Mitchell Appel is the President of the Value Line Funds and Chief Executive Officer of EULAV Asset Management (“EAM”), the Funds’ investment adviser. Mr. Appel is responsible for the long term strategy of the investment adviser and the Funds, in addition to the day to day management responsibilities of the firm. One of his initial goals is to introduce the Value Line Funds to a wider investment audience, becoming a partner to RIAs, B/Ds, and retail investors. Mr. Appel has streamlined the fund line up in recent years and continues to work to add value to shareholders by making sure the Value Line Funds are competitively positioned with their peers and providing the portfolio management team the necessary tools to best manage the Funds.

Mr. Appel’s other roles in the organization include being a member of the Board of Directors for the Value Line Funds and a Trustee of EAM.

Mr. Appel has held positions in the mutual fund industry since 2001. He received an MBA from New York University and holds several industry licenses (Series 7, 24 -Principal, and 27 -FINOP).

Mr. Sarkany has been affiliated with the Value Line Funds since 1995, and is the Director of Marketing. During his tenure, he has significantly increased the distribution relationships for the no-load fund family, by establishing distribution agreements with over 150 institutions, including major brokerage firms, no load fund platforms as well as retirement platforms and wrap product sponsors.

While recognizing the challenges of a highly competitive landscape, telling the historic story of the Value Line brand along with a record of asset management service and stability that reaches back to 1950, continues to enlighten and reassure brokers and advisors about the unique benefits of associating with the Value Line Family of Funds.

Mr. Sarkany’s past roles at Value Line, Inc. have included serving as Director of the Asset Management Division, as well as Board member of both the Value Line Funds and Value Line, Inc.

Mr Sarkany received an MBA from Long Island University and Certification in Investment Banking and Corporate Finance from NYU. He also holds several industry licenses, (Series 7 and 24 as Principal), and is a member of the Investment Company Institute’s ETF Advisory and Sales Force Committees.

Michael Wagner has been the Chief Compliance Officer (“CCO”) of the Value Line Funds (“Funds”) since 2009. Mr. Wagner is responsible for all aspects of the Funds’ Compliance Program including the oversight of the Funds’ primary service providers.

For the past six years, Mr. Wagner has served as President of Northern Lights Compliance Services, LLC, a company which provides CCO services to investment companies and investment advisors. Mr. Wagner’s professional experience includes 15 years at the auditing firm Ernst & Young as well as 19 years at a prominent third party services provider to investment companies.

Mr. Wagner received his B.S. in accounting from St. John’s University. He is a Certified Public Accountant, a member of the National Society of Compliance Professionals and a member of the Investment Company Institute’s CCO, Compliance Advisory and Small Funds committees.

Mark Marrone is the Chief Compliance Officer of EULAV Asset Management (“EAM”) and is responsible for all aspects of EAM’s Compliance Program since 2009. Mr. Marrone is employed by Northern Lights Compliance Services, LLC, a company which provides Chief Compliance Officer services to investment companies and investment advisers. During his twenty six year career, Mr. Marrone has served as Chief Compliance Officer and Chief Financial Officer of an investment adviser and worked in similar capacities within other financial services firms.

Mr. Marrone received his BBA in Finance and Economics from Baruch College and his MBA in Accounting and International Business from Pace University. He is a member of the National Society of Compliance Professionals and also a member of the Investment Company Institute’s Advertising Compliance Advisory, Investment Advisers and Money Market Funds Advisory Committees.

Stephen E. Grant has been a portfolio manager with the Value Line Funds since 1991.

Over the past 20 years, Mr. Grant’s unique quantitative/behavioral methodology has driven the success of several equity and hybrid funds. This disciplined investment strategy concentrates on high-quality companies that have superior and consistent long- term records of growth in both earnings and stock prices. Wide diversification limits exposure to any single economic sector, and the resulting smaller-sized holdings also means that laggards can easily be replaced by stocks showing superior momentum.

Mr. Grant and the funds he manages have been recognized by publications such as Barron’s and Kiplinger’s and included in the Wall Street Journal’s Category Kings. Mr. Grant has a B.A. in Economics from Stanford University and an MBA in Finance from the Wharton School of the University of Pennsylvania.

Mark Spellman is the Portfolio Manager for the Value Line Income and Growth Fund and the Value Line Larger Companies Fund.

Having more than 25 years in the investment industry, Mr. Spellman was previously a Managing Director and Portfolio Manager at MacKay Shields LLC on the Value Equity Team. In his 13 years at MacKay Shields he headed its Mid Cap Value product including the Mainstay Mid Cap Value Fund and institutional separate accounts, achieving top quartile ranked returns over his tenure. He was also a member of the investment team managing the firm’s Large Cap Value product including the Mainstay Value Fund and its institutional separate accounts. During his tenure, Mr. Spellman was also portfolio manager for the Mainstay All Cap Value Fund, Mainstay Small Cap Value Fund, Mainstay Select 20 Fund, and the Mainstay Strategic Value Fund which earned a 5 star rating from Morningstar.

Prior to MacKay Shields, Mr. Spellman worked at C.J. Lawrence Inc., now Deutsche Bank Securities, and served as an automotive industry sell-side analyst, a U.S. market strategist, and portfolio manager. He began his career at Prudential Equity Management Associates as a portfolio manager and computer programmer. Mr. Spellman has a B.S. in Finance and Computer Science from Boston College.

Jeff Geffen is a Portfolio Manager specializing in fixed income at the advisor since 2001.

Prior to joining Value Line Funds, Mr. Geffen was a Vice President of Investments at Morgan Stanley where, for over twelve years, he managed fixed-income funds totaling $4.5 billion in assets. One particular fund, the Morgan Stanley U.S. Government Securities Trust, was one of the largest fixed-income funds in the country, with over $3.8 billion in assets. Mr. Geffen co-managed two balanced funds, responsible for the fixed income allocation. Before Morgan Stanley, Mr. Geffen worked as an investment analyst with Jefferson Insurance Company, a subsidiary of Allianz, the German insurance company.

Mr. Geffen received an M.B.A. in Finance from Adelphi University, graduating with honors. He has additional Masters degrees from Columbia University and the University of Pittsburgh.

Liane Rosenberg has been a fixed income portfolio manager at EULAV Asset Management (“EAM”) since 2009.

Ms. Rosenberg came to EAM with more than 20 years of experience in fixed income portfolio management. Her experience included the management of both tax exempt and taxable bond portfolios. She spent 10 years at the Atlantic Mutual Companies as Head of Fixed Income Investments and 7 years at Mutual of America as a Senior Fixed Income Portfolio Manager. Her additional experience includes 4 years at XL Capital managing the outsourcing of fixed income portfolios, including U.S. and global bond funds, to a broad base of asset managers.

Ms. Rosenberg received her Master of Business at the Fordham University School of Business, and her Bachelor of Arts, with a degree in English and Journalism, from the State University of New York at Albany.