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
Consumer Discretionary
18.59%
Consumer Staples
18.48%
Energy
16.81%
Industrials
12.50%
Telecommunication Services
12.22%
Financials
7.13%
Utilities
4.49%
Information Technology
3.50%
Cash & Other
3.31%
Materials
2.97%
Portfolio Composition as of 03/31/12
Bonds
91.06%
Cash
3.31%
Stocks
0.75%
Convertible
4.88%
From generation to generation, our Funds have met investors’ needs.60 years of history
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