Exhibit
      14




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. (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 Mrs. Buttner, Howard Brecher or Peter
      Lowenstein.




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 promptly to report the matter to Mrs. Buttner or
      another 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.




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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 CEO 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 directed by the CEO.
      All
      responses to inquiries on behalf of the Company must be approved by the
      Company's authorized spokespersons who are Jean B. Buttner, Howard A. Brecher
      or
      David T. Henigson. 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 executive 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, submit such concerns
      or complaints to any of the Company's officers. All such concerns and complaints
      you hear about must be forwarded to the CEO by the person hearing the
      complaints. A record of all complaints and concerns received will be provided
      to
      the Audit Committee each fiscal quarter by the Company's Legal Counsel or any
      of
      its officers.




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The
      Audit
      Committee will evaluate the merits of any concerns or complaints received by
      it
      and authorize such follow-up actions, if any, as it deems necessary or
      appropriate to address the substance of the concern or complaint.




The
      Company will not discipline, discriminate against or retaliate against any
      employee who reports a complaint or concern, unless it is determined that the
      report was made with knowledge that it was false.




DISCIPLINARY
      ACTION




If
      you
      fail to comply with the Code or any applicable law, rule or regulation, you
      will
      be subject to discipline that may include termination. Disciplinary measures
      will depend on the circumstances of the violation. Consideration will be given
      to whether or not a violation was intentional, as well as to the level of good
      faith shown in reporting the violation or in cooperating with any resulting
      investigation or corrective 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




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·
            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 and shall also be distributed annually to each employee, officer and
      director of the Company, and each employee, officer and director shall certify
      that he or she has received, read and understood the Code and has complied
      with
      its terms.




The
      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.




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)


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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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