Quarterly Newsletter

Investing Spotlight: Milestone Funds' Fifth Anniversary

ICMA-RC is celebrating the fifth anniversary of the Vantagepoint Milestone Funds1,2. These target-date funds were created specifically to help public-sector employees save for retirement, and Morningstar® ranks all of them in the top quartile of their investing categories for three- and five-year returns. Additional details about the Funds' rankings in their respective Morningstar® categories are provided in this table. Please note that past performance is no guarantee of future results.

Each Milestone Fund invests in eight to 10 Vantagepoint Funds selected by our in-house investments team to create a diversified portfolio based on investors' investing time horizons. You pick a fund based on the date you plan to start gradually withdrawing money in retirement, and the portfolio is automatically shifted from aggressive to more conservative asset allocations as your target date gets closer.

The Vantagepoint Milestone Funds also benefit from an extra level of diversification—each of the underlying actively managed funds relies on two to five subadvisers from top investment management firms, giving ICMA-RC participants access to a diversified set of investment managers, some of whom work primarily with large institutional investors and whose services may not be otherwise available to individuals. ICMA-RC's investments team seeks subadvisers who have demonstrated track records and investing styles that complement each other. They oversee the subadvisers to make sure their investing approach adheres to the funds’ objectives.

For more information about the Vantagepoint Milestone Funds, see the Our Funds section of our Web site.

1Please be advised that with "Fund of Funds" arrangements, additional underlying fund fees will apply. Please consult the prospectus for details.

2The share values of the Vantagepoint Milestone Funds are not guaranteed at any time, including at or after each Milestone Fund’s target date, which is the date when investors are expected to begin gradually making withdrawals, typically at or after retirement. The Milestone Funds' asset allocations change over time, as described in The Vantagepoint Funds prospectus.

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.

All Vantagepoint Funds invested through 401 or 457 plans are held through VantageTrust. The Vantagepoint Funds are distributed by ICMA-RC Services LLC, a wholly owned broker-dealer subsidiary of ICMA-RC and member FINRA/SIPC.