Capital Gains

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2011 Year End Distributions

December 31, 2011

Dear Shareholders,

Here are the year-end capital gains and dividend distributions as a result of investments in the Value Line Family of Funds. The final calculations are based upon the number of shares outstanding on December 27, 2011.


Fund
Ordinary
Income

Short Term

Long Term
Total
Per Share

Ex. Date

Pay Date
VL Premier Growth - VALSX $1.56050 $1.56050 12/28/11 12/28/11
VL Fund - VLIFX $0.00126 $0.00126 12/28/11 12/28/11
VL Larger Companies - VALLX $0.08251 $0.08251 12/28/11 12/28/11
VL U.S. Government Securities - VALBX $0.07051 $0.10261 $0.15299 $0.32611 12/28/11 12/28/11
VL Asset Allocation - VLAAX $0.12848 $0.54688 $0.67536 12/28/11 12/28/11

Sincerely,

Value Line Funds

For updated information please call 1-800-243-2729.