Vantagepoint Milestone Retirement Income Fund

The principal investment strategies of the Vantagepoint Milestone Retirement Income Fund are to invest in a combination of underlying Vantagepoint Funds to seek to obtain exposure to approximately 60% fixed income investments, 30% equity investments and 10% investments in asset classes and strategies that have historically exhibited a low correlation to traditional fixed income and equity investments (“multi-strategy Funds”). To achieve this allocation, Fund assets are invested in underlying Vantagepoint fixed income, equity and multi-strategy Funds.

The investment strategy is implemented by investing in the following Vantagepoint Funds at target allocations within the percentage ranges indicated:

Subject to the supervision of the Board of Directors, VIA may, at its discretion, increase or decrease the target allocations to the underlying Funds within the allocation ranges noted above. To the extent that the target allocations to the underlying Funds are increased or decreased, VIA will do so within the above-stated allocations to fixed income, equity and multi-strategy Funds. VIA may also use other Vantagepoint Funds from the list of candidate Funds to fulfill the asset class allocations.

The underlying Funds’ fixed income holdings consist mainly of a diversified mix of U.S. Government, U.S. agency, and investment-grade corporate bonds of varying maturities. The Vantagepoint Low Duration Bond Fund has been included in an effort to seek to reduce the overall volatility of the Milestone Retirement Income Fund’s share price.

The underlying Funds’ equity holdings consist mainly of large-capitalization U.S. stocks and larger-capitalization stocks of developed countries.

In the multi-strategy Fund category, to seek to enhance the Fund’s diversification, the Diversified Assets Fund seeks to provide exposure to asset classes and strategies that have historically had a low correlation to those of the other Vantagepoint Funds. The Diversified Assets Fund employs global tactical asset allocation strategies and a global bond strategy that seek to provide exposure to U.S. and foreign stock markets, U.S. and foreign bond markets and instruments and currencies. The Diversified Assets Fund uses derivative instruments to seek to achieve desired market exposure, enhance portfolio efficiency, or manage risk.

The Vantagepoint Milestone Retirement Income Fund is subject to the risks of changing interest rates which will cause the income and value of shares in the Fund to fluctuate; credit risk which is the possibility that the issuer of a debt security will default; mortgage-backed and asset-backed securities risk; derivatives risk; and asset allocation risk which is the chance that the selection of the underlying Funds and the allocation of Fund assets to those underlying Funds will cause the Fund to underperform other funds with a similar investment objective. To a lesser extent, the Fund is also subject to all of the general risks of investing in the domestic and international stock markets. Derivatives involve costs and can be volatile. In addition derivatives may not perform as expected and this could result in losses that would not otherwise have occurred and losses that are substantially more than the amount invested in the derivative.