Fund Facts  

Inception Date: Oct 11, 2013
CUSIP: 92210F620
Morningstar Category:Target-Date 2020

Description

Objective  

High total return consistent with the fund's current asset allocation.

Principal Investment Strategies  

The Fund invests in a single underlying VT III Vantagepoint Fund with a corresponding name, objective and strategy. The underlying fund invests in a combination of other VT III Vantagepoint Funds. The underlying fund uses an asset allocation strategy designed for investors who expect to begin making withdrawals from their investment, typically at or after retirement (assumed to occur at age 62), in or around the year stated in the Fund's name. As time elapses, the underlying fund's allocation to equity and multi-strategy investments decreases and its allocation to fixed income investments increases such that the asset allocation becomes more conservative over time until it reaches a final constant asset allocation approximately ten years after the year in its name. The underlying fund invests in a combination of equity, fixed income, and multi-strategy investments that its investment adviser believes to be appropriate.

The Vantagepoint Milestone Funds are target date funds. Each invests in a single VT III Vantagepoint Milestone Fund (Milestone Fund) that shares its name and investment objective. In turn, each underlying Milestone Fund is a fund of funds that invests in a combination of other VT III Vantagepoint Funds. By investing in this way, each Milestone Fund is exposed to the risks as well as the potential rewards of its underlying funds and of the portfolio holdings and strategies of those funds. The targeted allocation of each underlying Milestone Fund’s assets among underlying funds and the asset classes they represent is determined by Vantagepoint Investment Advisers, LLC (VIA), the investment adviser to both the Milestone Funds and the underlying VT III Vantagepoint Funds. Over time, VIA will adjust the asset allocation of each dated Milestone Fund to seek to become more conservative as the year designated in its name approaches and for approximately 10 years beyond the designated year. This is intended to reduce investment risk as investors move toward and into retirement. However, there is no guarantee that this goal will be achieved and investors may lose money investing in the Milestone Funds. Ten years after the date in the Milestone Fund’s name, it will reach its landing point and its target asset allocation becomes constant. It is expected that when a Milestone Fund reaches its landing point it will merge with the Milestone Retirement Income Fund.

The asset allocation changes that occur over time as depicted in the accompanying Glide Path are referred to as neutral targets because they do not reflect decisions that may be made by VIA to overweight or underweight a particular asset class based on market or operational factors. The neutral targets also do not reflect performance differences between the Fund’s asset allocations that will cause temporary deviations from the neutral targets. The actual asset class allocation of the Fund may vary from the neutral target by as much as five percentage points as a result of VIA’s allocation decisions, performance differences between asset classes of the Fund, or some combination thereof.

Glide Chart

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, Fund of Funds Risk, Stock Market Risk, Foreign Securities Risk, Emerging Markets Securities Risk, Small-Cap Securities Risk, Mid-Cap Securities Risk, Equity Income/Interest Rate Risk, Convertible Securities Risk, High Yield Securities Risk, Interest Rate Risk, Credit Risk, Mortgage-Backed Securities Risk, Asset-Backed Securities Risk, Prepayment and Extension Risk, U.S. Government Agency Securities Risk, Derivative Instruments Risk, Indexing Risk, Large Investor Risk.
Please see the Disclosure Memorandum for additional information about the Fund’s risks.

 

Performance & Expenses

Standard Performance As of Dec 31, 2019
Fund/Benchmark Name QtrYTD1-Yr3-Yr5-Yr10-YrSince Inception
VP Milestone 2020 R9   4.10%16.17%16.17%7.60%5.55%7.15%N/A
S&P 500 Indexa,b9.07%31.49%31.49%15.27%11.70%13.56%N/A
Custom Benchmarkc4.65%17.21%17.21%8.31%6.43%8.40%N/A
Morningstar Target-Date 2020b,d3.90%16.14%16.14%7.59%5.51%6.94%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, participants or plan sponsors in an ICMA-RC administered account can log in at www.icmarc.org, or institutions can go to www.vantagepointfunds.org.

Performance information for this class prior to its inception date is the performance of the Fund adjusted to reflect the estimated fees and expenses of this class.

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.

Total Expenses e
Gross Expenses0.57%
Net Expenses0.52%

 

a. The S&P 500 Index consists of 500 companies representing larger capitalization stocks traded in the U.S.

b. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2019 All rights reserved. This information: (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 information. Morningstar is a registered trademark of Morningstar, Inc.

c. The custom benchmark is comprised of the Intercontinental Exchange Bank of America 1-3 Year US Corporate & Government Index, Bloomberg Barclays U.S. Aggregate Bond Index, Bloomberg Barclays U.S. Treasury Inflation-Linked Bond Index, 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 Morningstar category represents the average return for a category of funds with similar investment objectives and strategies. The average is calculated and funds are assigned to a category by Morningstar.

e. Differences between the net and gross expense ratios of a fund are typically due to fee waivers, expense reimbursements, and/or expense limits.

Morningstar Information

Morningstar RatingTM   As of Dec 31, 2019
Period Stars Category Size
Overall 3 Stars198
3-Year 3 Stars198
5-Year 3 Stars156
10-Year 3 Stars93

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange–traded funds, closed–end funds, and separate accounts) with at least a three–year history. Exchange–traded funds and open–ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk–Adjusted Return measure that accounts for variation in a managed product′s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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 managed product is derived from a weighted average of the performance figures associated with its three–, five–, and 10–year (if applicable) Morningstar Rating metrics. The weights are: 100% three–year rating for 36–59 months of total returns, 60% five–year rating/40% three–year rating for 60–119 months of total returns, and 50% 10–year rating/30% five–year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Morningstar Stylebox As of Dec 31, 2019
Equity Stylebox Fixed Income Stylebox
Large BlendMedium Moderate
Allocation of Assets As of Nov 30, 2019
Type of Asset Percent
Equity45%
Fixed Income52%
Cash/Other3%

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

 
 

Statistics

Portfolio Statistics As of Dec 31, 2019
Statistic3-Year5-Year
Beta1.001.01
Alpha-0.73-0.57
Standard Deviation5.796.21
 
 

Underlying Fund Characteristics

Allocation of Assets As of Nov 30, 2019
Asset ClassPercent
Domestic Stock30.5%
Foreign Stock14.7%
Domestic Bond47.0%
Foreign Bond3.8%
Preferred0.1%
Convertible0.7%
Cash-1.7%
Other5.0%

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

 
Fixed Income Sector As of Nov 30, 2019
SectorPercent
Government24.7%
Corporate16.5%
Securitized11.2%
Municipal0.1%
Derivative0.0%
Cash & Equivalents-2.6%

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

 
Credit Quality As of Nov 30, 2019
Quality LevelPercent
AAA62.8%
AA2.7%
A10.3%
BBB14.0%
BB4.5%
B4.2%
Below B1.7%
Not Rated0.0%

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

 
Top Ten Holdings As of Feb 29, 2020
Underlying Fund Holdings Market Value%
VT III VANTAGEPOINT CORE BOND INDEX FUND$178,840,99322.3%
VT III VANTAGEPOINT LOW DURATION BOND FUND$98,808,14212.3%
VT III VANTAGEPOINT GROWTH & INCOME FUND$75,871,3569.5%
VT III VANTAGEPOINT INTERNATIONAL FUND$71,417,7088.9%
VT III VANTAGEPOINT INFLATION FOCUSED FUND$67,302,6818.4%
VT III VANTAGEPOINT EQUITY INCOME FUND$59,339,1277.4%
VT III VANTAGEPOINT GROWTH FUND$51,911,9696.5%
VT III VANTAGEPOINT HIGH YIELD FUND$42,227,3385.3%
VT III VANTAGEPOINT DIVERSIFYING STRATEGIES FUND$39,101,1614.9%
VT III PLUS FUND$38,111,8014.8%
All Holdings As of Feb 29, 2020
Exchange-Traded Funds
Underlying Fund HoldingsMarket Value%
ISHARES 20+ YEAR TREASURY BOND ETF ETP USD$14,476,4451.8%
 
Collective Trusts/Mutual Funds
Underlying Fund HoldingsMarket Value%
VT III VANTAGEPOINT CORE BOND INDEX FUND$178,840,99322.3%
VT III VANTAGEPOINT LOW DURATION BOND FUND$98,808,14212.3%
VT III VANTAGEPOINT GROWTH & INCOME FUND$75,871,3569.5%
VT III VANTAGEPOINT INTERNATIONAL FUND$71,417,7088.9%
VT III VANTAGEPOINT INFLATION FOCUSED FUND$67,302,6818.4%
VT III VANTAGEPOINT EQUITY INCOME FUND$59,339,1277.4%
VT III VANTAGEPOINT GROWTH FUND$51,911,9696.5%
VT III VANTAGEPOINT HIGH YIELD FUND$42,227,3385.3%
VT III VANTAGEPOINT DIVERSIFYING STRATEGIES FUND$39,101,1614.9%
VT III PLUS FUND$38,111,8014.8%
VT III VANTAGEPOINT EMERGING MARKETS FUND$20,823,4712.6%
VT III VANTAGEPOINT OVERSEAS EQUITY INDEX FUND$16,475,6882.1%
VT III VANTAGEPOINT MID/SMALL COMPANY INDEX FUND$12,116,6721.5%
VT III VANTAGEPOINT SELECT VALUE FUND$6,764,1130.8%
VT III VANTAGEPOINT AGGRESSIVE OPPORTUNITIES FUND$5,422,0090.7%
VT III VANTAGEPOINT DISCOVERY FUND$2,747,9740.3%
 
Short-Term/Cash
Underlying Fund HoldingsMarket Value%
BLACKROCK TEMP FUND - INST SHARES FUND 24$357,6510.0%
FIDELITY INSTITUTION MMKT PRIME PORT INST CLASS -$357,6510.0%
 
Other
Underlying Fund HoldingsMarket Value%
US DOLLAR$20.0%
All Holdings As of Jan 31, 2020
Exchange-Traded Funds
Underlying Fund HoldingsMarket Value%
ISHARES 20+ YEAR TREASURY BOND ETF ETP USD$14,175,6441.7%
 
Collective Trusts/Mutual Funds
Underlying Fund HoldingsMarket Value%
VT III VANTAGEPOINT CORE BOND INDEX FUND$181,933,62021.6%
VT III VANTAGEPOINT LOW DURATION BOND FUND$99,352,12411.8%
VT III VANTAGEPOINT GROWTH & INCOME FUND$82,911,1699.9%
VT III VANTAGEPOINT INTERNATIONAL FUND$77,139,9659.2%
VT III VANTAGEPOINT EQUITY INCOME FUND$71,661,1578.5%
VT III VANTAGEPOINT INFLATION FOCUSED FUND$65,263,3897.8%
VT III VANTAGEPOINT GROWTH FUND$52,741,8566.3%
VT III VANTAGEPOINT DIVERSIFYING STRATEGIES FUND$46,343,3935.5%
VT III VANTAGEPOINT HIGH YIELD FUND$42,844,0305.1%
VT III PLUS FUND$37,591,1664.5%
VT III VANTAGEPOINT EMERGING MARKETS FUND$21,697,6892.6%
VT III VANTAGEPOINT OVERSEAS EQUITY INDEX FUND$17,867,7332.1%
VT III VANTAGEPOINT MID/SMALL COMPANY INDEX FUND$13,143,3291.6%
VT III VANTAGEPOINT SELECT VALUE FUND$7,332,2950.9%
VT III VANTAGEPOINT AGGRESSIVE OPPORTUNITIES FUND$5,930,6810.7%
VT III VANTAGEPOINT DISCOVERY FUND$2,889,4120.3%
 
Short-Term/Cash
Underlying Fund HoldingsMarket Value%
BLACKROCK TEMP FUND - INST SHARES FUND 24$243,5630.0%
FIDELITY INSTITUTION MMKT PRIME PORT INST CLASS -$243,5630.0%
All Holdings As of Dec 31, 2019
Exchange-Traded Funds
Underlying Fund HoldingsMarket Value%
ISHARES 20+ YEAR TREASURY BOND ETF ETP USD$13,163,2371.6%
 
Collective Trusts/Mutual Funds
Underlying Fund HoldingsMarket Value%
VT III VANTAGEPOINT CORE BOND INDEX FUND$177,645,55221.1%
VT III VANTAGEPOINT LOW DURATION BOND FUND$97,715,97911.6%
VT III VANTAGEPOINT GROWTH & INCOME FUND$84,719,82210.1%
VT III VANTAGEPOINT INTERNATIONAL FUND$80,104,6279.5%
VT III VANTAGEPOINT EQUITY INCOME FUND$74,005,2838.8%
VT III VANTAGEPOINT INFLATION FOCUSED FUND$63,678,7227.6%
VT III VANTAGEPOINT GROWTH FUND$53,211,1786.3%
VT III VANTAGEPOINT DIVERSIFYING STRATEGIES FUND$46,429,9535.5%
VT III VANTAGEPOINT HIGH YIELD FUND$42,921,6455.1%
VT III PLUS FUND$37,251,0244.4%
VT III VANTAGEPOINT EMERGING MARKETS FUND$23,352,7032.8%
VT III VANTAGEPOINT OVERSEAS EQUITY INDEX FUND$18,434,6952.2%
VT III VANTAGEPOINT MID/SMALL COMPANY INDEX FUND$13,531,6751.6%
VT III VANTAGEPOINT SELECT VALUE FUND$7,536,9180.9%
VT III VANTAGEPOINT AGGRESSIVE OPPORTUNITIES FUND$5,966,8680.7%
VT III VANTAGEPOINT DISCOVERY FUND$2,998,7620.4%
 
Short-Term/Cash
Underlying Fund HoldingsMarket Value%
FIDELITY INSTITUTION MMKT PRIME PORT INST CLASS -$242,1850.0%
BLACKROCK TEMP FUND - INST SHARES FUND 24$242,1620.0%
All Holdings As of Nov 30, 2019
Exchange-Traded Funds
Underlying Fund HoldingsMarket Value%
ISHARES 20+ YEAR TREASURY BOND ETF ETP USD$13,102,5901.6%
 
Collective Trusts/Mutual Funds
Underlying Fund HoldingsMarket Value%
VT III VANTAGEPOINT CORE BOND INDEX FUND$176,221,27921.2%
VT III VANTAGEPOINT LOW DURATION BOND FUND$96,656,83211.6%
VT III VANTAGEPOINT GROWTH & INCOME FUND$83,961,49710.1%
VT III VANTAGEPOINT INTERNATIONAL FUND$78,211,4299.4%
VT III VANTAGEPOINT EQUITY INCOME FUND$72,576,2218.7%
VT III VANTAGEPOINT INFLATION FOCUSED FUND$62,918,7497.6%
VT III VANTAGEPOINT GROWTH FUND$52,971,7996.4%
VT III VANTAGEPOINT DIVERSIFYING STRATEGIES FUND$45,874,1245.5%
VT III VANTAGEPOINT HIGH YIELD FUND$41,873,4775.0%
VT III PLUS FUND$36,867,1624.4%
VT III VANTAGEPOINT EMERGING MARKETS FUND$22,029,3332.7%
VT III VANTAGEPOINT OVERSEAS EQUITY INDEX FUND$18,022,3732.2%
VT III VANTAGEPOINT MID/SMALL COMPANY INDEX FUND$13,512,2831.6%
VT III VANTAGEPOINT SELECT VALUE FUND$7,371,7360.9%
VT III VANTAGEPOINT AGGRESSIVE OPPORTUNITIES FUND$5,960,3350.7%
VT III VANTAGEPOINT DISCOVERY FUND$2,984,3750.4%
 
Short-Term/Cash
Underlying Fund HoldingsMarket Value%
BLACKROCK TEMP FUND - INST SHARES FUND 24$385,1980.1%
FIDELITY INSTITUTION MMKT PRIME PORT INST CLASS -$385,1980.1%

Management

Management  

Investment Adviser: Vantagepoint Investment Advisers

Portfolio Manager NameTitleAccreditationStrategy Start Date
Wayne WickerSenior Vice President and Chief Investment OfficerCFAManaged Fund Since 2004
Venkat BalakrishnanVice PresidentCFAManaged Fund Since 2016
Pavel VaynshtokDirector, Senior Fund ManagerCFAManaged Fund Since 2019
Jonathon FitzgeraldSenior Fund ManagerCFA, CAIAManaged Fund Since 2019

Footnotes

1.

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.

2.

Before investing in the Fund you should carefully consider your investment goals, tolerance for risk, investment time horizon, and personal circumstances. There is no guarantee that the Fund will meet its investment objective and you can lose money.

3.

The Fund is an investment option of VantageTrust, a group trust established and maintained by VantageTrust Company, LLC, a wholly owned subsidiary of ICMA-RC. VantageTrust provides for the commingling of assets of certain trusts and plans as described in its Declaration of Trust, and is only available for investment by such eligible trusts and plans. The Fund is not a mutual fund. Its units are not deposits of VantageTrust Company and are not insured by the Federal Deposit Insurance Corporation or any other agency. The Fund is a security that has not been registered under the Securities Act of 1933 and is exempt from investment company registration under the Investment Company Act of 1940. For additional information regarding the Fund, including a description of the principal risks, please consult the VantageTrust Funds Disclosure Memorandum, which is available when plan administration clients log in at www.icmarc.org, at www.vantagepointfunds.org for institutions, or upon request by calling 800-669-7400.

4.

When Funds are marketed to institutional clients by our Defined Contribution Investment Only (DCIO) team, the Funds are offered by ICMA-RC Services, LLC (RC Services), an SEC registered broker-dealer and FINRA member firm. RC Services is a wholly-owned subsidiary of ICMA-RC and is an affiliate of VantageTrust Company, LLC and Vantagepoint Investment Advisers, LLC.

The source for this information is Morningstar, Inc. Copyright © 2019 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.