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 04/30/16

YTD 1 Yr 3 Yr 5 Yr 10 Yr
transparent Investor Class - VLAAX 1.84% 1.76% 6.98% 8.01% 5.99%
transparent Institutional Class - VLAIX 1 1.88% 1.85% 7.01% 8.03% 6.00%
transparent 60/40 (S&P500/Barclays US Agg Bond) 2.42% 1.81% 7.67% 8.05% 6.13%
transparent Morningstar Alloc 50-70% Equity 2.04% -2.37% 5.03% 5.51% 4.93%
Morningstar Alloc 50-70% Equity Ranking - 52/891 111/817 42/695 73/464
Percentile as of 04/30/16 - 6th 14th 6th 16th
VLAAX Gross / Net Expense Ratio: 1.19%, VLAIX Gross Expense Ratio: 0.94%.
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 VLAIX is November 1, 2015.
Morningstar™ Ratings and Rankings based on Investor class shares.
VLAAX VLAIX1 60% S&P500 / 40% BCAGG MMAF
YTD 1.84% 1.88% 2.42% 2.04%
1 Yr 1.76% 1.85% 1.81% -2.37%
3 Yr 6.98% 7.01% 7.67% 5.03%
5 Yr 8.01% 8.03% 8.05% 5.51%
10 Yr 5.99% 6.00% 6.13% 4.93%
VLAAX Gross / Net Expense Ratio: 1.19%, VLAIX Gross Expense Ratio: 0.94%.
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 VLAIX is November 1, 2015.
Morningstar™ Ratings and Rankings based on Investor class shares.

Morningstar as of 04/30/16

Category Alloc 50-70% Equity
3 Year of 817 Funds
5 Year of 695 Funds
10 Year of 464 Funds
Overall of 817 Funds

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

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 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 / 4 stars / 641 funds; 5 Year / 5 stars / 573 funds; 10 Year / 2 stars / 426 funds; ) VALLX (3 Year / 4 stars / 1476 funds; 5 Year / 3 stars / 1296 funds; 10 Year / 2 stars / 922 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 / 641 funds; 5 Year / 4 stars / 573 funds; 10 Year / 4 stars / 426 funds; ) VLAAX (3 Year / 4 stars / 817 funds; 5 Year / 5 stars / 695 funds; 10 Year / 4 stars / 464 funds; ) VALIX (3 Year / 3 stars / 390 funds; 5 Year / 4 stars / 323 funds; 10 Year / 5 stars / 236 funds; ) VLDSX (3 Year / 2 stars / 250 funds; 5 Year / 3 stars / 151 funds; ) VAGIX (3 Year / 2 stars / 958 funds; 5 Year / 3 stars / 831 funds; 10 Year / 3 stars / 603 funds; ) VLHYX (3 Year / 2 stars / 185 funds; 5 Year / 1 stars / 175 funds; 10 Year / 1 stars / 146 funds; )