Emerging Opportunities Fund|VLEOX

Daily Price Change as of 02/21/12

NAV 36.73
Change ($/%) -0.03 / -0.08

Fund Details as of 01/31/12

Inception Date June 23, 1993
Net Assets $252.38M
No Load

Fees & Expenses as of 03/31/11

Redemption Fee N/A%
12b-1 Fee 0.25%
Max Mgmt Fee 0.75%
Expense Ratio Before Waivers 1.21%
Expense Ratio After Waivers 1.21%
Turnover 4%
Minimum Initial Investment $1,000
Minimum Subsequent Investment $100

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 Fund’s investment objective is long-term growth of capital.

Average Annual Returns as of 01/31/12

YTD 1 Yr 3 Yr 5 Yr 10 Yr
4.63% 11.54% 22.54% 2.70% 6.73%

Top Ten Holdings as of 12/31/11

Company Name Market Value Weight (%) Sector
LKQ Corp. $5,775,360 0,212 Consumer Discretionary
ANSYS Inc. $5,483,185 0,201 Information Technology
Gardner Denver Inc. $5,425,024 0,199 Industrials
South Jersey Industries Inc. $5,192,434 0,190 Utilities
Alexion Pharmaceutical Inc. $5,148,000 0,189 Health Care
Waste Connections Inc. $5,120,130 0,188 Industrials
AptarGroup Inc. $4,966,584 0,182 Materials
Arch Capital Group Ltd. $4,389,417 0,161 Financials
SBA Communications Corp. $4,381,920 0,160 Telecommunication Services
Stifel Financial Corp. $4,374,825 0,160 Financials

Sector Distribution as of 12/31/11

transparentIndustrials 32.27%
transparentConsumer Discretionary 13.77%
transparentInformation Technology 12.92%
transparentHealth Care 8.49%
transparentMaterials 7.96%
transparentFinancials 7.85%
transparentUtilities 5.35%
transparentConsumer Staples 4.05%
transparentEnergy 3.39%
transparentCash & Other 2.35%
transparentTelecommunication Services 1.60%

Portfolio Composition as of 12/31/11

transparentStocks 97.65%
transparentCash 2.35%

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