Tax Exempt Fund|VLHYX

Daily Price Change as of 02/21/12

NAV 10.14
Change ($/%) -0.02 / -0.20

Fund Details as of 01/31/12

Inception Date March 23, 1984
Net Assets $81.10M
No Load

Fees & Expenses as of 02/28/11

Redemption Fee N/A%
12b-1 Fee 0.25%
Max Mgmt Fee 0.50%
Expense Ratio Before Waivers 1.01%
Expense Ratio After Waivers 0.74%
Turnover 146%
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 primary investment objective of the Fund is to provide investors with the maximum income exempt from federal income taxes while avoiding undue risk to principal. Capital appreciation is a secondary objective.

Average Annual Returns as of 01/31/12

YTD 1 Yr 3 Yr 5 Yr 10 Yr
2.33% 13.24% 6.58% 3.42% 3.65%

Top Ten Holdings as of 12/31/11

Company Name Market Value Weight (%) Sector
Arlington Texas-Special Tax $2,746,315 3.20 General
Northern Illinois Municipal Power Agency $2,486,448 2.90 Power
Maryland State General Obligation $2,304,500 2.69 General
Mississippi Hospital Equipment & Facilities $2,204,185 2.57 Medical
Brownsburg Indiana 1999 School Building Co $2,193,510 2.56 School District
Mesa Utility Systems $2,084,220 2.43 Utilities
Los Angeles Unified School District $2,068,920 2.41 School District
Hays Texas Consolidated Independent $2,052,820 2.39 School District
Leander Texas Independent School District $1,843,100 2.15 School District
Harris County Texas $1,830,453 2.13 Transportation

Sector Distribution as of 12/31/11

transparentGeneral 36.42%
transparentSchool District 18.42%
transparentEducation 9.40%
transparentTransportation 6.58%
transparentWater 5.46%
transparentMedical 5.33%
transparentPower 5.15%
transparentFacilities 5.06%
transparentUtilities 2.43%
transparentCash & Other 2.23%
transparentAirport 1.69%
transparentDevelopment 0.95%

Portfolio Composition as of 12/31/11

transparentBonds 97.77%
transparentCash 2.23%

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