Prospectus Supplement
May 1, 2020
for
The Value Guard II
Issued by
THE GUARDIAN INSURANCE & ANNUITY COMPANY, INC.
The following supplemental information should be read in conjunction with the Prospectus and Statement of Additional Information dated May 1, 2010 for The Value Guard II variable annuity issued through The Guardian Separate Account A.
The information below regarding your allocation options replaces the chart of variable investment options in your prospectus, as amended, in the section entitled “Your Allocation Options — The Variable Investment Options.”
| Fund Name | Investment Objectives |
Typical Investments | Investment Advisor and Principal Business Address |
Subadvisor and Principal Business Address | ||||
| AB VPS Global Thematic Growth Portfolio (Class B) | Long-term growth of capital. | Invests in equities of developed and emerging-market companies, diversified across industries, including both newer companies and well-known, established companies of all market caps. Normally holds equities of 60–80 companies. | AllianceBernstein, L.P. 1345 Avenue of the Americas New York, NY 10105 |
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| AB VPS Growth and Income Portfolio (Class B) | Long-term growth of capital. | Invests primarily in U.S. stocks, although it may invest in non-U.S. securities. Invests in companies of any size and in any industry. Normally holds equities of approximately 60–90 companies. | AllianceBernstein, L.P. 1345 Avenue of the Americas New York, NY 10105 |
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| AB VPS Large Cap Growth Portfolio (Class B) | Long-term growth of capital. | Invests primarily in large-cap US stocks, although it may invest in non-US securities. Normally holds equities of 50–70 companies. | AllianceBernstein, L.P. 1345 Avenue of the Americas New York, NY 10105 |
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| Davis Financial Portfolio | Long-term growth of capital. | Davis Financial Portfolio invests at least 80% of the Fund’s net assets, plus any borrowing for investment purposes, in securities issued by companies principally engaged in the financial services sector. The Fund invests principally in common stocks (including indirect holdings of common stock through depositary receipts). | Davis Selected Advisers, LP 2949 East Elvira Road, Suite 101 Tucson, AZ 85756 |
Davis Selected Advisers — NY, Inc. 620 Fifth Avenue 3rd Floor New York, New York 10020 | ||||
| Davis Real Estate Portfolio | Total return through a combination of growth and income. | Davis Real Estate Portfolio invests at least 80% of the Fund’s net assets, plus any borrowing for investment purposes, in securities issued by companies principally engaged in the real estate industry. The Fund invests principally in common stocks (including indirect holdings of common stock through depositary receipts). | Davis Selected Advisers, LP 2949 East Elvira Road Suite 101 Tucson, AZ 85756 |
Davis Selected Advisers — NY, Inc. 620 Fifth Avenue 3rd Floor New York, New York 10020 | ||||
| Davis Value Portfolio | Long-term growth of capital. | Davis Value Portfolio invests principally in common stocks (including indirect holdings of common stock through depositary receipts) issued by large companies with market capitalizations of at least $10 billion. Historically, the Fund has invested a significant portion of its assets in financial services companies and in foreign companies, and may also invest in mid- and small-capitalization companies. | Davis Selected Advisers, LP 2949 East Elvira Road Suite 101 Tucson, AZ 85756 |
Davis Selected Advisers — NY, Inc. 620 Fifth Avenue 3rd Floor New York, New York 10020 |
| Fund Name | Investment Objectives |
Typical Investments | Investment Advisor and Principal Business Address |
Subadvisor and Principal Business Address | ||||
| Fidelity VIP Contrafund® Portfolio (Service Class) | The fund seeks long-term capital appreciation. | Normally investing primarily in common stocks. Investing in securities of companies whose value Fidelity Management & Research Company LLC (FMR) believes is not fully recognized by the public. Investing in domestic and foreign issuers. Investing in either “growth” stocks or “value” stocks or both. Using fundamental analysis of factors such as each issuer’s financial condition and industry position, as well as market and economic conditions, to select investments. | Fidelity Management & Research Company and its affiliates 245 Summer Street Boston, MA 02210 |
FMR Co., Inc. and other investment advisers serve as sub-advisers for the fund. 245 Summer Street Boston, MA 02210 | ||||
| Fidelity VIP Equity-Income Portfolio (Service Class) | The fund seeks reasonable income. The fund will also consider the potential for capital appreciation. The fund’s goal is to achieve a yield which exceeds the composite yield on the securities comprising the S&P 500® Index. | Normally investing at least 80% of assets in equity securities. Normally investing primarily in income-producing equity securities, which tends to lead to investments in large cap “value” stocks. Potentially investing in other types of equity securities and debt securities, including lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds). Investing in domestic and foreign issuers. Using fundamental analysis of factors such as each issuer’s financial condition and industry position, as well as market and economic conditions, to select investments. Potentially using covered call options as tools in managing the fund’s assets. | Fidelity Management & Research Company and its affiliates 245 Summer Street Boston, MA 02210 |
FMR Co., Inc. and other investment advisers serve as sub-advisers for the fund. 245 Summer Street Boston, MA 02210 | ||||
| Fidelity VIP Government Money Market Portfolio (Service Class 2)(i) | The fund seeks as high a level of current income as is consistent with preservation of capital and liquidity. | Normally investing at least 99.5% of total assets in cash, U.S. Government securities and/or repurchase agreements that are collateralized fully (i.e., collateralized by cash or government securities). In addition, the fund normally invests at least 80% of its assets in U.S. Government securities and repurchase agreements for those securities. Investing in U.S. Government securities issued by entities that are chartered or sponsored by Congress but whose securities are neither issued nor guaranteed by the U.S. Treasury. Investing in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, liquidity, and diversification of investments. | Fidelity Management & Research Company and its affiliates 245 Summer Street Boston, MA 02210 |
Fidelity Investments Money Management, Inc. and other investment advisers serve as sub-advisers for the fund. One Spartan Way Merrimack, NH 03054 |
| (i) | There is no assurance that this Fund will be able to maintain a stable net asset value per share. In addition, during extended periods of low interest rates, and partly as a result of asset-based separate account charges, the yield on this investment account may become low and possibly negative. |
| Fund Name | Investment Objectives |
Typical Investments | Investment Advisor and Principal Business Address |
Subadvisor and Principal Business Address | ||||
| Fidelity VIP Growth Opportunities Portfolio (Service Class 2) | The fund seeks to provide capital growth. | Normally investing primarily in common stocks. Investing in companies that Fidelity Management & Research Company (FMR) believes have above-average growth potential (stocks of these companies are often called “growth” stocks). Investing in domestic and foreign issuers. Using fundamental analysis of factors such as each issuer’s financial condition and industry position, as well as market and economic conditions, to select investments. | Fidelity Management & Research Company and its affiliates 245 Summer Street Boston, MA 02210 |
FMR Co., Inc. and other investment advisers serve as sub-advisers for the fund. 245 Summer Street Boston, MA 02210 | ||||
| Fidelity VIP Mid Cap Portfolio (Service Class 2) | The fund seeks long-term growth of capital. | Normally investing primarily in common stocks. Normally investing at least 80% of assets in securities of companies with medium market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell Midcap® Index or the S&P MidCap 400® Index). Potentially investing in companies with smaller or larger market capitalizations. Investing in domestic and foreign issuers. Investing in either “growth” stocks or “value” stocks or both. Using fundamental analysis of factors such as each issuer’s financial condition and industry position, as well as market and economic conditions, to select investments. | Fidelity Management & Research Company and its affiliates 245 Summer Street Boston, MA 02210 |
FMR Co., Inc. and other investment advisers serve as sub-advisers for the fund. 245 Summer Street Boston, MA 02210 | ||||
| Templeton Growth VIP (Class 2 Shares) | Seeks long-term capital growth. | Under normal market conditions, the fund invests predominantly in equity securities of companies located anywhere in the world, including developing markets. the world, including developing markets. |
Templeton Global Advisors Limited Box N-7759, Lyford Cay Nassau, Bahamas |
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| Gabelli Capital Asset Fund | Growth of capital; current income as secondary objective. | U.S. common stock, preferred stock and securities that may be converted at a later time into common stock. Up to 25% of the Fund’s assets may be invested in securities of foreign issuers. | Gabelli Funds, LLC One Corporate Center Rye, NY 10580-1422 |
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| Invesco V.I. American Franchise Fund (Series I) | Seeks capital growth. | The Fund invests, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in securities of U.S. issuers. | Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309 |
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| Invesco V.I. Core Equity Fund (Series I) | Long-term growth of capital. | The portfolio management team seeks to construct a portfolio of issuers that have high or improving return on invested capital, quality management, a strong competitive position and which are trading at compelling valuations. The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities and in derivatives and other instruments that have economic characteristics similar to such securities. | Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309 |
| Fund Name | Investment Objectives |
Typical Investments | Investment Advisor and Principal Business Address |
Subadvisor and Principal Business Address | ||||
| Invesco V.I. Government Securities Fund (Series II) | Total return, comprised of current income and capital appreciation. | The Fund invests, under normal circumstance, at least 80% of its net assets (plus any borrowing for investment purposes) in debt securities issued, guaranteed or otherwise backed by the U.S. government or its agencies, instrumentalities or sponsored corporations, and in derivatives and other instruments that have economic characteristics similar to such securities. | Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309 |
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| Invesco V.I. Growth and Income Fund (Series II) | Seek long term growth of capital and income. | Under normal market conditions, the Adviser seeks to achieve the Fund’s investment objective by investing primarily in income-producing equity securities, including common stocks and convertible securities. | Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309 |
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| Invesco V.I. Managed Volatility Fund (Series I) | Both capital appreciation and current income while managing portfolio volatility. | The Fund invests primarily in equity and fixed income securities, and derivatives and other instruments that have economic characteristics similar to such securities. The Fund will also invest in derivatives that the Adviser believes will decrease the volatility level of the Fund’s annual returns. | Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309 |
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| Janus Henderson Enterprise Portfolio (Institutional Shares) | Seeks long-term growth of capital. | The Portfolio pursues its investment objective by investing primarily in common stocks selected for their growth potential, and normally invests at least 50% of its equity assets in medium-sized companies. Medium-sized companies are those whose market capitalization falls within the range of companies in the Russell Midcap® Growth Index. Market capitalization is a commonly used measure of the size and value of a company. The Portfolio may also invest in foreign securities, which may include investments in emerging markets. In addition, the Portfolio’s investments may include securities of real-estate related companies, including real estate investment trusts. | Janus Capital Management LLC 151 Detroit Street Denver, CO 80206-4805 |
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| Janus Henderson Forty Portfolio (Institutional Shares) | Seeks long-term growth of capital. | The Portfolio pursues its investment objective by normally investing primarily in a core group of 20-40 common stocks selected for their growth potential. The Portfolio may invest in companies of any size but will invest primarily in, larger, well-established companies. The Portfolio may also invest in foreign securities, which may include investments in emerging markets. The Portfolio may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination. | Janus Capital Management LLC 151 Detroit Street Denver, CO 80206-4805 |
| Fund Name | Investment Objectives |
Typical Investments | Investment Advisor and Principal Business Address |
Subadvisor and Principal Business Address | ||||
| Janus Henderson Global Research Portfolio (Institutional Shares) | Seeks long-term growth of capital. | The Portfolio pursues its investment objective by investing primarily in common stocks selected for their growth potential. The Portfolio may invest in companies of any size located anywhere in the world, from larger, well-established companies to smaller, emerging growth companies. The Portfolio typically invests at least 40% of its net assets in securities of issuers or companies that are economically tied to different countries throughout the world, excluding the United States. The Portfolio may have significant exposure to emerging markets. Because the Portfolio’s investments in foreign securities are partially based on the composition of the Portfolio’s benchmark index, the MSCI World IndexSM, the Portfolio’s exposure to foreign markets may fluctuate in connection with variations in the foreign exposure of the Portfolio’s benchmark index. The Portfolio may also invest in foreign equity securities. | Janus Capital Management LLC 151 Detroit Street Denver, CO 80206-4805 |
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| Janus Henderson Research Portfolio (Institutional Shares) | Seeks long-term growth of capital. | The Portfolio pursues its investment objective by investing primarily in common stocks selected for their growth potential. The Portfolio may invest in companies of any size, from larger, well-established companies to smaller, emerging growth companies. The Portfolio may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination. | Janus Capital Management LLC 151 Detroit Street Denver, CO 80206-4805 |
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| MFS® Growth Series (Initial Class) | Seeks capital appreciation. | Normally invests primarily in equity securities. Focuses on investing in the stocks of companies MFS believes to have above average earnings growth potential compared to other companies (growth companies). Primarily invests in companies with large capitalizations, but may invest in companies of any size. The fund may invest in foreign securities. | Massachusetts Financial Services Company 111 Huntington Avenue Boston, MA 02199 |
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| MFS® Investors Trust Series (Initial Class) | Seeks capital appreciation. | Normally invests primarily in equity securities. Primarily invests in companies with large capitalizations, but may invest in companies of any size. The fund may invest in the stocks of companies it believes to have above average earnings growth potential compared to other companies (growth companies), in the stocks of companies it believes are undervalued compared to their perceived worth (value companies), or in a combination of growth and value companies. MFS may invest the fund’s assets in foreign securities. | Massachusetts Financial Services Company 111 Huntington Avenue Boston, MA 02199 |
| Fund Name | Investment Objectives |
Typical Investments | Investment Advisor and Principal Business Address |
Subadvisor and Principal Business Address | ||||
| MFS® New Discovery Series (Initial Class) | Seeks capital appreciation. | Normally invests primarily in equity securities. Focuses on investing in the stocks of companies MFS believes to have above average earnings growth potential compared to other companies (growth companies). Primarily invests in companies with small capitalizations, but may invest in companies of any size. MFS may invest the fund’s assets in foreign securities. | Massachusetts Financial Services Company 111 Huntington Avenue Boston, MA 02199 |
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| MFS® Research Series (Initial Class) | Seeks capital appreciation. | Normally invests primarily in equity securities. The fund may invest in the stocks of companies it believes to have above average earnings growth potential compared to other companies (growth companies), in the stocks of companies it believes are undervalued compared to their perceived worth (value companies), or in a combination of growth and value companies. Primarily invests in companies with large capitalizations, but may invest in companies of any size. In conjunction with a team of investment research analysts, sector leaders select investments for the fund. The fund may invest in foreign securities. | Massachusetts Financial Services Company 111 Huntington Avenue Boston, MA 02199 |
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| MFS® Total Return Series (Initial Class) | Seeks total return. | The fund invests in a combination of equity securities and debt instruments. MFS generally invests approximately 60% of the fund’s assets in equity securities and approximately 40% of the fund’s assets in debt instruments. These weightings do not reflect the fund’s cash balance and can vary over time due to market movements and cash flows. Of the fund’s investments in equity securities, MFS focuses on investing the fund’s assets in the stocks of companies that it believes are undervalued compared to their perceived worth (value companies). MFS normally invests a portion of the fund’s assets in income-producing equity securities. The fund may invest in foreign securities. While the fund may invest the equity portion of the fund’s assets in companies of any size, it primarily invests in companies with large capitalizations. Of the fund’s investments in debt instruments, MFS generally invests substantially all of these investments in investment grade quality debt instruments. MFS normally invests the fund’s assets across different industries and sectors, but MFS may invest a significant percentage of the fund’s assets in issuers in a single industry or sector. | Massachusetts Financial Services Company 111 Huntington Avenue Boston, MA 02199 |
| Fund Name | Investment Objectives |
Typical Investments | Investment Advisor and Principal Business Address |
Subadvisor and Principal Business Address | ||||
| Victory Sophus Emerging Markets VIP Series | Long-term capital appreciation. | Normally invests at least 80% of its net assets in securities of emerging market companies, which may include common stocks, preferred stocks, or other securities convertible into common stock. For purposes of this investment strategy, an emerging market country is one that is included in the MSCI emerging market indices or the MSCI frontier market indices, or whose economy or markets are classified by the International Finance Corporation and the World Bank to be emerging or developing, as well as any country classified by the United Nations as developing or any country that has economies, industries, and stock markets with similar characteristics. Also for purposes of this investment strategy, a company is considered an emerging market company if it is organized under the laws of, or has its principal office in, an emerging market country; derives 50% or more of its revenue from goods produced, services performed, or sales made in emerging market countries; or for which the principal securities market is located in an emerging market country. | Victory Capital Management Inc. 4900 Tiedeman Road 4th Floor Brooklyn, Ohio 44144 |
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| Victory High Yield VIP Series | To seek current income. Capital appreciation is a secondary objective. | Normally invests at least 80% of its net assets in debt securities and other investments that, at the time of purchase, are rated below investment grade. For purposes of this investment strategy, an investment is considered to be rated below investment grade if it is rated by Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Group Ba1 or BB+, respectively, or lower or, if unrated, has been determined by the investment team to be of comparable quality. The debt securities and other investments in which the Fund invests may include, for example, corporate bonds, mortgage-backed and asset-backed securities, zero-coupon bonds, “payment-in-kind” securities, convertible bonds, and loans. The Fund may invest in loans and corporate bonds issued in connection with highly leveraged transactions such as mergers, leveraged buy-outs, re-capitalizations, and acquisitions. | Victory Capital Management Inc. 4900 Tiedeman Road 4th Floor Brooklyn, Ohio 44144 |
Park Avenue Institutional Advisers LLC 10 Hudson Yards New York, NY 10001 | ||||
| Victory RS International VIP Series | Long-term capital appreciation. | Normally invests at least 80% of its net assets in common stocks and convertible securities issued by (i) companies organized, domiciled, or with a principal office outside of the United States, (ii) companies which primarily trade in a market located outside of the United States, or (iii) companies which do a substantial amount of business outside of the United States. For purposes of this | Victory Capital Management Inc. 4900 Tiedeman Road 4th Floor Brooklyn, Ohio 44144 |
| Fund Name | Investment Objectives |
Typical Investments | Investment Advisor and Principal Business Address |
Subadvisor and Principal Business Address | ||||
| investment strategy, a company is considered to do a substantial amount of business outside of the United States if a company derives at least 50% of its revenue or profits from business outside the United States or has at least 50% of its sales or assets outside the United States. The Fund does not usually focus its investments in a particular industry or country. | ||||||||
| Victory INCORE Investment Quality Bond VIP Series | To seek a high level of current income and capital appreciation without undue risk to principal. | Normally invests at least 80% of its net assets in investment-grade debt securities. The Fund’s fixed income securities may include without limitation: U.S. government securities, including securities issued by agencies or instrumentalities of the U.S. government; long- and short-term corporate debt obligations; mortgage-backed securities, including collateralized mortgage obligations (CMOs) and commercial mortgage-backed securities (CMBS); asset-backed securities, including collateralized debt obligations (CDOs); and U.S. dollar-denominated obligations of foreign governments, corporations and banks (i.e., Yankee Bonds). | Victory Capital Management Inc. 4900 Tiedeman Road 4th Floor Brooklyn, Ohio 44144 |
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| Victory RS Large Cap Alpha VIP Series | Long-term capital appreciation. | Normally invests at least 80% of its net assets in companies considered by the Fund’s investment management team to be (at the time of purchase) large-capitalization companies. For purposes of this investment strategy, a company is considered to be large-capitalization if its market capitalization is at least $5 billion. | Victory Capital Management Inc. 4900 Tiedeman Road 4th Floor Brooklyn, Ohio 44144 |
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| Victory INCORE Low Duration Bond VIP Series | A high level of current income consistent with preservation of capital. | Normally invests at least 80% of its net assets in debt securities. The Fund’s fixed income securities may include without limitation: U.S. government securities, including securities issued by agencies or instrumentalities of the U.S. government; long- and short-term corporate debt obligations; mortgage-backed securities, including collateralized mortgage obligations (CMOs) and commercial mortgage-backed securities (CMBS); asset-backed securities, including collateralized debt obligations (CDOs); and U.S. dollar-denominated obligations of foreign governments, corporations and banks (i.e., Yankee Bonds). | Victory Capital Management Inc. 4900 Tiedeman Road 4th Floor Brooklyn, Ohio 44144 |
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| Victory 500 Index VIP Series formerly Victory S&P 500 Index VIP Series | The Victory 500 Index VIP Series seeks to match, before fees and expenses, the performance of the stocks composing the Victory US Large Cap 500 Index. | The Adviser pursues the Fund’s objective by investing, under normal circumstances, at least 80% of its assets in equity securities of companies in the Victory US Large Cap 500 Index (“Index”). The Index is an unmanaged market-cap weighted index created by the Adviser and maintained and published by Wilshire Associates Inc. that consists of the largest 500 securities | Victory Capital Management Inc. 4900 Tiedeman Road 4th Floor Brooklyn, Ohio 44144 |
| Fund Name | Investment Objectives |
Typical Investments | Investment Advisor and Principal Business Address |
Subadvisor and Principal Business Address | ||||
| within the Wilshire 5000 Total Market Index (“Parent Index”). The Parent Index measures the performance of all U.S. equity securities with readily available price data. The Index is rebalanced semi-annually. The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index. The Fund may exclude or remove a security that it believes is illiquid or has been impaired by financial conditions or other extraordinary events. | ||||||||
| Victory RS Small Cap Growth Equity VIP Series | Long-term capital growth. | Normally invests at least 80% of its net assets in equity securities of small-capitalization companies, which may include common stocks, preferred stocks, or other securities convertible into common stock. For purposes of this investment strategy, a company is considered to be a small-capitalization company if its market capitalization (at the time of purchase) is less than $3 billion or 120% of the market capitalization of the largest company included in the Russell 2000® Index on the last day of the most recent quarter, whichever is greater. | Victory Capital Management Inc. 4900 Tiedeman Road 4th Floor Brooklyn, Ohio 44144 |
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| Value Line Centurion Fund | Long-term growth of capital. | U.S. common stocks with selections based on the Value Line Timeliness™ Ranking System. | EULAV Asset Management 7 Times Square, 16th Floor 42nd Street New York, NY 10036 |
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| Value Line Strategic Asset Management Trust | High total investment return consistent with reasonable risk. | U.S. common stocks, bonds and money market instruments. | EULAV Asset Management 7 Times Square, 16th Floor 42nd Street New York, NY 10036 |
Some of these Funds may not be available in your state.
Please refer to your prospectus for important information including fees and expenses. Please read the prospectus carefully before investing or sending money. Consider the fund’s investment objectives, risks, charges and expenses carefully before investing.
As always, the availability of any investment option is subject to change. See your prospectus for more information concerning the addition, deletion or substitution of investments.
Except as set forth herein, all other provisions of the prospectuses noted above, as previously supplemented, shall remain unchanged.
This Prospectus Supplement must be preceded or accompanied by the most recent Prospectus available and should be retained with the Prospectus for future reference.