No-load firm Value Line Funds of New York, wants to add a 25 basis point 12b-1 fee to 10 funds to increase advertising for the funds and to offset the costs of mutual fund supermarkets, said David Henigson, a vice president with the firm.

"We find that our fund family needs to advertise to compete," he said. "We're small. We have $5 billion or $6 billion in assets and to compete with the giants you need to spend money... We have a decent track record and we should have better visibility."

The fee will be voted on at a shareholder meeting June 25, according to a proxy filed with the SEC.

The fee would be added to The Value Line Fund, Value Line Income and Growth Fund, Value Line Special Situations Fund, Value Line Leveraged Growth Investors Fund, Value Line Cash Fund, Value Line U.S. Government Securities Fund, Value Line Tax Exempt Fund, Value Line Convertible Fund, Value Line Aggressive Income Trust and Value Line New York Tax Exempt Trust.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.