ValueLine Funds: A Family of No-Load Mutual Funds

Capital Gains

2011 Year End Distributions

December 5, 2011

Dear Shareholders,

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 December 2, 2011 and the realized capital gains through the valuation date, October 31, 2011, 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

Long Term
Total
Per Share

Ex. Date

Pay Date
VL Fund - VLIFX 12/28 12/28
VL Larger Companies - VALLX 12/28 12/28
VL Asset Allocation - VLAAX $0.548 $0.548 12/28 12/28
VL Income and Growth - VALIX 12/28 12/28
VL Premier Growth - VALSX $1.551 $1.551 12/28 12/28
VL Emerging Opportunities - VLEOX 12/28 12/28
VL U.S. Government Securities - VALBX $0.096 $0.147 $0.243 12/28 12/28
VL Aggressive Income- VAGIX 12/28 12/28

Sincerely,

Value Line Funds

For updated information please call 1-800-243-2729.