INVESTMENT CHARACTERISTICS. The investment characteristics of the Asset Allocation Fund will depend upon subadviser asset allocation, which is intended to maximize risk-adjusted returns.
INVESTMENT CHARACTERISTICS. The Equity Income Fund may have investment characteristics which differ from the general market, as measured by the Standard & Poor's 500 Index. For the total Fund, these would include, but are not limited to: CHARACTERISTIC RELATIVE TO S&P 500 INDEX Beta Lower Capitalization Somewhat Lower Dividend Yield Higher Hist. 5 year EPS Growth Lower Price to Earnings Ratio Lower Standard Deviation Lower SCHEDULE B VANTAGEPOINT INVESTMENT ADVISERS, LLC EQUITY INCOME FUND INVESTMENT GUIDELINES FOR WELLINGTON MANAGEMENT COMPANY, LLP JULY 28, 1999 These Investment Guidelines refer to the portion of the Vantagepoint Equity Income Fund managed by WELLINGTON MANAGEMENT COMPANY, LLP. Investment Guidelines for the Fund are an integral part of these guidelines. The WELLINGTON MANAGEMENT - EQUITY INCOME PRODUCT reflects the portfolio management approach of employing proprietary fundamental research to identify large capitalization companies that are selling at attractive valuations relative to their upside potential. Key components of the strategy include a focus on value and catalysts for change, a belief that dividends matter, and an aversion to reaching for yield. The portfolios are managed through a team approach and are concentrated in 50-60 securities. The portfolio is normally fully invested with no more than 25% of the portfolio invested in any one industry. The Advisor must comply with the Fund Investment Guidelines (see Schedule A) except where noted in the sections that follow: I. ELIGIBLE INVESTMENTS and II. PROHIBITED PRACTICES AND SECURITIES.
I. ELIGIBLE INVESTMENTS
A. EQUITY SECURITIES: Common stock, preferred stock, common stock equivalents (units of beneficial interest), American Depository Receipts, convertible preferred stocks, warrants, and other rights.
B. CASH/CASH EQUIVALENTS: Fixed income obligations with maturities less than one year, or short term accounts or securities managed by the custodian institution.* [*NOTE: THESE INSTRUCTIONS DIFFER FROM SCHEDULE A, INVESTMENT GUIDELINES, SECTION I.B.]
INVESTMENT CHARACTERISTICS. The investment characteristics of the Asset Allocation Fund will depend upon subadviser asset allocation, which is intended to maximize risk-adjusted returns. 23 20 SCHEDULE B VANTAGEPOINT INVESTMENT ADVISERS, LLC ASSET ALLOCATION FUND INVESTMENT GUIDELINES FOR PAYDXX & XYGEL INVESTMENT COUNSEL MARCH 1, 1999 Paydxx & Xygel Investment Counsel manages the cash portfolio of the Asset Allocation Fund, which is used by the tactically allocating subadvisers for outright cash allocations and for cash that underlies futures positions. Paydxx & Xygel seeks to generate a high level of current income while providing preservation of capital and liquidity.
I. ELIGIBLE INVESTMENTS
A. CASH/CASH EQUIVALENTS: Securities with maturities less than 397 days at time of purchase that are "First Tier" as defined in Rule 2a-7 under the Investment Company Act of 1940.
INVESTMENT CHARACTERISTICS. The Fund may have investment characteristics which differ from the general international equity market as measured by the MSCI EAFE index. Because of the broad mandate given subadvisers in the International Fund, investment characteristics may be expected to vary widely. However, the beta of the Fund may be higher than the MSCI EAFE Index.
INVESTMENT CHARACTERISTICS. The Fund may have investment characteristics which differ from the general market, as measured by the Standard & Poor's 500 Index.. Because of the broad mandate given to the subadvisers in the Aggressive Opportunities Fund, investment characteristics may be expected to vary widely. For the total Fund, these would include, but are not limited to:
INVESTMENT CHARACTERISTICS. The Fund may have investment characteristics which differ from the general market, as measured by the Standard & Poor's 500 Index. For the total Fund, these would include, but are not limited to: CHARACTERISTIC RELATIVE TO S&P 500 INDEX Beta Similar Capitalization Somewhat Lower Dividend Yield Similar Hist. 5 year EPS Growth Similar Price to Earnings Ratio Similar Standard Deviation Similar SCHEDULE B VANTAGEPOINT INVESTMENT ADVISERS, LLC GROWTH & INCOME FUND INVESTMENT GUIDELINES FOR WELLINGTON MANAGEMENT COMPANY, LLP DECEMBER 1, 1999 These Investment Guidelines refer to the portion of the Vantagepoint Growth & Income Fund managed by WELLINGTON MANAGEMENT COMPANY, LLP. Investment Guidelines for the Fund are an integral part of these guidelines. The WELLINGTON MANAGEMENT - VALUE/YIELD PRODUCT reflects the portfolio management approach of seeking financially sound companies that are temporarily out of favor and targeting those that offer above-average potential total returns and sell at below-average price-to-earnings multiples. Investment decisions are based primarily on detailed, in-house fundamental research and security valuations (as measured by a security's relative return/appreciation potential). The portfolio is managed through a team approach and is invested in a diversified basket of 70-90 securities, with the exposure to a single stock limited to 7 percent at market. Portfolio weights may vary from S&P 500 weights subject to a maximum industry exposure of 25 percent. The Adviser must comply with the Fund Investment Guidelines (see Schedule A) except where noted in the sections that follow: I. ELIGIBLE INVESTMENTS and II. PROHIBITED PRACTICES AND SECURITIES.
I. ELIGIBLE INVESTMENTS
INVESTMENT CHARACTERISTICS. The Fund may have investment characteristics which differ from the general international equity market as measured by the MSCI EAFE index. Because of the broad mandate given subadvisers in the International Fund, investment characteristics may be expected to vary widely. However, the beta of the Fund may be higher than the MSCI EAFE Index. SCHEDULE B VANTAGEPOINT INVESTMENT ADVISERS, LLC INTERNATIONAL FUND INVESTMENT GUIDELINES FOR ROWE XXXCX-XXXXXXX XXXERNATIONAL, INC. MARCX 0, 0000 Xxxx Xxxcx-Xxxxxxx Xxxernational Inc. uses fundamental research to select companies with above average growth potential at a reasonable price. Country exposures are based on a global economic outlook and the relative attractiveness of opportunities within individual countries. The management team then constructs a diversified portfolio using a combination of these top-down and bottom-up approaches. The portfolio tends to remain fully invested.
I. ELIGIBLE INVESTMENTS
INVESTMENT CHARACTERISTICS. The Fund may have investment characteristics which differ from the general international equity market as measured by the MSCI EAFE index. Because of the broad mandate given subadvisers in the International Fund, investment characteristics may be expected to vary widely. However, the beta of the Fund may be higher than the MSCI EAFE Index. SCHEDULE B VANTAGEPOINT INVESTMENT ADVISERS, LLC INTERNATIONAL FUND INVESTMENT GUIDELINES FOR LAZARD ASSET MANAGEMENT MARCH 1, 1999 Lazard Asset Management identifies financially productive companies that are inexpensively priced with an emphasis on undervalued markets around the world. Quantitative screens are combined with fundamental analysis to identify companies that meet Lazard's criteria for value, have demonstrated sustainable earnings, and have potential for future success. The management team then uses a risk-controlled process to construct a portfolio of 60 to 80 stocks that they believe represent the best potential for price appreciation. The portfolio tends to remain fully invested.
I. ELIGIBLE INVESTMENTS
INVESTMENT CHARACTERISTICS. The Fund may have investment characteristics which differ from the general market, as measured by the Standard & Poor's 500 Index. For the total Fund, these would include, but are not limited to: CHARACTERISTIC RELATIVE TO S&P 500 INDEX Beta Similar Capitalization Somewhat Lower Dividend Yield Similar Hist. 5 year EPS Growth Similar Price to Earnings Ratio Similar Standard Deviation Similar
INVESTMENT CHARACTERISTICS. The Equity Income Fund may have investment characteristics which differ from the general market, as measured by the Standard & Poor's 500 Index. For the total Fund, these would include, but are not limited to: CHARACTERISTIC RELATIVE TO S&P 500 INDEX Beta Lower Capitalization Somewhat Lower Dividend Yield Higher Hist. 5 year EPS Growth Lower Price to Earnings Ratio Lower Standard Deviation Lower VIA Fund Guidelines - May 20, 1999 SCHEDULE B VANTAGEPOINT INVESTMENT ADVISERS, LLC EQUITY INCOME FUND INVESTMENT GUIDELINES FOR SOUTHEASTERN ASSET MANAGEMENT INC. DECEMBER 4, 2000 These Investment Guidelines refer to the portion of the Vantagepoint Equity Income Fund managed by SOUTHEASTERN ASSET MANAGEMENT INC. Investment Guidelines for the Fund are an integral part of these guidelines. Southeastern Asset Management, Inc. follows a "Special Situation Value" approach to security selection, focusing on undervalued companies whose stocks are priced at significant discounts to their corporate worth. Screening criteria and fundamental analysis lead to portfolio holdings that generate current income, protect capital from significant loss (capital preservation), and also allow for capital appreciation when value is recognized. The portfolio is concentrated in 20 to 30 holdings and is normally fully invested in equities at all times. The Adviser must comply with the Fund Investment Guidelines (see Schedule A) except where noted in the sections that follow: I. ELIGIBLE INVESTMENTS and II. PROHIBITED PRACTICES AND SECURITIES.
I. ELIGIBLE INVESTMENTS
A. EQUITY SECURITIES: Common stock, preferred stock, common stock equivalents (units of beneficial interest), American Depository Receipts, convertible preferred stocks, warrants, and other rights.
B. CASH/CASH EQUIVALENTS: Fixed income obligations with maturities less than one year, or short-term accounts or securities managed by the custodian institution.*
