Investment Objective and Strategy

The Fund’s investment objective is long-term growth of capital.

To achieve the Fund’s investment objective the Advisor normally invests at least 80% of the market value of the Fund’s total assets in U.S. common stocks of small capitalization (including micro capitalization) companies, as measured at the time of purchase. A portion of the Fund’s assets may be invested in mid-capitalization companies. The Adviser uses Lipper Inc.‘s definition which considers a company to have a small market capitalization if its market capitalization is below the 85th percentile of the aggregate capitalization of all the companies in the Russell 3000 Index. Both the market capitalizations of the companies in the index and the composition of the index change with market conditions.

Average Annual Returns as of 10/31/14

YTD 1 Yr 3 Yr 5 Yr 10 Yr
transparent Small Cap Opportunities Fund 4.81% 8.89% 19.33% 18.74% 9.55%
transparent Russell 2000 Index 1.90% 8.06% 18.16% 17.38% 8.66%
transparent Lipper Small-Cap Growth Funds -0.33% 5.73% 16.76% 17.76% 8.77%
Lipper Ranking as of 10/31/14 - 106/521 77/461 142/409 79/272
Percentile - 21st 17th 35th 29th
Gross / Net Expense Ratio: 1.26%
VLEOX Russell 2000 Index LMCGI
YTD 4.81% 1.90% -0.33%
1 Yr 8.89% 8.06% 5.73%
3 Yr 19.33% 18.16% 16.76%
5 Yr 18.74% 17.38% 17.76%
10 Yr 9.55% 8.66% 8.77%
Gross / Net Expense Ratio: 1.26% (as of 03/31/14)

Morningstar as of 10/31/14

Category Mid-Cap Growth Funds
3 Year of 644 Funds
5 Year of 587 Funds
10 Year of 426 Funds
Overall of 644 Funds

There are risks associated with investing in small and mid cap stocks, which tend to be more volatile and less liquid than stocks of large companies, including the risk of price fluctuations.

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 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).