Top Ten Equity Holdings as of 06/30/20

Company Name Market Value Weight (%)
Danaher Corp $24,179,204 1.55
Ecolab Inc $23,277,150 1.49
Roper Technologies Inc $22,946,166 1.47
Accenture PLC Class A $22,921,575 1.47
Thermo Fisher Scientific Inc $21,740,400 1.39
Teledyne Technologies Inc $20,056,275 1.28
Mastercard Inc A $19,516,200 1.25
S&P Global Inc $19,439,320 1.24
Union Pacific Corp $19,324,701 1.24
Cintas Corp $18,032,572 1.15

Sector Distribution as of 06/30/20

Portfolio Statistics
3 Year Period, as of 06/30/20

Alpha 5.53
Beta 1.00
Information Ratio 1.30
R-Squared 83.64
Sharpe Ratio 0.91
Standard Deviation 11.15
Average Effective Duration (as of 06/30/20) 5.39
Average Effective Maturity (as of 06/30/20) 6.90

Portfolio Composition
as of 06/30/20

Stocks 54.52%
Bonds 35.38%
Cash 10.09%

Credit Quality (%)
as of 06/30/20

AAA 73.08%
AA 3.59%
A 9.61%
BBB 13.13%
BB 0.59%
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 06/30/20

TTM Yield 0.41%
Best 3 month period ended: 05/31/09
17.46%
Worst 3 month period ended: 11/30/08
-26.60%

Valuation (Quarterly)
as of 06/30/20

Price/Earnings 33.06x
Price/Book 5.29x
Price/Sales 4.18x
Price/Cash Flow 23.84x
Turnover (as of 3/31/20) 16%

Fees & Expenses

Redemption Fee N/A
Expense Ratio Before Waivers 1.07%
Expense Ratio After Waivers 1.07%
Minimum Initial Investment $1,000
Minimum Subsequent Investment No Minimum
Redemption Fee N/A
Expense Ratio Before Waivers 0.82%
Expense Ratio After Waivers 0.82%
Minimum Initial Investment $100,000
Minimum Subsequent Investment No Minimum

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 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 / 558 funds; 5 Year / 5 stars / 500 funds; 10 Year / 5 stars / 381 funds; ) VALLX (3 Year / 3 stars / 1237 funds; 5 Year / 3 stars / 1084 funds; 10 Year / 3 stars / 809 funds; ) VLEOX (3 Year / 3 stars / 577 funds; 5 Year / 4 stars / 508 funds; 10 Year / 4 stars / 377 funds; ) VALSX (3 Year / 4 stars / 558 funds; 5 Year / 5 stars / 500 funds; 10 Year / 4 stars / 381 funds; ) VLAAX (3 Year / 5 stars / 636 funds; 5 Year / 5 stars / 558 funds; 10 Year / 5 stars / 412 funds; ) VALIX (3 Year / 5 stars / 309 funds; 5 Year / 5 stars / 278 funds; 10 Year / 5 stars / 194 funds; ) VAGIX (3 Year / 2 stars / 379 funds; 5 Year / 2 stars / 330 funds; 10 Year / 4 stars / 248 funds; ) VLHYX (3 Year / 2 stars / 147 funds; 5 Year / 2 stars / 139 funds; 10 Year / 1 stars / 105 funds; )

Source: Morningstar Direct