Aggressive Income Trust|VAGIX

Daily Price Change as of 05/18/12

NAV 4.88
Change ($/%) -0.01 / -0.20

Fund Details as of 04/30/12

Inception Date February 26, 1986
Net Assets $32.59M
No Load

Fees & Expenses as of 01/31/12

Redemption Fee 2% in first 120 Days
12b-1 Fee 0.25%
Max Mgmt Fee 0.75%
Expense Ratio Before Waivers 1.55%
Expense Ratio After Waivers 1.25%
Turnover 50%
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 04/30/12

YTD 1 Yr 3 Yr 5 Yr 10 Yr
4.94% 5.52% 13.33% 6.06% 7.41%

Top Ten Holdings as of 03/31/12

Company Name Market Value Weight (%) Sector
Briggs & Stratton Corp. $515,000 1.58 Industrials
Ball Corp. $501,250 1.54 Industrials
Boyd Gaming Corp. $500,625 1.54 Consumer Discretionary
Constellation Brands Inc. $453,000 1.39 Consumer Staples
Ally Financial Inc. $445,000 1.37 Financials
Peabody Energy Corp $439,000 1.35 Energy
Hertz Corp. $426,000 1.31 Consumer Staples
Plains Exploration & Production Co. $424,000 1.30 Energy
Bausch & Lomb Inc. $421,000 1.29 Consumer Staples
Cie Generale de Geophysique-Veritas $416,000 1.28 Energy

Sector Distribution as of 03/31/12

transparentConsumer Discretionary 18.59%
transparentConsumer Staples 18.48%
transparentEnergy 16.81%
transparentIndustrials 12.50%
transparentTelecommunication Services 12.22%
transparentFinancials 7.13%
transparentUtilities 4.49%
transparentInformation Technology 3.50%
transparentCash & Other 3.31%
transparentMaterials 2.97%

Portfolio Composition as of 03/31/12

transparentBonds 91.06%
transparentCash 3.31%
transparentStocks 0.75%
transparentConvertible 4.88%

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

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Fund Literature

Annual Report Semi-Annual Report Summary Prospectus Prospectus SAI