VANTAGEPOINT MILESTONE 2025 FUND INVESTOR M SHARES (VPRNX) Exchange: NMFQS

DELISTED - The Fund invests in a combination of other Vantagepoint Funds and one or more third party exchange-traded funds (“ETFs”) using an asset allocation strategy designed for investors who expect to begin making gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), in or around the year 2025. The Fund invests in a combination of equity, fixed income, and multi-strategy investments that the Fund’s investment adviser believes to be appropriate. Multi-strategy investments generally include asset classes and strategies that seek to provide additional diversification from traditional stocks and bonds. Examples may include convertible securities, derivative-based strategies, and real estate investment trusts (REITs), among others. As time elapses, the Fund’s allocation to equity and multi-strategy investments decreases and the Fund’s allocation to fixed income investments increases so that by June 30 of the year 2035 (10 years after the year indicated in the Fund’s name), the Fund’s net assets will be invested approximately 30% in equity funds, 63% in fixed income funds, and 7% in the multi-strategy fund. The Fund’s allocations will change over time. The Fund invests in the following funds at target allocations within the current ranges indicated: Fixed Income Funds Allocation Range Vantagepoint Low Duration Bond Fund 3% - 13% Vantagepoint Core Bond Index Fund 12% - 22% Vantagepoint Inflation Focused Fund 0% - 7% Vantagepoint High Yield Fund 0% - 9% Equity Funds Allocation Range Vantagepoint Equity Income Fund 9% - 19% Vantagepoint Growth & Income Fund 5% - 15% Vantagepoint Growth Fund 3% - 13% Vantagepoint Select Value Fund 0% - 6% Vantagepoint Mid/Small Company Index Fund 2% - 12% Vantagepoint Aggressive Opportunities Fund 0% - 6% Vantagepoint Discovery Fund 0% - 6% Vantagepoint International Fund 6% - 16% Third Party Emerging Markets ETF 0% - 5% Multi-Strategy Fund Allocation Range Vantagepoint Diversifying Strategies Fund 9% - 19% Subject to the supervision of the Fund’s Board of Directors, the Fund’s investment adviser may, at its discretion, increase or decrease the target allocations to the underlying funds. The Fund’s investment adviser monitors the Fund’s allocations and will “rebalance” its portfolio as necessary to return the Fund to, or close to, the intended asset allocation.The Fund is designed to “age” 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.The sequence of asset allocation changes that the Fund is expected to follow over time (“glide path”) is illustrated below.The current asset mix (as of the date of this prospectus) is approximately 54% equity, 32% fixed income, and 14% multi-strategy. The asset mix will become progressively more conservative so that by the year 2025 (“target year”), the mix will approximate 40% equity, 48% fixed income, and 12% multi-strategy. The asset mix will continue to become more conservative for 10 more years until the equity allocation is reduced to approximately 30%, the multi-strategy allocation is reduced to approximately 7%, and the fixed income allocation is increased to approximately 63%. At that time (10 years after 2025), the Fund will reach its “landing point” and its target asset allocation will become constant. 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’s name. The glide path followed before May 1, 2014 had a different asset allocation to fixed income, equity and multi-strategy investments. After the Fund reaches its final constant target allocations, the Fund’s investment adviser is expected to recommend, and the Fund’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.All percentages referred to above are based on the Fund’s net assets. The Fund invests in T Shares of the underlying Vantagepoint Funds.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.