Fund DescriptionsValue Fund
“This Fund typically invests in medium- and large-sized companies, and, as its name implies, we manage the Fund using a value approach,” says portfolio manager Stuart Teach. “Is this stock at this price a good value? To answer that question, we apply a battery of traditional fundamental tests to determine whether a stock is attractively priced. We look at current stock price relative to potential earnings power. We assess the company’s profitability relative to its peers. We also consider the company’s competitive position and management team.”
Stocks added to the portfolio tend to be long-term, buy-and-hold positions.
“We have to give the company time to experience a turnaround, and, while it’s our expectation that the stock will return to full and fair valuation within a reasonable time period, this doesn’t always occur,” says Mr. Teach.
Companies are eliminated from the portfolio when they no longer meet the portfolio managers’ valuation standards, which could happen as a result of the stock price being bid higher or because a new analysis of the company’s situation dims its attractiveness.
Performance
The tables below show the Fund’s average annual and year-to-date total returns for various holding periods compared to its benchmark index. An index is a collection of securities intended to represent some slice of the total securities market.
The bar chart shows the Fund's annual return in each of the last 10 years or for each year since the Fund's inception. This indicates how widely performance has varied year-by-year.
|
Value Fund
Average Annual Total Returns
|
| as of month end 01/31/12 |
see quarter end returns |
 |
1
year |
3
year |
5
year |
10
year |
Since the
fund opened |
| Value Fund |
2.70% |
18.65% |
-0.41% |
5.46% |
9.23%
(Nov-90) |
| Standard & Poor’s 500 Stock Index |
TBA
|
TBA |
TBA |
TBA |
TBA |
 |
|
Value Fund
Year-to-date Total Returns
|
| as of quarter end 12/31/11 |
see month end returns |
| Value Fund |
1.60% |
Standard & Poor’s 500 Stock
Index |
2.11% |
 |
|
Value Fund
Year-to-date Total Returns
|
| as of month end 01/31/12 |
see quarter end returns |
| Value Fund |
4.07%
|
Standard & Poor’s 500 Stock
Index |
TBA |
 |
|
Value Fund
Historical Annual Total Returns

|
|
|
Portfolio Composition
The following two tables show how the Value Fund is diversified and what its top holdings are.
|
Value Fund
Industry Diversification
|
|
 |
On 12/31/11
|
| Health care |
22.2%
|
 |
| Industrials |
17.7%
|
 |
| Information technology |
17.5%
|
 |
| Energy |
17.3%
|
 |
| Financials |
7.7%
|
 |
| Consumer discretionary |
6.4%
|
 |
| Materials |
6.1%
|
 |
| Consumer staples |
3.9%
|
 |
| Short-term and other assets |
1.2%
|
 |
| Total |
100%
|
 |
|
|
Value Fund
Top Ten Holdings
|
|
|
|
|
Fund assets on 12/31/11
|
 |
| $540,772,000 |
 |
Comparison of Growth
This line graph is a comparison of the change in value of a $10,000 investment in the Fund and the Standard & Poor’s 500 Stock Index.
|
Value Fund
Growth of $10,000

|
 |
|
|
Distributions
If this Fund has declared income or capital gains distributions in the current year, they will be listed in the table below. See Track Earnings Distributions for the Fund's distribution schedule.
|
Value Fund
2012 Earnings Distributions
|
|
| Distribution Type |
Declaration Date |
$/Per Share |
| N/A |
N/A |
N/A |
 |
 |
|
|
Value Fund
2011 Earnings Distributions
|
|
| Distribution Type |
Declaration Date |
$/Per Share |
| Ordinary Income |
06/30/11 |
$0.2425 |
 |
| Ordinary Income |
12/31/11 |
$0.2548 |
 |
 |
|
Share Price History
This table shows how widely the Fund’s share price has fluctuated over time.