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 long-term growth of capital. Current
income is a secondary investment objective.
Average Annual Returns as of 01/31/12
YTD
1 Yr
3 Yr
5 Yr
10 Yr
5.53%
10.95%
17.11%
-2.11%
0.54%
Top Ten Holdings as of 12/31/11
Company Name
Market Value
Weight (%)
Sector
AutoZone Inc.
$2,177,299
1.63
Consumer Discretionary
Yum! Brands Inc.
$2,053,548
1.54
Consumer Discretionary
Rollins Inc.
$1,888,700
1.42
Industrials
Panera Bread Co.
$1,838,850
1.38
Consumer Discretionary
Edwards Lifesciences Corp.
$1,838,200
1.38
Health Care
NewMarket Corp.
$1,604,691
1.20
Materials
McDonald's Corp.
$1,535,049
1.15
Consumer Discretionary
FMC Corp.
$1,522,908
1.14
Materials
Church & Dwight Co.
$1,464,320
1.10
Consumer Staples
TJX Companies Inc.
$1,420,100
1.07
Consumer Discretionary
Sector Distribution as of 12/31/11
Consumer Discretionary
22.36%
Industrials
20.58%
Health Care
15.34%
Information Technology
12.17%
Consumer Staples
10.25%
Materials
9.24%
Financials
3.91%
Utilities
2.54%
Energy
2.27%
Telecommunication Services
0.89%
Cash & Other
0.45%
Portfolio Composition as of 12/31/11
Stocks
99.55%
Cash
0.45%
From generation to generation, our Funds have met investors’ needs.60 years of history
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