Vantagepoint Milestone Retirement Income Fund


The investment objective of the Vantagepoint Milestone Retirement Income Fund is to seek to offer current income and opportunities for capital growth that have limited risk.

as of Mar 31, 2008
Ticker Symbol	VPRRX
Documents	Prospectus
Morningstar Category	Target-Date 2000-2014
Inception Date	January 3, 2005

as of Dec 31, 2007
Gross Expense Ratio		1.05%
Waiver †	–	0.24%
Net Expense Ratio	=	0.81%
† The expense waiver is contractual and will expire on April 30, 2009. Please see the Fund’s fee table in the prospectus for additional information.

as of Mar 31, 2008

Morningstar Category: Target-Date 2000-2014

Morningstar Rating‡
Stars		Category Size
Overall		129
5-Year	Not Available	Not Available
3-Year		129

Morningstar Styleboxes
Equity Stylebox	Fixed Income Stylebox

Allocation of Assets
Type of Assets	%
Equity	28%
Fixed Income	61%
Cash/Other	11%

‡For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Past performance is no guarantee of future results. The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structure.

See the Morningstar® Snapshot of this fund

Fund/Benchmark Name	2nd Qtr	YTD	1-Yr	3-Yr	5-Yr	10-Yr	Since Inception
as of Jun 30, 2008
VP Milestone Retirement Income	-0.48%	-2.07%	0.41%	4.52%	N/A	N/A	4.19%
S&P 500 Index	-2.73%	-11.91%	-13.12%	4.41%	7.58%	2.88%	N/A
LB Intermediate Aggregate Bond Index	-0.96%	1.36%	7.17%	4.35%	3.85%	5.62%	N/A
LB Aggregate Bond Index	-1.02%	1.13%	7.12%	4.09%	3.86%	5.68%	N/A
Milestone Ret Income Custom Benchmark	-1.39%	-2.64%	0.88%	4.50%	N/A	N/A	N/A
Morningstar Target 2000-2014	-0.98%	-4.75%	-3.41%	3.82%	5.31%	4.19%	N/A

See below for the definitions of the benchmarks for the Fund**

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 Investor Services at 800-669-7400.

Date		Income	Capital Gains		Total
as of Jun 30, 2008
Record	Payable/Ex		Long Term	Short Term
December 26, 2007	December 27, 2007	$0.3184	$0.2032	$0.0130	$0.5346
December 21, 2006	December 22, 2006	$0.2853	$0.0629	$0.0442	$0.3924
December 28, 2005	December 29, 2005	$0.1918	N/A	$0.0078	$0.1996

as of Mar 31, 2008

During the first quarter the securities markets -- fixed and equity, foreign and domestic -- reflected the combined effects of the continuing flight to quality, U.S. led liquidity constraints, fears of a U.S. recession possibly developing, and inflation remaining above Federal Reserve targets. Unemployment rose to 5.1% at March 31, over 200,000 jobs were lost in the quarter, consumer confidence continued to drop, and housing prices declined further.

The Federal Reserve moved aggressively to attempt to stem the liquidity crisis, mitigate recessionary risks, and thereby reduce market fears and volatility by:

Reducing the Fed Funds rate from 4.25% at year end to 2.25% in a series of cuts.
Providing increased liquidity access to financial institutions through
- Expanded the Term Auction Facility, introduced in 2007.
- Implemented the Term Securities Lending Facility.
- Implemented the Primary Dealer Credit Facility.
Assisting J.P. Morgan’s buyout of Bear Sterns.
Loosening the excess capital requirement for Fannie Mae and Freddie Mac to facilitate home mortgage funding availability.

U.S. stocks posted their worst quarter since 2002, with losses across all reported market capitalization sizes, and with both growth and value styles posting losses. The S&P 500 dropped 9.45% in the quarter, with all sectors showing negative performance. On January 21, foreign markets, as reflected by the MSCI World ex US Index dropped 5.57%, with the Asian markets suffering the largest one day decline since September 11, 2001. After years of outperformance, Emerging Market stocks, as represented by the MSCI Emerging Markets Index, underperformed developed markets, with a decrease of 10.92%.

Fixed income markets responded to the forces of declining Treasury rates, flight to quality, and inflation risk concerns by providing returns that varied considerably between fixed income market sectors. Based on Lehman Brothers indexes, long maturity U.S. Treasuries gained approximately 4.43% for the quarter while the High Yield sector lost approximately 3.02%. Inflation protected securities funds, based on Morningstar average fund performance data, increased approximately 4.81% for the quarter as the flight to quality and inflation concerns boosted performance.

The Milestone Retirement Income Fund’s performance reflected broad market trends with the fixed income component contributing most to return for the quarter, primarily due to the Fund’s 60% bond allocation. Within the Fund’s fixed income holdings, the Vantagepoint Low Duration Bond Fund earned 1.34%, and the Vantagepoint Core Bond Index Fund rose 2.23%. The Vantagepoint Inflation Protected Securities Fund returned 5.51%, reflective of its interest rate sensitivity combined with inflation protection features. The multi-strategy Vantagepoint Diversified Assets Fund ended the quarter nearly unchanged with a loss of 0.20%. Among domestic equities, the Vantagepoint Equity Income Fund fell 9.30%, while the Vantagepoint Growth and Income Fund declined 10.32%. International markets experienced milder losses than the U.S. market with the Vantagepoint International Fund declining only 8.45%.

* The Fund's return does not include applicable plan administration fees, if any. Please refer to the performance table above for the precise return earned by your plan.

Statistic	Value

As Of Date: Mar 31, 2008
Total Net Assets ($millions)	$53

Holding Name	Percent
as of Feb 29, 2008
Vantagepoint Low Duration Bond	40.2%
Vantagepoint Growth & Income	11.7%
Vantagepoint Equity Income	11.7%
Vantagepoint Core Bond Index I	11.1%
Vantagepoint Diversified Assets	10.0%
Vantagepoint Inflation Protected Secs	9.2%
Vantagepoint International	5.9%

View Current Holdings for this Fund.

The investment objective of the Vantagepoint Milestone Retirement Income Fund is to seek to offer current income and opportunities for capital growth that have limited risk.

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

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

Component Funds	Allocation Range
Fixed Income Funds
Vantagepoint Low Duration Bond Fund	35%–45%
Vantagepoint Core Bond Index Fund	6%–16%
Vantagepoint Inflation Protected Securities Fund	4%–14%
Equity Funds
Vantagepoint Equity Income Fund	7%–17%
Vantagepoint Growth & Income Fund	7%–17%
Vantagepoint International Fund	1%–11%
Multi-Strategy Funds
Vantagepoint Diversified Assets Fund	0%–10%

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

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

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

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

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

Please see Risks of Investing in the Funds for additional information.

as of Jun 30, 2008

Vantagepoint Low Duration Bond Fund
Investment Objective:	The investment objective of the Vantagepoint Low Duration Bond Fund is to seek total return that is consistent with preservation of capital.
Target Allocation:	40.00%

Vantagepoint Core Bond Index Fund
Investment Objective:	The investment objective of the Vantagepoint Core Bond Index Fund is to offer current income by approximating the performance of the Lehman Brothers Aggregate Bond Index.
Target Allocation:	11.00%

Vantagepoint Inflation Protected Securities Fund
Investment Objective:	The investment objective of the Vantagepoint Inflation Protected Securities Fund is to offer current income.
Target Allocation:	9.00%

Vantagepoint Equity Income Fund
Investment Objective:	The investment objective of the Vantagepoint Equity Income Fund is to offer long-term capital growth with consistency derived from dividend yield.
Target Allocation:	12.00%

Vantagepoint Growth & Income Fund
Investment Objective:	The investment objective of the Vantagepoint Growth & Income Fund is to offer long-term capital growth and current income.
Target Allocation:	12.00%

Vantagepoint International Fund
Investment Objective:	The investment objective of the Vantagepoint International Fund is to offer long-term capital growth and diversification by country.
Target Allocation:	6.00%

Vantagepoint Diversified Assets Fund
Investment Objective:	The investment objective of the Vantagepoint Diversified Assets Fund is to offer long-term capital growth.
Target Allocation:	10.00%

See note(s) FOFF, BKDLR

FOFF: Please be advised that with “Fund of Funds” arrangements, additional underlying fees may apply. Please consult the prospectus for details.

BKDLR: Please consult both the current applicable prospectus and MAKING SOUND INVESTMENT DECISIONS: A Retirement Investment Guide carefully for a complete summary of all fees, expenses, charges, financial highlights, investment objectives, risks and performance information. Investing in mutual funds and other investment vehicles involves risk, including possible loss of the amount invested. Investors should consider the Fund's investment objectives, risks, charges and expenses before investing or sending money. The prospectus contains this and other information about the investment company. Please read the prospectus carefully before investing. All Vantagepoint Funds invested through 401 or 457 plans are held through VantageTrust. Vantagepoint Funds are distributed by ICMA-RC Services LLC, a wholly owned broker-dealer subsidiary of ICMA-RC and member FINRA/SIPC. For a current prospectus, contact ICMA-RC Services, LLC.

CNTCT: To contact ICMA-RC Services, LLC, ICMA-RC, or any of its affiliates call 800-669-7400 (TDD: 800-669-7471) or write to 777 North Capitol Street, NE, Washington, DC 20002-4240. You may also visit us on the Web at www.icmarc.org. Para asistencia en Español llame al 800-669-8216.

**Fund Benchmarks

S&P 500 Index: The S&P 500 Index, consists of 500 companies representing larger capitalization stocks traded in the U.S.

LB Intermediate Aggregate Bond Index: The Lehman Brothers Intermediate Aggregate Bond Index is an unmanaged index comprised of U.S. government, mortgage, corporate and asset-backed securities with maturities of one to 10 years. The index is unmanaged and does not reflect the costs of portfolio management or trading. A fund’s portfolio may differ significantly from the securities in the market index.

LB Aggregate Bond Index: The Lehman Brothers Aggregate Bond Index, consists of all investment-grade U.S. fixed income securities.

Milestone Ret Income Custom Benchmark: The custom benchmark is composed of market indexes that reflect the general performance of the primary asset classes in which the Fund invests, in weighted percentages that correspond to the historical target allocation to those asset classes for the Fund. Those asset class benchmarks are the Lehman Brothers Intermediate Aggregate Bond Index for the fixed income asset class and the S&P 500 Index for the equity asset class. Should the target allocations for the Fund between those asset classes change, the percentage allocations to the corresponding indexes will also change when calculating the custom benchmark. A fund’s portfolio may differ significantly from the securities held in the indexes. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.

Morningstar Target 2000-2014: The Morningstar Target 2000-2014 Average is an equal-weighted average of all Target 2000-2014 funds, as identified by Morningstar, Inc.