Reduction of Risk Over Time
Stocks from 1926 - 2008

Chart of the Week for January 23 - January 29, 2009

The above chart shows the range of equity returns, as represented by the S&P 500 Index, for various time periods since 1926. An equity investment matching the performance of the S&P 500 Index for a one-year period would have produced results ranging from a 163% gain (July 1932 to June 1933) to a 68% loss (July 1931 to June 1932). However, the range of annualized returns is narrower for longer rolling time periods. For example, holding the same investment for twenty years returned as much as 18.25% per year (April 1981 to March 2000) and never less than 1.89% (September 1930 to August 1949).

As investors develop their investment strategies, reviewing the historical range of returns may be helpful. Equity returns have historically varied widely over short periods such as one year. The historical range narrows considerably over longer periods such as 10 or 20 years. Past performance is not a guarantee of future results.

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.