Fund Facts  

Inception Date: Oct 11, 2013
CUSIP: 92210F356
Morningstar Category:Target-Date 2045

Documents for Fund or Underlying Fund(s)  

Description

Objective  

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

Principal Investment Strategies  

The Fund invests substantially all of its assets in a single underlying VT III Vantagepoint Fund, which invests in an underlying fund which invests in a combination of other VT III Vantagepoint Funds and one or more third party exchange-traded funds (“ETFs”). 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 60), 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.

Fixed Income Funds
Fund
VT III Vantagepoint Core Bond Index Fund
VT III Vantagepoint High Yield Fund

Equity Funds
Fund
VT III Vantagepoint Equity Income Fund
VT III Vantagepoint Growth & Income Fund
VT III Vantagepoint Growth Fund
VT III Vantagepoint Select Value Fund
VT III Vantagepoint Mid/Small Company Index Fund
VT III Vantagepoint Aggressive Opportunities Fund
VT III Vantagepoint Discovery Fund
VT III Vantagepoint International Fund
Third Party Emerging Markets ETF

Multi-Strategy Fund
Fund
VT III Vantagepoint Diversifying Strategies Fund


 

Target Date Funds: The VT Vantagepoint Milestone Funds are target date funds. Each invests substantially all of its assets 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 substantially all of its assets in other VT III Vantagepoint Funds and one or more third party ETFs. 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 ICMA-RC, the investment adviser to the VT III Vantagepoint Funds. Over time, ICMA-RC 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 sequence of asset allocation changes that the dated Milestone Funds are expected to follow is known as the “glide path” and is illustrated in the chart below.

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, ETF Risks, Stock Market Risk, Foreign Securities Risk, Emerging Markets Securities Risk, High Yield Securities Risk, Small-Cap Securities Risk, Mid-Cap Securities Risk, Equity Income/Interest Rate Risk, Interest Rate Risk, Credit Risk, Asset-Backed Securities Risk, Convertible Securities Risk, Indexing Risk, Derivative Instruments Risk, Large Investor Risk.
Please see the Risk Glossary for additional information about the Fund’s risks.

 

Performance & Expenses

Standard Performance As of Mar 31, 2017
Fund/Benchmark Name QtrYTD1-Yr3-Yr5-Yr10-YrSince Inception
VT Vantagepoint Milestone 2045   6.02%6.02%15.11%5.36%9.29%N/A9.67%
S&P 500 Indexa,b6.07%6.07%17.17%10.37%13.30%7.51%N/A
Custom Benchmarkc5.60%5.60%16.13%7.27%10.78%N/AN/A
Morningstar Target-Date 2045b,d5.87%5.87%13.97%5.31%8.44%4.81%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.

Performance information for this class prior to its inception date is hypothetical. It 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
Total Expensese0.77%

 

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., © 2017 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 and/or 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 BofA Merrill Lynch 1-3 Year US Corporate & Government Index, Bloomberg Barclays U.S. Aggregate 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 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.

e. VantageTrust Funds invest either in collective investment funds or underlying registered funds. Please refer to the underlying fund's disclosure documents for additional information on fund fees and expenses.

Morningstar Information

Morningstar RatingTM   As of Mar 31, 2017
Period Stars Category Size
Overall 4 Stars154
3-Year 3 Stars154
5-Year 4 Stars113
10-Year N/A N/A

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 Mar 31, 2017
Equity Stylebox Fixed Income Stylebox
Large BlendMedium Limited
Allocation of Assets As of Feb 28, 2017
Type of Asset Percent
Equity87%
Fixed Income20%
Cash/Other-7%

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

 
 

Statistics

Portfolio Statistics As of Mar 31, 2017
Statistic3-Year5-Year
Beta1.021.02
Alpha-0.060.25
Standard Deviation10.1210.16
 
 

Underlying Fund Characteristics

Allocation of Assets As of Feb 28, 2017
Asset ClassPercent
Domestic Stock62.6%
Foreign Stock24.3%
Domestic Bond12.1%
Foreign Bond3.0%
Preferred0.2%
Convertible4.5%
Cash-6.8%
Other0.1%

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

 
Fixed Income Sector As of Feb 28, 2017
SectorPercent
Corporate12.5%
Government5.1%
Securitized2.1%
Municipal0.0%
Derivative0.0%
Cash & Equivalents-6.7%

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

 
Credit Quality As of Feb 28, 2017
Quality LevelPercent
AAA42.9%
AA7.5%
A16.3%
BBB22.9%
BB5.1%
B3.2%
Below B1.2%
Not Rated1.0%

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

 
Top Ten Holdings As of Apr 30, 2017
Holding NamePercent
VT III VANTAGEPOINT EQUITY INCOME FUND21.8%
VT III VANTAGEPOINT INTERNATIONAL FUND19.3%
VT III VANTAGEPOINT GROWTH FUND14.7%
VT III VANTAGEPOINT GROWTH & INCOME FUND14.1%
VT III VANTAGEPOINT DIVERSIFYING STRATEGIES FUND13.2%
VT III VANTAGEPOINT MID/SMALL COMPANY INDEX FUND8.3%
VANGUARD FTSE EMERGING MARKETS ETF3.5%
VT III VANTAGEPOINT CORE BOND INDEX FUND1.1%
VT III VANTAGEPOINT HIGH YIELD FUND1.0%
VT III VANTAGEPOINT DISCOVERY FUND1.0%
All Holdings As of Apr 30, 2017
Exchange-Traded Funds
Holding NameMarket Value
VANGUARD FTSE EMERGING MARKETS ETF$8,156,748
 
Collective Trusts/Mutual Funds
Holding NameMarket Value
VT III VANTAGEPOINT EQUITY INCOME FUND$51,124,547
VT III VANTAGEPOINT INTERNATIONAL FUND$45,063,238
VT III VANTAGEPOINT GROWTH FUND$34,395,779
VT III VANTAGEPOINT GROWTH & INCOME FUND$32,950,712
VT III VANTAGEPOINT DIVERSIFYING STRATEGIES FUND$30,903,456
VT III VANTAGEPOINT MID/SMALL COMPANY INDEX FUND$19,500,453
VT III VANTAGEPOINT CORE BOND INDEX FUND$2,535,075
VT III VANTAGEPOINT HIGH YIELD FUND$2,346,052
VT III VANTAGEPOINT DISCOVERY FUND$2,326,242
VT III VANTAGEPOINT AGGRESSIVE OPPORTUNITIES FUND$2,313,120
VT III VANTAGEPOINT SELECT VALUE FUND$2,306,133
 
Short-Term/Cash
Holding NameMarket Value
FIDELITY INSTITUTIONAL MONEY MARKET$127,647
BLACKROCK TEMP FUND$127,639
All Holdings As of Mar 31, 2017
Exchange-Traded Funds
Holding NameMarket Value
VANGUARD FTSE EMERGING MARKETS ETF$7,951,944
 
Collective Trusts/Mutual Funds
Holding NameMarket Value
VT III VANTAGEPOINT EQUITY INCOME FUND$49,465,537
VT III VANTAGEPOINT INTERNATIONAL FUND$43,376,486
VT III VANTAGEPOINT GROWTH FUND$33,058,165
VT III VANTAGEPOINT GROWTH & INCOME FUND$31,789,967
VT III VANTAGEPOINT DIVERSIFYING STRATEGIES FUND$30,012,081
VT III VANTAGEPOINT MID/SMALL COMPANY INDEX FUND$19,044,502
VT III VANTAGEPOINT CORE BOND INDEX FUND$2,445,116
VT III VANTAGEPOINT HIGH YIELD FUND$2,268,486
VT III VANTAGEPOINT DISCOVERY FUND$2,258,814
VT III VANTAGEPOINT AGGRESSIVE OPPORTUNITIES FUND$2,242,983
VT III VANTAGEPOINT SELECT VALUE FUND$2,239,050
 
Short-Term/Cash
Holding NameMarket Value
FIDELITY INSTITUTIONAL MONEY MARKET$84,053
BLACKROCK TEMP FUND$84,053
All Holdings As of Feb 28, 2017
Exchange-Traded Funds
Holding NameMarket Value
VANGUARD FTSE EMERGING MARKETS ETF$7,745,738
 
Collective Trusts/Mutual Funds
Holding NameMarket Value
VT III VANTAGEPOINT EQUITY INCOME FUND$48,161,997
VT III VANTAGEPOINT INTERNATIONAL FUND$42,013,505
VT III VANTAGEPOINT GROWTH FUND$32,132,548
VT III VANTAGEPOINT GROWTH & INCOME FUND$30,958,874
VT III VANTAGEPOINT DIVERSIFYING STRATEGIES FUND$29,051,295
VT III VANTAGEPOINT MID/SMALL COMPANY INDEX FUND$18,381,738
VT III VANTAGEPOINT CORE BOND INDEX FUND$2,383,767
VT III VANTAGEPOINT HIGH YIELD FUND$2,207,633
VT III VANTAGEPOINT AGGRESSIVE OPPORTUNITIES FUND$2,178,123
VT III VANTAGEPOINT SELECT VALUE FUND$2,176,872
VT III VANTAGEPOINT DISCOVERY FUND$2,166,112
 
Short-Term/Cash
Holding NameMarket Value
FIDELITY INSTITUTIONAL MONEY MARKET$116,864
BLACKROCK TEMP FUND$116,864
All Holdings As of Jan 31, 2017
Exchange-Traded Funds
Holding NameMarket Value
VANGUARD FTSE EMERGING MARKETS ETF$7,575,568
 
Collective Trusts/Mutual Funds
Holding NameMarket Value
VT III VANTAGEPOINT EQUITY INCOME FUND$46,211,930
VT III VANTAGEPOINT INTERNATIONAL FUND$40,655,330
VT III VANTAGEPOINT GROWTH FUND$31,141,128
VT III VANTAGEPOINT GROWTH & INCOME FUND$29,768,118
VT III VANTAGEPOINT DIVERSIFYING STRATEGIES FUND$28,203,302
VT III VANTAGEPOINT MID/SMALL COMPANY INDEX FUND$17,798,892
VT III VANTAGEPOINT CORE BOND INDEX FUND$2,309,162
VT III VANTAGEPOINT HIGH YIELD FUND$2,135,829
VT III VANTAGEPOINT SELECT VALUE FUND$2,105,115
VT III VANTAGEPOINT DISCOVERY FUND$2,102,771
VT III VANTAGEPOINT AGGRESSIVE OPPORTUNITIES FUND$2,101,127
 
Short-Term/Cash
Holding NameMarket Value
FIDELITY INSTITUTIONAL MONEY MARKET$105,000

Footnotes

1.

Please read Making Sound Investment Decisions: A Retirement Investment Guide and the accompanying VantageTrust Fund Fees and Expenses document ("Guide") carefully for a complete summary of all fees, expenses, investment objectives and strategies, and risks before investing. For a current Guide, contact ICMA-RC by calling 800-669-7400 or log into your account at www.icmarc.org.

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 © 2017 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.