Exhibit 100.COE


                       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.

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, it is your responsibility to promptly report
the matter to Mrs. Buttner. 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.

      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.



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 made
only 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

      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 are bound to advance the Company's business interests when the
opportunity to do so arises. You must not take for yourself personal
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.


                                      -2-


      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
will be forwarded to the CEO. 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.

      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.

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.


                                      -3-


                                  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.