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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                 AMENDMENT NO. 2
                                       TO
                                    FORM 10-K

              Annual Report Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

For the fiscal year ended April 30, 2001          Commission File Number 0-11306

                                VALUE LINE, INC.
             (Exact name of registrant as specified in its charter)

               New York                                      13-3139843
(State or other jurisdiction of                     (IRS Employer Identification
 incorporation or organization)                               Number)

                 220 East 42nd Street, New York, N.Y. 10017-5891
               (Address of principal executive offices) (Zip Code)

       Registrant's telephone number, including area code: (212) 907-1500

           Securities registered pursuant to Section 12(b) of the Act:

                                      None

           Securities registered pursuant to Section 12(g) of the Act:

                          Common Stock, $.10 par value



                       DOCUMENTS INCORPORATED BY REFERENCE

                  Note article 2-02(a)(3) of Regulation S-X.(A)

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                      [HOROWITZ & ULLMANN, P.C. LETTERHEAD]



REPORT OF INDEPENDENT ACCOUNTANTS

To the Board of Directors
and Shareholders of
Value Line, Inc.


In our opinion, the accompanying consolidated balance sheets and the related
consolidated statements of income and retained earnings, changes in
stockholders' equity, and cash flows present fairly, in all material respects,
the financial position of Value Line, Inc. and subsidiaries at April 30, 2001
and 2000, and the results of their operations, changes in stockholders' equity,
and their cash flows for each of the three years in the period ended April 30,
2001, in conformity with accounting principles generally accepted in the United
States of America. These financial statements are the responsibility of the
Company's management; our responsibility is to express an opinion on these
financial statements based on our audits.

We conducted our audits of these financial statements in accordance with
auditing standards generally accepted in the United States of America which
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for the opinion expressed above.


/s/ Horowitz & Ullmann, P.C.

July 12, 2001
New York, NY


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                                VALUE LINE, INC.

                                   Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Form 10K-A report for the period ended April 30,
2001 to be signed on its behalf by the undersigned thereunto duly authorized.

                                Value Line, Inc.
                                    (Registrant)






Date:  March 25, 2002       By:     /s/ Stephen R. Anastasio
                                    -------------------------
                                    Stephen R. Anastasio
                                    Chief Accounting Officer




Date:  March 25, 2002       By:     /s/ David T. Henigson
                                    -------------------------
                                    David T. Henigson
                                    Vice President and Treasurer




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