Top Ten Holdings as of 06/30/19
|Company Name||Market Value||Weight (%)||Sector|
|NEW JERSEY ST EDL FACS AUTH REV 5%||$1,068,290||2.07||MUNI BOND - REVENUE|
|MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV 5.5%||$641,350||1.24||MUNI BOND - REVENUE|
|DELAWARE RIV JT TOLL BRDG COMMN PA BRDG REV 5%||$599,400||1.16||MUNI BOND - REVENUE|
|PENNSYLVANIA ST HIGHER EDL FACS AUTH REV 5%||$599,375||1.16||MUNI BOND - REVENUE|
|SAN DIEGO CALIF UNI SCH DIST 5%||$594,450||1.15||MUNI BOND - GENERAL OBLIGATION|
|METROPOLITAN TRANSN AUTH N Y REV 5%||$583,880||1.13||MUNI BOND - REVENUE|
|CALIFORNIA ST PUB WKS BRD LEASE REV 5%||$551,725||1.07||MUNI BOND - REVENUE|
|METROPOLITAN ATLANTA RAPID TRAN AUTH GA SALES TAX REV 4%||$528,685||1.03||MUNI BOND - REVENUE|
|MASSACHUSETTS BAY TRANSN AUTH MASS REV 4%||$525,275||1.02||MUNI BOND - REVENUE|
|EL DORADO CALIF IRR DIST REV 5%||$413,672||0.80||MUNI BOND - REVENUE|
Sector Distribution as of 06/30/19
Credit Quality (%)
as of 06/30/19
as of 08/31/19
|Best 3 month period ended:||09/30/09
|Worst 3 month period ended:||02/29/08
as of 06/30/19
|Turnover (as of 12/31/18)||12%|
Fees & Expenses
|Expense Ratio Before Waivers||1.12%|
|Expense Ratio After Waivers*||0.87%|
|Minimum Initial Investment||$1,000|
|Minimum Subsequent Investment||No Minimum|
* EULAV Securities LLC (the “Distributor”) has contractually agreed to waive the Fund’s 12b-1 fee in an amount equal to 0.25% of the Fund’s average daily net assets through June 30, 2020. The waiver cannot be terminated before June 30, 2020 without the approval of the Fund’s Board of Directors. There is no assurance that the Distributor will extend the fee waiver beyond June 30, 2020. The Fund's performance would be lower in the absence of such waivers.
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.
You should carefully consider investment objectives, risks, charges and expenses of Value Line Funds before investing. This and other information can be found in the fund's prospectus and summary prospectus, which can be obtained free of charge from your investment representative, by calling 800.243.2729, or by clicking on the applicable fund at www.vlfunds.com. Please read it carefully before you invest or send money. Value Line Funds are distributed by EULAV Securities LLC. Past performance is no guarantee of future results.
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.
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three- year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. VLIFX (3 Year / 5 stars / 538 funds; 5 Year / 5 stars / 487 funds; 10 Year / 5 stars / 372 funds; ) VALLX (3 Year / 2 stars / 1236 funds; 5 Year / 3 stars / 1110 funds; 10 Year / 3 stars / 819 funds; ) VLEOX (3 Year / 3 stars / 584 funds; 5 Year / 4 stars / 521 funds; 10 Year / 4 stars / 399 funds; ) VALSX (3 Year / 4 stars / 538 funds; 5 Year / 4 stars / 487 funds; 10 Year / 4 stars / 372 funds; ) VLAAX (3 Year / 5 stars / 658 funds; 5 Year / 5 stars / 581 funds; 10 Year / 5 stars / 424 funds; ) VALIX (3 Year / 5 stars / 308 funds; 5 Year / 5 stars / 275 funds; 10 Year / 4 stars / 194 funds; ) VAGIX (3 Year / 3 stars / 353 funds; 5 Year / 2 stars / 308 funds; 10 Year / 5 stars / 234 funds; ) VLHYX (3 Year / 2 stars / 146 funds; 5 Year / 1 stars / 130 funds; 10 Year / 1 stars / 110 funds; )
Source: Morningstar Direct