One-Step Investing with ICMA-RC’s Vantagepoint Funds

Professional investment managers use many well-established techniques like portfolio management, asset allocation, and risk management to help ensure more consistent returns. We, at ICMA-RC, are dedicated to making these practices available to investors in the Vantagepoint Funds. The following funds, comprised of carefully managed portfolios of other Vantagepoint Funds, give the investor the opportunity to select one fund based upon their specific needs and then rely on our professional managers to keep the portfolio on target. The funds fall into two groups:

Target Date (Milestone) Funds — Select the target date and the professional managers of the fund will automatically "age" the portfolio over time
Life Style (Model Portfolio) Funds — Select a fund based upon your tolerance to risk

Vantagepoint Milestone Funds

The Vantagepoint Milestone Funds simplify investors decisions by offering an all-in-one investment strategy that changes with them as they move through the significant milestones in their life. Pick the Milestone Fund with the target date closest to the year you want to retire and invest in a fund with professionally selected combination of equity, fixed income, and multi-strategy funds. The funds have been designed, given the time horizon, to have the appropriate mix of assets for the time remaining until the “target retirement date.” As the amount of time until your target date decreases, the asset mix of the Milestone Fund with that target date becomes increasingly conservative.

Milestone Funds
Information provided is as of September 30, 2008
Fund Name	Ticker Symbol	Investment Category	Star Rating (# in Group)†	Prospectus Link	Inception Date
Milestone Funds
Vantagepoint Milestone Retirement Income Fund	VPRRX	Target-Date 2000-2014	(178 in Grp.)	PDF	1/3/2005
Vantagepoint Milestone 2010 Fund	VPRQX	Target-Date 2000-2014	(178 in Grp.)	PDF	1/3/2005
Vantagepoint Milestone 2015 Fund	VPRPX	Target-Date 2015-2029	(170 in Grp.)	PDF	1/3/2005
Vantagepoint Milestone 2020 Fund	VPROX	Target-Date 2015-2029	(170 in Grp.)	PDF	1/3/2005
Vantagepoint Milestone 2025 Fund	VPRNX	Target-Date 2015-2029	(170 in Grp.)	PDF	1/3/2005
Vantagepoint Milestone 2030 Fund	VPRMX	Target-Date 2030+	(237 in Grp.)	PDF	1/3/2005
Vantagepoint Milestone 2035 Fund	VPRLX	Target-Date 2030+	(237 in Grp.)	PDF	1/3/2005
Vantagepoint Milestone 2040 Fund	VPRKX	Target-Date 2030+	(237 in Grp.)	PDF	1/3/2005

An overall rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating Metrics as of the date stated. The risk-adjusted star rating brings both return and risk together into one evaluation. To determine a fund's star rating for a given period (three, five, or ten years), the fund's Morningstar Risk score is subtracted from its Morningstar Return score. The resulting number is plotted along a bell curve to determine the fund's rating for each time period. If the fund scores in the top 10% of its broad ratings group (domestic stock, international stock, taxable bond, or municipal bond), it receives 5 stars (Highest); if it falls in the next 22.5%, it receives 4 stars (Above Average); a place in the middle 35% earns it 3 stars (Neutral or Average); those in the next 22.5% receive 2 stars (Below Average); and the bottom 10% get 1 star (Lowest). The star ratings are recalculated monthly. Past performance is no guarantee of future results.

Data provided by Morningstar, Inc.®All rights reserved. The information contained herein; (1) is proprietary to Morningstar and/or its affiliates; (2) may not be copied or distributed; (3) is not warranted to be accurate, complete or timely. ICMA-RC does not review the Morningstar data and, for mutual fund performance information, please consult both the current Vantagepoint Funds prospectus or other appropriate prospectus and MAKING SOUND INVESTMENT DECISIONS: A Retirement Investment Guide carefully for a complete summary of all fees, expenses, charges, financial highlights and investment objectives, risks and performance information prior to investing any money. Past performance does not guarantee 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.

Please note: A redemption fee may be assessed when you sell shares in a mutual fund. Regardless, all funds are monitored for frequent trading. Please refer to the Fund’s prospectus for guidance on redemption fee and frequent trading terms. Also, refer to ICMA-RC’s Frequent Trading Policy for more information.

Vantagepoint Model Portfolio Funds

The Vantagepoint Model Portfolio Funds are designed with a specific risk profile in mind. Investors who have a feel for their “risk profile” have the opportunity to select one of five fully diversified funds based upon their risk profile. Investors should continue to review their “risk profile” on at least an annual basis to ensure the selected Model Portfolio Funds continue to meet their investment needs and objectives.

Model Portfolio Funds
Information provided is as of September 30, 2008
Fund Name	Ticker Symbol	Investment Category	Prospectus Link	Inception Date
Model Portfolio Funds
Vantagepoint Model Portfolio Savings Oriented Fund	VPSOX	Conservative Allocation	PDF	2/9/1995
Vantagepoint Model Portfolio Conservative Growth Fund	VPCGX	Conservative Allocation	PDF	4/1/1996
Vantagepoint Model Portfolio Traditional Growth Fund	VPTGX	Moderate Allocation	PDF	4/1/1996
Vantagepoint Model Portfolio Long-Term Growth Fund	VPLGX	Large Blend	PDF	4/1/1996
Vantagepoint Model Portfolio All-Equity Growth Fund	VPAGX	Large Blend	PDF	10/1/2000

¹Please be advised that with “Fund of Funds” arrangements, additional underlying fees may apply. Please consult the prospectus for details.