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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

AMENDMENT NO. 1
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.

The following documents are incorporated by reference with this
filing: Part III: None

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PART III

Item 10. Directors and Executive Officers of the Registrant

(a) Names of Directors, Age as of Director
July 31, 2001 and Principal Occupation Since
-------------------------------------- -----

Jean Bernhard Buttner* (66). Chairman of the Board, 1982
President, and Chief Executive Officer of the Company
and Arnold Bernhard & Co., Inc. Chairman of the Board
and President of each of the Value Line Funds; Trustee,
Skidmore College.

Harold Bernard, Jr. (70). Attorney-at-law. Retired 1982
Administrative Law Judge, National Labor Relations Board.
Director of Arnold Bernhard & Co., Inc. Judge Bernard is
the cousin of Jean Bernhard Buttner.

Samuel Eisenstadt (79). Senior Vice President and 1982
Research Chairman of the Company.

Herbert Pardes, MD (67). President and CEO of New York- 2000
Presbyterian Hospital.

Marion Ruth (66). Real Estate Executive. President, 2000
Ruth Realty (real estate broker). Director or Trustee
of each of the Value Line Funds.

Howard A. Brecher* (47). Vice President of the Company 1992
since 1996 and Secretary since 1992; Secretary, Treasurer
and General Counsel of Arnold Bernhard & Co., Inc. since
1991, Director since 1992 and Vice President since 1994.

David T. Henigson* (44). Vice President of the Company 1992
since 1992 and Treasurer since 1994; Director of Compliance
and Internal Audit of the Company since 1988; Vice
President of each of the Value Line Funds since 1992 and
Secretary and Treasurer since 1994; Vice President and
Director of Arnold Bernhard & Co., Inc. since 1992.
</Table>

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* Member of the Executive Committee

(b) The information pertaining to Executive Officers is set forth in Part I
under the caption "Executive Officers of the Registrant."

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ITEM II. EXECUTIVE COMPENSATION

SUMMARY COMPENSATION TABLE

The following table sets forth information concerning the compensation for
services in all capacities to the Company for the fiscal years ended April 30,
2001, 2000 and 1999 of the chief executive officer of the Company and each of
the other executive officers of the Company who were serving at April 30, 2001.
The Company has four executive officers.

Long-Term
Compensation
Awards
------------
Annual Compensation
------------------- Restricted
Name and Stock Options All Other
Principal Fiscal Award(s) Granted Compensation(b)
Position Year Salary($) Bonus(a)($) ($) (#) ($)
- ---------------------- ------ -------- ----------- ----------- ------- ---------------

Jean B. Buttner 2001 853,092 900,000 - - 18,311
Chairman of the Board 2000 826,807 900,000 - - 20,944
and Chief Executive 1999 807,611 800,000 - - 19,777
Officer

Samuel Eisenstadt 2001 128,750 120,000 - - 15,450
Senior Vice President 2000 125,000 120,000 - - 17,500
and Research Chairman 1999 120,000 110,000 - - 16,800

David T. Henigson 2001 100,000 375,000 - - 12,000
Vice President 2000 100,000 300,000 - - 14,000
1999 100,000 242,500 - - 14,000

Howard A. Brecher 2001 50,000 295,000 - - 6,000
Vice President 2000 50,000 250,000 - - 7,000
1999 50,000 210,000 - - 7,000
</Table>

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SUMMARY COMPENSATION TABLE CONTINUED:

(a) A portion of the bonuses are contingent upon future employment.

(b) Employees of the Company are members of the Value Line Profit Sharing and
Savings Plan (the "Plan"). The Plan provides for a defined annual
contribution which is determined by a formula based upon the salaries of
eligible employees and the amount of consolidated net operating income as
defined in the Plan. The Company's contribution expense was $1,180,000 for
the year ended April 30, 2001. Each employee's interest in the Plan is
invested in such proportions as the employee may elect in shares of one or
more of the mutual funds for which the Company acts as investment adviser.
Distributions under the Plan vest in accordance with a schedule based upon
the employee's length of service and are payable upon the employee's
retirement, death, total and permanent disability or termination of
employment.

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AGGREGATED OPTION EXERCISES IN LAST FISCAL YEAR
AND FISCAL YEAR-END OPTION VALUES

The following table sets forth the number of shares acquired by any of the
named persons upon exercise of stock options in fiscal 2001, the value realized
through the exercise of such options and the number of unexercised options held
by such person, including both those which are presently exercisable and those
which are not presently exercisable.

Number of Value of Unexercised
Unexercised Options In-the-Money Options
at April 30, 2001 at April 30, 2001 (1)
Shares Acquired ----------------------- ------------------------
Upon Option Value Not Not
Name Exercise Realized(1) Exercisable Exercisable Exercisable Exercisable
- ------------------ --------------- ----------- ----------- ----------- ----------- ------------

Howard A. Brecher 300 $2,925 2,675 -- $27,419 --
</Table>

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(1) Market value of underlying securities at exercise date or year-end, as the
case may be, minus the exercise price.

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Item 12. Security Ownership of Certain Beneficial Owners and Management

The following table sets forth information as of July 31, 2001 as to
shares of the Company's Common Stock held by persons known to the Company to be
the beneficial owners of more than 5% of the Company's Common Stock.

Name and Address Number of Shares Percentage of Shares
of Beneficial Owner Beneficially Owned Beneficially Owned(1)
- --------------------- ------------------ ---------------------

Arnold Bernhard 8,609,403 86.27%
& Co., Inc.(1)
220 East 42nd Street
New York, NY 10017
</Table>

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(1) Jean Bernhard Buttner, Chairman of the Board, President and Chief
Executive Officer of the Company, owns all of the outstanding voting
stock of Arnold Bernhard & Co., Inc.

The following table sets forth information as of July 31, 2001, with
respect to shares of the Company's Common Stock owned by each director of the
Company, by each executive officer listed in the Summary Compensation Table and
by all officers and directors as a group.

Name of Number of Shares Percentage of Shares
Beneficial Owner Beneficially Owned Beneficially Owned
- ------------------------------- ------------------ --------------------

Jean Bernhard Buttner 100(1) *
Harold Bernard, Jr. 432 *
Samuel Eisenstadt 100 *
Dr. Herbert Pardes 100 *
Marion Ruth 200 *
Howard A. Brecher 2,800(2) *
David T. Henigson 150 *

All directors and executive
officers as a group (7 persons) 3,882(1)(2) *
</Table>

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*Less than one percent

(1) Excludes 8,609,403 shares (86.27% of the outstanding shares) owned by
Arnold Bernhard & Co., Inc. Jean Bernhard Buttner owns all of the
outstanding voting stock of Arnold Bernhard & Co., Inc. Substantially all
of the non-voting stock of Arnold Bernhard & Co., Inc. is held by members
of the Buttner family.

(2) Includes 2,275 shares purchasable within 60 days of July 31, 2001 upon the
exercise of stock options by Mr. Brecher. The options expire on March 17,
2003.

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Item 13. Certain Relationships and Related Transactions.

Arnold Bernhard & Co., Inc. utilizes the services of officers and
employees of the Company to the extent necessary to conduct its business.
The Company and Arnold Bernhard & Co., Inc. allocate costs for office
space, equip-ment and supplies and support staff pursuant to a servicing
and reimbursement arrangement. During the year ended April 30, 2001, the
Company was reimbursed $549,000 for such expenses. In addition, a
tax-sharing arrangement allocates the tax liabilities of the two companies
between them. The Company pays to Arnold Bernhard & Co., Inc. an amount
equal to the Company's liability as if it filed separate tax returns.

Item 14.

3. Exhibits.

10.14 Amendment to Lease dated September 14, 2000, for the
Company's premises at 220 East 42nd Street, New York,
NY 10017-5891.

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Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this amended report on Form 10-K for
the fiscal year ended April 30, 2001, to be signed on its behalf by the
undersigned, thereunto duly authorized.

VALUE LINE, INC.
(Registrant)

By: s/ Jean Bernhard Buttner
----------------------------
Jean Bernhard Buttner
Chairman & Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the Registrant and
in the capacities and on the dates indicated.

By: s/ Jean Bernhard Buttner
----------------------------
Jean Bernhard Buttner
Principal Executive Officer

By: s/ Stephen R. Anastasio
----------------------------
Stephen R. Anastasio
Principal Financial
and Accounting Officer

By: s/ David T. Henigson
----------------------------
David T. Henigson
Vice President and Treasurer

Dated: August 16, 2001

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s/ Jean Bernhard Buttner s/ Howard A. Brecher
- ------------------------ ----------------------
Jean Bernhard Buttner Howard A. Brecher

s/ Harold Bernard, Jr. s/ Samuel Eisenstadt
- ------------------------ ----------------------
Harold Bernard, Jr. Samuel Eisenstadt

s/ Dr. Herbert Pardes s/ David T. Henigson
- ------------------------ ----------------------
Dr. Herbert Pardes David T. Henigson

s/Marion N. Ruth
- ------------------------
Marion N. Ruth

Dated: August 16, 2001