Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(d) On April 15, 2009 the Board of Directors of Value Line, Inc. appointed Ruth Legon and Robert M. Perkins as directors of the Company. This election was conducted in accordance with the Company's bylaws which allow the Board to expand its membership in this manner.

Ms. Legon and Mr. Perkins will receive the same compensation as other non-employee directors, which is a director's fee of $25,000 per year.

Item 8.01 Other Events.

On April 15, 2009 the Board of Directors of Value Line, Inc. declared a quarterly dividend of $0.30 per share to shareholders of record as of April 30, 2009 and to be paid on May 14, 2009. This is a $0.10 per share reduction from the previous quarterly dividend.