Vantagepoint Replaces Subadvisers on Two Funds

Aug. 9, 2002 — ICMA Retirement Corp. (ICMA-RC) said it made subadviser changes on two funds, its flagship $2.2-billion Vantagepoint Growth Fund (VPGRX) and its $726-million Vantagepoint Aggressive Opportunities Fund (VPAOX).

On the Growth fund, Peregrine Capital Management replaced TCW Investment Management Co., which managed 25% of the fund’s assets. In addition, the fund terminated Atlanta Capital Management Co. as subadviser and reallocated their assets to the fund’s two other existing subadvisers, Brown Capital Management and Tukman Capital Management.

The Growth fund also reduced its index portfolio component, managed by Barclay’s Global Investors, to 5% from 20%. The assets were moved to Brown Capital Management and Tukman Capital Management.

ICMA-RC said the change was made “to increase the possibility of the fund’s potential for competitive returns from active management.”

The company said Peregrine’s style is the same as TCW’s: a concentrated portfolio of larger growth companies. Based in Minneapolis, Peregrine manages $10.7-billion, primarily in pension fund assets. The fund’s allocation is now:

SUBADVISER (investment style)ALLOCATION %

Fidelity Management (small to mid-cap themes) 25.0

Peregrine Capital Management (concentrated growth) 25.0

Brown Capital Management (mid/large-cap GARP)22.5

Tukman Capital Management (large-cap contrarian growth) 22.5

Barclay’s Global Investors (Index) 5.0