Mutual Fund Assets

Chart of the Week for September 24-30, 2004

The Investment Company Institute’s (ICI) July survey of the mutual fund industry reported a month-over-month decrease of almost $150 billion in assets from June, falling to $7.4 trillion invested in July. The report combines assets of stock, bond, hybrid and money market funds within the U.S. Stock funds accounted for almost all of the month-to-month decrease in assets dropping over $150 billion, or 3.9% to $3.8 trillion. The aggressive growth and sector stock fund categories contributed the largest cash outflows with $583 and $219 million respectively. Hybrid funds also decreased by $4 billion while bond funds increased assets by $9 billion. Money market funds had cash outflows of $2.4 billion for the month compared to a $21.9 billion decrease in June.

* The illustration was created from information provided by the Investment Company Institute, the national association of the mutual fund industry, which represents its members and their shareholders on issues of legislation, regulation, taxation, public information, economic and policy research, and is not affiliated with the ICMA-RC. 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 by calling 1-800-669-7400 or by writing to 777 North Capitol Street, NE, Washington, DC 20002-4240, or by visiting www.icmarc.org. Please consult both the current Vantagepoint Funds 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. Vantagepoint securities are distributed by ICMA-RC Services LLC, a broker dealer affiliate of ICMA-RC, member NASD/SIPC. For a current prospectus, contact ICMA-RC Services LLC, 777 North Capitol Street NE, Washington, DC 20002-4240. 1-800-669-7400.