CODE OF BUSINESS CONDUCT AND
ETHICS




As
mandated by the Securities and Exchange Commission, this Code of Business
Conduct and Ethics (this "Code") sets forth legal and ethical standards of
conduct for the directors, officers and employees of Value Line, Inc. and
subsidiaries (the "Company") and the Value Line Mutual Funds. This Code is
intended to deter wrongdoing and to promote the conduct of all Company business
in accordance with high standards of integrity and in compliance with all
applicable laws and regulations. This Code applies to the Company, its
subsidiaries and each of the Value Line Mutual Funds and applies to each
director and employee including the principal executive officer, principal
financial officer, principal accounting officer or controller of each entity and
persons performing similar functions.




If you
have any questions regarding this Code or its application to you in any
situation, you should contact the Chief Legal Counsel.




COMPLIANCE
WITH LAWS, RULES AND REGULATIONS




The
Company requires that all employees, officers and directors comply with all
laws, rules and regulations applicable to the Company wherever it does business.
You are expected to use good judgment and common sense in seeking to comply with
all applicable laws, rules and regulations and to ask for advice when you are
uncertain about them.




If you
become aware of the violation of any law, rule or regulation by the Company,
whether by its officers, employees, directors, or any third party doing business
on behalf of the Company, or if you become aware of any violation of this Code,
it is your responsibility to promptly report the matter.  You may
contact an officer of the Company.  While it is the Company's desire
to address matters internally, nothing in this Code should discourage you from
reporting any illegal activity, including any violation of the securities laws,
antitrust laws, environmental laws or any other federal, state or foreign law,
rule or regulation, to the appropriate regulatory authority. Employees, officers
and directors shall not discharge, demote, suspend, threaten, harass or in any
other manner discriminate or retaliate against an employee because he or she
reports any such violation, unless it is determined that the report was made
with knowledge that it was false. This Code should not be construed to prohibit
you from testifying, participating or otherwise assisting in any state or
federal administrative, judicial or legislative proceeding or
investigation.




Conduct
      & Ethics Policy  HMW
                      Page
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CONFIDENTIALITY




Employees,
officers and directors must maintain the confidentiality of confidential
information entrusted to them by the Company, except when disclosure is
authorized by the Chief Legal Counsel or legally mandated. Confidential
information includes lists of clients, personal information about employees or
subscribers and the like. Unauthorized disclosure of any confidential
information is prohibited. Additionally, employees should take appropriate
precautions to ensure that confidential or sensitive business information is not
communicated within the Company except to employees who have a need to know such
information to perform their responsibilities for the Company.




Third
parties may ask you for information concerning the Company. Employees, officers
and directors (other than the Company's authorized spokespersons) must not
discuss internal Company matters with, or disseminate internal Company
information to, anyone outside the Company, except as authorized by the Chief
Legal Counsel. All responses to inquiries on behalf of the Company must be
approved by the Company's authorized spokespersons currently Howard A. Brecher.
If you receive any inquiries of this nature, you must decline to comment and
refer the inquirer to the Company's authorized spokespersons.




HONEST
AND ETHICAL CONDUCT AND FAIR DEALING




Employees,
officers and directors should endeavor to deal honestly, ethically and fairly
with the Company's suppliers, customers, competitors and employees. Statements
regarding the Company's products and services must not be untrue, misleading,
deceptive or fraudulent.




PROTECTION
AND PROPER USE OF CORPORATE ASSETS; RELATED PERSON TRANSACTIONS




Employees,
officers and directors should seek to protect the Company's assets. Theft,
carelessness and waste have a direct impact on the Company's financial
performance. All of us must use the Company's assets and services solely for
legitimate business purposes of the Company and not for any personal benefit or
the personal benefit of anyone else.




All of us
must always act in the best interests of the Company. You must refrain from
engaging in any activity or having a personal interest that presents a "conflict
of interest." A conflict of interest occurs when your personal interest
interferes with the interests of the Company. A conflict of interest can arise
whenever you, as an officer, director or employee, take action or have an
interest that prevents you from performing your Company duties and
responsibilities honestly, objectively and effectively.




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The
Company recognizes that Related Person Transactions (as defined below) can
present potential or actual conflicts of interest and create the appearance that
Company decisions are based on considerations other than the best interests of
the Company and its shareholders.  Nevertheless, the Company
recognizes that there are situations where Related Person Transactions may be
in, or may not be inconsistent with, the best interests of the Company and its
shareholders  Therefore, the Company has adopted the procedures set
forth below for the review, approval or ratification of Related Person
Transactions.




For the
purposes of this Code of Conduct and Business Ethics, a "Related Person
Transaction" is a transaction, arrangement or relationship (or any series of
similar transactions, arrangements or relationships) in which the Company
(including any of its subsidiaries) was, is or will be a participant and the
amount involved exceeds $50,000, and in which any Related Person had, has or
will have a direct or indirect material interest; provided, however, that the
following are not Related Person Transactions:




1.
            the
      transaction involves compensation approved by the Company’s Compensation
      Committee;




2.
            the
      transaction is available to all employees
  generally;




3.
            indebtedness
      due from the Related Person for purchases of goods and services subject to
      usual trade terms, for ordinary business travel and expense payments and
      for other transactions in the ordinary course of business;
    and




4.
            the
      interest of the Related Person arises solely from the ownership of the
      Company's Common Stock and all holders of the Company's Common Stock
      receive the same benefit on a pro rata
basis.




For
purposes of this Code of Business Conduct and Ethics, a “Related Person”
means:




1.
            any
      person who is, or at any time since the beginning of the Company’s last
      fiscal year was, a director or officer of the Company or a nominee to
      become a director of the Company;




2.
            any
      person who is known to be the beneficial owner of more than 5% of the
      Company's Common Stock;




3.
            any
      immediate family member of any of the foregoing persons, which means any
      child, stepchild, parent, stepparent, spouse, sibling, mother-in-law,
      father-in-law, son-in-law, daughter-in-law, brother-in-law, or
      sister-in-law of the director, executive officer, nominee or more than 5%
      beneficial owner, and any person (other than a tenant or employee) sharing
      the household of such director, executive officer, nominee or more than 5%
      beneficial owner; and




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4.
            any
      firm, corporation or other entity in which any of the foregoing persons is
      employed or is a general partner or principal or in a similar position or
      in which such person has a 5% or greater beneficial ownership
      interest.




A Related
Person Transaction shall be consummated or shall continue only if the Audit
Committee shall approve or ratify such transaction and if the transaction is
fair and reasonable to the Company.




BUSINESS
OPPORTUNITIES




All of us
are bound to advance the Company's business interests when the opportunity to do
so arises. You must not take for yourself business opportunities that are
discovered through your position with the Company or the use of property or
information of the Company.




ACCURACY
OF BOOKS AND RECORDS AND PUBLIC REPORTS




Employees,
officers and directors must honestly and accurately report all Company business
transactions. You are responsible for the accuracy of your records and reports.
Accurate information is essential to the Company's ability to meet legal and
regulatory obligations.




All
Company books, records and accounts shall be maintained in accordance with all
applicable regulations and standards and accurately reflect the true nature of
the transactions they record. The financial statements of the Company shall
conform to generally accepted accounting rules and the Company's accounting
policies. No undisclosed or unrecorded account or fund shall be established for
any purpose. No false or misleading entries shall be made in the Company's books
or records for any reason, and no disbursement of corporate funds or other
corporate property shall be made without adequate supporting
documentation.




It is the
policy of the Company to provide full, fair, accurate, timely and understandable
disclosure in reports and documents filed with, or submitted to, the Securities
and Exchange Commission and in other public communications.




CONCERNS
REGARDING ACCOUNTING OR AUDITING MATTERS




Anyone
with concerns regarding questionable accounting or auditing matters or
complaints regarding accounting, internal accounting controls or auditing
matters may confidentially, and anonymously if they wish, communicate such
concerns or complaints to any of the Company's officers. A record of all
complaints and concerns received will be provided to the Audit
Committee.




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DISCIPLINARY
ACTION




Disciplinary
measures will be taken against:




·
            Any
      employee, officer or director who authorizes, directs, approves or
      participates in any violation of the Code or of any applicable law, rule
      or regulation;




·
            Any
      employee, officer or director who has deliberately failed to report a
      violation of the Code or of any applicable law, rule or regulation, who
      has concealed any such violation or who has deliberately withheld or
      misstated relevant information concerning such a
  violation;




·
            Any
      employee, officer or director who retaliates, directly or indirectly, or
      encourages others to do so, against any other employee, officer or
      director because of a report by that person of a suspected violation of
      the Code or of any applicable law, rule or
  regulation;




·
            Any
      employee, officer or director who knowingly refers a false allegation of a
      violation of the Code or of any applicable law, rule or regulation or who
      deliberately abuses the procedures established for investigating suspected
      violations of the Code; and




·
            Any
      employee, officer or director who refuses to return a signed certification
      of the Code or who fails to return a signed certification of the Code
      after reasonable opportunity to do
so.




In
addition, persons who violate any applicable law, rule or regulation may be
subject to criminal and civil penalties and payment of civil damages to the
Company or third parties.




DISSEMINATION
AND AMENDMENT




This Code
shall be distributed to each new employee, officer and director of the Company
upon commencement of his or her employment or other relationship with the
Company.




Company
reserves the right to amend, alter or terminate this Code at any time for any
reason.




This
document is not an employment contract between the Company and any of its
employees, officers or directors and does not alter the Company's at-will
employment policy.




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CERTIFICATION




I,_________________________________
do hereby certify that:


(Print Name Above)




1.   I
have received and carefully read the Code of Business Conduct and Ethics of
Value Line, Inc. and the Value Line Mutual Funds.




2.   I
understand the Code of Business Conduct and Ethics.




3.   I
have complied and will continue to comply with the terms of the Code of Business
Conduct and Ethics.




Date:(Signature)




EACH
EMPLOYEE, OFFICER AND DIRECTOR IS REQUIRED TO SIGN, DATE AND RETURN THIS
CERTIFICATION TO THE HUMAN RESOURCE DEPARTMENT WITHIN 30 DAYS OF ISSUANCE.
FAILURE TO DO SO MAY RESULT IN DISCIPLINARY ACTION.




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