N.Y. Tax Exempt Fund|VLNYX

Daily Price Change as of 02/21/12

NAV 9.33
Change ($/%) -0.01 / -0.11

Fund Details as of 01/31/12

Inception Date July 2, 1987
Net Assets $15.77M
No Load

Fees & Expenses as of 01/31/10

Redemption Fee N/A%
12b-1 Fee 0.25%
Max Mgmt Fee 0.60%
Expense Ratio Before Waivers 1.36%
Expense Ratio After Waivers 0.87%
Turnover 43%
Minimum Initial Investment $1,000
Minimum Subsequent Investment $250

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 Trust’s investment objective is to provide New York taxpayers with the maximum income exempt from New York State, New York City and federal income taxes while avoiding undue risk to principal.

Average Annual Returns as of 01/31/12

YTD 1 Yr 3 Yr 5 Yr 10 Yr
2.16% 12.14% 6.06% 2.59% 3.31%

Top Ten Holdings as of 12/31/11

Company Name Market Value Weight (%) Sector
Dormitory Authority Revenue Bonds $561,955 3.58 General
Urban Development Corp. Refunding Service $556,000 3.54 Facilities
New York State Environmental Facilities Corp $553,050 3.52 Water
Triborough Bridge & Tunnel Authority $552,240 3.52 Transportation
Dormitory Authority Revenue Bonds $520,652 3.32 Medical
Municipal Water Finance Authority $519,510 3.31 Water
Transitional Finance Authority Revenue Bond $461,496 2.94 General
Housing Finance Agency Revenue Bonds $426,100 2.72 General
General Obligation Unlimited $394,901 2.52 General
New York State Environmental Facilities Corp $387,831 2.47 Water

Sector Distribution as of 12/31/11

transparentGeneral 41.04%
transparentTransportation 15.49%
transparentWater 13.50%
transparentMedical 11.17%
transparentFacilities 7.75%
transparentCash & Other 3.86%
transparentUtilities 2.77%
transparentEducation 1.63%
transparentPower 1.61%
transparentTobacco Settlement 1.18%

Portfolio Composition as of 12/31/11

transparentBonds 96.14%
transparentCash 3.86%

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