That is because you are not invested in an actual 40 Act registered Mutual Fund but rather a bank collective trust. The trust takes the income from the fund eg your dividends, plus your capital gains or losses and combines them with fees charged by ICMA RC. The net combination is accounted for in a unit value. (NAV is a more fitting to a true mutual fund). This differers from a mutual fund where you would see a share value and dividends and capital gain/losses separately. IE true NAV. ICMA RC has the capability of selling an actual 40 Act mutual fund and does in larger plans. If you ask why can't ICMA RC just sell the actual mutual fund to everybody and charge an asset based wrap fee on top: good question. The answer is it is a whole lot easier to market and not have to justify the service fees if participants do not readily see the charge. Nomenclature and fund names often lead people to believe they are in a true mutual fund. It is less than an up front practice, but it is done by the insuracnce companies companies ICMA RC mainly competes with. If employers would demand that only true mutual funds were used in plans then at least people would have a chance to obtain straight language on what exactly they are invested in and what are the fees.