Larger Companies Fund|VALLX

Daily Price Change as of 02/21/12

NAV 18.95
Change ($/%) -0.02 / -0.11

Fund Details as of 01/31/12

Inception Date March 20, 1972
Net Assets $168.09M
No Load7

Fees & Expenses as of 12/31/10

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 153%
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 sole investment objective is to realize capital growth.

Average Annual Returns as of 01/31/12

YTD 1 Yr 3 Yr 5 Yr 10 Yr
6.17% 3.81% 14.28% -0.03% 1.51%

Top Ten Holdings as of 12/31/11

Company Name Market Value Weight (%) Sector
Starbucks Corp. $2,668,580 1.49 Consumer Discretionary
Apple Inc. $2,632,500 1.47 Information Technology
McDonald's Corp. $2,608,580 1.46 Consumer Discretionary
Google Inc. $2,583,600 1.45 Information Technology
BCE Inc. $2,458,530 1.38 Telecommunication Services
Visa Inc. $2,436,720 1.36 Information Technology
International Business Machines Corp. $2,390,440 1.34 Information Technology
Allegran Inc. $2,368,980 1.33 Health Care
Newmont Mining Corp. $2,340,390 1.31 Materials
Bristol-Myers Squibb Co. $2,325,840 1.30 Health Care

Sector Distribution as of 12/31/11

transparentInformation Technology 24.27%
transparentHealth Care 19.48%
transparentConsumer Discretionary 17.37%
transparentIndustrials 9.52%
transparentMaterials 8.28%
transparentEnergy 7.91%
transparentFinancials 6.91%
transparentConsumer Staples 3.10%
transparentTelecommunication Services 1.38%
transparentUtilities 1.10%
transparentCash & Other 0.68%

Portfolio Composition as of 12/31/11

transparentStocks 99.32%
transparentCash 0.68%

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