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| 1. | CONFIDENTIALITY;      INSIDER TRADING RULES APPLICABLE TO OFFICERS, DIRECTORS AND  EMPLOYEES |
|----|----------------------------------------------------------------------------------------------|

|   | (a) | the      name of Stock Highlights prior to the time when subscribers to Value      Line's Services have had a reasonable time to act on a      recommendation; |
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|   | (b) | the      name of a Special Situation after selection for publication in a Value      Line Service and prior to the time when the trading room removes the stock      from its restricted list; |
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|   | (c) | all      Value Line Select      recommendations prior to the time when the information has been made      available to subscribers to thatService; |
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|   | (d) | any      information regarding, or connected with the purchase or sale of      securities for any of the Value Line Funds or for any asset management      client; |
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|   | (e) | any      information privately tendered to any person in the Value Line      organization that, if or when publicly known, would be likely to affect      the price of a security. |
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| 2. | TRADING AND OTHER      RULES APPLICABLE TO OFFICERS AND  EMPLOYEES |
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|   | (a) | Employees,      including officers, are: |
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|   | (i) | forbidden      to act as investment advisers, to operate any security account management      service, or to give any investment advice to any person for profit or      benefit; whether direct or indirect, without the express prior written      authorization of the CEO of Value Line,Inc. |
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|   | (ii) | forbidden      to trade against the interest of subscribers to any of      the  Value Line Services, asset management clients, or any Value      Line Funds, for their own account or benefit, whether direct or      indirect,  or for the account or benefit, whether direct or      indirect, of any  otherperson. |
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|   | (iii) | forbidden      to recommend any securities transaction to any Value Line Fund or asset      management account without having disclosed in writing his interest, if      any, in the securities or the issuer thereof  to Value Line's      Chief Compliance Officer, Legal Counsel andCEO. |
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|   | (iv) | forbidden      from serving on the Board of Directors of any publicly  traded      company without the express prior written authorization of the CEO of      Value Line, Inc. |
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|   | (v) | forbidden      from purchasing any security until 7 calendar days after all transactions      for a Value Line Fund or asset management account have been completed for      that security; forbidden from selling any security until at least 7      calendar days after all  transactions for a Value Line Fund or      asset management account have been completed for that security (see      2(a)(x) below). A portfolio manager may not purchase or sell a security      for his or her own account within 7 calendar days before or after all      transactions for a Value Line Fund or asset management account have been      completed for that security not only if he/she acts as a portfolio manager      for that Fund or account but also if he/she is a member of the portfolio      management team for that Fund or account. The foregoing requirements      relate to all securities transactions (purchases, sales, or other      acquisitions or dispositions) effected by or on behalf of the officer,      employee, his/her spouse, minor child, other household members, accounts      subject to the officer's or employee's discretion and control and other      accounts in which the officer or employee has a beneficial      interest. |
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|   | (vi) | forbidden      from purchasing any security that has been selected or is about to be      recommended as a special recommendation or Stock Highlight by any of the      Value Line Services or if its Timeliness or Performance Rank is      being upgraded by one of the Services until at least 1 business day after      Publication of the Service. |
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|   | (vii) | forbidden      from selling any security if its Timeliness or Performance Rank is      being downgraded or if a Value Line Service is recommending that it be      sold until at least 1 business day after Publication. "Publication" refers      to the date of publication appearing on a  Service. |
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|  | (viii)  | prohibited      from participating in initial public offerings or purchasing or selling      options.  Purchases of new issues are allowed only in the      secondary markets. |
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|   | (ix) | prohibited      from acquiring securities in a limited offering without the express prior      written authorization of the CEO of Value Line,  Inc. |
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|   | (x) | required      to not sell securities purchased for themselves or for accounts in which      they have a beneficial interest, until at least 30 days after      purchase.  Further, in all cases, permission must be obtained      from the Trading and Compliance departments before the sale transaction      can be placed.  Depending on trades being made by the Value Line      Funds, by asset management accounts or pending rank changes – permission      from Trading and Compliance may be denied thus resulting in requiring that      the security be held more than 30days. |
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|   | (xi) | prohibited,      without the express prior written authorization of the  CEO of      Value Line, Inc., from accepting any offer made by any  person      whereby the officer or employee would be enabled to purchase or sell any      security at a price, or under other conditions, more favorable than those      obtainable at the time by the generalpublic. |
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|   | (xii) | prohibited      from receiving or giving any gift other than a gift of a value of less      than $100 to or from any person that does business with Value Line, any of      its subsidiaries or any of the Value LineFunds. |
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| 3. | PRE-CLEARANCE OF      TRADES APPLICABLE TO OFFICERS AND  EMPLOYEES |
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|   | (a) | transactions      effected in any account in which the employee has no direct or indirect      influence or control or beneficialinterest; |
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|   | (b) | transactions      in securities that are direct obligations of the United      States; |
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|   | (c) | purchases      of shares in automatic dividend reinvestment  programs; |
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|   | (d) | transactions      in the shares of any registered open-end investment company (mutual      fund); |
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|   | (e) | transactions      in banker's acceptances, bank certificates of deposit, commercial paper      and high quality short-term debt instruments, including repurchase      agreements. |
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| 4. | REPORTING      OBLIGATIONS APPLICABLE TO OFFICERS, DIRECTORS AND EMPLOYEES |
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|   | (a) | All Officers and      Employees of Value Line,Inc. |
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|   | (b) | Access Persons        [See      9(a)] |
|--------|-----|-------------------------------------------------|

|   | (i) | the      title and type of security, the exchange ticker symbol or CUSIP number,      number of shares, and principal amount of each reportable security in      which the access person has any direct or indirect beneficial      ownership; |
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|   | (ii) | the      name of any broker, dealer or bank with which the access person maintains      an account in which any securities are held for the access person’s direct      or indirect benefit; and |
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|   | (iii) | the      date the access person submits thereport. |
|--------|-------|----------------------------------------------------|

|   | (i) | the      date of the transaction, the title, and as applicable the exchange ticker      symbol or CUSIP number, interest rate and maturity date, number of shares,      and principal amount of each reportable security  involved; |
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|   | (ii) | the      nature of the transaction (i.e., purchase, sale or      any other type of acquisition ordisposition); |
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|   | (iii) | the      price of the security at which the transaction was    effected; |
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|   | (iv) | the      name of the broker, dealer or bank with or through which the transaction      was effected; and |
|--------|------|----------------------------------------------------------------------------------------------------------|

|   | (v) | the      date the access person submits thereport. |
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|   | (c) | Directors |
|--------|-----|-----------|

|   | (d) | Exceptions From      Reporting Requirements |
|--------|-----|---------------------------------------------|

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| 5. | REPORTING      VIOLATIONS AND CONFIDENTIALITY |
|----|-----------------------------------------------|

|   | (a) | Reporting      Violations.  All officers, directors and employees are      required to report any violations of this Code that come to their      attention to the ComplianceDepartment. |
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|   | (b) | Confidentiality.  Information      obtained from any officer, director or employee hereunder will normally be      kept in strict confidence by Value Line, Inc., but may under certain      circumstances be provided to third parties.  For example,      reports of securities transactions and violations hereunder will be made      available to the SEC or any other regulatory or self-regulatory      organization to the extent required by law or regulation, and in certain      circumstances, may in Value Line, Inc.’s discretion be made available to      other civil and criminal authorities.  In addition, information      regarding violations of this Code may be provided to clients or former      clients of Value Line, Inc. or itssubsidiaries. |
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| 6. | RECORD      KEEPING REQUIREMENTS |
|----|----------------------------------|

|   | 1. | a      copy of this Code of Ethics (and any prior code of ethics that was in      effect at any time during the past five years)  for a period of      five years; |
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|   | 2. | a      record of any violation of this Code of Ethics and of any action taken as      a result of such violation for a period of five years following the end of      the fiscal year in which the violationoccurs; |
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|   | 3. | a      copy of each report submitted under this Code of Ethics for a period of      five years (only those reports submitted during the previous two years      must be maintained and preserved in an easily accessible      place); |
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|   | 4. | a      list of all persons who are, or within the past five years were, required      to make reports pursuant to this Code of Ethics;  and |
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|   | 5. | the      names of any person, other than the Chief Compliance Officer, who is      serving or who has served as review officer or alternative review officer      within the past five years. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | ANNUAL REVIEW BY VALUE LINE      FUNDS |
|----|----------------------------------------|

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|   | (a) | A      summary of existing procedures concerning personal investing and, for the      Board’s approval, any changes in the procedures made during the past year,      provided however, that any material change to this Code of Ethics must be      presented to the Board for approval within six months of such      change; |
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|   | (b) | A      report of any violations requiring significant remedial action during the      past year; |
|--------|-----|--------------------------------------------------------------------------------------------------|

|   | (c) | A      summary of any recommended changes, for the Board’s approval, in existing      restrictions or procedures; and |
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|  | (d)  | A      certification that Value Line Inc. has adopted procedures which are      reasonably necessary      to prevent access persons from violating this  Code. |
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| 8. | AMENDMENTS      TO THE CODE |
|----|-----------------------------|

| 9. | DEFINITIONS |
|----|-------------|

|   | (a) | Access person means any      officer, director or employee: |
|--------|-----|-------------------------------------------------------------|

|   | (i) | who      has access to nonpublic information regarding any      clients’  purchase or sale of securities, or nonpublic      information regarding  the portfolio holdings of any reportable      fund; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | who      is involved in making securities recommendations to clients, or who has      access to such recommendations that are  nonpublic. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Automatic investment      plan means a program in which regular periodic purchases (or      withdrawals) are made automatically in (or from) investment accounts in      accordance with a predetermined schedule and allocation.  An      automatic investment plan includes a dividend reinvestment      plan. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Beneficial ownership is      interpreted in the same manner as it would be under Section 16a-1(a)(2) of      the Securities Exchange Act of 1934 in determining whether a person has      beneficial ownership of a security for purposes of Section 16 of the      Securities Exchange Act of 1934 and the rules and regulations      thereunder. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d)  | Fund means an      investment company registered under the Investment Company      Act. |
|--|-----------|-----------------------------------------------------------------------------------------|

|  | (e)  | Initial public offering      means an offering of securities registered under the Securities Act of      1933, the issuer of which, immediately before the registration, was not      subject to the reporting requirements of Sections 13 or 15(d) of the      Securities Exchange Act of 1934. |
|--|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (f) | Limited offering means      an offering that is exempt from registration under the Securities Act of      1933 pursuant to Section 4(2) or Section 4(6) or pursuant to Regulation      D. |
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|   | (g) | Purchase or sale of a      security includes, among other things, the writing of an option to      purchase or sell a security. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | Reportable fund means      any fund for which Value Line or any of its affiliates serve as an      investment adviser or subadviser. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Reportable security      means a security as defined in Section 202(a)(18) of the Investment      Advisers Act, except that it does notinclude: |
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|   | (i) | direct      obligations of the Government of the United  States; |
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|   | (ii) | bankers’      acceptances, bank certificates of deposit, commercial paper and high      quality short-term debt instruments, including repurchase      agreements; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | shares      issued by money market funds; |
|--------|-------|-------------------------------------------|

|   | (iv) | shares      issued by open-end funds other than reportable funds;  and |
|--------|------|------------------------------------------------------------------------|

|   | (v) | shares      issued by unit investment trusts that are invested exclusively in one or      more open-end funds, none of which are reportable  funds. |
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| DATED: |   |        PRINT YOUR NAME:     |   |
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|   |   |                             |   |
|   |   |   SIGN      YOUR NAME: |   |

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