Larger Companies Fund|VALLX

Daily Price Change as of 05/18/12

NAV 17.96
Change ($/%) -0.18 / -1.00

Fund Details as of 04/30/12

Inception Date March 20, 1972
Net Assets $197.68M
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 04/30/12

YTD 1 Yr 3 Yr 5 Yr 10 Yr
12.69% 1.26% 16.51% 0.51% 2.37%

Top Ten Holdings as of 03/31/12

Company Name Market Value Weight (%) Sector
Apple Inc. $3,896,555 1.97 Information Technology
Starbucks Corp. $3,073,950 1.56 Consumer Discretionary
International Business Machines Corp. $2,712,450 1.37 Information Technology
Intel Corp. $2,642,340 1.34 Information Technology
U.S. Bancorp $2,597,760 1.31 Financials
Las Vegas Sands Corp. $2,590,650 1.31 Consumer Discretionary
VMware Inc. Class A $2,584,510 1.31 Information Technology
Allegran Inc. $2,576,610 1.30 Health Care
Google Inc. Class A $2,564,960 1.30 Information Technology
TJX Companies Inc. $2,541,440 1.29 Consumer Discretionary

Sector Distribution as of 03/31/12

transparentInformation Technology 26.11%
transparentHealth Care 18.24%
transparentConsumer Discretionary 17.35%
transparentIndustrials 9.58%
transparentEnergy 8.03%
transparentMaterials 6.92%
transparentFinancials 5.87%
transparentConsumer Staples 3.14%
transparentTelecommunication Services 2.20%
transparentCash & Other 1.66%
transparentUtilities 0.90%

Portfolio Composition as of 03/31/12

transparentStocks 98.34%
transparentCash 1.66%

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