Income and Growth Fund|VALIX

Daily Price Change as of 08/21/14

NAV 10.47
Change ($/%) 0.02 / 0.19

Fund Details as of 06/30/14

Managers Stephen Grant/Liane Rosenberg
Inception Date October 1, 1952
Net Assets $345M
No Load

Morningstar as of 06/30/14

Category Moderate Allocation Funds
3 Year
of 730 Funds
5 Year
of 649 Funds
10 Year
of 423 Funds
of 730 Funds

Portfolio Statistics (3 Yr.)
as of 06/30/14

Beta 1.13
Alpha -3.08
R-Squared 0.95
Standard Deviation 8.19
Sharpe ratio 1.14
Information ratio -0.80
Tracking Error 2.02

Valuation as of 06/30/14

Price/Earnings 16.94x
Price/Book 2.66x
Price/Sales 1.71x
Price/Cash Flow 9.75x
Dividend Yield 2.37

Fees & Expenses as of 12/31/13

Redemption Fee N/A
12b-1 Fee 0.25%
Max Mgmt Fee 0.67%
Expense Ratio Before Waivers 1.16%
Expense Ratio After Waivers* 1.11%
Turnover 27%
Minimum Initial Investment $1,000
Minimum Subsequent Investment $100
Best 3 Mo. Period
(last 10 years)
Apr-June 2003
Worst 3 Mo. Period
(last 10 years)
Oct-Dec 2008

Portfolio Composition as of 06/30/14

Investment Objective and Strategy (Condensed)

The Fund’s primary investment objective is income, as high and dependable as is consistent with reasonable risk. Capital growth to increase total return is a secondary objective.

To achieve the Fund’s goals, the Adviser invests not less than 50% of the Fund’s net assets in common or preferred stocks or securities convertible into common stock which may or may not pay dividends. The balance of the Fund’s net assets are primarily invested in U.S. government securities, money market securities and investment grade debt securities rated at the time of purchase from the highest (AAA) to medium (BBB) quality. Although the Fund can invest in companies of any size, it generally invests in U.S. securities issued by larger, more established companies (those with a market capitalization of more than $5 billion).

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Fund Literature

Fact Sheet Annual Report Semi-Annual Report Summary Prospectus Prospectus SAI

Average Annual Returns as of 06/30/14

transparentIncome and Growth Fund 5.53% 16.75% 9.87% 12.12% 7.74%
transparent60/40 (S&P500/Barclays US Aggregate Bond) 6.03% 16.23% 11.88% 13.26% 4.67%
transparentLipper Mixed Asset Target Alloc. Moderate Fund 5.27% 14.83% 8.63% 11.58% 6.07%
transparentLipper Ranking as of 06/30/14
- 109/525

transparentGross / Net Expense Ratio:1.16%/1.11%* (as of 12/31/13)

Calendar Year Returns (10 Yrs) as of 06/30/14

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 06/14
Income and Growth Fund 14.39 9.98 11.07 7.84 -21.53 23.06 10.55 -0.90 10.62 19.54% 5.53%
60/40 (S&P500/Barclays US Agg. Bond) 8.26 3.92 11.21 6.08 -20.10 18.25 11.66 4.40 11.29 18.63% 6.03%
Difference 6.13 6.06 -0.14 1.76 -1.43 4.81 -1.11 -5.30 -0.67 0.91% -0.50%

Top Ten Equity Holdings as of 06/30/14

Company Name Market Value Weight (%) Sector
Intel Corp. $3,986,100 1.15 Information Technology
Johnson & Johnson $3,776,782 1.09 Health Care
Schlumberger Ltd. $3,680,040 1.07 Energy
Raytheon Co. $3,588,525 1.04 Industrials
Microsoft Corp. $3,536,160 1.02 Information Technology
Starbucks Corp. $3,482,100 1.01 Consumer Discretionary
Exxon Mobil Corp. $3,322,440 0.96 Energy
Charles Schwab Corp. (The) $3,231,600 0.94 Financials
JPMorgan Chase & Co. $3,203,672 0.93 Financials
Discover Financial Services $3,160,980 0.92 Financials

Sector Distribution as of 06/30/14

2013 Year-End Distributions (Finalized)

Short Term Long Term Total
Per Share
Ex. Date Pay Date
$0.02969 $0.41735 $0.44704 12/24 12/24
Standard Deviation
Statistical measure that shows the likelihood of an investment to yield above- or below-average returns over a period of time. For example, if hypothetical XYZ Fund has an average annual total return of 11% and a standard deviation of 6.00, that means XYZ Fund's performance is likely to vary from a low of 5% to a high of 17%.
Beta Equation (Stocks)
Beta of a portfolio is a number describing the correlated volatility of the portfolio in relation to the volatility of the benchmark. A positive beta means that the portfolio generally follows the benchmark. A negative beta means that the portfolio generally moves opposite the benchmark.
R Squared
The measure of diversification that determines how closely a particular fund's performance parallels an appropriate market benchmark over a period. The market is understood to have an R Squared of 100%. Therefore, a fund with an R Squared of 95% contains 95% of the market's diversification and risk. The remaining 5% is unique to the fund manager's actions.
Sharpe Ratio
A statistical expression calculated by dividing a fund's excess return by the standard deviation of those returns that measures the relative reward of holding onto risky investments. The higher the ratio, the greater the potential for return for the same amount of risk. The lower the ratio, the worse the fund's historical risk-adjusted performance.
Alpha Equation
A measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a fund's alpha
Information Ratio
A ratio of portfolio returns above the returns of a benchmark to the volatility of those returns. The information ratio measures a portfolio manager's ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the investor.
Tracking Error
A divergence between the price behavior of the portfolio and the price behavior of a benchmark, reported as a "standard deviation percentage" difference. This measure reports the difference between the return an investor receives and that of the benchmark he or she was attempting to imitate.

The Morningstar Rating™ for funds methodology rates funds based on an enhanced Morningstar Risk-Adjusted Return measure, which also accounts for the effects of all sales charges, loads, or redemption fees. Funds are ranked by their Morningstar Risk-Adjusted Return scores and stars are assigned using the following scale: 5 stars for top 10%; 4 stars next 22.5%; 3 stars next 35%; 2 stars next 22.5%; 1 star for bottom 10%. Funds are rated for up to three periods: the trailing three-, five-, and 10-years. For a fund that does not change categories during the evaluation period, the overall rating is calculated using the following weights: At least 3 years, but less than 5 years uses 100% three-year rating. At least 5 years but less than 10 years uses 60% five-year rating / 40% three-year rating. At least 10 years uses 50% ten-year rating / 30% five-year rating / 20% three-year rating.

* For the period May 1, 2013 through June 30, 2014 EULAV Securities LLC (the "Distributor") contractually agreed to waive a portion of the Fund's Rule 12b-1 fee in an amount equal to 0.05% of the Fund's average daily net assets. The waiver cannot be terminated before June 30, 2014 without the approval of the Fund's Board of Directors. For various prior periods, the Distributor similarly waived a portion of the Fund's Rule 12b-1 fee. The Fund's performance would be lower in the absence of such waivers. The Fund’s Board of Directors terminated this waiver effective July 1st, 2014.

There are risks associated with investing in small and mid cap stocks, which tend to be more volatile and less liquid than stocks of large companies, including the risk of price fluctuations.

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 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.