VLIIX Fees and Costs — Value Line Capital Appreciation Fund INC, Institutional Class
Data updated: 2026-09-25
The net expense ratio is 0.83%: a 0.65% management fee plus 0.22% other expenses, less a 0.04% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $38K in broker commissions, 0.0078% of average net assets, and portfolio turnover was 43%.
VLIIX Fees and Expenses
Annual operating expenses and sales charges of VLIIX. Prospectus, as of September 25, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.22% |
| Gross expense ratio | 0.87% |
| Fee waiver | −0.04% |
| Net expense ratio | 0.83% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
VLIIX Costs Over Time
On $10,000 invested in VLIIX, assuming 5% a year before costs, total costs come to $526 over 5 years, cutting the return by 0.88% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.83%) | $87 | $272 | $473 |
| Trading costs (broker commissions) | $1 | $3 | $4 |
| Lost growth on money paid in costs | $0 | $14 | $48 |
| Total costs | $88 | $289 | $526 |
| Value after costs | $10,412 | $11,288 | $12,237 |
| Impact on return, per year | 0.88% | 0.88% | 0.88% |
VLIIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0078%
- Total broker commissions: $38K
- Bought from dealers (principal trades, not a cost): $370.2M
- Portfolio turnover (prospectus): 43%
- Securities on loan, average value: $34.1M
- Net income from securities lending: $46K (0.009% of average net assets)
VLIIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| State Street Global Markets, LLC | $19K | 49.69% |
| BNY Capital Markets, LLC | $10K | 25.43% |
| William Blair & Company, L.L.C. | $7K | 18.10% |
| Goldman Sachs & Co. LLC | $3K | 6.74% |
| Nomura Securities International, Inc. | $15 | 0.04% |
VLIIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $292.4M | 79.02% |
| Morgan Stanley & Co. LLC | $25.4M | 6.88% |
| MarketAxess Corporation | $20.9M | 5.66% |
| Jefferies LLC | $16.2M | 4.37% |
| Goldman Sachs & Co. LLC | $5.3M | 1.43% |
| Wells Fargo Securities, LLC | $4.4M | 1.20% |
| BNY Capital Markets, LLC | $2.4M | 0.65% |
| Stifel, Nicolaus & Company, Incorporated | $2.0M | 0.53% |
| RBC Capital Markets, LLC | $494K | 0.13% |
| FHN Financial Securities Corp. | $485K | 0.13% |
Value Line Capital Appreciation Fund INC Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| VLIIX | Institutional Class | 0.83% | — |
| VALIX | Investor Class | 1.08% | — |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.