PETER
D. LOWENSTEIN
ATTORNEY
AT LAW
496
VALLEY ROAD
COS COB,
CONNECTICUT 06807
203
869-3059
Securities
and Exchange Commission
450 Fifth
Street, N.W.
Washington,
D.C. 20549
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Re:
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The
Value Line Fund, Inc. File
#2-10827; 811-02265
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Value
Line Centurion Fund, Inc. File #2-86337;
811-03835
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Dear
Sir/Madam:
On behalf of each of the above-named
Registrants, and in accordance with Rule 497(e) of the Securities Act of 1933,
as amended, transmitted herewith are Supplements dated June 18, 2009 to the
Prospectus and Statement of Additional Information of each
Registrant.
Should you have any questions regarding
this filing, please do not hesitate to contact the undersigned at
(212)907-1850.
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Sincerely
yours,
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/s/
Peter D. Lowenstein
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Peter
D. Lowenstein
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Supplement
dated June 18, 2009 to:
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Value
Line Centurion Fund, Inc.
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Prospectus
dated May 1, 2009
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Value
Line Fund, Inc.
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Prospectus
dated May 1,
2009
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The
information in this Supplement updates information in, supersedes any contrary
information in, and should be read in conjunction with, the
Prospectus.
Investment Strategy
Change
Effective
June 18, 2009, the Adviser revised the investment strategy that it uses to
manage the Fund’s portfolio by allowing the Fund to invest in common stocks of
all companies that are ranked 1, 2 or 3 by the Value Line Timeliness ™ Ranking
System as compared to investing in the 100 stocks ranked 1 and the top 100
stocks ranked 2.
The
paragraph under the caption “What are the
Fund’s main investment strategies?” in the prospectus is deleted in its
entirety and replaced with the following:
To
achieve the Fund’s investment objectives, the Adviser invests substantially all
of the Fund’s net assets in common stocks. In selecting securities
for purchase or sale, the Adviser relies on the Value Line Timeliness ™ Ranking
System (the “Ranking System”), which compares an estimate of the probable market
performance of each stock during the next six to twelve months to that of all of
the approximately 1,700 stocks under review and ranks stocks on a scale of 1
(highest) to 5 (lowest). All the stocks followed by the Ranking
System are listed on U.S. stock exchanges or traded in the U.S. over-the-counter
markets. The Fund’s investments principally are selected from common
stocks ranked 1, 2 or 3 by the Ranking System at the time of
purchase. Subject to the diversification requirements of the
Investment Company Act of 1940 (which generally means that it will not invest
more than 5% of its total assets in the stocks of any one company), the Fund is
not subject to any limit on the percentage of its assets that may be invested in
any particular stock. The Adviser will determine the percentage of
the Fund’s assets invested in each stock based on the stock’s relative
attractiveness. Because the Adviser relies on the Ranking System in
managing the Fund’s portfolio, the Fund is not limited to investments according
to a company’s size.
The
fourth paragraph under the caption “Principal
investment strategies” in the prospectus is deleted in its entirety and
replaced with the following:
The
Ranking System does not eliminate market risk, but the Adviser believes that it
provides objective standards for determining expected relative performance over
the next six to twelve months. All the stocks followed by the Ranking
System are listed on U.S. stock exchanges or traded in the U.S. over-the-counter
markets. The Fund’s investments principally are selected from common
stocks ranked 1, 2 or 3 by the Ranking System at the time of
purchase. Subject to the diversification requirements of the
Investment Company Act of 1940 (which generally means that it will not invest
more than 5% of its total assets in the stocks of any one company), the Fund is
not subject to any limit on the percentage of its assets that may be invested in
any particular stock. The Adviser will determine the percentage of
the Fund’s assets invested in each stock based on the stock’s relative
attractiveness. Because the Adviser relies on the Ranking System in
managing the Fund’s portfolio, the Fund is not limited to investments according
to a company’s size.
Name Change of Value Line
Securities, Inc.
On May 6,
2009, Value Line Securities, Inc., the Funds’ distributor, changed its name to
EULAV Securities, Inc. No other change was made to the distributor’s
organization, including its operations and personnel.
All
references in the Funds’ prospectuses describing “Value Line Securities, Inc.”
as the Funds’ distributor are hereby changed to “EULAV Securities,
Inc.”
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INVESTORS
SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS
FOR
FUTURE REFERENCE
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Supplement
dated June 18, 2009 to:
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Value
Line Centurion Fund, Inc.
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Statement
of Additional Information dated May 1, 2009
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Value
Line Fund, Inc.
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Statement
of Additional Information dated May 1,
2009
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The
information in this Supplement updates information in, supersedes any contrary
information in, and should be read in conjunction with, the Statement of
Additional Information.
On May 6,
2009, Value Line Securities, Inc., the Funds’ distributor, changed its name to
EULAV Securities, Inc. No other change was made to the distributor’s
organization, including its operations and personnel.
All
references in the Funds’ statements of additional information describing “Value
Line Securities, Inc.” as the Funds’ distributor are hereby changed to “EULAV
Securities, Inc.”
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INVESTORS
SHOULD RETAIN THIS SUPPLEMENT WITH THE STATEMENT OF
ADDITIONAL
INFORMATION FOR FUTURE REFERENCE