Investment Objective and Strategy

The Fund’s primary investment objective is long-term growth of capital. Current income is a secondary investment objective.

To achieve the Fund’s investment objectives the Adviser invests substantially all of the Fund’s net assets in common stocks. 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 principally are selected from common stocks ranked 1, 2 or 3 by the Ranking System at the time of purchase. 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 Value Line Fund 4.52% 20.08% 16.02% 18.01% 6.59%
transparent S&P 500 9.89% 25.25% 20.59% 16.87% 8.37%
transparent Lipper Multi Capital Growth Fund 6.95% 23.45% 18.45% 16.87% 9.39%
Lipper Ranking as of 08/31/14 - 418/534 372/460 109/403 242/255
Percentile - 79th 81st 27th 95th
Gross / Net Expense Ratio: 1.26% / 1.12%* (as of 12/31/13)
VLIFX S&P 500 LMCGI
YTD 4.52% 9.89% 6.95%
1 Yr 20.08% 25.25% 23.45%
3 Yr 16.02% 20.59% 18.45%
5 Yr 18.01% 16.87% 16.87%
10 Yr 6.59% 8.37% 9.39%
Gross / Net Expense Ratio: 1.26% / 1.12%* (as of 12/31/13)

Morningstar as of 08/31/14

Category Mid-Cap Growth Funds
3 Year of 642 Funds
5 Year of 582 Funds
10 Year of 424 Funds
Overall of 642 Funds

*For the period May 1, 2012 through June 30, 2013 EULAV Securities LLC (the "Distributor") contractually agreed to waive a portion of the Fund's Rule 12b-1 fee in an amount equal to 0.25% of the Fund's average daily net assets. For various periods, the Distributor similarly waived a portion of the Fund's Rule 12b-1 fee. The Fund's performance would be lower in the absence of such waivers. The Fund’s Board of Directors terminated this waiver effective August 1, 2013.

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).