If you're seeking income free of Federal income tax, The Value Line Tax Exempt Fund may be ideal for you. The National Bond Portfolio may be more suitable if your goal is a higher level of income than available from a tax-free money market fund and you can accept moderate fluctuations in the value of your investment. Besides tax-free income, both Portfolios of the Fund also offer:

• Highly Regarded ExpertiseValue Line is one of the nation's most respected investment research firms. Value Line also furnishes investment advisory services to private and institutional accounts with combined assets of approximately $3 billion. The Value Line Tax Exempt Fund gives you access to this same knowledge and same resources.

• No Sales Charge The Value Line Tax Exempt Fund is available with no sales charges or commissions and no redemption fees.

• Free Exchange Privileges You may transfer all or part of your investment into any of the 12 other investment portfolios in the Value Line Family of Funds.

• Low Minimum Investment $1,000; $250 for each additional investment. The Fund offers an automatic investment plan—Valu-Matic^®—for investors who want to start and maintain a regular investment program.