Investment Objective and Strategy

The Fund’s investment objective is to achieve a high total investment return (current income and capital appreciation) consistent with reasonable risk. For this purpose, risk takes into account volatility and other factors as determined by the Adviser.

The Adviser attempts to achieve the Fund’s investment objective by following an asset allocation strategy that enables the Adviser to periodically shift the assets of the Fund among three types of securities:(a) common stocks, (b) debt securities with maturities of more than one year that are principally rated investment grade (i.e., within the four highest categories of a nationally recognized statistical rating organization) and (c ) money market instruments (debt securities with maturities of less than one year). There are no limits on the percentage of the Fund’s assets that can be invested in common stocks, debt or money market securities.

Average Annual Returns as of 09/30/14

YTD 1 Yr 3 Yr 5 Yr 10 Yr
transparent Asset Allocation Fund 1.85% 7.67% 15.13% 12.55% 7.71%
transparent 60/40 (S&P500/Barclays US Aggregate Bond) 6.64% 13.42% 14.75% 11.06% 6.71%
transparent Lipper Mixed Asset Target Alloc. Growth Fund 4.05% 10.58% 14.43% 10.12% 6.45%
Lipper Ranking as of 09/30/14 - 522/568 198/508 21/473 32/318
Percentile - 92nd 39th 5th 11th
Gross / Net Expense Ratio: 1.19%/1.09%*
VLAAX 60% S&P500 / 40% BCAGG LMCGI
YTD 1.85% 6.64% 4.05%
1 Yr 7.67% 13.42% 10.58%
3 Yr 15.13% 14.75% 14.43%
5 Yr 12.55% 11.06% 10.12%
10 Yr 7.71% 6.71% 6.45%
Gross / Net Expense Ratio: 1.19%/1.09%* (as of 03/31/14)

Morningstar as of 09/30/14

Category Aggressive Allocation Funds
3 Year of 342 Funds
5 Year of 307 Funds
10 Year of 206 Funds
Overall of 342 Funds

* EULAV Securities LLC (the "Distributor") contractually agreed to waive a portion of the Fund's 12b-1 fee in an amount equal to 0.10% of the Fund's average daily net assets for the period August 1, 2014 through July 31, 2015. The waiver cannot be modified or terminated before July 31, 2015 without the approval of the Fund's Board of Directors. The Fund's performance would be lower in the absence of such waivers.

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).