The Value Line Fund, Inc. Value Line Income and Growth Fund, Inc. Value Line Premier Growth Fund, Inc. Value Line Larger Companies Fund, Inc. Value Line Centurion Fund, Inc. Value Line Core Bond Fund Value Line Strategic Asset Management Trust Value Line Small Cap Opportunities Fund, Inc. Value Line Asset Allocation Fund, Inc. |
(Name of Registrant as Specified in its Charter) |
(Name of Person(s) Filing Proxy Statement, if other than the Registrant) |
NOTICE OF SPECIAL MEETING OF SHAREHOLDERS | ||
To be held on March 4, 2014 | ||
2 |
JOINT PROXY STATEMENT | ||
Name of Fund | Shares Outstanding |
The Value Line Fund, Inc. | 9,278,873 |
Value Line Income and Growth Fund, Inc. | 33,682,215 |
Value Line Premier Growth Fund, Inc. | 11,829,419 |
Value Line Larger Companies Fund, Inc. | 8,281,073 |
Value Line Centurion Fund, Inc. | 8,174,319 |
Value Line Core Bond Fund | 17,538,518 |
Value Line Strategic Asset Management Trust | 14,878,485 |
Value Line Small Cap Opportunities Fund, Inc. | 7,725,249 |
Value Line Asset Allocation Fund, Inc. | 8,414,980 |
2 |
SUMMARY of PROPOSALS | ||
3 |
4 |
1. Revise the fundamental policy relating to borrowing |
2. Concentration of Investments 2A : Revise the fundamental policy relating to concentration of investments 2 B : Reclassify the additional policy relating to concentration as non-fundamental |
3. Revise the fundamental policy relating to lending |
4. Real Estate and Commodities 4A : Revise the fundamental policy relating to real estate and commodities 4B : Remove the additional fundamental policy relating to real estate and commodities |
5. Revise the fundamental policy relating to senior securities |
6. Revise the fundamental policy relating to underwriting |
7. Reclassify the Fund’s investment objective as non-fundamental |
8. Remove the fundamental policy relating to margin and short sales |
9. Remove the fundamental policy relating to diversification of investments |
10. Remove the fundamental policy relating to investments in unseasoned issuers |
11. Remove the fundamental policy relating to investments in issuers owned by the Fund’s trustees or officers |
12. Remove the fundamental policy relating to purchasing securities for the purpose of exercising control |
13. Remove the fundamental policy relating to warrants |
14. Remove the fundamental policy relating to measurement of percentage restrictions on investments |
15. Remove the fundamental policy relating to the use of Value Line ranking systems |
5 |
Fund Name | Applicable Proposals | ||||||||||||||||
1 | 2A | 2 B | 3 | 4A | 4B | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | |
The Value Line Fund, Inc. | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P |
Value Line Income and Growth Fund, Inc. | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P |
Value Line Premier Growth Fund, Inc. | P | P | P | P | P | P | P | P | P | P | P | P | P | P | |||
Value Line Larger Companies Fund, Inc. | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P |
Value Line Centurion Fund, Inc. | P | P | P | P | P | P | P | P | P | P | P | P | P | ||||
Value Line Core Bond Fund | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | |
Value Line Strategic Asset Management Trust | P | P | P | P | P | P | P | P | P | P | P | P | P | ||||
Value Line Small Cap Opportunities Fund, Inc. | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | |
Value Line Asset Allocation Fund, Inc. | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P | P |
6 |
Proposal 1 : Revise the fundamental policy relating to borrowing. | |
Proposed Policy: The Fund may not borrow money except as permitted by (i) the 1940 Act and the rules and regulations thereunder, or other successor law governing the regulation of registered investment companies, or interpretations or modifications thereof by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. | |
Funds Affected: | Current Policy: |
The Value Line Fund, Inc. Value Line Income and Growth Fund, Inc. Value Line Premier Growth Fund, Inc. | The Fund may not borrow money in excess of 10% of the value of its assets and then only as a temporary measure to meet unusually heavy redemption requests or for other extraordinary or emergency purposes. Securities will not be purchased while borrowings are outstanding. No assets of the Fund may be pledged, mortgaged or otherwise encumbered, transferred or assigned to secure a debt except in connection with the Fund’s entering into stock index futures. |
Value Line Larger Companies Fund, Inc. | The Fund may issue evidences of indebtedness but only from banks and only if the value of the Fund’s assets, less its liabilities other than borrowings, is equal to at least 300% of all borrowings including the proposed borrowing. |
Value Line Centurion Fund, Inc. Value Line Strategic Asset Management Trust | The Fund may not borrow money, except that the Fund may (a) enter into commitments to purchase securities and instruments in accordance with its investment program, including when-issued and delayed-delivery transactions, and reverse repurchase agreements, provided that the total amount of any borrowing does not exceed 10% of the Fund’s total assets at the time of the transaction; and (b) borrow money in an amount not to exceed 10% of the value of its total assets at the time the loan is made. Borrowings representing more than 10% of a Fund’s total assets must be repaid before the Fund may make additional investments. |
Value Line Core Bond Fund | The Fund may not borrow money in excess of 10% of the value of its assets and then only as a temporary measure to meet unusually heavy redemption requests or for other extraordinary or emergency purposes. Securities will not be purchased while borrowings are outstanding. No assets of the Fund may be pledged, mortgaged or otherwise encumbered, transferred or assigned to secure a debt except in connection with the Fund’s entering into interest rate futures contracts and then only to the extent of one-third of its assets. |
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Value Line Small Cap Opportunities Fund, Inc. Value Line Asset Allocation Fund, Inc. | The Fund may not borrow money in excess of 10% of the value of its net assets and then only as a temporary measure to meet unusually heavy redemption requests or for other extraordinary or emergency purposes. Securities will not be purchased while borrowings are outstanding. No assets of the Fund may be pledged, mortgaged or otherwise encumbered, transferred or assigned to secure a debt. |
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Proposal 2A : Revise the fundamental policy relating to concentration of investments. | |
Proposed Policy: Except as permitted by (i) the 1940 Act and the rules and regulations thereunder, or other successor law governing the regulation of registered investment companies, or interpretations or modifications thereof by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff, or other authority of competent jurisdiction, the Fund may not purchase the securities of any issuer if, as a result of such purchase, the Fund’s investments would be concentrated in any particular industry. | |
Funds Affected: | Current Policy: |
The Value Line Fund, Inc. Value Line Income and Growth Fund, Inc. Value Line Premier Growth Fund, Inc. Value Line Larger Companies Fund, Inc. Value Line Centurion Fund, Inc. Value Line Core Bond Fund Value Line Small Cap Opportunities Fund, Inc. Value Line Asset Allocation Fund, Inc. | The Fund may not invest 25% or more of its assets in securities of issuers in any one industry. |
Value Line Strategic Asset Management Trust | The Trust may not invest 25% or more of its assets in securities of issuers in any one industry. For the purpose of this restriction, gas, electric, water and telephone utilities will each be treated as a separate industry. |
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Proposal 2B : Reclassify the additional policy relating to concentration as non-fundamental. | |
Funds Affected: | Current Policy: |
The Value Line Fund, Inc. Value Line Income and Growth Fund, Inc. Value Line Premier Growth Fund, Inc. Value Line Larger Companies Fund, Inc. Value Line Centurion Fund, Inc. Value Line Core Bond Fund Value Line Strategic Asset Management Trust Value Line Small Cap Opportunities Fund, Inc. Value Line Asset Allocation Fund, Inc. | For purposes of industry classifications, the Fund follows the industry classifications in The Value Line Investment Survey. |
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Proposal 3 : Revise the fundamental policy relating to lending. | |
Proposed Policy: The Fund may not make loans except as permitted by (i) the 1940 Act and the rules and regulations thereunder, or other successor law governing the regulation of registered investment companies, or interpretations or modifications thereof by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff, or other authority of competent jurisdiction. | |
Funds Affected: | Current Policy: |
The Value Line Fund, Inc. Value Line Income and Growth Fund, Inc. Value Line Premier Growth Fund, Inc. Value Line Larger Companies Fund, Inc. | The Fund may not lend money except in connection with the purchase of debt obligations or by investment in repurchase agreements, provided that repurchase agreements maturing in more than seven days when taken together with other illiquid investments do not exceed 10% of the Fund’s assets. |
Value Line Centurion Fund, Inc. | The Fund may not lend money except in connection with the purchase of debt obligations or by investment in repurchase agreements. |
Value Line Core Bond Fund | The Fund may not lend money except in connection with the purchase of debt obligations or by investment in repurchase agreements, provided that repurchase agreements maturing in more than seven days when taken together with other illiquid investments do not exceed 10% of the Fund’s assets. The Fund may lend its portfolio securities to broker-dealers and institutional investors if as a result thereof the aggregate value of all securities loaned does not exceed 331/3% of the total assets of the Fund. |
Value Line Strategic Asset Management Trust | The Trust may not lend money except in connection with the purchase of debt obligations or by investment in repurchase agreements. The Trust may lend its portfolio securities to broker-dealers and institutional investors if as a result thereof the aggregate value of all securities loaned does not exceed 33 1/3% of the total assets of the Trust. |
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Value Line Small Cap Opportunities Fund, Inc. Value Line Asset Allocation Fund, Inc. | The Fund may not lend money except in connection with the purchase of debt obligations or by investment in repurchase agreements, provided that repurchase agreements maturing in more than seven days, over-the-counter options held by the Fund and the portion of the assets used to cover such options when taken together with other securities that are illiquid or restricted do not exceed 15% of the Fund’s net assets. The Fund may lend its portfolio securities to broker-dealers and institutional investors if as a result thereof the aggregate value of all securities loaned does not exceed 33 1/3% of the total assets of the Fund. |
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Proposal 4A : Revise the fundamental policy relating to real estate and commodities. | |
Proposed Policy: The Fund may not purchase or sell commodities or real estate except as permitted by (i) the 1940 Act and the rules and regulations thereunder, or other successor law governing the regulation of registered investment companies, or interpretations or modifications thereof by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff, or other authority of competent jurisdiction. | |
Funds Affected: | Current Policy: |
The Value Line Fund, Inc. Value Line Income and Growth Fund, Inc. Value Line Premier Growth Fund, Inc. Value Line Larger Companies Fund, Inc. Value Line Core Bond Fund | The Fund may not purchase securities of other investment companies or invest in real estate, mortgages or illiquid securities of real estate investment trusts although the Fund may purchase securities of issuers which engage in real estate operations. |
Value Line Centurion Fund, Inc. Value Line Strategic Asset Management Trust | The Fund may not invest in real estate, mortgages or illiquid securities of real estate investment trusts although the Fund may purchase securities of issuers which engage in real estate operations. |
Value Line Small Cap Opportunities Fund, Inc. Value Line Asset Allocation Fund, Inc. | The Fund may not purchase securities of other investment companies except in mergers or other business combinations or invest in real estate, mortgages, illiquid securities of real estate investment trusts, real estate limited partnerships or interests in oil, gas or mineral leases, although the Fund may purchase securities of issuers which engage in real estate operations. |
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Proposal 4B : Remove the additional fundamental policy relating to real estate and commodities. | |
Funds Affected: | Current Policy: |
The Value Line Fund, Inc. Value Line Income and Growth Fund, Inc. Value Line Larger Companies Fund, Inc. Value Line Strategic Asset Management Trust | The Fund may not purchase or sell any put or call options or any combination thereof, except that the Fund may write and sell covered call option contracts on securities owned by the Fund. The Fund may also purchase call options for the purpose of terminating its outstanding obligations with respect to securities upon which covered call option contracts have been written (i.e., “closing purchase transactions”). The Fund may also purchase and sell put and call options on stock index futures contracts. |
Value Line Premier Growth Fund, Inc. | The Fund may not purchase or sell any put or call options or any combination thereof, except that the Fund may write and sell covered call option contracts on securities owned by the Fund. The Fund may also purchase call options for the purpose of terminating its outstanding obligations with respect to securities upon which covered call option contracts have been written (i.e., “closing purchase transactions”). |
Value Line Premier Growth Fund, Inc. Value Line Centurion Fund, Inc. | The Fund may not invest in commodities or commodity contracts. |
The Value Line Fund, Inc. Value Line Income and Growth Fund, Inc. Value Line Premier Growth Fund, Inc. Value Line Larger Companies Fund, Inc. | In addition, management of the Fund has adopted a policy that it will not recommend that the Fund purchase interest in oil, gas or other mineral type development programs or leases, although the Fund may invest in the securities of companies which operate, invest in or sponsor such programs. |
The Value Line Fund, Inc. Value Line Income and Growth Fund, Inc. Value Line Larger Companies Fund, Inc. Value Line Strategic Asset Management Trust | The Fund may not invest in commodities or commodity contracts except that the Fund may invest in stock index futures contracts and options on stock index futures contracts. |
Value Line Centurion Fund, Inc. | The Fund may not write, purchase or sell any put or call options or any combination thereof. |
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Value Line Core Bond Fund | The Fund may not invest in commodities or commodity contracts except that the Fund may enter into interest rate futures contracts. The Fund may not purchase oil, gas or other mineral type development programs or leases, except that the Fund may invest in the securities of companies which invest in or sponsor such programs. The Fund may not purchase or sell any put or call options or any combination thereof, except that the Fund may (a) purchase, hold and sell options on contracts for the future delivery of debt securities and warrants where the grantor of the warrants is the issuer of the underlying securities, and (b) write and sell covered call option contracts on securities owned by the Fund. The Fund may also purchase call options for the purpose of terminating its outstanding obligations with respect to securities upon which covered call option contracts have been written (i.e., “closing purchase transactions”). The Fund may not enter into an interest rate futures contract if, as a result thereof, (i) the then current aggregate futures market prices of financial instruments required to be delivered under open futures contract sales plus the then current aggregate purchase prices of financial instruments required to be purchased under open futures contract purchases would exceed 30% of the Fund’s total assets (taken at market value at the time of entering into the contract) or (ii) more than 5% of the Fund’s total assets (taken at market value at the time of entering into the contract) would be committed to margin on such futures contracts plus premiums on options on futures contracts. |
Value Line Small Cap Opportunities Fund, Inc. Value Line Asset Allocation Fund, Inc. | The Fund may not invest in commodities or commodity contracts except that the Fund may invest in futures contracts and financial futures contracts and options on futures contracts and financial futures contracts. |
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Proposal 5 : Revise the fundamental policy relating to senior securities. | |
Proposed Policy: The Fund may not issue senior securities except as permitted by (i) the 1940 Act and the rules and regulations thereunder, or other successor law governing the regulation of registered investment companies, or interpretations or modifications thereof by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff, or other authority of competent jurisdiction. | |
Funds Affected: | Current Policy: |
The Value Line Fund, Inc. Value Line Income and Growth Fund, Inc. Value Line Premier Growth Fund, Inc. Value Line Centurion Fund, Inc. Value Line Core Bond Fund Value Line Strategic Asset Management Trust | The Fund may not issue senior securities except evidences of indebtedness permitted under [the Fund’s fundamental policy regarding borrowing]. |
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Value Line Larger Companies Fund, Inc. | The Fund may not issue senior securities except evidences of indebtedness [as permitted under the Fund’s fundamental policy regarding borrowing]. |
Value Line Small Cap Opportunities Fund, Inc. Value Line Asset Allocation Fund, Inc. | The Fund may not issue senior securities. |
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Proposal 6 : Revise the fundamental policy relating to underwriting. | |
Proposed Policy: The Fund may not underwrite the securities of other issuers except as permitted by (i) the 1940 Act and the rules and regulations thereunder, or other successor law governing the regulation of registered investment companies, or interpretations or modifications thereof by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff, or other authority of competent jurisdiction. | |
Funds Affected: | Current Policy: |
The Value Line Fund, Inc. Value Line Income and Growth Fund, Inc. Value Line Premier Growth Fund, Inc. Value Line Centurion Fund, Inc. Value Line Core Bond Fund Value Line Strategic Asset Management Trust Value Line Small Cap Opportunities Fund, Inc. Value Line Asset Allocation Fund, Inc. | The Fund may not engage in the underwriting of securities except to the extent that the Fund may be deemed an underwriter as to restricted securities under the Securities Act in selling portfolio securities. |
Value Line Larger Companies Fund, Inc. | The Fund may not engage in the underwriting of securities. |
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Proposal 7 : Reclassify the Fund’s investment objective as non-fundamental. | |
Funds Affected: | Current Policy: |
The Value Line Fund, Inc. | The primary investment objective of the Fund is long-term growth of capital. Current income is a secondary objective. |
Value Line Income and Growth Fund, Inc. | The primary investment objective of the Fund is income, as high and dependable as is consistent with reasonable risk. Capital growth to increase total return is a secondary objective. |
Value Line Larger Companies Fund, Inc. | The sole investment objective of the Fund is to realize capital growth. |
Value Line Centurion Fund, Inc. | The primary investment objective of the Fund is long-term growth of capital. |
Value Line Core Bond Fund | The primary investment objective of the Fund is to maximize current income. Capital appreciation is a secondary objective but only when consistent with the Fund’s primary objective. |
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Value Line Strategic Asset Management Trust | The primary investment objective of the Trust is to achieve a high total investment return consistent with reasonable risk. |
Value Line Small Cap Opportunities Fund, Inc. | The primary investment objective of the Value Line Small Cap Opportunities Fund is to achieve a high total investment return consistent with reasonable risk. |
Value Line Asset Allocation Fund, Inc. | The investment objective of the Value Line Asset Allocation Fund is long-term growth of capital. |
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Proposal 8: Remove the fundamental policy relating to margin and short sales. | |
Funds Affected: | Current Policy: |
The Value Line Fund, Inc. Value Line Income and Growth Fund, Inc. Value Line Larger Companies Fund, Inc. Value Line Strategic Asset Management Trust | The Fund may not engage in arbitrage transactions, short sales, purchases on margin or participate on a joint or joint-and-several basis in any trading account in securities except that these prohibitions will not apply to futures contracts or options on futures contracts entered into by the Fund for permissible purposes or to margin payments made in connection with such contracts. |
Value Line Asset Allocation Fund, Inc. Value Line Small Cap Opportunities Fund, Inc. | The Fund may not engage in arbitrage transactions, short sales except as set forth herein, purchases on margin or participate on a joint or joint-and-several basis in any trading account in securities except in connection with the purchase or sale of futures transactions and to deposit or pay initial or variable margin in connection with financial futures contracts or related options transactions. |
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Value Line Premier Growth Fund, Inc. Value Line Centurion Fund, Inc. | The Fund may not engage in arbitrage transactions, short sales, purchases on margin or participate on a joint or joint-and-several basis in any trading account in securities. |
Value Line Core Bond Fund | The Fund may not engage in short sales, except to the extent that it owns other securities convertible into or exchangeable for an equivalent amount of such securities. Such transactions may only occur for the purpose of protecting a profit or in attempting to minimize a loss with respect to convertible securities. No more than 10% of the value of the Fund’s net assets taken at market may at any one time be held as collateral for such sales. |
Value Line Core Bond Fund | The Fund may not purchase securities on margin except that it may make margin deposits in connection with interest rate futures contracts subject to [the interest rate futures restriction] or participate on a joint or a joint-and-several basis in any trading account in securities. |
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Proposal 9: Remove the fundamental policy relating to diversification of investments. | |
Funds Affected: | Current Policy: |
The Value Line Fund, Inc. Value Line Income and Growth Fund, Inc. Value Line Larger Companies Fund, Inc. Value Line Premier Growth Fund, Inc. Value Line Core Bond Fund Value Line Asset Allocation Fund, Inc. Value Line Small Cap Opportunities Fund, Inc. | The Fund may not invest more than 5% of its total assets in the securities of any one issuer or purchase more than 10% of the outstanding voting securities, or any other class of securities, of any one issuer. For purposes of this restriction, all outstanding debt securities of an issuer are considered as one class, and all preferred stock of an issuer is considered as one class. This restriction does not apply to obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities. |
Value Line Strategic Asset Management Trust Value Line Centurion Fund, Inc. | With respect to securities comprising 75% of the value of its total assets, the Fund will not purchase securities of any one issuer (other than cash, cash items, securities issued or guaranteed by the government of the United States or its agencies or instrumentalities and repurchase agreements collateralized by such U.S. government securities, and securities of other investment companies) if, as a result, more than 5% of the value of its total assets would be invested in securities of that issuer, or the Fund would own more than 10% of the outstanding voting securities of that issuer. |
Proposal 10: Remove the fundamental policy relating to investments in unseasoned issuers. | |
Funds Affected: | Current Policy: |
The Value Line Fund, Inc. Value Line Income and Growth Fund, Inc. Value Line Larger Companies Fund, Inc. Value Line Premier Growth Fund, Inc. Value Line Core Bond Fund Value Line Asset Allocation Fund, Inc. Value Line Small Cap Opportunities Fund, Inc. | The Fund may not invest more than 5% of its total assets in securities of issuers having a record, together with their predecessors, of less than three years of continuous operation. This restriction does not apply to any obligation issued or guaranteed by the U.S. Government, its agencies or instrumentalities. |
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Proposal 11: Remove the fundamental policy on investments in issuers owned by the Fund’s trustees or officers. | |
Funds Affected: | Current Policy: |
The Value Line Fund, Inc. Value Line Income and Growth Fund, Inc. Value Line Larger Companies Fund, Inc. Value Line Premier Growth Fund, Inc. Value Line Core Bond Fund Value Line Asset Allocation Fund, Inc. Value Line Small Cap Opportunities Fund, Inc. | The Fund may not purchase the securities of any issuer if, to the knowledge of the Fund, those officers and directors of the Fund and of the Adviser, who each owns more than 0.5% of the outstanding securities of such issuer, together own more than 5% of such securities. |
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Proposal 12: Remove the fundamental policy relating to purchasing securities for the purpose of exercising control. | |
Funds Affected: | Current Policy: |
The Value Line Fund, Inc. Value Line Income and Growth Fund, Inc. Value Line Larger Companies Fund, Inc. Value Line Premier Growth Fund, Inc. Value Line Core Bond Fund Value Line Asset Allocation Fund, Inc. Value Line Small Cap Opportunities Fund, Inc. | The Fund may not purchase securities for the purpose of exercising control over another company. |
Proposal 13: Remove the fundamental policy relating to warrants. | |
Funds Affected: | Current Policy: |
The Value Line Fund, Inc. Value Line Income and Growth Fund, Inc. Value Line Larger Companies Fund, Inc. Value Line Premier Growth Fund, Inc. Value Line Core Bond Fund Value Line Asset Allocation Fund, Inc. Value Line Small Cap Opportunities Fund, Inc. | The Fund may not invest more than 2% of the value of its total assets in warrants (valued at the lower of cost or market), except that warrants attached to other securities are not subject to these limitations. |
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Proposal 14: Remove the fundamental policy relating to measurement of percentage restrictions on investments. | |
Funds Affected: | Current Policy: |
The Value Line Fund, Inc. Value Line Income and Growth Fund, Inc. Value Line Premier Growth Fund, Inc. Value Line Strategic Asset Management Trust Value Line Centurion Fund, Inc. | If a percentage restriction used in this Statement of Additional Information or the Prospectus is adhered to at the time of investment, a later change in percentage resulting from changes in values or assets will not be considered a violation of the restriction except for [the borrowing restriction] and the restriction on illiquid securities. |
Value Line Larger Companies Fund, Inc. | If a percentage restriction used in this Statement of Additional Information or the Prospectus is adhered to at the time of investment, a later change in percentage resulting from changes in values or assets will not be considered a violation of the restriction. |
Value Line Core Bond Fund | If a percentage restriction used in this Statement of Additional Information or the Prospectus is adhered to at the time of investment, a later change in percentage resulting from changes in values or assets will not be considered a violation of the restriction (other than investment in illiquid securities and the limitation on borrowing). |
Value Line Asset Allocation Fund, Inc. Value Line Small Cap Opportunities Fund, Inc. | If a percentage restriction used in this Statement of Additional Information or the Prospectus is adhered to at the time of investment, a later change in percentage resulting from changes in values or assets will not be considered a violation of the restriction except for [the borrowing restriction] and the restriction on illiquid securities, in which case the Fund will take prompt action to reduce borrowings or dispose of illiquid securities. |
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Proposal 15: Remove the fundamental policy relating to the use of Value Line ranking systems. | |
Funds Affected: | Current Policy: |
The Value Line Fund, Inc. Value Line Income and Growth Fund, Inc. Value Line Larger Companies Fund, Inc. Value Line Asset Allocation Fund, Inc. | Reliance upon the Ranking System, whenever feasible, is a fundamental policy of the Fund which may not be changed without shareholder approval. |
Value Line Centurion Fund, Inc. | In addition, it is a fundamental policy of the Fund to rely, whenever feasible, on the Value Line Timeliness™ Ranking System. |
Value Line Strategic Asset Management Trust | In addition, it is a fundamental policy of the Trust to rely, whenever feasible, on the Value Line Timeliness™ Ranking System and the Value Line Performance™ Ranking System. |
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Proxy Tabulator | |||
PO Box 55046 | Your Proxy Vote is Important! | ||
Boston MA 02205-5046 | |||
Vote by Internet | |||
Please go to the electronic voting site at www.eproxyvote.com/vl. Follow the on-line instructions. If you vote by internet, you do not have to return your proxy card. | |||
Vote by Telephone | |||
Please call us toll free at 1-866-977-7699, and follow the instructions provided. If you vote by telephone, you do not have to return your proxy card. | |||
Vote by Mail | |||
Complete, sign and date your proxy card and return it promptly in the enclosed envelope. | |||
Proxy Tabulator | |||
If Voting by Mail | PO Box 55046 | ||
Remember to sign and date form below. | Boston MA 02205-9818 | ||
Please ensure the address to the right shows through the window of the enclosed postage paid return envelope. |
Your vote is important, no matter how may shares you own. The matter we are submitting for your consideration is significant to the Fund and to you as a Fund Shareholder. Please take the time to read the Proxy Statement and cast your vote using any of the methods described on the front.
If you have any questions about the Proposal or completing this proxy card, please call the Proxy Solicitation Firm (toll-free) at 1-855-520-7715. Representatives are available Monday through Friday, 9:00 a.m. - 6:00 p.m. (Eastern time), and Saturday, 10:00 a.m. - 6:00 p.m. (Eastern time).
THE BOARD (INCLUDING ALL OF THE INDEPENDENT DIRECTORS/TRUSTEES) RECOMMENDS THAT YOU VOTE IN FAVOR OF THE FOLLOWING PROPOSAL.
NOTE: Please be sure that you complete, sign and date your proxy card. In signing, please write your name(s) exactly as it (they) appear(s) hereon. When signing as attorney, executor, administrator or other fiduciary, please give your full title as such. Proxies being signed on behalf of corporate shareholders should be signed in full corporate name by an authorized officer. Joint owners should each sign personally. | |
Signature Date |
TO VOTE “FOR” ON ALL PROPOSALS PLEASE INDICATE AT RIGHT. NO OTHER VOTE IS NECESSARY. o TO VOTE ON THE PROPOSALSINDIVIDUALLY, PLEASE MARK THE APPROPRIATE BOX BELOW, ONE PER PROPOSAL: Please fill in the box(es) as shown using black or blue ink or a No. 2 pencil. Please do not use a fine point pen. x |
To approve changes in, or the removal or reclassification of, certain fundamental policies: | FOR | AGAINST | ABSTAIN |
1 : Revise the fundamental policy related to borrowing. | o | o | o |
2A : Revise the fundamental policy relating to concentration of investments. | o | o | o |
2 B : Reclassify the additional policy relating to concentration as non-fundamental. | o | o | o |
3 : Revise the fundamental policy relating to lending. | o | o | o |
4A : Revise the fundamental policy relating to real estate and commodities. | o | o | o |
4B : Remove the additional fundamental policy relating to real estate and commodities. | o | o | o |
5 : Revise the fundamental policy relating to senior securities. | o | o | o |
6 : Revise the fundamental policy relating to underwriting. | o | o | o |
7 : Convert the Fund’s investment objective from fundamental to non-fundamental (not applicable for Value Line Premier Growth Fund, Inc.). | o | o | o |
8 : Remove the fundamental policy relating to margin and short sales . | o | o | o |
9: Remove the fundamental policy relating to diversification of investments. | o | o | o |
10: Remove the fundamental policy relating to investments in unseasoned issuers (not applicable for Value Line Centurion Fund, Inc. or Value Line Strategic Asset Management Trust). | o | o | o |
11: Remove the fundamental policy relating to investments in issuers owned by the Fund’s trustees or officers (not applicable for Value Line Centurion Fund, Inc. or Value Line Strategic Asset Management Trust). | o | o | o |
12: Remove the fundamental policy relating to purchasing securities for the purpose of exercising control (not applicable for Value Line Centurion Fund, Inc. or Value Line Strategic Asset Management Trust). | o | o | o |
13: Remove the fundamental policy relating to warrants (not applicable for Value Line Centurion Fund, Inc. or Value Line Strategic Asset Management Trust). | o | o | o |
14: Remove the fundamental policy relating to the measurement of percentage restrictions on investments. | o | o | o |
15: Remove the fundamental policy relating to the use of Value Line ranking systems (not applicable for Value Line Premier Growth Fund, Inc., Value Line Core Bond Fund or Value Line Small Cap Opportunities Fund, Inc.). | o | o | o |