Emerging Opportunities Fund|VLEOX

Daily Price Change as of 05/18/12

NAV 34.83
Change ($/%) -0.32 / -0.92

Fund Details as of 04/30/12

Inception Date June 23, 1993
Net Assets $296.84M
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 04/30/12

YTD 1 Yr 3 Yr 5 Yr 10 Yr
11.47% 6.33% 21.47% 3.15% 6.93%

Top Ten Holdings as of 03/31/12

Company Name Market Value Weight (%) Sector
Alexion Pharmaceutical Inc. $5,757,320 1.94 Health Care
AptarGroup Inc. $5,214,104 1.76 Materials
SBA Communications Corp. $5,182,620 1.75 Telecommunication Services
Stifel Financial Corp. $5,165,160 1.74 Financials
Waste Connections Inc. $5,025,885 1.69 Industrials
ANSYS Inc. $4,988,724 1.68 Information Technology
LKQ Corp. $4,581,990 1.54 Consumer Discretionary
South Jersey Industries Inc. $4,573,656 1.54 Utilities
Esterline Technologies Corp. $4,516,272 1.52 Industrials
Middleby Corp. (The) $4,445,192 1.50 Industrials

Sector Distribution as of 03/31/12

transparentIndustrials 30.87%
transparentInformation Technology 12.24%
transparentConsumer Discretionary 12.14%
transparentMaterials 8.65%
transparentCash & Other 7.90%
transparentFinancials 7.72%
transparentHealth Care 7.20%
transparentUtilities 4.98%
transparentConsumer Staples 3.92%
transparentEnergy 2.63%
transparentTelecommunication Services 1.75%

Portfolio Composition as of 03/31/12

transparentStocks 92.10%
transparentCash 7.90%

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