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 PLUS Fund's investment strategies are based on a structured and diversified multi-product, multi-manager approach. The PLUS Fund invests primarily in a diversified portfolio of stable value investment contracts and fixed income securities that back certain stable value investment contracts. Cash investments are held, in part, to provide liquidity for payouts. The PLUS Fund's portfolio may include different types of investments with a variety of negotiated terms and maturities, and is diversified across sectors and issuers. The composition of the PLUS Fund portfolio and its allocations to various stable value investments and fixed income investment sectors is determined based on prevailing economic and capital market conditions, relative value analysis, and other factors, consistent with investment guidelines approved by the Trust Company's Board of Directors ("Board"). The PLUS Fund is managed to seek to produce relatively stable returns compared to intermediate-term fixed income funds. As such, it should generally follow the upward and downward trends in interest rates. However, it will not track interest rates as closely as a money market fund due to its longer average maturity. The PLUS Fund primarily invests in stable value investment contracts that include a feature that provides for liquidity at book or contract value for certain permitted withdrawals. Stable value contracts are valued at book value or contract value, i.e., original book or contract value plus accrued interest, plus additional deposits less withdrawals, allowing for stable returns. Guaranteed Investment Contracts ("GICs"), Separate Account GICs, Synthetic GICs, and Bank Investment Contracts ("BICs") are the types of stable value investment contracts, which are issued by financial institutions ("issuers"), in which the PLUS Fund may invest. The PLUS Fund also invests directly in money market mutual and other commingled funds, and may invest in cash and cash equivalents.

Guaranteed Investment Contracts ("GICs"): Commonly known as traditional GICs, these are investments made with insurance companies, ("GIC issuers"), which typically provide a "guaranteed" fixed interest or contract rate or rates that are fixed to a certain index. The amount invested in each GIC becomes part of the GIC issuer's general account assets, which are managed and invested as the GIC issuer deems appropriate. Each GIC is an unsecured obligation of the GIC issuer to pay principal and interest for the period specified in the contract. Assurance of principal and interest payment is based solely on the financial strength of the GIC issuer. There is no secondary trading market for GICs. ICMA-RC manages the PLUS Fund's traditional GICs in a laddered maturity strategy, i.e., periodic maturities so that maturing GICs provide consistent liquidity. This strategy also seeks to reduce the effects of market timing and to provide for sooner returns and moderated investment risk.

Separate Account GICs: Separate Account GICs are another insurance company investment product. Unlike a traditional GIC, each Separate Account GIC is backed by fixed income assets that are held in an account separate from the insurance company's general account assets. A Separate Account GIC's crediting/contract rate, i.e., interest paid on a Separate Account GIC) can either be fixed, similar to that of a GIC, or adjusted periodically to reflect the performance of the underlying fixed income assets. The underlying assets are either managed by the insurance company separately in a dedicated account for the PLUS Fund, subject to investment guidelines approved by ICMA-RC, or are managed in a pooled account for different Separate Account GIC clients including the PLUS Fund. Although the underlying assets are owned by the insurance company, the assets of a Separate Account GIC cannot be used to satisfy the insurance company's general account obligations until the separate account liabilities have been satisfied. As such, if the issuer were to go into rehabilitation or bankruptcy, Separate Account GIC investors' claims to those fixed income assets would have priority over claims of third-party creditors of the issuer.

Synthetic GICs: Synthetic GICs are contracts issued by an insurance company, bank or other financial institution that, similar to Separate Account GICs, provide stable value benefits through a separately managed portfolio of fixed income assets. However, in contrast to a Separate Account GIC, the fixed income assets or units of a fixed income commingled fund are owned by the PLUS Fund, and not by the Synthetic GIC issuer. This ownership aspect provides flexibility and reduces the issuer risk found in GICs and Separate Account GICs. A Synthetic GIC consists or is comprised of an insurance wrap contract (the insurance or liquidity feature mentioned earlier for all stable value investment contracts) and underlying fixed income assets or units of one or more fixed income commingled funds. Each insurance wrap contract is issued by an independent party (an insurance company or a bank) and the issuer of the wrap contract is commonly known as the "synthetic GIC issuer," "wrap provider" or "wrapper." The underlying fixed income assets or units of commingled fixed income funds that back the wrap contract are managed by third-party fixed income managers hired by ICMA-RC. A Synthetic GIC's crediting/ contract rate is dependent on the performance of the underlying fixed income assets relative to the Synthetic GIC's contract value, and is adjusted periodically to reflect that performance, plus current yields, less fees and expenses, over time.

ICMA-RC implements its Synthetic GIC strategy through global wraps with multiple wrappers (each wrap contract shares certain common contract terms and "wraps" a certain percentage of the underlying fixed income assets) and by using multiple fixed income managers to manage the underlying fixed income assets with each manager focusing on multiple or specific sectors of the fixed income market. ICMA-RC believes the multi-wrapper and multi-manager approach to stable value and fixed-income investing provides investors with greater return potential and through increased diversification, mitigates issuer and manager risks.

Bank Investment Contracts: Bank Investment Contracts are similar to GICs except they are issued by a bank as a benefit responsive bank deposit.

Additional information related to the PLUS Fund’s management, operations, performance, and characteristics as of March 31, 2009 is available upon request. To request this information, please contact 1-800-669-7400 and ask for the VantageTrust PLUS Fund Supplemental packet.

Risk Management: Investment in the PLUS Fund involves risk and you could lose money investing in the PLUS Fund. ICMA-RC seeks to reduce risk through investment strategies primarily focuses on controlling liquidity, credit, and reinvestment risks. Credit risk is managed through issuer exposure limits, analysis of the financial strength of each issuer and, in the case of certain Separate Account GICs and Synthetic GICs, by setting guidelines the fixed income managers must follow with respect to the quality of the underlying fixed income assets supporting the contract. In addition, ICMA-RC periodically reviews the fixed income assets and capabilities of the fixed income managers who manage the underlying fixed income assets for the Separate Account GICs and Synthetic GICs. In particular, Synthetic GICs give ICMA-RC the flexibility to make changes to the underlying fixed income assets, as necessary.

The PLUS Fund normally invests no more than 20% of its assets in contracts of any single GIC or Separate Account GIC issuer, although certain circumstances, such as the timing of contract maturities, may cause the PLU Fund to exceed these limits temporarily. To seek to offset reinvestment risk, i.e., the risk that a substantial amount of the value of the contracts will mature at a time of relatively low interest rates, the PLUS Fund's portfolio is structured to hold investments containing a variety of staggered maturity dates and payout configurations.

ICMA-RC conducts in-depth credit analysis of financial institutions to compile a list of eligible issuers from which to purchase stable value investment contracts. Criteria considered include such factors as issuer asset quality, both present and potential; capital adequacy; product mix; profitability; and competence of senior management. ICMA-RC also takes into consideration ratings such as the "claims paying ability" available through the major independent rating services, e.g., Moody's Investor Services, Inc. ("Moody's"), Standard & Poor's ("S&P"), and Fitch Investors ("Fitch").

Initial and ongoing due diligence is also conducted on third-party managers of assets that back certain Separate Account GICs or Synthetic GICs. ICMA-RC takes into consideration factors such as the investment management firm's organization and asset management expertise; product focus; investment management process and investment professionals; processes and procedures for risk management, compliance and controls; client servicing and flexibility for customization; and management fees.

Investment Risks: There are different types of risks (including liquidity, credit and reinvestment risks) and features of ownership associated with stable value investment contracts. Generally, stable value investment contracts are not assignable or transferable without the permission of the issuer. For that reason, these contracts often include non-standard negotiated terms and do not trade in a secondary market.

Additional risks associated with investing in the PLUS Fund include, but are not limited to, failure of the insurance company issuers of GICs, Synthetic GICs, or wrapper contracts to meet their obligations to the PLUS Fund or the similar failure of issuers of BICs; failure of ICMA-RC to meet its objectives or obligations, as investment adviser for the PLUS Fund; default of the underlying securities that are held in the fixed income portfolios that back Synthetic GICs; failure of the underlying fixed income managers of the Synthetic GIC portfolio to meet their investment objectives or their obligations to the PLUS Fund; loss of value or failure to redeem shares or allow withdrawals on a timely basis by one or more of the pooled investment vehicles in which the PLUS Fund invests, which include money market or other mutual funds, stable value funds, or other commingled investment funds.

The fixed income managers who manage the underlying portfolios of a Synthetic GIC may use derivative instruments as part of their investment strategy. Generally, a derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or index, among other things, and may relate to stocks, bonds, interest rates, commodities, and related indexes. Examples of derivative instruments include options, futures, forward currency contacts, options on futures contracts, and swap agreements. There is no assurance that the use of any derivatives strategy will succeed. Also, investing, in derivative instruments involves additional risks and costs, such as inaccurate market predictions, which may result in losses instead of gains, so the benefits of the transaction might be diminished and a fund may incur substantial losses. The use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other more traditional investments.

There is no guarantee that a PLUS Fund investor will not lose money. A loss of value could occur in the event of a default on investments held by the PLUS Fund. Except for underlying fixed income assets that are backed by the full faith and credit of the U.S. Government, investments held by the PLUS Fund are not guaranteed by ICMA-RC, the FDIC, the U.S. Government, or any other entity.