Investment Objective and Strategy

The Fund’s primary investment objective is long-term growth of capital. Current income is a secondary investment objective.

To achieve the Fund’s investment objectives the Adviser invests substantially all of the Fund’s net assets in common stocks. Under normal circumstances, the Adviser expects that the Fund’s portfolio will generally consist of positions in 30 to 50 companies. The Adviser invests at least 80% of the Fund’s assets in common stocks and other equity securities of mid-sized companies. The Fund considers companies to be mid-sized if they have market capitalizations within the range of issuers represented in the S&P MidCap 400 Index. 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 Adviser will determine the percentage of the Fund’s assets invested in each stock based on the stock’s relative attractiveness. The Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses or redeploy assets into more promising opportunities.

Average Annual Returns as of 10/31/16

YTD 1 Yr 3 Yr 5 Yr 10 Yr
transparent Value Line Mid Cap Focused Fund 7.34% 7.48% 7.87% 11.82% 4.89%
transparent S&P 500 5.87% 4.51% 8.84% 13.57% 6.70%
transparent Morningstar Mid-Cap Growth Funds 0.97% -0.86% 4.13% 10.20% 6.59%
Morningstar Mid-Cap Growth Funds Ranking - 11/709 50/655 134/572 361/427
Percentile as of 10/31/16 - 2 8 24 84
VLIFX Gross / Net Expense Ratio: 1.24%
Morningstar rates funds based on enhanced Morningstar risk-adjusted returns.
VLIFX S&P 500 MMCGF
YTD 7.34% 5.87% 0.97%
1 Yr 7.48% 4.51% -0.86%
3 Yr 7.87% 8.84% 4.13%
5 Yr 11.82% 13.57% 10.20%
10 Yr 4.89% 6.70% 6.59%
VLIFX Gross / Net Expense Ratio: 1.24%
Morningstar rates funds based on enhanced Morningstar risk-adjusted returns.

Morningstar as of 10/31/16

Category Mid-Cap Growth Funds
3 Year of 655 Funds
5 Year of 572 Funds
10 Year of 427 Funds
Overall of 655 Funds

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. 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; )