Overview

Objective & Process

The Fund’s investment objective is to achieve a high total investment return (current income and capital appreciation) consistent with reasonable risk. For this purpose, risk takes into account volatility and other factors as determined by the Adviser.

Documents

Document Date
Fact Sheet 09/30/24
Commentary Q3 2024
Summary Prospectus 5/1/24
Prospectus 5/1/24
SAI 5/1/24
Annual Report 12/31/23
Semi-Annual Report 6/30/23
Q1 Holdings 3/31/24
Q3 Holdings 9/30/23

Daily Pricing as of 11/01/24

Class NAV % Change
Investor Class - VLAAX $44.83 0.20%
Institutional Class - VLAIX $45.01 0.20%

Fund Details

Item Value
Regulatory Benchmark S&P 500
Secondary Benchmark 60/40 (S&P500/Bbg US Agg Bond)
Morningstar Category Moderate Allocation

Managers & Commentary

Stephen E. Grant

Stephen E. Grant Senior Portfolio Manager

Liane Rosenberg

Liane Rosenberg Senior Portfolio Manager

Ronald Deonarain

Ronald Deonarain Portfolio Manager

Performance

Average Annual Returns as of 09/30/24

Fund YTD 1 Yr 3 Yr 5 Yr 10 Yr
Investor Class - VLAAX 12.45% 25.82% 7.00% 8.97% 9.37%
Institutional Class - VLAIX 1 12.67% 26.17% 7.26% 9.25% 9.61%
S&P 500 22.08% 36.35% 11.91% 15.98% 13.38%
60/40 (S&P500/Bbg US Agg Bond) 14.80% 25.98% 6.63% 9.78% 8.89%
Morningstar Moderate Allocation 12.27% 21.99% 4.89% 8.01% 6.89%
Morningstar Moderate Allocation Ranking - 121/733 63/682 168/643 20/491
Percentile Rank as of 09/30/24 - 17% 13% 28% 6%
VLAAX Gross Expense Ratio: 1.06%, VLAIX Gross Expense Ratio: 0.82%
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 VLAIX is November 1, 2015.
Morningstar™ Ratings and Rankings based on Investor class shares.
VLAAX VLAIX1 S&P 500 60% S&P500 / 40% BCAGG MMAF
YTD 12.45% 12.67% 22.08% 14.80% 12.27%
1 Yr 25.82% 26.17% 36.35% 25.98% 21.99%
3 Yr 7.00% 7.26% 11.91% 6.63% 4.89%
5 Yr 8.97% 9.25% 15.98% 9.78% 8.01%
10 Yr 9.37% 9.61% 13.38% 8.89% 6.89%
VLAAX Gross Expense Ratio: 1.06%, VLAIX Gross Expense Ratio: 0.82%
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 VLAIX is November 1, 2015.
Morningstar™ Ratings and Rankings based on Investor class shares.
The S&P 500 Index is the most widely accepted barometer of the Large-Cap U.S. equities market. The index includes 500 leading companies and covers approximately 80% of available market capitalization. The returns for the index do not include any transaction costs, management fees or other costs. An investor may not invest directly in the index. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”).
The 60/40 S&P 500® Index/Bloomberg US Aggregate Bond Index is an unmanaged blended index which consists of a 60% weighting of the S&P 500® Index representative of the larger capitalization stocks traded in the United States and a 40% weighting of the Bloomberg US Aggregate Bond Index which is a broad-based benchmark that measures the investment grade, U.S. dollar denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, Mortgage Backed Securities (MBS) (agency fixed-rate and hybrid ARM pass-through’s), Asset Backed Securities (ABS), and Commercial Mortgage Backed Securities (CMBS).

Morningstar as of 09/30/24

Moderate Allocation Category
Period Stars Number of Funds
3 Year ★★★★ of 682 Funds
5 Year ★★★★ of 643 Funds
10 Year ★★★★★ of 491 Funds
Overall ★★★★★ of 682 Funds

10 Year Calendar Year Returns as of 09/30/24

Fund 2015 2016 2017 2018 2019 2020 2021 2022 2023 9/30
Investor Class - VLAAX 1.09% 5.77% 14.93% 2.03% 25.40% 15.24% 11.86% -15.67% 21.39% 12.45%
S&P 500 1.38% 11.96% 21.83% -4.38% 31.49% 18.40% 28.71% -18.11% 26.29% 22.08%
60/40 (S&P500/Bbg US Agg Bond) 1.28% 8.31% 14.21% -2.35% 22.18% 14.73% 15.86% -15.79% 17.67% 14.80%
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Period VLAAX 60% S&P500 / 40% BCAGG Diff.
2015 1.09 1.28 -0.19
2016 5.77 8.31 -2.54
2017 14.93 14.21 0.72
2018 2.03 -2.35 4.38
2019 25.40 22.18 3.22
2020 15.24 14.73 0.51
2021 11.86 15.86 -4.00
2022 -15.67 -15.79 0.12
2023 21.39 17.67 3.72
9/30 12.45 14.80 -2.35

Portfolio Details as of 9/30/24

Top Ten Equity Holdings

Company Name Weight (%)
TransDigm Group Inc 4.79%
Cintas Corp 4.69%
Republic Services Inc 3.76%
Fair Isaac Corp 3.48%
Tyler Technologies Inc 3.21%
Intercontinental Exchange Inc 3.03%
WR Berkley Corp 2.95%
ServiceNow Inc 2.84%
Costco Wholesale Corp 2.77%
Stryker Corp 2.61%

Equity Sector Distribution as of 09/30/24

Sector Weight
Technology 39.24%
Industrials 27.24%
Financial Services 19.06%
Healthcare 10.21%
Consumer Defensive 4.25%

Portfolio Statistics
3 Year Period, as of 09/30/24

Statistic Value
Alpha 3.38
Beta 1.03
Information Ratio 0.67
R-Squared 86.68
Sharpe Ratio 0.28
Standard Deviation 13.91
Average Effective Duration (as of 09/30/24) 6.04
Average Effective Maturity (as of 09/30/24) 13.76

Portfolio Composition
as of 09/30/24

Composition Weight
Equities 65.27%
Fixed Income 32.59%
Cash & Other 2.14%

Credit Quality (%)
as of 09/30/24

Composition Weight
AAA 61.33%
AA 3.06%
A 8.00%
BBB 26.85%
BB 0.76%
B 0.00%
NR 0.00%
Ratings are based on S&P and Moody’s ratings. For securities rated differently by the rating agencies, the higher rating will apply. Ratings are subject to change and apply to the credit worthiness of the issuers of the underlying securities and not to the fund or its shares. Ratings range from AAA to D, with AAA being the highest quality and D the lowest, according to S&P. Bonds rated BBB and above are considered Investment Grade while bonds rated BB and below are considered Speculative Grade.

Valuation
as of 09/30/24

Item Value
TTM Yield 0.88%
Best 3 month period ended: 01/31/24
15.28%
Worst 3 month period ended: 06/30/22
-11.05%

Valuation (Quarterly)
as of 09/30/24

Item Value
Price/Earnings 37.44x
Price/Book 7.24x
Price/Sales 5.19x
Price/Cash Flow 30.51x
Turnover (as of 12/31/23) 29%

Fees & Distributions as of 12/31/23

VLAAX Investor Class

Composition Weight
Redemption Fee N/A
Expense Ratio Before Waivers 1.06%
Minimum Initial Investment $1,000
Minimum Subsequent Investment No Minimum

VLAIX Institutional Class

Composition Weight
Redemption Fee N/A
Expense Ratio Before Waivers 0.82%
Minimum Initial Investment
(**See prospectus for exceptions)
$100,000
Minimum Subsequent Investment No Minimum

2023 Year-End Distributions (Finalized)

Ticker Ordinary Income Short Term Long Term Total Per Share Ex. Date Pay Date
Investor Class - VLAAX $0.43588 - $3.58766 $4.02354 12/13 12/13
Institutional Class - VLAIX $0.53537 - $3.58766 $4.12303 12/13 12/13
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Morningstar™ Categories based on Investor class shares.

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 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 / 545 funds; 5 Year / 5 stars / 517 funds; 10 Year / 5 stars / 398 funds; ) VLIFX (3 Year / 5 stars / 511 funds; 5 Year / 5 stars / 476 funds; 10 Year / 5 stars / 378 funds; ) VALLX (3 Year / 2 stars / 1076 funds; 5 Year / 2 stars / 1005 funds; 10 Year / 2 stars / 788 funds; ) VALSX (3 Year / 4 stars / 1076 funds; 5 Year / 2 stars / 1005 funds; 10 Year / 3 stars / 788 funds; ) VLAAX (3 Year / 4 stars / 682 funds; 5 Year / 4 stars / 643 funds; 10 Year / 5 stars / 491 funds; ) VALIX (3 Year / 1 stars / 682 funds; 5 Year / 4 stars / 643 funds; 10 Year / 4 stars / 491 funds; ) VAGIX (3 Year / 2 stars / 414 funds; 5 Year / 1 stars / 373 funds; 10 Year / 2 stars / 268 funds; )

Source: Morningstar Direct