Growth of the Popular CFA Program

Chart of the Week for May 31-June 6, 2002

This Saturday is not just the first day of June. It is also the day of reckoning for tens of thousands of investment professionals around the world as the Association for Investment Management and Research (AIMR) administers its six hour qualifying examinations for the Chartered Financial Analyst (CFA®) designation. Candidates are required to complete three comprehensive examinations testing a wide range of topics relating to investment management, such as asset valuation, portfolio management, and financial statement analysis among others. In addition AIMR promotes a rigid code of ethics and high standards of professional conduct. Despite the commitment required to complete the program (three year minimum to pass all three levels) and the fierce competition (pass rates are sometimes as low as 40%), the number of investment professionals participating in the program has grown dramatically over the past ten years.

The level of understanding and professionalism symbolized by the charter is making it an increasingly important requirement by investment-related employers, and their clients. AIMR estimates the number of registrants in 2002 will approach 100,000. Congratulations to our associates who have already achieved this milestone; to those taking examinations on Saturday, best of luck!

This illustration was compiled by information from outside sources. These companies are not affiliated with ICMA-RC. This information is being provided for educational purposes and is not intended to be construed as or relied upon as investment advice. ICMA-RC does not offer specific tax or legal advice. Individuals are advised to consider any new investment strategies carefully prior to implementing.

Investment information can change rapidly and the changes can be significant particularly in volatile markets. For this reason “as of”’ dates are provided for specific data where applicable. The information should not be considered current after the dates provided.

Please read 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 carefully 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. The 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.

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.