2016 Estimated Capital Gains

November 28, 2016

This letter is to notify you of the projected year-end capital gains distributions that you may incur as a result of investments in the Value Line Family of Funds.

Based upon the number of shares outstanding at November 25, 2016 and the realized capital gains through the valuation date, October 31, 2016, the Funds listed below project the following year-end capital gains distributions. This amount may change as a result of developments during the remainder of the year.

Fund Short Term
Capital Gain*
Long Term
Capital Gain*
Total
Per Share*
Record Date Ex/Pay Date
Value Line Mid Cap Focused Fund $0.374 $0.374 12/20 12/21
Larger Companies Focused Fund $3.421 $3.421 12/20 12/21
Asset Allocation Fund $0.583 $0.583 12/20 12/21
Income and Growth Fund - $0.464 $0.464 12/20 12/21
Premier Growth Fund - $1.973 $1.973 12/20 12/21
Small Cap Opportunities Fund - $2.423 $2.423 12/20 12/21
Value Line Defensive Strategies Fund 12/20 12/21
*

Estimated capital gain, annual income, and calendar year-end distributions are estimates as of the 10/31/16 share price. Keep in mind that market conditions, portfolio changes, and/or changes in outstanding fund shares could substantially affect these estimates. In addition, there is a possibility that funds not listed above could pay a capital gain distribution, annual income distribution, or calendar year-end distribution, or that funds listed could pay a second distribution. This information is NOT FINAL and is subject to change until the ex-dividend date.

2016 Quarterly Distribution

Fund Ticker Class Ex./Pay Date Ordinary
Income
Short Term Long Term Total
Per Share
Income and Growth Fund VALIX Inv. 9/27 $0.00230 - - $0.00230
      6/28 $0.00718 - - $0.00718
      3/29 $0.00809 - - $0.00809
  VLIIX Instl. 9/27 $0.00177 - - $0.00177
      6/28 $0.00757 - - $0.00757
      3/29 $0.00920 - - $0.00920

2016 Monthly Distribution

Fund Ex. Date Pay Date Ordinary
Income
Short Term Long Term Total
Per Share
VL Core Bond - VAGIX 11/30 11/30 $0.03231 $0.03231
  10/31 10/31 $0.01883 $0.01883
  9/30 9/30 $0.02296 $0.02296
  8/31 8/31 $0.020000 $0.020000
  7/29 7/29 $0.022716 $0.022716
  6/30 6/30 $0.02417 $0.02417
  5/31 5/31 $0.01929 $0.01929
  4/29 4/29 $0.02243 $0.02243
  3/31 3/31 $0.02230 $0.02230
  2/29 2/29 $0.01752 $0.01752
  1/29 1/29 $0.02119 $0.02119

2015 Year-End Distributions (Finalized)

Record Date: 12/21/2015
Ex Date: 12/22/2015
Payable Date: 12/22/2015
Reinvest Date: 12/22/2015

Fund Ticker Class Ordinary
Income
Return of
Capital
Short Term
Capital Gain
Long Term
Capital Gain
Total
Per Share
Premier Growth Fund VALSX   - - - $4.97871 $4.97871
Income and Growth Fund VALIX Inv. $0.00780 - - $0.53896 $0.54676
  VLIIX Instl. - - - $0.53896 $0.53896
Larger Companies Focused Fund VALLX Inv. - - - $1.52212 $1.52212
  VLLIX Instl. - - - $1.52212 $1.52212
Small Cap Opportunities Fund VLEOX Inv. - - - $6.11309 $6.11309
  VLEIX Instl. - - - $6.11309 $6.11309
Asset Allocation Fund VLAAX Inv. $0.05471 - - $0.77146 $0.82617
  VLAIX Instl. $0.05882 - - $0.77146 $0.83028
Inv. $0.19928 $0.39392 - - $0.59320
  Instl. $0.19928 $0.39392 - - $0.59320

2015 Year End Federal & State Tax Information

Tax Filings/Forms

If you have any questions please call 800.243.2729.

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