485BPOS

As filed with the Securities and Exchange Commission on  June 3 , 2013

File No. 33-01575
File No. 811-04471

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933	x
Pre-Effective Amendment No.	o
Post-Effective Amendment No. 33	x
and/or
REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940	x
Amendment No. 33	x

Value Line Core Bond Fund

(Exact Name of Registrant as Specified in Charter)

7 Times Square, 21st Floor,

New York, New York 10036-6524

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, Including Area Code: (212) 907-1900

Mitchell E. Appel

Value Line Core Bond Fund

7 Times Square, 21st Floor,

New York, New York 10036-6524

(Name and Address of Agent for Service)

Copy to:

Peter D. Lowenstein, Esq.

496 Valley Road

Cos Cob, CT 06807

It is proposed that this filing will become effective (check appropriate box)

x immediately upon filing pursuant to paragraph (b)

o on (date) pursuant to paragraph (b)

o 60 days after filing pursuant to paragraph (a)(1)

o 75 days after filing pursuant to paragraph (a)(2)

o on (date) pursuant to paragraph (a)(1)

o on (date) pursuant to paragraph (a)(2) of Rule 485

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and State of New York, on the 3 rd day of  June 2013.

VALUE LINE CORE BOND FUND
By:	/s/ Mitchell E. Appel
	Mitchell E. Appel, President and Chief Executive Officer

Pursuant to the requirements of the Securities Act of 1933, this Amendment has been signed below by the following persons in the capacities and on the dates indicated.

		Signatures	Title	Date
		*Joyce E. Heinzerling	Trustee	June 3 , 2013
		(Joyce E. Heinzerling)
		*Francis C. Oakley	Trustee	June 3 , 2013
		(Francis C. Oakley)
		*David H. Porter	Trustee	June 3 , 2013
		(David H. Porter)
		*Paul Craig Roberts	Trustee	June 3 , 2013
		(Paul Craig Roberts)
		*Nancy-Beth Sheerr	Trustee	June 3 , 2013
		(Nancy-Beth Sheerr)
		*Daniel S. Vandivort	Trustee	June 3 , 2013
		(Daniel S. Vandivort)
		/s/ Mitchell E. Appel	Trustee; President and Chief	June 3 , 2013
		(Mitchell E. Appel)	Executive Officer (Principal
			Executive Officer)
		/s/ Emily D. Washington	Treasurer; Principal Financial	June 3 , 2013
		(Emily D. Washington)	and Accounting Officer; Secretary
*By:	/s/ Mitchell E. Appel
	(Mitchell E. Appel, attorney-in-fact)

* Pursuant to Power of Attorney filed as an exhibit to Post-Effective Amendment No. 27, and incorporated herein by reference.

EXHIBIT INDEX

Exhibit No.	Exhibit
EX-101.INS	XBRL INSTANCE DOCUMENT
EX-101.SCH	XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT
EX-101.CAL	XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
EX-101.DEF	XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
EX-101.LAB	XBRL TAXONOMY EXTENSION LABELS LINKBASE
EX-101.PRE	XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE

XML

Label

Element

Value

Risk/Return:

rr_RiskReturnAbstract

Document Type

dei_DocumentType

485BPOS

Document Period End Date

dei_DocumentPeriodEndDate

Dec. 31, 2012

Registrant Name

dei_EntityRegistrantName

Value Line Core Bond Fund

Central Index Key

dei_EntityCentralIndexKey

0000783316

Amendment Flag

dei_AmendmentFlag

false

Document Creation Date

dei_DocumentCreationDate

Jun. 01, 2013

Document Effective Date

dei_DocumentEffectiveDate

Jun. 01, 2013

Prospectus Date

rr_ProspectusDate

Jun. 01, 2013

Value Line Core Bond Fund

Risk/Return:

rr_RiskReturnAbstract

Risk/Return [Heading]

rr_RiskReturnHeading

Value Line Core Bond Fund

Objective [Heading]

rr_ObjectiveHeading

Investment objectives

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

The investment objective of the Value Line Core Bond Fund (the “Fund”) is to maximize current income.

Objective, Secondary [Text Block]

rr_ObjectiveSecondaryTextBlock

Capital appreciation is a secondary objective but only when consistent with the Fund’s primary objective.

Expense [Heading]

rr_ExpenseHeading

Fees and expenses

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. There are no shareholder fees (fees paid directly from your investment).

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Portfolio Turnover [Heading]

rr_PortfolioTurnoverHeading

Portfolio turnover

Portfolio Turnover [Text Block]

rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year the Fund’s portfolio turnover rate was 103% of the average value of its portfolio.

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

103.00%

Expense Example [Heading]

rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block]

rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the cost of investing in the Fund to the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated whether or not you redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same except in year one. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading]

rr_StrategyHeading

Principal investment strategies of the Fund

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

The Fund invests primarily in a diversified portfolio of primarily investment grade bonds and other debt instruments. Sovereign debt, or securities issued or secured by non-U.S. governments, as well as securities issued by supranational agencies, may be held by the Fund, provided the investments are U.S. dollar-denominated.

Under normal circumstances, the Fund invests at least 80% of its assets in bonds and other debt instruments (“80% Policy”). The Fund’s 80% Policy may be changed without shareholder approval. However, shareholders will be given notice at least 60 days prior to any such change. The Fund may invest in debt instruments of any type, including corporate bonds, securities issued or guaranteed by the U.S. government, its agencies or instrumentalities (U.S. government securities), mortgage-backed securities, asset-backed securities, and other fixed income securities.

The Fund invests principally in debt obligations issued or guaranteed by the U.S. government and by U.S. corporations. The U.S. government securities in which the Fund may invest include a variety of securities that are issued or guaranteed as to the payment of principal and interest by the U.S. government, and by various agencies or instrumentalities that have been established or sponsored by the U.S. government. The corporate debt obligations in which the Fund may invest include, but are not limited to, bonds, notes, debentures, and commercial paper of U.S. companies.

The Fund’s assets may also be invested in mortgage-backed securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, or by government-sponsored corporations. Other mortgage-backed securities in which the Fund may invest are issued by certain private, non-government entities. The Fund may also invest in securities that are backed by assets such as receivables on home equity and credit card loans, automobile, mobile home, recreational vehicle and other loans, wholesale dealer floor plans, and leases.

The Adviser invests at least 80% of the Fund’s assets in debt securities that are investment grade at the time of purchase, but may invest up to 20% of the Fund’s assets in debt securities that are below investment grade (commonly called “high yield” or “junk” bonds). Investment grade debt securities are rated within the four highest grades by at least one major rating agency, such as Standard & Poor’s (at least BBB-), Moody’s (at least Baa3) or Fitch (at least BBB-), or are determined by the Adviser to be of comparable credit quality. The Fund estimates that the average credit quality rating of Fund assets will be investment grade.

The Fund invests in debt securities of any maturity, and there is no limit on the Fund’s maximum average portfolio maturity. The Fund estimates that the weighted average maturity of its portfolio will range between three to fifteen years.

In deciding which securities to buy, hold or sell, the Adviser considers a number of factors, including the issuer’s creditworthiness, economic prospects and interest rate trends as well as the security’s credit rating.

Strategy Portfolio Concentration [Text]

rr_StrategyPortfolioConcentration

Under normal circumstances, the Fund invests at least 80% of its assets in bonds and other debt instruments (“80% Policy”). 

Risk [Heading]

rr_RiskHeading

Principal risks of investing in the Fund

Risk Narrative [Text Block]

rr_RiskNarrativeTextBlock

	Investing in any mutual fund involves risk, including the risk that you may receive little or no return on your investment, and that you may lose part or all of your investment. Therefore, before you invest in this Fund you should carefully evaluate the risks. The price of Fund shares will increase and decrease according to changes in the value of the Fund’s investments. The other principal risks of investing in the Fund are:
■	Interest Rate and Reinvestment Risk. As with most bond funds, the income on and market price of your shares in the Fund will fluctuate along with interest rates. When interest rates rise, the market prices of the debt securities the Fund owns usually decline but the Fund’s income tends to decline. Such decline follows quickly for most variable rate securities and eventually for fixed rate securities as the Fund must reinvest the proceeds it receives from existing investments (upon their maturity, prepayment, buy-back, call, etc.) at a lower rate of interest or return. When interest rates fall, the market prices of these securities usually increase. Generally, the market price of debt securities with longer durations or fixed rates of return will fluctuate more in response to changes in interest rates than the market price of shorter-term securities or variable rate debt securities, respectively.
■	Credit Risk. Debt securities are also subject to credit risk. Credit risk is the risk that the issuer of a debt security will be unable to make interest or principal payments on time. A debt security’s credit rating reflects the credit risk associated with the debt obligation. Generally, higher-rated debt securities involve lower credit risk than lower-rated debt securities. Credit risk is often higher for corporate, mortgage-backed, asset-backed and foreign government debt securities than for U.S. Government debt securities.
■	Below Investment Grade Credit. Below investment grade securities (commonly called “high yield” or “junk” bonds) are speculative and involve a greater risk of default and price change due to changes in the issuer’s creditworthiness or the risky nature of an investment for which limited or no resourse to the issuer is provided. The market prices of these debt securities usually fluctuate more than that of investment grade debt securities and may decline more significantly in periods of general economic difficulty.
■	Mortgage-Backed/Asset-Backed Securities. Investing in mortgage-backed and asset-backed securities poses additional risks, principally with respect to increased interest rate risk, prepayment risk and extension risk.
■	Prepayment and Extension Risk. Many debt securities give the issuer the option to prepay principal prior to maturity. During periods of falling interest rates, prepayments may accelerate and the Fund may be forced to reinvest the proceeds at a lower interest rate. When interest rates rise, the term of a debt security is at greater risk of extension because rates of prepayments fall and rates of late payments and defaults rise. Extending the duration of a security “locks in” lower interest rates if the extension occurs in a rising interest rate environment.
■	Foreign Investments. Investing in foreign securities poses additional risks. The performance of foreign securities can be adversely affected by the different political, regulatory and economic environments in countries where the Fund invests, and fluctuations in foreign currency exchange rates may also adversely affect the value of foreign securities. In addition, emerging markets tend to be more volatile than the U.S. market or developed foreign markets.
■	Active Management. Because the Fund is actively managed, its investment return depends on the ability of the Adviser to manage its portfolio successfully. There can be no guarantee that the Adviser’s investment strategies will produce the desired results.
■	Not a Complete Investment Program. An investment in the Fund is not a complete investment program and you should consider it just one part of your total investment program. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.
	The Fund is not recommended for investors whose principal objective is long-term growth. For a more complete discussion of risk, please turn to page 12.

Risk Lose Money [Text]

rr_RiskLoseMoney

Investing in any mutual fund involves risk, including the risk that you may receive little or no return on your investment, and that you may lose part or all of your investment.

Risk Not Insured Depository Institution [Text]

rr_RiskNotInsuredDepositoryInstitution

An investment in the Fund is not a complete investment program and you should consider it just one part of your total investment program. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.

Bar Chart and Performance Table [Heading]

rr_BarChartAndPerformanceTableHeading

Fund performance

Performance Narrative [Text Block]

rr_PerformanceNarrativeTextBlock

This bar chart and table can help you evaluate the potential risks of investing in the Fund. The bar chart below shows how returns for the Fund’s shares have varied over the past ten calendar years, and the table below shows the average annual total returns (before and after taxes) of these shares for one, five, and ten years compared to the performance of two broad-based market indices: the Barclays Capital U.S. Aggregate Bond Index and the Barclays Capital U.S. Corporate High-Yield Bond Index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Prior to December 10, 2012, the Fund was managed pursuant to a different investment strategy and its performance for periods prior to December 10, 2012 may be higher than that it may be able to achieve under its current investment strategy. Updated performance information is available at: www.vlfunds.com.

Performance Information Illustrates Variability of Returns [Text]

rr_PerformanceInformationIllustratesVariabilityOfReturns

 This bar chart and table can help you evaluate the potential risks of investing in the Fund. The bar chart below shows how returns for the Fund’s shares have varied over the past ten calendar years, and the table below shows the average annual total returns (before and after taxes) of these shares for one, five, and ten years compared to the performance of two broad-based market indices: the Barclays Capital U.S. Aggregate Bond Index and the Barclays Capital U.S. Corporate High-Yield Bond Index.

Performance Availability Website Address [Text]

rr_PerformanceAvailabilityWebSiteAddress

www.vlfunds.com

Performance Past Does Not Indicate Future [Text]

rr_PerformancePastDoesNotIndicateFuture

The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.

Bar Chart [Heading]

rr_BarChartHeading

Total Returns (before taxes) as of 12/31 each year (%)

Bar Chart Closing [Text Block]

rr_BarChartClosingTextBlock

Best Quarter:            Q2 2009            +11.97%

Worst Quarter:         Q4 2008            –16.73%

The Fund’s year-to-date return for the three months ended March 31, 2013, was 0.38%.

After-tax returns in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRA”).

Year to Date Return, Label

rr_YearToDateReturnLabel

Fund’s year-to-date return

Bar Chart, Year to Date Return, Date

rr_BarChartYearToDateReturnDate

Mar. 31, 2013

Bar Chart, Year to Date Return

rr_BarChartYearToDateReturn

0.38%

Highest Quarterly Return, Label

rr_HighestQuarterlyReturnLabel

Best Quarter:

Highest Quarterly Return, Date

rr_BarChartHighestQuarterlyReturnDate

Jun. 30, 2009

Highest Quarterly Return

rr_BarChartHighestQuarterlyReturn

11.97%

Lowest Quarterly Return, Label

rr_LowestQuarterlyReturnLabel

Worst Quarter:

Lowest Quarterly Return, Date

rr_BarChartLowestQuarterlyReturnDate

Dec. 31, 2008

Lowest Quarterly Return

rr_BarChartLowestQuarterlyReturn

(16.73%)

Performance Table Heading

rr_PerformanceTableHeading

Average annual total returns for periods ended December 31, 2012

Performance Table Uses Highest Federal Rate

rr_PerformanceTableUsesHighestFederalRate

After-tax returns in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.

Performance Table Not Relevant to Tax Deferred

rr_PerformanceTableNotRelevantToTaxDeferred

Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRA”).

Value Line Core Bond Fund | Barclays Capital U.S. Aggregate Bond Index

Risk/Return:

rr_RiskReturnAbstract

Index No Deduction for Fees, Expenses, Taxes [Text]

rr_IndexNoDeductionForFeesExpensesTaxes

(reflects no deduction for fees, expenses or taxes)

Label

rr_AverageAnnualReturnLabel

Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)

1 Year

rr_AverageAnnualReturnYear01

4.22%

5 Years

rr_AverageAnnualReturnYear05

5.94%

10 Years

rr_AverageAnnualReturnYear10

5.18%

Value Line Core Bond Fund | Barclays Capital U.S. Corporate High-Yield Bond Index

Risk/Return:

rr_RiskReturnAbstract

Index No Deduction for Fees, Expenses, Taxes [Text]

rr_IndexNoDeductionForFeesExpensesTaxes

(reflects no deduction for fees, expenses or taxes)

Label

rr_AverageAnnualReturnLabel

Barclays Capital U.S. Corporate High-Yield Bond Index* (reflects no deduction for fees, expenses or taxes)

1 Year

rr_AverageAnnualReturnYear01

15.81%

^[1]

5 Years

rr_AverageAnnualReturnYear05

10.32%

^[1]

10 Years

rr_AverageAnnualReturnYear10

10.61%

^[1]

Value Line Core Bond Fund | C000020574 Value Line Core Bond Fund

Risk/Return:

rr_RiskReturnAbstract

Trading Symbol

dei_TradingSymbol

VAGIX

Management Fees

rr_ManagementFeesOverAssets

0.50%

^[2]

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Other Expenses

rr_OtherExpensesOverAssets

0.87%

^[3]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.62%

Less Management Fee and 12b-1 Fee Waivers

rr_FeeWaiverOrReimbursementOverAssets

(0.15%)

^[4]

Net Expenses

rr_NetExpensesOverAssets

1.47%

1 Year

rr_ExpenseExampleYear01

150

3 Years

rr_ExpenseExampleYear03

496

5 Years

rr_ExpenseExampleYear05

867

10 years

rr_ExpenseExampleYear10

1,909

2003

rr_AnnualReturn2003

25.45%

2004

rr_AnnualReturn2004

10.30%

2005

rr_AnnualReturn2005

1.80%

2006

rr_AnnualReturn2006

8.89%

2007

rr_AnnualReturn2007

3.65%

2008

rr_AnnualReturn2008

(21.55%)

2009

rr_AnnualReturn2009

40.33%

2010

rr_AnnualReturn2010

10.64%

2011

rr_AnnualReturn2011

4.60%

2012

rr_AnnualReturn2012

11.34%

Label

rr_AverageAnnualReturnLabel

Return before taxes

1 Year

rr_AverageAnnualReturnYear01

11.34%

5 Years

rr_AverageAnnualReturnYear05

7.24%

10 Years

rr_AverageAnnualReturnYear10

8.47%

Value Line Core Bond Fund | C000020574 Value Line Core Bond Fund | After Taxes on Distributions

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Return after taxes on distributions

1 Year

rr_AverageAnnualReturnYear01

9.24%

5 Years

rr_AverageAnnualReturnYear05

4.93%

10 Years

rr_AverageAnnualReturnYear10

6.09%

Value Line Core Bond Fund | C000020574 Value Line Core Bond Fund | After Taxes on Distributions and Sales

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Return after taxes on distributions and sale of Fund shares

1 Year

rr_AverageAnnualReturnYear01

7.32%

5 Years

rr_AverageAnnualReturnYear05

4.79%

10 Years

rr_AverageAnnualReturnYear10

5.89%

[1] The Barclays Capital U.S. Aggregate Bond Index replaced the Barclays Capital U.S. Corporate High-Yield Bond Index as the Fund's primary benchmark as of December 10, 2012 to reflect certain changes to the Fund's investment strategy.

[2] The expense information in the table has been restated to reflect the Fund's current management fee rate, effective February 1, 2013, as if in effect during the Fund's fiscal year ended January 1, 2013.

[3] In accordance with applicable requirements, "Other Expenses" do not include extraordinary expenses incurred by your Fund in connection with the reorganization of Value Line U.S. Government Securities Fund, Inc. into your Fund. Had such expenses been included in the table, "Other Expenses" would have been higher.

[4] The Adviser has contractually agreed to waive a portion of the Fund's management fee so that the management fee rate equals 0.40% of the Fund's average daily net assets. The Distributor has contractually agreed to waive a portion of the Fund's Rule 12b-1 fees in an amount equal to 0.05% of the Fund's average daily net assets. These waivers can be terminated or changed before June 30, 2014 only with the approval of the Fund's board and the Adviser or the Distributor, as applicable.

XML

Value Line Core Bond Fund

Value Line Core Bond Fund

Investment objectives

The investment objective of the Value Line Core Bond Fund (the “Fund”) is to maximize current income.

Capital appreciation is a secondary objective but only when consistent with the Fund’s primary objective.

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. There are no shareholder fees (fees paid directly from your investment).

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses Value Line Core Bond Fund		Value Line Core Bond Fund C000020574 Value Line Core Bond Fund
Management Fees	[1]	0.50%
Distribution and Service (12b-1) Fees		0.25%
Other Expenses	[2]	0.87%
Total Annual Fund Operating Expenses		1.62%
Less Management Fee and 12b-1 Fee Waivers	[3]	(0.15%)
Net Expenses		1.47%

Example

This example is intended to help you compare the cost of investing in the Fund to the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated whether or not you redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same except in year one. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example Value Line Core Bond Fund (USD $)	1 Year	3 Years	5 Years	10 years
Value Line Core Bond Fund C000020574 Value Line Core Bond Fund	150	496	867	1,909

Portfolio turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year the Fund’s portfolio turnover rate was 103% of the average value of its portfolio.

Principal investment strategies of the Fund

The Fund invests primarily in a diversified portfolio of primarily investment grade bonds and other debt instruments. Sovereign debt, or securities issued or secured by non-U.S. governments, as well as securities issued by supranational agencies, may be held by the Fund, provided the investments are U.S. dollar-denominated.

Under normal circumstances, the Fund invests at least 80% of its assets in bonds and other debt instruments (“80% Policy”). The Fund’s 80% Policy may be changed without shareholder approval. However, shareholders will be given notice at least 60 days prior to any such change. The Fund may invest in debt instruments of any type, including corporate bonds, securities issued or guaranteed by the U.S. government, its agencies or instrumentalities (U.S. government securities), mortgage-backed securities, asset-backed securities, and other fixed income securities.

The Fund invests principally in debt obligations issued or guaranteed by the U.S. government and by U.S. corporations. The U.S. government securities in which the Fund may invest include a variety of securities that are issued or guaranteed as to the payment of principal and interest by the U.S. government, and by various agencies or instrumentalities that have been established or sponsored by the U.S. government. The corporate debt obligations in which the Fund may invest include, but are not limited to, bonds, notes, debentures, and commercial paper of U.S. companies.

The Fund’s assets may also be invested in mortgage-backed securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, or by government-sponsored corporations. Other mortgage-backed securities in which the Fund may invest are issued by certain private, non-government entities. The Fund may also invest in securities that are backed by assets such as receivables on home equity and credit card loans, automobile, mobile home, recreational vehicle and other loans, wholesale dealer floor plans, and leases.

The Adviser invests at least 80% of the Fund’s assets in debt securities that are investment grade at the time of purchase, but may invest up to 20% of the Fund’s assets in debt securities that are below investment grade (commonly called “high yield” or “junk” bonds). Investment grade debt securities are rated within the four highest grades by at least one major rating agency, such as Standard & Poor’s (at least BBB-), Moody’s (at least Baa3) or Fitch (at least BBB-), or are determined by the Adviser to be of comparable credit quality. The Fund estimates that the average credit quality rating of Fund assets will be investment grade.

The Fund invests in debt securities of any maturity, and there is no limit on the Fund’s maximum average portfolio maturity. The Fund estimates that the weighted average maturity of its portfolio will range between three to fifteen years.

In deciding which securities to buy, hold or sell, the Adviser considers a number of factors, including the issuer’s creditworthiness, economic prospects and interest rate trends as well as the security’s credit rating.

Principal risks of investing in the Fund

	Investing in any mutual fund involves risk, including the risk that you may receive little or no return on your investment, and that you may lose part or all of your investment. Therefore, before you invest in this Fund you should carefully evaluate the risks. The price of Fund shares will increase and decrease according to changes in the value of the Fund’s investments. The other principal risks of investing in the Fund are:
■	Interest Rate and Reinvestment Risk. As with most bond funds, the income on and market price of your shares in the Fund will fluctuate along with interest rates. When interest rates rise, the market prices of the debt securities the Fund owns usually decline but the Fund’s income tends to decline. Such decline follows quickly for most variable rate securities and eventually for fixed rate securities as the Fund must reinvest the proceeds it receives from existing investments (upon their maturity, prepayment, buy-back, call, etc.) at a lower rate of interest or return. When interest rates fall, the market prices of these securities usually increase. Generally, the market price of debt securities with longer durations or fixed rates of return will fluctuate more in response to changes in interest rates than the market price of shorter-term securities or variable rate debt securities, respectively.
■	Credit Risk. Debt securities are also subject to credit risk. Credit risk is the risk that the issuer of a debt security will be unable to make interest or principal payments on time. A debt security’s credit rating reflects the credit risk associated with the debt obligation. Generally, higher-rated debt securities involve lower credit risk than lower-rated debt securities. Credit risk is often higher for corporate, mortgage-backed, asset-backed and foreign government debt securities than for U.S. Government debt securities.
■	Below Investment Grade Credit. Below investment grade securities (commonly called “high yield” or “junk” bonds) are speculative and involve a greater risk of default and price change due to changes in the issuer’s creditworthiness or the risky nature of an investment for which limited or no resourse to the issuer is provided. The market prices of these debt securities usually fluctuate more than that of investment grade debt securities and may decline more significantly in periods of general economic difficulty.
■	Mortgage-Backed/Asset-Backed Securities. Investing in mortgage-backed and asset-backed securities poses additional risks, principally with respect to increased interest rate risk, prepayment risk and extension risk.
■	Prepayment and Extension Risk. Many debt securities give the issuer the option to prepay principal prior to maturity. During periods of falling interest rates, prepayments may accelerate and the Fund may be forced to reinvest the proceeds at a lower interest rate. When interest rates rise, the term of a debt security is at greater risk of extension because rates of prepayments fall and rates of late payments and defaults rise. Extending the duration of a security “locks in” lower interest rates if the extension occurs in a rising interest rate environment.
■	Foreign Investments. Investing in foreign securities poses additional risks. The performance of foreign securities can be adversely affected by the different political, regulatory and economic environments in countries where the Fund invests, and fluctuations in foreign currency exchange rates may also adversely affect the value of foreign securities. In addition, emerging markets tend to be more volatile than the U.S. market or developed foreign markets.
■	Active Management. Because the Fund is actively managed, its investment return depends on the ability of the Adviser to manage its portfolio successfully. There can be no guarantee that the Adviser’s investment strategies will produce the desired results.
■	Not a Complete Investment Program. An investment in the Fund is not a complete investment program and you should consider it just one part of your total investment program. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.
	The Fund is not recommended for investors whose principal objective is long-term growth. For a more complete discussion of risk, please turn to page 12.

Fund performance

This bar chart and table can help you evaluate the potential risks of investing in the Fund. The bar chart below shows how returns for the Fund’s shares have varied over the past ten calendar years, and the table below shows the average annual total returns (before and after taxes) of these shares for one, five, and ten years compared to the performance of two broad-based market indices: the Barclays Capital U.S. Aggregate Bond Index and the Barclays Capital U.S. Corporate High-Yield Bond Index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Prior to December 10, 2012, the Fund was managed pursuant to a different investment strategy and its performance for periods prior to December 10, 2012 may be higher than that it may be able to achieve under its current investment strategy. Updated performance information is available at: www.vlfunds.com.

Total Returns (before taxes) as of 12/31 each year (%)

Best Quarter:            Q2 2009            +11.97%

Worst Quarter:         Q4 2008            –16.73%

The Fund’s year-to-date return for the three months ended March 31, 2013, was 0.38%.

After-tax returns in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRA”).

Average annual total returns for periods ended December 31, 2012

Average Annual Total Returns Value Line Core Bond Fund Value Line Core Bond Fund

Label

1 Year

5 Years

10 Years

Barclays Capital U.S. Corporate High-Yield Bond Index

Barclays Capital U.S. Corporate High-Yield Bond Index* (reflects no deduction for fees, expenses or taxes)

15.81%

^[1]

10.32%

^[1]

10.61%

^[1]

Barclays Capital U.S. Aggregate Bond Index

Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)

4.22%

5.94%

5.18%

C000020574 Value Line Core Bond Fund

Return before taxes

11.34%

7.24%

8.47%

C000020574 Value Line Core Bond Fund After Taxes on Distributions

Return after taxes on distributions

9.24%

4.93%

6.09%

C000020574 Value Line Core Bond Fund After Taxes on Distributions and Sales

Return after taxes on distributions and sale of Fund shares

7.32%

4.79%

5.89%

[1] The expense information in the table has been restated to reflect the Fund's current management fee rate, effective February 1, 2013, as if in effect during the Fund's fiscal year ended January 1, 2013.

[2] In accordance with applicable requirements, "Other Expenses" do not include extraordinary expenses incurred by your Fund in connection with the reorganization of Value Line U.S. Government Securities Fund, Inc. into your Fund. Had such expenses been included in the table, "Other Expenses" would have been higher.

[3] The Adviser has contractually agreed to waive a portion of the Fund's management fee so that the management fee rate equals 0.40% of the Fund's average daily net assets. The Distributor has contractually agreed to waive a portion of the Fund's Rule 12b-1 fees in an amount equal to 0.05% of the Fund's average daily net assets. These waivers can be terminated or changed before June 30, 2014 only with the approval of the Fund's board and the Adviser or the Distributor, as applicable.

[1] The Barclays Capital U.S. Aggregate Bond Index replaced the Barclays Capital U.S. Corporate High-Yield Bond Index as the Fund's primary benchmark as of December 10, 2012 to reflect certain changes to the Fund's investment strategy.