Investment Objective and Strategy

The Fund’s sole investment objective is to realize capital growth.

To achieve the Fund’s investment objective the Adviser invests substantially all of the Fund’s assets in common stock. Under normal circumstances, the Adviser expects that the Fund’s portfolio will generally consist of positions in 30 to 50 companies. 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 usually, as measured by the number and total value of purchases, are selected from common stocks of larger companies by capitalization that are ranked 1, 2, or 3 by the Ranking System. 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 10/31/16

YTD 1 Yr 3 Yr 5 Yr 10 Yr
transparent Investor Class - VALLX 2.44% 3.32% 10.35% 13.30% 6.47%
transparent Institutional Class - VLLIX 1 2.56% 3.18% 10.30% 13.27% 6.45%
transparent S&P 500 5.87% 4.51% 8.84% 13.57% 6.70%
transparent Morningstar Large Growth Funds 0.94% -0.07% 6.99% 11.98% 6.96%
Morningstar Large Growth Funds Ranking - 165/1587 67/1439 275/1252 584/896
Percentile as of 10/31/16 - 11 5 22 65
VALLX Gross / Net Expense Ratio*: 1.23% / 1.13%, VLLIX Gross / Net Expense Ratio**: 2.70% / 0.98%.
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 VLLIX is November 1, 2015.
Morningstar™ Ratings and Rankings based on Investor class shares.
VALLX VLLIX1 S&P 500 MLGF
YTD 2.44% 2.56% 5.87% 0.94%
1 Yr 3.32% 3.18% 4.51% -0.07%
3 Yr 10.35% 10.30% 8.84% 6.99%
5 Yr 13.30% 13.27% 13.57% 11.98%
10 Yr 6.47% 6.45% 6.70% 6.96%
VALLX Gross / Net Expense Ratio*: 1.23% / 1.13%, VLLIX Gross / Net Expense Ratio**: 2.70% / 0.98%.
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 VLLIX is November 1, 2015.
Morningstar™ Ratings and Rankings based on Investor class shares.

Morningstar as of 10/31/16

Category Large Growth Funds
3 Year of 1439 Funds
5 Year of 1252 Funds
10 Year of 896 Funds
Overall of 1439 Funds

* Effective May 1, 2016 to June 30, 2017, EULAV Securities LLC (the “Distributor”) has contractually agreed to waive a portion of the 12b-1 fee otherwise payable from assets attributable by Investor Class shares in an amount equal to 0.10% of such class’s average daily net assets. This waiver can be terminated or changed before June 30, 2017 only with the approval of the Fund’s board and the Distributor. The Fund's performance would be lower in the absence of such waivers.

** EULAV Asset Management (the “Adviser”) and the Distributor have agreed to waive certain class specific fees and/or pay certain class-specific expenses incurred by the Institutional Class so that the Institutional Class bears its class-specific fees and expenses at the same percentage of its average daily net assets as the Investor Class’s class-specific fees and expenses (excluding12b-1 fees and any extraordinary expenses incurred in different amounts by the classes) during the period March 17, 2016 through June 30, 2017 (the “Expense Limitation”). The Adviser and the Distributor may subsequently recover from the Fund reimbursed expenses and/or waived fees (within 3 years after the fiscal year end in which the waiver/reimbursement occurred) to the extent that the Fund’s expense ratio is less than the Expense Limitation. The Expense Limitation can be terminated or modified before June 30, 2017 only with the agreement of the Fund’s board. The Fund's performance would be lower in the absence of such waivers.

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

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 1-800-243-2729.

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, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three- year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. VLIFX (3 Year / 5 stars / 655 funds; 5 Year / 4 stars / 572 funds; 10 Year / 3 stars / 427 funds; ) VALLX (3 Year / 5 stars / 1439 funds; 5 Year / 4 stars / 1252 funds; 10 Year / 3 stars / 896 funds; ) VLEOX (3 Year / 4 stars / 655 funds; 5 Year / 5 stars / 591 funds; 10 Year / 5 stars / 435 funds; ) VALSX (3 Year / 4 stars / 655 funds; 5 Year / 4 stars / 572 funds; 10 Year / 4 stars / 427 funds; ) VLAAX (3 Year / 4 stars / 831 funds; 5 Year / 4 stars / 717 funds; 10 Year / 4 stars / 497 funds; ) VALIX (3 Year / 4 stars / 379 funds; 5 Year / 3 stars / 313 funds; 10 Year / 5 stars / 235 funds; ) VLDSX (3 Year / 2 stars / 260 funds; 5 Year / 1 stars / 161 funds; 10 Year / N/A stars / N/A funds; ) VAGIX (3 Year / 2 stars / 965 funds; 5 Year / 3 stars / 850 funds; 10 Year / 3 stars / 609 funds; ) VLHYX (3 Year / 1 stars / 175 funds; 5 Year / 1 stars / 163 funds; 10 Year / 1 stars / 134 funds; )