Aggressive Income Fund|VAGIX

Daily Price Change as of 02/21/12

NAV 4.96
Change ($/%) 0.00 / 0.00

Fund Details as of 01/31/12

Inception Date February 26, 1986
Net Assets $30.62M
No Load

Fees & Expenses as of 01/31/11

Redemption Fee 2% in first 120 Days
12b-1 Fee 0.00%
Max Mgmt Fee 0.85%
Expense Ratio Before Waivers 1.48%
Expense Ratio After Waivers 1.13%
Turnover 42%
Minimum Initial Investment $2,500
Minimum Subsequent Investment $50

The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact the fund's short term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than their original cost. Past performance data through the most recent month end is available at vlfunds.com or by calling 1-800-243-2729.

Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities. Current and future portfolio holdings are subject to risk.

The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses. Investment results and the principal value of an investment will vary.

Investment Objective

The investment objective of the Fund is to maximize current income. Capital appreciation is a secondary objective but only when consistent with the Fund’s primary objective.

Average Annual Returns as of 01/31/12

YTD 1 Yr 3 Yr 5 Yr 10 Yr
2.59% 5.48% 15.05% 6.13% 7.41%

Top Ten Holdings as of 12/31/11

Company Name Market Value Weight (%) Sector
Ford Motor Co. Global Landmark Securities $600,000 1.91 Consumer Discretionary
Ball Corp. $523,750 1.67 Industrials
Briggs & Stratton Corp. $512,500 1.63 Industrials
Leucadia National Corp. $503,125 1.60 Financials
Gulfmark Offshore Inc. $500,000 1.59 Industrials
Boyd Gaming Corp. $473,750 1.51 Consumer Discretionary
American Tower Corp. $451,711 1.44 Telecommunication Services
Bill Barrett Corp. $440,000 1.40 Energy
Constellation Brands Inc. $440,000 1.40 Consumer Staples
Peabody Energy Corp $440,000 1.40 Energy

Sector Distribution as of 12/31/11

transparentEnergy 19.04%
transparentConsumer Staples 17.39%
transparentConsumer Discretionary 16.70%
transparentIndustrials 13.36%
transparentTelecommunication Services 11.22%
transparentFinancials 8.90%
transparentUtilities 4.62%
transparentInformation Technolgoy 3.17%
transparentMaterials 2.97%
transparentCash & Other 2.63%

Portfolio Composition as of 12/31/11

transparentBonds 92.02%
transparentCash 2.36%
transparentStocks 0.75%
transparentConvertible 0.46%

From generation to generation, our Funds have met investors’ needs.60 years of history

My Account

Login to view details of your account and up-to-date fund information.

Login

Fund Literature

Annual Report Semi-Annual Report Summary Prospectus Prospectus SAI