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tvf1:S000020941Member tvf1:MorningstarMidCapValueFundsAverageMember 2012-01-23 2013-01-22 pure iso4217:USD <b>Growth &amp; Income Fund</b> <b>Model Portfolio Conservative Growth Fund</b> <b>Investment Objective</b> To offer long-term capital growth and current income. <b>Inflation Protected Securities Fund</b> <b>Fund Fees &amp; Expenses</b> <div style="display:none">~ http://www.icmarc.org/role/ScheduleAverageAnnualTotalReturnsTransposedVantagepointMilestone2035Fund column period compact * ~</div> The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Beginning March 1, 2013, all outstanding shares of the Fund will be renamed &#8220;Investor Shares,&#8221; and the Fund will offer a new share class, &#8220;T Shares,&#8221; to investors. In the interim, the Fund continues to offer its existing shares to investors. Information about these shares is described below under Investor Shares. <b>Investment Objective</b> To offer current income. The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Beginning March 1, 2013, all outstanding shares of the Fund will be renamed &#8220;Investor Shares,&#8221; and the Fund will offer a new share class, &#8220;T Shares,&#8221; to investors. In the interim, the Fund continues to offer its existing shares to investors. Information about these shares is described below under Investor Shares. <b>Milestone 2045 Fund</b> <b>Investment Objective</b> To offer high total return consistent with the Fund&#8217;s current asset allocation. <b>Fund Fees &amp; Expenses</b> <b>Milestone 2020 Fund</b> <b>Fund Fees &amp; Expenses</b> <b>Model Portfolio Long-Term Growth Fund</b> <b>Investment Objective</b> <div style="display:none">~ http://www.icmarc.org/role/ScheduleShareholderFeesVantagepointMilestone2040Fund column period compact * ~</div> <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualFundOperatingExpensesVantagepointMilestone2040Fund column period compact * ~</div> <div style="display:none">~ http://www.icmarc.org/role/ScheduleExpenseExampleTransposedVantagepointMilestone2040Fund column period compact * ~</div> To offer high long-term capital growth and modest current income. <b>Fund Fees &amp; Expenses</b> The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Beginning March 1, 2013, all outstanding shares of the Fund will be renamed &#8220;Investor M Shares,&#8221; and the Fund will offer a new share class, &#8220;TM Shares,&#8221; to investors. In the interim, the Fund continues to offer its existing shares to investors. Information about these shares is described below under Investor M Shares. <b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b> <b>Investment Objective</b> <b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b> The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Beginning March 1, 2013, all outstanding shares of the Fund will be renamed &#8220;Investor M Shares,&#8221; and the Fund will offer a new share class, &#8220;TM Shares,&#8221; to investors. In the interim, the Fund continues to offer its existing shares to investors. Information about these shares is described below under Investor M Shares. <b>Annual Fund Operating Expenses<br/> (expenses that you pay each year as a percentage<br/>of the value of your investment)</b> <b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b> To offer high total return consistent with the Fund&#8217;s current asset allocation. <b>Example</b> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the fiscal year ended December 31, 2011, the Fund&#8217;s portfolio turnover rate was 14% of the average value of its portfolio. <b>Fund Fees &amp; Expenses</b> <b>Investments, Risks, and Performance</b><br/><br/><b>Principal Investment Strategies:</b> <b>Principal Investment Risks:</b> The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Beginning March 1, 2013, all outstanding shares of the Fund will be renamed &#8220;Investor M Shares,&#8221; and the Fund will offer a new share class, &#8220;TM Shares,&#8221; to investors. In the interim, the Fund continues to offer its existing shares to investors. Information about these shares is described below under Investor M Shares. 0 0 0 0 <b>Shareholder Fees<br/>(fees paid directly from your investment)</b> <b>Annual Fund Operating Expenses<br></b><b>(expenses that you pay each year as a percentage <br></b><b>of the value of your investment)</b> <b>Investment Objective</b> To offer high long-term capital growth. <b>Fund Fees &amp; Expenses</b> The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Beginning March 1, 2013, all outstanding shares of the Fund will be renamed &#8220;Investor M Shares,&#8221; and the Fund will offer a new share class, &#8220;TM Shares,&#8221; to investors. In the interim, the Fund continues to offer its existing shares to investors. Information about these shares is described below under Investor M Shares. <b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b> <b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage <br/></b><b>of the value of your investment)</b> 0.0009 0.0009 <b>Investment Objective</b> <b> Model Portfolio Traditional Growth Fund</b> 0.0002 <b>Investment Objective</b> 0.0027 <b>Annual Fund Operating Expenses<br/> (expenses that you pay each year as a percentage<br/>of the value of your investment)</b> There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. <b>The Fund is not a complete solution for all of your retirement savings needs. An investment in the Fund includes the risk of loss, including near, at or after the target date of the Fund. There is no guarantee that the Fund will provide adequate income at and through an investor&#8217;s retirement. Selecting the Fund (or any of The Vantagepoint Funds) does not guarantee that you will have adequate savings for retirement.</b><br/><br/><b>Asset Allocation Risk</b>&#8212;Asset allocation risk is the risk that the selection of the underlying Funds and the allocation of Fund assets among them will cause the Fund to lose money or to underperform other funds with similar investment objectives. In addition, there is the risk that the asset classes favored by the allocations will not perform as expected. The Fund&#8217;s investment adviser may alter the Fund&#8217;s asset allocation, as well as its Fund-level allocations, for reasons other than the passage of time. Any changes made in the underlying Funds, such as changes in investment objectives or strategies, may affect the Fund&#8217;s performance.<br/><br/>The amount invested by this Fund in each underlying Fund is exposed to the same risks as that underlying Fund. These risks are summarized below.<br/><br/><b>Stock Market Risk</b>&#8212;Stock market risk is the possibility that the prices of equity securities overall will experience increased volatility and decline over short or extended periods. Markets tend to move in cycles, with periods of rising prices and periods of falling prices.<br/><br/><b>Foreign Securities Risk</b>&#8212;Investments in foreign securities may involve the risk of loss due to political, economic, legal, regulatory, and operational uncertainties; differing accounting and financial reporting standards; limited availability of information; currency fluctuations; and higher transaction costs. These risks may be greater with respect to securities of companies located in emerging market countries. Investments in securities of issuers located in emerging market countries tend to be more volatile than investments in securities of issuers located in developed foreign countries.<br/><br/><b>Small-Cap Securities Risk</b>&#8212;Investments in small-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of small-capitalization companies are generally subject to greater price volatility than those of larger companies due to: less certain growth prospects, the lower degree of liquidity in the markets for their securities, and the greater sensitivity of smaller companies to changing economic conditions. Also, small-capitalization companies may have more limited product lines, fewer capital resources and less experienced management than larger companies.<br/><br/><b>Mid-Cap Securities Risk</b>&#8212;Investments in mid-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of mid-capitalization companies generally trade in lower volume and are generally subject to greater and less predictable price changes than the securities of larger companies.<br/><br/><b>Equity Income/Interest Rate Risk</b>&#8212;A Fund&#8217;s distributions to shareholders may decline when interest rates fall or when dividend income from investments in stocks declines. To offer moderate capital growth and reasonable current income. The Fund invests in a combination of other 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 (through the &#8220;multi-strategy&#8221; Fund).<br/><br/>This investment strategy is implemented by investing in the following Vantagepoint Funds at target allocations within the ranges indicated:<div style="margin-top: 6pt; font-size: 1pt">&nbsp;</div><table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Fixed Income Funds:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Low Duration Bond Fund </td> <td align="right"> 26% - 36% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Core Bond Index Fund </td> <td align="right"> 4% - 14% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Inflation Protected Securities Fund </td> <td align="right"> 10% - 20% </td> </tr> </table><div style="margin-top: 6pt; font-size: 1pt">&nbsp;</div><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Equity Funds:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Equity Income Fund </td> <td align="right"> 5% - 15% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Growth &amp; Income Fund </td> <td align="right"> 5% - 15% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> International Fund </td> <td align="right"> 0% - 10% </td> </tr> </table><div style="margin-top: 6pt; font-size: 1pt">&nbsp;</div> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Multi-Strategy Fund:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Diversifying Strategies Fund </td> <td align="right"> 18% - 22% </td> </tr> </table><br/>The Fund&#8217;s investment adviser monitors the Fund&#8217;s allocations and will &#8220;rebalance&#8221; its portfolio as necessary to return the Fund to, or close to, the intended allocations. The adviser may, at its discretion, change the target allocations within the ranges set forth above and within the above-stated asset class allocations to fixed income and equity Funds and a multi-strategy Fund, subject to the supervision of the Fund&#8217;s Board of Directors.<br/><br/>All percentages referred to above are based on the Fund&#8217;s net assets. Beginning March 1, 2013, the Fund will invest in T Shares of the underlying Vantagepoint Funds.<br/><br/>The Model Portfolio Savings Oriented Fund may be an appropriate investment if you are seeking to preserve principal with some opportunity for inflation protection and growth, if you have a low tolerance for price fluctuations, or if you wish to invest for the shorter term. 0 0 <b>Fund Fees &amp; Expenses</b> There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund.<br/><br/><b>Asset Allocation Risk</b>&#8212;Asset allocation risk is the risk that the selection of the underlying Funds and the allocation of Fund assets among them will cause the Fund to lose money or to underperform other funds with similar investment objectives. In addition, there is the risk that the asset classes favored by the allocations will not perform as expected. Any changes made in the underlying Funds, such as changes in investment objectives or strategies, may affect the Fund&#8217;s performance. Similarly, if the Fund&#8217;s asset allocations become &#8220;out of balance,&#8221; this could affect both the Fund&#8217;s level of risk and the Fund&#8217;s potential for gain or loss.<br/><br/>The amount invested by this Fund in each underlying Fund is exposed to the same risks as that underlying Fund. These risks are summarized below.<br/><br/><b>Interest Rate Risk</b>&#8212;Fixed income securities fluctuate in value as interest rates change. When interest rates rise, the market prices of fixed income securities will usually decrease; when interest rates fall, the market prices of fixed income securities usually will increase.<br/><br/><b>Credit Risk</b>&#8212;An issuer of a fixed income security may be unable or unwilling to make payments of principal or interest to the holders of such securities or may declare bankruptcy. These events could cause a Fund to lose money.<br/><br/><b>Convertible Securities Risk</b>&#8212;Convertible securities generally tend to be of lower credit quality, and the value of a convertible security generally increases and decreases with the value of the underlying common stock, but may also be sensitive to changes in interest rates. A Fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or declares bankruptcy.<br/><br/><b>Mortgage-backed Securities Risk</b>&#8212;Defaults on the mortgages underlying mortgage-backed securities may adversely affect the value of these securities. These securities are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain mortgage-backed securities may be more volatile and less liquid than other traditional types of fixed income securities.<br/><br/><b>Asset-backed Securities Risk</b>&#8212;Defaults on the assets underlying asset-backed securities may adversely affect the value of these securities. These securities are subject to risks associated with the nature of the underlying assets and are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain asset-backed securities may be more volatile and less liquid than other traditional types of fixed income securities.<br/><br/><b>U.S. Government Agency Securities Risk</b>&#8212;Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. Further, there is no assurance that the U.S. Government will provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) that issue or guarantee certain securities. If a government agency or a government-sponsored enterprise is unable to meet its obligations, the Fund may experience a loss.<br/><br/><b>Stock Market Risk</b>&#8212;Stock market risk is the possibility that the prices of equity securities overall will experience increased volatility and decline over short or extended periods. Markets tend to move in cycles, with periods of rising prices and periods of falling prices.<br/><br/><b>Foreign Securities Risk</b>&#8212;Investments in foreign securities may involve the risk of loss due to political, economic, legal, regulatory, and operational uncertainties; differing accounting and financial reporting standards; limited availability of information; currency fluctuations; and higher transaction costs. These risks may be greater with respect to securities of companies located in emerging market countries. Investments in securities of issuers located in emerging market countries tend to be more volatile than investments in securities of issuers located in developed foreign countries.<br/><br/><b>Derivative Instruments Risk</b>&#8212;Use of derivative instruments involves 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 derivative instruments include: the risk that the other party to a derivative contract may not fulfill its obligations (counterparty risk); the risk that a particular derivative instrument, such as over-the-counter derivative instruments, may be difficult to purchase or sell (liquidity risk); the risk that certain derivative instruments are more sensitive to interest rate changes and market price fluctuations (interest rate and market risks); and the risk of mispricing or improper valuation of the derivative instrument, and the inability of the derivative instrument to correlate in value with its underlying asset, reference rate, or index (valuation risk). There is no assurance that the Fund&#8217;s use of any derivatives strategy will succeed, or that the Fund will not lose money. 0.0055 0.0055 The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Beginning March 1, 2013, all outstanding shares of the Fund will be renamed &#8220;Investor M Shares,&#8221; and the Fund will offer a new share class, &#8220;TM Shares,&#8221; to investors. In the interim, the Fund continues to offer its existing shares to investors. Information about these shares is described below under Investor M Shares. <b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b> 0.0066 <b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b> 0.0091 0.001 <b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage</b><br/><b>of the value of your investment)</b> <b>Model Portfolio Savings Oriented Fund</b> <b>Example</b> 0.001 <div style="display:none">~ http://www.icmarc.org/role/ScheduleShareholderFeesVantagepointSelectValueFund column period compact * ~</div> <b>Risk/Return Bar Chart and Table</b> <b>Investment Objective</b> The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index, a custom benchmark, and a group of mutual funds with similar investment objectives. The bar chart shows performance of the Fund&#8217;s Investor M Shares (the Fund&#8217;s outstanding shares will be renamed &#8220;Investor M Shares&#8221; on March 1, 2013). In the table, performance information for TM Shares prior to the inception date of that share class (March 1, 2013) is based on the performance of the Fund&#8217;s Investor M Shares. On March 1, 2013, the transfer agent&#8217;s fees for the Fund and for underlying Vantagepoint Funds changed in connection with the implementation of a new share class structure, resulting in no immediate increase in the Fund&#8217;s total expense ratio. These changes include a contractual agreement by the Fund&#8217;s transfer agent to waive a portion of its fees on the T Shares of the underlying Index Funds beginning March 1, 2013 through April 30, 2014. Should this agreement by the Fund&#8217;s transfer agent not be renewed, the Fund would experience an increase in fees. An increase in fees can adversely impact performance. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available by calling 800-669-7400 or at www.icmarc.org/vpperformance. This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.001 0.001 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. After-tax returns are shown for Investor M Shares only. After-tax returns for other classes will vary.<br/><br/>Because the Fund is a multi-asset class fund, the custom benchmark is intended to provide a better performance comparison than a broad-based, single asset class benchmark. The Fund&#8217;s custom benchmark is comprised of the S&amp;P 500 Index and MSCI EAFE Index (Net) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with changes in the Fund&#8217;s target percentage asset allocations. 0 <b>Portfolio Turnover</b> 0 0 To offer capital preservation, reasonable current income, and some capital growth while seeking to limit risk. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the fiscal year ended December 31, 2011, the Fund&#8217;s portfolio turnover rate was 13% of the average value of its portfolio. 0.0002 To offer reasonable current income and capital preservation, with modest potential for capital growth. 0.0027 <b>Fund Fees &amp; Expenses</b> <b>Fund Fees &amp; Expenses</b> The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Beginning March 1, 2013, all outstanding shares of the Fund will be renamed &#8220;Investor M Shares,&#8221; and the Fund will offer a new share class, &#8220;TM Shares,&#8221; to investors. In the interim, the Fund continues to offer its existing shares to investors. Information about these shares is described below under Investor M Shares. The Fund is expected to discontinue operations and liquidate on or about March 22, 2013. 0.0062 0.0062 0.0015 0.0015 The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Beginning March 1, 2013, all outstanding shares of the Fund will be renamed &#8220;Investor M Shares,&#8221; and the Fund will offer a new share class, &#8220;TM Shares,&#8221; to investors. In the interim, the Fund continues to offer its existing shares to investors. Information about these shares is described below under Investor M Shares. <b>Milestone 2035 Fund</b> 0.0074 <b>Investment Objective</b> <b>Investments, Risks, and Performance</b><br/><br/><b>Principal Investment Strategies:</b> 0.0099 The Fund invests in a combination of other 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 (through the &#8220;multi-strategy&#8221; Fund). <br/><br/>This investment strategy is implemented by investing in the following Vantagepoint Funds at target allocations within the ranges indicated:<div style="margin-top: 6pt; font-size: 1pt">&nbsp;</div> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Fixed Income Funds:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Low Duration Bond Fund </td> <td align="right"> 3% - 13% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Core Bond Index Fund </td> <td align="right"> 8% - 18% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Inflation Protected Securities Fund </td> <td align="right"> 0% - 9% </td> </tr> </table><div style="margin-top: 6pt; font-size: 1pt">&nbsp;</div><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Equity Funds:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Equity Income Fund </td> <td align="right"> 7% - 17% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Growth &amp; Income Fund </td> <td align="right"> 7% - 17% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Growth Fund </td> <td align="right"> 5% - 15% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Select Value Fund </td> <td align="right"> 1% - 11% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Aggressive Opportunities Fund </td> <td align="right"> 1% - 11% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Discovery Fund </td> <td align="right"> 0% - 8% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> International Fund </td> <td align="right"> 7% - 17% </td> </tr> </table><div style="margin-top: 6pt; font-size: 1pt">&nbsp;</div> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Multi-Strategy Fund:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Diversifying Strategies Fund </td> <td align="right"> 13% - 17% </td> </tr> </table><br/>The Fund&#8217;s investment adviser monitors the Fund&#8217;s allocations and will &#8220;rebalance&#8221; its portfolio as necessary to return the Fund to, or close to, the intended allocations. The adviser may, at its discretion, change the target allocations within the ranges set forth above and within the above-stated asset class allocations to fixed income and equity Funds and a multi-strategy Fund, subject to the supervision of the Fund&#8217;s Board of Directors.<br/><br/>All percentages referred to above are based on the Fund&#8217;s net assets. Beginning March 1, 2013, the Fund will invest in T Shares of the underlying Vantagepoint Funds.<br/><br/>With more than half of the Fund invested in stocks, including growth stocks, a moderate level of volatility should be expected. The Model Portfolio Traditional Growth Fund may be an appropriate investment if you wish to participate in the returns expected from stocks but also want to seek to maintain moderate volatility. This Fund could be appropriate if you intend to invest for the intermediate or longer term. To offer high total return consistent with the Fund&#8217;s current asset allocation. 0.0014 <b>Shareholder Fees </b><br/><b>(fees paid directly from your investment)</b> 0.0039 <b>Equity Income Fund</b> <b>Fund Fees &amp; Expenses</b> <b>Principal Investment Risks:</b> <b>Diversifying Strategies Fund</b> There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund.<br /><br /> <b>Asset Allocation Risk</b>&#8212;Asset allocation risk is the risk that the selection of the underlying Funds and the allocation of Fund assets among them will cause the Fund to lose money or to underperform other funds with similar investment objectives. In addition, there is the risk that the asset classes favored by the allocations will not perform as expected. Any changes made in the underlying Funds, such as changes in investment objectives or strategies, may affect the Fund&#8217;s performance. Similarly, if the Fund&#8217;s asset allocations become &#8220;out of balance,&#8221; this could affect both the Fund&#8217;s level of risk and the Fund&#8217;s potential for gain or loss. <br /><br /> The amount invested by this Fund in each underlying Fund is exposed to the same risks as that underlying Fund. These risks are summarized below.<br /><br /> <b>Stock Market Risk</b>&#8212;Stock market risk is the possibility that the prices of equity securities overall will experience increased volatility and decline over short or extended periods. Markets tend to move in cycles, with periods of rising prices and periods of falling prices.<br /><br /> <b>Foreign Securities Risk</b>&#8212;Investments in foreign securities may involve the risk of loss due to political, economic, legal, regulatory, and operational uncertainties; differing accounting and financial reporting standards; limited availability of information; currency fluctuations; and higher transaction costs. These risks may be greater with respect to securities of companies located in emerging market countries. Investments in securities of issuers located in emerging market countries tend to be more volatile than investments in securities of issuers located in developed foreign countries.<br /><br /> <b>Small-Cap Securities Risk</b>&#8212;Investments in small-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of small-capitalization companies are generally subject to greater price volatility than those of larger companies due to: less certain growth prospects, the lower degree of liquidity in the markets for their securities, and the greater sensitivity of smaller companies to changing economic conditions. Also, small-capitalization companies may have more limited product lines, fewer capital resources and less experienced management than larger companies.<br /><br /> <b>Mid-Cap Securities Risk</b>&#8212;Investments in mid-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of mid-capitalization companies generally trade in lower volume and are generally subject to greater and less predictable price changes than the securities of larger companies.<br /><br /> <b>Equity Income/Interest Rate Risk</b>&#8212;A Fund&#8217;s distributions to shareholders may decline when interest rates fall or when dividend income from investments in stocks declines.<br /><br /> <b>Convertible Securities Risk</b>&#8212;Convertible securities generally tend to be of lower credit quality, and the value of a convertible security generally increases and decreases with the value of the underlying common stock, but may also be sensitive to changes in interest rates. A Fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or declares bankruptcy.<br /><br /> <b>Interest Rate Risk</b>&#8212;Fixed income securities fluctuate in value as interest rates change. When interest rates rise, the market prices of fixed income securities will usually decrease; when interest rates fall, the market prices of fixed income securities usually will increase.<br /><br /> <b>Credit Risk</b>&#8212;An issuer of a fixed income security may be unable or unwilling to make payments of principal or interest to the holders of such securities or may declare bankruptcy. These events could cause a Fund to lose money.<br /><br /> <b>Mortgage-backed Securities Risk</b>&#8212;Defaults on the mortgages underlying mortgage-backed securities may adversely affect the value of these securities. These securities are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain mortgage-backed securities may be more volatile and less liquid than other traditional types of fixed income securities.<br /><br /> <b>Asset-backed Securities Risk</b>&#8212;Defaults on the assets underlying asset-backed securities may adversely affect the value of these securities. These securities are subject to risks associated with the nature of the underlying assets and are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain asset-backed securities may be more volatile and less liquid than other traditional types of fixed income securities.<br /><br /> <b>Derivative Instruments Risk</b>&#8212;Use of derivative instruments involves 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 derivative instruments include: the risk that the other party to a derivative contract may not fulfill its obligations (counterparty risk); the risk that a particular derivative instrument, such as over-the-counter derivative instruments, may be difficult to purchase or sell (liquidity risk); the risk that certain derivative instruments are more sensitive to interest rate changes and market price fluctuations (interest rate and market risks); and the risk of mispricing or improper valuation of the derivative instrument, and the inability of the derivative instrument to correlate in value with its underlying asset, reference rate, or index (valuation risk). There is no assurance that the Fund&#8217;s use of any derivatives strategy will succeed, or that the Fund will not lose money. <b>Milestone 2050 Fund</b> The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Beginning March 1, 2013, all outstanding shares of the Fund will be renamed &#8220;Investor M Shares,&#8221; and the Fund will offer a new share class, &#8220;TM Shares,&#8221; to investors. In the interim, the Fund continues to offer its existing shares to investors. Information about these shares is described below under Investor M Shares. <b>Shareholder Fees</b><br><b>(fees paid directly from your investment)</b> 0.0039 0 <b>Investment Objective</b> <b>Risk/Return Bar Chart and Table</b> <b>Example</b> To offer high total return consistent with the Fund&#8217;s current asset allocation. 0.0064 The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index, a custom benchmark, and a group of mutual funds with similar investment objectives. The bar chart shows performance of the Fund&#8217;s Investor M Shares (the Fund&#8217;s outstanding shares will be renamed &#8220;Investor M Shares&#8221; on March 1, 2013). In the table, performance information for TM Shares prior to the inception date of that share class (March 1, 2013) is based on the performance of the Fund&#8217;s Investor M Shares. On March 1, 2013, the transfer agent&#8217;s fees for the Fund and for underlying Vantagepoint Funds changed in connection with the implementation of a new share class structure, resulting in no immediate increase in the Fund&#8217;s total expense ratio. These changes include a contractual agreement by the Fund&#8217;s transfer agent to waive a portion of its fees on the T Shares of the underlying Index Funds beginning March 1, 2013 through April 30, 2014. Should this agreement by the Fund&#8217;s transfer agent not be renewed, the Fund would experience an increase in fees. An increase in fees can adversely impact performance. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available by calling 800-669-7400 or at www.icmarc.org/vpperformance. This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Investment Objective</b> <b>Fund Fees &amp; Expenses</b> <b>Investment Objective</b> <b>Portfolio Turnover</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the fiscal year ended December 31, 2011, the Fund&#8217;s portfolio turnover rate was 13% of the average value of its portfolio. To offer long-term capital growth by approximating the performance of the Wilshire 5000 Total Market Index. The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Beginning March 1, 2013, all outstanding shares of the Fund will be renamed &#8220;Investor M Shares,&#8221; and the Fund will offer a new share class, &#8220;TM Shares,&#8221; to investors. In the interim, the Fund continues to offer its existing shares to investors. Information about these shares is described below under Investor M Shares. To offer long-term capital growth. <b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b> <b>Principal Investment Risks:</b> <b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage</b> <br/><b>of the value of your investment)</b> <b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage</b><br/><b>of the value of your investment)</b> <b>Annual Fund Operating Expenses </b><br/><b>(expenses that you pay each year as a percentage </b><br/><b>of the value of your investment)</b> <b>Fund Fees &amp; Expenses</b> <b>Milestone 2030 Fund</b> <b>Risk/Return Bar Chart and Table</b> The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Beginning March 1, 2013, the Fund will offer a new share class, &#8220;T Shares,&#8221; to investors. The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index, a custom benchmark, and a group of mutual funds with similar investment objectives. The bar chart shows performance of the Fund&#8217;s Investor M Shares (the Fund&#8217;s outstanding shares will be renamed &#8220;Investor M Shares&#8221; on March 1, 2013). In the table, performance information for TM Shares prior to the inception date of that share class (March 1, 2013) is based on the performance of the Fund&#8217;s Investor M Shares. On March 1, 2013, the transfer agent&#8217;s fees for the Fund and for underlying Vantagepoint Funds changed in connection with the implementation of a new share class structure, resulting in no immediate increase in the Fund&#8217;s total expense ratio. These changes include a contractual agreement by the Fund&#8217;s transfer agent to waive a portion of its fees on the T Shares of the underlying Index Funds beginning March 1, 2013 through April 30, 2014. Should this agreement by the Fund&#8217;s transfer agent not be renewed, the Fund would experience an increase in fees. An increase in fees can adversely impact performance. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available by calling 800-669-7400 or at www.icmarc.org/vpperformance. <b>Shareholder Fees<br></b> <b>(fees paid directly from your investment)</b> <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0"> <tr valign="bottom"> <td width="20%"></td> <td width="39%"> </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> Best Quarter </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> Worst Quarter </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> 16.89% </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> -19.96% </td> </tr> <tr valign="bottom"> <td align="center" valign="top"> <div> (2nd Qtr 2009) </div> </td> <td> </td> <td align="center" valign="bottom"> (4th Qtr 2008) </td> </tr> </table> <div align="left"> </div> <b>Annual Fund Operating Expenses<br></b><b>(expenses that you pay each year as a percentage<br></b><b>of the value of your investment)</b> <b>Investment Objective</b> <b>Example</b> 0.001 <b>Portfolio Turnover</b> The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Beginning March 1, 2013, all outstanding shares of the Fund will be renamed &#8220;Investor Shares,&#8221; and the Fund will offer a new share class, &#8220;T Shares,&#8221; to investors. In the interim, the Fund continues to offer its existing shares to investors. Information about these shares is described below under Investor Shares. This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that the contractual fee waiver described above expires on April 30, 2014 and therefore is only reflected in the 1 year example. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.001 <b>Fund Fees &amp; Expenses</b> 0.001 Calendar Year Total Returns &#8212; Investor M Shares 0.001 <b>Portfolio Turnover</b> <b>Growth Fund</b> <b>Shareholder Fees<br/>(fees paid directly from your investment)</b> To offer long-term capital growth with consistency derived from dividend yield. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. Since the Fund has not yet completed a full fiscal year, the portfolio turnover rate is not available. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the fiscal year ended December 31, 2011, the Fund&#8217;s portfolio turnover rate was 1% of the average value of its portfolio. <b>Investments, Risks, and Performance</b><br/><br/><b>Principal Investment Strategies:</b> 0.0004 0.0003 The Fund invests, under normal circumstances, at least 90% of its net assets in equity issues included in the Wilshire 5000 Total Market Index, selected and weighted to seek to result in investment characteristics comparable to those of that index and performance that correlates with the performance of that index.<br/><br/> The Fund follows an indexed or &#8220;passively managed&#8221; approach to investing. This means that securities are selected for investment to try to approximate the investment characteristics and performance of the index. The subadviser employs a sampling technique to approximate index characteristics, using fewer securities than are contained in the index. The Wilshire 5000 Total Market Index is an unmanaged index that consists of all U.S. equity issues with readily available price data (which includes common stocks, interests in real estate investment trusts, and limited partnership interests) and is calculated using a float-adjusted market capitalization weighting.<br/><br/> While there is no guarantee, the investment adviser expects the correlation between the Fund and its index to be at least 0.95. A correlation of 1.00 would mean the returns of the Fund and the index almost always move in the same direction (but not necessarily by the same amount). A correlation of 0.00 would mean movements in the Fund are unrelated to movements in the index. <b>Example</b> <b>Investments, Risks, and Performance</b><br/><br/><b>Principal Investment Strategies:</b> <b>Investment Objective</b> <b>Principal Investment Risks:</b> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that the contractual fee waiver and/or expense reimbursement described above expires on April 30, 2014 and therefore is only reflected in the 1 year example. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. The Fund&#8217;s principal investment risks are summarized below:<br /><br /><b>Stock Market Risk</b>&#8212;Stock market risk is the possibility that the prices of equity securities overall will experience increased volatility and decline over short or extended periods. Markets tend to move in cycles, with periods of rising prices and periods of falling prices.<br /><br /><b>Small-Cap Securities Risk</b>&#8212;Investments in small-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of small-capitalization companies are generally subject to greater price volatility than those of larger companies due to: less certain growth prospects, the lower degree of liquidity in the markets for their securities, and the greater sensitivity of smaller companies to changing economic conditions. Also, small-capitalization companies may have more limited product lines, fewer capital resources and less experienced management than larger companies. <br/><br/><b>Mid-Cap Securities Risk</b>&#8212;Investments in mid-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of mid-capitalization companies generally trade in lower volume and are generally subject to greater and less predictable price changes than the securities of larger companies.<br /><br /> <b>Index Fund Risk</b>&#8212;The Fund is designed to approximate the investment characteristics and performance of a specified index. Securities may be purchased, held, and sold by the Fund at times when an actively managed fund would not do so. Performance of the Fund will deviate from the performance of its benchmark index, which is known as tracking error. Tracking error may be caused by: (i) fees and expenses of the Fund (whereas the benchmark index has no management fees or transaction expenses); (ii) changes to the benchmark index; and (iii) the timing of cash flows into and out of the Fund. To offer long-term capital growth. Shareholders of the Fund indirectly pay the fees and expenses of the Acquired funds. The Fund&#8217;s total annual fund operating expenses shown in this table do not correlate to the expense ratios shown in the Fund&#8217;s financial highlights for the most recent fiscal year, which reflect the Fund&#8217;s operating expenses and do not include Acquired fund fees and expenses. The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Beginning March 1, 2013, all outstanding shares of the Fund will be renamed &#8220;T Shares.&#8221; <b>Milestone Retirement Income Fund</b> 0.0046 <b>Fund Fees &amp; Expenses</b> 0.0046 0.0045 0.0045 Fees and expenses have been restated to reflect current fees and expenses. <b>Investment Objective</b> <b>Fund Fees & Expenses</b> <b>Risk/Return Bar Chart and Table</b> 0 <b>Fund Fees &amp; Expenses</b> 0.0059 The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index. The bar chart shows performance of the Fund&#8217;s Class I Shares. In the table, performance information for T Shares prior to the inception date of that share class (March 1, 2013) is based on the performance of the Fund&#8217;s Class I Shares. This prior performance has not been adjusted to reflect the actual fees and expenses paid by T Shares. The Fund has a contractual agreement by the Fund&#8217;s transfer agent to waive a portion of its fees on the T Shares of the Index Funds beginning March 1, 2013 through April 30, 2014. Should this agreement by the Fund&#8217;s transfer agent not be renewed, the Fund would experience an increase in fees. An increase in fees can adversely impact performance. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available by calling 800-669-7400 or at www.icmarc.org/vpperformance. 0.0059 <b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b> 0.0084 Calendar Year Total Returns &#8212; Class I Shares <div style="display:none">~ http://www.icmarc.org/role/ScheduleShareholderFeesVantagepointModelPortfolioTraditionalGrowthFund column period compact * ~</div> The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Beginning March 1, 2013, all outstanding shares of the Fund will be renamed &#8220;Investor Shares,&#8221; and the Fund will offer a new share class, &#8220;T Shares,&#8221; to investors. In the interim, the Fund continues to offer its existing shares to investors. Information about these shares is described below under Investor Shares. <b>Example</b> <b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b> 0.0084 <b>Annual Fund Operating Expenses<br/>(expenses that you pay each year as a percentage<br/>of the value of your investment)</b> <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0"> <tr valign="bottom"> <td width="20%"></td> <td width="39%"> </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> Best Quarter </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> Worst Quarter </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> 16.67% </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> -22.74% </td> </tr> <tr valign="bottom"> <td align="center" valign="top"> <div> (2nd Qtr 2009) </div> </td> <td> </td> <td align="center" valign="bottom"> (4th Qtr 2008) </td> </tr> </table> <div align="left"> </div> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Average Annual </b><br/><b>Total Returns </b><br/><b>(for the periods ended </b><br/><b>December 31, 2011)</b> <b>Example</b> <b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage </b><br/> <b>of the value of your investment)</b> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. After-tax returns are shown for Class I shares only. After-tax returns for other classes will vary. 67 <b>Fund Fees &amp; Expenses</b> 93 0.0029 <b>Average Annual Total Returns </b><br/><b>(for the periods ended </b><br/><b>December 31, 2011)</b> <b>Portfolio Turnover</b> 211 290 <b>Discovery Fund</b> There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. <b>The Fund is not a complete solution for all of your retirement savings needs. An investment in the Fund includes the risk of loss, including near, at or after the target date of the Fund. There is no guarantee that the Fund will provide adequate income at and through an investor&#8217;s retirement. Selecting the Fund (or any of The Vantagepoint Funds) does not guarantee that you will have adequate savings for retirement.</b><br/><br/><b>Asset Allocation Risk</b>&#8212;Asset allocation risk is the risk that the selection of the underlying Funds and the allocation of Fund assets among them will cause the Fund to lose money or to underperform other funds with similar investment objectives. In addition, there is the risk that the asset classes favored by the allocations will not perform as expected. The Fund&#8217;s investment adviser may alter the Fund&#8217;s asset allocation, as well as its Fund-level allocations, for reasons other than the passage of time. Any changes made in the underlying Funds, such as changes in investment objectives or strategies, may affect the Fund&#8217;s performance.<br/><br/>The amount invested by this Fund in each underlying Fund is exposed to the same risks as that underlying Fund. These risks are summarized below.<br/><br/><b>Stock Market Risk</b>&#8212;Stock market risk is the possibility that the prices of equity securities overall will experience increased volatility and decline over short or extended periods. Markets tend to move in cycles, with periods of rising prices and periods of falling prices.<br/><br/><b>Foreign Securities Risk</b>&#8212;Investments in foreign securities may involve the risk of loss due to political, economic, legal, regulatory, and operational uncertainties; differing accounting and financial reporting standards; limited availability of information; currency fluctuations; and higher transaction costs. These risks may be greater with respect to securities of companies located in emerging market countries. Investments in securities of issuers located in emerging market countries tend to be more volatile than investments in securities of issuers located in developed foreign countries.<br/><br/><b>Small-Cap Securities Risk</b>&#8212;Investments in small-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of small-capitalization companies are generally subject to greater price volatility than those of larger companies due to: less certain growth prospects, the lower degree of liquidity in the markets for their securities, and the greater sensitivity of smaller companies to changing economic conditions. Also, small-capitalization companies may have more limited product lines, fewer capital resources and less experienced management than larger companies.<br/><br/><b>Mid-Cap Securities Risk</b>&#8212;Investments in mid-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of mid-capitalization companies generally trade in lower volume and are generally subject to greater and less predictable price changes than the securities of larger companies.<br/><br/><b><b>Indexing Risk</b></b>&#8212;The Fund invests a portion of its assets in underlying Funds that employ index or passively managed strategies that are designed to approximate the investment characteristics and performance of specified indexes. Unlike an actively managed strategy, an index strategy does not rely on a portfolio manager&#8217;s decision making with respect to which individual securities may outperform others. Securities in an index strategy may be purchased, held, and sold by such underlying Funds at times when an actively managed portfolio would not do so. In addition, performance of underlying Funds using an index strategy will deviate from the performance of the specified index, which is known as tracking error. Tracking error may be caused by: (i) fees and expenses associated with managing the passive portfolio (whereas the benchmark index has no management fees or transaction expenses); (ii) changes to the index; and (iii) the timing of cash flows into and out of the underlying Funds.<br/><br/><b>Equity Income/Interest Rate Risk</b>&#8212;A Fund&#8217;s distributions to shareholders may decline when interest rates fall or when dividend income from investments in stocks decline. Shareholders of the Fund indirectly pay the fees and expenses of the Acquired funds. The Fund&#8217;s total annual fund operating expenses shown in this table do not correlate to the expense ratios shown in the Fund&#8217;s financial highlights for the most recent fiscal year, which reflect the Fund&#8217;s operating expenses and do not include Acquired fund fees and expenses. <b>Investments, Risks, and Performance<br/><br/>Principal Investment Strategies: </b> Fees and expenses have been restated to reflect current fees and expenses. <b>Principal Investment Risks: </b> 368 504 <b>Example</b> <b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage<br/> of the value of your investment)</b> <b>Investments, Risks, and Performance</b><br/><br/> <b>Principal Investment Strategies:</b> <b>Aggressive Opportunities Fund</b> <b>Risk/Return Bar Chart and Table</b> <b>Investment Objective</b> 0.001 <b>Example</b> 0.14 You may lose money by investing in the Fund. <b>Portfolio Turnover</b> Fees and expenses have been restated to reflect current fees and expenses. <b>Investments, Risks, and Performance</b><br/><br/><b>Principal Investment Strategies:</b> <b>Average Annual Total Returns<br/>(for the periods ended<br/>December 31, 2011)</b> You may lose money by investing in the Fund. <b>Core Bond Index Fund</b> <b>Principal Investment Risks:</b> <b>Investments, Risks, and Performance</b><br/><br/><b>Principal Investment Strategies:</b> 822 <b>Investment Objective</b> <b>Risk/Return Bar Chart and Table</b> The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index, a custom benchmark, and a group of mutual funds with similar investment objectives. 1120 0 0 0 To offer current income by approximating the performance of the Barclays U.S. Aggregate Bond Index. Calendar Year Total Returns &#8212; Investor M Shares 0.001 The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Calendar year Total Returns &#8212; Investor M Shares <b>Average Annual Total Returns </b><br/><b>(for the periods ended </b><br/><b>December 31, 2011)</b> <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0"> <tr valign="bottom"> <td width="20%"> </td> <td width="39%"> </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> Best Quarter </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> Worst Quarter </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> 12.44% </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> -13.77% </td> </tr> <tr valign="bottom"> <td align="center" valign="top"> <div> (2nd Qtr 2009) </div> </td> <td> </td> <td align="center" valign="bottom"> (4th Qtr 2008) </td> </tr> </table> <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0"> <tr valign="bottom"> <td width="20%"></td> <td width="39%"> </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> Best Quarter </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> Worst Quarter </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> 8.32% </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> -7.10% </td> </tr> <tr valign="bottom"> <td align="center" valign="top"> <div> (2nd Qtr 2009) </div> </td> <td> </td> <td align="center" valign="bottom"> (4th Qtr 2008) </td> </tr> </table> <div align="left"> </div> <b>Average Annual Total Returns </b><br/><b>(for the periods ended </b><br/><b>December 31, 2011)</b> 40 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. After-tax returns are shown for Investor M Shares only. After-tax returns for other classes will vary.<br/><br/>Because the Fund is a multi-asset class fund, the custom benchmark is intended to provide a better performance comparison than a broad-based, single asset class benchmark. The Fund&#8217;s custom benchmark is comprised of the S&amp;P 500 Index and Barclays U.S. Intermediate Aggregate Bond 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&#8217;s target percentage asset allocations. To seek to offer current income and opportunities for capital growth that have limited risk. The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Beginning March 1, 2013, all outstanding shares of the Fund will be renamed &#8220;Investor M Shares,&#8221; and the Fund will offer a new share class, &#8220;TM Shares,&#8221; to investors. In the interim, the Fund continues to offer its existing shares to investors. Information about these shares is described below under Investor M Shares. 0.0004 <div style="display:none">~ http://www.icmarc.org/role/ScheduleShareholderFeesVantagepointMilestone2010Fund column period compact * ~</div> <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualFundOperatingExpensesVantagepointMilestone2010Fund column period compact * ~</div> <div style="display:none">~ http://www.icmarc.org/role/ScheduleExpenseExampleTransposedVantagepointMilestone2010Fund column period compact * ~</div> <div style="display:none">~ http://www.icmarc.org/role/ScheduleAverageAnnualTotalReturnsTransposedVantagepointMilestone2010Fund column period compact * ~</div> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: To offer long-term capital growth. <b>Shareholder Fees</br>(fees paid directly from your investment)</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the fiscal year ended December 31, 2011, the Fund&#8217;s portfolio turnover rate was 19% of the average value of its portfolio. The Fund invests in a combination of other 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 (through the &#8220;multi-strategy&#8221; Fund).<br/><br/>This investment strategy is implemented by investing in the following Vantagepoint Funds at target allocations within the ranges indicated:<div style="margin-top: 6pt; font-size: 1pt">&nbsp;</div> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Fixed Income Funds:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Low Duration Bond Fund </td> <td align="right"> 26% - 36% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Core Bond Index Fund </td> <td align="right"> 4% - 14% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Inflation Protected Securities Fund </td> <td align="right"> 10% - 20% </td> </tr> </table><div style="margin-top: 6pt; font-size: 1pt">&nbsp;</div><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Equity Funds:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Equity Income Fund </td> <td align="right"> 5% - 15% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Growth &amp; Income Fund </td> <td align="right"> 5% - 15% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> International Fund </td> <td align="right"> 0% - 10% </td> </tr> </table><div style="margin-top: 6pt; font-size: 1pt">&nbsp;</div> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Multi-Strategy Fund:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Diversifying Strategies Fund </td> <td align="right"> 15% - 25% </td> </tr> </table><br/>Subject to the supervision of the Funds&#8217; Board of Directors, the Fund&#8217;s investment adviser may, at its discretion, increase or decrease the target allocations to the underlying Funds within the above ranges and also within the above-stated asset class allocations to fixed income and equity Funds and a multi-strategy Fund. The adviser monitors the Fund&#8217;s allocations and will &#8220;rebalance&#8221; its portfolio as necessary to return the Fund to, or close to, the intended asset allocation.<br/><br/>All percentages referred to above are based on the Fund&#8217;s net assets. Beginning March 1, 2013, the Fund will invest in T Shares of the underlying Vantagepoint Funds.<br/><br/>The Milestone Retirement Income Fund may be appropriate for you if you have already begun to make gradual withdrawals, are seeking to preserve principal with some opportunity for inflation protection and growth, have a low tolerance for price fluctuations, or wish to invest for the short term. The Fund invests in a combination of other Vantagepoint Funds using an asset allocation strategy designed for investors who expect to begin making gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), in or around the year 2050. The Fund invests in a combination of equity investments and fixed income investments. As time elapses, the Fund&#8217;s allocation to equity investments decreases, the Fund&#8217;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 (through the Diversifying Strategies Fund, a &#8220;multi-strategy&#8221; Fund) in a manner that the adviser believes to be appropriate, so that by June 30 of the year 2060 (10 years after the year indicated in the Fund&#8217;s name), the Fund&#8217;s net assets will be invested approximately 25% in equity Funds, 55% in fixed income Funds, and 20% in the multi-strategy Fund.<br/><br/>The Fund&#8217;s allocations will change over time. The Fund invests in the following Vantagepoint Funds at target allocations within the current ranges indicated:<div style="margin-top: 6pt; font-size: 1pt">&nbsp;</div><table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Fixed Income Fund:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Core Bond Index Fund </td> <td align="right"> 0% - 10% </td> </tr> </table><div style="margin-top: 6pt; font-size: 1pt">&nbsp;</div> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Equity Funds:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Equity Income Fund </td> <td align="right"> 22% - 32% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Growth &amp; Income Fund </td> <td align="right"> 11% - 21% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Growth Fund </td> <td align="right"> 8% - 18% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Mid/Small Company Index Fund </td> <td align="right"> 15% - 25% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> International Fund </td> <td align="right"> 14% - 24% </td> </tr> </table><br/> Subject to the supervision of the Funds&#8217; Board of Directors, the Fund&#8217;s investment adviser may, at its discretion, increase or decrease the target allocations to the underlying Funds. The adviser monitors the Fund&#8217;s allocations and will &#8220;rebalance&#8221; its portfolio as necessary to return the Fund to, or close to, the intended asset allocation. <br/><br/> The Fund is designed to &#8220;age&#8221; so that its asset allocation becomes more conservative over time until it achieves a final constant asset allocation approximately 10 years after the year 2050. This is intended to reduce investment risk as investors move towards and into retirement. <br/><br/> The sequence of asset allocation changes that the Fund is expected to follow over time (&#8220;glide path&#8221;) is illustrated below. <br/><br/> <center><img alt="chart" src="g472279w85774b1w8577409b.jpg"></img></center><br/> The current asset mix (as of the date of this prospectus) is approximately 95% equity and 5% fixed income. The asset mix will become progressively more conservative so that by the year 2050 (&#8220;target year&#8221;), the mix will approximate 47% equity, 36% fixed income, and 17% multi-strategy. The asset mix will continue to become more conservative for 10 more years until the equity allocation is reduced to approximately 25%, the fixed income allocation is increased to approximately 55%, and the multi-strategy allocation is increased to approximately 20%. At that time (10 years after 2050), the Fund will reach its &#8220;landing point&#8221; and its target asset allocation will become constant. After the Fund reaches its final constant target allocations, the Fund&#8217;s investment adviser is expected to recommend, and the Fund&#8217;s Board of Directors may approve, combining the Fund with the Milestone Retirement Income Fund, which is expected to have approximately the same asset allocation as the Fund at that time.<br/><br/> All percentages referred to above are based on the Fund&#8217;s net assets. Beginning March 1, 2013, the Fund will invest in T Shares of the underlying Vantagepoint Funds.<br/><br/> This Fund may be appropriate for you if you plan to begin making gradual withdrawals from the Fund, typically at or after your retirement, in or around the year 2050. There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. <b>The Fund is not a complete solution for all of your retirement savings needs. An investment in the Fund includes the risk of loss. There is no guarantee that the Fund will provide adequate income at and through an investor&#8217;s retirement. Selecting the Fund (or any of The Vantagepoint Funds) does not guarantee that you will have adequate savings for retirement.</b><br/><br/> <b>Asset Allocation Risk</b>&#8212;Asset allocation risk is the risk that the selection of the underlying Funds and the allocation of Fund assets among them will cause the Fund to lose money or to underperform other funds with similar investment objectives. In addition, there is the risk that the asset classes favored by the allocations will not perform as expected. The Fund&#8217;s investment adviser may alter the Fund&#8217;s asset allocation, as well as its Fund-level allocations, for reasons other than the passage of time. Any changes made in the underlying Funds, such as changes in investment objectives or strategies, may affect the Fund&#8217;s performance.<br/><br/> The amount invested by this Fund in each underlying Fund is exposed to the same risks as that underlying Fund. These risks are summarized below.<br/><br/> <b>Interest Rate Risk</b>&#8212;Fixed income securities fluctuate in value as interest rates change. When interest rates rise, the market prices of fixed income securities will usually decrease; when interest rates fall, the market prices of fixed income securities usually will increase.<br/><br/> <b>Credit Risk</b>&#8212;An issuer of a fixed income security may be unable or unwilling to make payments of principal or interest to the holders of such securities or may declare bankruptcy. These events could cause a Fund to lose money.<br/><br/> <b>Convertible Securities Risk</b>&#8212;Convertible securities generally tend to be of lower credit quality, and the value of a convertible security generally increases and decreases with the value of the underlying common stock, but may also be sensitive to changes in interest rates. A Fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or declares bankruptcy.<br/><br/> <b>Mortgage-backed Securities Risk</b>&#8212;Defaults on the mortgages underlying mortgage-backed securities may adversely affect the value of these securities. These securities are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain mortgage-backed securities may be more volatile and less liquid than other traditional types of fixed income securities.<br/><br/> <b>Asset-backed Securities Risk</b>&#8212;Defaults on the assets underlying asset-backed securities may adversely affect the value of these securities. These securities are subject to risks associated with the nature of the underlying assets and are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain asset-backed securities may be more volatile and less liquid than other traditional types of fixed income securities.<br/><br/> <b>U.S. Government Agency Securities Risk</b>&#8212;Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. Further, there is no assurance that the U.S. Government will provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) that issue or guarantee certain securities. If a government agency or a government-sponsored enterprise is unable to meet its obligations, the Fund may experience a loss.<br/><br/> <b>Stock Market Risk</b>&#8212;Stock market risk is the possibility that the prices of equity securities overall will experience increased volatility and decline over short or extended periods. Markets tend to move in cycles, with periods of rising prices and periods of falling prices.<br/><br/> <b>Foreign Securities Risk</b>&#8212;Investments in foreign securities may involve the risk of loss due to political, economic, legal, regulatory, and operational uncertainties; differing accounting and financial reporting standards; limited availability of information; currency fluctuations; and higher transaction costs. These risks may be greater with respect to securities of companies located in emerging market countries. Investments in securities of issuers located in emerging market countries tend to be more volatile than investments in securities of issuers located in developed foreign countries.<br/><br/> <b>Derivative Instruments Risk</b>&#8212;Use of derivative instruments involves 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 derivative instruments include: the risk that the other party to a derivative contract may not fulfill its obligations (counterparty risk); the risk that a particular derivative instrument, such as over-the-counter derivative instruments, may be difficult to purchase or sell (liquidity risk); the risk that certain derivative instruments are more sensitive to interest rate changes and market price fluctuations (interest rate and market risks); and the risk of mispricing or improper valuation of the derivative instrument, and the inability of the derivative instrument to correlate in value with its underlying asset, reference rate, or index (valuation risk). There is no assurance that the Fund&#8217;s use of any derivatives strategy will succeed, or that the Fund will not lose money. The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index, a custom benchmark, and a group of mutual funds with similar investment objectives. The bar chart shows performance of the Fund&#8217;s Investor M Shares (the Fund&#8217;s outstanding shares will be renamed &#8220;Investor M Shares&#8221; on March 1, 2013). In the table, performance information for TM Shares prior to the inception date of that share class (March 1, 2013) is based on the performance of the Fund&#8217;s Investor M Shares. On March 1, 2013, the transfer agent&#8217;s fees for the Fund and for underlying Vantagepoint Funds changed in connection with the implementation of a new share class structure, resulting in no immediate increase in the Fund&#8217;s total expense ratio. These changes include a contractual agreement by the Fund&#8217;s transfer agent to waive a portion of its fees on the T Shares of the underlying Index Funds beginning March 1, 2013 through April 30, 2014. Should this agreement by the Fund&#8217;s transfer agent not be renewed, the Fund would experience an increase in fees. An increase in fees can adversely impact performance. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available by calling 800-669-7400 or at www.icmarc.org/vpperformance. Shareholders of the Fund indirectly pay the fees and expenses of the Acquired funds. The Fund&#8217;s total annual fund operating expenses shown in this table do not correlate to the expense ratios shown in the Fund&#8217;s financial highlights for the most recent fiscal year, which reflect the Fund&#8217;s operating expenses and do not include Acquired fund fees and expenses. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. After-tax returns are shown for Investor M Shares only. After-tax returns for other classes will vary.<br/><br/> Because the Fund is a multi-asset class fund, the custom benchmark is intended to provide a better performance comparison than a broad-based, single asset class benchmark. The Fund&#8217;s custom benchmark is comprised of the S&amp;P 500 Index and Barclays U.S. Intermediate Aggregate Bond 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&#8217;s target percentage asset allocations. Fees and expenses have been restated to reflect current fees and expenses. 0.001 <b>Shareholder Fees<br/>(fees paid directly from your investment)</b> 125 205 0.0049 The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Beginning March 1, 2013, all outstanding shares of the Fund will be renamed &#8220;Investor Shares,&#8221; and the Fund will offer a new share class, &#8220;T Shares,&#8221; to investors. In the interim, the Fund continues to offer its existing shares to investors. Information about these shares is described below under Investor Shares. 0.0049 To offer high total return consistent with the Fund&#8217;s current asset allocation. 219 358 0.0029 0.13 493 <b>Fund Fees &amp; Expenses</b> 800 The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index, a custom benchmark, and a group of mutual funds with similar investment objectives. You may lose money by investing in the Fund. 0 0 The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. <b>Portfolio Turnover</b> The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Beginning March 1, 2013, all outstanding shares of the Fund will be renamed &#8220;Investor Shares,&#8221; and the Fund will offer a new share class, &#8220;T Shares,&#8221; to investors. In the interim, the Fund continues to offer its existing shares to investors. Information about these shares is described below under Investor Shares. The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index, a custom benchmark, and a group of mutual funds with similar investment objectives. 0 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the fiscal year ended December 31, 2011, the Fund&#8217;s portfolio turnover rate was 11% of the average value of its portfolio. <b>Example</b> The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 800-669-7400 0.0063 The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Beginning March 1, 2013, all outstanding shares of the Fund will be renamed &#8220;Investor M Shares,&#8221; and the Fund will offer a new share class, &#8220;TM Shares,&#8221; to investors. In the interim, the Fund continues to offer its existing shares to investors. Information about these shares is described below under Investor M Shares. 0.0088 www.icmarc.org/vpperformance 800-669-7400 This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: www.icmarc.org/vpperformance Calendar Year Total Returns &#8212; Investor M Shares 0.001 66 <b>Example</b> 0.0007 This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. <b>Portfolio Turnover</b> 0.0048 <b>Broad Market Index Fund</b> After-tax and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the fiscal year ended December 31, 2011, the Fund&#8217;s portfolio turnover rate was 9% of the average value of its portfolio. <b>Annual Fund Operating Expenses</br>(expenses that you pay each year as a percentage</br>of the value of your investment)</b> <b>Shareholder Fees<br></b> <b>(fees paid directly from your investment)</b> 0.001 <b>Milestone 2015 Fund</b> Because the Fund is a multi-asset class fund, the custom benchmark is intended to provide a better performance comparison than a broad-based, single asset class benchmark. The Fund&#8217;s custom benchmark is comprised of the S&amp;P 500 Index and Barclays U.S. Intermediate Aggregate Bond 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&#8217;s target percentage asset allocations. 60 86 0.001 <b>Annual Fund Operating Expenses<br/>(expenses that you pay each year as a percentage<br/>of the value of your investment)</b> Best Quarter 0.0005 This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 76 189 269 101 Worst Quarter <b>Mid/Small Company Index Fund</b> 800-669-7400 0.1244 0 www.icmarc.org/vpperformance 0.0045 -0.1377 0.0045 329 468 2009-06-30 Fees and expenses have been restated to reflect current fees and expenses. 0 237 317 0.006 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 0.0085 2008-12-31 0.14 <b>International Fund</b> After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. 1040 738 0.11 411 549 April 30, 2014 <b>Risk/Return Bar Chart and Table</b> 0.01 918 1217 <b>Fund Fees &amp; Expenses</b> To offer high long-term capital appreciation. 485BPOS The Fund has not been in operation for a full calendar year, therefore no performance information is included. You may lose money by investing in the Fund. The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Beginning March 1, 2013, all outstanding shares of the Fund will be renamed &#8220;Investor Shares,&#8221; and the Fund will offer a new share class, &#8220;T Shares,&#8221; to investors. In the interim, the Fund continues to offer its existing shares to investors. Information about these shares is described below under Investor Shares. -0.1264 <b>Overseas Equity Index Fund</b> 0.2068 0.0789 0.0579 0.1042 0 0.0005 <b>Investment Objective</b> 0.0005 0.0005 To offer long-term capital growth and diversification by approximating the performance of the MSCI Europe Australasia Far East (EAFE) Index (Net). 0.0703 -0.2539 <b>Fund Fees &amp; Expenses</b> 0.0001 0.0001 0.0001 0.2372 0 0.1095 0 0.0014 -0.0056 0 <b>Investment Objective</b> The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Beginning March 1, 2013, the Fund will offer a new share class, &#8220;T Shares,&#8221; to investors. 0.0034 0.0014 <b>Shareholder Fees<br/>(fees paid directly from your investment)</b> To offer long-term capital growth by approximating the performance of the Wilshire 4500 Completion Index. <b>Example</b> <b>Fund Fees &amp; Expenses</b> 0.001 <b>Portfolio Turnover</b> 0.001 <b>Shareholder Fees<br/>(fees paid directly from your investment)</b> 0.003 <b>500 Stock Index Fund</b> The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Beginning March 1, 2013, the Fund will offer a new share class, &#8220;T Shares,&#8221; to investors. 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. <br/><br/>This investment strategy is implemented by investing in the following Vantagepoint Funds at target allocations within the ranges indicated: <div style="margin-top: 6pt; font-size: 1pt">&nbsp;</div> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Equity Funds:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Equity Income Fund </td> <td align="right"> 13% - 23% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Growth &amp; Income Fund </td> <td align="right"> 12% - 22% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Growth Fund </td> <td align="right"> 12% - 22% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Select Value Fund </td> <td align="right"> 5% - 15% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Aggressive Opportunities Fund </td> <td align="right"> 5% - 15% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Discovery Fund </td> <td align="right"> 4% - 14% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> International Fund </td> <td align="right"> 15% - 25% </td> </tr> </table><br/>The Fund&#8217;s investment adviser monitors the Fund&#8217;s allocations and will &#8220;rebalance&#8221; its portfolio as necessary to return the Fund to, or close to, the intended allocations. The adviser may, at its discretion, change the target allocations within the ranges set forth above, subject to the supervision of the Fund&#8217;s Board of Directors. <br/><br/>All percentages referred to above are based on the Fund&#8217;s net assets. Beginning March 1, 2013, the Fund will invest in T Shares of the underlying Vantagepoint Funds.<br/><br/>The significant allocation to equity securities through the underlying Funds in which this Model Portfolio invests, means the Model Portfolio All-Equity Growth Fund should be considered an aggressive investment. It may be an appropriate investment if you are an aggressive investor seeking the opportunity for capital appreciation; intend to invest for the long term (10 years or more); are seeking to maximize principal growth without regard to current income; and are willing to accept losses, which may be substantial, with the possibility that short-term losses may be recovered over longer investment periods. 0.002 This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.001 0.004 The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index. <b>Portfolio Turnover</b> 0.002 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the fiscal year ended December 31, 2011, the Fund&#8217;s portfolio turnover rate was 57% of the average value of its portfolio. 0.0013 <b>Investment Objective</b> <b>Annual Fund Operating Expenses<br/>(expenses that you pay each year as a percentage<br/>of the value of your investment) The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 0.0005 <b>Principal Investment Risks:</b> To offer long-term capital growth by approximating the performance of the S&amp;P 500 Index. 800-669-7400 Because the Fund is a multi-asset class fund, the custom benchmark is intended to provide a better performance comparison than a broad-based, single asset class benchmark. The Fund&#8217;s custom benchmark is comprised of the S&amp;P 500 Index and MSCI EAFE Index (Net) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with changes in the Fund&#8217;s target percentage asset allocations. www.icmarc.org/vpperformance <b>Fund Fees &amp; Expenses</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the fiscal year ended December 31, 2011, the Fund&#8217;s portfolio turnover rate was 15% of the average value of its portfolio. 2012-06-30 April 30, 2014 0.0053 0.0049 0.0049 There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund.<br/><br/><b>Asset Allocation Risk</b>&#8212;Asset allocation risk is the risk that the selection of the underlying Funds and the allocation of Fund assets among them will cause the Fund to lose money or to underperform other funds with similar investment objectives. In addition, there is the risk that the asset classes favored by the allocations will not perform as expected. Any changes made in the underlying Funds, such as changes in investment objectives or strategies, may affect the Fund&#8217;s performance. Similarly, if the Fund&#8217;s asset allocations become &#8220;out of balance,&#8221; this could affect both the Fund&#8217;s level of risk and the Fund&#8217;s potential for gain or loss.<br/><br/>The amount invested by this Fund in each underlying Fund is exposed to the same risks as that underlying Fund. These risks are summarized below.<br/><br/><b>Stock Market Risk</b>&#8212;Stock market risk is the possibility that the prices of equity securities overall will experience increased volatility and decline over short or extended periods. Markets tend to move in cycles, with periods of rising prices and periods of falling prices.<br/><br/><b>Foreign Securities Risk</b>&#8212;Investments in foreign securities may involve the risk of loss due to political, economic, legal, regulatory, and operational uncertainties; differing accounting and financial reporting standards; limited availability of information; currency fluctuations; and higher transaction costs. These risks may be greater with respect to securities of companies located in emerging market countries. Investments in securities of issuers located in emerging market countries tend to be more volatile than investments in securities of issuers located in developed foreign countries.<br/><br/><b>Small-Cap Securities Risk</b>&#8212;Investments in small-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of small-capitalization companies are generally subject to greater price volatility than those of larger companies due to: less certain growth prospects, the lower degree of liquidity in the markets for their securities, and the greater sensitivity of smaller companies to changing economic conditions. Also, small-capitalization companies may have more limited product lines, fewer capital resources and less experienced management than larger companies.<br/><br/><b>Mid-Cap Securities Risk</b>&#8212;Investments in mid-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of mid-capitalization companies generally trade in lower volume and are generally subject to greater and less predictable price changes than the securities of larger companies.<br/><br/><b>Preferred Stock Risk</b>&#8212;Preferred stockholders may have more limited voting rights than common stockholders. Holders of a company&#8217;s debt securities are generally paid before holders of the company&#8217;s preferred stock. The value and volatility of preferred stock may be dependent on factors that affect both fixed income securities and equity securities.<br/><br/><b>Equity Income/Interest Rate Risk</b>&#8212;A Fund&#8217;s distributions to shareholders may decline when interest rates fall or when dividend income from investments in stocks declines. <b>Annual Fund Operating Expenses<br>(expenses that you pay each year as a percentage<br>of the value of your investment)</b> Shareholders of the Fund indirectly pay the fees and expenses of the Acquired funds. The Fund&#8217;s total annual fund operating expenses shown in this table do not correlate to the expense ratios shown in the Fund&#8217;s financial highlights for the most recent fiscal year, which reflect the Fund&#8217;s operating expenses and do not include Acquired fund fees and expenses. The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Beginning March 1, 2013, the Fund will offer a new share class, &#8220;T Shares,&#8221; to investors. -0.0056 Other expenses are based on estimated amounts for the current fiscal year. 0 <b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b> <b>Shareholder Fees<br/>(fees paid directly from your investment)</b> -0.0115 -0.0013 0.0064 <b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b> 60 <b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage</b><br/><b>of the value of your investment)</b> <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0"> <tr valign="bottom"> <td width="20%"></td> <td width="39%"> </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> Best Quarter </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> Worst Quarter </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> 19.60% </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> -23.60% </td> </tr> <tr valign="bottom"> <td align="center" valign="top"> <div> (2nd Qtr 2009) </div> </td> <td> </td> <td align="center" valign="bottom"> (4th Qtr 2008) </td> </tr> </table> <div align="left"> </div> <div></div> -0.0056 86 0.0211 VANTAGEPOINT FUNDS <b>Example</b> 64 You may lose money by investing in the Fund. <b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b> 0.0393 0.0089 <b>Investments, Risks, and Performance</br></br>Principal Investment Strategies:</b> 90 This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that the contractual fee waiver described above expires on April 30, 2014 and therefore is only reflected in the 1 year example. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: -0.0011 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. After-tax returns are shown for Investor M Shares only. After-tax returns for other classes will vary.<br/><br/>Because the Fund has exposure to different types of equity securities, the custom benchmark is intended to provide a better performance comparison than a single benchmark. The Fund&#8217;s custom benchmark is comprised of the S&amp;P 500 Index and the MSCI EAFE Index (Net) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with any changes in the Fund&#8217;s target percentage asset allocations. <b>Investment Objective</b> 0.1462 The Fund has not been in operation for a full calendar year, therefore no performance information is included. 0001066980 <b>Portfolio Turnover</b> <b>Portfolio Turnover</b> 0 <b>Investments, Risks, and Performance</b><br/><br/><b>Principal Investment Strategies:</b> To offer high total return consistent with the Fund&#8217;s current asset allocation. 0.001 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the fiscal year ended December 31, 2011, the Fund&#8217;s portfolio turnover rate was 3% of the average value of its portfolio. false 0.003 -0.0281 <b>Investments, Risks, and Performance</b><br/><br/><b>Principal Investment Strategies:</b> 189 268 2013-01-22 0 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the fiscal year ended December 31, 2011, the Fund&#8217;s portfolio turnover rate was 109% of the average value of its portfolio. 0.003 <b>Principal Investment Risks:</b> 0 0 0.0038 2013-01-22 <b>Fund Fees &amp; Expenses</b> 202 0.001 282 The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Beginning March 1, 2013, all outstanding shares of the Fund will be renamed &#8220;Investor M Shares,&#8221; and the Fund will offer a new share class, &#8220;TM Shares,&#8221; to investors. In the interim, the Fund continues to offer its existing shares to investors. Information about these shares is described below under Investor M Shares. <b>Annual Fund Operating Expenses</b><br><b>(expenses that you pay each year as a percentage </b><br><b>of the value of your investment)</b> 0.0174 329 0.0088 466 0.0118 0.0174 0.0078 -0.0025 <b>Risk/Return Bar Chart and Table</b> 0.0268 The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index, a custom benchmark, and a group of mutual funds with similar investment objectives. The bar chart shows performance of the Fund&#8217;s Investor M Shares (the Fund&#8217;s outstanding shares will be renamed &#8220;Investor M Shares&#8221; on March 1, 2013). In the table, performance information for TM Shares prior to the inception date of that share class (March 1, 2013) is based on the performance of the Fund&#8217;s Investor M Shares. On March 1, 2013, the transfer agent&#8217;s fees for the Fund and for underlying Vantagepoint Funds changed in connection with the implementation of a new share class structure, resulting in no immediate increase in the Fund&#8217;s total expense ratio. These changes include a contractual agreement by the Fund&#8217;s transfer agent to waive a portion of its fees on the T Shares of the underlying Index Funds beginning March 1, 2013 through April 30, 2014. Should this agreement by the Fund&#8217;s transfer agent not be renewed, the Fund would experience an increase in fees. An increase in fees can adversely impact performance. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available by calling 800-669-7400 or at www.icmarc.org/vpperformance. 0.001 0.0133 2013-01-22 0 The Fund invests, under normal circumstances, at least 90% of its net assets in bonds and other fixed income securities included in the Barclays U.S. Aggregate Bond Index, selected and weighted to seek to result in investment characteristics comparable to those of that index and performance that correlates with the performance of that index.</br></br> The Fund follows an indexed or &#8220;passively managed&#8221; approach to investing. This means that securities are selected for investment to try to approximate the investment characteristics and performance of the index. The subadviser employs a sampling technique to approximate index characteristics, using fewer securities than are contained in the index. The Barclays U.S. Aggregate Bond Index is an unmanaged index that consists of investment grade U.S. dollar-denominated fixed income securities (i.e., U.S. dollar-denominated securities rated within the four highest grades by a major ratings agency).</br></br>While there is no guarantee, the investment adviser expects the correlation between the Fund and its index to be at least 0.95. A correlation of 1.00 would mean the returns of the Fund and the index almost always move in the same direction (but not necessarily by the same amount). A correlation of 0.00 would mean movements in the Fund are unrelated to movements in the index. <b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b> 0 351 Shareholders of the Fund indirectly pay the fees and expenses of the Acquired funds. The Fund&#8217;s total annual fund operating expenses shown in this table do not correlate to the expense ratios shown in the Fund&#8217;s financial highlights for the most recent fiscal year, which reflect the Fund&#8217;s operating expenses and do not include Acquired fund fees and expenses. 490 The Fund invests, under normal circumstances, at least 90% of its net assets in stocks included in the S&amp;P 500 Index, weighted to seek to replicate the investment characteristics of the S&amp;P 500 Index and performance that correlates with that of the index. <br/><br/>The Fund follows an indexed or &#8220;passively managed&#8221; approach to investing. This means that securities are selected for investment to try to approximate the investment characteristics and performance of the index. The S&amp;P 500 Index is an unmanaged index that consists of 500 common stocks representing larger- capitalization companies traded in the U.S.<br/><br/>While there is no guarantee, the investment adviser expects the correlation between the Fund and its index to be at least 0.95. A correlation of 1.00 would mean the returns of the Fund and the index almost always move in the same direction (but not necessarily by the same amount). A correlation of 0.00 would mean movements in the Fund are unrelated to movements in the index. 0 0 738 1037 0 <b>Principal Investment Risks:</b> 0 0.0377 Fees and expenses have been restated to reflect current fees and expenses. 0.0303 There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. The Fund&#8217;s principal investment risks are summarized below:<br/><br/><b>Stock Market Risk</b>&#8212;Stock market risk is the possibility that the prices of equity securities overall will experience increased volatility and decline over short or extended periods. Markets tend to move in cycles, with periods of rising prices and periods of falling prices.<br/><br/><b>Index Fund Risk</b>&#8212;The Fund is designed to approximate the investment characteristics and performance of a specified index. Securities may be purchased, held, and sold by the Fund at times when an actively managed fund would not do so. Performance of the Fund will deviate from the performance of its benchmark index, which is known as tracking error. Tracking error may be caused by: (i) fees and expenses of the Fund (whereas the benchmark index has no management fees or transaction expenses); (ii) changes to the benchmark index; and (iii) the timing of cash flows into and out of the Fund. 0.0293 0.0377 0.0292 0.0424 <b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage </b><br/><b>of the value of your investment)</b> 0.0393 786 1088 0.0036 0.0036 <b>Annual Fund Operating Expenses<br/> (expenses that you pay each year as a percentage<br/>of the value of your investment)</b> 0.001 0.001 <b>Shareholder Fees</b><b><br/>(fees paid directly from your investment)</b> 0.0012 0 0 0.0037 <b>Investments, Risks, and Performance</b><br/><br/><b>Principal Investment Strategies:</b> The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index, a custom benchmark, and a group of mutual funds with similar investment objectives. The bar chart shows performance of the Fund&#8217;s Investor M Shares (the Fund&#8217;s outstanding shares will be renamed &#8220;Investor M Shares&#8221; on March 1, 2013). In the table, performance information for TM Shares is based on the performance of the Fund&#8217;s Investor M Shares. On March 1, 2013, the transfer agent&#8217;s fees for the Fund and for underlying Vantagepoint Funds changed in connection with the implementation of a new share class structure, resulting in no immediate increase in the Fund&#8217;s total expense ratio. These changes include a contractual agreement by the Fund&#8217;s transfer agent to waive a portion of its fees on the T Shares of the underlying Index Funds beginning March 1, 2013 through April 30, 2014. Should this agreement by the Fund&#8217;s transfer agent not be renewed, the Fund would experience an increase in fees. An increase in fees can adversely impact performance. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available by calling 800-669-7400 or at www.icmarc.org/vpperformance. 0.0002 0.0027 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. <b>Risk/Return Bar Chart and Table</b> 0.0058 <b>Principal Investment Risks:</b> 0.0083 The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index. The bar chart shows performance of the Fund&#8217;s Class I Shares. In the table, performance information for T Shares prior to the inception date of that share class (March 1, 2013) is based on the performance of the Fund&#8217;s Class I Shares. This prior performance has not been adjusted to reflect the actual fees and expenses paid by T Shares. The Fund has a contractual agreement by the Fund&#8217;s transfer agent to waive a portion of its fees on the T Shares of the Index Funds beginning March 1, 2013 through April 30, 2014. Should this agreement by the Fund&#8217;s transfer agent not be renewed, the Fund would experience an increase in fees. An increase in fees can adversely impact performance. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available by calling 800-669-7400 or at www.icmarc.org/vpperformance. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. 0.0048 Calendar Year Total Returns &#8212; Class I Shares 0.0048 -0.0005 <b>FUND SUMMARIES - Low Duration Bond Fund</b> 0 After-tax returns are shown for Class I shares only. After-tax returns for other classes will vary. <b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage of the value of your investment)</b> <b>Risk/Return Bar Chart and Table</b> 0 <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0"> <tr valign="bottom"> <td width="20%"></td> <td width="39%"> </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> Best Quarter </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> Worst Quarter </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div>15.96% </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> -22.02% </td> </tr> <tr valign="bottom"> <td align="center" valign="top"> <div> (2nd Qtr 2009) </div> </td> <td> </td> <td align="center" valign="bottom"> (4th Qtr 2008) </td> </tr> </table> <div align="left"> </div> <div></div> <b>Principal Investment Risks:</b> 0.006 <b>Average Annual </b><br/><b>Total Returns </b><br/><b>(for the periods ended </b><br/><b>December 31, 2011)</b> 0.001 There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund.<br/><br/><b>Asset Allocation Risk</b>&#8212;Asset allocation risk is the risk that the selection of the underlying Funds and the allocation of Fund assets among them will cause the Fund to lose money or to underperform other funds with similar investment objectives. In addition, there is the risk that the asset classes favored by the allocations will not perform as expected. Any changes made in the underlying Funds, such as changes in investment objectives or strategies, may affect the Fund&#8217;s performance. Similarly, if the Fund&#8217;s asset allocations become &#8220;out of balance,&#8221; this could affect both the Fund&#8217;s level of risk and the Fund&#8217;s potential for gain or loss.<br/><br/>The amount invested by this Fund in each underlying Fund is exposed to the same risks as that underlying Fund. These risks are summarized below.<br/><br/><b>Stock Market Risk</b>&#8212;Stock market risk is the possibility that the prices of equity securities overall will experience increased volatility and decline over short or extended periods. Markets tend to move in cycles, with periods of rising prices and periods of falling prices.<br/><br/><b>Foreign Securities Risk</b>&#8212;Investments in foreign securities may involve the risk of loss due to political, economic, legal, regulatory, and operational uncertainties; differing accounting and financial reporting standards; limited availability of information; currency fluctuations; and higher transaction costs. These risks may be greater with respect to securities of companies located in emerging market countries. Investments in securities of issuers located in emerging market countries tend to be more volatile than investments in securities of issuers located in developed foreign countries.<br/><br/><b>Small-Cap Securities Risk</b>&#8212;Investments in small-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of small-capitalization companies are generally subject to greater price volatility than those of larger companies due to: less certain growth prospects, the lower degree of liquidity in the markets for their securities, and the greater sensitivity of smaller companies to changing economic conditions. Also, small-capitalization companies may have more limited product lines, fewer capital resources and less experienced management than larger companies.<br/><br/><b>Mid-Cap Securities Risk</b>&#8212;Investments in mid-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of mid-capitalization companies generally trade in lower volume and are generally subject to greater and less predictable price changes than the securities of larger companies.<br/><br/><b>Equity Income/Interest Rate Risk</b>&#8212;A Fund&#8217;s distributions to shareholders may decline when interest rates fall or when dividend income from investments in stocks declines.<br/><br/><b>Convertible Securities Risk</b>&#8212;Convertible securities generally tend to be of lower credit quality, and the value of a convertible security generally increases and decreases with the value of the underlying common stock, but may also be sensitive to changes in interest rates. A Fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or declares bankruptcy.<br/><br/><b>Interest Rate Risk</b>&#8212;Fixed income securities fluctuate in value as interest rates change. When interest rates rise, the market prices of fixed income securities will usually decrease; when interest rates fall, the market prices of fixed income securities usually will increase.<br/><br/><b>Credit Risk</b>&#8212;An issuer of a fixed income security may be unable or unwilling to make payments of principal or interest to the holders of such securities or may declare bankruptcy. These events could cause a Fund to lose money.<br/><br/><b>Mortgage-backed Securities Risk</b>&#8212;Defaults on the mortgages underlying mortgage-backed securities may adversely affect the value of these securities. These securities are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain mortgage-backed securities may be more volatile and less liquid than other traditional types of fixed income securities.<br/><br/><b>Asset-backed Securities Risk</b>&#8212;Defaults on the assets underlying asset-backed securities may adversely affect the value of these securities. These securities are subject to risks associated with the nature of the underlying assets and are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain asset-backed securities may be more volatile and less liquid than other traditional types of fixed income securities.<br/><br/><b>Derivative Instruments Risk</b>&#8212;Use of derivative instruments involves 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 derivative instruments include: the risk that the other party to a derivative contract may not fulfill its obligations (counterparty risk); the risk that a particular derivative instrument, such as over-the-counter derivative instruments, may be difficult to purchase or sell (liquidity risk); the risk that certain derivative instruments are more sensitive to interest rate changes and market price fluctuations (interest rate and market risks); and the risk of mispricing or improper valuation of the derivative instrument, and the inability of the derivative instrument to correlate in value with its underlying asset, reference rate, or index (valuation risk). There is no assurance that the Fund&#8217;s use of any derivatives strategy will succeed, or that the Fund will not lose money. 0.0085 Shareholders of the Fund indirectly pay the fees and expenses of the Acquired funds. The Fund&#8217;s total annual fund operating expenses shown in this table do not correlate to the expense ratios shown in the Fund&#8217;s financial highlights for the most recent fiscal year, which reflect the Fund&#8217;s operating expenses and do not include Acquired fund fees and expenses. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. After-tax returns are shown for Class I shares only. After-tax returns for other classes will vary. -0.2407 0.001 0.0005 0.13 0.3326 There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. The Fund&#8217;s principal investment risks are summarized below: <br/> <br/><b>Interest Rate Risk</b>&#8212;Fixed income securities fluctuate in value as interest rates change. When interest rates rise, the market prices of fixed income securities will usually decrease; when interest rates fall, the market prices of fixed income securities usually will increase. <br/> <br/> <b>U.S. Government Agency Securities Risk</b>&#8212;Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. Further, there is no assurance that the U.S. Government will provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) that issue or guarantee certain securities. If a government agency or a government-sponsored enterprise is unable to meet its obligations, the Fund may experience a loss. <br/> <br/> <b>Mortgage-backed Securities Risk</b>&#8212;Defaults on the mortgages underlying mortgage-backed securities may adversely affect the value of these securities. These securities are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain mortgage-backed securities may be more volatile and less liquid than other traditional types of fixed income securities. <br/> <br/> <b>Asset-backed Securities Risk</b>&#8212;Defaults on the assets underlying asset-backed securities may adversely affect the value of these securities. These securities are subject to risks associated with the nature of the underlying assets and are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain asset-backed securities may be more volatile and less liquid than other traditional types of fixed income securities. <br/> <br/> <b>Credit Risk</b>&#8212;An issuer of a fixed income security may be unable or unwilling to make payments of principal or interest to the holders of such securities or may declare bankruptcy. These events could cause the Fund to lose money. <br/> <br/> <b>Index Fund Risk</b>&#8212;The Fund is designed to approximate the investment characteristics and performance of a specified index. Securities may be purchased, held, and sold by the Fund at times when an actively managed fund would not do so. Performance of the Fund will deviate from the performance of its benchmark index, which is known as tracking error. Tracking error may be caused by: (i) fees and expenses of the Fund (whereas the benchmark index has no management fees or transaction expenses); (ii) changes to the benchmark index; and (iii) the timing of cash flows into and out of the Fund. <b>Investments, Risks, and Performance</b><br/><br/><b>Principal Investment Strategies:</b> 0.0031 0.0005 0.0031 0.103 0.0013 You may lose money by investing in the Fund. 0.0849 0.0038 0.0005 0.1458 <b>Annual Fund Operating Expenses<br/> (expenses that you pay each year as a percentage of the value of your investment)</b> Fees and expenses have been restated to reflect current fees and expenses. <b>Investment Objective</b> The Fund invests, under normal circumstances, at least 80% of its net assets in inflation-adjusted U.S. and foreign fixed income securities and normally invests at least 50% of its net assets in U.S. Treasury inflation-protected securities (&#8220;TIPS&#8221;). Inflation-adjusted securities are designed to protect the future purchasing power of the money invested in them; either their principal values or coupon rates are indexed to changes in inflation. These adjustments result in changes to the interest payments. The Fund&#8217;s investments in these securities may include:<ul><li type = "square">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);</li><li type = "square"> fixed income securities issued by U.S. and foreign companies; and</li><li type = "square"> municipal securities.</li></ul>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&#8217;s subadvisers determine are of comparable quality). The Fund generally invests in securities denominated in U.S. dollars, but may also invest its assets in securities denominated in foreign currencies.<br/><br/>The Fund may invest up to 20% of its net assets in U.S. and foreign fixed income securities whose values are not linked to adjustments in inflation rates. These securities may include securities issued by the types of issuers described above and U.S. and foreign mortgage-backed and asset-backed securities.<br/><br/>The Fund may invest up to 20% of its net assets in derivative instruments. The Fund&#8217;s subadvisers may use futures, options, and swap agreements to manage risk or to obtain or adjust investment exposure. The Fund&#8217;s subadvisers also may use forward currency contracts to obtain or adjust investment exposure or to manage foreign currency risks. The Fund&#8217;s investments in credit default swaps, if any, will be less than 5% of the Fund&#8217;s net assets.<br/><br/>The Fund&#8217;s portfolio turnover typically exceeds 100% due to the small size of the TIPS market and active trading by the Fund&#8217;s subadvisers in that market to seek attractive return opportunities. <b>Risk/Return Bar Chart and Table</b> 0.0775 0.0054 To seek total return that is consistent with preservation of capital. 0.0079 0 0 0 Fees and expenses have been restated to reflect current fees and expenses. 0 -0.3986 0 The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index. The bar chart shows performance of the Fund&#8217;s Class I Shares. In the table, performance information for T Shares prior to the inception date of that share class (March 1, 2013) is based on the performance of the Fund&#8217;s Class I Shares. This prior performance has not been adjusted to reflect the actual fees and expenses paid by T Shares. The Fund has a contractual agreement by the Fund&#8217;s transfer agent to waive a portion of its fees on the T Shares of the Index Funds beginning March 1, 2013 through April 30, 2014. Should this agreement by the Fund&#8217;s transfer agent not be renewed, the Fund would experience an increase in fees. An increase in fees can adversely impact performance. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available by calling 800-669-7400 or at www.icmarc.org/vpperformance. <b>Fund Fees &amp; Expenses</b> 0.3507 April 30, 2014 0.003 <b>Principal Investment Risks:</b> <b>Portfolio Turnover</b> 0.1493 <b>Annual Fund Operating Expenses<br/>(expenses that you pay each year as a percentage<br/>of the value of your investment)</b> You may lose money by investing in the Fund. 0.0005 The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Beginning March 1, 2013, all outstanding shares of the Fund will be renamed &#8220;Investor Shares,&#8221; and the Fund will offer a new share class, &#8220;T Shares,&#8221; to investors. In the interim, the Fund continues to offer its existing shares to investors. Information about these shares is described below under Investor Shares. <b>Risk/Return Bar Chart and Table</b> -0.0423 0.0002 0.0002 0.03 0.0005 0.0002 <b>Example</b> <b>Shareholder Fees<br/> (fees paid directly from your investment)</b> The Fund invests in a combination of other Vantagepoint Funds using an asset allocation strategy designed for investors who expect to begin making gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), in or around the year 2035. The Fund invests in a combination of equity investments, fixed income investments, and investments in asset classes and strategies that have historically exhibited a low correlation to traditional fixed income and equity investments (through the &#8220;multi-strategy&#8221; Fund) that the adviser believes to be appropriate. As time elapses, the Fund&#8217;s allocation to equity investments decreases and the Fund&#8217;s allocation to fixed income investments and the &#8220;multi-strategy&#8221; investment increases so that by June 30 of the year 2045 (10 years after the year indicated in the Fund&#8217;s name), the Fund&#8217;s net assets will be invested approximately 25% in equity Funds, 55% in fixed income Funds, and 20% in the multi-strategy Fund.<br /><br />The Fund&#8217;s allocation will change over time. The Fund invests in the following Vantagepoint Funds at target allocations within the current ranges indicated:<div style="margin-top: 6pt; font-size: 1pt">&nbsp;</div> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Fixed Income Funds:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Low Duration Bond Fund </td> <td align="right"> 0% - 5% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Core Bond Index Fund </td> <td align="right"> 1% - 11% </td> </tr> </table><div style="margin-top: 6pt; font-size: 1pt">&nbsp;</div><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Equity Funds:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Equity Income Fund </td> <td align="right"> 20% - 30% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Growth &amp; Income Fund </td> <td align="right"> 10% - 20% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Growth Fund </td> <td align="right"> 6% - 16% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Mid/Small Company Index Fund </td> <td align="right"> 12% - 22% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> International Fund </td> <td align="right"> 12% - 22% </td> </tr> </table><div style="margin-top: 6pt; font-size: 1pt">&nbsp;</div> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Multi-Strategy Fund:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Diversifying Strategies Fund </td> <td align="right"> 2% - 12% </td> </tr> </table><br/>Subject to the supervision of the Funds&#8217; Board of Directors, the Fund&#8217;s investment adviser may, at its discretion, increase or decrease the target allocations to the underlying Funds. The adviser monitors the Fund&#8217;s allocations and will &#8220;rebalance&#8221; its portfolio as necessary to return the Fund to, or close to, the intended asset allocation.<br /><br />The Fund is designed to &#8220;age&#8221; so that its asset allocation becomes more conservative over time until it achieves a final constant asset allocation approximately 10 years after the year 2035. This is intended to reduce investment risk as investors move towards and into retirement.<br /><br />The sequence of asset allocation changes that the Fund is expected to follow over time (&#8220;glide path&#8221;) is illustrated below.<br/><br/><center><img alt="chart" src="g472279w85774b1w8577407.jpg"></img></center><br/>The current asset mix (as of the date of this prospectus) is approximately 87% equity, 6% fixed income and 7% multi-strategy. The asset mix will become progressively more conservative so that by the year 2035 (&#8220;target year&#8221;), the mix will approximate 47% equity, 36% fixed income, and 17% multi-strategy. The asset mix will continue to become more conservative for 10 more years until the equity allocation is reduced to approximately 25%, the fixed income allocation is increased to approximately 55%, and the multi-strategy allocation is increased to approximately 20%. At that time (10 years after 2035), the Fund will reach its &#8220;landing point&#8221; and its target asset allocation will become constant. The glide path followed before October 30, 2007 did not incorporate the multi-strategy Fund. The glide path followed before January 4, 2010 had a different asset allocation and did not continue to age after the year in the Fund&#8217;s name. After the Fund reaches its final constant target allocations, the Fund&#8217;s investment adviser is expected to recommend, and the Fund&#8217;s Board of Directors may approve, combining the Fund with the Milestone Retirement Income Fund, which is expected to have approximately the same asset allocation as the Fund at that time.<br /><br />All percentages referred to above are based on the Fund&#8217;s net assets. Beginning March 1, 2013, the Fund will invest in T Shares of the underlying Vantagepoint Funds.<br/><br/>This Fund may be appropriate for you if you plan to begin making gradual withdrawals from the Fund, typically at or after your retirement, in or around the year 2035. The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index, custom benchmark, and a group of mutual funds with similar investment objectives. The bar chart shows performance of the Fund&#8217;s Investor M Shares (the Fund&#8217;s outstanding shares will be renamed &#8220;Investor M Shares&#8221; on March 1, 2013). In the table, performance information for TM Shares prior to the inception date of that share class (March 1, 2013) is based on the performance of the Fund&#8217;s Investor M Shares. On March 1, 2013, the transfer agent&#8217;s fees for the Fund and for underlying Vantagepoint Funds changed in connection with the implementation of a new share class structure, resulting in no immediate increase in the Fund&#8217;s total expense ratio. These changes include a contractual agreement by the Fund&#8217;s transfer agent to waive a portion of its fees on the T Shares of the underlying Index Funds beginning March 1, 2013 through April 30, 2014. Should this agreement by the Fund&#8217;s transfer agent not be renewed, the Fund would experience an increase in fees. An increase in fees can adversely impact performance. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available by calling 800-669-7400 or at www.icmarc.org/vpperformance. The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index. 0.0005 There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund.<b> The Fund is not a complete solution for all of your retirement savings needs. An investment in the Fund includes the risk of loss, including near, at or after the target date of the Fund. There is no guarantee that the Fund will provide adequate income at and through an investor&#8217;s retirement. Selecting the Fund (or any of The Vantagepoint Funds) does not guarantee that you will have adequate savings for retirement.</b><br /><br /><b>Asset Allocation Risk</b>&#8212;Asset allocation risk is the risk that the selection of the underlying Funds and the allocation of Fund assets among them will cause the Fund to lose money or to underperform other funds with similar investment objectives. In addition, there is the risk that the asset classes favored by the allocations will not perform as expected. The Fund&#8217;s investment adviser may alter the Fund&#8217;s asset allocation, as well as its Fund-level allocations, for reasons other than the passage of time. Any changes made in the underlying Funds, such as changes in investment objectives or strategies, may affect the Fund&#8217;s performance.<br /><br />The amount invested by this Fund in each underlying Fund is exposed to the same risks as that underlying Fund. These risks are summarized below.<br /><br /><b>Stock Market Risk</b>&#8212;Stock market risk is the possibility that the prices of equity securities overall will experience increased volatility and decline over short or extended periods. Markets tend to move in cycles, with periods of rising prices and periods of falling prices.<br /><br /><b>Foreign Securities Risk</b>&#8212;Investments in foreign securities may involve the risk of loss due to political, economic, legal, regulatory, and operational uncertainties; differing accounting and financial reporting standards; limited availability of information; currency fluctuations; and higher transaction costs. These risks may be greater with respect to securities of companies located in emerging market countries. Investments in securities of issuers located in emerging market countries tend to be more volatile than investments in securities of issuers located in developed foreign countries.<br /><br /><b>Small-Cap Securities Risk</b>&#8212;Investments in small-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of small-capitalization companies are generally subject to greater price volatility than those of larger companies due to: less certain growth prospects, the lower degree of liquidity in the markets for their securities, and the greater sensitivity of smaller companies to changing economic conditions. Also, small-capitalization companies may have more limited product lines, fewer capital resources and less experienced management than larger companies.<br /><br /><b>Mid-Cap Securities Risk</b>&#8212;Investments in mid-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of mid-capitalization companies generally trade in lower volume and are generally subject to greater and less predictable price changes than the securities of larger companies.<br /><br /><b>Equity Income/Interest Rate Risk</b>&#8212;A Fund&#8217;s distributions to shareholders may decline when interest rates fall or when dividend income from investments in stocks declines.<br /><br /><b>Interest Rate Risk</b>&#8212;Fixed income securities fluctuate in value as interest rates change. When interest rates rise, the market prices of fixed income securities will usually decrease; when interest rates fall, the market prices of fixed income securities usually will increase.<br /><br /><b>Credit Risk</b>&#8212;An issuer of a fixed income security may be unable or unwilling to make payments of principal or interest to the holders of such securities or may declare bankruptcy. These events could cause a Fund to lose money.<br /><br /><b>Mortgage-backed Securities Risk</b>&#8212;Defaults on the mortgages underlying mortgage-backed securities may adversely affect the value of these securities. These securities are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain mortgage-backed securities may be more volatile and less liquid than other traditional types of fixed income securities.<br /><br /><b>Asset-backed Securities Risk</b>&#8212;Defaults on the assets underlying asset-backed securities may adversely affect the value of these securities. These securities are subject to risks associated with the nature of the underlying assets and are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain asset-backed securities may be more volatile and less liquid than other traditional types of fixed income securities.<br /><br /><b>Derivative Instruments Risk</b>&#8212;Use of derivative instruments involves 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 derivative instruments include: the risk that the other party to a derivative contract may not fulfill its obligations (counterparty risk); the risk that a particular derivative instrument, such as over-the-counter derivative instruments, may be difficult to purchase or sell (liquidity risk); the risk that certain derivative instruments are more sensitive to interest rate changes and market price fluctuations (interest rate and market risks); and the risk of mispricing or improper valuation of the derivative instrument, and the inability of the derivative instrument to correlate in value with its underlying asset, reference rate, or index (valuation risk). There is no assurance that the Fund&#8217;s use of any derivatives strategy will succeed, or that the Fund will not lose money. 0.0015 The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 0.0035 <b>Annual Fund Operating Expenses<br/> (expenses that you pay each year as a percentage<br/>of the value of your investment)</b> 0.0015 0.0004 0.0004 0.001 800-669-7400 0.0004 www.icmarc.org/vpperformance <b>Example</b> 0.001 There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. The Fund&#8217;s principal investment risks are summarized below:<br/><br/><b>Inflation-Adjusted Securities Risk</b>&#8212;Investments in inflation-adjusted securities are affected by changes in interest and inflation rates. Interest payments on inflation-adjusted securities will vary as the principal or interest is adjusted for inflation and may be more volatile than interest paid on ordinary fixed income securities. Inflation-adjusted securities may not produce a steady income stream, particularly during deflationary periods, and during periods of extreme deflation these securities may not provide any income.<br/><br/><b>Interest Rate Risk</b>&#8212;Fixed income securities fluctuate in value as interest rates change. When interest rates rise, the market prices of fixed income securities will usually decrease; when interest rates fall, the market prices of fixed income securities usually will increase.<br/><br/><b>Credit Risk</b>&#8212;An issuer of a fixed income security may be unable or unwilling to make payments of principal or interest to the holders of such securities or may declare bankruptcy. These events could cause the Fund to lose money.<br/><br/><b>Foreign Securities Risk</b>&#8212;Investments in foreign securities may involve the risk of loss due to political, economic, legal, regulatory, and operational uncertainties; differing accounting and financial reporting standards; limited availability of information; currency fluctuations; and higher transaction costs.<br/><br/><b>Foreign Currency Risk</b>&#8212;Investments in foreign currencies or securities denominated in foreign currencies (including derivative instruments that provide exposure to foreign currencies) may experience gains or losses solely based on changes in the exchange rate between foreign currencies and the U.S. dollar.<br/><br/><b>U.S. Government Agency Securities Risk</b>&#8212;Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. Further, there is no assurance that the U.S. Government will provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) that issue or guarantee certain securities. If a government agency or a government-sponsored enterprise is unable to meet its obligations, the Fund may experience a loss.<br/><br/><b>Derivative Instruments Risk</b>&#8212;Use of derivative instruments involves 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 derivative instruments include: the risk that the other party to a derivative contract may not fulfill its obligations (counterparty risk); the risk that a particular derivative instrument, such as over-the-counter derivative instruments, may be difficult to purchase or sell (liquidity risk); the risk that certain derivative instruments are more sensitive to interest rate changes and market price fluctuations (interest rate and market risks); and the risk of mispricing or improper valuation of the derivative instrument, and the inability of the derivative instrument to correlate in value with its underlying asset, reference rate, or index (valuation risk). There is no assurance that the Fund&#8217;s use of any derivatives strategy will succeed, or that the Fund will not lose money.<br/><br/><b>Call Risk</b>&#8212;A fixed income security may include a provision that allows the issuer to purchase the security back from its holder earlier than the final maturity date of the security, known as a &#8220;call feature.&#8221; Issuers often exercise this right when interest rates have declined, in which case, the Fund may be forced to reinvest the proceeds received at a lower interest rate.<br/><br/><b>Mortgage-backed Securities Risk</b>&#8212;Defaults on the mortgages underlying mortgage-backed securities may adversely affect the value of these securities. These securities are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain mortgage-backed securities may be more volatile and less liquid than other traditional types of fixed income securities.<br/><br/><b>Asset-backed Securities Risk</b>&#8212;Defaults on the assets underlying asset-backed securities may adversely affect the value of these securities. These securities are subject to risks associated with the nature of the underlying assets and are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain asset-backed securities may be more volatile and less liquid than other traditional types of fixed income securities.<br/><br/><b>Municipal Securities Risk</b>&#8212;The value of, payment of interest and repayment of principal with respect to, and the ability of the Fund to sell, a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations and voter initiatives as well as the economics of the regions where the issuer is located. Certain municipal securities may be difficult to value or sell at a fair price.<br/><br/><b>Active Trading Risk</b>&#8212;The Fund may engage in a significant number of short-term transactions, which may adversely affect performance. Increased portfolio turnover may result in higher brokerage costs or other transactions fees and expenses. These costs are ultimately passed on to shareholders.<br/><br/><b>Multi-Manager Risk</b>&#8212;While VIA monitors each subadviser and the overall management of the Fund, each subadviser makes investment decisions independently from VIA and the other subadvisers. It is possible that the security selection process of one subadviser will not complement that of the other subadvisers. As a result, the Fund&#8217;s exposure to a given security, industry, sector or market capitalization could be smaller or larger than if the Fund were managed by a single subadviser, which could affect the Fund&#8217;s performance. This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Annual Fund Operating Expenses<br></b> <b>(expenses that you pay each year as a percentage<br></b> <b>of the value of your investment)</b> 0.0022 0.0022 <b>Investment Objective</b> 0.0042 0.0042 0.0022 This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.0022 <b>Portfolio Turnover</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the fiscal year ended December 31, 2011, the Fund&#8217;s portfolio turnover rate was 16% of the average value of its portfolio. 0.0025 Best Quarter <b>Portfolio Turnover</b> 2009-06-30 0.0031 0.1596 0.0047 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the fiscal year ended December 31, 2011, the Fund&#8217;s portfolio turnover rate was 20% of the average value of its portfolio. 0.0047 Worst Quarter The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the fiscal year ended December 31, 2011, the Fund&#8217;s portfolio turnover rate was 66% of the average value of its portfolio. 0.0051 <b>Example</b> 2008-12-31 0 -0.0138 0.0031 0 -0.2202 0.0082 This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.0993 0.2 0.0107 0.16 <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0"> <tr valign="bottom"> <td width="20%"></td> <td width="39%"> </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> Best Quarter </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> Worst Quarter </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> 4.55% </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> -2.56% </td> </tr> <tr valign="bottom"> <td align="center" valign="top"> <div> (3rd Qtr 2002) </div> </td> <td> </td> <td align="center" valign="bottom"> (2nd Qtr 2004) </td> </tr> </table> <div align="left"> </div> <div></div> 0.0578 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Best Quarter 0 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. 0 0.66 2009-06-30 <b>Example</b> 0.0015 <b>Risk/Return Bar Chart and Table</b> After-tax returns are shown for Class I shares only. After-tax returns for other classes will vary. 0.004 This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.002 0.196 -0.0005 59 85 Worst Quarter <b>Investments, Risks, and Performance</b><br/><br/><b>Principal Investment Strategies:</b> 65 91 0.0017 2008-12-31 <b>Milestone 2010 Fund</b> <b>Investments, Risks, and Performance<br/ ><br/>Principal Investment Strategies:</b> -0.0005 0.0042 186 0.0306 265 0 -0.236 55 0.0022 0 <b>Investment Objective</b> 81 <b>Example</b> 0.001 The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index and a group of mutual funds with similar investment objectives. The bar chart shows performance of the Fund&#8217;s Investor Shares (the Fund&#8217;s outstanding shares will be renamed &#8220;Investor Shares&#8221; on March 1, 2013). In the table, performance information for T Shares prior to the inception date of that share class (March 1, 2013) is based on the performance of the Fund&#8217;s Investor Shares. This prior performance has not been adjusted to reflect the actual fees and expenses paid by T Shares. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available by calling 800-669-7400 or at www.icmarc.org/vpperformance. 0.069 205 285 The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index, custom benchmark, and a group of mutual funds with similar investment objectives. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 324 0.0615 461 0.001 173 The Fund invests, under normal circumstances, at least 80% of its net assets in bonds and other fixed income securities of varying maturities, and normally invests at least 65% of its net assets in bonds and other fixed income securities with more than one year to maturity. The Fund seeks to maintain a portfolio effective duration of no greater than three years (effective duration is a measure of the expected change in value of a fixed income security for a given change in interest rates).<br /><br />Investments selected by the Fund&#8217;s subadvisers are based on their analysis of securities, sectors, and anticipated changes in interest rates. To provide return opportunities, the Fund invests in fixed income securities that the Fund&#8217;s subadvisers believe offer attractive yields and are priced below fair market value relative to securities of similar credit quality and interest rate sensitivity.<br/><br />The Fund&#8217;s investments in fixed income securities may include:<ul><li type = "square">securities issued or guaranteed by the U.S. Government or foreign governments and their agencies or instrumentalities, or supra-national organizations (such as the World Bank);</li><li type = "square">securities issued by U.S. or foreign companies; </li><li type = "square">U.S. and foreign mortgage-backed securities; </li><li type = "square">U.S. and foreign asset-backed securities; and</li><li type = "square">municipal securities.</li></ul>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&#8217;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 &#8220;high yield securities&#8221; or &#8220;junk bonds&#8221;) or are unrated securities that the Fund&#8217;s subadvisers determine are of comparable quality. The Fund may invest up to 30% of its net assets in foreign securities. The Fund primarily invests in securities that are denominated in the U.S. dollar, but can invest up to 10% of its net assets in securities that are denominated in foreign currencies.<br/><br/>The Fund also may invest up to 10% of its net assets in derivative instruments. The Fund&#8217;s subadvisers may use futures, options, and swap agreements to manage risk or obtain or adjust investment exposure. The Fund&#8217;s subadvisers also may use forward currency contracts to obtain or adjust investment exposure or to manage foreign currency risks. The Fund&#8217;s investments in credit default swaps, if any, will be less than 5% of the Fund&#8217;s net assets. 253 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 0.0026 After-tax returns are shown for Investor M Shares only. After-tax returns for other classes will vary. 0.0051 -0.1167 495 0.0031 726 <b>Principal Investment Risks:</b> 302 357 1025 0.0044 440 <b>Example</b> 0.1518 -0.2239 800-669-7400 0.0044 798 677 0.2798 1100 www.icmarc.org/vpperformance 981 0.0678 0.1049 This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. <b>The Fund is not a complete solution for all of your retirement savings needs. An investment in the Fund includes the risk of loss, including near, at or after the target date of the Fund. There is no guarantee that the Fund will provide adequate income at and through an investor&#8217;s retirement. Selecting the Fund (or any of The Vantagepoint Funds) does not guarantee that you will have adequate savings for retirement.</b> <br/><br/><b>Asset Allocation Risk</b>&#8212;Asset allocation risk is the risk that the selection of the underlying Funds and the allocation of Fund assets among them will cause the Fund to lose money or to underperform other funds with similar investment objectives. In addition, there is the risk that the asset classes favored by the allocations will not perform as expected. The Fund&#8217;s investment adviser may alter the Fund&#8217;s asset allocation, as well as its Fund-level allocations, for reasons other than the passage of time. Any changes made in the underlying Funds, such as changes in investment objectives or strategies, may affect the Fund&#8217;s performance. <br/><br/>The amount invested by this Fund in each underlying Fund is exposed to the same risks as that underlying Fund. These risks are summarized below. <br/><br/><b>Stock Market Risk</b>&#8212;Stock market risk is the possibility that the prices of equity securities overall will experience increased volatility and decline over short or extended periods. Markets tend to move in cycles, with periods of rising prices and periods of falling prices. <br/><br/><b>Foreign Securities&nbsp;Risk</b>&#8212;Investments in foreign securities may involve the risk of loss due to political, economic, legal, regulatory, and operational uncertainties; differing accounting and financial reporting standards; limited availability of information; currency fluctuations; and higher transaction costs. These risks may be greater with respect to securities of companies located in emerging market countries. Investments in securities of issuers located in emerging market countries tend to be more volatile than investments in securities of issuers located in developed foreign countries. <br/><br/><b>Small-Cap Securities Risk</b>&#8212;Investments in small-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of small-capitalization companies are generally subject to greater price volatility than those of larger companies due to: less certain growth prospects, the lower degree of liquidity in the markets for their securities, and the greater sensitivity of smaller companies to changing economic conditions. Also, small-capitalization companies may have more limited product lines, fewer capital resources and less experienced management than larger companies. <br/><br/><b>Mid-Cap Securities Risk</b>&#8212;Investments in mid-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of mid-capitalization companies generally trade in lower volume and are generally subject to greater and less predictable price changes than the securities of larger companies. <br/><br/><b>Convertible Securities Risk</b>&#8212;Convertible securities generally tend to be of lower credit quality, and the value of a convertible security generally increases and decreases with the value of the underlying common stock, but may also be sensitive to changes in interest rates. A Fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or declares bankruptcy. <br/><br/><b>Interest Rate Risk</b>&#8212;Fixed income securities fluctuate in value as interest rates change. When interest rates rise, the market prices of fixed income securities will usually decrease; when interest rates fall, the market prices of fixed income securities usually will increase. <br/><br/><b>Credit Risk</b>&#8212;An issuer of a fixed income security may be unable or unwilling to make payments of principal or interest to the holders of such securities or may declare bankruptcy. These events could cause a Fund to lose money. <br/><br/><b>Mortgage-backed Securities Risk</b>&#8212;Defaults on the mortgages underlying mortgage-backed securities may adversely affect the value of these securities. These securities are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain mortgage-backed securities may be more volatile and less liquid than other traditional types of fixed income securities. <br/><br/><b>Asset-backed Securities Risk</b>&#8212;Defaults on the assets underlying asset-backed securities may adversely affect the value of these securities. These securities are subject to risks associated with the nature of the underlying assets and are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain asset-backed securities may be more volatile and less liquid than other traditional types of fixed income securities. <br/><br/><b>Derivative Instruments&nbsp;Risk</b>&#8212;Use of derivative instruments involves 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 derivative instruments include: the risk that the other party to a derivative contract may not fulfill its obligations (counterparty risk); the risk that a particular derivative instrument, such as over-the-counter derivative instruments, may be difficult to purchase or sell (liquidity risk); the risk that certain derivative instruments are more sensitive to interest rate changes and market price fluctuations (interest rate and market risks); and the risk of mispricing or improper valuation of the derivative instrument, and the inability of the derivative instrument to correlate in value with its underlying asset, reference rate, or index (valuation risk). There is no assurance that the Fund&#8217;s use of any derivatives strategy will succeed, or that the Fund will not lose money. 0.0016 0.0444 There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. The Fund&#8217;s principal investment risks are summarized below:<br/><br/><b>Credit Risk</b>&#8212;An issuer of a fixed income security may be unable or unwilling to make payments of principal or interest to the holders of such securities or may declare bankruptcy. These events could cause the Fund to lose money.<br /><br /><b>Interest Rate Risk</b>&#8212;Fixed income securities fluctuate in value as interest rates change. When interest rates rise, the market prices of fixed income securities will usually decrease; when interest rates fall, the market prices of fixed income securities usually will increase.<br /><br /><b>Asset-backed Securities Risk</b>&#8212;Defaults on the assets underlying asset-backed securities may adversely affect the value of these securities. These securities are subject to risks associated with the nature of the underlying assets and are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain asset-backed securities may be more volatile and less liquid than other traditional types of fixed income securities.<br /><br /><b>Mortgage-backed Securities Risk</b>&#8212;Defaults on the mortgages underlying mortgage-backed securities may adversely affect the value of these securities. These securities are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain mortgage-backed securities may be more volatile and less liquid than other traditional types of fixed income securities.<br /><br /><b>Municipal Securities Risk</b>&#8212;The value of, payment of interest and repayment of principal with respect to, and the ability of the Fund to sell, a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations and voter initiatives as well as the economics of the regions where the issuer is located. Certain municipal securities may be difficult to value or sell at a fair price.<br /><br /><b>Call Risk</b>&#8212;A fixed income security may include a provision that allows the issuer to purchase the security back from its holder earlier than the final maturity date of the security, known as a &#8220;call feature.&#8221; Issuers often exercise this right when interest rates have declined, in which case, the Fund may be forced to reinvest the proceeds received at a lower interest rate.<br /><br /><b>U.S. Government Agency Securities Risk</b>&#8212;Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. Further, there is no assurance that the U.S. Government will provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) that issue or guarantee certain securities. If a government agency or a government-sponsored enterprise is unable to meet its obligations, the Fund may experience a loss.<br /><br /><b>Foreign Securities Risk</b>&#8212;Investments in foreign securities may involve the risk of loss due to political, economic, legal, regulatory, and operational uncertainties; differing accounting and financial reporting standards; limited availability of information; currency fluctuations; and higher transaction costs.<br /><br /><b>Foreign Currency Risk</b>&#8212;Investments in foreign currencies or securities denominated in foreign currencies (including derivative instruments that provide exposure to foreign currencies) may experience gains or losses solely based on changes in the exchange rate between foreign currencies and the U.S. dollar.<br /><br /><b>High Yield Securities Risk</b>&#8212;Fixed income securities that are rated below &#8220;investment grade&#8221; (commonly known as &#8220;high yield bonds&#8221; or &#8220;junk bonds&#8221;) or, if unrated, are considered by a subadviser to be of equivalent quality, are speculative and involve a greater risk of default than &#8220;investment grade&#8221; securities. The values of these securities are particularly sensitive to changes in interest rates, issuer creditworthiness, and economic and political conditions. The market prices of these securities may decline significantly in periods of general economic difficulty, may be harder to value, and may be less liquid than higher rated securities.<br /><br /><b>Derivative Instruments Risk</b>&#8212;Use of derivative instruments involves 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 derivative instruments include: the risk that the other party to a derivative contract may not fulfill its obligations (counterparty risk); the risk that a particular derivative instrument, such as over-the-counter derivative instruments, may be difficult to purchase or sell (liquidity risk); the risk that certain derivative instruments are more sensitive to interest rate changes and market price fluctuations (interest rate and market risks); and the risk of mispricing or improper valuation of the derivative instrument, and the inability of the derivative instrument to correlate in value with its underlying asset, reference rate, or index (valuation risk). There is no assurance that the Fund&#8217;s use of any derivatives strategy will succeed, or that the Fund will not lose money.<br /><br /><b>Multi-Manager Risk</b>&#8212;While VIA monitors each subadviser and the overall management of the Fund, each subadviser makes investment decisions independently from VIA and the other subadvisers. It is possible that the security selection process of one subadviser will not complement that of the other subadvisers. As a result, the Fund&#8217;s exposure to a given security, industry, sector or market capitalization could be smaller or larger than if the Fund were managed by a single subadviser, which could affect the Fund&#8217;s performance. 0.0238 0.1527 Because the Fund has exposure to different types of equity securities, the custom benchmark is intended to provide a better performance comparison than a single benchmark. The Fund&#8217;s custom benchmark is comprised of the S&amp;P 500 Index and the MSCI EAFE Index (Net) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with any changes in the Fund&#8217;s target percentage asset allocations. 61 0.001 87 0.001 0.0506 0.001 61 87 -0.3731 192 0.0041 To offer high total return consistent with the Fund&#8217;s current asset allocation. 271 0.001 0.0177 0.2613 0.0202 You may lose money by investing in the Fund. You may lose money by investing in the Fund. Calendar Year Total Returns &#8212; Investor Shares 0.1456 This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Investments, Risks, and Performance</b><br/><br/><b>Principal Investment Strategies:</b> 192 272 0.0172 0.007 -0.2162 0.0047 <b>Fund Fees &amp; Expenses</b> 0.0047 0.0009 <b>Investment Objective</b> 0.001 0.0009 0.0005 0.3108 0.001 335 The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Beginning March 1, 2013, all outstanding shares of the Fund will be renamed &#8220;Investor M Shares,&#8221; and the Fund will offer a new share class, &#8220;TM Shares,&#8221; to investors. In the interim, the Fund continues to offer its existing shares to investors. Information about these shares is described below under Investor M Shares. 0.0095 473 0.0234 0.1196 <b>Risk/Return Bar Chart and Table</b> 0.0259 0.0591 335 471 0.0035 0.0002 0.0035 <b>Shareholder Fees<br/>(fees paid directly from your investment)</b> 0.1546 0.0027 750 1052 The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index and a group of mutual funds with similar investment objectives. The bar chart shows performance of the Fund&#8217;s Investor Shares (the Fund&#8217;s outstanding shares will be renamed &#8220;Investor Shares&#8221; on March 1, 2013). In the table, performance information for T Shares prior to the inception date of that share class (March 1, 2013) is based on the performance of the Fund&#8217;s Investor Shares. This prior performance has not been adjusted to reflect the actual fees and expenses paid by T Shares. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available by calling 800-669-7400 or at www.icmarc.org/vpperformance. 750 0.0012 0.0515 The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index, a custom benchmark, and a group of mutual funds with similar investment objectives. The bar chart shows performance of the Fund&#8217;s Investor M Shares (the Fund&#8217;s outstanding shares will be renamed &#8220;Investor M Shares&#8221; on March 1, 2013). In the table, performance information for TM Shares prior to the inception date of that share class (March 1, 2013) is based on the performance of the Fund&#8217;s Investor M Shares. On March 1, 2013, the transfer agent&#8217;s fees for the Fund and for underlying Vantagepoint Funds changed in connection with the implementation of a new share class structure, resulting in no immediate increase in the Fund&#8217;s total expense ratio. These changes include a contractual agreement by the Fund&#8217;s transfer agent to waive a portion of its fees on the T Shares of the underlying Index Funds beginning March 1, 2013 through April 30, 2014. Should this agreement by the Fund&#8217;s transfer agent not be renewed, the Fund would experience an increase in fees. An increase in fees can adversely impact performance. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available by calling 800-669-7400 or at www.icmarc.org/vpperformance. 1049 0.0037 <b>Annual Fund Operating Expenses<br/>(expenses that you pay each year as a percentage<br/>of the value of your investment)</b> -0.3706 0.0052 The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index and a group of mutual funds with similar investment objectives. 0.0052 0.0051 0.0051 0.2778 <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0"> <tr valign="bottom"> <td width="20%"> </td> <td width="39%"> </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> Best Quarter </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> Worst Quarter </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> 14.99% </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> -17.33% </td> </tr> <tr valign="bottom"> <td align="center" valign="top"> <div> (2nd Qtr 2003) </div> </td> <td> </td> <td align="center" valign="bottom"> (4th Qtr 2008) </td> </tr> </table> <div align="left"> </div> <b>Portfolio Turnover</b> <b>Example</b> 0.1684 0.0063 The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index, a custom benchmark, and a group of mutual funds with similar investment objectives. 0.0066 0.0088 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the fiscal year ended December 31, 2011, the Fund&#8217;s portfolio turnover rate was 53% of the average value of its portfolio. 0.0085 0.0057 0.0091 This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.0082 The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. <b>Milestone 2040 Fund</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the fiscal year ended December 31, 2011, the Fund&#8217;s portfolio turnover rate was 14% of the average value of its portfolio. <b>Investment Objective</b> <b>Portfolio Turnover</b> 0.0876 <b>Average Annual Total Returns </b><br/><b>(for the periods ended </b><br/><b>December 31, 2011)</b> The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 54 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the fiscal year ended December 31, 2011, the Fund&#8217;s portfolio turnover rate was 22% of the average value of its portfolio. 80 0.0166 Fees and expenses have been restated to reflect current fees and expenses. 0.0148 0.0143 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. After-tax returns are shown for Investor M Shares only. After-tax returns for other classes will vary.<br/><br/>Because the Fund is a multi-asset class fund, the custom benchmark is intended to provide a better performance comparison than a broad-based, single asset class benchmark. The Fund&#8217;s custom benchmark is comprised of the S&amp;P 500 Index and Barclays U.S. Intermediate Aggregate Bond 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&#8217;s target percentage asset allocations. To offer high total return consistent with the Fund&#8217;s current asset allocation. 0.0172 <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0"> <tr valign="bottom"> <td width="20%"></td> <td width="39%"> </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> Best Quarter </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> Worst Quarter </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> 5.34% </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> -1.72% </td> </tr> <tr valign="bottom"> <td align="center" valign="top"> <div> (2nd Qtr 2009) </div> </td> <td> </td> <td align="center" valign="bottom"> (3rd Qtr 2008) </td> </tr> </table> <div align="left"> </div> <div></div> 0.0177 0.0197 0.005 0.0172 To offer long-term capital growth and diversification by country. 0.0105 <b>Fund Fees &amp; Expenses</b> 170 250 800-669-7400 0.0969 You may lose money by investing in the Fund. 0.0334 <b>Average Annual Total Returns<br/>(for the periods ended<br/>December 31, 2011)</b> 0.53 -0.0149 <b>Investments, Risks, and Performance</b><br/><br/><b>Principal Investment Strategies:</b> 0.0359 -0.0149 <b>Portfolio Turnover</b> 296 -0.0423 435 0.0394 -0.0468 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the fiscal year ended December 31, 2011, the Fund&#8217;s portfolio turnover rate was 70% of the average value of its portfolio. -0.027 -0.0423 The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index, a custom benchmark, and a group of mutual funds with similar investment objectives. The Fund invests in a combination of other 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 invests in a combination of equity investments, fixed income investments, and investments in asset classes and strategies that have historically exhibited a low correlation to traditional fixed income and equity investments (through the &#8220;multi-strategy&#8221; Fund) that the adviser believes to be appropriate. As time elapses, the Fund&#8217;s allocation to equity investments decreases and the Fund&#8217;s allocation to fixed income investments and the &#8220;multi-strategy&#8221; investment increases so that by June 30 of the year 2020 (10 years after the year indicated in the Fund&#8217;s name), the Fund&#8217;s net assets will be invested approximately 25% in equity Funds, 55% in fixed income Funds, and 20% in the multi-strategy Fund.<br/><br/>The Fund&#8217;s allocations will change over time. The Fund invests in the following Vantagepoint Funds at target allocations within the current ranges indicated:<div style="margin-top: 6pt; font-size: 1pt">&nbsp;</div> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Fixed Income Funds:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Low Duration Bond Fund </td> <td align="right"> 11% - 21% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Core Bond Index Fund </td> <td align="right"> 2% - 12% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Inflation Protected Securities Fund </td> <td align="right"> 10% - 20% </td> </tr> </table><div style="margin-top: 6pt; font-size: 1pt">&nbsp;</div><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Equity Funds:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Equity Income Fund </td> <td align="right"> 13% - 23% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Growth &amp; Income Fund </td> <td align="right"> 6% - 16% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Growth Fund </td> <td align="right"> 2% - 12% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> International Fund </td> <td align="right"> 4% - 14% </td> </tr> </table><div style="margin-top: 6pt; font-size: 1pt">&nbsp;</div> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Multi-Strategy Fund:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Diversifying Strategies Fund </td> <td align="right"> 13% - 23% </td> </tr> </table><br/>Subject to the supervision of the Funds&#8217; Board of Directors, the Fund&#8217;s investment adviser may, at its discretion, increase or decrease the target allocations to the underlying Funds. The adviser monitors the Fund&#8217;s allocations and will &#8220;rebalance&#8221; its portfolio as necessary to return the Fund to, or close to, the intended asset allocation.<br/><br/>The Fund is designed to &#8220;age&#8221; so that its asset allocation becomes more conservative over time until it achieves a final constant asset allocation approximately 10 years after the year 2010. This is intended to reduce investment risk as investors move towards and into retirement.<br/><br/>The sequence of asset allocation changes that the Fund is expected to follow over time (&#8220;glide path&#8221;) is illustrated below.<br/><br/><center><img alt="chart" src="g472279w85774b1w8577402.jpg"></img></center><br/>The current asset mix (as of the date of this prospectus) is approximately 45% equity, 37% fixed income, and 18% multi-strategy. The asset mix will continue to become more conservative for 10 more years until the equity allocation is reduced to approximately 25%, the fixed income allocation is increased to approximately 55%, and the multi-strategy allocation is increased to approximately 20%. At that time (10 years after 2010), the Fund will reach its &#8220;landing point&#8221; and its target asset allocation will become constant. The glide path followed before October 30, 2007 did not incorporate the multi-strategy Fund. The glide path followed before January 4, 2010 had a different asset allocation and did not continue to age after the year in the Fund&#8217;s name. After the Fund reaches its final constant target allocations, the Fund&#8217;s investment adviser is expected to recommend, and the Fund&#8217;s Board of Directors may approve, combining the Fund with the Milestone Retirement Income Fund, which is expected to have approximately the same asset allocation as the Fund at that time.<br/><br/>All percentages referred to above are based on the Fund&#8217;s net assets. Beginning March 1, 2013, the Fund will invest in T Shares of the underlying Vantagepoint Funds.<br/><br/>This Fund may be appropriate for you if you retired in or around the year 2010 and would like to make gradual withdrawals from the Fund. -0.0065 0.0211 0.0198 -0.0086 -0.0091 www.icmarc.org/vpperformance After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for other classes will vary. 0.0085 -0.0057 0.011 -0.0044 -0.0065 0.0964 -0.0025 665 969 The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Beginning March 1, 2013, all outstanding shares of the Fund will be renamed &#8220;Investor M Shares,&#8221; and the Fund will offer a new share class, &#8220;TM Shares,&#8221; to investors. In the interim, the Fund continues to offer its existing shares to investors. Information about these shares is described below under Investor M Shares. Because the Fund is a multi-asset class fund, the custom benchmark is intended to provide a better performance comparison than a broad-based, single asset class benchmark. The Fund&#8217;s custom benchmark is comprised of the S&amp;P 500 Index and Barclays U.S. Intermediate Aggregate Bond 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&#8217;s target percentage asset allocations. <b>Principal Investment Risks:</b> -0.0127 The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 0.0382 -0.004 <b>Portfolio Turnover</b> 0.0652 0.0237 After-tax and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. 0.0153 0.0975 0.0204 -0.0074 800-669-7400 0.0237 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. -0.0162 0.0463 -0.0076 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 0.0597 -0.0074 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the fiscal year ended December 31, 2011, the Fund&#8217;s portfolio turnover rate was 14% of the average value of its portfolio. 0.0522 There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. <b>The Fund is not a complete solution for all of your retirement savings needs. An investment in the Fund includes the risk of loss, including near, at or after the target date of the Fund. There is no guarantee that the Fund will provide adequate income at and through an investor&#8217;s retirement. Selecting the Fund (or any of The Vantagepoint Funds) does not guarantee that you will have adequate savings for retirement.</b><br/><br/><b>Asset Allocation Risk</b>&#8212;Asset allocation risk is the risk that the selection of the underlying Funds and the allocation of Fund assets among them will cause the Fund to lose money or to underperform other funds with similar investment objectives. In addition, there is the risk that the asset classes favored by the allocations will not perform as expected. The Fund&#8217;s investment adviser may alter the Fund&#8217;s asset allocation, as well as its Fund-level allocations, for reasons other than the passage of time. Any changes made in the underlying Funds, such as changes in investment objectives or strategies, may affect the Fund&#8217;s performance.<br/><br/>The amount invested by this Fund in each underlying Fund is exposed to the same risks as that underlying Fund. These risks are summarized below.<br/><br/><b>Interest Rate Risk</b>&#8212;Fixed income securities fluctuate in value as interest rates change. When interest rates rise, the market prices of fixed income securities will usually decrease; when interest rates fall, the market prices of fixed income securities usually will increase.<br/><br/><b>Credit Risk</b>&#8212;An issuer of a fixed income security may be unable or unwilling to make payments of principal or interest to the holders of such securities or may declare bankruptcy. These events could cause a Fund to lose money.<br/><br/><b>Mortgage-backed Securities Risk</b>&#8212;Defaults on the mortgages underlying mortgage-backed securities may adversely affect the value of these securities. These securities are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain mortgage-backed securities may be more volatile and less liquid than other traditional types of fixed income securities.<br/><br/><b>Convertible Securities Risk</b>&#8212;Convertible securities generally tend to be of lower credit quality, and the value of a convertible security generally increases and decreases with the value of the underlying common stock, but may also be sensitive to changes in interest rates. A Fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or declares bankruptcy.<br/><br/><b>Asset-backed Securities Risk</b>&#8212;Defaults on the assets underlying asset-backed securities may adversely affect the value of these securities. These securities are subject to risks associated with the nature of the underlying assets and are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain asset-backed securities may be more volatile and less liquid than other traditional types of fixed income securities.<br/><br/><b>U.S. Government Agency Securities Risk</b>&#8212;Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. Further, there is no assurance that the U.S. Government will provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) that issue or guarantee certain securities. If a government agency or a government-sponsored enterprise is unable to meet its obligations, the Fund may experience a loss.<br/><br/><b>Stock Market Risk</b>&#8212;Stock market risk is the possibility that the prices of equity securities overall will experience increased volatility and decline over short or extended periods. Markets tend to move in cycles, with periods of rising prices and periods of falling prices.<br/><br/><b>Foreign Securities Risk</b>&#8212;Investments in foreign securities may involve the risk of loss due to political, economic, legal, regulatory, and operational uncertainties; differing accounting and financial reporting standards; limited availability of information; currency fluctuations; and higher transaction costs. These risks may be greater with respect to securities of companies located in emerging market countries. Investments in securities of issuers located in emerging market countries tend to be more volatile than investments in securities of issuers located in developed foreign countries.<br/><br/><b>Derivative Instruments Risk</b>&#8212;Use of derivative instruments involves 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 derivative instruments include: the risk that the other party to a derivative contract may not fulfill its obligations (counterparty risk); the risk that a particular derivative instrument, such as over-the-counter derivative instruments, may be difficult to purchase or sell (liquidity risk); the risk that certain derivative instruments are more sensitive to interest rate changes and market price fluctuations (interest rate and market risks); and the risk of mispricing or improper valuation of the derivative instrument, and the inability of the derivative instrument to correlate in value with its underlying asset, reference rate, or index (valuation risk). There is no assurance that the Fund&#8217;s use of any derivatives strategy will succeed, or that the Fund will not lose money. -0.0025 www.icmarc.org/vpperformance 0.0595 0.0249 -0.0108 0.016 0.0223 -0.0099 <b>Fund Fees &amp; Expenses</b> 0.0209 <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0"> <tr valign="bottom"> <td width="20%"></td> <td width="39%"> </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> Best Quarter </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> Worst Quarter </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> 7.54% </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> -5.91% </td> </tr> <tr valign="bottom"> <td align="center" valign="top"> <div> (2nd Qtr 2009) </div> </td> <td> </td> <td align="center" valign="bottom"> (4th Qtr 2008) </td> </tr> </table> 0.027 0.0557 0.0249 0.14 0.0292 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. 0.1153 0.0005 0.0613 67 93 0.0005 <b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b> 0.0741 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Investor Shares only. After-tax returns for other classes will vary. <b>Investments, Risks, and Performance<br/><br/>Principal Investment Strategies:</b> <b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage</b><br/><b>of the value of your investment)</b> 0.0294 <b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage<br/>of the value of your investment)</b> <b>Risk/Return Bar Chart and Table</b> After-tax and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. 0.0241 0.0246 0.0005 0.0294 0.0292 0.0323 0.026 <b>Investments, Risks, and Performance</b><br/><br/><b>Principal Investment Strategies:</b> <b>Principal Investment Risks:</b> 0.0002 0.0002 0.0002 Calendar Year Total Returns &#8212; Investor M Shares Calendar Year Total Returns &#8212; Investor M Shares Because the Fund is a multi-asset class fund, the custom benchmark is intended to provide a better performance comparison than a broad-based, single asset class benchmark. The Fund&#8217;s custom benchmark is comprised of the S&amp;P 500 Index and Barclays U.S. Intermediate Aggregate Bond 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 changes in the Fund&#8217;s target percentage asset allocations. Calendar Year Total Returns &#8212; Investor Shares 211 0.0313 291 0.0219 0.0225 0.0014 0.0313 <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0"> <tr valign="bottom"> <td width="20%"> </td> <td width="39%"> </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> Best Quarter </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> Worst Quarter </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> 9.28% </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> -8.96% </td> </tr> <tr valign="bottom"> <td align="center" valign="top"> <div> (2nd Qtr 2009) </div> </td> <td> </td> <td align="center" valign="bottom"> (4th Qtr 2008) </td> </tr> </table> <div align="left"> </div> <div></div> 0.0034 0.0609 0.0448 0.0014 0.0286 <b>Example</b> 0.7 The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Beginning March 1, 2013, all outstanding shares of the Fund will be renamed &#8220;Investor Shares,&#8221; and the Fund will offer a new share class, &#8220;T Shares,&#8221; to investors. In the interim, the Fund continues to offer its existing shares to investors. Information about these shares is described below under Investor Shares. 368 506 0.0021 0.0378 0.0041 0.0286 <b>Example</b> <b>Investments, Risks, and Performance</b><br/><br/><b>Principal Investment Strategies:</b> 0.0281 0.0378 0.0528 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&#8217;s subadvisers employing an &#8220;actively-managed&#8221; 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 &#8220;passively managed&#8221; approach to investing. The range of stocks in which the Fund generally invests is expected to be that of the Russell Midcap Index.<br/><br/>The Fund also may invest in:<ul><li type = "square">foreign equity securities (including those of issuers located in emerging market countries);</li><li type = "square">U.S. preferred stock; and</li><li type = "square"> U.S. and foreign convertible securities.</li></ul>The term &#8220;equity securities&#8221; refers to both common and preferred stock.<br/><br/>The Fund&#8217;s subadvisers that pursue active management may invest in a company&#8217;s preferred stock or convertible security for various reasons including when they believe the security type offers a higher risk-adjusted return opportunity than the company&#8217;s common stock. Preferred stocks tend to have lower credit ratings than bonds issued by the same entity. In addition, convertible bonds frequently have credit ratings that are below investment grade or are unrated.<br/><br/>In the indexed portion of the Fund, the subadviser seeks to approximate the investment characteristics and performance of a custom version of the Russell Midcap Growth Index by investing in (or obtaining investment exposure to) stocks in the custom index. The Russell Midcap Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe and includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values. The custom version of the index is comprised of all of the stocks in the Russell Midcap Growth Index but unlike the Russell Midcap Growth Index, it is an equally-weighted index, meaning that each stock included in the custom index is represented equally instead of based on each company&#8217;s capitalization, using weighting and rebalancing rules determined by the Fund&#8217;s adviser. This portion of the Fund is rebalanced periodically (but not necessarily at the same time changes are made to the custom index).<br/><br/>The Fund&#8217;s subadvisers may use futures and options to manage risk or to obtain or adjust investment exposure. The Fund&#8217;s subadvisers also may manage foreign currency risks by using forward currency contracts. Fund investments in derivative instruments are limited to 10% of the Fund&#8217;s net assets but normally will not exceed 5% of the Fund&#8217;s net assets. 0.0473 0.0021 0.0332 822 1123 The Fund invests in a combination of other 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 (through the &#8220;multi-strategy&#8221; Fund).<br/><br/>This investment strategy is implemented by investing in the following Vantagepoint Funds at target allocations within the ranges indicated:<p></p> <div style="margin-top: 6pt; font-size: 1pt">&nbsp;</div> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Fixed Income Funds:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Low Duration Bond Fund </td> <td align="right"> 14% - 24% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Core Bond Index Fund </td> <td align="right"> 7% - 17% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Inflation Protected Securities Fund </td> <td align="right"> 5% - 15% </td> </tr> </table><div style="margin-top: 6pt; font-size: 1pt">&nbsp;</div><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Equity Funds:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Equity Income Fund </td> <td align="right"> 6% - 16% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Growth &amp; Income Fund </td> <td align="right"> 4% - 14% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Growth Fund </td> <td align="right"> 1% - 11% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Select Value Fund </td> <td align="right"> 0% - 8% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Aggressive Opportunities Fund </td> <td align="right"> 0% - 8% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> International Fund </td> <td align="right"> 3% - 13% </td> </tr> </table><div style="margin-top: 6pt; font-size: 1pt">&nbsp;</div> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Multi-Strategy Fund:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Diversifying Strategies Fund </td> <td align="right"> 17% - 21% </td> </tr> </table><br/>The Fund&#8217;s investment adviser monitors the Fund&#8217;s allocations and will &#8220;rebalance&#8221; its portfolio as necessary to return the Fund to, or close to, the intended allocations. The adviser may, at its discretion, change the target allocations within the ranges set forth above and within the above-stated asset class allocations to fixed income and equity Funds and a multi-strategy Fund, subject to the supervision of the Fund&#8217;s Board of Directors.<br/><br/>All percentages referred to above are based on the Fund&#8217;s net assets. Beginning March 1, 2013, the Fund will invest in T Shares of the underlying Vantagepoint Funds. <br/><br/>The Model Portfolio Conservative Growth Fund may be an appropriate investment if you seek fairly predictable current income but also desire the opportunity for higher returns without high volatility. Although less than half of the Fund is invested in stocks, you should be willing to accept short-term fluctuations or possible losses in the value of your investment. The Fund could be appropriate if you intend to invest for the intermediate term. This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that the contractual fee waiver described above expires on April 30, 2014 and therefore is only reflected in the 1 year example. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The Fund invests in a combination of other Vantagepoint Funds using an asset allocation strategy designed for investors who expect to begin making gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), in or around the year 2030. The Fund invests in a combination of equity investments, fixed income investments, and investments in asset classes and strategies that have historically exhibited a low correlation to traditional fixed income and equity investments (through the &#8220;multi-strategy&#8221; Fund) that the adviser believes to be appropriate. As time elapses, the Fund&#8217;s allocation to equity investments decreases and the Fund&#8217;s allocation to fixed income investments and the &#8220;multi-strategy&#8221; investment increases so that by June 30 of the year 2040 (10 years after the year indicated in the Fund&#8217;s name), the Fund&#8217;s net assets will be invested approximately 25% in equity Funds, 55% in fixed income Funds, and 20% in the multi-strategy Fund. <br/><br/>The Fund&#8217;s allocation will change over time. The Fund invests in the following Vantagepoint Funds at target allocations within the current percentage ranges indicated:<p></p> <div style="margin-top: 6pt; font-size: 1pt">&nbsp;</div><table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Fixed Income Funds:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Low Duration Bond Fund </td> <td align="right"> 0% - 7% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Core Bond Index Fund </td> <td align="right"> 5% - 15% </td> </tr> </table><div style="margin-top: 6pt; font-size: 1pt">&nbsp;</div><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Equity Funds:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Equity Income Fund </td> <td align="right"> 19% - 29% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Growth &amp; Income Fund </td> <td align="right"> 9% - 19% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Growth Fund </td> <td align="right"> 5% - 15% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Mid/Small Company Index Fund</td> <td align="right"> 9% - 19% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> International Fund</td> <td align="right"> 11% - 21% </td> </tr> </table><div style="margin-top: 6pt; font-size: 1pt">&nbsp;</div><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Multi-Strategy Fund:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Diversifying Strategies Fund </td> <td align="right"> 6% - 16% </td> </tr> </table><br/>Subject to the supervision of the Funds&#8217; Board of Directors, the Fund&#8217;s investment adviser may, at its discretion, increase or decrease the target allocations to the underlying Funds. The adviser monitors the Fund&#8217;s allocations and will &#8220;rebalance&#8221; its portfolio as necessary to return the Fund to, or close to, the intended asset allocation.<br/><br/>The Fund is designed to &#8220;age&#8221; so that its asset allocation becomes more conservative over time until it achieves a final constant asset allocation approximately 10 years after the year 2030. This is intended to reduce investment risk as investors move towards and into retirement.<br/><br/>The sequence of asset allocation changes that the Fund is expected to follow over time (&#8220;glide path&#8221;) is illustrated below.<br/><br/><center><img alt="chart" src="g472279w85774b1w8577406.jpg"></img></center><br/>The current asset mix (as of the date of this prospectus) is approximately 78% equity, 11% fixed income, and 11% multi-strategy. The asset mix will become progressively more conservative so that by the year 2030 (&#8220;target year&#8221;), the mix will approximate 47% equity, 36% fixed income, and 17% multi-strategy. The asset mix will continue to become more conservative for 10 more years until the equity allocation is reduced to approximately 25%, the fixed income allocation is increased to approximately 55%, and the multi-strategy allocation is increased to approximately 20%. At that time (10 years after 2030), the Fund will reach its &#8220;landing point&#8221; and its target asset allocation will become constant. The glide path followed before October 30, 2007 did not incorporate the multi-strategy Fund. The glide path followed before January 4, 2010 had a different asset allocation and did not continue to age after the year in the Fund&#8217;s name. After the Fund reaches its final constant target allocations, the Fund&#8217;s investment adviser is expected to recommend, and the Fund&#8217;s Board of Directors may approve, combining the Fund with the Milestone Retirement Income Fund, which is expected to have approximately the same asset allocation as the Fund at that time.<br/><br/>All percentages referred to above are based on the Fund&#8217;s net assets. Beginning March 1, 2013, the Fund will invest in T Shares of the underlying Vantagepoint Funds.<br/><br/>This Fund may be appropriate for you if you plan to begin making gradual withdrawals from the Fund, typically at or after your retirement, in or around the year 2030. This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Example</b> The Fund invests, under normal circumstances, primarily in U.S. common stocks that are considered by the Fund&#8217;s subadvisers to have above-average potential for growth. The subadvisers emphasize stocks of seasoned medium- and large-capitalization firms.<br/><br/>The Fund also may invest in:<br/><ul><li type = "square">foreign equity securities;</li><li type = "square"> small-capitalization equity securities;</li><li type = "square"> U.S. preferred stock; and</li><li type = "square"> U.S. convertible securities. </li></ul>The term &#8220;equity securities&#8221; refers to both common and preferred stock.<br/><br/>Preferred stocks tend to have lower credit ratings than bonds issued by the same entity. In addition, convertible bonds frequently have credit ratings that are below investment grade or are unrated. 800-669-7400 -0.0005 0 www.icmarc.org/vpperformance <b>Principal Investment Risks:</b> <b>Average Annual Total Returns </b><br/><b>(for the periods ended </b><br/><b>December 31, 2011)</b> 0 <b>Portfolio Turnover</b> <b>Principal Investment Risks:</b> <b>Shareholder Fees<br></b><b>(fees paid directly from your investment)</b> 0.0016 <b>Example</b> 0.0041 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the fiscal year ended December 31, 2011, the Fund&#8217;s portfolio turnover rate was 14% of the average value of its portfolio. This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that the contractual fee waiver described above expires on April 30, 2014 and therefore is only reflected in the 1 year example. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 27 0.0021 52 <b>Principal Investment Risks:</b> Best Quarter 32 There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. The Fund&#8217;s principal investment risks are summarized below:<br/><br/><b>Stock Market Risk</b>&#8212;Stock market risk is the possibility that the prices of equity securities overall will experience increased volatility and decline over short or extended periods. Markets tend to move in cycles, with periods of rising prices and periods of falling prices.<br/><br/><b>Preferred Stock Risk</b>&#8212;Preferred stockholders may have more limited voting rights than common stockholders. Holders of a company&#8217;s debt securities are generally paid before holders of the company&#8217;s preferred stock. The value and volatility of preferred stock may be dependent on factors that affect both fixed income securities and equity securities.<br/><br/><b>Foreign Securities Risk</b>&#8212;Investments in foreign securities may involve the risk of loss due to political, economic, legal, regulatory, and operational uncertainties; differing accounting and financial reporting standards; limited availability of information; currency fluctuations; and higher transaction costs.<b><br/><br/>Foreign Currency Risk</b>&#8212;Investments in securities denominated in foreign currencies may experience gains or losses solely based on changes in the exchange rate between foreign currencies and the U.S. dollar.<br/><br/><b>Growth Style Risk</b>&#8212;The prices of growth-oriented equity securities may fall or fail to appreciate as anticipated by a subadviser, regardless of movements in the securities markets. Equity securities representing a growth style may be out of favor in the market and the prices of growth-oriented equity securities may be more sensitive to changes in current or expected earnings than other styles of investing, particularly over shorter time periods.<br/><br/><b>Small-Cap Securities Risk</b>&#8212;Investments in small-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of small-capitalization companies are generally subject to greater price volatility than those of larger companies due to: less certain growth prospects, the lower degree of liquidity in the markets for their securities, and the greater sensitivity of smaller companies to changing economic conditions. Also, small-capitalization companies may have more limited product lines, fewer capital resources and less experienced management than larger companies.<br/><br/><b>Mid-Cap Securities Risk</b>&#8212;Investments in mid-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of mid-capitalization companies generally trade in lower volume and are generally subject to greater and less predictable price changes than the securities of larger companies.<br/><br/><b>Convertible Securities Risk</b>&#8212;The value of a convertible security generally increases and decreases with the value of the underlying common stock, but may also be sensitive to changes in interest rates. Convertible securities generally tend to be of lower credit quality, have a higher risk of default, and tend to be less liquid than traditional non-convertible securities. The market prices of these securities also may experience greater volatility than the market prices of higher quality securities and may decline significantly in periods of general economic difficulty. The Fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or declares bankruptcy.<br/><br/><b>Multi-Manager Risk</b>&#8212;While VIA monitors each subadviser and the overall management of the Fund, each subadviser makes investment decisions independently from VIA and the other subadvisers. It is possible that the security selection process of one subadviser will not complement that of the other subadvisers. As a result, the Fund&#8217;s exposure to a given security, industry, sector or market capitalization could be smaller or larger than if the Fund were managed by a single subadviser, which could affect the Fund&#8217;s performance. 0.0465 0.0551 95 164 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. After-tax returns are shown for Investor M Shares only. After-tax returns for other classes will vary.<br/><br/>Because the Fund is a multi-asset class fund, the custom benchmark is intended to provide a better performance comparison than a broad-based, single asset class benchmark. The Fund&#8217;s custom benchmark is comprised of the S&amp;P 500 Index and Barclays U.S. Intermediate Aggregate Bond 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 changes in the Fund&#8217;s target percentage asset allocations. 17 100 0.0895 43 23 0.0593 <b>Annual Fund Operating Expenses<br/> (expenses that you pay each year as a percentage<br/> of the value of your investment)</b> <b>Example</b> 2008-03-31 169 You may lose money by investing in the Fund. 285 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. After-tax returns are shown for Investor M Shares only. After-tax returns for other classes will vary.<br/><br/>Because the Fund is a multi-asset class fund, the custom benchmark is intended to provide a better performance comparison than a broad-based, single asset class benchmark. The Fund&#8217;s custom benchmark is comprised of the S&amp;P 500 Index and Barclays U.S. Intermediate Aggregate Bond 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&#8217;s target percentage asset allocations. Fees and expenses have been restated to reflect current fees and expenses. 174 <b>Principal Investment Risks:</b> Calendar Year Total Returns &#8212; Investor M Shares Worst Quarter 66 This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that the contractual fee waiver described above expires on April 30, 2014 and, therefore is reflected only in the 1 year example. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 135 71 <b>Risk/Return Bar Chart and Table</b> 0.1087 388 119 235 640 2008-09-30 124 393 There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund.<br/><br/><b>Asset Allocation Risk</b>&#8212;Asset allocation risk is the risk that the selection of the underlying Funds and the allocation of Fund assets among them will cause the Fund to lose money or to underperform other funds with similar investment objectives. In addition, there is the risk that the asset classes favored by the allocations will not perform as expected. Any changes made in the underlying Funds, such as changes in investment objectives or strategies, may affect the Fund&#8217;s performance. Similarly, if the Fund&#8217;s asset allocations become &#8220;out of balance,&#8221; this could affect both the Fund&#8217;s level of risk and the Fund&#8217;s potential for gain or loss. <br /><br />The amount invested by this Fund in each underlying Fund is exposed to the same risks as that underlying Fund. These risks are summarized below.<br /><br /><b>Interest Rate Risk</b>&#8212;Fixed income securities fluctuate in value as interest rates change. When interest rates rise, the market prices of fixed income securities will usually decrease; when interest rates fall, the market prices of fixed income securities usually will increase.<br /><br /><b>Credit Risk</b>&#8212;An issuer of a fixed income security may be unable or unwilling to make payments of principal or interest to the holders of such securities or may declare bankruptcy. These events could cause a Fund to lose money.<br /><br /><b>Convertible Securities Risk</b>&#8212;Convertible securities generally tend to be of lower credit quality, and the value of a convertible security generally increases and decreases with the value of the underlying common stock, but may also be sensitive to changes in interest rates. A Fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or declares bankruptcy.<br /><br /><b>Mortgage-backed Securities Risk</b>&#8212;Defaults on the mortgages underlying mortgage-backed securities may adversely affect the value of these securities. These securities are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain mortgage-backed securities may be more volatile and less liquid than other traditional types of fixed income securities.<br /><br /><b>Asset-backed Securities Risk</b>&#8212;Defaults on the assets underlying asset-backed securities may adversely affect the value of these securities. These securities are subject to risks associated with the nature of the underlying assets and are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain asset-backed securities may be more volatile and less liquid than other traditional types of fixed income securities.<br /><br /><b>Stock Market Risk</b>&#8212;Stock market risk is the possibility that the prices of equity securities overall will experience increased volatility and decline over short or extended periods. Markets tend to move in cycles, with periods of rising prices and periods of falling prices.<br /><br /><b>Foreign Securities Risk</b>&#8212;Investments in foreign securities may involve the risk of loss due to political, economic, legal, regulatory, and operational uncertainties; differing accounting and financial reporting standards; limited availability of information; currency fluctuations; and higher transaction costs. These risks may be greater with respect to securities of companies located in emerging market countries. Investments in securities of issuers located in emerging market countries tend to be more volatile than investments in securities of issuers located in developed foreign countries.<br /><br /><b>Small-Cap Securities Risk</b>&#8212;Investments in small-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of small-capitalization companies are generally subject to greater price volatility than those of larger companies due to: less certain growth prospects, the lower degree of liquidity in the markets for their securities, and the greater sensitivity of smaller companies to changing economic conditions. Also, small-capitalization companies may have more limited product lines, fewer capital resources and less experienced management than larger companies.<br /><br /><b>Mid-Cap Securities Risk</b>&#8212;Investments in mid-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of mid-capitalization companies generally trade in lower volume and are generally subject to greater and less predictable price changes than the securities of larger companies.<br /><br /><b>Derivative Instruments Risk</b>&#8212;Use of derivative instruments involves 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 derivative instruments include: the risk that the other party to a derivative contract may not fulfill its obligations (counterparty risk); the risk that a particular derivative instrument, such as over-the-counter derivative instruments, may be difficult to purchase or sell (liquidity risk); the risk that certain derivative instruments are more sensitive to interest rate changes and market price fluctuations (interest rate and market risks); and the risk of mispricing or improper valuation of the derivative instrument, and the inability of the derivative instrument to correlate in value with its underlying asset, reference rate, or index (valuation risk). There is no assurance that the Fund&#8217;s use of any derivatives strategy will succeed, or that the Fund will not lose money. 0.0643 <b>Average Annual Total Returns </b><br/><b>(for the periods ended </b><br/><b>December 31, 2011)</b> -0.0369 0.0141 0.0077 0.0125 0.0141 0.0597 0.0452 0.0091 Best Quarter 0.0688 275 530 <b>Risk/Return Bar Chart and Table</b> 280 2009-06-30 0 0 -0.2354 <b>Example</b> 0.1166 72 -0.1801 You may lose money by investing in the Fund. 97 0.2721 0.2184 Worst Quarter 0.0925 0.102 -0.1734 0 0.0724 224 304 2008-12-31 0.125 0.1771 0.007 0.0774 -0.1263 <b>Portfolio Turnover</b> 0.0238 0.0165 0.0177 0.0238 0.0597 390 0.0522 528 <b>Risk/Return Bar Chart and Table</b> 0.0851 -0.3099 0.017 The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index and a group of mutual funds with similar investment objectives. The bar chart shows performance of the Fund&#8217;s Investor Shares (the Fund&#8217;s outstanding shares will be renamed &#8220;Investor Shares&#8221; on March 1, 2013). In the table, performance information for T Shares prior to the inception date of that share class (March 1, 2013) is based on the performance of the Fund&#8217;s Investor Shares. This prior performance has not been adjusted to reflect the actual fees and expenses paid by T Shares. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available by calling 800-669-7400 or at www.icmarc.org/vpperformance. 0.2767 There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. <b>The Fund is not a complete solution for all of your retirement savings needs. An investment in the Fund includes the risk of loss, including near, at or after the target date of the Fund. There is no guarantee that the Fund will provide adequate income at and through an investor&#8217;s retirement. Selecting the Fund (or any of The Vantagepoint Funds) does not guarantee that you will have adequate savings for retirement.</b><br /><br /><b>Asset Allocation Risk</b>&#8212;Asset allocation risk is the risk that the selection of the underlying Funds and the allocation of Fund assets among them will cause the Fund to lose money or to underperform other funds with similar investment objectives. In addition, there is the risk that the asset classes favored by the allocations will not perform as expected. The Fund&#8217;s investment adviser may alter the Fund&#8217;s asset allocation, as well as its Fund-level allocations, for reasons other than the passage of time. Any changes made in the underlying Funds, such as changes in investment objectives or strategies, may affect the Fund&#8217;s performance. <br /><br />The amount invested by this Fund in each underlying Fund is exposed to the same risks as that underlying Fund. These risks are summarized below.<br /><br /><b>Stock Market Risk</b>&#8212;Stock market risk is the possibility that the prices of equity securities overall will experience increased volatility and decline over short or extended periods. Markets tend to move in cycles, with periods of rising prices and periods of falling prices.<br /><br /><b>Foreign Securities Risk</b>&#8212;Investments in foreign securities may involve the risk of loss due to political, economic, legal, regulatory, and operational uncertainties; differing accounting and financial reporting standards; limited availability of information; currency fluctuations; and higher transaction costs. These risks may be greater with respect to securities of companies located in emerging market countries. Investments in securities of issuers located in emerging market countries tend to be more volatile than investments in securities of issuers located in developed foreign countries.<br /><br /><b>Small-Cap Securities Risk</b>&#8212;Investments in small-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of small-capitalization companies are generally subject to greater price volatility than those of larger companies due to: less certain growth prospects, the lower degree of liquidity in the markets for their securities, and the greater sensitivity of smaller companies to changing economic conditions. Also, small-capitalization companies may have more limited product lines, fewer capital resources and less experienced management than larger companies.<br /><br /><b>Mid-Cap Securities Risk</b>&#8212;Investments in mid-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of mid-capitalization companies generally trade in lower volume and are generally subject to greater and less predictable price changes than the securities of larger companies.<br /><br /><b>Equity Income/Interest Rate Risk</b>&#8212;A Fund&#8217;s distributions to shareholders may decline when interest rates fall or when dividend income from investments in stocks declines.<br /><br /><b>Interest Rate Risk</b>&#8212;Fixed income securities fluctuate in value as interest rates change. When interest rates rise, the market prices of fixed income securities will usually decrease; when interest rates fall, the market prices of fixed income securities usually will increase.<br /><br /><b>Credit Risk</b>&#8212;An issuer of a fixed income security may be unable or unwilling to make payments of principal or interest to the holders of such securities or may declare bankruptcy. These events could cause a Fund to lose money.<br /><br /><b>Mortgage-backed Securities Risk</b>&#8212;Defaults on the mortgages underlying mortgage-backed securities may adversely affect the value of these securities. These securities are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain mortgage-backed securities may be more volatile and less liquid than other traditional types of fixed income securities.<br /><br /><b>Asset-backed Securities Risk</b>&#8212;Defaults on the assets underlying asset-backed securities may adversely affect the value of these securities. These securities are subject to risks associated with the nature of the underlying assets and are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain asset-backed securities may be more volatile and less liquid than other traditional types of fixed income securities.<br /><br /><b>Derivative Instruments Risk</b>&#8212;Use of derivative instruments involves 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 derivative instruments include: the risk that the other party to a derivative contract may not fulfill its obligations (counterparty risk); the risk that a particular derivative instrument, such as over-the-counter derivative instruments, may be difficult to purchase or sell (liquidity risk); the risk that certain derivative instruments are more sensitive to interest rate changes and market price fluctuations (interest rate and market risks); and the risk of mispricing or improper valuation of the derivative instrument, and the inability of the derivative instrument to correlate in value with its underlying asset, reference rate, or index (valuation risk). There is no assurance that the Fund&#8217;s use of any derivatives strategy will succeed, or that the Fund will not lose money. 0.0141 0.1254 871 1171 This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0 -0.0198 <b>Portfolio Turnover</b> The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index, a custom benchmark, and a group of mutual funds with similar investment objectives. The bar chart shows performance of the Fund&#8217;s Investor M Shares (the Fund&#8217;s outstanding shares will be renamed &#8220;Investor M Shares&#8221; on March 1, 2013). In the table, performance information for TM Shares prior to the inception date of that share class (March 1, 2013) is based on the performance of the Fund&#8217;s Investor M Shares. On March 1, 2013, the transfer agent&#8217;s fees for the Fund and for underlying Vantagepoint Funds changed in connection with the implementation of a new share class structure, resulting in no immediate increase in the Fund&#8217;s total expense ratio. These changes include a contractual agreement by the Fund&#8217;s transfer agent to waive a portion of its fees on the T Shares of the underlying Index Funds beginning March 1, 2013 through April 30, 2014. Should this agreement by the Fund&#8217;s transfer agent not be renewed, the Fund would experience an increase in fees. An increase in fees can adversely impact performance. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available by calling 800-669-7400 or at www.icmarc.org/vpperformance. 0.0237 0.0238 0.0338 0.0482 0.0273 0.0609 <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0"> <tr valign="bottom"> <td width="20%"></td> <td width="39%"> </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> Best Quarter </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> Worst Quarter </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> 5.51% </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> -3.69% </td> </tr> <tr valign="bottom"> <td align="center" valign="top"> <div> (1st Qtr 2008) </div> </td> <td> </td> <td align="center" valign="bottom"> (3rd Qtr 2008) </td> </tr> </table> <div align="left"> </div> 0.001 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the fiscal year ended December 31, 2011, the Fund&#8217;s portfolio turnover rate was 2% of the average value of its portfolio. 0 0 0.0304 0.0295 0.0408 0.0539 0.0423 0.0503 0.0408 The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index and a group of mutual funds with similar investment objectives. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the fiscal year ended December 31, 2011, the Fund&#8217;s portfolio turnover rate was 40% of the average value of its portfolio. 0 The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index, a custom benchmark, and a group of mutual funds with similar investment objectives. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 800-669-7400 www.icmarc.org/vpperformance The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 0.001 0.0005 0.0409 <b>Investments, Risks, and Performance <br/><br/>Principal Investment Strategies:</b> 0.0005 Calendar Year Total Returns &#8212; Investor Shares <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0"> <tr valign="bottom"> <td width="20%"> </td> <td width="39%"> </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> Best Quarter </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> Worst Quarter </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> 14.72% </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> -25.58% </td> </tr> <tr valign="bottom"> <td align="center" valign="top"> <div> (3rd Qtr 2009) </div> </td> <td> </td> <td align="center" valign="bottom"> (4th Qtr 2008) </td> </tr> </table> 0.0005 <b>Portfolio Turnover</b> Best Quarter <b>Average Annual Total Returns</b><br/><b>(for the periods ended </b><b><br/>December 31, 2011)</b> 0.0001 0.0001 0.0001 0.0048 0.0048 You may lose money by investing in the Fund. 0.0015 0.0035 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the fiscal year ended December 31, 2011, the Fund&#8217;s portfolio turnover rate was 15% of the average value of its portfolio. <b>Average Annual Total Returns </b><br/><b>(for the periods ended </b><br/><b>December 31, 2011)</b> 800-669-7400 2002-09-30 Best Quarter 0.0813 The Fund invests, under normal circumstances, at least 90% of its net assets in equity securities (common and preferred stock) included in the MSCI Europe Australasia Far East (EAFE) Index (Net), weighted to seek to replicate the investment characteristics of the MSCI EAFE Index (Net) and performance that correlates with that of the index. <br/><br/> The Fund follows an indexed or &#8220;passively managed&#8221; approach to investing. This means that the Fund&#8217;s subadviser selects securities for investment to try to approximate the investment characteristics and performance of the index. The MSCI EAFE Index (Net) is an unmanaged 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&#8217;s methodology. <br/><br/> While there is no guarantee, the investment adviser expects the correlation between the Fund and its index to be at least 0.95. A correlation of 1.00 would mean the returns of the Fund and the index almost always move in the same direction (but not necessarily by the same amount). A correlation of 0.00 would mean movements in the Fund are unrelated to movements in the index. 0.0014 0.0015 0.0039 0.1499 0.0455 0.14 0.4 <b>Portfolio Turnover</b> 2003-06-30 Worst Quarter www.icmarc.org/vpperformance 0.0725 0.0021 Worst Quarter 0.0041 -0.3491 -0.0256 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the fiscal year ended December 31, 2011, the Fund&#8217;s portfolio turnover rate was 86% of the average value of its portfolio. 0.0021 -0.1733 0.0072 0.2922 2008-12-31 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for other classes will vary. 0.0097 <b>Calendar Year Total Returns &#8212; Investor M Shares</b> <b>Principal Investment Risks:</b> 0.1433 58 84 -0.0224 0.0351 -0.0005 0 0 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 183 263 The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index, a custom benchmark and a group of mutual funds with similar investment objectives. The bar chart shows performance of the Fund&#8217;s Investor M Shares (the Fund&#8217;s outstanding shares will be renamed &#8220;Investor M Shares&#8221; on March 1, 2013). In the table, performance information for TM Shares prior to the inception date of that share class (March 1, 2013) is based on the performance of the Fund&#8217;s Investor M Shares. On March 1, 2013, the transfer agent&#8217;s fees for the Fund and for underlying Vantagepoint Funds changed in connection with the implementation of a new share class structure, resulting in no immediate increase in the Fund&#8217;s total expense ratio. These changes include a contractual agreement by the Fund&#8217;s transfer agent to waive a portion of its fees on the T Shares of the underlying Index Funds beginning March 1, 2013 through April 30, 2014. Should this agreement by the Fund&#8217;s transfer agent not be renewed, the Fund would experience an increase in fees. An increase in fees can adversely impact performance. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available by calling 800-669-7400 or at www.icmarc.org/vpperformance. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. <b>Investments, Risks, and Performance</b><br/><br/><b>Principal Investment Strategies:</b> 0.0016 0.0356 0.0041 After-tax returns are shown for Investor Shares only. After-tax returns for other classes will vary. 2004-06-30 0.0021 0.0127 318 457 0.0398 -0.0259 -0.0198 0.0524 Best Quarter -0.008 -0.0198 0.0211 2009-06-30 0.0329 -0.0152 -0.038 Calendar Year Total Returns &#8212; Investor M Shares 714 1017 0.1063 0.0928 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. After-tax returns are shown for Investor M Shares only. After-tax returns for other classes will vary.<br/><br/>Because the Fund is a multi-asset class fund, the custom benchmark is intended to provide a better performance comparison than a broad-based, single asset class benchmark. The Fund&#8217;s custom benchmark is comprised of the S&amp;P 500 Index and Barclays U.S. Intermediate Aggregate Bond 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 changes in the Fund&#8217;s target percentage asset allocations. 0.0358 There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. The Fund&#8217;s principal investment risks are summarized below:<br/><br/> <b>Stock Market Risk</b>&#8212;Stock market risk is the possibility that the prices of equity securities overall will experience increased volatility and decline over short or extended periods. Markets tend to move in cycles, with periods of rising prices and periods of falling prices.<br/><br/> <b>Foreign Securities Risk</b>&#8212;Investments in foreign securities may involve the risk of loss due to political, economic, legal, regulatory, and operational uncertainties; differing accounting and financial reporting standards; limited availability of information; currency fluctuations; and higher transaction costs.<br/><br/> <b>Small-Cap Securities Risk</b>&#8212;Investments in small-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of small-capitalization companies are generally subject to greater price volatility than those of larger companies due to: less certain growth prospects, the lower degree of liquidity in the markets for their securities, and the greater sensitivity of smaller companies to changing economic conditions. Also, small-capitalization companies may have more limited product lines, fewer capital resources and less experienced management than larger companies.<br/><br/> <b>Mid-Cap Securities Risk</b>&#8212;Investments in mid-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of mid-capitalization companies generally trade in lower volume and are generally subject to greater and less predictable price changes than the securities of larger companies.<br/><br/> <b>Foreign Currency Risk</b>&#8212;Investments in securities denominated in foreign currencies may experience gains or losses solely based on changes in the exchange rate between foreign currencies and the U.S. dollar.<br/><br/> <b>Index Fund Risk</b>&#8212;The Fund is designed to approximate the investment characteristics and performance of a specified index. Securities may be purchased, held, and sold by the Fund at times when an actively managed fund would not do so. Performance of the Fund will deviate from the performance of its benchmark index, which is known as tracking error. Tracking error may be caused by: (i) fees and expenses of the Fund (whereas the benchmark index has no management fees or transaction expenses); (ii) changes to the benchmark index; and (iii) the timing of cash flows into and out of the Fund. Worst Quarter 0.0114 0.0093 2008-12-31 0.0008 Best Quarter 16 The Fund invests, under normal circumstances, at least 90% of its net assets in equity issues included in the Wilshire 4500 Completion Index, selected and weighted to seek to result in investment characteristics comparable to those of that index and performance that correlates with the performance of that index.<br/><br/>The Fund follows an indexed or &#8220;passively managed&#8221; approach to investing. This means that securities are selected for investment to try to approximate the investment characteristics and performance of the index. The subadviser employs a sampling technique to approximate index characteristics, using fewer securities than are contained in the index. The Wilshire 4500 Completion Index is an unmanaged index that consists of all equity issues (including common stocks, interests in real estate investment trusts, and limited partnership interests) in the Wilshire 5000 Total Market Index except for those included in the S&amp;P 500 Index.<br/><br/>While there is no guarantee, the investment adviser expects the correlation between the Fund and its index to be at least 0.95. A correlation of 1.00 would mean the returns of the Fund and the index almost always move in the same direction (but not necessarily by the same amount). A correlation of 0.00 would mean movements in the Fund are unrelated to movements in the index. 0.0058 0.0093 -0.0025 42 -0.0896 0.017 22 0.1153 -0.0021 0.0997 0.1153 0.0775 0.1356 -0.0666 0.1093 <b>Milestone 2025 Fund</b> 63 0.1464 132 <b>Investment Objective</b> 68 <b>Risk/Return Bar Chart and Table</b> 0.0371 0.0307 <b>Principal Investment Risks:</b> 0.0299 <b>Portfolio Turnover</b> To offer high total return consistent with the Fund&#8217;s current asset allocation. 0.0371 0.0292 2009-09-30 0.0385 0.0674 0.0368 <b>Fund Fees & Expenses</b> 0.0721 0.1472 0.0592 0.0546 113 0.0721 0.0431 0.0795 230 The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Beginning March 1, 2013, all outstanding shares of the Fund will be renamed &#8220;Investor M Shares,&#8221; and the Fund will offer a new share class, &#8220;TM Shares,&#8221; to investors. In the interim, the Fund continues to offer its existing shares to investors. Information about these shares is described below under Investor M Shares. 0.0666 118 Worst Quarter <b>Shareholder Fees<br/>(fees paid directly from your investment)</b> 0.0838 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 0.0657 <b>Investments, Risks, and Performance<br/><br/>Principal Investment Strategies:</b> 263 The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index. The bar chart shows performance of the Fund&#8217;s Class I Shares. In the table, performance information for T Shares prior to the inception date of that share class (March 1, 2013) is based on the performance of the Fund&#8217;s Class I Shares. This prior performance has not been adjusted to reflect the actual fees and expenses paid by T Shares. The Fund has a contractual agreement by the Fund&#8217;s transfer agent to waive a portion of its fees on the T Shares of the Index Funds beginning March 1, 2013 through April 30, 2014. Should this agreement by the Fund&#8217;s transfer agent not be renewed, the Fund would experience an increase in fees. An increase in fees can adversely impact performance. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available by calling 800-669-7400 or at www.icmarc.org/vpperformance. 0.0523 518 2008-12-31 268 0.0393 0.0374 <b>Annual Fund Operating Expenses<br/>(expenses that you pay each year as a percentage<br/>of the value of your investment)</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the fiscal year ended December 31, 2011, the Fund&#8217;s portfolio turnover rate was 73% of the average value of its portfolio. -0.2558 0.0523 0.0757 0.0667 Best Quarter Calendar Year Total Returns &#8212; Class I Shares -0.0224 -0.0255 2009-06-30 -0.0112 -0.0224 0.0211 0.0534 0.0272 Worst Quarter -0.0351 2008-09-30 Shareholders of the Fund indirectly pay the fees and expenses of the Acquired funds. The Fund&#8217;s total annual fund operating expenses shown in this table do not correlate to the expense ratios shown in the Fund&#8217;s financial highlights for the most recent fiscal year, which reflect the Fund&#8217;s operating expenses and do not include Acquired fund fees and expenses. -0.2426 -0.0172 Fees and expenses have been restated to reflect current fees and expenses. 0.2871 0.0327 <b>Example</b> 0.0486 0.1021 This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.0981 -0.4289 0.0016 -0.0053 0 <b>Portfolio Turnover</b> 0.0016 -0.0025 0.3102 0.0081 -0.0099 0.1476 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index, a custom benchmark and a group of mutual funds with similar investment objectives. <b>Average Annual Total Returns </b><br/><b>(for the periods ended <br/></b><b>December 31, 2011)</b> 87 112 The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 800-669-7400 There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. <b>The Fund is not a complete solution for all of your retirement savings needs. An investment in the Fund includes the risk of loss, including near, at or after the target date of the Fund. There is no guarantee that the Fund will provide adequate income at and through an investor&#8217;s retirement. Selecting the Fund (or any of The Vantagepoint Funds) does not guarantee that you will have adequate savings for retirement.</b><br/><br/><b>Asset Allocation Risk</b>&#8212;Asset allocation risk is the risk that the selection of the underlying Funds and the allocation of Fund assets among them will cause the Fund to lose money or to underperform other funds with similar investment objectives. In addition, there is the risk that the asset classes favored by the allocations will not perform as expected. The Fund&#8217;s investment adviser may alter the Fund&#8217;s asset allocation, as well as its Fund-level allocations, for reasons other than the passage of time. Any changes made in the underlying Funds, such as changes in investment objectives or strategies, may affect the Fund&#8217;s performance.<br/><br/>The amount invested by this Fund in each underlying Fund is exposed to the same risks as that underlying Fund. These risks are summarized below.<br/><br/><b>Stock Market Risk</b>&#8212;Stock market risk is the possibility that the prices of equity securities overall will experience increased volatility and decline over short or extended periods. Markets tend to move in cycles, with periods of rising prices and periods of falling prices.<br/><br/><b>Foreign Securities Risk</b>&#8212;Investments in foreign securities may involve the risk of loss due to political, economic, legal, regulatory, and operational uncertainties; differing accounting and financial reporting standards; limited availability of information; currency fluctuations; and higher transaction costs. These risks may be greater with respect to securities of companies located in emerging market countries. Investments in securities of issuers located in emerging market countries tend to be more volatile than investments in securities of issuers located in developed foreign countries.<br/><br/><b>Small-Cap Securities Risk</b>&#8212;Investments in small-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of small-capitalization companies are generally subject to greater price volatility than those of larger companies due to: less certain growth prospects, the lower degree of liquidity in the markets for their securities, and the greater sensitivity of smaller companies to changing economic conditions. Also, small-capitalization companies may have more limited product lines, fewer capital resources and less experienced management than larger companies.<br/><br/><b>Mid-Cap Securities Risk</b>&#8212;Investments in mid-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of mid-capitalization companies generally trade in lower volume and are generally subject to greater and less predictable price changes than the securities of larger companies.<br/><br/><b>Equity Income/Interest Rate Risk</b>&#8212;A Fund&#8217;s distributions to shareholders may decline when interest rates fall or when dividend income from investments in stocks declines.<br/><br/><b>Convertible Securities Risk</b>&#8212;Convertible securities generally tend to be of lower credit quality, and the value of a convertible security generally increases and decreases with the value of the underlying common stock, but may also be sensitive to changes in interest rates. A Fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or declares bankruptcy.<br/><br/><b>Interest Rate Risk</b>&#8212;Fixed income securities fluctuate in value as interest rates change. When interest rates rise, the market prices of fixed income securities will usually decrease; when interest rates fall, the market prices of fixed income securities usually will increase.<br/><br/><b>Credit Risk</b>&#8212;An issuer of a fixed income security may be unable or unwilling to make payments of principal or interest to the holders of such securities or may declare bankruptcy. These events could cause a Fund to lose money.<br/><br/><b>Mortgage-backed Securities Risk</b>&#8212;Defaults on the mortgages underlying mortgage-backed securities may adversely affect the value of these securities. These securities are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain mortgage-backed securities may be more volatile and less liquid than other traditional types of fixed income securities.<br/><br/><b>Asset-backed Securities Risk</b>&#8212;Defaults on the assets underlying asset-backed securities may adversely affect the value of these securities. These securities are subject to risks associated with the nature of the underlying assets and are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain asset-backed securities may be more volatile and less liquid than other traditional types of fixed income securities.<br/><br/><b>Derivative Instruments Risk</b>&#8212;Use of derivative instruments involves 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 derivative instruments include: the risk that the other party to a derivative contract may not fulfill its obligations (counterparty risk); the risk that a particular derivative instrument, such as over-the-counter derivative instruments, may be difficult to purchase or sell (liquidity risk); the risk that certain derivative instruments are more sensitive to interest rate changes and market price fluctuations (interest rate and market risks); and the risk of mispricing or improper valuation of the derivative instrument, and the inability of the derivative instrument to correlate in value with its underlying asset, reference rate, or index (valuation risk). There is no assurance that the Fund&#8217;s use of any derivatives strategy will succeed, or that the Fund will not lose money. 0.0085 0.0063 www.icmarc.org/vpperformance 0.0012 0.0084 -0.1673 0.0107 0.0076 0.007 0.0085 0.007 0.0098 0.0211 587 0.0421 663 -0.0027 0.3775 0.1961 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the fiscal year ended December 31, 2011, the Fund&#8217;s portfolio turnover rate was 15% of the average value of its portfolio. -0.0427 Calendar Year Total Returns &#8212; Class I Shares <b>Example</b> 0.1274 0.0013 0.2535 After-tax returns are shown for Investor M Shares only. After-tax returns for other classes will vary. 0.0012 0.1017 Fees and expenses have been restated to reflect current fees and expenses. -0.4205 0.15 0.0344 0.2863 0.0323 <b>Risk/Return Bar Chart and Table</b> 0.0295 0.0365 0.0344 0.0737 0.038 -0.1242 There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. The Fund&#8217;s principal investment risks are summarized below:<br/><br/><b>Stock Market Risk</b>&#8212;Stock market risk is the possibility that the prices of equity securities overall will experience increased volatility and decline over short or extended periods. Markets tend to move in cycles, with periods of rising prices and periods of falling prices.<br/><br/><b>Small-Cap Securities Risk</b>&#8212;Investments in small-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of small-capitalization companies are generally subject to greater price volatility than those of larger companies due to: less certain growth prospects, the lower degree of liquidity in the markets for their securities, and the greater sensitivity of smaller companies to changing economic conditions. Also, small-capitalization companies may have more limited product lines, fewer capital resources and less experienced management than larger companies.<br/><br/><b>Mid-Cap Securities Risk</b>&#8212;Investments in mid-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of mid-capitalization companies generally trade in lower volume and are generally subject to greater and less predictable price changes than the securities of larger companies.<br/><br/><b>Real Estate Investment Trust (&#8220;REIT&#8221;) Securities Risk</b>&#8212;Investments in REITs are subject to risks generally associated with investing in real estate, such as declining real estate values, over-building, property tax increases, increases in operating expenses and interest rates, insufficient levels of occupancy, the inability to obtain financing (at all or on acceptable terms), and the national, regional and local economic conditions affecting the real estate market.<br/><br/><b>Index Fund Risk</b>&#8212;The Fund is designed to approximate the investment characteristics and performance of a specified index. Securities may be purchased, held, and sold by the Fund at times when an actively managed fund would not do so. Performance of the Fund will deviate from the performance of its benchmark index, which is known as tracking error. Tracking error may be caused by: (i) fees and expenses of the Fund (whereas the benchmark index has no management fees or transaction expenses); (ii) changes to the benchmark index; and (iii) the timing of cash flows into and out of the Fund. Because the Fund is a multi-asset class fund, the custom benchmark is intended to provide a better performance comparison than a broad-based, single asset class benchmark. The Fund&#8217;s custom benchmark is comprised of the S&amp;P 500 Index and Barclays U.S. Intermediate Aggregate Bond 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 changes in the Fund&#8217;s target percentage asset allocations. <b>Investments, Risks, and Performance<br/><br/>Principal Investment Strategies:</b> The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index, a custom benchmark, and a group of mutual funds with similar investment objectives. The bar chart shows performance of the Fund&#8217;s Investor M Shares (the Fund&#8217;s outstanding shares will be renamed &#8220;Investor M Shares&#8221; on March 1, 2013). In the table, performance information for TM Shares prior to the inception date of that share class (March 1, 2013) is based on the performance of the Fund&#8217;s Investor M Shares. On March 1, 2013, the transfer agent&#8217;s fees for the Fund and for underlying Vantagepoint Funds changed in connection with the implementation of a new share class structure, resulting in no immediate increase in the Fund&#8217;s total expense ratio. These changes include a contractual agreement by the Fund&#8217;s transfer agent to waive a portion of its fees on the T Shares of the underlying Index Funds beginning March 1, 2013 through April 30, 2014. Should this agreement by the Fund&#8217;s transfer agent not be renewed, the Fund would experience an increase in fees. An increase in fees can adversely impact performance. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available by calling 800-669-7400 or at www.icmarc.org/vpperformance. <b>Risk/Return Bar Chart and Table</b> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Investments, Risks, and Performance</b><br/><br/><b>Principal Investment Strategies:</b> 0.0201 0.0117 0.0143 0.0201 0.0303 Calendar Year Total Returns &#8212; Investor M Shares -0.0025 16 0.0055 42 22 0 0 84 109 262 340 63 -0.1756 132 455 68 590 0.185 0.0338 0.0339 The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index. The bar chart shows performance of the Fund&#8217;s Class I Shares. In the table, performance information for T Shares prior to the inception date of that share class (March 1, 2013) is based on the performance of the Fund&#8217;s Class I Shares. This prior performance has not been adjusted to reflect the actual fees and expenses paid by T Shares. The Fund has a contractual agreement by the Fund&#8217;s transfer agent to waive a portion of its fees on the T Shares of the Index Funds beginning March 1, 2013 through April 30, 2014. Should this agreement by the Fund&#8217;s transfer agent not be renewed, the Fund would experience an increase in fees. An increase in fees can adversely impact performance. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available by calling 800-669-7400 or at www.icmarc.org/vpperformance. 0.0752 113 230 118 0.0605 0.086 1014 1306 263 518 Calendar Year Total Returns &#8212; Class I Shares 268 -0.1376 0.0065 0.1653 0.009 0.0115 0.0693 <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0"> <tr valign="bottom"> <td width="20%"> </td> <td width="39%"> </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> Best Quarter </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> Worst Quarter </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> 15.48% </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> -18.28% </td> </tr> <tr valign="bottom"> <td align="center" valign="top"> <div> (2nd Qtr 2009) </div> </td> <td> </td> <td align="center" valign="bottom"> (4th Qtr 2008) </td> </tr> </table> 0.0237 0.0379 0.001 0.0048 0.0302 0.0299 0.001 0.0379 0.0264 0.0433 0.0305 74 99 0.0007 0.0032 230 310 401 539 0.15 0 0 0.0648 894 1194 April 30, 2014 -0.1841 -0.0427 0.1192 -0.0435 0.4217 -0.0267 -0.0326 -0.0427 0.0264 -0.0135 -0.0246 0.0717 0 -0.0281 0.1786 0 0.0211 -0.0071 0.0963 -0.041 -0.2686 2005-01-03 0.1499 2005-01-03 You may lose money by investing in the Fund. 2005-01-03 2005-01-03 0.2343 2005-01-03 2005-01-03 2005-01-03 -0.0203 -0.0212 0.0498 -0.0172 -0.0203 0.025 0.1127 0.0079 -0.3857 0.0493 0.0626 0.0844 0.3619 0.0555 -0.0026 Fees and expenses have been restated to reflect current fees and expenses. 0.0468 0.0518 0.2793 Best Quarter 2009-06-30 -0.0391 0.1548 The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index, a custom benchmark, and a group of mutual funds with similar investment objectives. Worst Quarter 2008-12-31 <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0"> <tr valign="bottom"> <td width="20%"> </td> <td width="39%"> </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> Best Quarter </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> Worst Quarter </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> 25.36% </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> -20.16% </td> </tr> <tr valign="bottom"> <td align="center" valign="top"> <div> (2nd Qtr 2009) </div> </td> <td> </td> <td align="center" valign="bottom"> (3rd Qtr 2011) </td> </tr> </table> -0.1828 0.0049 0.0043 0.0041 0.0049 0.22 0.001 0.026 0.0229 <b>Portfolio Turnover</b> 0.001 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the fiscal year ended December 31, 2011, the Fund&#8217;s portfolio turnover rate was 18% of the average value of its portfolio. 0.73 0.0014 0.0014 0.0048 0.0048 0.0013 0.0038 The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index, a custom benchmark, and a group of mutual funds with similar investment objectives. The bar chart shows performance of the Fund&#8217;s Investor M Shares (the Fund&#8217;s outstanding shares will be renamed &#8220;Investor M Shares&#8221; on March 1, 2013). In the table, performance information for TM Shares prior to the inception date of that share class (March 1, 2013) is based on the performance of the Fund&#8217;s Investor M Shares. On March 1, 2013, the transfer agent&#8217;s fees for the Fund and for underlying Vantagepoint Funds changed in connection with the implementation of a new share class structure, resulting in no immediate increase in the Fund&#8217;s total expense ratio. These changes include a contractual agreement by the Fund&#8217;s transfer agent to waive a portion of its fees on the T Shares of the underlying Index Funds beginning March 1, 2013 through April 30, 2014. Should this agreement by the Fund&#8217;s transfer agent not be renewed, the Fund would experience an increase in fees. An increase in fees can adversely impact performance. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available by calling 800-669-7400 or at www.icmarc.org/vpperformance. <b>Average Annual</br> Total Returns</br> (for the periods ended</br> December 31, 2011)</b> 0.009 0.0065 0.0037 The Fund invests, under normal circumstances, primarily in U.S. common stocks that the Fund&#8217;s subadvisers believe offer the potential for capital appreciation or that may provide current income by paying dividends. Strategies used by the Fund&#8217;s subadvisers include: 1) focusing on large-capitalization U.S. companies whose common stocks are believed to offer potential for price appreciation because of undervaluation, earnings growth, or both; and 2) emphasizing U.S. stocks that may pay dividends. <br/><br/>The Fund also may invest in:<ul><li type = "square">foreign equity securities;</li><li type = "square"> mid-capitalization equity securities;</li><li type = "square">U.S. preferred stock; and </li><li type = "square"> U.S. convertible securities.</li></ul>The term &#8220;equity securities&#8221; refers to both common and preferred stock.<br/><br/>Preferred stocks tend to have lower credit ratings than bonds issued by the same entity. In addition, convertible bonds frequently have credit ratings that are below investment grade or are unrated. 0.0062 800-669-7400 0.18 <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0"> <tr valign="bottom"> <td width="20%"></td> <td width="39%"> </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> Best Quarter </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> Worst Quarter </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> 12.97% </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> -14.63% </td> </tr> <tr valign="bottom"> <td align="center" valign="top"> <div> (2nd Qtr 2009) </div> </td> <td> </td> <td align="center" valign="bottom"> (4th Qtr 2008) </td> </tr> </table> <div align="left"> </div> www.icmarc.org/vpperformance 66 <b>Portfolio Turnover</b> 92 <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0"> <tr valign="bottom"> <td width="20%"></td> <td width="39%"> </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> Best Quarter </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> Worst Quarter </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> 21.19% </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> -26.43% </td> </tr> <tr valign="bottom"> <td align="center" valign="top"> <div> (2nd Qtr 2009) </div> </td> <td> </td> <td align="center" valign="bottom"> (4th Qtr 2008) </td> </tr> </table> 208 288 <b>Average Annual <br/> Total Returns <br/> (for the periods ended <br/> December 31, 2011)</b> <b>Investments, Risks, and Performance<br/><br/>Principal Investment Strategies:</b> 362 500 <b>Principal Investment Risks:</b> 810 1112 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. <b>Average Annual</b><br/><b>Total Returns </b><br/><b>(for the periods ended </b><br/><b>December 31, 2011)</b> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. After-tax returns are shown for Class I shares only. After-tax returns for other classes will vary. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the fiscal year ended December 31, 2011, the Fund&#8217;s portfolio turnover rate was 50% of the average value of its portfolio. 38 64 119 199 0.0154 0.0069 0.0108 0.0175 0.0154 0.0163 208 347 You may lose money by investing in the Fund. After-tax shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. 0.0768 0.1352 468 0.0641 The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 0.0584 776 0.0548 0.0661 0.0711 0.0641 0.0674 <div style="display:none">~ http://www.icmarc.org/role/ScheduleExpenseExampleTransposedVantagepointModelPortfolioTraditionalGrowthFund column period compact * ~</div> 800-669-7400 -0.3254 0.2733 www.icmarc.org/vpperformance 0.1311 -0.0007 -0.0031 -0.0009 -0.0007 -0.0146 <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0"> <tr valign="bottom"> <td width="20%"></td> <td width="39%"> </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> Best Quarter </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> Worst Quarter </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> 9.46% </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> -9.06% </td> </tr> <tr valign="bottom"> <td align="center" valign="top"> <div> (2nd Qtr 2009) </div> </td> <td> </td> <td align="center" valign="bottom"> (4th Qtr 2008) </td> </tr> </table> -0.0391 -0.0481 -0.0174 -0.0281 0.0555 -0.037 -0.041 -0.0391 Best Quarter 2009-06-30 <b>Investments, Risks, and Performance</b><br/><br/><b>Principal Investment Strategies:</b> You may lose money by investing in the Fund. 0.0265 0.0173 0.0191 Best Quarter 0.0265 0.0609 Because the Fund is a multi-asset class fund, the custom benchmark is intended to provide a better performance comparison than a broad-based, single asset class benchmark. The Fund&#8217;s custom benchmark is comprised of the S&amp;P 500 Index and Barclays U.S. Intermediate Aggregate Bond 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&#8217;s target percentage asset allocations. 0.0397 0.0164 -0.0261 -0.0289 -0.0139 0.0211 -0.0261 0.1297 -0.0068 -0.0349 0.0946 <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualTotalReturnsVantagepointModelPortfolioTraditionalGrowthFundBarChart column period compact * ~</div> Worst Quarter 2009-06-30 Worst Quarter 2008-12-31 2008-12-31 -0.0906 -0.1463 -0.0013 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for other classes will vary. 0.0003 0.0003 -0.0064 -0.0126 -0.0102 -0.0025 0.0254 0.0264 0.0246 0.0308 0.0248 0.0308 0.0257 0.5 There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. The Fund&#8217;s principal investment risks are summarized below:<br/><br/><b>Stock Market Risk</b>&#8212;Stock market risk is the possibility that the prices of equity securities overall will experience increased volatility and decline over short or extended periods. Markets tend to move in cycles, with periods of rising prices and periods of falling prices.<br/><br/><b>Mid-Cap Securities Risk</b>&#8212;Investments in mid-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of mid-capitalization companies generally trade in lower volume and are generally subject to greater and less predictable price changes than the securities of larger companies.<br/><br/><b>Small-Cap Securities Risk</b>&#8212;Investments in small-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of small-capitalization companies are generally subject to greater price volatility than those of larger companies due to: less certain growth prospects, the lower degree of liquidity in the markets for their securities, and the greater sensitivity of smaller companies to changing economic conditions. Also, small-capitalization companies may have more limited product lines, fewer capital resources and less experienced management than larger companies.<br/><br/><b>Growth Style Risk</b>&#8212;The prices of growth-oriented equity securities may fall or fail to appreciate as anticipated by a subadviser, regardless of movements in the securities markets. Equity securities representing a growth style may be out of favor in the market and the prices of growth-oriented equity securities may be more sensitive to changes in current or expected earnings than other styles of investing, particularly over shorter time periods.<br/><br/><b>Indexing Risk</b>&#8212;The portion of the Fund that is indexed or passively managed is designed to approximate the investment characteristics and performance of a specified index. Unlike an actively managed strategy, an index strategy does not rely on a portfolio manager&#8217;s decision making with respect to which individual securities may outperform others. Securities in this portion of the Fund may be purchased, held, and sold by the Fund at times when an actively managed portfolio would not do so. In addition, performance of this portion of the Fund will deviate from the performance of the specified index, which is known as tracking error. Tracking error may be caused by: (i) fees and expenses associated with managing the passive portfolio (whereas the index has no management fees or transaction expenses); (ii) changes to the index; and (iii) the timing of cash flows into and out of this portion of the Fund.<br/><br/><b>Foreign Securities Risk</b>&#8212;Investments in foreign securities may involve the risk of loss due to political, economic, legal, regulatory, and operational uncertainties; differing accounting and financial reporting standards; limited availability of information; currency fluctuations; and higher transaction costs. These risks may be greater with respect to securities of companies located in emerging market countries. Investments in securities of issuers located in emerging market countries tend to be more volatile than investments in securities of issuers located in developed foreign countries.<br/><br/><b>Foreign Currency Risk</b>&#8212;Investments in foreign currencies or securities denominated in foreign currencies (including derivative instruments that provide exposure to foreign currencies) may experience gains or losses solely based on changes in the exchange rate between foreign currencies and the U.S. dollar.<br/><br/><b>Derivative Instruments Risk</b>&#8212;Use of derivative instruments involves 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 derivative instruments include: the risk that the other party to a derivative contract may not fulfill its obligations (counterparty risk); the risk that a particular derivative instrument, such as over-the-counter derivative instruments, may be difficult to purchase or sell (liquidity risk); the risk that certain derivative instruments are more sensitive to interest rate changes and market price fluctuations (interest rate and market risks); and the risk of mispricing or improper valuation of the derivative instrument, and the inability of the derivative instrument to correlate in value with its underlying asset, reference rate, or index (valuation risk). There is no assurance that the Fund&#8217;s use of any derivatives strategy will succeed, or that the Fund will not lose money. <br/><br/><b>Preferred Stock Risk</b>&#8212;Preferred stockholders may have more limited voting rights than common stockholders. Holders of a company&#8217;s debt securities are generally paid before holders of the company&#8217;s preferred stock. The value and volatility of preferred stock may be dependent on factors that affect both fixed income securities and equity securities. <br/><br/><b>Convertible Securities Risk</b>&#8212;The value of a convertible security generally increases and decreases with the value of the underlying common stock, but may also be sensitive to changes in interest rates. Convertible securities generally tend to be of lower credit quality, have a higher risk of default, and tend to be less liquid than traditional non-convertible securities. The market prices of these securities also may experience greater volatility than the market prices of higher quality securities and may decline significantly in periods of general economic difficulty. The Fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or declares bankruptcy.<br/><br/><b>Multi-Manager Risk</b>&#8212;While VIA monitors each subadviser and the overall management of the Fund, each subadviser makes investment decisions independently from VIA and the other subadvisers. It is possible that the security selection process of one subadviser will not complement that of the other subadvisers. As a result, the Fund&#8217;s exposure to a given security, industry, sector or market capitalization could be smaller or larger than if the Fund were managed by a single subadviser, which could affect the Fund&#8217;s performance. <div style="display:none">~ http://www.icmarc.org/role/ScheduleAverageAnnualTotalReturnsTransposedVantagepointModelPortfolioTraditionalGrowthFund column period compact * ~</div> The Fund invests, under normal circumstances, primarily in common stocks of mid-capitalization U.S. companies that the Fund&#8217;s subadvisers believe present attractive investment opportunities at favorable prices in relation to the intrinsic worth of the issuer and may also offer the possibility for growth through the reinvestment of dividends. The Fund generally seeks to invest in common stocks of companies with market capitalizations that fall within the range of companies in the Russell Midcap Value Index. The Fund may invest up to 10% of its net assets in real estate investment trusts. <br /><br /> The Fund also may invest in: <ul><li type = "square">foreign equity securities; </li><li type = "square">U.S. preferred stock; </li><li type = "square">U.S. convertible securities; and</li><li type = "square">small-capitalization equity securities. </li></ul>The term &#8220;equity securities&#8221; refers to both common and preferred stock. <br /><br />Preferred stocks tend to have lower credit ratings than bonds issued by the same entity. In addition, convertible bonds frequently have credit ratings that are below investment grade or are unrated. 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&#8217;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&#8217;s U.S. and foreign fixed income securities (1) are held, in part, as collateral in conjunction with the Fund&#8217;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).<br/><br/>The Fund also may invest in:<ul><li type = "square">foreign equity securities (including those of issuers located in emerging market countries);</li><li type = "square"> U.S. preferred stock; and</li><li type = "square">U.S. and foreign convertible securities.</li></ul>The term &#8220;equity securities&#8221; refers to both common and preferred stock.<br/><br/>The Fund&#8217;s subadvisers may invest in a company&#8217;s preferred stock or convertible security for various reasons including when they believe the security type offers a higher return opportunity than the company&#8217;s common stock. Preferred stocks tend to have lower credit ratings than bonds issued by the same entity. In addition, convertible bonds frequently have credit ratings that are below investment grade or are unrated.<br/><br/>The Fund&#8217;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&#8217;s subadvisers determine are of comparable quality). <br/><br/>In addition to Russell 2000 Index futures contracts, the Fund&#8217;s subadvisers also may use other derivative instruments. The Fund&#8217;s subadvisers may use futures, options, and swap agreements to manage risk, or to obtain or adjust investment exposure. The Fund&#8217;s subadvisers also may use forward currency contracts to obtain or adjust investment exposure or to manage foreign currency risks. Investments in derivative instruments are limited to 15% of the Fund&#8217;s net assets. Fees and expenses have been restated to reflect current fees and expenses. Shareholders of the Fund indirectly pay the fees and expenses of the Acquired funds. The Fund&#8217;s total annual fund operating expenses shown in this table do not correlate to the expense ratios shown in the Fund&#8217;s financial highlights for the most recent fiscal year, which reflect the Fund&#8217;s operating expenses and do not include Acquired fund fees and expenses. <b>Average Annual Total Returns </b><br/><b>(for the periods ended </b><br/><b>December 31, 2011)</b> The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index. -0.1242 -0.1291 -0.0766 -0.1228 -0.1242 1.09 -0.1214 <b>Average Annual Total Returns </b><br/><b>(for the periods ended </b><br/><b>December 31, 2011)</b> -0.0504 -0.0539 -0.0414 -0.0486 -0.0504 <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0"> <tr valign="bottom"> <td width="20%"> </td> <td width="39%"> </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> Best Quarter </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> Worst Quarter </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> 17.72% </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> -20.83% </td> </tr> <tr valign="bottom"> <td align="center" valign="top"> <div> (2nd Qtr 2009) </div> </td> <td> </td> <td align="center" valign="bottom"> (4th Qtr 2008) </td> </tr> </table> You may lose money by investing in the Fund. -0.0472 0.0115 0.0065 0.0088 The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index and a group of mutual funds with similar investment objectives. 0.0115 0.0597 0.047 0.017 The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 0.0412 0.0378 0.0361 After-tax returns are shown for Investor M Shares only. After-tax returns for other classes will vary. 0.0433 0.0412 0.0467 800-669-7400 www.icmarc.org/vpperformance After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. After-tax returns are shown for Investor M Shares only. After-tax returns for other classes will vary.<br/><br/> Because the Fund is a multi-asset class fund, the custom benchmark is intended to provide a better performance comparison than a broad-based, single asset class benchmark. The Fund&#8217;s custom benchmark is comprised of the S&amp;P 500 Index and Barclays U.S. Intermediate Aggregate Bond 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 changes in the Fund&#8217;s target percentage asset allocations. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. 0.0272 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. 0.0182 0.0191 0.0272 After-tax returns are shown for Investor Shares only. After-tax returns for other classes will vary. 0.0609 800-669-7400 0.0395 <b>Risk/Return Bar Chart and Table</b> www.icmarc.org/vpperformance 0.0273 Because the Fund is a multi-asset class fund, the custom benchmark is intended to provide a better performance comparison than a broad-based, single asset class benchmark. The Fund&#8217;s custom benchmark is comprised of the S&amp;P 500 Index and Barclays U.S. Intermediate Aggregate Bond 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 changes in the Fund&#8217;s target percentage asset allocations. -0.0026 -0.007 0.0011 -0.0026 0.0211 0.0387 -0.0022 0.0397 0.0308 0.0296 0.0397 0.0539 0.0473 0.0423 -0.0179 -0.0064 -0.0146 0.0211 0.006 0.0314 0.0094 0.0143 -0.0226 -0.0025 The Fund invests primarily in the common stocks of companies headquartered outside the United States. Under normal circumstances, the Fund invests at least 80% of its net assets in foreign equity securities (common and preferred stock), including securities of issuers located in emerging market countries. Strategies used by the Fund&#8217;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. <br /><br />The Fund also may invest in: <ul><li type = "square">U.S. or foreign fixed income securities; </li><li type = "square">U.S. equity securities; and </li><li type = "square">U.S. or foreign convertible securities. </li></ul>The term &#8220;equity securities&#8221; refers to both common and preferred stock. <br /><br />Preferred stocks tend to have lower credit ratings than bonds issued by the same entity. In addition, convertible bonds frequently have credit ratings that are below investment grade or are unrated. <br /><br />The Fund&#8217;s subadvisers may use futures and options to manage risk or to obtain or adjust investment exposure. The Fund&#8217;s subadvisers also may use forward currency contracts to obtain or adjust investment exposure or to manage foreign currency risks. Fund investments in derivative instruments are limited to 10% of the Fund&#8217;s net assets but normally will not exceed 5% of the Fund&#8217;s net assets. 0.0244 0.0036 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 0.005 -0.0021 0.0025 You may lose money by investing in the Fund. 0.005 -0.0025 0.0114 <div style="display:none">~ http://www.icmarc.org/role/ScheduleShareholderFeesVantagepointLowDurationBondFund column period compact * ~</div> 0.0406 0.0131 0.0046 0.0328 -0.0079 0.0074 0.0264 0.0114 0.0358 0.0156 0.0282 0.0166 0.0285 0.0358 <b>Principal Investment Risks:</b> 2010-01-04 2010-01-04 2010-01-04 2010-01-04 2010-01-04 2010-01-04 0.0373 0.0256 0.025 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. 0.0373 0.0394 0.0348 0.0328 0.0266 <b>Principal Investment Risks:</b> 0.0266 There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. The Fund&#8217;s principal investment risks are summarized below:<br/><br/><b>Stock Market Risk</b>&#8212;Stock market risk is the possibility that the prices of equity securities overall will experience increased volatility and decline over short or extended periods. Markets tend to move in cycles, with periods of rising prices and periods of falling prices.<br/><br/><b>Preferred Stock Risk</b>&#8212;Preferred stockholders may have more limited voting rights than common stockholders. Holders of a company&#8217;s debt securities are generally paid before holders of the company&#8217;s preferred stock. The value and volatility of preferred stock may be dependent on factors that affect both fixed income securities and equity securities.<br/><br/><b>Mid-Cap Securities Risk</b>&#8212;Investments in mid-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of mid-capitalization companies generally trade in lower volume and are generally subject to greater and less predictable price changes than the securities of larger companies.<br/><br/><b>Foreign Securities Risk</b>&#8212;Investments in foreign securities may involve the risk of loss due to political, economic, legal, regulatory, and operational uncertainties; differing accounting and financial reporting standards; limited availability of information; currency fluctuations; and higher transaction costs.<br/><br/><b>Equity Income/Interest Rate Risk</b>&#8212;The Fund&#8217;s distributions to shareholders may decline when interest rates fall or when dividend income from investments in stocks declines.<br/><br/><b>Foreign Currency Risk</b>&#8212;Investments in securities denominated in foreign currencies may experience gains or losses solely based on changes in the exchange rate between foreign currencies and the U.S. dollar. <br/><br/><b>Convertible Securities Risk</b>&#8212;The value of a convertible security generally increases and decreases with the value of the underlying common stock, but may also be sensitive to changes in interest rates. Convertible securities generally tend to be of lower credit quality, have a higher risk of default, and tend to be less liquid than traditional non-convertible securities. The market prices of these securities also may experience greater volatility than the market prices of higher quality securities and may decline significantly in periods of general economic difficulty. The Fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or declares bankruptcy.<br/><br/><b>Multi-Manager Risk</b>&#8212;While VIA monitors each subadviser and the overall management of the Fund, each subadviser makes investment decisions independently from VIA and the other subadvisers. It is possible that the security selection process of one subadviser will not complement that of the other subadvisers. As a result, the Fund&#8217;s exposure to a given security, industry, sector or market capitalization could be smaller or larger than if the Fund were managed by a single subadviser, which could affect the Fund&#8217;s performance. 0.0328 0.0264 0.0348 0.0352 0.0267 0.0226 66 0.0226 0.0352 92 0.0356 0.0338 208 287 The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index and a group of mutual funds with similar investment objectives. The bar chart shows performance of the Fund&#8217;s Investor Shares (the Fund&#8217;s outstanding shares will be renamed &#8220;Investor Shares&#8221; on March 1, 2013). In the table, performance information for T Shares prior to the inception date of that share class (March 1, 2013) is based on the performance of the Fund&#8217;s Investor Shares. This prior performance has not been adjusted to reflect the actual fees and expenses paid by T Shares. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available by calling 800-669-7400 or at www.icmarc.org/vpperformance. <!-- XBRL Paragraph Pagebreak --><!-- XBRL Pagebreak Begin --> After-tax returns are shown for Class I shares only. After-tax returns for other classes will vary. 362 498 <b>Principal Investment Risks:</b> 2010-01-04 810 800-669-7400 There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund.<b> The Fund is not a complete solution for all of your retirement savings needs. An investment in the Fund includes the risk of loss, including near, at or after the target date of the Fund. There is no guarantee that the Fund will provide adequate income at and through an investor&#8217;s retirement. Selecting the Fund (or any of The Vantagepoint Funds) does not guarantee that you will have adequate savings for retirement.</b> <br/><br/><b>Asset Allocation Risk</b>&#8212;Asset allocation risk is the risk that the selection of the underlying Funds and the allocation of Fund assets among them will cause the Fund to lose money or to underperform other funds with similar investment objectives. In addition, there is the risk that the asset classes favored by the allocations will not perform as expected. The Fund&#8217;s investment adviser may alter the Fund&#8217;s asset allocation, as well as its Fund-level allocations, for reasons other than the passage of time. Any changes made in the underlying Funds, such as changes in investment objectives or strategies, may affect the Fund&#8217;s performance. <br /><br /> The amount invested by this Fund in each underlying Fund is exposed to the same risks as that underlying Fund. These risks are summarized below.<br /><br /> <b>Stock Market Risk</b>&#8212;Stock market risk is the possibility that the prices of equity securities overall will experience increased volatility and decline over short or extended periods. Markets tend to move in cycles, with periods of rising prices and periods of falling prices.<br /><br /> <b>Foreign Securities Risk</b>&#8212;Investments in foreign securities may involve the risk of loss due to political, economic, legal, regulatory, and operational uncertainties; differing accounting and financial reporting standards; limited availability of information; currency fluctuations; and higher transaction costs. These risks may be greater with respect to securities of companies located in emerging market countries. Investments in securities of issuers located in emerging market countries tend to be more volatile than investments in securities of issuers located in developed foreign countries.<br /><br /> <b>Small-Cap Securities Risk</b>&#8212;Investments in small-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of small-capitalization companies are generally subject to greater price volatility than those of larger companies due to: less certain growth prospects, the lower degree of liquidity in the markets for their securities, and the greater sensitivity of smaller companies to changing economic conditions. Also, small-capitalization companies may have more limited product lines, fewer capital resources and less experienced management than larger companies.<br /><br /> <b>Mid-Cap Securities Risk</b>&#8212;Investments in mid-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of mid-capitalization companies generally trade in lower volume and are generally subject to greater and less predictable price changes than the securities of larger companies.<br /><br /> <b>Equity Income/Interest Rate Risk</b>&#8212;A Fund&#8217;s distributions to shareholders may decline when interest rates fall or when dividend income from investments in stocks declines.<br /><br /> <b>Interest Rate Risk</b>&#8212;Fixed income securities fluctuate in value as interest rates change. When interest rates rise, the market prices of fixed income securities will usually decrease; when interest rates fall, the market prices of fixed income securities usually will increase. <br/><br/><b>Credit Risk</b>&#8212;An issuer of a fixed income security may be unable or unwilling to make payments of principal or interest to the holders of such securities or may declare bankruptcy. These events could cause a Fund to lose money.<br /><br /> <b>Convertible Securities Risk</b>&#8212;Convertible securities generally tend to be of lower credit quality, and the value of a convertible security generally increases and decreases with the value of the underlying common stock, but may also be sensitive to changes in interest rates. A Fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or declares bankruptcy.<br /><br /> <b>Mortgage-backed Securities Risk</b>&#8212;Defaults on the mortgages underlying mortgage-backed securities may adversely affect the value of these securities. These securities are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain mortgage-backed securities may be more volatile and less liquid than other traditional types of fixed income securities.<br /><br /> <b>Asset-backed Securities Risk</b>&#8212;Defaults on the assets underlying asset-backed securities may adversely affect the value of these securities. These securities are subject to risks associated with the nature of the underlying assets and are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain asset-backed securities may be more volatile and less liquid than other traditional types of fixed income securities.<br /><br /> <b>Derivative Instruments Risk</b>&#8212;Use of derivative instruments involves 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 derivative instruments include: the risk that the other party to a derivative contract may not fulfill its obligations (counterparty risk); the risk that a particular derivative instrument, such as over-the-counter derivative instruments, may be difficult to purchase or sell (liquidity risk); the risk that certain derivative instruments are more sensitive to interest rate changes and market price fluctuations (interest rate and market risks); and the risk of mispricing or improper valuation of the derivative instrument, and the inability of the derivative instrument to correlate in value with its underlying asset, reference rate, or index (valuation risk). There is no assurance that the Fund&#8217;s use of any derivatives strategy will succeed, or that the Fund will not lose money. 1108 You may lose money by investing in the Fund. www.icmarc.org/vpperformance The Fund invests, under normal circumstances, at least 80% of its net assets in equity securities (common and preferred stock). The Fund seeks to invest primarily in the common stocks of U.S. companies that the Fund&#8217;s subadvisers believe will pay dividends at above-market levels. As a result of the Fund&#8217;s income focus, certain sectors or industries may be emphasized. The Fund may exhibit greater sensitivity to certain economic factors (e.g., changing interest rates) than will the general stock market. 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.<br/><br/>The Fund also may invest in:<ul><li type = "square">foreign equity securities;</li><li type = "square">U.S. and foreign convertible securities; and </li><li type = "square">U.S. preferred stock. </li></ul>The term &#8220;equity securities&#8221; refers to both common and preferred stock. <br/><br/>Preferred stocks tend to have lower credit ratings than bonds issued by the same entity. In addition, convertible bonds frequently have credit ratings that are below investment grade or are unrated. <b>Risk/Return Bar Chart and Table</b> 2005-01-03 2005-01-03 2005-01-03 2005-01-03 2005-01-03 2005-01-03 2005-01-03 The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index, a custom benchmark, and a group of mutual funds with similar investment objectives. The bar chart shows performance of the Fund&#8217;s Investor M shares (the Fund&#8217;s outstanding shares will be renamed &#8220;Investor M Shares&#8221; on March 1, 2013). In the table, performance information for TM shares prior to the inception date of that share class (March 1, 2013) is based on the performance of the Fund&#8217;s Investor M shares. On March 1, 2013, the transfer agent&#8217;s fees for the Fund and for underlying Vantagepoint Funds changed in connection with the implementation of a new share class structure, resulting in no immediate increase in the Fund&#8217;s total expense ratio. These changes include a contractual agreement by the Fund&#8217;s transfer agent to waive a portion of its fees on the T Shares of the underlying Index Funds beginning March 1, 2013 through April 30, 2014. Should this agreement by the Fund&#8217;s transfer agent not be renewed, the Fund would experience an increase in fees. An increase in fees can adversely impact performance. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available by calling 800-669-7400 or at www.icmarc.org/vpperformance. <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualFundOperatingExpensesVantagepointLowDurationBondFund column period compact * ~</div> The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index and a group of mutual funds with similar investment objectives. The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index, a custom benchmark, and a group of mutual funds with similar investment objectives. You may lose money by investing in the Fund. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 0.0741 0.0608 The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 0.0478 0.0757 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. After-tax returns are shown for Investor M Shares only. After-tax returns for other classes will vary.<br/><br/>Because the Fund is a multi-asset class fund, the custom benchmark is intended to provide a better performance comparison than a broad-based, single asset class benchmark. The Fund&#8217;s custom benchmark is comprised of the S&amp;P 500 Index and MSCI EAFE Index (Net) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with changes in the Fund&#8217;s target percentage asset allocations. 0.0741 0.0784 800-669-7400 www.icmarc.org/vpperformance 0.0605 0.0441 Best Quarter <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0"> <tr valign="bottom"> <td width="20%"></td> <td width="39%"> </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> Best Quarter </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> Worst Quarter </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> 14.23% </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> -16.53% </td> </tr> <tr valign="bottom"> <td align="center" valign="top"> <div> (2nd Qtr 2009) </div> </td> <td> </td> <td align="center" valign="bottom"> (4th Qtr 2008) </td> </tr> </table> 0.042 Worst Quarter 0.0625 0.1143 <b>Risk/Return Bar Chart and Table</b> <b>Principal Investment Risks:</b> 0.0605 Calendar Year Total Returns &#8212; Investor Shares 0.065 -0.1661 2010-09-30 2011-09-30 <div style="display:none">~ http://www.icmarc.org/role/ScheduleShareholderFeesVantagepointMilestone2015Fund column period compact * ~</div> 0.0532 0.0358 0.0351 0.0553 0.0532 0.0578 0.0315 0.0256 0.0258 0.0315 0.0264 0.0321 0.0274 0.02 Because the Fund is a multi-asset class fund, the custom benchmark is intended to provide a better performance comparison than a broad-based, single asset class benchmark. The Fund&#8217;s custom benchmark is comprised of the S&amp;P 500 Index and MSCI EAFE Index (Net) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with changes in the Fund&#8217;s target percentage asset allocations. The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index and a group of mutual funds with similar investment objectives. The bar chart shows performance of the Fund&#8217;s Investor Shares (the Fund&#8217;s outstanding shares will be renamed &#8220;Investor Shares&#8221; on March 1, 2013). In the table, performance information for T Shares prior to the inception date of that share class (March 1, 2013) is based on the performance of the Fund&#8217;s Investor Shares. This prior performance has not been adjusted to reflect the actual fees and expenses paid by T Shares. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available by calling 800-669-7400 or at www.icmarc.org/vpperformance. 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 &#8220;low correlation&#8221; to such asset classes). In combination, the Fund&#8217;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 currently uses the following investment strategies:<ul><li type = "square">Global Tactical Asset Allocation Strategy;</li><li type = "square">Low Duration-Plus Fixed Income Strategy; and</li><li type = "square">Convertible Securities Strategy.</li></ul>Each of these investment strategies is described in more detail below.<ul><li type = "square"><b>Global Tactical Asset Allocation Strategy</b>&#8212;The Fund allocates a portion of its assets to the global equity, investment grade fixed income and currency markets by investing in derivative instruments that provide investment exposure to fixed income securities, currencies and common or preferred stocks issued by companies, governments or their agencies or instrumentalities located in any part of the world, including emerging market countries. These derivative instruments generate their returns from the performance of such fixed income securities, currencies, or stocks and include, but are not limited to, futures, options, swap agreements (including total return, credit default, and interest rate swaps), and forward currency contracts.</li></ul><ul><li type = "square"><b>Low Duration-Plus Fixed Income Strategy</b>&#8212;Another portion of the Fund&#8217;s portfolio invests in core short and intermediate maturity fixed income securities (including securities issued or guaranteed by the U.S. Government or foreign governments and their agencies or instrumentalities, and U.S. and foreign mortgage-backed and asset backed 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). These 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&#8217;s subadvisers determine are of comparable quality) that the Fund&#8217;s subadviser believes provide return opportunities because they are priced below fair market value relative to securities of similar credit quality and interest rate sensitivity. Plus, the strategy also incorporates investments in non-core sectors and securities which may include but are not limited to below investment grade and unrated securities, foreign securities, including securities of issuers located in emerging market countries, inflation-adjusted securities, and currencies that the Fund&#8217;s subadviser believes offer attractive investment opportunities. The Fund may use futures and swaps as part of this fixed income strategy and seeks to reduce risk of loss due to currency fluctuations by hedging its non-U.S. dollar exposure, using a variety of techniques, including forward currency contracts.</li></ul><ul><li type = "square"><b>Convertible Securities Strategy</b>&#8212;The Fund allocates a portion of its assets to a portfolio of convertible securities of U.S. or foreign companies (which may include issuers located in emerging market countries). Convertible securities possess investment characteristics of both stocks and bonds. The Fund&#8217;s subadvisers seek to invest in those securities they believe are priced below fair market value and represent an attractive risk/reward potential. Many of these securities are rated below investment grade. The Fund&#8217;s subadvisers also may invest 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. The Fund&#8217;s subadvisers implementing this strategy may also invest in non-convertible bonds, common stocks, as well as &#8220;restricted&#8221; securities, such as Rule 144A securities.</li></ul><b>Additional Information About the Fund&#8217;s Investments</b><br/><br/>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.<br/><br/>The Fund may take both long and short positions in derivative instruments (short positions may involve greater risks than long positions, as the risk of loss is theoretically unlimited, unlike with a long position, in which the risk of loss may be limited to the amount invested). Under normal conditions, the Fund expects to maintain derivative positions that represent net long exposures in relation to specific underlying stocks, bonds, currencies or indexes.<br/><br/>The market value of the Fund&#8217;s net assets held in short positions in derivative instruments is not expected to exceed 25% of the market value of the Fund&#8217;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&#8217;s investments in credit default swaps, if any, will be less than 5% of the Fund&#8217;s net assets.<br/><br/>The Fund generally holds a significant portion of its assets in high-quality, short-term fixed income securities, in order to provide liquidity and meet derivatives collateral obligations. The Fund may also invest in mortgage-backed securities and asset-backed securities. Under normal circumstances, the Fund invests at least 40% of its net assets in fixed income securities. The Fund&#8217;s investments in fixed income securities generally are rated B or higher by a major ratings agency (or are unrated securities that the Fund&#8217;s subadvisers determine are of comparable quality); securities rated CCC (or equivalent) or unrated securities that the Fund&#8217;s subadvisers determine are of comparable quality (the minimum quality permitted) are permitted but will be less than 5% of the Fund&#8217;s net assets. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. The Fund&#8217;s principal investment risks are summarized below:<br /><br /><b>Stock Market Risk</b>&#8212;Stock market risk is the possibility that the prices of equity securities overall will experience increased volatility and decline over short or extended periods. Markets tend to move in cycles, with periods of rising prices and periods of falling prices.<br /><br /><b>Foreign Securities Risk</b>&#8212;Investments in foreign securities may involve the risk of loss due to political, economic, legal, regulatory, and operational uncertainties; differing accounting and financial reporting standards; limited availability of information; currency fluctuations; and higher transaction costs. These risks may be greater with respect to securities of companies located in emerging market countries. Investments in securities of issuers located in emerging market countries tend to be more volatile than investments in securities of issuers located in developed foreign countries.<br /><br /><b>Foreign Currency Risk</b>&#8212;Investments in foreign currencies or securities denominated in foreign currencies (including derivative instruments that provide exposure to foreign currencies) may experience gains or losses solely based on changes in the exchange rate between foreign currencies and the U.S. dollar. <br /><br /><b>Preferred Stock Risk</b>&#8212;Preferred stockholders may have more limited voting rights than common stockholders. Holders of a company&#8217;s debt securities are generally paid before holders of the company&#8217;s preferred stock. The value and volatility of preferred stock may be dependent on factors that affect both fixed income securities and equity securities.<br /><br /><b>Small-Cap Securities Risk</b>&#8212;Investments in small-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of small-capitalization companies are generally subject to greater price volatility than those of larger companies due to: less certain growth prospects, the lower degree of liquidity in the markets for their securities, and the greater sensitivity of smaller companies to changing economic conditions. Also, small-capitalization companies may have more limited product lines, fewer capital resources and less experienced management than larger companies.<br /><br /><b>Mid-Cap Securities Risk</b>&#8212;Investments in mid-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of mid-capitalization companies generally trade in lower volume and are generally subject to greater and less predictable price changes than the securities of larger companies.<br /><br /><b>Derivative Instruments Risk</b>&#8212;Use of derivative instruments involves 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 derivative instruments include: the risk that the other party to a derivative contract may not fulfill its obligations (counterparty risk); the risk that a particular derivative instrument, such as over-the-counter derivative instruments, may be difficult to purchase or sell (liquidity risk); the risk that certain derivative instruments are more sensitive to interest rate changes and market price fluctuations (interest rate and market risks); and the risk of mispricing or improper valuation of the derivative instrument, and the inability of the derivative instrument to correlate in value with its underlying asset, reference rate, or index (valuation risk). There is no assurance that the Fund&#8217;s use of any derivatives strategy will succeed, or that the Fund will not lose money.<br /><br /><b>Credit Risk</b>&#8212;An issuer of a fixed income security may be unable or unwilling to make payments of principal or interest to the holders of such securities or may declare bankruptcy. These events could cause the Fund to lose money.<br /><br /><b>Interest Rate Risk</b>&#8212;Fixed income securities fluctuate in value as interest rates change. When interest rates rise, the market prices of fixed income securities will usually decrease; when interest rates fall, the market prices of fixed income securities usually will increase.<br /><br /><b>Convertible Securities Risk</b>&#8212;The value of a convertible security generally increases and decreases with the value of the underlying common stock, but may also be sensitive to changes in interest rates. Convertible securities generally tend to be of lower credit quality, have a higher risk of default, and tend to be less liquid than traditional non-convertible securities. The market prices of these securities also may experience greater volatility than the market prices of higher quality securities and may decline significantly in periods of general economic difficulty. The Fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or declares bankruptcy.<br /><br /><b>Multi-Manager Risk</b>&#8212;While VIA monitors each subadviser and the overall management of the Fund, each subadviser makes investment decisions independently from VIA and the other subadvisers. It is possible that the security selection process of one subadviser will not complement that of the other subadvisers. As a result, the Fund&#8217;s exposure to a given security, industry, sector or market capitalization could be smaller or larger than if the Fund were managed by a single subadviser, which could affect the Fund&#8217;s performance. You may lose money by investing in the Fund. <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0"> <tr valign="bottom"> <td width="20%"> </td> <td width="39%"> </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> Best Quarter </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> Worst Quarter </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> 24.00% </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> -26.13% </td> </tr> <tr valign="bottom"> <td align="center" valign="top"> <div> (2nd Qtr 2003) </div> </td> <td> </td> <td align="center" valign="bottom"> (4th Qtr 2008) </td> </tr> </table> 0.14 Fees and expenses have been restated to reflect current fees and expenses. <b>Principal Investment Risks:</b> <div style="display:none">~ http://www.icmarc.org/role/ScheduleShareholderFeesVantagepoint500StockIndexFund column period compact * ~</div> <div style="display:none">~ http://www.icmarc.org/role/ScheduleShareholderFeesVantagepointModelPortfolioLong-TermGrowthFund column period compact * ~</div> The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index and a group of mutual funds with similar investment objectives. -0.3847 0.4468 The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index and a group of mutual funds with similar investment objectives. The bar chart shows performance of the Fund&#8217;s Investor Shares (the Fund&#8217;s outstanding shares will be renamed &#8220;Investor Shares&#8221; on March 1, 2013). In the table, performance information for T Shares prior to the inception date of that share class (March 1, 2013) is based on the performance of the Fund&#8217;s Investor Shares. This prior performance has not been adjusted to reflect the actual fees and expenses paid by T Shares. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available by calling 800-669-7400 or at www.icmarc.org/vpperformance. 0.1599 0.1321 0.1336 <b>Average Annual Total Returns<br/>(for the periods ended<br/>December 31, 2011)</b> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. After-tax returns are shown for Investor M Shares only. After-tax returns for other classes will vary.<br/><br/>Because the Fund is a multi-asset class fund, the custom benchmark is intended to provide a better performance comparison than a broad-based, single asset class benchmark. The Fund&#8217;s custom benchmark is comprised of the S&amp;P 500 Index and Barclays U.S. Intermediate Aggregate Bond 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 changes in the Fund&#8217;s target percentage asset allocations. 0.0553 <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualFundOperatingExpensesVantagepoint500StockIndexFund column period compact * ~</div> -0.4129 0.5095 April 30, 2014 0.1912 -0.1042 -0.0146 <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualFundOperatingExpensesVantagepointModelPortfolioLong-TermGrowthFund column period compact * ~</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 0.0381 0.0294 0.0291 0.0381 0.0528 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. 0.0471 0.0334 <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualFundOperatingExpensesVantagepointMilestone2015Fund column period compact * ~</div> 800-669-7400 www.icmarc.org/vpperformance There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. The Fund&#8217;s principal investment risks are summarized below:<br /><br /><b>Stock Market Risk</b>&#8212;Stock market risk is the possibility that the prices of equity securities overall will experience increased volatility and decline over short or extended periods. Markets tend to move in cycles, with periods of rising prices and periods of falling prices.<br /><br /><b>Small-Cap Securities Risk</b>&#8212;Investments in small-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of small-capitalization companies are generally subject to greater price volatility than those of larger companies due to: less certain growth prospects, the lower degree of liquidity in the markets for their securities, and the greater sensitivity of smaller companies to changing economic conditions. Also, small-capitalization companies may have more limited product lines, fewer capital resources and less experienced management than larger companies.<br /><br /><b>Mid-Cap Securities Risk</b>&#8212;Investments in mid-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of mid-capitalization companies generally trade in lower volume and are generally subject to greater and less predictable price changes than the securities of larger companies.<br /><br /><b>Equity Income/Interest Rate Risk</b>&#8212;A Fund&#8217;s distributions to shareholders may decline when interest rates fall or when dividend income from investments in stocks declines.<br /><br /><b>Value Style Risk</b>&#8212;The prices of securities a subadviser believes are priced below fair market value, may not appreciate as anticipated, or may decrease. Value-oriented equity securities as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors &#8220;growth-oriented&#8221; equity securities. <!-- XBRL Paragraph Pagebreak --><!-- XBRL Pagebreak Begin --><br /><br /><b>Real Estate Investment Trust (&#8220;REIT&#8221;) Securities Risk</b>&#8212;Investments in REITs are subject to risks generally associated with investing in real estate, such as declining real estate values, over-building, property tax increases, increases in operating expenses and interest rates, insufficient levels of occupancy, the inability to obtain financing (at all or on acceptable terms), and the national, regional and local economic conditions affecting the real estate market.<br /><br /><b>Foreign Securities Risk</b>&#8212;Investments in foreign securities may involve the risk of loss due to political, economic, legal, regulatory, and operational uncertainties; differing accounting and financial reporting standards; limited availability of information; currency fluctuations; and higher transaction costs.<br /><br /><b>Foreign Currency Risk</b>&#8212;Investments in securities denominated in foreign currencies may experience gains or losses solely based on changes in the exchange rate between foreign currencies and the U.S. dollar.<br /><br /><b>Preferred Stock Risk</b>&#8212;Preferred stockholders may have more limited voting rights than common stockholders. Holders of a company&#8217;s debt securities are generally paid before holders of the company&#8217;s preferred stock. The value and volatility of preferred stock may be dependent on factors that affect both fixed income securities and equity securities.<br /><br /><b>Convertible Securities Risk</b>&#8212;The value of a convertible security generally increases and decreases with the value of the underlying common stock, but may also be sensitive to changes in interest rates. Convertible securities generally tend to be of lower credit quality, have a higher risk of default, and tend to be less liquid than traditional non-convertible securities. The market prices of these securities also may experience greater volatility than the market prices of higher quality securities and may decline significantly in periods of general economic difficulty. The Fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or declares bankruptcy.<br /><br /><b>Multi-Manager Risk</b>&#8212;While VIA monitors each subadviser and the overall management of the Fund, each subadviser makes investment decisions independently from VIA and the other subadvisers. It is possible that the security selection process of one subadviser will not complement that of the other subadvisers. As a result, the Fund&#8217;s exposure to a given security, industry, sector or market capitalization could be smaller or larger than if the Fund were managed by a single subadviser, which could affect the Fund&#8217;s performance. <div style="display:none">~ http://www.icmarc.org/role/ScheduleExpenseExampleTransposedVantagepointMilestone2015Fund column period compact * ~</div> <div style="display:none">~ http://www.icmarc.org/role/ScheduleExpenseExampleTransposedVantagepointLowDurationBondFund column period compact * ~</div> Because the Fund is a multi-asset class fund, the custom benchmark is intended to provide a better performance comparison than a broad-based, single asset class benchmark. The Fund&#8217;s custom benchmark is comprised of the S&amp;P 500 Index and Barclays U.S. Intermediate Aggregate Bond 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 changes in the Fund&#8217;s target percentage asset allocations. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. After-tax returns are shown for Class I shares only. After-tax returns for other classes will vary. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. <div style="display:none">~ http://www.icmarc.org/role/ScheduleExpenseExampleTransposedVantagepointModelPortfolioLong-TermGrowthFund column period compact * ~</div> You may lose money by investing in the Fund. Best Quarter 2003-06-30 0.24 Worst Quarter 2008-12-31 -0.2613 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualTotalReturnsVantagepointMilestone2015FundBarChart column period compact * ~</div> After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. <div style="display:none">~ http://www.icmarc.org/role/ScheduleAverageAnnualTotalReturnsTransposedVantagepointMilestone2015Fund column period compact * ~</div> <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualTotalReturnsVantagepointModelPortfolioLong-TermGrowthFundBarChart column period compact * ~</div> After-tax returns are shown for Class I shares only. After-tax returns for other classes will vary. The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index. Shareholders of the Fund indirectly pay the fees and expenses of the Acquired funds. The Fund&#8217;s total annual fund operating expenses shown in this table do not correlate to the expense ratios shown in the Fund&#8217;s financial highlights for the most recent fiscal year, which reflect the Fund&#8217;s operating expenses and do not include Acquired fund fees and expenses. 2005-01-03 2005-01-03 2005-01-03 2005-01-03 2005-01-03 2005-01-03 2005-01-03 <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualTotalReturnsVantagepointLowDurationBondFundBarChart column period compact * ~</div> <b>Average Annual Total Returns <br/>(for the periods ended<br/>December 31, 2011)</b> Calendar Year Total Returns &#8212; Investor Shares <div style="display:none">~ http://www.icmarc.org/role/ScheduleAverageAnnualTotalReturnsTransposedVantagepointModelPortfolioLong-TermGrowthFund column period compact * ~</div> There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. <b>The Fund is not a complete solution for all of your retirement savings needs. An investment in the Fund includes the risk of loss, including near, at or after the target date of the Fund. There is no guarantee that the Fund will provide adequate income at and through an investor&#8217;s retirement. Selecting the Fund (or any of The Vantagepoint Funds) does not guarantee that you will have adequate savings for retirement.</b><br/><br/> <b>Asset Allocation Risk</b>&#8212;Asset allocation risk is the risk that the selection of the underlying Funds and the allocation of Fund assets among them will cause the Fund to lose money or to underperform other funds with similar investment objectives. In addition, there is the risk that the asset classes favored by the allocations will not perform as expected. The Fund&#8217;s investment adviser may alter the Fund&#8217;s asset allocation, as well as its Fund-level allocations, for reasons other than the passage of time. Any changes made in the underlying Funds, such as changes in investment objectives or strategies, may affect the Fund&#8217;s performance. <br /><br /> The amount invested by this Fund in each underlying Fund is exposed to the same risks as that underlying Fund. These risks are summarized below.<br /><br /> <b>Stock Market Risk</b>&#8212;Stock market risk is the possibility that the prices of equity securities overall will experience increased volatility and decline over short or extended periods. Markets tend to move in cycles, with periods of rising prices and periods of falling prices.<br /><br /> <b>Foreign Securities Risk</b>&#8212;Investments in foreign securities may involve the risk of loss due to political, economic, legal, regulatory, and operational uncertainties; differing accounting and financial reporting standards; limited availability of information; currency fluctuations; and higher transaction costs. These risks may be greater with respect to securities of companies located in emerging market countries. Investments in securities of issuers located in emerging market countries tend to be more volatile than investments in securities of issuers located in developed foreign countries.<br /><br /> <b>Small-Cap Securities Risk</b>&#8212;Investments in small-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of small-capitalization companies are generally subject to greater price volatility than those of larger companies due to: less certain growth prospects, the lower degree of liquidity in the markets for their securities, and the greater sensitivity of smaller companies to changing economic conditions. Also, small-capitalization companies may have more limited product lines, fewer capital resources and less experienced management than larger companies.<br /><br /> <b>Mid-Cap Securities Risk</b>&#8212;Investments in mid-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of mid-capitalization companies generally trade in lower volume and are generally subject to greater and less predictable price changes than the securities of larger companies.<br /><br /> <b>Equity Income/Interest Rate Risk</b>&#8212;A Fund&#8217;s distributions to shareholders may decline when interest rates fall or when dividend income from investments in stocks declines.<br /><br /> <b>Derivative Instruments Risk</b>&#8212;Use of derivative instruments involves 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 derivative instruments include: the risk that the other party to a derivative contract may not fulfill its obligations (counterparty risk); the risk that a particular derivative instrument, such as over-the-counter derivative instruments, may be difficult to purchase or sell (liquidity risk); the risk that certain derivative instruments are more sensitive to interest rate changes and market price fluctuations (interest rate and market risks); and the risk of mispricing or improper valuation of the derivative instrument, and the inability of the derivative instrument to correlate in value with its underlying asset, reference rate, or index (valuation risk). There is no assurance that the Fund&#8217;s use of any derivatives strategy will succeed, or that the Fund will not lose money. Best Quarter -0.1042 -0.1182 There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. The Fund&#8217;s principal investment risks are summarized below:<br/><br/><b>Stock Market Risk</b>&#8212;Stock market risk is the possibility that the prices of equity securities overall will experience increased volatility and decline over short or extended periods. Markets tend to move in cycles, with periods of rising prices and periods of falling prices.<br/><br/><b>Preferred Stock Risk</b>&#8212;Preferred stockholders may have more limited voting rights than common stockholders. Holders of a company&#8217;s debt securities are generally paid before holders of the company&#8217;s preferred stock. The value and volatility of preferred stock may be dependent on factors that affect both fixed income securities and equity securities.<br/><br/><b>Value Style Risk</b>&#8212;The prices of securities a subadviser believes are priced below fair market value, may not appreciate as anticipated, or may decrease. Value-oriented equity securities as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors &#8220;growth-oriented&#8221; equity securities.<br/><br/><b>Equity Income/Interest Rate Risk</b>&#8212;The Fund&#8217;s distributions to shareholders may decline when interest rates fall or when dividend income from investments in stocks declines.<br/><br/><b>Small-Cap Securities Risk</b>&#8212;Investments in small-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of small-capitalization companies are generally subject to greater price volatility than those of larger companies due to: less certain growth prospects, the lower degree of liquidity in the markets for their securities, and the greater sensitivity of smaller companies to changing economic conditions. Also, small-capitalization companies may have more limited product lines, fewer capital resources and less experienced management than larger companies.<br/><br/><b>Mid-Cap Securities Risk</b>&#8212;Investments in mid-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of mid-capitalization companies generally trade in lower volume and are generally subject to greater and less predictable price changes than the securities of larger companies.<br/><br/><b>Foreign Securities Risk</b>&#8212;Investments in foreign securities may involve the risk of loss due to political, economic, legal, regulatory, and operational uncertainties; differing accounting and financial reporting standards; limited availability of information; currency fluctuations; and higher transaction costs.<br/><br/><b>Foreign Currency Risk</b>&#8212;Investments in securities denominated in foreign currencies may experience gains or losses solely based on changes in the exchange rate between foreign currencies and the U.S. dollar.<br/><br/><b>Convertible Securities Risk</b>&#8212;The value of a convertible security generally increases and decreases with the value of the underlying common stock, but may also be sensitive to changes in interest rates. Convertible securities generally tend to be of lower credit quality, have a higher risk of default, and tend to be less liquid than traditional non-convertible securities. The market prices of these securities also may experience greater volatility than the market prices of higher quality securities and may decline significantly in periods of general economic difficulty. The Fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or declares bankruptcy.<br/><br/><b>Multi-Manager Risk</b>&#8212;While VIA monitors each subadviser and the overall management of the Fund, each subadviser makes investment decisions independently from VIA and the other subadvisers. It is possible that the security selection process of one subadviser will not complement that of the other subadvisers. As a result, the Fund&#8217;s exposure to a given security, industry, sector or market capitalization could be smaller or larger than if the Fund were managed by a single subadviser, which could affect the Fund&#8217;s performance. -0.0546 -0.1042 <div style="display:none">~ http://www.icmarc.org/role/ScheduleExpenseExampleTransposedVantagepoint500StockIndexFund column period compact * ~</div> -0.0165 -0.0396 There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. The Fund&#8217;s principal investment risks are summarized below:<br/><br/><b>Derivative Instruments Risk</b>&#8212;Use of derivative instruments involves 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 derivative instruments include: the risk that the other party to a derivative contract may not fulfill its obligations (counterparty risk); the risk that a particular derivative instrument, such as over-the-counter derivative instruments, may be difficult to purchase or sell (liquidity risk); the risk that certain derivative instruments are more sensitive to interest rate changes and market price fluctuations (interest rate and market risks); the risk of mispricing or improper valuation of the derivative instrument, and the inability of the derivative instrument to correlate in value with its underlying asset, reference rate, or index (valuation risk); the risk that the Fund may lose substantially more than the amount invested in the derivative instrument, and that the Fund may be forced to liquidate portfolio positions when it may not be advantageous to do so (leverage risk). There is no assurance that the Fund&#8217;s use of any derivatives strategy will succeed, or that the Fund will not lose money.<br/><br/><b>Convertible Securities Risk</b>&#8212;Convertible securities generally tend to be of lower credit quality, and the value of a convertible security generally increases and decreases with the value of the underlying common stock, but may also be sensitive to changes in interest rates. The Fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or declares bankruptcy.<br/><br/><b>Interest Rate Risk</b>&#8212;Fixed income securities fluctuate in value as interest rates change. When interest rates rise, the market prices of fixed income securities will usually decrease; when interest rates fall, the market prices of fixed income securities usually will increase.<br/><br/><b>Credit Risk</b>&#8212;An issuer of a fixed income security may be unable or unwilling to make payments of principal or interest to the holders of such securities or may declare bankruptcy. These events could cause the Fund to lose money.<br/><br/><b>Foreign Securities Risk</b>&#8212;Investments in foreign securities may involve the risk of loss due to political, economic, legal, regulatory, and operational uncertainties; differing accounting and financial reporting standards; limited availability of information; currency fluctuations; and higher transaction costs. These risks may be greater with respect to securities of companies located in emerging market countries. Investments in securities of issuers located in emerging market countries tend to be more volatile than investments in securities of issuers located in developed foreign countries.<br/><br/><b>U.S. Government Agency Securities Risk</b>&#8212;Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. Further, there is no assurance that the U.S. Government will provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) that issue or guarantee certain securities. If a government agency or a government-sponsored enterprise is unable to meet its obligations, the Fund may experience a loss.<br/><br/><b>Asset-backed Securities Risk</b>&#8212;Defaults on the assets underlying asset-backed securities may adversely affect the value of these securities. These securities are subject to risks associated with the nature of the underlying assets and are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain asset-backed securities may be more volatile and less liquid than other traditional types of fixed income securities.<br/><br/><b>High Yield Securities Risk</b>&#8212;Fixed income securities that are rated below &#8220;investment grade&#8221; (commonly known as &#8220;high yield bonds&#8221; or &#8220;junk bonds&#8221;) or, if unrated, are considered by a subadviser to be of equivalent quality, are speculative and involve a greater risk of default than &#8220;investment grade&#8221; securities. The values of these securities are particularly sensitive to changes in interest rates, issuer creditworthiness, and economic and political conditions. The market prices of these securities may decline significantly in periods of general economic difficulty, may be harder to value, and may be less liquid than higher rated securities.<br/><br/><b>Mortgage-backed Securities Risk</b>&#8212;Defaults on the mortgages underlying mortgage-backed securities may adversely affect the value of these securities. These securities are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain mortgage-backed securities may be more volatile and less liquid than other traditional types of fixed income securities.<br/><br/><b>Foreign Currency Risk</b>&#8212;Investments in foreign currencies or securities denominated in foreign currencies (including derivative instruments that provide exposure to foreign currencies) may experience gains or losses solely based on changes in the exchange rate between foreign currencies and the U.S. dollar.<br/><br/><b>Stock Market Risk</b>&#8212;Stock market risk is the possibility that the prices of equity securities overall will experience increased volatility and decline over short or extended periods. Markets tend to move in cycles, with periods of rising prices and periods of falling prices.<br/><br/><b>Multi-Manager Risk</b>&#8212;While VIA monitors each subadviser and the overall management of the Fund, each subadviser makes investment decisions independently from VIA and the other subadvisers. It is possible that the security selection process of one subadviser will not complement that of the other subadvisers. As a result, the Fund&#8217;s exposure to a given security, industry, sector or market capitalization could be smaller or larger than if the Fund were managed by a single subadviser, which could affect the Fund&#8217;s performance. <div style="display:none">~ http://www.icmarc.org/role/ScheduleAverageAnnualTotalReturnsTransposedVantagepointLowDurationBondFund column period compact * ~</div> The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. -0.0004 0.2119 -0.011 -0.0019 2009-06-30 -0.0004 Worst Quarter 0.0244 0.0201 -0.2643 2008-12-31 0.0283 0.0217 0.0233 0.0283 0.0529 0.0442 The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index and a group of mutual funds with similar investment objectives. <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualTotalReturnsVantagepoint500StockIndexFundBarChart column period compact * ~</div> 800-669-7400 You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. The Fund&#8217;s principal investment risks are summarized below:<br/><br/><b>Stock Market Risk</b>&#8212;Stock market risk is the possibility that the prices of equity securities overall will experience increased volatility and decline over short or extended periods. Markets tend to move in cycles, with periods of rising prices and periods of falling prices.<br/><br/><b>Small-Cap Securities Risk</b>&#8212;Investments in small-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of small-capitalization companies are generally subject to greater price volatility than those of larger companies due to: less certain growth prospects, the lower degree of liquidity in the markets for their securities, and the greater sensitivity of smaller companies to changing economic conditions. Also, small-capitalization companies may have more limited product lines, fewer capital resources and less experienced management than larger companies.<br/><br/><b>Preferred Stock Risk</b>&#8212;Preferred stockholders may have more limited voting rights than common stockholders. Holders of a company&#8217;s debt securities are generally paid before holders of the company&#8217;s preferred stock. The value and volatility of preferred stock may be dependent on factors that affect both fixed income securities and equity securities.<br/><br/><b>Foreign Securities Risk</b>&#8212;Investments in foreign securities may involve the risk of loss due to political, economic, legal, regulatory, and operational uncertainties; differing accounting and financial reporting standards; limited availability of information; currency fluctuations; and higher transaction costs. These risks may be greater with respect to securities of companies located in emerging market countries. Investments in securities of issuers located in emerging market countries tend to be more volatile than investments in securities of issuers located in developed foreign countries.<br/><br/><b>Foreign Currency Risk</b>&#8212;Investments in foreign currencies or securities denominated in foreign currencies (including derivative instruments that provide exposure to foreign currencies) may experience gains or losses solely based on changes in the exchange rate between foreign currencies and the U.S. dollar.<br/><br/><b>Convertible Securities Risk</b>&#8212;Convertible securities generally tend to be of lower credit quality, and the value of a convertible security generally increases and decreases with the value of the underlying common stock, but may also be sensitive to changes in interest rates. The Fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or declares bankruptcy.<br/><br/><b>High Yield Securities Risk</b>&#8212;Fixed income securities that are rated below &#8220;investment grade&#8221; (commonly known as &#8220;high yield bonds&#8221; or &#8220;junk bonds&#8221;) or, if unrated, are considered by a subadviser to be of equivalent quality, are speculative and involve a greater risk of default than &#8220;investment grade&#8221; securities. The values of these securities are particularly sensitive to changes in interest rates, issuer creditworthiness, and economic and political conditions. The market prices of these securities may decline significantly in periods of general economic difficulty, may be harder to value, and may be less liquid than higher rated securities.<br/><br/><b>Municipal Securities Risk</b>&#8212;The value of, payment of interest and repayment of principal with respect to, and the ability of the Fund to sell, a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations and voter initiatives as well as the economics of the regions where the issuer is located. Certain municipal securities may be difficult to value or sell at a fair price.<br/><br/><b>Derivative Instruments Risk</b>&#8212;Use of derivative instruments involves 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 derivative instruments include: the risk that the other party to a derivative contract may not fulfill its obligations (counterparty risk); the risk that a particular derivative instrument, such as over-the-counter derivative instruments, may be difficult to purchase or sell (liquidity risk); the risk that certain derivative instruments are more sensitive to interest rate changes and market price fluctuations (interest rate and market risks); and the risk of mispricing or improper valuation of the derivative instrument, and the inability of the derivative instrument to correlate in value with its underlying asset, reference rate, or index (valuation risk). There is no assurance that the Fund&#8217;s use of any derivatives strategy will succeed, or that the Fund will not lose money.<br/><br/><b>Interest Rate Risk</b>&#8212;Fixed income securities fluctuate in value as interest rates change. When interest rates rise, the market prices of fixed income securities will usually decrease; when interest rates fall, the market prices of fixed income securities usually will increase.<br/><br/><b>Credit Risk</b>&#8212;An issuer of a fixed income security may be unable or unwilling to make payments of principal or interest to the holders of such securities or may declare bankruptcy. These events could cause the Fund to lose money.<br/><br/><b>Call Risk</b>&#8212;A fixed income security may include a provision that allows the issuer to purchase the security back from its holder earlier than the final maturity date of the security, known as a &#8220;call feature.&#8221; Issuers often exercise this right when interest rates have declined, in which case, the Fund may be forced to reinvest the proceeds received at a lower interest rate.<br/><br/><b>Mortgage-backed Securities Risk</b>&#8212;Defaults on the mortgages underlying mortgage-backed securities may adversely affect the value of these securities. These securities are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain mortgage-backed securities may be more volatile and less liquid than other traditional types of fixed income securities.<br/><br/><b>Asset-backed Securities Risk</b>&#8212;Defaults on the assets underlying asset-backed securities may adversely affect the value of these securities. These securities are subject to risks associated with the nature of the underlying assets and are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain asset-backed securities may be more volatile and less liquid than other traditional types of fixed income securities.<br/><br/><b>U.S. Government Agency Securities Risk</b>&#8212;Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. Further, there is no assurance that the U.S. Government will provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) that issue or guarantee certain securities. If a government agency or a government-sponsored enterprise is unable to meet its obligations, the Fund may experience a loss.<br/><br/><b>Multi-Manager Risk</b>&#8212;While VIA monitors each subadviser and the overall management of the Fund, each subadviser makes investment decisions independently from VIA and the other subadvisers. It is possible that the security selection process of one subadviser will not complement that of the other subadvisers. As a result, the Fund&#8217;s exposure to a given security, industry, sector or market capitalization could be smaller or larger than if the Fund were managed by a single subadviser, which could affect the Fund&#8217;s performance. The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index. www.icmarc.org/vpperformance <b>Model Portfolio All-Equity Growth Fund</b> The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may lose money by investing in the Fund. <div style="display:none">~ http://www.icmarc.org/role/ScheduleShareholderFeesVantagepointBroadMarketIndexFund column period compact * ~</div> 0.09 <div style="display:none">~ http://www.icmarc.org/role/ScheduleShareholderFeesVantagepointGrowthFund column period compact * ~</div> 800-669-7400 www.icmarc.org/vpperformance After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. You may lose money by investing in the Fund. 0 <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualFundOperatingExpensesVantagepointGrowthFund column period compact * ~</div> 0 800-669-7400 www.icmarc.org/vpperformance <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualFundOperatingExpensesVantagepointBroadMarketIndexFund column period compact * ~</div> <b>Risk/Return Bar Chart and Table</b> After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. <div style="display:none">~ http://www.icmarc.org/role/ScheduleExpenseExampleTransposedVantagepointGrowthFund column period compact * ~</div> 0.001 <div style="display:none">~ http://www.icmarc.org/role/ScheduleExpenseExampleTransposedVantagepointBroadMarketIndexFund column period compact * ~</div> The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index and a group of mutual funds with similar investment objectives. The bar chart shows performance of the Fund&#8217;s Investor Shares (the Fund&#8217;s outstanding shares will be renamed &#8220;Investor Shares&#8221; on March 1, 2013). In the table, performance information for T Shares prior to the inception date of that share class (March 1, 2013) is based on the performance of the Fund&#8217;s Investor Shares. This prior performance has not been adjusted to reflect the actual fees and expenses paid by T Shares. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available by calling 800-669-7400 or at www.icmarc.org/vpperformance. You may lose money by investing in the Fund. <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualTotalReturnsVantagepointBroadMarketIndexFundBarChart column period compact * ~</div> 0.0004 0.0029 <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualTotalReturnsVantagepointGrowthFundBarChart column period compact * ~</div> The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index and a group of mutual funds with similar investment objectives. 800-669-7400 0.0048 0.0048 www.icmarc.org/vpperformance After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. After-tax returns are shown for Investor M Shares only. After-tax returns for other classes will vary.<br/><br/>Because the Fund is a multi-asset class fund, the custom benchmark is intended to provide a better performance comparison than a broad-based, single asset class benchmark. The Fund&#8217;s custom benchmark is comprised of the S&amp;P 500 Index and Barclays U.S. Intermediate Aggregate Bond 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 changes in the Fund&#8217;s target percentage asset allocations. 0.15 0.0062 0.0087 The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. <div style="display:none">~ http://www.icmarc.org/role/ScheduleAverageAnnualTotalReturnsTransposedVantagepointGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.icmarc.org/role/ScheduleAverageAnnualTotalReturnsTransposedVantagepointBroadMarketIndexFund column period compact * ~</div> Calendar Year Total Returns &#8212; Investor Shares Calendar Year Total Returns &#8212; Investor Shares The Fund invests in a combination of other Vantagepoint Funds using an asset allocation strategy designed for investors who expect to begin making gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), in or around the year 2040. The Fund invests in a combination of equity investments and fixed income investments and may also invest in asset classes and strategies that have historically exhibited a low correlation to traditional fixed income and equity investments (through the &#8220;multi-strategy&#8221; Fund) that the adviser believes to be appropriate. As time elapses, the Fund&#8217;s allocation to equity investments decreases and the Fund&#8217;s allocation to fixed income investments and the &#8220;multi-strategy&#8221; investment increases so that by June 30 of the year 2050 (10 years after the year indicated in the Fund&#8217;s name), the Fund&#8217;s net assets will be invested approximately 25% in equity Funds, 55% in fixed income Funds, and 20% in the multi-strategy Fund.<br/><br/>The Fund&#8217;s allocation will change over time. The Fund invests in the following Vantagepoint Funds at target allocations within the current ranges indicated:<div>&nbsp;</div> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Fixed Income Fund:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Core Bond Index Fund </td> <td align="right"> 0% - 10% </td> </tr> </table> <div>&nbsp;</div> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Equity Funds:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Equity Income Fund </td> <td align="right"> 22% - 32% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Growth &amp; Income Fund </td> <td align="right"> 11% - 21% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Growth Fund </td> <td align="right"> 7% - 17% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Mid/Small Company Index Fund </td> <td align="right"> 15% - 25% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> International Fund </td> <td align="right"> 14% - 24% </td> </tr> </table> <div>&nbsp;</div> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Multi-Strategy Fund:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Diversifying Strategies Fund </td> <td align="right"> 0% - 7% </td> </tr> </table><div>&nbsp;</div>Subject to the supervision of the Funds&#8217; Board of Directors, the Fund&#8217;s investment adviser may, at its discretion, increase or decrease the target allocations to the underlying Funds. The adviser monitors the Fund&#8217;s allocations and will &#8220;rebalance&#8221; its portfolio as necessary to return the Fund to, or close to, the intended asset allocation.<br/><br/>The Fund is designed to &#8220;age&#8221; so that its asset allocation becomes more conservative over time until it achieves a final constant asset allocation approximately 10 years after the year 2040. This is intended to reduce investment risk as investors move towards and into retirement.<br/><br/>The sequence of asset allocation changes that the Fund is expected to follow over time (&#8220;glide path&#8221;) is illustrated below.<br/><br/><center><img alt="chart" src="g472279w85774b1w8577408.jpg"></img></center><br/>The current asset mix (as of the date of this prospectus) is approximately 94% equity, 5% fixed income and 1% multi-strategy. The asset mix will become progressively more conservative so that by the year 2040 (&#8220;target year&#8221;), the mix will approximate 47% equity, 36% fixed income, and 17% multi-strategy. The asset mix will continue to become more conservative for 10 more years until the equity allocation is reduced to approximately 25%, the fixed income allocation is increased to approximately 55%, and the multi-strategy allocation is increased to approximately 20%. At that time (10 years after 2040), the Fund will reach its &#8220;landing point&#8221; and its target asset allocation will become constant. The glide path followed before October 30, 2007 did not incorporate the multi-strategy Fund. The glide path followed before January 4, 2010 had a different asset allocation and did not continue to age after the year in the Fund&#8217;s name. After the Fund reaches its final constant target allocations, the Fund&#8217;s investment adviser is expected to recommend, and the Fund&#8217;s Board of Directors may approve, combining the Fund with the Milestone Retirement Income Fund, which is expected to have approximately the same asset allocation as the Fund at that time.<br/><br/>All percentages referred to above are based on the Fund&#8217;s net assets. Beginning March 1, 2013, the Fund will invest in T Shares of the underlying Vantagepoint Funds.<br/><br/>This Fund may be appropriate for you if you plan to begin making gradual withdrawals from the Fund, typically at or after your retirement, in or around the year 2040. You may lose money by investing in the Fund. The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index, a custom benchmark, and a group of mutual funds with similar investment objectives. The bar chart shows performance of the Fund&#8217;s Investor M Shares (the Fund&#8217;s outstanding shares will be renamed &#8220;Investor M Shares&#8221; on March 1, 2013). In the table, performance information for TM Shares prior to the inception date of that share class (March 1, 2013) is based on the performance of the Fund&#8217;s Investor M Shares. On March 1, 2013, the transfer agent&#8217;s fees for the Fund and for underlying Vantagepoint Funds changed in connection with the implementation of a new share class structure, resulting in no immediate increase in the Fund&#8217;s total expense ratio. These changes include a contractual agreement by the Fund&#8217;s transfer agent to waive a portion of its fees on the T Shares of the underlying Index Funds beginning March 1, 2013 through April 30, 2014. Should this agreement by the Fund&#8217;s transfer agent not be renewed, the Fund would experience an increase in fees. An increase in fees can adversely impact performance. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available by calling 800-669-7400 or at www.icmarc.org/vpperformance. After-tax returns are shown for Class I shares only. After-tax returns for other classes will vary. The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index, a custom benchmark, and a group of mutual funds with similar investment objectives. <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0"> <tr valign="bottom"> <td width="20%"></td> <td width="39%"> </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> Best Quarter </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> Worst Quarter </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> 25.94% </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> -26.99% </td> </tr> <tr valign="bottom"> <td align="center" valign="top"> <div> (2nd Qtr 2009) </div> </td> <td> </td> <td align="center" valign="bottom"> (4th Qtr 2008)</td> </tr> </table> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for other classes will vary. <b>Principal Investment Risks:</b> -0.3851 <b>Risk/Return Bar Chart and Table</b> 0.3932 0.2608 -0.0615 Calendar Year Total Returns &#8212; Investor M Shares <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0"> <tr valign="bottom"> <td width="20%"></td> <td width="39%"> </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> Best Quarter </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> Worst Quarter </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> 11.66% </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> -12.63% </td> </tr> <tr valign="bottom"> <td align="center" valign="top"> <div> (2nd Qtr 2009) </div> </td> <td> </td> <td align="center" valign="bottom"> (4th Qtr 2008) </td> </tr> </table> <div align="left"> </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. <b>Average Annual Total Returns </b><br/><b>(for the periods ended </b><br/><b>December 31, 2011)</b> After-tax returns are shown for Investor Shares only. After-tax returns for other classes will vary. 0.003 <div style="display:none">~ http://www.icmarc.org/role/ScheduleShareholderFeesVantagepointMid/SmallCompanyIndexFund column period compact * ~</div> Fees and expenses have been restated to reflect current fees and expenses. -0.2293 0.3049 <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualFundOperatingExpensesVantagepointMid/SmallCompanyIndexFund column period compact * ~</div> 0.0885 0.0602 0.1328 0.0598 -0.3816 0.3361 0.19 0.1481 <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualFundOperatingExpensesVantagepointMilestone2050Fund column period compact * ~</div> -0.0069 You may lose money by investing in the Fund. <div style="display:none">~ http://www.icmarc.org/role/ScheduleShareholderFeesVantagepointModelPortfolioSavingsOrientedFund column period compact * ~</div> Best Quarter 2009-06-30 0.0832 Worst Quarter 2008-12-31 -0.071 <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualFundOperatingExpensesVantagepointModelPortfolioSavingsOrientedFund column period compact * ~</div> 0.001 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. After-tax returns are shown for Investor M Shares only. After-tax returns for other classes will vary.<br/><br/>Because the Fund is a multi-asset class fund, the custom benchmark is intended to provide a better performance comparison than a broad-based, single asset class benchmark. The Fund&#8217;s custom benchmark is comprised of the S&amp;P 500 Index and Barclays U.S. Intermediate Aggregate Bond 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&#8217;s target percentage asset allocations. 63 89 The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index, a custom benchmark, and a group of mutual funds with similar investment objectives. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. <div style="display:none">~ http://www.icmarc.org/role/ScheduleExpenseExampleTransposedVantagepointModelPortfolioSavingsOrientedFund column period compact * ~</div> 800-669-7400 278 <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0"> <tr valign="bottom"> <td width="20%"> </td> <td width="39%"> </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> Best Quarter </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> Worst Quarter </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> 17.11% </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> -21.88% </td> </tr> <tr valign="bottom"> <td align="center" valign="top"> <div> (2nd Qtr 2009) </div> </td> <td> </td> <td align="center" valign="bottom"> (4th Qtr 2008) </td> </tr> </table> 199 www.icmarc.org/vpperformance 346 482 1073 774 <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualTotalReturnsVantagepointModelPortfolioSavingsOrientedFundBarChart column period compact * ~</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Because the Fund is a multi-asset class fund, the custom benchmark is intended to provide a better performance comparison than a broad-based, single asset class benchmark. The Fund&#8217;s custom benchmark is comprised of the S&amp;P 500 Index and Barclays U.S. Intermediate Aggregate Bond 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&#8217;s target percentage asset allocations. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. <div style="display:none">~ http://www.icmarc.org/role/ScheduleAverageAnnualTotalReturnsTransposedVantagepointModelPortfolioSavingsOrientedFund column period compact * ~</div> <b>Average Annual Total Returns<br/>(for the periods ended<br/>December 31, 2011)</b> After-tax returns are shown for Investor M Shares only. After-tax returns for other classes will vary. <b>Risk/Return Bar Chart and Table</b> <div style="display:none">~ http://www.icmarc.org/role/ScheduleShareholderFeesVantagepointModelPortfolioAll-EquityGrowthFund column period compact * ~</div> Calendar Year Total Returns &#8212; Investor M Shares You may lose money by investing in the Fund. The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index and a custom benchmark. Beginning March 1, 2013, all outstanding shares of the Fund will be renamed &#8220;T Shares,&#8221; and the transfer agent&#8217;s fees for this Fund will decrease by 0.25%. The following performance information has not been adjusted to reflect this decrease. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available by calling 800-669-7400 or at www.icmarc.org/vpperformance. 2005-01-03 <div style="display:none">~ http://www.icmarc.org/role/ScheduleExpenseExampleTransposedVantagepointModelPortfolioAll-EquityGrowthFund column period compact * ~</div> 2005-01-03 2005-01-03 2005-01-03 2005-01-03 2005-01-03 2005-01-03 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualFundOperatingExpensesVantagepointMilestone2030Fund column period compact * ~</div> <div style="display:none">~ http://www.icmarc.org/role/ScheduleExpenseExampleTransposedVantagepointMilestone2030Fund column period compact * ~</div> Best Quarter After-tax returns are shown for Investor M Shares only. After-tax returns for other classes will vary. 2009-06-30 <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualTotalReturnsVantagepointMilestone2030FundBarChart column period compact * ~</div> <div style="display:none">~ http://www.icmarc.org/role/ScheduleAverageAnnualTotalReturnsTransposedVantagepointMilestone2030Fund column period compact * ~</div> <div style="display:none">~ http://www.icmarc.org/role/ScheduleShareholderFeesVantagepointMilestone2030Fund column period compact * ~</div> 0.1711 <b>Risk/Return Bar Chart and Table</b> Worst Quarter 2008-12-31 -0.2188 <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualTotalReturnsVantagepointModelPortfolioAll-EquityGrowthFundBarChart column period compact * ~</div> The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index and a group of mutual funds with similar investment objectives. The bar chart shows performance of the Fund&#8217;s Investor Shares (the Fund&#8217;s outstanding shares will be renamed &#8220;Investor Shares&#8221; on March 1, 2013). In the table, performance information for T Shares prior to the inception date of that share class (March 1, 2013) is based on the performance of the Fund&#8217;s Investor Shares. This prior performance has not been adjusted to reflect the actual fees and expenses paid by T Shares. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available by calling 800-669-7400 or at www.icmarc.org/vpperformance. 0 The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index and a group of mutual funds with similar investment objectives. <div style="display:none">~ http://www.icmarc.org/role/ScheduleShareholderFeesVantagepointInflationProtectedSecuritiesFund column period compact * ~</div> <div style="display:none">~ http://www.icmarc.org/role/ScheduleShareholderFeesVantagepointModelPortfolioConservativeGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.icmarc.org/role/ScheduleAverageAnnualTotalReturnsTransposedVantagepointModelPortfolioAll-EquityGrowthFund column period compact * ~</div> -0.0673 0.0664 0.0504 0.001 The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. After-tax returns are shown for Investor M Shares only. After-tax returns for other classes will vary. 800-669-7400 <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualFundOperatingExpensesVantagepointInflationProtectedSecuritiesFund column period compact * ~</div> 0.0143 www.icmarc.org/vpperformance 0.0211 The Fund invests in a combination of other Vantagepoint Funds using an asset allocation strategy designed for investors who expect to begin making gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), in or around the year 2020. The Fund invests in a combination of equity investments, fixed income investments, and investments in asset classes and strategies that have historically exhibited a low correlation to traditional fixed income and equity investments (through the &#8220;multi-strategy&#8221; Fund) that the adviser believes to be appropriate. As time elapses, the Fund&#8217;s allocation to equity investments decreases and the Fund&#8217;s allocation to fixed income investments and the &#8220;multi-strategy&#8221; investment increases so that by June 30 of the year 2030 (10 years after the year indicated in the Fund&#8217;s name), the Fund&#8217;s net assets will be invested approximately 25% in equity Funds, 55% in fixed income Funds, and 20% in the multi-strategy Fund.<br/><br/>The Fund&#8217;s allocations will change over time. The Fund invests in the following Vantagepoint Funds at target allocations within the current ranges indicated:<div >&nbsp;</div> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Fixed Income Funds:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Low Duration Bond Fund </td> <td align="right"> 3% - 13% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Core Bond Index Fund </td> <td align="right"> 8% - 18% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Inflation Protected Securities Fund </td> <td align="right"> 0% - 8% </td> </tr> </table> <div >&nbsp;</div> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Equity Funds:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Equity Income Fund </td> <td align="right"> 16% - 26% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Growth &amp; Income Fund </td> <td align="right"> 6% - 16% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Growth Fund </td> <td align="right"> 3% - 13% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Mid/Small Company Index Fund </td> <td align="right"> 3% - 13% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> International Fund </td> <td align="right"> 7% - 17% </td> </tr> </table><div >&nbsp;</div> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Multi-Strategy Fund:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Diversifying Strategies Fund </td> <td align="right"> 11% - 21% </td> </tr> </table> <br/>Subject to the supervision of the Funds&#8217; Board of Directors, the Fund&#8217;s investment adviser may, at its discretion, increase or decrease the target allocations to the underlying Funds. The adviser monitors the Fund&#8217;s allocations and will &#8220;rebalance&#8221; its portfolio as necessary to return the Fund to, or close to, the intended asset allocation.<br/><br/>The Fund is designed to &#8220;age&#8221; so that its asset allocation becomes more conservative over time until it achieves a final constant asset allocation approximately 10 years after the year 2020. This is intended to reduce investment risk as investors move towards and into retirement.<br/><br/>The sequence of asset allocation changes that the Fund is expected to follow over time (&#8220;glide path&#8221;) is illustrated below. <br/><br/><center><img alt="chart" src="g472279w85774b1w8577404.jpg"></img></center><br/> The current asset mix (as of the date of this prospectus) is approximately 62% equity, 23% fixed income, and 15% multi-strategy. The asset mix will become progressively more conservative so that by the year 2020 (&#8220;target year&#8221;), the mix will approximate 47% equity, 36% fixed income, and 17% multi-strategy. The asset mix will continue to become more conservative for 10 more years until the equity allocation is reduced to approximately 25%, the fixed income allocation is increased to approximately 55%, and the multi-strategy allocation is increased to approximately 20%. At that time (10 years after 2020), the Fund will reach its &#8220;landing point&#8221; and its target asset allocation will become constant. The glide path followed before October 30, 2007 did not incorporate the multi-strategy Fund. The glide path followed before January 4, 2010 had a different asset allocation and did not continue to age after the year in the Fund&#8217;s name. After the Fund reaches its final constant target allocations, the Fund&#8217;s investment adviser is expected to recommend, and the Fund&#8217;s Board of Directors may approve, combining the Fund with the Milestone Retirement Income Fund, which is expected to have approximately the same asset allocation as the Fund at that time.<br/><br/>All percentages referred to above are based on the Fund&#8217;s net assets. Beginning March 1, 2013, the Fund will invest in T Shares of the underlying Vantagepoint Funds.<br/><br/>This Fund may be appropriate for you if you plan to begin making gradual withdrawals from the Fund, typically at or after your retirement, in or around the year 2020. <div style="display:none">~ http://www.icmarc.org/role/ScheduleExpenseExampleTransposedVantagepointInflationProtectedSecuritiesFund column period compact * ~</div> -0.0086 <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualTotalReturnsVantagepointInflationProtectedSecuritiesFundBarChart column period compact * ~</div> -0.0022 -0.0069 0.0211 -0.0127 <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualFundOperatingExpensesVantagepointModelPortfolioConservativeGrowthFund column period compact * ~</div> -0.0085 <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0"> <tr valign="bottom"> <td width="20%"></td> <td width="39%"> </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> Best Quarter </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> Worst Quarter </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> 4.07% </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> -5.08% </td> </tr> <tr valign="bottom"> <td align="center" valign="top"> <div> (3rd Qtr 2010) </div> </td> <td> </td> <td align="center" valign="bottom"> (3rd Qtr 2008) </td> </tr> </table> <div align="left"> </div> -0.0125 -0.0023 -0.0085 0.0211 0.0351 -0.0206 -0.0003 -0.006 -0.0005 -0.0003 0.0095 -0.0025 0.0018 -0.0099 0.0061 0.0095 -0.0025 Calendar Year Total Returns After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. After-tax returns are shown for Investor M Shares only. After-tax returns for other classes will vary.<br/><br/>Because the Fund is a multi-asset class fund, the custom benchmark is intended to provide a better performance comparison than a broad-based, single asset class benchmark. The Fund&#8217;s custom benchmark is comprised of the S&amp;P 500 Index and Barclays U.S. Intermediate Aggregate Bond 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 changes in the Fund&#8217;s target percentage asset allocations. 0.0186 -0.0023 Calendar Year Total Returns &#8212; Investor Shares 0.0233 0.0235 0.0276 0.0292 0.026 0.0343 0.0276 0.0277 0.0343 0.0264 0.0378 0.03 <div style="display:none">~ http://www.icmarc.org/role/ScheduleAverageAnnualTotalReturnsTransposedVantagepointInflationProtectedSecuritiesFund column period compact * ~</div> <div style="display:none">~ http://www.icmarc.org/role/ScheduleExpenseExampleTransposedVantagepointModelPortfolioConservativeGrowthFund column period compact * ~</div> Fees and expenses have been restated to reflect current fees and expenses. <div style="display:none">~ http://www.icmarc.org/role/ScheduleShareholderFeesVantagepointMilestone2045Fund column period compact * ~</div> <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualTotalReturnsVantagepointModelPortfolioConservativeGrowthFundBarChart column period compact * ~</div> You may lose money by investing in the Fund. <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0"> <tr valign="bottom"> <td width="20%"> </td> <td width="39%"> </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> Best Quarter </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> Worst Quarter </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> 21.12% </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> -25.10% </td> </tr> <tr valign="bottom"> <td align="center" valign="top"> <div> (2nd Qtr 2009) </div> </td> <td> </td> <td align="center" valign="bottom"> (4th Qtr 2008) </td> </tr> </table> The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index and a custom benchmark. www.icmarc.org/vpperformance The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index, a custom benchmark, and a group of mutual funds with similar investment objectives. 800-669-7400 The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 800-669-7400 www.icmarc.org/vpperformance The Bar Chart and Average Annual Total Returns table demonstrate the risks of investing in the Fund, by showing how the Fund&#8217;s performance can change from year to year and by showing how the Fund&#8217;s average annual total returns compare with a broad-based securities market index and a group of mutual funds with similar investment objectives. <div style="display:none">~ http://www.icmarc.org/role/ScheduleExpenseExampleTransposedVantagepointMilestone2045Fund column period compact * ~</div> 800-669-7400 www.icmarc.org/vpperformance -0.1496 0.3309 15 41 21 0.1478 0.0576 59 128 64 0.1873 0.0376 108 224 113 -0.3919 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 0.3528 250 505 255 0.1328 0.0004 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. <div style="display:none">~ http://www.icmarc.org/role/ScheduleExpenseExampleTransposedVantagepointMid/SmallCompanyIndexFund column period compact * ~</div> <div style="display:none">~ http://www.icmarc.org/role/ScheduleAverageAnnualTotalReturnsTransposedVantagepointModelPortfolioConservativeGrowthFund column period compact * ~</div> <b>Average Annual Total Returns<br/>(for the periods ended<br/>December 31, 2011)</b> <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualFundOperatingExpensesVantagepointModelPortfolioTraditionalGrowthFund column period compact * ~</div> Because the Fund is a multi-asset class fund, the custom benchmark is intended to provide a better performance comparison than a broad-based, single asset class benchmark. The Fund&#8217;s custom benchmark is comprised of the S&amp;P 500 Index and Barclays U.S. Intermediate Aggregate Bond 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 changes in the Fund&#8217;s target percentage asset allocations. <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualTotalReturnsVantagepointMilestone2045FundBarChart column period compact * ~</div> Best Quarter <b>Average Annual Total Returns <br/>(for the periods ended <br/>December 31, 2011)</b> 2009-06-30 0.2594 Worst Quarter 2008-12-31 -0.2699 <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualTotalReturnsVantagepointMid/SmallCompanyIndexFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.icmarc.org/role/ScheduleShareholderFeesVantagepointOverseasEquityIndexFund column period compact * ~</div> 0.001 -0.0016 0.0036 0.0597 0.0433 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. -0.1608 <div style="display:none">~ http://www.icmarc.org/role/ScheduleAverageAnnualTotalReturnsTransposedVantagepointMilestone2045Fund column period compact * ~</div> 0.3131 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. The Fund invests in a combination of other Vantagepoint Funds using an asset allocation strategy designed for investors who expect to begin making gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), in or around the year 2015. The Fund invests in a combination of equity investments, fixed income investments, and investments in asset classes and strategies that have historically exhibited a low correlation to traditional fixed income and equity investments (through the &#8220;multi-strategy&#8221; Fund) that the adviser believes to be appropriate. As time elapses, the Fund&#8217;s allocation to equity investments decreases and the Fund&#8217;s allocation to fixed income investments and the &#8220;multi-strategy&#8221; investment increases so that by June 30 of the year 2025 (10 years after the year indicated in the Fund&#8217;s name), the Fund&#8217;s net assets will be invested approximately 25% in equity Funds, 55% in fixed income Funds, and 20% in the multi-strategy Fund.<br/><br/>The Fund&#8217;s allocations will change over time. The Fund invests in the following Vantagepoint Funds at target allocations within the current ranges indicated:<div>&nbsp;</div> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Fixed Income Funds:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Low Duration Bond Fund </td> <td align="right"> 7% - 17% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Core Bond Index Fund </td> <td align="right"> 4% - 14% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Inflation Protected Securities Fund </td> <td align="right"> 6% - 16% </td> </tr> </table> <div>&nbsp;</div> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Equity Funds:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Equity Income Fund </td> <td align="right"> 14% - 24% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Growth &amp; Income Fund </td> <td align="right"> 6% - 16% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Growth Fund </td> <td align="right"> 3% - 13% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Mid/Small Company Index Fund </td> <td align="right"> 0% - 9% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> International Fund </td> <td align="right"> 5% - 15% </td> </tr> </table><div>&nbsp;</div> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Multi-Strategy Fund:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Diversifying Strategies Fund </td> <td align="right"> 12% - 22% </td> </tr> </table> <br/>Subject to the supervision of the Funds&#8217; Board of Directors, the Fund&#8217;s investment adviser may, at its discretion, increase or decrease the target allocations to the underlying Funds. The adviser monitors the Fund&#8217;s allocations and will &#8220;rebalance&#8221; its portfolio as necessary to return the Fund to, or close to, the intended asset allocation. <br/><br/>The Fund is designed to &#8220;age&#8221; so that its asset allocation becomes more conservative over time until it achieves a final constant asset allocation approximately 10 years after the year 2015. This is intended to reduce investment risk as investors move towards and into retirement.<br/><br/>The sequence of asset allocation changes that the Fund is expected to follow over time (&#8220;glide path&#8221;) is illustrated below.<br/><br/><center><img alt="chart" src="g472279w85774b1w8577403.jpg"></img></center><br/> The current asset mix (as of the date of this prospectus) is approximately 53% equity, 30% fixed income and 17% multi-strategy. The asset mix will become progressively more conservative so that by the year 2015 (&#8220;target year&#8221;), the mix will approximate 47% equity, 36% fixed income, and 17% multi-strategy. The asset mix will continue to become more conservative for 10 more years until the equity allocation is reduced to approximately 25%, the fixed income allocation is increased to approximately 55%, and the multi-strategy allocation is increased to approximately 20%. At that time (10 years after 2015), the Fund will reach its &#8220;landing point&#8221; and its target asset allocation will become constant. The glide path followed before October 30, 2007 did not incorporate the multi-strategy Fund. The glide path followed before January 4, 2010 had a different asset allocation and did not continue to age after the year in the Fund&#8217;s name. After the Fund reaches its final constant target allocations, the Fund&#8217;s investment adviser is expected to recommend, and the Fund&#8217;s Board of Directors may approve, combining the Fund with the Milestone Retirement Income Fund, which is expected to have approximately the same asset allocation as the Fund at that time.<br/><br/> All percentages referred to above are based on the Fund&#8217;s net assets. Beginning March 1, 2013, the Fund will invest in T Shares of the underlying Vantagepoint Funds.<br/><br/> This Fund may be appropriate for you if you plan to begin making gradual withdrawals from the Fund, typically at or after your retirement, in or around the year 2015. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 0.0106 0.0077 0.1523 0.0077 0.0604 0.0172 0.1688 <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualFundOperatingExpensesVantagepointOverseasEquityIndexFund column period compact * ~</div> 0.2114 <div style="display:none">~ http://www.icmarc.org/role/ScheduleAverageAnnualTotalReturnsTransposedVantagepointMid/SmallCompanyIndexFund column period compact * ~</div> 0.1246 0.0718 -0.4203 0.127 0.0717 0.2997 -0.299 0.254 0.1225 0.0761 -0.0085 -0.0857 Best Quarter 0.1689 Best Quarter 2009-06-30 2009-06-30 Worst Quarter -0.1996 0.2112 2008-12-31 <div style="display:none">~ http://www.icmarc.org/role/ScheduleExpenseExampleTransposedVantagepointOverseasEquityIndexFund column period compact * ~</div> Worst Quarter 2008-12-31 -0.251 After-tax returns are shown for Investor M Shares only. After-tax returns for other classes will vary. <div style="display:none">~ http://www.icmarc.org/role/ScheduleAverageAnnualTotalReturnsTransposedVantagepoint500StockIndexFund column period compact * ~</div> Best Quarter 2009-06-30 0.1772 Worst Quarter -0.2083 -0.0069 2008-12-31 0.0276 <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualTotalReturnsVantagepointOverseasEquityIndexFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.icmarc.org/role/ScheduleAverageAnnualTotalReturnsTransposedVantagepointOverseasEquityIndexFund column period compact * ~</div> Shareholders of the Fund indirectly pay the fees and expenses of the Acquired funds. The Fund&#8217;s total annual fund operating expenses shown in this table do not correlate to the expense ratios shown in the Fund&#8217;s financial highlights for the most recent fiscal year, which reflect the Fund&#8217;s operating expenses and do not include Acquired fund fees and expenses. Fees and expenses have been restated to reflect current fees and expenses. <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0"> <tr valign="bottom"> <td width="20%"> </td> <td width="39%"> </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> Best Quarter </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> Worst Quarter </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> 21.37% </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> -21.17% </td> </tr> <tr valign="bottom"> <td align="center" valign="top"> <div> (2nd Qtr 2009) </div> </td> <td> </td> <td align="center" valign="bottom"> (3rd Qtr 2008) </td> </tr> </table> Best Quarter 2009-06-30 0.1423 Worst Quarter 2008-12-31 <b>Average Annual Total Returns </b><br/><b>(for the periods ended </b><br/><b>December 31, 2011)</b> -0.1653 0.0032 <b>Average Annual Total Returns<br/> (for the periods ended<br/> December 31, 2011)</b> 800-669-7400 <div style="display:none">~ http://www.icmarc.org/role/ScheduleShareholderFeesVantagepointMilestoneRetirementIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualTotalReturnsVantagepointMilestone2010FundBarChart column period compact * ~</div> <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualFundOperatingExpensesVantagepointMilestone2035Fund column period compact * ~</div> www.icmarc.org/vpperformance <div style="display:none">~ http://www.icmarc.org/role/ScheduleShareholderFeesVantagepointMilestone2035Fund column period compact * ~</div> 0.0004 -0.0069 0.0078 0.0004 0.0039 -0.0075 -0.0066 -0.0111 -0.006 -0.0066 -0.0264 -0.02 April 30, 2014 <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualFundOperatingExpensesVantagepointMilestoneRetirementIncomeFund column period compact * ~</div> 0.0415 0.0399 0.0467 0.0389 0.0332 The Fund invests in a combination of other Vantagepoint Funds using an asset allocation strategy designed for investors who expect to begin making gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), in or around the year 2045. The Fund invests in a combination of equity investments and fixed income investments. As time elapses, the Fund&#8217;s allocation to equity investments decreases, the Fund&#8217;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 (through the Diversifying Strategies Fund, a &#8220;multi-strategy&#8221; Fund) in a manner that the adviser believes to be appropriate, so that by June 30 of the year 2055 (10 years after the year indicated in the Fund&#8217;s name), the Fund&#8217;s net assets will be invested approximately 25% in equity Funds, 55% in fixed income Funds, and 20% in the multi-strategy Fund.<br/><br/>The Fund&#8217;s allocations will change over time. The Fund invests in the following Vantagepoint Funds at target allocations within the current ranges indicated:<div>&nbsp;</div> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Fixed Income Fund:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Core Bond Index Fund </td> <td align="right"> 0% - 10% </td> </tr> </table> <div>&nbsp;</div> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Equity Funds:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Equity Income Fund </td> <td align="right"> 22% - 32% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Growth &amp; Income Fund </td> <td align="right"> 11% - 21% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Growth Fund </td> <td align="right"> 8% - 18% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Mid/Small Company Index Fund </td> <td align="right"> 15% - 25% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> International Fund </td> <td align="right"> 14% - 24% </td> </tr> </table><div>&nbsp;</div>Subject to the supervision of the Funds&#8217; Board of Directors, the Fund&#8217;s investment adviser may, at its discretion, increase or decrease the target allocations to the underlying Funds. The adviser monitors the Fund&#8217;s allocations and will &#8220;rebalance&#8221; its portfolio as necessary to return the Fund to, or close to, the intended asset allocation. <br/><br/>The Fund is designed to &#8220;age&#8221; so that its asset allocation becomes more conservative over time until it achieves a final constant asset allocation approximately 10 years after the year 2045. This is intended to reduce investment risk as investors move towards and into retirement.<br/><br/>The sequence of asset allocation changes that the Fund is expected to follow over time (&#8220;glide path&#8221;) is illustrated below.<br/><br/><center><img alt="chart" src="g472279w85774b1w8577409.jpg"></img></center><br/> The current asset mix (as of the date of this prospectus) is approximately 95% equity and 5% fixed income. The asset mix will become progressively more conservative so that by the year 2045 (&#8220;target year&#8221;), the mix will approximate 47% equity, 36% fixed income, and 17% multi-strategy. The asset mix will continue to become more conservative for 10 more years until the equity allocation is reduced to approximately 25%, the fixed income allocation is increased to approximately 55%, and the multi-strategy allocation is increased to approximately 20%. At that time (10 years after 2045), the Fund will reach its &#8220;landing point&#8221; and its target asset allocation will become constant. After the Fund reaches its final constant target allocations, the Fund&#8217;s investment adviser is expected to recommend, and the Fund&#8217;s Board of Directors may approve, combining the Fund with the Milestone Retirement Income Fund, which is expected to have approximately the same asset allocation as the Fund at that time.<br/><br/> All percentages referred to above are based on the Fund&#8217;s net assets. Beginning March 1, 2013, the Fund will invest in T Shares of the underlying Vantagepoint Funds.<br/><br/> This Fund may be appropriate for you if you plan to begin making gradual withdrawals from the Fund, typically at or after your retirement, in or around the year 2045. <div style="display:none">~ http://www.icmarc.org/role/ScheduleExpenseExampleTransposedVantagepointMilestoneRetirementIncomeFund column period compact * ~</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for other classes will vary. <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualTotalReturnsVantagepointMilestoneRetirementIncomeFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.icmarc.org/role/ScheduleAverageAnnualTotalReturnsTransposedVantagepointMilestoneRetirementIncomeFund column period compact * ~</div> Best Quarter 2009-06-30 0.0754 Worst Quarter 2008-12-31 -0.0591 Best Quarter 2009-06-30 <div style="display:none">~ http://www.icmarc.org/role/ScheduleExpenseExampleTransposedVantagepointMilestone2035Fund column period compact * ~</div> 0.2536 Worst Quarter 2011-09-30 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. -0.0857 -0.088 -0.2016 -0.05 -0.0857 -0.1214 -0.1397 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts.<br/><br/>Because the Fund is a multi-asset class fund, the custom benchmark is intended to provide a better performance comparison than a broad-based, single asset class benchmark. The Fund&#8217;s Custom Benchmark is comprised of 50% Barclays U.S. Intermediate Aggregate Bond Index and 50% S&amp;P 500 Index. -0.0357 -0.0409 -0.0279 -0.0357 -0.0472 -0.0465 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualFundOperatingExpensesVantagepointModelPortfolioAll-EquityGrowthFund column period compact * ~</div> 0.0413 0.0364 0.0377 0.0413 0.0467 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 0.04 After-tax returns are shown for Investor Shares only. After-tax returns for other classes will vary. <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualTotalReturnsVantagepointMilestone2035FundBarChart column period compact * ~</div> After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. Best Quarter 2009-06-30 0.1667 Worst Quarter 2008-12-31 -0.2274 -0.3396 0.3699 0.2034 -0.0016 <b>Average Annual Total Returns<br/>(for the periods ended<br/> December 31, 2011)</b> Because the Fund is a multi-asset class fund, the custom benchmark is intended to provide a better performance comparison than a broad-based, single asset class benchmark. The Fund&#8217;s Custom Benchmark is comprised of 50% Barclays U.S. Intermediate Aggregate Bond Index and 50% S&amp;P 500 Index. Shareholders of the Fund indirectly pay the fees and expenses of the Acquired funds. The Fund&#8217;s total annual fund operating expenses shown in this table do not correlate to the expense ratios shown in the Fund&#8217;s financial highlights for the most recent fiscal year, which reflect the Fund&#8217;s operating expenses and do not include Acquired fund fees and expenses. Fees and expenses have been restated to reflect current fees and expenses. 0.0467 Best Quarter After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 2009-06-30 0.1931 Worst Quarter 2008-12-31 -0.0261 -0.2361 0.1491 0.307 -0.3613 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for other classes will vary. 0.0723 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. 0.1414 0.0814 Best Quarter After-tax returns are shown for Investor Shares only. After-tax returns for other classes will vary. <div style="display:none">~ http://www.icmarc.org/role/ScheduleExpenseExampleTransposedVantagepointCoreBondIndexFund column period compact * ~</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 2010-09-30 0.0407 Worst Quarter 2008-09-30 After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. -0.0508 After-tax returns are shown for Investor Shares only. After-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for other classes will vary. Best Quarter Worst Quarter 2009-06-30 2008-09-30 0.2137 <div style="display:none">~ http://www.icmarc.org/role/ScheduleShareholderFeesVantagepointAggressiveOpportunitiesFund column period compact * ~</div> -0.2117 <div style="display:none">~ http://www.icmarc.org/role/ScheduleShareholderFeesVantagepointMilestone2020Fund column period compact * ~</div> <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualFundOperatingExpensesVantagepointAggressiveOpportunitiesFund column period compact * ~</div> After-tax returns are shown for Investor M Shares only. After-tax returns for other classes will vary. The Fund invests in a combination of other Vantagepoint Funds using an asset allocation strategy designed for investors who expect to begin making gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), in or around the year 2025. The Fund invests in a combination of equity investments, fixed income investments, and investments in asset classes and strategies that have historically exhibited a low correlation to traditional fixed income and equity investments (through the &#8220;multi-strategy&#8221; Fund) that the adviser believes to be appropriate. As time elapses, the Fund&#8217;s allocation to equity investments decreases and the Fund&#8217;s allocation to fixed income investments and the &#8220;multi-strategy&#8221; investment increases so that by June 30 of the year 2035 (10 years after the year indicated in the Fund&#8217;s name), the Fund&#8217;s net assets will be invested approximately 25% in equity Funds, 55% in fixed income Funds, and 20% in the multi-strategy Fund. <br/><br/>The Fund&#8217;s allocations will change over time. The Fund invests in the following Vantagepoint Funds at target allocations within the current ranges indicated:<div style="margin-top: 6pt; font-size: 1pt">&nbsp;</div> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Fixed Income Funds:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Low Duration Bond Fund </td> <td align="right"> 0% - 9% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Core Bond Index Fund </td> <td align="right"> 9% - 19% </td> </tr> </table> <div style="margin-top: 6pt; font-size: 1pt">&nbsp;</div> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Equity Funds:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Equity Income Fund </td> <td align="right"> 18% - 28% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Growth&amp; Income Fund </td> <td align="right"> 8% - 18% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Growth Fund </td> <td align="right"> 4% - 14% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Mid/Small Company Index Fund </td> <td align="right"> 6% - 16% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> International Fund </td> <td align="right"> 9% - 19% </td> </tr> </table> <div style="margin-top: 6pt; font-size: 1pt">&nbsp;</div> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Multi-Strategy Fund:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Diversifying Strategies Fund </td> <td align="right"> 9% - 19% </td> </tr> </table> <br/>Subject to the supervision of the Funds&#8217; Board of Directors, the Fund&#8217;s investment adviser may, at its discretion, increase or decrease the target allocations to the underlying Funds. The adviser monitors the Fund&#8217;s allocations and will &#8220;rebalance&#8221; its portfolio as necessary to return the Fund to, or close to, the intended asset allocation.<br/><br/>The Fund is designed to &#8220;age&#8221; so that its asset allocation becomes more conservative over time until it achieves a final constant asset allocation approximately 10 years after the year 2025. This is intended to reduce investment risk as investors move towards and into retirement.<br/><br/>The sequence of asset allocation changes that the Fund is expected to follow over time (&#8220;glide path&#8221;) is illustrated below.<br/><br/><center><img alt="chart" src="g472279w85774b1w8577405.jpg"></img></center><br/> The current asset mix (as of the date of this prospectus) is approximately 70% equity, 17% fixed income, and 13% multi-strategy. The asset mix will become progressively more conservative so that by the year 2025 (&#8220;target year&#8221;), the mix will approximate 47% equity, 36% fixed income, and 17% multi-strategy. The asset mix will continue to become more conservative for 10 more years until the equity allocation is reduced to approximately 25%, the fixed income allocation is increased to approximately 55%, and the multi-strategy allocation is increased to approximately 20%. At that time (10 years after 2025), the Fund will reach its &#8220;landing point&#8221; and its target asset allocation will become constant. The glide path followed before October 30, 2007 did not incorporate the multi-strategy Fund. The glide path followed before January 4, 2010 had a different asset allocation and did not continue to age after the year in the Fund&#8217;s name. After the Fund reaches its final constant target allocations, the Fund&#8217;s investment adviser is expected to recommend, and the Fund&#8217;s Board of Directors may approve, combining the Fund with the Milestone Retirement Income Fund, which is expected to have approximately the same asset allocation as the Fund at that time.<br/><br/>All percentages referred to above are based on the Fund&#8217;s net assets. Beginning March 1, 2013, the Fund will invest in T Shares of the underlying Vantagepoint Funds.<br/><br/>This Fund may be appropriate for you if you plan to begin making gradual withdrawals from the Fund, typically at or after your retirement, in or around the year 2025. <div style="display:none">~ http://www.icmarc.org/role/ScheduleExpenseExampleTransposedVantagepointAggressiveOpportunitiesFund column period compact * ~</div> Shareholders of the Fund indirectly pay the fees and expenses of the Acquired funds. The Fund&#8217;s total annual fund operating expenses shown in this table do not correlate to the expense ratios shown in the Fund&#8217;s financial highlights for the most recent fiscal year, which reflect the Fund&#8217;s operating expenses and do not include Acquired fund fees and expenses. <div style="display:none">~ http://www.icmarc.org/role/ScheduleExpenseExampleTransposedVantagepointMilestone2020Fund column period compact * ~</div> <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualTotalReturnsVantagepointAggressiveOpportunitiesFundBarChart column period compact * ~</div> <b>Average Annual Total Returns<br/>(for the periods ended<br/>December 31, 2011)</b> <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualFundOperatingExpensesVantagepointMilestone2045Fund column period compact * ~</div> <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualTotalReturnsVantagepointMilestone2020FundBarChart column period compact * ~</div> <div style="display:none">~ http://www.icmarc.org/role/ScheduleAverageAnnualTotalReturnsTransposedVantagepointAggressiveOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.icmarc.org/role/ScheduleAverageAnnualTotalReturnsTransposedVantagepointMilestone2020Fund column period compact * ~</div> <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0"> <tr valign="bottom"> <td width="20%"> </td> <td width="39%"> </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> Best Quarter </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> Worst Quarter </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="center" valign="top"> <div> 19.31% </div> </td> <td> </td> <td nowrap="nowrap" align="center" valign="bottom"> -23.61% </td> </tr> <tr valign="bottom"> <td align="center" valign="top"> <div> (2nd Qtr 2009) </div> </td> <td> </td> <td align="center" valign="bottom"> (4th Qtr 2008) </td> </tr> </table> <div style="display:none">~ http://www.icmarc.org/role/ScheduleAverageAnnualTotalReturnsTransposedVantagepointMilestone2040Fund column period compact * ~</div> The Fund invests in a combination of other 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 (through the &#8220;multi-strategy&#8221; Fund).<br/><br/>This investment strategy is implemented by investing in the following Vantagepoint Funds at target allocations within the ranges indicated:<div style="margin-top: 6pt; font-size: 1pt">&nbsp;</div> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Fixed Income Fund:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Core Bond Index Fund </td> <td align="right"> 8% - 18% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"><div>&nbsp;</div></td> </tr> <tr valign="top"> <td align="left"> <b>Equity Funds:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Equity Income Fund </td> <td align="right"> 8% - 18% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Growth &amp; Income Fund </td> <td align="right"> 8% - 18% </td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Growth Fund </td> <td align="right"> 7% - 17% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left">Select Value Fund </td> <td align="right">4% - 14% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left">Aggressive Opportunities Fund </td> <td align="right">4% - 14% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left">Discovery Fund </td> <td align="right">0% - 10% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left">International Fund </td> <td align="right">11% - 21% </td> </tr> </table><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"><div>&nbsp;</div></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> <b>Multi-Strategy Fund:</b></td> <td align="right"> <b> Allocation Range:</b></td> </tr> </table> <table width="100%" border="0" cellpadding="0" cellspacing="0"><tr> <td width="50%"></td> <td width="50%"></td> </tr> <tr valign="top"> <td align="left"> Diversifying Strategies Fund </td> <td align="right"> 10% - 14% </td> </tr> </table> <br/>The Fund&#8217;s investment adviser monitors the Fund&#8217;s allocations and will &#8220;rebalance&#8221; its portfolio as necessary to return the Fund to, or close to, the intended allocations. The adviser may, at its discretion, change the target allocations within the ranges set forth above and within the above-stated asset class allocations to fixed income and equity Funds and a multi-strategy Fund, subject to the supervision of the Fund&#8217;s Board of Directors.<br/><br/>All percentages referred to above are based on the Fund&#8217;s net assets. Beginning March 1, 2013, the Fund will invest in T Shares of the underlying Vantagepoint Funds.<br/><br/>The sizable allocation to stocks means the Model Portfolio Long-Term Growth Fund should be considered an aggressive investment. It may be an appropriate investment if you intend to invest for the long term (10 years or more), are seeking to maximize the opportunity for principal growth, and are willing to accept losses, which may be substantial, with the possibility that short-term losses may be recovered over longer investment periods. 0.0028 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Investor M Shares only. After-tax returns for other classes will vary. 2005-01-03 2005-01-03 2005-01-03 2005-01-03 2005-01-03 2005-01-03 2005-01-03 After-tax returns are shown for Investor M Shares only. After-tax returns for other classes will vary. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(a)/457 plans or individual retirement accounts. 2005-01-03 2005-01-03 2005-01-03 2005-01-03 2005-01-03 2005-01-03 2005-01-03 2005-01-03 2005-01-03 2005-01-03 2005-01-03 2005-01-03 2005-01-03 2005-01-03 After-tax returns are shown for Investor Shares only. After-tax returns for other classes will vary. <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualFundOperatingExpensesVantagepointMilestone2020Fund column period compact * ~</div> 2005-01-03 2005-01-03 2005-01-03 2005-01-03 2005-01-03 2005-01-03 2005-01-03 <div style="display:none">~ http://www.icmarc.org/role/ScheduleShareholderFeesVantagepointInternationalFund column period compact * ~</div> <div style="display:none">~ http://www.icmarc.org/role/ScheduleShareholderFeesVantagepointEquityIncomeFund column period compact * ~</div> 64 90 202 282 351 490 786 1088 <div style="display:none">~ http://www.icmarc.org/role/ScheduleShareholderFeesVantagepointDiversifyingStrategiesFund column period compact * ~</div> <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualTotalReturnsVantagepointEquityIncomeFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.icmarc.org/role/ScheduleAverageAnnualTotalReturnsTransposedVantagepointEquityIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.icmarc.org/role/ScheduleAnnualFundOperatingExpensesVantagepointDiversifyingStrategiesFund column period compact * ~</d