Fund Facts  

Inception Date: Jan 3, 2005
Ticker Symbol: VPRRX
Registration Date: Jan 3, 2005
Morningstar Category:Retirement Income
As of Mar 31, 2016
Fund Net Assets ($millions) $305

Documents for Fund or Underlying Fund(s)  

Description

Objective  

To seek to offer current income and opportunities for capital growth that have limited risk.

Principal Investment Strategies  

The Fund invests in a combination of other Vantagepoint Funds and one or more third party exchange-traded funds (“ETFs”) to seek to obtain exposure to approximately 63% fixed income investments, 30% equity investments, and 7% multi-strategy investments. Multi-strategy investments generally include asset classes and strategies that seek to provide additional diversification from traditional stocks and bonds. Examples may include convertible securities, derivative-based strategies and real estate investment trusts (REITs), among others.

This investment strategy is implemented by investing in the following funds at target allocations within the ranges indicated:

Fixed Income Fund:
FundAllocation Range:
Vantagepoint Low Duration Bond Fund21% - 31%
Vantagepoint Core Bond Index Fund16% - 26%
Vantagepoint Inflation Focused Fund6% - 16%
Vantagepoint High Yield Fund1% - 11%

Equity Fund:
FundAllocation Range:
Vantagepoint Equity Income Fund2% - 12%
Vantagepoint Growth & Income Fund2% - 12%
Vantagepoint Growth Fund0% - 8%
Vantagepoint Select Value Fund0% - 5%
Vantagepoint Mid/Small Company Index Fund0% - 9%
Vantagepoint Aggressive Opportunities Fund0% - 5%
Vantagepoint Discovery Fund0% - 5%
Vantagepoint International Fund1% - 11%
Third Party Emerging Markets ETF0% - 5%

Multi-Strategy Fund:
FundAllocation Range:
Vantagepoint Diversifying Strategies Fund2% - 12%



Subject to the supervision of the Fund’s Board of Directors, the Fund’s investment adviser may, at its discretion, increase or decrease the target allocations to the underlying funds within the above ranges and also within the above-stated asset class allocations to fixed income and equity funds and a multi-strategy fund. The Fund’s investment adviser monitors the Fund’s allocations and will “rebalance” its portfolio as necessary to return the Fund to, or close to, the intended asset allocation.

All percentages referred to above are based on the Fund’s net assets. The Fund invests in T Shares of the underlying Vantagepoint Funds.

The Milestone Retirement Income Fund may be appropriate for you if you have already begun to make gradual withdrawals, are seeking to preserve principal with some opportunity for inflation protection and growth, have a low tolerance for price fluctuations, or wish to invest for the short term.

The Fund is not a complete solution for all of your retirement savings needs. An investment in the Fund includes the risk of loss. There is no guarantee that the Fund will provide adequate income at and through an investor’s retirement. Selecting the Fund (or any Vantagepoint Fund) does not guarantee that you will have adequate savings for retirement.

Principal Investment Risks  

There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. The Fund’s principal investment risks include Asset Allocation Risk, Investing in Other Investment Companies, ETF Risks, Interest Rate Risk, Credit Risk, Convertible Securities Risk, High Yield Securities Risk, Mortgage-Backed Securities Risk, Asset-Backed Securities Risk, Prepayment and Extension Risk, U.S. Government Agency Securities Risk, Stock Market Risk, Foreign Securities Risk, Emerging Markets Securities Risk, Mid-Cap Securities Risk, Derivative Instruments Risk, Indexing Risk.
Please see the Risk Glossary for additional information about the Fund’s risks.

 

Performance & Expenses

Standard Performance As of Mar 31, 2016
Fund/Benchmark Name QtrYTD1-Yr3-Yr5-Yr10-YrSince Inception
Vantagepoint Milestone Ret Inc   1.72%1.72%-1.52%2.37%3.40%3.85%N/A
Barclays U.S. Intermediate Aggregate Bond Indexa,b2.31%2.31%2.20%2.14%3.11%4.53%N/A
Milestone Ret Income Custom Benchmarkc1.87%1.87%0.59%4.19%5.09%5.04%N/A
Former Milestone Ret Income Custom Benchmarkd2.08%2.08%2.41%4.95%5.52%5.34%N/A
Morningstar Retirement Incomeb,e1.74%1.74%-1.37%2.33%3.54%3.78%N/A

Fund past performance, as shown, is no guarantee of how the fund will perform in the future. The performance shown has been annualized for periods greater than one year. 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. For current performance, visit www.icmarc.org.

Fund performance is shown comparing it to a "benchmark" which may be a (i) broad-based securities market index (ii) a group of mutual funds with similar investment objectives, or (iii) a short term government backed debt obligation such as a U.S. Treasury Bill. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund's portfolio may differ from the securities held in an index.

Annual Fund Operating Expenses
Total expenses   0.80%

 

a. The Barclays U.S. Intermediate Aggregate Bond Index consists of investment-grade U.S. fixed income securities with maturities of 1 to 10 years.

b. Returns and/or expenses provided by Morningstar, Inc. Copyright © 2016. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. ICMA-RC does not independently verify Morningstar data.

c. The custom benchmark is comprised of the BofA Merrill Lynch 1-3 Year US Corporate & Government Index, Barclays U.S. Aggregate Bond Index, Barclays U.S. Treasury Inflation-Linked Bond Index (Series-L), S&P 500 Index, Russell 2000® Index, and MSCI ACWI ex USA Index (Net) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent.

d. The custom benchmark is composed of market indexes that reflect the general performance of the primary asset classes in which the Fund invests, in weighted percentages that correspond to the historical target allocation to those asset classes for the Fund. Those asset class benchmarks are the Barclays U.S. Intermediate Aggregate Bond Index for the fixed income asset class and the S&P 500 Index for the equity asset class. Should the target allocations for the Fund between those asset classes change, the percentage allocations to the corresponding indexes will also change when calculating the custom benchmark.

e. The Fund’s Morningstar Category Average is a group of funds with similar investment objectives and strategies and is the equal-weighted return of all funds per category. Morningstar places funds in certain categories based on a fund’s historical portfolio holdings.

Distributions

Dividends and Capital Gains  
Record Date Ex/Payable Date Income/Capital Gains Paid Per Share
Dec 31, 2015Dec 31, 2015$0.556383000
Dec 31, 2014Dec 31, 2014$0.661343000
Dec 31, 2013Dec 31, 2013$0.329527000
Dec 31, 2012Dec 31, 2012$0.331252000
Dec 30, 2011Dec 30, 2011$0.395270000
 

Morningstar Information

Morningstar Rating   As of Mar 31, 2016
Period Stars Category Size
Overall 3 Stars145
3-Year 3 Stars145
5-Year 3 Stars133
10-Year 3 Stars64

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, fee waivers, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. For funds with loads, the Morningstar rating on a load-waived basis is provided, when available. Load-waived ratings do not include any front- or back-end sales loads and are intended for investors that have access to such purchase terms. Funds with loads are waived for plans administered by ICMA-RC. Past performance is no guarantee of future results.

Morningstar Stylebox As of Mar 31, 2016
Equity Stylebox Fixed Income Stylebox
Large BlendMedium Limited
Allocation of Assets As of Feb 29, 2016
Type of Asset Percent
Equity32%
Fixed Income65%
Cash/Other3%

Due to rounding, percentages shown may not add up to 100%.

 
 

Characteristics

Allocation of Assets As of Feb 29, 2016
Asset ClassPercent
Domestic Stock21.9%
Foreign Stock9.6%
Domestic Bond54.7%
Foreign Bond8.0%
Preferred0.1%
Convertible2.3%
Cash3.4%
Other0.0%

Due to rounding, percentages shown may not add up to 100%.

 
Fixed Income Sector As of Feb 29, 2016
SectorPercent
Corporate26.5%
Government24.0%
Securitized14.3%
Cash & Equivalents3.4%
Municipal0.3%
Derivative0.0%

Exposure reflects fixed income securities only and will sum to the fixed income exposure of the fund.

 
Credit Quality As of Feb 29, 2016
Quality LevelPercent
AAA57.2%
AA3.6%
A11.3%
BBB17.2%
BB4.0%
B4.8%
Below B1.5%
Not Rated0.3%

Due to rounding, percentages shown may not add up to 100%. Exposure reflects fixed income securities only.

 
Top Ten Holdings As of Apr 30, 2016
Holding NamePercent
VANTAGEPOINT LOW DURATION BOND FUND26.3%
VANTAGEPOINT CORE BOND INDEX FUND20.5%
VANTAGEPOINT INFLATION FOCUSED FUND10.6%
VANTAGEPOINT GROWTH & INCOME FUND8.4%
VANTAGEPOINT INTERNATIONAL FUND6.8%
VANTAGEPOINT DIVERSIFYING STRATEGIES FUND6.5%
VANTAGEPOINT EQUITY INCOME FUND6.4%
VANTAGEPOINT HIGH YIELD FUND5.7%
VANTAGEPOINT GROWTH FUND3.7%
VANTAGEPOINT MID/SMALL COMPANY INDEX FUND2.9%
All Holdings As of Apr 30, 2016
Exchange-Traded Funds
Holding NameMarket Value
VANGUARD FTSE EMERGING MARKETS ETF$3,803,877
 
Mutual Funds
Holding NameMarket Value
VANTAGEPOINT LOW DURATION BOND FUND$79,647,279
VANTAGEPOINT CORE BOND INDEX FUND$62,248,475
VANTAGEPOINT INFLATION FOCUSED FUND$32,004,663
VANTAGEPOINT GROWTH & INCOME FUND$25,346,286
VANTAGEPOINT INTERNATIONAL FUND$20,547,542
VANTAGEPOINT DIVERSIFYING STRATEGIES FUND$19,736,744
VANTAGEPOINT EQUITY INCOME FUND$19,346,266
VANTAGEPOINT HIGH YIELD FUND$17,123,519
VANTAGEPOINT GROWTH FUND$11,225,169
VANTAGEPOINT MID/SMALL COMPANY INDEX FUND$8,811,819
VANTAGEPOINT DISCOVERY FUND$1,070,315
VANTAGEPOINT AGGRESSIVE OPPORTUNITIES FUND$1,069,557
VANTAGEPOINT SELECT VALUE FUND$1,063,215
 
Short-Term/Cash
Holding NameMarket Value
FIDELITY INSTITUTIONAL MONEY MARKET$59,218
All Holdings As of Mar 31, 2016
Exchange-Traded Funds
Holding NameMarket Value
VANGUARD FTSE EMERGING MARKETS ETF$3,969,784
 
Mutual Funds
Holding NameMarket Value
VANTAGEPOINT LOW DURATION BOND FUND$79,309,356
VANTAGEPOINT CORE BOND INDEX FUND$62,528,747
VANTAGEPOINT INFLATION FOCUSED FUND$32,196,005
VANTAGEPOINT GROWTH & INCOME FUND$25,773,840
VANTAGEPOINT INTERNATIONAL FUND$21,029,226
VANTAGEPOINT DIVERSIFYING STRATEGIES FUND$20,046,675
VANTAGEPOINT EQUITY INCOME FUND$19,604,724
VANTAGEPOINT HIGH YIELD FUND$17,145,946
VANTAGEPOINT GROWTH FUND$11,628,260
VANTAGEPOINT MID/SMALL COMPANY INDEX FUND$9,068,324
VANTAGEPOINT DISCOVERY FUND$1,096,267
VANTAGEPOINT AGGRESSIVE OPPORTUNITIES FUND$1,091,085
VANTAGEPOINT SELECT VALUE FUND$1,088,841
 
Short-Term/Cash
Holding NameMarket Value
FIDELITY INSTITUTIONAL MONEY MARKET$60,686
All Holdings As of Feb 29, 2016
Exchange-Traded Funds
Holding NameMarket Value
VANGUARD FTSE EMERGING MARKETS ETF$3,334,205
 
Mutual Funds
Holding NameMarket Value
VANTAGEPOINT LOW DURATION BOND FUND$78,092,516
VANTAGEPOINT CORE BOND INDEX FUND$61,293,797
VANTAGEPOINT INFLATION FOCUSED FUND$31,472,804
VANTAGEPOINT GROWTH & INCOME FUND$24,685,888
VANTAGEPOINT INTERNATIONAL FUND$19,984,866
VANTAGEPOINT DIVERSIFYING STRATEGIES FUND$19,484,988
VANTAGEPOINT EQUITY INCOME FUND$18,788,143
VANTAGEPOINT HIGH YIELD FUND$16,812,027
VANTAGEPOINT GROWTH FUND$11,169,657
VANTAGEPOINT MID/SMALL COMPANY INDEX FUND$8,725,794
VANTAGEPOINT DISCOVERY FUND$1,066,056
VANTAGEPOINT AGGRESSIVE OPPORTUNITIES FUND$1,054,063
VANTAGEPOINT SELECT VALUE FUND$1,042,717
 
Short-Term/Cash
Holding NameMarket Value
FIDELITY INSTITUTIONAL MONEY MARKET$233,744
All Holdings As of Jan 31, 2016
Exchange-Traded Funds
Holding NameMarket Value
VANGUARD FTSE EMERGING MARKETS ETF$3,345,055
 
Mutual Funds
Holding NameMarket Value
VANTAGEPOINT LOW DURATION BOND FUND$80,652,635
VANTAGEPOINT CORE BOND INDEX FUND$63,693,310
VANTAGEPOINT INFLATION FOCUSED FUND$32,539,983
VANTAGEPOINT GROWTH & INCOME FUND$24,456,303
VANTAGEPOINT INTERNATIONAL FUND$20,117,727
VANTAGEPOINT EQUITY INCOME FUND$19,412,969
VANTAGEPOINT DIVERSIFYING STRATEGIES FUND$19,243,834
VANTAGEPOINT HIGH YIELD FUND$16,944,839
VANTAGEPOINT GROWTH FUND$10,044,461
VANTAGEPOINT MID/SMALL COMPANY INDEX FUND$8,325,051
VANTAGEPOINT SELECT VALUE FUND$1,006,707
VANTAGEPOINT AGGRESSIVE OPPORTUNITIES FUND$1,005,675
VANTAGEPOINT DISCOVERY FUND$995,830
 
Short-Term/Cash
Holding NameMarket Value
FIDELITY INSTITUTIONAL MONEY MARKET$99,622
 

Statistics

Portfolio Statistics As of Mar 31, 2016
Statistic3-Year5-Year
Beta0.970.88
Alpha-0.36-0.33
Standard Deviation4.544.57
 
 

Underlying Funds

Underlying Funds  
Vantagepoint Low Duration Bond Fund
Investment Objective: To seek total return that is consistent with preservation of capital.
Vantagepoint Core Bond Index Fund
Investment Objective: To offer current income by approximating the performance of the Barclays U.S. Aggregate Bond Index.
Vantagepoint Inflation Focused Fund
Investment Objective: To offer inflation protection and income.
Vantagepoint High Yield Fund
Investment Objective: To seek current income and capital appreciation.
Vantagepoint Equity Income Fund
Investment Objective: To offer long-term capital growth with consistency derived from dividend yield.
Vantagepoint Growth & Income Fund
Investment Objective: To offer long-term capital growth and current income.
Vantagepoint Growth Fund
Investment Objective: To offer long-term capital growth.
Vantagepoint Select Value Fund
Investment Objective: To offer long-term growth from dividend income and capital appreciation.
Vantagepoint Aggressive Opportunities Fund
Investment Objective: To offer high long-term capital appreciation.
Vantagepoint Mid/Small Company Index Fund
Investment Objective: To offer long-term capital growth by approximating the performance of the Russell 2500™ Index.
Vantagepoint Discovery Fund
Investment Objective: To offer long-term capital growth.
Vantagepoint International Fund
Investment Objective: To offer long-term capital growth and diversification by country.
Vanguard FTSE Emerging Markets ETF Shares
Investment Objective: See Prospectus
Vantagepoint Diversifying Strategies Fund
Investment Objective: Long-term capital growth
 
 

Footnotes

1.

Please read the fund's prospectus carefully for a complete summary of all fees, expenses, financial highlights, investment objectives and strategies, risks and performance information. The prospectus contains this and other information about the investment company. Investing involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus before investing. You can obtain a prospectus, statement of additional information and other information about the Vantagepoint Funds online at www.icmarc.org/vpprospectus, by calling 800-669-7400 or emailing investorservices@icmarc.org. The Vantagepoint Funds are distributed by ICMA-RC Services LLC, a wholly owned broker-dealer subsidiary of ICMA-RC and member FINRA/SIPC.

2.

The fund is not a complete solution for all of your retirement savings needs. An investment in the fund includes the risk of loss, including near, at or after the target date of the fund. There is no guarantee that the fund will provide adequate income at and through an investor's retirement.

The source for this information is Morningstar, Inc. Copyright © 2016 Morningstar, Inc.® All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar, Inc. is a global investment research firm that is not affiliated with ICMA-RC. ICMA-RC does not independently verify Morningstar data.

Morningstar places funds in certain categories based on the fund's historical portfolio holdings. Placement of a fund in a particular Morningstar category does not mean that the fund will remain in that category or that it will invest primarily in securities consistent with its Morningstar category. A fund's investment strategy and portfolio holdings are governed by its prospectus, guidelines or other governing documents, not its Morningstar category.