How Will the Year End?

Chart of the Week for December 10-16, 2004

As the uncertainties in 2004 fade and holiday merrymaking gets underway, investors are gaining some optimism from the stock market. Since 1994, the month of December has experienced 8 monthly positive returns— leaving only two Decembers falling into negatives. As of December 9th, the Dow Jones Industrial Average is seeing a return of 0.63% for the month to date. How the month will end and what will happen in 2005 is of course unknown, but shoppers are hoping to spread a little extra good cheer again this December.

* This illustration was compiled by information provided by Bloomberg L.P., which is an information services, news and media company serving customers around the world. Bloomberg L.P. is not affiliated with the ICMA-RC). This information is being provided for educational purposes and is not intended to be construed as or relied upon as investment advice. The ICMA-RC does not offer specific tax or legal advice. Individuals are advised to consider any new investment strategies carefully prior to implementing. The Dow Jones Industrial Average is a price-weighted average of 30 actively traded stocks, primarily industrials, and is the oldest and most widely quoted of all the market indicators. Indices are not available for direct investment; therefore their performance does not reflect the expenses associated with the active management of an actual open-ended investment company portfolio. 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. AC: 1204-31.