Fund Facts  

Inception Date: May 14, 2001
CUSIP: 922018304
Ticker Symbol: VWNAX
Morningstar Category:Large Value
As of Dec 31, 2016
Fund Net Assets ($millions) $46,954

Documents for Fund or Underlying Fund(s)  

Description

Objective  

The investment seeks to provide long-term capital appreciation and income.

Principal Investment Strategies  

The fund invests mainly in large- and mid-capitalization companies whose stocks are considered by an advisor to be undervalued. Undervalued stocks are generally those that are out of favor with investors and that the advisor believes are trading at prices that are below average in relation to measures such as earnings and book value. These stocks often have above-average dividend yields. It uses multiple investment advisors.

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 Windsor II Admirala5.70%13.51%13.51%6.95%13.32%5.78%6.47%
Russell 1000 Value Indexa,b6.68%17.34%17.34%8.59%14.80%5.72%N/A
Morningstar Large Valuea,c6.34%14.81%14.81%6.84%12.97%5.38%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 Expensesa0.26%

 

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 Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values.

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$4.380100000
Jun 13, 2016Jun 13, 2016$0.712000000
Dec 16, 2015Dec 16, 2015$4.028000000
Jun 19, 2015Jun 19, 2015$0.758000000
Dec 17, 2014Dec 17, 2014$5.403000000
Jun 20, 2014Jun 20, 2014$0.834000000
Dec 17, 2013Dec 17, 2013$2.125000000
Jun 27, 2013Jun 27, 2013$0.645000000
Dec 26, 2012Dec 26, 2012$0.685000000
Jun 28, 2012Jun 28, 2012$0.560000000
 

Morningstar Information

Morningstar RatingTM   As of Dec 31, 2016
Period Stars Category Size
Overall 3 Stars1088
3-Year 3 Stars1088
5-Year 3 Stars934
10-Year 3 Stars680

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
Equity Stylebox
Large Value
Allocation of Assets As of Sep 30, 2016
Type of Asset Percent
Equity98%
Fixed Income0%
Cash/Other2%

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

 
 

Characteristics

Allocation of Assets As of Sep 30, 2016
Asset ClassPercent
Domestic Stock87.8%
Foreign Stock10.0%
Domestic Bond0.0%
Foreign Bond0.0%
Preferred0.0%
Convertible0.0%
Cash2.2%
Other0.1%

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

 
Equity Sector As of Sep 30, 2016
SectorPercent
Healthcare21.5%
Financial Services21.0%
Technology13.0%
Energy10.4%
Consumer Cyclical9.9%
Industrials8.2%
Consumer Defensive7.8%
Communication Services3.1%
Basic Materials1.7%
Utilities1.0%
Real Estate0.2%

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

 
Top Ten Holdings As of Sep 30, 2016
Holding NamePercent
Microsoft Corp3.3%
Pfizer Inc2.7%
Bank of America Corporation2.7%
JPMorgan Chase & Co2.4%
Johnson Controls International PLC2.2%
Philip Morris International Inc2.2%
United Technologies Corp2.1%
Medtronic PLC2.1%
PNC Financial Services Group Inc2.0%
Wells Fargo & Co2.0%
 

Statistics

Portfolio Statistics As of Dec 31, 2016
Statistic3-Year5-Year
Beta1.010.98
Alpha-1.56-1.10
Standard Deviation11.1810.63
 
 

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.