Investment Objective and Strategy

The Fund’s sole investment objective is to realize capital growth.

To achieve the Fund’s investment objective the Adviser invests substantially all of the Fund’s assets in common stock. While the Fund is actively managed by the Adviser, the Adviser relies primarily on the rankings of companies by the Value Line Timeliness™ Ranking System (the “Ranking System) in selecting securities for purchase or sale. The Fund’s investments usually, as measured by the number and total value of purchases, are selected from common stocks of the 100 largest companies by capitalization that are ranked 1, 2, or 3 by the Ranking System. The Adviser will determine the percentage of the Fund’s assets invested in each stock based on the stock’s relative attractiveness.

Average Annual Returns as of 08/31/14

YTD 1 Yr 3 Yr 5 Yr 10 Yr
transparent Larger Companies Fund 9.23% 26.23% 18.07% 15.47% 8.20%
transparent S&P 500 9.89% 25.25% 20.59% 16.87% 8.37%
transparent Lipper Larger Capital Growth Fund 7.37% 25.06% 18.54% 16.06% 8.55%
Lipper Ranking as of 08/31/14 - 253/729 369/616 351/549 222/386
Percentile - 35th 60th 64th 58th
Gross / Net Expense Ratio: 1.25%/1.06%* (as of 12/31/13)
VALLX S&P 500 LMCGI
YTD 9.23% 9.89% 7.37%
1 Yr 26.23% 25.25% 25.06%
3 Yr 18.07% 20.59% 18.54%
5 Yr 15.47% 16.87% 16.06%
10 Yr 8.20% 8.37% 8.55%
Gross / Net Expense Ratio: 1.25%/1.06%* (as of 12/31/13)

Morningstar as of 08/31/14

Category Large Growth Funds
3 Year of 1500 Funds
5 Year of 1329 Funds
10 Year of 906 Funds
Overall of 1500 Funds

* Effective August 1, 2013, your Fund's Rule 12b-1 fee will be charged at a rate of 0.15% of the Fund's average daily net assets after giving effect to a waiver equal to 0.10% of your Fund's average daily net assets. This waiver is effective through June 30, 2014 and cannot be changed or terminated during this period unless approved by your Fund's board and principal underwriter, EULAV Securities LLC (the "Distributor"). The Fund's performance would be lower in the absence of such waiver.

The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact the fund's short term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than their original cost. Past performance data through the most recent month end is available at vlfunds.com or by calling 1-800-243-2729.

You should carefully consider investment objectives, risks, charges and expenses of Value Line Mutual Funds before investing. This and other information can be found in the fund's prospectus and summary prospectus, which can be obtained free of charge from your investment representative, by calling 800.243.2729, or by clicking on the applicable fund at www.vlfunds.com. Please read it carefully before you invest or send money. The inception dates of Value Line Mutual Funds range from 1950 to 1993. Value Line Mutual Funds are distributed by EULAV Securities LLC. Past performance is no guarantee of future results.

Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities. Current and future portfolio holdings are subject to risk.

The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses. Investment results and the principal value of an investment will vary.

The Morningstar Rating™ for funds methodology rates funds based on an enhanced Morningstar Risk-Adjusted Return measure, which also accounts for the effects of all sales charges, loads, or redemption fees. Funds are ranked by their Morningstar Risk-Adjusted Return scores and stars are assigned using the following scale: 5 stars for top 10%; 4 stars next 22.5%; 3 stars next 35%; 2 stars next 22.5%; 1 star for bottom 10%. Funds are rated for up to three periods: the trailing three-, five-, and 10-years. For a fund that does not change categories during the evaluation period, the overall rating is calculated using the following weights: At least 3 years, but less than 5 years uses 100% three-year rating. At least 5 years but less than 10 years uses 60% five-year rating / 40% three-year rating. At least 10 years uses 50% ten-year rating / 30% five-year rating / 20% three-year rating. VALSX (3yr / 4 stars / 637 funds; 5yr / 3 stars / 563; 10yr / 4 stars / 417). VLEOX (3yr / 5 stars / 637; 5yr / 4 stars / 563; 10yr / 4 stars / 417). VLIFX (3yr / 4 stars / 637; 5yr / 2 stars / 563; 10yr / 1 star / 417). VALLX (3yr / 3 stars / 1488; 5yr / 2 stars / 1308; 10yr / 2 stars / 863). VLAAX (3yr / 5 stars / 330; 5yr / 5 stars / 308; 10yr / 5stars / 123). VALIX (3 yr / 3 stars / 789; 5yr / 3 stars / 705; 10yr / 5 stars / 422). VAGIX (3yr / 5 stars /1005; 5yr / 3 stars /873; 10yr / 5 stars / 616). VLHYX (3yr / 2 stars / 221; 5yr / 1star / 207; 10yr / 1 star / 171).