Fund Facts  

Inception Date: Jun 10, 2005
CUSIP: 922031737
Ticker Symbol: VAIPX
Morningstar Category:Inflation-Protected Bond
As of Dec 31, 2016
Fund Net Assets ($millions) $25,338

Documents for Fund or Underlying Fund(s)  

Description

Objective  

The investment seeks to provide inflation protection and income consistent with investment in inflation-indexed securities.

Principal Investment Strategies  

The fund invests at least 80% of its assets in inflation-indexed bonds issued by the U.S. government, its agencies and instrumentalities, and corporations. It may invest in bonds of any maturity; however, its dollar-weighted average maturity is expected to be in the range of 7 to 20 years. At a minimum, all bonds purchased by the fund will be rated investment-grade or, if unrated, will be considered by the advisor to be investment-grade.

Principal Investment Risks  

There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. Please see the Fund’s prospectus or other disclosure documents for information about the Fund’s risks.

 

Performance & Expenses

Standard Performance As of Dec 31, 2016
Fund/Benchmark Name QtrYTD1-Yr3-Yr5-Yr10-YrSince Inception
Vanguard Inflation-Prot Secsa-2.66%4.62%4.62%2.26%0.82%4.22%3.77%
Bloomberg Barclays U.S. Treasury Inflation-Linked Bond Index (Series-L)a,b-2.41%4.68%4.68%2.26%0.89%4.36%N/A
Morningstar Inflation-Protected Bonda,c-1.65%4.59%4.59%1.35%0.42%3.43%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 Expensesa0.10%

 

a. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2016 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.

b. The Bloomberg Barclays U.S. Treasury Inflation-Linked Bond Index (Series-L), consists of all U.S. Treasury inflation protected securities rated investment grade or better, having at least one year to final maturity and at least $250 million par amount outstanding. The Series-L reference identifies this index as the former Lehman Brothers U.S. TIPS Index.

c. 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 23, 2016Dec 23, 2016$0.884000000
Jun 16, 2016Jun 16, 2016$0.005100000
Dec 24, 2015Dec 24, 2015$0.215000000
Mar 26, 2015Mar 26, 2015$0.007400000
Dec 26, 2014Dec 26, 2014$0.363000000
Jun 20, 2014Jun 20, 2014$0.233000000
Mar 28, 2014Mar 28, 2014$0.016000000
Dec 26, 2013Dec 26, 2013$0.218000000
Sep 26, 2013Sep 26, 2013$0.188000000
Jun 27, 2013Jun 27, 2013$0.045000000
Mar 27, 2013Mar 27, 2013$0.103000000
Dec 19, 2012Dec 19, 2012$0.800000000
Sep 27, 2012Sep 27, 2012$0.132000000
Jun 28, 2012Jun 28, 2012$0.066000000
Mar 29, 2012Mar 29, 2012$0.077000000
 

Morningstar Information

Morningstar RatingTM   As of Dec 31, 2016
Period Stars Category Size
Overall 4 Stars0
3-Year 4 Stars0
5-Year 4 Stars0
10-Year 4 Stars0

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, 2016
Fixed Income Stylebox
High Extensive
Allocation of Assets As of Sep 30, 2016
Type of Asset Percent
Equity0%
Fixed Income100%
Cash/Other0%

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

 
 

Characteristics

Allocation of Assets As of Sep 30, 2016
Asset ClassPercent
Domestic Stock0.0%
Foreign Stock0.0%
Domestic Bond99.8%
Foreign Bond0.0%
Preferred0.0%
Convertible0.0%
Cash0.2%
Other0.0%

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

 
Fixed Income Sector As of Sep 30, 2016
SectorPercent
Government99.8%
Cash & Equivalents0.2%

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

 
Credit Quality As of Sep 30, 2016
Quality LevelPercent
AAA100.0%
AA0.0%
A0.0%
BBB0.0%
BB0.0%
B0.0%
Below B0.0%
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 Sep 30, 2016
Holding NamePercent
US Treasury Note5.6%
US Treasury Note5.5%
US Treasury Note4.7%
US Treasury Note4.2%
US Treasury Note4.0%
US Treasury Note3.9%
US Treasury TIP3.9%
US Treasury Note3.9%
US Treasury Note3.9%
US Treasury Note3.9%
 

Statistics

Duration and Maturity As of Sep 30, 2016
StatisticValue
Average Effective Duration8.35 years
Average Effective Maturity8.80 years
Portfolio Statistics As of Dec 31, 2016
Statistic3-Year5-Year
Beta1.021.02
Alpha-0.04-0.09
Standard Deviation4.244.89
 
 

Footnotes

1.

Please read the fund's prospectus carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financial highlights, and performance information. Investing involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus before investing. You may contact us to obtain a prospectus or to answer questions by calling 800-669-7400, emailing investorservices@icmarc.org, or visiting www.icmarc.org.

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.