On December 15, 2011, the shareholders of the Convertible Fund approved the proposal to merge the Convertible Fund into the Value Line Income and Growth Fund. Shares in the Convertible Fund will be exchanged tax free into the Value Line Income and Growth Fund effective December 16, 2011. One share of the Convertible fund will be exchanged for 1.35027 shares of the Income & Growth Fund. For more information, please call shareholder services at 1-800-243-2729.