Investment Objective and Strategy

The Fund’s sole investment objective is long-term growth of capital.

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 & other equity securities of mid-sized companies and expects that the Fund’s portfolio will generally consist of positions in 25 to 50 companies. The Fund considers companies to be mid-sized if they have market capitalizations between $3 billion and $20 billion at the time of purchase. The Fund is actively managed by the Adviser, which seeks to purchase mid-cap growth companies that have fundamentally 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. During the investment selection process, the Adviser performs fundamental and quantitative analysis on each company and utilizes the rankings of companies by the Value Line Timeliness™ Ranking System (the “Ranking System”) to assist in selecting securities for purchase. The Adviser has discretion in managing the Fund, including whether and which ranked stocks to include within the Fund’s portfolio, whether and when to buy or sell stocks based upon changes in their rankings, and the frequency and timing of rebalancing the Fund’s portfolio.

Average Annual Returns as of 04/30/18

YTD 1 Yr 3 Yr 5 Yr 10 Yr
transparent Investor Class - VLIFX 1.35% 9.85% 11.10% 12.15% 6.47%
transparent Institutional Class - VLMIX 1 1.51% 10.07% 11.18% 12.19% 6.50%
transparent S&P 500 -0.38% 13.27% 10.57% 12.96% 9.02%
transparent Morningstar Mid-Cap Growth Funds 1.55% 15.89% 8.56% 11.76% 8.62%
Morningstar Mid-Cap Growth Funds Ranking - 567/614 100/544 203/480 315/344
Percentile Rank as of 04/30/18 - 91% 19% 41% 90%
VLIFX Gross / Net Expense Ratio: 1.18% / 1.18%, VLMIX Gross / Net Expense Ratio*: 5.61% / 0.93%.
Morningstar rates funds based on enhanced Morningstar risk-adjusted returns.
1Italics indicate 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 VLMIX is Aug. 11, 2017.
Morningstar™ Ratings and Rankings based on Investor class shares.
VLIFX VLMIX1 S&P 500 MMCGF
YTD 1.35% 1.51% -0.38% 1.55%
1 Yr 9.85% 10.07% 13.27% 15.89%
3 Yr 11.10% 11.18% 10.57% 8.56%
5 Yr 12.15% 12.19% 12.96% 11.76%
10 Yr 6.47% 6.50% 9.02% 8.62%
VLIFX Gross / Net Expense Ratio: 1.18% / 1.18%, VLMIX Gross / Net Expense Ratio*: 5.61% / 0.93%.
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 VLMIX is November 1, 2015.
Morningstar™ Ratings and Rankings based on Investor class shares.

Morningstar as of 04/30/18

Category Mid-Cap Growth Funds
3 Year of 544 Funds
5 Year of 480 Funds
10 Year of 344 Funds
Overall of 544 Funds

* The Adviser and EULAV Securities LLC, the Fund’s principal underwriter (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 (excluding 12b-1 fees and any extraordinary expenses incurred in different amounts by the classes) (the “Expense Limitation”). The information regarding the Institutional Class in the table has been restated to reflect the Expense Limitation. The Adviser and the Distributor may subsequently recover from assets attributable to the Institutional Class the 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 Institutional Class’s expense ratio is less than the Expense Limitation or, if lower, the expense limitation in effect when the waiver/reimbursement occurred. The Expense Limitation can be terminated or modified before June 30, 2019 only with the agreement of the Fund’s board. The Fund's performance would be lower in the absence of such waivers.

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. 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 / 4 stars / 544 funds; 5 Year / 4 stars / 480 funds; 10 Year / 2 stars / 344 funds; ) VALLX (3 Year / 5 stars / 1246 funds; 5 Year / 4 stars / 1125 funds; 10 Year / 3 stars / 802 funds; ) VLEOX (3 Year / 4 stars / 601 funds; 5 Year / 3 stars / 538 funds; 10 Year / 4 stars / 408 funds; ) VALSX (3 Year / 4 stars / 544 funds; 5 Year / 2 stars / 480 funds; 10 Year / 3 stars / 344 funds; ) VLAAX (3 Year / 5 stars / 669 funds; 5 Year / 4 stars / 615 funds; 10 Year / 4 stars / 436 funds; ) VALIX (3 Year / 5 stars / 314 funds; 5 Year / 5 stars / 275 funds; 10 Year / 5 stars / 203 funds; ) VAGIX (3 Year / 2 stars / 863 funds; 5 Year / 2 stars / 783 funds; 10 Year / 2 stars / 560 funds; ) VLHYX (3 Year / 1 stars / 142 funds; 5 Year / 1 stars / 124 funds; 10 Year / 1 stars / 105 funds; )

Source: Morningstar Direct