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Capital Gains - Projected 2007 Year-End Distributions

2007 Projected Year-End Distributions

November 19, 2007

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 Fund Family.

Based upon the number of shares outstanding at November 23, 2007 and the realized capital gains through the valuation date, October 31, 2007, 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.

Value Line
Fund Name
Short Term
Capital Gain
Long Term
Capital Gain
Total Per
Share
Ex. Date Pay Date
VL Fund $1.681 $0.328 $2.009 12/18 12/19
VL Larger Companies $2.056 $0.840 $2.896 12/18 12/19
VL Convertible $0.148 $1.026 $1.174 12/18 12/19
VL Asset Allocation $0.023 $1.643 $1.666 12/18 12/19
VL Income & Growth $0.124 $0.424 $0.548 12/18 12/19
VL Premier Growth $2.056 $2.056 12/18 12/19
VL Emerging Opportunities $0.785 $0.785 12/18 12/19
VL US Governments 12/18 12/19
VL Aggressive Income 12/18 12/19

For updated information please log on to www.vlfunds.com or call 1-800-243-2729. Please use this phone number for account services or to retrieve your log-in information.