Premier Growth Fund|VALSX

Daily Price Change as of 08/20/14

NAV 35.49
Change ($/%) 0.08 / 0.23

Fund Details as of 06/30/14

Manager Stephen Grant
Inception Date May 30, 1956
Net Assets $393M
No Load

Morningstar as of 06/30/14

Category Mid-Cap Growth Funds
3 Year
of 635 Funds
5 Year
of 574 Funds
10 Year
of 417 Funds
of 635 Funds

Portfolio Statistics (3 Yr.)
as of 06/30/14

Beta 1.01
Alpha -2.77
R-Squared 0.92
Standard Deviation 12.85
Sharpe ratio 0.99
Information ratio -0.73
Tracking Error 3.59

Valuation as of 06/30/14

Price/Earnings 23.30x
Price/Book 3.73x
Price/Sales 1.96x
Price/Cash Flow 14.35x
Dividend Yield 1.16

Fees & Expenses as of 12/31/13

Redemption Fee N/A
12b-1 Fee 0.25%
Max Mgmt Fee 0.75%
Expense Ratio Before Waivers 1.24%
Expense Ratio After Waivers 1.24%
Turnover 11%
Minimum Initial Investment $1,000
Minimum Subsequent Investment $100
Best 3 Mo. Period
(last 10 years)
Apr-June 2009
Worst 3 Mo. Period
(last 10 years)
Oct-Dec 2008

Portfolio Composition as of 06/30/14

Investment Objective and Strategy (Condensed)

The Fund primarily seeks long-term growth of capital.

To achieve the Fund’s goal, the Fund’s investment adviser invests at least 80% of the Fund’s net assets in a diversified portfolio of U.S. equity securities with favorable growth prospects. In selecting securities for purchase or sale, the Adviser generally analyzes the issuer of a security using fundamental factors such as growth potential and earnings estimates and quantitative factors such as historical earnings, earnings momentum and price momentum. The Fund may invest in small, mid or large capitalization companies, including foreign companies. There are no set limitations of investments according to a company’s size, or to a sector weighting.

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Fund Literature

Fact Sheet Annual Report Semi-Annual Report Summary Prospectus Prospectus SAI

Average Annual Returns as of 06/30/14

transparentPremier Growth Fund 4.35% 21.08% 13.56% 19.18% 9.62%
transparentS&P 500 7.14% 24.61% 16.57% 18.82% 7.78%
transparentLipper Multi Capital Growth Fund 4.58% 26.15% 13.93% 18.39% 8.23%
transparentLipper Ranking as of 06/30/14
- 490/549

transparentGross Expense Ratio:1.24% (as of 12/31/13)

Calendar Year Returns (10 Yrs) as of 06/30/14

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 06/14
Premier Growth Fund 18.42 11.49 10.68 18.30 -40.13 32.29 21.66 4.59 17.80 26.56% 4.35%
S&P 500 10.88 4.91 15.79 5.49 -37.00 26.46 15.06 2.11 16.00 32.39% 7.14%
Difference 7.54 6.58 -5.11 12.81 -3.13 5.83 6.60 2.48 1.80 -5.83% -2.79%

Top Ten Holdings as of 06/30/14

Company Name Market Value Weight (%) Sector
Alexion Pharmaceuticals, Inc. $5,906,250 1.50 Health Care
Alliance Data Systems Corp. $5,456,250 1.39 Information Technology
Roper Industries, Inc. $5,256,360 1.34 Industrials
AMETEK, Inc. $5,058,090 1.29 Industrials
Danaher Corp. $4,802,530 1.22 Industrials
Ecolab, Inc. $4,787,620 1.22 Materials
MasterCard, Inc. $4,628,610 1.18 Information Technology
Henry Schein, Inc. $4,604,396 1.17 Health Care
AMBEV S.A. ADR $4,576,000 1.16 Consumer Staples
Kirby Corp. $4,568,460 1.16 Industrials

Sector Distribution as of 06/30/14

2013 Year-End Distributions (Finalized)

Short Term Long Term Total
Per Share
Ex. Date Pay Date
$0.07415 $2.141925 $2.49340 12/24 12/24
Standard Deviation
Statistical measure that shows the likelihood of an investment to yield above- or below-average returns over a period of time. For example, if hypothetical XYZ Fund has an average annual total return of 11% and a standard deviation of 6.00, that means XYZ Fund's performance is likely to vary from a low of 5% to a high of 17%.
Beta Equation (Stocks)
Beta of a portfolio is a number describing the correlated volatility of the portfolio in relation to the volatility of the benchmark. A positive beta means that the portfolio generally follows the benchmark. A negative beta means that the portfolio generally moves opposite the benchmark.
R Squared
The measure of diversification that determines how closely a particular fund's performance parallels an appropriate market benchmark over a period. The market is understood to have an R Squared of 100%. Therefore, a fund with an R Squared of 95% contains 95% of the market's diversification and risk. The remaining 5% is unique to the fund manager's actions.
Sharpe Ratio
A statistical expression calculated by dividing a fund's excess return by the standard deviation of those returns that measures the relative reward of holding onto risky investments. The higher the ratio, the greater the potential for return for the same amount of risk. The lower the ratio, the worse the fund's historical risk-adjusted performance.
Alpha Equation
A measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a fund's alpha
Information Ratio
A ratio of portfolio returns above the returns of a benchmark to the volatility of those returns. The information ratio measures a portfolio manager's ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the investor.
Tracking Error
A divergence between the price behavior of the portfolio and the price behavior of a benchmark, reported as a "standard deviation percentage" difference. This measure reports the difference between the return an investor receives and that of the benchmark he or she was attempting to imitate.

The Morningstar Rating™ for funds methodology rates funds based on an enhanced Morningstar Risk-Adjusted Return measure, which also accounts for the effects of all sales charges, loads, or redemption fees. Funds are ranked by their Morningstar Risk-Adjusted Return scores and stars are assigned using the following scale: 5 stars for top 10%; 4 stars next 22.5%; 3 stars next 35%; 2 stars next 22.5%; 1 star for bottom 10%. Funds are rated for up to three periods: the trailing three-, five-, and 10-years. For a fund that does not change categories during the evaluation period, the overall rating is calculated using the following weights: At least 3 years, but less than 5 years uses 100% three-year rating. At least 5 years but less than 10 years uses 60% five-year rating / 40% three-year rating. At least 10 years uses 50% ten-year rating / 30% five-year rating / 20% three-year rating.

There are risks associated with investing in small and mid cap stocks, which tend to be more volatile and less liquid than stocks of large companies, including the risk of price fluctuations.

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 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.