Value Line Funds has combined the Value Line U.S. Government Money Market Fund (VLCXX) into the Reich & Tang Daily Income Fund – U.S . Government Portfolio, effective October 19.
In a statement, Mitchell Appel, president of Value Line Funds, framed the deal as a “win-win” for the firm’s 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,” said 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.”