U.S. Government Securities Fund|VALBX

Daily Price Change as of 05/18/12

NAV 12.13
Change ($/%) 0.00 / 0.00

Fund Details as of 04/30/12

Inception Date September 2, 1981
Net Assets $79.94M
No Load

Fees & Expenses as of 08/31/11

Redemption Fee N/A%
12b-1 Fee 0.25%
Max Mgmt Fee 0.50%
Expense Ratio Before Waivers 1.09%
Expense Ratio After Waivers 0.84%
Turnover 71%
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 Fund’s primary investment objective is to seek maximum income without undue risk to principal. Capital preservation and possible capital appreciation are secondary objectives.

Average Annual Returns as of 04/30/12

YTD 1 Yr 3 Yr 5 Yr 10 Yr
0.69% 5.96% 4.51% 5.39% 4.66%

Top Ten Holdings as of 03/31/12

Company Name Market Value Weight (%) Sector
United States Treasury Bonds $2,969,218 3.71 Government
United States Treasury Notes $2,764,125 3.46 Government
Federal Home Loan Banks $2,315,634 2.90 Government
United States Treasury Notes $2,099,062 2.63 Government
United States Treasury Notes $1,912,235 2.39 Government
Federal National Mortgage Association $1,581,468 1.98 Government
Federal National Mortgage Association $1,499,120 1.88 Government
Freddie Mac $1,455,118 1.82 Government
United States Treasury Notes $1,431,523 1.79 Government
United States Treasury Bonds $1,379,688 1.73 Government

Sector Distribution as of 03/31/12

transparentGovernment 96.11%
transparentCash & Other 3.89%

Portfolio Composition as of 03/31/12

transparentBonds 96.11%
transparentCash 3.89%

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