		150,000		164,629
E.I. du Pont de Nemours & Co.
4.900%		01/15/2041		200,000		238,165
4.250%		04/01/2021		300,000		344,887
2.750%		04/01/2016		300,000		316,904
1.750%		03/25/2014		300,000		305,118
Ecolab, Inc.
5.500%		12/08/2041		300,000		359,316
Monsanto Co.
5.500%		08/15/2025		200,000		251,686
PPG Industries, Inc.
3.600%		11/15/2020		400,000		432,098
Praxair, Inc.
3.250%		09/15/2015		500,000		534,095
2.200%		08/15/2022		400,000		392,451

						5,219,368

Commercial Banks—1.6%
Abbey National Treasury Services plc (United Kingdom)
2.875%		04/25/2014		300,000		306,367
American Express Centurion Bank
0.875%		11/13/2015		400,000		399,988
Bank of Nova Scotia (Canada)
2.050%		10/07/2015		400,000		413,670
Barclays Bank plc (United Kingdom)
3.900%		04/07/2015		700,000		742,737
2.750%		02/23/2015		300,000		310,912
2.375%		01/13/2014		500,000		508,570
BB&T Corp.
5.250%		11/01/2019		500,000		578,963
BB&T Corp. MTN
1.600%		08/15/2017		400,000		405,245
BBVA US Senior SAU (Spain)
4.664%		10/09/2015		400,000		410,392
BNP Paribas SA (France)
3.250%		03/11/2015		500,000		522,117
BNP Paribas SA, Bank Note (France)
5.000%		01/15/2021		400,000		450,011
Capital One Financial Corp.
6.150%		09/01/2016		200,000		228,994
2.125%		07/15/2014		200,000		203,673
Commonwealth Bank of Australia (Australia)
1.250%		09/18/2015		300,000		303,480
Credit Suisse (Switzerland)
5.500%		05/01/2014		500,000		532,169
5.400%		01/14/2020		200,000		225,211
Discover Bank
7.000%		04/15/2020		200,000		248,706



Coupon Rate	Maturity Date		Face		Value

HSBC Bank USA NA
4.875%	08/24/2020	$	400,000	$	446,494
HSBC Holdings plc (United Kingdom)
6.100%	01/14/2042		500,000		667,876
4.000%	03/30/2022		500,000		548,499
HSBC USA, Inc.
2.375%	02/13/2015		400,000		411,663
KeyBank NA, Bank Note
5.800%	07/01/2014		400,000		428,620
KeyCorp MTN
5.100%	03/24/2021		500,000		583,502
LBBW (Germany)
7.625%	02/01/2023		200,000		260,156
National Australia Bank Ltd. (Australia)
1.600%	08/07/2015		500,000		507,833
National City Corp.
6.875%	05/15/2019		500,000		624,622
PNC Funding Corp.
2.700%	09/19/2016		200,000		211,488
Royal Bank of Canada MTN (Canada)
2.875%	04/19/2016		300,000		317,767
Royal Bank of Scotland plc (The) (United Kingdom)
6.125%	01/11/2021		300,000		363,044
4.875%	03/16/2015		100,000		107,465
4.375%	03/16/2016		500,000		541,412
Sumitomo Mitsui Banking Corp. (Japan)
3.200%	07/18/2022		200,000		205,456
1.350%	07/18/2015		300,000		303,567
SunTrust Banks, Inc.
3.600%	04/15/2016		500,000		534,489
Toronto-Dominion Bank (The) (Canada)
1.375%	07/14/2014		300,000		304,062
U.S. Bank NA, Bank Note
4.800%	04/15/2015		250,000		271,235
UBS AG (Switzerland)
7.000%	10/15/2015		100,000		109,516
5.875%	07/15/2016		700,000		781,650
UBS AG MTN (Switzerland)
7.375%	06/15/2017		100,000		116,325
US Bancorp
4.200%	05/15/2014		400,000		420,097
US Bancorp MTN
2.950%	07/15/2022		200,000		202,460
1.650%	05/15/2017		500,000		509,977
Wachovia Bank NA, Bank Note
6.600%	01/15/2038		300,000		413,238
Wells Fargo & Co.
5.000%	11/15/2014		750,000		804,958
3.676%	06/15/2016		400,000		432,794
Wells Fargo & Co. MTN
4.600%	04/01/2021		500,000		576,123
2.100%	05/08/2017		300,000		310,484
Wells Fargo Bank NA
5.950%	08/26/2036		100,000		126,612
Westpac Banking Corp. (Australia)
3.000%	08/04/2015		400,000		422,732

					19,657,421

Commercial Services & Supplies—0.1%
Republic Services, Inc.
5.700%	05/15/2041		200,000		240,084
5.500%	09/15/2019		300,000		355,781
Waste Management, Inc.
7.000%	07/15/2028		50,000		67,937
6.375%	03/11/2015		400,000		447,579

					1,111,381

See accompanying notes to financial statements

244

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Communications Equipment—0.3%
Cisco Systems, Inc.
5.500%		02/22/2016		$	500,000	$	571,946
4.950%		02/15/2019			500,000		592,706
1.625%		03/14/2014			400,000		406,106
Corning, Inc.
4.750%		03/15/2042			400,000		422,933
Harris Corp.
6.150%		12/15/2040			250,000		297,327
Juniper Networks, Inc.
3.100%		03/15/2016			400,000		414,941
Motorola Solutions, Inc.
7.500%		05/15/2025			340,000		429,556

							3,135,515

Computers & Peripherals—0.1%
Dell, Inc.
5.400%		09/10/2040	†		300,000		306,550
Hewlett-Packard Co.
4.650%		12/09/2021	†		300,000		301,713
3.300%		12/09/2016			300,000		305,647
2.125%		09/13/2015			500,000		499,981

							1,413,891

Construction Materials—0.0%
CRH America, Inc.
6.000%		09/30/2016			250,000		281,144

Consumer Finance—0.7%
American Express Co.
4.050%		12/03/2042	^		472,000		476,174
American Express Credit Corp. MTN
2.800%		09/19/2016			400,000		423,592
2.750%		09/15/2015			400,000		419,627
Capital One Bank USA NA
8.800%		07/15/2019			500,000		677,939
Caterpillar Financial Services Corp. MTN
2.850%		06/01/2022			300,000		307,459
2.750%		06/24/2015			200,000		209,609
1.625%		06/01/2017			300,000		305,968
Caterpillar Financial Services Corp., Series F MTN
2.650%		04/01/2016			400,000		420,346
Ford Motor Credit Co. LLC
8.700%		10/01/2014			200,000		224,997
5.875%		08/02/2021			500,000		583,272
5.000%		05/15/2018			200,000		221,187
4.250%		02/03/2017			200,000		214,460
4.250%		09/20/2022			200,000		211,899
3.984%		06/15/2016			300,000		318,805
3.000%		06/12/2017			300,000		308,547
2.750%		05/15/2015			500,000		510,577
HSBC Finance Capital Trust IX
5.911%		11/30/2035	#		500,000		501,250
John Deere Capital Corp.
1.200%		10/10/2017	†		300,000		300,817
John Deere Capital Corp. MTN
3.900%		07/12/2021	†		300,000		335,216
2.250%		06/07/2016			200,000		209,425
SLM Corp. MTN
3.875%		09/10/2015			200,000		205,723



Coupon Rate	Maturity Date			Face		Value

SLM Corp., Series A MTN
8.450%	06/15/2018		$	400,000	$	470,000
Toyota Motor Credit Corp.
1.250%	10/05/2017	†		400,000		403,310
0.875%	07/17/2015			300,000		301,424
Toyota Motor Credit Corp. MTN
4.500%	06/17/2020			300,000		346,290

						8,907,913

Diversified Financial Services—1.9%
Bank of America Corp.
7.750%	08/15/2015			250,000		283,538
5.875%	01/05/2021			400,000		479,698
5.875%	02/07/2042			300,000		375,725
5.625%	07/01/2020			500,000		593,741
4.500%	04/01/2015			700,000		746,549
3.875%	03/22/2017	†		700,000		759,907
1.500%	10/09/2015			400,000		402,317
Bank of America Corp. MTN
5.000%	05/13/2021			300,000		343,090
3.625%	03/17/2016			500,000		530,201
Bank of America Corp., Series L MTN
7.375%	05/15/2014			200,000		216,641
5.650%	05/01/2018			500,000		582,402
Citigroup, Inc.
8.500%	05/22/2019			300,000		403,916
8.125%	07/15/2039			500,000		751,085
6.625%	06/15/2032			150,000		173,757
6.375%	08/12/2014			500,000		540,534
6.125%	11/21/2017			750,000		893,580
6.010%	01/15/2015			179,000		195,691
6.000%	08/15/2017			600,000		707,614
5.850%	12/11/2034			36,000		42,346
4.500%	01/14/2022			500,000		558,899
3.953%	06/15/2016			200,000		215,447
2.650%	03/02/2015			400,000		412,123
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands)
3.875%	02/08/2022			400,000		431,279
3.375%	01/19/2017			300,000		322,592
2.125%	10/13/2015			200,000		206,560
Deutsche Bank AG (Germany)
6.000%	09/01/2017			650,000		780,184
Deutsche Bank Financial LLC MTN
5.375%	03/02/2015			250,000		265,173
General Electric Capital Corp.
5.500%	01/08/2020			500,000		592,735
4.625%	01/07/2021			300,000		340,866
2.950%	05/09/2016			400,000		421,684
2.100%	01/07/2014			400,000		406,667
General Electric Capital Corp. MTN
5.875%	01/14/2038			700,000		847,368
5.400%	02/15/2017			650,000		748,267
General Electric Capital Corp., Series A MTN
6.875%	01/10/2039			300,000		409,219
6.750%	03/15/2032			750,000		976,933
5.625%	09/15/2017			300,000		354,289
3.750%	11/14/2014			500,000		527,468
JPMorgan Chase & Co.
6.400%	05/15/2038			300,000		403,579
6.300%	04/23/2019			500,000		617,708
5.600%	07/15/2041			200,000		248,659
5.125%	09/15/2014			500,000		531,990
4.750%	03/01/2015			500,000		539,690
4.625%	05/10/2021			300,000		342,652

See accompanying notes to financial statements

245

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
4.500%		01/24/2022		$	400,000	$	453,349
3.450%		03/01/2016			500,000		531,405
JPMorgan Chase & Co. MTN
2.050%		01/24/2014			300,000		304,774
1.875%		03/20/2015			500,000		509,265
JPMorgan Chase Bank NA, Bank Note
6.000%		10/01/2017			500,000		592,544
National Rural Utilities Cooperative Finance Corp.
10.375%		11/01/2018			281,000		415,872
3.050%		03/01/2016			250,000		265,576
Western Union Co. (The)
5.253%		04/01/2020			502,000		540,503

							24,137,651

Diversified Telecommunication Services—1.1%
AT&T, Inc.
6.550%		02/15/2039			200,000		263,756
6.300%		01/15/2038			250,000		321,681
6.150%		09/15/2034			500,000		617,552
5.800%		02/15/2019			250,000		307,164
5.625%		06/15/2016			450,000		516,914
5.550%		08/15/2041	†		300,000		361,438
5.350%		09/01/2040			307,000		358,893
4.350%		06/15/2045	^		758,000		764,719
1.600%		02/15/2017			400,000		405,099
BellSouth Capital Funding Corp.
7.875%		02/15/2030			22,000		29,067
BellSouth Corp.
6.875%		10/15/2031			19,000		23,709
5.200%		09/15/2014			500,000		537,279
British Telecommunications plc (United Kingdom)
9.625%		12/15/2030			250,000		398,210
Cellco Partnership/Verizon Wireless Capital LLC
8.500%		11/15/2018			250,000		344,346
5.550%		02/01/2014			300,000		315,006
CenturyLink, Inc.
5.800%		03/15/2022			400,000		423,606
Deutsche Telekom International Finance BV (Netherlands)
8.750%		06/15/2030			300,000		450,657
Embarq Corp.
7.082%		06/01/2016			250,000		293,122
France Telecom SA (France)
8.500%		03/01/2031			500,000		750,475
Qwest Capital Funding, Inc.
6.875%		07/15/2028			200,000		204,330
Qwest Corp.
6.500%		06/01/2017			250,000		292,185
Telecom Italia Capital SA (Luxembourg)
6.999%		06/04/2018	†		300,000		344,400
6.000%		09/30/2034			250,000		245,625
Telefonica Emisiones SAU (Spain)
5.134%		04/27/2020			600,000		632,250
3.729%		04/27/2015			200,000		205,980
Telefonica Europe BV (Netherlands)
8.250%		09/15/2030			350,000		416,063
Verizon Communications, Inc.
6.400%		02/15/2038			500,000		679,350
6.350%		04/01/2019			500,000		632,735
6.000%		04/01/2041			300,000		393,060
5.850%		09/15/2035			250,000		315,123
3.000%		04/01/2016	†		400,000		426,253



Coupon Rate	Maturity Date			Face		Value

2.450%	11/01/2022		$	300,000	$	300,753
1.950%	03/28/2014			400,000		407,357
0.700%	11/02/2015			400,000		400,380
Verizon Global Funding Corp.
7.750%	12/01/2030			130,000		190,863

						13,569,400

Electric Utilities—1.6%
Alabama Power Co., Series Q
5.500%	10/15/2017			150,000		179,577
Ameren Illinois Co.
2.700%	09/01/2022			400,000		400,973
Arizona Public Service Co.
4.500%	04/01/2042			300,000		320,373
Commonwealth Edison Co.
5.900%	03/15/2036			300,000		388,369
5.800%	03/15/2018			100,000		121,202
1.625%	01/15/2014			400,000		404,412
Consolidated Edison Co. of New York, Inc., Series 06-C
5.500%	09/15/2016			500,000		580,708
Constellation Energy Group, Inc.
5.150%	12/01/2020			400,000		458,003
Consumers Energy Co., Series P
5.500%	08/15/2016			150,000		173,389
Dominion Resources, Inc.
1.800%	03/15/2014			200,000		202,681
Dominion Resources, Inc., Series A
5.600%	11/15/2016			300,000		347,983
Dominion Resources, Inc., Series C
4.900%	08/01/2041	†		300,000		337,498
Duke Energy Carolinas LLC
6.450%	10/15/2032			330,000		426,508
4.300%	06/15/2020			100,000		114,202
4.000%	09/30/2042			200,000		202,466
Duke Energy Corp.
2.150%	11/15/2016			200,000		206,995
Duke Energy Indiana, Inc.
3.750%	07/15/2020			300,000		332,755
Entergy Corp.
4.700%	01/15/2017			500,000		542,130
Exelon Corp.
4.900%	06/15/2015			350,000		381,207
FirstEnergy Corp., Series C
7.375%	11/15/2031			150,000		194,282
FirstEnergy Solutions Corp.
6.050%	08/15/2021			250,000		286,619
Florida Power & Light Co.
5.625%	04/01/2034			50,000		62,804
5.125%	06/01/2041			200,000		241,886
4.950%	06/01/2035			100,000		117,259
Florida Power Corp.
6.400%	06/15/2038			350,000		473,104
0.650%	11/15/2015			300,000		299,779
Georgia Power Co., Series 07-A
5.650%	03/01/2037			200,000		249,046
Great Plains Energy, Inc.
4.850%	06/01/2021			400,000		441,462
Indiana Michigan Power Co.
7.000%	03/15/2019			250,000		316,348
Jersey Central Power & Light
5.625%	05/01/2016			500,000		567,725
Kentucky Utilities Co.
5.125%	11/01/2040			500,000		608,354

See accompanying notes to financial statements

246

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date		Face		Value

CORPORATE OBLIGATIONS—(Continued)
MidAmerican Energy Co. MTN
5.800%		10/15/2036	$	500,000	$	635,557
MidAmerican Energy Holdings Co.
6.125%		04/01/2036		200,000		253,327
MidAmerican Energy Holdings Co., Series D
5.000%		02/15/2014		150,000		157,116
Mississippi Power Co., Series 2012-A
4.250%		03/15/2042		300,000		307,656
NextEra Energy Capital Holdings, Inc.
6.000%		03/01/2019		250,000		295,422
4.500%		06/01/2021		200,000		222,607
1.200%		06/01/2015		500,000		503,856
Nisource Finance Corp.
5.450%		09/15/2020		500,000		588,492
5.250%		02/15/2043		300,000		318,775
Northern States Power Co.
5.250%		03/01/2018		500,000		599,072
Ohio Power Co., Series K
6.000%		06/01/2016		500,000		576,506
Pacific Gas & Electric Co.
6.050%		03/01/2034		500,000		646,308
4.450%		04/15/2042		300,000		321,584
Peco Energy Co.
2.375%		09/15/2022		200,000		202,147
Potomac Electric Power Co.
7.900%		12/15/2038		200,000		325,266
Progress Energy, Inc.
7.050%		03/15/2019		400,000		503,359
4.400%		01/15/2021		300,000		334,978
PSEG Power LLC
8.625%		04/15/2031		300,000		438,639
2.750%		09/15/2016		200,000		208,294
Public Service Electric & Gas Co. MTN
3.650%		09/01/2042		200,000		197,527
Puget Sound Energy, Inc.
4.434%		11/15/2041		300,000		330,414
South Carolina Electric & Gas Co.
5.300%		05/15/2033		150,000		174,708
Southern California Edison Co.
6.650%		04/01/2029		500,000		660,759
4.050%		03/15/2042		300,000		313,202
Southern Power Co., Series D
4.875%		07/15/2015		350,000		383,602
Union Electric Co.
6.400%		06/15/2017		250,000		305,668
Virginia Electric and Power Co.
5.400%		04/30/2018		250,000		302,408
Wisconsin Electric Power
5.625%		05/15/2033		150,000		187,365
Xcel Energy, Inc.
4.800%		09/15/2041		200,000		225,344

						20,500,057

Electrical Equipment—0.1%
Emerson Electric Co.
5.000%		12/15/2014		150,000		162,726
5.000%		04/15/2019		500,000		599,209

						761,935



Coupon Rate	Maturity Date			Face		Value

Electronic Equipment, Instruments & Components—0.1%
Agilent Technologies, Inc.
5.000%	07/15/2020		$	100,000	$	114,841
Jabil Circuit, Inc.
4.700%	09/15/2022			200,000		211,250
Thermo Fisher Scientific, Inc.
2.050%	02/21/2014			300,000		304,303

						630,394

Energy Equipment & Services—0.3%
Halliburton Co.
7.450%	09/15/2039			400,000		611,023
Noble Holding International Ltd. (Cayman Islands)
6.200%	08/01/2040			200,000		237,416
3.450%	08/01/2015			200,000		210,886
2.500%	03/15/2017			300,000		309,919
Pride International, Inc.
6.875%	08/15/2020			200,000		253,332
Rowan Cos., Inc.
4.875%	06/01/2022			250,000		272,022
Transocean, Inc. (Cayman Islands)
6.800%	03/15/2038			500,000		614,115
Weatherford International Ltd. (Bermuda)
9.625%	03/01/2019			400,000		522,492
6.750%	09/15/2040			300,000		341,334
4.500%	04/15/2022			300,000		318,970

						3,691,509

Food & Staples Retailing—0.2%
CVS Caremark Corp.
4.875%	09/15/2014			230,000		247,190
4.125%	05/15/2021			200,000		225,990
Kroger Co. (The)
7.500%	04/01/2031			200,000		260,244
5.400%	07/15/2040			200,000		222,522
4.950%	01/15/2015			300,000		323,627
Safeway, Inc.
6.250%	03/15/2014			300,000		316,595
Walgreen Co.
4.400%	09/15/2042			200,000		204,376
1.000%	03/13/2015			300,000		300,415

						2,100,959

Food Products—0.4%
Archer-Daniels Midland Co.
5.450%	03/15/2018			500,000		599,233
Bunge Ltd. Finance Corp.
5.350%	04/15/2014			500,000		526,298
ConAgra Foods, Inc.
5.875%	04/15/2014			500,000		532,153
3.250%	09/15/2022			200,000		201,304
2.100%	03/15/2018			200,000		200,577
General Mills, Inc.
5.400%	06/15/2040			300,000		369,647
3.150%	12/15/2021			200,000		209,456
Hillshire Brands Co.
2.750%	09/15/2015			300,000		309,270
Kellogg Co.
4.000%	12/15/2020			300,000		334,757
Kraft Foods Group, Inc.
6.875%	01/26/2039	^		380,000		513,405
6.500%	02/09/2040	^		200,000		263,826
5.375%	02/10/2020	^		209,000		251,328

See accompanying notes to financial statements

247

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Mondelez International, Inc.
5.375%		02/10/2020		$	291,000	$	351,845
4.125%		02/09/2016			100,000		109,030
Unilever Capital Corp.
4.250%		02/10/2021			300,000		346,874

							5,119,003

Gas Utilities—0.1%
Southern California Gas Co.
5.125%		11/15/2040			400,000		497,047
Southern Union Co.
7.600%		02/01/2024			200,000		255,205

							752,252

Health Care Equipment & Supplies—0.3%
Baxter International, Inc.
5.900%		09/01/2016			400,000		472,007
2.400%		08/15/2022			300,000		297,420
Becton Dickinson and Co.
5.000%		11/12/2040			300,000		363,344
Boston Scientific Corp.
7.375%		01/15/2040			200,000		273,759
6.250%		11/15/2015			200,000		225,495
6.000%		01/15/2020			200,000		233,632
CareFusion Corp.
6.375%		08/01/2019			250,000		298,522
Covidien International Finance SA (Luxembourg)
6.000%		10/15/2017			250,000		303,137
Medtronic, Inc.
4.450%		03/15/2020			300,000		349,029
3.000%		03/15/2015			380,000		399,507

							3,215,852

Health Care Providers & Services—0.4%
Aetna, Inc.
6.625%		06/15/2036			250,000		337,634
4.125%		11/15/2042			200,000		199,171
1.500%		11/15/2017			200,000		200,635
Cigna Corp.
5.125%		06/15/2020			300,000		342,897
Express Scripts Holding Co.
6.250%		06/15/2014			300,000		323,177
6.125%		11/15/2041	^		200,000		256,113
4.750%		11/15/2021	^		200,000		227,382
Quest Diagnostics, Inc.
6.950%		07/01/2037			300,000		387,215
4.700%		04/01/2021			300,000		336,504
UnitedHealth Group, Inc.
6.000%		02/15/2018			500,000		609,280
5.950%		02/15/2041			200,000		252,416
5.375%		03/15/2016			200,000		227,208
WellPoint, Inc.
5.250%		01/15/2016			500,000		557,588
4.650%		01/15/2043			200,000		209,281
3.300%		01/15/2023			300,000		308,458

							4,774,959



Coupon Rate	Maturity Date			Face		Value

Hotels, Restaurants & Leisure—0.1%
McDonald’s Corp., Series I MTN
5.350%	03/01/2018		$	500,000	$	603,785
Wyndham Worldwide Corp.
7.375%	03/01/2020			300,000		361,634
Yum! Brands, Inc.
6.875%	11/15/2037			200,000		274,029

						1,239,448

Household Durables—0.1%
Clorox Co. (The)
3.800%	11/15/2021			400,000		436,425
Kimberly-Clark Corp.
6.125%	08/01/2017			500,000		613,848
Whirlpool Corp. MTN
4.850%	06/15/2021			200,000		214,739

						1,265,012

Household Products—0.1%
Procter & Gamble Co. (The)
5.800%	08/15/2034			250,000		332,164
4.700%	02/15/2019			500,000		591,533

						923,697

Industrial Conglomerates—0.0%
3M Co. MTN
5.700%	03/15/2037			100,000		136,328
GE Capital Trust I
6.375%	11/15/2067	#		130,000		137,312

						273,640

Insurance—0.9%
ACE INA Holdings, Inc.
5.875%	06/15/2014			300,000		322,285
AEGON Funding Co. LLC
5.750%	12/15/2020			290,000		337,318
Allstate Corp. (The)
5.350%	06/01/2033			500,000		593,617
American International Group, Inc.
6.400%	12/15/2020			400,000		497,120
6.250%	03/15/2037			300,000		321,750
3.800%	03/22/2017			500,000		541,697
3.000%	03/20/2015	†		400,000		416,430
American International Group, Inc., Series G MTN
5.850%	01/16/2018	†		500,000		592,414
Assurant, Inc.
5.625%	02/15/2014			500,000		521,811
AXA SA (France)
8.600%	12/15/2030			250,000		314,133
Berkshire Hathaway Finance Corp.
4.250%	01/15/2021			300,000		344,795
Chubb Corp. (The)
6.375%	03/29/2067	#		200,000		219,000
CNA Financial Corp.
5.850%	12/15/2014			430,000		467,061
5.750%	08/15/2021			300,000		352,484
Fidelity National Financial, Inc.
6.600%	05/15/2017			300,000		338,494
Genworth Financial, Inc.
7.700%	06/15/2020			200,000		221,435
Hartford Financial Services Group, Inc.
6.100%	10/01/2041			150,000		178,922
4.000%	10/15/2017			300,000		328,079

See accompanying notes to financial statements

248

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Jefferson-Pilot Corp.
4.750%		01/30/2014		$	300,000	$	311,027
Lincoln National Corp.
6.150%		04/07/2036			250,000		293,108
Marsh & McLennan Cos., Inc.
5.750%		09/15/2015			46,000		51,601
MetLife, Inc.
6.750%		06/01/2016			600,000		711,161
5.700%		06/15/2035			250,000		306,277
2.375%		02/06/2014			300,000		305,699
Progressive Corp. (The)
6.625%		03/01/2029			150,000		193,407
Prudential Financial, Inc.
6.625%		06/21/2040			100,000		126,084
5.375%		06/21/2020			300,000		351,258
Prudential Financial, Inc. MTN
5.800%		11/16/2041			200,000		234,589
Prudential Financial, Inc., Series D MTN
5.700%		12/14/2036			250,000		285,737
4.750%		09/17/2015			300,000		329,055
Validus Holdings Ltd. (Bermuda)
8.875%		01/26/2040			200,000		269,777

							10,677,625

Internet & Catalog Retail—0.2%
Amazon.com, Inc.
2.500%		11/29/2022			200,000		197,554
1.200%		11/29/2017			200,000		199,137
0.650%		11/27/2015	†		400,000		400,045
eBay, Inc.
4.000%		07/15/2042			100,000		97,809
2.600%		07/15/2022			100,000		101,232
1.350%		07/15/2017			100,000		101,276
0.700%		07/15/2015			200,000		200,874
Expedia, Inc.
7.456%		08/15/2018			500,000		596,637

							1,894,564

Internet Software & Services—0.1%
Google, Inc.
3.625%		05/19/2021			300,000		334,460
2.125%		05/19/2016			300,000		313,517
1.250%		05/19/2014			300,000		303,807

							951,784

IT Services—0.2%
Computer Sciences Corp.
4.450%		09/15/2022			200,000		209,281
2.500%		09/15/2015			300,000		306,096
International Business Machines Corp.
7.000%		10/30/2025			300,000		434,113
5.700%		09/14/2017			500,000		604,466
0.875%		10/31/2014			500,000		504,442

							2,058,398

Machinery—0.4%
Caterpillar, Inc.
3.803%		08/15/2042			685,000		685,462
Deere & Co.
6.950%		04/25/2014			250,000		271,023



Coupon Rate	Maturity Date			Face		Value

Dover Corp.
5.375%	03/01/2041		$	300,000	$	381,923
Eaton Corp.
4.150%	11/02/2042	^		100,000		101,564
2.750%	11/02/2022	^		100,000		99,905
1.500%	11/02/2017	^		100,000		100,321
0.950%	11/02/2015	^		100,000		100,374
General Electric Co.
5.250%	12/06/2017			500,000		590,227
4.125%	10/09/2042			300,000		309,929
2.700%	10/09/2022			300,000		306,447
0.850%	10/09/2015			300,000		301,263
Honeywell International, Inc.
5.700%	03/15/2036			300,000		392,370
3.875%	02/15/2014			300,000		311,513
Parker Hannifin Corp. MTN
3.500%	09/15/2022			100,000		108,825
Precision Castparts Corp.
2.500%	01/15/2023			200,000		201,717
0.700%	12/20/2015			300,000		300,474
Roper Industries, Inc.
1.850%	11/15/2017			200,000		200,082

						4,763,419

Media—1.1%
CBS Corp.
7.875%	07/30/2030			250,000		346,114
5.750%	04/15/2020			200,000		239,918
4.850%	07/01/2042			250,000		261,225
1.950%	07/01/2017	†		300,000		305,965
Comcast Corp.
6.450%	03/15/2037			500,000		643,782
6.300%	11/15/2017			700,000		859,660
5.650%	06/15/2035			200,000		235,458
COX Communications, Inc.
5.500%	10/01/2015			75,000		84,274
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
6.375%	03/01/2041			500,000		580,646
5.200%	03/15/2020			200,000		227,308
3.800%	03/15/2022			300,000		310,097
3.550%	03/15/2015			200,000		210,503
3.500%	03/01/2016			400,000		424,080
Discovery Communications LLC
5.625%	08/15/2019			400,000		478,450
Historic TW, Inc.
9.150%	02/01/2023			300,000		443,826
NBCUniversal Media LLC
5.950%	04/01/2041			250,000		307,661
4.375%	04/01/2021			250,000		281,327
News America, Inc.
8.000%	10/17/2016			150,000		184,958
7.750%	12/01/2045			200,000		283,720
6.150%	02/15/2041			300,000		381,396
5.650%	08/15/2020			500,000		607,790
Omnicom Group, Inc.
5.900%	04/15/2016			500,000		570,369
Thomson Reuters Corp. (Canada)
6.500%	07/15/2018			300,000		375,360
Time Warner Cable, Inc.
6.750%	06/15/2039			200,000		254,552
5.850%	05/01/2017			400,000		472,989

See accompanying notes to financial statements

249

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Time Warner Entertainment Co. LP
8.375%		03/15/2023		$	250,000	$	354,006
8.375%		07/15/2033			250,000		365,927
Time Warner, Inc.
5.875%		11/15/2016			700,000		820,346
5.375%		10/15/2041			250,000		280,337
Viacom, Inc.
6.875%		04/30/2036			300,000		407,634
4.500%		03/01/2021			200,000		225,407
4.375%		03/15/2043	^		200,000		197,558
2.500%		12/15/2016			300,000		313,096
Walt Disney Co. (The) MTN
3.700%		12/01/2042			200,000		201,115
2.350%		12/01/2022			200,000		202,282
1.100%		12/01/2017			250,000		250,824
0.450%		12/01/2015			350,000		348,527
Walt Disney Co. (The), Series B MTN
7.000%		03/01/2032			210,000		302,711

							13,641,198

Metals & Mining—0.6%
Alcoa, Inc.
5.550%		02/01/2017	†		290,000		314,224
5.400%		04/15/2021	†		300,000		312,765
Barrick Gold Corp. (Canada)
2.900%		05/30/2016			200,000		210,011
Barrick PD Australia Finance Pty Ltd. (Australia)
5.950%		10/15/2039			400,000		463,625
BHP Billiton Finance USA Ltd. (Australia)
6.500%		04/01/2019			500,000		638,498
4.125%		02/24/2042			400,000		426,511
1.625%		02/24/2017			400,000		409,444
1.125%		11/21/2014			300,000		303,759
Freeport-McMoRan Copper & Gold, Inc.
3.550%		03/01/2022	†		400,000		397,480
Newmont Mining Corp.
6.250%		10/01/2039			200,000		241,722
3.500%		03/15/2022			400,000		413,337
Rio Tinto Alcan, Inc. (Canada)
6.125%		12/15/2033			150,000		189,990
Rio Tinto Finance USA Ltd. (Australia)
8.950%		05/01/2014			500,000		553,038
Rio Tinto Finance USA plc (Australia)
2.000%		03/22/2017			500,000		512,339
Rio Tinto Finance USA plc (United Kingdom)
4.750%		03/22/2042			300,000		333,069
Southern Copper Corp.
7.500%		07/27/2035			250,000		323,447
Teck Resources Ltd. (Canada)
5.200%		03/01/2042			300,000		307,783
3.000%		03/01/2019			300,000		309,707
Vale Overseas Ltd. (Cayman Islands)
6.875%		11/21/2036			100,000		124,458
6.250%		01/23/2017			500,000		577,796
4.625%		09/15/2020			500,000		542,750

							7,905,753



Coupon Rate	Maturity Date			Face		Value

Multiline Retail—0.4%
Kohl’s Corp.
4.000%	11/01/2021	†	$	300,000	$	317,854
Macy’s Retail Holdings, Inc.
6.900%	04/01/2029			100,000		120,965
6.650%	07/15/2024			100,000		124,280
5.900%	12/01/2016			100,000		117,606
5.750%	07/15/2014	†		300,000		321,839
4.300%	02/15/2043	†		200,000		195,410
Nordstrom, Inc.
4.000%	10/15/2021			100,000		111,698
Target Corp.
7.000%	07/15/2031			150,000		209,744
6.000%	01/15/2018			500,000		615,479
4.000%	07/01/2042			200,000		206,373
Wal-Mart Stores, Inc.
7.550%	02/15/2030			250,000		368,827
5.250%	09/01/2035			750,000		914,326
4.875%	07/08/2040			300,000		355,945
4.250%	04/15/2021			300,000		349,019
3.625%	07/08/2020			300,000		334,053
1.625%	04/15/2014			300,000		305,064

						4,968,482

Multi-Utilities—0.0%
Sempra Energy
6.150%	06/15/2018			250,000		307,071
2.000%	03/15/2014			250,000		253,858

						560,929

Office Electronics—0.1%
Pitney Bowes, Inc.
5.000%	03/15/2015			500,000		525,743
Xerox Corp.
6.350%	05/15/2018	†		500,000		577,317
4.500%	05/15/2021			200,000		212,139
4.250%	02/15/2015			300,000		315,667

						1,630,866

Oil, Gas & Consumable Fuels—2.0%
Alberta Energy Co. Ltd. (Canada)
7.375%	11/01/2031			400,000		520,850
Anadarko Petroleum Corp.
8.700%	03/15/2019			500,000		675,588
Apache Corp.
5.250%	02/01/2042			500,000		581,238
Apache Finance Canada Corp. (Canada)
7.750%	12/15/2029			150,000		214,357
Boardwalk Pipelines LP
3.375%	02/01/2023			200,000		196,847
BP Capital Markets plc (United Kingdom)
4.500%	10/01/2020			300,000		346,312
3.245%	05/06/2022			200,000		211,127
3.200%	03/11/2016			400,000		427,014
1.846%	05/05/2017			200,000		204,668
Canadian Natural Resources Ltd. (Canada)
5.850%	02/01/2035			500,000		616,378
3.450%	11/15/2021			200,000		213,855
Cenovus Energy, Inc. (Canada)
5.700%	10/15/2019			200,000		242,881
CenterPoint Energy Resources Corp.
4.500%	01/15/2021			434,000		494,411
ConocoPhillips Canada Funding Co. I (Canada)
5.950%	10/15/2036			500,000		644,231
5.625%	10/15/2016			500,000		586,838

See accompanying notes to financial statements

250

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
ConocoPhillips Holding Co.
6.950%		04/15/2029		$	500,000	$	698,976
Devon Energy Corp.
5.600%		07/15/2041			100,000		119,238
2.400%		07/15/2016			300,000		310,986
1.875%		05/15/2017			300,000		306,142
El Paso Pipeline Partners Operating Co. LLC
4.700%		11/01/2042			200,000		197,090
Enbridge Energy Partners LP
9.875%		03/01/2019			300,000		406,713
Encana Corp. (Canada)
5.150%		11/15/2041			300,000		323,733
3.900%		11/15/2021			300,000		326,457
Energy Transfer Partners LP
6.500%		02/01/2042			400,000		491,497
5.950%		02/01/2015			500,000		548,197
5.200%		02/01/2022	†		300,000		342,830
Enterprise Products Operating LLC
5.950%		02/01/2041			200,000		242,353
4.450%		02/15/2043			200,000		203,337
3.700%		06/01/2015			100,000		106,327
3.200%		02/01/2016			200,000		211,483
Enterprise Products Operating LLC, Series D
6.875%		03/01/2033			150,000		188,805
Enterprise Products Operating LLC, Series G
5.600%		10/15/2014			150,000		162,453
EOG Resources, Inc.
4.100%		02/01/2021			300,000		342,661
Hess Corp.
7.300%		08/15/2031			250,000		337,642
Kinder Morgan Energy Partners LP
6.550%		09/15/2040			300,000		377,297
6.500%		02/01/2037			300,000		367,455
5.950%		02/15/2018			300,000		359,599
Magellan Midstream Partners LP
4.200%		12/01/2042			200,000		193,399
Marathon Oil Corp.
5.900%		03/15/2018			455,000		550,945
Nexen, Inc. (Canada)
6.400%		05/15/2037			500,000		648,628
ONEOK Partners LP
6.150%		10/01/2016			160,000		186,409
Petro-Canada (Canada)
5.950%		05/15/2035			100,000		123,566
Petroleos Mexicanos (Mexico)
5.500%		06/27/2044	^		400,000		441,000
Phillips 66
4.300%		04/01/2022	^		400,000		447,831
1.950%		03/05/2015	^		500,000		510,439
Pioneer Natural Resources Co.
3.950%		07/15/2022			200,000		209,983
Plains All American Pipeline LP/PAA Finance Corp.
4.300%		01/31/2043			200,000		201,015
3.950%		09/15/2015			300,000		323,464
2.850%		01/31/2023			400,000		397,171
Shell International Finance BV (Netherlands)
5.200%		03/22/2017			500,000		586,037
3.625%		08/21/2042			300,000		298,693
3.100%		06/28/2015			500,000		529,999
2.375%		08/21/2022			500,000		503,418



Coupon Rate	Maturity Date			Face		Value

Southern Natural Gas Co./Southern Natural Issuing Corp.
4.400%		06/15/2021		$	200,000	$	222,819
Statoil ASA (Norway)
5.100%		08/17/2040			300,000		362,897
3.150%		01/23/2022			500,000		529,476
Suncor Energy, Inc. (Canada)
7.150%		02/01/2032			500,000		672,410
Talisman Energy, Inc. (Canada)
6.250%		02/01/2038			300,000		360,596
Tennessee Gas Pipeline Co. LLC
7.000%		10/15/2028			350,000		480,012
Texas Eastern Transmission LP
7.000%		07/15/2032			150,000		206,360
Total Capital International SA (France)
2.875%		02/17/2022	†		400,000		418,367
Total Capital SA (France)
4.450%		06/24/2020			300,000		348,061
3.000%		06/24/2015			300,000		317,065
TransCanada PipeLines Ltd. (Canada)
5.850%		03/15/2036			500,000		633,472
Valero Energy Corp.
6.125%		06/15/2017			250,000		298,152
Williams Cos., Inc.
7.875%		09/01/2021			230,000		296,810
Williams Partners LP
6.300%		04/15/2040			100,000		122,691
5.250%		03/15/2020			100,000		115,371
3.800%		02/15/2015			100,000		105,793

							24,790,215

Paper & Forest Products—0.1%
International Paper Co.
7.500%		08/15/2021	†		500,000		655,436
MeadWestvaco Corp.
7.375%		09/01/2019			300,000		376,819

							1,032,255

Pharmaceuticals—0.8%
AbbVie, Inc.
4.400%		11/06/2042	^		300,000		320,296
2.900%		11/06/2022	^		300,000		306,167
2.000%		11/06/2018	^		300,000		304,295
1.750%		11/06/2017	^		300,000		303,614
1.200%		11/06/2015	^		300,000		302,215
AstraZeneca plc (United Kingdom)
5.900%		09/15/2017			250,000		304,076
4.000%		09/18/2042			300,000		304,759
Bristol-Myers Squibb Co.
5.875%		11/15/2036			155,000		200,859
5.450%		05/01/2018			250,000		302,359
3.250%		08/01/2042			200,000		183,930
Eli Lilly & Co.
6.770%		01/01/2036			250,000		354,964
GlaxoSmithKline Capital plc (United Kingdom)
2.850%		05/08/2022			300,000		312,235
0.750%		05/08/2015			300,000		301,640
GlaxoSmithKline Capital, Inc.
4.375%		04/15/2014			500,000		524,909
Johnson & Johnson
4.950%		05/15/2033			200,000		243,656
4.850%		05/15/2041			200,000		248,346
3.550%		05/15/2021			200,000		225,396
2.150%		05/15/2016			200,000		209,148

See accompanying notes to financial statements

251

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Merck & Co., Inc.
6.550%		09/15/2037		$	200,000	$	287,645
6.500%		12/01/2033			250,000		359,186
4.750%		03/01/2015			350,000		381,725
3.600%		09/15/2042			200,000		198,224
2.400%		09/15/2022			200,000		200,496
1.100%		01/31/2018			200,000		200,089
Novartis Capital Corp.
2.900%		04/24/2015			200,000		210,369
Novartis Securities Investment Ltd. (Bermuda)
5.125%		02/10/2019			500,000		598,387
Pfizer, Inc.
5.350%		03/15/2015			500,000		550,943
Pharmacia Corp.
6.500%		12/01/2018			350,000		449,294
Sanofi (France)
2.625%		03/29/2016			400,000		421,337
Teva Pharmaceutical Finance Co. LLC
6.150%		02/01/2036			250,000		328,320
Wyeth LLC
6.500%		02/01/2034			250,000		342,862
5.500%		02/01/2014			250,000		263,625

							10,045,366

Real Estate Investment Trusts (REITs)—0.5%
American Tower Corp.
4.500%		01/15/2018			500,000		548,728
Boston Properties LP
4.125%		05/15/2021			300,000		327,213
Camden Property Trust
5.000%		06/15/2015			200,000		217,678
DDR Corp.
4.625%		07/15/2022	†		200,000		218,685
Duke Realty LP
7.375%		02/15/2015			150,000		167,367
3.875%		10/15/2022			200,000		204,057
ERP Operating LP
5.375%		08/01/2016			500,000		569,660
HCP, Inc.
2.700%		02/01/2014			300,000		305,465
HCP, Inc. MTN
6.700%		01/30/2018			250,000		301,854
Health Care REIT, Inc.
6.125%		04/15/2020			300,000		351,888
Hospitality Properties Trust
5.000%		08/15/2022			300,000		317,986
ProLogis LP
7.375%		10/30/2019			350,000		434,541
Realty Income Corp.
5.875%		03/15/2035			200,000		230,676
Simon Property Group LP
4.750%		03/15/2042			400,000		430,250
4.375%		03/01/2021			400,000		450,610
2.800%		01/30/2017			500,000		528,073
Ventas Realty LP/Ventas Capital Corp.
4.250%		03/01/2022			400,000		424,967

							6,029,698



Coupon Rate	Maturity Date			Face		Value

Road & Rail—0.3%
Burlington Northern Santa Fe LLC
5.650%	05/01/2017		$	500,000	$	589,129
3.450%	09/15/2021			200,000		215,641
Canadian National Railway Co. (Canada)
2.250%	11/15/2022			300,000		299,707
CSX Corp.
7.375%	02/01/2019	†		300,000		381,962
6.000%	10/01/2036			334,000		415,119
Norfolk Southern Corp.
5.900%	06/15/2019			300,000		366,182
3.250%	12/01/2021			200,000		209,692
Ryder System, Inc. MTN
3.150%	03/02/2015			300,000		310,003
Union Pacific Corp.
6.625%	02/01/2029			250,000		338,778
5.780%	07/15/2040			300,000		382,184

						3,508,397

Semiconductors & Semiconductor Equipment—0.1%
Intel Corp.
4.800%	10/01/2041			300,000		331,519
4.250%	12/15/2042			200,000		201,383
3.300%	10/01/2021			300,000		318,715
1.350%	12/15/2017			400,000		400,362

						1,251,979

Software—0.2%
Fiserv, Inc.
3.500%	10/01/2022			200,000		204,037
Microsoft Corp.
4.500%	10/01/2040			300,000		334,752
1.625%	09/25/2015			400,000		411,889
Oracle Corp.
5.750%	04/15/2018			500,000		609,213
5.375%	07/15/2040			500,000		625,870
5.250%	01/15/2016			500,000		566,208

						2,751,969

Specialty Retail—0.2%
Gap, Inc. (The)
5.950%	04/12/2021			200,000		229,188
Home Depot, Inc. (The)
5.875%	12/16/2036	†		550,000		725,399
5.400%	03/01/2016			400,000		457,304
Lowe’s Cos., Inc.
5.800%	04/15/2040			300,000		383,322
5.400%	10/15/2016			400,000		465,322
Staples, Inc.
9.750%	01/15/2014			300,000		326,241

						2,586,776

Tobacco—0.3%
Altria Group, Inc.
9.950%	11/10/2038			300,000		495,772
9.250%	08/06/2019			800,000		1,114,380
Lorillard Tobacco Co.
6.875%	05/01/2020	†		300,000		366,206
Philip Morris International, Inc.
5.650%	05/16/2018			500,000		606,913
4.375%	11/15/2041			200,000		215,311
2.900%	11/15/2021			200,000		208,412
1.125%	08/21/2017			300,000		299,378

						3,306,372

See accompanying notes to financial statements

252

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Trading Companies & Distributors—0.0%
GATX Corp.
4.750%		06/15/2022		$	300,000	$	315,120

Transportation Infrastructure—0.1%
FedEx Corp.
3.875%		08/01/2042			200,000		196,397
2.625%		08/01/2022			200,000		199,392
United Parcel Service, Inc.
6.200%		01/15/2038			300,000		403,831
2.450%		10/01/2022			400,000		400,994

							1,200,614

Water Utilities—0.0%
American Water Capital Corp.
6.085%		10/15/2017			300,000		358,944

Wireless Telecommunication Services—0.2%
America Movil SAB de CV (Mexico)
6.125%		03/30/2040			300,000		397,693
5.000%		03/30/2020			400,000		467,389
Rogers Communications, Inc. (Canada)
6.800%		08/15/2018			500,000		633,245
Vodafone Group plc (United Kingdom)
7.875%		02/15/2030			250,000		363,328
6.150%		02/27/2037			200,000		265,468
5.625%		02/27/2017			500,000		587,281
5.375%		01/30/2015			250,000		273,619

							2,988,023

TOTAL CORPORATE OBLIGATIONS
(Cost $232,403,241)							263,552,934


MORTGAGE-BACKED SECURITIES—31.5%
Commercial Mortgage-Backed Securities—1.8%
Banc of America Commercial Mortgage Trust, Series 2006-3, Class A4
5.889%		07/10/2044	#		500,000		573,338
Banc of America Commercial Mortgage Trust, Series 2007-2, Class A2
5.634%		04/10/2049	#		234,130		239,626
Banc of America Commercial Mortgage Trust, Series 2007-5, Class A4
5.492%		02/10/2051			2,000,000		2,348,200
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-1, Class A4
5.077%		11/10/2042	#		500,000		510,294
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-6, Class A4
5.190%		09/10/2047	#		800,000		892,951
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-6, Class AM
5.190%		09/10/2047	#		1,000,000		1,107,957
Bear Stearns Commercial Mortgage Securities, Series 2005-T20, Class A4A
5.149%		10/12/2042	#		921,000		1,023,758
Bear Stearns Commercial Mortgage Securities, Series 2006-T24, Class A4
5.537%		10/12/2041			1,000,000		1,154,594
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2005- CD1, Class A4
5.219%		07/15/2044	#		900,000		1,000,656



Coupon Rate	Maturity Date				Face		Value

Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007- CD4, Class A4
5.322%	12/11/2049			$	1,000,000	$	1,151,356
Commercial Mortgage Pass Through Certificates, Series 2004- LB4A, Class A5
4.840%	10/15/2037				200,000		209,219
GMAC Commercial Mortgage Securities, Inc., Series 2006-C1, Class AM
5.290%	11/10/2045		#		750,000		810,143
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4
5.736%	12/10/2049		†		1,000,000		1,184,790
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4
5.444%	03/10/2039		†		1,000,000		1,155,815
GS Mortgage Securities Corp. II, Series 2004-GG2, Class A6
5.396%	08/10/2038		#		600,000		634,629
GS Mortgage Securities Corp. II, Series 2006-GG6, Class A4
5.553%	04/10/2038		#		800,000		902,532
GS Mortgage Securities Corp. II, Series 2006-GG8, Class A4
5.560%	11/10/2039				1,200,000		1,387,621
GS Mortgage Securities Corp. II, Series 2012-GCJ7, Class A4
3.377%	05/10/2045				1,000,000		1,088,918
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP2, Class A4
4.738%	07/15/2042				935,000		1,018,631
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-CB20, Class A4
5.794%	02/12/2051		#†		500,000		597,541
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-3, Class A4
5.414%	07/12/2046		#		750,000		864,519
Wachovia Bank Commercial Mortgage Trust, Series 2004-C11, Class A5
5.215%	01/15/2041		#		500,000		526,384
Wachovia Bank Commercial Mortgage Trust, Series 2004-C12, Class A4
5.307%	07/15/2041		#		750,000		790,466
Wachovia Bank Commercial Mortgage Trust, Series 2006-C27, Class AM
5.795%	07/15/2045		#		1,000,000		1,116,136

							22,290,074

U.S. Government Agency Mortgage-Backed Securities—29.7%
Federal Home Loan Mortgage Corp.
7.500%	06/01/2027	-
	10/01/2029				238,848		287,551
7.000%	02/01/2016	-
	09/01/2036				486,410		563,788
6.500%	07/01/2014	-
	01/01/2039				2,173,579		2,473,883
6.103%	01/01/2037		#		188,012		204,091
6.000%	11/01/2016	-
	10/01/2038				6,044,116		6,621,083
5.679%	01/01/2037		#		79,312		85,342
5.620%	02/01/2037		#		260,545		281,527
5.500%	02/01/2018	-
	08/01/2039				8,972,619		9,740,917
5.000%	08/01/2017	-
	04/01/2041				14,208,906		15,373,435

See accompanying notes to financial statements

253

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date				Face		Value

MORTGAGE-BACKED SECURITIES—(Continued)
4.500%		08/01/2018	-
		08/01/2041			$	18,522,982	$	19,987,419
4.000%		05/01/2019	-
		03/01/2042				15,245,514		16,372,846
3.500%		10/01/2025	-
		08/01/2042				12,635,782		13,410,755
3.443%		06/01/2041		#		185,774		196,390
3.000%		03/01/2027	-
		02/01/2032				4,566,853		4,816,481
2.664%		01/01/2042		#		366,046		384,291
2.500%		08/01/2027	-
		12/01/2027				2,066,299		2,161,004
Federal Home Loan Mortgage Corp. TBA
6.000%		01/15/2042				500,000		543,516
5.500%		01/15/2042				900,000		971,438
4.500%		01/15/2042				200,000		214,656
4.000%		01/15/2042				500,000		533,906
3.500%		02/15/2028	-
		02/15/2043				1,100,000		1,192,547
3.000%		02/15/2028	-
		02/15/2043				4,900,000		5,123,266
2.500%		02/15/2028				1,300,000		1,355,047
Federal National Mortgage Association
7.500%		06/01/2030	-
		07/01/2031				23,533		26,987
7.000%		03/01/2030	-
		04/01/2038				1,189,711		1,409,891
6.500%		02/01/2017	-
		10/01/2039				2,678,896		3,080,988
6.000%		04/01/2014	-
		11/01/2039				8,967,430		9,871,740
5.670%		01/01/2037		#		916,378		984,225
5.500%		01/01/2018	-
		05/01/2040				15,725,403		17,213,866
5.000%		03/01/2018	-
		05/01/2041				16,722,940		18,232,289
4.500%		03/01/2018	-
		11/01/2041				26,917,627		29,185,790
4.000%		08/01/2018	-
		03/01/2042				28,145,002		30,237,701
3.589%		08/01/2040		#		238,037		251,905
3.581%		05/01/2041		#		307,690		325,173
3.500%		10/01/2025	-
		09/01/2042				19,905,552		21,248,318
3.476%		02/01/2041		#		159,254		168,763
3.244%		07/01/2040		#		506,714		534,212
3.168%		06/01/2040		#		232,479		244,033
3.000%		07/01/2027	-
		04/01/2042				3,158,818		3,332,214
2.939%		05/01/2035		#		214,687		229,121
2.921%		02/01/2037		#		93,829		99,632
2.886%		10/01/2035		#		622,033		665,257
2.847%		01/01/2042		#		770,117		809,052
2.791%		05/01/2035		#		559,696		594,115
2.624%		03/01/2037		#		1,865,554		1,988,721
2.500%		08/01/2027	-
		12/01/2027				900,000		942,094
Federal National Mortgage Association TBA
5.000%		01/25/2042				1,900,000		2,040,141
4.500%		01/25/2042				700,000		756,356
4.000%		01/25/2042				1,200,000		1,286,625



Coupon Rate	Maturity Date				Face		Value

3.500%	01/25/2042	-
	02/25/2042			$	6,500,000	$	6,930,769
3.000%	01/25/2027	-
	02/25/2043				13,100,000		13,756,688
2.500%	01/25/2027	-
	02/25/2043				4,800,000		5,011,789
Government National Mortgage Association
7.500%	12/15/2029	-
	05/15/2032				327,067		400,371
7.000%	09/15/2037				48,225		55,651
6.500%	03/15/2026	-
	01/15/2039				1,315,840		1,537,664
6.000%	02/15/2033	-
	12/15/2039				3,510,105		3,931,238
5.500%	01/15/2024	-
	07/20/2040				5,853,226		6,470,738
5.000%	05/15/2033	-
	10/20/2041				13,337,902		14,691,262
4.500%	04/20/2026	-
	11/20/2041				19,646,992		21,661,248
4.000%	08/15/2024	-
	03/20/2042				14,899,436		16,358,169
3.500%	12/15/2025	-
	08/20/2042				10,451,393		11,362,168
3.500%	12/20/2040		#		364,290		389,777
3.000%	04/15/2027	-
	09/20/2027				960,815		1,027,546
3.000%	02/20/2041	-
	11/20/2041		#		1,281,240		1,364,688
2.500%	11/20/2040	-
	12/20/2040		#		843,420		885,108
Government National Mortgage Association TBA
4.500%	01/15/2042				1,500,000		1,642,735
4.000%	01/15/2042				1,000,000		1,089,219
3.500%	01/15/2042	-
	02/15/2043				6,500,000		7,062,117
3.000%	01/15/2042	-
	02/15/2043				4,200,000		4,463,016

							368,746,349

TOTAL MORTGAGE-BACKED SECURITIES
(Cost $373,585,702)							391,036,423


U.S. TREASURY OBLIGATIONS—36.2%
U.S. Treasury Bonds—6.1%
U.S. Treasury Bond
11.250%	02/15/2015				1,300,000		1,600,828
9.875%	11/15/2015				2,470,000		3,139,410
9.125%	05/15/2018				1,060,000		1,525,903
8.750%	05/15/2017	-
	08/15/2020				910,000		1,359,951
8.500%	02/15/2020				991,000		1,491,920
8.125%	08/15/2019	-
	08/15/2021				2,130,000		3,142,909
8.000%	11/15/2021				920,000		1,420,753
7.625%	11/15/2022		†		340,000		526,309
7.625%	02/15/2025				390,000		628,936
7.500%	11/15/2016	-
	11/15/2024				895,000		1,165,302
7.250%	05/15/2016	-
	08/15/2022				1,890,000		2,401,109
6.875%	08/15/2025				300,000		462,094

See accompanying notes to financial statements

254

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value

U.S. TREASURY OBLIGATIONS—(Continued)
6.750%		08/15/2026		$	700,000	$	1,081,609
6.625%		02/15/2027			300,000		461,531
6.500%		11/15/2026			800,000		1,215,000
6.375%		08/15/2027			300,000		454,594
6.250%		08/15/2023	-
		05/15/2030			2,160,000		3,148,987
6.125%		11/15/2027	-
		08/15/2029			2,180,000		3,250,878
6.000%		02/15/2026			965,000		1,396,536
5.500%		08/15/2028			1,000,000		1,413,438
5.375%		02/15/2031			250,000		356,914
5.250%		11/15/2028			1,500,000		2,072,579
5.000%		05/15/2037			710,000		1,001,877
4.750%		02/15/2037	-
		02/15/2041			2,620,000		3,605,216
4.625%		02/15/2040			2,300,000		3,107,875
4.500%		02/15/2036	-
		08/15/2039			1,640,000		2,166,988
4.375%		11/15/2039	-
		05/15/2041			6,870,000		8,944,562
4.250%		05/15/2039	-
		11/15/2040			3,740,000		4,774,741
3.875%		08/15/2040			1,730,000		2,079,514
3.750%		08/15/2041			2,340,000		2,750,597
3.500%		02/15/2039			1,800,000		2,035,125
3.125%		11/15/2041	-
		02/15/2042			5,680,000		5,943,110
3.000%		05/15/2042			1,581,000		1,610,890
2.750%		08/15/2042	-
		11/15/2042			3,723,000		3,592,322

							75,330,307

U.S. Treasury Notes—30.1%
U.S. Treasury Note
5.125%		05/15/2016			1,500,000		1,734,609
4.875%		08/15/2016			1,600,000		1,852,250
4.750%		05/15/2014	-
		08/15/2017			2,760,000		3,062,599
4.625%		11/15/2016	-
		02/15/2017			2,080,000		2,412,000
4.500%		11/15/2015	-
		02/15/2016			2,160,000		2,427,707
4.250%		08/15/2014	-
		11/15/2017			6,655,000		7,312,524
4.125%		05/15/2015			1,070,000		1,166,383
4.000%		02/15/2014	-
		08/15/2018			5,090,000		5,455,759
3.750%		11/15/2018			1,400,000		1,630,454
3.625%		08/15/2019	-
		02/15/2021			11,150,000		13,041,111
3.500%		02/15/2018	-
		05/15/2020			5,305,000		6,099,689
3.375%		11/15/2019			2,725,000		3,133,537
3.250%		05/31/2016	-
		03/31/2017			8,740,000		9,647,871
3.125%		10/31/2016	-
		05/15/2021			16,790,000		18,851,057
3.000%		08/31/2016	-
		02/28/2017			5,900,000		6,464,288
2.875%		03/31/2018			310,000		343,712



Coupon Rate	Maturity Date			Face		Value

2.750%		11/30/2016	-
		02/28/2018		$	5,620,000	$	6,148,166
2.625%		06/30/2014	-
		11/15/2020			19,615,000		20,923,797
2.500%		03/31/2015	-
		06/30/2017			5,780,000		6,121,731
2.375%		08/31/2014	-
		05/31/2018			17,255,000		18,178,310
2.250%		05/31/2014	-
		07/31/2018			10,880,000		11,467,984
2.125%		11/30/2014	-
		08/15/2021			11,610,000		12,158,292
2.000%		01/31/2016	-
		02/15/2022			14,260,000		14,851,762
1.875%		02/28/2014	-
		10/31/2017			13,445,000		14,009,922
1.750%		01/31/2014	-
		05/15/2022			10,130,000		10,381,658
1.625%		08/15/2022	-
		11/15/2022			8,914,000		8,841,584
1.500%		06/30/2016	-
		03/31/2019			7,800,000		8,074,345
1.375%		11/30/2015	-
		02/28/2019			5,800,000		5,956,719
1.250%		02/15/2014	-
		10/31/2019			21,620,000		21,991,627
1.125%		05/31/2019			2,200,000		2,214,267
1.000%		01/15/2014	-
		09/30/2019			19,910,000		20,136,096
0.875%		11/30/2016	-
		07/31/2019			13,150,000		13,276,986
0.750%		06/15/2014	-
		12/31/2017			9,944,000		9,986,979
0.625%		07/15/2014	-
		11/30/2017			12,623,000		12,626,985
0.500%		08/15/2014	-
		07/31/2017			6,790,000		6,798,157
0.375%		11/15/2014	-
		11/15/2015			13,000,000		13,024,346
0.250%		01/31/2014	-
		12/15/2015			47,336,000		47,332,743
0.125%		07/31/2014	-
		12/31/2014			5,500,000		5,489,161

							374,627,167

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $437,373,184)							449,957,474


GOVERNMENT RELATED OBLIGATIONS—10.1%
U.S. Government Agencies—4.8%
Federal Farm Credit Bank
2.625%		04/17/2014			500,000		511,465
1.125%		02/27/2014			500,000		505,455
Federal Home Loan Bank
5.500%		08/13/2014	-
		07/15/2036			1,400,000		1,667,961
4.875%		09/08/2017			1,250,000		1,486,727
4.750%		12/16/2016			1,000,000		1,160,979
2.875%		06/12/2015			900,000		955,730
2.375%		03/14/2014			1,000,000		1,026,263
1.625%		06/14/2019			1,000,000		1,026,106
1.375%		05/28/2014			1,000,000		1,017,454

See accompanying notes to financial statements

255

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value

GOVERNMENT RELATED OBLIGATIONS—(Continued)
Federal Home Loan Bank, Series 467
5.250%		06/18/2014		$	1,000,000	$	1,073,952
Federal Home Loan Bank, Series 656
5.375%		05/18/2016			900,000		1,049,134
Federal Home Loan Mortgage Corp.
6.250%		07/15/2032			650,000		970,544
5.500%		07/18/2016			1,000,000		1,175,598
5.125%		11/17/2017			800,000		965,167
5.000%		01/30/2014	-
		07/15/2014			1,500,000		1,597,026
4.875%		06/13/2018			1,000,000		1,208,643
4.750%		11/17/2015			1,000,000		1,125,054
4.500%		04/02/2014-
		01/15/2015			1,250,000		1,327,432
4.375%		07/17/2015			1,400,000		1,542,873
3.750%		03/27/2019			500,000		578,775
2.875%		02/09/2015			1,000,000		1,054,148
2.375%		01/13/2022			1,000,000		1,046,801
2.000%		08/25/2016			1,500,000		1,580,049
1.250%		05/12/2017	-
		08/01/2019			2,000,000		2,027,217
1.000%		08/20/2014	-
		08/27/2014			1,500,000		1,518,755
0.900%		01/23/2015			500,000		500,176
0.750%		11/25/2014			1,000,000		1,009,552
0.500%		04/17/2015			1,000,000		1,004,659
0.375%		08/28/2014			1,000,000		1,002,169
Federal Home Loan Mortgage Corp. MTN
5.050%		01/26/2015			300,000		329,436
Federal National Mortgage Association
7.250%		05/15/2030			400,000		639,072
6.625%		11/15/2030			500,000		763,789
6.250%		05/15/2029			740,000		1,066,105
6.000%		04/18/2036			250,000		292,396
5.000%		04/15/2015	-
		05/11/2017			2,550,000		2,907,348
4.375%		10/15/2015			1,000,000		1,111,089
2.750%		02/05/2014	-
		03/13/2014			4,000,000		4,119,220
2.625%		11/20/2014			1,000,000		1,045,104
2.375%		07/28/2015			1,000,000		1,052,016
1.500%		09/08/2014	-
		04/17/2017			1,250,000		1,259,261
1.250%		09/28/2016	-
		01/30/2017			1,000,000		1,026,534
1.220%		05/30/2017			100,000		100,376
1.125%		06/27/2014	-
		04/27/2017			2,000,000		2,033,033
1.070%		09/27/2017			500,000		501,983
1.000%		08/29/2016			500,000		501,249
0.950%		08/23/2017			750,000		752,508
0.500%		11/21/2014	-
		09/28/2015			2,500,000		2,508,468
0.000%		06/01/2017			400,000		385,235
Financing Corp. Fico
8.600%		09/26/2019			500,000		720,912
Financing Corp. Fico, Series E
9.650%		11/02/2018			500,000		731,639
Israel Government AID Bond (Israel)
5.500%		04/26/2024			350,000		464,246



Coupon Rate	Maturity Date			Face		Value

Tennessee Valley Authority
5.250%	09/15/2039		$	500,000	$	660,490
Tennessee Valley Authority, Series E
6.250%	12/15/2017			1,200,000		1,514,711

						59,202,084

Non-U.S. Government Agencies—1.3%
Export Development Canada (Canada)
2.250%	05/28/2015			300,000		313,474
1.500%	05/15/2014			300,000		305,117
Export-Import Bank of Korea (Korea, Republic of)
5.125%	03/16/2015			500,000		544,391
5.000%	04/11/2022			400,000		464,706
Japan Bank for International Cooperation (Japan)
2.500%	05/18/2016			400,000		424,058
Japan Bank for International Cooperation, Series DTC (Japan)
1.125%	07/19/2017			500,000		504,142
KFW (Germany)
4.875%	01/17/2017			500,000		581,592
4.500%	07/16/2018			500,000		590,636
4.125%	10/15/2014			1,000,000		1,066,088
4.000%	01/27/2020			300,000		349,561
3.500%	03/10/2014			500,000		518,812
2.625%	03/03/2015			1,050,000		1,099,827
1.375%	01/13/2014			800,000		808,910
1.250%	02/15/2017			400,000		408,573
0.625%	04/24/2015			1,000,000		1,007,562
KFW MTN (Germany)
2.750%	09/08/2020			500,000		541,591
Korea Development Bank (The) (Korea, Republic of)
8.000%	01/23/2014			500,000		537,071
3.875%	05/04/2017			300,000		325,086
Landwirtschaftliche Rentenbank (Germany)
5.125%	02/01/2017			300,000		352,182
Landwirtschaftliche Rentenbank, Series G13 (Germany)
4.875%	11/16/2015			750,000		842,071
Oesterreichische Kontrollbank AG (Austria)
2.000%	06/03/2016			300,000		311,868
Pemex Project Funding Master Trust
6.625%	06/15/2035			500,000		637,500
Petrobras International Finance Co. (Cayman Islands)
8.375%	12/10/2018			250,000		318,421
6.750%	01/27/2041			300,000		381,626
6.125%	10/06/2016			500,000		567,570
5.375%	01/27/2021			600,000		678,492
2.875%	02/06/2015			300,000		308,579
Petroleos Mexicanos (Mexico)
8.000%	05/03/2019			250,000		328,125
5.500%	01/21/2021			500,000		586,750
Svensk Exportkredit AB (Sweden)
5.125%	03/01/2017			500,000		581,353

						16,285,734

Sovereign Debt—1.2%
Brazilian Government International Bond (Brazil)
11.000%	08/17/2040			260,000		325,975
10.125%	05/15/2027			435,000		798,225
8.875%	04/15/2024			400,000		646,000
7.875%	03/07/2015			455,000		522,113
7.125%	01/20/2037			460,000		706,100
5.875%	01/15/2019	†		500,000		621,000
4.875%	01/22/2021	†		200,000		242,000

See accompanying notes to financial statements

256

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value

GOVERNMENT RELATED OBLIGATIONS—(Continued)
Canada Government International Bond (Canada)
2.375%		09/10/2014	†	$	500,000	$	517,960
Chile Government International Bond (Chile)
3.875%		08/05/2020			500,000		566,250
Colombia Government International Bond (Colombia)
11.750%		02/25/2020			200,000		324,400
8.125%		05/21/2024			200,000		302,000
7.375%		09/18/2037			200,000		312,100
Israel Government International Bond (Israel)
4.000%		06/30/2022	†		400,000		436,366
Mexico Government International Bond (Mexico)
6.050%		01/11/2040			500,000		673,000
5.875%		02/17/2014			500,000		526,250
3.625%		03/15/2022			300,000		328,875
Mexico Government International Bond MTN (Mexico)
4.750%		03/08/2044	†		200,000		226,500
Panama Government International Bond (Panama)
6.700%		01/26/2036			288,000		410,400
5.200%		01/30/2020			300,000		359,850
Peruvian Government International Bond (Peru)
7.350%		07/21/2025			400,000		581,600
6.550%		03/14/2037			500,000		725,000
Poland Government International Bond (Poland)
5.125%		04/21/2021			300,000		356,550
3.875%		07/16/2015			300,000		322,875
Republic of Finland (Finland)
6.950%		02/15/2026			150,000		210,546
Republic of Italy (Italy)
6.875%		09/27/2023			250,000		294,089
5.375%		06/15/2033			500,000		504,719
Republic of Korea (Korea, Republic of)
5.750%		04/16/2014			500,000		531,217
South Africa Government International Bond (South Africa)
6.875%		05/27/2019			500,000		629,500
State of Israel (Israel)
5.500%		11/09/2016			300,000		346,055
United Mexican States (Mexico)
8.125%		12/30/2019	†		750,000		1,087,500
United Mexican States MTN (Mexico)
8.300%		08/15/2031			200,000		323,500
Uruguay Government International Bond (Uruguay)
8.000%		11/18/2022			130,815		190,597
6.875%		09/28/2025			100,000		140,500
4.125%		11/20/2045			200,000		200,700

							15,290,312

Supranational—1.3%
African Development Bank, Series GDIF
1.250%		09/02/2016			400,000		409,847
Asian Development Bank MTN
4.250%		10/20/2014			300,000		321,086
2.750%		05/21/2014			100,000		103,387
2.500%		03/15/2016			400,000		425,811
1.125%		03/15/2017			500,000		509,602
Corp. Andina de Fomento
3.750%		01/15/2016			300,000		318,092
Council Of Europe Development Bank MTN
1.500%		02/22/2017	†		400,000		409,530



Coupon Rate	Maturity Date				Face		Value

European Bank for Reconstruction & Development MTN
2.500%	03/15/2016			$	500,000	$	528,177
1.000%	02/16/2017		†		500,000		506,152
European Investment Bank
5.125%	09/13/2016	-
	05/30/2017				1,000,000		1,170,840
4.875%	02/16/2016	-
	01/17/2017				800,000		916,844
4.625%	05/15/2014				500,000		528,627
3.000%	04/08/2014				500,000		516,406
2.875%	09/15/2020				500,000		541,610
1.750%	03/15/2017		†		500,000		519,462
1.500%	05/15/2014				500,000		507,728
1.250%	02/14/2014				500,000		504,945
1.125%	08/15/2014	-
	04/15/2015				1,200,000		1,217,938
1.125%	09/15/2017		†		500,000		504,877
European Investment Bank MTN
1.625%	09/01/2015				700,000		720,633
Inter-American Development Bank
2.250%	07/15/2015				200,000		209,645
1.375%	10/18/2016				300,000		309,050
1.125%	03/15/2017				500,000		509,214
Inter-American Development Bank MTN
3.875%	02/14/2020				400,000		470,112
International Bank for Reconstruction & Development
2.375%	05/26/2015				200,000		209,804
2.125%	03/15/2016				500,000		526,605
1.125%	08/25/2014				500,000		507,272
0.875%	04/17/2017				700,000		709,193
International Finance Corp. MTN
2.125%	11/17/2017				500,000		530,666
Nordic Investment Bank
2.500%	07/15/2015				500,000		526,375

							15,689,530

U.S. Municipal Bonds—1.1%
American Municipal Power-Ohio, Inc. Revenue Bonds (Ohio)
7.499%	02/15/2050				200,000		271,908
Bay Area Toll Authority Revenue Bonds (California)
6.263%	04/01/2049				400,000		554,352
California General Obligation Bonds (California)
7.550%	04/01/2039				500,000		721,400
5.250%	04/01/2014				300,000		316,650
California State Public Works Board Revenue Bonds, Series 2009 G-2 (California)
8.361%	10/01/2034				400,000		510,824
City of New York General Obligation Bonds (New York)
5.517%	10/01/2037				100,000		123,671
County of Cook Illinois General Obligation Bonds, Series 2010 D (Illinois)
6.229%	11/15/2034				400,000		457,924
Dallas Area Rapid Transit Revenue Bonds (Texas)
5.022%	12/01/2048				300,000		359,682
Dallas Convention Center Hotel Development Corp. Revenue Bonds (Texas)
7.088%	01/01/2042				200,000		242,504
Dallas County Hospital District General Obligation Bonds, Series 2009 C (Texas)
5.621%	08/15/2044				300,000		386,688
Dallas Independent School District General Obligation Bonds (Texas)
6.450%	02/15/2035				300,000		377,484

See accompanying notes to financial statements

257

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date		Face		Value

GOVERNMENT RELATED OBLIGATIONS—(Continued)
Government Development Bank for Puerto Rico Revenue Bonds, Series 2011 B (Puerto Rico)
4.704%		05/01/2016	$	400,000	$	405,304
3.670%		05/01/2014		400,000		399,164
Illinois General Obligation Bonds (Illinois)
5.100%		06/01/2033		500,000		495,080
Los Angeles Unified School District General Obligation Bonds (California)
5.755%		07/01/2029		200,000		233,682
5.750%		07/01/2034		300,000		359,982
Metropolitan Government of Nashville & Davidson County Authority General Obligation Bonds (Tennessee)
5.707%		07/01/2034		300,000		377,904
Metropolitan Transportation Authority Revenue Bonds (New York)
6.648%		11/15/2039		300,000		388,008
6.548%		11/15/2031		200,000		247,910
Municipal Electric Authority of Georgia Revenue Bonds, Series 2010 J (Georgia)
6.637%		04/01/2057		300,000		358,653
New Jersey Economic Development Authority Revenue Bonds, Series 1997 A (New Jersey)
7.425%		02/15/2029		200,000		256,128
New Jersey State Turnpike Authority Revenue Bonds (New Jersey)
7.102%		01/01/2041		500,000		721,165
New Jersey State Turnpike Authority Revenue Bonds, Series 2003 B (New Jersey)
4.252%		01/01/2016		25,000		26,852
New York City Municipal Water Finance Authority Revenue Bonds (New York)
5.724%		06/15/2042		200,000		259,756
New York State Dormitory Authority Revenue Bonds (New York)
5.600%		03/15/2040		200,000		254,044
North Texas Tollway Authority Revenue Bonds, Series 2010 B-2 (Texas)
8.910%		02/01/2030		200,000		235,282
Ohio State University General Obligation Bonds (Ohio)
4.910%		06/01/2040		300,000		354,678
Oregon General Obligation Bonds (Oregon)
5.762%		06/01/2023		200,000		249,700
Oregon State Department of Transportation Revenue Bonds, Series 2010 A (Oregon)
5.834%		11/15/2034		300,000		393,597
Port Authority of New York & New Jersey Revenue Bonds (New York)
6.040%		12/01/2029		255,000		322,455
4.458%		10/01/2062		200,000		197,608
State of California General Obligation Bonds (California)
7.625%		03/01/2040		600,000		867,420
State of Connecticut General Obligation Bonds, Series 2008 A (Connecticut)
5.850%		03/15/2032		200,000		253,976
State of Georgia General Obligation Bonds, Series 2009 H (Georgia)
4.503%		11/01/2025		300,000		350,235
State of Illinois General Obligation Bonds (Illinois)
4.961%		03/01/2016		300,000		329,565
4.071%		01/01/2014		500,000		515,165



Coupon Rate	Maturity Date			Face		Value

State of Texas General Obligation Bonds, Series 2010 A (Texas)
4.681%	04/01/2040		$	300,000	$	351,762
State of Utah (Utah)
3.539%	07/01/2025			300,000		322,428
University of California Revenue Bonds (California)
6.548%	05/15/2048			300,000		399,831

						14,250,421

Non-U.S. Regional Authority Bonds—0.4%
Hydro-Quebec, Series IO (Canada)
8.050%	07/07/2024			250,000		368,406
Province of British Columbia (Canada)
2.850%	06/15/2015			200,000		211,666
Province of Manitoba, Series FH (Canada)
4.900%	12/06/2016			500,000		580,977
Province of Nova Scotia (Canada)
2.375%	07/21/2015			300,000		314,025
Province of Ontario (Canada)
5.450%	04/27/2016			1,000,000		1,155,292
4.500%	02/03/2015			650,000		704,043
4.400%	04/14/2020			200,000		235,904
2.700%	06/16/2015			200,000		210,684
1.375%	01/27/2014			300,000		303,342
Province of Quebec (Canada)
4.600%	05/26/2015	†		500,000		549,116
2.750%	08/25/2021			300,000		313,988
Region of Lombardy (Italy)
5.804%	10/25/2032			100,000		89,246

						5,036,689

TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $117,694,700)						125,754,770


ASSET-BACKED SECURITIES—0.3%
Automobiles—0.2%
Ally Auto Receivables Trust Series 2011-4, Class A3
0.790%	09/15/2015			700,000		701,827
AmeriCredit Automobile Receivables Trust Series 2011-3, Class A3
1.170%	01/08/2016			350,000		351,864
Ford Credit Auto Owner Trust Series 2012-A, Class A4
1.150%	06/15/2017			500,000		507,333
Santander Drive Auto Receivables Trust Series 2012-4, Class A3
1.040%	08/15/2016			350,000		352,412

						1,913,436

Credit Card—0.1%
Capital One Multi-Asset Execution Trust Series 2007-A7, Class A7
5.750%	07/15/2020			1,500,000		1,825,775

Other—0.0%
CenterPoint Energy Transition Bond Co. LLC Series 2009-1, Class A2
3.460%	08/15/2019			400,000		440,868

TOTAL ASSET-BACKED SECURITIES
(Cost $4,035,385)						4,180,079

See accompanying notes to financial statements

258

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Core Bond Index Fund		Shares		Value
MONEY MARKET FUNDS—6.2%
Institutional Money Market Funds—6.2%
Dreyfus Institutional Cash Advantage Fund, 0.11%	††¥		2,800,000	$	2,800,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.18%	¥		59,483,747		59,483,747
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.18%	††¥		3,169,932		3,169,932
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.14%	††¥		2,800,000		2,800,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.15%	††¥		2,800,000		2,800,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.14%	††¥		2,800,000		2,800,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.13%	††¥		2,800,000		2,800,000

TOTAL MONEY MARKET FUNDS
(Cost $76,653,679)					76,653,679

TOTAL INVESTMENTS—105.5%
(Cost $1,241,745,891)					1,311,135,359
Other assets less liabilities—(5.5%)					(68,009,755	)

NET ASSETS—100.0%				$	1,243,125,604

Notes to the Schedule of Investments:


MTN		Medium Term Note
REIT		Real Estate Investment Trust
TBA		Security is subject to delayed delivery.
†		Denotes all or a portion of the security on loan.
^		Securities are not registered under the Securities Act of 1933. These securities may be resold only in transactions exempt from registration, generally to qualified institutional buyers under Securities Act Rule 144A. Such securities are considered illiquid unless deemed liquid by a subadviser under the liquidity procedures adopted by the Board of Directors. The total market value of 144A securities was $6,349,318, which represents 0.5% of Net Assets. The illiquid 144A securities represented 0.5% of Net Assets, and 100.0% of total 144A securities held.
#		Rate is subject to change. Rate shown reflects current rate.
††		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

259

SCHEDULE OF INVESTMENTS

December 31, 2012


Vantagepoint 500 Stock Index Fund		Shares		Value

COMMON STOCKS—99.0%
Aerospace & Defense—2.4%
Boeing Co. (The)		23,591	$	1,777,818
General Dynamics Corp.		11,823		818,979
Honeywell International, Inc.		27,595		1,751,455
L-3 Communications Holdings, Inc.		3,424		262,347
Lockheed Martin Corp.		9,363		864,111
Northrop Grumman Corp.		8,606		581,593
Precision Castparts Corp.		5,097		965,474
Raytheon Co.		11,786		678,402
Rockwell Collins, Inc.	†	5,022		292,130
Textron, Inc.		10,178		252,313
United Technologies Corp.		29,624		2,429,464

				10,674,086

Air Freight & Logistics—0.8%
C.H. Robinson Worldwide, Inc.		5,867		370,912
Expeditors International of Washington, Inc.		7,127		281,873
FedEx Corp.		10,408		954,622
United Parcel Service, Inc., Class B		25,073		1,848,632

				3,456,039

Airlines—0.1%
Southwest Airlines Co.		25,882		265,032

Auto Components—0.3%
BorgWarner, Inc.	*	3,937		281,968
Delphi Automotive plc (United Kingdom)	*†	9,728		372,096
Goodyear Tire & Rubber Co. (The)	*	9,472		130,808
Johnson Controls, Inc.		23,726		728,388

				1,513,260

Automobiles—0.5%
Ford Motor Co.		134,883		1,746,735
Harley-Davidson, Inc.		8,043		392,820

				2,139,555

Beverages—2.4%
Beam, Inc.		5,640		344,548
Brown-Forman Corp., Class B		5,330		337,122
Coca-Cola Co. (The)		135,538		4,913,252
Coca-Cola Enterprises, Inc.		9,905		314,286
Constellation Brands, Inc., Class A	*	5,379		190,363
Dr. Pepper Snapple Group, Inc.		7,442		328,788
Molson Coors Brewing Co., Class B		5,731		245,229
Monster Beverage Corp.	*	5,362		283,543
PepsiCo, Inc.		54,442		3,725,466

				10,682,597

Biotechnology—1.6%
Alexion Pharmaceuticals, Inc.	*	6,696		628,152
Amgen, Inc.		27,252		2,352,393
Biogen Idec, Inc.	*	8,366		1,227,041
Celgene Corp.	*	14,930		1,175,290
Gilead Sciences, Inc.	*	26,539		1,949,289

				7,332,165



		Shares		Value

Building Products—0.0%
Masco Corp.		13,189	$	219,729

Capital Markets—2.0%
Ameriprise Financial, Inc.		7,130		446,552
Bank of New York Mellon Corp. (The)	†	41,011		1,053,983
BlackRock, Inc.		4,460		921,926
Charles Schwab Corp. (The)	†	38,607		554,396
E*TRADE Financial Corp.	*	8,183		73,238
Franklin Resources, Inc.		4,958		623,220
Goldman Sachs Group, Inc. (The)		15,721		2,005,371
Invesco Ltd.		15,963		416,475
Legg Mason, Inc.		4,333		111,445
Morgan Stanley		49,427		945,044
Northern Trust Corp.		7,810		391,750
State Street Corp.		16,429		772,327
T. Rowe Price Group, Inc.		8,891		579,071

				8,894,798

Chemicals—2.5%
Air Products & Chemicals, Inc.		7,460		626,789
Airgas, Inc.		2,441		222,839
CF Industries Holdings, Inc.		2,231		453,250
Dow Chemical Co. (The)		42,343		1,368,526
E.I. Du Pont de Nemours & Co.		32,642		1,467,911
Eastman Chemical Co.		5,373		365,633
Ecolab, Inc.		9,414		676,867
FMC Corp.		4,898		286,631
International Flavors & Fragrances, Inc.		3,000		199,620
LyondellBasell Industries NV,
Class A (Netherlands)		13,310		759,868
Monsanto Co.		18,760		1,775,634
Mosaic Co. (The)		9,503		538,155
PPG Industries, Inc.		5,393		729,942
Praxair, Inc.		10,461		1,144,956
Sherwin-Williams Co. (The)		2,998		461,152
Sigma-Aldrich Corp.	†	4,195		308,668

				11,386,441

Commercial Banks—2.8%
BB&T Corp.		24,364		709,236
Comerica, Inc.		6,948		210,802
Fifth Third Bancorp		31,737		482,085
First Horizon National Corp.		8,525		84,483
Huntington Bancshares, Inc./Ohio		30,451		194,582
KeyCorp		34,531		290,751
M&T Bank Corp.	†	4,288		422,239
PNC Financial Services Group, Inc.		18,493		1,078,327
Regions Financial Corp.		50,821		361,846
SunTrust Banks, Inc.		18,966		537,686
U.S. Bancorp		66,874		2,135,956
Wells Fargo & Co.		172,023		5,879,746
Zions Bancorporation		5,936		127,030

				12,514,769

Commercial Services & Supplies—0.5%
ADT Corp. (The)		8,100		376,569
Avery Dennison Corp.		3,386		118,239

See accompanying notes to financial statements

260

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint 500 Stock Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Cintas Corp.		3,833	$	156,770
Iron Mountain, Inc.		6,001		186,331
Pitney Bowes, Inc.	†	7,101		75,555
Republic Services, Inc.		9,973		292,508
Stericycle, Inc.	*	2,981		278,038
Tyco International Ltd. (Switzerland)		16,200		473,850
Waste Management, Inc.		14,957		504,649

				2,462,509

Communications Equipment—1.9%
Cisco Systems, Inc.		186,580		3,666,297
F5 Networks, Inc.	*	2,757		267,843
Harris Corp.		4,085		200,002

JDS Uniphase Corp.	*†	7,658		103,689
Juniper Networks, Inc.	*	18,852		370,819
Motorola Solutions, Inc.		9,946		553,793
QUALCOMM, Inc.		59,573		3,694,717

				8,857,160

Computers & Peripherals—5.0%
Apple, Inc.		33,068		17,626,236
Dell, Inc.		49,970		506,196
EMC Corp.	*	74,224		1,877,867
Hewlett-Packard Co.	†	69,207		986,200
NetApp, Inc.	*	12,808		429,708
SanDisk Corp.	*	8,296		361,374
Seagate Technology plc (Ireland)	†	11,861		361,523
Western Digital Corp.	†	7,493		318,378

				22,467,482

Construction & Engineering—0.2%
Fluor Corp.		5,633		330,883
Jacobs Engineering Group, Inc.	*	4,477		190,586
Quanta Services, Inc.	*	7,556		206,203

				727,672

Construction Materials—0.0%
Vulcan Materials Co.		4,526		235,578

Consumer Finance—0.9%
American Express Co.		34,409		1,977,829
Capital One Financial Corp.		20,539		1,189,824
Discover Financial Services		17,798		686,113
SLM Corp.		17,168		294,088

				4,147,854

Containers & Packaging—0.1%
Ball Corp.		5,788		259,013
Bemis Co., Inc.		3,365		112,593
Owens-Illinois, Inc.	*	5,235		111,348
Sealed Air Corp.		6,841		119,786

				602,740

Distributors—0.1%
Genuine Parts Co.		5,403		343,523

Diversified Consumer Services—0.1%
Apollo Group, Inc., Class A	*	4,113		86,044
H&R Block, Inc.		10,479		194,595

				280,639

Diversified Financial Services—3.5%
Bank of America Corp.		376,938		4,372,481



		Shares		Value

Citigroup, Inc.		102,594	$	4,058,619
CME Group, Inc.		10,929		554,210
IntercontinentalExchange, Inc.	*	2,472		306,058
JPMorgan Chase & Co.		133,648		5,876,502
Leucadia National Corp.		6,542		155,634
Moody’s Corp.	†	6,750		339,660
NASDAQ OMX Group, Inc. (The)		4,218		105,492
NYSE Euronext		8,746		275,849

				16,044,505

Diversified Telecommunication Services—2.7%
AT&T, Inc.		200,028		6,742,944
CenturyLink, Inc.		21,758		851,173
Frontier Communications Corp.	†	32,749		140,166
Verizon Communications, Inc.		100,321		4,340,890
Windstream Corp.	†	21,388		177,092

				12,252,265

Electric Utilities—2.0%
American Electric Power Co., Inc.		17,116		730,511
Duke Energy Corp.		24,904		1,588,875
Edison International		11,497		519,549
Entergy Corp.		6,169		393,274
Exelon Corp.		29,844		887,561
FirstEnergy Corp.		14,589		609,237
NextEra Energy, Inc.		14,910		1,031,623
Northeast Utilities		11,063		432,342
Pepco Holdings, Inc.	†	7,419		145,487
Pinnacle West Capital Corp.		3,839		195,712
PPL Corp.		20,481		586,371
Southern Co.		30,920		1,323,685
Xcel Energy, Inc.		16,727		446,778

				8,891,005

Electrical Equipment—0.7%
Eaton Corp. plc (Ireland)		16,155		875,601
Emerson Electric Co.		25,743		1,363,349
Rockwell Automation, Inc.		4,779		401,388
Roper Industries, Inc.		3,356		374,127

				3,014,465

Electronic Equipment, Instruments & Components—0.4%
Amphenol Corp., Class A		5,737		371,184
Corning, Inc.		51,001		643,633
FLIR Systems, Inc.		5,021		112,019
Jabil Circuit, Inc.		6,753		130,265
Molex, Inc.	†	4,895		133,780
TE Connectivity Ltd. (Switzerland)	†	15,000		556,800

				1,947,681

Energy Equipment & Services—1.8%
Baker Hughes, Inc.		15,496		632,857
Cameron International Corp.	*	8,784		495,945
Diamond Offshore Drilling, Inc.	†	2,210		150,191
Ensco plc, Class A (United Kingdom)		8,082		479,101
FMC Technologies, Inc.	*	8,229		352,448
Halliburton Co.		32,375		1,123,089
Helmerich & Payne, Inc.		3,734		209,141
Nabors Industries Ltd. (Bermuda)	*	9,642		139,327
National Oilwell Varco, Inc.		15,080		1,030,718
Noble Corp. (Switzerland)		9,079		316,131

See accompanying notes to financial statements

261

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint 500 Stock Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Rowan Cos. plc, Class A	*	4,110	$	128,520
Schlumberger Ltd.		46,404		3,215,333

				8,272,801

Food & Staples Retailing—2.3%
Costco Wholesale Corp.		15,244		1,505,650
CVS Caremark Corp.		43,959		2,125,418
Kroger Co. (The)		18,231		474,370
Safeway, Inc.	†	9,050		163,714
Sysco Corp.	†	20,707		655,584
Walgreen Co.		30,189		1,117,295
Wal-Mart Stores, Inc.		58,821		4,013,357
Whole Foods Market, Inc.		6,051		552,638

				10,608,026

Food Products—1.7%
Archer-Daniels-Midland Co.		23,248		636,763
Campbell Soup Co.	†	6,126		213,736
ConAgra Foods, Inc.		14,350		423,325
Dean Foods Co.	*	6,452		106,522
General Mills, Inc.		22,633		914,599
H.J. Heinz Co.	†	11,298		651,669
Hershey Co. (The)		5,490		396,488
Hormel Foods Corp.	†	4,650		145,126
J.M. Smucker Co. (The)		3,807		328,316
Kellogg Co.		8,785		490,642
Kraft Foods Group, Inc.		20,917		951,096
McCormick & Co., Inc.		4,418		280,676
Mead Johnson Nutrition Co.		7,188		473,617
Mondelez International, Inc., Class A		62,751		1,598,268
Tyson Foods, Inc., Class A		10,014		194,272

				7,805,115

Gas Utilities—0.1%
AGL Resources, Inc.		3,798		151,806
ONEOK, Inc.		7,486		320,027

				471,833

Health Care Equipment & Supplies—2.6%
Abbott Laboratories		55,530		3,637,215
Baxter International, Inc.		19,025		1,268,206
Becton Dickinson and Co.	†	6,860		536,383
Boston Scientific Corp.	*	52,253		299,410
C.R. Bard, Inc.		2,796		273,281
CareFusion Corp.	*	8,238		235,442
Covidien plc (Ireland)		16,965		979,559
DENTSPLY International, Inc.	†	5,225		206,962
Edwards Lifesciences Corp.	*	4,131		372,492
Intuitive Surgical, Inc.	*	1,380		676,711
Medtronic, Inc.		35,535		1,457,646
St. Jude Medical, Inc.		10,637		384,421
Stryker Corp.		10,318		565,633
Varian Medical Systems, Inc.	*	3,908		274,498
Zimmer Holdings, Inc.		6,212		414,092

				11,581,951

Health Care Providers & Services—1.9%
Aetna, Inc.		11,917		551,757
AmerisourceBergen Corp.		8,341		360,164
Cardinal Health, Inc.		12,181		501,614
Cigna Corp.		9,848		526,474
Coventry Health Care, Inc.		4,454		199,673



		Shares		Value

DaVita HealthCare Partners, Inc.	*	2,851	$	315,121
Express Scripts Holding Co.	*	28,641		1,546,614
Humana, Inc.		5,787		397,162
Laboratory Corp. of America Holdings	*	3,235		280,216
McKesson Corp.		8,275		802,344
Patterson Cos., Inc.		2,852		97,624
Quest Diagnostics, Inc.		5,486		319,669
Tenet Healthcare Corp.	*	3,704		120,269
UnitedHealth Group, Inc.		36,039		1,954,755
WellPoint, Inc.		10,736		654,037

				8,627,493

Health Care Technology—0.1%
Cerner Corp.	*	5,042		391,461

Hotels, Restaurants & Leisure—1.8%
Carnival Corp.		16,099		591,960
Chipotle Mexican Grill, Inc.	*	1,080		321,257
Darden Restaurants, Inc.		4,663		210,162
International Game Technology		8,531		120,884
Marriott International, Inc., Class A		8,420		313,813
McDonald’s Corp.		35,256		3,109,932
Starbucks Corp.		26,228		1,406,345
Starwood Hotels & Resorts
Worldwide, Inc.		6,925		397,218
Wyndham Worldwide Corp.		4,785		254,610
Wynn Resorts Ltd.		2,846		320,147
Yum! Brands, Inc.		16,143		1,071,895

				8,118,223

Household Durables—0.3%
D.R. Horton, Inc.	†	9,898		195,782
Garmin Ltd. (Switzerland)	†	3,828		156,259
Harman International Industries, Inc.		2,512		112,136
Leggett & Platt, Inc.		4,988		135,773
Lennar Corp., Class A	†	5,349		206,846
Newell Rubbermaid, Inc.		10,245		228,156
PulteGroup, Inc.	*†	11,419		207,369
Whirlpool Corp.		2,748		279,609

				1,521,930

Household Products—2.1%
Clorox Co. (The)		4,678		342,523
Colgate-Palmolive Co.		15,537		1,624,238
Kimberly-Clark Corp.		13,806		1,165,641
Procter & Gamble Co. (The)		96,470		6,549,348

				9,681,750

Independent Power Producers & Energy Traders—0.1%
AES Corp. (The)		21,242		227,289
NRG Energy, Inc.		11,290		259,557

				486,846

Industrial Conglomerates—2.4%
3M Co.		22,193		2,060,620
Danaher Corp.		20,624		1,152,881
General Electric Co.		369,927		7,764,768

				10,978,269

Insurance—4.0%
ACE Ltd. (Switzerland)		11,800		941,640

See accompanying notes to financial statements

262

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint 500 Stock Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Aflac, Inc.		16,308	$	866,281
Allstate Corp. (The)		16,951		680,922
American International Group, Inc.	*	51,749		1,826,740
Aon plc (United Kingdom)		11,453		636,787
Assurant, Inc.		3,058		106,112
Berkshire Hathaway, Inc., Class B	*	64,213		5,759,906
Chubb Corp. (The)		9,531		717,875
Cincinnati Financial Corp.		4,862		190,396
Genworth Financial, Inc., Class A	*	16,334		122,668
Hartford Financial Services Group, Inc.		14,732		330,586
Lincoln National Corp.		10,294		266,614
Loews Corp.		11,005		448,454
Marsh & McLennan Cos., Inc.		19,241		663,237
MetLife, Inc.		38,256		1,260,153
Principal Financial Group, Inc.		10,148		289,421
Progressive Corp. (The)		20,020		422,422
Prudential Financial, Inc.		16,502		880,052
Torchmark Corp.		3,646		188,389
Travelers Cos., Inc. (The)	†	13,374		960,521
Unum Group		10,175		211,843
XL Group plc (Ireland)		10,640		266,638

				18,037,657

Internet & Catalog Retail—1.1%
Amazon.com, Inc.	*	12,737		3,198,770
Expedia, Inc.		3,270		200,942
Netflix, Inc.	*†	1,931		179,158
priceline.com, Inc.	*	1,745		1,083,994
TripAdvisor, Inc.	*	3,879		162,763

				4,825,627

Internet Software & Services—2.2%
Akamai Technologies, Inc.	*	6,281		256,956
eBay, Inc.	*	40,979		2,090,748
Google, Inc., Class A	*	9,354		6,635,447
VeriSign, Inc.	*	5,701		221,313
Yahoo! Inc.	*	35,664		709,714

				9,914,178

IT Services—3.8%
Accenture plc, Class A (Ireland)		22,110		1,470,315
Automatic Data Processing, Inc.		17,219		981,655
Cognizant Technology Solutions
Corp., Class A	*	10,754		796,334
Computer Sciences Corp.		5,168		206,978
Fidelity National Information
Services, Inc.		8,808		306,606
Fiserv, Inc.	*	4,834		382,031
International Business Machines Corp.		37,389		7,161,863
Mastercard, Inc., Class A		3,793		1,863,425
Paychex, Inc.	†	11,185		348,301
SAIC, Inc.	†	9,268		104,914
Teradata Corp.	*	5,791		358,405
Total System Services, Inc.		5,490		117,596
Visa, Inc., Class A		18,401		2,789,224
Western Union Co. (The)		20,297		276,242

				17,163,889

Leisure Equipment & Products—0.1%
Hasbro, Inc.	†	4,244		152,360



		Shares		Value

Mattel, Inc.		12,113	$	443,578

				595,938

Life Sciences Tools & Services—0.4%
Agilent Technologies, Inc.		12,254		501,679
Life Technologies Corp.	*	6,210		304,787
PerkinElmer, Inc.		4,019		127,563
Thermo Fisher Scientific, Inc.		12,863		820,402
Waters Corp.	*	2,974		259,095

				2,013,526

Machinery—1.9%
Caterpillar, Inc.		23,088		2,068,223
Cummins, Inc.		6,319		684,664
Deere & Co.		13,614		1,176,522
Dover Corp.		6,406		420,938
Flowserve Corp.		1,878		275,690
Illinois Tool Works, Inc.		15,043		914,765
Ingersoll-Rand plc (Ireland)		10,300		493,988
Joy Global, Inc.		3,656		233,180
PACCAR, Inc.		12,577		568,606
Pall Corp.		3,958		238,509
Parker Hannifin Corp.		5,376		457,283
Pentair Ltd. (Switzerland)		7,136		350,734
Snap-on, Inc.		1,846		145,816
Stanley Black & Decker, Inc.		5,825		430,875
Xylem, Inc.		5,979		162,031

				8,621,824

Media—3.5%
Cablevision Systems Corp., Class A		7,437		111,109
CBS Corp., Class B		21,253		808,677
Comcast Corp., Class A		93,556		3,497,123
DIRECTV	*	21,357		1,071,267
Discovery Communications, Inc., Class A	*	8,491		539,009
Gannett Co., Inc.	†	9,041		162,828
Interpublic Group of Cos., Inc. (The)		16,092		177,334
McGraw-Hill Cos., Inc. (The)	†	10,038		548,777
News Corp., Class A		70,990		1,813,084
Omnicom Group, Inc.		9,317		465,477
Scripps Networks Interactive, Inc., Class A		3,141		181,927
Time Warner Cable, Inc.		10,641		1,034,199
Time Warner, Inc.		33,049		1,580,734
Viacom, Inc., Class B		16,412		865,569
Walt Disney Co. (The)		62,738		3,123,725
Washington Post Co. (The), Class B		160		58,434

				16,039,273

Metals & Mining—0.7%
Alcoa, Inc.		36,839		319,762
Allegheny Technologies, Inc.		3,978		120,772
Cliffs Natural Resources, Inc.	†	4,728		182,312
Freeport-McMoRan Copper & Gold, Inc.		33,229		1,136,432
Newmont Mining Corp.		17,389		807,545
Nucor Corp.		11,307		488,236
United States Steel Corp.		4,478		106,890

				3,161,949

See accompanying notes to financial statements

263

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint 500 Stock Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Multiline Retail—0.8%
Big Lots, Inc.	*	2,176	$	61,929
Dollar General Corp.	*	9,317		410,787
Dollar Tree, Inc.	*	8,488		344,273
Family Dollar Stores, Inc.		3,484		220,920
J.C. Penney Co., Inc.	†	4,844		95,475
Kohl’s Corp.		7,722		331,892
Macy’s, Inc.		14,108		550,494
Nordstrom, Inc.		5,299		283,497
Target Corp.		22,806		1,349,431

				3,648,698

Multi-Utilities—1.2%
Ameren Corp.		8,536		262,226
CenterPoint Energy, Inc.		14,854		285,939
CMS Energy Corp.		9,405		229,294
Consolidated Edison, Inc.		10,333		573,895
Dominion Resources, Inc.		19,999		1,035,948
DTE Energy Co.		6,094		365,945
Integrys Energy Group, Inc.		2,588		135,145
NiSource, Inc.		10,786		268,464
PG&E Corp.	†	15,052		604,789
Public Service Enterprise Group, Inc.		17,851		546,241
SCANA Corp.		4,610		210,400
Sempra Energy		7,729		548,295
TECO Energy, Inc.		7,055		118,242
Wisconsin Energy Corp.		8,321		306,629

				5,491,452

Office Electronics—0.1%
Xerox Corp.		45,690		311,606

Oil, Gas & Consumable Fuels—9.0%
Anadarko Petroleum Corp.		17,473		1,298,419
Apache Corp.		13,817		1,084,634
Cabot Oil & Gas Corp.		7,263		361,262
Chesapeake Energy Corp.	†	18,790		312,290
Chevron Corp.		68,739		7,433,435
ConocoPhillips		42,419		2,459,878
CONSOL Energy, Inc.		8,076		259,240
Denbury Resources, Inc.	*	13,879		224,840
Devon Energy Corp.		13,409		697,804
EOG Resources, Inc.		9,441		1,140,378
EQT Corp.		5,423		319,849
Exxon Mobil Corp.		160,523		13,893,266
Hess Corp.		10,137		536,855
Kinder Morgan, Inc.		22,393		791,145
Marathon Oil Corp.		24,924		764,170
Marathon Petroleum Corp.		11,588		730,044
Murphy Oil Corp.		6,683		397,973
Newfield Exploration Co.	*	4,380		117,296
Noble Energy, Inc.		6,275		638,418
Occidental Petroleum Corp.		28,284		2,166,837
Peabody Energy Corp.		9,844		261,949
Phillips 66		21,948		1,165,439
Pioneer Natural Resources Co.	†	4,379		466,758
QEP Resources, Inc.		5,856		177,261
Range Resources Corp.		5,640		354,361
Southwestern Energy Co.	*	12,533		418,727
Spectra Energy Corp.		22,892		626,783
Tesoro Corp.		4,936		217,431
Valero Energy Corp.		19,469		664,282



		Shares		Value

Williams Cos., Inc. (The)		23,609	$	772,959
WPX Energy, Inc.	*	6,454		96,035

				40,850,018

Paper & Forest Products—0.2%
International Paper Co.		15,411		613,974
MeadWestvaco Corp.		5,994		191,029

				805,003

Personal Products—0.2%
Avon Products, Inc.	†	15,040		215,974
Estee Lauder Cos., Inc. (The), Class A		8,445		505,518

				721,492

Pharmaceuticals—5.3%
Allergan, Inc.		10,871		997,197
Bristol-Myers Squibb Co.		58,167		1,895,662
Eli Lilly & Co.		36,126		1,781,734
Forest Laboratories, Inc.	*	8,371		295,664
Hospira, Inc.	*	5,541		173,101
Johnson & Johnson		97,391		6,827,109
Merck & Co., Inc.		106,616		4,364,859
Mylan, Inc.	*	14,475		397,773
Perrigo Co.		3,137		326,342
Pfizer, Inc.		259,250		6,501,990
Watson Pharmaceuticals, Inc.	*	4,448		382,528

				23,943,959

Professional Services—0.1%
Dun & Bradstreet Corp. (The)	†	1,587		124,818
Equifax, Inc.		3,923		212,313
Robert Half International, Inc.		5,314		169,091

				506,222

Real Estate Investment Trusts (REITs)—2.2%
American Tower Corp. REIT		13,819		1,067,794
Apartment Investment & Management Co., Class A REIT		5,152		139,413
AvalonBay Communities, Inc. REIT		3,908		529,886
Boston Properties, Inc. REIT		5,262		556,772
Equity Residential REIT		11,248		637,424
HCP, Inc. REIT	†	15,826		715,019
Health Care REIT, Inc. REIT		9,011		552,284
Host Hotels & Resorts, Inc. REIT		25,476		399,209
Kimco Realty Corp. REIT	†	14,713		284,255
Plum Creek Timber Co., Inc. REIT	†	5,901		261,827
Prologis, Inc. REIT		16,246		592,817
Public Storage REIT		5,090		737,847
Simon Property Group, Inc. REIT		10,724		1,695,357
Ventas, Inc. REIT		10,242		662,862
Vornado Realty Trust REIT	†	6,019		482,002
Weyerhaeuser Co. REIT		19,182		533,643

				9,848,411

Real Estate Management & Development—0.0%
CBRE Group, Inc.	*	10,935		217,606

Road & Rail—0.8%
CSX Corp.		36,959		729,201
Norfolk Southern Corp.		11,425		706,522
Ryder System, Inc.	†	1,762		87,977

See accompanying notes to financial statements

264

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint 500 Stock Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Union Pacific Corp.		16,527	$	2,077,774

				3,601,474

Semiconductors & Semiconductor Equipment—2.0%
Advanced Micro Devices, Inc.	*†	20,715		49,716
Altera Corp.		11,530		397,093
Analog Devices, Inc.		10,642		447,603
Applied Materials, Inc.		42,008		480,572
Broadcom Corp., Class A		18,131		602,131
First Solar, Inc.	*†	1,746		53,916
Intel Corp.		175,021		3,610,683
KLA-Tencor Corp.		5,820		277,963
Lam Research Corp.	*	6,097		220,285
Linear Technology Corp.		8,093		277,590
LSI Corp.	*	19,354		137,026
Microchip Technology, Inc.	†	6,653		216,821
Micron Technology, Inc.	*	35,993		228,556
NVIDIA Corp.		21,218		260,769
Teradyne, Inc.	*	6,358		107,387
Texas Instruments, Inc.		40,135		1,241,777
Xilinx, Inc.		9,115		327,228

				8,937,116

Software—3.5%
Adobe Systems, Inc.	*	17,281		651,148
Autodesk, Inc.	*	8,155		288,279
BMC Software, Inc.	*	4,891		193,977
CA, Inc.		11,396		250,484
Citrix Systems, Inc.	*	6,595		433,621
Electronic Arts, Inc.	*	10,885		158,159
Intuit, Inc.		9,844		585,718
Microsoft Corp.		266,238		7,116,542
Oracle Corp.		132,326		4,409,103
Red Hat, Inc.	*	6,899		365,371
Salesforce.com, Inc.	*†	4,557		766,032
Symantec Corp.	*	24,479		460,450

				15,678,884

Specialty Retail—2.2%
Abercrombie & Fitch Co., Class A		2,804		134,508
AutoNation, Inc.	*	1,480		58,756
AutoZone, Inc.	*	1,287		456,151
Bed Bath & Beyond, Inc.	*	8,337		466,122
Best Buy Co., Inc.		9,936		117,741
CarMax, Inc.	*	7,931		297,730
GameStop Corp., Class A	†	4,873		122,263
Gap, Inc. (The)		10,646		330,452
Home Depot, Inc. (The)		52,711		3,260,175
Limited Brands, Inc.		8,319		391,492
Lowe’s Cos., Inc.		39,655		1,408,546
O’Reilly Automotive, Inc.	*	4,239		379,051
PetSmart, Inc.		3,829		261,674
Ross Stores, Inc.		7,978		432,009
Staples, Inc.	†	24,219		276,097
Tiffany & Co.	†	4,254		243,924
TJX Cos., Inc.		25,571		1,085,489
Urban Outfitters, Inc.	*	4,083		160,707

				9,882,887



				Shares		Value

Textiles, Apparel & Luxury Goods—0.6%
Coach, Inc.				9,921	$	550,715
Fossil, Inc.		*		1,943		180,893
NIKE, Inc., Class B				25,724		1,327,358
Ralph Lauren Corp.				2,178		326,526
V.F. Corp.		†		3,098		467,705

						2,853,197

Thrifts & Mortgage Finance—0.1%
Hudson City Bancorp, Inc.				15,450		125,608
People’s United Financial, Inc.				12,543		151,645

						277,253

Tobacco—1.8%
Altria Group, Inc.				71,578		2,248,981
Lorillard, Inc.				4,679		545,899
Philip Morris International, Inc.				59,018		4,936,265
Reynolds American, Inc.				11,537		477,978

						8,209,123

Trading Companies & Distributors—0.2%
Fastenal Co.		†		9,111		425,393
W.W. Grainger, Inc.				2,074		419,715

						845,108

Wireless Telecommunication Services—0.3%
Crown Castle International Corp.		*		10,231		738,269
MetroPCS Communications, Inc.		*		11,147		110,801
Sprint Nextel Corp.		*		104,276		591,245

						1,440,315

TOTAL COMMON STOCKS
(Cost $289,966,122)						448,342,932



Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—0.0%
U.S. Treasury Bills—0.0%
U.S. Treasury Bill
0.330%	03/14/2013	‡‡
(Cost $274,981)			$	275,000		274,982



				Shares		Value
MONEY MARKET FUNDS—4.4%
Institutional Money Market Funds—4.4%
Dreyfus Institutional Cash Advantage Fund, 0.11%		††¥		2,800,000		2,800,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.18%		¥		3,712,986		3,712,986
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.18%		††¥		2,023,203		2,023,203
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.14%		††¥		2,800,000		2,800,000

See accompanying notes to financial statements

265

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint 500 Stock Index Fund		Shares		Value

MONEY MARKET FUNDS—(Continued)
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.15%	††¥	2,800,000	$	2,800,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.14%	††¥	2,800,000		2,800,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.13%	††¥	2,800,000	$	2,800,000

TOTAL MONEY MARKET FUNDS
(Cost $19,736,189)				19,736,189

TOTAL INVESTMENTS—103.4%
(Cost $309,977,292)				468,354,103
Other assets less liabilities—(3.4%)				(15,372,931	)

NET ASSETS—100.0%			$	452,981,172

Notes to the Schedule of Investments:


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

See accompanying notes to financial statements

266

SCHEDULE OF INVESTMENTS

December 31, 2012


Vantagepoint Broad Market Index Fund		Shares		Value

COMMON STOCKS—99.0%
Aerospace & Defense—2.2%
AAR Corp.		1,489	$	27,814
Alliant Techsystems, Inc.		1,550		96,038
American Science & Engineering, Inc.		435		28,366
B/E Aerospace, Inc.	*	2,393		118,214
Boeing Co. (The)		25,702		1,936,903
Cubic Corp.		476		22,834
Curtiss-Wright Corp.		2,112		69,337
Engility Holdings, Inc.	*	622		11,980
Esterline Technologies Corp.	*	1,049		66,727
Exelis, Inc.		4,977		56,091
GenCorp, Inc.	*†	1,629		14,905
General Dynamics Corp.		12,337		854,584
HEICO Corp., Class A		1,713		54,782
Hexcel Corp.	*	4,757		128,249
Honeywell International, Inc.		27,826		1,766,116
Huntington Ingalls Industries, Inc.		1,577		68,347
Kratos Defense & Security Solutions, Inc.	*	832		4,185
L-3 Communications Holdings, Inc.		3,737		286,329
Lockheed Martin Corp.		9,671		892,537
Moog, Inc., Class A	*	1,446		59,329
National Presto Industries, Inc.	†	535		36,968
Northrop Grumman Corp.		7,805		527,462
Orbital Sciences Corp.	*	2,123		29,234
Precision Castparts Corp.		5,136		972,861
Raytheon Co.		10,521		605,589
Rockwell Collins, Inc.	†	6,041		351,405
Spirit Aerosystems Holdings, Inc., Class A	*	2,103		35,688
Taser International, Inc.	*	2,292		20,490
Teledyne Technologies, Inc.	*	1,228		79,906
Textron, Inc.		8,214		203,625
TransDigm Group, Inc.		1,314		179,177
Triumph Group, Inc.		1,644		107,353
United Technologies Corp.		32,963		2,703,296

				12,416,721

Air Freight & Logistics—0.7%
Air T, Inc.		1,352		11,235
Atlas Air Worldwide Holdings, Inc.	*	600		26,586
C.H. Robinson Worldwide, Inc.		6,357		401,889
Expeditors International of
Washington, Inc.		8,772		346,933
FedEx Corp.		8,008		734,494
Forward Air Corp.		1,431		50,099
Hub Group, Inc., Class A	*	2,400		80,640
Pacer International, Inc.	*	1,664		6,490
United Parcel Service, Inc., Class B		26,935		1,985,918
UTi Worldwide, Inc.		2,208		29,587

				3,673,871

Airlines—0.2%
Alaska Air Group, Inc.	*	2,686		115,740
Delta Air Lines, Inc.	*	25,505		302,744
JetBlue Airways Corp.	*†	6,414		36,624
SkyWest, Inc.		2,390		29,779



		Shares		Value

Southwest Airlines Co.			18,586	$	190,321
United Continental Holdings, Inc.	*		12,259		286,616
US Airways Group, Inc.	*		8,660		116,910

					1,078,734

Auto Components—0.4%
American Axle & Manufacturing Holdings, Inc.	*		2,113		23,665
Autoliv, Inc. (Sweden)	†		915		61,662
BorgWarner, Inc.	*		4,109		294,286
Cooper Tire & Rubber Co.			3,066		77,754
Dana Holding Corp.			9,980		155,788
Fuel Systems Solutions, Inc.	*†		769		11,304
Gentex Corp.	†		6,594		124,099
Gentherm, Inc.	*		2,107		28,023
Goodyear Tire & Rubber Co. (The)	*		7,281		100,551
Johnson Controls, Inc.			21,627		663,949
Lear Corp.			5,258		246,285
Modine Manufacturing Co.	*		1,208		9,821
Quantum Fuel Systems Technologies Worldwide, Inc.	*†		141		96
Shiloh Industries, Inc.			1,441		14,842
Strattec Security Corp.			123		3,175
Superior Industries International, Inc.			1,102		22,481
Tenneco, Inc.	*		1,600		56,176
TRW Automotive Holdings Corp.	*		3,548		190,208

					2,084,165

Automobiles—0.6%
Ford Motor Co.			141,925		1,837,929
General Motors Co.	*†		26,868		774,604
Harley-Davidson, Inc.			5,597		273,358
Tesla Motors, Inc.	*†		3,430		116,174
Thor Industries, Inc.			1,221		45,702
Winnebago Industries, Inc.	*		1,432		24,530

					3,072,297

Beverages—2.1%
Beam, Inc.			3,861		235,868
Brown-Forman Corp., Class B			5,077		321,120
Central European Distribution Corp. (Poland)	*†		9,797		21,259
Coca-Cola Bottling Co. Consolidated	†		437		29,061
Coca-Cola Co. (The)			156,856		5,686,030
Coca-Cola Enterprises, Inc.			8,850		280,811
Constellation Brands, Inc., Class A	*		8,096		286,517
Dr. Pepper Snapple Group, Inc.			7,323		323,530
Molson Coors Brewing Co., Class B			3,486		149,166
Monster Beverage Corp.	*		5,360		283,437
PepsiCo, Inc.			59,809		4,092,730

					11,709,529

Biotechnology—1.7%
Aastrom Biosciences, Inc.	*†		411		518
Acorda Therapeutics, Inc.	*		674		16,756

See accompanying notes to financial statements

267

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Broad Market Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Agenus, Inc.	*		284	$	1,164
Alexion Pharmaceuticals, Inc.	*		4,700		440,907
Alkermes plc (Ireland)	*†		3,579		66,283
Allos Therapeutic, Inc.	*‡d		3,978		—
Alnylam Pharmaceuticals, Inc.	*†		2,390		43,618
AMAG Pharmaceuticals, Inc.	*		834		12,268
Amgen, Inc.			24,296		2,097,231
Arena Pharmaceuticals, Inc.	*†		1,439		12,980
Ariad Pharmaceuticals, Inc.	*		5,175		99,257
Arqule, Inc.	*†		864		2,411
Array BioPharma, Inc.	*		4,333		16,119
Astex Pharmaceuticals	*		1,338		3,894
Biogen Idec, Inc.	*		6,544		959,808
BioMarin Pharmaceutical, Inc.	*†		3,587		176,660
Biota Pharmaceuticals, Inc.			70		279
Celgene Corp.	*		17,920		1,410,662
Cell Therapeutics, Inc.	*†		3,034		3,944
Celldex Therapeutics, Inc.	*		429		2,879
Cepheid, Inc.	*†		1,692		57,207
Codexis, Inc.	*		230		508
Cubist Pharmaceuticals, Inc.	*		1,762		74,110
CytRx Corp.	*†		600		1,122
Dendreon Corp.	*†		4,737		25,011
Discovery Laboratories, Inc.	*†		171		361
Emergent Biosolutions, Inc.	*		1,319		21,157
Entremed, Inc.	*		126		174
Enzon Pharmaceuticals, Inc.			1,765		7,819
Exact Sciences Corp.	*		1,250		13,237
Exelixis, Inc.	*†		2,695		12,316
Galena Biopharma, Inc.	*†		209		320
Genomic Health, Inc.	*		1,284		35,002
Geron Corp.	*		4,719		6,654
Gilead Sciences, Inc.	*		23,456		1,722,843
GTx, Inc.	*		200		840
Halozyme Therapeutics, Inc.	*		6,362		42,689
Hemispherx Biopharma, Inc.	*†		920		231
Immunogen, Inc.	*†		1,323		16,868
Immunomedics, Inc.	*		2,141		6,252
Incyte Corp. Ltd.	*†		3,102		51,524
InterMune, Inc.	*		1,586		15,368
Isis Pharmaceuticals, Inc.	*†		2,216		23,179
Keryx Biopharmaceuticals, Inc.	*†		5,221		13,679
Lexicon Pharmaceuticals, Inc.	*		2,343		5,201
Ligand Pharmaceuticals, Inc., Class B	*		815		16,903
MannKind Corp.	*†		4,492		10,377
Maxygen, Inc.			1,231		3,028
MediciNova, Inc.	*		91		152
Medivation, Inc.	*†		3,462		177,116
Momenta Pharmaceuticals, Inc.	*		2,618		30,840
Myrexis, Inc.	*		1,031		2,918
Myriad Genetics, Inc.	*		4,124		112,379
Neurocrine Biosciences, Inc.	*		1,479		11,063
Novavax, Inc.	*†		1,550		2,929
NPS Pharmaceuticals, Inc.	*		1,660		15,106
Onyx Pharmaceuticals, Inc.	*		2,828		213,599
Osiris Therapeutics, Inc.	*†		1,402		12,590
PDL BioPharma, Inc.	†		3,841		27,079
Peregrine Pharmaceuticals, Inc.	*†		1,823		2,406
Pharmacyclics, Inc.	*		1,782		103,178
Progenics Pharmaceuticals, Inc.	*		793		2,363
Regeneron Pharmaceuticals, Inc.	*		2,632		450,256



		Shares		Value

Rigel Pharmaceuticals, Inc.	*		1,882	$	12,233
Sarepta Therapeutics, Inc.	*†		399		10,294
Savient Pharmaceuticals, Inc.	*†		1,538		1,615
SIGA Technologies, Inc.	*†		4,649		12,180
Synageva BioPharma Corp.	*		242		11,202
Telik, Inc.	*		58		76
Theravance, Inc.	*†		3,224		71,798
United Therapeutics Corp.	*		1,828		97,652
Vanda Pharmaceuticals, Inc.	*		2,680		9,916
Vertex Pharmaceuticals, Inc.	*		7,575		317,695
XOMA Corp.	*†		331		793

					9,261,046

Building Products—0.2%
A.O. Smith Corp.			2,012		126,897
American Woodmark Corp.	*		800		22,256
Apogee Enterprises, Inc.			1,250		29,963
Fortune Brands Home & Security, Inc.	*		3,861		112,819
Gibraltar Industries, Inc.	*		1,188		18,913
Griffon Corp.			1,288		14,761
Lennox International, Inc.			2,437		127,991
Masco Corp.			9,464		157,670
NCI Building Systems, Inc.	*		246		3,419
Owens Corning, Inc.	*		1,100		40,689
Quanex Building Products Corp.			1,671		34,105
Simpson Manufacturing Co., Inc.			2,084		68,334
Trex Co., Inc.	*		731		27,215
Universal Forest Products, Inc.			1,121		42,643
USG Corp.	*†		3,348		93,978

					921,653

Capital Markets—2.0%
Affiliated Managers Group, Inc.	*		1,354		176,223
Ameriprise Financial, Inc.			9,235		578,388
Arlington Asset Investment Corp., Class A			304		6,314
Bank of New York Mellon Corp. (The)			42,725		1,098,033
BGC Partners, Inc., Class A	†		7,270		25,154
BlackRock, Inc.			4,558		942,184
Calamos Asset Management, Inc., Class A			1,800		19,026
Charles Schwab Corp. (The)	†		39,829		571,944
CIFC Corp.	*		342		2,736
Cowen Group, Inc., Class A	*		2,582		6,326
Diamond Hill Investment Group, Inc.			331		22,462
E*TRADE Financial Corp.	*		13,474		120,592
Eaton Vance Corp.	†		5,282		168,232
Federated Investors, Inc., Class B	†		3,745		75,761
Franklin Resources, Inc.			6,281		789,522
GAMCO Investors, Inc., Class A			558		29,613
GFI Group, Inc.			2,520		8,165
Goldman Sachs Group, Inc. (The)			17,270		2,202,961
Greenhill & Co., Inc.	†		495		25,735
Institutional Financial Markets, Inc.	†		421		505
INTL FCStone, Inc.	*†		507		8,827
Invesco Ltd.			16,610		433,355
Investment Technology Group, Inc.	*		2,078		18,702

See accompanying notes to financial statements

268

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Broad Market Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Janus Capital Group, Inc.	†		6,411	$	54,622
Jefferies Group, Inc.			4,678		86,871
KBW, Inc.			1,604		24,541
Knight Capital Group, Inc., Class A	*†		4,630		16,251
Legg Mason, Inc.			5,850		150,462
Medallion Financial Corp.			958		11,247
Morgan Stanley			52,106		996,267
Northern Trust Corp.			8,495		426,109
Piper Jaffray Cos.	*		963		30,941
Raymond James Financial, Inc.			3,472		133,776
Safeguard Scientifics, Inc.	*		678		10,001
SEI Investments Co.			5,918		138,126
State Street Corp.			15,937		749,198
Stifel Financial Corp.	*		2,381		76,121
SWS Group, Inc.	*		1,323		6,999
T. Rowe Price Group, Inc.			10,248		667,452
TD Ameritrade Holding Corp.			8,355		140,448
Virtus Investment Partners, Inc.	*		210		25,397
Waddell & Reed Financial, Inc., Class A			3,971		138,270
Walter Investment Management Corp.	*		602		25,898
Westwood Holdings Group, Inc.			1,027		42,004

					11,281,761

Chemicals—2.3%
A. Schulman, Inc.			1,444		41,775
Air Products & Chemicals, Inc.			6,756		567,639
Airgas, Inc.			3,075		280,717
Albemarle Corp.			3,712		230,589
Ashland, Inc.			1,520		122,223
Cabot Corp.			2,693		107,154
Calgon Carbon Corp.	*†		3,184		45,149
Celanese Corp., Class A			2,979		132,655
CF Industries Holdings, Inc.			2,571		522,324
Cytec Industries, Inc.			1,644		113,157
Dow Chemical Co. (The)			37,675		1,217,656
E.I. Du Pont de Nemours & Co.			36,166		1,626,385
Eastman Chemical Co.			4,366		297,106
Ecolab, Inc.			10,311		741,361
Ferro Corp.	*		1,818		7,599
FMC Corp.			3,500		204,820
Georgia Gulf Corp.	†		50		2,064
H.B. Fuller Co.			2,570		89,487
Huntsman Corp.			5,470		86,973
International Flavors & Fragrances, Inc.			3,885		258,508
Intrepid Potash, Inc.	†		1,172		24,952
Koppers Holdings, Inc.			1,582		60,353
Kronos Worldwide, Inc.	†		2,262		44,109
Landec Corp.	*		986		9,357
LSB Industries, Inc.	*		1,411		49,978
Minerals Technologies, Inc.			1,736		69,301
Monsanto Co.			18,845		1,783,679
Mosaic Co. (The)			6,742		381,799
NewMarket Corp.	†		378		99,112
Olin Corp.			2,796		60,366
OM Group, Inc.	*		1,147		25,463
OMNOVA Solutions, Inc.	*		6,478		45,411
Penford Corp.	*		785		5,793
PolyOne Corp.			2,862		58,442
PPG Industries, Inc.			5,657		765,675



		Shares		Value

Praxair, Inc.			10,790	$	1,180,966
Quaker Chemical Corp.			483		26,014
Rockwood Holdings, Inc.			2,347		116,083
RPM International, Inc.			4,832		141,868
Scotts Miracle-Gro Co. (The), Class A	†		1,662		73,211
Sensient Technologies Corp.			2,027		72,080
Sherwin-Williams Co. (The)			2,340		359,939
Sigma-Aldrich Corp.	†		3,395		249,804
Spartech Corp.	*		1,451		13,161
Stepan Co.			1,112		61,760
Tredegar Corp.			1,606		32,795
Valhi, Inc.			1,533		19,163
Valspar Corp.			2,240		139,776
W.R. Grace & Co.	*		1,838		123,569
Zep, Inc.			936		13,516

					12,802,836

Coal—0.0%
Evergreen Energy, Inc.	*		416		5

Commercial Banks—3.1%
1st Source Corp.			1,180		26,066
Associated Banc-Corp			5,110		67,043
BancFirst Corp.			642		27,195
BancorpSouth, Inc.			3,611		52,504
BancTrust Financial Group, Inc.	*		1,600		4,448
Bank of Hawaii Corp.	†		1,898		83,607
BB&T Corp.			24,485		712,758
BOK Financial Corp.			1,765		96,122
Boston Private Financial Holdings, Inc.	†		1,297		11,686
Bryn Mawr Bank Corp.			1,058		23,562
Capital City Bank Group, Inc.	*†		1,113		12,655
CapitalSource, Inc.			19,650		148,947
Cardinal Financial Corp.			1,142		18,580
Cascade Bancorp	*†		219		1,371
Cathay General Bancorp			2,082		40,599
Catskill Litigation Trust	*‡d		582		—
Central Pacific Financial Corp.	*		103		1,606
Chemical Financial Corp.			1,552		36,876
CIT Group, Inc.	*		6,132		236,940
Citizens Republic Bancorp, Inc.	*		6,759		128,218
City Holding Co.	†		250		8,712
City National Corp./California			1,548		76,657
CoBiz Financial, Inc.			1,063		7,941
Comerica, Inc.			8,301		251,852
Commerce Bancshares, Inc./Missouri			2,859		100,242
Community Bank System, Inc.			1,402		38,359
Community Trust Bancorp, Inc.			665		21,799
Cullen/Frost Bankers, Inc.			2,502		135,784
CVB Financial Corp.			4,084		42,474
East West Bancorp, Inc.			7,969		171,254
Eastern Virginia Bankshares, Inc.	*		6,402		33,931
Fidelity Southern Corp.	*		1,543		14,736
Fifth Third Bancorp			34,539		524,647
Financial Institutions, Inc.			749		13,954
First BanCorp. (Puerto Rico)	*		322		1,475
First Bancorp/North Carolina			643		8,243
First Busey Corp.			2,407		11,193

See accompanying notes to financial statements

269

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Broad Market Index Fund		Shares		Value

COMMON STOCKS—(Continued)
First Citizens BancShares, Inc./North Carolina, Class A			254	$	41,529
First Commonwealth Financial Corp.			2,619		17,862
First Financial Bancorp			1,895		27,705
First Financial Bankshares, Inc.	†		500		19,505
First Horizon National Corp.			8,735		86,564
First Merchants Corp.			874		12,970
First Midwest Bancorp, Inc./Illinois			2,002		25,065
First Niagara Financial Group, Inc.			10,034		79,570
First of Long Island Corp. (The)			986		27,924
FirstMerit Corp.			3,950		56,050
FNB Corp./Pennsylvania			4,685		49,755
Fulton Financial Corp.			6,533		62,782
Glacier Bancorp, Inc.			1,771		26,051
Guaranty Bancorp	*		5,300		10,335
Hancock Holding Co.			2,032		64,496
Hanmi Financial Corp.	*		900		12,231
Heritage Financial Corp./Washington			332		4,877
Home Bancshares, Inc./Arkansas			1,170		38,633
Huntington Bancshares, Inc./Ohio			26,837		171,488
IBERIABANK Corp.			966		47,450
Independent Bank Corp./Massachusetts	†		874		25,302
Independent Bank Corp./Michigan	*		208		728
International Bancshares Corp.			3,248		58,626
KeyCorp			27,431		230,969
M&T Bank Corp.			3,469		341,592
MB Financial, Inc.			931		18,387
Merchants Bancshares, Inc.			571		15,286
MidSouth Bancorp, Inc.			522		8,535
MidWestOne Financial Group, Inc.			552		11,322
National Penn Bancshares, Inc.			2,758		25,705
NBT Bancorp, Inc.			1,000		20,270
Old National Bancorp/Indiana			3,552		42,162
Pacific Premier Bancorp, Inc.	*		976		9,994
PacWest Bancorp			894		22,153
Park National Corp.	†		728		47,051
Peoples Bancorp, Inc./Ohio	†		814		16,630
Pinnacle Financial Partners, Inc.	*		1,818		34,251
PNC Financial Services Group, Inc.			20,071		1,170,340
Popular, Inc. (Puerto Rico)	*		5,380		111,850
PrivateBancorp, Inc.			1,200		18,384
Prosperity Bancshares, Inc.			2,300		96,600
Regions Financial Corp.			41,501		295,487
Republic Bancorp, Inc./Kentucky, Class A			1,603		33,871
Royal Bancshares of Pennsylvania, Inc., Class A	*		882		1,050
S&T Bancorp, Inc.			955		17,257
Sandy Spring Bancorp, Inc.			344		6,680
Shore Bancshares, Inc.			826		4,444
Signature Bank/New York	*		1,900		135,546
Simmons First National Corp., Class A	†		911		23,103
Sterling Bancorp/New York			1,476		13,446



		Shares		Value

Sterling Financial Corp./Washington			38	$	793
Suffolk Bancorp	*		1,100		14,410
SunTrust Banks, Inc.			19,144		542,732
Susquehanna Bancshares, Inc.			2,932		30,727
SVB Financial Group	*		1,437		80,429
Synovus Financial Corp.	†		41,667		102,084
TCF Financial Corp.			6,104		74,164
Texas Capital Bancshares, Inc.	*		2,821		126,437
Tompkins Financial Corp.			730		28,937
TowneBank/Virginia			1,448		22,430
Trustmark Corp.			2,435		54,690
U.S. Bancorp			70,002		2,235,864
UMB Financial Corp.	†		1,211		53,090
Umpqua Holdings Corp.			1,151		13,570
United Bankshares, Inc.	†		2,134		51,899
United Community Banks, Inc./Georgia	*		454		4,277
Valley National Bancorp	†		6,899		64,161
Washington Trust Bancorp, Inc.			500		13,155
Webster Financial Corp.	†		2,393		49,176
Wells Fargo & Co.			185,208		6,330,409
WesBanco, Inc.			1,699		37,752
Westamerica Bancorporation	†		1,628		69,337
Western Alliance Bancorp	*		1,400		14,742
Wintrust Financial Corp.			1,017		37,324
Zions Bancorporation			5,053		108,134

					17,094,622

Commercial Services & Supplies—0.7%
ABM Industries, Inc.			2,291		45,705
ACCO Brands Corp.	*		2,302		16,897
ADT Corp. (The)			4,996		232,264
Avery Dennison Corp.			3,924		137,026
Brink’s Co. (The)			2,084		59,457
Cenveo, Inc.	*†		4,741		12,801
Cintas Corp.			2,017		82,495
Clean Harbors, Inc.	*		2,414		132,794
Consolidated Graphics, Inc.	*		776		27,098
Copart, Inc.	*		2,852		84,134
Corrections Corp. of America			5,700		202,179
Courier Corp.			424		4,664
Covanta Holding Corp.			4,185		77,088
Deluxe Corp.	†		2,098		67,640
EnergySolutions, Inc.	*		4,049		12,633
Ennis, Inc.			695		10,752
G&K Services, Inc., Class A			1,008		34,423
Geo Group, Inc. (The)			2,829		79,778
Healthcare Services Group, Inc.	†		5,603		130,158
Herman Miller, Inc.			3,155		67,580
HNI Corp.			2,512		75,511
Interface, Inc.			3,357		53,981
Iron Mountain, Inc.			7,780		241,569
Kimball International, Inc., Class B	†		1,500		17,415
Knoll, Inc.			2,701		41,487
McGrath RentCorp			916		26,582
Mine Safety Appliances Co.			1,444		61,673
Mobile Mini, Inc.	*		2,000		41,660
NL Industries, Inc.			2,111		24,171
Perma-Fix Environmental Services, Inc.	*		5,502		3,747
Pitney Bowes, Inc.	†		1,828		19,450

See accompanying notes to financial statements

270

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Broad Market Index Fund		Shares		Value

COMMON STOCKS—(Continued)
R.R. Donnelley & Sons Co.	†		8,887	$	79,983
Republic Services, Inc.			14,202		416,545
Rollins, Inc.			1,486		32,751
Standard Register Co. (The)	†		1,650		1,040
Steelcase, Inc., Class A			1,992		25,378
Stericycle, Inc.	*		3,138		292,681
Sykes Enterprises, Inc.	*		1,423		21,658
Tetra Tech, Inc.	*		2,114		55,915
TRC Cos., Inc.	*		327		1,903
United Stationers, Inc.			2,556		79,210
Viad Corp.			937		25,449
Virco Manufacturing Corp.	*		799		2,069
Waste Connections, Inc.			3,543		119,718
Waste Management, Inc.			12,851		433,593

					3,712,705

Communications Equipment—1.9%
ADTRAN, Inc.	†		3,197		62,469
Alliance Fiber Optic Products, Inc.			963		11,575
Anaren, Inc.	*		813		15,813
Arris Group, Inc.	*		3,613		53,978
Aruba Networks, Inc.	*†		2,125		44,094
Aviat Networks, Inc.	*		2,182		7,179
Black Box Corp.			865		21,054
Brocade Communications Systems, Inc.	*		14,008		74,663
CalAmp Corp.	*		550		4,576
Ciena Corp.	*†		5,950		93,415
Cisco Systems, Inc.			206,501		4,057,745
Comtech Telecommunications Corp.			1,350		34,263
Digi International, Inc.	*		1,976		18,713
EchoStar Corp., Class A	*		1,877		64,231
Emcore Corp.	*†		306		1,316
Emulex Corp.	*		3,408		24,878
Extreme Networks, Inc.	*		4,491		16,347
F5 Networks, Inc.	*		2,664		258,808
Finisar Corp.	*†		856		13,953
Harmonic, Inc.	*		2,820		14,297
Harris Corp.			3,891		190,503
Infinera Corp.	*†		4,191		24,350
InterDigital, Inc.	†		2,803		115,203
Ixia	*		2,330		39,563
JDS Uniphase Corp.	*		7,444		100,792
Juniper Networks, Inc.	*		17,553		345,267
KVH Industries, Inc.	*		375		5,242
Motorola Solutions, Inc.			8,298		462,033
NETGEAR, Inc.	*		1,206		47,540
Numerex Corp., Class A	*		1,800		23,652
Oclaro, Inc.	*		363		570
Oplink Communications, Inc.	*		758		11,810
Optical Cable Corp.			240		902
Parkervision, Inc.	*†		1,052		2,136
Performance Technologies, Inc.	*		793		646
Plantronics, Inc.	†		1,826		67,325
Polycom, Inc.	*		8,354		87,383
Powerwave Technologies, Inc.	*†		486		151
QUALCOMM, Inc.			64,865		4,022,927
Riverbed Technology, Inc.	*		3,698		72,925
Sonus Networks, Inc.	*		10,700		18,190
Sycamore Networks, Inc.			991		2,220
Tellabs, Inc.			19,143		43,646



		Shares		Value

UTStarcom Holdings Corp. (China)	*†		4,555	$	4,737
ViaSat, Inc.	*†		1,190		46,291
Westell Technologies, Inc., Class A	*		1,821		3,369
Zoom Technologies, Inc. (China)	*†		542		303

					10,633,043

Computers & Peripherals—4.3%
3D Systems Corp.	*†		2,316		123,559
Apple, Inc.			34,838		18,569,699
Avid Technology, Inc.	*		1,448		10,976
Concurrent Computer Corp.			190		1,081
Cray, Inc.	*		714		11,388
Dataram Corp.	*		1,175		388
Dell, Inc.			58,645		594,074
Diebold, Inc.			3,079		94,248
Dot Hill Systems Corp.	*		1,396		1,309
Electronics for Imaging, Inc.	*		2,638		50,096
EMC Corp.	*		78,697		1,991,034
Hewlett-Packard Co.	†		65,277		930,197
Hutchinson Technology, Inc.	*†		1,149		2,298
iGO, Inc.	*		674		176
Imation Corp.	*		1,564		7,304
Intermec, Inc.	*		2,374		23,408
Lexmark International, Inc., Class A	†		1,492		34,600
NCR Corp.	*		7,848		199,967
NetApp, Inc.	*		11,382		381,866
Novatel Wireless, Inc.	*		1,358		1,820
Overland Storage, Inc.	*		160		168
QLogic Corp.	*		3,731		36,303
Quantum Corp.	*		6,681		8,284
SanDisk Corp.	*		8,969		390,690
Silicon Graphics International Corp.	*†		1,843		18,854
STEC, Inc.	*		1,255		6,187
Synaptics, Inc.	*†		1,586		47,532
TransAct Technologies, Inc.			888		6,411
Western Digital Corp.	†		8,356		355,046

					23,898,963

Construction & Engineering—0.3%
AECOM Technology Corp.	*		3,236		77,017
Aegion Corp.	*		1,223		27,138
Comfort Systems USA, Inc.			2,179		26,496
Dycom Industries, Inc.	*		2,076		41,105
EMCOR Group, Inc.			2,908		100,646
Fluor Corp.			4,946		290,528
Furmanite Corp.	*		1,100		5,907
Granite Construction, Inc.			1,889		63,508
Jacobs Engineering Group, Inc.	*		4,968		211,488
KBR, Inc.			6,464		193,403
Layne Christensen Co.	*		510		12,378
MasTec, Inc.	*†		2,049		51,081
Quanta Services, Inc.	*		8,861		241,817
Shaw Group, Inc. (The)	*		2,182		101,703
Tutor Perini Corp.	*		960		13,152
URS Corp.			2,934		115,189

					1,572,556

Construction Materials—0.1%
Eagle Materials, Inc.			2,083		121,856
Headwaters, Inc.	*		2,095		17,933

See accompanying notes to financial statements

271

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Broad Market Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Martin Marietta Materials, Inc.	†		494	$	46,574
Texas Industries, Inc.	*†		1,116		56,927
Vulcan Materials Co.			3,605		187,640

					430,930

Consumer Finance—0.8%
American Express Co.			34,754		1,997,660
Atlanticus Holdings Corp.	*		24		80
Capital One Financial Corp.			18,869		1,093,081
Cash America International, Inc.			685		27,174
Discover Financial Services			18,027		694,941
Ezcorp, Inc., Class A	*		2,031		40,336
First Marblehead Corp. (The)	*†		2,764		2,147
Nelnet, Inc., Class A			481		14,329
Portfolio Recovery Associates, Inc.	*		504		53,858
SLM Corp.			20,100		344,313
World Acceptance Corp.	*		639		47,644

					4,315,563

Containers & Packaging—0.2%
AEP Industries, Inc.	*		372		22,034
AptarGroup, Inc.	†		3,130		149,364
Ball Corp.			6,557		293,426
Bemis Co., Inc.			1,316		44,033
Crown Holdings, Inc.	*		3,283		120,847
Greif, Inc., Class A			852		37,914
Myers Industries, Inc.			1,716		25,997
Owens-Illinois, Inc.	*		6,064		128,981
Packaging Corp. of America			4,339		166,921
Rock-Tenn Co., Class A			1,450		101,369
Sealed Air Corp.			2,704		47,347
Silgan Holdings, Inc.			908		37,764
Sonoco Products Co.			3,353		99,685

					1,275,682

Distributors—0.1%
Genuine Parts Co.			3,417		217,253
LKQ Corp.	*		14,000		295,400
Pool Corp.			2,434		103,007
VOXX International Corp.	*		1,218		8,197

					623,857

Diversified Consumer Services—0.2%
American Public Education, Inc.	*		698		25,205
Apollo Group, Inc., Class A	*		5,209		108,972
Ascent Capital Group, Inc., Class A	*		545		33,757
Career Education Corp.	*		4,167		14,668
Coinstar, Inc.	*†		1,075		55,911
Corinthian Colleges, Inc.	*†		3,624		8,842
DeVry, Inc.			2,980		70,715
H&R Block, Inc.			11,402		211,735
Hillenbrand, Inc.			1,576		35,633
ITT Educational Services, Inc.	*†		1,873		32,422
Learning Tree International, Inc.	*		766		4,175
Matthews International Corp., Class A			1,052		33,769
Regis Corp.	†		1,818		30,761
School Specialty, Inc.	*†		854		811
Service Corp. International			11,775		162,613
Sotheby’s			2,623		88,185
Steiner Leisure Ltd. (Bahamas)	*		1,503		72,430



		Shares		Value

Stewart Enterprises, Inc., Class A	†		4,115	$	31,439
Strayer Education, Inc.	†		551		30,950
Universal Technical Institute, Inc.			418		4,197
Weight Watchers International, Inc.	†		1,826		95,609

					1,152,799

Diversified Financial Services—3.2%
Bank of America Corp.			407,057		4,721,861
Citigroup, Inc.			111,256		4,401,287
CME Group, Inc.			13,490		684,078
Interactive Brokers Group, Inc., Class A			1,570		21,478
IntercontinentalExchange, Inc.	*		2,776		343,697
JPMorgan Chase & Co.			144,036		6,333,263
Leucadia National Corp.			6,084		144,738
Moody’s Corp.			6,057		304,788
MSCI, Inc.	*		3,439		106,575
NASDAQ OMX Group, Inc. (The)			5,431		135,829
NYSE Euronext			9,567		301,743
PHH Corp.	*†		2,212		50,323
PICO Holdings, Inc.	*		1,150		23,311
Resource America, Inc., Class A			1,287		8,584

					17,581,555

Diversified Telecommunication Services—2.5%
8x8, Inc.	*		3,048		22,525
Alaska Communications Systems Group, Inc.			2,850		5,529
AT&T, Inc.			217,193		7,321,576
CenturyLink, Inc.			19,640		768,317
Cincinnati Bell, Inc.	*†		8,448		46,295
Cogent Communications Group, Inc.			2,886		65,339
Consolidated Communications Holdings, Inc.			80		1,273
Frontier Communications Corp.	†		39,354		168,435
General Communication, Inc.,
Class A	*		2,516		24,128
HickoryTech Corp.			651		6,334
IDT Corp., Class B			1,600		15,264
Level 3 Communications, Inc.	*†		9,439		218,135
Lumos Networks Corp.			1,350		13,527
Premiere Global Services, Inc.	*		2,174		21,262
Towerstream Corp.	*		32,027		104,088
tw telecom inc.	*		1,928		49,106
Verizon Communications, Inc.			105,621		4,570,221
Windstream Corp.	†		21,003		173,905

					13,595,259

Electric Utilities—1.9%
ALLETE, Inc.			1,243		50,938
American Electric Power Co., Inc.			17,879		763,076
Cleco Corp.			2,109		84,381
Duke Energy Corp.			23,424		1,494,451
Edison International			12,222		552,312
El Paso Electric Co.			1,748		55,779
Empire District Electric Co. (The)			1,197		24,395

See accompanying notes to financial statements

272

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Broad Market Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Entergy Corp.			5,441	$	346,864
Exelon Corp.			34,906		1,038,104
FirstEnergy Corp.			12,192		509,138
Great Plains Energy, Inc.			3,450		70,070
Hawaiian Electric Industries, Inc.			3,066		77,079
IDACORP, Inc.			1,515		65,675
ITC Holdings Corp.			1,539		118,365
MGE Energy, Inc.			1,559		79,431
NextEra Energy, Inc.			16,813		1,163,291
Northeast Utilities			10,939		427,496
NV Energy, Inc.			7,959		144,376
OGE Energy Corp.			3,358		189,089
Otter Tail Corp.			1,095		27,375
Pepco Holdings, Inc.	†		7,066		138,564
Pinnacle West Capital Corp.			3,789		193,163
PNM Resources, Inc.			2,169		44,486
Portland General Electric Co.			1,100		30,096
PPL Corp.			22,170		634,727
Southern Co.			31,134		1,332,847
UIL Holdings Corp.			1,496		53,572
Unitil Corp.			420		10,886
UNS Energy Corp.			1,571		66,642
Westar Energy, Inc.			4,032		115,396
Xcel Energy, Inc.			16,552		442,104

					10,344,168

Electrical Equipment—0.8%
Active Power, Inc.	*		219		732
Acuity Brands, Inc.			1,873		126,858
American Superconductor Corp.	*†		1,147		3,005
AMETEK, Inc.			9,526		357,892
AZZ, Inc.			3,164		121,593
Babcock & Wilcox Co. (The)			5,852		153,322
Belden, Inc.			1,894		85,211
Brady Corp., Class A			2,402		80,227
Capstone Turbine Corp.	*†		34,249		30,482
Eaton Corp. plc (Ireland)			11,582		627,744
Emerson Electric Co.			26,374		1,396,767
Encore Wire Corp.			1,400		42,434
Franklin Electric Co., Inc.			902		56,077
FuelCell Energy, Inc.	*†		93,986		86,185
General Cable Corp.	*		3,772		114,707
GrafTech International Ltd.	*		3,487		32,743
Hubbell, Inc., Class B			2,078		175,861
II-VI, Inc.	*		1,364		24,920
LSI Industries, Inc.			1,083		7,592
Magnetek, Inc.	*		140		1,442
Orbit International Corp.	*		2,812		8,717
Powell Industries, Inc.	*		1,045		43,399
Regal-Beloit Corp.			1,272		89,638
Rockwell Automation, Inc.			4,331		363,761
Roper Industries, Inc.			2,980		332,210
Ultralife Corp.	*		416		1,348
Universal Security Instruments, Inc.	*		1,866		8,042
Vicor Corp.	*		1,380		7,480

					4,380,389

Electronic Equipment, Instruments & Components—0.7%
Agilysys, Inc.	*		1,335		11,174
Amphenol Corp., Class A			5,423		350,868
Anixter International, Inc.			1,723		110,238



		Shares		Value

Arrow Electronics, Inc.	*		4,585	$	174,597
Avnet, Inc.	*		5,129		156,999
AVX Corp.			2,270		24,471
Badger Meter, Inc.	†		1,134		53,763
Benchmark Electronics, Inc.	*		2,520		41,882
Checkpoint Systems, Inc.	*		1,441		15,476
Cognex Corp.			2,023		74,487
Coherent, Inc.			1,348		68,236
Corning, Inc.			52,776		666,033
CTS Corp.			1,580		16,795
Daktronics, Inc.			927		10,262
Dolby Laboratories, Inc., Class A	†		1,370		40,182
DTS, Inc.	*		755		12,609
Echelon Corp.	*†		1,769		4,334
Electro Rent Corp.			950		14,611
Electro Scientific Industries, Inc.			1,421		14,139
FARO Technologies, Inc.	*		453		16,163
FEI Co.			1,368		75,869
FLIR Systems, Inc.			5,608		125,114
Frequency Electronics, Inc.			821		6,740
ID Systems, Inc.	*		2,016		11,733
Identive Group, Inc.	*		1,494		2,241
Ingram Micro, Inc., Class A	*		1,030		17,428
Insight Enterprises, Inc.	*		2,054		35,678
Iteris, Inc.	*		4,263		7,247
Itron, Inc.	*		955		42,545
Jabil Circuit, Inc.			8,287		159,856
Lightpath Technologies, Inc., Class A	*†		1,526		1,357
Littelfuse, Inc.			909		56,094
LRAD Corp.	*		3,686		4,055
Maxwell Technologies, Inc.	*†		370		3,067
Mercury Systems, Inc.	*		963		8,860
Mesa Laboratories, Inc.			1,200		60,132
Methode Electronics, Inc.			1,383		13,871
Molex, Inc.	†		1,611		44,029
MTS Systems Corp.			1,342		68,348
National Instruments Corp.			5,121		132,173
Newport Corp.	*		1,614		21,708
OSI Systems, Inc.	*		867		55,523
Park Electrochemical Corp.			1,086		27,943
PC Connection, Inc.			854		9,821
Planar Systems, Inc.	*		785		1,123
Plexus Corp.	*		1,884		48,607
Power-One, Inc.	*†		3,459		14,216
Pulse Electronics Corp.	*		1,866		579
Radisys Corp.	*		961		2,864
Research Frontiers, Inc.	*†		752		2,812
Rofin-Sinar Technologies, Inc.	*		2,200		47,696
Rogers Corp.	*		803		39,877
Sanmina Corp.	*		3,577		39,597
ScanSource, Inc.	*		1,126		35,773
Sigmatron International, Inc.	*		282		1,148
SYNNEX Corp.	*		104		3,576
Tech Data Corp.	*		2,057		93,655
Trimble Navigation Ltd.	*		4,318		258,130
TTM Technologies, Inc.	*		1,639		15,079
Universal Display Corp.	*†		1,350		34,587
Vishay Intertechnology, Inc.	*†		6,172		65,608
Vishay Precision Group, Inc.	*		440		5,817
Wayside Technology Group, Inc.			1,787		19,818
Zygo Corp.	*		967		15,182

					3,614,495

See accompanying notes to financial statements

273

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Broad Market Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Energy Equipment & Services—1.8%
Atwood Oceanics, Inc.	*		1,298	$	59,435
Baker Hughes, Inc.			13,177		538,149
Basic Energy Services, Inc.	*†		1,600		18,256
Bristow Group, Inc.			982		52,694
Cal Dive International, Inc.	*†		4,816		8,332
Cameron International Corp.	*		9,319		526,151
CARBO Ceramics, Inc.	†		1,137		89,073
Dawson Geophysical Co.	*		924		24,375
Diamond Offshore Drilling, Inc.	†		1,577		107,173
Dresser-Rand Group, Inc.	*		2,924		164,153
Dril-Quip, Inc.	*		880		64,284
Exterran Holdings, Inc.	*		2,465		54,033
FMC Technologies, Inc.	*		8,237		352,791
Geospace Technologies Corp.	*		1,100		97,757
Gulfmark Offshore, Inc., Class A			1,000		34,450
Halliburton Co.			32,022		1,110,843
Helix Energy Solutions Group, Inc.	*		3,853		79,526
Helmerich & Payne, Inc.			3,926		219,895
Hercules Offshore, Inc.	*		5,226		32,297
Hornbeck Offshore Services, Inc.	*†		1,800		61,812
ION Geophysical Corp.	*		6,136		39,945
Key Energy Services, Inc.	*		7,257		50,436
Lufkin Industries, Inc.	†		2,000		116,260
Matrix Service Co.	*		468		5,382
McDermott International, Inc.	*		11,704		128,978
Mitcham Industries, Inc.	*		1,100		14,993
Nabors Industries Ltd. (Bermuda)	*		10,988		158,777
National Oilwell Varco, Inc.			16,517		1,128,937
Newpark Resources, Inc.	*†		3,484		27,349
Oceaneering International, Inc.			4,464		240,119
Oil States International, Inc.	*		2,026		144,940
Parker Drilling Co.	*		3,755		17,273
Patterson-UTI Energy, Inc.	†		6,712		125,045
PHI, Inc.	*		774		25,921
Pioneer Energy Services Corp.	*		2,700		19,602
Rowan Cos. plc, Class A	*		3,918		122,516
Schlumberger Ltd.			50,479		3,497,690
SEACOR Holdings, Inc.	†		713		59,749
Superior Energy Services, Inc.	*		4,034		83,584
Tesco Corp.	*		3,185		36,277
TETRA Technologies, Inc.	*		2,352		17,852
Tidewater, Inc.			78		3,485
Unit Corp.	*		1,702		76,675

					9,837,264

Food & Staples Retailing—2.0%
Andersons, Inc. (The)	†		700		30,030
Arden Group, Inc., Class A			260		23,392
Casey’s General Stores, Inc.			1,608		85,385
Costco Wholesale Corp.			14,357		1,418,041
CVS Caremark Corp.			46,763		2,260,991
Harris Teeter Supermarkets, Inc.			1,967		75,848
Kroger Co. (The)			14,687		382,156
Nash Finch Co.			674		14,343
Pantry, Inc. (The)	*		1,200		14,556
Rite Aid Corp.	*		25,982		35,336
Safeway, Inc.	†		8,825		159,644
SUPERVALU, Inc.	†		8,154		20,140
Sysco Corp.			22,511		712,698
United Natural Foods, Inc.	*		1,912		102,464



		Shares		Value

Walgreen Co.			31,202	$	1,154,786
Wal-Mart Stores, Inc.			61,467		4,193,893
Weis Markets, Inc.			382		14,963
Whole Foods Market, Inc.			6,164		562,958

					11,261,624

Food Products—1.7%
Archer-Daniels-Midland Co.			23,265		637,228
Bunge Ltd.			4,700		341,643
Campbell Soup Co.	†		5,629		196,396
Chiquita Brands International, Inc.	*†		2,150		17,737
ConAgra Foods, Inc.			14,190		418,605
Darling International, Inc.	*		3,150		50,526
Dean Foods Co.	*		6,281		103,699
Farmer Bros. Co.	*†		930		13,420
Flowers Foods, Inc.			6,210		144,507
Fresh Del Monte Produce, Inc.			567		14,940
General Mills, Inc.			21,313		861,258
Green Mountain Coffee Roasters, Inc.	*†		4,435		183,432
Griffin Land & Nurseries, Inc.	†		650		17,550
H.J. Heinz Co.	†		10,532		607,486
Hain Celestial Group, Inc. (The)	*		1,426		77,318
Hershey Co. (The)			6,664		481,274
Hillshire Brands Co.			4,327		121,762
Hormel Foods Corp.	†		6,390		199,432
Ingredion, Inc.			3,164		203,857
Inventure Foods, Inc.	*		5,272		34,215
J&J Snack Foods Corp.			761		48,658
J.M. Smucker Co. (The)			4,592		396,014
Kellogg Co.			8,673		484,387
Kraft Foods Group, Inc.			19,695		895,532
Lancaster Colony Corp.			1,389		96,105
McCormick & Co., Inc.			4,101		260,537
Mead Johnson Nutrition Co.			7,038		463,734
Mondelez International, Inc., Class A			59,086		1,504,920
Post Holdings, Inc.	*		1,156		39,593
Ralcorp Holdings, Inc.	*		2,312		207,271
Sanderson Farms, Inc.			864		41,083
Smithfield Foods, Inc.	*		4,682		100,991
Snyders-Lance, Inc.			1,370		33,031
Tootsie Roll Industries, Inc.	†		661		17,133
TreeHouse Foods, Inc.	*		1,256		65,475
Tyson Foods, Inc., Class A			10,231		198,481

					9,579,230

Gas Utilities—0.3%
AGL Resources, Inc.			3,698		147,809
Atmos Energy Corp.			2,732		95,948
Chesapeake Utilities Corp.			949		43,085
Delta Natural Gas Co., Inc.			760		14,858
Laclede Group, Inc. (The)			1,025		39,575
National Fuel Gas Co.			3,639		184,461
New Jersey Resources Corp.			1,681		66,601
Northwest Natural Gas Co.			1,183		52,289
ONEOK, Inc.			7,816		334,134
Piedmont Natural Gas Co., Inc.	†		2,740		85,789
Questar Corp.			7,412		146,461
South Jersey Industries, Inc.			2,014		101,365
Southwest Gas Corp.			1,252		53,097
UGI Corp.			2,720		88,971
WGL Holdings, Inc.			2,315		90,725

					1,545,168

See accompanying notes to financial statements

274

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Broad Market Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Health Care Equipment & Supplies—2.4%
Abaxis, Inc.			749	$	27,788
Abbott Laboratories			59,451		3,894,040
ABIOMED, Inc.	*†		886		11,926
Alere, Inc.	*		3,011		55,703
Align Technology, Inc.	*†		2,449		67,960
Analogic Corp.			593		44,060
Baxter International, Inc.			19,308		1,287,071
Becton Dickinson and Co.			7,370		576,260
Biolase, Inc.	*†		818		1,513
Boston Scientific Corp.	*		53,540		306,784
C.R. Bard, Inc.			2,876		281,100
CareFusion Corp.	*		6,833		195,287
Cerus Corp.	*		1,010		3,192
Conceptus, Inc.	*†		1,047		21,997
CONMED Corp.			1,362		38,068
Cooper Cos., Inc. (The)			1,627		150,465
CryoLife, Inc.			937		5,838
Cyberonics, Inc.	*		956		50,219
DENTSPLY International, Inc.			5,668		224,509
Edwards Lifesciences Corp.	*		4,494		405,224
Greatbatch, Inc.	*		942		21,892
Haemonetics Corp.	*		2,314		94,504
Hill-Rom Holdings, Inc.			1,576		44,916
Hologic, Inc.	*		9,792		196,134
ICU Medical, Inc.	*†		605		36,863
IDEXX Laboratories, Inc.	*†		1,985		184,208
Integra LifeSciences Holdings Corp.	*		1,190		46,374
Intuitive Surgical, Inc.	*		1,260		617,866
Invacare Corp.			1,333		21,728
Masimo Corp.			1,500		31,515
Medtronic, Inc.			39,854		1,634,811
Meridian Bioscience, Inc.	†		1,158		23,449
Merit Medical Systems, Inc.	*		3,149		43,771
NuVasive, Inc.	*		990		15,305
OraSure Technologies, Inc.	*		1,687		12,113
Palomar Medical Technologies, Inc.	*		1,116		10,278
ResMed, Inc.	†		6,068		252,247
RTI Biologics, Inc.	*		807		3,446
Spectranetics Corp.	*		1,045		15,435
St. Jude Medical, Inc.			11,448		413,731
Staar Surgical Co.	*		848		5,173
STERIS Corp.			2,777		96,445
Stryker Corp.			10,105		553,956
SurModics, Inc.	*		9		201
Teleflex, Inc.			1,322		94,272
Theragenics Corp.	*		488		776
ThermoGenesis Corp.	*		1,079		906
Thoratec Corp.	*		2,306		86,521
Urologix, Inc.	*		1,050		714
Varian Medical Systems, Inc.	*		4,761		334,413
Volcano Corp.	*		1,970		46,512
West Pharmaceutical Services, Inc.			1,704		93,294
Wright Medical Group, Inc.	*†		1,309		27,476
Young Innovations, Inc.			677		26,681
Zimmer Holdings, Inc.			6,941		462,687

					13,199,617

Health Care Providers & Services—2.1%
Aetna, Inc.			12,020		556,526



		Shares		Value

Air Methods Corp.			10,155	$	374,618
Alliance HealthCare Services, Inc.	*		286		1,823
Almost Family, Inc.			422		8,550
Amedisys, Inc.	*†		1,698		19,136
AmerisourceBergen Corp.			11,686		504,601
AMN Healthcare Services, Inc.	*		1,507		17,406
Amsurg Corp.	*		1,423		42,704
BioScrip, Inc.	*		1,095		11,793
Brookdale Senior Living, Inc.	*		2,200		55,704
Cardinal Health, Inc.			10,087		415,383
CardioNet, Inc.	*		1,151		2,624
Catamaran Corp.	*		5,164		243,276
Centene Corp.	*		1,972		80,852
Chemed Corp.	†		1,162		79,702
Chindex International, Inc.	*		822		8,631
Cigna Corp.			9,301		497,231
Community Health Systems, Inc.			4,282		131,629
Coventry Health Care, Inc.			5,198		233,026
Cross Country Healthcare, Inc.	*		1,339		6,427
DaVita HealthCare Partners, Inc.	*		3,507		387,629
Express Scripts Holding Co.	*		30,253		1,633,662
Gentiva Health Services, Inc.	*		1,474		14,814
Hanger, Inc.	*		1,083		29,631
HCA Holdings, Inc.			3,319		100,134
Health Management Associates, Inc., Class A	*		9,953		92,762
Health Net, Inc.	*		3,209		77,979
Healthways, Inc.	*		1,362		14,573
Henry Schein, Inc.	*		3,652		293,840
HMS Holdings Corp.	*		4,230		109,642
Humana, Inc.			4,622		317,208
Kindred Healthcare, Inc.	*		2,148		23,241
Laboratory Corp. of America
Holdings	*		3,138		271,813
Landauer, Inc.			598		36,604
LCA-Vision, Inc.	*		616		1,756
LifePoint Hospitals, Inc.	*		2,149		81,125
Magellan Health Services, Inc.	*		1,400		68,600
McKesson Corp.			8,412		815,627
MEDNAX, Inc.	*†		2,182		173,513
National Healthcare Corp.			431		20,266
National Research Corp.			1,250		67,750
Omnicare, Inc.			4,277		154,400
Owens & Minor, Inc.	†		2,434		69,393
Patterson Cos., Inc.			5,546		189,840
PDI, Inc.	*		703		5,343
PharMerica Corp.	*		1,365		19,438
PSS World Medical, Inc.	*		3,574		103,217
Psychemedics Corp.			302		3,246
Quest Diagnostics, Inc.			3,899		227,195
Sunrise Senior Living, Inc.	*		1,950		28,041
Tenet Healthcare Corp.	*		4,822		156,570
U.S. Physical Therapy, Inc.			1,300		35,802
UnitedHealth Group, Inc.			37,545		2,036,441
Universal American Corp.			1,812		15,565
Universal Health Services, Inc., Class B			2,466		119,231
VCA Antech, Inc.	*		3,442		72,454
WellCare Health Plans, Inc.	*		1,500		73,035
WellPoint, Inc.			10,501		639,721

					11,872,743

See accompanying notes to financial statements

275

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Broad Market Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Health Care Technology—0.1%
Allscripts Healthcare Solutions, Inc.	*		4,515	$	42,531
Authentidate Holding Corp.	*		511		481
Cerner Corp.	*		6,088		472,672
CollabRx, Inc.	*		62		251
Omnicell, Inc.	*		783		11,643
Quality Systems, Inc.			1,536		26,665

					554,243

Hotels Restaurant & Leisure—0.0%
SHFL Entertainment, Inc.	*		1,527		22,142

Hotels, Restaurants & Leisure—2.0%
Ameristar Casinos, Inc.			300		7,872
Bally Technologies, Inc.	*†		1,971		88,124
Biglari Holdings, Inc.	*		63		24,571
Bob Evans Farms, Inc.			1,465		58,893
Boyd Gaming Corp.	*		2,619		17,390
Brinker International, Inc.			2,003		62,073
Buffalo Wild Wings, Inc.	*†		867		63,135
Carnival Corp.			11,468		421,678
CEC Entertainment, Inc.			1,614		53,569
Cheesecake Factory, Inc. (The)	†		3,444		112,688
Chipotle Mexican Grill, Inc.	*		1,003		298,352
Choice Hotels International, Inc.	†		1,616		54,330
Churchill Downs, Inc.			638		42,395
Cracker Barrel Old Country Store, Inc.			2,120		136,231
Darden Restaurants, Inc.			3,930		177,125
DineEquity, Inc.	*		1,079		72,293
Dover Downs Gaming &
Entertainment, Inc.			1,710		3,762
Dover Motorsports, Inc.			1,645		2,780
International Game Technology			7,153		101,358
International Speedway Corp., Class A			1,190		32,868
Interval Leisure Group, Inc.			1,886		36,570
Isle of Capri Casinos, Inc.	*		1,250		7,000
Jack in the Box, Inc.	*†		2,874		82,196
Krispy Kreme Doughnuts, Inc.	*		2,573		24,135
Las Vegas Sands Corp.			16,432		758,501
Life Time Fitness, Inc.	*†		1,774		87,299
Marcus Corp.			1,505		18,767
Marriott International, Inc., Class A			10,755		400,839
Marriott Vacations Worldwide Corp.	*		1,075		44,795
McDonald’s Corp.			36,012		3,176,619
MGM Resorts International	*		8,952		104,201
Morgans Hotel Group Co.	*		2,300		12,742
Multimedia Games Holding Co., Inc.	*		1,202		17,682
Panera Bread Co., Class A	*		1,250		198,538
Papa John’s International, Inc.	*		1,610		88,453
Penn National Gaming, Inc.	*		2,586		126,999
Pinnacle Entertainment, Inc.	*		1,629		25,787
Red Robin Gourmet Burgers, Inc.	*		692		24,421
Royal Caribbean Cruises Ltd.			7,613		258,842
Ruby Tuesday, Inc.	*		2,816		22,134
Scientific Games Corp., Class A	*		2,517		21,822
Sonic Corp.	*		3,730		38,829
Speedway Motorsports, Inc.			149		2,658



		Shares		Value

Starbucks Corp.			26,310	$	1,410,742
Starwood Hotels & Resorts Worldwide, Inc.			7,939		455,381
Texas Roadhouse, Inc.	†		3,070		51,576
Vail Resorts, Inc.	†		1,491		80,648
Wendy’s Co. (The)	†		25,109		118,012
WMS Industries, Inc.	*		564		9,870
Wyndham Worldwide Corp.			6,992		372,044
Wynn Resorts Ltd.			2,554		287,300
Yum! Brands, Inc.			14,951		992,746

					11,189,635

Household Durables—0.4%
American Greetings Corp., Class A	†		2,760		46,616
Bassett Furniture Industries, Inc.			1,139		14,203
Beazer Homes USA, Inc.	*†		6,817		115,139
Blyth, Inc.	†		920		14,306
D.R. Horton, Inc.	†		3,903		77,201
Ethan Allen Interiors, Inc.			1,551		39,876
Furniture Brands International, Inc.	*		2,341		2,481
Harman International Industries, Inc.			2,728		121,778
Helen of Troy Ltd. (Bermuda)	*		1,333		44,509
Hovnanian Enterprises, Inc., Class A	*†		15,517		108,619
Jarden Corp.	*		2,055		106,244
KB Home			3,248		51,318
Kid Brands, Inc.	*		1,156		1,792
La-Z-Boy, Inc.			2,404		34,017
Leggett & Platt, Inc.			2,928		79,700
Lennar Corp., Class A	†		5,675		219,452
M/I Homes, Inc.	*		610		16,165
MDC Holdings, Inc.			1,091		40,105
Meritage Homes Corp.	*		1,300		48,555
Mohawk Industries, Inc.	*		868		78,528
NACCO Industries, Inc., Class A			309		18,753
Newell Rubbermaid, Inc.			3,792		84,448
NVR, Inc.	*		112		103,040
PulteGroup, Inc.	*†		13,539		245,868
Ryland Group, Inc. (The)			1,852		67,598
Skyline Corp.	*		720		2,923
Standard Pacific Corp.	*†		2,568		18,875
Tempur-Pedic International, Inc.	*		1,346		42,386
Toll Brothers, Inc.	*		4,132		133,588
Tupperware Brands Corp.			2,427		155,571
Universal Electronics, Inc.	*		639		12,365
Whirlpool Corp.			1,858		189,052

					2,335,071

Household Products—1.9%
Central Garden and Pet Co., Class A	*		1,230		12,853
Church & Dwight Co., Inc.			5,138		275,243
Clorox Co. (The)			4,503		329,710
Colgate-Palmolive Co.			16,371		1,711,424
Energizer Holdings, Inc.			1,856		148,443
Kimberly-Clark Corp.			13,185		1,113,210
Procter & Gamble Co. (The)			104,167		7,071,898
WD-40 Co.			949		44,707

					10,707,488

See accompanying notes to financial statements

276

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Broad Market Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Independent Power Producers & Energy Traders—0.1%
AES Corp. (The)			26,935	$	288,205
Calpine Corp.	*		16,000		290,080
Genie Energy Ltd., Class B			1,600		11,360
NRG Energy, Inc.			9,872		226,957

					816,602

Industrial Conglomerates—2.1%
3M Co.			24,174		2,244,556
Carlisle Cos., Inc.			2,452		144,079
Danaher Corp.			18,737		1,047,398
General Electric Co.			395,545		8,302,490
Seaboard Corp.			18		45,538
Standex International Corp.	†		724		37,134

					11,821,195

Insurance—3.5%
Aflac, Inc.			19,465		1,033,981
Alleghany Corp.	*		66		22,138
Allstate Corp. (The)			18,288		734,629
Alterra Capital Holdings Ltd.
(Bermuda)			1,915		53,984
American Equity Investment Life
Holding Co.	†		4,302		52,527
American Financial Group, Inc.			2,657		105,005
American International Group, Inc.	*		14,067		496,565
American National Insurance Co.			945		64,534
Arch Capital Group Ltd. (Bermuda)	*		4,284		188,582
Argo Group International Holdings
Ltd. (Bermuda)			899		30,197
Arthur J. Gallagher & Co.			3,230		111,919
Aspen Insurance Holdings Ltd.
(Bermuda)			3,512		112,665
Assurant, Inc.			1,358		47,123
Assured Guaranty Ltd. (Bermuda)			7,538		107,266
Axis Capital Holdings Ltd.
(Bermuda)			5,691		197,136
Baldwin & Lyons, Inc., Class B			945		22,548
Berkshire Hathaway, Inc., Class B	*		69,675		6,249,847
Brown & Brown, Inc.			5,036		128,217
Chubb Corp. (The)			8,118		611,448
Cincinnati Financial Corp.			6,036		236,370
CNA Financial Corp.			1,422		39,830
CNO Financial Group, Inc.			6,600		61,578
Crawford & Co., Class B	†		1,891		15,090
EMC Insurance Group, Inc.			341		8,143
Employers Holdings, Inc.			2,770		57,007
Endurance Specialty Holdings Ltd.
(Bermuda)			2,698		107,084
Erie Indemnity Co., Class A			1,023		70,812
Everest Re Group Ltd. (Bermuda)			2,468		271,357
FBL Financial Group, Inc., Class A			1,275		43,618
Fidelity National Financial, Inc., Class A			8,236		193,958



		Shares		Value

First American Financial Corp.			3,159	$	76,100
Genworth Financial, Inc., Class A	*		16,181		121,519
Hanover Insurance Group, Inc. (The)			2,346		90,884
Hartford Financial Services Group, Inc.			15,915		357,133
HCC Insurance Holdings, Inc.			3,999		148,803
Hilltop Holdings, Inc.	*		1,180		15,977
Horace Mann Educators Corp.			2,000		39,920
Independence Holding Co.			1,056		10,053
Infinity Property & Casualty Corp.			810		47,174
Kansas City Life Insurance Co.			902		34,420
Kemper Corp.			1,906		56,227
Lincoln National Corp.			10,899		282,284
Loews Corp.			8,711		354,973
Markel Corp.	*		152		65,880
Marsh & McLennan Cos., Inc.			18,811		648,415
MBIA, Inc.	*†		5,212		40,914
Mercury General Corp.			1,109		44,016
MetLife, Inc.			32,137		1,058,593
Montpelier Re Holdings Ltd. (Bermuda)			3,734		85,359
National Financial Partners Corp.	*		1,495		25,624
Navigators Group, Inc. (The)	*		938		47,904
Old Republic International Corp.			10,195		108,577
PartnerRe Ltd. (Bermuda)			2,300		185,127
Phoenix Cos., Inc. (The)	*		210		5,193
Platinum Underwriters Holdings
Ltd. (Bermuda)			2,734		125,764
Principal Financial Group, Inc.			10,891		310,611
ProAssurance Corp.			3,294		138,974
Progressive Corp. (The)			18,475		389,822
Protective Life Corp.			3,130		89,455
Prudential Financial, Inc.			17,746		946,394
Reinsurance Group of America, Inc.			1,440		77,069
RenaissanceRe Holdings Ltd. (Bermuda)			2,900		235,654
RLI Corp.	†		1,164		75,264
Safety Insurance Group, Inc.			850		39,244
Selective Insurance Group, Inc.			2,122		40,891
StanCorp Financial Group, Inc.			2,460		90,208
State Auto Financial Corp.			488		7,291
Stewart Information Services Corp.	†		1,239		32,214
Torchmark Corp.			1,049		54,202
Tower Group, Inc.	†		1,736		30,849
Travelers Cos., Inc. (The)			12,194		875,773
United Fire Group, Inc.			1,250		27,300
Unum Group			7,547		157,129
Validus Holdings Ltd. (Bermuda)			3,553		122,863
W.R. Berkley Corp.			2,501		94,388
White Mountains Insurance Group Ltd.			300		154,500

					19,542,086

Internet & Catalog Retail—1.0%
1-800-Flowers.com, Inc., Class A	*		793		2,910
Amazon.com, Inc.	*		13,403		3,366,029
dELiA*s, Inc.	*		925		1,082
Expedia, Inc.			3,588		220,483

See accompanying notes to financial statements

277

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Broad Market Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Geeknet, Inc.	*		201	$	3,236
Hollywood Media Corp.	*		998		1,347
HSN, Inc.			1,886		103,881
Liberty Interactive Corp., Series A	*		16,418		323,106
Liberty Ventures, Series A	*		820		55,563
Netflix, Inc.	*†		1,859		172,478
Overstock.com, Inc.	*†		770		11,019
priceline.com, Inc.	*		1,730		1,074,676
TripAdvisor, Inc.	*		3,588		150,553
Valuevision Media, Inc., Class A	*†		1,741		3,134

					5,489,497

Internet Software & Services—2.3%
Akamai Technologies, Inc.	*		7,479		305,966
AOL, Inc.	*†		3,989		118,114
Autobytel, Inc.	*		276		1,099
Blucora, Inc.	*		1,323		20,784
CoStar Group, Inc.	*		770		68,815
Dealertrack Technologies, Inc.	*		1,800		51,696
Digital River, Inc.	*		1,627		23,413
EarthLink, Inc.			5,814		37,558
eBay, Inc.	*		42,900		2,188,758
Equinix, Inc.	*		1,323		272,803
Facebook, Inc., Class A	*		40,803		1,086,584
Google, Inc., Class A	*		9,291		6,590,757
IAC/InterActiveCorp			2,481		117,351
Internap Network Services Corp.	*		1,297		9,001
Inuvo, Inc.	*		306		285
j2 Global, Inc.	†		1,614		49,356
Keynote Systems, Inc.			1,400		19,726
LinkedIn Corp., Class A	*		2,596		298,073
LivePerson, Inc.	*		3,333		43,796
Looksmart Ltd.	*		500		445
Monster Worldwide, Inc.	*†		4,681		26,307
Move, Inc.	*		1,840		13,966
NIC, Inc.			2,450		40,033
Rackspace Hosting, Inc.	*		2,666		198,004
RealNetworks, Inc.	*		1,461		11,045
Saba Software, Inc.	*		1,576		13,774
Stamps.com, Inc.	*		1,050		26,460
support.com, Inc.	*		1,562		6,529
United Online, Inc.			2,509		14,025
Unwired Planet, Inc.	*		2,570		3,084
ValueClick, Inc.	*		4,058		78,766
VeriSign, Inc.	*		4,905		190,412
Web.com Group, Inc.	*†		308		4,558
WebMD Health Corp.	*		2,424		34,760
WebMediaBrands, Inc.	*		207		414
XO Group, Inc.	*		2,304		21,427
Yahoo! Inc.	*		43,481		865,272
Zix Corp.	*		1,015		2,842

					12,856,058

IT Services—3.4%
Acxiom Corp.	*		3,451		60,254
Alliance Data Systems Corp.	*†		1,955		283,006
Automatic Data Processing, Inc.			17,041		971,507
Broadridge Financial Solutions, Inc.			5,748		131,514
CACI International, Inc., Class A	*		1,198		65,926
CIBER, Inc.	*		2,444		8,163



		Shares		Value

Cognizant Technology Solutions Corp., Class A	*		11,127	$	823,954
Computer Sciences Corp.			3,563		142,698
Convergys Corp.			5,933		97,361
CoreLogic, Inc.	*		3,159		85,040
CSG Systems International, Inc.	*		2,153		39,142
DST Systems, Inc.			2,518		152,591
Edgewater Technology, Inc.	*		1,533		5,825
Euronet Worldwide, Inc.	*		1,056		24,922
Fidelity National Information
Services, Inc.			9,512		331,113
Fiserv, Inc.	*		3,747		296,125
Forrester Research, Inc.			963		25,808
Gartner, Inc.	*		1,179		54,258
Genpact Ltd.			6,727		104,269
Global Payments, Inc.			3,238		146,681
Hackett Group, Inc. (The)			1,140		4,879
iGATE Corp.	*		1,397		22,031
International Business Machines Corp.			40,774		7,810,260
Jack Henry & Associates, Inc.			3,591		140,983
Lender Processing Services, Inc.			4,048		99,662
Lionbridge Technologies, Inc.	*		1,165		4,683
Management Network Group, Inc.	*		320		739
Mantech International Corp., Class A	†		1,217		31,569
Mastercard, Inc., Class A			3,819		1,876,198
MAXIMUS, Inc.			2,104		133,015
ModusLink Global Solutions, Inc.	*		1,007		2,920
MoneyGram International, Inc.	*		468		6,220
NeuStar, Inc., Class A	*		3,140		131,660
Online Resources Corp.	*		700		1,589
Paychex, Inc.	†		9,849		306,698
Pfsweb, Inc.	*†		1,209		3,434
SAIC, Inc.	†		8,529		96,548
Sapient Corp.	*		4,150		43,824
StarTek, Inc.	*		994		4,006
Syntel, Inc.			1,554		83,279
TeleTech Holdings, Inc.	*		2,738		48,736
Teradata Corp.	*		6,451		399,252
Total System Services, Inc.			6,935		148,548
Unisys Corp.	*		1,371		23,718
VeriFone Systems, Inc.	*		3,103		92,097
Visa, Inc., Class A			20,306		3,077,984
Western Union Co. (The)			25,245		343,584
WEX, Inc.	*		1,750		131,898

					18,920,171

Leisure Equipment & Products—0.2%
Arctic Cat, Inc.	*		1,857		62,005
Brunswick Corp.			3,797		110,455
Callaway Golf Co.			2,881		18,727
Hasbro, Inc.	†		2,107		75,641
JAKKS Pacific, Inc.	†		765		9,578
LeapFrog Enterprises, Inc.	*		1,261		10,882
Mattel, Inc.			8,487		310,794
Nautilus, Inc.	*		1,359		4,770
Polaris Industries, Inc.			2,406		202,465
Steinway Musical Instruments, Inc.	*		683		14,445
Sturm Ruger & Co., Inc.	†		1,052		47,761

					867,523

See accompanying notes to financial statements

278

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Broad Market Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Life Sciences Tools & Services—0.6%
Affymetrix, Inc.	*		2,525	$	8,004
Agilent Technologies, Inc.			10,372		424,630
Albany Molecular Research, Inc.	*		1,371		7,239
Bio-Rad Laboratories, Inc., Class A	*		623		65,446
Bruker Corp.	*		1,667		25,455
Cambrex Corp.	*		1,258		14,316
Charles River Laboratories
International, Inc.	*		2,755		103,230
Covance, Inc.	*		2,839		164,009
Enzo Biochem, Inc.	*		1,353		3,653
Furiex Pharmaceuticals, Inc.	*		394		7,588
Illumina, Inc.	*†		4,535		252,101
Life Technologies Corp.	*		7,474		366,824
Luminex Corp.	*		1,070		17,933
Mettler-Toledo International, Inc.	*†		913		176,483
PAREXEL International Corp.	*		2,306		68,235
PerkinElmer, Inc.			5,266		167,143
Sequenom, Inc.	*†		19,756		93,248
Techne Corp.			1,736		118,638
Thermo Fisher Scientific, Inc.			14,773		942,222
Waters Corp.	*		3,878		337,851

					3,364,248

Machinery—2.2%
Actuant Corp., Class A			2,022		56,434
AGCO Corp.	*		3,068		150,700
Albany International Corp., Class A			1,437		32,591
American Railcar Industries, Inc.			1,200		38,076
Ampco-Pittsburgh Corp.			613		12,248
Astec Industries, Inc.			821		27,364
Barnes Group, Inc.			2,018		45,324
Blount International, Inc.	*		1,532		24,236
Briggs & Stratton Corp.	†		1,822		38,408
Caterpillar, Inc.			22,687		2,032,301
Chart Industries, Inc.	*†		1,070		71,337
CIRCOR International, Inc.			711		28,149
CLARCOR, Inc.			2,354		112,474
Crane Co.			2,467		114,173
Cummins, Inc.			5,514		597,442
Deere & Co.			13,189		1,139,793
Donaldson Co., Inc.			4,058		133,265
Dover Corp.			5,761		378,555
EnPro Industries, Inc.	*		981		40,123
ESCO Technologies, Inc.			1,222		45,715
Federal Signal Corp.	*		2,159		16,430
Flow International Corp.	*		2,200		7,700
Flowserve Corp.			2,375		348,650
FreightCar America, Inc.			900		20,178
Gardner Denver, Inc.			1,836		125,766
Graco, Inc.			2,883		148,446
Harsco Corp.			3,646		85,681
Hurco Cos., Inc.	*		300		6,900
Hyster-Yale Materials Handling, Inc.			618		30,158
IDEX Corp.			3,304		153,735
Illinois Tool Works, Inc.			16,815		1,022,520
ITT Corp.			2,488		58,368
John Bean Technologies Corp.			1,164		20,684
Joy Global, Inc.			4,237		270,236



		Shares		Value

Kadant, Inc.	*		721	$	19,114
Kaydon Corp.			1,422		34,028
Kennametal, Inc.			3,196		127,840
Lincoln Electric Holdings, Inc.			3,754		182,745
Lindsay Corp.			808		64,737
Manitowoc Co., Inc. (The)	†		5,044		79,090
Meritor, Inc.	*		2,791		13,201
Middleby Corp.	*		984		126,159
Mueller Industries, Inc.			1,592		79,648
Mueller Water Products, Inc., Class A			3,000		16,830
Navistar International Corp.	*		2,436		53,032
Nordson Corp.			3,044		192,137
Oshkosh Corp.	*		2,868		85,036
PACCAR, Inc.			14,853		671,504
Pall Corp.			3,831		230,856
Parker Hannifin Corp.			5,068		431,084
Pentair Ltd. (Switzerland)			3,618		177,825
Robbins & Myers, Inc.			2,604		154,808
Sauer-Danfoss, Inc.			1,531		81,709
Snap-on, Inc.			2,419		191,077
SPX Corp.			2,157		151,314
Stanley Black & Decker, Inc.			5,209		385,310
Tecumseh Products Co., Class A	*		712		3,289
Tennant Co.			1,280		56,256
Terex Corp.	*		4,124		115,926
Timken Co.			3,702		177,067
Titan International, Inc.	†		1,356		29,452
Toro Co. (The)			2,040		87,679
Trinity Industries, Inc.			3,051		109,287
Valmont Industries, Inc.			1,162		158,671
Wabash National Corp.	*		6,441		57,776
WABCO Holdings, Inc.	*		2,354		153,457
Wabtec Corp.			1,737		152,057
Watts Water Technologies, Inc., Class A			1,225		52,663
Woodward, Inc.			2,448		93,342
Xylem, Inc.			4,977		134,877

					12,365,043

Marine—0.0%
Eagle Bulk Shipping, Inc.	*†		912		1,368
Genco Shipping & Trading Ltd.	*		2,042		7,127
Kirby Corp.	*		2,358		145,937
Matson, Inc.			1,466		36,239

					190,671

Media—3.2%
A.H. Belo Corp., Class A			944		4,390
AMC Networks, Inc., Class A	*		2,261		111,920
Arbitron, Inc.			1,298		60,591
Belo Corp., Class A			4,721		36,210
Cablevision Systems Corp., Class A			9,044		135,117
CBS Corp., Class B			23,133		880,211
Clear Channel Outdoor Holdings, Inc., Class A	*		2,500		17,550
Comcast Corp., Class A			71,429		2,670,016
Crown Media Holdings, Inc.,
Class A	*†		5,899		10,913
Cumulus Media, Inc., Class A	*†		2,174		5,805
DIRECTV	*		21,514		1,079,142
Discovery Communications, Inc., Class A	*		5,451		346,030
DISH Network Corp., Class A			4,775		173,810

See accompanying notes to financial statements

279

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Broad Market Index Fund		Shares		Value

COMMON STOCKS—(Continued)
DreamWorks Animation SKG, Inc., Class A	*†		1,300	$	21,541
Emmis Communications Corp., Class A	*		1,175		2,315
Entercom Communications Corp., Class A	*		2,183		15,237
Entravision Communications Corp., Class A	†		2,852		4,734
EW Scripps Co. (The), Class A	*		1,204		13,015
Gannett Co., Inc.	†		7,301		131,491
Gray Television, Inc.	*		1,838		4,044
Harris Interactive, Inc.	*		2,730		3,276
Harte-Hanks, Inc.			3,119		18,402
Interpublic Group of Cos., Inc. (The)			17,203		189,577
John Wiley & Sons, Inc., Class A			2,491		96,975
Journal Communications, Inc., Class A	*		3,900		21,099
Lamar Advertising Co., Class A	*		3,479		134,811
Liberty Global, Inc., Series A	*		4,456		280,683
Liberty Media Corp.—Liberty Capital, Class A	*		4,301		498,959
LIN TV Corp., Class A	*		1,419		10,685
Lions Gate Entertainment Corp.	*†		7,173		117,637
Live Nation Entertainment, Inc.	*		5,485		51,065
LodgeNet Interactive Corp.	*†		1,250		65
Madison Square Garden Co. (The), Class A	*		2,261		100,275
McClatchy Co. (The), Class A	*†		2,444		7,992
McGraw-Hill Cos., Inc. (The)	†		9,601		524,887
Media General, Inc., Class A	*		952		4,094
Meredith Corp.	†		2,083		71,759
National CineMedia, Inc.			2,226		31,453
New York Times Co. (The), Class A	*†		5,682		48,467
News Corp., Class A			50,315		1,285,045
Omnicom Group, Inc.			9,924		495,803
Radio Unica Communications Corp.	*‡d		1,900		—
Regal Entertainment Group, Class A	†		2,743		38,265
Salem Communications Corp., Class A			850		4,641
Scholastic Corp.	†		1,845		54,538
Scripps Networks Interactive, Inc., Class A			3,612		209,207
Sinclair Broadcast Group, Inc., Class A			2,049		25,858
Sirius XM Radio, Inc.	†		209,370		605,079
Thomson Reuters Corp.			9,746		283,219
Time Warner Cable, Inc.			10,238		995,031
Time Warner, Inc.			34,296		1,640,378
Valassis Communications, Inc.	†		2,236		57,644
Value Line, Inc.	†		573		5,140
Viacom, Inc., Class B			16,902		891,412
Virgin Media, Inc.	†		6,790		249,533
Walt Disney Co. (The)			61,815		3,077,769



		Shares		Value

Washington Post Co. (The), Class B			258	$	94,224
World Wrestling Entertainment, Inc., Class A			1,030		8,127

					17,957,156

Metals & Mining—1.0%
AK Steel Holding Corp.	†		5,009		23,041
Alcoa, Inc.			44,044		382,302
Allegheny Technologies, Inc.			3,760		114,154
Allied Nevada Gold Corp.	*		3,041		91,625
AMCOL International Corp.			1,186		36,387
Carpenter Technology Corp.			1,882		97,168
Century Aluminum Co.	*		865		7,577
Cliffs Natural Resources, Inc.	†		4,448		171,515
Coeur d’Alene Mines Corp.	*		7,315		179,949
Commercial Metals Co.			4,080		60,629
Compass Minerals International, Inc.	†		1,915		143,070
Freeport-McMoRan Copper & Gold, Inc.			38,302		1,309,928
Hecla Mining Co.	†		20,609		120,151
Materion Corp.			1,122		28,925
Molycorp, Inc.	*†		1,566		14,783
Newmont Mining Corp.			16,854		782,700
Nucor Corp.			10,963		473,382
Reliance Steel & Aluminum Co.			2,966		184,189
Royal Gold, Inc.			1,153		93,750
RTI International Metals, Inc.	*†		1,363		37,564
Schnitzer Steel Industries, Inc.,
Class A			693		21,019
Southern Copper Corp.			8,793		332,903
Steel Dynamics, Inc.			8,080		110,938
Stillwater Mining Co.	*		3,727		47,631
SunCoke Energy, Inc.	*		1,473		22,964
Tahoe Resources, Inc.	*		5,318		97,426
United States Steel Corp.	†		5,607		133,839
Walter Energy, Inc.			1,840		66,019
Worthington Industries, Inc.			3,575		92,914

					5,278,442

Multiline Retail—0.7%
Big Lots, Inc.	*		1,874		53,334
Dillard’s, Inc., Class A			1,535		128,587
Dollar Tree, Inc.	*		8,356		338,919
Family Dollar Stores, Inc.			3,743		237,344
Fred’s, Inc., Class A	†		1,781		23,705
J.C. Penney Co., Inc.	†		7,928		156,261
Kohl’s Corp.			8,292		356,390
Macy’s, Inc.			14,423		562,785
Nordstrom, Inc.			6,901		369,204
Saks, Inc.	*†		5,811		61,074
Sears Holdings Corp.	*†		3,097		128,092
Target Corp.			23,232		1,374,637
Tuesday Morning Corp.	*		1,816		11,350

					3,801,682

Multi-Utilities—1.1%
Alliant Energy Corp.			4,491		197,200
Ameren Corp.			8,429		258,939
Avista Corp.			1,759		42,409
Black Hills Corp.			2,041		74,170
CenterPoint Energy, Inc.			12,705		244,571
CH Energy Group, Inc.			694		45,263

See accompanying notes to financial statements

280

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Broad Market Index Fund		Shares		Value

COMMON STOCKS—(Continued)
CMS Energy Corp.			15,613	$	380,645
Consolidated Edison, Inc.			9,508		528,074
Dominion Resources, Inc.			18,948		981,506
DTE Energy Co.			5,654		339,523
Integrys Energy Group, Inc.	†		5,523		288,411
MDU Resources Group, Inc.			7,657		162,635
NiSource, Inc.			10,893		271,127
NorthWestern Corp.			1,449		50,324
PG&E Corp.			13,909		558,863
Public Service Enterprise Group, Inc.			19,188		587,153
SCANA Corp.			4,791		218,661
Sempra Energy			6,698		475,156
TECO Energy, Inc.			7,797		130,678
Vectren Corp.			3,706		108,956
Wisconsin Energy Corp.			9,128		336,367

					6,280,631

Office Electronics—0.1%
Xerox Corp.			37,010		252,408
Zebra Technologies Corp., Class A	*		2,988		117,369

					369,777

Oil, Gas & Consumable Fuels—8.5%
Adams Resources & Energy, Inc.			1,462		51,272
Alpha Natural Resources, Inc.	*†		8,351		81,339
Anadarko Petroleum Corp.			17,995		1,337,208
Apache Corp.			13,575		1,065,638
Apco Oil and Gas International, Inc.			1,181		14,538
Arch Coal, Inc.	†		7,214		52,806
Berry Petroleum Co., Class A			2,902		97,362
BP Prudhoe Bay Royalty Trust			1,105		75,737
BPZ Resources, Inc.	*†		4,003		12,609
Cabot Oil & Gas Corp.			6,150		305,901
Callon Petroleum Co.	*		779		3,661
Carrizo Oil & Gas, Inc.	*		1,800		37,656
Cheniere Energy, Inc.	*†		6,673		125,319
Chesapeake Energy Corp.	†		24,112		400,741
Chevron Corp.			72,343		7,823,172
Cimarex Energy Co.			2,681		154,774
Clayton Williams Energy, Inc.	*		550		22,000
Comstock Resources, Inc.	*†		1,735		26,251
Concho Resources, Inc.	*		3,943		317,648
ConocoPhillips			44,848		2,600,736
CONSOL Energy, Inc.			7,662		245,950
Contango Oil & Gas Co.			902		38,209
Continental Resources, Inc.	*		2,992		219,882
Cross Timbers Royalty Trust			575		15,479
Crosstex Energy, Inc.			2,100		30,114
Denbury Resources, Inc.	*		16,015		259,443
Devon Energy Corp.			14,461		752,550
Energen Corp.			2,644		119,218
Energy XXI Bermuda Ltd. (Bermuda)			3,270		105,261
EOG Resources, Inc.			8,407		1,015,482
EQT Corp.			5,288		311,886
EXCO Resources, Inc.	†		8,720		59,034
Exxon Mobil Corp.			170,924		14,793,472
Forest Oil Corp.	*†		3,820		25,556
FX Energy, Inc.	*		3,496		14,369



		Shares		Value

GMX Resources, Inc.	*†		1,297	$	649
Goodrich Petroleum Corp.	*†		1,566		14,595
Gulfport Energy Corp.	*		3,188		121,845
Hess Corp.			10,275		544,164
HollyFrontier Corp.			5,470		254,629
Hugoton Royalty Trust			1,669		12,200
James River Coal Co.	*†		1,500		4,800
Kinder Morgan, Inc.			35,675		1,260,398
Kodiak Oil & Gas Corp.	*		17,054		150,928
Marathon Oil Corp.			25,577		784,191
Marathon Petroleum Corp.			12,788		805,644
McMoRan Exploration Co.	*		2,961		47,524
Murphy Oil Corp.			5,804		345,628
Newfield Exploration Co.	*		3,712		99,407
Noble Energy, Inc.			4,966		505,241
Occidental Petroleum Corp.			30,246		2,317,146
PDC Energy, Inc.	*†		1,250		41,513
Peabody Energy Corp.			10,624		282,705
Penn Virginia Corp.			13,955		61,542
PetroQuest Energy, Inc.	*		3,346		16,563
Phillips 66			25,224		1,339,394
Pioneer Natural Resources Co.			5,081		541,584
Plains Exploration & Production Co.	*		5,227		245,355
QEP Resources, Inc.			7,412		224,361
Quicksilver Resources, Inc.	*		3,960		11,326
Range Resources Corp.	†		5,516		346,570
Rentech, Inc.	†		49,300		129,659
Rosetta Resources, Inc.	*		3,400		154,224
SandRidge Energy, Inc.	*†		26,990		171,387
Ship Finance International Ltd.
(Bermuda)	†		3,352		55,744
SM Energy Co.			2,262		118,099
Southwestern Energy Co.	*		12,344		412,413
Spectra Energy Corp.			23,691		648,660
Stone Energy Corp.	*		1,208		24,788
Swift Energy Co.	*		1,142		17,575
Syntroleum Corp.	*†		1,246		492
Teekay Corp. (Bermuda)			1,691		54,281
Tesoro Corp.			3,822		168,359
Ultra Petroleum Corp.	*		7,839		142,121
USEC, Inc.	*†		7,347		3,894
Vaalco Energy, Inc.	*		3,800		32,870
Valero Energy Corp.			22,004		750,777
Verenium Corp.	*†		149		323
Warren Resources, Inc.	*		3,600		10,116
Western Refining, Inc.	†		2,500		70,475
Whiting Petroleum Corp.	*		2,484		107,731
Williams Cos., Inc. (The)			24,207		792,537
World Fuel Services Corp.	†		1,920		79,046
WPX Energy, Inc.	*		8,069		120,067

					47,057,813

Paper & Forest Products—0.2%
Buckeye Technologies, Inc.			1,251		35,916
Clearwater Paper Corp.	*		924		36,184
Deltic Timber Corp.			724		51,129
Domtar Corp. (Canada)			1,388		115,926
International Paper Co.			14,370		572,501
Louisiana-Pacific Corp.	*		4,396		84,931
MeadWestvaco Corp.			2,983		95,068
Neenah Paper, Inc.			652		18,562
P.H. Glatfelter Co.			1,740		30,415
Schweitzer-Mauduit International, Inc.			1,448		56,515

See accompanying notes to financial statements

281

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Broad Market Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Wausau Paper Corp.			1,903	$	16,480

					1,113,627

Personal Products—0.2%
Avon Products, Inc.	†		14,351		206,080
Elizabeth Arden, Inc.	*†		1,017		45,775
Estee Lauder Cos., Inc. (The),
Class A			7,494		448,591
Herbalife Ltd. (Cayman Islands)	†		3,985		131,266
Medifast, Inc.	*		734		19,370
Nu Skin Enterprises, Inc., Class A	†		3,018		111,817
USANA Health Sciences, Inc.	*†		593		19,528

					982,427

Pharmaceuticals—4.7%
Allergan, Inc.			11,119		1,019,946
AVANIR Pharmaceuticals, Inc., Class A	*†		30,376		79,889
Biosante Pharmaceuticals, Inc.	*†		50		62
Bristol-Myers Squibb Co.			62,456		2,035,441
Columbia Laboratories, Inc.	*†		1,819		1,156
Durect Corp.	*		1,900		1,748
Eli Lilly & Co.			37,532		1,851,078
Emisphere Technologies, Inc.	*		772		126
Endo Health Solutions, Inc.	*		4,151		109,047
Forest Laboratories, Inc.	*		9,208		325,226
Heska Corp.			446		3,613
Hi-Tech Pharmacal Co., Inc.			862		30,153
Hospira, Inc.	*		5,415		169,165
Johnson & Johnson			104,575		7,330,707
Medicines Co. (The)	*		2,018		48,371
Merck & Co., Inc.			108,263		4,432,287
Mylan, Inc.	*		10,972		301,510
Nektar Therapeutics	*†		2,368		17,547
Optimer Pharmaceuticals, Inc.	*		2,592		23,458
Pain Therapeutics, Inc.	*		1,318		3,572
Perrigo Co.			3,119		324,470
Pfizer, Inc.			282,739		7,091,094
Pozen, Inc.	*		1,014		5,080
Questcor Pharmaceuticals, Inc.	†		4,217		112,678
Salix Pharmaceuticals Ltd.	*		2,346		94,966
Sciclone Pharmaceuticals, Inc.	*		1,700		7,327
ViroPharma, Inc.	*		4,061		92,428
Vivus, Inc.	*†		1,630		21,875
Watson Pharmaceuticals, Inc.	*		4,630		398,180
XenoPort, Inc.	*		1,939		15,066

					25,947,266

Professional Services—0.3%
Advisory Board Co. (The)	*†		1,900		88,901
Barrett Business Services, Inc.			2,203		83,912
CDI Corp.			1,131		19,374
Corporate Executive Board Co. (The)			1,507		71,522
CRA International, Inc.	*		986		19,493
Dun & Bradstreet Corp. (The)	†		1,546		121,593
Equifax, Inc.			2,521		136,436
FTI Consulting, Inc.	*		1,735		57,255
Heidrick & Struggles
International, Inc.			865		13,200
Huron Consulting Group, Inc.	*		988		33,286
IHS, Inc., Class A	*		1,414		135,744



		Shares		Value

Insperity, Inc.			1,143	$	37,216
Kelly Services, Inc., Class A			1,173		18,463
Kforce, Inc.			297		4,256
Korn/Ferry International	*		1,624		25,757
Manpower, Inc.			3,593		152,487
Navigant Consulting, Inc.	*		2,313		25,813
On Assignment, Inc.	*		1,243		25,208
RCM Technologies, Inc.			1,593		8,045
Resources Connection, Inc.			2,060		24,596
Robert Half International, Inc.			3,922		124,798
Towers Watson & Co., Class A			1,600		89,936
TrueBlue, Inc.	*		2,485		39,139
Verisk Analytics, Inc., Class A	*		4,073		207,723

					1,564,153

Real Estate Investment Trusts (REITs)—3.8%
Acadia Realty Trust REIT			1,368		34,309
Agree Realty Corp. REIT			814		21,807
Alexander’s, Inc. REIT			78		25,802
Alexandria Real Estate Equities, Inc. REIT			1,245		86,303
American Campus Communities, Inc. REIT			5,751		265,294
American Capital Agency Corp. REIT			11,950		345,833
American Realty Capital Trust, Inc. REIT			9,762		112,751
American Tower Corp. REIT			13,160		1,016,873
Annaly Capital Management, Inc. REIT			37,828		531,105
Anworth Mortgage Asset Corp. REIT			18,790		108,606
Apartment Investment & Management Co., Class A REIT			5,659		153,133
ARMOUR Residential REIT, Inc. REIT			15,586		100,841
Ashford Hospitality Trust, Inc. REIT			4,200		44,142
Associated Estates Realty Corp. REIT			7,406		119,385
AvalonBay Communities, Inc. REIT			3,314		449,345
BioMed Realty Trust, Inc. REIT			6,210		120,039
Boston Properties, Inc. REIT			5,737		607,032
Brandywine Realty Trust REIT			6,105		74,420
BRE Properties, Inc. REIT			2,433		123,669
BRT Realty Trust REIT	*		421		2,762
Camden Property Trust REIT			2,058		140,376
Capital Trust, Inc., Class A REIT			523		1,098
Capstead Mortgage Corp. REIT			2,400		27,528
CBL & Associates Properties, Inc. REIT			10,788		228,814
Cedar Realty Trust, Inc. REIT			33,497		176,864
Chimera Investment Corp. REIT			42,645		111,303
Colonial Properties Trust REIT			1,962		41,928
CommonWealth REIT REIT			2,285		36,194
Corporate Office Properties
Trust REIT			1,904		47,562
Cousins Properties, Inc. REIT			2,489		20,783
CubeSmart REIT			8,821		128,522
DCT Industrial Trust, Inc. REIT			6,576		42,678
DDR Corp. REIT			5,227		81,855
DiamondRock Hospitality Co. REIT			4,047		36,423

See accompanying notes to financial statements

282

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Broad Market Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Digital Realty Trust, Inc. REIT	†		5,681	$	385,683
Douglas Emmett, Inc. REIT			4,212		98,140
Duke Realty Corp. REIT			5,609		77,797
DuPont Fabros Technology, Inc. REIT	†		4,666		112,731
EastGroup Properties, Inc. REIT			1,538		82,760
EPR Properties REIT			2,733		126,019
Equity Lifestyle Properties, Inc. REIT			1,140		76,711
Equity One, Inc. REIT			2,619		55,025
Equity Residential REIT			11,387		645,301
Essex Property Trust, Inc. REIT			807		118,347
Extra Space Storage, Inc. REIT			3,500		127,365
Federal Realty Investment Trust REIT			2,295		238,726
FelCor Lodging Trust, Inc. REIT	*		19,456		90,860
First Industrial Realty Trust, Inc. REIT	*		6,729		94,744
First Potomac Realty Trust REIT			1,628		20,122
Franklin Street Properties Corp. REIT			2,200		27,082
General Growth Properties, Inc. REIT			21,432		425,425
Getty Realty Corp. REIT	†		1,747		31,551
Glimcher Realty Trust REIT			17,270		191,524
Government Properties Income Trust REIT			4,788		114,768
Gramercy Capital Corp. REIT	*		2,182		6,415
Hatteras Financial Corp. REIT			1,935		48,007
HCP, Inc. REIT	†		13,391		605,005
Health Care REIT, Inc. REIT			9,130		559,578
Healthcare Realty Trust, Inc. REIT			1,881		45,163
Healthcare Trust of America, Inc., Class A REIT			11,331		112,177
Highwoods Properties, Inc. REIT	†		2,393		80,046
Home Properties, Inc. REIT			1,390		85,221
Hospitality Properties Trust REIT			2,923		68,457
Host Hotels & Resorts, Inc. REIT			21,796		341,543
Inland Real Estate Corp. REIT			2,302		19,291
Investors Real Estate Trust REIT	†		2,989		26,094
iStar Financial, Inc. REIT	*		4,331		35,298
Kilroy Realty Corp. REIT			3,732		176,785
Kimco Realty Corp. REIT			15,341		296,388
Kite Realty Group Trust REIT			2,654		14,836
LaSalle Hotel Properties REIT			1,561		39,634
Lexington Realty Trust REIT			9,308		97,269
Liberty Property Trust REIT			3,372		120,616
LTC Properties, Inc. REIT			2,385		83,928
Macerich Co. (The) REIT			5,275		307,533
Mack-Cali Realty Corp. REIT			2,488		64,962
Medical Properties Trust, Inc. REIT			11,530		137,899
MFA Financial, Inc. REIT			10,801		87,596
Mid-America Apartment
Communities, Inc. REIT			1,240		80,290
Monmouth Real Estate Investment Corp., Class A REIT			3,275		33,929
MPG Office Trust, Inc. REIT	*†		37,007		113,982



		Shares		Value

National Health Investors, Inc. REIT			979	$	55,343
National Retail Properties, Inc. REIT			2,356		73,507
Newcastle Investment Corp. REIT			754		6,545
NorthStar Realty Finance Corp. REIT			4,388		30,892
Omega Healthcare Investors, Inc. REIT	†		4,100		97,785
Parkway Properties, Inc. REIT			16,897		236,389
Pennsylvania Real Estate Investment Trust REIT			1,510		26,636
Plum Creek Timber Co., Inc. REIT	†		7,429		329,625
PMC Commercial Trust REIT			865		6,142
Post Properties, Inc. REIT			2,078		103,796
Potlatch Corp. REIT			1,618		63,409
Prologis, Inc. REIT			19,190		700,243
PS Business Parks, Inc. REIT			599		38,923
Public Storage REIT			6,057		878,023
RAIT Financial Trust REIT			7,882		44,533
Ramco-Gershenson Properties Trust REIT			1,275		16,970
Rayonier, Inc. REIT	†		5,004		259,357
Realty Income Corp. REIT	†		4,138		166,389
Redwood Trust, Inc. REIT	†		1,008		17,025
Regency Centers Corp. REIT			2,745		129,344
Rouse Properties, Inc. REIT	†		579		9,797
Ryman Hospitality Properties REIT			2,005		77,112
Sabra Health Care REIT, Inc. REIT			694		15,074
Saul Centers, Inc. REIT			987		42,234
Senior Housing Properties Trust REIT			3,680		86,995
Simon Property Group, Inc. REIT			11,699		1,849,495
SL Green Realty Corp. REIT			3,603		276,170
Sovran Self Storage, Inc. REIT			1,269		78,805
Strategic Hotels & Resorts, Inc. REIT	*		22,977		147,053
Sun Communities, Inc. REIT			1,061		42,323
Sunstone Hotel Investors, Inc. REIT	*		2,559		27,407
Tanger Factory Outlet Centers, Inc. REIT			2,442		83,516
Taubman Centers, Inc. REIT			2,083		163,974
Two Harbors Investment Corp. REIT			10,028		111,110
UDR, Inc. REIT			6,077		144,511
Universal Health Realty Income Trust REIT			1,333		67,463
Ventas, Inc. REIT			12,494		808,612
Vornado Realty Trust REIT	†		7,702		616,776
Washington Real Estate Investment
Trust REIT			1,834		47,959
Weingarten Realty Investors REIT	†		3,474		92,999
Weyerhaeuser Co. REIT			16,471		458,223

					20,822,486

Real Estate Management & Development—0.1%
Alexander & Baldwin, Inc.	*		1,466		43,056
Altisource Asset Management Corp. (Virgin Islands, U.S.)	*		1		74

See accompanying notes to financial statements

283

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Broad Market Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Brookfield Office Properties, Inc.			15,325	$	260,678
CBRE Group, Inc.	*		6,900		137,310
Forest City Enterprises, Inc., Class A	*		9,240		149,226
Forestar Group, Inc.	*		1,502		26,030
Jones Lang LaSalle, Inc.			1,311		110,045
St. Joe Co. (The)	*†		3,582		82,673
Tejon Ranch Co.	*		858		24,093

					833,185

Road & Rail—0.8%
Amerco, Inc.			805		102,082
Arkansas Best Corp.			903		8,624
Avis Budget Group, Inc.	*†		4,424		87,684
Con-way, Inc.			2,160		60,091
CSX Corp.			35,751		705,367
Genesee & Wyoming, Inc., Class A	*		1,576		119,902
Heartland Express, Inc.			4,220		55,155
J.B. Hunt Transport Services, Inc.	†		1,317		78,638
Kansas City Southern			4,745		396,113
Knight Transportation, Inc.			3,879		56,750
Landstar System, Inc.			2,256		118,350
Norfolk Southern Corp.			10,521		650,619
Old Dominion Freight Line, Inc.	*		4,011		137,497
PAM Transportation Services, Inc.			338		3,458
Ryder System, Inc.			707		35,300
Saia, Inc.	*		1,662		38,425
Union Pacific Corp.			15,516		1,950,671
Werner Enterprises, Inc.			2,915		63,168

					4,667,894

Semiconductors & Semiconductor Equipment—2.0%
Advanced Energy Industries, Inc.	*		1,428		19,721
Advanced Micro Devices, Inc.	*†		21,447		51,473
Altera Corp.			9,504		327,318
Amkor Technology, Inc.	*†		7,211		30,647
ANADIGICS, Inc.	*†		9,445		23,801
Analog Devices, Inc.			7,450		313,347
Applied Materials, Inc.			43,119		493,281
Applied Micro Circuits Corp.	*		3,186		26,762
Atmel Corp.	*		18,733		122,701
ATMI, Inc.	*		1,559		32,552
Axcelis Technologies, Inc.	*		4,095		5,692
AXT, Inc.	*		946		2,658
Broadcom Corp., Class A			18,226		605,285
Brooks Automation, Inc.			3,103		24,979
Cabot Microelectronics Corp.			1,049		37,250
Ceva, Inc.	*		692		10,899
Cirrus Logic, Inc.	*		2,946		85,346
Cohu, Inc.			859		9,312
Cree, Inc.	*†		3,097		105,236
Cymer, Inc.	*		1,498		135,464
Cypress Semiconductor Corp.	*		4,876		52,856
Diodes, Inc.	*		2,400		41,640
DSP Group, Inc.	*		1,194		6,877
Entegris, Inc.	*		5,738		52,675
Exar Corp.	*		1,758		15,646
Fairchild Semiconductor
International, Inc.	*		4,903		70,603



		Shares		Value

First Solar, Inc.	*†		2,540	$	78,435
FormFactor, Inc.	*		1,417		6,462
GigOptix, Inc.	*		827		1,588
Integrated Device Technology, Inc.	*		8,168		59,626
Integrated Silicon Solution, Inc.	*		1,269		11,421
Intel Corp.			189,338		3,906,043
International Rectifier Corp.	*		2,631		46,648
Intersil Corp., Class A			5,757		47,726
IXYS Corp.			1,329		12,147
KLA-Tencor Corp.			4,441		212,102
Kopin Corp.	*		2,431		8,095
Kulicke & Soffa Industries, Inc.	*		2,008		24,076
Lam Research Corp.	*		6,125		221,296
Lattice Semiconductor Corp.	*		4,395		17,536
Linear Technology Corp.			5,243		179,835
LSI Corp.	*		30,700		217,356
LTX-Credence Corp.	*		1,358		8,909
Marvell Technology Group Ltd. (Bermuda)			18,500		134,310
Mattson Technology, Inc.	*		1,760		1,478
Maxim Integrated Products, Inc.			5,913		173,842
MEMC Electronic Materials, Inc.	*		8,113		26,043
Micrel, Inc.			3,731		35,445
Microchip Technology, Inc.	†		3,565		116,183
Micron Technology, Inc.	*		35,271		223,971
Microsemi Corp.	*		2,474		52,053
Mindspeed Technologies, Inc.	*†		801		3,749
MIPS Technologies, Inc.	*		2,228		17,423
MKS Instruments, Inc.			2,455		63,290
MoSys, Inc.	*†		1,251		4,353
NVE Corp.	*		348		19,311
NVIDIA Corp.			20,184		248,061
OmniVision Technologies, Inc.	*		2,354		33,144
ON Semiconductor Corp.	*		10,008		70,556
PDF Solutions, Inc.	*†		974		13,422
Pericom Semiconductor Corp.	*		1,023		8,215
Photronics, Inc.	*		1,388		8,272
PLX Technology, Inc.	*		1,050		3,812
PMC—Sierra, Inc.	*		7,045		36,704
Power Integrations, Inc.	†		1,952		65,607
QuickLogic Corp.	*†		1,050		2,279
Rambus, Inc.	*†		4,071		19,866
RF Micro Devices, Inc.	*		8,143		36,481
Rudolph Technologies, Inc.	*		1,247		16,772
Semtech Corp.	*		2,970		85,982
Sigma Designs, Inc.	*		1,320		6,798
Silicon Image, Inc.	*		2,948		14,622
Silicon Laboratories, Inc.	*		2,124		88,804
Skyworks Solutions, Inc.	*		5,822		118,187
SunPower Corp.	*†		141		792
Teradyne, Inc.	*		7,938		134,073
Tessera Technologies, Inc.			1,560		25,615
Texas Instruments, Inc.			35,370		1,094,348
Transwitch Corp.	*		429		262
TriQuint Semiconductor, Inc.	*		4,918		23,803
Ultratech, Inc.	*		971		36,218
Veeco Instruments, Inc.	*†		1,294		38,199
Xilinx, Inc.			6,637		238,268

					11,103,935

See accompanying notes to financial statements

284

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Broad Market Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Software—3.7%
Accelrys, Inc.	*		2,216	$	20,055
ACI Worldwide, Inc.	*		1,653		72,220
Activision Blizzard, Inc.			23,814		252,905
Actuate Corp.	*		2,084		11,670
Adobe Systems, Inc.	*		17,358		654,049
Advent Software, Inc.	*		2,902		62,045
American Software, Inc., Class A			1,950		15,132
ANSYS, Inc.	*		2,396		161,347
Autodesk, Inc.	*		9,258		327,270
Blackbaud, Inc.			2,650		60,500
BMC Software, Inc.	*		2,708		107,399
CA, Inc.			11,593		254,814
Cadence Design Systems, Inc.	*		10,745		145,165
Callidus Software, Inc.	*†		172		781
Citrix Systems, Inc.	*		7,179		472,019
Compuware Corp.	*		7,505		81,579
Concur Technologies, Inc.	*†		2,083		140,644
Datawatch Corp.	*		3,500		48,335
Ebix, Inc.	†		2,802		45,028
Electronic Arts, Inc.	*		12,060		175,232
EPIQ Systems, Inc.			1,087		13,892
Evolving Systems, Inc.			527		3,141
FactSet Research Systems, Inc.	†		1,490		131,209
Fair Isaac Corp.			3,039		127,729
FalconStor Software, Inc.	*†		1,373		3,199
Fortinet, Inc.	*		5,654		119,130
Informatica Corp.	*		3,171		96,145
Interactive Intelligence Group, Inc.	*†		950		31,863
Intuit, Inc.			8,244		490,518
Manhattan Associates, Inc.	*		1,346		81,218
Mentor Graphics Corp.	*		2,745		46,720
MICROS Systems, Inc.	*		3,428		145,484
Microsoft Corp.			299,079		7,994,382
MicroStrategy, Inc., Class A	*		513		47,904
Netscout Systems, Inc.	*		1,250		32,488
Nuance Communications, Inc.	*†		9,517		212,419
Oracle Corp.			142,164		4,736,904
Parametric Technology Corp.	*		4,423		99,562
Pegasystems, Inc.	†		2,141		48,558
Progress Software Corp.	*		1,983		41,623
QAD, Inc., Class B			136		1,764
QLIK Technologies, Inc.	*		5,933		128,865
Red Hat, Inc.	*		7,251		384,013
Rovi Corp.	*		3,917		60,439
Salesforce.com, Inc.	*		3,783		635,922
Scientific Learning Corp.	*		3,145		1,981
SeaChange International, Inc.	*		958		9,264
SolarWinds, Inc.	*		1,876		98,396
Solera Holdings, Inc.			1,099		58,764
Sonic Foundry, Inc.	*†		120		697
Symantec Corp.	*		26,135		491,599
Synopsys, Inc.	*		6,501		206,992
Take-Two Interactive Software, Inc.	*		2,643		29,099
TeleCommunication Systems, Inc., Class A	*		1,200		2,964
TIBCO Software, Inc.	*		4,452		97,989
TiVo, Inc.	*		2,696		33,215
Tyler Technologies, Inc.	*		1,886		91,358



		Shares		Value

Ultimate Software Group, Inc.	*		1,242	$	117,257
VASCO Data Security International, Inc.	*†		3,804		31,041
VMware, Inc., Class A	*		1,733		163,145
Websense, Inc.	*		1,958		29,448

					20,286,489

Specialty Retail—2.2%
Aaron’s, Inc.			2,908		82,238
Abercrombie & Fitch Co., Class A			3,072		147,364
Advance Auto Parts, Inc.			1,752		126,757
Aeropostale, Inc.	*		2,075		26,996
American Eagle Outfitters, Inc.			3,552		72,852
America’s Car-Mart, Inc.	*		354		14,344
ANN, Inc.	*		2,733		92,485
Asbury Automotive Group, Inc.	*		1,342		42,984
Ascena Retail Group, Inc.	*		5,194		96,037
AutoNation, Inc.	*		2,555		101,433
AutoZone, Inc.	*		1,460		517,468
Barnes & Noble, Inc.	*†		828		12,495
bebe stores, Inc.			790		3,152
Bed Bath & Beyond, Inc.	*		6,586		368,223
Best Buy Co., Inc.			9,299		110,193
Big 5 Sporting Goods Corp.			1,071		14,030
Brown Shoe Co., Inc.			1,791		32,901
Buckle, Inc. (The)	†		1,236		55,175
CarMax, Inc.	*		6,608		248,064
Casual Male Retail Group, Inc.	*		1,930		8,106
Cato Corp. (The), Class A			1,761		48,304
Chico’s FAS, Inc.			7,236		133,577
Children’s Place Retail Stores, Inc. (The)	*		1,144		50,668
Christopher & Banks Corp.	*		1,528		8,328
Coldwater Creek, Inc.	*		382		1,837
Destination Maternity Corp.			1,200		25,872
Dick’s Sporting Goods, Inc.	†		2,480		112,815
DSW, Inc., Class A			596		39,151
Finish Line, Inc. (The), Class A			1,917		36,289
Foot Locker, Inc.			5,840		187,581
GameStop Corp., Class A	†		1,010		25,341
Gap, Inc. (The)			12,606		391,290
Genesco, Inc.	*		921		50,655
Group 1 Automotive, Inc.	†		1,068		66,205
Guess?, Inc.	†		3,548		87,068
Haverty Furniture Cos., Inc.			1,111		18,120
Hibbett Sports, Inc.	*		1,396		73,569
Home Depot, Inc. (The)			47,382		2,930,577
Hot Topic, Inc.	†		1,824		17,602
Jos A. Bank Clothiers, Inc.	*†		865		36,832
Kirkland’s, Inc.	*		833		8,821
Limited Brands, Inc.			7,008		329,796
Lithia Motors, Inc., Class A			862		32,256
Lowe’s Cos., Inc.			39,938		1,418,598
MarineMax, Inc.	*		800		7,152
Men’s Wearhouse, Inc. (The)			2,437		75,937
Monro Muffler Brake, Inc.	†		1,487		52,000
Office Depot, Inc.	*		11,792		38,678
OfficeMax, Inc.			3,587		35,009
Orchard Supply Hardware Stores Corp., Class A	*†		140		1,037
O’Reilly Automotive, Inc.	*		3,911		349,722
Pacific Sunwear of California, Inc.	*†		3,025		4,810

See accompanying notes to financial statements

285

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Broad Market Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Penske Automotive Group, Inc.			1,654	$	49,769
Pep Boys-Manny, Moe & Jack (The)	†		2,200		21,626
PetSmart, Inc.			3,546		242,334
Pier 1 Imports, Inc.			3,712		74,240
RadioShack Corp.	†		2,569		5,446
Rent-A-Center, Inc.			3,377		116,034
Ross Stores, Inc.			6,787		367,516
Sally Beauty Holdings, Inc.	*		3,659		86,243
Select Comfort Corp.	*		2,104		55,062
Signet Jewelers Ltd. (Bermuda)			3,344		178,570
Sonic Automotive, Inc., Class A	†		1,649		34,448
Stage Stores, Inc.			2,236		55,408
Staples, Inc.	†		22,960		261,744
Stein Mart, Inc.			1,261		9,508
Systemax, Inc.			1,358		13,105
Tiffany & Co.	†		3,221		184,692
TJX Cos., Inc.			24,012		1,019,309
Tractor Supply Co.			3,098		273,739
Trans World Entertainment Corp.			1,932		6,723
Ulta Salon Cosmetics & Fragrance, Inc.			1,162		114,178
Urban Outfitters, Inc.	*		5,012		197,272
West Marine, Inc.	*		803		8,632
Wet Seal, Inc. (The), Class A	*		1,246		3,439
Williams-Sonoma, Inc.			3,877		169,696
Zale Corp.	*		2,300		9,453

					12,426,980

Textiles, Apparel & Luxury Goods—0.7%
Carter’s, Inc.	*		1,476		82,139
Charles & Colvard Ltd.	*		1,843		7,225
Cherokee, Inc.			994		13,628
Coach, Inc.			10,479		581,689
Columbia Sportswear Co.	†		652		34,791
Crocs, Inc.	*		3,600		51,804
Culp, Inc.			888		13,329
Deckers Outdoor Corp.	*†		1,935		77,922
Fifth & Pacific Cos., Inc.	*†		4,930		61,379
Fossil, Inc.	*		1,614		150,263
Hanesbrands, Inc.	*		4,099		146,826
Iconix Brand Group, Inc.	*		2,737		61,090
Jones Group, Inc. (The)	†		4,641		51,330
K-Swiss, Inc., Class A	*		1,476		4,959
Movado Group, Inc.			1,678		51,481
NIKE, Inc., Class B			25,670		1,324,572
Oxford Industries, Inc.			936		43,393
PVH Corp.			1,267		140,650
Quiksilver, Inc.	*		4,288		18,224
Ralph Lauren Corp.			1,422		213,186
Skechers U.S.A., Inc., Class A	*		1,935		35,798
Steven Madden Ltd.	*		1,689		71,394
Under Armour, Inc., Class A	*†		3,874		188,005
Unifi, Inc.	*		876		11,397
V.F. Corp.	†		3,109		469,366
Warnaco Group, Inc. (The)	*		1,527		109,287
Wolverine World Wide, Inc.	†		2,589		106,097

					4,121,224

Thrifts & Mortgage Finance—0.2%
Astoria Financial Corp.			3,465		32,432
Bank Mutual Corp.			3,756		16,151



		Shares		Value

BBX Capital Corp., Class A	*		639	$	4,281
Beneficial Mutual Bancorp, Inc.	*		969		9,205
Brookline Bancorp, Inc.			3,765		32,003
Capitol Federal Financial, Inc.			4,787		55,960
CFS Bancorp, Inc.			1,873		11,688
Dime Community Bancshares, Inc.			1,638		22,752
Doral Financial Corp. (Puerto Rico)	*		221		160
Federal Home Loan Mortgage Corp.	*†		25,235		6,637
Federal National Mortgage Association	*†		37,770		9,631
Flagstar Bancorp, Inc.	*		21		407
Hudson City Bancorp, Inc.			14,470		117,641
MGIC Investment Corp.	*†		4,084		10,863
NASB Financial, Inc.	*†		528		11,283
New York Community Bancorp, Inc.			12,640		165,584
Northwest Bancshares, Inc.			4,608		55,941
Ocwen Financial Corp.	*		3,358		116,153
People’s United Financial, Inc.			18,806		227,365
Provident Financial Services, Inc.			943		14,070
Provident New York Bancorp			3,670		34,168
Radian Group, Inc.	†		3,844		23,487
Riverview Bancorp, Inc.	*		2,600		4,394
TFS Financial Corp.	*		3,398		32,689
Tree.com, Inc.			314		5,661
TrustCo Bank Corp NY			3,435		18,137
Washington Federal, Inc.			3,379		57,004
Westfield Financial, Inc.			4,068		29,412

					1,125,159

Tobacco—1.5%
Alliance One International, Inc.	*†		2,000		7,280
Altria Group, Inc.			70,302		2,208,889
Lorillard, Inc.			4,458		520,115
Philip Morris International, Inc.			60,192		5,034,459
Reynolds American, Inc.			11,115		460,494
Universal Corp.	†		1,078		53,803
Vector Group Ltd.	†		3,045		45,279

					8,330,319

Trading Companies & Distributors—0.3%
Applied Industrial Technologies, Inc.			2,056		86,373
Beacon Roofing Supply, Inc.	*†		2,570		85,530
Fastenal Co.	†		11,276		526,476
GATX Corp.			1,766		76,468
H&E Equipment Services, Inc.			1,600		24,112
MSC Industrial Direct Co., Inc., Class A			1,782		134,327
United Rentals, Inc.	*†		2,798		127,365
W.W. Grainger, Inc.			2,301		465,653
Watsco, Inc.	†		553		41,420
WESCO International, Inc.	*†		1,550		104,516
Willis Lease Finance Corp.	*		1,234		17,659

					1,689,899

Water Utilities—0.1%
American States Water Co.			1,261		60,503
American Water Works Co., Inc.			2,266		84,137
Aqua America, Inc.	†		4,329		110,043
California Water Service Group			1,930		35,415

See accompanying notes to financial statements

286

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Broad Market Index Fund			Shares		Value

COMMON STOCKS—(Continued)
Connecticut Water Service, Inc.				500	$	14,890
SJW Corp.				1,010		26,866

						331,854

Wireless Telecommunication Services—0.3%
Crown Castle International Corp.		*		11,170		806,027
Leap Wireless International, Inc.		*†		3,300		21,945
MetroPCS Communications, Inc.		*		7,134		70,912
NII Holdings, Inc.		*†		5,995		42,745
NTELOS Holdings Corp.				1,350		17,699
SBA Communications Corp., Class A		*†		4,064		288,625
Shenandoah Telecommunications Co.		†		1,200		18,372
Sprint Nextel Corp.		*		88,755		503,241
Telephone & Data Systems, Inc.				445		9,852
United States Cellular Corp.		*		680		23,963

						1,803,381

TOTAL COMMON STOCKS
(Cost $359,861,938)						548,762,302



Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.031%	03/14/2013	‡‡
(Cost $304,981)			$	305,000		304,981



				Shares		Value
RIGHTS—0.0%
Machinery—0.0%
Gerber Scientific, Inc.		*†‡d		1,608		—

Pharmaceuticals—0.0%
Forest Laboratories, Inc.		*‡d		1,998		—

Textiles, Apparel & Luxury Goods—0.0%
Mossimo, Inc.		*‡d		2,806		—

TOTAL RIGHTS
(Cost $—)						—


WARRANTS—0.0%
Diversified Financial Services—0.0%
Pegasus Wireless Corp.		*‡d
(Cost $—)				540		—



		Shares		Value

MONEY MARKET FUNDS—5.1%
Institutional Money Market Funds—5.1%
Dreyfus Institutional Cash Advantage Fund, 0.11%	††¥		3,900,000	$	3,900,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.18%	¥		4,660,901		4,660,901
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.18%	††¥		4,162,276		4,162,276
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.14%	††¥		3,900,000		3,900,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.15%	††¥		3,900,000		3,900,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.14%	††¥		3,900,000		3,900,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.13%	††¥		3,900,000		3,900,000

TOTAL MONEY MARKET FUNDS
(Cost $28,323,177)					28,323,177

TOTAL INVESTMENTS—104.2%
(Cost $388,490,096)					577,390,460
Other assets less liabilities—(4.2%)					(23,088,986	)

NET ASSETS—100.0%				$	554,301,474

Notes to the Schedule of Investments:


REIT		Real Estate Investment Trust
*		Non-income producing.
†		Denotes all or a portion of the security on loan.
d		Security has no market value at December 31, 2012.
‡		Security valued at fair value as determined by policies approved by the Board of Directors.
‡‡		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

287

SCHEDULE OF INVESTMENTS

December 31, 2012


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—99.5%
Aerospace & Defense—1.4%
AAR Corp.			6,897	$	128,836
Aerovironment, Inc.	*		8,991		195,464
Alliant Techsystems, Inc.			4,487		278,015
American Science & Engineering, Inc.			1,020		66,514
Astronics Corp.	*†		1,875		42,900
B/E Aerospace, Inc.	*		18,242		901,155
Cubic Corp.			2,063		98,962
Curtiss-Wright Corp.			9,576		314,380
DigitalGlobe, Inc.	*†		6,919		169,100
Ducommun, Inc.	*		6,327		102,308
Esterline Technologies Corp.	*		3,056		194,392
Exelis, Inc.			29,631		333,941
GenCorp, Inc.	*		22,028		201,556
GeoEye, Inc.	*		5,933		182,321
HEICO Corp., Class A			4,837		154,687
Hexcel Corp.	*		14,456		389,734
Huntington Ingalls Industries, Inc.			6,803		294,842
Innovative Solutions & Support, Inc.			3,094		10,643
Kratos Defense & Security Solutions, Inc.	*		9,324		46,900
Moog, Inc., Class A	*		4,645		190,584
National Presto Industries, Inc.	†		656		45,330
Orbital Sciences Corp.	*		18,688		257,334
Spirit Aerosystems Holdings, Inc., Class A	*		16,921		287,149
Taser International, Inc.	*		15,133		135,289
Teledyne Technologies, Inc.	*		4,308		280,322
TransDigm Group, Inc.			9,915		1,352,010
Triumph Group, Inc.			5,898		385,139

					7,039,807

Air Freight & Logistics—0.2%
Air T, Inc.			1,301		10,811
Air Transport Services Group, Inc.	*		25,035		100,390
Atlas Air Worldwide Holdings, Inc.	*		4,051		179,500
Forward Air Corp.			3,034		106,220
Hub Group, Inc., Class A	*		5,189		174,351
Pacer International, Inc.	*		3,711		14,473
UTi Worldwide, Inc.			16,303		218,460

					804,205

Airlines—0.9%
Alaska Air Group, Inc.	*		8,175		352,261
Allegiant Travel Co.			2,296		168,549
Delta Air Lines, Inc.	*		156,056		1,852,385
JetBlue Airways Corp.	*†		58,802		335,759
Republic Airways Holdings, Inc.	*		27,551		156,490
SkyWest, Inc.			6,829		85,089
United Continental Holdings, Inc.	*		51,737		1,209,611
US Airways Group, Inc.	*		22,444		302,994

					4,463,138



		Shares		Value

Auto Components—1.2%
American Axle & Manufacturing Holdings, Inc.	*	10,679	$	119,605
Autoliv, Inc. (Sweden)	†	16,119		1,086,259
Cooper Tire & Rubber Co.		9,129		231,512
Dana Holding Corp.		32,442		506,420
Drew Industries, Inc.		2,363		76,207
Exide Technologies	*	11,062		37,832
Federal-Mogul Corp.	*	14,043		112,625
Fuel Systems Solutions, Inc.	*	4,238		62,299
Gentex Corp.	†	28,535		537,029
Gentherm, Inc.	*	10,898		144,943
Lear Corp.		15,805		740,306
Modine Manufacturing Co.	*	10,902		88,633
Quantum Fuel Systems Technologies Worldwide, Inc.	*†	67,128		45,714
Shiloh Industries, Inc.		5,043		51,943
Spartan Motors, Inc.		16,899		83,312
Standard Motor Products, Inc.		5,615		124,765
Strattec Security Corp.		502		12,957
Superior Industries International, Inc.		2,803		57,181
Tenneco, Inc.	*	8,885		311,952
TRW Automotive Holdings Corp.	*	20,704		1,109,941
Visteon Corp.	*	8,934		480,828

				6,022,263

Automobiles—0.9%
General Motors Co.	*†	130,704		3,768,196
Tesla Motors, Inc.	*†	9,841		333,315
Thor Industries, Inc.		7,449		278,816
Winnebago Industries, Inc.	*	7,884		135,053

				4,515,380

Beverages—0.1%
Boston Beer Co., Inc. (The), Class A	*†	1,904		255,993
Central European Distribution Corp. (Poland)	*†	15,916		34,538
Coca-Cola Bottling Co. Consolidated	†	798		53,067
Jones Soda Co.	*†	36,928		11,078
National Beverage Corp.		766		11,176

				365,852

Biotechnology—3.0%
Aastrom Biosciences, Inc.	*†	9,842		12,401
Acorda Therapeutics, Inc.	*	6,390		158,855
Agenus, Inc.	*	3,197		13,108
Alkermes plc (Ireland)	*†	17,553		325,082
Allos Therapeutic, Inc.	*‡d	18,248		—
Alnylam Pharmaceuticals, Inc.	*†	6,491		118,461
AMAG Pharmaceuticals, Inc.	*	3,480		51,191
Arena Pharmaceuticals, Inc.	*†	39,027		352,024
Ariad Pharmaceuticals, Inc.	*	34,626		664,127
Arqule, Inc.	*	6,240		17,410
Array BioPharma, Inc.	*	17,505		65,119
Astex Pharmaceuticals	*	17,702		51,513
AVEO Pharmaceuticals, Inc.	*†	10,510		84,606
BioCryst Pharmaceuticals, Inc.	*†	21,994		31,231
BioMarin Pharmaceutical, Inc.	*	18,803		926,048

See accompanying notes to financial statements

288

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
BioMimetic Therapeutics, Inc.	*		7,095	$	51,368
Biota Pharmaceuticals, Inc.			3,326		13,271
Cell Therapeutics, Inc.	*†		20,705		26,917
Celldex Therapeutics, Inc.	*		10,060		67,503
Cepheid, Inc.	*		8,077		273,083
Codexis, Inc.	*†		13,873		30,659
Cubist Pharmaceuticals, Inc.	*		7,593		319,362
Cytokinetics, Inc.	*		69,212		45,680
CytRx Corp.	*†		29,055		54,333
Dendreon Corp.	*†		24,041		126,936
Discovery Laboratories, Inc.	*†		7,623		16,085
Dyax Corp.	*		22,226		77,346
Emergent Biosolutions, Inc.	*		4,839		77,618
Entremed, Inc.	*		126		174
Enzon Pharmaceuticals, Inc.			7,159		31,714
Exact Sciences Corp.	*		16,082		170,308
Exelixis, Inc.	*†		35,337		161,490
Galena Biopharma, Inc.	*†		11,942		18,271
Genomic Health, Inc.	*		6,866		187,167
Geron Corp.	*†		36,667		51,700
GTx, Inc.	*		4,210		17,682
Halozyme Therapeutics, Inc.	*		18,837		126,396
Hemispherx Biopharma, Inc.	*		54,952		13,782
Idenix Pharmaceuticals, Inc.	*		11,707		56,779
Idera Pharmaceuticals, Inc.	*		1,932		1,719
Immunogen, Inc.	*†		9,339		119,072
Immunomedics, Inc.	*†		12,320		35,974
Incyte Corp. Ltd.	*†		29,421		488,683
Infinity Pharmaceuticals, Inc.	*		3,107		108,745
InterMune, Inc.	*		7,345		71,173
Isis Pharmaceuticals, Inc.	*†		15,742		164,661
Keryx Biopharmaceuticals, Inc.	*†		33,078		86,664
Lexicon Pharmaceuticals, Inc.	*		34,034		75,555
Ligand Pharmaceuticals, Inc., Class B	*		3,990		82,753
MannKind Corp.	*†		21,902		50,594
Maxygen, Inc.			5,279		12,986
MediciNova, Inc.	*		3,130		5,227
Medivation, Inc.	*†		13,562		693,832
Metabolix, Inc.	*†		8,606		12,737
Momenta Pharmaceuticals, Inc.	*		7,065		83,226
Myrexis, Inc.	*		58,092		164,400
Myriad Genetics, Inc.	*		17,432		475,022
Neurocrine Biosciences, Inc.	*		8,240		61,635
Novavax, Inc.	*†		21,148		39,970
NPS Pharmaceuticals, Inc.	*		9,432		85,831
Onyx Pharmaceuticals, Inc.	*		13,102		989,594
Osiris Therapeutics, Inc.	*†		4,513		40,527
PDL BioPharma, Inc.	†		38,667		272,602
Peregrine Pharmaceuticals, Inc.	*†		14,427		19,044
Pharmacyclics, Inc.	*		9,512		550,745
Progenics Pharmaceuticals, Inc.	*		6,205		18,491
Regeneron Pharmaceuticals, Inc.	*		10,359		1,772,114
Repligen Corp.	*		9,025		56,767
Rigel Pharmaceuticals, Inc.	*		12,762		82,953
Sangamo Biosciences, Inc.	*†		10,702		64,319
Sarepta Therapeutics, Inc.	*†		8,651		223,196
Savient Pharmaceuticals, Inc.	*†		32,380		33,999
Seattle Genetics, Inc.	*†		20,977		486,666
SIGA Technologies, Inc.	*†		20,091		52,638
Spectrum Pharmaceuticals, Inc.	†		8,460		94,667
StemCells, Inc.	*†		12,574		20,496



		Shares		Value

Synageva BioPharma Corp.	*	1,384	$	64,065
Telik, Inc.	*	202		265
Theravance, Inc.	*†	14,063		313,183
United Therapeutics Corp.	*	10,148		542,106
Vanda Pharmaceuticals, Inc.	*	15,122		55,951
Vertex Pharmaceuticals, Inc.	*	32,691		1,371,061
XOMA Corp.	*†	17,238		41,285

				14,973,993

Building Products—0.8%
A.O. Smith Corp.		8,295		523,166
American Woodmark Corp.	*	3,639		101,237
Apogee Enterprises, Inc.		5,631		134,975
Armstrong World Industries, Inc.		3,910		198,354
Fortune Brands Home & Security, Inc.	*	26,296		768,369
Gibraltar Industries, Inc.	*	3,678		58,554
Griffon Corp.		6,441		73,814
Insteel Industries, Inc.		2,829		35,306
Lennox International, Inc.		9,822		515,851
NCI Building Systems, Inc.	*	8,291		115,245
Owens Corning, Inc.	*	14,719		544,456
Quanex Building Products Corp.		3,000		61,230
Simpson Manufacturing Co., Inc.		8,898		291,765
Trex Co., Inc.	*	2,108		78,481
Universal Forest Products, Inc.		1,649		62,728
USG Corp.	*†	11,709		328,672

				3,892,203

Capital Markets—2.0%
Affiliated Managers Group, Inc.	*	9,350		1,216,902
American Capital Ltd.	*	60,085		721,020
Apollo Investment Corp.		49,910		417,248
Arlington Asset Investment Corp., Class A		3,155		65,529
Artio Global Investors, Inc.		27,199		51,678
BGC Partners, Inc., Class A		21,607		74,760
Calamos Asset Management, Inc., Class A		3,748		39,616
CIFC Corp.	*	2,540		20,320
Cowen Group, Inc., Class A	*	34,303		84,042
Diamond Hill Investment Group, Inc.		1,349		91,543
Eaton Vance Corp.	†	18,870		601,010
Evercore Partners, Inc., Class A		8,031		242,456
Federated Investors, Inc., Class B		15,767		318,966
GAMCO Investors, Inc., Class A		1,052		55,830
GFI Group, Inc.		33,019		106,982
Greenhill & Co., Inc.	†	6,438		334,712
ICG Group, Inc.	*	7,645		87,382
Institutional Financial Markets, Inc.		4,976		5,971
INTL FCStone, Inc.	*†	4,667		81,252
Investment Technology Group, Inc.	*	22,766		204,894
Janus Capital Group, Inc.	†	25,815		219,944
Jefferies Group, Inc.		29,047		539,403
KBW, Inc.		12,959		198,273
Knight Capital Group, Inc., Class A	*†	25,616		89,912
Medallion Financial Corp.		2,518		29,561
Oaktree Capital Group LLC		2,600		118,274
Piper Jaffray Cos.	*	2,312		74,285

See accompanying notes to financial statements

289

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Raymond James Financial, Inc.			18,586	$	716,119
Safeguard Scientifics, Inc.	*		3,658		53,956
SEI Investments Co.			34,850		813,399
Stifel Financial Corp.	*		11,957		382,265
SWS Group, Inc.	*		14,960		79,138
TD Ameritrade Holding Corp.			50,281		845,224
U.S. Global Investors, Inc., Class A			8,854		35,505
Virtus Investment Partners, Inc.	*		1,399		169,195
Waddell & Reed Financial, Inc., Class A			14,093		490,718
Walter Investment Management Corp.	*		5,513		237,169
Westwood Holdings Group, Inc.			2,860		116,974

					10,031,427

Chemicals—2.6%
A. Schulman, Inc.			5,791		167,534
Albemarle Corp.			14,830		921,240
Ashland, Inc.			11,285		907,427
Balchem Corp.			4,960		180,544
Cabot Corp.			11,289		449,189
Calgon Carbon Corp.	*†		19,947		282,848
Celanese Corp., Class A			23,334		1,039,063
Chemtura Corp.	*		15,439		328,233
Cytec Industries, Inc.			6,784		466,943
Ferro Corp.	*		20,271		84,733
Flotek Industries, Inc.	*		11,454		139,739
Georgia Gulf Corp.			3,528		145,636
H.B. Fuller Co.			9,773		340,296
Huntsman Corp.			30,318		482,056
Intrepid Potash, Inc.			8,881		189,076
Koppers Holdings, Inc.			3,348		127,726
Kronos Worldwide, Inc.	†		3,735		72,833
Landec Corp.	*		8,822		83,721
LSB Industries, Inc.	*		5,477		193,995
Material Sciences Corp.	*		5,258		47,480
Minerals Technologies, Inc.			3,744		149,460
NewMarket Corp.	†		1,802		472,484
Olin Corp.			8,990		194,094
OM Group, Inc.	*		7,720		171,384
OMNOVA Solutions, Inc.	*		9,679		67,850
Penford Corp.	*		5,562		41,048
PolyOne Corp.			16,034		327,414
Quaker Chemical Corp.			1,879		101,203
Rockwood Holdings, Inc.			11,577		572,598
RPM International, Inc.			22,618		664,064
Scotts Miracle-Gro Co. (The), Class A			8,157		359,316
Sensient Technologies Corp.			9,622		342,158
Spartech Corp.	*		2,131		19,328
Stepan Co.			2,394		132,963
Tredegar Corp.			2,467		50,376
Valhi, Inc.	†		11,760		147,000
Valspar Corp.			14,100		879,840
W.R. Grace & Co.	*		13,453		904,445
Westlake Chemical Corp.	†		4,325		342,973
Zep, Inc.			4,143		59,825
Zoltek Cos., Inc.	*		17,218		133,440

					12,783,575



		Shares		Value

Coal—0.0%
Evergreen Energy, Inc.	*	373	$	5

Commercial Banks—4.4%
1st Source Corp.		2,200		48,598
Ameris Bancorp	*	6,211		77,575
Arrow Financial Corp.		4,347		108,458
Associated Banc-Corp		31,867		418,095
BancFirst Corp.		1,092		46,257
Bancorp, Inc. (The)/Delaware	*	8,887		97,490
BancorpSouth, Inc.		19,643		285,609
BancTrust Financial Group, Inc.	*	4,800		13,344
Bank of Hawaii Corp.	†	11,077		487,942
Bank of the Ozarks, Inc.		7,647		255,945
Banner Corp.		2,674		82,172
BBCN Bancorp, Inc./California	†	23,477		271,629
BOK Financial Corp.		2,311		125,857
Boston Private Financial Holdings, Inc.		12,410		111,814
Bryn Mawr Bank Corp.		4,411		98,233
Camden National Corp.		1,411		47,932
Capital City Bank Group, Inc.	*†	4,374		49,732
CapitalSource, Inc.		48,390		366,796
Cardinal Financial Corp.		7,745		126,011
Cascade Bancorp	*†	479		2,999
Cathay General Bancorp		18,966		369,837
Catskill Litigation Trust	*‡d	583		—
Central Pacific Financial Corp.	*	4,653		72,540
Chemical Financial Corp.		3,780		89,813
CIT Group, Inc.	*	31,052		1,199,849
Citizens Republic Bancorp, Inc.	*	16,394		310,994
City Holding Co.	†	2,691		93,781
City National Corp./California		7,803		386,405
CoBiz Financial, Inc.		13,041		97,416
Columbia Banking System, Inc.		9,767		175,220
Commerce Bancshares,
Inc./Missouri		13,412		470,212
Community Bank System, Inc.		8,019		219,400
Community Trust Bancorp, Inc.		2,246		73,624
Cullen/Frost Bankers, Inc.		13,285		720,977
CVB Financial Corp.		17,733		184,423
East West Bancorp, Inc.		29,398		631,763
Eastern Virginia Bankshares, Inc.	*	701		3,715
Fidelity Southern Corp.	*	7,281		69,534
Financial Institutions, Inc.		2,448		45,606
First BanCorp. (Puerto Rico)	*	25,707		117,738
First Bancorp/North Carolina		5,052		64,767
First Busey Corp.		14,438		67,137
First Citizens BancShares, Inc./North Carolina, Class A		634		103,659
First Commonwealth Financial Corp.		30,605		208,726
First Financial Bancorp		6,617		96,741
First Financial Bankshares, Inc.	†	5,160		201,292
First Merchants Corp.		4,647		68,961
First Midwest Bancorp, Inc./Illinois		9,549		119,553
First Niagara Financial Group, Inc.		76,028		602,902
First of Long Island Corp. (The)		1,432		40,554
FirstMerit Corp.		18,310		259,819
FNB Corp./Pennsylvania		28,242		299,930

See accompanying notes to financial statements

290

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Fulton Financial Corp.			42,856	$	411,846
Glacier Bancorp, Inc.			21,753		319,987
Great Southern Bancorp, Inc.			3,068		78,081
Guaranty Bancorp	*		38,669		75,405
Hancock Holding Co.			13,641		432,965
Hanmi Financial Corp.	*		8,190		111,302
Heritage Commerce Corp.	*		8,988		62,736
Heritage Financial Corp./Washington			5,490		80,648
IBERIABANK Corp.			6,270		307,982
Independent Bank Corp./Massachusetts	†		3,125		90,469
Independent Bank Corp./Michigan	*		389		1,361
International Bancshares Corp.			7,878		142,198
Investors Bancorp, Inc.			16,332		290,383
Lakeland Financial Corp.			4,843		125,143
Macatawa Bank Corp.	*		9,867		28,516
MainSource Financial Group, Inc.			4,454		56,432
MB Financial, Inc.			7,169		141,588
Merchants Bancshares, Inc.			3,578		95,783
MidSouth Bancorp, Inc.			3,651		59,694
MidWestOne Financial Group, Inc.			4,566		93,649
National Penn Bancshares, Inc.			8,522		79,425
NBT Bancorp, Inc.			4,152		84,161
Old National Bancorp/Indiana			30,830		365,952
Old Second Bancorp, Inc.	*†		5,324		6,495
Oriental Financial Group, Inc. (Puerto Rico)	†		19,202		256,347
Pacific Premier Bancorp, Inc.	*		977		10,004
PacWest Bancorp			2,392		59,274
Park National Corp.	†		1,421		91,839
Peapack Gladstone Financial Corp.			1,086		15,291
Peoples Bancorp, Inc./Ohio	†		2,337		47,745
Pinnacle Financial Partners, Inc.	*		6,115		115,207
Popular, Inc. (Puerto Rico)	*		17,490		363,617
Preferred Bank/Los Angeles CA	*		4,011		56,956
PrivateBancorp, Inc.			12,737		195,131
Prosperity Bancshares, Inc.			10,569		443,898
Renasant Corp.	†		4,358		83,412
Republic Bancorp, Inc./Kentucky, Class A			2,055		43,422
Royal Bancshares of Pennsylvania, Inc., Class A	*		11,522		13,711
S&T Bancorp, Inc.			6,364		114,997
Sandy Spring Bancorp, Inc.			2,239		43,481
Seacoast Banking Corp. of Florida	*†		53,038		85,391
Shore Bancshares, Inc.			5,419		29,154
Sierra Bancorp			5,758		65,814
Signature Bank/New York	*		6,594		470,416
Simmons First National Corp., Class A			3,697		93,756
Southwest Bancorp, Inc./Oklahoma	*		4,075		45,640
Sterling Bancorp/New York			5,344		48,684
Sterling Financial Corp./Washington			3,511		73,310
Suffolk Bancorp	*		3,976		52,086
Susquehanna Bancshares, Inc.			21,345		223,696



		Shares		Value

SVB Financial Group	*	6,536	$	365,820
SY Bancorp, Inc.		4,501		100,912
Synovus Financial Corp.	†	102,979		252,299
TCF Financial Corp.		19,522		237,192
Texas Capital Bancshares, Inc.	*	6,292		282,007
Tompkins Financial Corp.		1,976		78,329
TowneBank/Virginia		4,995		77,373
Trustmark Corp.		7,243		162,678
UMB Financial Corp.		5,083		222,839
Umpqua Holdings Corp.		15,160		178,736
Union First Market Bankshares Corp.		4,226		66,644
United Bankshares, Inc.	†	5,447		132,471
United Community Banks, Inc./Georgia	*	8,268		77,885
Valley National Bancorp	†	47,250		439,425
Virginia Commerce Bancorp, Inc.	*	10,179		91,102
Washington Trust Bancorp, Inc.		3,270		86,034
Webster Financial Corp.	†	19,943		409,829
WesBanco, Inc.		2,801		62,238
West Coast Bancorp/Oregon		3,288		72,829
Westamerica Bancorporation	†	5,748		244,807
Western Alliance Bancorp	*	26,213		276,023
Wilshire Bancorp, Inc.	*	17,149		100,665
Wintrust Financial Corp.		5,057		185,592

				21,477,585

Commercial Services & Supplies—1.5%
ABM Industries, Inc.		9,730		194,113
ACCO Brands Corp.	*	14,981		109,960
American Reprographics Co.	*	15,235		39,002
Brink’s Co. (The)		6,600		188,298
Casella Waste Systems, Inc., Class A	*	5,820		25,492
Cenveo, Inc.	*†	10,269		27,726
Clean Harbors, Inc.	*	6,367		350,249
Consolidated Graphics, Inc.	*	699		24,409
Copart, Inc.	*	19,876		586,342
Corrections Corp. of America		21,753		771,579
Courier Corp.		1,904		20,944
Covanta Holding Corp.		24,565		452,487
Deluxe Corp.	†	6,902		222,520
EnergySolutions, Inc.	*	17,158		53,533
Ennis, Inc.		2,217		34,297
G&K Services, Inc., Class A		2,038		69,598
Geo Group, Inc. (The)		12,438		350,752
Healthcare Services Group, Inc.		8,543		198,454
Herman Miller, Inc.		7,167		153,517
HNI Corp.		4,666		140,260
Interface, Inc.		5,624		90,434
Intersections, Inc.		4,413		41,835
Kimball International, Inc., Class B	†	4,445		51,606
Knoll, Inc.		8,621		132,419
McGrath RentCorp		2,986		86,654
Metalico, Inc.	*	25,521		50,021
Mine Safety Appliances Co.		4,632		197,833
Mobile Mini, Inc.	*	4,526		94,277
Multi-Color Corp.		2,526		60,599
NL Industries, Inc.		412		4,717
Perma-Fix Environmental Services, Inc.	*	25,765		17,549

See accompanying notes to financial statements

291

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
R.R. Donnelley & Sons Co.	†		25,532	$	229,788
Rollins, Inc.			17,041		375,584
Standard Register Co. (The)			1,650		1,039
Steelcase, Inc., Class A			19,006		242,136
Sykes Enterprises, Inc.	*		3,519		53,559
Team, Inc.	*		3,347		127,320
Tetra Tech, Inc.	*		6,841		180,944
TRC Cos., Inc.	*		11,036		64,229
Unifirst Corp.			996		73,027
United Stationers, Inc.			4,110		127,369
US Ecology, Inc.			11,022		259,458
Viad Corp.			1,978		53,722
Virco Manufacturing Corp.	*		1,859		4,815
Waste Connections, Inc.			22,840		771,764

					7,406,230

Communications Equipment—1.3%
Acme Packet, Inc.	*†		10,066		222,660
ADTRAN, Inc.	†		12,844		250,972
Alliance Fiber Optic Products, Inc.			963		11,575
Anaren, Inc.	*		2,003		38,958
Arris Group, Inc.	*		18,641		278,497
Aruba Networks, Inc.	*†		24,779		514,164
Aviat Networks, Inc.	*		22,656		74,538
Black Box Corp.			1,414		34,417
Brocade Communications Systems, Inc.	*		65,397		348,566
CalAmp Corp.	*		9,992		83,133
Ciena Corp.	*†		24,804		389,423
Comtech Telecommunications Corp.			4,419		112,154
Digi International, Inc.	*		2,517		23,836
EchoStar Corp., Class A	*		10,388		355,477
Emcore Corp.	*†		11,797		50,727
Emulex Corp.	*		15,840		115,632
Extreme Networks, Inc.	*		9,940		36,182
Finisar Corp.	*†		16,126		262,854
Globecomm Systems, Inc.	*		5,067		57,257
Harmonic, Inc.	*		19,391		98,312
Infinera Corp.	*		12,147		70,574
InterDigital, Inc.	†		7,655		314,621
Ixia	*		7,348		124,769
KVH Industries, Inc.	*		3,755		52,495
Loral Space & Communications, Inc.			3,041		166,221
NETGEAR, Inc.	*		3,773		148,732
Numerex Corp., Class A	*		1,800		23,652
Oclaro, Inc.	*		9,084		14,262
Oplink Communications, Inc.	*		1,808		28,169
Optical Cable Corp.			241		906
Parkervision, Inc.	*†		37,014		75,138
Performance Technologies, Inc.	*		794		647
Plantronics, Inc.			9,656		356,017
Polycom, Inc.	*		30,575		319,815
Powerwave Technologies, Inc.	*†		6,812		2,112
Riverbed Technology, Inc.	*		23,885		471,012
Sonus Networks, Inc.	*		107,679		183,054
Sycamore Networks, Inc.			1,477		3,308
Symmetricom, Inc.	*		6,110		35,255
Tellabs, Inc.			59,542		135,756



		Shares		Value

UTStarcom Holdings Corp. (China)	*†	76,536	$	79,597
ViaSat, Inc.	*†	5,176		201,346
Westell Technologies, Inc., Class A	*	13,644		25,241
Zoom Technologies, Inc. (China)	*†	542		304

				6,192,337

Computers & Peripherals—0.6%
3D Systems Corp.	*†	8,492		453,048
Avid Technology, Inc.	*	2,658		20,148
Concurrent Computer Corp.		759		4,319
Cray, Inc.	*	5,759		91,856
Dataram Corp.	*	1,175		388
Diebold, Inc.		14,906		456,273
Dot Hill Systems Corp.	*	21,866		20,499
Electronics for Imaging, Inc.	*	3,912		74,289
Hutchinson Technology, Inc.	*†	2,054		4,108
iGO, Inc.	*	2,804		733
Imation Corp.	*	18,494		86,367
Immersion Corp.	*	5,977		41,062
Intermec, Inc.	*	11,337		111,783
Intevac, Inc.	*	3,891		17,782
Lexmark International, Inc., Class A	†	10,260		237,929
NCR Corp.	*	27,262		694,636
Novatel Wireless, Inc.	*	10,536		14,118
Overland Storage, Inc.	*	9,851		10,343
QLogic Corp.	*	26,656		259,363
Quantum Corp.	*	58,778		72,885
Rimage Corp.		924		6,172
Silicon Graphics International Corp.	*†	9,365		95,804
STEC, Inc.	*	14,855		73,235
Synaptics, Inc.	*†	5,067		151,858
TransAct Technologies, Inc.		2,600		18,772

				3,017,770

Construction & Engineering—0.8%
AECOM Technology Corp.	*	23,093		549,613
Aegion Corp.	*	4,145		91,978
Comfort Systems USA, Inc.		3,803		46,245
Dycom Industries, Inc.	*	13,213		261,617
EMCOR Group, Inc.		10,329		357,487
Furmanite Corp.	*	7,017		37,681
Granite Construction, Inc.		5,631		189,314
KBR, Inc.		23,912		715,447
Layne Christensen Co.	*	2,498		60,626
MasTec, Inc.	*†	11,328		282,407
Northwest Pipe Co.	*	2,458		58,648
Orion Marine Group, Inc.	*	17,265		126,207
Pike Electric Corp.		7,553		72,131
Shaw Group, Inc. (The)	*	12,959		604,019
Sterling Construction Co., Inc.	*	5,331		52,990
Tutor Perini Corp.	*	5,845		80,077
URS Corp.		11,130		436,964

				4,023,451

Construction Materials—0.2%
Eagle Materials, Inc.		6,632		387,972
Headwaters, Inc.	*	14,630		125,233
Martin Marietta Materials, Inc.	†	5,070		478,000
Texas Industries, Inc.	*†	3,011		153,591

				1,144,796

See accompanying notes to financial statements

292

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Consumer Finance—0.4%
Asset Acceptance Capital Corp.	*		6,870	$	30,915
Asta Funding, Inc.			3,486		33,152
Atlanticus Holdings Corp.	*		821		2,750
Cash America International, Inc.			7,304		289,750
Credit Acceptance Corp.	*		1,740		176,923
DFC Global Corp.	*		10,439		193,226
Ezcorp, Inc., Class A	*		7,391		146,785
First Cash Financial Services, Inc.	*		7,544		374,333
First Marblehead Corp. (The)	*†		39,461		30,657
Nelnet, Inc., Class A			4,517		134,562
Portfolio Recovery Associates, Inc.	*		1,989		212,545
World Acceptance Corp.	*†		1,346		100,358

					1,725,956

Containers & Packaging—0.9%
AEP Industries, Inc.	*		1,473		87,246
AptarGroup, Inc.	†		9,353		446,325
Crown Holdings, Inc.	*		30,834		1,135,000
Graphic Packaging Holding Co.	*		52,944		342,018
Greif, Inc., Class A			4,197		186,766
Myers Industries, Inc.			4,506		68,266
Packaging Corp. of America			18,729		720,505
Rock-Tenn Co., Class A			9,473		662,257
Silgan Holdings, Inc.			9,969		414,611
Sonoco Products Co.			13,840		411,463

					4,474,457

Distributors—0.3%
LKQ Corp.	*		56,780		1,198,058
Pool Corp.			5,225		221,122
VOXX International Corp.	*		2,945		19,820

					1,439,000

Diversified Consumer Services—0.7%
American Public Education, Inc.	*†		2,444		88,253
Ascent Capital Group, Inc., Class A	*		2,424		150,142
Capella Education Co.	*		3,229		91,155
Career Education Corp.	*		11,632		40,945
Coinstar, Inc.	*†		3,501		182,087
Corinthian Colleges, Inc.	*†		17,447		42,571
DeVry, Inc.			9,475		224,842
Education Management Corp.	*†		12,017		52,634
Grand Canyon Education, Inc.	*		8,434		197,946
Hillenbrand, Inc.			14,350		324,453
ITT Educational Services, Inc.	*†		4,939		85,494
K12, Inc.	*†		8,049		164,522
Learning Tree International, Inc.	*		4,044		22,040
Matthews International Corp., Class A			4,455		143,005
Regis Corp.	†		5,718		96,749
School Specialty, Inc.	*		1,184		1,125
Service Corp. International			34,074		470,562
Sotheby’s			9,999		336,166
Steiner Leisure Ltd. (Bahamas)	*		2,327		112,138
Stewart Enterprises, Inc., Class A	†		11,267		86,080
Strayer Education, Inc.	†		944		53,024



		Shares		Value

Universal Technical Institute, Inc.		4,524	$	45,421
Weight Watchers International, Inc.	†	5,424		284,001

				3,295,355

Diversified Financial Services—0.3%
Interactive Brokers Group, Inc.,
Class A		14,771		202,067
MarketAxess Holdings, Inc.		8,655		305,521
MSCI, Inc.	*	22,345		692,472
PHH Corp.	*†	11,809		268,655
PICO Holdings, Inc.	*	3,754		76,094
Resource America, Inc., Class A		3,696		24,652

				1,569,461

Diversified Telecommunication Services—0.5%
8x8, Inc.	*	33,730		249,265
Alaska Communications Systems Group, Inc.		8,744		16,963
Atlantic Tele-Network, Inc.		1,034		37,958
Cbeyond, Inc.	*	5,638		50,967
Cincinnati Bell, Inc.	*	58,433		320,213
Cogent Communications Group, Inc.		9,120		206,477
Consolidated Communications Holdings, Inc.		15,899		253,112
General Communication, Inc., Class A	*	3,847		36,893
HickoryTech Corp.		2,286		22,243
IDT Corp., Class B		2,274		21,694
Level 3 Communications, Inc.	*	28,997		670,121
Lumos Networks Corp.		1,551		15,541
Neutral Tandem, Inc.		13,265		34,091
ORBCOMM, Inc.	*	13,962		54,731
Premiere Global Services, Inc.	*	5,642		55,179
tw telecom inc.	*	22,613		575,953

				2,621,401

Electric Utilities—1.4%
ALLETE, Inc.		5,379		220,431
Cleco Corp.		8,902		356,169
El Paso Electric Co.		7,953		253,780
Empire District Electric Co. (The)		10,377		211,483
Great Plains Energy, Inc.		22,589		458,783
Hawaiian Electric Industries, Inc.		21,540		541,516
IDACORP, Inc.		8,127		352,305
ITC Holdings Corp.		7,281		559,982
MGE Energy, Inc.		4,750		242,013
NV Energy, Inc.		33,967		616,161
OGE Energy Corp.		15,087		849,549
Otter Tail Corp.		6,778		169,450
PNM Resources, Inc.		13,928		285,663
Portland General Electric Co.		13,022		356,282
UIL Holdings Corp.		10,662		381,806
Unitil Corp.		4,288		111,145
UNS Energy Corp.		4,770		202,343
Westar Energy, Inc.		18,809		538,314

				6,707,175

Electrical Equipment—1.3%
Active Power, Inc.	*	8,420		28,207
Acuity Brands, Inc.		5,630		381,320
American Superconductor Corp.	*†	6,746		17,675

See accompanying notes to financial statements

293

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
AMETEK, Inc.			45,337	$	1,703,311
AZZ, Inc.			5,725		220,012
Babcock & Wilcox Co. (The)			19,772		518,026
Belden, Inc.			6,679		300,488
Brady Corp., Class A			7,763		259,284
Capstone Turbine Corp.	*†		79,299		70,576
Encore Wire Corp.			1,693		51,315
EnerSys, Inc.	*		8,778		330,316
Franklin Electric Co., Inc.			3,929		244,266
FuelCell Energy, Inc.	*†		48,935		44,873
General Cable Corp.	*		7,507		228,288
GrafTech International Ltd.	*		22,518		211,444
Hubbell, Inc., Class B			7,363		623,131
II-VI, Inc.	*		6,998		127,854
LSI Industries, Inc.			3,003		21,051
Magnetek, Inc.	*		458		4,717
Orbit International Corp.	*		2,812		8,717
Polypore International, Inc.	*†		5,835		271,328
Powell Industries, Inc.	*		1,046		43,440
PowerSecure International, Inc.	*		2,650		20,697
Regal-Beloit Corp.			5,997		422,609
Ultralife Corp.	*		3,672		11,897
Universal Security Instruments, Inc.	*		266		1,146
Vicor Corp.	*		3,481		18,867

					6,184,855

Electronic Equipment, Instruments & Components—2.0%
Agilysys, Inc.	*		4,188		35,054
Anixter International, Inc.			5,818		372,236
Arrow Electronics, Inc.	*		15,485		589,669
Avnet, Inc.	*		23,170		709,234
AVX Corp.			16,770		180,781
Badger Meter, Inc.			4,287		203,247
Benchmark Electronics, Inc.	*		14,600		242,652
Checkpoint Systems, Inc.	*		8,101		87,005
Cognex Corp.			3,670		135,129
Coherent, Inc.			3,191		161,528
CTS Corp.			4,578		48,664
Daktronics, Inc.			5,610		62,103
Dolby Laboratories, Inc., Class A	†		7,320		214,696
DTS, Inc.	*		1,605		26,803
Echelon Corp.	*		10,673		26,149
Electro Rent Corp.			2,563		39,419
Electro Scientific Industries, Inc.			3,685		36,666
FARO Technologies, Inc.	*		1,400		49,952
FEI Co.			7,016		389,107
Frequency Electronics, Inc.			1,355		11,125
ID Systems, Inc.	*		2,437		14,183
Identive Group, Inc.	*		11,064		16,596
Ingram Micro, Inc., Class A	*		29,411		497,634
Insight Enterprises, Inc.	*		3,820		66,353
IPG Photonics Corp.	†		6,852		456,686
Iteris, Inc.	*		4,264		7,249
Itron, Inc.	*		7,914		352,569
Lightpath Technologies, Inc., Class A	*†		17,646		15,687
Littelfuse, Inc.			2,845		175,565
LoJack Corp.	*		1,880		5,245
LRAD Corp.	*		3,686		4,055
Maxwell Technologies, Inc.	*†		9,929		82,311
Measurement Specialties, Inc.	*		3,063		105,245



		Shares		Value

Mercury Systems, Inc.	*	3,652	$	33,598
Mesa Laboratories, Inc.		1,200		60,132
Methode Electronics, Inc.		16,111		161,593
Microvision, Inc.	*†	14,308		27,328
MTS Systems Corp.		1,818		92,591
National Instruments Corp.		17,107		441,532
Newport Corp.	*	4,130		55,548
OSI Systems, Inc.	*	2,750		176,110
Park Electrochemical Corp.		1,950		50,174
PC Connection, Inc.		2,755		31,682
Planar Systems, Inc.	*	8,504		12,161
Plexus Corp.	*	4,416		113,933
Power-One, Inc.	*†	40,825		167,791
Pulse Electronics Corp.	*	7,988		2,480
Radisys Corp.	*	4,878		14,536
Research Frontiers, Inc.	*†	2,932		10,966
Rofin-Sinar Technologies, Inc.	*	3,102		67,251
Rogers Corp.	*	1,417		70,368
Sanmina Corp.	*	9,115		100,903
ScanSource, Inc.	*	1,798		57,122
Sigmatron International, Inc.	*	283		1,152
SYNNEX Corp.	*	5,088		174,925
Tech Data Corp.	*	9,451		430,304
Trimble Navigation Ltd.	*	20,202		1,207,676
TTM Technologies, Inc.	*	13,456		123,795
Universal Display Corp.	*†	5,881		150,671
Vishay Intertechnology, Inc.	*†	19,798		210,453
Vishay Precision Group, Inc.	*	7,543		99,718
Wayside Technology Group, Inc.		1,787		19,818
Zygo Corp.	*	2,997		47,053

				9,633,961

Energy Equipment & Services—1.9%
Atwood Oceanics, Inc.	*	8,965		410,507
Basic Energy Services, Inc.	*†	5,491		62,652
Bolt Technology Corp.		4,903		69,966
Bristow Group, Inc.		7,731		414,845
Cal Dive International, Inc.	*†	45,231		78,250
CARBO Ceramics, Inc.	†	3,363		263,457
Dawson Geophysical Co.	*	2,635		69,511
Dresser-Rand Group, Inc.	*	13,863		778,269
Dril-Quip, Inc.	*	5,987		437,350
Exterran Holdings, Inc.	*	10,606		232,484
Geospace Technologies Corp.	*	1,604		142,548
Gulfmark Offshore, Inc., Class A		3,758		129,463
Heckmann Corp.	*†	24,039		96,877
Helix Energy Solutions Group, Inc.	*	12,150		250,776
Hercules Offshore, Inc.	*	42,310		261,476
Hornbeck Offshore Services, Inc.	*	4,277		146,872
ION Geophysical Corp.	*	22,870		148,884
Key Energy Services, Inc.	*	31,716		220,426
Lufkin Industries, Inc.	†	5,305		308,380
Matrix Service Co.	*	3,244		37,306
McDermott International, Inc.	*	38,556		424,887
Mitcham Industries, Inc.	*	3,707		50,526
Natural Gas Services Group, Inc.	*	5,244		86,106
Newpark Resources, Inc.	*†	17,228		135,240
Oceaneering International, Inc.		15,298		822,879
Oil States International, Inc.	*	7,531		538,768
Parker Drilling Co.	*	18,562		85,385
Patterson-UTI Energy, Inc.	†	29,101		542,152
PHI, Inc.	*	2,638		88,347
Pioneer Energy Services Corp.	*	16,802		121,983

See accompanying notes to financial statements

294

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
RPC, Inc.	†		25,188	$	308,301
SEACOR Holdings, Inc.			2,817		236,065
Superior Energy Services, Inc.	*		25,901		536,669
TETRA Technologies, Inc.	*		8,961		68,014
Tidewater, Inc.			7,544		337,066
Unit Corp.	*		6,849		308,547
Vantage Drilling Co.	*†		44,721		81,839

					9,333,073

Food & Staples Retailing—0.4%
Andersons, Inc. (The)			2,228		95,581
Arden Group, Inc., Class A			552		49,664
Casey’s General Stores, Inc.			7,327		389,064
Harris Teeter Supermarkets, Inc.			7,740		298,455
Nash Finch Co.			1,190		25,323
Pantry, Inc. (The)	*		2,139		25,946
Pricesmart, Inc.			3,028		233,307
Rite Aid Corp.	*		203,564		276,847
Spartan Stores, Inc.			3,490		53,606
SUPERVALU, Inc.	†		28,510		70,420
United Natural Foods, Inc.	*		6,858		367,520
Village Super Market, Inc., Class A			2,777		91,252
Weis Markets, Inc.			1,103		43,205

					2,020,190

Food Products—2.0%
B&G Foods, Inc.			12,057		341,334
Bunge Ltd.			26,859		1,952,381
Calavo Growers, Inc.	†		2,244		56,571
Cal-Maine Foods, Inc.			4,027		161,966
Chiquita Brands International, Inc.	*†		9,802		80,867
Darling International, Inc.	*		17,587		282,095
Diamond Foods, Inc.	†		4,466		61,050
Dole Food Co., Inc.	*		12,165		139,533
Farmer Bros. Co.	*†		930		13,420
Flowers Foods, Inc.			28,075		653,305
Fresh Del Monte Produce, Inc.			11,486		302,656
Green Mountain Coffee Roasters, Inc.	*†		18,718		774,176
Griffin Land & Nurseries, Inc.	†		2,039		55,053
Hain Celestial Group, Inc. (The)	*		10,164		551,092
Hillshire Brands Co.			21,866		615,309
Ingredion, Inc.			12,624		813,364
Inventure Foods, Inc.	*		9,182		59,591
J&J Snack Foods Corp.			1,866		119,312
John B. Sanfilippo & Son, Inc.			1,899		34,524
Lancaster Colony Corp.			2,437		168,616
Omega Protein Corp.	*		2,815		17,228
Post Holdings, Inc.	*		5,073		173,750
Ralcorp Holdings, Inc.	*		8,870		795,196
Sanderson Farms, Inc.			2,714		129,051
Smart Balance, Inc.	*		15,817		204,039
Smithfield Foods, Inc.	*		23,691		511,015
Snyders-Lance, Inc.			10,604		255,662
Tootsie Roll Industries, Inc.	†		3,255		84,370
TreeHouse Foods, Inc.	*		8,182		426,528

					9,833,054



		Shares		Value

Gas Utilities—0.9%
Atmos Energy Corp.		14,680	$	515,562
Chesapeake Utilities Corp.		2,965		134,611
Delta Natural Gas Co., Inc.		7,514		146,899
Laclede Group, Inc. (The)		1,902		73,436
National Fuel Gas Co.		14,383		729,074
New Jersey Resources Corp.		5,892		233,441
Northwest Natural Gas Co.		3,667		162,081
Piedmont Natural Gas Co., Inc.		15,429		483,082
Questar Corp.		29,569		584,283
South Jersey Industries, Inc.		3,110		156,526
Southwest Gas Corp.		7,750		328,678
UGI Corp.		16,949		554,402
WGL Holdings, Inc.		6,648		260,535

				4,362,610

Health Care Equipment & Supplies—2.3%
Abaxis, Inc.		2,445		90,709
ABIOMED, Inc.	*†	6,733		90,626
Accuray, Inc.	*	10,434		67,091
Alere, Inc.	*	9,884		182,854
Align Technology, Inc.	*†	11,608		322,122
Analogic Corp.		1,810		134,483
AngioDynamics, Inc.	*	14,132		155,311
Atrion Corp.		435		85,260
Biolase, Inc.	*†	22,302		41,259
Cantel Medical Corp.		6,766		201,153
Cerus Corp.	*	16,123		50,949
Conceptus, Inc.	*†	5,717		120,114
CONMED Corp.		9,592		268,096
Cooper Cos., Inc. (The)		6,675		617,304
CryoLife, Inc.		6,833		42,570
Cutera, Inc.	*	3,098		27,882
Cyberonics, Inc.	*	3,767		197,880
Cynosure, Inc., Class A	*	3,342		80,576
DexCom, Inc.	*	11,213		152,609
Endologix, Inc.	*	14,422		205,369
Greatbatch, Inc.	*	2,283		53,057
Haemonetics Corp.	*	7,678		313,570
Hill-Rom Holdings, Inc.		7,038		200,583
Hologic, Inc.	*	52,477		1,051,114
ICU Medical, Inc.	*	1,366		83,230
IDEXX Laboratories, Inc.	*†	7,212		669,274
Insulet Corp.	*	7,107		150,811
Integra LifeSciences Holdings Corp.	*	2,236		87,137
Invacare Corp.		4,378		71,361
MAKO Surgical Corp.	*†	5,397		69,459
Masimo Corp.		6,826		143,414
Medical Action Industries, Inc.	*	7,146		19,223
Meridian Bioscience, Inc.	†	6,053		122,573
Merit Medical Systems, Inc.	*	7,183		99,844
Natus Medical, Inc.	*	15,518		173,491
Neogen Corp.	*	3,093		140,175
NuVasive, Inc.	*	6,151		95,094
NxStage Medical, Inc.	*†	12,475		140,344
OraSure Technologies, Inc.	*	7,330		52,629
Orthofix International NV (Netherlands Antilles)	*	2,888		113,585
Palomar Medical Technologies, Inc.	*	2,762		25,438
Quidel Corp.	*†	14,799		276,297
ResMed, Inc.	†	25,196		1,047,398
Rochester Medical Corp.	*	5,305		53,474

See accompanying notes to financial statements

295

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
RTI Biologics, Inc.	*		13,504	$	57,662
Sirona Dental Systems, Inc.	*		8,415		542,431
Spectranetics Corp.	*		8,571		126,594
Staar Surgical Co.	*		13,188		80,447
STERIS Corp.			13,087		454,512
SurModics, Inc.	*		3,217		71,932
Teleflex, Inc.			6,200		442,122
Theragenics Corp.	*		4,088		6,500
ThermoGenesis Corp.	*		1,079		906
Thoratec Corp.	*		9,579		359,404
Urologix, Inc.	*		25,612		17,416
Vision-Sciences, Inc.	*†		27,178		32,342
Volcano Corp.	*		5,711		134,837
West Pharmaceutical Services, Inc.			4,069		222,778
Wright Medical Group, Inc.	*†		5,713		119,916
Young Innovations, Inc.			1,093		43,075

					11,099,666

Health Care Providers & Services—3.2%
Air Methods Corp.			74,700		2,755,683
Alliance HealthCare Services, Inc.	*		2,163		13,802
Almost Family, Inc.			2,502		50,690
Amedisys, Inc.	*		2,921		32,920
AMN Healthcare Services, Inc.	*		3,864		44,629
Amsurg Corp.	*		3,538		106,175
Bio-Reference Labs, Inc.	*†		8,141		233,565
BioScrip, Inc.	*		9,835		105,923
Brookdale Senior Living, Inc.	*		21,979		556,508
Capital Senior Living Corp.	*		9,966		186,264
CardioNet, Inc.	*		8,331		18,995
Catamaran Corp.	*		34,145		1,608,571
Centene Corp.	*		7,045		288,845
Chemed Corp.	†		2,102		144,176
Chindex International, Inc.	*		5,225		54,862
Community Health Systems, Inc.			12,136		373,061
Cross Country Healthcare, Inc.	*		2,631		12,629
Emeritus Corp.	*		5,975		147,702
Ensign Group, Inc. (The)			3,393		92,256
Five Star Quality Care, Inc.	*		23,205		116,257
Gentiva Health Services, Inc.	*		3,767		37,858
Hanger, Inc.	*		7,988		218,552
HCA Holdings, Inc.			7,601		229,322
Health Management Associates,
Inc., Class A	*		41,012		382,232
Health Net, Inc.	*		15,676		380,927
HealthSouth Corp.	*		20,125		424,839
Healthways, Inc.	*		3,517		37,632
Henry Schein, Inc.	*		14,562		1,171,658
HMS Holdings Corp.	*		13,299		344,710
IPC The Hospitalist Co., Inc.	*		4,870		193,388
Kindred Healthcare, Inc.	*		6,873		74,366
Landauer, Inc.			1,319		80,736
LHC Group, Inc.	*		8,598		183,137
LifePoint Hospitals, Inc.	*		8,109		306,115
Magellan Health Services, Inc.	*		4,963		243,187
MEDNAX, Inc.	*†		8,920		709,318
Molina Healthcare, Inc.	*		3,366		91,084
MWI Veterinary Supply, Inc.	*		1,760		193,600
National Healthcare Corp.			1,078		50,687
National Research Corp.			1,250		67,750



		Shares		Value

Omnicare, Inc.		14,725	$	531,572
Owens & Minor, Inc.	†	7,718		220,040
PDI, Inc.	*	7,448		56,605
PharMerica Corp.	*	5,445		77,537
Providence Service Corp. (The)	*	3,898		66,227
PSS World Medical, Inc.	*	14,310		413,273
Psychemedics Corp.		3,061		32,906
Skilled Healthcare Group, Inc., Class A	*	10,902		69,446
Sunrise Senior Living, Inc.	*	17,453		250,974
Team Health Holdings, Inc.	*	9,475		272,596
Triple-S Management Corp.,
Class B (Puerto Rico)	*	7,729		142,755
U.S. Physical Therapy, Inc.		3,224		88,789
Universal American Corp.		10,462		89,869
Universal Health Services, Inc., Class B		14,228		687,924
Vanguard Health Systems, Inc.	*	3,023		37,032
VCA Antech, Inc.	*	11,415		240,286
WellCare Health Plans, Inc.	*	6,643		323,448

				15,965,890

Health Care Technology—0.4%
Allscripts Healthcare Solutions, Inc.	*	39,879		375,660
athenahealth, Inc.	*†	4,838		355,351
Authentidate Holding Corp.	*	20,799		19,551
CollabRx, Inc.	*	62		251
Computer Programs & Systems, Inc.		3,593		180,872
MedAssets, Inc.	*	19,972		334,930
Medidata Solutions, Inc.	*	6,546		256,538
Merge Healthcare, Inc.	*†	9,619		23,759
Omnicell, Inc.	*	7,892		117,354
Quality Systems, Inc.		5,804		100,757

				1,765,023

Hotels Restaurant & Leisure—0.0%
SHFL Entertainment, Inc.	*	6,463		93,714

Hotels, Restaurants & Leisure—2.7%
AFC Enterprises, Inc.	*	5,988		156,466
Ambassadors Group, Inc.		2,796		11,911
Ameristar Casinos, Inc.		3,664		96,143
Bally Technologies, Inc.	*	8,445		377,576
Biglari Holdings, Inc.	*	109		42,512
Bluegreen Corp.	*	1,800		16,884
Bob Evans Farms, Inc.		2,925		117,585
Boyd Gaming Corp.	*†	9,758		64,793
Brinker International, Inc.		8,138		252,197
Buffalo Wild Wings, Inc.	*†	4,069		296,305
CEC Entertainment, Inc.		2,926		97,114
Cheesecake Factory, Inc. (The)		8,701		284,697
Choice Hotels International, Inc.	†	6,229		209,419
Churchill Downs, Inc.		1,867		124,062
Cosi, Inc.	*	95,992		74,682
Cracker Barrel Old Country Store, Inc.		2,879		185,005
DineEquity, Inc.	*	1,467		98,289
Domino’s Pizza, Inc.		12,378		539,062
Dover Downs Gaming & Entertainment, Inc.		1,687		3,711
Dover Motorsports, Inc.		1,645		2,780
Hyatt Hotels Corp., Class A	*	8,122		313,266

See accompanying notes to financial statements

296

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
International Speedway Corp., Class A			3,250	$	89,765
Interval Leisure Group, Inc.			5,696		110,445
Isle of Capri Casinos, Inc.	*		1,251		7,006
Jack in the Box, Inc.	*		8,142		232,861
Jamba, Inc.	*		31,424		70,390
Krispy Kreme Doughnuts, Inc.	*		23,022		215,946
Las Vegas Sands Corp.			76,903		3,549,842
Life Time Fitness, Inc.	*†		5,382		264,848
Luby’s, Inc.	*		14,427		96,517
Marcus Corp.	†		1,805		22,508
Marriott Vacations Worldwide Corp.	*		4,601		191,724
MGM Resorts International	*		65,940		767,542
Monarch Casino & Resort, Inc.	*		6,897		75,246
Morgans Hotel Group Co.	*		7,052		39,068
MTR Gaming Group, Inc.	*		4,525		18,869
Multimedia Games Holding Co., Inc.	*		4,259		62,650
Panera Bread Co., Class A	*		4,389		697,105
Papa John’s International, Inc.	*		2,356		129,439
Penn National Gaming, Inc.	*		13,863		680,812
Pinnacle Entertainment, Inc.	*		14,818		234,569
Red Robin Gourmet Burgers, Inc.	*		1,203		42,454
Royal Caribbean Cruises Ltd.			22,990		781,660
Ruby Tuesday, Inc.	*		20,841		163,810
Scientific Games Corp., Class A	*		13,630		118,172
Six Flags Entertainment Corp.			5,512		337,334
Sonic Corp.	*		13,814		143,804
Speedway Motorsports, Inc.			1,680		29,971
Texas Roadhouse, Inc.	†		14,746		247,733
Vail Resorts, Inc.	†		3,907		211,330
Wendy’s Co. (The)	†		64,355		302,468
WMS Industries, Inc.	*		4,326		75,705

					13,376,052

Household Durables—1.2%
American Greetings Corp., Class A	†		8,927		150,777
Bassett Furniture Industries, Inc.			610		7,607
Beazer Homes USA, Inc.	*†		8,566		144,680
Blyth, Inc.	†		1,754		27,275
Cavco Industries, Inc.	*		1,216		60,776
CSS Industries, Inc.			1,140		24,955
Ethan Allen Interiors, Inc.	†		3,468		89,162
Furniture Brands International, Inc.	*		9,746		10,331
Helen of Troy Ltd. (Bermuda)	*		3,893		129,987
Hooker Furniture Corp.			3,953		57,437
Hovnanian Enterprises, Inc., Class A	*†		32,345		226,415
Jarden Corp.	*		13,122		678,407
KB Home	†		9,945		157,131
Kid Brands, Inc.	*		1,157		1,793
La-Z-Boy, Inc.			13,087		185,181
M/I Homes, Inc.	*		1,741		46,136
MDC Holdings, Inc.			5,581		205,158
Meritage Homes Corp.	*		4,845		180,961
Mohawk Industries, Inc.	*		8,152		737,511
NACCO Industries, Inc., Class A			441		26,764
NVR, Inc.	*		753		692,760



		Shares		Value

Ryland Group, Inc. (The)		9,672	$	353,028
Sealy Corp.	*†	6,171		13,391
Skyline Corp.	*	918		3,727
Standard Pacific Corp.	*†	29,234		214,870
Tempur-Pedic International, Inc.	*	8,386		264,075
Toll Brothers, Inc.	*	19,810		640,457
Tupperware Brands Corp.		8,397		538,248
Universal Electronics, Inc.	*	3,125		60,469

				5,929,469

Household Products—0.5%
Central Garden and Pet Co., Class A	*	2,770		28,947
Church & Dwight Co., Inc.		24,775		1,327,197
Energizer Holdings, Inc.		11,077		885,938
Harbinger Group, Inc.	*	22,838		175,624
WD-40 Co.		2,756		129,835

				2,547,541

Independent Power Producers & Energy Traders—0.4%
Atlantic Power Corp.		14,820		169,393
Calpine Corp.	*	89,210		1,617,377
Genie Energy Ltd., Class B		4,871		34,584
Ormat Technologies, Inc.	†	9,093		175,313

				1,996,667

Industrial Conglomerates—0.2%
Carlisle Cos., Inc.		9,558		561,628
Raven Industries, Inc.		10,824		285,321
Seaboard Corp.		43		108,785
Standex International Corp.		1,584		81,243

				1,036,977

Insurance—4.2%
Alleghany Corp.	*	2,353		789,243
Alterra Capital Holdings Ltd. (Bermuda)		13,003		366,555
American Financial Group, Inc.		16,918		668,599
American National Insurance Co.		3,719		253,971
American Safety Insurance Holdings Ltd.	*	8,481		160,461
AMERISAFE, Inc.	*	5,765		157,096
Amtrust Financial Services, Inc.	†	12,023		344,940
Arch Capital Group Ltd. (Bermuda)	*	20,502		902,498
Argo Group International Holdings Ltd. (Bermuda)		3,031		101,811
Arthur J. Gallagher & Co.		18,868		653,776
Aspen Insurance Holdings Ltd. (Bermuda)		16,062		515,269
Assured Guaranty Ltd. (Bermuda)		27,034		384,694
Axis Capital Holdings Ltd. (Bermuda)		20,697		716,944
Baldwin & Lyons, Inc., Class B		3,296		78,643
Brown & Brown, Inc.		21,301		542,323
Citizens, Inc.	*†	26,322		290,858
CNA Financial Corp.		4,536		127,053
CNO Financial Group, Inc.		33,835		315,681
Crawford & Co., Class B		3,543		28,273
eHealth, Inc.	*	9,146		251,332
EMC Insurance Group, Inc.		1,041		24,859
Employers Holdings, Inc.		8,216		169,085

See accompanying notes to financial statements

297

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Endurance Specialty Holdings Ltd. (Bermuda)			8,343	$	331,134
Enstar Group Ltd. (Bermuda)	*		1,100		123,178
Erie Indemnity Co., Class A			4,229		292,731
Everest Re Group Ltd. (Bermuda)			8,159		897,082
FBL Financial Group, Inc., Class A			2,268		77,588
Fidelity National Financial, Inc.,
Class A			34,685		816,832
First American Financial Corp.			13,864		333,984
Hanover Insurance Group, Inc.
(The)			4,762		184,480
HCC Insurance Holdings, Inc.			17,374		646,487
Hilltop Holdings, Inc.	*		18,258		247,213
Horace Mann Educators Corp.			11,542		230,378
Independence Holding Co.			6,525		62,118
Infinity Property & Casualty Corp.			1,280		74,547
Kansas City Life Insurance Co.			1,203		45,906
Kemper Corp.			11,715		345,593
Markel Corp.	*		1,345		582,950
MBIA, Inc.	*†		16,677		130,914
Meadowbrook Insurance Group, Inc.			30,802		178,036
Mercury General Corp.			4,554		180,748
Montpelier Re Holdings Ltd. (Bermuda)			11,312		258,592
National Financial Partners Corp.	*		9,598		164,510
Navigators Group, Inc. (The)	*		1,745		89,117
Old Republic International Corp.			33,631		358,170
OneBeacon Insurance Group Ltd., Class A			9,986		138,805
PartnerRe Ltd. (Bermuda)			9,458		761,274
Phoenix Cos., Inc. (The)	*		1,471		36,378
Platinum Underwriters Holdings Ltd. (Bermuda)			5,013		230,598
ProAssurance Corp.			6,204		261,747
Protective Life Corp.			9,843		281,313
Reinsurance Group of America, Inc.			11,745		628,592
RenaissanceRe Holdings Ltd. (Bermuda)			8,998		731,178
RLI Corp.			1,980		128,027
Safety Insurance Group, Inc.			1,536		70,917
SeaBright Holdings, Inc.			5,072		56,147
Selective Insurance Group, Inc.			9,573		184,472
StanCorp Financial Group, Inc.			10,880		398,970
State Auto Financial Corp.			2,585		38,620
Stewart Information Services Corp.			1,684		43,784
Symetra Financial Corp.			15,274		198,257
Tower Group, Inc.			3,847		68,361
United Fire Group, Inc.			2,592		56,609
Validus Holdings Ltd. (Bermuda)			15,825		547,229
W.R. Berkley Corp.			19,012		717,513
White Mountains Insurance Group Ltd.			799		411,485

					20,486,528



		Shares		Value

Internet & Catalog Retail—0.6%
1-800-Flowers.com, Inc., Class A	*	2,113	$	7,755
Blue Nile, Inc.	*†	2,444		94,094
dELiA*s, Inc.	*	8,443		9,878
Geeknet, Inc.	*	1,436		23,120
Groupon, Inc.	*†	5,455		26,621
Hollywood Media Corp.	*	10,671		14,406
HSN, Inc.		5,105		281,183
Liberty Interactive Corp., Series A	*	82,227		1,618,227
Liberty Ventures, Series A	*	4,111		278,561
Nutrisystem, Inc.	†	5,029		41,188
Overstock.com, Inc.	*†	3,326		47,595
Shutterfly, Inc.	*†	11,814		352,884
Valuevision Media, Inc., Class A	*†	34,796		62,633

				2,858,145

Internet Software & Services—2.9%
AOL, Inc.	*†	14,126		418,271
Autobytel, Inc.	*	951		3,785
Blucora, Inc.	*	11,869		186,462
comScore, Inc.	*	6,023		82,997
Constant Contact, Inc.	*	10,251		145,667
CoStar Group, Inc.	*	3,643		325,575
Crexendo, Inc.		1,043		2,952
Dealertrack Technologies, Inc.	*	4,113		118,125
Digital River, Inc.	*	5,786		83,260
EarthLink, Inc.		42,332		273,465
Equinix, Inc.	*	6,236		1,285,863
Facebook, Inc., Class A	*	197,549		5,260,730
IAC/InterActiveCorp		15,369		726,954
Internap Network Services Corp.	*	12,216		84,779
Inuvo, Inc.	*	2,034		1,892
Ipass, Inc.	*	24,123		44,145
j2 Global, Inc.	†	7,537		230,481
Keynote Systems, Inc.		3,262		45,961
Limelight Networks, Inc.	*	6,937		15,400
LinkedIn Corp., Class A	*	14,412		1,654,786
Liquidity Services, Inc.	*	3,959		161,765
LivePerson, Inc.	*	8,484		111,480
LogMeIn, Inc.	*	6,170		138,270
Looksmart Ltd.	*	4,010		3,569
Marchex, Inc., Class B		2,710		11,138
Move, Inc.	*	14,314		108,643
NIC, Inc.		10,696		174,773
OpenTable, Inc.	*	7,353		358,826
Perficient, Inc.	*	4,400		51,832
Rackspace Hosting, Inc.	*	17,580		1,305,667
RealNetworks, Inc.	*	4,328		32,720
Saba Software, Inc.	*	8,343		72,918
Stamps.com, Inc.	*	3,772		95,054
support.com, Inc.	*	4,962		20,741
United Online, Inc.		18,915		105,735
Unwired Planet, Inc.	*	21,687		26,024
ValueClick, Inc.	*	13,525		262,520
Vocus, Inc.	*	4,079		70,893
Web.com Group, Inc.	*†	9,045		133,866
WebMD Health Corp.	*	6,687		95,892
WebMediaBrands, Inc.	*	574		1,148
XO Group, Inc.	*	3,458		32,159
Zix Corp.	*	18,330		51,324

				14,418,507

See accompanying notes to financial statements

298

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
IT Services—2.2%
Acxiom Corp.	*		9,001	$	157,157
Alliance Data Systems Corp.	*†		8,712		1,261,149
Broadridge Financial Solutions, Inc.			23,680		541,798
CACI International, Inc., Class A	*		4,046		222,651
Cass Information Systems, Inc.			1,466		61,865
CIBER, Inc.	*		14,012		46,800
Convergys Corp.			24,389		400,224
CoreLogic, Inc.	*		15,057		405,334
CSG Systems International, Inc.	*		4,930		89,627
DST Systems, Inc.			9,362		567,337
Edgewater Technology, Inc.	*		2,568		9,758
Euronet Worldwide, Inc.	*		6,728		158,781
FleetCor Technologies, Inc.	*		5,847		313,692
Forrester Research, Inc.			2,455		65,794
Gartner, Inc.	*		17,701		814,600
Genpact Ltd.			33,812		524,086
Global Cash Access Holdings, Inc.	*		27,153		212,880
Global Payments, Inc.			14,275		646,658
Hackett Group, Inc. (The)			7,902		33,821
Heartland Payment Systems, Inc.			6,660		196,470
Higher One Holdings, Inc.	*†		8,271		87,176
iGATE Corp.	*		2,997		47,263
Jack Henry & Associates, Inc.			12,750		500,565
Lender Processing Services, Inc.			11,943		294,037
Lionbridge Technologies, Inc.	*		18,369		73,843
Management Network Group, Inc.	*		320		739
Mantech International Corp., Class A	†		3,037		78,780
MAXIMUS, Inc.			6,111		386,337
ModusLink Global Solutions, Inc.	*		10,739		31,143
MoneyGram International, Inc.	*		11,866		157,699
NCI, Inc., Class A	*		1,956		9,174
NeuStar, Inc., Class A	*		13,778		577,712
Online Resources Corp.	*		13,184		29,928
Pfsweb, Inc.	*†		1,209		3,434
Sapient Corp.	*		25,306		267,231
StarTek, Inc.	*		1,875		7,556
Syntel, Inc.			3,095		165,861
TeleTech Holdings, Inc.	*		4,611		82,076
TNS, Inc.	*		6,651		137,875
Unisys Corp.	*		7,450		128,885
Vantiv, Inc., Class A	*		8,498		173,529
VeriFone Systems, Inc.	*		13,471		399,819
WEX, Inc.	*		5,323		401,195

					10,772,339

Leisure Equipment & Products—0.4%
Arctic Cat, Inc.	*		1,738		58,032
Brunswick Corp.			10,281		299,074
Callaway Golf Co.			18,335		119,178
JAKKS Pacific, Inc.			3,244		40,615
LeapFrog Enterprises, Inc.	*		19,865		171,435
Nautilus, Inc.	*		2,480		8,705
Polaris Industries, Inc.			9,967		838,723
Smith & Wesson Holding Corp.	*		25,585		215,937
Steinway Musical Instruments, Inc.	*		1,536		32,486
Sturm Ruger & Co., Inc.	†		2,146		97,428

					1,881,613



		Shares		Value

Life Sciences Tools & Services—0.9%
Affymetrix, Inc.	*†	21,563	$	68,355
Albany Molecular Research, Inc.	*	2,944		15,544
Bio-Rad Laboratories, Inc., Class A	*	2,830		297,292
Bruker Corp.	*	19,689		300,651
Cambrex Corp.	*	6,259		71,227
Charles River Laboratories
International, Inc.	*	11,766		440,872
Covance, Inc.	*	8,291		478,971
Enzo Biochem, Inc.	*	6,306		17,026
Furiex Pharmaceuticals, Inc.	*	2,109		40,619
Illumina, Inc.	*†	23,166		1,287,798
Luminex Corp.	*	6,030		101,063
Mettler-Toledo International, Inc.	*†	3,712		717,530
PAREXEL International Corp.	*	8,690		257,137
Sequenom, Inc.	*†	27,582		130,187
Techne Corp.		6,204		423,981

				4,648,253

Machinery—3.9%
Actuant Corp., Class A		12,782		356,746
AGCO Corp.	*	16,605		815,638
Albany International Corp., Class A		7,775		176,337
Ampco-Pittsburgh Corp.		986		19,700
Astec Industries, Inc.		2,247		74,892
Barnes Group, Inc.		7,403		166,271
Blount International, Inc.	*	13,845		219,028
Briggs & Stratton Corp.	†	9,174		193,388
Cascade Corp.		1,255		80,696
Chart Industries, Inc.	*†	4,867		324,483
CIRCOR International, Inc.		1,935		76,607
CLARCOR, Inc.		10,000		477,800
Colfax Corp.	*†	10,051		405,558
Columbus McKinnon Corp.	*	4,765		78,718
Commercial Vehicle Group, Inc.	*	6,660		54,679
Crane Co.		8,175		378,339
Donaldson Co., Inc.		22,698		745,402
Dynamic Materials Corp.		9,575		133,092
EnPro Industries, Inc.	*	5,844		239,020
ESCO Technologies, Inc.		2,714		101,531
Federal Signal Corp.	*	19,708		149,978
Flow International Corp.	*	9,896		34,636
FreightCar America, Inc.		2,798		62,731
Gardner Denver, Inc.		9,352		640,612
Gorman-Rupp Co. (The)		2,362		70,458
Graco, Inc.		13,302		684,920
Graham Corp.		1,617		31,531
Greenbrier Cos., Inc.	*	4,956		80,138
Harsco Corp.		14,896		350,056
Hurco Cos., Inc.	*	1,248		28,704
Hyster-Yale Materials Handling, Inc.		882		43,042
IDEX Corp.		17,560		817,067
ITT Corp.		14,806		347,349
John Bean Technologies Corp.		5,724		101,715
Kadant, Inc.	*	1,553		41,170
Kaydon Corp.		9,101		217,787
Kennametal, Inc.		13,046		521,840
L.B. Foster Co., Class A		951		41,311
Lincoln Electric Holdings, Inc.		13,869		675,143
Lindsay Corp.	†	969		77,636

See accompanying notes to financial statements

299

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Lydall, Inc.	*		2,982	$	42,762
Manitowoc Co., Inc. (The)	†		23,699		371,600
Meritor, Inc.	*		20,436		96,662
Middleby Corp.	*		2,361		302,704
Mueller Industries, Inc.			5,751		287,723
Mueller Water Products, Inc., Class A			30,046		168,558
Navistar International Corp.	*		10,153		221,031
NN, Inc.	*		6,804		62,325
Nordson Corp.			7,420		468,350
Oshkosh Corp.	*		15,173		449,879
RBC Bearings, Inc.	*		6,724		336,671
Robbins & Myers, Inc.			7,886		468,823
Sauer-Danfoss, Inc.			3,844		205,154
SPX Corp.			6,887		483,123
Tecumseh Products Co., Class A	*		1,703		7,868
Tennant Co.			3,185		139,981
Terex Corp.	*		20,581		578,532
Timken Co.			12,856		614,902
Titan International, Inc.	†		9,793		212,704
Toro Co. (The)			10,316		443,382
Trinity Industries, Inc.			9,007		322,631
Valmont Industries, Inc.			3,525		481,339
Wabash National Corp.	*		16,414		147,234
WABCO Holdings, Inc.	*		12,253		798,773
Wabtec Corp.			9,853		862,532
Watts Water Technologies, Inc., Class A			7,251		311,720
Woodward, Inc.			9,791		373,331

					19,396,043

Marine—0.2%
Eagle Bulk Shipping, Inc.	*†		10,448		15,672
Genco Shipping & Trading Ltd.	*		24,517		85,564
International Shipholding Corp.			724		11,932
Kirby Corp.	*		8,425		521,423
Matson, Inc.			5,685		140,533

					775,124

Media—3.5%
A.H. Belo Corp., Class A			3,861		17,954
AMC Networks, Inc., Class A	*		11,748		581,526
Arbitron, Inc.			3,649		170,335
Belo Corp., Class A			9,503		72,888
Carmike Cinemas, Inc.	*		6,117		91,755
Charter Communications, Inc., Class A	*		9,451		720,544
Cinemark Holdings, Inc.			17,424		452,676
Clear Channel Outdoor Holdings, Inc., Class A	*		16,925		118,813
Crown Media Holdings, Inc., Class A	*†		4,399		8,138
Cumulus Media, Inc., Class A	*†		20,178		53,875
Digital Generation, Inc.	*†		2,455		26,661
DISH Network Corp., Class A			36,416		1,325,542
DreamWorks Animation SKG, Inc., Class A	*†		11,561		191,566
Emmis Communications Corp., Class A	*		4,461		8,788
Entercom Communications Corp., Class A	*		1,873		13,074
Entravision Communications Corp., Class A	†		4,930		8,184



		Shares		Value

EW Scripps Co. (The), Class A	*	3,000	$	32,430
Gray Television, Inc.	*	3,878		8,532
Harris Interactive, Inc.	*	10,590		12,708
Harte-Hanks, Inc.		4,646		27,411
John Wiley & Sons, Inc., Class A		8,182		318,525
Journal Communications, Inc., Class A	*	5,969		32,292
Lamar Advertising Co., Class A	*†	11,114		430,667
Liberty Global, Inc., Series A	*	24,312		1,531,413
Liberty Media Corp.—Liberty Capital, Class A	*	19,305		2,239,573
LIN TV Corp., Class A	*	2,390		17,997
Lions Gate Entertainment Corp.	*†	22,585		370,394
Live Nation Entertainment, Inc.	*	27,818		258,986
Madison Square Garden Co. (The), Class A	*	14,922		661,791
Martha Stewart Living Omnimedia, Class A	*	20,003		49,007
McClatchy Co. (The), Class A	*†	3,506		11,465
Media General, Inc., Class A	*†	1,595		6,859
Meredith Corp.	†	8,290		285,591
Morningstar, Inc.		5,535		347,764
National CineMedia, Inc.		13,811		195,149
Navarre Corp.	*	16,007		28,492
New York Times Co. (The), Class A	*†	11,654		99,409
Radio Unica Communications Corp.	*‡d	1,900		—
Regal Entertainment Group, Class A	†	22,336		311,587
Salem Communications Corp., Class A		3,266		17,832
Scholastic Corp.		2,095		61,928
Sinclair Broadcast Group, Inc., Class A		7,563		95,445
Sirius XM Radio, Inc.	†	985,368		2,847,714
Thomson Reuters Corp.		56,342		1,637,299
Valassis Communications, Inc.	†	8,118		209,282
Value Line, Inc.	†	573		5,140
Virgin Media, Inc.		34,230		1,257,953
World Wrestling Entertainment, Inc., Class A		4,170		32,901

				17,305,855

Metals & Mining—1.7%
AK Steel Holding Corp.	†	13,061		60,081
Allied Nevada Gold Corp.	*	17,040		513,415
AMCOL International Corp.		2,631		80,719
Carpenter Technology Corp.		7,854		405,502
Century Aluminum Co.	*	15,081		132,110
Coeur d’Alene Mines Corp.	*	19,535		480,561
Commercial Metals Co.		16,183		240,479
Compass Minerals International, Inc.		5,527		412,922
Globe Specialty Metals, Inc.		11,348		156,035
Haynes International, Inc.		1,995		103,481
Hecla Mining Co.	†	49,415		288,089
Horsehead Holding Corp.	*	13,896		141,878
Kaiser Aluminum Corp.		2,084		128,562
Materion Corp.		2,925		75,406

See accompanying notes to financial statements

300

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Molycorp, Inc.	*†		14,830	$	139,995
Olympic Steel, Inc.			3,361		74,412
Reliance Steel & Aluminum Co.			10,836		672,916
Royal Gold, Inc.			11,019		895,955
RTI International Metals, Inc.	*†		5,082		140,060
Schnitzer Steel Industries, Inc., Class A			3,033		91,991
Southern Copper Corp.			30,829		1,167,186
Steel Dynamics, Inc.			44,822		615,406
Stillwater Mining Co.	*		18,728		239,344
SunCoke Energy, Inc.	*		10,927		170,352
Tahoe Resources, Inc.	*		15,705		287,716
Universal Stainless & Alloy Products, Inc.	*		2,058		75,673
Walter Energy, Inc.			10,993		394,429
Worthington Industries, Inc.			8,883		230,869

					8,415,544

Multiline Retail—0.3%
Dillard’s, Inc., Class A			6,475		542,411
Fred’s, Inc., Class A			5,995		79,793
Saks, Inc.	*†		24,378		256,213
Sears Holdings Corp.	*†		14,799		612,087
Tuesday Morning Corp.	*		1,816		11,350

					1,501,854

Multi-Utilities—0.6%
Alliant Energy Corp.			16,939		743,791
Avista Corp.			15,256		367,822
Black Hills Corp.			8,743		317,721
CH Energy Group, Inc.			1,512		98,613
MDU Resources Group, Inc.			33,003		700,984
NorthWestern Corp.			10,040		348,689
Vectren Corp.			15,419		453,318

					3,030,938

Office Electronics—0.1%
Zebra Technologies Corp., Class A	*		8,701		341,775

Oil, Gas & Consumable Fuels—3.7%
Abraxas Petroleum Corp.	*†		30,906		67,684
Adams Resources & Energy, Inc.			1,462		51,272
Alpha Natural Resources, Inc.	*†		38,779		377,708
Apco Oil and Gas International, Inc.			2,488		30,627
Approach Resources, Inc.	*†		11,314		282,963
Arch Coal, Inc.	†		37,708		276,023
Berry Petroleum Co., Class A			8,684		291,348
Bill Barrett Corp.	*		5,963		106,082
BP Prudhoe Bay Royalty Trust			3,434		235,366
BPZ Resources, Inc.	*†		27,149		85,519
Callon Petroleum Co.	*		20,318		95,495
Carrizo Oil & Gas, Inc.	*		8,019		167,758
Cheniere Energy, Inc.	*†		36,447		684,475
Cimarex Energy Co.			13,393		773,178
Clayton Williams Energy, Inc.	*		1,241		49,640
Cloud Peak Energy, Inc.	*		12,175		235,343
Comstock Resources, Inc.	*†		11,590		175,357
Concho Resources, Inc.	*		14,442		1,163,448
Contango Oil & Gas Co.			2,731		115,685
Continental Resources, Inc.	*		10,155		746,291
Cross Timbers Royalty Trust			1,515		40,784
Crosstex Energy, Inc.			8,856		126,995
Energen Corp.			10,118		456,221



		Shares		Value

Energy XXI Bermuda Ltd. (Bermuda)	†	15,053	$	484,556
EXCO Resources, Inc.	†	39,666		268,539
Forest Oil Corp.	*†	19,596		131,097
FX Energy, Inc.	*	20,766		85,348
GMX Resources, Inc.	*†	17,772		8,886
Goodrich Petroleum Corp.	*†	9,150		85,278
Gulfport Energy Corp.	*	8,914		340,693
Harvest Natural Resources, Inc.	*†	4,175		37,867
HollyFrontier Corp.		30,808		1,434,112
Hugoton Royalty Trust		8,143		59,525
James River Coal Co.	*†	10,211		32,675
Kodiak Oil & Gas Corp.	*	56,931		503,839
Magnum Hunter Resources Corp.	*†	36,378		145,148
McMoRan Exploration Co.	*†	27,649		443,767
Northern Oil and Gas, Inc.	*†	10,226		172,001
Oasis Petroleum, Inc.	*†	7,445		236,751
PDC Energy, Inc.	*†	3,828		127,128
Penn Virginia Corp.		4,723		20,828
PetroQuest Energy, Inc.	*	13,685		67,741
Plains Exploration & Production Co.	*	24,930		1,170,214
PostRock Energy Corp.	*	295		437
Quicksilver Resources, Inc.	*†	22,131		63,295
Rentech, Inc.		80,188		210,895
Resolute Energy Corp.	*†	5,849		47,552
REX American Resources Corp.	*	1,034		19,946
Rosetta Resources, Inc.	*	9,634		436,998
SandRidge Energy, Inc.	*†	80,303		509,924
SemGroup Corp., Class A	*	6,110		238,779
Ship Finance International Ltd. (Bermuda)	†	12,947		215,309
SM Energy Co.		11,352		592,688
Stone Energy Corp.	*	10,027		205,754
Swift Energy Co.	*	5,041		77,581
Syntroleum Corp.	*†	20,762		8,201
Teekay Corp. (Bermuda)		8,465		271,727
Tengasco, Inc.	*	9,394		5,636
Ultra Petroleum Corp.	*	30,853		559,365
Uranium Resources, Inc.	*†	78,345		25,070
USEC, Inc.	*†	30,878		16,365
Vaalco Energy, Inc.	*	28,928		250,227
Verenium Corp.	*†	6,543		14,198
W&T Offshore, Inc.		2,946		47,224
Warren Resources, Inc.	*	23,225		65,262
Western Refining, Inc.	†	10,435		294,163
Westmoreland Coal Co.	*	4,305		40,209
Whiting Petroleum Corp.	*	20,666		896,284
World Fuel Services Corp.		10,762		443,072
ZaZa Energy Corp.	*†	22,201		45,512

				18,092,928

Paper & Forest Products—0.4%
Buckeye Technologies, Inc.		10,262		294,622
Clearwater Paper Corp.	*	3,863		151,275
Deltic Timber Corp.		1,046		73,869
Domtar Corp. (Canada)		4,889		408,329
Louisiana-Pacific Corp.	*	17,606		340,148
Neenah Paper, Inc.		2,110		60,072
P.H. Glatfelter Co.		13,651		238,619
Schweitzer-Mauduit International, Inc.		3,676		143,474
Wausau Paper Corp.		30,223		261,731

				1,972,139

See accompanying notes to financial statements

301

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Personal Products—0.3%
Elizabeth Arden, Inc.	*		3,488	$	156,995
Herbalife Ltd. (Cayman Islands)	†		18,109		596,510
Mannatech, Inc.	*		263		1,478
Medifast, Inc.	*		6,739		177,842
Nu Skin Enterprises, Inc., Class A	†		11,273		417,665
Prestige Brands Holdings, Inc.	*		13,428		268,963
Reliv International, Inc.			3,018		3,953
USANA Health Sciences, Inc.	*†		2,706		89,109

					1,712,515

Pharmaceuticals—0.7%
Alexza Pharmaceuticals, Inc.	*†		10,270		50,836
Auxilium Pharmaceuticals, Inc.	*		12,905		239,130
AVANIR Pharmaceuticals, Inc., Class A	*†		57,291		150,675
Biosante Pharmaceuticals, Inc.	*†		310		384
Cadence Pharmaceuticals, Inc.	*†		9,924		47,536
Columbia Laboratories, Inc.	*		28,490		18,105
Depomed, Inc.	*		27,228		168,541
Durect Corp.	*		7,330		6,744
Emisphere Technologies, Inc.	*		3,412		556
Endo Health Solutions, Inc.	*		19,228		505,120
Heska Corp.			446		3,613
Hi-Tech Pharmacal Co., Inc.			2,404		84,092
Impax Laboratories, Inc.	*		9,974		204,367
Medicines Co. (The)	*		12,199		292,410
Nektar Therapeutics	*†		11,384		84,355
Obagi Medical Products, Inc.	*		4,294		58,355
Optimer Pharmaceuticals, Inc.	*		5,641		51,051
Pain Therapeutics, Inc.	*		10,298		27,908
Pozen, Inc.	*		5,088		25,491
Questcor Pharmaceuticals, Inc.	†		12,843		343,165
Salix Pharmaceuticals Ltd.	*		8,896		360,110
Santarus, Inc.	*		11,760		129,125
Sciclone Pharmaceuticals, Inc.	*		10,639		45,854
ViroPharma, Inc.	*		12,330		280,631
Vivus, Inc.	*†		24,224		325,086
XenoPort, Inc.	*		16,376		127,242

					3,630,482

Professional Services—1.3%
Acacia Research Corp.	*		8,726		223,822
Advisory Board Co. (The)	*		4,934		230,862
Barrett Business Services, Inc.			3,976		151,446
CBIZ, Inc.	*		32,523		192,211
CDI Corp.			2,129		36,470
Corporate Executive Board Co.
(The)			7,185		341,000
CRA International, Inc.	*		1,427		28,212
Exponent, Inc.	*		1,790		99,936
FTI Consulting, Inc.	*		9,264		305,712
Heidrick & Struggles
International, Inc.			3,000		45,780
Hudson Global, Inc.	*		10,844		48,581
Huron Consulting Group, Inc.	*		3,574		120,408
ICF International, Inc.	*		8,590		201,350
IHS, Inc., Class A	*		9,134		876,864
Insperity, Inc.			3,965		129,100
Kelly Services, Inc., Class A			2,431		38,264
Kforce, Inc.			4,102		58,782
Korn/Ferry International	*		8,421		133,557



		Shares		Value

Manpower, Inc.		12,007	$	509,577
Navigant Consulting, Inc.	*	11,220		125,215
Odyssey Marine Exploration, Inc.	*†	24,771		73,570
On Assignment, Inc.	*	6,494		131,698
RCM Technologies, Inc.		13,065		65,978
Resources Connection, Inc.		3,825		45,670
Towers Watson & Co., Class A		11,096		623,706
TrueBlue, Inc.	*	13,711		215,948
Verisk Analytics, Inc., Class A	*	24,310		1,239,810

				6,293,529

Real Estate Investment Trusts (REITs)—10.5%
Acadia Realty Trust REIT		16,088		403,487
Agree Realty Corp. REIT		6,395		171,322
Alexander’s, Inc. REIT		496		164,077
Alexandria Real Estate Equities,
Inc. REIT		10,524		729,524
American Assets Trust, Inc. REIT		5,602		156,464
American Campus Communities,
Inc. REIT		18,126		836,152
American Capital Agency
Corp. REIT		65,493		1,895,367
American Realty Capital Trust,
Inc. REIT		34,410		397,435
Annaly Capital Management,
Inc. REIT		179,716		2,523,213
Anworth Mortgage Asset
Corp. REIT		44,342		256,297
Apollo Commercial Real Estate
Finance, Inc. REIT		9,261		150,306
Apollo Residential Mortgage,
Inc. REIT		7,881		159,117
Arbor Realty Trust, Inc. REIT		6,648		39,822
ARMOUR Residential REIT,
Inc. REIT		61,093		395,272
Ashford Hospitality Trust,
Inc. REIT		24,783		260,469
Associated Estates Realty
Corp. REIT		14,783		238,302
BioMed Realty Trust, Inc. REIT		25,519		493,282
Brandywine Realty Trust REIT		23,412		285,392
BRE Properties, Inc. REIT		12,917		656,571
BRT Realty Trust REIT	*	10,925		71,668
Camden Property Trust REIT		13,075		891,846
Capital Trust, Inc., Class A REIT		9,337		19,608
CapLease, Inc. REIT		22,151		123,381
Capstead Mortgage Corp. REIT		20,046		229,928
CBL & Associates Properties, Inc. REIT		33,587		712,380
Cedar Realty Trust, Inc. REIT		19,432		102,601
Chimera Investment Corp. REIT		185,548		484,280
Colonial Properties Trust REIT		17,084		365,085
CommonWealth REIT REIT		12,186		193,026
Corporate Office Properties Trust REIT		12,130		303,007
Cousins Properties, Inc. REIT		31,678		264,511
CubeSmart REIT		31,141		453,724
CYS Investments, Inc. REIT	†	34,604		408,673

See accompanying notes to financial statements

302

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
DCT Industrial Trust, Inc. REIT			27,165	$	176,301
DDR Corp. REIT			37,441		586,326
DiamondRock Hospitality Co. REIT			34,477		310,293
Digital Realty Trust, Inc. REIT	†		22,160		1,504,442
Douglas Emmett, Inc. REIT			21,263		495,428
Duke Realty Corp. REIT			41,436		574,717
DuPont Fabros Technology, Inc. REIT	†		12,750		308,040
EastGroup Properties, Inc. REIT			8,574		461,367
Education Realty Trust, Inc. REIT			33,387		355,238
EPR Properties REIT			9,743		449,250
Equity Lifestyle Properties, Inc. REIT			7,789		524,122
Equity One, Inc. REIT			13,749		288,866
Essex Property Trust, Inc. REIT			5,973		875,940
Extra Space Storage, Inc. REIT			24,311		884,677
Federal Realty Investment
Trust REIT			11,001		1,144,324
FelCor Lodging Trust, Inc. REIT	*		33,618		156,996
First Industrial Realty Trust, Inc. REIT	*		12,017		169,199
First Potomac Realty Trust REIT			11,442		141,423
Franklin Street Properties
Corp. REIT			16,006		197,034
General Growth Properties,
Inc. REIT			85,843		1,703,984
Getty Realty Corp. REIT	†		3,716		67,111
Glimcher Realty Trust REIT			20,964		232,491
Government Properties Income Trust REIT	†		14,341		343,754
Gramercy Capital Corp. REIT	*		21,078		61,969
Hatteras Financial Corp. REIT			17,493		434,001
Healthcare Realty Trust, Inc. REIT			23,089		554,367
Healthcare Trust of America, Inc., Class A REIT	†		17,863		176,844
Hersha Hospitality Trust REIT			37,283		186,415
Highwoods Properties, Inc. REIT			11,752		393,104
Home Properties, Inc. REIT			7,075		433,768
Hospitality Properties Trust REIT			20,608		482,639
Inland Real Estate Corp. REIT			38,025		318,650
Invesco Mortgage Capital, Inc. REIT			18,612		366,843
Investors Real Estate Trust REIT			23,875		208,429
iStar Financial, Inc. REIT	*		17,809		145,143
Kilroy Realty Corp. REIT			11,191		530,118
Kite Realty Group Trust REIT			22,644		126,580
LaSalle Hotel Properties REIT			14,030		356,222
Lexington Realty Trust REIT			15,470		161,662
Liberty Property Trust REIT			17,811		637,099
LTC Properties, Inc. REIT			6,423		226,025
Macerich Co. (The) REIT			23,884		1,392,437
Mack-Cali Realty Corp. REIT			12,266		320,265
Medical Properties Trust, Inc. REIT			26,987		322,765
MFA Financial, Inc. REIT			35,167		285,204
Mid-America Apartment Communities, Inc. REIT			7,444		481,999
Monmouth Real Estate Investment Corp., Class A REIT			10,886		112,779



		Shares		Value

MPG Office Trust, Inc. REIT	*	32,440	$	99,915
National Health Investors, Inc. REIT		3,674		207,691
National Retail Properties, Inc. REIT		10,392		324,230
Newcastle Investment Corp. REIT		20,499		177,931
NorthStar Realty Finance Corp. REIT		20,272		142,715
Omega Healthcare Investors, Inc. REIT		19,310		460,544
Parkway Properties, Inc. REIT		10,469		146,461
Pebblebrook Hotel Trust REIT		10,083		232,917
Pennsylvania Real Estate Investment Trust REIT		9,401		165,834
PennyMac Mortgage Investment Trust REIT		17,296		437,416
Piedmont Office Realty Trust, Inc., Class A REIT		28,141		507,945
PMC Commercial Trust REIT		4,535		32,199
Post Properties, Inc. REIT		8,338		416,483
Potlatch Corp. REIT		7,237		283,618
PS Business Parks, Inc. REIT		2,861		185,908
RAIT Financial Trust REIT		25,884		146,245
Ramco-Gershenson Properties Trust REIT		18,567		247,127
Rayonier, Inc. REIT		20,078		1,040,643
Realty Income Corp. REIT	†	19,515		784,698
Redwood Trust, Inc. REIT		18,093		305,591
Regency Centers Corp. REIT		15,148		713,774
Resource Capital Corp. REIT		26,944		150,886
RLJ Lodging Trust REIT		12,933		250,512
Rouse Properties, Inc. REIT	†	10,391		175,816
Ryman Hospitality Properties REIT		8,002		307,757
Sabra Health Care REIT, Inc. REIT		9,594		208,382
Saul Centers, Inc. REIT		3,363		143,903
Senior Housing Properties Trust REIT		29,177		689,744
SL Green Realty Corp. REIT		16,034		1,229,006
Sovran Self Storage, Inc. REIT		8,547		530,769
Starwood Property Trust, Inc. REIT		26,919		618,060
Strategic Hotels & Resorts, Inc. REIT	*	30,630		196,032
Sun Communities, Inc. REIT	†	3,803		151,702
Sunstone Hotel Investors, Inc. REIT	*	15,570		166,755
Tanger Factory Outlet Centers, Inc. REIT		21,379		731,162
Taubman Centers, Inc. REIT		8,675		682,896
Two Harbors Investment Corp. REIT		55,457		614,464
UDR, Inc. REIT		44,468		1,057,449
Universal Health Realty Income
Trust REIT		4,320		218,635
Urstadt Biddle Properties, Inc., Class A REIT		9,838		193,612
Washington Real Estate Investment Trust REIT		16,572		433,358
Weingarten Realty Investors REIT	†	20,384		545,680
Winthrop Realty Trust REIT		5,324		58,830

				51,917,534

See accompanying notes to financial statements

303

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Real Estate Management & Development—0.6%
Alexander & Baldwin, Inc.	*		6,770	$	198,835
Altisource Asset Management Corp.
(Virgin Islands, U.S.)	*		1		65
Brookfield Office Properties, Inc.			49,579		843,339
Consolidated-Tomoka Land Co.			2,685		83,262
Forest City Enterprises, Inc.,
Class A	*		33,533		541,558
Forestar Group, Inc.	*		8,367		145,000
Howard Hughes Corp. (The)	*		5,484		400,442
Jones Lang LaSalle, Inc.			6,662		559,208
St. Joe Co. (The)	*†		9,635		222,376
Tejon Ranch Co.	*		4,087		114,763
Thomas Properties Group, Inc.			2,396		12,962

					3,121,810

Road & Rail—1.3%
Amerco, Inc.			547		69,365
Arkansas Best Corp.			2,819		26,921
Avis Budget Group, Inc.	*		10,621		210,508
Celadon Group, Inc.			11,882		214,708
Con-way, Inc.			6,152		171,149
Genesee & Wyoming, Inc., Class A	*		8,456		643,333
Heartland Express, Inc.			15,449		201,918
Hertz Global Holdings, Inc.	*		22,711		369,508
J.B. Hunt Transport Services, Inc.			19,188		1,145,715
Kansas City Southern			20,188		1,685,294
Knight Transportation, Inc.			14,495		212,062
Landstar System, Inc.			8,939		468,940
Old Dominion Freight Line, Inc.	*		12,723		436,144
PAM Transportation Services, Inc.			1,139		11,652
Quality Distribution, Inc.	*		5,838		35,028
Saia, Inc.	*		2,156		49,847
Swift Transportation Co.	*		21,197		193,317
Werner Enterprises, Inc.			11,650		252,456
YRC Worldwide, Inc.	*		17		115

					6,397,980

Semiconductors & Semiconductor Equipment—2.4%
Advanced Energy Industries, Inc.	*		9,964		137,603
Amkor Technology, Inc.	*†		26,356		112,013
ANADIGICS, Inc.	*		15,184		38,264
Applied Micro Circuits Corp.	*		11,626		97,658
Atmel Corp.	*		90,250		591,137
ATMI, Inc.	*		3,386		70,700
Axcelis Technologies, Inc.	*		20,883		29,027
AXT, Inc.	*		5,871		16,498
Brooks Automation, Inc.			9,612		77,377
Cabot Microelectronics Corp.			5,893		209,260
Cavium, Inc.	*		11,274		351,862
Ceva, Inc.	*		3,801		59,866
Cirrus Logic, Inc.	*		13,998		405,522
Cohu, Inc.			1,889		20,477
Cree, Inc.	*†		14,245		484,045
Cymer, Inc.	*		3,321		300,318
Cypress Semiconductor Corp.	*		21,129		229,038
Diodes, Inc.	*		3,326		57,706
DSP Group, Inc.	*		4,251		24,486



		Shares		Value

Entegris, Inc.	*	30,372	$	278,815
Exar Corp.	*	11,699		104,121
Fairchild Semiconductor
International, Inc.	*	14,112		203,213
FormFactor, Inc.	*	11,437		52,153
GigOptix, Inc.	*	5,164		9,915
GT Advanced Technologies, Inc.	*†	28,398		85,762
Hittite Microwave Corp.	*	6,713		416,877
Integrated Device Technology, Inc.	*	33,005		240,937
Integrated Silicon Solution, Inc.	*	2,930		26,370
International Rectifier Corp.	*	7,620		135,103
Intersil Corp., Class A		13,128		108,831
IXYS Corp.		3,270		29,888
Kopin Corp.	*	10,484		34,912
Kulicke & Soffa Industries, Inc.	*	11,993		143,796
Lattice Semiconductor Corp.	*	16,642		66,402
LTX-Credence Corp.	*	8,847		58,036
Marvell Technology Group Ltd.
(Bermuda)		78,244		568,051
Mattson Technology, Inc.	*	11,630		9,769
Maxim Integrated Products, Inc.		37,778		1,110,673
Micrel, Inc.		11,121		105,650
Microsemi Corp.	*	13,240		278,570
Mindspeed Technologies, Inc.	*	9,324		43,636
MIPS Technologies, Inc.	*	15,340		119,959
MKS Instruments, Inc.		4,420		113,948
Monolithic Power Systems, Inc.		2,918		65,013
MoSys, Inc.	*†	16,699		58,113
NVE Corp.	*	771		42,783
OmniVision Technologies, Inc.	*	11,385		160,301
ON Semiconductor Corp.	*	65,798		463,876
PDF Solutions, Inc.	*†	9,022		124,323
Pericom Semiconductor Corp.	*	5,204		41,788
Photronics, Inc.	*	15,405		91,814
PLX Technology, Inc.	*	17,286		62,748
PMC—Sierra, Inc.	*	56,477		294,245
Power Integrations, Inc.	†	4,153		139,582
QuickLogic Corp.	*†	14,701		31,901
Rambus, Inc.	*†	13,734		67,022
RF Micro Devices, Inc.	*	31,040		139,059
Rudolph Technologies, Inc.	*	2,516		33,840
Semtech Corp.	*	9,874		285,852
Sigma Designs, Inc.	*	8,818		45,413
Silicon Image, Inc.	*	8,359		41,461
Silicon Laboratories, Inc.	*	8,366		349,782
Skyworks Solutions, Inc.	*	30,058		610,177
SunPower Corp.	*†	12,586		70,733
Supertex, Inc.		3,157		55,405
Tessera Technologies, Inc.		6,777		111,278
Transwitch Corp.	*	31,341		19,118
TriQuint Semiconductor, Inc.	*	34,569		167,314
Ultra Clean Holdings, Inc.	*	6,562		32,219
Ultratech, Inc.	*	2,462		91,833
Veeco Instruments, Inc.	*†	5,359		158,198
Volterra Semiconductor Corp.	*	3,597		61,760

				11,575,195

Software—3.7%
Accelrys, Inc.	*	6,341		57,386
ACI Worldwide, Inc.	*	4,103		179,260
Activision Blizzard, Inc.		90,421		960,271
Actuate Corp.	*	9,173		51,369
Advent Software, Inc.	*	5,224		111,689

See accompanying notes to financial statements

304

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
American Software, Inc., Class A			7,072	$	54,879
ANSYS, Inc.	*		14,258		960,134
Aspen Technology, Inc.	*		11,581		320,099
Blackbaud, Inc.			6,583		150,290
Bottomline Technologies, Inc.	*		7,908		208,692
BroadSoft, Inc.	*†		2,938		106,738
Cadence Design Systems, Inc.	*		53,095		717,313
Callidus Software, Inc.	*†		14,237		64,636
CommVault Systems, Inc.	*		8,874		618,607
Compuware Corp.	*		23,815		258,869
Comverse Technology, Inc.	*		27,460		105,446
Comverse, Inc.	*		2,746		78,343
Concur Technologies, Inc.	*†		7,229		488,102
Datawatch Corp.	*		3,500		48,335
Ebix, Inc.	†		3,924		63,059
EPIQ Systems, Inc.			7,191		91,901
Evolving Systems, Inc.			1,123		6,693
FactSet Research Systems, Inc.	†		6,575		578,994
Fair Isaac Corp.			4,616		194,010
FalconStor Software, Inc.	*†		8,712		20,299
Fortinet, Inc.	*		23,824		501,972
Informatica Corp.	*		16,262		493,064
Interactive Intelligence Group, Inc.	*†		1,644		55,140
Manhattan Associates, Inc.	*		2,125		128,222
Mentor Graphics Corp.	*		24,604		418,760
MICROS Systems, Inc.	*		11,115		471,721
MicroStrategy, Inc., Class A	*		977		91,232
Netscout Systems, Inc.	*		5,654		146,947
NetSuite, Inc.	*†		6,671		448,958
Nuance Communications, Inc.	*†		48,468		1,081,806
Parametric Technology Corp.	*		25,649		577,359
Pegasystems, Inc.			2,142		48,581
Progress Software Corp.	*		6,994		146,804
PROS Holdings, Inc.	*		2,944		53,846
QAD, Inc., Class B			136		1,764
QLIK Technologies, Inc.	*		11,358		246,696
Rovi Corp.	*		19,181		295,963
Scientific Learning Corp.	*		3,146		1,982
SeaChange International, Inc.	*		3,359		32,482
Smith Micro Software, Inc.	*		2,612		3,944
SolarWinds, Inc.	*		12,146		637,058
Solera Holdings, Inc.			13,734		734,357
Sonic Foundry, Inc.	*†		1,155		6,711
Sourcefire, Inc.	*		4,489		211,971
Synchronoss Technologies, Inc.	*†		12,077		254,704
Synopsys, Inc.	*		24,906		793,007
Take-Two Interactive Software, Inc.	*		23,034		253,604
TeleCommunication Systems, Inc., Class A	*		67,716		167,258
TIBCO Software, Inc.	*		28,166		619,934
TiVo, Inc.	*		29,167		359,337
Tyler Technologies, Inc.	*		5,227		253,196
Ultimate Software Group, Inc.	*		3,872		365,555
VASCO Data Security International, Inc.	*		4,225		34,476
VirnetX Holding Corp.	*†		7,740		226,627
VMware, Inc., Class A	*		12,235		1,151,803
Websense, Inc.	*		5,524		83,081
Workday, Inc., Class A	*		1,785		97,282
Zynga, Inc., Class A	*		34,113		80,848

					18,073,466



		Shares		Value

Specialty Retail—3.1%
Aaron’s, Inc.		16,785	$	474,680
Advance Auto Parts, Inc.		9,160		662,726
Aeropostale, Inc.	*	8,619		112,133
American Eagle Outfitters, Inc.		31,912		654,515
America’s Car-Mart, Inc.	*	1,569		63,576
ANN, Inc.	*	10,541		356,707
Asbury Automotive Group, Inc.	*	5,664		181,418
Ascena Retail Group, Inc.	*	19,188		354,786
Barnes & Noble, Inc.	*†	6,505		98,161
bebe stores, Inc.		9,951		39,705
Big 5 Sporting Goods Corp.		2,416		31,650
Brown Shoe Co., Inc.		5,385		98,923
Buckle, Inc. (The)	†	4,179		186,551
Build-A-Bear Workshop, Inc.	*	5,570		21,277
Cabela’s, Inc.	*†	10,417		434,910
Cache, Inc.	*	4,005		9,692
Casual Male Retail Group, Inc.	*	21,865		91,833
Cato Corp. (The), Class A		4,713		129,278
Chico’s FAS, Inc.		25,064		462,681
Children’s Place Retail Stores, Inc. (The)	*	4,359		193,060
Christopher & Banks Corp.	*	9,394		51,197
Citi Trends, Inc.	*	8,340		114,758
Coldwater Creek, Inc.	*†	11,782		56,671
Destination Maternity Corp.		2,707		58,363
Dick’s Sporting Goods, Inc.	†	13,341		606,882
DSW, Inc., Class A		3,315		217,762
Finish Line, Inc. (The), Class A		7,061		133,665
Foot Locker, Inc.		23,670		760,280
Genesco, Inc.	*	3,227		177,485
Group 1 Automotive, Inc.	†	2,367		146,730
Guess?, Inc.	†	11,553		283,511
Haverty Furniture Cos., Inc.		2,301		37,529
Hibbett Sports, Inc.	*	3,546		186,874
Hot Topic, Inc.	†	22,025		212,541
Jos A. Bank Clothiers, Inc.	*†	3,491		148,647
Kirkland’s, Inc.	*	2,193		23,224
Lithia Motors, Inc., Class A		3,558		133,140
Lumber Liquidators Holdings, Inc.	*†	5,899		311,644
MarineMax, Inc.	*	3,026		27,052
Men’s Wearhouse, Inc. (The)		4,746		147,885
Monro Muffler Brake, Inc.	†	5,955		208,246
Office Depot, Inc.	*	52,060		170,757
OfficeMax, Inc.		6,942		67,754
Pacific Sunwear of California, Inc.	*†	18,790		29,876
Penske Automotive Group, Inc.		10,147		305,323
Pep Boys-Manny, Moe & Jack (The)		19,564		192,314
Pier 1 Imports, Inc.		18,210		364,200
RadioShack Corp.	†	19,631		41,618
Rent-A-Center, Inc.		12,187		418,745
Sally Beauty Holdings, Inc.	*	19,894		468,902
Select Comfort Corp.	*	10,528		275,518
Shoe Carnival, Inc.		2,174		44,545
Signet Jewelers Ltd. (Bermuda)		12,825		684,855
Sonic Automotive, Inc., Class A		8,013		167,392
Stage Stores, Inc.		8,324		206,269
Stein Mart, Inc.		14,281		107,679
Systemax, Inc.		1,358		13,105
Tractor Supply Co.		12,372		1,093,190
Trans World Entertainment Corp.		1,932		6,723

See accompanying notes to financial statements

305

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Ulta Salon Cosmetics & Fragrance, Inc.			10,623	$	1,043,816
Vitamin Shoppe, Inc.	*†		2,327		133,477
West Marine, Inc.	*		6,841		73,541
Wet Seal, Inc. (The), Class A	*		48,869		134,878
Williams-Sonoma, Inc.			13,063		571,768
Zale Corp.	*		12,363		50,812

					15,369,405

Textiles, Apparel & Luxury Goods—1.2%
Carter’s, Inc.	*		7,414		412,589
Charles & Colvard Ltd.	*		4,894		19,185
Cherokee, Inc.			2,054		28,160
Columbia Sportswear Co.	†		2,090		111,522
Crocs, Inc.	*		18,713		269,280
Culp, Inc.			4,887		73,354
Deckers Outdoor Corp.	*†		6,235		251,083
Fifth & Pacific Cos., Inc.	*†		16,691		207,803
Forward Industries, Inc.	*		3,751		5,214
Hanesbrands, Inc.	*		16,070		575,627
Iconix Brand Group, Inc.	*†		13,558		302,615
Jones Group, Inc. (The)	†		7,884		87,197
K-Swiss, Inc., Class A	*		10,721		36,023
Maidenform Brands, Inc.	*		3,598		70,125
Movado Group, Inc.			1,527		46,848
Oxford Industries, Inc.			3,507		162,585
PVH Corp.			9,993		1,109,323
Quiksilver, Inc.	*		16,228		68,969
Skechers U.S.A., Inc., Class A	*		7,438		137,603
Steven Madden Ltd.	*		7,089		299,652
True Religion Apparel, Inc.			5,573		141,666
Under Armour, Inc., Class A	*†		13,492		654,767
Unifi, Inc.	*		3,223		41,931
Warnaco Group, Inc. (The)	*		5,608		401,365
Wolverine World Wide, Inc.	†		8,731		357,796

					5,872,282

Thrifts & Mortgage Finance—1.1%
Astoria Financial Corp.			12,205		114,239
Bank Mutual Corp.			18,221		78,350
BankUnited, Inc.			4,652		113,695
BBX Capital Corp., Class A	*		6,764		45,319
Beneficial Mutual Bancorp, Inc.	*		7,279		69,151
Brookline Bancorp, Inc.			10,999		93,492
Capitol Federal Financial, Inc.			29,545		345,381
CFS Bancorp, Inc.			2,085		13,010
Dime Community Bancshares, Inc.			3,549		49,296
Doral Financial Corp. (Puerto Rico)	*		70,932		51,362
ESSA Bancorp, Inc.			5,953		64,828
Federal Agricultural Mortgage Corp., Class C			4,576		148,720
Federal Home Loan Mortgage Corp.	*†		43,895		11,544
Federal National Mortgage Association	*†		66,437		16,941
First Financial Holdings, Inc.			3,864		50,541
First Financial Northwest, Inc.	*		4,938		37,282
Flagstar Bancorp, Inc.	*†		4,975		96,515
Flushing Financial Corp.			2,981		45,729
Kearny Financial Corp.	†		3,008		29,328



		Shares		Value

MGIC Investment Corp.	*†	12,237	$	32,550
NASB Financial, Inc.	*	529		11,305
New York Community Bancorp, Inc.	†	65,740		861,194
Northfield Bancorp, Inc.		6,837		104,264
Northwest Bancshares, Inc.		21,039		255,414
OceanFirst Financial Corp.		3,947		54,271
Ocwen Financial Corp.	*	23,494		812,658
Oritani Financial Corp.		13,537		207,387
Provident Financial Services, Inc.		16,334		243,703
Provident New York Bancorp		5,681		52,890
Radian Group, Inc.	†	23,028		140,701
Riverview Bancorp, Inc.	*	2,602		4,397
TFS Financial Corp.	*	13,499		129,860
Tree.com, Inc.		5,006		90,258
TrustCo Bank Corp NY		10,073		53,185
United Financial Bancorp, Inc.		5,398		84,857
ViewPoint Financial Group, Inc.		6,157		128,928
Washington Federal, Inc.		19,593		330,534
Westfield Financial, Inc.		8,596		62,149
WSFS Financial Corp.		1,929		81,500

				5,216,728

Tobacco—0.1%
Alliance One International, Inc.	*†	28,423		103,460
Universal Corp.		3,751		187,212
Vector Group Ltd.	†	22,944		341,177

				631,849

Trading Companies & Distributors—0.8%
Aceto Corp.		4,950		49,698
Air Lease Corp.	*†	12,769		274,534
Aircastle Ltd.		14,047		176,149
Applied Industrial Technologies, Inc.		8,222		345,406
Beacon Roofing Supply, Inc.	*†	11,882		395,433
GATX Corp.		7,003		303,230
H&E Equipment Services, Inc.		2,196		33,094
Houston Wire & Cable Co.		6,215		76,258
Kaman Corp.		2,736		100,685
MSC Industrial Direct Co., Inc., Class A	†	6,582		496,151
Rush Enterprises, Inc., Class A	*	3,897		80,551
United Rentals, Inc.	*†	16,362		744,798
Watsco, Inc.		5,106		382,439
WESCO International, Inc.	*†	5,516		371,944
Willis Lease Finance Corp.	*	1,234		17,659

				3,848,029

Water Utilities—0.5%
American States Water Co.		3,697		177,382
American Water Works Co., Inc.		28,607		1,062,178
Aqua America, Inc.		31,674		805,153
California Water Service Group		16,632		305,197
Connecticut Water Service, Inc.		3,803		113,253
Middlesex Water Co.		4,246		83,052
SJW Corp.	†	5,096		135,554

				2,681,769

Wireless Telecommunication Services—0.5%
Clearwire Corp., Class A	*	58,022		167,684
Leap Wireless International, Inc.	*†	16,479		109,585
NII Holdings, Inc.	*†	25,758		183,654

See accompanying notes to financial statements

306

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012

Vantagepoint Mid/Small
Company Index Fund

Value

COMMON STOCKS—(Continued)

NTELOS Holdings Corp.

1,551

$ 20,334

SBA Communications Corp., Class A

*†

22,201

1,576,715

Shenandoah
Telecommunications Co.

2,133

32,656

Telephone & Data Systems, Inc.

9,133

202,205

United States Cellular Corp.

1,375

48,455

USA Mobility, Inc.

3,582

41,838

2,383,126

TOTAL COMMON STOCKS

(Cost $410,992,391)

489,788,848

Coupon
Rate

Maturity
Date

Face

Value

U.S. TREASURY OBLIGATIONS—0.1%

U.S. Treasury Bills—0.1%

U.S. Treasury Bill
0.031% (Cost $194,987)

03/14/2013

‡‡

$ 195,000

194,988

Value

RIGHTS—0.0%

Machinery—0.0%

Gerber Scientific, Inc.

*‡d

3,478

—

Pharmaceuticals—0.0%

Forest Laboratories, Inc.

*‡d

2,916

—

Textiles, Apparel & Luxury Goods—0.0%

Mossimo, Inc.

*‡d

2,807

—

TOTAL RIGHTS

(Cost $—)

—

WARRANTS—0.0%

Diversified Financial Services—0.0%

Pegasus Wireless Corp.

*‡d

200

—

Oil, Gas & Consumable Fuels—0.0%

Magnum Hunter Resources Corp.,

Expires 10/14/2013, Strike $10.50

*‡d

2,972

—

TOTAL WARRANTS

(Cost $—)

—

MONEY MARKET FUNDS—12.4%

Institutional Money Market Funds—12.4%

Dreyfus Institutional Cash Advantage Fund, 0.11%

††¥

9,800,000

Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.18%

1,831,265



		Shares		Value
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.18%	††¥	10,438,220	$	10,438,219
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.14%	††¥	9,800,000		9,800,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.15%	††¥	9,800,000		9,800,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.14%	††¥	9,800,000		9,800,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.13%	††¥	9,800,000		9,800,000

TOTAL MONEY MARKET FUNDS
(Cost $61,269,484)				61,269,484

TOTAL INVESTMENTS—112.0%
(Cost $472,456,862)				551,253,320
Other assets less liabilities—(12.0%)				(59,100,422	)

NET ASSETS—100.0%			$	492,152,898

Notes to the Schedule of Investments:


REIT		Real Estate Investment Trust
*		Non-income producing.
†		Denotes all or a portion of the security on loan.
d		Security has no market value at December 31, 2012.
‡		Security valued at fair value as determined by policies approved by the Board of Directors.
‡‡		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

307

SCHEDULE OF INVESTMENTS

December 31, 2012


Vantagepoint Overseas Equity Index Fund		Shares		Value

COMMON STOCKS—98.1%
Australia—8.8%
AGL Energy Ltd.		11,099	$	178,428
ALS Ltd.		6,710		76,543
Alumina Ltd.	†	52,912		50,782
Amcor Ltd.		24,186		204,414
AMP Ltd.		60,805		308,426
APA Group	†	17,459		100,791
Asciano Ltd.		20,462		100,100
ASX Ltd.		3,522		114,938
Aurizon Holdings Ltd.		38,073		149,718
Australia & New Zealand Banking Group Ltd.		55,477		1,461,070
Bendigo and Adelaide Bank Ltd.	†	7,833		69,778
BHP Billiton Ltd.		65,951		2,574,756
Boral Ltd.		16,512		75,764
Brambles Ltd.		32,179		255,157
Caltex Australia Ltd.		2,904		58,573
Centro Retail Australia REIT		24,782		58,667
CFS Retail Property Trust Group REIT		43,842		87,705
Coca-Cola Amatil Ltd.		11,986		168,443
Cochlear Ltd.		1,128		93,511
Commonwealth Bank of Australia		32,553		2,120,061
Computershare Ltd.		8,966		84,582
Crown Ltd.		7,902		88,313
CSL Ltd.		10,459		590,487
Dexus Property Group REIT		98,639		104,765
Echo Entertainment Group Ltd.		17,181		62,052
Flight Centre Ltd.		1,102		31,182
Fortescue Metals Group Ltd.	†	30,217		150,585
Goodman Group REIT		33,696		153,538
GPT Group REIT		29,912		115,137
Harvey Norman Holdings Ltd.		10,998		21,894
Iluka Resources Ltd.	†	9,119		88,126
Incitec Pivot Ltd.		34,633		118,077
Insurance Australia Group Ltd.		41,679		205,283
Leighton Holdings Ltd.		3,007		56,763
Lend Lease Group		11,091		108,312
Macquarie Group Ltd.		6,807		254,997
Metcash Ltd.		16,948		58,754
Mirvac Group REIT		74,938		116,622
National Australia Bank Ltd.		46,402		1,220,516
Newcrest Mining Ltd.		15,483		362,189
Orica Ltd.		7,608		200,137
Origin Energy Ltd.		21,961		269,960
OZ Minerals Ltd.		7,183		51,011
Qantas Airways Ltd.	*	25,206		39,470
QBE Insurance Group Ltd.	†	24,560		281,407
Ramsay Health Care Ltd.		2,635		75,156
Rio Tinto Ltd.		9,013		633,695
Santos Ltd.		19,665		230,408
Sonic Healthcare Ltd.		7,920		110,552
SP AusNet		35,545		41,307
Stockland REIT		44,594		164,887
Suncorp Group Ltd.		26,851		286,738
Sydney Airport		4,120		14,513
Tabcorp Holdings Ltd.		17,261		55,132
Tatts Group Ltd.		29,248		92,124
Telstra Corp. Ltd.		90,368		411,782
Toll Holdings Ltd.		13,906		66,650
Transurban Group		27,435		174,393
Treasury Wine Estates Ltd.		12,953		63,754



		Shares		Value

Wesfarmers Ltd.		20,506	$	791,145
Westfield Group REIT		43,593		481,435
Westfield Retail Trust REIT		59,438		187,524
Westpac Banking Corp.		62,944		1,724,653
Whitehaven Coal Ltd.		8,680		32,349
Woodside Petroleum Ltd.		13,701		488,236
Woolworths Ltd.		25,103		770,119
WorleyParsons Ltd.		4,476		110,257

				20,148,593

Austria—0.3%
Andritz AG		1,416		90,990
Erste Group Bank AG	*	4,302		136,780
IMMOFINANZ AG	*	18,021		75,865
OMV AG		2,919		105,773
Raiffeisen Bank International AG	†	930		38,687
Telekom Austria AG		4,876		37,025
Verbund AG		1,308		32,487
Vienna Insurance Group AG Wiener Versicherung Gruppe		889		47,449
Voestalpine AG		2,136		78,484

				643,540

Belgium—1.1%
Ageas		4,683		138,370
Anheuser-Busch InBev NV		16,405		1,428,622
Belgacom SA		3,168		93,176
Colruyt SA		1,567		77,700
Delhaize Group SA		2,059		82,934
Groupe Bruxelles Lambert SA		1,713		136,622
Groupe Bruxelles Lambert SA STRIP VVPR	*d	127		—
KBC Groep NV		4,926		171,682
Solvay SA		1,220		177,525
Telenet Group Holding NV		1,103		52,146
UCB SA		2,177		124,717
Umicore SA		2,255		124,866

				2,608,360

China—0.0%
Yangzijiang Shipbuilding Holdings Ltd.		34,000		27,240

Denmark—1.1%
A.P. Moller—Maersk A/S, Class A		12		85,468
A.P. Moller—Maersk A/S, Class B		28		212,034
Carlsberg A/S, Class B		2,146		211,416
Coloplast A/S, Class B		2,295		112,547
Danske Bank A/S	*	13,625		231,409
DSV A/S		3,821		98,859
Novo Nordisk A/S, Class B		8,317		1,354,313
Novozymes A/S, Class B		5,254		149,143
TDC A/S		9,968		70,625
Tryg A/S		491		37,161
William Demant Holding A/S	*	482		41,409

				2,604,384

Finland—0.8%
Elisa Oyj		2,840		62,962
Fortum Oyj		9,291		173,936
Kesko Oyj, Class B		1,238		40,643
Kone Oyj, Class B		3,257		240,887
Metso Oyj		2,573		109,846

See accompanying notes to financial statements

308

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Overseas Equity Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Neste Oil Oyj		3,010	$	39,022
Nokia Oyj	†	76,850		303,689
Nokian Renkaat Oyj		2,470		98,941
Orion Oyj, Class B		2,182		64,244
Pohjola Bank plc, Class A		2,462		36,865
Sampo, Class A		8,763		283,796
Stora Enso Oyj (Registered), Class R		11,073		77,504
UPM-Kymmene Oyj		10,836		127,483
Wartsila Oyj Abp		3,537		153,986

				1,813,804

France—9.1%
Accor SA		2,980		106,288
Aeroports de Paris		550		42,583
Air Liquide SA		6,356		803,002
Alstom SA		4,242		170,884
Arkema SA		1,236		129,778
AtoS		1,213		85,185
AXA SA		36,584		656,894
BNP Paribas SA		20,473		1,165,528
Bouygues SA		4,012		119,386
Bureau Veritas SA		1,092		122,446
Cap Gemini SA		2,968		129,783
Carrefour SA		12,367		318,417
Casino Guichard Perrachon SA		1,097		105,073
Christian Dior SA		1,091		185,965
Cie de Saint-Gobain		8,056		345,956
Cie Generale de Geophysique— Veritas	*	3,482		105,805
Cie Generale des Etablissements Michelin (Registered)		3,746		358,938
Cie Generale d’Optique Essilor International SA		4,102		413,716
CNP Assurances		2,704		41,622
Credit Agricole SA	*	19,917		162,205
Danone SA		11,791		779,258
Dassault Systemes SA		1,320		147,586
Edenred		3,706		114,620
Electricite de France SA		4,999		92,634
Eurazeo		640		30,987
European Aeronautic Defence and Space Co. NV		8,358		329,483
Eutelsat Communications SA		2,752		91,532
Fonciere Des Regions REIT		530		44,601
France Telecom SA		38,235		424,172
GDF Suez		26,391		543,551
Gecina SA REIT		463		52,432
Groupe Eurotunnel SA		12,276		95,393
ICADE REIT		448		39,998
Iliad SA		506		86,945
Imerys SA		725		46,501
JCDecaux SA		1,204		28,738
Klepierre REIT		2,087		83,416
Lafarge SA		3,755		242,469
Lagardere SCA (Registered)		2,447		82,307
Legrand SA		4,750		201,571
L’Oreal SA		4,995		695,017
LVMH Moet Hennessy Louis Vuitton SA		5,183		956,560
Natixis		19,004		64,958
Pernod-Ricard SA		4,384		508,636
Peugeot SA	*†	5,165		37,692



		Shares		Value

PPR		1,585	$	297,680
Publicis Groupe SA		3,630		218,392
Remy Cointreau SA		434		47,472
Renault SA		3,855		209,357
Rexel SA		2,092		42,787
Safran SA		4,595		198,995
Sanofi		24,388		2,312,710
Schneider Electric SA		10,706		784,115
SCOR SE		3,511		94,897
Societe BIC SA		579		69,403
Societe Generale SA	*	14,271		542,618
Sodexo		1,983		167,561
Suez Environnement Co.		5,623		67,829
Technip SA		2,147		248,270
Thales SA		2,071		72,159
Total SA		43,528		2,264,887
Unibail-Rodamco SE (Paris Exchange) REIT		1,866		452,511
Vallourec SA		2,033		106,716
Veolia Environnement SA		7,140		86,559
Vinci SA		9,495		457,157
Vivendi SA		26,462		598,463
Wendel SA		688		70,920
Zodiac Aerospace		664		73,512

				20,875,481

Germany—8.0%
Adidas AG		4,310		384,664
Allianz SE (Registered)		9,297		1,295,973
Axel Springer AG		720		30,823
BASF SE		18,771		1,774,983
Bayer AG		16,898		1,611,423
Bayerische Motoren Werke AG		6,852		666,775
Beiersdorf AG		2,124		173,914
Brenntag AG		1,060		139,650
Celesio AG		1,532		26,536
Commerzbank AG	*	76,473		146,504
Continental AG		2,286		266,441
Daimler AG (Registered)		18,504		1,018,747
Deutsche Bank AG (Registered)		18,942		833,349
Deutsche Boerse AG		3,965		243,142
Deutsche Lufthansa AG (Registered)		4,457		84,256
Deutsche Post AG (Registered)		18,375		404,718
Deutsche Telekom AG (Registered)		58,139		661,791
E.ON SE		37,293		699,468
Fraport AG Frankfurt Airport Services Worldwide		822		47,952
Fresenius Medical Care AG & Co. KGaA		4,358		300,755
Fresenius SE & Co. KGaA		2,511		288,937
GEA Group AG		3,459		112,472
Hannover Rueckversicherung AG (Registered)		1,178		92,265
HeidelbergCement AG		2,807		171,765
Henkel AG & Co. KGaA		2,728		187,225
Hochtief AG	*	558		32,639
Hugo Boss AG		564		59,939
Infineon Technologies AG		22,149		180,436
K+S AG		3,614		167,848
Kabel Deutschland Holding AG		1,819		136,908
Lanxess AG		1,754		154,667
Linde AG		3,765		658,680

See accompanying notes to financial statements

309

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Overseas Equity Index Fund		Shares		Value

COMMON STOCKS—(Continued)
MAN SE		886	$	95,175
Merck KGaA		1,290		170,015
Metro AG		2,788		77,454
Muenchener Rueckversicherungs AG (Registered)		3,712		670,119
RWE AG		9,918		411,373
Salzgitter AG		718		37,629
SAP AG		18,820		1,513,366
Siemens AG (Registered)		16,817		1,838,948
Suedzucker AG		1,523		62,515
ThyssenKrupp AG		7,886		186,209
United Internet AG (Registered)		2,186		47,273
Volkswagen AG		616		133,633

				18,299,354

Greece—0.1%
Coca Cola Hellenic Bottling Co. SA	*	3,938		92,535
OPAP SA		4,010		28,754

				121,289

Guernsey, Channel Islands—0.1%
Resolution Ltd.		28,824		117,269

Hong Kong—3.0%
AIA Group Ltd.		221,000		876,560
ASM Pacific Technology Ltd.	†	4,300		52,791
Bank of East Asia Ltd.		23,920		92,889
BOC Hong Kong Holdings Ltd.		77,000		242,225
Cathay Pacific Airways Ltd.		23,000		42,720
Cheung Kong Holdings Ltd.		28,000		435,663
Cheung Kong Infrastructure Holdings Ltd.		11,000		67,947
CLP Holdings Ltd.		36,500		306,667
First Pacific Co. Ltd.		42,000		46,381
Galaxy Entertainment Group Ltd.	*	44,000		176,430
Hang Lung Properties Ltd.		45,000		181,099
Hang Seng Bank Ltd.		16,000		246,991
Henderson Land Development Co. Ltd.		19,000		136,025
HKT Trust/HKT Ltd.		45,000		44,200
Hong Kong & China Gas Co. Ltd.		105,468		289,774
Hong Kong Exchanges and Clearing Ltd.		22,100		382,466
Hopewell Holdings Ltd.		11,000		47,694
Hutchison Whampoa Ltd.		44,000		466,266
Hysan Development Co. Ltd.		12,000		58,354
Kerry Properties Ltd.		15,000		78,803
Li & Fung Ltd.		121,200		218,704
Link (The) REIT		46,000		230,373
MGM China Holdings Ltd.		18,400		33,890
MTR Corp. Ltd.		30,000		118,876
New World Development Co. Ltd.		72,900		115,413
Noble Group Ltd.		77,309		74,690
NWS Holdings Ltd.		26,500		45,040
Orient Overseas International Ltd.		3,700		24,426
PCCW Ltd.		84,000		37,128
Power Assets Holdings Ltd.		29,000		248,807
Shangri-La Asia Ltd.		34,000		68,491



		Shares		Value

Sino Land Co. Ltd.		63,000	$	115,362
SJM Holdings Ltd.		43,000		101,483
Sun Hung Kai Properties Ltd.		32,000		485,288
Swire Pacific Ltd., Class A		14,500		181,380
Swire Properties Ltd.		23,400		78,812
Wharf Holdings Ltd.		31,637		252,138
Wheelock & Co. Ltd.		20,000		102,022
Wing Hang Bank Ltd.		3,000		31,600
Yue Yuen Industrial Holdings Ltd.		14,000		47,351

				6,883,219

Ireland—0.6%
CRH plc (Dublin Exchange)		14,574		296,378
Elan Corp. plc	*	10,793		110,667
Experian plc		20,860		336,199
Irish Bank Resolution Corp. Ltd.	*‡d	11,206		—
James Hardie Industries plc CDI		9,384		90,855
Kerry Group plc, Class A		2,974		157,089
Prothena Corp. plc	*	263		1,930
Shire plc		11,577		356,122

				1,349,240

Israel—0.5%
Bank Hapoalim BM	*	22,424		96,209
Bank Leumi Le-Israel BM	*	25,538		86,927
Bezeq Israeli Telecommunication Corp. Ltd.		43,766		50,695
Delek Group Ltd.		117		27,532
Israel Chemicals Ltd.		9,235		111,218
Israel Corp. Ltd. (The)		39		25,653
Mellanox Technologies Ltd.	*	827		51,226
Mizrahi Tefahot Bank Ltd.	*	2,045		21,208
NICE Systems Ltd.	*	1,340		44,881
Teva Pharmaceutical Industries Ltd.		19,205		713,648

				1,229,197

Italy—2.1%
Assicurazioni Generali SpA		24,265		443,436
Atlantia SpA		6,684		121,372
Banca Monte dei Paschi di Siena SpA	*†	100,790		30,146
Banco Popolare SC	*	35,958		59,876
Enel Green Power SpA		38,326		71,393
Enel SpA		136,035		565,835
Eni SpA		51,941		1,272,425
Exor SpA		1,270		32,006
Fiat Industrial SpA		17,128		187,647
Fiat SpA	*	19,199		96,713
Finmeccanica SpA	*	7,508		43,450
Intesa Sanpaolo SpA		203,829		352,484
Intesa Sanpaolo SpA RSP		17,138		24,340
Luxottica Group SpA		3,410		140,747
Mediobanca SpA		11,665		72,055
Pirelli & C. SpA		4,877		56,191
Prysmian SpA		4,225		84,335
Saipem SpA		5,309		206,802
Snam SpA		33,673		157,171
Telecom Italia SpA		196,107		177,882
Telecom Italia SpA RSP		121,188		96,452

See accompanying notes to financial statements

310

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Overseas Equity Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Terna Rete Elettrica Nazionale SpA		28,443	$	113,822
UniCredit SpA	*	83,441		410,901
Unione di Banche Italiane ScpA		16,898		78,797

				4,896,278

Japan—19.8%
ABC-Mart, Inc.		600		26,121
Acom Co. Ltd.	*	800		23,043
Advantest Corp.		2,800		44,221
Aeon Co. Ltd.		12,900		147,428
Aeon Credit Service Co. Ltd.	†	1,400		28,328
Aeon Mall Co. Ltd.		1,400		34,442
Air Water, Inc.		3,000		38,396
Aisin Seiki Co. Ltd.		3,800		118,663
Ajinomoto Co., Inc.		13,000		172,022
Alfresa Holdings Corp.		1,000		39,087
All Nippon Airways Co. Ltd.	†	26,000		54,623
Amada Co. Ltd.		7,000		45,549
Aozora Bank Ltd.		11,000		33,822
Asahi Glass Co. Ltd.		20,000		146,032
Asahi Group Holdings Ltd.		7,700		163,954
Asahi Kasei Corp.		27,000		159,654
Asics Corp.		3,000		45,830
Astellas Pharma, Inc.		9,175		412,523
Bank of Kyoto Ltd. (The)		6,000		50,814
Bank of Yokohama Ltd. (The)		25,000		116,240
Benesse Holdings, Inc.		1,300		54,101
Bridgestone Corp.		13,200		343,617
Brother Industries Ltd.	†	4,600		49,521
Calbee, Inc.		300		21,139
Canon, Inc.	†	23,100		895,350
Casio Computer Co. Ltd.		4,500		39,498
Central Japan Railway Co.		2,900		235,363
Chiba Bank Ltd. (The)		16,000		93,731
Chiyoda Corp.		3,000		42,976
Chubu Electric Power Co., Inc.		13,200		176,151
Chugai Pharmaceutical Co. Ltd.		4,400		84,304
Chugoku Bank Ltd. (The)		4,000		55,831
Chugoku Electric Power Co., Inc. (The)		6,200		97,564
Citizen Holdings Co. Ltd.		4,700		24,827
Coca-Cola West Holdings Co. Ltd.		1,200		18,528
Cosmo Oil Co. Ltd.		12,000		26,875
Credit Saison Co. Ltd.		3,100		77,539
Dai Nippon Printing Co. Ltd.		11,000		86,256
Daicel Corp.		7,000		46,314
Daido Steel Co. Ltd.		6,000		30,424
Daihatsu Motor Co. Ltd.		4,000		79,691
Dai-ichi Life Insurance Co. Ltd. (The)		171		240,607
Daiichi Sankyo Co. Ltd.		14,002		214,962
Daikin Industries Ltd.		4,800		164,876
Dainippon Sumitomo Pharma Co. Ltd.		3,000		36,041
Daito Trust Construction Co. Ltd.		1,500		141,765
Daiwa House Industry Co. Ltd.		10,000		171,928
Daiwa Securities Group, Inc.		34,000		189,687
Dena Co. Ltd.		2,100		69,277
Denki Kagaku Kogyo K.K.		11,000		37,662
Denso Corp.		9,800		341,277



		Shares		Value

Dentsu, Inc.		3,800	$	101,786
Don Quijote Co. Ltd.		1,100		40,464
East Japan Railway Co.		6,900		446,183
Eisai Co. Ltd.		5,300		221,237
Electric Power Development Co. Ltd.		2,540		60,243
FamilyMart Co. Ltd.		1,200		49,438
FANUC Corp.		3,900		725,593
Fast Retailing Co. Ltd.		1,100		280,732
Fuji Electric Co. Ltd.		10,000		24,604
Fuji Heavy Industries Ltd.		12,000		151,324
FUJIFILM Holdings Corp.		9,700		195,163
Fujitsu Ltd.		37,000		155,177
Fukuoka Financial Group, Inc.		17,000		68,081
Furukawa Electric Co. Ltd.	*	12,000		26,989
Gree, Inc.		1,800		27,935
GS Yuasa Corp.	†	8,000		32,254
Gunma Bank Ltd. (The)		8,000		39,140
Hachijuni Bank Ltd. (The)		8,000		40,136
Hakuhodo DY Holdings, Inc.		480		31,061
Hamamatsu Photonics KK		1,400		50,902
Hankyu Hanshin Holdings, Inc.		23,000		118,917
Hino Motors Ltd.		5,000		45,194
Hirose Electric Co. Ltd.		630		75,436
Hiroshima Bank Ltd. (The)		10,000		41,935
Hisamitsu Pharmaceutical Co., Inc.		1,200		59,724
Hitachi Chemical Co. Ltd.		2,300		34,668
Hitachi Construction Machinery Co. Ltd.	†	2,300		48,371
Hitachi High-Technologies Corp.		1,100		22,763
Hitachi Ltd.		96,000		564,913
Hitachi Metals Ltd.		3,000		25,584
Hokkaido Electric Power Co., Inc.		3,400		41,275
Hokuriku Electric Power Co.		3,200		37,976
Honda Motor Co. Ltd.		33,300		1,233,253
HOYA Corp.		9,100		179,306
Hulic Co. Ltd.	†	5,000		33,925
Ibiden Co. Ltd.		2,200		35,205
Idemitsu Kosan Co. Ltd.		400		34,855
IHI Corp.		26,000		67,421
INPEX Corp.		46		246,025
Isetan Mitsukoshi Holdings Ltd.		8,040		78,682
Isuzu Motors Ltd.		25,000		149,186
ITOCHU Corp.		31,200		329,756
Itochu Techno-Solutions Corp.		600		24,707
Iyo Bank Ltd. (The)		5,000		39,635
J. Front Retailing Co. Ltd.		10,600		58,749
Japan Airlines Co. Ltd.	*	1,200		51,580
Japan Petroleum Exploration Co.		500		17,659
Japan Prime Realty Investment Corp. REIT		16		46,243
Japan Real Estate Investment Corp. REIT		12		118,226
Japan Retail Fund Investment Corp. REIT		41		75,369
Japan Steel Works Ltd. (The)		6,000		39,090
Japan Tobacco, Inc.		18,600		525,438
JFE Holdings, Inc.		9,900		186,582
JGC Corp.		4,000		124,646
Joyo Bank Ltd. (The)		14,000		66,518
JS Group Corp.		5,200		115,989
JSR Corp.		3,500		66,807
JTEKT Corp.		4,700		44,807

See accompanying notes to financial statements

311

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Overseas Equity Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Jupiter Telecommunications Co. Ltd.		48	$	59,518
JX Holdings, Inc.		46,810		264,278
Kajima Corp.		17,000		56,248
Kamigumi Co. Ltd.		5,000		39,894
Kaneka Corp.		6,000		30,358
Kansai Electric Power Co., Inc. (The)		15,300		160,683
Kansai Paint Co. Ltd.		5,000		53,884
Kao Corp.		10,600		276,210
Kawasaki Heavy Industries Ltd.		29,000		78,866
KDDI Corp.		5,400		381,765
Keikyu Corp.	†	10,000		88,776
Keio Corp.		11,000		82,006
Keisei Electric Railway Co. Ltd.		6,000		50,633
Keyence Corp.		872		241,827
Kikkoman Corp.		3,000		42,838
Kinden Corp.		2,000		13,034
Kintetsu Corp.	†	34,000		139,323
Kirin Holdings Co. Ltd.		18,000		211,788
Kobe Steel Ltd.		54,000		68,997
Koito Manufacturing Co. Ltd.		2,000		29,168
Komatsu Ltd.		19,000		487,548
Konami Corp.		2,000		45,039
Konica Minolta Holdings, Inc.		10,500		75,562
Kubota Corp.		23,000		264,440
Kuraray Co. Ltd.		6,900		90,453
Kurita Water Industries Ltd.		2,600		57,099
Kyocera Corp.		3,200		290,129
Kyowa Hakko Kirin Co. Ltd.		5,000		49,326
Kyushu Electric Power Co., Inc.		9,300		106,031
Lawson, Inc.		1,300		88,186
M3, Inc.		12		19,153
Mabuchi Motor Co. Ltd.		400		17,058
Makita Corp.		2,400		111,490
Marubeni Corp.		33,000		236,783
Marui Group Co. Ltd.		4,000		31,955
Maruichi Steel Tube Ltd.		1,000		23,047
Mazda Motor Corp.	*	56,000		114,930
McDonald’s Holdings Co. Japan Ltd.	†	1,400		36,943
Medipal Holdings Corp.		2,800		31,045
MEIJI Holdings Co. Ltd.		1,302		56,465
Miraca Holdings, Inc.		1,200		48,385
Mitsubishi Chemical Holdings Corp.		28,500		141,975
Mitsubishi Corp.		29,100		560,261
Mitsubishi Electric Corp.		39,000		332,060
Mitsubishi Estate Co. Ltd.		25,000		598,518
Mitsubishi Gas Chemical Co., Inc.		9,000		55,205
Mitsubishi Heavy Industries Ltd.		63,000		304,745
Mitsubishi Logistics Corp.		3,000		43,048
Mitsubishi Materials Corp.		25,000		85,467
Mitsubishi Motors Corp.	*	83,000		85,813
Mitsubishi Tanabe Pharma Corp.		4,800		62,600
Mitsubishi UFJ Financial Group, Inc.		260,240		1,408,188
Mitsubishi UFJ Lease & Finance Co. Ltd.		1,180		50,759
Mitsui & Co. Ltd.		35,900		538,100



		Shares		Value

Mitsui Chemicals, Inc.		20,000	$	52,121
Mitsui Fudosan Co. Ltd.		17,000		415,872
Mitsui OSK Lines Ltd.		24,000		71,495
Mizuho Financial Group, Inc.		465,680		853,818
MS&AD Insurance Group Holdings		10,474		209,029
Murata Manufacturing Co. Ltd.		4,200		247,764
Nabtesco Corp.		2,000		44,673
Namco Bandai Holdings, Inc.		4,150		53,793
NEC Corp.	*	53,000		111,795
Nexon Co. Ltd.	*	2,100		21,269
NGK Insulators Ltd.		6,000		71,176
NGK Spark Plug Co. Ltd.		4,000		53,285
NHK Spring Co. Ltd.		3,000		24,720
Nidec Corp.	†	2,200		128,478
Nikon Corp.		7,100		209,623
Nintendo Co. Ltd.		2,200		234,910
Nippon Building Fund, Inc. REIT		13		134,482
Nippon Electric Glass Co. Ltd.		7,500		42,705
Nippon Express Co. Ltd.		19,000		78,513
Nippon Meat Packers, Inc.		4,000		55,448
Nippon Paper Group, Inc.	†	1,900		26,399
Nippon Steel & Sumitomo Metal Corp.		154,245		379,778
Nippon Telegraph & Telephone Corp.		8,800		370,506
Nippon Yusen K.K.		33,000		77,676
Nishi-Nippon City Bank Ltd. (The)		15,000		37,220
Nissan Motor Co. Ltd.		51,300		486,780
Nisshin Seifun Group, Inc.		4,200		52,559
Nissin Foods Holdings Co. Ltd.		1,100		41,732
Nitori Holdings Co. Ltd.		700		51,287
Nitto Denko Corp.		3,400		167,445
NKSJ Holdings, Inc.		7,875		168,911
NOK Corp.		2,000		31,318
Nomura Holdings, Inc.		75,500		446,906
Nomura Real Estate Holdings, Inc.		1,700		32,508
Nomura Real Estate Office Fund, Inc. REIT		5		28,803
Nomura Research Institute Ltd.		2,150		44,786
NSK Ltd.		10,000		71,157
NTT Data Corp.		26		81,386
NTT DOCOMO, Inc.		316		455,520
NTT Urban Development Corp.		24		23,278
Obayashi Corp.		13,000		73,295
Odakyu Electric Railway Co. Ltd.		13,000		135,255
Oji Holdings Corp.	†	17,000		58,639
Olympus Corp.	*	4,800		93,123
Omron Corp.		4,400		105,615
Ono Pharmaceutical Co. Ltd.		1,700		86,843
Oracle Corp. Japan		900		37,492
Oriental Land Co. Ltd.		1,000		121,104
ORIX Corp.		2,110		238,343
Osaka Gas Co. Ltd.		38,000		138,028
Otsuka Corp.		300		22,698
Otsuka Holdings Co. Ltd.		7,300		205,650
Panasonic Corp.	†	44,500		271,958
Park24 Co. Ltd.		2,000		31,586
Rakuten, Inc.		15,600		121,656
Resona Holdings, Inc.		38,600		176,494

See accompanying notes to financial statements

312

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Overseas Equity Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Ricoh Co. Ltd.	†		13,000	$	137,988
Rinnai Corp.			600		40,766
Rohm Co. Ltd.			2,100		68,649
Sankyo Co. Ltd.			1,100		43,648
Sanrio Co. Ltd.			900		28,714
Santen Pharmaceutical Co. Ltd.			1,700		65,302
SBI Holdings, Inc.			5,210		46,574
Secom Co. Ltd.			4,200		211,605
Sega Sammy Holdings, Inc.			4,148		70,015
Sekisui Chemical Co. Ltd.			9,000		78,513
Sekisui House Ltd.			11,000		120,446
Seven & I Holdings Co. Ltd.			15,540		438,085
Seven Bank Ltd.			13,600		35,874
Sharp Corp.	†		20,000		70,457
Shikoku Electric Power Co., Inc.			3,600		57,432
Shimadzu Corp.			5,000		34,119
Shimamura Co. Ltd.			500		48,588
Shimano, Inc.			1,500		96,050
Shimizu Corp.			13,000		48,869
Shin-Etsu Chemical Co. Ltd.			8,300		506,550
Shinsei Bank Ltd.			30,000		60,046
Shionogi & Co. Ltd.			6,300		104,982
Shiseido Co. Ltd.			7,800		110,101
Shizuoka Bank Ltd. (The)			11,000		107,449
Showa Denko K.K.			31,000		47,381
Showa Shell Sekiyu K.K.			4,500		25,489
SMC Corp.			1,100		199,820
Softbank Corp.			19,300		707,176
Sojitz Corp.			26,800		39,625
Sony Corp.	†		20,200		226,552
Sony Financial Holdings, Inc.			3,400		61,126
Square Enix Holdings Co. Ltd.			1,500		19,081
Stanley Electric Co. Ltd.			3,200		45,482
Sumco Corp.	*		1,900		18,689
Sumitomo Chemical Co. Ltd.			32,000		100,846
Sumitomo Corp.			22,700		291,237
Sumitomo Electric Industries Ltd.			15,400		178,006
Sumitomo Heavy Industries Ltd.			12,000		57,510
Sumitomo Metal Mining Co. Ltd.			11,000		155,275
Sumitomo Mitsui Financial Group, Inc.			27,400		995,766
Sumitomo Mitsui Trust Holdings, Inc.			64,740		228,099
Sumitomo Realty & Development Co. Ltd.			7,500		249,854
Sumitomo Rubber Industries Ltd.			3,800		45,951
Suruga Bank Ltd.			4,000		49,196
Suzuken Co. Ltd.			1,560		43,950
Suzuki Motor Corp.			7,300		191,029
Sysmex Corp.			1,500		69,073
T&D Holdings, Inc.			12,300		149,756
Taiheiyo Cement Corp.			22,000		60,485
Taisei Corp.			20,000		66,506
Taisho Pharmaceutical Holdings Co. Ltd.			690		47,391
Taiyo Nippon Sanso Corp.			5,000		28,766
Takashimaya Co. Ltd.			5,000		35,580
Takeda Pharmaceutical Co. Ltd.			16,320		729,422
TDK Corp.	†		2,500		91,042
Teijin Ltd.			19,000		47,317
Terumo Corp.			3,100		123,101
THK Co. Ltd.			2,700		48,561



		Shares		Value

Tobu Railway Co. Ltd.			22,000	$	116,669
Toho Co. Ltd.			2,400		42,241
Toho Gas Co. Ltd.			9,000		48,262
Tohoku Electric Power Co., Inc.	*		8,800		82,056
Tokio Marine Holdings, Inc.			14,000		390,030
Tokyo Electric Power Co., Inc.	*		31,000		74,712
Tokyo Electron Ltd.			3,400		156,812
Tokyo Gas Co. Ltd.			49,000		223,884
Tokyu Corp.			24,000		135,209
Tokyu Land Corp.			9,000		65,944
TonenGeneral Sekiyu K.K.	†		6,000		51,886
Toppan Printing Co. Ltd.			12,000		74,390
Toray Industries, Inc.			30,000		184,291
Toshiba Corp.			84,000		332,491
TOTO Ltd.			5,000		37,590
Toyo Seikan Kaisha Ltd.			3,300		44,469
Toyo Suisan Kaisha Ltd.			2,000		53,288
Toyoda Gosei Co. Ltd.			1,200		24,392
Toyota Boshoku Corp.			1,400		16,232
Toyota Industries Corp.			3,300		105,356
Toyota Motor Corp.			56,400		2,633,663
Toyota Tsusho Corp.			4,200		103,668
Trend Micro, Inc.	†		2,200		66,473
Tsumura & Co.			1,400		42,323
Ube Industries Ltd.			19,000		45,642
Unicharm Corp.			2,300		119,519
Ushio, Inc.			1,900		20,835
USS Co. Ltd.			460		47,900
West Japan Railway Co.			3,600		141,828
Yahoo! Japan Corp.			311		100,700
Yakult Honsha Co. Ltd.			1,900		83,224
Yamada Denki Co. Ltd.	†		1,700		65,707
Yamaguchi Financial Group, Inc.			4,000		35,326
Yamaha Corp.			2,700		28,636
Yamaha Motor Co. Ltd.	†		5,500		60,928
Yamato Holdings Co. Ltd.			7,600		115,497
Yamato Kogyo Co. Ltd.			700		20,501
Yamazaki Baking Co. Ltd.			2,000		22,285
Yaskawa Electric Corp.			4,000		38,600
Yokogawa Electric Corp.			4,300		47,151

					45,195,506

Luxembourg—0.4%
ArcelorMittal			18,927		330,001
Millicom International Cellular SA SDR			1,299		112,754
SES SA FDR			6,069		174,792
Tenaris SA			9,898		206,377

					823,924

Macau—0.1%
Sands China Ltd.			49,294		220,377
Wynn Macau Ltd.	*		31,256		86,069

					306,446

Malta—0.0%
BGP Holdings plc	*‡d		142,647		—

Mexico—0.1%
Fresnillo plc			3,849		118,055

Netherlands—4.6%
Aegon NV			35,122		226,882

See accompanying notes to financial statements

313

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Overseas Equity Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Akzo Nobel NV		4,890	$	323,702
ASML Holding NV		6,490		416,227
Corio NV REIT		1,453		66,629
D.E. Master Blenders 1753 NV	*	11,905		136,773
Delta Lloyd NV		3,254		53,605
Fugro NV CVA		1,480		87,820
Gemalto NV		1,573		141,987
Heineken Holding NV		2,084		114,750
Heineken NV		4,752		318,591
ING Groep NV CVA	*	77,995		740,795
Koninklijke Ahold NV		20,322		272,498
Koninklijke Boskalis Westminster NV		1,476		66,814
Koninklijke DSM NV		3,156		192,344
Koninklijke KPN NV		20,981		103,758
Koninklijke Philips Electronics NV		21,494		569,165
Koninklijke Vopak NV		1,377		97,337
Qiagen NV	*	4,858		88,227
Randstad Holding NV		2,394		88,858
Reed Elsevier NV		14,435		214,038
Royal Dutch Shell plc, Class A		76,005		2,638,148
Royal Dutch Shell plc, Class B		53,775		1,918,495
TNT Express NV		6,778		75,717
Unilever NV CVA		33,261		1,272,685
Wolters Kluwer NV		6,087		125,037
Ziggo NV		2,402		78,691

				10,429,573

New Zealand—0.1%
Auckland International Airport Ltd.		20,988		46,456
Contact Energy Ltd.	*	7,698		33,239
Fletcher Building Ltd.		14,083		98,853
SKYCITY Entertainment Group Ltd.	†	12,302		38,633
Telecom Corp of New Zealand Ltd.		37,806		71,560

				288,741

Norway—0.8%
Aker Solutions ASA		3,442		71,279
DnB ASA		19,668		251,390
Gjensidige Forsikring ASA		4,209		60,486
Norsk Hydro ASA		18,486		93,826
Orkla ASA		16,384		143,582
Seadrill Ltd.		7,090		261,209
Statoil ASA		23,078		581,672
Telenor ASA		14,163		288,385
Yara International ASA		3,824		190,659

				1,942,488

Portugal—0.2%
Banco Espirito Santo SA (Registered)	*	45,157		53,708
EDP—Energias de Portugal SA		40,453		123,049
Galp Energia SGPS SA, Class B		5,634		87,765
Jeronimo Martins SGPS SA		4,265		82,470
Portugal Telecom SGPS SA (Registered)		14,350		71,460

				418,452



		Shares		Value

Singapore—1.8%
Ascendas Real Estate Investment Trust REIT		42,786	$	83,729
CapitaCommercial Trust REIT		40,000		55,509
CapitaLand Ltd.		51,500		158,523
CapitaMall Trust REIT		52,000		91,378
CapitaMalls Asia Ltd.		32,000		51,538
City Developments Ltd.		10,000		106,950
ComfortDelGro Corp. Ltd.		37,000		54,432
DBS Group Holdings Ltd.		37,500		460,369
Fraser and Neave Ltd.		18,000		143,830
Genting Singapore plc (Registered)		131,000		150,500
Global Logistic Properties Ltd.		40,000		92,509
Golden Agri-Resources Ltd.		136,320		73,361
Hutchison Port Holdings Trust		112,000		89,641
Jardine Cycle & Carriage Ltd.		2,000		79,660
Keppel Corp. Ltd.		29,400		268,468
Keppel Land Ltd.		16,000		53,588
Olam International Ltd.		30,672		39,399
Oversea-Chinese Banking Corp. Ltd.		52,600		423,850
SembCorp Industries Ltd.		21,340		93,049
SembCorp Marine Ltd.		17,000		64,943
Singapore Airlines Ltd.		11,400		101,113
Singapore Exchange Ltd.		17,000		98,789
Singapore Press Holdings Ltd.		31,500		104,312
Singapore Technologies Engineering Ltd.		31,000		97,842
Singapore Telecommunications Ltd.		164,159		446,681
StarHub Ltd.		13,730		43,005
United Overseas Bank Ltd.		26,000		426,505
UOL Group Ltd.		9,000		44,387
Wilmar International Ltd.		39,000		107,671

				4,105,531

Spain—2.9%
Abertis Infraestructuras SA		7,244		119,645
Acciona SA		445		33,232
ACS Actividades de Construccion y Servicios SA		2,822		71,520
Amadeus IT Holding SA, Class A		6,615		167,170
Banco Bilbao Vizcaya Argentaria SA		111,161		1,032,778
Banco de Sabadell SA	*†	57,178		149,536
Banco Popular Espanol SA		97,608		76,293
Banco Santander SA		210,918		1,714,132
Bankia SA	*†	24,671		12,733
CaixaBank		18,408		64,484
CaixaBank SA	*‡	409		1,433
Distribuidora Internacional de Alimentacion SA		12,844		82,062
Enagas SA		3,844		82,354
Ferrovial SA		7,966		118,585
Gas Natural SDG SA		6,928		124,893
Grifols SA	*	2,919		102,072
Iberdrola SA	†	82,779		462,296
Inditex SA		4,514		634,245
Mapfre SA	†	18,060		55,645
Red Electrica Corp. SA	†	2,146		106,004
Repsol SA	†	16,524		337,300

See accompanying notes to financial statements

314

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Overseas Equity Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Telefonica SA		83,594	$	1,131,783
Zardoya Otis SA		2,829		40,488

				6,720,683

Sweden—3.1%
Alfa Laval AB		7,085		148,146
Assa Abloy AB, Class B		6,723		253,072
Atlas Copco AB, Class A		13,595		376,993
Atlas Copco AB, Class B		7,990		196,127
Boliden AB		5,365		101,940
Electrolux AB, Series B		5,005		132,204
Elekta AB, Class B		8,020		125,446
Getinge AB, Class B		4,153		141,172
Hennes & Mauritz AB, Class B		19,650		681,011
Hexagon AB, Class B		4,884		123,508
Husqvarna AB, Class B		7,541		45,766
Industrivarden AB, Class C		2,724		45,384
Investment AB Kinnevik, Class B		4,060		84,925
Investor AB, Class B		9,541		250,644
Lundin Petroleum AB	*	4,363		100,970
Nordea Bank AB		54,374		523,019
Ratos AB, Class B		3,896		37,522
Sandvik AB		20,873		335,466
Scania AB, Class B		6,605		137,327
Securitas AB, Class B		6,575		57,641
Skandinaviska Enskilda Banken AB, Class A		28,377		242,784
Skanska AB, Class B		8,011		131,468
SKF AB, Class B		8,213		208,016
Svenska Cellulosa AB, Class B		12,107		263,238
Svenska Handelsbanken AB, Class A		10,034		360,741
Swedbank AB, Class A		16,188		318,019
Swedish Match AB		4,159		139,617
Tele2 AB, Class B		6,369		115,119
Telefonaktiebolaget LM Ericsson, Class B		61,906		625,328
TeliaSonera AB		43,701		296,686
Volvo AB, Class B		28,257		389,639

				6,988,938

Switzerland—9.2%
ABB Ltd.	*	44,841		929,892
Actelion Ltd. (Registered)	*	2,226		106,516
Adecco SA (Registered)	*	2,808		148,707
Aryzta AG	*	1,779		91,539
Baloise Holding AG (Registered)		934		80,672
Banque Cantonale Vaudoise		59		31,422
Barry Callebaut AG (Registered)	*	41		39,665
Compagnie Financiere Richemont SA (A Bearer Shares)		10,637		834,957
Credit Suisse Group AG (Registered)	*	25,983		634,151
EMS-Chemie Holding AG		163		38,428
Geberit AG (Registered)	*	747		165,591
Givaudan SA (Registered)	*	170		179,654
Glencore International plc		78,543		453,730
Holcim Ltd. (Registered)	*	4,630		341,023
Julius Baer Group Ltd. (Registered)	*	4,384		156,083
Kuehne + Nagel International AG (Registered)	†	1,080		130,204



		Shares		Value

Lindt & Spruengli AG (Participation Certificates)	*	17	$	55,439
Lindt & Spruengli AG (Registered)	*	2		75,699
Lonza Group AG (Registered)	*	1,067		57,817
Nestle SA		66,006		4,306,461
Novartis AG (Registered)		47,060		2,972,935
Pargesa Holding SA (Bearer)		467		32,185
Partners Group Holding AG		362		83,687
Roche Holding AG (Genusschein)		14,373		2,905,950
Schindler Holding AG (Participation Certificates)		1,028		148,706
Schindler Holding AG (Registered)		416		58,997
SGS SA (Registered)		114		253,201
Sika AG		47		108,708
Sonova Holding AG (Registered)	*	1,073		119,236
STMicroelectronics NV		13,835		100,436
Sulzer AG (Registered)		487		77,077
Swatch Group AG (The) (Bearer)		623		315,926
Swatch Group AG (The) (Registered)		843		72,924
Swiss Life Holding AG (Registered)	*	625		83,423
Swiss Prime Site AG	*	1,125		94,118
Swiss Re AG	*	7,277		527,574
Swisscom AG (Registered)		476		206,257
Syngenta AG (Registered)		1,897		766,362
Transocean Ltd.		7,493		335,939
UBS AG (Registered)	*	74,330		1,163,181
Wolseley plc		5,692		272,184
Xstrata plc		42,804		747,178
Zurich Insurance Group AG (Registered)	*	3,003		804,678

				21,108,512

United Kingdom—19.4%
3i Group plc		21,458		76,582
Aberdeen Asset Management plc		16,910		101,754
Admiral Group plc		3,873		73,775
Aggreko plc		5,339		152,367
AMEC plc		6,862		113,436
Anglo American plc		28,340		893,365
Antofagasta plc		8,096		177,424
ARM Holdings plc		27,893		352,254
Associated British Foods plc		7,122		181,955
AstraZeneca plc (London Exchange)		25,455		1,206,306
Aviva plc		60,381		373,634
Babcock International Group plc		7,669		121,055
BAE Systems plc		65,775		365,590
Balfour Beatty plc		15,564		70,053
Barclays plc		237,154		1,030,192
BG Group plc		69,338		1,156,545
BHP Billiton plc		43,145		1,521,875
BP plc		389,501		2,708,167
British American Tobacco plc		39,729		2,019,623
British Land Co. plc REIT		17,389		160,651
British Sky Broadcasting Group plc		21,793		274,862
BT Group plc		160,150		611,005
Bunzl plc		7,026		116,293
Burberry Group plc		9,157		184,069
Capita plc		13,767		170,118

See accompanying notes to financial statements

315

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Overseas Equity Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Capital Shopping Centres Group plc REIT		11,469	$	65,982
Carnival plc		3,921		152,261
Centrica plc		107,477		586,577
Cobham plc		22,289		80,988
Compass Group plc		38,414		456,003
Croda International plc		2,954		115,457
Diageo plc		51,202		1,491,342
Eurasian Natural Resources Corp. plc		5,413		25,601
Evraz plc		6,518		27,973
G4S plc		29,065		121,782
GKN plc		34,028		128,380
GlaxoSmithKline plc		101,705		2,214,352
Hammerson plc REIT		15,196		121,853
Hargreaves Lansdown plc		4,746		53,081
HSBC Holdings plc (London Exchange)		374,759		3,971,236
ICAP plc		12,431		62,859
IMI plc		6,333		114,623
Imperial Tobacco Group plc		20,202		783,263
Inmarsat plc		9,682		93,325
InterContinental Hotels Group plc		5,577		156,381
International Consolidated Airlines Group SA	*	20,308		60,287
Intertek Group plc		3,382		171,794
Invensys plc		15,820		84,662
Investec plc		10,820		75,325
ITV plc		78,784		136,672
J. Sainsbury plc		24,532		138,793
Johnson Matthey plc		4,083		160,393
Kazakhmys plc		4,399		56,856
Kingfisher plc		49,320		230,451
Land Securities Group plc REIT		15,651		208,800
Legal & General Group plc		122,562		293,888
Lloyds Banking Group plc	*	873,699		696,246
London Stock Exchange Group plc		3,963		70,692
Marks & Spencer Group plc		33,198		208,537
Meggitt plc		17,028		106,625
Melrose Industries plc		25,182		92,499
National Grid plc		74,148		850,434
Next plc		3,436		208,574
Old Mutual plc		101,444		297,945
Pearson plc		16,496		321,533
Petrofac Ltd.		5,470		146,191
Prudential plc		52,064		742,815
Randgold Resources Ltd.		1,743		172,430
Reckitt Benckiser Group plc		13,265		842,057
Reed Elsevier plc		25,415		268,323
Rexam plc		19,037		136,213
Rio Tinto plc		27,387		1,597,365
Rolls-Royce Holdings plc	*	38,701		555,104
Royal Bank of Scotland Group plc	*	42,275		225,957
RSA Insurance Group plc		70,603		145,807
SABMiller plc		19,504		905,203
Sage Group plc (The)		26,424		127,060
Schroders plc		2,465		68,489
Segro plc REIT		15,666		63,589
Serco Group plc		10,464		91,662
Severn Trent plc		5,017		129,097



				Shares		Value

Smith & Nephew plc				18,020	$	199,191
Smiths Group plc				7,875		154,253
SSE plc				19,495		453,534
Standard Chartered plc (London Exchange)				48,846		1,264,122
Standard Life plc				48,149		263,204
Subsea 7 SA				5,630		135,302
Tate & Lyle plc				9,949		123,091
Tesco plc				163,938		903,065
TUI Travel plc				9,107		42,259
Tullow Oil plc				18,365		382,863
Unilever plc				26,182		1,017,718
United Utilities Group plc				14,641		161,178
Vedanta Resources plc				2,170		41,897
Vodafone Group plc				1,005,765		2,531,778
Weir Group plc (The)				4,498		139,092
Whitbread plc				3,705		148,884
Wm Morrison Supermarkets plc				48,539		208,410
WPP plc				25,570		373,557

						44,268,035

United States—0.0%
Sims Metal Management Ltd.				3,648		36,047

TOTAL COMMON STOCKS
(Cost $228,785,215)						224,368,179


CONVERTIBLE PREFERRED STOCKS—0.0%
United Kingdom—0.0%
Rolls-Royce Holdings plc (Cost $—)		*‡		2,918,324		4,741


PREFERRED STOCKS—0.6%
Germany—0.6%
Bayerische Motoren Werke AG				1,130		73,200
Henkel AG & Co. KGaA				3,595		295,764
Porsche Automobil Holding SE				3,135		258,057
ProSiebenSat.1 Media AG				1,674		47,682
RWE AG				720		27,225
Volkswagen AG				2,994		686,970

TOTAL PREFERRED STOCKS
(Cost $905,907)						1,388,898



Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.031%	03/14/2013
(Cost $229,985)			$	230,000		229,985



				Shares		Value
RIGHTS—0.0%
Singapore—0.0%
Olam International Ltd., Expires
01/21/13		*‡		9,600		3,264

See accompanying notes to financial statements

316

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Overseas Equity Index Fund		Shares		Value

RIGHTS—(Continued)
Spain—0.0%
Repsol SA, Expires 01/10/13	*†	17,451	$	10,642

TOTAL RIGHTS
(Cost $—)				13,906


MONEY MARKET FUNDS—1.9%
Institutional Money Market Funds—1.9%
Dreyfus Institutional Cash Advantage Fund, 0.11%	††¥	700,000		700,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.18%	††¥	789,525		789,525
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.14%	††¥	700,000		700,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.15%	††¥	700,000		700,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.14%	††¥	700,000		700,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.13%	††¥	700,000		700,000

TOTAL MONEY MARKET FUNDS
(Cost $4,289,525)				4,289,525

TOTAL INVESTMENTS—100.7%
(Cost $234,210,632)				230,295,234
Other assets less liabilities—(0.7%)				(1,606,130	)

NET ASSETS—100.0%			$	228,689,104

Notes to the Schedule of Investments:


CDI		Chess Depository Interest
CVA		Dutch Certificate of Shares
FDR		Fiduciary Depository Receipt
REIT		Real Estate Investment Trust
RSP		Risparmio (Italian Savings Shares)
SDR		Swedish Depository Receipt
VVPR		Verlaagde Vooheffing Precompte Reduit (Belgian dividend coupon)
†		Denotes all or a portion of the security on loan.
*		Non-income producing.
d		Security has no market value at December 31, 2012.
‡		Security valued at fair value as determined by policies approved by the Board of Directors.
††		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

317

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2012


Vantagepoint Overseas Equity Index Fund
Percentage of Portfolio by Industry (unaudited):

COMMON STOCKS
Commercial Banks			12.7%
Pharmaceuticals			8.1%
Oil, Gas & Consumable Fuels			6.7%
Metals & Mining			5.1%
Insurance			4.9%
Food Products			4.0%
Chemicals			3.7%
Automobiles			3.2%
Diversified Telecommunication Services			2.9%
Machinery			2.9%
Beverages			2.5%
Real Estate Management & Development			2.1%
Food & Staples Retailing			2.1%
Wireless Telecommunication Services			1.9%
Capital Markets			1.9%
Electric Utilities			1.6%
Real Estate Investment Trusts (REITs)			1.6%
Industrial Conglomerates			1.6%
Tobacco			1.5%
Multi-Utilities			1.5%
Textiles, Apparel & Luxury Goods			1.4%
Electrical Equipment			1.3%
Media			1.2%
Diversified Financial Services			1.2%
Trading Companies & Distributors			1.2%
Electronic Equipment, Instruments & Components			1.1%
Hotels, Restaurants & Leisure			1.1%
Software			1.0%
Road & Rail			1.0%
Auto Components			0.9%
Energy Equipment & Services			0.9%
Specialty Retail			0.9%
Aerospace & Defense			0.8%
Health Care Equipment & Supplies			0.7%
Construction & Engineering			0.7%
Construction Materials			0.6%
Semiconductors & Semiconductor Equipment			0.6%
Household Products			0.6%
Commercial Services & Supplies			0.6%
Personal Products			0.6%
Professional Services			0.6%
Gas Utilities			0.5%
Office Electronics			0.5%
Household Durables			0.5%
Building Products			0.5%
Health Care Providers & Services			0.4%
Communications Equipment			0.4%
Multiline Retail			0.4%
Biotechnology			0.4%
Transportation Infrastructure			0.4%
Marine			0.3%
Computers & Peripherals			0.3%
Air Freight & Logistics			0.3%
IT Services			0.3%
Leisure Equipment & Products			0.2%
Containers & Packaging			0.2%
Airlines			0.2%
Consumer Finance			0.1%



Life Sciences Tools & Services			0.1%
Internet & Catalog Retail			0.1%
Internet Software & Services			0.1%
Independent Power Producers & Energy Traders			0.1%
Water Utilities			0.1%
Paper & Forest Products			0.1%
Distributors			0.1%
Health Care Technology			0.0%
Diversified Consumer Services			0.0%

			98.1%

CONVERTIBLE PREFERRED STOCKS
Aerospace & Defense			0.0%

PREFERRED STOCKS
Automobiles			0.5%
Household Products			0.1%
Media			0.0%
Multi-Utilities			0.0%

			0.6%

RIGHTS
Oil, Gas & Consumable Fuels			0.0%
Food & Staples Retailing			0.0%

			0.0%

TOTAL COMMON STOCKS/CONVERTIBLE PREFERRED STOCKS/PREFERRED STOCKS			98.7%

U.S. TREASURY OBLIGATIONS
U.S. Treasury Bills			0.1%

MONEY MARKET FUNDS
Institutional Money Market Funds			1.9%

TOTAL INVESTMENTS			100.7%
Other assets less liabilities			(0 .7)%

TOTAL NET ASSETS			100.0%

See accompanying notes to financial statements

318

SCHEDULE OF INVESTMENTS

December 31, 2012


Vantagepoint Model Portfolio Savings Oriented Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	2,691,522	$	28,368,638
Vantagepoint Diversifying Strategies Fund	6,203,193		63,024,444
Vantagepoint Equity Income Fund	3,522,138		31,734,462
Vantagepoint Growth & Income Fund	2,972,168		31,831,922
Vantagepoint Inflation Protected Securities Fund	3,992,787		47,354,457
Vantagepoint International Fund	1,650,958		15,898,722
Vantagepoint Low Duration Bond Fund	9,588,969		97,711,597

			315,924,242

TOTAL INVESTMENTS—100.0%
(Cost $291,400,268)			315,924,242
Other assets less liabilities—(0.0%)			(57,503	)

NET ASSETS—100.0%		$	315,866,739

See accompanying notes to financial statements

319

SCHEDULE OF INVESTMENTS

December 31, 2012


Vantagepoint Model Portfolio Conservative Growth Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Aggressive Opportunities Fund	1,805,340	$	18,414,464
Vantagepoint Core Bond Index Fund Class I	6,895,728		72,680,978
Vantagepoint Diversifying Strategies Fund	11,349,019		115,306,034
Vantagepoint Equity Income Fund	7,443,755		67,068,232
Vantagepoint Growth & Income Fund	5,138,616		55,034,583
Vantagepoint Growth Fund	3,855,792		36,745,694
Vantagepoint Inflation Protected Securities Fund	5,082,125		60,274,004
Vantagepoint International Fund	5,076,609		48,887,749
Vantagepoint Low Duration Bond Fund	11,295,709		115,103,270
Vantagepoint Select Value Fund	1,679,701		18,392,721

			607,907,729

TOTAL INVESTMENTS—100.0%
(Cost $560,083,635)			607,907,729
Other assets less liabilities—(0.0%)			(96,023	)

NET ASSETS—100.0%		$	607,811,706

See accompanying notes to financial statements

320

SCHEDULE OF INVESTMENTS

December 31, 2012


Vantagepoint Model Portfolio Traditional Growth Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Aggressive Opportunities Fund	8,120,541	$	82,829,516
Vantagepoint Core Bond Index Fund Class I	18,284,456		192,718,169
Vantagepoint Discovery Fund	4,793,743		45,444,684
Vantagepoint Diversifying Strategies Fund	21,933,452		222,843,868
Vantagepoint Equity Income Fund	19,938,948		179,649,922
Vantagepoint Growth & Income Fund	16,818,851		180,129,893
Vantagepoint Growth Fund	15,758,762		150,181,006
Vantagepoint Inflation Protected Securities Fund	4,957,782		58,799,299
Vantagepoint International Fund	18,700,094		180,081,902
Vantagepoint Low Duration Bond Fund	11,643,619		118,648,474
Vantagepoint Select Value Fund	7,535,996		82,519,152

			1,493,845,885

TOTAL INVESTMENTS—100.0%
(Cost $1,387,470,422)			1,493,845,885
Other assets less liabilities—(0.0%)			(167,647	)

NET ASSETS—100.0%		$	1,493,678,238

See accompanying notes to financial statements

321

SCHEDULE OF INVESTMENTS

December 31, 2012


Vantagepoint Model Portfolio Long-Term Growth Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Aggressive Opportunities Fund	15,915,042	$	162,333,428
Vantagepoint Core Bond Index Fund Class I	23,147,854		243,978,377
Vantagepoint Discovery Fund	9,129,755		86,550,080
Vantagepoint Diversifying Strategies Fund	22,173,290		225,280,621
Vantagepoint Equity Income Fund	27,327,368		246,219,590
Vantagepoint Growth & Income Fund	23,068,577		247,064,463
Vantagepoint Growth Fund	22,766,974		216,969,265
Vantagepoint International Fund	31,887,396		307,075,623
Vantagepoint Select Value Fund	14,751,948		161,533,830

			1,897,005,277

TOTAL INVESTMENTS—100.0%
(Cost $1,768,504,474)			1,897,005,277
Other assets less liabilities—(0.0%)			(192,994	)

NET ASSETS—100.0%		$	1,896,812,283

See accompanying notes to financial statements

322

SCHEDULE OF INVESTMENTS

December 31, 2012


Vantagepoint Model Portfolio All-Equity Growth Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Aggressive Opportunities Fund	6,631,426	$	67,640,549
Vantagepoint Discovery Fund	6,755,926		64,046,175
Vantagepoint Equity Income Fund	14,120,355		127,224,397
Vantagepoint Growth & Income Fund	11,259,632		120,590,657
Vantagepoint Growth Fund	12,647,234		120,528,142
Vantagepoint International Fund	14,743,545		141,980,339
Vantagepoint Select Value Fund	6,156,962		67,418,738

			709,428,997

TOTAL INVESTMENTS—100.0%
(Cost $664,249,349)			709,428,997
Other assets less liabilities—(0.0%)			(99,166	)

NET ASSETS—100.0%		$	709,329,831

See accompanying notes to financial statements

323

SCHEDULE OF INVESTMENTS

December 31, 2012


Vantagepoint Milestone Retirement Income Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	2,034,921	$	21,448,066
Vantagepoint Diversifying Strategies Fund	4,683,457		47,583,923
Vantagepoint Equity Income Fund	2,631,636		23,711,045
Vantagepoint Growth & Income Fund	2,219,788		23,773,933
Vantagepoint Inflation Protected Securities Fund	3,023,298		35,856,313
Vantagepoint International Fund	1,246,235		12,001,241
Vantagepoint Low Duration Bond Fund	7,246,120		73,837,968

			238,212,489

TOTAL INVESTMENTS—100.0%
(Cost $230,016,802)			238,212,489
Other assets less liabilities—(0.0%)			(54,563	)

NET ASSETS—100.0%		$	238,157,926

See accompanying notes to financial statements

324

SCHEDULE OF INVESTMENTS

December 31, 2012


Vantagepoint Milestone 2010 Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	1,452,935	$	15,313,940
Vantagepoint Diversifying Strategies Fund	4,149,161		42,155,476
Vantagepoint Equity Income Fund	4,591,417		41,368,669
Vantagepoint Growth & Income Fund	2,410,477		25,816,214
Vantagepoint Growth Fund	1,652,485		15,748,179
Vantagepoint Inflation Protected Securities Fund	2,929,706		34,746,313
Vantagepoint International Fund	2,187,113		21,061,902
Vantagepoint Low Duration Bond Fund	3,715,981		37,865,848

			234,076,541

TOTAL INVESTMENTS—100.0%
(Cost $221,450,674)			234,076,541
Other assets less liabilities—(0.0%)			(53,748	)

NET ASSETS—100.0%		$	234,022,793

See accompanying notes to financial statements

325

SCHEDULE OF INVESTMENTS

December 31, 2012


Vantagepoint Milestone 2015 Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	3,726,815	$	39,280,628
Vantagepoint Diversifying Strategies Fund	7,153,186		72,676,370
Vantagepoint Equity Income Fund	9,191,747		82,817,643
Vantagepoint Growth & Income Fund	4,485,201		48,036,508
Vantagepoint Growth Fund	3,438,012		32,764,259
Vantagepoint Inflation Protected Securities Fund	3,828,986		45,411,774
Vantagepoint International Fund	4,753,205		45,773,363
Vantagepoint Low Duration Bond Fund	4,928,965		50,226,155
Vantagepoint Mid/Small Company Index Fund Class I	1,130,540		17,715,560

			434,702,260

TOTAL INVESTMENTS—100.0%
(Cost $401,928,012)			434,702,260
Other assets less liabilities—(0.0%)			(64,083	)

NET ASSETS—100.0%		$	434,638,177

See accompanying notes to financial statements

326

SCHEDULE OF INVESTMENTS

December 31, 2012


Vantagepoint Milestone 2020 Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	5,930,078	$	62,503,019
Vantagepoint Diversifying Strategies Fund	7,159,481		72,740,324
Vantagepoint Equity Income Fund	10,765,487		96,997,038
Vantagepoint Growth & Income Fund	5,036,324		53,939,029
Vantagepoint Growth Fund	3,999,954		38,119,561
Vantagepoint Inflation Protected Securities Fund	1,191,281		14,128,591
Vantagepoint International Fund	5,967,152		57,463,673
Vantagepoint Low Duration Bond Fund	3,515,313		35,821,035
Vantagepoint Mid/Small Company Index Fund Class I	2,489,726		39,014,002

			470,726,272

TOTAL INVESTMENTS—100.0%
(Cost $431,629,153)			470,726,272
Other assets less liabilities—(0.0%)			(62,026	)

NET ASSETS—100.0%		$	470,664,246

See accompanying notes to financial statements

327

SCHEDULE OF INVESTMENTS

December 31, 2012


Vantagepoint Milestone 2025 Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	5,015,777	$	52,866,288
Vantagepoint Diversifying Strategies Fund	5,081,825		51,631,339
Vantagepoint Equity Income Fund	9,607,143		86,560,357
Vantagepoint Growth & Income Fund	4,516,804		48,374,972
Vantagepoint Growth Fund	3,657,155		34,852,685
Vantagepoint International Fund	5,568,555		53,625,185
Vantagepoint Low Duration Bond Fund	1,400,916		14,275,333
Vantagepoint Mid/Small Company Index Fund Class I	2,636,980		41,321,474

			383,507,633

TOTAL INVESTMENTS—100.0%
(Cost $349,492,415)			383,507,633
Other assets less liabilities—(0.0%)			(61,441	)

NET ASSETS—100.0%		$	383,446,192

See accompanying notes to financial statements

328

SCHEDULE OF INVESTMENTS

December 31, 2012


Vantagepoint Milestone 2030 Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	2,929,000	$	30,871,658
Vantagepoint Diversifying Strategies Fund	3,296,646		33,493,921
Vantagepoint Equity Income Fund	8,134,806		73,294,604
Vantagepoint Growth & Income Fund	3,953,507		42,342,059
Vantagepoint Growth Fund	3,268,211		31,146,053
Vantagepoint International Fund	4,958,203		47,747,492
Vantagepoint Low Duration Bond Fund	457,535		4,662,278
Vantagepoint Mid/Small Company Index Fund Class I	2,653,291		41,577,069

			305,135,134

TOTAL INVESTMENTS—100.0%
(Cost $274,018,810)			305,135,134
Other assets less liabilities—(0.0%)			(57,956	)

NET ASSETS—100.0%		$	305,077,178

See accompanying notes to financial statements

329

SCHEDULE OF INVESTMENTS

December 31, 2012


Vantagepoint Milestone 2035 Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	1,207,360	$	12,725,575
Vantagepoint Diversifying Strategies Fund	1,394,871		14,171,891
Vantagepoint Equity Income Fund	5,725,023		51,582,459
Vantagepoint Growth & Income Fund	2,785,970		29,837,737
Vantagepoint Growth Fund	2,441,760		23,269,974
Vantagepoint International Fund	3,652,923		35,177,648
Vantagepoint Low Duration Bond Fund	87,479		891,415
Vantagepoint Mid/Small Company Index Fund Class I	2,236,282		35,042,536

			202,699,235

TOTAL INVESTMENTS—100.0%
(Cost $180,087,106)			202,699,235
Other assets less liabilities—(0.0%)			(50,628	)

NET ASSETS—100.0%		$	202,648,607

See accompanying notes to financial statements

330

SCHEDULE OF INVESTMENTS

December 31, 2012


Vantagepoint Milestone 2040 Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	938,828	$	9,895,249
Vantagepoint Diversifying Strategies Fund	389,302		3,955,309
Vantagepoint Equity Income Fund	5,865,587		52,848,939
Vantagepoint Growth & Income Fund	2,873,516		30,775,357
Vantagepoint Growth Fund	2,565,501		24,449,220
Vantagepoint International Fund	3,823,244		36,817,836
Vantagepoint Mid/Small Company Index Fund Class I	2,468,837		38,686,670

			197,428,580

TOTAL INVESTMENTS—100.0%
(Cost $169,596,819)			197,428,580
Other assets less liabilities—(0.0%)			(52,230	)

NET ASSETS—100.0%		$	197,376,350

See accompanying notes to financial statements

331

SCHEDULE OF INVESTMENTS

December 31, 2012


Vantagepoint Milestone 2045 Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.1%
Vantagepoint Core Bond Index Fund Class I	254,121	$	2,678,437
Vantagepoint Equity Income Fund	1,634,664		14,728,323
Vantagepoint Growth & Income Fund	805,164		8,623,306
Vantagepoint Growth Fund	714,536		6,809,524
Vantagepoint International Fund	1,061,619		10,223,390
Vantagepoint Mid/Small Company Index Fund Class I	689,294		10,801,236

			53,864,216

TOTAL INVESTMENTS—100.1%
(Cost $51,039,279)			53,864,216
Other assets less liabilities—(0.1%)			(40,108	)

NET ASSETS—100.0%		$	53,824,108

See accompanying notes to financial statements

332

SCHEDULE OF INVESTMENTS

December 31, 2012


Vantagepoint Milestone 2050 Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.4%
Vantagepoint Core Bond Index Fund Class I	32,277	$	340,196
Vantagepoint Equity Income Fund	207,285		1,867,636
Vantagepoint Growth & Income Fund	101,394		1,085,933
Vantagepoint Growth Fund	89,806		855,856
Vantagepoint International Fund	133,899		1,289,446
Vantagepoint Mid/Small Company Index Fund Class I	86,671		1,358,134

			6,797,201

TOTAL INVESTMENTS—100.4%
(Cost $6,808,256)			6,797,201
Other assets less liabilities—(0.4%)			(28,205	)

NET ASSETS—100.0%		$	6,768,996

See accompanying notes to financial statements

333

THE VANTAGEPOINT FUNDS

Additional Information (Unaudited)

Tax Disclosure

For corporate shareholders, a portion of the ordinary dividends paid during the fund’s year ended December 31, 2012, qualified for the dividends received deduction as follows:


Fund	Corporate Dividend Received Deduction
Equity Income		88.54	%
Growth & Income		90.32	%
Growth		100.00	%
Select Value		100.00	%
Aggressive Opportunities		100.00	%
Discovery		27.51	%
Diversifying Strategies		3.64	%
500 Stock Index		96.44	%
Broad Market Index		91.35	%
Mid/Small Company Index		52.09	%
Overseas Equity Index		0.04	%
Model Portfolio Savings Oriented		16.69	%
Model Portfolio Conservative Growth		21.46	%
Model Portfolio Traditional Growth		33.21	%
Model Portfolio Long-Term Growth		40.37	%
Model Portfolio All-Equity Growth		88.03	%
Milestone Retirement Income		18.05	%
Milestone 2010		29.01	%
Milestone 2015		32.83	%
Milestone 2020		37.30	%
Milestone 2025		42.01	%
Milestone 2030		47.17	%
Milestone 2035		52.88	%
Milestone 2040		56.96	%
Milestone 2045		60.22	%
Milestone 2050		57.36	%

Pursuant to Section 852 of the Internal Revenue Code, the Company designated the following capital gain dividends for the year ended December 31, 2012:


Fund	Long Term Capital Gain Dividend
Low Duration Bond Inflation Protected Securities	$	74,114 15,222,321
Equity Income		53,829,327
Growth & Income		21,289,603
Select Value		6,557,777
Aggressive Opportunities		43,084,081
Discovery		8,483,074
Diversifying Strategies		2,847,974
Broad Market Index		4,339,845
Mid/Small Company Index		15,920,886
Model Savings Oriented		1,798,094
Model Conservative Growth		3,620,104
Model Traditional Growth		16,867,880
Model Long-Term Growth		30,431,408
Model All-Equity Growth		4,015,888

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Fund	Long Term Capital Gain Dividend
Milestone Retirement Income	$	2,890,968
Milestone 2010		4,505,139
Milestone 2015		4,995,120
Milestone 2020		3,889,473
Milestone 2025		3,068,946
Milestone 2030		2,658,644
Milestone 2035		1,845,402
Milestone 2040		299,205
Milestone 2045		678,897
Milestone 2050		607

Foreign Taxes Paid

For the year ended December 31, 2012, dividends from foreign countries and taxes paid to foreign countries that qualify for foreign tax credit are as follows:


Fund	Net Foreign Source Income		Foreign Tax Credit
International	$	39,581,116	$	1,439,723
Overseas Equity Index		6,943,051		389,170
Model Portfolio Savings Oriented		488,075		17,753
Model Portfolio Conservative Growth		1,516,137		55,147
Model Portfolio Traditional Growth		5,557,071		202,128
Model Portfolio Long-Term Growth		9,384,723		341,352
Model Portfolio All-Equity Growth		4,368,210		158,886
Milestone Retirement Income		367,951		13,384
Milestone 2010		651,466		23,696
Milestone 2015		1,412,874		51,390
Milestone 2020		1,764,685		64,187
Milestone 2025		1,637,498		59,561
Milestone 2030		1,459,874		53,100
Milestone 2035		1,071,331		38,968
Milestone 2040		1,124,218		40,891
Milestone 2045		345,135		12,554
Milestone 2050		3,108		113

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

Sources of Income

The following table summarizes the percentage of income received by the Company in 2012 from various obligors:


Fund	U.S. Treasury Obligations			GNMA			FNMA			FHL Bank			FHLMC			Tennessee Valley Authority			Other U.S. Government Agency
Low Duration Bond		1.83	%		0.03	%		4.60	%		0.00	%		0.39	%		0.00	%		0.06	%
Inflation Protected Securities		46.18	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.73	%
Discovery		1.11	%		0.02	%		2.35	%		0.05	%		0.37	%		0.00	%		0.00	%
Diversifying Strategies		0.55	%		0.03	%		2.65	%		0.07	%		0.79	%		0.00	%		0.08	%
Core Bond Index		23.72	%		8.31	%		17.19	%		1.15	%		11.66	%		0.24	%		0.18	%
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)

Qualified Dividend Income

The following are estimates of qualified dividend income received by the Company through December 31, 2012 that qualify for a reduced tax rate pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003 as extended by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010:


Fund	Qualified Dividend Income
Equity Income		100.00	%
Growth & Income		100.00	%
Growth		100.00	%
Select Value		100.00	%
Aggressive Opportunities		100.00	%
Discovery		30.01	%
International		74.09	%
Diversifying Strategies		6.86	%
500 Stock Index		98.99	%
Broad Market Index		92.42	%
Mid/Small Company Index		55.61	%
Overseas Equity Index		65.33	%
Model Portfolio Savings Oriented		23.88	%
Model Portfolio Conservative Growth		31.69	%
Model Portfolio Traditional Growth		49.16	%
Model Portfolio Long-Term Growth		61.35	%
Model Portfolio All-Equity Growth		100.00	%
Milestone Retirement Income		25.59	%
Milestone 2010		41.61	%
Milestone 2015		47.21	%
Milestone 2020		53.70	%
Milestone 2025		60.68	%
Milestone 2030		68.20	%
Milestone 2035		76.40	%
Milestone 2040		82.17	%
Milestone 2045		86.77	%
Milestone 2050		80.48	%

Directors Table

Independent Directors


Name, Address,* and Age	Positions Held with the Company	Term of Office and Length of Time Served†	Principal Occupation(s) During Past Five Years	Other Directorships Held By Director
N. Anthony Calhoun (65)	Director, Audit Committee Member and Chair, Investment Committee and Nominating and Governance Committee Member	October 31, 2013; Director since November 1998	Independent Consultant (financial consulting) (April 2009–present); Executive Deputy State Treasurer—Commonwealth of Pennsylvania (August 2007–March 2009)	N/A
Donna K. Gilding (73)	Director, Investment Committee Member and Chair, and Nominating and Governance Committee Member	October 31, 2013; Director since November 1998	Chief Investment Officer—Lowenhaupt Global Advisors, LLC (Sept. 2006–present); Trustee (2007–present) and Chair of Investment Committee (2009–present)—The National YMCA Fund, Inc.	N/A

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Name, Address,* and Age	Positions Held with the Company	Term of Office and Length of Time Served†	Principal Occupation(s) During Past Five Years	Other Directorships Held By Director
Arthur R. Lynch (58)	Director, Audit Committee Member, Investment Committee Member, and Nominating and Governance Committee Member	October 31, 2013; Director since November 1998	President and Chief Executive Officer—SRJ Government Consultants, LLC (October 2009–present); Deputy City Manager—City of Glendale, Arizona (2005–October 2009)	N/A
Timothy M. O’Brien (63)	Director, Audit Committee Member, Investment Committee Member, and Nominating and Governance Committee Member	October 31, 2014; Director since September 2005	Independent Consultant (pension consulting) (2003–present); Board member and Chair of Audit Committee and member of Investment and Benefits Committees—Public Employees Retirement Association of Colorado (July 2011–present)	N/A
Robin L. Wiessmann (59)	Chair of the Board and Director, Investment Committee Member, and Nominating and Governance Committee Member	October 31, 2013(a); Director since November 1998	State Treasurer—Pennsylvania (April 2007–January 2009); Director—Merrill, Lynch, Pierce, Fenner & Smith Inc. (broker-dealer) (2006–April 2007)	Director—Met-Pro Corporation (manufacturing company) (December 2009–present); Member—Board of Directors, Municipal Securities Regulatory Board (October 2012–present); Director—Lumesis, Inc. (information technology company) (October 2012–present)
George M. Chamberlain, Jr. (65)	Director, Investment Committee and Nominating and Governance Committee Member	October 31, 2014; 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

Interested Director and Officers


Name, Address,* and Age	Positions Held with the Company	Term of Office and Length of Time Served†	Principal Occupation(s) During Past Five Years	Other Directorships Held By Director
David R. Mora (67)**	Director	October 31, 2013; Director since November 2011	Board member (January 2005–present) and Chair of the Board of Directors (January 2010–present)—ICMA Retirement Corporation; West Coast Regional Director—ICMA Retirement Corporation (February 2009–April 2011); City Manager—City of Salinas, CA (September 1990–September 2008); Board member—Public Entity Risk Institute (non-profit) (January 2000–December 2008)	N/A

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Name, Address,* and Age	Positions Held with the Company	Term of Office and Length of Time Served†	Principal Occupation(s) During Past Five Years	Other Directorships Held By Director
Joan W. McCallen (60)**	President and Principal Executive Officer	Since September 2003	Chief Executive Officer—ICMA Retirement Corporation (Aug. 2003–present); President and Manager—Vantagepoint Investment Advisers, LLC, and ICMA-RC Services, LLC (broker-dealer); President and Manager—Vantagepoint Transfer Agents, LLC (2003–present); Director and President, VantageTrust Company, LLC (2003–present)	N/A
Bruce James Rohrbacher (60)**	Vice President and Chief Compliance Officer	Since September 2004	Senior Vice President and Chief Compliance Officer—ICMA Retirement Corporation (2004–present); Chief Compliance Officer, Vantagepoint Investment Advisers, LLC (2004–present) and Chief Compliance Officer, ICMA-RC Services, LLC (broker-dealer) (2004–present); Chief Compliance Officer—VantageTrust Company, LLC (2004–present)	N/A
Elizabeth S. Glista (48)**	Treasurer and Principal Financial Officer	Since March 2009	Senior Vice President and Chief Financial Officer—ICMA Retirement Corporation (April 2009—present); Treasurer—Vantagepoint Investment Advisers, LLC, and Vantagepoint Transfer Agents, LLC (April 2009–present); Treasurer—ICMA-RC Services, LLC (broker-dealer) (April 2009–present); Treasurer—VantageTrust Company, LLC (April 2009–present); Managing Vice President, Financial Operations, Analysis & Treasury—ICMA Retirement Corporation (January 2009–April 2009); Vice President, Financial Planning & Analysis and Treasury—ICMA-RC (January 2000–September 2007 and March 2008–January 2009); Acting Vice President, Internal Audit—ICMA-RC (September 2007–March 2008)	N/A
Angela C. Montez (45)**	Secretary	Since December 2006	Managing Vice President, Deputy General Counsel and Assistant Secretary—ICMA Retirement Corporation (2006–present); Corporate Counsel—ICMA Retirement Corporation (2000–2006); Secretary—Vantagepoint Investment Advisers, LLC, Vantagepoint Transfer Agents, LLC and ICMA-RC Services, LLC (broker-dealer) (2006–2007); Assistant Secretary—VantageTrust Company, LLC (February 2008–present)	N/A
Kathryn B. McGrath (68)**	Assistant Secretary	Since March 2008	Senior Vice President, General Counsel and Secretary—ICMA Retirement Corporation (2007–Present); Secretary—Vantagepoint Investment Advisers, LLC, Vantagepoint Transfer Agents, LLP and ICMA-RC Services, LLC(broker dealer) (2007–present); Secretary—VantageTrust Company, LLC (February 2008-present)	N/A

338

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Additional Information (Unaudited) — (Continued)

The business address for each Director is 777 N. Capitol Street N.E., Washington, DC 20002.

†

The Declaration of Trust sets forth the length of the Directors’ terms (five years for Class 1 and Class 2; one year for Class 3), limits each Class 1 and Class 2 Director’s length of service to 12 consecutive years, and prohibits each Director from serving a term that begins after he or she has reached age 72. The date shown in this column reflects the expiration date of the Director’s current term, the end of the Class 1 or Class 2 Director’s 12^th year of service, or the Director’s retirement date, whichever occurs first.

Mr. Mora is considered to be an “interested person” of the VP Funds (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 VP Funds’ shares. Mses. McCallen, Glista, Montez, and McGrath and Mr. Rohrbacher are considered to be “interested persons” of the VP Funds, as that term is defined under the 1940 Act, due to their positions as officers of the following entities: VIA, RC Services, ICMA-RC, and VantageTrust Company.

(a)

Ms. Wiessmann announced that she would resign for the Board effective at the end of the day on March 31, 2013. Prior to that date, the Board nominated, and the holder of a majority of the Funds’ outstanding shares elected, Ms. Dorothy D. Hayes as a Director of the Company to fill the unexpired term of Ms. Wiessmann. Ms. Hayes will begin her service as a Director on April 1, 2013.

Aggregate compensation that was paid to the Directors during the fiscal year ended December 31, 2012 totaled $138,629. Executive officers do not receive any compensation from the Company. However, the Company pays a portion of the compensation of the Chief Compliance Officer of the Company. The amount paid by the Company during the year ended December 31, 2012 totaled $242,682.

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.

Subadviser Fees

Presented below are the fees paid by each fund to subadvisers during the year ended December 31, 2012. Fees are shown as an annual percentage of average net assets under management except that the subadvisory fees for Mellon Capital Management Corporation for the Diversifying Strategies Fund are calculated based on the average net asset value of the assets allocated and assigned to it by VIA. The total dollars below represent amounts paid to subadvisers for services performed during the period October 1, 2011 through September 30, 2012.


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		0.10%	$	264,633
	STW Fixed Income Management LLC		0.18%		502,200

Inflation Protected Securities	Pacific Investment Management Company, LLC		0.20%		612,765
	BlackRock Financial Management, Inc.		0.10%		291,714

Equity Income	Barrow, Hanley, Mewhinney & Strauss, LLC		0.22%		1,395,945
	T. Rowe Price Associates, Inc.		0.31%		1,945.391
	Southeastern Asset Management, Inc.		0.52%		3,249,440

Growth & Income	Fiduciary Management, Inc.		0.29%		1,231,975
	T. Rowe Price Associates, Inc.		0.38%		1,171,969
	Wellington Management Company, LLP		0.27%		1,318,578

Growth	Atlanta Capital Management Company, LLC (1)		0.30%		456,094
	Columbus Circle Investors		0.33%		1,588,302
	D.G. Capital Management Trust (1)		0.35%		201,238
	Legg Mason Capital Management, LLC (1)		0.32%		271,302
	Tukman Grossman Capital Management, Inc. (1)		0.40%		341,208
	Victory Capital Management, Inc. (1)		0.26%		830,246
	Westfield Capital Management Company, L.P.		0.33%		1,796,172

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Additional Information (Unaudited) — (Continued)


Fund	Subadviser	Actual Fee as a Percentage of Average Daily Net Assets (net of any subadviser fee waivers)		Dollars Paid
Select Value	Artisan Partners Limited Partnership		0.55%	$	613,752
	Systematic Financial Management, L.P		0.42%		466,825
	WEDGE Capital Management LLP		0.53%		596,786

Aggressive Opportunities	Legg Mason Capital Management, LLC (2)		0.32%		855,958
	Southeastern Asset Management, Inc.		0.57%		1,077,248
	SSgA Funds Management, Inc. (2)		0.03%		—
	TimesSquare Capital Management, LLC		0.50%		1,490,489
	Wellington Management Company, LLP (2)		0.41%		724,267
	Wells Capital Management Company, LLP (2)		0.44%		101,588

Discovery	Payden & Rygel		0.15%		150,909
	Wellington Management Company, LLP		0.73%		731,182

International	Artisan Partners Limited Partnership		0.65%		1,373,396
	GlobeFlex Capital, LP (3)		0.40%		1,433,927
	Mondrian Investment Partners Limited		0.43%		1,657,588
	Walter Scott & Partners Limited		0.55%		1,149,499

Diversifying Strategies	Calamos Advisors LLC		0.53%		821,320
	Mellon Capital Management Corporation (4)		0.33%		875,149
	Payden & Rygel (Enhanced Cash Management)		0.10%		212,850
	Payden & Rygel (Low Duration-Plus Fixed Income)		0.10%		298,273
	Shenkman Capital Management, Inc.		0.38%		594,025
Core Bond Index	Mellon Capital Management Corporation		0.02%		243,269

500 Stock Index	Mellon Capital Management Corporation		0.02%		82,732

Broad Market Index	Mellon Capital Management Corporation		0.02%		119,489

Mid/Small Company Index	Mellon Capital Management Corporation		0.03%		133,495

Overseas Equity Index	Mellon Capital Management Corporation		0.07%		138,010

(1)

(2)

At a meeting held on June 22, 2012, VIA recommended, and the Vantagepoint Board approved, the termination of Legg Mason Capital Management, LLC and Wellington Management Company, LLP, and the appointments of SSgA Funds Management, Inc. and Wells Capital Management Inc. as subadvisers to the Aggressive Opportunities Fund. These changes were effective on August 27, 2012.

(3)

Effective March 1, 2012, GlobeFlex added a new breakpoint of 0.30% for assets over $450 million.

(4)

Effective May 1, 2011, Mellon Capital Management Corporation contractually agreed to reduce its subadvisory fee through April 30, 2014.

Directors’ Considerations of Investment Advisory and Subadvisory Agreements

The following relates to the consideration by the Board of the approval of an investment advisory agreement for a new series of the Company that commenced operations during the six month period ending December 31, 2012.

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Vantagepoint Milestone 2050 Fund

At a meeting held on June 22, 2012 (“June Meeting”), the Board, including a majority of the Independent Directors, initially approved the Second Master Investment Advisory Agreement (“Master Agreement”) between the Company and VIA for the Milestone 2050 Fund, a new series of the Company that commenced operations on September 10, 2012. 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 2050 Fund, the Directors received written information in advance of the June Meeting, including information regarding: (1) the nature, quality and extent of the services to be provided by VIA; (2) the level of investment advisory fees to be charged by VIA and the fees charged by VIA to each of the other eight series of the Company with a target-date designated in its name (“Dated Milestone Fund Series”); (3) VIA’s experience as investment adviser to the other series of the Company and with respect to the investment strategies to be employed by the Milestone 2050 Fund; (4) the Milestone 2050 Fund’s overall investment advisory fee and expected total expense ratio compared to a group of investment companies categorized by Morningstar as 2046-2050 target-date funds (“Milestone 2050 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 2050 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 2050 Fund, the Directors considered the information received in advance of the June Meeting, the presentations made by, and discussions held with, VIA’s personnel prior to the June Meeting and at the June Meeting, 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 relating to the Milestone 2050 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 2050 Fund under the Master Agreement, the Directors considered the specific investment services to be provided, including the development of 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 2050 Fund. They also considered the experience 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 2050 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 2050 Fund.

Investment Performance. At the time of the Board’s consideration of the Master Agreement, the Milestone 2050 Fund had not commenced operations and, therefore, there was no information for the Directors to evaluate regarding the Milestone 2050 Fund’s actual performance.

Advisory Fee, Expense Ratio and Economies of Scale. The Directors considered a comparison of the fee to be charged by VIA to the Milestone 2050 Fund with the fee VIA charges to the other Dated Milestone Fund Series. The Directors considered that the proposed fee for the Milestone 2050 Fund is the same as the fee for the Dated Milestone Fund Series; and the type of services VIA would provide to the Milestone 2050 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 2050 peer group. The information provided by VIA showed that the proposed investment advisory fee rate for the Milestone 2050 Fund would be lower than the average and at the median investment advisory fee of the Milestone 2050 peer group. The Directors also considered the comparative data provided by VIA with respect to the expected total expense ratio of the Milestone 2050 Fund as compared to the

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Additional Information (Unaudited) — (Continued)

expense ratios of the Milestone 2050 peer group and further noted VIA’s proposed agreement to limit the total operating expenses of the Milestone 2050 Fund until April 30, 2014. The foregoing comparisons assisted the Directors in considering the Master Agreement relating to the Milestone 2050 Fund by providing them with a basis for evaluating the investment advisory fee to be paid to VIA and the Milestone 2050 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 2050 Fund, the Directors considered the information provided by VIA, which stated that VIA expected to experience similar costs and margins as for the other Dated Milestone Fund Series once the Milestone 2050 Fund achieves a similar asset size. Based on this information, the Directors concluded that VIA may not realize economies of scale with regard to the Milestone 2050 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 2050 Fund and that VIA does not expect any direct “fall-out” benefits by virtue of its relationship with the Milestone 2050 Fund. VIA indicated, however, that it may benefit from the enhancement to the set of the Vantagepoint Milestone Funds as the Milestone 2050 Fund may appeal to sponsors of governmental deferred compensation plans.

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 relating to the Milestone 2050 Fund was in the best interests of the Milestone 2050 Fund and its shareholders, and approved the Master Agreement with, and the fee to be paid to, VIA.

Householding

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

Other Available Information

A description of the Company’s proxy voting policies and procedures and the proxy voting record for the year ended June 30, 2012 are available without charge, upon request by calling 800-669-7400, on the Company’s website 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.

Wilshire^®, the Wilshire Indexes^SM, Wilshire 5000 Total Market Index^SM, and Wilshire 4500 Completion Index^SM are service marks of Wilshire Associates Incorporated (“Wilshire”) and have been licensed for use by The Vantagepoint Funds (the “Funds”), on behalf of the Broad Market Index Fund and the Mid/Small Company Index Fund, respectively. All content of the Wilshire Indexes and the aforementioned indexes is ^©2012 Wilshire Associates Incorporated, all rights reserved. The Funds are not sponsored, endorsed, sold or promoted by Wilshire, and Wilshire makes no representations or warranties with respect to the Funds. Wilshire has no relationship with The Vantagepoint Funds, other than the licensing of the aforementioned indexes and its service marks for use in connection with these two Funds. Wilshire does not:

•

Sponsor, endorse, sell or promote the Funds.

•

Recommend that any person invest in the Funds or any other securities.

342

THE VANTAGEPOINT FUNDS

Additional Information (Unaudited) — (Continued)

•

Have any responsibility or liability for or make any decisions about the timing, amount or pricing of the Funds.

•

Have any responsibility or liability for the administration, management or marketing of the Funds.

•

Consider the needs of the Funds or their shareholders in determining, composing or calculating the above indexes or have any obligation to do so.

Wilshire shall have no liability in connection with the Funds. Specifically, Wilshire makes no representation or warranty, express or implied, regarding:

•

The results to be obtained by the Funds, their shareholders or any other person in connection with the use of the above indexes and the data included in those indexes;

•

The accuracy or completeness of these indexes and any related data; or

•

The merchantability or the fitness for a particular purpose or use of these indexes and/or its related data.

Wilshire shall not have any liability for any errors, omissions or interruptions in the above indexes or related data. Under no circumstances will Wilshire be liable for any lost profits or indirect, punitive, special or consequential damages or losses, even if Wilshire knows that they might occur. The licensing agreement between The Vantagepoint Funds, on behalf of the Broad Market Index Fund and the Mid/Small Company Index Fund, and Wilshire is solely for the Funds’ benefit and not for the benefit of Fund shareholders or any other third parties.

“Standard & Poor’s “, “S&P “, “S&P 500 “, “Standard & Poor’s 500 “, and “500” are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by The Vantagepoint Funds for the Vantagepoint 500 Stock Index Fund. The Fund is not sponsored, endorsed, sold or promoted by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., and makes no representation regarding the advisability of investing in the Fund.

Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Russell Investment Group. The Vantagepoint Aggressive Opportunities Fund is not promoted, sponsored or endorsed by, nor in any way affiliated with Russell Investments (“Russell”). Russell is not responsible for and has not reviewed the Vantagepoint Aggressive Opportunities Fund nor any associated literature or publications and Russell makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise.

343

The Vantagepoint Funds are distributed by ICMA-RC Services, LLC,

a wholly owned broker-dealer subsidiary of ICMA-RC and member FINRA/SIPC.

LOGO

777 NORTH CAPITOL STREET, NE

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TOLL-FREE 800-669-7400

PARA ASISTENCIA EN ESPAÑOL LLAME AL 800-669-8216

WWW.ICMARC.ORG

ANR000-001-16544-201302-214

Item 2 (Code of Ethics):

Sub-item 2a. The board of directors of the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, and to persons performing similar functions.

Sub-item 2c. Not applicable.

Sub-item 2d. Not applicable.

Sub-item 2e. Not applicable.

Sub-item 2f. Not applicable.

Item 3 (Audit Committee Financial Expert): Three 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 Arthur Lynch, Anthony Calhoun and Timothy O’Brien, all 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 $470,042 and $451,067 in 2012 and 2011, 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 $186,186 and $169,669 in 2012 and 2011, respectively. These services covered preparation of the registrant’s income tax and excise tax returns, and also included related consulting and tax provision work.

Sub-item 4d (All Other Fees). Not applicable.

Sub-item 4e (1). The registrant’s audit committee pre-approves all audit and non-audit services to be performed by the registrant’s accountant before they are engaged to perform such services.

Sub-item 4e (2). The registrant’s audit committee approved 100% of the services described in Sub-item 4c.

Sub-item 4f. Not applicable.

Sub-item 4g. Not applicable.

Sub-item 4h. Not applicable.

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

Item 6 (Investments):

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

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

Item 7 (Disclosure of Proxy Voting Policies & Procedures for Closed-end Management Investment Companies): Not applicable to this registrant.

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

Item 9 (Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers): Not applicable to this registrant.

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

Item 11 (Controls and Procedures):

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

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

Item 12 (Exhibits):

Sub-item 12a(1). The code of ethics exhibit is attached.

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

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


The Vantagepoint Funds

By:		/s/ Joan McCallen
		Joan McCallen, Principal Executive Officer

Date:		March 8, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities, and on the dates indicated.



By:		/s/ Joan McCallen
		Joan McCallen, Principal Executive Officer

Date:		March 8, 2013



By:		/s/ Elizabeth Glista
		Elizabeth Glista, Principal Financial Officer

Date:		March 6, 2013