Average Annual Returns as of 07/31/18

YTD 1 Yr 3 Yr 5 Yr 10 Yr
transparent Value Line Core Bond Fund -2.24% -1.52% 1.03% 1.50% 4.05%
transparent BBgBarc US Agg Bond -1.59% -0.80% 1.49% 2.25% 3.73%
transparent Morningstar Interm.-Term Bond Funds -1.41% -0.72% 1.58% 2.21% 3.98%
Morningstar Interm.-Term Bond Funds Ranking - 871/1028 701/894 679/786 277/564
Percentile Rank as of 07/31/18 - 87% 79% 85% 52%
VAGIX Gross / Net Expense Ratio*: 1.22% / 0.99%
Morningstar rates funds based on enhanced Morningstar risk-adjusted returns.
Effective Dec. 10, 2012 the Core Bond Fund changed its primary strategy of investing in high-yield bonds to investing in investment-grade bonds. All data above prior to 12/10/2012 reflects the old strategy.
VAGIX BCAGG MITBF
YTD -2.24% -1.59% -1.41%
1 Yr -1.52% -0.80% -0.72%
3 Yr 1.03% 1.49% 1.58%
5 Yr 1.50% 2.25% 2.21%
10 Yr 4.05% 3.73% 3.98%
VAGIX Gross / Net Expense Ratio*: 1.22% / 0.99%
Morningstar rates funds based on enhanced Morningstar risk-adjusted returns.
Effective Dec. 10, 2012 the Core Bond Fund changed its primary strategy of investing in high-yield bonds to investing in investment-grade bonds. All data above prior to 12/10/2012 reflects the old strategy.

Calendar Year Returns (%) (10 Years) as of 07/31/18

2009 2010 2011 2012 2013 2014 2015 2016 2017 7/31
Value Line Core Bond Fund 40.33 10.66 4.60 11.32 -3.16 4.48 0.21 2.16 3.47 -2.24
BBgBarc US Agg Bond 5.93 6.54 7.84 4.21 -2.02 5.97 0.55 2.65 3.54 -1.59
Difference 34.40 4.12 -3.24 7.11 -1.14 -1.49 -0.34 -0.49 -0.07 -0.65
VAGIX BCAGG Diff.
2009 40.33 5.93 34.40
2010 10.66 6.54 4.12
2011 4.60 7.84 -3.24
2012 11.32 4.21 7.11
2013 -3.16 -2.02 -1.14
2014 4.48 5.97 -1.49
2015 0.21 0.55 -0.34
2016 2.16 2.65 -0.49
2017 3.47 3.54 -0.07
7/31 -2.24 -1.59 -0.65

2017 Year-End Distributions (Finalized)

Ordinary
Income
Short Term Long Term Total
Per Share
Ex. Date Pay Date
$0.02367 $0.02367 1/31 1/31

* The Adviser and EULAV Securities LLC, the Fund’s principal underwriter (the “Distributor”) have agreed to waive a portion of their advisory and Rule 12b-1 fees and the Adviser has further agreed to reimburse certain expenses of the Fund to the extent necessary to limit the Fund’s total annual operating expenses (other than those attributable to interest, taxes, brokerage and futures commissions, and extraordinary expenses not incurred in the ordinary course of the Fund’s business) to 0.99% of the Fund’s average daily net assets (the “Expense Limitation”) through June 30, 2019. 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 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.

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. VLIFX (3 Year / 5 stars / 540 funds; 5 Year / 4 stars / 479 funds; 10 Year / 2 stars / 343 funds; ) VALLX (3 Year / 4 stars / 1265 funds; 5 Year / 4 stars / 1137 funds; 10 Year / 3 stars / 821 funds; ) VLEOX (3 Year / 4 stars / 606 funds; 5 Year / 4 stars / 532 funds; 10 Year / 3 stars / 404 funds; ) VALSX (3 Year / 4 stars / 540 funds; 5 Year / 3 stars / 479 funds; 10 Year / 3 stars / 343 funds; ) VLAAX (3 Year / 5 stars / 683 funds; 5 Year / 5 stars / 621 funds; 10 Year / 4 stars / 439 funds; ) VALIX (3 Year / 5 stars / 317 funds; 5 Year / 5 stars / 275 funds; 10 Year / 5 stars / 200 funds; ) VAGIX (3 Year / 2 stars / 894 funds; 5 Year / 2 stars / 786 funds; 10 Year / 2 stars / 564 funds; ) VLHYX (3 Year / 1 stars / 146 funds; 5 Year / 1 stars / 128 funds; 10 Year / 1 stars / 106 funds; )

Source: Morningstar Direct