Returns for periods greater than one year are annualized.

The performance data quoted represents past performance. Past performance is no guarantee of future results. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data illustrated. For performance data current to the most recent month end, contact ICMA-RC Services, LLC by calling 800-669-7400 or by writing to 777 North Capitol Street, NE, Washington, DC 20002-4240. Para asistencia en Español llame al 800-669-8216. Performance data current to the most recent quarter end is available by visiting www.icmarc.org.

The principal investment strategies of the Vantagepoint Inflation Protected Securities Fund are to invest, under normal circumstances, at least 80% of the Fund's net assets in inflation adjusted U.S. and non-U.S. fixed income securities. The Fund will, under normal circumstances, invest at least 50% of its net assets in U.S. Treasury inflation protected securities. Inflation adjusted securities are designed to protect the future purchasing power of the money invested in them; either their principal value and/or interest payments are indexed for changes in inflation. These securities may include: (1) debt obligations issued or guaranteed by the U.S. Government and foreign governments and their agencies and instrumentalities, political subdivisions of foreign governments (such as provinces and municipalities), and supranational organizations (such as the World Bank); (2) debt securities, loans and commercial paper issued by U.S. and foreign companies; and (3) taxable municipal securities, which are debt obligations issued by state and local governments, territories and possessions of the U.S., regional governmental authorities, and their agencies and instrumentalities, the interest on which is not exempt from federal income tax.

The Fund may also invest up to 20% of its net assets in U.S. and non-U.S. fixed income securities and derivatives whose values are not linked to adjustments in reported inflation rates. These securities and derivatives may include: (1) debt obligations issued or guaranteed by the U.S. Government and foreign governments and their agencies and instrumentalities, political subdivisions of foreign governments (such as provinces and municipalities), and supranational organizations (such as the World Bank); (2) debt securities, loans and commercial paper issued by U.S. and foreign companies; (3) U.S. and foreign mortgage-backed securities which may include U.S. agency pass through and collateralized mortgage obligations, non-agency pass through and collateralized mortgage obligations, and commercial mortgage-backed securities and asset-backed securities including utility rate reduction bonds and bonds backed by collateral such as credit card receivables, home equity loans, student loans, and small business loans; and (4) taxable municipal securities, which are debt obligations issued by state and local governments, territories and possessions of the U.S., regional governmental authorities, and their agencies and instrumentalities, the interest on which is not exempt from federal income tax. The Fund generally will invest in securities denominated in U.S. dollars. However, the Fund may invest its assets in securities denominated in foreign currencies.

The Fund’s investment in derivatives may include futures, forward currency contracts, options, and swap agreements. The combination of fixed income securities and derivatives is intended to maintain exposure comparable to a fully invested fixed income portfolio. The Fund may hedge currency risk by using forward currency contracts or options.

The Fund generally will invest in investment grade debt securities (measured at the time of purchase), which are securities rated within the four highest grades by at least one of the major rating agencies such as Standard & Poor’s (at least BBB), Moody’s (at least Baa), or Fitch (at least BBB), or are securities the Fund’s subadvisers determine are of comparable quality. However, the Fund may invest up to 5% of its net assets in debt securities rated below investment grade with a minimum rating of no lower than B as rated by Standard & Poor’s, or comparable grades of Moody’s or Fitch, and in emerging markets debt denominated in U.S. dollars. The average credit quality of Fund holdings is expected to remain investment grade under normal circumstances.

The Fund incorporates several complementary portfolio management approaches. Each subadviser’s specific strategy is described below.

The Fund is subject to the general risks associated with fixed income securities, including credit and interest rate risk. Credit risk is the possibility that the issuer of a debt security will default. The price of any security owned by the Fund may also fall in response to events affecting the issuer of the security, such as its inability to continue to make principal and/or interest payments, or a decline in its credit rating. As with most bond funds, the income on and value of your shares in the Fund will fluctuate along with interest rates. When interest rates rise, the market prices of the debt securities owned by the Fund usually will decline. When interest rates fall, the prices of these securities usually will increase.

Inflation adjusted securities tend to react to changes in real interest rates. Real interest rates can be described as nominal interest rates minus the expected impact of inflation. In general, the price of an inflation adjusted security falls when real interest rates rise, and rises when real interest rates fall. Interest payments on inflation adjusted securities will vary as the principal and/or interest is adjusted for inflation and may be more volatile than interest paid on ordinary bonds. Inflation adjusted securities and the funds that invest in them may not produce a steady income stream, particularly during deflationary periods. In fact, during periods of extreme deflation, the Fund may have no income at all.

Many fixed income securities, especially those issued at high interest rates, provide that the issuer may repay them early. Issuers often exercise this right when interest rates are low. Accordingly, holders of such callable securities may not benefit fully from the increase in value that other fixed income securities experience when rates decline. Furthermore, after a callable security is repaid early, the Fund would reinvest the proceeds of the payoff at current yields, which would likely be lower than those paid on the security that was called.

The Fund may invest in mortgage-backed and other asset-backed securities, which are subject to certain additional risks. Generally, rising interest rates tend to extend the duration of fixed rate mortgage-backed securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, a Fund that holds mortgage-backed securities may exhibit additional volatility. This is known as extension risk. In addition, adjustable and fixed rate mortgage-backed securities are subject to prepayment risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of the Fund because the Fund may have to reinvest that money at the lower prevailing interest rates. The Fund’s investments in other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as additional risks associated with the nature of the assets and the servicing of those assets.

Certain U.S. Government agency securities are backed by the right of the issuer to borrow from the U.S. Treasury, or are supported only by the credit of the issuer or instrumentality (while the U.S. Government provides financial support to U.S. Government-sponsored agencies or instrumentalities, no assurance can be given that it will always do so).

Below investment grade debt securities (commonly known as “high yield bonds” or “junk bonds”) are speculative and involve a greater risk of default and price change due to changes in the issuer’s creditworthiness. The market prices of these debt securities may fluctuate more than the market prices of investment grade debt securities and may decline significantly in periods of general economic difficulty.

Futures, options, forward currency contracts, and swap agreements are considered derivative investments because their value depends on the value of an underlying asset, reference rate or index. The Fund has limits on the amount of particular types of derivatives it can hold and it is not required to use them to seek its objective. There can be no guarantee that derivative strategies will work, that the instruments necessary to implement these strategies will be available or that the Fund will not lose money. Derivatives involve costs and can be volatile. In addition, any derivative that the Fund invests in may not perform as expected and this could result in losses to the Fund that would not otherwise have occurred. The Fund s investment in derivatives may involve a small investment relative to the amount of risk assumed. To the extent the Fund enters into these transactions, their success will depend on the subadviser’s ability to predict market movements.

The risks associated with derivative instruments may also include: counterparty risk, which is the risk that the other party to a derivative contract may not fulfill its obligations; liquidity risk, which is the risk that a particular derivative instrument may be difficult to purchase or sell; interest rate risk, which is the risk that certain derivative instruments are more sensitive to interest rate changes and market price fluctuations; valuation risk, which is the risk of mispricing or improper valuation of the derivative instrument and the inability of the derivative to correlate in value with its underlying asset, reference rate or index; and the risk that suitable derivative transactions may not be available in all circumstances for risk management or for other purposes.

Swap agreements involve the risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the other party to the agreement. In certain types of swap transactions, the risk of loss is increased because the Fund may be required to make higher payments to the counterparty as a result of market volatility. In addition, swap agreements are not traded on exchanges or other organized markets and thus may be less liquid than other derivative instruments.

Investing in foreign securities poses additional risks. These include risks resulting from: accounting and financial reporting standards that may differ from those used in the U.S.; less supervision of stock exchanges and broker-dealers than in the U.S.; the risk of foreign currency values changing relative to the U.S. dollar; higher transaction costs of non- U.S. markets; and the risk that political events or financial problems will weaken a particular country’s or region’s economy. These risks can be greater in emerging markets, which tend to be more volatile than the U.S. market or developed foreign markets. There may be periods when the Fund has some currency risk. The Fund may, from time to time, attempt to hedge a portion of its currency risk using a variety of techniques including forward currency contracts or options. Currency risk is that the value of an investment that is denominated in the currency of one country will rise or fall with the changes in the exchange rate between countries.