Premier Growth Fund|VALSX

Daily Price Change as of 02/21/12

NAV 29.20
Change ($/%) -0.03 / -0.10

Fund Details as of 01/31/12

Inception Date May 30, 1956
Net Assets $278.34M
No Load

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 1.23%
Expense Ratio After Waivers 1.19%
Turnover 16%
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 primarily seeks long-term growth of capital.

Average Annual Returns as of 01/31/12

YTD 1 Yr 3 Yr 5 Yr 10 Yr
5.48% 9.63% 23.95% 4.00% 7.30%

Top Ten Holdings as of 12/31/11

Company Name Market Value Weight (%) Sector
Alexion Pharmaceuticals Inc. $5,720,000 1.92 Health Care
Companhia de Bebidas das Americas ADR $4,691,700 1.57 Consumer Staples
FMC Technologies Inc. $4,596,240 1.54 Energy
MasterCard Inc. $4,399,276 1.47 Information Technology
ANSYS Inc. $3,436,800 1.15 Information Technology
Intuitive Surgical Inc. $3,241,070 1.09 Health Care
Praxair Inc. $3,207,000 1.07 Materials
Roper Industries Inc. $2,953,580 0.99 Industrials
Stericycle Inc. $2,851,872 0.96 Industrials
Salesforce.com Inc. $2,739,420 0.92 Information Technology

Sector Distribution as of 12/31/11

transparentIndustrials 22.05%
transparentInformation Technology 13.87%
transparentHealth Care 13.61%
transparentConsumer Discretionary 13.27%
transparentFinancials 9.41%
transparentConsumer Staples 9.01%
transparentMaterials 7.90%
transparentEnergy 5.55%
transparentUtilities 2.73%
transparentTelecommunication Services 1.81%
transparentCash & Other 0.79%

Portfolio Composition as of 12/31/11

transparentStocks 99.21%
transparentCash 0.79%

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