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iso4217:USD
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N-1A
Value Line Capital Appreciation Fund, Inc.
VALUE LINE CAPITAL APPRECIATION FUND
Investment objective
<div style="margin-left:80pt; margin-top:4pt; width:377pt; line-height:12pt;font-weight:normal;font-size:10pt;">The Fund seeks capital appreciation and income consistent with its asset allocation. The Fund allocates its assets amongst equity securities, fixed income securities and money market instruments.</div>
Fees and expenses
<div style="margin-left:80pt; margin-top:4pt; width:377pt; line-height:12pt;font-weight:normal;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. There are no shareholder fees (fees paid directly from your investment) when you buy and sell shares of the Fund. Future expenses may be greater or less. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Institutional Class shares of the Fund, which are not reflected in the tables or the Example below. Please contact your financial intermediary about whether such a commission may apply to your transaction. </div>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
<table style="width:377pt;height:124pt;margin-left:80pt;margin-top:6pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9.5pt;">
<tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9.5pt;">
<td style="border-bottom:2pt solid #4F6C75;padding:0pt 0pt 3.167pt 0pt; width:227pt;text-align:left;"></td>
<td style="padding:0pt;border-bottom:2pt solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:2pt solid #4F6C75; width:6pt;"></td>
<td colspan="4" style="border-bottom:2pt solid #4F6C75;padding:2.833pt 0pt 3.167pt 0pt;">
<div style="text-align:center;">Investor<br/>Class </div>
</td>
<td style="padding:0pt;border-bottom:2pt solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:2pt solid #4F6C75; width:6pt;"></td>
<td colspan="4" style="border-bottom:2pt solid #4F6C75;padding:2.833pt 0pt 3.167pt 0pt;">
<div style="text-align:center;">Institutional<br/>Class </div>
</td>
<td style="padding:0pt;border-bottom:2pt solid #4F6C75; width:0pt;"></td>
</tr>
<tr style="line-height:9.5pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9.5pt;">
<td style="border-bottom:1px solid #4F6C75;padding:3.25pt 0pt 3pt 0pt; width:227pt;">Management Fees </td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;padding-left:21.265pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:3.25pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td>
<td style="padding:3.25pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:13.5pt; text-align:right; white-space:nowrap;">0.65<span style="position:absolute;">%</span></td>
<td style="padding:0pt;padding-left:21.265pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;padding-left:21.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:3.25pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td>
<td style="padding:3.25pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;">0.65<span style="position:absolute;">%</span></td>
<td style="padding:0pt;padding-left:21.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:0pt;"></td>
</tr>
<tr style="line-height:9.5pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9.5pt;">
<td style="border-bottom:1px solid #4F6C75;padding:3.75pt 0pt 3pt 0pt; width:227pt;">Distribution and Service (12b-1) Fees </td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;padding-left:21.265pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td>
<td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:13.5pt; text-align:right; white-space:nowrap;">0.25<span style="position:absolute;">%</span></td>
<td style="padding:0pt;padding-left:21.265pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;padding-left:21.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td>
<td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;">0.00<span style="position:absolute;">%</span></td>
<td style="padding:0pt;padding-left:21.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:0pt;"></td>
</tr>
<tr style="line-height:9.5pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9.5pt;">
<td style="border-bottom:1px solid #4F6C75;padding:3.75pt 0pt 3pt 0pt; width:227pt;">Other Expenses </td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;padding-left:21.265pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td>
<td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:13.5pt; text-align:right; white-space:nowrap;">0.18<span style="position:absolute;">%</span></td>
<td style="padding:0pt;padding-left:21.265pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;padding-left:21.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td>
<td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;">0.22<span style="position:absolute;">%</span></td>
<td style="padding:0pt;padding-left:21.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:0pt;"></td>
</tr>
<tr style="line-height:9.5pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9.5pt;">
<td style="border-bottom:1px solid #4F6C75;padding:3.75pt 0pt 3pt 0pt; width:227pt;">Total Annual Fund Operating Expenses </td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;padding-left:21.265pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td>
<td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:13.5pt; text-align:right; white-space:nowrap;">1.08<span style="position:absolute;">%</span></td>
<td style="padding:0pt;padding-left:21.265pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;padding-left:21.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td>
<td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;">0.87<span style="position:absolute;">%</span></td>
<td style="padding:0pt;padding-left:21.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:0pt;"></td>
</tr>
<tr style="line-height:9.5pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9.5pt;">
<td style="border-bottom:1px solid #4F6C75;padding:3.75pt 0pt 3pt 0pt; width:227pt;">Fee Waiver and Expense Reimbursement </td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;padding-left:21.265pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td>
<td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:13.5pt; text-align:right; white-space:nowrap;">0.00<span style="position:absolute;">%</span></td>
<td style="padding:0pt;padding-left:21.265pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;padding-left:21.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td>
<td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;">–0.04<span style="position:absolute;">%<span style=" position:relative; bottom:4pt;font-size:6pt;">(1)</span> </span></td>
<td style="padding:0pt;padding-left:21.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:0pt;"></td>
</tr>
<tr style="line-height:11pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9.5pt;">
<td style="border-bottom:1px solid #4F6C75;padding:2.75pt 0pt 3pt 0pt; width:227pt;white-space:normal;">
<div style="margin-left:10pt; text-indent:-10pt;">Total Annual Fund Operating Expenses after Fee Waiver and Expense Reimbursement </div>
</td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;padding-left:21.265pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:2.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td>
<td style="padding:2.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:13.5pt; text-align:right; white-space:nowrap;">1.08<span style="position:absolute;">%</span></td>
<td style="padding:0pt;padding-left:21.265pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;padding-left:21.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:2.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td>
<td style="padding:2.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;">0.83<span style="position:absolute;">%</span></td>
<td style="padding:0pt;padding-left:21.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:0pt;"></td>
</tr>
</table><div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;"></div>
<div style=" float:left; margin-left:80pt; line-height:9pt; margin-top:4.4pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;font-weight:normal;font-size:8pt;">(1)<br/></div>
<div style=" margin-top:4.4pt; margin-bottom:0pt; line-height:9pt; text-align:left; margin-left:100pt;font-weight:normal;font-size:8pt;">EULAV Asset Management (the “Adviser”) has agreed to pay or reimburse certain class-specific fees and expenses incurred by the Institutional Class so that the Institutional Class bears its class-specific fees and expenses at the same percentage of its average daily net assets as the Investor Class’s class-specific fees and expenses (excluding 12b-1 fees and any extraordinary expenses incurred in different amounts by the classes) (the “Expense Limitation”). The Adviser may subsequently recover from assets attributable to the Institutional Class the reimbursed expenses and/or waived fees (within 3 years from the month in which the waiver/reimbursement occurred) to the extent that the Institutional Class’s expense ratio is less than the Expense Limitation or, if lower, the expense limitation in effect when the waiver/reimbursement occurred. The Expense Limitation can be terminated only with the agreement of the Fund’s Board. </div>
0.0065
0.0065
0.0025
0
0.0018
0.0022
0.0108
0.0087
0
-0.0004
0.0108
0.0083
Example
<div style="margin-left:80pt; margin-top:4pt; width:377pt; line-height:12pt;font-weight:normal;font-size:10pt;">The example that follows is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated whether or not you redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, that the Fund’s operating expenses remain the same and that the Expense Limitation is never terminated by the Fund’s Board. </div><div style="margin-left:80pt; width:377pt; line-height:12pt;">Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div>
<table style="width:377pt;height:42pt;margin-left:80pt;margin-top:6pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9.5pt;">
<tr style="line-height:9.5pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9.5pt;">
<td style="border-bottom:2pt solid #4F6C75;padding:0pt 0pt 3pt 0pt; width:107pt;text-align:left;"></td>
<td style="padding:0pt;border-bottom:2pt solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:2pt solid #4F6C75; width:6pt;"></td>
<td colspan="4" style="border-bottom:2pt solid #4F6C75;padding:2.5pt 0pt 3pt 0pt;">
<div style="white-space:nowrap; text-align:center;">1 year </div>
</td>
<td style="padding:0pt;border-bottom:2pt solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:2pt solid #4F6C75; width:6pt;"></td>
<td colspan="4" style="border-bottom:2pt solid #4F6C75;padding:2.5pt 0pt 3pt 0pt;">
<div style="white-space:nowrap; text-align:center;">3 years </div>
</td>
<td style="padding:0pt;border-bottom:2pt solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:2pt solid #4F6C75; width:6pt;"></td>
<td colspan="4" style="border-bottom:2pt solid #4F6C75;padding:2.5pt 0pt 3pt 0pt;">
<div style="white-space:nowrap; text-align:center;">5 years </div>
</td>
<td style="padding:0pt;border-bottom:2pt solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:2pt solid #4F6C75; width:6pt;"></td>
<td colspan="4" style="border-bottom:2pt solid #4F6C75;padding:2.5pt 0pt 3pt 0pt;">
<div style="white-space:nowrap; text-align:center;">10 years </div>
</td>
<td style="padding:0pt;border-bottom:2pt solid #4F6C75; width:0pt;"></td>
</tr>
<tr style="line-height:9.5pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9.5pt;">
<td style="border-bottom:1px solid #4F6C75;padding:3.25pt 0pt 3pt 0pt; width:107pt;">Investor Class </td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;padding-left:17.125pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:3.25pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:3.75pt; text-align:right; ">$</td>
<td style="padding:3.25pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:11.25pt; text-align:right; white-space:nowrap;">110</td>
<td style="padding:0pt;padding-left:17.125pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;padding-left:17.125pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:3.25pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:3.75pt; text-align:right; ">$</td>
<td style="padding:3.25pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:11.25pt; text-align:right; white-space:nowrap;">343</td>
<td style="padding:0pt;padding-left:17.125pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;padding-left:17.125pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:3.25pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:3.75pt; text-align:right; ">$</td>
<td style="padding:3.25pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:11.25pt; text-align:right; white-space:nowrap;">595</td>
<td style="padding:0pt;padding-left:17.125pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;padding-left:16.325pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:3.25pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:3.75pt; text-align:right; ">$</td>
<td style="padding:3.25pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;">1,317</td>
<td style="padding:0pt;padding-left:16.325pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:0pt;"></td>
</tr>
<tr style="line-height:9.5pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9.5pt;">
<td style="border-bottom:1px solid #4F6C75;padding:3.75pt 0pt 3pt 0pt; width:107pt;">Institutional Class </td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;padding-left:17.125pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:3.75pt; text-align:right; ">$</td>
<td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:11.25pt; text-align:right; white-space:nowrap;">85</td>
<td style="padding:0pt;padding-left:17.125pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;padding-left:17.125pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:3.75pt; text-align:right; ">$</td>
<td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:11.25pt; text-align:right; white-space:nowrap;">274</td>
<td style="padding:0pt;padding-left:17.125pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;padding-left:17.125pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:3.75pt; text-align:right; ">$</td>
<td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:11.25pt; text-align:right; white-space:nowrap;">478</td>
<td style="padding:0pt;padding-left:17.125pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;padding-left:16.325pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:3.75pt; text-align:right; ">$</td>
<td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;">1,069</td>
<td style="padding:0pt;padding-left:16.325pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:0pt;"></td>
</tr>
</table>
<table style="width:377pt;height:42pt;margin-left:80pt;margin-top:6pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9.5pt;">
<tr style="line-height:9.5pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9.5pt;">
<td style="border-bottom:2pt solid #4F6C75;padding:0pt 0pt 3pt 0pt; width:107pt;text-align:left;"></td>
<td style="padding:0pt;border-bottom:2pt solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:2pt solid #4F6C75; width:6pt;"></td>
<td colspan="4" style="border-bottom:2pt solid #4F6C75;padding:2.5pt 0pt 3pt 0pt;">
<div style="white-space:nowrap; text-align:center;">1 year </div>
</td>
<td style="padding:0pt;border-bottom:2pt solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:2pt solid #4F6C75; width:6pt;"></td>
<td colspan="4" style="border-bottom:2pt solid #4F6C75;padding:2.5pt 0pt 3pt 0pt;">
<div style="white-space:nowrap; text-align:center;">3 years </div>
</td>
<td style="padding:0pt;border-bottom:2pt solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:2pt solid #4F6C75; width:6pt;"></td>
<td colspan="4" style="border-bottom:2pt solid #4F6C75;padding:2.5pt 0pt 3pt 0pt;">
<div style="white-space:nowrap; text-align:center;">5 years </div>
</td>
<td style="padding:0pt;border-bottom:2pt solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:2pt solid #4F6C75; width:6pt;"></td>
<td colspan="4" style="border-bottom:2pt solid #4F6C75;padding:2.5pt 0pt 3pt 0pt;">
<div style="white-space:nowrap; text-align:center;">10 years </div>
</td>
<td style="padding:0pt;border-bottom:2pt solid #4F6C75; width:0pt;"></td>
</tr>
<tr style="line-height:9.5pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9.5pt;">
<td style="border-bottom:1px solid #4F6C75;padding:3.25pt 0pt 3pt 0pt; width:107pt;">Investor Class </td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;padding-left:17.125pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:3.25pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:3.75pt; text-align:right; ">$</td>
<td style="padding:3.25pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:11.25pt; text-align:right; white-space:nowrap;">110</td>
<td style="padding:0pt;padding-left:17.125pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;padding-left:17.125pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:3.25pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:3.75pt; text-align:right; ">$</td>
<td style="padding:3.25pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:11.25pt; text-align:right; white-space:nowrap;">343</td>
<td style="padding:0pt;padding-left:17.125pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;padding-left:17.125pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:3.25pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:3.75pt; text-align:right; ">$</td>
<td style="padding:3.25pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:11.25pt; text-align:right; white-space:nowrap;">595</td>
<td style="padding:0pt;padding-left:17.125pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;padding-left:16.325pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:3.25pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:3.75pt; text-align:right; ">$</td>
<td style="padding:3.25pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;">1,317</td>
<td style="padding:0pt;padding-left:16.325pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:0pt;"></td>
</tr>
<tr style="line-height:9.5pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9.5pt;">
<td style="border-bottom:1px solid #4F6C75;padding:3.75pt 0pt 3pt 0pt; width:107pt;">Institutional Class </td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;padding-left:17.125pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:3.75pt; text-align:right; ">$</td>
<td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:11.25pt; text-align:right; white-space:nowrap;">85</td>
<td style="padding:0pt;padding-left:17.125pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;padding-left:17.125pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:3.75pt; text-align:right; ">$</td>
<td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:11.25pt; text-align:right; white-space:nowrap;">274</td>
<td style="padding:0pt;padding-left:17.125pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;padding-left:17.125pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:3.75pt; text-align:right; ">$</td>
<td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:11.25pt; text-align:right; white-space:nowrap;">478</td>
<td style="padding:0pt;padding-left:17.125pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td>
<td style="padding:0pt;padding-left:16.325pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:3.75pt; text-align:right; ">$</td>
<td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;">1,069</td>
<td style="padding:0pt;padding-left:16.325pt;width:0pt;border-bottom:1px solid #4F6C75;"></td>
<td style="padding:0pt;border-bottom:1px solid #4F6C75; width:0pt;"></td>
</tr>
</table>
110
110
343
343
595
595
1317
1317
85
85
274
274
478
478
1069
1069
Portfolio turnover
<div style="margin-left:80pt; margin-top:4pt; width:377pt; line-height:12pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 43% of the average value of its portfolio. </div>
0.43
Principal investment strategies of the Fund
<div style="margin-left:80pt; margin-top:4pt; width:377pt; line-height:12pt;">To achieve the Fund’s investment objective, the Adviser invests not less than 50% of the Fund’s net assets in common or preferred stocks or securities convertible into common stock which may or may not pay dividends. The balance of the Fund’s net assets are primarily invested in U.S. government securities, investment grade debt securities rated at the time of purchase by Standard & Poor’s Financial Services, LLC from the highest (AAA) to medium (BBB) quality, or by Moody’s Investor Services, Inc. from the highest (Aaa) to Medium (Baa), other fixed income securities or cash equivalents. The Fund may also gain some of its exposure to debt securities through investment in exchange-traded funds (“ETFs”) and other investment companies investing in debt instruments. The Fund is actively managed by the Adviser, which seeks to purchase companies that generally have strong market positions in growing industries that may enable those companies to increase future sales and earnings at an above-average pace in the coming years. There are no set limitations on the sector weightings of the Fund’s investments, and the Fund may invest in companies of any market capitalization. During the investment selection process, the Adviser performs fundamental and quantitative analysis on each company and utilizes the rankings of companies by the Value Line Timeliness™ Ranking System or the Value Line Performance™ Ranking System (the “Ranking Systems”) to assist in selecting securities for purchase or sale. The Ranking Systems are proprietary quantitative systems that compare an estimate of the probable market performance of each stock within a universe during the next six to twelve months to that of all stocks within that universe and ranks stocks on a scale of 1 (highest) to 5 (lowest). The universe consists of approximately 1,700 stocks of large-, mid- and small-market capitalization companies for the Value Line Timeliness Ranking System and approximately 1,700 stocks of smaller and mid-sized capitalization companies for the Value Line Performance Ranking System. </div><div style="margin-left:80pt; width:377pt; line-height:11.5pt;">The Adviser may sell securities for a variety of reasons, including when a company’s business fundamentals deteriorate or a company’s valuation has become less attractive in relationship to the company’s future growth prospects. Other reasons include to secure gains, limit losses or redeploy assets into more promising investment opportunities. </div>
<div style="margin-left:80pt; margin-top:4pt; width:377pt; line-height:11.5pt;">The Adviser has discretion, including whether and which ranked stocks to include within the Fund’s portfolio, whether and when to buy or sell stocks based upon changes in their rankings, and the frequency and timing of rebalancing the Fund’s portfolio. </div>
<div style="margin-left:80pt; margin-top:4pt; width:377pt; line-height:11.5pt;">The Adviser will determine the percentage of the Fund’s assets invested in each stock based on the stock’s relative attractiveness taking into account the potential risk and reward of each investment. </div>
<div style="margin-left:80pt; margin-top:4pt; width:377pt; line-height:11.5pt;">Incidental to its primary investment strategy, the Adviser may seek to hedge the Fund’s interest rate exposure, or to profit from anticipated movements in interest rates, by investing in futures contracts on U.S. government securities (such as interest rate futures on government bonds issued by the U.S.). The Adviser is not registered with the Commodity Futures Trading Commission as a commodity trading advisor or commodity pool operator and limits the aggregate amount of the Fund’s investments in commodity interests (such as futures contracts) to comply with an exemption from such registration. </div>
To achieve the Fund’s investment objective, the Adviser invests not less than 50% of the Fund’s net assets in common or preferred stocks or securities convertible into common stock which may or may not pay dividends. The balance of the Fund’s net assets are primarily invested in U.S. government securities, investment grade debt securities rated at the time of purchase by Standard & Poor’s Financial Services, LLC from the highest (AAA) to medium (BBB) quality, or by Moody’s Investor Services, Inc. from the highest (Aaa) to Medium (Baa), other fixed income securities or cash equivalents. The Fund may also gain some of its exposure to debt securities through investment in exchange-traded funds (“ETFs”) and other investment companies investing in debt instruments. The Fund is actively managed by the Adviser, which seeks to purchase companies that generally have strong market positions in growing industries that may enable those companies to increase future sales and earnings at an above-average pace in the coming years. There are no set limitations on the sector weightings of the Fund’s investments, and the Fund may invest in companies of any market capitalization. During the investment selection process, the Adviser performs fundamental and quantitative analysis on each company and utilizes the rankings of companies by the Value Line Timeliness™ Ranking System or the Value Line Performance™ Ranking System (the “Ranking Systems”) to assist in selecting securities for purchase or sale. The Ranking Systems are proprietary quantitative systems that compare an estimate of the probable market performance of each stock within a universe during the next six to twelve months to that of all stocks within that universe and ranks stocks on a scale of 1 (highest) to 5 (lowest). The universe consists of approximately 1,700 stocks of large-, mid- and small-market capitalization companies for the Value Line Timeliness Ranking System and approximately 1,700 stocks of smaller and mid-sized capitalization companies for the Value Line Performance Ranking System.
Investing in any mutual fund involves risk, including the risk that you may receive little or no return on your investment, and that you may lose money.
<div style=" margin-top:3.57pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80.5pt;"> <span style="font-style:italic;font-weight:bold;">Market Risk.</span> The chief risk that you assume when investing in the Fund is market risk which is the possibility that the securities in a certain market will decline in value because of factors such as recessions, changes in interest rates, global trade policies, war, terrorism including cyber terrorism, natural and environmental disasters as well as public health emergencies. Market risk may have a material impact on a single issuer, an industry, a sector of the economy or the market as a whole and could be significant and cause losses. </div>
<div style=" margin-top:3.58pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80.5pt;"> <span style="font-style:italic;font-weight:bold;">Equity Securities Risk. </span>Equity securities represent ownership in a corporation and their prices fluctuate for a number of reasons including issuer-specific events, market perceptions and general movements in the equity markets. The resulting fluctuation in the price of equity securities may take the form of a drastic movement or a sustained trend. If an issuer is liquidated or declares bankruptcy, the claims of owners of bonds will take precedence over the claims of owners of common stocks. Historically, the prices of equity securities have fluctuated more than bond prices. </div>
<div style=" margin-top:3.58pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80.5pt;"> <span style="font-style:italic;font-weight:bold;">Growth Style Risk.</span> Growth stocks may be more volatile than other stocks because they are generally more sensitive to investor perceptions and market movements. In addition, growth stocks as a group may be out of favor at times and underperform the overall equity market for long periods while investors concentrate on other types of stocks, such as “value” stocks. </div>
<div style=" line-height:12pt; text-align:left; margin-left:80.5pt;"> <span style="font-style:italic;font-weight:bold;">Mortgage-Backed/Asset-Backed Securities Risk. </span>Investing in mortgage-backed and asset-backed securities poses additional risks, principally with respect to increased interest rate risk, prepayment risk and extension risk. </div>
<div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80.5pt;"> <span style="font-style:italic;font-weight:bold;">Ratings Reliance Risk. </span>A rating by a nationally recognized statistical rating organization (“NRSRO”) represents the organization’s opinion as to the credit quality of a security but is not an absolute standard of quality or guarantee as to the creditworthiness of an issuer. Ratings by NRSROs present an inherent conflict of interest because such organizations are paid by the entities whose securities they rate. </div>
<div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80.5pt;"> <span style="font-style:italic;font-weight:bold;">Sector Allocation Risk. </span>A sector is a group of selected industries within the economy, such as technology. The Fund may be overweighted or underweighted in certain sectors, which may cause the Fund’s performance to be more or less sensitive, respectively, to developments affecting those sectors. </div>
<div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80.5pt;"> <span style="font-style:italic;font-weight:bold;">Focused Portfolio Risk. </span>Because the Fund may invest a significant portion of its assets in a small number of securities, the Fund’s net asset value may be more volatile and the Fund’s investments may involve more risk than investing in a fund that holds a greater number of securities. </div>
<div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80.5pt;"> <span style="font-style:italic;font-weight:bold;">Small and Mid-Sized Company Risk. </span>Investments in small and mid-sized companies may involve greater risks than investments in larger, more established companies — as a general rule, the smaller the market capitalization of the company, the greater the risk. As compared to larger companies, small and mid-sized companies may have limited management experience or depth, limited ability to generate or borrow capital needed for growth, and limited products or services, or may operate in less established markets. Accordingly, small and mid-sized company securities may be more sensitive to changing economic, market, and industry conditions and may be more volatile and less liquid than equity securities of larger companies, especially over the short term. Small and mid-sized companies also may fall out of favor relative to larger companies in certain market cycles, causing the Fund to incur losses or underperform. </div>
<div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80.5pt;"> <span style="font-style:italic;font-weight:bold;">Ranking System Risk. </span>The Adviser’s use of the results of the Ranking Systems in managing the Fund involves the risk that the Ranking Systems may not have the predictive qualities anticipated by the Adviser or that over certain periods of time the price of securities not covered by the Ranking Systems, or lower-ranked securities, may appreciate to a greater extent than those securities in the Fund’s portfolio. Quantitative models like the Ranking Systems may not work as anticipated, potentially resulting in lower investment performance or losses to the Fund. </div>
<div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80.5pt;"> <span style="font-style:italic;font-weight:bold;">Active Management Risk. </span>Because the Fund is actively managed, its investment return depends on the ability of the Adviser to manage the Fund’s portfolio successfully. There can be no guarantee that the Adviser’s investment strategies will produce the desired results or that the investment objective of the Fund will be achieved. </div>
<div style=" line-height:12pt; text-align:left; margin-left:80.5pt;"> <span style="font-style:italic;font-weight:bold;">Inflation Risk. </span>Debt securities (excluding inflation-indexed securities) are subject to long-term erosion in purchasing power, and such erosion may exceed any return received by the Fund with respect to a debt security. </div>
<div style=" margin-top:5.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80.5pt;"> <span style="font-style:italic;font-weight:bold;">Below Investment Grade Credit Risk. </span>Below investment grade securities (commonly called “high yield” or “junk” bonds) are speculative and involve a greater risk of default and price change due to changes in the issuer’s creditworthiness or the risky nature of an investment for which limited or no recourse to the issuer is provided. The market prices of these debt securities usually fluctuate more than that of investment grade debt securities and may decline more significantly in periods of general economic difficulty. </div>
<div style=" margin-top:5.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80.5pt;"> <span style="font-style:italic;font-weight:bold;">Government Securities Risk. </span>The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Certain U.S. government securities purchased by the Fund are not backed by the full faith and credit of the U.S., and are neither issued nor guaranteed by the U.S. Treasury. Even securities that are backed by the full faith and credit of the U.S. may be adversely affected as to market prices and yields if the long-term sovereign credit rating of the U.S. is further downgraded. </div>
<div style=" margin-top:5.31pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80.5pt;"> <span style="font-style:italic;font-weight:bold;">Interest Rate and Reinvestment Risk. </span>The income on and market price of debt securities fluctuate with changes in interest rates. When interest rates rise, the market prices of the debt securities the Fund owns usually decline. When interest rates fall, the market prices of debt securities usually increase, but the Fund’s income tends to decline. Such decline follows quickly for most variable rate securities and eventually for fixed rate securities as the Fund must reinvest the proceeds it receives from existing investments (upon their maturity, prepayment, buy-back, call, etc.) at a lower rate of interest or return. Generally, the market price of debt securities with longer durations or fixed rates of return will fluctuate more in response to changes in interest rates than the market price of shorter-term securities or variable rate debt securities, respectively. </div>
<div style=" margin-top:5.31pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80.5pt;"> <span style="font-style:italic;font-weight:bold;">Credit Risk. </span>Credit risk is the risk that the issuer of a debt security will be unable to make interest or principal payments on time. A debt security’s credit rating reflects the credit risk associated with the debt obligation. Generally, higher-rated debt securities involve lower credit risk than lower-rated debt securities. Credit risk is often greater for corporate, mortgage-backed, asset-backed, and foreign government debt securities than for U.S. government debt securities.</div>
<div style=" margin-top:5.31pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80.5pt;"> <span style="font-style:italic;font-weight:bold;">Prepayment and Extension Risk.</span> Many debt securities give the issuer the option to prepay principal prior to maturity. During periods of falling interest rates, prepayments may accelerate and the Fund may be forced to reinvest the proceeds at a lower interest rate. When interest rates rise, the term of a debt security is at greater risk of extension because rates of prepayments fall and rates of late payments and defaults rise. Extending the duration of a security “locks in” lower interest rates if the extension occurs in a rising interest rate environment. </div>
<div style=" margin-top:5.31pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80.5pt;"> <span style="font-style:italic;font-weight:bold;">Derivatives Risk.</span> Investing in derivatives, including U.S. interest rate futures contracts, may increase the Fund’s volatility and risk of loss. Derivative positions typically are </div><div style="margin-left:80.5pt; width:376.5pt; line-height:11.5pt;">established with a small amount of cash relative to the total amount of investment exposure they generate, so the magnitude of any loss can be much greater than the amount originally invested by the Fund. The success of the Fund’s investments in interest rate futures contracts is dependent on the Adviser’s ability to correctly forecast the movement of interest rates. Even if the Adviser forecasts correctly, however, the success of the investment also depends on adequate correlation between the change in the relevant interest rate and the change in the value of the futures contract to the Fund. To the extent the Fund is investing in derivatives as a hedge, the success further depends on adequate correlation between the change in value of the futures contract and the change in the value of the portfolio position being hedged. </div>
<div style=" margin-top:3.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80.5pt;"> <span style="font-style:italic;font-weight:bold;">Liquidity Risk. </span>Certain securities may be difficult or impossible to sell at the time and price that the Fund would like when there is little or no active trading market. If a security cannot be sold by the Fund at a favorable time and price, the Fund may have to lower the price, sell other securities instead, or forgo an investment opportunity in order to obtain liquidity. This could have a negative effect on the Fund’s performance. </div>
<div style=" margin-top:3.97pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80.5pt;"> <span style="font-style:italic;font-weight:bold;">Foreign Investments Risk.</span> Investing in foreign securities poses additional risks. The performance of foreign securities can be adversely affected by the different political, regulatory and economic environments in countries where the Fund invests, and fluctuations in foreign currency exchange rates may also adversely affect the value of foreign securities. In addition, emerging markets tend to be more volatile than the U.S. market or developed foreign markets. </div>
<div style=" margin-top:3.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80.5pt;"> <span style="font-style:italic;font-weight:bold;">Market Disruption Risk.</span> Markets may be impacted by negative external and/or direct and indirect economic factors such as pandemics (including COVID-19), natural disasters, global trade policies and political unrest or uncertainties. The adverse impact of any one or more of these events on the market value of Fund investments could be significant and can affect the economies of many nations, individual companies and the market in general. The Adviser cannot predict the likelihood of occurrence or the effects of similar disruptive events in the future on the U.S. and other economies, or the investments in the Fund’s portfolio or the potential for success of the Fund.</div>
<div style=" margin-top:3.97pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80.5pt;"> <span style="font-style:italic;font-weight:bold;">Asset Allocation Risk. </span>Asset allocation risk is the risk that the Fund’s selection and weighting of different asset classes within its portfolio will favor an asset class that performs poorly relative to other asset classes. Because the Fund’s weightings among different asset classes are expected to change over time, the risks of investing in the Fund may vary substantially depending upon the mix of stocks, debt securities and money market securities in its portfolio. </div>
<div style=" margin-top:3.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80.5pt;"> <span style="font-style:italic;font-weight:bold;">Investment Company Risk.</span> If the Fund invests in shares of another investment company, including an ETF, shareholders will indirectly bear fees and expenses charged by the underlying investment companies in which the Fund invests in addition to the Fund’s direct fees and expenses. The Fund also will incur brokerage costs when it purchases ETFs. </div>
<div style=" margin-top:3.97pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80.5pt;"> <span style="font-style:italic;font-weight:bold;">Cybersecurity Risk. </span>As the use of technology becomes more prevalent in the course of business, the Fund becomes more susceptible to operational, financial and </div><div style="margin-left:80.5pt; width:376.5pt; line-height:12pt;">information security risks resulting from cyberattacks and/or technological malfunctions. Successful cyberattacks and/or technological malfunctions affecting the Fund or its service providers can result in, among other things, financial losses to the Fund and its shareholders, the inability to process transactions with shareholders or other parties and the release of private shareholder information or confidential Fund information. While measures have been developed which are designed to reduce the risks associated with cybersecurity, there are inherent limitations in such measures and there is no guarantee those measures will be effective, particularly since the Fund does not directly control the cybersecurity measures of its service providers, financial intermediaries or companies in which it invests or with which it does business. </div>
<div style="margin-left:80pt; margin-top:4pt; width:377pt; line-height:12pt;">An investment in the Fund is not a complete investment program and you should consider it just one part of your total investment program. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. For a more complete discussion of risk, please turn to page <a href="#tPRIF">62</a>. </div>
An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.
Fund performance
<div style="margin-left:80pt; margin-top:4pt; width:377pt; line-height:12pt;">The bar chart and table that follow can help you evaluate the potential risks of investing in the Fund. The bar chart shows how returns for the Fund’s Investor Class shares have varied over the past ten calendar years. The table compares the performance of the Investor Class and Institutional Class shares to the performance of a broad-based regulatory index (the S&P 500<span style=" position:relative; bottom:4.25pt;font-size:7.5pt;">® </span>Index), and a secondary custom index comprised of the returns of the S&P 500<span style=" position:relative; bottom:4.25pt;font-size:7.5pt;">® </span>Index (weighted 60%) and the Bloomberg US Aggregate Bond Index (weighted 40%). The Bloomberg US Aggregate Bond Index measures the performance of U.S. dollar-denominated U.S. Treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year. The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available at: www.vlfunds.com. </div>
The bar chart and table that follow can help you evaluate the potential risks of investing in the Fund. The bar chart shows how returns for the Fund’s Investor Class shares have varied over the past ten calendar years. The table compares the performance of the Investor Class and Institutional Class shares to the performance of a broad-based regulatory index (the S&P 500® Index), and a secondary custom index comprised of the returns of the S&P 500® Index (weighted 60%) and the Bloomberg US Aggregate Bond Index (weighted 40%). The Bloomberg US Aggregate Bond Index measures the performance of U.S. dollar-denominated U.S. Treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year.
The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.
www.vlfunds.com
Total Returns of Investor Class (before taxes) as of 12/31 each year (%)
<div style="position:relative;margin-left:80pt; margin-top:8.5pt; text-align:center; width:377pt;"> <img alt="[MISSING IMAGE: bc_capitalappreciation-pn.jpg]" src="bc_capitalappreciation-pn.jpg" style="height: 137px; width: 491px;"/> </div>
<table style="border-collapse:collapse;width:457pt;margin-top:11.09pt;margin-left:80pt;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <tr style="vertical-align:top;"> <td style="width:80.1pt;padding:0pt;">Best Quarter:<br/></td> <td style="width:60.1pt;padding:0pt;">Q2 2020<br/></td> <td>+31.59% </td> </tr> </table>
<table style="border-collapse:collapse;width:457pt;margin-top:4pt;margin-left:80pt;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:10pt;"> <tr style="vertical-align:top;"> <td style="width:80.1pt;padding:0pt;">Worst Quarter:<br/></td> <td style="width:60.1pt;padding:0pt;">Q2 2022<br/></td> <td>–22.15% </td> </tr> </table>
Best Quarter:
2020-06-30
0.3159
Worst Quarter:
2022-06-30
-0.2215
<div style="margin-left:80pt; width:377pt; line-height:12pt;font-size:10pt;">After-tax returns included in the table that follows are shown for Investor Class shares only and are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns for Institutional Class shares will vary from those of Investor Class shares shown in the table. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). </div>
After-tax returns included in the table that follows are shown for Investor Class shares only and are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
After-tax returns for Institutional Class shares will vary from those of Investor Class shares shown in the table.
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).
Average Annual Total Returns for Periods Ended December 31, 2025
<table style="width:377pt;height:190pt;margin-left:80pt;margin-top:6pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9.5pt;"> <tr style="line-height:9.5pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9.5pt;"> <td style="border-bottom:2pt solid #4F6C75;padding:0pt 0pt 3pt 0pt; width:173pt;text-align:left;"></td> <td style="padding:0pt;border-bottom:2pt solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;border-bottom:2pt solid #4F6C75; width:6pt;"></td> <td colspan="4" style="border-bottom:2pt solid #4F6C75;padding:2.5pt 0pt 3pt 0pt;"> <div style="white-space:nowrap; text-align:center;">1 year </div> </td> <td style="padding:0pt;border-bottom:2pt solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;border-bottom:2pt solid #4F6C75; width:6pt;"></td> <td colspan="4" style="border-bottom:2pt solid #4F6C75;padding:2.5pt 0pt 3pt 0pt;"> <div style="white-space:nowrap; text-align:center;">5 years </div> </td> <td style="padding:0pt;border-bottom:2pt solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;border-bottom:2pt solid #4F6C75; width:6pt;"></td> <td colspan="4" style="border-bottom:2pt solid #4F6C75;padding:2.5pt 0pt 3pt 0pt;"> <div style="white-space:nowrap; text-align:center;">10 years </div> </td> <td style="padding:0pt;border-bottom:2pt solid #4F6C75; width:0pt;"></td> </tr> <tr style="line-height:9.5pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9.5pt;"> <td style="border-bottom:1px solid #4F6C75;padding:3.25pt 0pt 3pt 0pt; width:173pt;">Investor Class</td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;padding-left:15.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:0pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td> <td style="padding:0pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;"></td> <td style="padding:0pt;padding-left:15.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;padding-left:15.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:0pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td> <td style="padding:0pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;"></td> <td style="padding:0pt;padding-left:15.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;padding-left:18.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:0pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td> <td style="padding:0pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;"></td> <td style="padding:0pt;padding-left:18.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:0pt;"></td> </tr> <tr style="line-height:9.5pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9.5pt;"> <td style="border-bottom:1px solid #4F6C75;padding:3.75pt 0pt 3pt 0pt; width:173pt;"> <div style="font-style:italic;">Return before taxes </div> </td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;padding-left:15.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td> <td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;">20.87<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:15.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;padding-left:15.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td> <td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;">8.10<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:15.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;padding-left:18.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td> <td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;">11.86<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:18.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:0pt;"></td> </tr> <tr style="line-height:9.5pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9.5pt;"> <td style="border-bottom:1px solid #4F6C75;padding:3.75pt 0pt 3pt 0pt; width:173pt;"> <div style="font-style:italic;">Return after taxes on distributions </div> </td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;padding-left:15.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td> <td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;">18.97<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:15.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;padding-left:15.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td> <td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;">6.65<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:15.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;padding-left:18.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td> <td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;">10.18<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:18.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:0pt;"></td> </tr> <tr style="line-height:11pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9.5pt;"> <td style="border-bottom:1px solid #4F6C75;padding:2.75pt 0pt 2.5pt 0pt; width:173pt;"> <div style="margin-left:10pt; text-indent:-10pt;font-style:italic;">Return after taxes on distributions and sale of <br/>Fund shares</div> </td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;padding-left:15.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:2.75pt 0pt 2.5pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td> <td style="padding:2.75pt 0pt 2.5pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;">13.27<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:15.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;padding-left:15.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:2.75pt 0pt 2.5pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td> <td style="padding:2.75pt 0pt 2.5pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;">5.99<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:15.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;padding-left:18.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:2.75pt 0pt 2.5pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td> <td style="padding:2.75pt 0pt 2.5pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;">9.24<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:18.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:0pt;"></td> </tr> <tr style="line-height:9.5pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9.5pt;"> <td style="border-bottom:1px solid #4F6C75;padding:3.75pt 0pt 3pt 0pt; width:173pt;">Institutional Class</td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;padding-left:15.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:0pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td> <td style="padding:0pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;"></td> <td style="padding:0pt;padding-left:15.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;padding-left:15.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:0pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td> <td style="padding:0pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;"></td> <td style="padding:0pt;padding-left:15.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;padding-left:18.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:0pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td> <td style="padding:0pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;"></td> <td style="padding:0pt;padding-left:18.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:0pt;"></td> </tr> <tr style="line-height:9.5pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9.5pt;"> <td style="border-bottom:1px solid #4F6C75;padding:3.75pt 0pt 3pt 0pt; width:173pt;"> <div style="font-style:italic;">Return before taxes </div> </td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;padding-left:15.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td> <td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;">21.07<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:15.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;padding-left:15.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td> <td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;">8.36<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:15.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;padding-left:18.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td> <td style="padding:3.75pt 0pt 3pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;">12.14<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:18.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:0pt;"></td> </tr> <tr style="line-height:11pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9.5pt;"> <td style="border-bottom:1px solid #4F6C75;padding:2.75pt 0pt 2.5pt 0pt; width:173pt;white-space:normal;"> <div style="margin-left:10pt; text-indent:-10pt;font-weight:bold;">S&P 500<span style=" position:relative; bottom:4pt;font-size:6pt;">®</span> Index <span style="font-weight:normal;">(reflects no deduction for fees, expenses or taxes) </span></div> </td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;padding-left:15.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:2.75pt 0pt 2.5pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td> <td style="padding:2.75pt 0pt 2.5pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;">17.88<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:15.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;padding-left:15.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:2.75pt 0pt 2.5pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td> <td style="padding:2.75pt 0pt 2.5pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;">14.42<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:15.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;padding-left:18.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:2.75pt 0pt 2.5pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td> <td style="padding:2.75pt 0pt 2.5pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;">14.82<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:18.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:0pt;"></td> </tr> <tr style="line-height:11pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif;font-size:9.5pt;"> <td style="border-bottom:1px solid #4F6C75;padding:2.75pt 0pt 2.5pt 0pt; width:173pt;white-space:normal;"> <div style="margin-left:10pt; text-indent:-10pt;"> <span style="font-weight:bold;">60/40 S&P 500</span><span style=" position:relative; bottom:4pt;font-size:6pt;font-weight:bold;">®</span><span style="font-weight:bold;"> Index/Bloomberg US Aggregate Bond Index </span>(reflects no deduction for fees, expenses or taxes)<span style=" position:relative; bottom:4pt;font-size:6pt;">(1)</span> </div> </td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;padding-left:15.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:2.75pt 0pt 2.5pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td> <td style="padding:2.75pt 0pt 2.5pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;">13.70<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:15.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;padding-left:15.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:2.75pt 0pt 2.5pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td> <td style="padding:2.75pt 0pt 2.5pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;">8.47<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:15.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:6pt;"></td> <td style="padding:0pt;padding-left:18.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:2.75pt 0pt 2.5pt 0pt;border-bottom:1px solid #4F6C75; min-width:0pt; text-align:right; "></td> <td style="padding:2.75pt 0pt 2.5pt 0pt;border-bottom:1px solid #4F6C75; min-width:17.25pt; text-align:right; white-space:nowrap;">9.78<span style="position:absolute;">%</span></td> <td style="padding:0pt;padding-left:18.89pt;width:0pt;border-bottom:1px solid #4F6C75;"></td> <td style="padding:0pt;border-bottom:1px solid #4F6C75; width:0pt;"></td> </tr> </table>
<div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;"></div>
<div style=" float:left; margin-left:80pt; line-height:9pt; margin-top:4.41pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;font-size:8pt;">(1)<br/></div>
<div style=" margin-top:4.41pt; margin-bottom:0pt; line-height:9pt; text-align:left; margin-left:100pt;font-size:8pt;">This secondary custom index is composed of a 60% weighting in the S&P 500<span style=" position:relative; bottom:3.25pt;font-size:6pt;">®</span> Index and a 40% weighting in the Bloomberg US Aggregate Bond Index, calculated on a total return basis with dividends reinvested. </div>
0.2087
0.081
0.1186
0.1897
0.0665
0.1018
0.1327
0.0599
0.0924
0.2107
0.0836
0.1214
(reflects no deduction for fees, expenses or taxes)
0.1788
0.1442
0.1482
0.137
0.0847
0.0978
This secondary custom index is composed of a 60% weighting in the S&P 500® Index and a 40% weighting in the Bloomberg US Aggregate Bond Index, calculated on a total return basis with dividends reinvested.
0.0280
0.2386
-0.0271
0.2614
0.3303
0.0679
-0.2983
0.3444
0.2123
0.2087
485BPOS
0000102757
false
2026-06-18