Income and Growth Fund|VALIX

Daily Price Change as of 02/21/12

NAV 8.68
Change ($/%) -0.01 / -0.12

Fund Details as of 01/31/12

Inception Date October 1, 1952
Net Assets $277.36M
No Load

Fees & Expenses as of 12/31/10

Redemption Fee N/A%
12b-1 Fee 0.25%
Max Mgmt Fee 0.67%
Expense Ratio Before Waivers 1.14%
Expense Ratio After Waivers 1.05%
Turnover 46%
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 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.

Average Annual Returns as of 01/31/12

YTD 1 Yr 3 Yr 5 Yr 10 Yr
3.14% 0.67% 12.69% 3.05% 6.22%

Top Ten Holdings as of 12/31/11

Company Name Market Value Weight (%) Sector
U.S. Treasury Notes $6,724,572 2.20 Government
U.S. Treasury Notes $6,020,628 1.97 Government
U.S. Treasury Bond $5,880,470 1.92 Government
U.S. Treasury Notes $5,020,705 1.64 Government
U.S. Treasury Notes $4,639,064 1.51 Government
U.S. Treasury Notes $4,041,248 1.32 Government
U.S. Treasury Notes $3,851,483 1.26 Government
Procter & Gamble Co. $3,135,370 1.02 Consumer Staples
U.S. Treasury Notes $3,076,875 1.00 Government
U.S. Treasury Notes $3,029,064 0.99 Government

Sector Distribution as of 12/31/11

transparentGovernment 17.86%
transparentConsumer Staples 12.32%
transparentInformation Technology 11.73%
transparentIndustrials 9.64%
transparentFinancials 9.01%
transparentEnergy 8.80%
transparentHealth Care 8.05%
transparentConsumer Discretionary 7.70%
transparentIndustrials 4.76%
transparentMaterials 4.14%
transparentTelecommunication Services 3.14%
transparentCash & Others 2.85%

Portfolio Composition as of 12/31/11

transparentStocks 58.32%
transparentBonds 29.37%
transparentConvertible 9.46%
transparentCash 2.85%

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