September Swoon

Chart of the Week for October 3-9, 2003

Historically the months of September and October have been the most unkind months for investors in the stock market. Since 1926 there have been 41 years when the month of September has had a negative return, and 37 years when the month has had a positive return. On average, when the month of September has been negative, the calendar year return has been substantially lower than when the September return has been positive. So far this year is setting up to be better than average. In fact, this September’s return of -1.2% is the best return for the month in five years. The stock market has been down each of the last three years but is up over 13% so far this year.

* This illustration was compiled by information provided by Ibbotson Associates, an organization, which is not affiliated with the ICMA-RC). This information is provided for educational purposes only and is not intended to be construed as or relied upon as investment advice. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person. Individuals should seek financial advice regarding the appropriateness of any new investment strategy. The S&P 500 is an Index of 500 Stocks, and is a widely recognized, unmanaged index of common stock prices. You cannot directly invest in LLC, 777 North Capitol Street NE, Washington, DC 20002-4240. 1-800-669-7400. this index. The index’s performance illustrated here does not reflect the expenses associated with the active management of a portfolio of open-ended investment company shares. Performance is historical and past performance is not indicative of future performance. Vantagepoint securities are distributed by ICMA-RC Services LLC, a broker dealer affiliate of ICMA-RC, member NASD/SIPC. ICMA-RC Services