0000102757 2011-05-01 2011-05-01 0000102757 valix:C000020636Member valix:S000007571Member 2011-05-01 2011-05-01 0000102757 rr:AfterTaxesOnDistributionsAndSalesMember valix:C000020636Member valix:S000007571Member 2011-05-01 2011-05-01 0000102757 valix:S000007571Member 2011-05-01 2011-05-01 0000102757 valix:Sp500IndexMember valix:S000007571Member 2011-05-01 2011-05-01 0000102757 rr:AfterTaxesOnDistributionsMember valix:C000020636Member valix:S000007571Member 2011-05-01 2011-05-01 0000102757 valix:BarclaysCapitalUSGovernmentcreditIndexMember valix:S000007571Member 2011-05-01 2011-05-01 xbrli:pure iso4217:USD <div><div align="center" style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Value Line Income and Growth Fund, Inc.</font></div></div> <div><div align="left" style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Investment objectives </font> </div> </div> <div><font style="display:inline;font-family:times new roman;font-size:10pt;" >The Fund's primary investment objective is income, as high and dependable as is consistent with reasonable risk. </font> </div> <div style="display:inline;font-family:times new roman;font-size:10pt;">Capital growth to increase total return is a secondary objective.</div> <div><div align="left" style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Fees and expenses </font> </div> </div> <div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. There are no shareholder fees (fees paid directly from your investment). </font> </div> </div> <div><table cellspacing="0" cellpadding="0" width="100%" style="font-family:times new roman;font-size:10pt;" ><tr><td valign="top" width="85%" style="text-align:left;" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" ><font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Annual Fund Operating Expenses (expenses that you pay each year as a percentage o f the value of your investment ) </font> </div> </td> </tr> </table> </div> <div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" ><font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Example </font> </div> </div> <div><table cellspacing="0" cellpadding="0" width="100%" style="font-family:times new roman;font-size:10pt;" ><tr><td valign="top" width="85%" style="text-align:left;" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >This example is intended to help you compare the cost of investing in the Fund to the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated whether or not you redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same except in year one. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font> </div> </td> </tr> </table> </div> <div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Portfolio turnover </font> </div> </div> </div> <div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year the Fund's portfolio turnover rate was 46 % of the average value of its portfolio. </font> </div> </div> <div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" ><font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Principal investment strategies of the Fund </font> </div> </div> <div><div style="text-align:left;" ><table cellspacing="0" cellpadding="0" width="100%" style="font-family:times new roman;font-size:10pt;" ><tr><td valign="top" style="text-align:left;" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >To achieve the Fund's goals, EULAV Asset Management (the "Adviser") invests not less than 50% of the Fund's net assets in common or preferred stocks or securities convertible into common stock which may or may not pay dividends. The balance of the Fund's net assets are primarily invested in U.S. government securities, money market securities and investment grade debt securities rated at the time of purchase from the highest (AAA) to medium (BBB) quality. While the Fund is actively managed by the Adviser, the Adviser relies primarily on the rankings of companies by the Value Line Timeliness&#8482; Ranking System or the Value Line Performance&#8482; Ranking System (the "Ranking Systems") in selecting securities for purchase or sale. The Ranking Systems are proprietary quantitative systems that compare an estimate of the probable market performance of each stock within a universe during the next six to twelve months to that of all stocks within that universe and ranks stocks on a scale of 1 (highest) to 5 (lowest). The common stocks in which the Fund invests usually, as measured by the number and total value of purchases, are selected from those securities ranked 1, 2 or 3 by either Ranking System at the time of purchase. Although the Fund can invest in companies of any size, it generally invests in U.S. securities issued by larger, more established companies (those with a market capitalization of more than $5 billion). </font> </div> </td> </tr> </table> </div>&#160;<div> </div><div style="text-align:left;" ><div><table cellspacing="0" cellpadding="0" width="100%" style="font-family:times new roman;font-size:10pt;" ><tr><td valign="top" style="text-align:left;" ><div style="text-align:left;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses or redeploy assets into more promising opportunities. </font> </div> </td> </tr><tr> <td valign="top" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >&#160;</font></td> </tr> <tr> <td valign="top" style="text-align:left;" ><div style="text-align:left;text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >As described above, the Adviser relies primarily on the rankings of companies by the Ranking Systems in selecting stocks for the Fund, but has discretion, including whether and which ranked stocks to include within the Fund's portfolio, whether and when to buy or sell stocks based upon changes in their rankings, and the frequency and timing of rebalancing the Fund's portfolio. The Adviser will determine the percentage of the Fund's assets invested in each stock based on the stock's relative attractiveness. </font> </div> </td> </tr> </table> </div> </div> </div> <div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" ><font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Principal risks of investing in the Fund </font> </div> </div> <div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Investing in any mutual fund involves risk, including the risk that you may receive little or no return on your investment, and that you may lose part or all of your investment. The risks vary depending upon a fund's mix of stocks, bonds and money market securities. Therefore, before you invest in this Fund you should carefully evaluate the risks.</font></div> <br/> <div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The chief risk that you assume when investing in the Fund is market risk, the possibility that the securities in a certain market will decline in value because of factors such as economic conditions. Market risk may affect a single issuer, an industry, a sector of the economy or the market as a whole. You also assume an interest rate risk, the possibility that as interest rates rise the value of some fixed income securities, especially those securities with longer maturities, may decrease. BBB-rated bonds are more speculative than higher rated investment grade bonds.</font></div> <br/> <div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >Because the Fund is actively managed, its investment return depends on the ability of the Adviser to manage its portfolio successfully. The Adviser's investment strategies may not be able to produce the desired results.</font></div> <br/> <div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >An investment in the Fund is not a complete investment program and you should consider it just one part of your total investment program. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. For a more complete discussion of risk, please turn to page 10.</font></div> <br/> <div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >To the extent the Fund uses the Ranking Systems, there is the risk that securities not covered by the Ranking Systems or lower rated securities will appreciate to a greater extent than those securities in the Fund's portfolio.</font></div> <br/> <div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >The price of Fund shares will increase and decrease according to changes in the value of the Fund's investments. The Fund will be more affected by changes in stock prices, which have historically tended to fluctuate more than bond prices.</font></div> <div><div style="text-indent:0pt;display:block;" > </div><div style="text-align:left;" ><table cellspacing="0" cellpadding="0" width="100%" style="font-family:times new roman;font-size:10pt;" ><tr><td valign="top" width="100%" colspan="2" style="text-align:left;" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" ><font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Fund performance </font> </div> </td> </tr> </table> </div> </div> <div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >This bar chart and table can help you evaluate the potential risks of investing in the Fund. The bar chart below shows how returns for the Fund's shares have varied over the past ten calendar years, and the table below shows the average annual total returns (before and after taxes) of these shares for one, five, and ten years. These returns are compared to the performance of the S&amp;P 500&#174; Index and the Barclays Capital U.S. Government/Credit Index, which are broad based equity and bond market indices, respectively. All returns reflect reinvested dividends. The Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available at: www.vlfunds.com. </font> </div> <div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" ><font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Total returns (before taxes) as of 12/31 each year (%) </font> </div> <table style="font-size: 10pt; font-family: times new roman;" cellpadding="0" cellspacing="0" width="100%"> <tr> <td align="left" valign="top" width="13%"><font style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Best Quarter:&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Q2 2003&#160;<font style="letter-spacing: 9pt;">&#160;&#160;</font>+12.19%</font></td> </tr><tr> <td align="left" valign="top" width="13%"><font style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Worst Quarter:&#160;&#160;&#160;</font><font style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Q4 2008&#160;<font style="letter-spacing: 9pt;">&#160;&#160;</font>-13.78%</font></td> </tr> </table> <div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" ><font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Average Annual Total Returns for Periods Ended December 31, 2010 </font> </div> </div> <div><table cellspacing="0" cellpadding="0" width="100%" style="font-family:times new roman;font-size:10pt;" ><tr><td colspan="2" valign="top" width="85%" style="text-align:left;" ><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:left;" ><font style="display:inline;font-family:times new roman;font-size:10pt;" >After-tax returns in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </font> </div> </td> </tr> </table> </div> 0.0067 0.0025 0.0022 0.0114 -0.0005 0.0109 111 357 623 1382 -0.0518 -0.1203 0.2443 0.1439 0.0998 0.1107 0.0784 -0.2152 0.2307 0.1055 <div style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;" >Return before taxes</div> <div style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;" >Return after taxes on distributions and sale of Fund shares</div> <div style="font-weight:bold;display:inline;font-family:times new roman;font-size:10pt;" >S&amp;P 500&#174; Index*</div> <div style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;" >Return after taxes on distributions</div> <div style="font-weight:bold;display:inline;font-family:times new roman;font-size:10pt;" >Barclays Capital U.S. Government/Credit Index*</div> 0.1055 0.0706 0.1506 0.1029 0.0659 0.0504 0.04 0.0229 0.0408 0.0556 0.0526 0.0402 0.0141 0.0399 0.0583 485BPOS 2010-12-31 VALUE LINE INCOME & GROWTH FUND INC 0000102757 false VALIX 2011-05-01 2011-05-03 2011-05-01 0.46 <div><font style="display:inline;font-family:times new roman;font-size:10pt;" >To achieve the Fund's goals, EULAV Asset Management (the "Adviser") invests not less than 50% of the Fund's net assets in common or preferred stocks or securities convertible into common stock which may or may not pay dividends. The balance of the Fund's net assets are primarily invested in U.S. government securities, money market securities and investment grade debt securities rated at the time of purchase from the highest (AAA) to medium (BBB) quality. </font> </div> <div><font style="display:inline;font-family:times new roman;font-size:10pt;" >Investing in any mutual fund involves risk, including the risk that you may receive little or no return on your investment, and that you may lose part or all of your investment. The risks vary depending upon a fund's mix of stocks, bonds and money market securities. </font> </div> <div><font style="display:inline;font-family:times new roman;font-size:10pt;" >An investment in the Fund is not a complete investment program and you should consider it just one part of your total investment program. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. </font> </div> <div><font style="display:inline;font-family:times new roman;font-size:10pt;" >This bar chart and table can help you evaluate the potential risks of investing in the Fund. The bar chart below shows how returns for the Fund's shares have varied over the past ten calendar years, and the table below shows the average annual total returns (before and after taxes) of these shares for one, five, and ten years. These returns are compared to the performance of the S&amp;P 500&#174;<font style="display:inline;font-size:70%;vertical-align:text-top;" > </font>Index and the Barclays Capital U.S. Government/Credit Index, which are broad based equity and bond market indices, respectively. </font> </div> <div style="display:inline;font-family:times new roman;font-size:10pt;">www.vlfunds.com</div> <div style="display:inline;font-family:times new roman;font-size:10pt;">The Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. </div> <div><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Best Quarter: </font> </div> 0.1219 2003-06-30 <div><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Worst Quarter: </font> </div> -0.1378 2008-12-31 <div>Reflects no deduction for fees or expenses. </div> <div>Reflects no deduction for fees or expenses. </div> <div><font style="display:inline;font-family:times new roman;font-size:10pt;" >After-tax returns in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </font> </div> <div><font style="display:inline;font-family:times new roman;font-size:10pt;" >Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </font> </div> <div style='display: none;'> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact valix_S000007571Member row primary compact * ~ </div> <div style='display: none;'> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData column dei_LegalEntityAxis compact valix_S000007571Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ </div> <div style='display: none;'> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact valix_S000007571Member row rr_ProspectusShareClassAxis compact valix_C000020636Member row primary compact * ~ </div> <div style='display: none;'> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact valix_S000007571Member row primary compact * ~ </div> Effective May 1, 2011 through April 30, 2012, EULAV Securities LLC (the "Distributor") contractually agreed to waive a portion of the Fund's 12b-1 fee in an amount equal to 0.05% of the Fund's average daily net assets. The waiver cannot be terminated without the approval of the Fund's Board of Directors. Reflects no deduction for fees or expenses.