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. Under normal circumstances, the Adviser expects that the Fund’s portfolio will generally consist of positions in 30 to 50 companies. 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 larger 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 05/31/16

YTD 1 Yr 3 Yr 5 Yr 10 Yr
transparent Investor Class - VALLX -1.33% 1.10% 12.65% 10.44% 6.31%
transparent Institutional Class - VLLIX 1 -1.30% 0.87% 12.57% 10.39% 6.29%
transparent S&P 500 3.57% 1.72% 11.06% 11.67% 7.41%
transparent Morningstar Large Growth Funds -0.51% -2.01% 10.51% 9.99% 7.35%
Morningstar Large Growth Funds Ranking - 242/1602 225/1467 567/1288 715/932
Percentile as of 05/31/16 - 15th 16th 44th 76th
VALLX Gross / Net Expense Ratio*: 1.23% /1.13%, VLLIX Gross Expense Ratio: 0.98%.
Morningstar rates funds based on enhanced Morningstar risk-adjusted returns.
1 Indicates Morningstar Extended Performance. Extended performance is an estimate based on the performance of the fund's oldest share class, adjusted for fees. The Inception Date of VLLIX is November 1, 2015.
Morningstar™ Ratings and Rankings based on Investor class shares.
VALLX VLLIX1 S&P 500 MLGF
YTD -1.33% -1.30% 3.57% -0.51%
1 Yr 1.10% 0.87% 1.72% -2.01%
3 Yr 12.65% 12.57% 11.06% 10.51%
5 Yr 10.44% 10.39% 11.67% 9.99%
10 Yr 6.31% 6.29% 7.41% 7.35%
VALLX Gross / Net Expense Ratio*: 1.23% /1.13%, VLLIX Gross Expense Ratio: 0.98%.
Morningstar rates funds based on enhanced Morningstar risk-adjusted returns.
1 Indicates Morningstar Extended Performance. Extended performance is an estimate based on the performance of the fund's oldest share class, adjusted for fees. The Inception Date of VLLIX is November 1, 2015.
Morningstar™ Ratings and Rankings based on Investor class shares.

Morningstar as of 05/31/16

Category Large Growth Funds
3 Year of 1467 Funds
5 Year of 1288 Funds
10 Year of 932 Funds
Overall of 1467 Funds

* Effective May 1, 2015 to June 30, 2016, EULAV Securities LLC (the "Distributor") has contractually agreed to waive a portion of the Fund's 12b-1 fee equal to 0.10% of the Fund's average daily net assets. This waiver can be terminated or changed before June 30, 2016 only with the approval of the Fund's board and the Distributor. The Fund's performance would be lower in the absence of such waivers.

Morningstar™ and Lipper Ratings and Categories based on Investor class shares.

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 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 2016. Value Line 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. VLIFX (3 Year / 5 stars / 648 funds; 5 Year / 5 stars / 574 funds; 10 Year / 2 stars / 429 funds; ) VALLX (3 Year / 4 stars / 1467 funds; 5 Year / 3 stars / 1288 funds; 10 Year / 3 stars / 932 funds; ) VLEOX (3 Year / 5 stars / 656 funds; 5 Year / 5 stars / 586 funds; 10 Year / 4 stars / 423 funds; ) VALSX (3 Year / 3 stars / 648 funds; 5 Year / 4 stars / 574 funds; 10 Year / 4 stars / 429 funds; ) VLAAX (3 Year / 5 stars / 818 funds; 5 Year / 5 stars / 696 funds; 10 Year / 4 stars / 471 funds; ) VALIX (3 Year / 4 stars / 390 funds; 5 Year / 4 stars / 318 funds; 10 Year / 5 stars / 238 funds; ) VLDSX (3 Year / 2 stars / 250 funds; 5 Year / 2 stars / 151 funds; 10 Year / N/A stars / N/A funds; ) VAGIX (3 Year / 2 stars / 956 funds; 5 Year / 3 stars / 838 funds; 10 Year / 2 stars / 606 funds; ) VLHYX (3 Year / 2 stars / 187 funds; 5 Year / 1 stars / 175 funds; 10 Year / 1 stars / 147 funds; )