| As of 05/18/12 | ||
| Daily Price/Change: | 10.18 | 0.01 / 0.10% |
| 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. |
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| As of 04/30/12 | |
| Inception Date: | March 23, 1984 |
| Net Assets | $93.55M |
| No Load | |
| As of 02/29/12 | |
| Redemption Fee: | N/A% |
| 12b-1 Fee: | 0.25% |
| Max Mgmt Fee: | 0.50% |
| Expense Ratio Before Waivers: | 1.13% |
| Expense Ratio After Waivers: | 0.88% |
| Turnover: | 24% |
| Minimum Initial Investment: | $1,000 |
| Minimum Subsequent Investment: | $250 |
| Average Annual Returns as of 04/30/12 | |
| YTD | 2.18% |
| 1 Yr | 9.79% |
| 3 Yr | 5.98% |
| 5 Yr | 3.11% |
| 10 Yr | 3.55% |
| As of 03/31/12 | ||
| Company Name | Weight | Sector |
|---|---|---|
| Northern Illinois Municipal Power Agency | 2.62% | Power |
| Maryland State General Obligation | 2.45% | General |
| Mississippi Hospital Equipment & Facilities | 2.41% | Medical |
| Brownsburg Indiana 1999 School Building | 2.35% | School District |
| Mesa Utility Systems | 2.26% | Utilities |
| Los Angeles Unified School District | 2.25% | School District |
| Hays Texas Consolidated Independent School | 2.23% | School District |
| Leander Texas Independent School District | 2.03% | School District |
| Harris County Texas | 1.99% | Transportation |
| Columbus Indiana Renovation School Building | 1.85% | School District |
| As of 03/31/12 | |
| General | 36.60% |
| School District | 17.10% |
| Education | 10.32% |
| Water | 6.02% |
| Medical | 5.75% |
| Facilities | 5.53% |
| Transportation | 5.38% |
| Power | 5.25% |
| Cash & Other | 2.60% |
| Utilities | 2.26% |
| Airport | 1.54% |
| Development | 0.87% |
| As of 03/31/12 | |
| Bonds | 97.40% |
| Cash | 2.60% |
| Disclosure |
| 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 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. |