Value Line Equity Funds

Mid Cap Focused

Larger Companies Focused

Small Cap Opportunities

Select Growth Fund

Other Fund Categories

Value Line Hybrid

Value Line Fixed Income

Mid Cap Focused Fund
VLIFX (Inv) | VLMIX (Inst)

Investment Objective

To achieve the Fund’s investment objective, the Adviser invests substantially all of the Fund’s net assets in common stocks. Under normal circumstances, the Adviser invests at least 80% of the Fund’s assets in common stocks and other equity securities of mid-sized companies (the “80% Policy”). The 80% Policy can be changed without shareholder approval upon at least 60 days’ prior written notice. The Fund considers companies to be mid-sized if they have market capitalizations between $7 billion and $65 billion at the time of purchase. Under normal circumstances, the Adviser expects that the Fund’s portfolio will generally consist of positions in 25 to 50 companies. The Fund is actively managed by the Adviser, which seeks to purchase mid-cap growth companies that generally have strong market positions in growing industries that may enable those companies to increase future sales and earnings at an above average pace in the coming years. There are no set limitations on the sector weightings of the Fund’s investments, and the Fund may invest in companies that have smaller or larger capitalizations than mid-sized companies.

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Literature

Shareholder Reports

Larger Companies Focused Fund
VALLX (Inv) | VLLIX (Inst)

Investment Objective

Under normal circumstances, the Adviser invests at least 80% of the Fund’s assets in stocks of U.S. companies with small market capitalizations (the “80% Policy”). The 80% Policy can be changed without shareholder approval upon at least 60 days’ prior written notice. A portion of the Fund’s assets may also be invested in stocks of U.S. mid-market capitalization companies. Although there is not a universal definition, the Fund considers a “small market capitalization company” to be a company with a market capitalization that is less than the value of the largest capitalization company in the Russell 2000 Index or $12 billion, whichever is greater. A company’s categorization is based on its market capitalization at the time of purchase by the Fund.

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Literature

Shareholder Reports

Small Cap Opportunities Fund
VLEOX (Inv) | VLEIX (Inst)

Investment Objective

Under normal circumstances, the Adviser invests at least 80% of the Fund’s assets in stocks of U.S. companies with small market capitalizations (the “80% Policy”). The 80% Policy can be changed without shareholder approval upon at least 60 days’ prior written notice. A portion of the Fund’s assets may also be invested in stocks of U.S. mid-market capitalization companies. Although there is not a universal definition, the Fund considers a “small market capitalization company” to be a company with a market capitalization that is less than the value of the largest capitalization company in the Russell 2000 Index or $12 billion, whichever is greater. A company’s categorization is based on its market capitalization at the time of purchase by the Fund.

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Literature

Shareholder Reports

Select Growth Fund
VALSX (Inv) | VILSX (Inst)

Investment Objective

To achieve the Fund’s investment objective, the Adviser invests at least 80% of the Fund’s net assets in a diversified portfolio of U.S. equity securities with favorable growth prospects. Under normal circumstances, the Fund purchases larger companies and the Fund’s portfolio will generally consist of positions in 25 to 50 companies. The Fund considers companies with a market capitalization of greater than $10 billion to be larger companies. However, the Fund may invest in small, mid or large capitalization companies, including foreign companies. In selecting securities for purchase or sale, the Adviser generally analyzes the issuer of a security using fundamental factors such as growth potential and earnings estimates, and quantitative factors such as historical earnings, earnings momentum and price momentum. There are no set limitations of investment according to a company’s size or to a sector weighting.

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Literature

Shareholder Reports

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.

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. Value Line Funds are distributed by EULAV Securities LLC. Past performance is no guarantee of future results.