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Value Line Funds combines MMF into Reich & Tang portfolio


Value Line Funds has combined the Value Line US Government Money Market Fund (VLCXX) into the Reich & Tang Daily Income Fund – US Government Portfolio, effective close of business on 19 October 2012.

"We selected Reich & Tang as a partner for our money market fund shareholders due to its historic conservative investment philosophy and unwavering commitment to the highest standards in liquidity and preservation of capital for money market funds," says Mitchell Appel, president of Value Line Funds.

Reich & Tang is one of the longest-running money market mutual fund advisers in the world, having served investors’ cash investment needs for nearly 40 years.

"We are pleased to have completed an agreement with Value Line Funds that accomplishes its primary goal of adding shareholder value," says Michael Lydon, chief executive officer of Reich & Tang.  "Having access to the money fund management expertise of Reich & Tang while preserving the brand integrity of Value Line is an ideal solution that extends the promise of providing shareholders with more choice and flexibility with their cash investments."

The move provides Value Line Funds’ shareholders the opportunity to own an institutional class money market fund that has substantially identical investment objectives and strategies as the Value Line money market fund. Shareholders will benefit from Reich & Tang’s lower gross expense ratio and a larger pool of assets.

"This is a win-win for our shareholders.  Our retail shareholders now have access to an institutional money market product not previously available directly to them. They also benefit by continuing to receive the same shareholder servicing performed for the Value Line Funds," says Appel. "As a result, the Value Line Funds’ investment adviser can focus more resources on managing our equity and hybrid funds, many of which are rated 4 and 5 stars overall by Morningstar and are leaders in their categories."

Earlier this year, the Value Line Asset Allocation Fund (VLAAX), with a long history of outperformance, was added to the Schwab Mutual Fund OneSource Select List. The fund is one of only seven asset allocation mutual funds among the 23 third-party mutual funds selected for the Additional Fund Categories section and one of only two aggressive allocation funds. All of the Value Line Funds are available for purchase both directly and through the major brokerage house platforms and financial advisers.

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