0000726994 2011-05-01 2011-05-01 0000726994 vlcf:S000007566Member vlcf:C000020631Member 2011-05-01 2011-05-01 0000726994 vlcf:S000007566Member vlcf:Sp500IndexMember 2011-05-01 2011-05-01 0000726994 vlcf:S000007566Member 2011-05-01 2011-05-01 xbrli:pure iso4217:USD <div><div style="text-indent:0pt;display:block;margin-left:0pt;margin-right:0pt;text-align:center;" ><font style="font-style:italic;display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >Value Line Centurion Fund, Inc.</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;">Investment objective</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;" >The Fund's investment objective is long-term growth of capital. </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;" >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 you pay in connection with an investment in the Fund. It does not take into account any fees or other expenses of any variable annuity or variable life insurance product. If such fees were reflected, expenses would be higher. </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;" >Annual Fund Operating Expenses <font style="font-weight:bold;" >(expenses that </font> you pay each year as a percentage of the value of your investment. ) </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;" >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" 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 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 27 % of the average value of its portfolio. </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;" >Principal investment strategies </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;" >To achieve the Fund's goal, EULAV Asset Management (the "Adviser") invests substantially all of the Fund's net assets in common stocks. While the Fund is actively managed by the Adviser, the Adviser relies primarily on the rankings of companies by the Value Line Timeliness&#153; Ranking System (the "Ranking System") in selecting securities for purchase or sale. The Ranking System is a proprietary quantitative system that compares 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 universe followed by the Ranking System consists of stocks of approximately 1,700 companies accounting for approximately 95% of the market capitalization of all stocks traded on the U.S. securities exchanges. All the stocks followed by the Ranking System are listed on U.S. stock exchanges or traded in the U.S. over-the-counter markets. The Fund's investments principally are selected from common stocks ranked 1, 2 or 3 by the Ranking System at the time of purchase. Apart from the diversification requirements of the Investment Company Act of 1940 applicable to diversified funds (which generally means that it will not invest more than 5% of its total assets in the stocks of any one company), the Fund is not subject to any limit on the percentage of its assets that may be invested in any particular stock. Because the Adviser relies on the Ranking System in managing the Fund's portfolio, the Fund is not limited to investments according to a company's size. </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 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><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;" >As described above, the Adviser relies primarily on the rankings of companies by the Ranking System 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> </div> <div style="text-align:left;"><font style="font-style:italic;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. 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. </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;" >Certain securities may be difficult or impossible to sell at the time and price that the Fund would like. The Fund may have to lower the price, sell other securities instead or forego an investment opportunity. This could have a negative effect on the Fund's performance. </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;" >The Fund's annual portfolio turnover rate has exceeded 100% in four of the last five years. A rate of portfolio turnover of 100% would occur if all of the Fund's portfolio were replaced in a period of one year. To the extent the Fund engages in short - term trading in attempting to acheive its investment objective, it will increase the Fund's portfolio turnover rate and the Fund will incur higher brokerage commissions and other expenses. </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 9. </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 uses the Ranking System, there is the risk that securities not covered by the Ranking System 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 affected by changes in stock prices, which have historically tended to fluctuate more than bond prices. </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;" >Fund performance </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 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 of these shares for one, five, and ten years. These returns are compared to the performance of the S&amp;P 500&#174; Index, which is a broad based market index. This performance information does not reflect separate account or variable insurance contract fees or charges. If such fees and charges were reflected, the Fund's returns would be less than those shown. All returns reflect reinvested dividends. The Fund's past performance is not necessarily an indication of how it will perform in the future. </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;" >Total returns as of 12/31 each year (%) </font> </div> </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;">Q3 2010&#160;<font style="letter-spacing: 9pt;">&#160;&#160;</font>+12.86%</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>-27.75%</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> 0.005 0.004 0.0015 0.0105 -0.0015 0.009 92 319 565 1269 -0.1635 -0.2293 0.1949 0.1151 0.0913 0.0385 0.2072 -0.1927 0.1109 0.2575 <div style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;">Value Line Centurion Fund</div> <div style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;">S&amp;P 500&#174; Index (reflects no deduction for fees or expenses)</div> 0.2575 0.1506 -0.0234 0.0229 -0.0181 0.0141 485BPOS 2010-12-31 VALUE LINE CENTURION FUND INC 0000726994 false 2011-05-01 2011-05-03 2011-05-01 0.27 <div><font style="display:inline;font-family:times new roman;font-size:10pt;" >To achieve the Fund's goal, EULAV Asset Management (the "Adviser") invests substantially all of the Fund's net assets in common stocks. While the Fund is actively managed by the Adviser, the Adviser relies primarily on the rankings of companies by the Value Line Timeliness&#153; Ranking System (the "Ranking System") in selecting securities for purchase or sale. The Ranking System is a proprietary quantitative system that compares 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 universe followed by the Ranking System consists of stocks of approximately 1,700 companies accounting for approximately 95% of the market capitalization of all stocks traded on the U.S. securities exchanges. All the stocks followed by the Ranking System are listed on U.S. stock exchanges or traded in the U.S. over-the-counter markets. The Fund's investments principally are selected from common stocks ranked 1, 2 or 3 by the Ranking System at the time of purchase. </font> </div> <div><font style="display:inline;font-family:times new roman;font-size:10pt;" > </font><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. </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 of these shares for one, five, and ten years. These returns are compared to the performance of the S&amp;P 500&#174; Index, which is a broad based market index. </font> </div> <div style="display:inline;font-family:times new roman;font-size:10pt;">The Fund's past performance is not necessarily an indication of how it will perform in the future. </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;" >Best Quarter: </font> </div> </div> 0.1286 2010-09-30 <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;" >Worst Quarter: </font> </div> </div> -0.2775 2008-12-31 <div><font style="display:inline;font-family:times new roman;font-size:10pt;font-weight:bold;" >(reflects no deduction for fees or expenses) </font> </div> <div style='display: none;'> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact vlcf_S000007566Member row primary compact * ~ </div> <div style='display: none;'> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData column dei_LegalEntityAxis compact vlcf_S000007566Member 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 vlcf_S000007566Member row rr_ProspectusShareClassAxis compact vlcf_C000020631Member row primary compact * ~ </div> <div style='display: none;'> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact vlcf_S000007566Member row primary compact * ~ </div> Effective May 1, 2011 through April 30, 2012, EULAV Securities LLC (the "Distributor") has contractually agreed to waive a portion of the Fund's 12b-1 fee in an amount equal to 0.15% of the Fund's average daily net assets. There is no assurance that the Distributor will extend the fee waiver beyond April 30, 2012. The waiver cannot be terminated before April 30, 2012 without the approval of the Fund's Board of Directors.