Eulav Asset Management

Item 5 - Fees and Compensation

Fees - Investment Adviser to Mutual Funds

The investment advisory agreement between each of the Value Line Funds and EAM provides for
an annual advisory fee (payable monthly as a percentage of each Fund’s average daily net assets).
The investment advisory fees paid to EAM for investment advisory services are included in the
expense ratio shown in each prospectus of the Value Line Funds. The expense ratio includes the
above fee as well as the other expenses charged by Value Line Funds to their shareholders.
Specific advisory fees and expense-related information as well as risks relating to investing in the
Value Line Funds may be found in each Fund’s Prospectus or Statement of Additional Information
and are available at www.vlfunds.com.

The fees for certain Funds may be subject to waivers and/or reimbursements by EAM. Please refer
to each Fund’s Prospectus. EAM's annual fee is calculated daily and paid in arrears monthly by
the Funds’ administrator, State Street Bank and Trust Company (“State Street”). Approvals are
required by officers of the Funds and State Street prior to payment being sent to EAM.

The Funds pay transaction costs when they buy and sell securities. This is outside each Fund’s
expense ratio. For example, 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. Please refer to each
Fund’s Prospectus and SAI for full details.

Shareholders have the opportunity to purchase the Value Line Funds directly through the transfer
agent or through other broker-dealers such as Charles Schwab & Co., Pershing, LLC, and Fidelity
Brokerage Services LLC (National Financial Services), among others.

Fees - Separately Managed Accounts/ Model Provider to Envestnet, SMArtX Advisory
Solutions and Vestmark

An Agreement must be completed to engage in advisory services. The Agreement shall continue
in effect until terminated by either party by giving to the other notice per the terms of the
agreement.

The investment management fee charged by EAM for each SMA model portfolio is generally
0.40%. The specific manner in which fees are charged by EAM for SMAs is established in a
client’s written agreement with EAM or established in EAM’s agreement with each platform that
offers the SMA model portfolios. EAM advisory fees are based on a percentage of assets under
management.

For direct accounts, clients may elect to be billed directly for fees or to authorize EAM to debit
fees directly from their account. Accounts initiated or terminated during a calendar quarter will
be charged a prorated fee in accordance with client agreements. Upon termination of any account,
any prepaid, unearned fees will be promptly refunded, and any earned, unpaid fees will be due and
payable. Clients will also incur any applicable brokerage trading commissions. For quarterly fees
paid in arrears, an account that terminates prior to the billing period will be charged for the earned
fees on a pro-rata basis. Notification of termination is generally accepted in writing. Clients may
incur custodian fees payable to their custodians.

EAM may enter into arrangements where it pays solicitor or referral fees for separately managed
accounts. Please see Item 14 for more information.

Model portfolios are also available through brokers or platforms that are not affiliated with EAM,
such as Envestnet. Fees paid may be higher than the fees described above due to other fees charged
by the broker or platform in addition to EAM’s investment management fee.

No portion of EAM's revenue is derived from commissions and the firm does not charge
commissions or mark-ups. Item 12 – Brokerage Practices, further describes the factors that EAM
considers in selecting or recommending broker-dealers for client transactions and determining the
reasonableness of their compensation (e.g., commissions).

Item 7 – Types of Clients

EAM offers portfolio management services to:
     •       Registered mutual funds
     •       Individuals, including high net worth individuals
     •       Trusts, estates and charitable organizations
     •       Corporate pension and profit-sharing plans
     •       Foundations, endowments

EAM acts as either a discretionary investment manager or a non-discretionary model provider in
a variety of separately managed account (SMA) programs.

EAM acts as a Licensor of Value Line’s® Safety ™and Timeliness Ranking™ Systems and an Index
Provider of indices based on such Value Line data.

EAM also provides model-investment portfolios to Envestnet, SMArtX and Vestmark Advisory
Solutions.

Currently EAM’s only advisory clients are the Value Line Mutual Funds.

Account Minimums

The minimum amount of an initial investment in the Value Line Funds varies depending on the
class of shares you buy and the type of account. Certain financial intermediaries may impose
different restrictions than those described below. Refer to each Fund’s Prospectus for additional
information on account minimums.

For SMAs, a minimum of $100,000 of assets is generally required to open an account. Minimums
may vary on third-party platforms.

EAM reserves the right to accept or maintain accounts below the stated minimums for SMAs. EAM
also reserves the right to waive and/or negotiate other conditions for managing accounts as
detailed above.