Value Line Larger Companies Focused Fund

* EULAV Asset Management (the “Adviser”) has contractually agreed to waive through June 30, 2020 certain Fund-wide fees and further assume certain Fund-wide expenses to the extent necessary to limit such expenses (excluding brokerage commissions, interest, taxes, and certain non-routine Fund-wide expenses) to 0.90% of the average daily net assets of each class (the “Fund-level Expense Limitation”). In addition, the Adviser and EULAV Securities LLC (the “Distributor”) have contractually agreed to permanently waive certain class-specific fees and assume certain class-specific expenses 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 (excluding 12b-1 fees and certain non-routine class-specific expenses) (the “Class Expense Limitation,” together with the Fund-level Expense Limitation, the “Expense Limitations”). Each Expense Limitation can be terminated with the agreement of the Fund’s Board. The Adviser and the Distributor may subsequently recover from a class any fees waived and expenses assumed within three years from the month in which the waiver or assumption occurred for such class, to the extent its expense ratio is less than the applicable Expense Limitation or, if lower, the expense limitation in effect when the waiver or assumption occurred. The Fund’s performance would be lower in the absence of such waivers.

As of 03/31/25, the Fund’s Top 10 Holdings were as follows: NVIDIA Corp (8.77%), Meta Platforms Inc Class A (8.43%), Uber Technologies Inc (6.58%), Amazon.com Inc (4.85%), Netflix Inc (4.64%), Visa Inc Class A (4.14%), Strategy Class A (3.77%), Exelixis Inc (3.68%), Microsoft Corp (3.50%), Robinhood Markets Inc Class A (3.43%)

3-Yr Average Projected Annual Sales Growth Rate is the year-over-year average growth rate of holdings based on analysts’ consensus revenue estimates of holdings.

3-5 Yr Average Estimated Forward Earnings Growth Rate is the year-over-year average growth rate based on analysts’ consensus EPS (earnings per share) estimates. If EPS estimates are available for 5 years forward, it is an average of 5 years; otherwise, it is an avg of 3 years forward EPS estimates.

Morningstar™ 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. 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. VLEOX (3 Year / 5 stars / 529 funds; 5 Year / 5 stars / 513 funds; 10 Year / 5 stars / 394 funds; ) VLIFX (3 Year / 4 stars / 479 funds; 5 Year / 5 stars / 446 funds; 10 Year / 5 stars / 363 funds; ) VALLX (3 Year / 4 stars / 1034 funds; 5 Year / 2 stars / 952 funds; 10 Year / 2 stars / 748 funds; ) VALSX (3 Year / 2 stars / 1034 funds; 5 Year / 3 stars / 952 funds; 10 Year / 3 stars / 748 funds; ) VLAAX (3 Year / 5 stars / 434 funds; 5 Year / 2 stars / 403 funds; 10 Year / 5 stars / 330 funds; ) VALIX (3 Year / 5 stars / 434 funds; 5 Year / 2 stars / 403 funds; 10 Year / 4 stars / 330 funds; ) VAGIX (3 Year / 2 stars / 424 funds; 5 Year / 2 stars / 379 funds; 10 Year / 2 stars / 281 funds; )

Source: Morningstar Direct