EULAV Asset Management (“EAM”) is a Delaware statutory trust, located at 7 Times Square, Suite 1606, New York, NY 10036. EAM is the investment adviser to the Value Line Funds - a diversified family of no-load mutual funds with a wide range of investment objectives, available through brokerage firms, financial advisers or directly. The Value Line Funds are designed to help you meet your investment goals and include a variety of equity, fixed income, or hybrid funds. The first of the Value Line Funds started in 1950. The business of EAM is managed by five individual trustees and a Delaware resident trustee (collectively, the “Trustees”) and by its officers, subject to the direction of the Trustees. Mr. Mitchell Appel, the CEO of EAM, is one of the Trustees. The Trustees each hold 20% of the voting interests of EAM are also Voting Profits Interest Holders (excluding the Delaware resident trustee). Value Line, Inc. (“Value Line”), a publicly traded company, is a non-voting revenue and non-voting profits interest holder in EAM. Value Line is known for its publications such as The Value Line Investment Survey, its exclusive TimelinessTM ranking system based on proprietary set of algorithms and its SafetyTM (volatility) and TechnicalTM (short-term statistical) ranks. EAM has elected to be taxed as a pass-through entity similar to a partnership and all of the above parties are shareholders of EAM. EAM has the right to use the “Value Line” name for all of the Value Line Funds and receives the Value Line Proprietary Ranking information without charge or expense. EAM’s assets under management as of May 31, 2023 are approximately $3.2 billion, all discretionary and within the Value Line Funds. EAM also offers investment services to private and institutional clients in the form of Separately Managed Accounts (“SMA” or “SMAs”) and is a model provider to Envestnet and SMArtX Advisory Solutions. Type of Advisory Services
• Investment Adviser to Mutual Funds
• Separately Managed Accounts – SMAs
• Model provider to Envestnet and SMArtX Advisory Solutions Investment Adviser to Mutual Funds EAM acts as investment adviser to registered investment companies, registered under the Investment Company Act of 1940, as amended, constituting the Value Line Family of Mutual Funds (each a “Fund” and collectively the “Funds”). Over the course of seven decades, the Funds have grown into a fund family that includes a wide range of solutions designed to meet virtually any investment goal. EAM provides investment advisory services to each of the Funds pursuant to separate investment advisory agreements and continuously manages the underlying fund assets based on the investment goals and objectives

as outlined in the Funds’ Prospectuses and Statements of Additional Information (“SAI”). These documents are available on-line at www.vlfunds.com. Separately Managed Accounts – SMAs/ Model Provider EAM acts as either a discretionary investment manager or a non-discretionary model provider in a variety of separately managed account programs. In 2021, EAM began to offer SMA thematic models that utilize Value Line’s proprietary research and ranking systems. These quantitatively driven portfolios are designed for investors looking for diversification through managed accounts that provide investors ownership of the underlying securities and transparency of daily holdings in the account. Value Line 3D/L American Innovation Portfolio taps into the growth opportunity of companies involved in technology services, telecommunications, electronics, healthcare technology, alternative power and more. It consists of stocks of U.S. companies that we believe are best positioned to benefit from emerging technologies and other global innovation trends both as producers and consumers of innovation, and that are expected to experience near-term price appreciation as forecast by the Value Line Timeliness ranking system. EAM and 3D/L, as co- managers, jointly manage and oversee the Portfolio. Value Line Infrastructure Portfolio taps into the growth opportunity of companies involved in building and improving physical infrastructure that is part of everyday life, including transportation, energy, water, communications and more. Value Line Multi-Cap Global Portfolio taps into companies that generate significant revenues from activities outside the U.S. The investment objective is Long-term Capital Appreciation. Seeks to achieve its investment objective by investing in U.S. companies that generate significant revenues from foreign (non-U.S.) business activities. Value Line High Dividend Portfolio taps into companies that have a relatively high Value Line Timeliness, Safety or Performance Rank as well as a consistent history of dividend payment. Model Provider to Envestnet and SMArtX Advisory Solutions (SMArtX) EAM offers one or more of the described thematic models on the Envestnet and SMArtX platforms. Envestnet and SMArtX are generally responsible for performing all operational services and functions related to the models. To the extent that this Form ADV Part 2 is delivered to or provided by Envestnet and SMArtX to their clients with whom EAM has no advisory relationship or under circumstances where it is not legally required to be delivered, it is provided for informational purposes only.