UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: September 30, 2003 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Value Line Inc Address: 220 East 42nd Street New York, NY 10017 13F File Number: 28-00401 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: David Henigson Title: Vice President Phone: 212-907-1600 Signature, Place, and Date of Signing: /s/ David Henigson New York, NY October 20, 2003 Report Type (Check only one.): [ X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form13F Information Table Entry Total: 978 Form13F Information Table Value Total: $2,246,655 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional managers with respect to which this report is filed, other than the manager filing this report. NONE FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 3M CO COM 88579Y101 14781 214000 SH DEFINED 0 214000 0 3M CO NOTE 11/2 88579YAB7 215 250000 PRN DEFINED 0 250000 0 99 CENTS ONLY STORES COM 65440K106 1714 53000 SH DEFINED 0 53000 0 AAIPHARMA INC COM 00252W104 1055 61500 SH DEFINED 0 61500 0 AARON RENTS INC COM 002535201 1211 57800 SH DEFINED 0 57800 0 ABBOTT LABS COM 002824100 681 16000 SH DEFINED 0 16000 0 ABERCROMBIE & FITCH CO CL A 002896207 5290 190900 SH DEFINED 0 190900 0 ABITIBI-CONSOLIDATED INC COM 003924107 140 20000 SH DEFINED 0 20000 0 ABLE LABORATORIES INC COM NEW 00371N407 372 19700 SH DEFINED 0 19700 0 ACCENTURE LTD BERMUDA CL A G1150G111 916 41000 SH DEFINED 0 41000 0 ACCREDO HEALTH INC COM 00437V104 1567 56000 SH DEFINED 0 56000 0 ACTUANT CORP CL A NEW 00508X203 971 17300 SH DEFINED 0 17300 0 ACUITY BRANDS INC COM 00508Y102 271 15000 SH DEFINED 0 15000 0 ACXIOM CORP NOTE 3.750% 2/1 005125AB5 218 200000 PRN DEFINED 0 200000 0 ADOBE SYS INC COM 00724F101 3939 100000 SH DEFINED 0 100000 0 ADOLOR CORP COM 00724X102 954 52000 SH DEFINED 0 52000 0 ADVANCED AUTO PARTS INC COM 00751Y106 2829 39900 SH DEFINED 0 39900 0 ADVANCED DIGITAL INFORMATION COM 007525108 1202 85570 SH DEFINED 0 85570 0 ADVANCED MEDICAL OPTICS INC COM 00763M108 675 37600 SH DEFINED 0 37600 0 ADVANCED MICRO DEVICES INC DBCV 4.750% 2/0 007903AE7 1111 1250000 PRN DEFINED 0 1250000 0 ADVANCED NEUROMODULATION SYS COM 00757T101 1051 26350 SH DEFINED 0 26350 0 ADVANCEPCS COM 00790K109 7177 157500 SH DEFINED 0 157500 0 AEROPOSTALE COM 007865108 1152 42600 SH DEFINED 0 42600 0 AFFILIATED COMPUTER SERVICES NOTE 3.500% 2/1 008190AF7 416 350000 PRN DEFINED 0 350000 0 AFFILIATED COMPUTER SERVICES CL A 008190100 891 18300 SH DEFINED 0 18000 300 AGILENT TECHNOLOGIES INC DBCV 3.000%12/0 00846UAB7 353 350000 PRN DEFINED 0 350000 0 AGL RES INC COM 001204106 1341 47600 SH DEFINED 0 47600 0 AIRGAS INC COM 009363102 5552 311927 SH DEFINED 0 311927 0 AIRTRAN HLDGS INC COM 00949P108 1156 69000 SH DEFINED 0 69000 0 ALABAMA NATL BANCORP DELA COM 010317105 223 4700 SH DEFINED 0 4700 0 ALARIS MEDICAL SYSTEMS INC COM 011637105 465 28000 SH DEFINED 0 28000 0 ALCATEL SPONSORED ADR 013904305 473 40000 SH DEFINED 0 40000 0 ALCON INC COM SHS H01301102 1123 20000 SH DEFINED 0 20000 0 ALEXANDER & BALDWIN INC COM 014482103 340 12000 SH DEFINED 0 12000 0 ALIGN TECHNOLOGY INC COM 016255101 308 24600 SH DEFINED 0 24600 0 ALLERGAN INC NOTE 11/0 018490AE2 244 250000 PRN DEFINED 0 250000 0 ALLIANCE DATA SYSTEMS CORP COM 018581108 2849 107900 SH DEFINED 0 107900 0 ALLIANCE GAMING CORP COM NEW 01859P609 3401 167700 SH DEFINED 0 167700 0 ALLIANT ENERGY CORP COM 018802108 440 20000 SH DEFINED 0 20000 0 ALLTEL CORP COM 020039103 324 7000 SH DEFINED 0 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DEFINED 0 5960 0 AMERISTAR CASINOS INC COM 03070Q101 375 15000 SH DEFINED 0 15000 0 AMERITRADE HLDG CORP NEW COM 03074K100 1727 151000 SH DEFINED 0 151000 0 AMERUS GROUP CO NOTE 2.000% 3/0 03072MAD0 367 350000 PRN DEFINED 0 350000 0 AMETEK INC NEW COM 031100100 951 22200 SH DEFINED 0 22200 0 AMGEN INC COM 031162100 32226 499468 SH DEFINED 0 494068 5400 AMGEN INC NOTE 3/0 031162AC4 305 400000 PRN DEFINED 0 400000 0 AMKOR TECHNOLOGY INC COM 031652100 949 66800 SH DEFINED 0 66800 0 AMKOR TECHNOLOGY INC NOTE 5.750% 6/0 031652AN0 333 350000 PRN DEFINED 0 350000 0 AMYLIN PHARMACEUTICALS INC COM 032346108 1869 66100 SH DEFINED 0 66100 0 ANADARKO PETE CORP COM 032511107 1190 28500 SH DEFINED 0 28500 0 ANCHOR BANCORP WIS INC COM 032839102 324 13800 SH DEFINED 0 13800 0 ANDREW CORP COM 034425108 1220 101000 SH DEFINED 0 101000 0 ANGIOTECH PHARMACEUTICALS IN COM 034918102 2292 52500 SH DEFINED 0 52500 0 ANGLOGOLD LTD SPONSORED ADR 035128206 754 20000 SH DEFINED 0 20000 0 ANHEUSER BUSCH COS INC COM 035229103 6138 124400 SH DEFINED 0 124400 0 ANSYS INC COM 03662Q105 920 25900 SH DEFINED 0 25900 0 ANTEON INTL CORP COM 03674E108 777 25400 SH DEFINED 0 25400 0 ANTHEM INC COM 03674B104 6312 88486 SH DEFINED 0 88486 0 ANWORTH MORTGAGE ASSET CP COM 037347101 286 20000 SH DEFINED 0 20000 0 APACHE CORP COM 037411105 18801 271135 SH DEFINED 0 268160 2975 APEX SILVER MINES LTD ORD G04074103 281 21000 SH DEFINED 0 21000 0 APOLLO GROUP INC CL A 037604105 12399 187775 SH DEFINED 0 187775 0 APPLEBEES INTL INC COM 037899101 4456 141543 SH DEFINED 0 141543 0 APPLERA CORP COM CE GEN GRP 038020202 292 25000 SH DEFINED 0 25000 0 APPLICA INC COM 03815A106 133 22000 SH DEFINED 0 22000 0 APPLIED SIGNAL TECHNOLOGY IN COM 038237103 692 34700 SH DEFINED 0 34700 0 APRIA HEALTHCARE GROUP INC COM 037933108 2765 101000 SH DEFINED 0 101000 0 AQUANTIVE INC COM 03839G105 456 49500 SH DEFINED 0 49500 0 ARAMARK CORP CL B 038521100 801 32000 SH DEFINED 0 32000 0 ARBITRON INC COM 03875Q108 1175 33300 SH DEFINED 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AUTOZONE INC COM 053332102 3671 41000 SH DEFINED 0 41000 0 AVAYA INC COM 053499109 927 85000 SH DEFINED 0 85000 0 AVERY DENNISON CORP COM 053611109 505 10000 SH DEFINED 0 10000 0 AVID TECHNOLOGY INC COM 05367P100 2995 56500 SH DEFINED 0 56500 0 AVOCENT CORP COM 053893103 597 19700 SH DEFINED 0 19700 0 AVON PRODS INC COM 054303102 15727 243600 SH DEFINED 0 243600 0 AZTAR CORP COM 054802103 354 20000 SH DEFINED 0 20000 0 BALL CORP COM 058498106 2851 52800 SH DEFINED 0 52800 0 BANCO ITAU HLDG FINANCIERA S SP ADR 500 PFD 059602201 253 7000 SH DEFINED 0 7000 0 BANCORPSOUTH INC COM 059692103 885 40400 SH DEFINED 0 40400 0 BANK HAWAII CORP COM 062540109 4023 119800 SH DEFINED 0 119800 0 BANK MONTREAL QUE COM 063671101 932 27000 SH DEFINED 0 27000 0 BANK MUT CORP COM 063748107 433 10200 SH DEFINED 0 10200 0 BANK OF AMERICA CORPORATION COM 060505104 6711 86000 SH DEFINED 0 86000 0 BANK OF THE OZARKS INC COM 063904106 463 10400 SH DEFINED 0 10400 0 BANK ONE CORP COM 06423A103 618 16000 SH 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ASSOC INC NEW CL A 421933102 349 16000 SH DEFINED 0 16000 0 HEALTH NET INC COM 42222G108 1599 50500 SH DEFINED 0 50500 0 HEARTLAND EXPRESS INC COM 422347104 303 12600 SH DEFINED 0 12600 0 HELEN OF TROY CORP LTD COM G4388N106 788 32400 SH DEFINED 0 32400 0 HERITAGE PPTY INVT TR INC COM 42725M107 520 18000 SH DEFINED 0 18000 0 HERLEY INDS INC DEL COM 427398102 273 15600 SH DEFINED 0 15600 0 HERSHEY FOODS CORP COM 427866108 654 9000 SH DEFINED 0 9000 0 HEWLETT PACKARD CO NOTE 10/1 428236AC7 161 300000 PRN DEFINED 0 300000 0 HIBBETT SPORTING GOODS INC COM 428565105 316 13150 SH DEFINED 0 13150 0 HIBERNIA CORP CL A 428656102 750 37000 SH DEFINED 0 37000 0 HILLENBRAND INDS INC COM 431573104 395 7000 SH DEFINED 0 7000 0 HOME DEPOT INC COM 437076102 11565 363103 SH DEFINED 0 361703 1400 HONDA MOTOR LTD AMERN SHS 438128308 403 20000 SH DEFINED 0 20000 0 HONEYWELL INTL INC COM 438516106 395 15000 SH DEFINED 0 15000 0 HORMEL FOODS CORP COM 440452100 230 10000 SH DEFINED 0 10000 0 HUANENG PWR INTL 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650 22650 SH DEFINED 0 21600 1050 LAM RESEARCH CORP NOTE 4.000% 6/0 512807AE8 388 400000 PRN DEFINED 0 400000 0 LANCASTER COLONY CORP COM 513847103 359 9000 SH DEFINED 0 9000 0 LANDSTAR SYS INC COM 515098101 1979 32230 SH DEFINED 0 32230 0 LAUDER ESTEE COS INC CL A 518439104 3981 116750 SH DEFINED 0 111000 5750 LAWSON SOFTWARE INC COM 520780107 355 50000 SH DEFINED 0 50000 0 LEAPFROG ENTERPRISES INC CL A 52186N106 904 23800 SH DEFINED 0 23800 0 LEAR CORP COM 521865105 14221 270150 SH DEFINED 0 265300 4850 LEE ENTERPRISES INC COM 523768109 905 23400 SH DEFINED 0 23400 0 LEGG MASON INC NOTE 6/0 524901AG0 180 300000 PRN DEFINED 0 300000 0 LEGG MASON INC COM 524901105 578 8000 SH DEFINED 0 8000 0 LEHMAN BROS HLDGS INC COM 524908100 4041 58500 SH DEFINED 0 58000 500 LENNAR CORP NOTE 4/0 526057AF1 294 500000 PRN DEFINED 0 500000 0 LENNAR CORP CL A 526057104 8767 112700 SH DEFINED 0 112700 0 LENNAR CORP CL B 526057302 868 11580 SH DEFINED 0 11340 240 LEUCADIA NATL CORP COM 527288104 643 17000 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300 24300 SH DEFINED 0 24300 0 TRUSTMARK CORP COM 898402102 298 11000 SH DEFINED 0 11000 0 TUESDAY MORNING CORP COM NEW 899035505 902 32380 SH DEFINED 0 32380 0 TYSON FOODS INC CL A 902494103 424 30000 SH DEFINED 0 30000 0 UCBH HOLDINGS INC COM 90262T308 1846 61100 SH DEFINED 0 61100 0 UGI CORP NEW COM 902681105 3220 111300 SH DEFINED 0 111300 0 UMPQUA HLDGS CORP COM 904214103 285 15000 SH DEFINED 0 15000 0 UNIFI INC COM 904677101 48 10000 SH DEFINED 0 10000 0 UNILEVER PLC SPON ADR NEW 904767704 831 24000 SH DEFINED 0 24000 0 UNION PAC CORP COM 907818108 855 14700 SH DEFINED 0 14700 0 UNIT CORP COM 909218109 1191 63200 SH DEFINED 0 63200 0 UNITED BANKSHARES INC WEST V COM 909907107 794 26500 SH DEFINED 0 26500 0 UNITED DEFENSE INDS INC COM 91018B104 957 33700 SH DEFINED 0 33700 0 UNITED NAT FOODS INC COM 911163103 1192 35900 SH DEFINED 0 35900 0 UNITED NATL BANCORP N J COM 910909100 292 8800 SH DEFINED 0 8800 0 UNITED ONLINE INC COM 911268100 1715 49300 SH DEFINED 0 49300 0 UNITEDHEALTH GROUP INC COM 91324P102 7057 140250 SH DEFINED 0 134700 5550 UNOCAL CORP COM 915289102 788 25000 SH DEFINED 0 25000 0 UNOVA INC COM 91529B106 721 49200 SH DEFINED 0 49200 0 US BANCORP DEL COM NEW 902973304 7091 295600 SH DEFINED 0 293400 2200 USF CORP COM 91729Q101 316 10000 SH DEFINED 0 10000 0 UTI WORLDWIDE INC ORD G87210103 351 11500 SH DEFINED 0 11500 0 UTSTARCOM INC COM 918076100 1549 48700 SH DEFINED 0 48700 0 VALERO ENERGY CORP NEW COM 91913Y100 765 20000 SH DEFINED 0 20000 0 VALSPAR CORP COM 920355104 854 18300 SH DEFINED 0 18300 0 VALUECLICK INC COM 92046N102 538 64000 SH DEFINED 0 64000 0 VARIAN MED SYS INC COM 92220P105 19233 334600 SH DEFINED 0 334600 0 VCA ANTECH INC COM 918194101 439 18660 SH DEFINED 0 18660 0 VECTOR GROUP LTD NOTE 6.250 7/1 92240MAA6 431 500000 PRN DEFINED 0 500000 0 VEECO INSTRS INC DEL NOTE 4.125%12/2 922417AB6 227 250000 PRN DEFINED 0 250000 0 VERITAS DGC INC COM 92343P107 239 30000 SH DEFINED 0 30000 0 VERITAS SOFTWARE CO NOTE .250 8/0 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946756103 348 17380 SH DEFINED 0 17380 0 WEBSTER FINL CORP CONN COM 947890109 1037 26000 SH DEFINED 0 26000 0 WEINGARTEN RLTY INVS SH BEN INT 948741103 2790 62000 SH DEFINED 0 62000 0 WELLCHOICE INC COM 949475107 307 10200 SH DEFINED 0 10200 0 WELLPOINT HEALTH NETWORK NEW COM 94973H108 11950 155028 SH DEFINED 0 153028 2000 WELLS FARGO & CO NEW COM 949746101 21973 426660 SH DEFINED 0 425500 1160 WERNER ENTERPRISES INC COM 950755108 1217 53000 SH DEFINED 0 53000 0 WESCO INTL INC COM 95082P105 63 12000 SH DEFINED 0 12000 0 WEST CORP COM 952355105 598 25000 SH DEFINED 0 25000 0 WESTAMERICA BANCORPORATION COM 957090103 1753 39400 SH DEFINED 0 39400 0 WESTAR ENERGY INC COM 95709T100 277 15000 SH DEFINED 0 15000 0 WESTCORP INC COM 957907108 1014 29000 SH DEFINED 0 29000 0 WESTERN GAS RES INC PFD CONV $2.625 958259301 236 4500 SH DEFINED 0 4500 0 WESTERN GAS RES INC COM 958259103 760 20000 SH DEFINED 0 20000 0 WESTPORT RES CORP NEW COM 961418100 878 37300 SH DEFINED 0 37300 0 WHITE ELECTR DESIGNS CORP COM 963801105 301 28000 SH DEFINED 0 28000 0 WHITNEY HLDG CORP COM 966612103 313 9200 SH DEFINED 0 9200 0 WHOLE FOODS MKT INC COM 966837106 4416 80000 SH DEFINED 0 80000 0 WHOLE FOODS MKT INC SDCV 3/0 966837AC0 150 250000 PRN DEFINED 0 250000 0 WILLIAMS SONOMA INC COM 969904101 340 12600 SH DEFINED 0 12600 0 WILLIS GROUP HOLDINGS LTD SHS G96655108 2552 83000 SH DEFINED 0 83000 0 WILSON GREATBATCH TECHNOLOGI COM 972232102 258 7160 SH DEFINED 0 7160 0 WINNEBAGO INDS INC COM 974637100 1275 28600 SH DEFINED 0 28600 0 WINTRUST FINANCIAL CORP COM 97650W108 985 26070 SH DEFINED 0 26070 0 WMS INDS INC COM 929297109 340 15000 SH DEFINED 0 15000 0 WORLD FUEL SVCS CORP COM 981475106 225 8000 SH DEFINED 0 8000 0 WRIGHT MED GROUP INC COM 98235T107 1015 40200 SH DEFINED 0 40200 0 WRIGLEY WM JR CO COM 982526105 2986 54000 SH DEFINED 0 54000 0 WSFS FINL CORP COM 929328102 383 9100 SH DEFINED 0 9100 0 XCEL ENERGY INC COM 98389B100 541 35000 SH DEFINED 0 35000 0 XEROX CORP PFD CONV SER C 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